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Stephanie Honrado’s images of everyday objects

NUDE STUDY by Stephanie Honrado

FOLLOWING her first solo exhibition “Come Stai?” (How are you?) in June 2020, and her participation in the Art Fair Philippines group show “Headspace,” Florence-based contemporary artist Stephanie Honrado returns this month to Salcedo Private View with the exhibition, “Ode to the Ordinary”.

Ms. Honrado was first exposed to Florence’s classical art when she visited in 2010. In 2019, she traded a career in finance for the paintbrush. Ms. Honrado is currently on her third year at the Angel Academy of Art in Florence, Italy. The Academy reopened in September 2020 under very stringent COVID-19 protocols.

“Ode to the Ordinary” shows Ms. Honrado continuing in her creative journey to capture the innate beauty of ordinary things in her adoptive hometown of Florence.

“Classical painting embodies a structured method for transcribing images to canvas. Only consistent practice helps a student to progress effectively and efficiently in learning to paint in the classical way. In my experience, the tenets of the classical method became more clearly interconnected and practical as I moved from one project to another in the Academy. Over time, the lessons made better sense and became more practicable for me,” Ms. Honrado told BusinessWorld in an e-mail.

Ms. Honrado finds beauty in the ordinary in creating variations on the same subject.

The Scarf series tackles a subject she started painting in 2017 and continues in this show. Set against a weathered backdrop, the scarves were painted in varying primary colors to further emphasize their stationary positions.

“The three scarves are my personal wardrobe staples. I find in them practical applications for lessons on hue, value and chroma learned from the Academy. This series embodies the deliberate rendering of simple, functional objects for a visual experience in form, color, and texture,” Ms. Honrado said.

Meanwhile, the Sky series paintings depict cloud formations that the artist observed daily from her preferred spot in the Basilica di Santa Chiara, which is renowned for being the oldest standing church in the Gothic-Italian style in Assisi. “Cloud formations are visually entertaining. To enjoy them means looking up and away from my own busy-ness and [taking] a literal break from the humdrum of [everyday life],” Ms. Honrado said, adding that she enjoys “the fleeting and challenging yet comforting nature of clouds.”

Aside from the Scarf and Skies series, Ms. Honrado showcases nude paintings which she worked on for her figure painting classes.

“In these classes, we work to get better and faster at progressing from the underdrawing to underpainting to full color rendering stages of a painting,” Ms. Honrado said.

The nude studies, the artist explained, are all works in progress and present everything she learned so far in art school. While studying, she realized that “one is not born an artist, one becomes an artist.”

“This process of becoming requires intentional focus and repeated decisions to work well; to work with courage even when the learning is difficult and slow, or challenged by mistakes,” she said.

“Effective painting undoubtedly requires a good understanding of where and how any subject is situated or represented in space,” Ms. Honrado said. “However, painting the nude also requires a working understanding of anatomy, especially the arrangement of bones and muscles and how they facilitate motion as described by the model’s pose.”

Ms. Honrado is currently in Manila working on personal projects. She is also preparing for more challenging projects in time for her upcoming final year at the Academy in September.

“Ode to the Ordinary” by Stephanie Honrado is on view until July 22 at Salcedo Auctions, NEX Tower, 6786 Ayala Ave., Makati City. For inquiries, e-mail info@salcedoauctions.com or contact 8823-0956, 0917-107-5581. — Michelle Anne P. Soliman

Arts & Culture (07/13/22)

