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External debt service soars to $8.9 billion as of end-August

Euro, Hong Kong dollar, US dollar, Japanese yen, pound and Chinese yuan banknotes are seen in this picture illustration in Beijing, China. — REUTERS

THE PHILIPPINES’ external debt service burden more than doubled to $8.89 billion as of end-August, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Based on data posted on the BSP’ website, the Philippines’ external debt service burden surged by 125% from $3.95 billion a year earlier.

The debt service burden refers to the amount of money a country needs to pay back its foreign creditors. This includes both principal and interest payments on its external debt.

BSP data showed principal payments soared by 92.7% to $4.47 billion in January to August from $2.32 billion a year ago.

Interest payments surged by 171% to $4.43 billion in the first eight months of the year from $1.63 billion a year earlier.

Principal external debt service is mostly fixed medium- to long-term credits, while interest payments are for fixed and revolving short-term credits of banks and nonbanks.

“The country’s debt service burden experienced an uptick this year due to higher interest rates. This was largely expected,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message.

Globally, central banks have tightened monetary policy to curb inflation. This includes the BSP, which was regarded as one of the most aggressive central banks in the region after it hiked key rates by 450 basis points to 6.5% from May 2022 to October 2023.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the higher external debt service burden to high borrowing costs, which “bloated interest payments.”

Larger maturities of government debt and a weaker peso against the dollar may have also led to higher debt service costs, he added.

Latest data showed outstanding external debt reached $117.918 billion as of end-June, 9.5% up from $107.692 billion a year ago.

External debt refers to all types of borrowings by Philippine residents from nonresidents, following the residency criterion for international statistics.

The debt service ratio, or principal and interest payments as a fraction of export receipts and primary income, rose to 11% at the end of June from 4.6% a year earlier.

“For the coming months, debt servicing could be somewhat tempered by the recent downward correction in US/global/local bond yields and possible policy rate cuts by the Fed and other global central banks that could reduce financing/borrowing costs,” Mr. Ricafort said. 

A stronger peso exchange rate and narrower budget deficit in the coming months would also reduce the need for new borrowings and cut debt service costs, he added.

“The country’s external debt position will benefit from expected policy rate cuts in the second half of 2024,” Ms. Velasquez said.

BSP Governor Eli M. Remolona, Jr. earlier said the Monetary Board intends to keep policy settings “sufficiently tight” until the downward trend in inflation becomes more evident next year.

He also ruled out any rate cuts in the first half of 2024, as inflation may still go above the 2-4% target range until July next year.

“Moving forward, we may see a bit higher debt before slowing down as disinflation continues. Anticipation of less hawkish global central banks may eventually help,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

Inflation slowed to 4.9% in October from 6.1% in September, the slowest in three months. However, it still marked the 19th straight month that inflation breached the 2-4% central bank target.

This brought average inflation in the first 10 months to 6.4%, still above the BSP’s 6% full-year forecast. — Keisha B. Ta-asan

House committee OK’s amendments to CREATE law

A House committee approved a bill seeking to amend the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. — PHILIPPINE STAR/MICHAEL VARCAS

By Beatriz Marie D. Cruz, Reporter

A HOUSE of Representatives committee on Tuesday approved a bill that would allow companies inside economic zones and freeports to enjoy duty-free privileges and value-added tax exemptions on imports and local purchases as part of the Marcos government’s push to make the Philippine tax incentive system more globally competitive.

The measure will amend the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which restricts the so-called zero-rating on value-added tax (VAT) on local purchases to the sale of goods and services directly used in a project or activity of a registered exporter.

The CREATE MORE (CREATE to Maximize Opportunities for Reinvigorating the Economy) bill also empowers the President to modify, craft and grant incentive packages, without the recommendation of the Fiscal Incentives Review Board.

“The President has instructed us to get this done, and the (House) leadership is trying to approve it by end of this month,” Committee on Ways and Means Chairman and Albay Rep. Jose Ma. Clemente S. Salceda said in a statement.

