Asian Cultural Council holds fundraising auction

February 12, 2025 | 12:05 am

Vicente-Manansala’s-Dambana,-Fernando-Zóbel’s-Septiembre,-a-las-siete-de-la-tarde,-en-Tres-Juncos,-and-Vicente-Manansala’s-Sabungero — VICENTE MANANSALA’S Dambana, Fernando Zóbel’s Septiembre, a las siete de la tarde, en Tres Juncos, and Vicente Manansala’s Sabungero

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Proceeds go to art fellowships

AS PART of its commitment to nurturing Filipino artists, the Asian Cultural Council (ACC) will auction off major artworks on Feb. 22 at the Leon Gallery.

The ACC Philippine Fellowship Program will benefit from the auction, which is now on its 10^th year. For this edition, nine Filipino artist-fellows are set to embark on cultural exchange projects in the United States, India, and Japan.

Among this auction’s highlights is Fernando Zóbel’s Septiembre, a las siete de la tarde, en Tres Juncos, a key work from TIME magazine’s 1966 feature on Museo de Arte Abstracto Español in Cuenca, Spain. It is considered by experts to be among Mr. Zóbel’s most important works, said Leon Gallery director Jaime Ponce de Leon.

“This was [on] the cover of last year’s important Fundacion Juan March exhibition in Madrid,” said Mr. Ponce de Leon at a press conference on Feb. 10 in Makati. “Zóbel dedicated his work to the mayor of Cuenca who allowed him to accomplish his dreams to build a museum there.”

The public sale will also have two works by National Artist Vicente Manansala on the block: the Spanish colonial heritage tribute Dambana and the Cubist stained glass-inspired Sabungero, reflecting his depictions of the sacred and the ordinary.

These three works actually form an interesting connection to ACC’s ideals, said Leon Gallery curator Lisa Guerrero-Nakpil.

“In the 1950s, before ACC was ever invented, Mr. Zóbel was like the one-man ACC. He arranged for a scholarship for Manansala,” she said. “Some people think [the Sabungero work] would be an Ang Kiukok, but it isn’t — but Manansala did also take Ang Kiukok under his wing.

“You can see a relationship between all the artists and their tradition [in] what the ACC does today, in the sense that they’re spreading the word through sponsorships, not just affecting the life of one artist, but a whole community, up to several generations of artists.”

GRANTEES
Over 300 artists, scholars, and professionals across various art disciplines — including performing arts, visual arts, archaeology, and curatorship — have received ACC grants since 1963. Some of them have since become National Artists: Jose Joya (Art), Lamberto Avellana (Film), Kidlat Tahimik (Film), Ramon Santos (Music), and Alice Reyes (Dance), among others.

This year, 140 paintings, sculptures, and antiques will be up for grabs for the benefit of nine more grantees. Currently doing their fellowships in New York are dance artist Maria Patricia Bernas, who is pursuing dance movement therapy; visual artist Archie Oclos who is doing art research; dramaturg-educator Anril Tiatco, who is training on dramaturgy; and curator-critic John Alexis Balaguer, who is studying exhibition writing and art criticism. Theater artist Toni Go and playwright-director Joshua Lim So will be joining them in July, for theater-related fellowships.

Meanwhile, theater arts practitioner Aina Ramolete is taking on puppetry studies in Connecticut, while literary artist Padmapani Perez is conducting nature-centered research across India. Already back from his fellowship is conservation specialist Peter John Natividad, who studied techniques used in the mounting and seismic control systems of various museums in Japan.

AUCTION HIGHLIGHTS
Works by many important names in art will go on the block on the Feb. 22 auction. There will be Evening in Shanghai by José Joya, who was also the first-ever Filipino ACC grantee for visual arts.

Anita Magsaysay-Ho’s On the Beach, a masterpiece from her ink-blot series, and Mother and Child, a rare terracotta sculpture, are expected to fetch high prices. Also included are pivotal works by Philippine masters: Hernando R. Ocampo’s Terminal, painted at the start of his Visual Melody period; Ang Kiukok’s Android, from his groundbreaking 1966 Luz Gallery exhibit; and Elmer Borlongan’s Pahinga, exhibited at the Fukuoka and San Francisco art museums.

Two paintings from the collection of the Ford Foundation’s Philippine representative Arthur Hill and his wife Julie, will go under the block for the benefit of underprivileged provincial students who passed the University of the Philippines College Admission Test but do not have the means to afford the cost of living on campus. These are H.R. Ocampo’s A Song for Summer and Ang Kiukok’s Mother and Child.

“These are works of excellent provenance, published, and of such high quality,” said Leon Gallery’s Mr. Ponce de Leon. “Through them, the ACC underlines the importance of sponsorship and mentoring, for the spread and development of Philippine art.”

The works can be viewed at the Leon Gallery starting Feb. 18, 6 p.m. The auction will be held on Feb. 22, with open bidding commencing at 2 p.m. For details, visit leon-gallery.com. — Brontë H. Lacsamana

T-bond yields drop as market eyes BSP cuts

February 12, 2025 | 12:05 am

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday at lower rates amid healthy appetite for longer tenors on expectations that the Bangko Sentral ng Pilipinas (BSP) will continue to ease its policy stance.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued 10-year bonds it auctioned off on Tuesday as total bids reached P67.611 billion or more than twice the amount on offer.

This brought the total outstanding volume for the bond series to P323.6 billion, the Treasury said in a statement.

The bonds, which have a remaining life of seven years and seven months, were awarded at an average rate of 5.973%. Accepted bid yields ranged from 5.9% to 5.984%.

The average rate of the reissued papers declined by 27.6 basis points (bps) from the 6.249% fetched for the series’ last award on Jan. 14 and was also 77.7 bps lower than the 6.75% coupon for the issue.