The musical Bayan Bayanan rescheduled

PERFORMANCES of Bayan Bayanan: Letters from Home, a new musical based on the classic play by Bienvenido M. Noriega, Jr., which were originally set for this weekend, have been rescheduled. The new dates are July 29 and 30 (7 p.m.) and July 31 (3 p.m.). Ticket holders for the original performances are advised to keep their tickets as the same tickets will be honored. Presented by the Cultural Center of the Philippines (CCP) and Erehwon Center for the Arts, the musical will be staged at the CCP’s Tanghalang Nicanor Abelardo. The play portrays the heart-warming and, sometimes, heartbreaking stories of Filipinos trying to carve a better life for themselves abroad. This production is supported by the Embassy of France in the Philippines, which has designated the play as part of their series of celebrations for the 75th anniversary of diplomatic relations between the Philippines and France. French actress Uno Zigelbaum has a special role in this musical. She joins Banaue Miclat-Janssen, Ava Olivia Santos, Carlo Mañalac, Roxy Aldiosa, Carlo Angelo Falcis, Jacinta Remulla, Richard Macaroyo, Greg de Leon,  Jane Wee, Christine Angelica Evangelista, Carlo Mañalac, Timothy Carlo Racho, Kendrick Tamayo, Abigail Sulit, Jane Florence Wee, Matteo Teehankee, Karina Macaspac, and Adrian de Ubago in the cast. It is directed by Anton Juan. For more information, visit the CCP website www.culturalcenter.gov.ph.

National Museum holds 2nd seminar on Museum Practices

THE NATIONAL Museum of the Philippines (NMP), through its Museum Services Division, will hold the second part of its seminar on Museum Practices with the theme “Building Resilience Towards NMP’s Collections And Heritage Management: Exhibition, Curation, Preservation & Digitization.” It will be held on July 13, 9 a.m. to noon and will be offered to the public for free through Zoom Meeting, Facebook Live, and onsite but on a limited capacity at the Auditorium, Ground Floor of the National Museum of Fine Arts. Interested participants must register through this link: https://bit.ly/NMP_SOMP2022. An e-mail confirmation with the Zoom link will be sent to the registered e-mail address of the confirmed participants. For more information, contact the NMP Museum Services Division, Education and Training Services Section at educationandtraining@nationalmuseum.gov.ph.

People And Places: A Cordillera Legacy photo exhibit

THIS July and August, the Ortigas Foundation Library, Water Dragon, Inc., and the City Government of Baguio present an exhibit of vintage photographs called “People And Places: A Cordillera Legacy”. The exhibit will present photos of Baguio and its inhabitants from 1900-1925, taken from the Jonathan Best Collection and the Ortigas Library Image Bank. The exhibit will be held at the Baguio Convention & Cultural Center from July 13 to Aug. 28. Viewing hours will be from 9 a.m, to 6 p.m. on Tuesdays-Saturdays. For more information, contact the Ortigas Foundation Library at (02) 8401-6503, and the Baguio Convention Center at +63 74-446-2009.

Altro Mondo presents three exhibits

THE WORKS of Mark Belicario and Francisca Juarez, Jeffrey Gumlao, and Keith Paras are on display until July 30 at Altro Mondo Art Contemporanea. “Alarming X Surrealista,” a two-man exhibition featuring the works of Mr. Belicario and Ms. Juarez, “An Adventure of a Lifetime,” a solo exhibition featuring the works of Mr. Gumlao, and “Life in Colors,” a solo exhibition featuring the works of Keith Paras are on view at the Altro Mondo Creative Space, 1159 Chino Roces Ave. San Antonio Village, Makati City. Gallery hours are Tuesday to Saturday, 10 a.m. to 5 p.m.

Odin Rathnam joins MSJO for concert

THE CONCERT Bach & Friends will feature the music of German composer Johann Sebastian Bach, performed by the internationally celebrated Manila Symphony Junior Orchestra (MSJO). Odin Rathnam, a world-renowned concert violinist, recording artist, and violin teacher, joins the MSJO for this concert which will take place on July 28, 6:30 p.m., at the lobby of the Ayala Museum in Makati. Slots for on-site audiences will be limited. Tickets are available for both onsite or online viewing at www.ayalamuseum.org/events/rhc-bach.

Thor: Love and Thunder mural up in BGC

TO CELEBRATE the release of Marvel Studios’ Thor: Love and Thunder, Walt Disney Studios Philippines unveiled a massive mural in Bonifacio Global City, Taguig. The mural, located at Central Square 1 in BGC features Thor and Mighty Thor side by side in their most powerful form, ready for battle. The mural was made by 27-year-old mural artist Jappy Agoncillo, who was raised on television, comic books, fantasy stories, and other lively elements of pop culture. The Thor: Love and Thunder mural has an augmented reality aspect that was done in partnership with Globe Telecom. The movie is now showing in cinemas nationwide.

