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Biden to send special trade mission to Philippines

US PRESIDENT Joseph R. Biden, Jr. (right) shakes hands with Philippine President Ferdinand R. Marcos, Jr. during a meeting at the White House in Washington, D.C., May 1, 2023. — PHILIPPINE STAR/KRIZ JOHN ROSALES/PPA POOL

US PRESIDENT Joseph R. Biden, Jr. vowed to send a “first of its kind” Presidential Trade and Investment Mission to the Philippines.

Mr. Biden made the announcement during his meeting with President Ferdinand R. Marcos, Jr. at the Oval Office on Monday.

“President Biden and President Marcos resolve to draw on the strength of their partnership to promote enduring economic growth and prosperity in the United States, the Philippines, and the broader Indo-Pacific region,” they said in a joint statement posted on the White House website.

Mr. Biden will send the trade and investment mission “to enhance US companies’ investment in the Philippines’ innovation economy, its clean energy transition and critical minerals sector, and the food security of its people.”

The trade and investment mission will include the “highest caliber of US business leaders.”

The Philippines and the US will co-host the 6th annual Indo-Pacific Business Forum (IPBF) in Manila in 2024 to “further establish the Philippines as a key hub for regional supply chains and high-quality investment.”

The IPBF is the United States’ marquee annual commercial event in the region, convening the highest level of public and private sector leaders to review policy developments, announce new investments, and identify new commercial partnerships.

The US Department of Commerce is also planning to dispatch its first-ever trade mission on agricultural technology to the Philippines in September 2023, with stops in Manila and Davao City.

The US is also planning to establish a brick-and-mortar Open RAN Interoperability Lab in Manila. This would advance and secure the 5G rollout in the Philippines, strengthen the Southeast Asian nation’s innovation economy, and provide digital upskilling opportunities to Filipino workers, the White House said.

INFRASTRUCTURE
Also, the White House said the US Agency for International Development (USAID) will launch new infrastructure activities intended to leverage over $3 billion in public and private financing to boost the Philippines’ critical mineral supply chains, advance smart grid technologies and clean energy solutions, promote secure 5G deployment, strengthen airport security and maritime safety, and support healthcare infrastructure.

It will also launch “a new partnership” to scale up infrastructure development in the Philippines and support the construction of “high-quality” railways, ports, and transport systems.

“The USAID commitment is a significant step-up in funding Philippine infrastructure, as it will now be at least twenty times bigger than its previous 2021 commitment of $160 million. But the proof of any commitment is in its actual implementation,” Terry L. Ridon, convenor of Manila-based InfraWatch, said in a Facebook Messenger chat.

Also, Manila and Washington intended to expand air connectivity and modernize their bilateral aviation relationship by having a technical aviation dialogue at the upcoming Asia-Pacific Economic Forum’ Transportation Ministerial Meeting in Detroit.

The two countries also plan to boost cooperation on space situational awareness and the use of space for maritime domain awareness through the first-ever US-Philippines Civil Space Dialogue. 

“The countries will collaborate on the use of space-based technology in the areas of disaster management and emergency response, healthcare, mapping of resources and accessibility, pollution monitoring, deforestation, land use and infrastructure planning, and maritime awareness,” the White House said.

The Philippines and US also agreed to set a ministerial team on agricultural cooperation. It also seeks to expand market access of Philippine agricultural products to the US, Manila’s Presidential Communications Office (PCO) said.

AID
Washington also vowed to support the Philippines’ development programs aimed at building “resilient” and “healthy” communities.

The USAID will mobilize $100 million over the next five years to increase access to safe drinking water for 1.22 million Filipinos and provide sanitation services to 710,000 people, the White House said.

It will also provide an additional $5.3 million for Philippine disaster risk reduction and resilience programs.

“USAID will award an additional $8 million, pending Congressional notification, to support global health security in the Philippines and invest in the Philippines’ biosafety and laboratory capacity, disease surveillance, risk communication, and emergency preparedness,” it added.

Manila and Washington also plan to establish a bilateral Labor Working Group, which is in line with the US-Philippines Trade and Investment Framework Agreement.

It will serve as an important platform through which the two countries can collaborate to accelerate implementation of internationally recognized labor rights.

Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said these new investments should take into consideration productive employment and skills development.

“Investments can cause greater unemployment if these require skills that are not available in the country. In the process, only capital may receive higher returns, thereby unequally benefiting only US interest,” he said via Messenger chat.

