Indigenous cradle songs for contemporary audiences

November 8, 2023 | 12:08 am

A-SCENE-from-Ida-del-Mundo’s-Gonon-Klukab-Tumabaga — A SCENE from Ida del Mundo’s video for the hele ‘Gonon Klukab Tumabaga.’

FILIPINO PARENTS do not usually expose their young children to Philippine songs due to a lack of modern versions on newer platforms. This is a real shame since lullabies or cradle songs, known locally as hele, can help children become familiar with the sounds of their mother tongue as early as infancy.

This is something the Cultural Center of the Philippines (CCP) seeks to change.

At the recent launch of Himig Himbing: Mga Heleng Atin at the CCP’s Tanghalang Ignacio Gimenez, audiences both young and old got a soothing glimpse of eight reimagined Filipino lullabies and their accompanying music videos.

The project was conceptualized two years ago, shifting from being a book on hele from different parts of the country to a collection of songs that can be accessed online, according to Dennis N. Marasigan, the CCP’s artistic director.

“Makabago man ang mga tunog, hindi ito nawawala sa pinanggalingan na mga hele (Though it incorporates modern sounds, these songs do not stray far from the original cradle songs),” he said at the launch on Nov. 5.

A project of the CCP Arts Education Department, Himig Himbing’s 16 chosen songs are based on research by ethnomusicologist Sol Trinidad and given new life by Krina Cayabyab’s musical arrangement.

Eight of the music videos for the songs were already released last year, while eight were premiered at the launch.

The filmmakers who created film interpretations of the second set of lullabies are all Cinemalaya alumnus: Arden Rod Condez, Zig Dulay, Christopher Gozum, Ida del Mundo, Vic Acedillo, Jr., Sheron Dayoc, Ma-an Asuncion-Dagñalan, and Jerrold Tarog.

Their respective additions to the collection are music videos of “Bata Alimahi,” a Cebuano-language Boholano lullaby; “Dandansoy,” a Hiligaynon song from Culasi, Antique; “Ligliway Ateng,” an indigenous lullaby from Pangasinan; “Gonon Klukab Tumabaga,” a B’laan lullaby first recorded in South Cotabato; “Tungas kay ta Sampaw,” a cradle song in the endangered Manobo Kinamigin language of Camiguin Island; “Uyug-uyug,” a Mansaka melody recorded in Davao del Norte; “O Matas a Banua,” a lullaby from Pampanga; and “Lubi-Lubi,” a Filipino cradle song recounting the months of the year.

CCP president Michelle Nikki Junia, who initiated the idea, said: “The project is aimed at reintroducing the indigenous lullabies to contemporary audiences and developing nurturers who are grounded in Philippine songs and heles.”

The eight videos integrated folk culture, widespread Filipino issues, and beautiful visuals to add value to the lullabies. “In a short amount of time, these filmmakers are able to make the songs memorable,” Mr. Marasigan said.

The 16 songs in Himig Himbing: Mga Heleng Atin are now available on Spotify. Their music videos can be viewed on the CCP YouTube page. — Brontë H. Lacsamana

MREIT distributable income rises 13%

November 8, 2023 | 12:08 am

THE real estate investment trust (REIT) of Tan-led Megaworld Corp. logged a 13% increase in its distributable income as of September amid higher revenues and income contribution from new office assets.

In a regulatory filing on Tuesday, MREIT, Inc. said its nine-month distributable income climbed to P2.1 billion from P1.9 billion a year ago.

“This was primarily due to the income contribution beginning this year of the four newly acquired Grade-A office towers worth P5.3 billion,” MREIT said.

In March, MREIT announced that it had secured government approval for the acquisition of four properties: Festive Walk 1B and Two Global Center in Iloilo Business Park, and One West Campus and Five West Campus in McKinley West, Taguig City to boost its asset portfolio.

MREIT’s third-quarter revenues rose 15% to P3.1 billion from P1.8 billion a year ago.

“Aside from the new assets which drove majority of the revenue growth, continued rental escalations of existing tenants also supported MREIT’s revenue growth,” the company said.

MREIT said its average occupancy rate reached 95% as of end-September, higher than the 81%-82% average occupancy rate in the Metro Manila office industry, based on figures from various property consultants.

The company added that 94% of its occupied space is from business process outsourcing and traditional office tenants that have long-term commitments to their leases and operations.

“The consistent outperformance of MREIT compared to industry benchmarks while delivering solid results underscore the quality of our assets and their prime locations. We remain committed on sustaining our earnings growth and distributions by ensuring high occupancy and implementing escalations when possible,” MREIT President and Chief Executive Officer Kevin L. Tan said.