The value of clinical trials

Roche research laboratory in Mannheim, Germany. — ROCHE.COM 

The research and development of a new medicine or vaccine is a long and complex process which could last from 10 to 15 years. A crucial part of this discovery and development process is called a clinical trial, the various phases of which entail rigorous studies designed to determine safety and efficacy. 

In fact, all the coronavirus disease 2019 (COVID-19) vaccines and treatments being used to protect adults and children from the potentially fatal virus went through the extensive clinical trial process. All other lifesaving medicines and vaccines for other diseases have also been part of clinical trials. 

Clinical trials are carefully designed studies that establish the benefits and risks of a medical treatment or intervention, according to the Pharmaceutical Research Manufacturers of America (PhRMA).  

Following a rigorous screening and preclinical testing process, a pharmaceutical company that wants to bring a drug to market will file an Investigational New Drug (IND) application with regulators, which enables the IND to be tested in human volunteers in clinical trials. In every clinical trial, respecting and protecting the safety of volunteers is of the highest importance. 

Under the UK National Institutes for Health (NIH), a Phase I trial tests an investigational drug on a small group of often healthy people to determine its safety and side effects as well as find the correct drug dosage. A Phase II clinical trial, on the other hand, involves up to 300 participants. The emphasis at this stage is to establish the efficacy of the investigational drug on people who have a certain disease or condition. A Phase III clinical trial, meanwhile, gathers about 3,000 people to study different populations and different dosages. Under Phase III, investigational medicines are studied in combination with other drugs. 

In recent years, there is also a strong commitment to enhance representation of diverse participants in clinical trials to determine the safety and efficacy of the investigational drug in people coming from different backgrounds. 

A journal published by the NIH highlighted the health and scientific benefits of clinical trials, foremost among them allowing participating patients to play an active role in their own healthcare. Participants also have access to innovative research treatments before they are widely available. Moreover, clinical trials increase the options for treatment when standard therapy has failed. 

The journal added that clinical trials likewise help patients obtain expert medical care at leading healthcare facilities during the trial. In the bigger picture, they help others by contributing to the advancement of medical knowledge that will benefit more patients. 

During his recent visit in Manila, Roche Pharmaceuticals Global Chief Executive Officer (CEO), William “Bill” Anderson noted that the company allotted $16.1 billion for research and development in 2021. 

“Clinical trials aren’t just of scientific importance; they are also a means to broaden patient access to innovative, life-saving treatments,” he said. 

Beyond the health benefits, clinical trials translate to investments that have positive economic impact on the country. These economic benefits include direct investments made by biopharmaceutical companies to identify and operate clinical trial sites; hire staff and contractors; recruit, retain and treat participants; and conduct clinical trial protocols and activities, including monitoring research sites. 

The Philippines, in an earlier study, ranked third when it comes to clinical trials following Singapore and Thailand. For his part, Mr. Anderson said that Roche has a strong clinical trial footprint in the Philippines. 

Roche Philippines General Manager Dr. Diana Edralin said that the company has conducted at least 20 clinical trials in the Philippines, many of them on cancer. She added that the company has also supported clinical studies related to severe COVID-19. 

At the moment, there are three Roche global clinical trials that the country is participating in. As part of efforts to enhance clinical trials in the country, Dr. Edralin said that they are supporting Good Clinical Practice (GCP) guidelines training and accreditation for local institutions. 

Mr. Anderson, meanwhile, expressed the Swiss company’s ambition to double the medical advances they bring to patients at half the cost to society. He noted that in low- and middle-income countries (LMICs) where half the world’s population live, the medical advances available in many countries are still beyond the reach of the people. 

He lauded legislators and the Philippine government for enacting the Universal Healthcare Act, National Integrated Cancer Control Act and Rare Diseases Act. As in other countries, he stressed that healthcare access and affordability gaps remain. “None of us alone can fix this. We each have great intentions, but we need to work together to address the root causes.” 

  

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Metro Manila’s construction materials retail price index

RETAIL PRICES of building materials in Metro Manila grew at its fastest annual pace in more than 13 years in April amid global supply constraints caused by the ongoing Russia-Ukraine war. Read the full story.