NUCLEAR ENERGY
Meanwhile, Oregon-based nuclear energy company NuScale Power Corp. expressed interest in investing in the Philippines.

In a meeting with Mr. Marcos, the company’s representatives said NuScale will conduct a study on a suitable location for its plant in the Philippines.

NuScale is known for designing small modular reactors (SMRs) that could power 60,000 per unit. It has existing nuclear projects in Utah, Romania, Indonesia, and Poland.

NuScale is expected to invest $6.5 billion to $7.5 billion to provide 430 megawatts to the Philippines by 2031, House Speaker Ferdinand Martin G. Romualdez said in a separate statement.

The Philippines “essentially has a shortfall in power supply” and the entry of NuScale would help address this issue, Mr. Marcos told the company, based on a PCO release.

However, Khevin A. Yu, energy transition campaigner at Greenpeace Philippines, said nuclear energy companies are making the Philippines a “guinea pig” for “untested risky technologies.”

“SMRs are still untested and unproven, and there is currently no way to safely store nuclear waste,” Mr. Yu said in a statement. — Kyle Aristophere T. Atienza with inputs from Beatriz Marie D. Cruz

IMF raises Asia’s economic outlook on China recovery, warns of risks

The International Monetary Fund (IMF) raised Asia’s economic forecast to 4.6% this year. — IMF PHOTO/JOSHUA ROBERTS

THE INTERNATIONAL Monetary Fund (IMF) raised Asia’s economic forecast on Tuesday as China’s recovery underpinned growth but warned of risks from persistent inflation and global market volatility driven by Western banking sector woes.

The reopening of China’s economy will be pivotal for the region with the spillover to Asia seen focused on consumption and service sector demand rather than investment, the IMF said.

“Asia and Pacific will be the most dynamic of the world’s major regions in 2023, predominantly driven by the buoyant outlook for China and India,” the IMF said in its regional economic outlook report.

“As in the rest of the world, domestic demand is expected to remain the largest growth driver across Asia in 2023.”

Asia’s economy is expected to expand 4.6% this year after a 3.8% increase in 2022, contributing around 70% of global growth, the IMF said, upgrading its forecast by 0.3 of a percentage point from October.

China and India will be key drivers with an expansion of 5.2% and 5.9%, respectively, though growth in the rest of Asia is also expected to bottom out this year, the report said.

But the IMF cut next year’s Asian growth forecast by 0.2 of a point to 4.4% and warned of risks to the outlook such as stickier-than-expected inflation, slowing global demand as well as the impact of US and European banking sector stress.

“While spillovers to the region from stress in US and European financial sectors have been relatively contained thus far, Asia remains vulnerable to tightening financial conditions and to sudden and disorderly repricing of assets,” the IMF said.

And while Asia has strong capital and liquidity buffers to fend off market shocks, the region’s highly leveraged corporate and household sectors are “significantly” more exposed to a sharp increase in borrowing costs, it added.

The IMF also urged central banks in Asia — excluding Japan and China — to keep monetary policy tight to bring down inflation, which could remain stubbornly high due in part to robust domestic demand.

“The costs of failing to bring inflation below target are likely to outweigh any benefits from keeping monetary conditions loose,” the IMF said.

“Insufficient tightening in the short term would require disproportionately more monetary tightening later to avoid high inflation becoming ingrained, making a larger contraction more likely.” — Reuters

ACEN secures contracts for Australia solar farms

ACEN

ACEN Corp. has secured 20-year service contracts for its solar projects in Australia at a price that protects it from low wholesale electricity prices, the Ayala-led energy company said on Tuesday.

In a stock exchange disclosure, ACEN said its unit in Australia bagged the long-term energy service agreements (LTESAs) for its two solar projects at the New South Wales (NSW) government’s first renewable energy and storage auction.

“The LTESAs help encourage investment in the renewables and storage capacity necessary to accelerate the transition to clean, reliable and more importantly, affordable power for Australians,” ACEN Australia Chief Executive Officer Anton Rohner said.

ACEN Australia is the platform representing ACEN’s renewable energy assets in Australia. The energy service agreements are for ACEN Australia’s 720-megawatt (or 936-MW direct current) New England solar project and 400-MW (520 MWdc) Stubbo solar project.

The contracts were secured through the NSW government trustee’s inaugural tender for renewable generation and long-duration storage.

