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Philex unit secures $100-M loan

PHILEX MINING Corp. said on Tuesday that its subsidiary Silangan Mindanao Mining Co., Inc. had signed a $100-million debt facility for its mining project in Surigao del Norte.

In a regulatory filing, Philex Chief Executive Officer Eulalio B. Austin said the loan, signed on Nov. 20, would fund the ongoing development of the Silangan copper-gold mine.

The company earlier conducted a stock rights offering that raised P2.6 billion for its Silangan mine sites.

Philex Senior Vice-president and Chief Financial Officer Romeo B. Bachoco said the proceeds of the rights offering were used to start the development of the project’s first phase.

Mr. Bachoco added that the first phase, which covers the Boyongan ore deposit, has an estimated mine life of 28 years based on its declared mineable reserves of 81 million tons at 0.67% copper and 1.13 grams per ton of gold.

The site contains an estimated recoverable copper of 993 million pounds and 2.8 million ounces of gold.

Philex added that development continues with ongoing underground tunneling at 35% or 210 meters to the ore body.

“Clearing works and access road to the tailings storage facility (TSF) area are nearing completion with the issuance of the permit by the Municipality of Sison, Surigao del Norte for the construction of the TSF,” it said.

The company added it is in the final stages of evaluating proposals and is set to award the contract for the facility and the processing plant.

In 2021, the company placed development cost at $224 million for an estimated 571 tons worth of mineral resources.

The Silangan project is set to initially process 2,000 tons of ore per day until this reaches 12,000 tons or four million tons annually upon its completion.

The lenders are Union Bank of the Philippines, Inc., Security Bank Corp. and Bank of the Philippine Islands, with BDO Capital and Investment Corp. as lead arranger.

For the third quarter, Philex’s attributable net income declined to P139.84 million, 41.7% lower than P239.67 million in the same period last year.

Its revenues dropped by 11.8% to P1.8 billion from P2.04 billion the prior year.

Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT Inc.

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

On Tuesday, Philex shares rose by 1.06% or three centavos to P2.86 apiece. — Adrian H. Halili

Art Jakarta expands but keeps its Asian focus

By Joseph L. Garcia Senior Reporter

WITH ABOUT 10,000 sq.m. of space in Art Jakarta’s new home at JI Expo Kemayoran, it was simply appropriate that they brought out the big guns for the show.

One of the exhibits at Art Jakarta, held last week from Nov. 17 to 19, was “Memory Mirror Palace.” Containing 178 transparent cabinets bearing various objects, it was, literally, big.

The top of the exhibit was etched with a statement and an invitation to go on to another cabinet (sort of like a “Choose Your Own Adventure” book). One could spend all day in this particular installation, going through a first cabinet as a question and reading the answer in another cabinet, going ad infinitum and finding one’s self in the process. For example, this reporter was drawn to a cabinet bearing an antique hand mirror that said, “Reciting the prettiest thoughts.” This cabinet instructed one to go to Cabinet No. 125 (which, oddly enough, either did not exist or was well-hidden). The answer on the chart that guides one through the exhibit said, “Perhaps I myself was the object of my search.” Another cabinet contained an hourglass and said, “Knowing that time will end in a labyrinth. A deep saturated maze.” That cabinet instructed us to go to No. 140, which read: “Withdraw.” A second option told us to go to another number, which said, “The object now seems an image of profound melancholy.”

The large scale of the installation was justified by its first outing at Indonesia’s pavilion at the 2019 Venice Biennale. It was set up anew at Art Jakarta.

This year the fair attracted 68 exhibitors, including 28 overseas galleries (two are from the Philippines), and 40 from Indonesia, said Tom Tandio, Fair Director of Art Jakarta. “Art Jakarta moved to this new venue in order to allow the fair to grow and offer our exhibitors and visitors a better environment to present and enjoy the latest and best in contemporary art,” said Mr. Tandio in a speech.

Art Jakarta started in 2009 as Bazzar Art Jakarta, and was usually held at the Jakarta Convention Center. “Together, we strive to further other artists and creative minds as a platform: to present their latest work and to underline Indonesia’s growing importance in the regional and international art scene,” said Mr. Tandio in his speech.

“There’s a lot of other bigger fairs,” he admitted to BusinessWorld later, citing Singapore’s Art SG as an example. But, he pointed out, “They’re very international. Whereas with Art Jakarta, we are Asia-focused. We have all the Southeast Asian galleries, and also Japan, Korean, and things like that.”

While Mr. Tandio declined to give sales figures (“We don’t see a fair in terms of generating how much money or whatever”), he was happy to tell us about visitor numbers. “Last year, we had 32,000 in the audience, so we’re hoping that this year, we will have maybe 40,000.”

Art Jakarta is owned by PT Mugi Rekso Abadi (MRA), an Indonesian holding company that counts among its interests radio stations, the Indonesian franchise for Hard Rock Cafe, Haagen-Dazs ice cream, Bulgari, and the magazines Harper’s Bazaar and Cosmopolitan. Various corporate partners were seen at the event, such as a gold trading app with an installation showing gold coins, and LED screens showing the jumping price of gold.

“I cannot stress enough how important the cooperation is between our partners on one hand, and many artists on the other hand,” said Mr. Tandio in his speech. “This is a true manifestation: art can make a very important impact, and strong support for corporations.”