“We are also actively seeking opportunities for growth through strategic acquisitions, so long as the valuations remain beneficial for our shareholders,” he added.

Meanwhile, MREIT said it remains committed to achieving 500,000 square meters (sq.m.) of gross leasable area (GLA) by end-2024.

MREIT and parent company Megaworld signed a memorandum of understanding (MoU) in June for the possible acquisition of seven Grade-A office assets with around 150,500 sq.m. of GLA. Once completed, MREIT’s total GLA portfolio will hit 475,500 sq.m.

The MoU included buildings situated in Megaworld townships such as McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District.

Mr. Tan said that while the MoU with Megaworld is focused on office spaces, “we are also keenly observing the impressive growth of Megaworld’s retail assets.”

“Average daily tenant sales of Megaworld’s malls have surpassed 2019 levels by a large margin, underscoring the strength of consumer spending despite macroeconomic headwinds,” he said.

Currently, MREIT’s portfolio has 18 office properties located across four Megaworld townships. These properties include 1800 Eastwood Avenue, 1880 Eastwood Avenue, and E-Commerce Plaza in Eastwood City; One World Square, Two World Square, Three World Square, 8/10 Upper McKinley, 18/20 Upper McKinley, and World Finance Plaza in McKinley Hill.

Other properties under MREIT’s portfolio are One Techno Place, Two Techno Place, Three Techno Place, One Global Center, Two Global Center, Festive Walk 1B, and Richmonde Tower in Iloilo Business Park; and One West Campus and Five West Campus in McKinley West.

Shares of MREIT at the local bourse closed unchanged at P12.20 apiece on Tuesday. — Revin Mikhael D. Ochave

Fall auctions woo rich bargain hunters with $2.5 billion in art

November 8, 2023 | 12:07 am

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NEW YORK’s all-important November auction season begins this week, when hundreds of Impressionist, modern and contemporary artworks — many valued at $1 million or more — are set to hit the auction block at Christie’s, Sotheby’s, and Phillips. The three houses’ sales are expected to total roughly $1.9 billion to $2.5 billion.

The sales come on the heels of a torrent of material that hit the market in Europe and Asia earlier this fall, often to mixed responses. A grim October sales week in Hong Kong was followed by mediocre results in London. Paris presented a pleasant bright spot, but art market insiders seem to agree that the success of the New York sales season is more an open question than usual. “The market is obviously down,” says Alex Rotter, the chairman of Christie’s 20^th century and 21^st century art department. “Do I want to say that? No. Do I have to say it to be believable? Yes.”

DEMAND FOR SUPPLY
Because an auction house is at essence a middleman serving as a bridge between buyer and seller, in a down market the houses can be caught in a Catch-22. “Our market is always dictated by the supply,” says Jean-Paul Engelen, Americas president at Phillips. But unless heirs are selling works they’ve inherited from a relative’s estate, or someone is in financial straits, people are less likely to consign their art if they can’t be reasonably certain that it will sell.

One way around this is for an auction house to offer a guarantee that a work will sell for a minimum price, effectively purchasing it before the auction. If no one bids past that minimum when the work hits the auction block, the auction house — or a third party that has guaranteed the work — owns it; if it fetches more than the agreed-upon price, the guarantor gets a percentage of the upside. “More people are electing to take guarantees,” says Brooke Lampley, Sotheby’s global chairman and head of global fine art. She suggests that sellers think of this as an insurance policy. “They should” take a guarantee if it’s offered, she continues. “That’s my advice right now.”

Still, not every work is something an auction house or third party wants to guarantee, and not every seller wants to give away part of the potential profit. So, auction houses might cajole sellers to lower the minimum amount a work can sell for, which is known as the reserve price. “We’re really in a situation where sellers’ expectations are as great as they’ve ever been, and there’s downward pressure from buyers,” Ms. Lampley continues. “I think it’s a positive occasion to address auction strategy with consignors and encourage them to make things enticing — and try to get as many bids as possible.”

LOWER PRICES
Many sellers seem to have done this, so — for the first time in years — comparative deals can be found at the November auctions.

“You’ll see in our sale that some of the prices are already reflective of a slightly different market environment if the consignors were really listening,” Mr. Rotter says. “The ones who wanted to engage are willing to have a real discussion: Should they sell their stocks that are 30% down — or their painting that might also be 20% or 30% down — but still [for]much more than they paid for it?”

Mr. Rotter points to a Warhol from 1964, Sixteen Jackies. A similar Sixteen Jackies sold two years ago at the Macklowe sale at Sotheby’s for about $34 million. The forthcoming work at Christie’s has a low estimate of $25 million, about 25% less. (Estimates do not include auction house fees known as premiums; totals do.) A superb work by Francis Bacon, “which in my opinion is a $70-million painting in a healthy upmarket, is priced at about $50 million,” Mr. Rotter says.