“The LTESAs offer the rights to access a minimum price for generation projects over a 20-year time frame, which protects investors like us from the risk of unexpectedly low wholesale electricity prices,” Mr. Rohner added.

Once fully operational, the New England and Stubbo solar projects can supply power to about 435,000 households, helping the NSW government in reaching its target of 50% remissions reduction by 2030.

“Our focus is on ensuring that we develop projects that offer the right mix of benefits and opportunities for NSW and Australia at large,” said Eric T. Francia, president and chief executive of ACEN, as he commended the government “for its commitment to deliver better value not just to NSW electricity consumers but to project proponents like ACEN as well.”

The energy company said the long-term commercial value of LTESAs will accelerate Australia’s transition to renewables.

To date, ACEN Australia has around 1-gigawatt (GW) capacity under construction worth $1 billion and around 8-GW capacity in the development pipeline in Australia.

At the local bourse on Tuesday, shares in the company fell by four centavos or 0.67% to end at P5.97 apiece. — Ashley Erika O. Jose

SMPC studies natural gas, plans diversified portfolio

SEMIRARA Mining and Power Corp. (SMPC) is planning to diversify its portfolio and considering a shift to liquefied natural gas (LNG), the company’s top official said.

“We expect to expand our power projects and maybe even shift to LNG if and when [the] situation arises that makes this shift a good business opportunity,” Isidro A. Consunji, chairman and chief executive officer of SMPC, said during the company’s virtual annual stockholders’ meeting on Tuesday.

Mr. Consunji said Calaca in Batangas province is an ideal site for power plants that run on natural gas as well as coal. SMPC has operations in Calaca through its subsidiary SEM-Calaca Power Corp.

“The question is really just an issue of business viability but physically and technically, there is no reason why SMPC cannot go to LNG,” he said.

Meanwhile, Mr. Consunji has ruled out a plan to transfer DMCI Mining Corp. — the mining unit of DMCI Holdings, Inc. — to SMPC.

“We’ve studied the proposed transfer of DMCI Mining from DMCI Holdings to Semirara, however, our finance people concluded that the cost involved in such transfer will make it very expensive,” he said.

He added that determining a fair price for both sets of stockholders has also been difficult.

“The ability to determine a fair price for both sets of stockholders — DMCI and Semirara — is extremely difficult considering the fact that bulk of the mining assets of DMCI Mining are not fully permitted. So, it will probably not happen anymore,” Mr. Consunji said.

At the stock exchange on Tuesday, shares in SMPC ended 60 centavos or 2.22% higher to P27.60 apiece. — Ashley Erika O. Jose

GMA posts 71.5% income decline, blames absence of political ads

GMA NETWORK, Inc. suffered a 71.5% decline in net income attributable to shareholders to P603.57 million in the first quarter from P2.12 billion a year ago when political advertisements abound.

“The absence this year of almost P1.5-billion worth of political advocacies and advertisements in the first quarter of 2022 factored considerably into the company’s top-line reduction,” GMA said in a statement.

The profit cut came about after the company booked 31.5% lower revenues to P4.02 billion in the first three months of 2023, from P5.86 billion in 2022.

Revenues from advertisements went down to P3.7 billion in the first quarter, down 71.5% from P5.53 billion in 2022.

“Advertising revenues remained the lifeblood of GMA, comprising more than 90% of the total revenue pie,” the company said.

“It was also the biggest source of the drag, with a contraction of P1.83 billion, mainly due to the absence of incremental sales from last year’s elections placements,” it added.

Despite the 12.3% drop in the sales of its services to P210.42 million during the quarter from P240.55 million a year ago, the company said its operations returned to the pre-pandemic level.

“Despite lukewarm sales performance during the quarter, operations have returned to pre-pandemic levels, with costs also rising due to more fresh episodes produced as well as the resumption of face-to-face activities,” GMA said.

Meanwhile, the company’s total operating expenses during the period went up by 6% to 3.26 billion from P3.08 billion in 2022.

GMA said that it recorded an increase in production, other direct, general, and administrative costs in the first quarter, as well as an increase in the cost of goods.

“Management has made a concerted effort to keep spending at bay given the economic challenges, nonetheless ensuring that commitment of the company to its viewers and stakeholders are at the forefront,” it said.

GMA is primarily involved in the business of radio and television broadcasting. It also produces films and other information-related businesses.

In 2023, the company earmarked around P1.78 billion for capital expenditure, which will be funded internally.