This was likewise 2.1 bps lower than the 5.994% quoted for the seven-year bond but 1.3 bps above the 5.96% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

Following the oversubscription seen for Tuesday’s offering, the BTr opened its tap facility window to government securities eligible dealers and market makers to raise up to P5 billion more via the bonds at the same average rate fetched during the auction proper.

The Treasury fully awarded the T-bonds as the average rate fetched was lower than the previous reissuance and also broadly in line with comparable secondary market yields, it said.

The full award came as the offering was met with “good demand,” a trader said in a text message.

“Investors seem comfortable extending duration amid the rate cut outlook,” the trader said.

The average auction yield declined ahead of a widely expected BSP rate cut this week and expectations of further easing amid a benign inflation outlook, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Monetary Board will hold its first policy meeting for the year on Feb. 13 (Thursday).

A BusinessWorld poll conducted last week showed that 19 out of 20 analysts expect the BSP to cut its target reverse repurchase rate by 25 bps on Thursday.

This would mark the central bank’s fourth straight 25-bp cut since August and would bring the policy rate to 5.5% from 5.75% currently.

BSP Governor Eli M. Remolona, Jr. earlier said a rate cut is “on the table” at this week’s meeting.

He said they may slash benchmark interest rates by 50 bps this year as “policy insurance” against risks, with the cuts likely to be done in 25-bp increments each in the first and second half.

Philippine headline inflation stood at 2.9% year on year in January, steady from the December print.

This was within the BSP’s 2.5%-3.3% forecast for the month and its 2-4% annual target.

The central bank expects headline inflation to average 3.3% this year under its baseline scenario.

The BSP said following the data release that it will continue to monitor risks to the inflation outlook and maintain a “measured approach” to policy easing.

Mr. Ricafort added that T-bond rates declined to mirror the recent easing in US Treasury yields following various policy statements by US President Donald J. Trump.

The BTr is looking to raise P203 billion from the domestic market this month, or P88 billion from Treasury bills and P115 billion from T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — Aaron Michael C. Sy

Botero, Banksy win big in Sotheby’s debut Saudi auction

February 12, 2025 | 12:04 am

Society-Woman-by-Fernando-Botero---sothebys.com-thumb — SOCIETY WOMAN by Fernando Botero was sold at the inaugural auction of Sotheby’s Saudi Arabia for $1 million. — SOTHEBYS.COM

SOCIETY WOMAN by Fernando Botero was sold at the inaugural auction of Sotheby’s Saudi Arabia for $1 million. — SOTHEBYS.COM

THE HISTORICAL mud-brick city of Diriyah in Saudi Arabia played host to an unusual crowd on Saturday night: art aficionados, new collectors, and first-time paddle holders melding together to take part in Sotheby’s inaugural auction in the kingdom.

The offerings were as diverse as the crowd, with everything from high-end collectible watches to handbags, paintings, jewelry, and sports memorabilia on sale to the highest bidder. In the end, it may have been Saudi Arabian businessman Amr Zedan who struck the most luck.

Mr. Zedan, who had participated in Sotheby’s auctions on the phone prior to the event, won bids for two pieces, including the oil painting Society Woman by Fernando Botero for $1 million. A new art collector, Mr. Zedan said he plans to add the piece to a portfolio started with his wife.

Society Woman was among the top lots of the night, along with a work from Banksy that fetched $1.2 million. In all, the 117 lots of the evening sold for a total of about $17 million, compared with a pre-sale estimate of $14 million to $20 million.

That’s not a lot of money for a major art auction or in moneyed Saudi Arabia. But Sotheby’s was aiming for a solid if limited start for the kingdom to start catching up with regional neighbors.

The United Arab Emirates has been active on the arts scene for years, with the Louvre Abu Dhabi drawing visitors since 2017 and both Sotheby’s and Christie’s are operating in Dubai. While its art industry is still developing, Saudi Arabia’s economy is the biggest in the Middle East, and its young population of citizens are being encouraged to pursue more creative avenues to help drive non-oil growth.

For Sotheby’s, the event’s stakes were high. The auction house is investing to expand in new countries as it battles a prolonged slump in the art market along with rival Christie’s. Sotheby’s recently sold a minority stake to Abu Dhabi’s sovereign wealth fund, in part to establish a regional partner to help sharpen its focus on the Middle East, said Chief Executive Officer Charles Stewart.

Holding an auction in Saudi Arabia is part of that strategy. “This is the beginning of a new chapter of focus.”

Before the auction started, attendees and registered bidders who spoke to Bloomberg expressed deep curiosity on what items would sell best and noted that prices seemed lower than in auctions in New York and Paris.

“They’re testing the waters,” said Ali Mubarak, who works at a local art house. “It’s hard to know what people want in such a new market.”

The open-air venue, surrounded by palm trees alight in yellow hues and the aroma of cardamom from servings of Arabic coffee, featured 250 seats. Participants came from 45 countries and about a third of buyers were from Saudi Arabia, Sotheby’s said. More than 30% were under the age of 40.

The collection put up for sale was broad by design to give Sotheby’s a chance to “see where the real heat is” and showcase the breadth of auction offerings to new audiences, Mr. Stewart said.

Heba Alali was one participant who traveled from abroad, driving five hours from Bahrain to Diriyah, located just outside the Saudi capital of Riyadh, to bid for the first time after watching auctions online for years.

“I came tonight to finally experience it myself,” said Alali, who was outbid for the Botero painting that was among the night’s top lots. “It’s important to us in the Arab world to see this happening in Saudi Arabia.”

CONTEMPORARY COMPETITION
The strongest interest was for modern and contemporary art, including paintings and ceramics and pieces from the Islamic world.

The battle for the opening piece, an oil on canvas painting by late Lebanese artist Huguette Caland, was among the most heated, with bids over the phone, online and in person. It was ultimately sold over the phone.

A work on paper creation by Picasso and light installation piece by James Turrell were also highly competitive. Leading the offering of Saudi art was a painting by Mohammed Al Saleem, which fetched $660,000, triple the estimate.