Similarly at Phillips, a Hero painting by Georg Baselitz from 1966 is estimated at $6 million to $8 million, “which is a conservative estimate,” Mr. Engelen says. “The record is $9 million, which is why I’m confident that it will sell.”

MAJOR LOTS
Not everything carries a bargain-basement estimate. Sotheby’s has a particularly glittering lineup, starting with a single-owner sale on Nov. 8 featuring works owned by the late arts patron Emily Fisher Landau. Leading that sale will be a Picasso from 1932, which the auction house has priced in excess of $120 million. Sotheby’s will also sell a series of major, if slightly more esoteric pieces from the estate of the late collector Chara Schreyer, which includes a hanging work by Lee Bontecou estimated to sell from $600,000 to $800,000 and a 1984 deep basin sink by Robert Gober that carries a $2 million to $3 million estimate. There are other super-high-priced lots on offer: A self-portrait by Jean-Michel Basquiat is expected to sell for $40 million to $60 million.

Hardly slacking, Christie’s will sell art from the estate of music executive Jerry Moss (the M in A&M Records), including an exceedingly rare painting by Frida Kahlo, from 1928, estimated from $8 million to $12 million. Its 20th century evening sale is filled, in particular, with a series of world-class works including a painting from Magritte’s L’empire des lumieres series, estimated at $25 million to $35 million, and Diebenkorn’s Recollections of a Visit to Leningrad, from 1965, which carries an estimate exceeding $25 million.

Even Phillips, normally a showcase for canvases whose paint has barely dried, seems to have moved firmly into trophy territory. “This season, we’re much more blue-chip than cutting-edge,” says Ms. Engelen. The first half of the Phillips evening sale will feature major pieces consigned by the Triton Collection Foundation. Included is a double-sided painting by Léger, which carries an estimate from $15 million to $20 million, and a striking Dubuffet, from 1967, estimated from $4 million to $6 million.

This stellar lineup of lots — some in the same families for decades — has auction house leadership expressing confidence in this season’s success.

“We always say that the art market is resilient in all climates, because many of the opportunities we present are quite literally irreplaceable,” Ms. Lampley says. “That’s real, and it’s what keeps the art market healthy in more challenging economic moments.” — Bloomberg

Meralco expects closing for SPNEC deal by yearend

November 8, 2023 | 12:07 am

MANILA Electric Co. (Meralco) is aiming for its subsidiary to complete an estimated P200-billion investment deal that will give it a stake in projects in solar and battery energy storage systems.

“In terms of what our aim is, to close certainly, we’re hoping that it [will] be done by end of this year because they should be able to energize sometime in the first quarter of 2026 — the first 600 megawatts. Something should happen very quickly,” Manuel V. Pangilinan, chairman and chief executive officer of Meralco, told reporters on the sidelines of a media briefing on Monday.

MGen Renewable Energy, Inc. (MGreen), the renewable energy arm of Meralco PowerGen Corp., signed an investment agreement last month with listed solar energy developer SP New Energy Corp. (SPNEC) and its parent firm Solar Philippines Power Project Holdings, Inc.

Under the agreement, SPNEC will serve as the primary vehicle to develop a 3,500-megawatt (MW) solar farm and 4,000 MW of battery energy storage systems in Luzon.

MGreen previously said that it was investing P15.9 billion in SPNEC by subscribing to the latter’s 15.7 billion common shares and 19.4 billion redeemable preferred shares.

SPNEC will apply to increase its authorized capital stock to allow the investment. The funds from MGreen will be used to finance the construction and expansion of SPNEC’s solar projects.

At transaction close, MGreen’s common and preferred voting shares will make the company the controlling shareholder of SPNEC with a total voting interest of 50.5%.

“With the batteries, best estimate as of the moment is around P200 billion,” Mr. Pangilinan said, referring to the required investment.

“So it’s exciting. It’s a big project. It attracted a lot of interest from foreign investors because it’s big. It’s transformative actually for the Philippines,” Mr. Pangilinan said.

Meanwhile, Mr. Pangilinan said that he is bullish about the nuclear technology of its partner, US firm Ultra Safe Nuclear Corp.

“Meralco signed a pre-feasibility agreement. We’re bullish about their technology,” he said, adding that Meralco is looking into “procuring a proof of concept plan that they can install, [and] build here in the Philippines, supposedly in an area that is safe.”

He said that the study is needed as the Philippines does not have experience “in terms of building a modular [nuclear reactor] and certainly in terms of manning and operating a plant.”

The pre-feasibility study will cover financial, technical, safety, cost of power, and site proposal, Mr. Pangilinan said in a previous interview.