On Tuesday, shares in GMA declined by 31 centavos or 3.02% to P9.95 each. — Justine Irish D. Tabile

AG&P says unit secures contracts for five projects

A SUBSIDIARY of AG&P International Pte. Ltd. has secured contracts for five projects across the Philippines, Australia, the Middle East, and Europe, said its top official, who expects a busy 2023 with a focus on liquefied natural gas (LNG).

“AG&P is proud to be delivering clean fuel upgrades to leading, international refineries and petrochemical plants, digital infrastructure and another state-of-the-art LNG terminal, plus critical facilities to continue the rapid development of the Philippines economy,” Joseph Sigelman, chairman and chief executive officer of AG&P, said in a statement on Tuesday.

The contracts secured by the unit — AG&P Industrial — were forged in the first quarter of the year and amounted to $360 million.

“It is our greatest privilege to be awarded five marquee projects within the first quarter of the year, a record for AG&P industrial. It is a testament to the confidence and trust we have built over the years, delivering projects to top clients globally with world-leading quality and safety standards,” said Alex Gamboa, president of AG&P Industrial.

AG&P Industrial is involved in industrial, modular infrastructure and services for LNG projects, terminals, refineries, and LNG liquefaction modules.

“AG&P’s Industrial goes from strength to strength with the award of five major contracts in [the first quarter] of 2023, all from blue chip, global corporations for mission-critical projects in Europe, the Middle East, Australia and, of course, in the Philippines,” Mr. Sigelman said. — Ashley Erika O. Jose

Fruitas swings to profitability with P82-M net income

FRUITAS Holdings, Inc. reported on Tuesday a consolidated net income of P82.36 million in 2022, a reversal of its net loss of P16.32 million incurred in the prior year.

The company’s attributable earnings reached P77.24 million, turning around from the net loss it previously reported the prior year.

“The exceptional performance of the entire Fruitas Holdings Group in 2022 inspires [us] to do even better in the coming years,” said Fruitas President and Chief Executive Officer Lester C. Yu in a disclosure.

Revenues increased by 63.6% to P1.8 billion from P1.1 billion the previous year driven by higher same-store sales growth during the year.

“Despite having just over 770 stores as of end-2022, compared to more than 1,000 stores as of end-2019, [Fruitas] already achieved 92.5% of 2019 pre-pandemic revenues in 2022,” the company said.

It said that revenues for 2022 did not include contributions from its newly acquired restaurant brand Ling Nam, which was completed in March 2023. The acquisition included Ling Nam’s trademark, recipes, equipment, store improvements, and inventory from the previous owner.

Fruitas’ earnings before interest, taxes, depreciation, and amortization amounted to P287 million, more than double the P131 million booked the previous year.

“We were able to unlock the value of [Balai Ni Fruitas Inc.] via listing. We expect all Fruitas brands to perform better this year and we will strongly invest in our recent acquisitions, Balai Pandesal and Ling Nam, to achieve our growth targets,” Mr. Yu added.

Balai debuted on the Philippine Stock Exchange in 2022 with 1.49 billion primary and secondary shares listed on the small, medium, and emerging board at P0.70 apiece.

On Tuesday, Fruitas shares closed unchanged at P1.12 each. — Adrian H. Halili

RFM net income falls nearly 60%

RFM Corp. registered an attributable net income of P135 million in the first quarter, down 59.6% from P332 million last year, due to the company incurring higher expenses.

The company’s top line increased by 10.3% to P4.3 billion during the quarter from P3.9 billion reported the prior year.

In the three-month period, RFM’s gross profits went down by 15.7% to P1.13 billion from the P1.34 billion recorded the previous year. Its direct costs and expenses were higher by 23.4% at P 3.16 billion from P2.56 billion a year earlier.

The company’s selling and marketing expenses climbed by 8.26% to P747 million in the three months that ended March from P690 million. General expenses decreased by 27.9% to P172 million from P197 million the previous year.

RFM is mainly involved in two segments: its institutional business, which manufactures and processes wheat, flour and flour products; and its consumer segment, which manufactures and sells ice cream, pasta, milk, juices, and margarine.

The company is known for brands such as Selecta Moo, Sunkist Orange Pulp, Vitwater, Selecta Magnum, Selecta Cornetto, Selecta Paddle Pop, White King All-Purpose Flour, Fiesta Spaghetti, and Royal Spaghetti.