As the night moved on to luxury items including sports memorabilia worn by Cristiano Ronaldo, the first major football star to play in a local Saudi league, the crowd at Diriyah slimmed. Bidding was heavy and quick among online participants but saw limited in-person paddle activity.

The Ronaldo items, including four jerseys and signed boots, sold for a total of about $151,000.

In the luxury category, a pair of pendant Graff earrings featuring pear-shaped diamonds sold for $780,000.

TOP LOTS
Ahead of the sale, three pieces carried the highest estimates at $1 million to $1.5 million: a Fernando Botero sculpture, a René Magritte painting, and a Richard Mille timepiece.

In the end, Magritte’s L’État de veille painting, signed and dated 1958, fetched $1.2 million — on par with Banksy’s Subject to Availability, which was created as part of his series of vandalized oil works.

While it wasn’t Botero’s sculpture that ultimately won out, his Society Woman painting earned applause when being won out by a local Saudi bidder. There was competition from three people before Saudi businessman Mr. Zedan ultimately secured the prize at what he called a “good deal.”

“We happened to be at the right place at the right time,” he said. — Bloomberg

Injap Sia pledges P10M to boost PERA investments

February 12, 2025 | 12:04 am

starweek3-injap-sia_2018-09-15_18-02-13 — EDGAR J. SIA II — PHILIPPINE STAR/ERNIE PEÑAREDONDO

DRAGONFI Securities, Inc. has secured a P10-million matching grant fund after its recent launch as the first personal equity and retirement account (PERA) administrator accredited by the Securities and Exchange Commission (SEC).

The grant, which came from DragonFi Co-Founder and DoubleDragon Corp. (DD) Chairman Edgar “Injap” J. Sia II, seeks to encourage more Filipinos to invest in PERA, the stock brokerage said in an e-mail statement on Tuesday.

DragonFi is the stock brokerage arm of DD. The grant is expected to support 2,000 Filipinos aged 18 to 35.

Each participant who contributes the first P5,000 to their PERA account will receive an additional P5,000 in matching funds, doubling their investment.

DragonFi said the creation of 2,000 new accounts will result in a 35% increase in the country’s overall number of accounts.

It added that the P20-million infusion into PERA, consisting of the P10 million from contributors and P10 million from the grant, will generate a 4% increase in total PERA contributions.

“I hope that through the PERA program and this initial grant, we’re not only paving the way for 2,000 Filipinos to become future millionaires but also igniting a movement that will empower millions of young Filipinos to achieve financial independence within our lifetimes,” Mr. Sia said.

Following the launch, DragonFi aims to introduce its PERA services in the second half of this year.

“With strong support from regulators, businesses, and individual investors, PERA has the potential to reshape the way Filipinos prepare for retirement,” DragonFi Chief Executive Officer Jon Carlo Lim said.

In September last year, the SEC issued Memorandum Circular No. 14 that included securities brokers, investment houses, and fund managers as eligible PERA administrators.

PERA refers to a voluntary retirement saving program on top of existing retirement benefits from the Social Security System, Government Service Insurance System, and employer-sponsored plans.

“DragonFi’s accreditation signals a new chapter in making retirement savings more accessible and efficient for Filipinos,” SEC Commissioner McJill Bryant T. Fernandez said.

“This is a key undertaking that reflects our shared commitment to advancing the Philippine capital market and ensuring the financial well-being of every Filipino,” he added.

On Tuesday, DD shares were unchanged at P10 apiece. — Revin Mikhael D. Ochave

TransUnion Philippines appoints banker Peter Faulhaber as president

February 12, 2025 | 12:04 am

TRANSUNION Philippines has appointed veteran banker Peter Faulhaber as its new president and chief executive officer, it said on Tuesday.

“We are excited to welcome Peter and his appointment comes at an important time for TransUnion Philippines as we work to further enhance our services and solutions in a rapidly growing market with surging credit adoption and proliferating digital services,” TransUnion Asia-Pacific Regional President Marie Claire Lim Moore said in a statement.

“As a former user of TransUnion services, Peter is uniquely positioned to understand our business, the local Philippines market and the needs of our customers. He is the ideal leader to help us implement our wider global TransUnion solution set in the Philippines for the benefit of the customers and consumers we serve, and advance our mission of Information for Good,” Mr. Moore added.

Mr. Faulhaber will oversee the Philippine office under the supervision of Ms. Moore. He will also report to the board of TransUnion Philippines.

“I am delighted and honored to join TransUnion, which is dedicated to driving financial inclusion in the Philippines through innovation and insights. Since it was established, TransUnion has enabled a large number of Filipinos consumers greater access to the formal financial system, unlocking more potential and opportunities in businesses and in communities. I look forward to leveraging my skills and expertise in the financial industry to enhance the nation’s financial knowledge and resilience. This will enable consumers to access credit more responsibly and empower them to achieve great things,” Mr. Faulhaber said.

The new TransUnion Philippines CEO has more than two decades of experience in the banking industry, holding various leadership roles in the Philippines, Asia, the United States, and the Middle East, the company said.

He holds a Master of Business Administration degree from INSEAD.

“He joins TransUnion Philippines from HSBC Philippines, where he served as head of Wealth and Personal Banking and held the position of vice-chairman at HSBC Investment and Insurance Brokerage Philippines, which was established during his tenure,” it said.

“Faulhaber has a proven track record of balancing performance growth and risk mitigation, as demonstrated by his dynamic leadership in both areas throughout his career. His experience aligns seamlessly with TransUnion, which is dedicated to supporting growth with insight-driven risk management,” TransUnion Philippines added. — A.M.C. Sy

The Philippine economy in 2025

February 12, 2025 | 12:03 am

hand-reaching-out-towards-city-skyline — FREEPIK

The Philippine’s GDP grew at 5.6% for the whole year of 2024, pulled down by the usual non-performer and Achilles heel of the Philippine economy, the Agriculture, Forestry and Fishing (AFF) sector that contracted at 1.6%. Services grew by 6.7% while industry expanded 5.6%. Although the GDP growth was below the Government’s target of 6% to 6.5% (close to the average of the last 14 years, with the exception of the pandemic years), at 5.6%, the Philippines is still ranked, together with India and Vietnam, as among the fastest growing economies in the Indo-Pacific region and in the whole world.

