Facebook Instagram Linkedin X Youtube
Home Blog Page 4761

Arts&Culture (06/07/23)

Da Vinci goes to One Bonifacio High Street

BONIFACIO High Street (BHS), in collaboration with award-winning, Istanbul-based creative new media studio Ouchhh, is putting the “art” in artificial intelligence (AI) with a sensorial showcase — Wisdom of Da Vinci: An Immersive AI Experience — running from August to October, at the 3rd Level of One Bonifacio High Street, 5th Ave., BGC, Taguig. Ticket reservations are currently being accepted, with tickets priced at P975 for adults, and P780 for students. The exhibition space will be filled with large-scale data paintings made up of vivid audio and visual projections. Visit https://bgcimmersive.com for tickets, and Bonifacio High Street’s official Facebook page www.facebook.com/BoniHighStreet for updates.

Arts-related workshops open to the public

CHILDREN and teens can explore their passions and talents in music, theater, dance, and design through the STAR Workshops. The six-week intensive training program aims to hone the creative skills of young artists in diverse fields. Organized by the Culture and Arts Unit (CAU) of the De La Salle-College of Saint Benilde (DLS-CSB), the activities will be facilitated by a roster of certified trainers and homegrown talents from the school’s clubs including Coro San Benildo, Saint Benilde Romançon Dance Company Hip Hop and Contemporary, and Dulaang Filipino. Also participating are senior student-artists from the Karilyo Shadowplay Collective, Stage Production Operations Team, and Cultural Promotions Team. Music by the Youth will tackle singing, both in solo and group settings. Guitar lessons are likewise available for beginners. Basic Acting for Teens and Kids covers character-building exercises and acting activities. Creative Movement for Kids and Movement Exploration for Teens guides participants with the basics of ballet and contemporary dance as training on coordination and balance. Introduction to Hip Hop provides a comprehensive overview of the art and essence of the street-style genre. Bituin the Lines: The Fundamentals of Visual Arts focuses on drawing and coloring; while Attract, Don’t Chase tackles the basic concepts of graphic design, photography, and video production, as well as the current trends of modern media production. Introduction to Costume Design highlights the significant roles of color and fabric, as well as the meanings they convey in a production. The STAR Workshops will commence on June 10 at the Benilde Design + Art and Taft Campuses. The season will conclude with a concert on July 29. The module is P4,000 per workshop and is inclusive of the recital fee. To register, visit https://tinyurl.com/STARWorkshops2023. Learn more about the program on https://www.facebook.com/cultureandarts.benilde.

Septuagenarian artist shows at ARTablado

WHEN it comes to a person’s creativity, age is seldom a hurdle to be overcome. In fact, the maturity the years bring can lend a sense of nostalgia to one’s work that can resonate with viewers. That is what artist Rolando Delos Santos brings to his paintings that evoke a more genteel time, one less frenetic, more subdued. The septuagenarian is the featured artist in a two-week exhibit at ARTablado in Robinsons Galleria from June 1 to 15. His body of work includes idyllic pastoral scenes, armfuls of flowers arranged in vases, and still lifes that incorporate detailed items like Chinese blue and white porcelain and white, perforated tablecloths. Studying Fine Arts at Feati University, Mr. Delos Santos has been featured in several solo exhibits through the years, participating in a number of group shows, most notably one at the Cultural Center of the Philippines — 100 Years, 100 Artists. For his ARTablado exhibit, Delos Santos chose the theme “Vision of Reality” because he said an artist’s vision is of utmost importance.

Virgin Labfest 18 kicks off

THE 18th EDITION of Virgin Labfest (VLF) — an annual festival of untried, untested, and unstaged works — is being led by festival directors Tess Jamias and Marco Viaña, with the theme “Hitik.” VLF  18 opens the curtains with four thematic sets of new one-act plays — Adulting 101 (Set A), REBELasyon (Set B), Y.O.LO. (Set C) and Muwang (Set D). There will also be one set of revisited plays (Hinog / Set E), and two sets of staged readings. The festival opens on June 7 and runs until June 25, with performances at 2 and 8 p.m. at the Tanghalang Ignacio Gimenez (Black Box Theater) of the Cultural Center of the Philippines. Tickets are P500.