The CREATE MORE bill seeks to introduce a “simplified and streamlined” tax refund system for registered business enterprises.

Under the bill, domestic and export companies, even those inside ecozones and freeports, would continue to enjoy duty exemptions, VAT exemption on importation, and the VAT zero-rating of local purchases as provided in their respective investment promotion agency (IPA) registrations.

“Registered export enterprises shall enjoy nonincome tax incentives, such as duty exemption on importation of capital equipment, raw materials, spare parts or accessories, VAT exemption on importation and VAT zero-rating on local purchases, as long as the registered export enterprise maintains 70% of the total annual production as export sale and continues to be registered in good standing with the IPA,” according to the bill.

The measure also seeks to reduce the corporate income tax to 20% for those under the enhanced deduction regime from 20-25%.

Under the measure, the information technology and business process outsourcing sector will be allowed to “conduct business under alternative work arrangements.”

“These revisions are meant to help attract more foreign investments into the country by simplifying the investment incentives, making them more comprehensive and consistent, as well as better aligned with the investment incentives of other neighboring ASEAN (Association of Southeast Asian Nations)/Asian countries,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Facebook Messenger chat.

Semiconductor and Electronics Industries in the Philippines Foundation, Inc. President Danilo C. Lachica said the measure should include “provisions to mitigate high operating costs (power, logistics, process cooling water and labor).”

Assistant Minority Leader and Gabriela Party-list Rep. Arlene D. Brosas, who opposed the measure, said it would only benefit large corporations that will enjoy the tax cuts.

“The current CREATE Law already offers significant tax incentives to large corporations, decreasing their tax obligations. Despite this, the proposed CREATE MORE bill seeks additional amplification of these benefits, suggesting an insufficiency in the current incentives,” she said in a statement.

Ms. Brosas said the bill’s provision giving the President the power to grant incentive packages “raises concerns about potential cronyism and preferential treatment among large businesses affiliated with the President.”

CREATE was signed in 2021 to reduce tax and amend the incentive system to support businesses recovering from the pandemic.

GLOBAL MINIMUM TAX
Meanwhile, Mr. Salceda said the Department of Finance (DoF) and other stakeholders should propose their own amendments that would then be discussed when the bill reaches the plenary.

He said the bill amending the CREATE law should also account for the possible impact of the global minimum corporate tax.

“We need to prepare for when countries accede to this regime… Among all ASEAN-6 economies, only the Philippines has not made significant progress in implementing the rules. But it will come. And when it does, it could affect our tax incentive system,” he said.

In 2021, more than 130 countries agreed to enforce a global minimum tax under an Organisation for Economic Co-operation and Development deal. A global minimum tax rate of 15% will be imposed on profits of multinational enterprises, regardless of where these were generated.

“Those who are under the income tax holiday or special corporate income tax regime of 5% might be required to pay a top-up tax in their home countries. When that happens, our tax breaks will be quite ineffective in promoting foreign investments,” Mr. Salceda said. “So, we have to imagine new nontax incentives such as infrastructure and market promotion that make doing business here easier and more profitable.”

The lawmaker said the Philippines should consider a tax incentive regime that complies with the global minimum tax but can still attract foreign investors.

“I am personally thinking of a tax regime where we impose a 15% corporate income tax rate, plus enhanced deductions for 25 years,” he said.

BIR surpasses October collection target

The Bureau of Internal Revenue (BIR) collected P274.429 billion in October. — PHILIPPINE STAR/ RUSSELL PALMA

THE BUREAU of Internal Revenue (BIR) collected P274.429 billion in October, surpassing its target for the month by 8.57%.

The October tally also jumped by 46.94% from P186.759 billion in actual collections a year earlier.

“With the intensification of the bureau’s tax enforcement activities, specifically on the campaign against sellers and buyers of fake receipts, and with the continuous streamlining and digitization of the BIR’s core services, we hope to encourage all noncompliant taxpayers to comply fully with the provisions and requirements of the tax laws,” BIR Commissioner Romeo D. Lumagui, Jr. said in a statement on Tuesday.