Metro Manila's construction materials retail price index

ACEN files P30-B debt securities with SEC

AC ENERGY Corp. (ACEN) has filed with the Securities and Exchange Commission (SEC) the shelf-registration of debt securities worth up to P30 billion, of which the P10-billion first tranche will be offered as ASEAN green fixed-rate bonds.

“Since our debt levels remain very manageable, we are taking this opportunity to issue Peso green bonds to fund our renewable energy expansion in the country,” said ACEN Chief Financial Officer and Treasurer Ma. Corazon G. Dizon in a disclosure on Tuesday.

A green bond is a type of fixed-income instrument that is specifically used to raise money for climate and environmental projects. The three-year shelf-registered securities are to be offered in one or more tranches.

Ayala-led ACEN said proceeds from the bond offering will fund the 283-megawatt direct current (MWdc) San Marcelino solar farm in Zambales, the 42-MWdc expansion of its Arayat-Mexico solar farm in Pampanga, and the construction of its 133-MWdc solar farm phase one in Lal-lo, Cagayan.

ACEN fully owns the San Marcelino project while the Arayat-Mexico solar farm project and the Cagayan solar farm project are in partnership with GreenCore Power Solutions 3, Inc. and Natures Renewable Energy Development Corp. (Naredco), respectively.

Naredco is partnership among three energy companies, namely: ACEN, ACE Endevor, Inc., and Cleantech Renewable Energy 4 Corp.

The construction of the projects is in line with ACEN’s aggressive renewables expansion in the Philippines and across the region.

At present, ACEN has approximately 3,900 MW of attributable renewable energy capacity and is working to build 5,000 MW of renewables by 2025, towards its goal of becoming the largest listed renewables platform in Southeast Asia.

The offering has received PRS Aaa, the highest possible rating awarded by the Philippine Rating Services Corp. (PhilRatings) to any issuance of debt securities. It also means that PhilRating expects ACEN to meet its financial commitment on the obligation.

PhilRatings said the stable rating means it is likely to be maintained or to remain unchanged in the next 12 months.

ACEN, the listed energy platform of the Ayala group, announced in October 2021 its commitment to achieving net-zero greenhouse gas emissions by 2050.

At the stock market on Tuesday, the company’s shares dropped by P0.09 or 1.08% to P8.21 apiece. — Justine Irish DP. Tabile

Folded paper or polymer banknotes are valid — BSP

THE BANGKO SENTRAL ng Pilipinas (BSP) has clarified that folded banknotes are valid and can be used for transactions.

“The BSP informs the public that folded banknotes, whether paper or polymer, can still be circulated and accepted for payment. As such, retailers and banks should accept them for day-to-day payment transactions,” the central bank said in a statement late on Monday.

“Recently, the BSP issued guidelines on the proper handling of polymer banknotes. This includes storing banknotes in wallets where they fit properly (the typical bi-fold wallet fits this criteria), keeping them clean, and using them as payment for goods and services,” the central bank said.

“The BSP stresses that [these] guidelines apply to both paper and polymer banknote. The handling guidelines were issued to raise public awareness on the proper use of polymer and paper banknotes to safeguard their integrity and prolong their lifespan.”

The central bank is testing the use of polymer notes via a pilot circulation of 1000-piso notes that started in April. The paper P1,000 bill remains in circulation.

Polymer bills are deemed to be more durable than the Philippines’ current abaca-based bills as they are said to last longer. These banknotes are also water, oil, and dirt-resistant, according to the central bank.

The BSP added in its Monday statement that individuals can verify the value or authenticity of their currency with any bank, as lenders will refer these cases to the central bank for examination.

Under Presidential Decree No. 247 issued in 1973, it is illegal to willfully deface, mutilate, tear, burn or destroy notes and coins issued by the BSP. Violating this will result in a fine of not more than P20,000 and/or imprisonment of a maximum of five years.