This should not be, however, a consolation to our leaders because, as I have written time and again in the past, we should be growing at 8% or more if we want to reduce the scandalously high poverty incidence of 16% for the whole country (and more than 30% in many regions, especially in Mindanao) to single-digits by the end of the Marcos Jr. Administration. All of our peers in the ASEAN region have poverty incidences of zero to five percent!

The encouraging news is that 2025 can see GDP growth of at least 6.5% because of a combination of global and domestic forces that can lift the volume of production of the national economy. As in previous global economic crises (the East Asian Financial Crisis of 1997 to 2000, the Great Recession of 2008 to 2012, and the COVID-19 pandemic from 2020 to 2022), the Philippines will be one of the least negatively impacted by the global economic slowdown that will be precipitated by the tariff wars that US President Donald Trump has already launched so very early in his presidency.

As we have analyzed over the last 25 years, the Philippines is practically immune to global economic crises because of its very low export-to-GDP ratio, which currently stands at 27% (as contrasted with 100% to 150% of neighbors like Singapore, Hong Kong, Vietnam, etc.). Our weakness in global trade becomes a strength during times of crisis. As practically all large, medium-, and small-scale enterprises in the country can attest to, their business predominantly depends on the domestic demand generated by 120 million people residing in the country.

Consumers will continue to be loaded with purchasing power from the $40 billion of OFW remittances, which will have greater purchasing power because the exchange rate will continue to depreciate at the P58 to P59 level. The moves of the Trump Government to deport residents will hardly include Filipinos in the US because they don’t belong to the “criminal illegal immigrants.” In fact, they are among the most helpful to the American public as nurses, caregivers, tourist workers, teachers, and even IT professionals.

Also, the information technology-business process outsourcing (IT-BPO) industry of the Philippines, which now employs some 1.7 million workers, is not being targeted by the MAGA policy of President Trump. They are doing work that Americans are reluctant to do. Besides, our leaders in the BPO-IT sector are so pro-active that they are quickly reskilling, retooling, and upskilling their workers in order to meet the threat of their replaced by Artificial Intelligence. Unemployment is being reduced as industry is actively promoting Enterprise Based Learning to reduce the mismatch between the output of our schools and the demand of industry for specific skills. Also, the Bangko Sentral ng Pilipinas (BSP) is expected to continue easing interest rates even if the US Federal Reserve pauses in its cutting interest rates due to the possibility of inflation being re-ignited in the US because of all the tariffs that Trump is imposing on imports. Lower interest rates in the Philippines can encourage higher consumption. With expert management of our BSP, inflation has been brought down to a low of 2-3%.

On the expenditure side, government spending boosted GDP growth by increasing 9.7% in 2024. Consumer spending and Gross Capital Formation (Investment) were muted at 4.7% and 4.1%, respectively. Both exports and imports grew at a lackluster rate of 3.2%.

Election-related spending will be especially high in the first semester of 2025, ironically benefiting from the very controversial manipulation by Congress of the budget by which funds originally meant for education and health were diverted to pork barrel items that will help the incumbent politicians to buy votes. This temporary boost to GDP growth, however, does not justify the misallocation of scarce resources, especially since we are so far from investing the required 6% or more of GDP which our ASEAN neighbors are spending on education. The same thing can be said of the need to jack up the percentage of GDP spent on public health. It is hoped that the President will take greater control of the budgeting process and make sure that the tinkering with the budget by members of Congress does not happen again next year. He still has time to prevent the raid on public coffers by politicians who are using the so-called ayuda (assistance) to increase their pork barrel funds.

On the investment side, we can expect higher investments from the US and Japan, in line with the advocacy of their governments to construct the Luzon Economic Corridor which is meant to relocate a significant part of the US and Japanese chips manufacturers now operating in China. The Philippines has a reasonable chance of attracting some of these higher-value electronics and semi-conductor firms away from China (and Taiwan) because the governments of our ASEAN neighbors (Indonesia, Thailand, Malaysia, and Vietnam) have decided to join the so-called BRICS (Brazil, Russia, India, China, South Africa) intergovernmental grouping being promoted by China and Russia to counter the political and economic influence of the US in the Indo-Pacific region. There are also African and Latin American nations that have joined this new version of BRICS*. It was wise for President Ferdinand “Bongbong” Marcos, Jr. to decide not to join this political grouping. We can be sure that President Trump will take note of this despite the fact that the Luzon Economic Corridor idea was conceived during the time of his predecessor, Joe Biden.

Another reason why President Trump will exempt us from the harshest MAGA measures is that we have two of his closest advisers, Secretary of State Marco Rubio and multi-billionaire Elon Musk, very well disposed towards the Philippines.

When Mr. Rubio appeared before the US Senate for the confirmation of his appointment as Secretary State, I counted that he mentioned the Philippines at least four times. He was constantly insisting on how the US has a serious responsibility to help the Philippines (and Taiwan), because we are the closest ally of the US in this region.

Elon Musk also manifests a certain special attachment to the Philippines. He is putting his money where his mouth is in the numerous Starlink satellite connections he is installing on many of our isolated islands. He also has started selling his Tesla electric cars here, even while realizing that it would be difficult for him at this time to compete price-wise with the BYD car of the Chinese.

I partly attribute his fondness for us because of our “young and growing” population. He very frequently refers to the “demographic suicide” that many advanced countries have committed, leading to very low fertility rates and a rapidly ageing population, including China. I am sure he will always put us in a good light when he advises President Trump on his foreign policy towards the Indo-Pacific region.