Exhibit on National Artist Abdulmari Imao

“A LIFE Without Borders,” an exhibition on the life and works of the late Philippine National Artist for Visual Arts Abdulmari Asia Imao, opens to the public at the 12F Main Gallery of the Design and Arts Campus, De La Salle-College of Saint Benilde (DLS-CSB) on June 9. The exhibition provides a comprehensive introduction to the artistry of the renowned painter, sculptor, photographer, ceramist, documentary filmmaker, cultural researcher, and writer. He is known to have popularized Philippine Muslim art and culture as original Filipino art. The collection, on loan from his son visual artist Toym Imao, features 28 paintings that champion the indigenous ukkil, sarimanok, and naga designs — decorative motifs commonly used in Mindanao by the Tausūg and Maranao. There is also an assemblage of 38 sculptures that demonstrate Mr. Imao’s intricate wood carving and signature brass casting techniques. Also displayed are his sketches that walk the spectators into his creative genius. Scale models of high-rise buildings for Bonifacio Global City (BGC) are likewise on view, designed by the budding student-artists under the college’s Architecture Program, conceptualized and created under the mentorship of award-winning architect Jim Caumeron. “A Life Without Borders: Abdulmari Imao, National Artist for Visual Arts” is produced by the Center for Campus Art (CCA) and is curated by CCA Director Gerry Torres. It will be on view until Sept. 8, from 10 a.m. to 9 p.m. at the 12F Main Gallery of the Design and Arts Campus, De La Salle-College of Saint Benilde, 950 Pablo Ocampo St., Malate, Manila. For more information, visit https://www.facebook.com/BenildeCampusArt.

Understanding the US debt crisis: The battle against inflation

JCOMP-FREEPIK

(Part 2)

What has been the impact of this battle against inflation on the Philippine stock market?

Jim Walker, Chief Economist at Aletheia Capital Limited (an independent research platform for the Indo-Pacific region), observes that from 2000 to 2019, average nominal GDP growth was 9.2%. Return on equity (ROE) on the Manila Stock Exchange has been well above that average. As of the first quarter of 2023, ROE was above 19% higher than the same quarter in 2022. If replicated throughout the year, ROE will hit 13% in 2023. This will feed the already bullish investment climate. Assuming that this profit proxy also applies to the unlisted parts of the economy, the business community’s growing confidence could readily result in increased capex spending, just exactly what the economy needs to grow faster than the 6-7% current rate.

Special mention should be made of the investment opportunities in the Information Technology and Business Process Management (IT-BPM) sector which saw 8.4% growth in 2022, adding another 121,000 full time employees (FTEs) out of the total number of 1.57 million FTEs. This sector earned $32.5 billion in 2022, up from $29.5 billion in 2021.

Despite talk of recessionary forces in the advanced countries in North America and Europe, the IT and Business Process Association of the Philippines (IBPAP) is confident that total employment in the sector will grow to 1.7 million with revenues reaching $35.9 million in 2023. As reported in this paper (on May 31), the Executive Officer of Sansan, Inc., a Japanese technology firm, said that the Philippines has an opportunity to attract more foreign companies to set up tech hubs in the Philippines that serves the wider ASEAN region, especially for software development and engineering talent. Fijikura Shigemoto said, however, that the country must increase access to quality education and training by targeting key areas of technology and entrepreneurship. Fortunately, Jack Madrid, President of the IBPAP, is planning to form an IT-BPM services online talent hub, as well as establish early-stage interventions to improve the employability of senior high school and higher education graduates.

In addition to the high employment generating sector that is the IT-BPM industry, infrastructure spending also generates many jobs as well as increase capital investment. As Jim Walker pointed out, the 9.9% growth rate in real gross fixed capital formation in the first quarter of 2023 was 350 basis points higher than the overall GDP growth rate of 6.4%. Such data support the view that the private business sector is on the move again. At the same time, the Government is committing to stimulate more infrastructure spending by spending at least 6% of GDP during the next five years. This will surely help crowd-in business investment, both local and foreign.

The $64-question is whether or not there will be support for increased investment activity from monetary policy. M2 growth increased only 7.4% year on year in March 2023. The most probable move is for the Bangko Sentral ng Pilipinas (BSP) to reduce the Reserve Requirement Ratio (RRR) in the next few months so as not to scare markets with a rate cut too early in the process of encouraging more investments.

An additional reason why the BSP will likely be slow in reducing policy rates is concern over the currency. As was also the case among its neighboring countries, rate rises were required in 2022 to stem the depreciation of the local currencies. The peso is perceived as being one of the weaker currencies in the region. Since the beginning of 2023 it has lost 27% against the US dollar. However, on a trade-weighted nominal effective exchange rate (NEER) basis, the depreciation over the same period has really been only 11%. In fact, the NEER is up 6% from early 2018. In real terms (deflated by the Consumer Price Index, CPI), the peso is at 20-year highs.

Jim has some very valuable insights about the peso-exchange rate. He confirms a view I have expressed several times in the economic briefings I give that there has been too much of a penchant among our policy makers, and even private sector people, for a strong peso. We have been doing an injustice to our OFWs and the IT-BPM industry who have been earning tens of billions of dollars for the economy but have been undercompensated for their efforts with a strong peso. He pointed out correctly that only once in the last seven years has the Philippines run a current account surplus. Answering his rhetorical question, I assert that the real appreciation of the peso in the last few years has taken its toll and is therefore signaling a sharper decline in the nominal exchange rate.

Here again we see the importance of bringing consumer price inflation under control. If Philippines inflation is higher than most of its trading partners, its competitiveness will continue to be undermined. That is why we should support all the efforts of the BSP to bring down inflation to the 2-4% level.