“On the other side, we don’t have an atomic regulatory agency that will eventually oversee and supervise [the development of] nuclear power in this country,” he said.

Energy Secretary Raphael P.M. Lotilla recently said that the government was “laying the grounds” that would satisfy the competency requirements based on the milestone approach of the International Atomic Energy Agency.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Arts&Culture (11/08/23)

November 8, 2023 | 12:06 am

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‘Shreds of Memory,’ 3 more, on view at West Gallery

THE WEST Gallery currently has four exhibitions running this November. Kim Hamilton Sulit’s “Shreds of Memory” gives intimate peeks into the artist’s journey as he expresses his take on the delicate tapestry of life, given visual form through painstakingly pierced wood and shaped canvas, cleverly worked charcoal, selective installation of light sources, and glazes upon glazes of thin paint. Along with this are Raffy T. Napay’s “Mugmog,” Gino Bueza’s “God is a Highway,” and Lourd de Veyra’s “Praise the Lord and Let Social Decay Take Its Course.” The four exhibits are currently on view until Nov. 18 at West Gallery, West Ave., in Quezon City.

Carlos exhibits paintings, sculptures, digital works

GALERIA PALOMA is presenting “Idyllic Reverie,” an exhibition of sculpture, paintings, and digital work by Carlos. They all possess the artist’s trademark colorful takes on romantic vistas and music rooms, which the artist uses as tools for the viewer to always look for the beauty in life. “Modern life doesn’t afford us an easy way to appreciate the simple things — a blue sky, a bougainvillea shrub, or the company of our loved ones. The scenes I paint may seem idyllic, but if we truly take the time to stop and enjoy the joys in our life that are gifts to us, we will find them,” Carlos said in a statement. The exhibition, slated for Nov. 10 to 12, will be held at the Gallery of Greenbelt 5, Ayala Center in Makati.

PPO honors Russian masters

THE THIRD concert of the Philippine Philharmonic Orchestra’s (PPO) 39^th season will feature a program of Russian masterpieces. These are Rachmaninoff’s Piano Concerto No. 2 in C minor and Tchaikovsky’s Polonaise from Eugene Onegin, and Prokofiev’s selections from Romeo and Juliet. The PPO, led by its director Grzegorz Nowak, will be joined by the 31-year-old Russian pianist Nikolay Khozyainov who has performed worldwide on prestigious stages like Carnegie Hall, the Lincoln Center, the Kennedy Center, and more. At the PPO’s Russian Masters concert, he will be playing Rachmaninoff’s Piano Concerto. The concert will take place on Nov. 17 at the Samsung Performing Arts Theater in Circuit, Makati. Ticket prices, ranging from P500 to P3,000, are available via TicketWorld.

Ayala Museum celebrates MSO’s works

THE AYALA FOUNDATION and Ayala Museum are presenting a concert called Isang Dekada ng Musika, featuring the Manila Symphony Orchestra’s (MSO) Rush Hour concert program. The Rush Hour Concert series began as a musical offering of the MSO and Ayala Museum for the Makati crowd waiting out the rush hour traffic, made up of over 40 shows over the years. Blockbuster performances included Bach versus Beatles, Bohemian Rhapsody in Blue, and the highly popular Video Games Symphonic. Celebrating the 10^th anniversary of the renowned program, the first concert will be held on Nov. 16, featuring the most popular songs from the concerts. There will be another concert at the museum this month, on Nov. 23. The Christmas Tree Lighting concert will be an evening of music by Philippine Madrigal Singers. It will also center around a Christmas tree inspired by Juan Luna’s painting Hymen Oh Hyménée! Guests can book their tickets at ayalamuseum.org/concerts. Tickets include a tour of the museum as well as wine and canapés before the performances.

Spain and Philippines photo exhibition on display

A PHOTO exhibition titled “Stronger Together: Celebrating 30 years of Spanish Cooperation in the Philippines” is showing various humanitarian and development projects of the Agencia Española de Cooperación Internacional para el Desarrollo (AECID). It celebrates the history of bilateral cooperation between Spain and the Philippines, going back as far as 1974 when the first Cooperation Agreement between the two countries was signed and officially initiated. The exhibition is a collection of photos and a visual survey of AECID’s various programs and grassroots support in the country. It is being presented by the AECID, the Embassy of Spain in the Philippines, and Instituto Cervantes de Manila. The exhibit is on view until Dec. 31 at the Casa Azul Gallery of Instituto Cervantes in Intramuros. Admission is free.