Meralco looks to DoE on possible sites for nuclear deployment

MANILA Electric Co. (Meralco) is considering 14 areas previously identified by the government as deployment sites for nuclear technology, a company official said.

“We are aligning with the Department of Energy (DoE) because they have looked at 14 sites before. It would be better to wait on what the DoE will say,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho told reporters on Monday evening.

Meralco will decide after the pre-feasibility study if it is to conduct a full-blown study, Mr. Aperocho said.

On Nov. 15, Meralco signed a deal with US-based company Ultra Safe Nuclear Corp. (USNC) to study the potential deployment of one or more micro-modular reactor (MMR) systems in the Philippines.

Under the deal, USNC will conduct a pre-feasibility study that will run for four months to familiarize Meralco with MMR systems and how to effectively use them.

The power distribution utility will then have the option to conduct a more detailed feasibility study with a focus on the adoption and deployment of MMR energy systems.

“But it’s like the stars are aligned, right? The 123 agreement of the government and the House Bill 9293 has been approved, it’s already in the Senate,” Mr. Aperocho said in mixed English and Filipino.

The Philippines and the United States signed the Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy, or the so-called “123 Agreement,” which will set the legal framework for potential nuclear power projects with US providers.

Meanwhile, House Bill 9293, which seeks to create the Philippine Atomic Energy Regulatory Authority, hurdled second reading approval last week at the House of Representatives.

Manuel V. Pangilinan, chairman and chief executive officer of Meralco, told reporters separately that the company asked USNC if it could buy a modular plant as proof of concept that it could employ.

“So at least we have experienced how to build and operate a small nuclear plant,” Mr. Pangilinan said.

Asked about where nuclear technology can be deployed, Mr. Pangilinan said: “It must be [within] certain geologic conditions, I suppose. So let’s see. Let’s wait for the results.”

“But you could disperse the deployment of modular technology in an archipelago like the Philippines so you don’t have to build conventional power plants that are big to achieve economies of scale,” he added.

According to Meralco, the pre-feasibility study will assess financial, technical, safety, siting requirements, and commercial viability, among other topics.

As described by Meralco, USNC’s MMR energy system features the high temperature helium-cooled micro reactor or “nuclear battery” that can safely and reliably provide up to 45 megawatts (MW) of high-quality thermal heat, delivered into a centralized heat storage unit.

One or more MMR nuclear batteries combine their heat in the heat storage unit from where electric power or superheated steam can be extracted through conventional means to meet a wide range of power requirements, from tens to hundreds of MW.

On Tuesday, shares of the company went down by P4.20 or 1.11% to close at P373 apiece.

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

DATEM says legal case won’t disrupt operations

SCOTT GRAHAM-UNSPLASH

CONSTRUCTION firm DATEM, Inc. vowed that its operations would continue despite the company’s ongoing legal battle with Tan-led Megaworld Corp.   

In an e-mailed statement to BusinessWorld on Tuesday, DATEM said that it “honors contractual commitments to clients, vendors, and employees” as part of “upholding principles of integrity.” 

“Despite the legal proceedings, DATEM wishes to affirm that our operations will continue without any disruptions. We express our sincere appreciation for the understanding and support extended by all concerned parties during this challenging time,” the company said. 

“Upholding principles of integrity, DATEM honors contractual commitments to clients, vendors, and employees. Financially strong, we remain steadfast in our commitment to building a better and stronger nation,” it added. 

DATEM said that it is currently “seeking justice in the proper forum by filing a legal case to enforce unpaid accomplished work arising from completed projects with Megaworld.”

Megaworld recently said that it tapped a top law firm to pursue criminal and civil complaints against its contractor DATEM due to additional costs from alleged delays in some projects. 

“We are filing cases against them, and our internal and external legal teams are now on top of it,” Kevin Andrew L. Tan, Alliance Global Group, Inc. (AGI) chief executive officer, said in a statement. AGI is the listed parent firm of Megaworld.

Mr. Tan also maintained the company “has not evaded any substantial claim for payments from DATEM.”

Last week, a Quezon City regional trial court issued an order freezing some Megaworld projects as DATEM sought to collect P873 million in what it said were unpaid dues, the listed property company said in a statement. — Revin Mikhael D. Ochave

Philippine representation at Art Jakarta

CLOCKWISE from top- a painting by Rocky Cajigan

TWO Philippine galleries were present at Art Jakarta last week. Vinyl on Vinyl presented works by artist Terence Eduarte which had a personal kind of longing, while the works at the booth of The Drawing Room reflected pain that was a little more universal.

Mr. Eduarte, better known in the art scene as TRNZ, had his first taste of art through locally dubbed Japanese animé on TV in the 1990s. These weren’t the complicated flashy animé of the 2000s and beyond, but the simpler and quieter drawings of the late 1980s and ’90s. For his show at Art Jakarta, he went through his father’s photo albums of himself and his siblings and rendered them in that familiar animé style. “That became my bible for this show,” he said about his father’s albums. “This is the first time we’ve connected through my art, by using his photos and using it as a reference,” he said in English and Filipino. He told BusinessWorld that he was the only artistic member of the family, and at the same time, his family had more classical tastes in art. Furthermore, he said about his father, “We don’t talk a lot. We just grew that way. He’s not very talkative. Very formal.”