There is, however, a bright spot in this relationship between high inflation and the current account deficit. Jim rightly points out that the adjusted resource gap has been in surplus for most of the period during which the current account has been in deficit. The explanation is that net foreign direct investment has been offsetting the current account weakness. That highlights the second most important challenge to President Bongbong Marcos after addressing food security and agricultural productivity. That is attracting FDIs to the tune of $15-20 billion annually, as Vietnam has already done in recent years. Jim is optimistic that this is within reach because of current problems and issues elsewhere in the ASEAN region.

Even if we continue to suffer from persistent current account deficits, attracting large amounts of FDIs will not only remove the image of the peso as the “weak man of Asia.” It will also significantly increase the ratio of Gross Capital Formation to GDP to levels above 30%, which is what most of our East Asian neighbors have been enjoying literally for decades.

Let me end by quoting verbatim the conclusion of Jim Walker about the bright prospects facing the Philippine economy. Let me reiterate that he represents a completely independent think tank and investment research firm and has no reason to issue self-serving reports as our own government officials may be suspected of doing:

“The authorities still have challenges, consumer price inflation being the most pressing, and there are questions to be answered about intentions in the agricultural sector, but, generally the mood in Manila among a diverse set of contacts was upbeat. The prospect of political stability over the next five years is important and signals sent in the first year of the new administration, especially as regards willingness to do business with foreign investors, are highly encouraging. Compared to the murky pictures in both Indonesia and Thailand we would be happily overweight in the Manila Composite.”

Even before visiting Vietnam (whose 2023 First Quarter GDP growth was way below that of the Philippines), Jim already advanced his assessment about the so-called VIP (Vietnam, Indonesia, the Philippines) Club that President Marcos talked about during his trip to Davos early this year. After his recent visit to the Philippines, Jim Walker boldly asserts that: “At the moment, the Philippines is ahead on both growth metrics and politics.”

I can only say “Amen.”

 

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

Cebu Landmasters launches 3rd tower of Bohol beach town

CEBU LANDMASTERS, Inc. (CLI) has launched the third and final tower of Costa Mira Beachtown Panglao, its beachside residential project in Bohol through a joint venture with Lite Properties Corp.

In a statement on Tuesday, CLI Chairman and Chief Executive Officer Jose R. Soberano III said the launch would “accommodate more residents aspiring for an inspiring and relaxed life in Bohol.”

He said the project, which was designed as a tropical paradise, showcases Bohol’s rich culture and natural resources “while standing out as signature CLI development.”

The opening of the new tower will increase the property’s inventory to 1,056 units, which is spread across three residential categories, the company said. Its studio unit measures 22 to 25.36 square meter (sq.m.), while a one-bedroom unit offer 38.85 sq.m. to 45.88 sq.m. with a balcony. A two-bedroom unit spans 51.40 sq.m. The units’ price ranges from P2.8 million to P8 million.

The new tower is part of the P5.3-billion tropical beach community at Totolan town in Dauis, Panglao Island which spans 4.05 hectares.

“Strategically located near Dauis Bridge that leads to the provincial capital Tagbilaran City, the development connects residents to modern conveniences while being surrounded by natural wonders, including having convenient access to Bohol’s top dive spots,” the company said.

Up to 80% of the property’s first two towers had already been sold since the launch a few months ago, it said.

The beach town property includes amenities such as adult and kiddie pools, a playground, gym and jogging paths, a clubhouse, and indoor and outdoor lounges that provide spaces for “social interactions or peaceful introspections.”

“Making each unit at this Bohol property special is the design inspiration that takes cues from the local culture. The masonry wall finish and ceilings are painted to reflect the relaxing beauty of Panglao, while porcelain floor tiles provide a sleek and modern look,” it added.

The Panglao property is the second development under the company’s beach town residences following the initial launch of its Costa Mira property in Mactan, Cebu.

Lite Properties is an affiliate company of Lite Shipping Corp. of the Lim family of Bohol that operates a fleet of roll-on/roll-off ferries across the country.

CLI has more than 100 existing developments in 16 key cities in Visayas and Mindanao, with another P29.75 billion worth of projects in the pipeline.

The company said 19 projects are set to be launched this year, the first of which are three hospitality projects that will add 477 keys and increase topline contributions.

On Tuesday, its shares shed 0.38% or a centavo to P2.64 apiece. — Adrian H. Halili

Eliminating cervical cancer in the Philippines

FREEPIK

Globally, cervical cancer remains one of the most common cancers affecting women. In the Philippines, it ranks as the second most frequent cancer among women and the second most frequent cancer among women between 15 and 44 years of age. Every year, around 7,900 Filipino women are diagnosed with cervical cancer and around half — more than 4,000 — of them die from the disease, according to the recent data released by the International Agency for Research on Cancer.

The sad part is that most of these women who have been victimized by the dreaded disease were at an age when they were supposed to be at the prime of their lives. This is an age when they are considered significant contributors to the workforce and economy, and, at the same time, fulfilling their duties to provide and care for their families.