Fortune shines on us during this Year of the Snake. This optimistic note about the economy should partly counter the pessimistic expectation that once again, in the coming May elections, the electorate will vote for many unqualified candidates to the Philippine Senate.

*Current membership consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

mWell acquires Ayala group’s KonsultaMD

February 12, 2025 | 12:03 am

METRO PACIFIC HEALTH Tech Corp. (mWell) has signed a deal with the Ayala group to acquire its telehealth company, KonsultaMD.

The acquisition of KonsultaMD was formalized on Tuesday, mWell said in an e-mail statement. The value of the deal was not specified.

KonsultaMD is a telehealth platform of Globe’s corporate venture builder 917Ventures under the Ayala group, while mWell is the digital healthcare arm of Metro Pacific Investments Corp. (MPIC).

“Progress for any country depends on a healthy citizenry. This agreement represents a giant step forward towards real, immediate, and reliable care for our countrymen,” mWell Chairman and MPIC Manuel V. Pangilinan said.

KonsultaMD will continue to keep its brand and operate under MPIC and mWell management in the interim following the acquisition, ensuring continued access to key services while enhancing healthcare delivery.

“This acquisition supports our common vision of delivering accessible and inclusive healthcare solutions to every Filipino,” Ayala Corp. Chairman Jaime Augusto Zobel de Ayala said.

The integration of the KonsultaMD and mWell platforms will expand MPIC’s reach, linking more patients to its nationwide hospital and healthcare network.

“By integrating our resources with KonsultaMD, we are well-positioned to provide expansive and high-quality healthcare to all Filipinos, both locally and globally,” mWell President and Chief Executive Officer (CEO) Chaye Cabal-Revilla said.

Established in 2015, KonsultaMD offers health services including 24/7 doctor consultations, diagnostics, medicine delivery, and homecare. It has 2.7 million users and a wide network of partner doctors.

For its part, mWell is a health and wellness app that has 3.1 million users. Its global reach includes over 90,000 users from across Asia, South America, Africa, North America, Oceania, and Europe.

“Bringing together the power of mWell’s digital ecosystem and KonsultaMD’s comprehensive services and expansive reach will ultimately benefit Filipino consumers. This synergy will help us more swiftly achieve our shared goal of providing healthcare for all,” Globe President and CEO Ernest L. Cu said.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Arts & Culture (02/12/25)

February 12, 2025 | 12:03 am

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Heroes of Remedios Hospital honored at San Agustin

THE World War II Malate Grave Project will culminate on Feb. 13, 2 p.m., with a ceremony at the San Agustin Church in Intramuros, Manila. The event, scheduled in time for the 80^th anniversary of the Battle of Manila, includes a funeral mass, procession, and re-interment of exhumed commingled mass grave remains of the heroes of Remedios Hospital in the San Agustin Crypt. It is the culmination of the five-year Malate Grave Project, a groundbreaking forensic archeological and anthropological project centered on a long-forgotten civilian mass grave site discovered at the Malate Catholic School in late 2019. Then an emergency hospital for American prisoners of war, the site was bombed by Allied Forces in February 1945. The aerial assault destroyed the hospital and killed Columban priest John Lalor of Malate Church and a number of hospital volunteers and patients, including the Filipino scientist Maria Orosa.

Romance filmmakers conclude Benilde film fest

IN celebration of the love month, the Film Department of De La Salle-College of Saint Benilde invites movie enthusiasts to watch LIGAW! BenildeFilm Romance Festival and then attend a roundtable on Valentine’s Day itself to listen to makers of romance films discuss the anatomy of a love story. The two days feature a total of 14 short romance films – 10 by Benildeans and four by Far Eastern University and University of the Philippines students. The screenings will be held at the Benilde Design and Arts Campus 12F Screening Room on Feb. 12 and 13, from 6 to 8 p.m. The Romcom Filmmakers’ Roundtable will be on Feb. 14, 11 a.m., at the same venue. Guest panelists include director Petersen Vargas and Star Cinema screenwriter and producer Daisy Cayanan Mejares. Pre-registration is required through this link: bit.ly/LIGAWPreReg.

PPO holds Concert V: HOPE on Feb. 14

ON Feb. 14, the Philippine Philharmonic Orchestra (PPO) will commemorate the fallen heroes of World War II with the fifth installment of its 40^th concert season entitled HOPE. The multi-sensory concert, accompanied by Adam Ustynowicz and Piotr Forkasiewicz’s film illustrations, will tackle love and loss during Poland’s Warsaw Uprising in 1944 and remember the Manila Massacre in the Philippines in 1945. Slated on Valentine’s Day, at 7:30 p.m., at the Metropolitan Theater, PPO Concert V: Hope honors the shared tragic past of Poland’s Warsaw and the city of Manila with melodies from Wings of Hope: A Warsaw-Manila Peace Tribute.

Orley Ypon at Galerie Joaquin Rockwell

GALERIE JOAQUIN is presenting the works of a master of Philippine realism, Orley Ypon, in the exhibit Pag-ibig sa Tinubuang Lupa. An artist’s reception will be held on Feb. 13, 5 p.m. The exhibit marks a significant new development in his oeuvre, featuring a series of landscapes that reflect the artist’s personal experiences of Cebu, Cavite, and other places integral to his identity. The title of the exhibition is drawn from Andres Bonifacio’s patriotic poem, “Pag-ibig sa Tinubuang Lupa.” It will run from Feb. 11 to 22 at Galerie Joaquin Rockwell, located at the R3 Level, Power Plant Mall, Makati City.

PAMANA: A Legacy of Philippine Art at drybrush Gallery

THERE will be an exhibit featuring nine artists whose combined artistic journey spans over half a century. Each over 70 years of age, the artists come together to share not just their artworks, but also their legacy with future generations. The exhibition, titled PAMANA: A Legacy of Philippine Art, features the works of Nelson Castillo, Juno Galang, Romeo Gutierrez, Prudencio Lamarroza, Nemi Miranda, Rodolfo Samonte, Caesar Sario, Fernando Sena, and Turs Simsuangco. It runs from Feb. 1 to 28 at the drybrush Gallery, SM MOA Square, 2^nd level of the IKEA Building, Pasay City.