In these paintings, the artist is shown as a frowning boy after swimming, on a horse in Baguio, at a birthday party, and various other scenes from his childhood. Strangely enough, the very personal scenes and the private story behind it have found a connection with a foreign audience. The painting of him on a horse with its Philippine location was personal, and yet an Indonesian viewer had a similar memory. “The connections people form (with the pieces) are based on their own memories.”

He also found out a little bit about himself in this series: in previous work, he liked misplacing objects, like putting things on the heads of his subjects when they are not supposed to be there. In recreating these childhood memories, he saw a younger version of himself wearing cowboy hats and balloon animals, closing a loop in his work.

Vinyl on Vinyl co-director (and former model and racing driver) Gaby dela Merced discussed why they chose Mr. Eduarte for a solo show in Art Jakarta. “For me, his aesthetic and that certain sense of sentimentality with his works, I think would reciprocate well with the Indonesians.” On that note, she pointed to the differences between the artists in Manila and in Jakarta: “There’s a lot of rawness to our work,” she said, while with Indonesian artists, “They’re very much into craft.

“There’s a lot of similarities in terms of what we experience in society. There’s a relatable aspect to it. Yet our technique, our approach, is quite different.”

THE DRAWING ROOM
While the work at Vinyl on Vinyl was relaxing, calming, and nostalgic, the works over at The Drawing Room were a little bit more stirring and sinister.

On the right were pieces by Ateneo Art Awards regular Rocky Cajigan (his most recent win was being shortlisted for this year’s Fernando Zóbel Prizes for Visual Art for his work Place of Origin). A member of an indigenous group in Bontoc, Mr. Cajigan’s triptych depicted grassland and the rich verdant rice fields of his hometown in the uplands. The middle piece of the triptych was a lush view in different shades of green, but the piece on the left showed a cinder block disturbing the scene. The piece on the right showed a bag of trash.

Nicole Decapia, Strategies Consultant for The Drawing Room, said that the artist wanted to show the encroachment of modernity and human activity in his pristine home. The cinder block, for example, is a recurring motif in his work, showing its use in the building of new homes in the countryside, but which is at the same time “dysphoric” in its appearance in such a place. “It’s as if we dominate nature, but we don’t,” said the consultant.

Artist Mark Justiniani achieved mainstream fame for his Infinity installations at Art Fair Philippines, and has also shown his work at the Philippine pavilion at the Venice Biennale in 2019. For Art Jakarta, he stripped to the essentials with pastel on paper and a return to his social realism work in the 1980s. Striking was a mother and child piece, a popular motif in Philippine art, but the mother and child were depicted separately in the piece.

On the left of The Drawing Room’s booth were various tapestries by Cian Dayrit. One showed a resource map in the style of the 1500s, during the initial age of exploration and colonization. While these maps are usually shown with markers for gold mines, crops, and other treasure, Mr. Dayrit’s map was embroidered with foul images: dead bodies, toilets, dead trees, and other unpleasant things. Another tapestry showed the work of Dean Worcester, a scientist who was appointed Philippine Secretary of the Interior from 1901-1913, at the very height of the American colonization period in the Philippines. Mr. Worcester’s work presented an exoticized view of the Philippines, using primitivization and orientalism to justify the American colonial regime.

“All these have a similar theme,” said The Drawing Room’s Ms. Decapia, citing among them resistance, the exploration of colonial history, and modernization. Another work called Order of Things stood near the exit of Art Jakarta, showing mundane objects like jeepney signs elevated to iconic status by placing them on a pedestal.

“We’re both archipelagos, we go through similar strands of history. There are echoes of both of our histories in each other,” they said, citing Indonesia’s own former identity as the Dutch East Indies (not to mention a parallel dictatorship throughout the 1970s with Suharto and Ferdinand Marcos).

The strategies consultant spoke about how these similarities show differently in their art. For example, Indonesia threw off its yokes fairly recently: while Indonesian independence was declared by Sukarno and Mohammad Hatta in 1945, the country only became truly independent in 1949 after the Indonesian National Revolution. As for its dictator, they only shook him off in 1998 after he resigned due to unrest from the 1997 Asian financial crisis. “Here in Indonesia, it’s more difficult for people to really be so outspoken about their ideals,” said The Drawing Room’s Ms. Decapia. “The interest in this kind of art is growing, but it’s not there yet,” they said about collecting transgressive art in Indonesia. In comparison, discussing Filipino artists, “We are more outspoken, we’re noisy, we really talk about things that matter,” they said. However: “To quote Cian Dayrit… ‘Our chain is longer.’

“You get to think: are we being heard?” — Joseph L. Garcia

JG Summit unit completes Batangas solar project

STOCK PHOTO | Image from Pixabay

MERBAU CORP., the renewable energy (RE) arm of the Gokongwei-led JG Summit Holdings, Inc., has completed a 13.811-megawatt-peak rooftop-mounted solar project in Batangas City, the company said on Tuesday.

In a media release, Merbau said the solar project will provide the energy requirements of JG Summit’s petrochemical complex. The complex houses the manufacturing plants of JG Summit Olefins Corp. (JGSOC) and the packaging division of Universal Robina Corp. (URC).