Greek tragedy receives new version in 90-minute play

THE GRACIOUS ONES, an adaptation of the ancient Greek play The Eumenides, will be staged this November. The one-act drama by Aeschylus, the “Father of Greek Tragedy,” follows the story of Orestes after he killed his mother Clytemnestra as revenge for the death of his father, King Agamemnon. The Furies, a race of primordial creatures from the underworld, now hunt him down for his crime of matricide. Produced by Novel:Theater, a group of young thespians from the De La Salle-College of Saint Benilde (DLS-CSB), the play is directed by Janji Gamboa. The 90-minute production will have performances from Nov. 15 to Nov. 18 at the 6F Black Box of the Benilde Design + Arts Campus, Pablo Ocampo St., Malate, Manila. Tickets are available for P350. For reservations and more information, visit www.facebook.com/novel.theater.

Miss Saigon 2024 tickets now on sale

TICKETS are now on sale for the new production of Boublil and Schönberg’s award-winning musical Miss Saigon, which will have performances in the Philippines in March 2024. Direct from the West End and Broadway, Cameron Mackintosh’s acclaimed production of this epic love story is finally making its way to Manila after many years. Tickets are now available via TicketWorld.

Silverlens to show solo exhibition by Geraldine Javier

THE SILVERLENS Gallery in Manila will hold a major solo exhibition by Geraldine Javier called “A Tree is Not a Forest” this November. As an artist-farmer, Ms. Javier explores the processes of nature, contemplating the work of historically significant naturalists, from David Attenborough and Leonard Co to Maria Sibyll Merian and Jane Goodall. Through paintings and textile installations, the artist ponders on how important natural scientific discoveries are to current environmental concerns. Her exhibit will be on view from Nov. 18 to Dec. 20 at Silverlens Manila, Chino Roces Ave. Ext., Makati.

AbaCore income surges nearly 98%

November 8, 2023 | 12:06 am

LISTED holding firm AbaCore Capital Holdings, Inc. logged a 97.6% increase in its third-quarter net income amid growth from its various business interests as well as gains from the disposal of properties.

In a regulatory filing on Tuesday, AbaCore said its net income for the July-to-September period improved to P74.9 million from P37.9 million last year.

“This growth is primarily attributed to gains of P95.2 million from the disposal of investment properties,” AbaCore said.

The company’s expenses also grew on a year-over-year basis to P21.1 million from P3.1 million.

Meanwhile, AbaCore said its nine-month net income surged to P383.3 million from P22.4 million a year ago.

“The growth is primarily attributed to gains of P374.05 million from the sale of various investment properties in Batangas — such as in Pagkilatan, Calingatan, Mataas na Kahoy, San Salvador, Lipa, and Inosloban,” AbaCore said.

As of September, AbaCore invested in properties across Cavite and Batangas to replenish its asset portfolio after the sale of various properties.

AbaCore said it also generated P75.75 million in income from the sale of 1,000 shares of Montemaria Asia Pilgrims Inc., as well as P8.05 million from its lottery subsidiary Pacific Online Systems Corp.

AbaCore has a 4.89% stake in Pacific Online.

“The company’s financial results for the third quarter reflect the strength of our investment portfolio, the potential of our business ventures with various partners, and enhanced governance practices implemented across the board,” AbaCore Vice Chairman and Head of Investor Relations Antonio Victoriano F. Gregorio III said.

“Our expenses continue to grow, but this is because we are continuously investing in our organization so that everyone can fully reach their potential — which in return will fuel the growth of our businesses across various markets,” Mr. Gregorio said.

AbaCore is a holding company that has business interests in tourism, real estate, financial services, and energy.

On Tuesday, shares of AbaCore climbed one centavo or 0.94% to P1.07 apiece. — Revin Mikhael D. Ochave

Monet painting to go on sale at Paris auction for first time in decades

November 8, 2023 | 12:05 am

PARIS — A painting by French impressionist master Claude Monet, which has remained in private hands since 1948, is expected to fetch up to €3 million ($3.22 million) when it goes under the hammer later this month in Paris, auction house Ader said.

The landscape Les Saules, Giverny (The Willows, Giverny), dating from 1886, is reappearing on the French art market, where Monet’s paintings have become increasingly rare.

It is one of around three dozen lots at the upcoming Ader auction house’s sale of impressionist and modern art at Hotel Drouot slated for Nov. 24.

“Paintings of Claude Monet of this scale, of this dimension no longer really exist among French families. They’re found mostly in big museums or in foreign collections, but it’s very rare to find them in France,” Ader auctioneer David Nordmann told Reuters on Friday in a preview of the sale.

“It’s a big occasion for the French market,” he added.

Monet’s oil painting — measuring 73cm by 92cm (28.7 inches by 36.2 inches) — belonged to a family of Jewish origin, and was displayed in their luxurious flat in central Paris. The family’s grandfather purchased the painting from a gallery in Nice in 1948, and it has remained in the family’s hands since.