In the 10-month period, BIR revenues rose by 11.1% to P2.132 trillion from P1.919 trillion a year ago.

The agency’s collection from January to October already accounted for about 80% of its full-year target.

The BIR is targeting to collect P2.64 trillion this year, which is 13% higher than its collection of P2.34 trillion in 2022.

Mr. Lumagui said the agency would likely reach or even surpass its collection target for the year.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the improvement in tax collection was due to the recovery of businesses and other economic activities that led to increased sales, spending and employment.

“Intensified tax collections based on existing tax laws also improved BIR tax revenue collections, as part of fiscal reform measures,” he said in a Viber message.

The BIR has been studying ways to expand its tax base, including using a digital platform.

Last month, it released the final draft of its proposed creditable withholding tax policy for gross remittances of electronic marketplace operators to online sellers. 

Under the draft, a withholding tax of 1% will be imposed on one-half of the gross remittances by domestic e-marketplace operators to online merchants for goods or services sold through their facility.

Earlier, BIR Assistant Commissioner Jethro M. Sabariaga said the agency’s collection for the remainder of the year is expected to be driven by household consumption and government spending.

The BIR collects about 70% of government revenue. — Luisa Maria Jacinta C. Jocson

SEC to ban unregistered online trading platforms

THE Securities and Exchange Commission (SEC) is looking at banning unregistered cryptocurrency and online trading platforms to protect investors.

In a statement on Tuesday, SEC Commissioner Kelvin Lester K. Lee said several unregistered platforms for cryptocurrency and online trading would soon be the subject of advisories by the corporate regulator, even banning them from operating in the country. 

“First and foremost, the SEC has to protect the credibility of our markets—and this can only happen if it is assiduous in efforts to secure investors against potential and actual harm. Part of these efforts is to be strict in the agency’s regulatory function: we only allow entities, whether local or foreign, to operate in the Philippines once they are registered with the SEC or other Philippine regulators,” Mr. Lee said.

“Allowing unregistered entities to operate only increases investors’ exposure to risk; and normal, everyday business already has risks. Let’s not add to that,” he added. 

Aside from stricter enforcement, Mr. Lee said the SEC is also embarking on a campaign to have 300 publicly listed companies (PLCs) in the local stock market by 2025 as part of its “Project 300” initiative. 

Currently, the local bourse has 284 PLCs. 

“In the case of PLCs, the Philippines has around 280-285 PLCs while Vietnam, for example, has about 400 or 400 plus. Now, it is not simply a matter of competing with other countries on the number of PLCs and IPOs (initial public offerings). Increasing the number of PLCs and IPOs is a booster for our economy,” Mr. Lee said. 

“Our initial goal is the listing of 15 offerings (IPOs) [in the] near term. This year, three companies have already expressed interest in filing IPOs with the support and encouragement of the SEC,” he added. 

Meanwhile, Mr. Lee said more PLCs and IPOs allow more businesses to have access to capital and investments in the form of bonds and securities.

He added that the SEC is in talks with the Philippine Stock Exchange, Inc. to reduce the broker’s fee or commission for IPO processing. 

The SEC has committed to complete IPO registration within 45 days while reducing the required financial information submitted by IPO applicants to cover three years from four years.

“When there is more capital and wealth to go around, the more resources there are for both the government and the private sector to invest in the country’s economic and social development. Even individual investors have more chances to invest and earn from dividends,” Mr. Lee said.

“Increasing the number of PLCs and IPOs is a booster for our economy. Simply put, it’s a builder of wealth and capital,” he said, adding that the “ripple effect” provides advantages to businesses because they have more access to capital and investments via bonds and securities.

“Having more PLCs and IPOs also impacts good governance and social development,” he added. — Revin Mikhael D. Ochave

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

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