“The project aims to reduce power consumption sourced from both the in-house produced and from the national grid. This will also result to significant reduction of greenhouse gas (GHG) emissions through the use of renewable energy sources,” the company said.

JG Summit is expecting to generate an annual energy savings of 17.8 gigawatt-hours and GHG emission reduction of 17,000 tons from both JGSOC and URC warehouses and building offices within the complex.

“This milestone marks a significant step in our journey as we aim to become a leading renewable energy company in the country,” Merbau President and Chief Executive Officer Patrick Henry C. Go said.

Merbau partnered with Upgrade Energy Philippines, Inc. (UGEP) as its engineering, procurement and construction contractor.

“The project reinforces UGEP’s commitment as a leading player in the country’s energy transition goals and demonstrates our dedication to driving sustainable solutions and contributing to a greener future,” said UGEP President and Chief Executive Ruth Yu-Owen.

The construction of the solar project started in August last year and was rolled out into two phases. The first phase was completed in December 2022 with a capacity of 5.8 megawatts (MW) while the second phase was completed in April with a capacity of eight MW.

Mr. Go said the company is eyeing partnerships for projects with Robinsons Land Corp., URC, Cebu Pacific, as well as other companies within the Gokongwei group of companies.

“We also plan to expand our RE portfolio to be able to deliver power to eligible end-users outside of the Group in our commitment to solidify our dedication to sustainable and innovative energy solutions,” Mr. Go said.

On Monday, JG Summit said that its board had approved the proposal to infuse up to P11 billion into JGSOC to pay off the latter’s maturing obligations and to support its operations.

JG Summit reported a third-quarter attributable net income of nearly P5 billion, higher by almost three-fold from P1.89 billion in the same quarter last year.

Gross revenues rose by 23.8% to P87.94 billion from P71.04 billion a year earlier.

Shares of the company went down by P0.85 or 2.2% to close at P37.85 apiece. — Sheldeen Joy Talavera

Arts&Culture (11/22/23)

Christmas Concert at The Pen features the MSO

From favorite carols to music from movie musicals, The Peninsula Manila’s annual Christmas concert shines a spotlight on the talents of the Manila Symphony Orchestra (MSO), Lara Maigue, Arman Ferrer, and the Ateneo Chamber Singers under the baton of National Artist for Music Ryan Cayabyab. The concert will be on Dec. 3, 5 p.m., at the hotel’s famed Lobby. Musical theater performers and Aliw awardees Lara Maigue and Arman Ferrer are the featured solo guest artists this year. Under the direction of Floy Quintos and musical director and conductor Mr. Cayabyab, this year’s annual festive season concert promises to ring in the Christmas spirit with favorite carols and orchestral pieces from musical theater and the classics. Joining Ms. Maigue, Mr. Ferrer, the MSO, and Mr. Cayabyab are the Ateneo de Manila University’s Ateneo Chamber Singers and the Kalilayan Folk Dance Group. The first part of this year’s concert includes music from E.T.: The Extra Terrestrial, My Fair Lady, West Side Story, and Camelot, as well as a Michel Legrand medley, and traditional Christmas carols. There is a P60,000 consumable fee for a table of 10 (with a set festive merienda) or P24,000 for a table of four (with a set festive merienda menu) at The Lobby. Tables of four are available at The Upper Lobby for P14,000. For inquiries on the Christmas Concert at The Pen 2023, call 8887-2888, extension 7410 (Festive Desk), e-mail diningpmn@peninsula.com, or visit the website peninsula.com.

‘Gathering Point’ at ARTablado Galleria

The term “gathering point” can mean a meeting place, a stomping ground or a hangout. For four friends who hail from Angono, it’s the title of their ongoing group show at ARTablado at Robinsons Galleria as well as a reunion and a chance for them to showcase their artistry. Jovito Andres, Edberth Roan, William Ner, and Irwin Tolentino all grew up in the town of Angono, a place that has cultivated dozens of artists and creatives. The four were mentored by Angono native and visual artist Nemi Miranda who is credited with the art style called Imaginative Figurism. All four went on to develop their respective art styles. Mr. Andres, who has remained in Angono, honed a style of painting that hews to traditional Filipino values of family. Using oil paints on canvas or wood panels, or pastels on paper, his idealized depictions include a family unit as well as separate paintings of Mother and child, and a Father and child. Mr. Roan works with charcoal or colored pencils to create drawings of orchids, lily pads and water lilies seen from above, and koi. He also works with mixed media using metalwork, gilded fibers, and everyday objects. Mr. Ner uses oil paints on Masonite board or canvas to create realistic and surreal paintings that incorporate disparate elements like Lego bricks, a Pinocchio puppet, bunched-up fabric, and tiny storm clouds. Mr. Tolentino, creates abstract expressionist pieces with acrylic paints and ink on watercolor paper. The exhibit runs until Nov. 30.