Though not as famous as Monet’s water lilies or the Gare Saint Lazare paintings, which can command prices reaching €100 million, Les Saules, Giverny bears the artist’s trademark style.

“It’s an oeuvre typical of Claude Monet, notably by the brush strokes and how he makes the light come out,” Mr. Nordmann said.

Monet found solace in Giverny, west of Paris, from 1883 until his death in 1926, transforming a pink stucco house into his permanent home and studio, and growing a Japanese-style garden of flowers and trees spread across a pond of water lilies, which inspired many of his paintings.

The auction also includes a work by American painter Mary Cassatt. Portrait de Jeune Fille au Chapeau Blanc (Portrait of a Young Woman in a White Hat) is estimated at €800,000 to €1.2 million. — Reuters

Ayala Land’s Dy included in Forbes Asia’s 20 outstanding female leaders

November 8, 2023 | 12:05 am

ALI_Meean-B-Dy — Anna Ma. Margarita “Meean” B. Dy

ANNA MA. MARGARITA B. DY, chief executive officer of listed property developer Ayala Land, Inc., has made it to Forbes 2023 Asia’s Power Businesswomen list that cited female leaders across the Asia-Pacific region.

In a statement, Forbes Asia said Ms. Dy is among the 20 female leaders included in the list. They were selected for their “achievements and track records as business leaders.”

Ms. Dy officially took the helm at ALI on Oct. 1, after the retirement of her predecessor, Bernard Vincent O. Dy.

“The 20 outstanding women featured on this year’s Forbes Asia’s Power Businesswomen list are undeterred by new economic realities,” Forbes 2023 Asia’s Power Businesswomen List Editor Rana Wehbe Watson said.

“From top executives at leading business and financial institutions — who are, in many cases, the first woman to take on these roles — to those driving their family businesses to new heights or starting their own, these trailblazers are truly unstoppable,” she added.

According to Forbes, all 20 women on the list are newcomers. The list honored female leaders who operate in various industries such as finance and banking, property, technology and commodities.

Some of the other female leaders cited in the Forbes list include Japan’s Suntory Beverage & Food CEO Makiko Ono, Samsung Electronics President of Global Marketing Office Lee Young-hee, Taipei-based beauty tech firm Perfect Corp. CEO Alice Chang, Worldwide Hotels CEO Carolyn Choo, and Thailand’s Dusit International Group CEO Suphajee Suthumpun.

ALI, the real estate development arm of Ayala Corp., is engaged in the development of residential, office, commercial, and industrial properties for sale. It is also into commercial leasing through shopping centers, offices, hotels, resorts, factory buildings, warehouses, co-living, and co-working spaces. The company is also engaged in services such as construction, property management, retail energy supply, and airlines, as well as property-related investments. — Revin Mikhael D. Ochave

Demographics is destiny: the Catholic Catechism

November 8, 2023 | 12:04 am

Quiapo church-devotees — DEVOTEES attend the first Friday mass of the month at the Minor Basilica of the Black Nazarene in Quiapo, Manila before dawn. — PHILIPPINE STAR/MIGUEL DE GUZMAN

(Part 5)

It is not improbable that the human species will disappear if the very visible trends prevailing in some highly developed countries of distorting the very nature of marriage and of sexuality are not arrested or at least prevented from contaminating other societies that are still on the way to becoming fully developed economies such as the countries in the African continent or in South Asia.

It is in this context that I once again refer to the definition of the “common good” as found in the Philippine Constitution of 1987. I feel strongly about this because as one of the 50 members appointed by the late President Corazon Aquino to the Commission that drafted the Philippine Constitution, I was very directly involved in making sure that the common good is not defined as “the greatest good for the greatest number” but as “a social or juridical order that enables every single member of society to attain his or her full development economically, politically, culturally, socially, morally and spiritually.” With this definition, it becomes clear that integral human development goes much beyond economic or material progress. The spiritual dimension of man should be given as much, if not more importance.

This more comprehensive definition of the common good explains why there are declarations found in the Philippine Constitution about the duty of the State “to protect the unborn from the moment of conception” or “the family is the foundation of society and must be protected by the State” or “marriage is an inviolable institution.” Those of us in the Constitutional Commission responsible for the articles defining the very nature of marriage, of the family, and of the result of the marriage act were unapologetically influenced by the teachings of the Catholic faith about marriage, sexuality, and the family. I strongly believe that if there are enough citizens in a given society who live according to these teachings (including non-Catholics who accept the principles of natural law), then there is no danger of the human species disappearing. That is why I will summarize in this article what the Catechism of the Catholic Church teaches about marriage, sexuality, and the family.