The premature deaths and suffering could be averted if there are evidence-based tools and innovations in place in the health system. This will also be true if current knowledge and lessons are applied to prevent, screen, and treat cervical cancer. Cervical cancer is no longer a death sentence; it is actually one of the most preventable and treatable forms of cancer — if detected early and managed effectively.

Indeed, the elimination of cervical cancer as a public health problem is feasible. It is a matter of putting ample resources in the right strategies and providing them at the right time.

In November 2020, at the height of the COVID-19 pandemic response, the World Health Organization (WHO) released a landmark resolution — The Global Strategy to Accelerate the Elimination of Cervical Cancer as a Public Health Problem. The strategy contains three main pillars: 1.) increasing coverage of human papillomavirus (HPV) vaccination of all girls ages nine to 14 years to 90%, 2.) increasing coverage of cervical cancer screening of women twice, at age 35 and age 45, to 70%, and, 3.) increasing coverage of treatment for all women identified with precancerous lesions and invasive cervical cancer to 90% — all by 2030.

As early as 2016, the Asia-Pacific Economic Cooperation (APEC) introduced a multi-year cervical cancer elimination roadmap. This would encourage member economies to scale up efforts to build technical capacity and support policies that improve primary and secondary prevention, treatment, and palliative care. By August 2021, APEC released an updated Roadmap to Promote Sustainable Economic Advancement for Women through Cervical Cancer Prevention and Control through 2025, which is currently aligned with the WHO Global Strategy.

According to the WHO, putting investments in interventions to meet the 90-70-90 targets can offer significant returns in both the economy and society. For every $1 invested through 2050, an estimated $26 is gained in societal and economic benefits. In addition, the WHO also recommends proper coordination between partners in the public and private sectors so that the integrated delivery of these interventions will be successful.

As a step towards the elimination of cervical cancer, the Stratbase ADR Institute organized a hybrid event on May 25 to officially launch the Philippine Cervical Cancer Elimination Movement. This is in collaboration and partnership with Jhpiego Philippines, the Philippine Obstetrical and Gynecological Society (POGS), the Philippine Society for Cervical Pathology and Colposcopy, the Cancer Coalition of the Philippines, and UHC Watch.

During this event, Prof. Dindo Manhit, President of the Stratbase ADR Institute, said that the “effective advocacy and communication strategies can overcome the many challenges that impede access to and use of cervical cancer prevention and care services. Such strategies should reflect national policy and be integrated into all levels of the health system.”

Dr. Jan Aura Laurelle Llevado, Division Chief of the Cancer Control Division, Department of Health, said that “having a benefit package is important. However, only few are included in the Z-Benefit Package of PhilHealth.” She also said that “one of the things that we should really communicate with our legislators, that if you give us a budget, give us also the budget for the entire continuum of care,” referring to the lack of budget provided for cervical cancer screening.

Dr. Ingrid Magnata, Country Program Manager of Jhpiego Philippines, said that “if this country wants to move towards cervical cancer elimination, we have to have good data.” She also mentioned that “achieving a nation free of cervical cancer is doable… but we need to organize ourselves, we need to systematize our efforts, and for us to reach elimination level, we have to scale up and, most especially, we need to empathize.”

Dr. Efren Domingo of the POGS, Dr. Fatima Gimenez of the Pediatric Infectious Disease Society of the Philippines, and Dr. Rui De Jesus of the WHO Philippines also shared their insights during the event.

As a signatory and member of the United Nations and APEC, the Philippines must adhere to the recommendations and targets of both international bodies. The country’s legislators, national and local governments, private organizations, civil society organizations, and other stakeholders should work together and ensure that the recommended strategies are promoted and supported in schools, academic institutions, workplaces, and communities.

Let us all take a giant leap towards the elimination of cervical cancer in the country by joining this movement. If we work together, we could fulfill the set targets or, even better, beat them prior to 2030.

 

Alvin Manalansan is the health and nutrition fellow at Stratbase ADR Institute and co-convenor of Universal Healthcare (UHC) Watch.

Brands need clients’ insights to grow — Synergy

KOBU AGENCY-UNSPLASH

By Brontë H. Lacsamana, Reporter

CONTINUOUSLY monitoring the needs and wants of consumers, especially in uncertain times, is vital for brands to innovate and sustain their business, according to a market research expert.

Brands exist because of the customers who remain loyal to their products or services, so growing a business is basically “a race towards providing solutions to customers’ latest problems,” said Germaine A. Reyes, president and chief executive officer of Synergy Market Research and Strategic Consultancy, in an interview.

“Consumer purchase decisions are very much affected by what’s happening around us, the macroeconomic factors,” she told BusinessWorld. “That’s why we really need to stay tuned to how the needs and wants of consumers are evolving.”

The economy grew by 6.4% in the first quarter of 2023, the slowest pace in two years, as high inflation and rising interest rates dampened consumer spending, according to a report by the Philippine Statistics Authority in May. With tight monetary conditions, high prices have resulted in low consumer demand.