MO_Space presents portrait show

Mo_Space presents “A Portrait of a Portrait Show (Part 1),” a group exhibit curated by Elaine Roberto Navas featuring portraits created by 60 artists. On view will be the works of Poklong Anading, Allan Balisi, Nice Buenaventura, Lyle Buencamino, Zean Cabangis, Bea Camacho, Lena Cobangbang, Louie Cordero, Idan Cruz, Jigger Cruz, Kiri Dalena, Leslie De Chavez, Kawayan De Guia, Dina Gadia, Nona Garcia, Gregory Halili, Robert Langenegger, Cocoy Lumbao, Pow Martinez, Wawi Navarroza, Gary-Ross Pastrana, Patricia Perez Eustaquio, Erwin Romulo, Carina Santos, Isabel Santos, Luis Antonio Santos, MM Yu, Alvin Zafra and Costantino Zicarelli. The exhibit opens on Nov. 25 and will run until Dec. 31. A Portrait of a Portrait Show attempts to explore both methods in dealing with the idea of the “portrait.” By showing works of 60 contemporary Filipino artists, the exhibition becomes a multifaceted compendium on new ways to interpret the genre of portraiture, as well as in becoming its own portrait and survey through a gathering of different art practices. The gallery, located at Bonifacio High Street in BGGC, Taguig, is open daily from 10 a.m. to 7 p.m.

Art conservation class at The M

The Metropolitan Museum presents Art Conversation 1: Restoring old documents, maps, and artworks on paper with art conservator and educator Eddie Jose. The class is free and open to the public. It will be held on Nov. 25, 1:30 to 4:30 p.m. at the Metropolitan Museum of Manila. To join the class register at bit.ly/3suxePI. This is the first in new series of in-depth conversations on art conservation hosted by the Metropolitan Museum of Manila, in partnership with the De La Salle University-Dasmariñas Center for Heritage Conservation. The Metropolitan Museum of Manila is located at the Mariano K. Tan Centre, 30th St., Bonifacio Global City, Taguig City. For more information call 8361-1488, 0917-160-9667, or e-mail info@metmuseummanila.org.

Korean Cultural Center joins BGC’s Passionfest

The Korean Cultural Center (KCC) is joining this year’s Passionfest, collaborating with Bonifacio Global City (BGC) to present the GLOCAL: Color & Culture Festival on Nov. 25-26,  at Bonifacio High Street. TAGO, a dynamic percussion performance group established in 2015, will add its unique rhythm to the parade along 5th Ave. on Nov. 25 and will have a performance on Nov. 26. As part of the festival’s immersive experience, the KCC invites all attendees to a free two-day interactive booth. Discover the traditional art of nail dyeing using flower, known as Bongseonhwa. Delve into the cultural significance of this red flower, historically planted to ward off evil spirits. The booth will be open from 10 a.m. to 5 p.m.

PHL Suzuki Youth Orchestra holds holiday concert

Christmas carols are the focus on the concert Joy to the World, featuring the Philippine Suzuki Youth Orchestra. It will be held at the Metropolitan Museum of Manila on Dec. 2, 3 p.m. Admission is free. The   is located at the Mariano K. Tan Centre, 30th St., Bonifacio Global City, Taguig City.

Free piano concert focuses on the classics

On Dec. 2 at 6 p.m., the internationally renowned concert pianist Jordan Shangkuan Ong will be performing at the Manila Piano in Makati. He will be performing with pianist Dr. Oliver Salonga, and Chinese orchestra conductor Danny Chin. The event will be hosted by Chinatown TV. The evening’s repertoire will include Gershwin’s Rhapsody in Blue, Chopin’s Scherzo, and Rachmaninoff’s Concerto No. 2., as well as popular Chinese and Filipino folk songs. Mr. Ong comes from a prominent musical family in the Philippines that includes opera librettist Shih Chang Shangkuan, Aliw awards-winning producer Rebecca Shangkuan, international choral conductor Pearl Shangkuan, Philippines Philharmonic Orchestra guest conductor Beverly Shangkuan, many church choir directors and concert pianists. Mr. Ong has performed around the world, at many renowned venues such as the Kennedy Center in Washington D.C. and the Kimmel Center in Philadelphia.  Manila Piano is at the 4/f of the Ronac Lifestyle Center, Paseo Magallanes, Makati. Tickets are free on a first come first serve basis. For ticket reservations call Melanie Ong at 0968-270-3228 or Christine de los Santos at 0917-981-7766.

CCP Met: Live in HD season ends with Cossi fan Tutti

Season 8 of The Met Opera in HD — a collaboration of the Cultural Center of the Philippines, the Metropolitan Opera of New York, the Filipinas Opera Society Foundation, Inc., and Ayala Malls Cinemas — culminates with Mozart’s Cosi Fan Tutte on Dec. 5, 5:30 p.m., at Greenbelt 3 Cinema 1 in Makati City. Part of the Met’s popular English-language holiday series, this opera is a twisted tale about two pairs of lovers who find themselves on one emotional, and sometimes literal, thrill ride after another. Tickets are priced at P450. Students and young professionals may enjoy the screenings for P100 upon presentation of a valid ID. Tickets are available at Greenbelt ticket booths and on the website www.sureseats.com.