The BSP made the clarification following social media reports about establishments refusing to accept creased polymer P1,000 bills for payment. The establishment concerned has already refuted these reports. — K.B. Ta-asan

JRU outlasts LPU in five-set thriller, earns Final Four slot

JOSÉ Rizal University (JRU) outlasted Lyceum of the Philippines University (LPU) in the fifth and final set, 25-11, 16-25, 17-25, 25-21, 17-15, on Tuesday to complete a semifinal return since 2018 in the NCAA Season 97 volleyball at the Paco Arena.

Sydney Mae Niegos came through big particularly in the deciding set where she had key blocks and finished with a team-best 14 points while skipper Dolly Versoza chipped in 11 hits including 10 on spikes to help power the Lady Bombers seal the fourth and last seat to the stepladder semis.

There, JRU clashes with No. 3 San Sebastian in another knockout game for the former set on Friday with the winner battling No. 2 Arellano University.

The victor of the stepladder phase will battle College of St. Benilde, which swept its way straight to the finals with nine wins, in the best-of-three championships.

JRU actually ended up tied at No. 4 with idle Mapua on 5-4 records but took the last slot—its second semis appearance since making it that far four years ago—with a better quotient score.

“I’m lost for words, but I’m very proud of the girls,” said an emotional JRU coach Mia Tioseco.

It was particularly memorable for Ms. Versoza, who will graduate with at two Final Four appearances as she was part of that historic JRU squad that had advanced that far for the first time since the school decided to bring back the volleyball program in 2008.

“We’re very excited and very happy for the whole JRU community,” said Ms. Tioseco.

In contrast, it was a heartbreaking defeat for the Lady Pirates, who were seeking a date with destiny as they had never made it the playoff round in the sport since joining the first and oldest collegiate league in the land 11 years back.

Meanwhile, the league forfeited the non-bearing game between University of Perpetual Help and San Beda due to health reasons.  — Joey Villar

How PSEi member stocks performed — July 12, 2022

Here’s a quick glance at how PSEi stocks fared on Tuesday, July 12, 2022.


PHL shares decline as peso continues to weaken

BW FILE PHOTO

STOCKS closed lower on Tuesday ahead of the release of firms’ second quarter earnings and as the peso continued to weaken against the dollar.

The benchmark Philippine Stock Exchange index (PSEi) went down by 38.70 points or 0.60% to close at 6,349.94 on Tuesday, while the broader all shares index retreated by 11.87 points or 0.34% to 3,409.91.

“The local bourse ended in red territory, mirroring Wall Street’s negative performance, as investors await the release of second-quarter earnings,” Timson Securities, Inc. Head of Online Trading Marc Kebinson L. Lood said in a Viber message.

Mr. Lood said investors are concerned that higher prices, worsening consumer sentiment, and rising interest rates may impact firms’ profitability and result in selling.

“PSEi ended in red as the market anticipates US inflation due out tomorrow (July 13) while peso breaching P56-level once again has led to more foreign outflows and has stirred negative sentiment on index bellwethers, SM and AC, due to both huge dollar debt exposure,” AP Securities, Inc. Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message, referring to the ticker symbols of SM Investments Corp. and Ayala Corp.

Net foreign selling climbed to P323.17 million on Tuesday from the P98.20 million recorded the previous trading day.

The peso closed at P56.37 versus the dollar on Tuesday, down by 39.1 centavos from Monday’s P55.979 finish, data from the Bankers Association of the Philippines’ website showed.

This is a new near 18-year low for the local unit as it was its worst close since Nov. 5, 2004’s P56.38 a dollar.

The peso’s intraday low of P56.45 versus the greenback on Tuesday also matched the record low set on Oct. 14. 2004.

Sectoral indices were split on Tuesday. Mining and oil climbed by 105.20 points or 0.95% to 11,096.17; financials went up by 11.37 or 0.75% to 1,526.08; and industrials rose by 29.37 points or 0.31% to 9,371.98.

Meanwhile, holding firms dropped by 90.18 points or 1.49% to 5,942.43; services decreased by 17.44 points or 1.03% to 1,668.28; and property retreated by 8 points or 0.27% to 2,875.46.

Value turnover went up to P4.19 billion on Tuesday with 955.85 million shares changing hands from the P3.75 billion with 775.46 million shares seen the previous trading day, PSE data showed.

Decliners outnumbered advancers, 105 versus 82, while 49 names closed unchanged.