In paragraph 1,603 of the Catechism, we read “The intimate community of life and love which constitute the married state has been established by the Creator and endowed by him with its own proper laws… God himself is the author of marriage. The vocation to marriage is written in the very nature of man and woman as they came from the hand of the Creator. Marriage is not a purely human institution despite the many variations it may have undergone through the centuries in different cultures, social structures and spiritual attitudes. These differences should not cause us to forget its common and permanent characteristics. Although the dignity of this institution is not transparent everywhere with the same clarity, some sense of the greatness of the matrimonial union exists in all cultures. ‘The well-being of the individual person and of both human and Christian society is closely bound up with the healthy state of conjugal and family life.” There is enough evidence in countries like the US in which moral aberrations like divorce, abortion, same-sex unions, and other practices contrary to these teachings end up in the moral disintegration of society.

The Catechism also clearly states that marriage is between a man and a woman. In some societies, there is a greater danger that the human species will disappear if same-sex unions become the general rule. In paragraph 1,605 of the Catechism, it is clearly stated that “man and woman were created for one another. It is not good that the man should be alone. The woman, ‘flesh of his flesh,’ his equal, his nearest in all things, is given to him by God as a ‘helpmate’: ‘Therefore a man leaves his father and his mother and cleaves to his wife, and they become one flesh. The Lord himself shows that this signifies an unbreakable union of their two lives by recalling what the plan of the Creator had been in the beginning.’ ‘So they are no longer two, but one flesh.’”

The teachings of the Catholic Church directly related to the use of sex in the marital union are found in paragraph 1,652 of the Catechism: “By its very nature the institution of marriage and married love is ordered to the procreation and education of the offspring and it is in them that it finds its crowning glory.” As regards having children, it is clearly stated that “Children are the supreme gift of marriage and contribute greatly to the good of the parents themselves. God himself said: ‘It is not good that man should be alone,’ and ‘from the beginning He made them male and female,’ wishing to associate them in a special way in his own creative work, God blessed man and woman with the words: ‘Be fruitful and multiply.’ Hence, true married love and the whole structure of family life which results from it, without diminishment of the other ends of marriage, are directed to disposing the spouses to cooperate valiantly with the love of the Creator and Savior, who through them will increase and enrich his family from day to day.”

Obviously, giving life to their children is not the only human and spiritual duty of the married couple. The Catechism clearly states that “the fruitfulness of conjugal love extends to the fruits of the moral, spiritual and supernatural life that parents hand on to their children by education. Parents are the principal and first educators of their children. In this sense the fundamental task of marriage and family is to be at the service of life.” It may happen, though, that God does not send children to a married couple. The Catechism has a word for these childless couples: “Spouses to whom God has not granted children can nevertheless have a conjugal life full of meaning, in both human and Christian terms. Their marriage can radiate a fruitfulness of charity, of hospitality and of sacrifice.”

These teachings may be difficult to put into practice, even by those who profess the Catholic faith. This is where the spiritual dimension of the common good comes in. The Church to which they belong provides them with abundant spiritual and supernatural help to do what is humanly difficult. We read in paragraph 1,655 of the Catechism: “Christ chose to be born and grow up in the bosom of the holy family of Joseph and Mary. The Church is nothing other than ‘the family of God.’ From the beginning, the core of the Church was often constituted by those who had become believers ‘together with those of their household.’ When they were converted, they desired that their whole household should also be saved. These families who became believers were islands of Christian life in an unbelieving world.”

It is not hubris to state that countries like the Philippines in which there are still a sufficient number of Catholics and people of other religions or no religion who practice in their lives these teachings on marriage, family, and sexuality are the ones who will prevent the human race from disappearing from the face of the earth.

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

Hollywood actors’ union notes disagreements with studios’ offer, including AI

November 8, 2023 | 12:04 am

hollywood-sign — NATHAN DEFIESTA-UNSPLASH

LOS ANGELES — The Hollywood actors’ union on Monday responded to the latest offer from major studios and streaming services, saying the two sides had yet to reach agreement on several items including the use of artificial intelligence (AI).

The Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) union said its negotiating committee was determined to secure the best deal and bring a responsible end to a strike that has lasted four months.

“We’re at a critical point in our industry,” the union said in a note to members posted on X, the social media platform formerly known as Twitter. “We need a fair contract to make sure this career is viable now AND in the future.”

SAG-AFTRA members walked off the job in July to demand higher compensation in the streaming TV era plus protections around the use of artificial intelligence (AI) and other gains.

The Alliance of Motion Picture and Television Producers (AMPTP), which represents Walt Disney, Netflix, and other companies, presented what the studios described as their “last, best and final” offer on Saturday.