BP, Pintô Art Museum collaborate on a holiday art exhibit

Ballet Philippines (BP) and Pintô Art Museum have partnered for a special art exhibit featuring the work of 35 contemporary Filipino artists. The exhibit, titled “Ballet in Pintô,” will premier on the gala night of Ballet Philippines’ Christmas Fairytales on Dec. 15. The lobby of The Theatre at Solaire will be transformed into an art space where visual arts and dance meet. Pintô Founder Dr. Joven Cuanang and artist/curator Ferdie Montemayor commissioned 35 contemporary Filipino artists to produce paintings and sculptures that will feature the company’s dancers. Last July, Pintô invited the Ballet Philippines dancers to the museum’s Academy Room for a special day of art and dance. The afternoon provided the artists an opportunity to meet and study their subjects. As the dancers performed excerpts from Christmas Fairytales, the artists made studies for their eventual works. The finished works will be on exhibit from Dec. 15 to 17, during Ballet Philippine’s performances of Christmas Fairytales. The proceeds earned from the upcoming exhibition will benefit the causes supported by the Pintō Museum and Ballet Philippines.

Geraldine Javier shows at Silverlens

Geraldine Javier’s exhibit, “A Tree is Not a Forest” is now on view at Silverlens until Dec. 20. How are important discoveries in the natural sciences relevant to our current environmental concerns? The artist responds to this question with a plethora of mediums and techniques, and the potential of flora as collaborator in storytelling. Javier presents five series in this exhibit: Portraits of Four Important Naturalists, What’s in a Name?, Life Cycle series, Humans as Predators, and New Species in an Anthropocene Era. She employs techniques both old and new — embroidery, cyanotype printing, ecoprinting, and mordanting, among others. Silverlens is located at 2263 Don Chino Roces Ave. Ext., Makati City.

PETA holding auditions for musical

The Philippine Educational Theater Association’s (PETA) production for 2024, One More Chance, the Musical, featuring the music of the popular Filipino nine-piece band, Ben&Ben, announces the casting call for auditions starting Monday, Nov. 20. Applicants must submit 16 bars, or one stanza and one chorus, of the best part of any Ben&Ben or OPM song, along with four bars of choreography to any contemporary modern music. The full set of requirements can be found at this link: https://tinyurl.com/OMCauds. The deadline for all casting submissions will be Nov. 26 at 11:59 p.m. Live auditions at the PETA Theater Center will follow from Dec. 4 and 5. One More Chance, the Musical is slated to open in April 2024 at the PETA Theater Center. For more information, follow PETA Theater on Facebook, Instagram, Twitter, and TikTok.

Araneta City’s traditional belen up for the holidays

Araneta City lit up its annual giant belen display on Nov. 17. Located at Gen. MacArthur Ave., the life-sized nativity scene, features images of the infant Jesus, Mary, Joseph, and the three kings. It is a holiday tradition observed by Araneta City since 1991. The lighting of the belen is part of the many Christmas events and activities in Araneta City this year under the theme “City of Firsts, Your Home This Christmas.” Other traditional Christmas attractions at the Quezon City commercial area include the Parolan bazaar, where one can find quality and affordable Christmas decorations; the Times Square Park for a cool al fresco dining with an up-close view of the Giant Christmas tree; the Grand Fireworks Display on Fridays to Sundays at 7 p.m.; and the Santa Claus and friends meet-and-greet and parade at Araneta City malls every weekend.

STI Holdings returns to profitability with P20.3-million profit

LISTED educational institution STI Education Systems Holdings, Inc. posted an attributable net income of P20.29 million during the first quarter of its new fiscal year, reversing the P42.37-million net loss a year ago amid higher revenues.

In a regulatory filing on Tuesday, STI Holdings said its revenues from July to September reached P650.65 million, higher by 30% from the P500.35 million it posted in the same quarter in the previous fiscal year.

STI Holdings’ financial year, consistent with its academic calendar, starts on July 1 and ends on June 30 of the following year.

“The increase was primarily driven by the 27% increase in the total number of students of the Group for SY (school year) 2023-2024,” the company said.

According to the company, the student population for SY 2023-2034 reached 119,543 compared to 94,312 enrollees in the previous SY.

“Revenues from educational services and royalty fees both increased by 22% attributed to the 14% increase in the student population of franchised schools for SY 2023-2024,” STI Holding said.

As described by the company, revenues from educational services are derived as a percentage of the tuition and other school fees collected by the franchised schools from their students, the Department of Education, and the Commission on Higher Education.

At the local bourse on Tuesday, shares of STI Holdings went down by P0.005 or 1.09% to close at 45 centavos each. — Sheldeen Joy Talavera

An intellectual giant on Philippine agribusiness: Reducing poverty

BENJAMIN DAVIES-UNSPLASH

(Part 2)

To demonstrate the fact that mass poverty in the Philippines is mainly due to the neglect of agricultural development, which in turn is behind the low productivity of the agricultural sector, the late Dr. Rolando “Rolly” Dy devoted some time in his Magisterial Lecture in 2013 to the concept of poverty and its widespread presence in the Philippines which stands out like a sore thumb in the East Asian region.

In his Magisterial Lecture, he made sure that the elusive concept of “poverty” was very well defined. According to him, poverty is multi-dimensional. In simple terms, it is the lack of household income (or consumption). The World Bank measures income poverty by using a so-called “poverty line” of $1.25 per day at 2005 US$ purchasing-power adjusted terms. More generally, poverty means the inability to meet basic needs, including food, shelter, clothing, water and sanitation, education, and healthcare.

True to his empirical bent, Rolly presented copious data on poverty incidence in the ASEAN region. He showed that inter-country comparison in Southeast Asia reveals that the Philippines has a poor record in poverty reduction. The poverty rate hardly changed from about 31% in 1981 to 18.4% in 2009. In contrast, Indonesia cut its poverty rate by two-thirds, from nearly 69% to 20%, during the same period. Vietnam sliced its rate dramatically, from 90% to 17%, also in the same period.