On Tuesday, its shares declined by 0.31% or a centavo, closing at P3.24 apiece. — Adrian H. Halili

Seeing Red

JC SANTOS (left) and Bart Guingona, both acclaimed actors, will be in the limited 10-show run for Red from June 9 to 18 at the PETA Theater Center. —TOOTS O. TOLENTINO

GIVEN that Red’s debut in Manila was produced and starred in by Bart Guingona in 2013, it would be easy to assume that he was also responsible for its upcoming restaging again by The Necessary Theater. But bringing back John Logan’s masterpiece was not on his mind at all. The culprit was fellow actor JC Santos.

Arguable best known for his TV and movie roles — he played the lead in ABS CBN’s Til I Met You in 2016-17, the lead in ABS-CBN’s 24/7 in 2020, and is the protagonist in TV 5’s Dirty Linen this year — theater is his love.

“Over 10 years ago, 2011, I was working in Disneyland and my friend gave me a script. It’s Red by John Logan. I read it and then I kept asking people to read it with me! I was obsessed with that material,” Mr. Santos shared.

When he heard that it was being staged in the Philippines, he was so jealous. But now, the opportunity finally presented itself and he is excited to work with Mr. Guingona whom he considers a master.

Ito ang may sala eh (It’s this guy’s fault)!” the “master” laughed. “We were together in Dirty Linen, and I was minding my own business in the tents, lounging around, waiting for my cue then this guy comes in and says, ‘Kuya Bart, Kuya Bart! Red?’ And at first, I didn’t even think about it. But then, Dramatists Play Service popped up on my Instagram timeline showing a photograph of our production of Red. So I said, “Oh! Is this some kind of a sign?” And then I texted him and said, ‘Uy! Seryoso ka ba? (Hey! Are you serious?) Get the rights!’ He was dead serious so here we are.”

Written in 2009, Red is John Logan’s take on artist Mark Rothko’s career. He focused on that point in his life when he accepted a commission for several murals for the Four Seasons restaurant. As the artworks were completed, he came to realize that the commercial space meant only for the world’s wealthiest patrons was not the right space for his work.

The play runs for just over an hour and is an intense discourse between two characters: Rothko and his assistant, Ken. While Rothko is a historical figure, Ken is not. He is a representative character of all of the artist’s assistants through the years. The pair was first performed by Alfred Molina and Eddie Redmayne.

“After 10 years have passed, I realized that there was so much about the first time that I missed out on,” Mr. Guingona admitted. “I think that I understand Rothko much better now. And I think I can defend him better to a world that’s going to be… because, in truth, he is not a very likable man. We can accuse him of intellectual snobbery. We can accuse him of so many things, but like someone who is uncompromising, he sacrificed being likable for sticking to his principles. I think we can do better now, right?”

His Rothko was previously partnered with Joaquin Valdes’ Ken. But a new Ken is not just what will make the 2023 run different. The staging will be different too.

“This is going to be a fuller production,” explained associate director Mark Daniel Dalacat. “We’ll see much more of the world than before. It was very pared back when they first did it and I think it was appropriate for the time but for now we really wanted to bring the world alive. You get to see it. It’s a working studio on stage.”

Admittedly, this “fuller stage” is still quite modest when compared to the gigantic productions of musicals that have returned to the stage since the lockdowns have lifted. But Mr. Guingona is confident that small, quiet productions such as Red will always have a place in the Philippines’ theater landscape.

“In an age when smart-shaming is a thing, this guy actually wore his erudition like a badge of honor,” he said. “And you could hate him for it because he was exacting. And I’m thinking, ‘Oh! You know what? It’s so relevant for today. I think we should start getting attracted again to intellectual expansion rather than populism. So, the musicals, I am so happy that the scene is alive again. The musicals have their place, and the entertainments have their place, but there is theater that’s necessary. And I’m glad I have the opportunity to bring it.”

The confidence is clearly present. And more importantly, the trust. A play with only two characters talking for an hour will require complete faith in the fellow actors on stage. And this is why Mr. Santos was adamant in performing the piece with Mr. Guingona.

Gusto ko siyang makatrabaho eh! Wala akong makitang ibang gagawa kundi siya lang (I wanted to work with him. I can’t imagine anyone doing it except him),” he declared. “Nami-miss ko yung pinapa-isip ko yung audience. Gusto ko ulit mag-disturb ng tao. Tara, isip muna tayo ulit. Lumayo muna tayo sa swipe-swipe. Manood tayo ng live (I miss making people think. I want to disturb people again. Come, let’s think again. Let’s move away from swiping. Let’s watch a live performance)! Let’s appreciate art work again.”