Netflix Co-Chief Executive Officer Ted Sarandos, in an interview with Reuters on Monday, said negotiations to find a resolution were ongoing.

“We’re at the table all day, every day and we’re trying to get the strike resolved and get the town back to work,” Mr. Sarandos said at an event at the Egyptian Theater, a Hollywood landmark that Netflix recently restored.

“We’re in the business of telling stories and that’s what we want to do every day,” he added. “We are going to try our best to get things up and running and get the output back up for our fans too.”

Last week, union leaders expressed “cautious optimism” that a deal could be reached soon but also said there were gaps between the two sides on various issues. On AI, actors are seeking assurances that their digital likenesses will not be used without their permission. — Reuters

Cebu Pacific receives Airbus 320neo delivery

November 8, 2023 | 12:04 am

CEBU PACIFIC has received its newest Airbus 320neo aircraft, which is part of its goal to expand its network, the budget carrier said on Tuesday.

“This aircraft delivery supports our goal to make our operations more reliable while continuing to provide safe, reliable, and affordable air travel to our passengers. Our ongoing investment in SAF (sustainable aviation fuel) is also a crucial step for our decarbonization efforts, paving the way for a more sustainable future in air travel,” Alex B. Reyes, chief strategy officer of Cebu Pacific, said in a media release.

The company is anticipating a total of 19 aircraft deliveries this year, which is comprised of six deliveries by yearend, Cebu Pacific said.

Airbus A320neo is said to be compatible and will be powered by SAF, which is also in line with the company’s target to integrate green fuel across its network by 2030.

Cebu Pacific claims that it operates the youngest fleet in the world, having a diversified fleet of about 74 aircraft allowing it to widen its network coverage further in the country. The low-cost carrier is also targeting to transition its fleet to an all-NEO by 2028, it said

Last month, Cebu Pacific said it had partnered with Neste, an oil refining and marketing company, to explore the availability of SAF supply in Asia Pacific. — Ashley Erika O. Jose

Treasury makes full award of bonds at higher average rate

November 8, 2023 | 12:03 am

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday at a higher average rate before the release of key economic data this week.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued 10-year bonds it auctioned off on Tuesday as total bids reached P60.889 billion or more than twice the offered volume.

The bonds, which have a remaining life of six years and eight months, were awarded at an average rate of 6.807%, with accepted yields ranging from 6.7% to 6.84%.

The average rate of the reissued bonds was 43.2 basis points (bps) higher than the 6.375% quoted for the papers when they were last offered on Oct. 17.

Meanwhile, this was 6.8 bps below the 6.875% coupon for the series.

The average yield was also 6.9 bps lower than the 6.876% quoted for the five-year bond and 3.2 bps below the 6.839% 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 Treasury.

T-bond yields rose from the rates seen for the previous award, following the increase in most Treasury bill (T-bill) yields amid “expectations of an upbeat Philippine GDP (gross domestic product) report this week,” a trader said in an e-mail.

On Monday, the average rates of the 91- and 182-day T-bills went up by 0.9 bp to 6.352% and 7.4 bps to 6.536%, respectively. Meanwhile, the yield on the 364-day T-bill inched down by 0.1 bp to 6.591%.

A BusinessWorld poll of 18 economists and analysts last week yielded a median estimate of 4.9% for GDP growth in the July-September period.

If realized, this would be faster than the preliminary 4.3% growth recorded in the preceding quarter, but slower than 7.7% in the July-September period a year ago.

This would bring the nine-month GDP growth average to 5.2%, still below the government’s 6-7% full-year target.

The Philippine Statistics Authority will release third-quarter GDP data on Thursday.

T-bond rates were lower than secondary market levels as seven-year US Treasury yields dropped amid lower global crude oil prices recently and expectations that the US Federal Reserve may be done with its tightening cycle, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Fed kept its benchmark interest rate steady at the 5.25%-5.5% range for a second straight time during its meeting from Oct. 31 to Nov. 1.

The US central bank has hiked rates by a cumulative 525 bps since it began its tightening cycle in March last year.

Market expectations that the Fed will hold interest rates steady at its December meeting stand at 90.4%, down from 95.2 on Friday but above the 74.4% a week ago. Expectations for a rate cut of at least 25 basis points have grown to more than 50% at the May 2024 meeting, according to CME’s FedWatch Tool, Reuters reported.

Markets will look for more clarity on the Fed’s intentions from officials speaking later in the week, including Fed Chair Jerome H. Powell, and voting members such as New York Fed chief John Williams and Dallas Fed President Lorie Logan.

The BTr plans to borrow P225 billion from the domestic market this month, or P75 billion via T-bills and P150 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — A.M.C. Sy