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Hackers hit authentication firm Okta, customers ‘may have been impacted’

PIXABAY

WASHINGTON – Okta Inc OKTA.O, whose authentication services are used by companies including Fedex Corp FDX.N and Moody’s Corp MCO.N to provide access to their networks, said on Tuesday that it had been hit by hackers and that some customers may have been affected.

The scope of the breach is still unclear, but it could have major consequences because thousands of companies rely on San Francisco-based Okta to manage access to their networks and applications. Read full story

Chief Security Officer David Bradbury said in a blog post that a customer support engineer working for a third-party contractor had his computer accessed by the hackers for a five-day period in mid-January and that “the potential impact to Okta customers is limited to the access that support engineers have.”

“There are no corrective actions that need to be taken by our customers,” he said.

Nevertheless, Bradbury acknowledged that support engineers were able to help reset passwords and that some customers “may have been impacted.” He said the company was in the process of identifying and contacting them.

The nature of that impact wasn’t clear and Okta did not immediately respond to an email asking how many organizations were potentially affected or how that squared with Okta‘s advice that customers did not need to take corrective action.

The company’s shares were down 1.3% at $167.14 in late afternoon trading, off earlier lows.

On its website, Okta describes itself as the “identity provider for the internet” and says it has more than 15,000 customers on its platform.

It competes with the likes of Microsoft Corp MSFT.O, PingID, Duo, SecureAuth and IBM IBM.N to provide identity services such as single sign-on and multifactor authentication used to help users securely access online applications and websites.

 

‘BE VERY VIGILANT’

Okta‘s statement follows the posting of a series of screenshots of Okta‘s internal communications by a group of ransom-seeking hackers known as Lapsus$ on their Telegram channel late on Monday.

In an accompanying message, the group said its focus was “ONLY on Okta customers.”

Lapsus$ responded to Okta‘s statement on Tuesday by saying the company was trying to minimize the importance of the breach.

Some outside observers weren’t impressed with Okta‘s explanation either.

“In my opinion, it looks like they’re trying to downplay the attack as much as possible, going as far as directly contradicting themselves in their own statements,” said Bill Demirkapi, an independent security researcher.

Dan Tentler, the founder of cybersecurity consultancy Phobos Group, earlier told Reuters that Okta customers should “be very vigilant right now.”

There were already signs that Okta customers were taking action to revisit their security.

Web infrastructure company Cloudflare issued a detailed explanation of how it reacted to the Okta breach and saying the company did not believe it had been compromised as a result.

FedEx said in a statement that it too was investigating and “we currently have no indication that our environment has been accessed or compromised.” Moody’s did not return a message seeking comment.

Lapsus$ is a relatively new entrant to the crowded ransomware market but has already made waves with high-profile hacks and attention-seeking behavior.

The group compromised the websites of Portuguese media conglomerate Impresa earlier this year, tweeting the phrase “Lapsus$ is now the new president of Portugal” from one newspaper’s Twitter accounts. The Impresa-owned media outlets described the hack as an assault on press freedom. Read full story

Last month, the group leaked proprietary information about U.S. chipmaker Nvidia Corp NVDA.O to the Web. Read full story

More recently the group has purported to have leaked source code from several big tech firms, including Microsoft. In a blog post published Tuesday and devoted to Lapsus$, the software firm confirmed that one of its accounts had been compromised, “gaining limited access.”

The hackers did not respond to a message left on their Telegram group chat seeking comment. – Reuters

Hair today, art tomorrow: Filipino salon owner uses own hair to create portraits

Artist and Filipino seafarer Jesstoni Garcia works on a portrait of Rihanna, made out of human hair, in San Juan City, Philippines, March 10, 2022. REUTERS/Eloisa Lopez

MANILA – Every few months when Jesstoni Garcia takes electric clippers to his head, he’s not just giving himself a haircut, he’s also harvesting art materials.