Using national poverty standards, the Philippine poverty rate remained high relative to its neighbors at that time Rolly delivered his Magisterial Lecture in 2013. The poverty rate in the Philippines grew from about 25% to 28% over the preceding 12 years. In contrast, Indonesia and Thailand registered rates below 20%, with Vietnam not far behind.

As regards, equity in the distribution of income, the Philippines also fared poorly in comparison to its ASEAN peers. Using the GINI co-efficient (0 is perfect equality and 1.0 is perfect inequality), the Philippines showed the worst income inequality at 0.43 compared to Indonesia and Vietnam at less than 0.36, Thailand at 0.40, and China at 0.42.

Ten years have passed and today, while the poverty incidence of the Philippines remains stuck at 13%, all of its East Asian peers (both north and south) have figures at single-digit levels of anywhere from zero to 5%.

There is a very high correlation between the rate of poverty and the very low productivity of the agricultural sector. Philippine agriculture accounts for less than 10% of GDP while accounting for about a fourth of the total Philippine labor force, immediately exposing the low productivity of the sector. While highly urbanized areas in the country like Metro Manila have a poverty incidence of 4%, rural areas that depend almost exclusively on agricultural production — like those in the Mindanao regions — can suffer poverty incidences of 50% to 60%. Clearly, addressing the challenge of improving agricultural productivity is the most direct way of attacking mass poverty.

When Rolly delivered his Magisterial Lecture, he presented the data contained in the 2008 World Development Report called “Agriculture for Development,” which highlighted the importance of agriculture and rural development activities for reducing rural poverty. Agriculture plays an important role in rural development. In addition to attaining growth, rural development is vital for the sustainable use of natural resources. To stimulate growth, reduce rural poverty, and promote the sustainable use of natural resources, rural development must focus on providing higher paying jobs in the agricultural sector (by raising the competitiveness of the sector and better integrating the farmers into value chains) as well as in the rural non-farm economy. Improving subsistence farming, increasing land tenure security, and promoting broader spatial development are similarly important.

Rural development initiatives should also help create institutional frameworks that will benefit from empowering poor and marginalized groups to actively participate in designing and implementing rural policies and programs. The World Bank’s East Asia and Pacific Region had developed four strategic objectives to address these issues: reducing rural poverty, stimulating agricultural growth, providing food security, and supporting natural resource management.

Rolly’s focus on agriculture is justified by historical evidence, both over the long term and in the immediate past. The so-called Industrial Revolution that happened first in England during the last quarter of the 18th Century would have not been possible without a previous “Green Revolution” that significantly increased the supply of both food for human beings and feed for livestock. Certain simple innovations like the drainage of swamp land, the discovery of nitrogen-fixing plants, and the planting of root crops during the winter all contributed to food security that was a pre-requisite to shifting labor from farm to factory. In more recent times, the same role of agriculture has been identified. As Rolly pointed out in his Magisterial Lecture, the 2008 World Development Report focused on agriculture as an effective means of fighting poverty.

The Report was actually a “sequel” to another Report that was issued 25 years earlier. The Report notes: “…. GDP growth originating from agriculture is about four times more effective in raising incomes of extremely poor people than GDP growth originating from outside the sector.” Recent experiences in neighboring countries like Thailand, Malaysia, and Vietnam indicate that a more diversified and growing rural economy is vital to sustained poverty reduction (Malaysia was able to attain zero poverty incidence sometime in the first decade of this century). Of the utmost importance is increasing agricultural productivity, particularly for labor-intensive, small-scale agriculture with strong links to growth in other areas.

In the Philippines, small-scale agriculture is still prevalent in the main crops of rice, corn, coconut, and vegetables and fruits, as well as in fisheries. Even the imperatives of land consolidation (especially in the coconut industry) will not substantially change this existing structure. Rolly observed that no poor country has successfully reduced poverty through agriculture alone, but most have achieved it first by first increasing agricultural productivity. This is truer more than ever under the present Administration of President Ferdinand Marcos, Jr. It is good news that he has finally appointed a full-time Secretary of Agriculture in the person of Francis Tiu Laurel who is a very experienced entrepreneur in the fisheries sector.

As regards the role of agricultural productivity in reducing poverty, Thirtle et al (2001) concluded from cross-country regression analysis that, on average, every 1% increase in labor productivity in agriculture reduced the number of people living on less than a US dollar a day by between 0.6% to 1.2%. No other sector of the economy shows such a strong correlation between productivity gains and poverty reduction. This correlation couldn’t be more applicable than to the Philippines. As mentioned earlier, low productivity is a bane of Philippine agriculture.

Presenting data on the growth of agriculture value added per year in the ASEAN region, Rolly concluded that the Philippines is the lowest performer mainly because of low farm productivity, the lack of diversification (we are too obsessed with rice production), and limited value-adding (we have mostly raw materials exports). From the data presented, an average of 3% to 4% annual growth of the agricultural sector in the Philippines would be needed in the next decade or so for the Philippines to catch up with its ASEAN neighbors. Hopefully, President Marcos Jr. — now aided by Agriculture Secretary Tiu Laurel — will be able to improve agricultural productivity under his watch so that we can attain growth in the agricultural sector of at least 3% to 4% annually. That accomplishment will contribute significantly to reducing the poverty incidence to single-digit levels by 2028.