Spanish classical guitarist Miguel Trápaga holds 3 concerts

INTERNATIONALLY acclaimed Spanish guitarist Miguel Trápaga will perform in a series of concerts featuring one of his latest projects, The Guitar in the Time of Manuel de Falla. The concerts will be on Feb. 17, 6:30 p.m., at the University of the Philippines Diliman; Feb. 19, 2 p.m. at the University of Santo Tomás, and Feb. 21, 7 p.m., at Instituto Cervantes in Intramuros. The concerts are presented by the Instituto Cervantes de Manila, the Embassy of Spain in the Philippines, and the Spanish Agency for Cooperation, in collaboration with the UP College of Music and the Conservatory of Music of UST. The program, The Guitar in the Time of Manuel de Falla, features a carefully curated selection of compositions that highlight the vibrant and evocative spirit of Spanish music. These include Isaac Albéniz’ Asturias, Capricho Catalán, and Torre Bermeja; Manuel M. Ponce’s Suite in A Minor (Prélude, Allemande, Sarabande, Gavotte I et II, Gigue); Federico Moreno-Torroba’s Sonatina (Allegretto, Andante, Allegro); Manuel de Falla’s Homenaje a Debussy, Romance del Pescador, Canción del Fuego Fatuo; and Joaquín Turina’s Sonata for Guitar, Op. 61 (Allegro, Andante, Allegro Vivo). The three performances are free of charge, but seating is limited. Reservations can be made through the following link: https://forms.office.com/e/sXJCJsA1wq.

Carlos art book, collaboration with Ken Samudio

TO mark the 75^th birthday of the artist Carlos, Galeria Paloma will be launching a coffee-table book survey of his works, and his collaboration with accessories designer Ken Samudio. These accompany his exhibit Catching Paradise, a one-man show at Art Fair Philippines at the Ayala Triangle Gardens from Feb. 21 to 23. Carlos’ self-titled coffee-table book is a compilation of over 100 artworks that includes his early work as a full-time artist, serving as both a retrospective and an intimate look at his creative process. Signed copies of the book will be available for purchase at the fair or through the gallery. Meanwhile, the limited-edition collaboration features Ken Samudio translating Carlos’ colorful, vivid paintings into beaded minaudières.

Bamboo Organ Festival gala and concerts

THE Bamboo Organ Festival, now celebrating its 50^th year, will open with a special gala featuring musicians from around the world. The unique concert will see the performers play instruments heard in processions in Intramuros during the 17^th century. The performers include Belgian soprano Alice Foccroulle, alto Ily Matthew Maniano, Italian tenor Riccardo Pisani, bas Lanselle Nantes, Japanese violinist Shio Ohshita, Belgian organist Bernard Foccroulle, French and German cornetto players Lambert Colson and Friederike Otto, and Dutch sackbut players Guy Hanssen and Bart Vroomen, and sackbut player Ricson Poonin. The concert will be held on Feb. 20, 8 p.m. at Las Piñas’ St. Joseph Bamboo Organ Church. Two gala tickets cost P10,000. Marian Vespers will be held on Feb. 21 and 22, 8 p.m. Meanwhile, Spanish organist Vicenç Prunés will hold a two-part concert on Feb. 23, 8 p.m., with Part 1 at the St. Joseph Bamboo Organ Church and Part 2 at the Johann Trummer Auditorium at St. Joseph Academy in Las Piñas. There will then be a two-part Organ Recital with Swiss organist Guy Bovet on Jan. 24, 8 p.m., at the church and the auditorium. The UP Los Banos Choir and organist Armando Salarza will perform in a concert called The Splendor of Choral Music on Feb. 27, 8 p.m., at the San Ezekiel Moreno Oratory. The final concert in the festival is called Night of My Favorites, featuring popular artists, on March 1, 8 p.m., at the Saint Joseph Academy Hall. For tickets to the concerts and further details, visit Bamboo Organ Foundation, Inc.

Virgin Labfest 2026 welcomes new entries

THE Virgin Labfest (VLF), the annual theater festival of untried, unstaged, and untested one-act plays, is looking for a new batch of written works for its 21^st season. Twelve new plays will be selected to be produced and staged at the Cultural Center of the Philippines in June 2026. The deadline for submission is on Feb. 28, at 11:59 p.m. Submissions may be sent online in .doc or .pdf format only to thewritersblocinc@gmail.com. The call for scripts is open to Filipino citizens only. The playwrights of the chosen scripts must be willing to undergo a script development process for their works with the festival’s creative team. The plays will be formally announced at the end of the VLF 20 in June 2025.

160-km Freedom March to honor WWII heroes

THE legacy of valor and sacrifice continues as descendants of Filipino and US World War II veterans, alongside military personnel, government officials, members of the diplomatic community, students, and families, take part in the annual Freedom March. This historic event commemorates the 83^rd anniversary of the Battle of Bataan and honors the heroic endurance of those who endured the infamous Bataan Death March. The Philippine Veterans Bank, in partnership with the Philippine Veterans Affairs Office and the Department of National Defense, will once again lead this solemn tribute on March 1 and 2. The 160-kilometer (km) commemorative walk traces the exact historical route of the Death March, starting from Mariveles, Bataan, and concluding in Capas, Tarlac. The Freedom March extends an open invitation to all who wish to honor the bravery of Filipino and American soldiers. Interested participants may register at https://forms.gle/npJJggx3jxCoMLzS6. Registration is free.