Using a thin brush and clear, sticky resin, the co-owner of a Manila hair salon sprinkles these collected strands and clippings on a blank white canvas, taking two to five hours to arrange them into striking images of musicians and actors.

The 32-year-old’s main job as a seaman involves spending up to eight months a year on cruise ships, and lacking adequate art supplies like paint and sketchpads at sea, Garcia in 2021 turned to using his own hair to create images. He started with self-portraits and eventually moved on to depicting celebrities.

Away at sea much of the time, rather than in his salon, he uses only his own hair, sometimes shaving his sideburns when he needs extra material.

Garcia said making this art helps ease his stress as long voyages take a toll on his physical and mental health.

“We need to have an outlet to deal with depression. For me, my outlet was making art,” he said, adding that he eventually wants to sell his work. – Reuters

Indian pharma: Partner in quality and cost-effective health

India’s pharmaceutical industry has achieved significant growth in both domestic and global markets over the past five decades. Within India, while just 5% of medicine consumption was met by local production in the 1960s, the share of ‘Made in India’ medicines in the Indian pharma market has today reached more than 80% (2020). Equally significant, during the past few decades, Indian pharma has also established a leading position in the global pharma landscape, leading to the country today being hailed as the “pharmacy of the world.”

Presently, Indian pharma industry contributes more than 20% by volume of the global generics market. As a source of around 60,000 generic brands across 60 therapeutic categories, Indian pharma accounts for nearly 40% of generics demand in the USA and 25% of all prescription medicines in the United Kingdom. Further, it has become the partner of choice for chronic treatments, meeting 80% of the global demand for antiretrovirals drug for treatment of HIV-AIDS.

Another area where Indian pharma has done remarkably well is in meeting global demand for vaccines. Today, Indian companies are supplying vaccines to more than 150 countries, accounting for more than 60% of the global demand for human vaccines. Nearly 40%-70% of WHO’s demand for Diptheria, Pertussis and Tetanus (DPT), Bacillus Calmette Guerin (BCG) and 90% of the WHO’s demand for the measles vaccine are met by India. This has been made possible because of ongoing strategic focus on R&D combined with mass manufacturing capabilities.

Indian vaccine companies also invested in incremental innovations for some common diseases. For instance, introducing an oral equivalent of an injectible vaccine to improve compliance, adjusting their formulations to improve stability, improving adjuvants and other tweaks that improve existing products. Bharat Biotech’s typhoid conjugate vaccine and Hepatitis B vaccine and Serum Institute of India’s liquid rotavirus vaccine are examples of such incremental improvements.

Indian pharma’s defining moment came during the COVID-19 pandemic. India produced and supplied vaccines to the world through its ‘Vaccine Maitri’ (vaccine friendship) initiative as well as supplied in bulk to the COVAX facility. There were many firsts, which reconfirmed the resilience and adaptability of Indian pharma and diagnostics industry during the new challenges set forth everyday by the pandemic. For instance, India journeyed from zero to manufacturing 200,000 PPE kits per day in a remarkably short time. These leaps were a result of a remarkable collaboration between the government and the industries to mass- produce niche products from scratch.

In the present decade, the Indian pharma industry is expected to grow at CAGR of 12% from US$41.7 billion in 2020 to reach US$130 billion by 2030. Historically, the industry’s growth was led by clinical research trials and export of generic formulations, as well as vaccines. The focus is now squarely on diversification in new sub-segments — complex Generics, Biosimilars, Biologics, New Chemical Entities, Cell and Gene Therapy, complex vaccines and Retail Diagnostics.

Indian pharma product portfolio is moving quickly from generics to these sub-segments with a strong emphasis on research and development (R&D) and academia-industry collaborations. To further boost and reward innovation culture in the country, the Government of India declared the last decade (2010-2020) as the decade of innovation and also launched initiatives such as ‘Make in India’ and ‘Startup India’, which also enabled significant R&D in the pharma sector as well.