He added that performing on stage is helping him improve his acting. He has learned to be more vulnerable, laughingly claiming that he can now cry at the drop of a hat. He returns to television feeling refreshed, extra confident, and armed with more technique.

Nung sabi ko na babalik ako ng theater, kailangan kong mag software update (When I said I was returning to theater, I needed a software update)!” Mr. Santos reiterated. “Kinakalawang eh! Magre-rehearse ako ulit (I’m rusty! I will rehearse again). And I love that! I love the whole rehearsal process, that we’re thinking about the script and how to make it extra natural, memorable, and papaano pa natin mapapa-isip yung audience. Lalo itong play na ito (how else we can make the audience think. Especially with this play). This is lecture! You’re listening to Mark Rothko! Papaano natin gagawing interesting sa audience (How do we make this interesting for the audience)? I love the whole challenge of it! So for me, it’s a software update.”

If there is one aspect of Rothko’s life that the two men can relate to, it is the struggle that every artist must face in the pursuit of their craft: the struggle between art and commercial viability.

For Mr. Santos, it is always a gamble when accepting projects either for commercial or artistic gain. He is very conscious that he needs to make a choice.

“This is my first producer job,” he shared. “Ako kasi, gusto kong gumawa ng play then, sige, mag-produce na ‘ko. Gagawin ko na ito. Hindi na ‘ko maghihintay ng iba na may magha-hire sa akin. Let’s do it na! (Me, I wanted to make a play so I produced it. I’m doing this. I won’t wait for someone else to hire me. Let’s do it)!”

To which Mr. Guingona agreed wholeheartedly.

“It really is a struggle. JC’s right. You really have to make a choice. So, ako, I tell them already, ‘I know you’re paying me better. I know that it’s a living. But sometimes you have to make a sacrifice because the commerce is not worth the value of your soul.’”

Red will have a will have a limited 10-show run from June 9 to 18 at the PETA Theater Center.

Medilines posts 53% net income growth, remains ‘bullish’ this year

MEDILINES Distributors, Inc. recorded P214 million in core income for 2022, up 53% from the previous year driven by higher revenues, the listed medical equipment distributor said on Tuesday.

In a disclosure, the company said revenues increased 24% to P1.9 billion mainly due to the distribution and delivery of its cancer therapy devices totaling at P1.1 billion. Its linear accelerator devices were delivered to major hospitals in the Philippines.

“We are happy with our 2022 results which is a banner year for the company,” Medilines President and Chief Executive Officer Patricia V. Yambing said in a statement.

Medilines said that its dialysis segment saw a 76% year-on-year growth on the back of an increase in its distribution.

“The expansion of its dialysis consumables line of products is one of the pillars of Medilines’ growth strategy,” the company said.

Sales of its diagnostic imaging equipment grew by 5% to P306 million as imaging devices were distributed to multiple healthcare facilities.

“We remain bullish with the industry for this year, and we believe that we are in the right position to take on more opportunities as we sustain our leadership in the medical equipment and consumables distribution market,” Ms. Yambing added.

Meanwhile, the company is planning on participating in the government’s plan to improve healthcare facilities and expand dialysis wards in state-owned hospitals.

“Our focus remains on business strategies that will deliver profitable and sustainable growth over time. We are looking at a steady growth in 2023, as the government implements its Philippine Health Facility Development Plan,” Ms. Yambing said.

Medilines shares increased by 3.39% or two centavos to close at P0.61 each on Tuesday. — Adrian H. Halili

The importance of honoring our heritage

BAYANIHAN PHILIPPINES performs during the announcement of Heritage Month events. —GISELLE P. KASILAG

NCCA launches Heritage Month activities

WITH the urgency of honoring the past and preserving its legacy, the National Commission for Culture and the Arts (NCCA) unveiled the events for National Heritage Month that highlight the dynamic nature of the national patrimony.

“Our Filipino heritage is the legacy that our ancestors left us. From buildings and structures to social practices, oral traditions, and living expressions, our heritage speaks of what we have been through as a country and it speaks of the resilience of those who came before us. Our Filipino heritage also speaks of who we are as a nation. It indicates what we value as a society,” said Oscar Casaysay, executive director of the NCCA.