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Mongolia urges Russia, other nations to return cultural artefacts

BEIJING — Mongolia on Monday called for more support from Russia, Britain and other countries to repatriate hundreds of cultural artefacts, some dating back over two millennia.

Key artefacts include a letter from Mongolia’s first prime minister declaring independence from China’s Manchu dynasty, currently held at the British Library in London, the Mongolian government said in a statement.

Artefacts associated with the Persian statesman Rashid al-Din who worked in the courts of several Mongol rulers of Persia in the 13th and 14th centuries are being kept at the Museum of Edinburgh, it also said.

In recent decades, many countries, including former colonies of European empires, have requested the return of cultural and historical artefacts taken away years ago, many of which are housed in museums reluctant to surrender their collections.

Mongolia has made some headway in claiming back its cultural artefacts. Earlier this year, the United States returned dinosaur fossils taken out of Mongolia, including the skull of an alioramus, a smaller version of a tyrannosaurus rex that lived 70 million years ago.

At a forum in Russia last week, Mongolia’s Culture Minister Nomin Chinbat also requested Moscow’s help with identifying and returning artefacts that were sent to Russia for research and restoration purposes 100 years ago, including artefacts from the Hunnu dynasty 2,000 years ago excavated from the Noyon Uul burial site by Russian explorer Pyotr Kozlov in the 1920s.

“I thank the countries who have supported Mongolia with this important work so far, and look forward to working with more of our international partners on these important initiatives in the spirit of friendship and mutual respect,” Ms. Chinbat said. — Reuters

Treasury fully awards reissued 20-year bonds

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday at an average rate below secondary market levels as central banks here and abroad kept borrowing costs steady.

The Bureau of the Treasury (BTr) raised P20 billion as planned via the reissued 20-year bonds it offered on Tuesday as total bids reached P71.303 billion or more than twice the volume on the auction block.

The bonds, which have a remaining life of 15 years and two months, were awarded at an average rate of 6.593%, with accepted yields ranging from 6.483% to 6.65%.

The average rate of the reissued bonds surged by 125.2 basis points (bps) from the 5.341% quoted for the papers when they were last awarded on Nov. 26, 2019.

Still, this was 15.7 bps below the 6.75% coupon for the series.

The average yield was likewise 18.4 bps lower than the 6.777% quoted for the 15-year bond and 19.9 bps below the 6.792% 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.

The bond’s average rates was lower than secondary market levels as the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve continue to keep their benchmark rates unchanged, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Demand for the reissued notes was “unusually” high compared with bond auctions in recent months, he noted.

The BSP last week left benchmark interest rates unchanged after inflation eased in October, but reiterated that they could resume tightening if needed.

The Monetary Board on Thursday kept its policy rate steady at 6.5%, as expected by 15 of 18 analysts in a BusinessWorld poll. Interest rates on the central bank’s overnight deposit and lending facilities were also maintained at 6% and 7%, respectively.

This was the central bank’s first policy meeting after it hiked rates by 25 bps in an off-cycle move on Oct. 26.

The BSP has raised benchmark rates by a total of 450 bps since May 2022.

The policy-setting Monetary Board will hold its last meeting for the year on Dec. 14.

Meanwhile, the Fed kept its target rate steady at the 5.25%-5.5% range for a second straight meeting during its Oct. 31-Nov. 1 review.

It has hiked rates by a cumulative 525 bps since it began its tightening cycle in March 2022.

The US central bank will meet on Dec. 12-13 to review policy anew.

Still, the bonds fetched an average rate higher than what was quoted for the previous award as investors awaited the release of minutes of the Fed’s latest meeting.

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

Cirtek books 58% higher income 

CIRTEK Holdings Philippines Corp. reported an attributable net income of $1.05 million for the third quarter, up by 58.1% from $665,755 in the same quarter last year.

The increase came after a 4.8% increase in its top line to $22.74 million in the July-to-September period, from the $21.69 million it booked in the same period last year, based on its quarterly report disclosed on Tuesday.

In the nine months through September, Cirtek recorded an attributable net income of $2.23 million, down from $2.49 million a year ago.

Revenues declined by 9.7% to $61.23 million versus $67.79 million previously.

“The decrease accounted for were mainly due to 6% decrease in revenue contribution of CEC (Cirtek Electronics Corp.); 8% decrease in revenue contribution of CATSI (Cirtek Advanced Technologies and Solutions, Inc.); and 17% decrease in revenue contribution of Quintel,” the company said.

Revenues from the RF/MW/mmW and antenna manufacturing business amounted to $16.6 million, an 8% decline from $18 million in the same period in 2022. The semiconductor business accounted for $28.7 million, a 6% decrease from $30.5 million.

Revenue contribution from Quintel group, which makes antenna solutions for wireless cellular networks, declined by 17% to $16 million from $19 million previously.

During the three quarters, operating expenses were also lower by 5% to $7.2 million versus the $7.6 million posted last year.

On Tuesday, shares in the company declined by one centavo or 0.58% to close at P1.71 each. — Sheldeen Joy Talavera

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