In light of this slowdown, brands must fine-tune their business strategies to avoid being tone-deaf to the plight of the average Filipino, according to Ms. Reyes.

Here are the adjustments that brands can make to their content based on the 2023 study titled “Finding Certainty in Uncertainties: Consumer Insights and Trends for Brand Growth” by Synergy in partnership with YouGov, an international research and data analytics company.

PRICING AND PACKAGES
Nine out of 10 Filipinos are struggling to meet their basic needs, according to the study.

Ms. Reyes said that one crucial aspect sought by consumers is affordability when it comes to brand offerings. This does not necessarily entail reducing product sizes but rather exploring strategies to enhance their value.

“That doesn’t mean that it’s the cheapest available,” she said. “It’s just an opportunity for brands to innovate their offerings.”

Whether it is providing product iterations at different price points or bundling different products together in a package, brands can develop numerous solutions to make purchases worthwhile.

The study also showed that consumers exhibit a heightened focus on investment and savings, while maintaining a positive outlook. Additionally, they are adept at recognizing price increases across various categories. “[Brands] have a role to play in spurring consumer spending in the Philippines — by not just increasing prices right away,” Ms. Reyes added.

STRONG STANCE ON ISSUES
Filipino consumers are highly conscious and have greater expectations from brands and their marketing efforts, according to the study by Synergy and YouGov.

One aspect is sustainability, where businesses are expected to embrace environmentally friendly practices encompassing supply chain processes and internal operations. Another significant aspect is diversity, equity, and inclusion or DEI.

“Companies can conduct the necessary workshops, from the management down to the ground-level employees, so they’re more aware of these issues,” said Ms. Reyes.

The study also found that less than 20% of Filipino consumers feel they are adequately represented in advertising. More than a third disagree that they are even represented at all.

On the flip side, the lack of diverse representation leaves open “a wide playing field.”

Ms. Reyes recommended that businesses consider various markets: “So much representation can be done, from gender equality and women’s empowerment to PWD (persons with disabilities) and senior inclusion.”

HEALTH AND WELLNESS
Aside from physical health being a major concern arising from the pandemic, there is a significant global prevalence of individuals facing mental health issues.

According to the market study, around six or seven out of 10 Filipinos have experienced psychological distress since the onset of the pandemic.

“Brands must bear in mind that empowering messages can help alleviate distress,” said Ms. Reyes.

Specifically, younger consumers tend to struggle in finding outlets for their mental well-being. Therefore, businesses can play a role in engaging and attracting Generation Z by incorporating mentally alleviating activities and branding initiatives, she also said.

“Ideas that emerged from previous webinars included providing moments of entertainment through innovative packaging and fostering family bonding to create a support system.”

BRAND HEROES
According to Synergy’s research, social media remains the top channel for capturing consumers’ attention.

However, beyond that, influencers have become essential for brands.

“Gen Zs are in search of heroes, and influencers essentially serve as their heroes when it comes to discovering products, gaining knowledge, and finding entertainment,” said Ms. Reyes.

This trend is particularly evident on TikTok, the widely successful short video app, which offers entertainment, educational content, and even shopping experiences.

“It’s a platform for recreation, education, and discovering new things, such as products and ideas,” she said.

Brands, she also said, must recognize that social media serves multiple purposes for tech-savvy consumers. Only then can they develop more effective marketing strategies.

ARTIFICIAL INTELLIGENCE
Ms. Reyes also noted that technology is continuously evolving, much like consumer trends. This parallel development makes it appropriate to utilize technology to adapt to changing consumer preferences.

Artificial intelligence (AI) is a timely example, although it has been around for some time, she said.

“It’s only recently that AI-related brands have become more popular, and it’s because of ChatGPT, which actually leapfrogged everyone else in terms of awareness, usage, future use, and interest,” she noted.

The market study found that there is real interest in the technology across generations, from Gen Zs who use AI for their studies to millennials who use it for work purposes.

Still, it is too early to tell how lucrative AI-related innovations could be on a large scale, with public opinion split on the matter — from those who believe it is transformational to those who oppose it for promoting a lack of creativity, according to Ms. Reyes.

She added that keeping abreast of more consumer studies in the coming years will help brands and businesses in gaining a deeper understanding of this matter over time.

SEC readies updated sustainability reporting rules

THE Securities and Exchange Commission (SEC) is aiming to release updated sustainability reporting guidelines within the year or early next year, a commissioner said.

“We will come out either this year or early next year [with] the next step of Memorandum Circular No. 4, which mandated sustainability reporting for publicly listed companies,” SEC Commissioner Kelvin Lester K. Lee said in a recent interview.

Memorandum Circular No. 4 has a “comply or explain” approach, which means companies are required to attach the annual report template but may provide an explanation for items with still unavailable data.

“If you remember, the setup there is to comply or explain. Moving forward, the intention is to make certain portions of the report mandatory,” Mr. Lee said.