According to a WHO survey, India had already approved 93 biosimilars (with at least 50 on the market) by August 2019 as compared to 26 in the USA and 61 in the Europe, with a market size of US$576 million. Interestingly, the first biosimilar in India was approved in early 2000, much before those were approved in more advanced economies. According to a recent report from the Biotechnology Industry Research Assistance Council (BIRAC), more than 52 Indian companies collectively have over 200 biosimilars in the pipeline.

With 665 US Food and Drug Administration’s approved manufacturing facilities, the highest in the world, along with sustained cost competitiveness, India continues to be a preferred destination for outsourcing of research and manufacturing activities. The Production-Linked Incentives and bulk drug park schemes, implemented by the Government of India, also aim to increase the manufacturing of active pharmaceutical ingredients (APIs) in India. Further, under the new Clinical and Drug Trial Rules (2019), the cost of clinical trials in India would be 40%-60% cheaper than developed markets, making it an even more preferred destination.

India’s pharma industry is quickly transitioning towards the 4th Industrial

Revolution (Industry 4.0), with adoption and use of advanced technologies such as artificial intelligence, additive manufacturing, precision and preventive medicine, as well as telemedicine. Moreover, the Government is actively supporting digital health services, given the country’s superb digital infrastructure that allows for fast and cost-effective data sharing.

India follows a civilizational credo of ‘Vasudhaiva Kutumbakam’ — ‘the world is one family.’ By exporting nearly half of their production, both in volume and value to partner nations, Indian pharma continues to significantly contribute towards improving public healthcare outcome, both in India and across the globe.

 

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PHL raises $2.25B via offshore bonds

REUTERS
US dollar banknotes are displayed in this illustration taken on Feb. 14. — REUTERS

THE PHILIPPINES raised $2.25 billion from its first triple tranche US dollar-denominated bond offering, which included its first-ever green bonds, despite heightened market volatility from the Russia-Ukraine crisis and the start of the US Federal Reserve’s policy tightening cycle.

In a statement on Tuesday, the Bureau of the Treasury (BTr) said it raised $1 billion from the inaugural 25-year green bond offer, as well as $500 million from five-year bonds, and $750 million from 10.5-year bonds.

The Treasury said the new five-year global bonds were priced at 90 basis points (bps) over Treasuries or a coupon of 3.229%. This was after the initial price guidance of 125 bps over the Treasuries area.

The 10.5-year bonds were priced at 3.556% or 125 bps over Treasuries, after the initial guidance of 165 bps over the Treasuries. The 25-year notes were priced at 4.2%, 50 bps tighter than the initial guidance of 4.7%.

“After a few weeks of volatility in the global equity and credit markets, the Republic was able to take advantage of the improving market sentiment (after) the March FOMC (Federal Open Market Committee) meeting,” the BTr said.

The US Federal Reserve last week raised rates by a quarter percentage point, the first time since 2018, to help combat soaring inflation.

The BTr said proceeds from the shorter-term tenors will be used for budget financing, while those from the 25-year global bonds will be used for the government’s sustainable finance program.

“The fact that our debut sustainability bond tranche secured the strongest demand among the three tranches highlights the strong investor confidence in the National Government’s commitment to achieving sustainable development and mitigating climate change, notably the pledge to reduce our greenhouse gas emissions by 75% by 2030,” Finance Secretary Carlos G. Dominguez III said, referring to the country’s first environment, social, and governance global bond offering.

National Treasurer Rosalia V. de Leon said strong investor demand shows the country’s access to international capital markets.

“Being the first and largest offshore Southeast Asia sovereign offering in 2022, the Republic’s transaction has reopened the Asian bond markets for long-dated offerings and cements the Republic’s position as the leading capital market participant in Asia,” she said.

The deal is expected to be settled on March 29. Maturity dates for the five-, 10.5-, and 25-year bonds are on March 29, 2027; Sept. 29, 2032; and March 29, 2047, respectively.

The global bonds were rated “Baa2” by Moody’s Investor’s Service, and are expected to be rated “BBB+” by S&P Global Ratings, and “BBB” by Fitch Ratings.