Janine Barrera, Francis Davigny exhibit at AFM

THE works of Janine Barrera and Francis Dravigny will be on display at Alliance Française de Manille (AFM) from Feb. 13 to March 15, with a vernissage on Feb. 12, 6:30 p.m. Co-presented by the Qube Gallery, the exhibit presents the works of two internationally recognized artists who share a connection to the Philippines, either as a homeland or as an adopted sanctuary. Their art explores the interplay between nature, identity, and storytelling. Ms. Barrera’s oil on canvas works embody a sophisticated abstraction of the nearly there, while Mr. Dravigny’s mixed-media creations incorporate fabric, embroidery, and indigenous Philippine materials such as raffia and abaca. Both artists converge in their shared fascination with trees, delving into the details of the natural world.

Roldan, Langenegger solo exhibits at Silverlens Manila

FROM Feb. 13 to March 15, Silverlens will be holding two solo shows in its Manila gallery. One is Norberto Roldan’s No Winter Lasts Forever, which follows his 2024 residency at the DAAD Artists-in-Berlin Program in Germany, where he captures a structured, everyday life in winter through found objects. Meanwhile, Visionary Position by Robert Langenegger presents a speculative world of paintings that is both fictionalized and historically graphic. Both shows run at Silverlens Manila, Chino Roces Ave. Ext., Makati City.

Nyoy and Mikkie Bradshaw-Volante join Into The Woods

THEATRE Group Asia (TGA) has announced that seasoned theater performers and real-life couple Nyoy and Mikkie Bradshaw-Volante will play The Baker and The Baker’s Wife in its production of Stephen Sondheim’s Into The Woods which will be staged in August at the Samsung Performing Arts Theater, Makati City. They will be joining previously announced members of the cast, Lea Salonga who will play the Witch, and her son Nic Chien who will play Jack. Early access sign-ups are available until Feb. 20 via theatregroupasia.com.

THINKaMuna Pilipinas a finalist in the Asia Design Prize

THINKaMuna Pilipinas, the Media and Information Literacy (MIL) sustainability advocacy of the MediaQuest Group, has announced its recognition as a finalist in the Communication category of the Asia Design Prize for 2025. This award celebrates outstanding design across the Asia-Pacific region, recognizing innovation, creativity, and customer experience. THINKaMuna Pilipinas is the first Philippine entry in the Asia Design Prize and is also the first to be selected as a finalist from 1,879 entries across 22 countries. In partnership with PLDT, Smart, and the Kapisanan ng mga Brodkaster ng Pilipinas, the advocacy is aimed at advancing MIL in the Philippines through creative use of media, amidst an evolving digital landscape. The project showcases design elements created by Media5, the creatives group of TV5, in line with the MediaQuest Group’s commitment to empower Filipinos by promoting critical thinking to combat disinformation. The Asia Design Awards started in 2016 and are judged by a panel of internationally renowned design experts from all over Asia. It is organized by DESIGNSORI, the design media of Korea. The winners will be announced at the awards ceremony held in Seoul, Korea on March 26.

HSBC acquitted of charges of violating Korea’s short-selling rules

February 12, 2025 | 12:03 am

HSBC Holdings Plc was acquitted by a South Korean court of charges that the bank engaged in illegal short selling, a blow to the government’s efforts to rein in abuses in the stock trading practice.

In its ruling Tuesday, the Seoul Southern District Court said there was no evidence that HSBC employees knew of the rule violation before carrying out the trades in question, according to Yonhap.

The ruling comes after South Korean prosecutors investigated and indicted the bank and three traders at HSBC’s Hong Kong unit in March on allegations of conducting naked short selling — a practice of selling shares without securing them first — amounting to about 15.8 billion won ($10.9 million).

The case, closely watched by overseas investors, resulted in what the local media reported to be the first indictment against a foreign bank on charges related to naked short selling. HSBC has previously argued that the Korean prosecutors’ approach was “arbitrary” and the verdict likely reassures foreign investors who are calling for loosening of stock trading rules in the country.

“We are pleased with today’s decision in favor of HSBC,” an HSBC spokesperson said in an e-mail statement. “There was no intention to breach any Korean short selling regulations and we are looking forward to putting this matter behind us.”

Korean regulators plan to lift in March a temporary ban on short selling. But they plan to keep the ban on naked short selling, responding to retail investors and others who say the tactic renders unfair advantages to foreign institutional investors. The practice is “rampant,” they said.

In pursuing its case against HSBC, the prosecutors’ office sought to fine the bank 300 million won.

In March, the bank had acknowledged “unintentional breaches” of the Korean short selling regulations, and said it took fast remedial action to address them and paid $5.6 million in fine. But the bank also said in the statement then that indicting HSBC and individuals was unwarranted and disproportionate to the local regulatory findings.

In October, South Korean prosecutors also indicted BNP Paribas SA for allegedly violating short-selling rules. The Securities and Futures Commission also fined in December Barclays Plc and Citigroup, Inc. 13.7 billion won and 4.7 billion won, respectively, for alleged naked short selling.

Lifting the short selling ban, which has been in place since November 2023, would help remove one of the barriers in Korea’s bid for a market upgrade from index operator MSCI, Financial Services Commission Chairman Kim Byoung-hwan said in September. — Bloomberg

Would you vote for this one?

February 12, 2025 | 12:02 am

This week marks the start of the official campaign period for national positions, in view of the elections on May 12. Then again, the election circus has gripped the country way before today. There has been political infighting, intrigues, the trading of accusations, the shifting of loyalties. The Filipino people are no strangers to the heightened political activity preceding the elections.

The question is, how much of what we are seeing now will actually factor into our votes and ultimately the results?

We have always complained that our electorate bases its decisions on personalities rather than issues. This is true. Results of early surveys show that those most likely to win, if elections were held on the day the survey was taken, are candidates who are either popular media figures, or belonging to families with prominent last names, or affiliated with big names with a powerful mass base.

Thankfully, there is a promise of a growing awareness among our people of the issues that the country faces and that require the attention and action of the officials we elect into office.

A Social Weather Stations survey conducted from Jan. 17 to 20 this year, and commissioned by the Stratbase Institute, found that issues that would make Filipinos vote for candidates remain largely economic in nature.