Previously, the SEC was keen on making the entire sustainability report mandatory for publicly listed companies.

“The feedback has been that it might be too difficult for some of the publicly listed companies, especially considering they are not from the same starting point,” Mr. Lee said. “Not everyone is as well-equipped as the big companies.”

“We have to try and accommodate that even if I have been getting some feedback, internationally, that we should be stricter but we have to be cognizant of the limitation of our own entities,” he added.

According to Mr. Lee, the commission has an internally circulating draft of the updated guidelines, but it has yet to set a date for the issuance.

“The aggressive timeline will be the third quarter for public comment. So, the implementation would be either in the fourth quarter this year or first quarter next year,” he said.

In past interviews, the SEC’s position was also to include non-publicly listed companies in the directive.

“I had to change positions because the feedback shows that it is not viable, I think this goes back to the point that no matter how much I want it to happen, no matter how much I want to insist and force the issue, I have to be cognizant, I have to be aware of reality,” Mr. Lee said.

“Because rather than being supportive of business, I might be, inadvertently, a hindrance to business. We still want to be known for ease of doing business,” he said.

“Very quickly, if we mandate this for the smaller corporations like even one-person corporations, it might discourage them, so, we have to acknowledge that. That’s the context why the direction is like that, we are limiting it for now to publicly listed companies,” he added. — Justine Irish D. Tabile

Egypt reopens historic mosque after long restoration

Mosque of al-Zahir Baybars —EGYMONUMENTS.GOV.EG

CAIRO — A 13th century mosque that fell into disrepair after being used over the years as a soap factory, a slaughterhouse, and a fort reopened in Cairo on Monday after undergoing a long restoration.

The mosque of Al-Zhahir Baybars, built under Mamluk rule in 1268, spans an area of three acres just north of central Cairo, making it Egypt’s third-largest mosque.

The mosque underwent mechanical and chemical restoration to bring it back to its original condition, said Tarek Mohamed El-Behairy, who supervised the restoration.

“Some parts were destroyed, some parts have been dismantled because they were structurally unsuitable to remain in the mosque,” he said.

“But we were very keen, even in the reconstruction process, to work according to the correct archaeological style.”

The restoration, which cost $7.68 million, was co-funded with Kazakhstan and began in 2007.

For 225 years, the mosque was either closed, abandoned, or had operated for non-religious purposes that contributed to its disrepair.

During Napoleon’s campaign in Egypt it was used as a military fort, then under Ottoman rule in the 19th century as a soap factory. Later, when the British invaded Egypt in 1882, it was used as a slaughterhouse.

Al-Zahir Baybars was a prominent figure in Egypt’s history credited with cementing Mamluk rule in Egypt which spanned three centuries up to 1517. — Reuters

Treasury fully awards T-bonds at lower rate as May CPI slows

WIKIPEDIA/JUDGE FLORO

THE GOVERNMENT made a full award of the reissued 10-year Treasury bonds (T-bonds) it auctioned off on Tuesday at a lower average rate after the consumer price index (CPI) eased to a one-year low in May.

The Bureau of the Treasury (BTr) raised P25 billion as planned from the reissued 10-year bonds it offered on Tuesday, with total bids reaching P41.742 billion.

The bonds, which have a remaining life of four years and nine months, were awarded at an average rate of 5.805%, with accepted yields ranging from 5.7% to 5.85%.

The average rate of the reissued bonds was 117 basis points (bps) below the 6.975% quoted for the papers when they were last offered on Dec. 4, 2018. It was also 44.5 bps lower than the 6.25% coupon for the series.

However, this was 7.8 bps higher than the 5.727% quoted for the five-year bond and 0.3 bp above the 5.802% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

“The Auction Committee decided to fully award the reissued 10-year Treasury bonds (FXTN 10-63) at today’s auction. With a remaining term of four years and nine months, the security fetched an average rate of 5.805%, lower than the coupon rate of 6.25% set on its first issuance in April 2018 and the previous five-year auction result,” the BTr said in a statement on Tuesday.

“The auction was 1.7 times oversubscribed with total tenders reaching P41.7 billion. With its decision, the Committee raised the full program of P25 billion, bringing the total outstanding volume for the series to P100.2 billion,” it added.

The government made a full award of its T-bond offer as rates were below secondary market levels following the release of data showing that headline inflation slowed further last month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“This was caused by the continued decline in local inflation as reported by the PSA (Philippine Statistics Authority) today, which was likewise within market expectations,” a trader likewise said in an e-mail on Tuesday.

Headline inflation eased for a fourth straight month in May, driven by lower transport and food costs, the PSA reported on Tuesday.

The overall rise in prices of consumer goods and services slowed to 6.1% in May from 6.6% in April, preliminary data from the PSA showed. This was faster than the 5.4% print in the same month a year ago.

This was the slowest rate seen in a year or since the 5.4% in May 2022.