Both analysts said the market may continue moving sideways on Wednesday ahead of the release of the latest US consumer price index data.

Timson Securities’ Mr. Lood placed the PSEi’s support at 5,900 and resistance at the 6,700 area. Meanwhile, AP Securities’ Mr. Temporal put support at 5,700 to 6,000 and resistance at 6,400 to 6,500. — J.I.DP. Tabile

Second Cabinet meeting focused on DPWH budget

DPWH

PRESIDENT Ferdinand R. Marcos, Jr. on Tuesday held his second Cabinet meeting, which was focused on preparations for the 2023 budget, specifically that of the Department of Public Works and Highways (DPWH).

The meeting was held virtually after the President caught the coronavirus, Press Secretary Rose Beatrix Cruz-Angeles said in a message to reporters.

Citing the Department of Budget and Management’s (DBM) presentation at the meeting, Ms. Cruz-Angeles said the national budget for 2023 will promote a “broad-based and inclusive” economic recovery. She did not elaborate.

Last week, Budget Secretary Amenah Pangandaman said the DBM is aiming to submit a P5.268-trillion budget to Congress on Aug. 22.

The DBM is keeping the 2023 spending plan within ceilings proposed by the previous administration.

The DBM has said that the 2023 budget would be geared towards agriculture and food security, climate change adaptation, economic recovery, improved healthcare and education, and enhanced infrastructure projects including digital infrastructure, among others.

At the second Cabinet meeting of the Presidential term, the DPWH discussed its plans for continuing Build, Build, Build program, Ms. Cruz-Angeles said, without discussing any possible revisions of the previous government’s flagship project lineup.

Public Works Secretary Manuel M. Bonoan has said that Mr. Marcos instructed the department to weigh its priority project list towards works that improve food security.

Mr. Marcos, who heads the Agriculture department, has signaled that he will boost domestic production and rely less on food imports to address the impending food crisis, and promised to significantly raise production of rice and corn.

The Department of Transportation also discussed its priority programs and projects at the meeting, Ms. Cruz-Angeles said.

Mr. Marcos, 64, tested positive for COVID-19 on Friday. On Monday, his lead physician said in a note sent to reporters that the President was still experiencing “very mild nasal stuffiness and nasal itchiness” but his cough had disappeared.

“Additional medications were given to address his concerns and all other medicines were advised to be continued,” according to the note. “He is still with no fever and body malaise.”

In a separate statement released late on Tuesday, Ms. Cruz-Angeles said concerns about workers’ skills were also raised during the Cabinet meeting.

“Among the suggestions to address these standing issues include a reform of the current curriculum since the rise of automation has posed a threat to many jobs,” she said.

In his presentation, Trade Secretary Alfredo E. Pascual underscored the need for a review of education curricula, Ms. Cruz-Angeles said.

Mr. Pascual said the Department of Trade and Industry (DTI) is ramping up efforts to help universities develop micro-credentialing systems to catch up with technological developments, according to the statement.

“We’re developing or helping universities develop this system of micro-credentialing because technology is changing very fast. There is a need for workers to update themselves, to reskill or upskill,” Mr. Pascual was qouted as saying.

Mr. Pascual also proposed to send teachers overseas for training. “Vietnam, for example, sends teachers to the United States and Europe for advanced studies,” he said.

Mr. Pascual said the DTI will collaborate closely with the Department of Education, Commission on Higher Education, and TESDA to address the issue of job skills mismatches. — Kyle Aristophere T. Atienza

Price hike applications for noodles, canned sardines enter final review

PHILSTAR FILE PHOTO

THE Trade department is in the final stages of reviewing petitions to raise prices from producers of canned sardines and instant noodles, among others, an official said.

Trade Undersecretary Ruth B. Castelo said during BusinessWorld Live on One News Channel on Tuesday said price hike proposals were also received by the Department of Trade and Industry (DTI) from manufacturers of canned meat, coffee, bread, and detergent.

“We are still in the final stages of reviewing our recommendations for the Secretary (Alfredo E. Pascual). We are not saying that we are definitely increasing prices because we’re not yet done with the study,” Ms. Castelo said.