Among these issues: increasing job opportunities (94%), development of agriculture and ensuring food security (94%), strengthening of the healthcare system (93%), equal access to education (92%), workers’ rights and OFW welfare (92%), reducing the poverty and hunger of Filipinos (87%), addressing the impacts of climate change and enhancing disaster preparedness (87%), controlling the prices of basic services and goods (85%), defending national security and sovereignty in the West Philippine Sea (83%), and the achievement of energy security and the usage of renewable energy (82%).

Some of these issues are linked and what emerges from the survey is the understanding that Filipinos’ top priority continues to be their economic security. Food security, for instance, ranks high up and this should guide our officials into keeping a laser-like focus on something that affects each Filipino directly and intimately — a literal gut issue. Job security will allow our people to imagine being able to provide for their families on a sustained basis. We must find a way to address the underutilization of Filipino talent; unlocking the full potential of our workforce is essential for driving economic progress and fostering inclusive growth.

The prices of goods and services are always a good barometer of the economy. On Feb. 5, the Philippine Statistics Authority (PSA) announced that inflation was at 2.9% in January, the same level it was in the previous month. This is supposed to be a positive indication, but the survey says otherwise. For a majority of respondents, the Marcos Jr. administration could do better. Fifty-eight percent believe that the solutions provided to control inflation are insufficient, while only 16% said they were sufficient. The perceived insufficiency was most noted in Mindanao at 65%, and the National Capital Region at 60%.

We see, ultimately, that official figures matter less than the actual experience of people in their daily lives. For example, as of December 2024, nearly 26% of Filipino families have experienced involuntary hunger — going without food at least once in the past three months. Coupled with food prices continuing to rise, it is no surprise that many Filipinos still feel trapped by the burden of inflation.

It comes as no surprise that fewer Filipinos now have “much trust” in both the President and Vice-President. The decline in numbers is likely due to the growing frustration over the government’s weak response to rising inflation. Indeed, having the majority of the Filipino people say this month that the government’s inflation control solutions are insufficient should be a wake-up call to our leaders.

And if we demand this much from the two top leaders of the land, we will expect no less from the legislators and local officials that we will be considering for the May elections. They are, after all, the people who would introduce laws and policies, and who would implement these policies at the ground level.

Thus, as the national campaign kicks off in earnest this week, both candidates and voters should be mindful of what elections in a democracy truly demands of them. Specifically, candidates should have a clear-cut agenda based on observable, measurable evidence of what needs to be done, instead of merely relying on political machinery, name recall, and even the persona that they project to the public.

Meanwhile, voters have an even greater and more consequential responsibility. We must stop thinking of ourselves as mere receivers of government action and passive reactors to whatever is done, or not done, by our leaders. We have operated with this mindset for far too long — and look where it has gotten us. Instead, let us take back our agency and carefully weigh whether a candidate’s name truly deserves to be on our ballot. The answer to this relies not on a prominent last name, or charm, or a recent handout, but a careful evaluation of their track record, expertise, and an actual plan to address the gut issues that are most important to us.

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Advanced treatments for prostate cancer with Mount Elizabeth Hospital’s Dr. Poh Beow Kiong

February 12, 2025 | 12:02 am

When cancer cells enter the male reproductive system, the prostate gland is in serious trouble. Nonetheless, advancements have significantly improved treatment, allowing for easier recovery among patients. Urologist Dr. Poh Beow Kiong of Gleneagles and Mount Elizabeth Hospitals discusses these minimally invasive and holistic treatments.

For inquiries, please contact Mount Elizabeth Hospital’s patient assistance center, IHH Healthcare Singapore – Philippine Office, located at G/F-B, Marco Polo Hotel, Meralco Avenue and Sapphire Street, Ortigas Center, Pasig City 1600, e-mail manila.ph@ihhhealthcare.com or call 0917-526-7576.

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SMIC eyes long-term growth via consumption-driven strategy

February 12, 2025 | 12:02 am

SY-LED SM Investments Corp. (SMIC) said consumption will drive the conglomerate’s long-term growth plans, led by its core businesses in the property, banking, and retail sectors.

“The Philippine economy remains consumption-driven, and SMIC is well-positioned to support and capture this demand. Our strong ecosystem — spanning retail, banking, and property — enables us to navigate challenges while delivering long-term value,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said in an e-mail statement on Tuesday.

Citing a report by equity research firm CLSA, SMIC said its retail segment is poised to benefit from minimum wage increases, sustained remittances, and consumer spending resilience despite macroeconomic uncertainties.

CLSA also said that wage adjustments and higher remittances are projected to support household spending, particularly in essential categories.

“We anticipate spending behavior to continue to favor staples (essential items) over discretionary, with minimarts still driving growth,” it said.

SMIC said its minimart chain Alfamart aims to sustain expansion this year. Since its first store in 4, Alfamart increased its store count to 2,100, mainly in Luzon and Metro Manila.

“We continue to see strong demand for essentials, with minimarts playing an essential role in serving everyday consumer needs,” Mr. DyBuncio said.

CLSA also noted SMIC’s synergies across its portfolio, particularly the earnings and mall network of real estate unit SM Prime Holdings, Inc. and the financial services of BDO Unibank, Inc.

“Our businesses complement each other — our expanding retail footprint enhances mall traffic, while BDO provides financial solutions that fuel both consumption and enterprise growth. These synergies allow us to build resilience and create shared value for our stakeholders,” Mr. DyBuncio said.

SM Prime currently has 87 malls in the Philippines, with planned expansion towards the provinces to meet demand in Northern Luzon, Visayas, and the progressive cities in Mindanao.

Last week, SM Prime announced that it is allocating up to P33 billion this year for the expansion and development of its commercial real estate portfolio, with some P21 billion to increase the gross floor area of the malls business.

SMIC shares rose by 0.13% or P1 to P794 apiece on Tuesday. — Revin Mikhael D. Ochave