The May CPI matched the 6.1% median in a BusinessWorld poll conducted last week. It was also within the 5.8-6.6% forecast of the Bangko Sentral ng Pilipinas (BSP) for the month.

For the first five months, headline inflation averaged 7.5%, still well above the BSP’s 2-4% target and 5.5% forecast for the year.

Mr. Ricafort added that yields eased amid an expected pause in the US Federal Reserve and BSP’s tightening cycles and lower global crude oil prices recently.

The US central bank raised borrowing costs by 25 bps at its May 2-3 meeting, bringing the Fed funds rate to 5% to 5.25%.

The Fed has hiked borrowing costs by 500 bps since March 2022.

It will hold its next meeting on June 13-14.

Meanwhile, the BSP on May 18 paused its tightening cycle, keeping its key rate unchanged at 6.25% for the first time after nine meetings.

Since it began its aggressive monetary tightening cycle in May 2022, the central bank had raised borrowing costs by 425 bps.

The Monetary Board will next meet to review its policy settings on June 22.

On the other hand, Brent crude futures slipped 27 cents to $76.44 a barrel by 0411 GMT, Reuters reported. The US West Texas Intermediate crude fell 33 cents to $71.82 a barrel.

The BTr wants to raise P185 billion from the domestic market in June, or P60 billion via Treasury bills and P125 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 with Reuters

Inflation rates in the Philippines

PHILIPPINE inflation cooled for a fourth straight month in May to the lowest in a year as food and transport prices eased, the local statistics agency said on Tuesday, giving the central bank room to keep key rates steady. Read the full story.

Inflation rate in the Philippines

Arthaland Corp. sets 2023 annual stockholders’ meeting on June 30

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

NOTICE is hereby given that the 2023 annual stockholders’ meeting of ARTHALAND CORPORATION will be held on 30 June 2023, Friday, 9:00 A.M. at SEDA Hotel, Bonifacio Global City, Taguig City. Attendees who may want to attend through remote communication and participate during the meeting must register at

https://us02web.zoom.us/webinar/register/WN_psOmSZ1aQoyl4IbhK-TXqg#/registration

The Agenda for the meeting is as follows:

  1. Call to Order
  2. Secretary’s Proof of Due Notice of the Meeting and Determination of Quorum
  3. Approval of Minutes of the Annual Stockholders’ Meeting held on 24 June 2022
  4. Notation of Management Report
  5. Ratification of Acts of the Board of Directors and Management During the Previous Year
  6. Election of Directors (including Independent Directors)
  7. Appointment of External Auditor for 2023
  8. Other Matters
  9. Adjournment

Only stockholders of record on 09 June 2022 will be entitled to further notice of and to vote at this meeting. Electronic copies of the Information Statement which will include the manner of conducting the meeting and the process on how one can join the same, as well as vote in absentia, among other relevant documents, will be made available in www.arthaland.com and the Electronic Disclosure Generation Technology of the Philippine Stock Exchange (PSE EDGE).

WE ARE NOT SOLICITING YOUR PROXY. However, if you cannot personally attend the meeting or participate through remote communication but would still like to be represented thereat and be considered for quorum purposes, you may inform the Office of the Corporate Secretary at the address indicated below or through investor.relations@arthaland.com not later than 23 June 2022 (Friday). You will be advised the following business day of any further action on your part, which may include accomplishing a proxy.

 

RIVA KHRISTINE V. MAALA (Sgd.)
Corporate Secretary

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Vast networks of fungi may hold key to climate fight

PHOENIX HAN-UNSPLASH

TOBY KIERS is a professor of evolutionary biology at Amsterdam’s Vrije Universiteit whose research on fungi has led her to revelations about how nature itself can solve the climate crisis. Kiers is looking beyond the astonishing diversity of mushrooms we see growing above ground to the hidden systems we overlook: fungal webs that spread throughout the soil and nourish the roots of trees and plants.

In her laboratory, streams of carbon molecules flow across Kiers’s computer screen like the oily bubbles in a lava lamp. Lit up and magnified, the carbon is moving through an infrastructure of gossamer tubes that make up vast underground networks of fungi. These systems comprise a third of the living biomass of soil, binding it together and sustaining much of life on Earth. Soils contain about 75% of the planet’s terrestrial carbon, and fungi play a critical role. They are “powerful and underappreciated allies” in the quest to solve climate change, said Kiers.

Monday, the scientific journal Current Biology published a groundbreaking study in Cell Press co-authored by Kiers, to which Bloomberg Opinion was given early access, revealing that a group of fungi known as mycorrhizae draw down and store more than 13 million tons of carbon dioxide annually. That’s nearly the annual greenhouse gas output of China and the US combined.

The study is the first to calculate how much carbon moves through these subterranean networks. The implications are critical not just for climate scientists, but also for policymakers, investors and innovators — all of whom must come to understand and support the role fungi will play in the global effort to remove excess carbon from our atmosphere.