“It could take us probably a couple of weeks for us to complete and submit our recommendation for approval, and another couple of weeks probably for the Secretary to approve and for us to (move to) publication,” she added.

According to Ms. Castelo, the DTI only allows 30% of the 218 shelf keeping units that are included in its suggested retail price (SRP) bulletin to implement price increases at any one time. The DTI issued the latest SRP bulletin in May. 

“We limit it to 30%… so that the consumers will find it easier to, and will have other choices also to buy, when they go out to the supermarket,” Ms. Castelo said.

Ms. Castelo said the price hike proposals cited the higher cost of raw materials such as wheat, as well as the weak peso and higher logistics costs.

“We negotiate with the manufacturers, we appeal to their corporate social responsibility, so that they will agree to (raise price sin) tranches, if ever, or agree to negotiate a lower price increase, if ever,” Ms. Castelo said.  

Under Republic Act No. 7581 or the Price Act, the Trade Secretary is authorized to issue suggested retail prices for any or all basic necessities and prime commodities to serve as guide for consumers, producers, manufacturers, traders, dealers, sellers, and retailers. — Revin Mikhael D. Ochave

PCCI notes deteriorating business conditions due to energy costs, logistics

REUTERS

THE Philippine Chamber of Commerce and Industry (PCCI) said business conditions have deteriorated for exporters due to rising energy costs and logistics bottlenecks.

PCCI Vice-President for Industry Affairs Ferdinand A. Ferrer said during the launch of the 48th Philippine Business Conference and Expo (PBC&E) in Manila on Tuesday that “Exporters have been hit with high energy costs, high logistics costs, as well as supply chain disruption. It’s very taxing now, very challenging for exporters. It is not only in the Philippines that it is happening. It is happening globally. So, whether you are in Asia, Europe, or in other parts of the world, every manufacturing or export-oriented business is experiencing (this),” Mr. Ferrer said.

“The cost of doing business now has increased. We have to find ways to be more competitive versus our neighbors. Our neighbors are also in the same boat in trying to attract investors. We have Vietnam, Thailand, and Indonesia. That’s where we really need to gear up,” he added.

Mr. Ferrer, who is also the chairman of the Expo, added that many exporters are on the lookout for measures to soften the blow from their energy and logistics bills.

“The impact of high fuel charges has significantly increased the cost of manufacturing not just in the Philippines, but all over the whole world. We’re on a level playing field, but for companies, it is a painful burden to pay. Everybody is trying to look for innovative ways on how to save,” Mr. Ferrer said.

“Logistics costs are also very expensive. Not just the fuel. To send cargo… from here to the US… it is three and a half times (pre-pandemic levels),” he added.

“We hope that in the next six months, conditions ease up. But right now… we don’t see any relief from the Ukraine-Russia conflict,” Mr. Ferrer said.

Separately, Mr. Ferrer projected the gross domestic product will grow by 6% to 6.5% in the second half, with 8% growth attainable if face-to-face classes resume.

“We’re really opening up already. More businesses are confident. We are all traveling locally now. We are all spending again. All of us. I think the comfort level is getting better and better,” Mr. Ferrer said.

Mr. Ferrer added that the chamber “wants to work with the new administration as partners. It cannot be government alone or businesses alone. It should be together.”

“The weight of boosting the economy shall not be carried solely by the government. The business community will be its trusted anchor to keep the Philippine economy afloat as we have always been,” he added.

PCCI President George T. Barcelon said that he is hoping that the first State of the Nation address of President Ferdinand R. Marcos, Jr. on July 25 will reveal the outlines of the government’s plan.

“We hope that we can hear more specific deliverables… on the side of job creation and how we can attract more foreign investment not only in manufacturing but even in the agriculture sector,” Mr. Barcelon said.

“The other issue that we would really like to hear is ease of doing business, streamlining (transactions with government) to make operating business easier,” he added.

The PCCI will be hosting the 48th PBC&E on Oct. 19 and 20 at the Manila Hotel.

“The 48th PBC&E will be looking at how the new government will build on reform measures to strengthen the country’s economic gains… and make a real difference to the economy and the Filipino people,” the PCCI said. — Revin Mikhael D. Ochave