“It signals the direction of who we will be and, that said, we should continuously learn about our heritage and preserve it. By doing so, we honor the sacrifices of our forefathers. We honor their blood and sweat that shape the nation’s identity.”

Slated for the month of May — which Filipino Heritage Festival Inc. president Armita Rufino pointed out is the month with the most festivals in the Philippines — the celebrations will focus on four aspects: sustainable heritage management, heritage science, intangible cultural heritage, and urban heritage.

The kick-off event was held on May 2 at the Capiz Provincial Capitol in Roxas City. Apart from presentations of folk songs and dancing, the event featured the launch of the commemorative stamp entitled “Kalayaan ay Pamana: 125th Anniversary of the First Philippine Republic and Democracy.”

A webinar through Facebook focusing on the role of librarians in preserving traditions called the “Aklatan Series: Role of Librarians in Cultural Heritage Preservation,” will be held on May 5.

“Sinupan Kamustahan 3: Pangangalaga at Pagpapalaganap sa Komunidad” on May 17 is a Facebook Live event that will discuss online the different archival projects in the country.

An audio-visual presentation, Tahanan ng Kasaysayan: The Aguinaldo Shrine’s Legacy to Philippine Independence, will premiere on May 18 through Facebook. It highlights the transition of Emilio Aguinaldo’s home into a historical landmark that is vital in understanding the story of the nation.

“Tourism and Heritage: Enemies or Partners in Progress” is the theme of the Capacity Building in Heritage Management Clinic 2023-2024 to be held on May 23 to 30 at San Carlos in Pangasinan. The event will bring together experts in tourism and cultural management to guide strategies and best practices that tourism stakeholders may implement.

And finally, opening this month will be the Virtual 360° Heritage Site Tour: Museo de San Agustin, an online portal with high-definition photography and videography of the iconic San Agustin Church in Intramuros, Manila.

Alongside the NCCA events is the Filipino Heritage Festival 2023 with its complimenting calendar of activities. This includes an essay writing competition, a heritage quiz, an exhibition on plazas at the Metropolitan Museum entitled “Places of Memory, Place of the Heart: Plazas in the Philippines,” a touring exhibit of National Artist Larry Alcala’s cartoons entitled “Larry Alcala: Slices of Life, Wit and Humor,” a Bacolod Heritage Tour, and many more.

“This year’s National Heritage Month, with its theme of change and continuity, reminds us that we should continue to develop what our forebearers have founded which is our Filipino heritage,” reiterated Victorino Manalo, chairman of the NCCA. “It is something we can hold on to in our changing world. But our task isn’t easy and it continues through the years.”

AllHome income falls 35% to P934M

VILLAR-LED AllHome Corp.’s attributable net income for 2022 fell by 35% to P933.77 million from P1.44 billion the prior year, the company said on Tuesday.

In its annual financial statement, the seller of home improvement products reported a 12.3% decline in revenues to P12.56 billion from P14.32 billion due to weakened sales since the second quarter of 2022.

“AllHome’s 2022 performance is one that still bears the hallmarks of the many changes of the post-pandemic scenario,” AllHome Chairman Manuel B. Villar, Jr. said in a statement.

“The ‘revenge spending’ phenomenon that marked the inevitable end of the pandemic has shifted to travel and leisure with the lowering of restrictions on these activities. Despite the business challenges, AllHome will continue to push efficiencies where we can, such as our recorded improvements on our gross and net profit margins,” Mr. Villar added.

The company’s gross profits declined by 8% to P4.62 billion from P5.02 billion the prior year. Its costs decreased by 14.7% to P7.94 billion from the P9.31 billion reported the previous year as goods were purchased in advance at lower costs.

Last year, the company’s store outlet in Alabang was damaged by fire. As a result, it wrote off inventories and property and equipment valued at P83.8 million and P219.3 million, respectively.

As such, the bottom line for the year excluded the damage caused by the fire, bringing its core net profits to P1.17 billion.

“By ensuring significant visibility with organizations and industry events such as UAP, Worldbex and continuing to tap building and home improvement professionals with our signature events such as Coffee Connections and Home Design Inspirations, we believe AllHome only stands to gain even more confidence from the industry at large,” President and Chief Executive Officer Benjamarie Therese N. Serrano said.

AllHome shares rose by 1.9% or four centavos to end at P2.14 apiece. — Adrian H. Halili

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