Support is critically needed: The planet’s mycorrhizal networks are under siege from deforestation and industrial agriculture, which depletes these systems through tilling and the over-application of chemical fertilizers and pesticides. Heat, drought and other climate pressures are also taking a toll. Given current trends, more than 90% of the Earth’s soil will be degraded by midcentury — and so will the networks of fungi within them.

By quantifying the significance of fungi, Kiers’s study suggests a roadmap for action. The US Agriculture Department must not only expand research efforts into this area, it should incentivize the shift toward regenerative agriculture. There should be rewards — if not requirements — for no-till farming, which leaves the soil and its living biomass undisturbed while improving crop yields and saving money. This method is used on only about a third of US farmland and deserves mass adoption.

Investors can do their part by funding the development of precision agriculture tools, including emerging AI agricultural robots and drone technologies that can cut chemical use by up to 90%. Innovators working on carbon capture and storage technologies, which are drawing huge flows of capital, should borrow models from the research on mycorrhizal networks: This vast living machine offers ingenious insights into the sequestration of carbon.

Kiers described mycorrhizae as “ecosystem engineers” that provide nitrogen, phosphorous, and other nutrients to the roots of trees and crops in exchange for the carbon those plants draw in through photosynthesis. The fungus then uses that carbon to grow, creating a virtuous cycle of nourishment between above- and below-ground systems.

These fungi can naturally provide more than 80% of a plant’s nutrients. But crops laden with chemical fertilizers often fail to transfer their carbon to the fungi, harming the underground networks.

Even in its current beleaguered state, the intricacy of the underground system is extraordinary: If stretched into one long filament, the total length of fungal networks in soil worldwide is about half the width of our galaxy. “This is a 400-million-year-old life-support system that easily qualifies as one of the wonders of the living world,” Kiers told me.

Perhaps even more staggering is how little we understand: Which species of underground fungi are best not only at pulling carbon from plant roots, but also conducting and holding onto it? We don’t yet know. Kiers is exploring the role of “exudate,” a fungal compound that helps makes soil “sticky,” binding it together while fending off bacteria that continually eat away at the networks, releasing stored carbon. How can exudate and other compounds be increased so that more carbon stays locked underground?

There are likely tens of thousands of species of underground fungi that have yet to be discovered and researched. Once scientists understand and map this realm, they could “nudge” the system to increase its carbon-carrying capacity.

Kiers travels across the world to collect soil samples packed with fungi, working with a global collective of local scientists through her newly founded Society for the Protection of Underground Networks, or SPUN. They use AI models to predict hotspots of mycorrhizal biodiversity. On location, they scan the landscape for mushrooms known as “fruiting bodies” that you see above ground — slimy, purply, hairy, waxy, diaphanous — which can function as periscopes for the networks beneath the surface. They extract fungal DNA and send it out for sequencing.

This sampling project, a collaboration with GlobalFungi and the Crowther Lab, aims to span 10,000 locations and assemble an open-source map of the planet’s fungal networks. The maps will help chart carbon sequestration hotspots and identify the fungal species that can best tolerate drought and heat — and could be useful to introduce into the soils of vulnerable croplands.

Kiers’s research provides a promising new arena for fighting climate change — but only if climate scientists, policymakers, and investors use this new knowledge to design conservation strategies and food systems that increase yields while protecting, not degrading, the underlying web of life.

BLOOMBERG OPINION

New dam saved France’s Mont-Saint-Michel island status, Macron says

Mont-Saint-Michel —WIKIPEDIA

MONT-SAINT-MICHEL, France — A new dam and infrastructure works have saved the famous Mont-Saint-Michel abbey’s status as an island by reversing the silting up of its bay, French President Emmanuel Macron said in a speech on Monday.

An old dam across the Couesnon River in front of the mount protected agriculture and nearby town Pontorson from floods, but had also stopped the river’s vigorous outflow during low tide that had flushed sediment out into the bay and for centuries helped Mont-Saint-Michel remain an island during high tide.

Gradually, the island was turning into a rocky hill in the sand, surrounded by water only during spring tides a few times a year and connected to the mainland with a causeway that further slowed the water’s flow and served as an unsightly parking lot.

“In order to transmit, one must preserve, but for decades Mont-Saint-Michel threatened to silt up completely, which would have realised the old dream of English generals, to take the mount as if it was a hilltop amid fields,” Mr. Macron said during a visit to celebrate the monument’s 1,000th anniversary.

Mr. Macron said a new hydraulic dam project started in 1995 and completed in 2015 was now proving it is able to gradually flush sand out of the bay.

“In just a few years, the silting up of the bay has been stopped and we have restored the possibility of an island,” Mr. Macron said.

In recent years, the parking lot has been moved inland, and visitors can now access the site only with shuttle buses, on foot or by bicycle via a new bridge on stilts that lets the water pass under it.

A UNESCO world heritage site since 1979, the Mont-Saint-Michel is one of France’s top tourist attractions, with nearly 2.8 million visitors in 2022. — Reuters

1...4,7604,7614,762...14,238Page 4,761 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube