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Megawide cuts loss  to P7.12 million as revenues increase 11% to P4.4 billion

MEGAWIDE CONSTRUCTION CORP. narrowed its attributable net loss to P7.12 million in the first quarter from P60.75 million a year ago after recording higher revenues.

In its financial report filed on Tuesday, the company showed its revenues keeping an upward trend to reach P4.36 billion in the first three months, up by 11% from the P3.92 billion booked last year.

Revenues from construction operations accounted for P4.27 billion of the company’s top line, 12.5% higher than the P3.79 billion recorded previously.

“The construction segment has maintained its momentum in delivering projects on time at the start of the year,” the company said.

Megawide’s order book includes the following: Suntrust Home Developers, Inc.’s Suncity West Side City project; 8990 Holdings, Inc.’s Urban Deca Ortigas and Cubao; Megaworld Corp.’s Gentry Manor; and the first phase of the Department of Transportation’s Malolos-Clark Railway project.

Meanwhile, revenues from the land-port segment declined 31% to P90.16 million in the January-to-March period from P130.77 million in 2022.

“Occupancy rates continue to be depressed due to the oversupply in the market, resulting in lower lease income compared to the first quarter of 2022,” Megawide said.

“The company however is confident that it will be able to lease out the spaces gradually during the course of the year as the environment continues to improve and the Team extensively explores alternative schemes,” it added.

Direct costs were higher, amounting to P3.95 billion during the quarter, a 20.4% increase from the P3.29 billion incurred in the previous year. Costs of construction operations accounted for most of it after reaching P3.86 billion, while costs of land port operations were P88.77 million.

“The movement was mainly related to rising prices of raw materials, services and higher labor costs, along with higher fixed-costs and depreciation expenses associated with capacity building,” the company said.

Earlier this month, Megawide said that it had agreed to sponsor a P3-billion loan for its subsidiary to finance the Carbon Market mixed-use development in Cebu City. The company said that it had executed on May 10 an omnibus loan and security agreement with its unit, Cebu2World Development, Inc., and bank lenders.

The Carbon Market development is a 50-year joint venture with the Cebu City government for the modernization of a 100-year-old farmer’s market into “a commercial, heritage, and cultural district.”

On Tuesday, shares in Megawide dipped 46 centavos or by 12.14% to P3.33 each. — Justine Irish DP. Tabile

Holcim partners with South Korea’s Sungshin to supply infra projects

HOLCIM PHILIPPINES FACEBOOK PAGE

LOCAL cement manufacturer Holcim Philippines, Inc. has partnered with South Korean cement and concrete producer Sungshin Cement Co. Ltd. to supply the country’s infrastructure projects.

In a statement on Tuesday, Holcim Philippines said that it had signed a memorandum of understanding with Sungshin on March 28 to work together on Philippine infrastructure projects in which the latter is bidding to participate as a concrete supplier.

“Holcim Philippines will serve as the priority supplier of cement and aggregates for Sungshin’s ready-mix concrete batching plants,” the local cement producer said.

The Holcim-Sungshin agreement came after the Philippines and South Korea forged an agreement in December last year that allows Manila to access up to $3 billion worth of official development assistance loans from Seoul for infrastructure and green projects.

In 2021, South Korea was the sixth-largest provider of official development aid to the Philippines. Some of the infrastructure projects that were funded by South Korea are the Jalaur River Multipurpose Dam in Iloilo, the expansion of the Cebu International Port, and the Panguil Bay Bridge connecting Misamis Occidental and Lanao del Norte.

“This strategic partnership is aligned with our goal to increase our participation in important infrastructure projects that advance the country’s development,” Holcim Philippines Senior Vice-President and Head of Infrastructure and Industrial Sales Ram Maganti said.

“With our combined expertise in innovative and sustainable building materials, we are confident in helping clients build lasting structures that uplift lives in the Philippines,” he added.

Sungshin has businesses in cement, ready-mixed concrete, construction materials, transportation, trading, and distribution in South Korea. Aside from the Philippines, it also has a presence in Vietnam, China, Singapore, Bangladesh, and Saudi Arabia.

Holcim Philippines, a member of the Holcim Group, has cement manufacturing facilities in La Union, Bulacan, Batangas, Misamis Oriental, and Davao City. The company is also engaged in aggregates and dry mix business, as well as technical support facilities for building solutions.

On Tuesday, Holcim shares at the local bourse rose two centavos or 0.52% to end at P3.89 apiece. — Revin Mikhael D. Ochave 

Jollibee Foods opens 150th CBTL store in Malaysia

LISTED food service company Jollibee Foods Corp. on Tuesday said that it had opened its 150th The Coffee Bean & Tea Leaf (CBTL) location in Selangor,  Malaysia.

“The opening of our 150th café in Malaysia, which adds to the brand’s expanding footprint of over 1,000 cafés across 20 plus countries globally, signifies Jollibee Group’s commitment to the accelerated growth of The Coffee Bean & Tea Leaf brand,” Jollibee Foods President and Chief Executive Officer Ernesto Tanmantiong said in a statement.

The new café location features a 2,800 square feet floor area, which houses large seating areas that can accommodate 110 people per day. It also has a community table that can seat eight customers.

The company said the new location features contemporary interiors with an open space concept, with prominent arches.

“A nod to the brand’s roots, South Californian motifs adorn the new café, while sunshine-like lighting evokes a warm and inviting ambiance,” it said.

CBTL launched its first café in Malaysia in 1997 and has steadily expanded its presence in the country, Jollibee Foods said.

“The brand’s success underscores its steadfast focus on serving authentic, diverse flavors of coffees and teas from different parts of the globe — using only ingredients of the highest quality — and elevating the customer experience through constant innovation,” it added.

CBTL Malaysia will further expand its reach through customer accessibility by expanding its drive-thru services, as it aims to provide a better on-the-go experience for its customers.

The expansion is part of Jollibee Foods’ goal to be one of the top five restaurant companies in the world.

“This is an exciting time in our growth story as we build on our strong legacy to become a modern global coffee [and] tea house that allows people to see the world in new ways through new flavors and experiences,” CBTL Chief Executive Officer John in de Braekt said.

“Asia remains a focus for our expansion where we continue to see strong demand for specialty coffee and tea,” Mr. de Braekt added.

On Tuesday, Jollibee Foods’ shares fell by 1.12% or P2.60 to close at P229 each. — A. H. Halili

A home for printmakers

ART ENTHUSIASTS during the launch of Bulwagang Roberto Chabet

By Giselle P. Kasilag

ACKNOWLEDGED as the father of Philippine conceptual art, the late Roberto Chabet’s contribution to the visual arts landscape changed the conversation not only in the Philippines but spilled over to Asia and the rest of the world. Thus, it was a much-lauded tribute when the Cultural Center of the Philippines (CCP) decided to name its latest gallery space on the third floor of the Tanghalang Ignacio Gimenez after the man that the artistic community remembers with respect and fondness.

“We have named the third floor in honor of Roberto Chabet who was one of our first museum directors,” explained Mauro Ariel Yonzon, department manager of the CCP Production and Exhibition Department, at the opening ceremony. “He was actually one of the founders of the Thirteen Artists Awards and, initially, sinimulan nila iyung (they started the) exhibition programs ng (of the) Cultural Center of the Philippines as curatorial projects. That said, we felt that it was befitting to name the space on the third floor of this building in honor of Mr. Chabet.”

The honor of holding the very first exhibition in the space went to the Association of Pinoyprintmakers (AP) which also marked their first show since the pandemic began. The exhibition, entitled “Space/Place,” featured the works of 37 printmakers. The artform, heavily supported by the CCP since the institution was established in 1966, is well-entrenched in the Center especially in its visual arts collection, earning it the first pick for an exhibition in the new gallery.

“It is important to note that the CCP has the best collection of fine prints,” asserted Virgilio “Pandy” Aviado, board member and President Emeritus of the Association of Pinoyprintmakers. “It’s, pardon the pun, an impressive one. And an important one to my mind, it is a treasury of important fine prints which includes both local and international printmakers.”

In the 1990s, the CCP opened its doors to the local printmakers groups, providing a space to hold workshops as well as a headquarters where they may hold office. It attracted artists not just from the regions but from all over the world. Printmakers from Australia to Sweden held lectures and exchanged knowledge with their local counterparts.

The CCP, itself, has a long history with printmakers. Four of its visual arts directors were practitioners of the artform: Ray Albano, Jo Layug, Nonon Padilla, and Mr. Aviado.

“Several years ago, when the lockdown started, the CCP launched its second important portfolio of prints,” he explained. “That publication somehow gave local printmakers and artists an opportunity to make art, and to make the world a better place in spite of what is happening. Tonight, we open the show and it’s a partnership between the CCP and the Pinoyprintmakers.”

Affirming the ties that bind, Benjie Torrado Cabrera, president of the Association of Pinoyprintmakers, announced that the CCP has granted the AP an associate partner member status, bringing the organization officially under the umbrella organization of the Center as a visual arts group.

Given these developments, it is appropriate that the theme of the first exhibition delves into the artists’ definition of space and place. Inspired by Michel Foucault’s Heterotopia, the printmakers were given 20 inches by 20 inches of printable surface to define their concept and understanding of space. The result is a collection of stunning pieces that offer deeply personal and sometimes challenging descriptions of what constitutes one’s defined area.

Participating artists include Marz Aglipay, Leonardo Aguinaldo, Psalm Astejada, Jose Santos Ardivilla, Melai Arguzon, Virgilio Aviado, Luigi Azura, Mars Bugaoan, Elmer Borlongan, Benjie Torrado Cabrera, Kristen Cain, Jandy Carvajal, Salvador Ching, Joey Cobcobo, Salvador Convocar, Noell EL Farol, Jess Flores, Annatha Lilo Gutierrez, Tish Hautea, Eugene Jarque, Villia Jefremovas, Carmel Lim Torres, Little Wing Luna, Angelo Magno, Hershey Malinis, Fara Manuel-Nolasco, Gabi Nazareno, Jamel Obnamia, Samm Occeno, Kr Rodgers, Angela Silva, Jone Sibugan, Jun-Jun Sta. Ana, Suchin Teoh, Wesley Valenzuela, and Anton Villaruel.

“We wish to express our gratitude to the Cultural Center of the Philippines for recognizing printmaking as a major art medium,” Mr. Aviado stressed with much appreciation. “It recognizes the importance of printmaking in nation-building.”

“Space/Place” is ongoing until June 18.

Filinvest Land enters joint venture for flexible workplaces

FILINVEST Land, Inc. (FLI) said on Tuesday that it had entered into a joint venture agreement with KMC Community, Inc. to establish and operate flexible workplace facilities.

“By entering into the joint venture agreement, FLI can leverage the expertise and experience of KMC in the flexible co-working space industry,” the company said in a regulatory filing.

It added that the partnership with KMC would be able to increase its brand awareness in the co-working space industry and “be able to reach new markets and expand its operations to multiple locations.”

Under the agreement, FLI will develop, manage, operate, and maintain flexible workplaces that offer private serviced office seats and co-working seats within commercial buildings.

The company said the move was prompted by the rapidly growing demand for co-working spaces.

“This growth is being driven by a number of factors, including the rise of remote work, increasing popularity for multiple office venues, and the growing demand for more conducive work environment,” it added.

FLI will invest P100 million in the joint venture company and will subscribe to about 70% of its authorized capital stock, while KMC will own the remaining 30%.

FLI said that before the execution of the agreement, it “already caused the incorporation of the new company, which shall be the entity that will be utilized by the parties in implementing” the joint venture. It said that profit sharing between the two companies will be based on equity interest participation in the joint venture company.

KMC will be appointed to manage the business under the terms and conditions set by the two companies. The company is a unit of KMC Solutions, a provider of flexible private and co-working office spaces.

FLI shares closed unchanged at P0.74 apiece on Tuesday. — Adrian H. Halili

The US Supreme Court’s Warhol-Prince ruling is pro-artist, anti-art

ORANGE PRINCE (1984) by Andy Warhol

By Noah Feldman

THE US Supreme Court has sided with individual artists — but against art itself. In a fascinating copyright decision that transcended ideological lines, the court held that Andy Warhol’s distinctive reworking of a photograph of Prince did not count as fair use, thus requiring the Andy Warhol Foundation to compensate the original photographer.

The upshot is that little-guy artists win, because they now have more rights than they had before to claim credit for works re-used by others. But art as a whole loses, because the decision restricts how artists generate creativity by sampling and remixing existing works.

To understand the issue, just look at the original photograph of Prince, taken by the photographer Lynn Goldsmith in 1981 for Newsweek, and compare it to the Warhol version, produced for Vanity Fair magazine in 1984.

The original photograph is certainly terrific. The Warhol, however, is … a Warhol. The great pop genius (or maybe his studio assistants, who were legion) deployed the distinctive coloring, pseudo-brushstrokes, and silk-screening technique that makes the work instantly recognizable as belonging to the same style as Warhol’s iconic images of celebrities from Marilyn Monroe to Mao Zedong.

And Vanity Fair did pay Ms. Goldsmith $400 for use of her photograph. But the payment was for one use only. So when the Warhol Foundation licensed a version to Vanity Fair for an article years later, for a fee of $10,250, Ms. Goldsmith sued for copyright infringement.

The majority opinion for the court was written by Justice Sonia Sotomayor and was joined by all the justices except Justice Elena Kagan, who wrote a dissent, and Chief Justice John Roberts, who joined Ms. Kagan. Ms. Sotomayor took pains to say both that Ms. Goldsmith was “less well-known” than Mr. Warhol and also that she was a “trailblazer” in rock-and-roll photography “when there were few women in the genre.” This framing helps explain Ms. Sotomayor’s holding, which was that artists like Goldsmith are entitled to copyright protection “even against famous artists.” She was siding with less well-known artists against their more famous counterparts.

The technical legal issue before the court was the meaning of “fair use” under copyright law. The fair use principle is an exception to the general rule that an artist owns the copyright in an original work. If a subsequent use counts as “fair use,” the later user is free to reproduce the original art without infringing on copyright. An example of fair use is parody: Weird Al Jankovic can copy the tune of Michael Jackson’s “Beat It” to create his breakfast cereal classic, “Eat It,” without infringing on Mr. Jackson’s copyright.

The copyright statute says that fair use depends in part on “the purpose and character of the use, including whether such use is of a commercial nature or is for nonprofit educational purposes.” Ms. Sotomayor reasoned that the Warhol image was for the same purpose as the Goldsmith photograph — magazine illustration — and that both uses were commercial. Ms. Sotomayor argued that this factor weighed in favor of disallowing the Warhol use.

Another major aspect of fair use analysis is whether the new work is “transformative.” Transformation, Ms. Sotomayor noted, is always a matter of degree. Original artists retain the rights to “derivative” works, like turning a book into a movie, even when those new works are transformative. But sometimes, as in parody, the transformation amounts to fair use.

In her dissent, Ms. Kagan ridiculed the idea that the Warhol’s Prince image was not transformative. She criticized “the majority’s lack of appreciation for the way [Warhol’s] works differ in both aesthetics and message from the original templates.” She argued that the majority’s narrow focus on the magazine license obscured the more fundamental issue, namely that Warhol utterly transformed the Goldsmith photograph into something new and distinctly meaningful.

Ms. Kagan went on to note that art is always created by borrowing. Fair use is supposed to provide “breathing room” for art to develop, she argued. The court’s approach, she concluded, “hampers creative progress and undermines creative freedom.”

To be sure, Ms. Kagan would no doubt point out that even unknown artists borrow and are vulnerable to infringement suits from more famous artists. And Ms. Sotomayor could say that important artists will be able to sue little guys under her test.

But the practical reality is that there is little reason for major, accomplished artists to go after minor ones, who don’t have the same resources or success. (The main exception is when big fashion brands go after counterfeits, but that’s usually more about trademark protection than copyright.)

That’s why the conflict between Ms. Sotomayor and Ms. Kagan comes down to a struggle over whom the court should favor: artists or art itself. Where your own answer lies can tell you something about how you see the purpose of art today. — Bloomberg Opinion

Continuing a conversation from 2020, Sandbox Fest 2023 restages Lungs and Every Brilliant Thing

By Giselle P. Kasilag

LAUGHTER was reverberating throughout the room. Everyone was in their element — safe and secure in the knowledge that they were surrounded by supportive colleagues. It was the sandbox that the term intended it to mean — an area where children can dig and play. And it is this very atmosphere that The Sandbox Collective hopes to bring in the Sandbox Fest 2023.

“Honestly it’s been so wonderful getting back on our feet to do this kind of work,” said actress Justine Pena. “And to be doing that with people that you genuinely trust, and you genuinely feel safe around to have and discuss these kinds of conversations with. You see, the material tackles things that people do talk about but normally in their intimate moments with their partners or with themselves. And it’s so great we’re able to bring [it] back out into the light, so I think it’s going to be wonderful for people to be able to see that, especially coming from a pandemic where we’ve been so closed off from everybody else. I think this is going to be a cathartic experience for people. It has been for me, working with all of them.”

The material she was referring to was Duncan Macmillan’s Lungs and Every Brilliant Thing — the two plays that were featured in the Sandbox Fest 2020 which was cut short by the COVID-19 pandemic.

In a way, the festival will bring a sense of completion to a beloved project that they were forced to walk away from due to the global health crisis. Back then, Every Brilliant Thing was able to finish its run but the curtains failed to rise for Lungs which was set to open when the first lockdown was announced in the Philippines.

In June this year, the plays will return to the stage but will be presented as a twin bill experience. The audience members will be purchasing a single, same-day ticket that would allow them to watch both shows.

Lungs is the story of a young couple contemplating starting a family. It delves into the intricacies of intimacy, reexamining the relationship in the context of political unrest, climate change, and the many challenges faced by society in a fast-changing world.

Returning cast member Sab San Jose will be joined by Lungs newbie Reb Atadero. The second cast will consist of Lungs first-timers as well: Brian Sy and Ms. Pena. Occupying the director’s chair is Caisa Borromeo who served as the assistant director in the play’s previous runs.

THINGS ARE DIFFERENT AFTER THE PANDEMIC
Every Brilliant Thing is a one-person, one-act play about a child struggling with her mother’s depression. To cope, she begins a list of every brilliant thing that the universe has to offer.

Alternating in Every Brilliant Thing are Teresa Herrera and Kakki Teodoro — both reprising the role that they first performed in 2019. Also returning as the play’s director is Jenny Jamora.

“Iba (It’s different)!” declared Ms. Teodoro when asked about how different she reads the script now after experiencing the pandemic. “Iba na iyung pagbasa. Honestly, nung first run, sabi ko sa kanila, if umiyak na lang ako, hayaan niyo na lang ako. Just let the tears fall (It reads differently. Honestly, in the first run, I told them if I cry, just let me. Just let the tears fall)!

“Iba na kami (We’re different),” she continued. “Iba na ang audience na sasalubong sa material. So when we started [performing the play] in 2018, mental health was just something na hindi pa masyadong aware ang mga Pilipino. Ngayon, it’s really part of everyone’s vocab. Everyone has their own insight and understanding of their mental health journey (It’s a different audience that will see the material. So, when we started in 2018, mental health was just something that most Filipinos were not very aware of. Now, it’s really part of everyone’s vocabulary. Everyone has their own insight and understanding of their mental health journey).”

An important concern that she raised was the issue of consent in a play that has an active audience interaction at its core. The concern comes in two levels: having the permission to physically collaborate with the people who came to simply watch and being able to interact given the health protocols put in place to keep everyone in the theater safe.

“I agree with Kakki,” said Ms. Herrera. “The world is a different place. We are all different people now. Three years is a long time to experience so many things. For me, personally, I had another baby. Coming back [onstage], it’s kind of like, bringing this baby into this world now and reading the world news — racism, school shootings — really affect me mentally because the world wasn’t like that before. It’s a different place. So, yes, there is some depth. We are gonna go there. We did say in our first meeting that, you know, I’m gonna rage in certain parts. If I do, let it happen. And it’s so wonderful working again and meeting the text again in a new space. Even in rehearsals, the lines feel different. It just hits different.”

JON SANTOS IN THE HOUSE
The big Every Brilliant Things news, however, is the addition of comedian Jon Santos to the cast. He will be performing a Filipino version of the piece which will be translated by Guelan Luarca.

“The estate of Duncan Macmillan, they’re so cool,” gushed The Sandbox Collective managing artistic director Toff de Venecia. “He really encourages localization, adjusting anywhere it’s set. So we’re very excited for this Guelan Luarca translation of Every Brilliant Thing. Of course, Guelan Luarca is a Palanca Award-winning and Gawad Buhay Award-winning playwright. And we’re so fortunate to have THE Jon Santos perform this Filipino version so that he can also provide the male experience, the queer experience, and the Filipino experience.”

Mr. Santos was particularly thrilled to work with Ms. Jamora once again. They collaborated previously in Dog Eaters, WTF: Wala Talagang Forver sa Malacañang, and For Better or For Worse.

While he recognizes the challenges of performing a brand-new version of beloved material, he is confident that tackling universal issues immediately makes it easily accessible regardless of the language.

He talked about having lost family members and loved ones during the lockdown. And through it all, he managed the household and supported a mental health program that saved the lives of many people struggling with their emotions. The struggles and the issues which are also tackled in Every Brilliant Thing, he stressed, are very relatable.

“Iyung mental health ko, nagdaan sa (My mental health, it went through) moments of really dark places and it’s a brilliant lightbulb moment — oh my goodness! we are resilient,” he said.

Best known for his comedic, satirical impersonations of famous people, this play gives him a different outlet. “I really, really relish… kasi sa political satire, maingat ako na magpakita ng kulay (because with political satire, I am careful not to show my colors). I just portray the stories of the different characters. In fact, lahat sila i-spoof (I spoof everyone). And tawag sa akin ay (they call me an) equal opportunity offender. But here, I don’t mind na nag-o-overlap ang aming agenda (our agendas overlap).”

A DIFFERENT OUTLOOK
It is also this sense of freedom that Ms. Jose appreciates in her unexpected return to the stage. Having performed Lungs before the pandemic and before experiencing motherhood, she now views the script with a very different outlook.

“I didn’t think I would be able to go back on stage, to be honest,” she confessed.

“So, this is a monumental emotional moment for me because I’m a new mom and I didn’t think I’d have it in me to come back and leave my child who just turned two. And it’s a very real thing for me, bringing him into the world in the middle of a pandemic, climate change, political unrest, everything! So I felt so guilty bringing him to the world, to be honest.

“So in terms of depth, I think I have a greater purpose now knowing that I have a child to raise. And I’m a completely different person. Still Sab in the core, but I think there’s more emotional weight when I read the script now ’cause we’re no longer the same people. We went through the pandemic — a collective struggle. And we’re still going through it with resilience and hope. We’re constantly just beginning again which is what I’m doing. I’m beginning again.”

Trust factors heavily in a play of only two actors. With only each other to turn to, Mr. Sy is grateful that Ms. Pena has been a very generous partner throughout the process.

“Ang sarap kasi parang napapadali ang trabaho (it’s good because it makes the work easier),” he said. “I think this is one of the few materials na na-experience na (that I experienced wherein) I could just completely rely on my partner, trust everything, and really just listen to her. It becomes this whole experience of just allowing yourself to be. Tanggapin mo na lang kung ano iyung ibibigay sa yo (Just take whatever is given to you). It’s been so wonderful so far.”

Returning to the stage, however, came with its own set of emotional baggage. For Mr. Atadero, it was all about being different but still returning to your core.

“Throughout the whole pandemic, paulit-ulit sinabi ko sa sarili ko (I kept repeating to myself) ‘the first play I’m gonna do marami akong bala’ (I have a lot of ammunition),” he said. “That’s what they say about strife. Strife creates art. But when I got into the room on the first day of rehearsals with Sab and everybody else, and of course Caisa who was very supportive about everything that we had to go through…. she understood that everyone had their own baggage coming in as an actor… so honestly on that first day, it felt like coming back home.

“It was like leaving a conversation on hold for three years and later you come back and it’s like nothing happened but somehow, you’re also different people. Iba na iyung bala mo. Iba na iyung baon mo. Iba na kung sino ka. Iba na kung paano ka mag interpret (Your ammunition is different. Your provisions are different. You are different. How you interpret is different).”

Indeed, Sandbox Fest 2023 is a return to a conversation that began three years ago but with a different perspective and, in this case, different participants, but tackling the universal experiences of life, loss, and relationships.

Sandbox Fest 2023 will run at the Zobel de Ayala Recital Hall, 2/F Maybank Performing Arts Theater at BGC, Taguig, from June 17 to July 15.

SM Prime lists P30-B bonds

SM PRIME Holdings, Inc. listed on Tuesday more than P30 billion worth of fixed-rate bonds on the Philippine Dealing & Exchange Corp. (PDEx), as it pursues its expansion plans.

“The success of this latest fixed rate bonds will give SM Prime further capabilities to pursue its expansion programs of creating more opportunities for more Filipinos to build a better nation,” SM Prime Chief Finance Officer John Nai Peng C. Ong said in a statement.

He added that he was “grateful for the trust and support of the investing public” as well as the company’s bank partners, PDEx, Philippine Depository & Trust Corp., and the PDS Group.

In a regulatory filing, SM Prime said that it listed its Series S, T, and U fixed-rate bonds, which were offered on May 8 to 12. The company raised at least P30 billion from its base offering of P25 billion, with an oversubscription of P10 billion.

The company earlier disclosed that it had set rates for its Series S bonds due in 2025 at 6.2069%; Series T bonds due in 2027 at 6.2151%; and Series U due in 2029 at 6.3275%.

The issuance is under its P100-billion shelf-registration of fixed-rate bonds, which was approved by the Securities and Exchange Commission in February 2020.

The company had tapped BDO Capital & Investment Corp. and China Bank Capital Corp. as joint bookrunners and joint lead underwriters together with BPI Capital Corp., EastWest Banking Corp., First Metro Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp.

It said earlier that its fixed-rate bonds had been rated PRS Aaa by the Philippine Rating Services Corp. The rating is the highest assigned, “denoting that such obligations are of the highest quality with minimal credit risk and the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong.”

“SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people,” the company said.

Its shares rose 1.47% or P0.50 to P34.50 each at the stock exchange on Tuesday. — Adrian H. Halili

LBC Express net profit quadruples to P207M as cost, expenses decline

LBC Express Holdings, Inc. recorded a first-quarter attributable net income of P207 million, a jump of more than four times the P48.87 million posted in the same period last year.

“This is mainly attributable to [a] decrease in cost and expenses as part of management’s cost rationalization. Contributory also are the non-operating gains from foreign exchange and derivative valuation,” the company said in its quarterly report filed on Tuesday.

In the first three months of the year, it recognized a 4.5% decrease in service revenues to P3.78 billion from P3.96 billion, which the company attributed to lower revenues in the logistics segment. Its logistics business accounted for P3.65 billion of the quarter’s top line, down 4.1% from the P3.81 billion in the previous year.

Money transfer services recorded P127.43 million in revenues during the quarter, down 13.6% from P147.43 million a year earlier. Costs of services were lower in the first quarter at P2.97 billion, a 2.6% decrease from P3.05 billion previously.

“Cost of services is down… pertaining to improvement in cost of delivery and remittance by 4%. Reduction in air freight costs and manpower were aligned to current sales volume,” the company said.

“However, these reductions were offset by the surge in cost of freight-sea as general price increase was implemented by shipping lines, both in domestic and overseas setting, several times mid-2022,” it added.

The company also managed to cut operating expenses by 9% to P566.79 million during the quarter from P625.27 million a year ago because of lower spending for coronavirus disease-related expenses.

LBC Express is a public holding company with two primary business segments: logistics and money transfer services. The logistics business caters to both retail and corporate customers. The money transfer services segment is made up of domestic and international remittance services.

On Tuesday, shares in the company closed 38 centavos or 2.33% lower to P15.90 each. — Justine Irish D. Tabile

Arts&Culture (05/24/23)

Ang Huling El Bimbo The Musical adds shows

THE PRODUCERS of Ang Huling El Bimbo The Musical have added 18 show dates for June. The nostalgic ride continues for the Filipino hit musical with 18 shows added to the docket. Set to the music of the Eraserheads, the musical follows four friends, from their carefree youth to an incident that scars them for the rest of their lives. Ang Huling El Bimbo The Musical goes onstage every Friday and Saturday at 8 p.m. with matinee performances every Saturday and Sunday at 3 p.m. at the Newport Performing Arts Theater. Tickets are now available at Newport World Resorts Box Office, TicketWorld, and SM Tickets outlets, with prices ranging from P1,079 to P3,776. For more information on Ang Huling El Bimbo The Musical and its show schedule, visit www.newportworldresorts.com and follow @newportworldresorts and @fullhousetheater on Facebook and Instagram, @nwresorts on Twitter. Follow the official AHEB TikTok account @aheb.2023.

New e-book of poetry released

A RECENTLY released e-book, Muddling Through Middle Age: 200 Sonnets by Edgardo S. Tugade, is a collection of 200 sonnets dating from 2009, when Mr. Tugade was 45, to 2022, when he was 58. According to the author, it may be the first collection that tackles the middle-age years of a single gay Catholic Filipino. “It depicts a single gay man at the peak of his physical strength and mental power and the challenges that try them. When the social media allowed him to re-connect with his elementary and high school classmates and teachers, the book also incorporated memories of what was and sentiments on what might have been,” Mr. Tugade said. The poems also tackle close and extended family ties, and the joys and sorrows that are experienced; Mr. Tugade’s work as a print journalist; and what one writer called “the awakening of the poetic faculty.” His views on Christianity, politics and other socioeconomic issues also find expression in verse form. The book can be ordered through the link: https://bit.ly/HappyEbook-OrderForm.

Disney licensed Pinoy artist stages one-man show

“THE FINE Art of Rodel Gonzalez,” a Manila Art Show, an exhibition for the first and only Filipino artist officially licensed to paint Disney, Marvel, and Star Wars artworks, will open at COLLAB Sheraton Manila Hotel at Newport World Resorts on June 3, 5 p.m. Rodel Gonzalez’ exhibition follows a string of international sold out shows in the US and Japan. The Manila Art Show will display and auction off over a hundred art pieces featuring popular Star Wars characters Yoda, the Stormtroopers, and Darth Vader; Marvel Cinematic Universe fan favorites Iron Man and Spiderman; and Disney princesses Elsa, Cinderella, and many others. The paintings are done in varying sizes and mediums, such as acrylic on black paper, acrylic on canvas, acrylic on gesso board, oil on canvas, oil on gesso board, oil on aluminum, and giclee on canvas. The collection is curated and organized by Kartini Asia Gallery with special participation of Uniquecorn Strategies. Gonzalez was first accredited by Disney 15 years ago to reproduce the media giant’s iconic characters and scenarios through his paintings. Known for his dry-brush technique and having a keen eye for color, form, and composition, his detailed artworks have been sold across Disney Theme Parks, Cruise Lines, and art galleries in Japan, North America, and Europe.

Paintings inspired by music on view at ARTablado

SIX years since forming the Pintakha Art Society, the group — now made up of 10 members — is holding a two-week exhibit of their works. ARTablado at the third level of Robinsons Galleria will showcase a total of 70 oil and acrylic paintings in their group show entitled “Symphony of Colors,” which runs until May 31. Pintakha, a portmanteau of the words “pinta” (paint) and “likha” (create), was originally made up of seven members who participated in an exhibit for a cause organized by Nathaniel San Pedro and Jan Michael “Mick” Barretto. They ended up seeing each other so often that they decided to put up their own group, Pintakha Art Society, that included Nathaniel, Dominic Urbano, Janet Ballecer, Jeram Apostol, Muriel Macapal, Sherry Macawili and Zorrick Enriquez. Now, Janet Ballecer is joined by her daughter AJ, Enriquez’ wife Ica Horacio-Enriquez has also joined, and Mr. Barretto who initially put together the exhibits is now a full-time visual artist as well. For the Symphony of Colors exhibit, each member presents seven paintings inspired by their moods and emotions. While they have their own unique styles and approaches when it comes to putting brush to canvas. “Symphony of Colors” is Pintakha Art Society’s comeback exhibit after three years of pandemic.

Ballet Manila presents Don Quixote

BALLET Manila opens its 25th performance season on its 27th year with the vibrant and highly entertaining Don Quixote, set to premiere at the Aliw Theater in Pasay City on May 27 at 8 p.m. and May 28 at 5 p.m. “I think dancing Don Quixote as our first full length classical ballet for the year is very appropriate because now is the time to pull out all the stops. Make the dancers and audience just enjoy themselves back onstage and in the theater,” said Lisa Macuja Elizalde, Ballet Manila’s artistic director and chief vexecutive officer, in a statement. Joining the performance is San Francisco Ballet principal dancer Esteban Hernandez who will play the male lead role Basilio. Pia Dames will play the female lead character Kitri. For tickets, visit www.ticketworld.com.ph or call 8891-9999.

Nayong Pilipino exhibit opens in Tayabas

OVER 150 artifacts from the collection of the Nayong Pilipino Foundation (NPF) are on display at Casa Comunidad de Tayabas in Quezon Province. On view are ethnographic artifacts from various ethnolinguistic groups, from textiles and farming tools, ritual items, to hunting and warfare, and domestic objects, which the Foundation has cared for in the last five decades. The exhibit, entitled “Masaganang Ani,” is one of the highlights of the Mayohan Festival which commemorates the bountiful harvest in the city. The NPF launched its traveling museum project early this year with the aim of presenting its ethnographic collections to the general public. The exhibit — their fifth this year — is ongoing until June 15. Admission is free.

Air21, Sarisuki tie up to bring Benguet’s fresh produce to Manila

AYALA-BACKED logistics company Air21 is partnering with Sarisuki to deliver fruits and vegetables from Benguet to community sellers in Metro Manila.

“This partnership seeks to lower the cost and ensure consistent supply of fresh produce in ubiquitous talipapa (community markets). It also aims to lessen overall food supply chain wastage and help ensure food security across Metro Manila,” the company said in a press release.

Sarisuki is a social e-commerce platform that offers products at wet market prices. It serves Metro Manila and the provinces of Bulacan, Cavite, Laguna, Rizal, Batangas, Quezon, and Cebu.

“Our team at Air21 finds this partnership very meaningful. It’s our privilege to use our decades of expertise in domestic freight forwarding in helping Sarisuki achieve its growth targets,” Air21 President John Casupang said.

“This collaboration is a manifestation of our Luzon backhaul expansion. We will continue to maximize our nautical and road network linehaul in enabling local businesses’ daily operations,” he added.

Sarisuki President and Chief Executive Officer Brian Cu said that through the partnership, “we aim to get products from hard-to-reach communities into the hands of consumers in a short time.” He said the partnership would help create a stronger bridge between farmers and consumers.

“We hope to build a more inclusive and progressive agriculture industry in the Philippines, one community at a time,” he said.

Mr. Cu said farmers are considered the weakest end of the agricultural chain despite being the sector’s backbone. — Justine Irish D. Tabile

Marvel, artist’s estate ask for pre-trial wins in superhero copyright fight

A PERSON dressed as the character Spiderman attends the premiere of the film Doctor Strange in the Multiverse of Madness in Los Angeles, US, May 2, 2022. — Reuters

WALT Disney Co.’s Marvel and the estate of artist Steve Ditko both asked a Manhattan federal judge on Friday to hand them a win without waiting for trial in their copyright dispute over rights to superheroes Spider-Man and Doctor Strange. Marvel urged the court to reject the estate’s effort to reclaim Mr. Ditko’s interest in the characters, arguing he co-created them on the company’s behalf. Mr. Ditko’s estate argued that he developed his heroes and stories independently, and that Marvel intentionally avoided hiring him because of the “dire state of its business” at the time.

Representatives for Marvel and Mr. Ditko’s estate did not immediately respond to requests for comment Monday. Mr. Ditko died in 2018.

Under the Copyright Act, a creator can terminate a copyright assignment after decades under certain circumstances. Marvel in 2021 sued Mr. Ditko’s estate and several other artists who wrote and illustrated comics in the 1950s, ’60s, and ’70s in response to their bids to terminate copyrights they granted to Marvel related to characters including Iron Man, Ant-Man, and Thor.

The termination law does not apply to works made for hire, which Marvel said prevents the artists from recovering the rights. It argued Friday that the case record showed Mr. Ditko worked under Marvel editor-in-chief Stan Lee “subject to Lee’s editorial discretion.”

“Ditko was accorded some creative freedom in how Lee’s story would manifest on paper, but Lee maintained ultimate control over the pages,” Marvel said.

Marvel compared the lawsuit to a similar case it won at a US appeals court in 2013 involving illustrator Jack Kirby. That case was settled in 2014 as the US Supreme Court was set to consider whether to take it up.

Mr. Ditko’s estate argued that he was a freelancer for Marvel.

“Ditko, an extremely independent-minded artist, supervised himself, edited his own work, and created the works after little or no discussion with Lee,” it said.

The estate also said Ditko could not have legally created the works on behalf of the Marvel “shell companies” that registered the copyrights, which it called the “Achilles’ heel” of Marvel’s work-for-hire argument. — Reuters

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