The Bank of China, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Mizuho Securities, Morgan Stanley, Standard Chartered and UBS are joint lead managers and bookrunners.

The deal follows last year’s offshore debt issues by the Philippines including a $3-billion dual-tranche global bonds, the 2.1-billion-euro triple-tranche global bonds, and the 55-billion-yen Samurai bonds.

The Philippines, one of Asia’s most active sovereign debt issuers, is looking to raise P2.2 trillion ($42 billion) to plug its budget deficit this year, about 75% of which is to be sourced from the domestic market. — Jenina P. Ibañez and Reuters

Higher energy costs to weigh on PHL growth

PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINE ECONOMY’S recovery this year may face risks arising from higher energy costs and the ongoing coronavirus pandemic.

The Organisation for Economic Co-operation and Development (OECD) said Philippine gross domestic product (GDP) will likely expand by 7% this year, driven by infrastructure spending and remittances. The OECD released its Economic Outlook for Southeast Asia, China, and India 2022 report on Tuesday.

“Faster implementation of investment projects in infrastructure, plus the recovery in cash remittances by overseas Filipino workers constitute upside factors to the forecast,” Kensuke Tanaka, OECD Development Centre Asia head of unit, said in an e-mailed response to questions.

“Pandemic-related uncertainties as infections due to the Omicron variant remain elevated continue to pose downside risks to the forecast,” he added.

The government allocated P1.18 trillion for its infrastructure program this year, or the equivalent of 5.3% of GDP.

The central bank expects remittances to grow by 4% this year. In January, cash remittances went up by 2.5% year on year to $2.668 billion.

“The war in Ukraine is anticipated to affect the Philippines through higher prices for oil, natural gas, but also through higher food prices,” Mr. Tanaka said.

The OECD’s GDP estimate for the Philippines is at the lower end of the government’s 7-9% growth forecast for 2022. The forecast is also higher than the OECD’s 5.8% average growth seen for emerging Asia this year.

The Philippine economy accelerated by 5.6% last year following a record 9.6% contraction in 2020.

The OECD expects the Philippines to post a 6.1% GDP growth next year, still higher than the 5.2% it estimates for emerging Asia in 2023.

LOWER FORECAST
On the other hand, Citigroup, Inc. lowered its GDP forecast for the Philippines this year to 6.5%, down from its previous 6.8% estimate.

“[R]ecent increases in commodity prices, especially energy, will still weigh on consumer confidence and household consumption, especially with a lack of energy subsidies at this juncture and weak income growth,” Citi economist for the Philippines Nalin Chuchotitham said in a report.

Household spending makes up more than three-fourths of the Philippine GDP. It expanded by 4.2% in 2021 from a decline of 7.9% in 2020.

Ms. Chuchotitham said their estimates show GDP growth could be slashed by around 0.07 percentage point in a scenario where crude oil will increase by around 11%.

Citi revised its average Brent crude price forecast for this year to $91 a barrel as of March 7, from $79 a barrel as of Feb. 25. Oil prices are seen to go up to $102 a barrel in the second quarter, before falling to $79 in the fourth quarter.

Fuel retailers slashed prices of gasoline, diesel, and kerosene on Tuesday, ending 11 weeks of steadily rising prices. Since January, pump prices of gasoline, diesel and kerosene have now increased by P14.90, P19.20, and P16.35 per liter, respectively.

The more relaxed virus restrictions are also seen to drive recovery as more consumers go out and spend. Metro Manila and other provinces have been under Alert Level 1 since the start of March as coronavirus infections declined.

“This is consistent with our expectations and supportive of continued domestic demand recovery,” Ms. Chuchotitham said.

Meanwhile, Citi now projects inflation to reach 3.5% in 2021, faster than their previous 3.2% estimate but still within the central bank’s 2-4% target.

“This is mainly from energy prices in 2022, but we expect the year-on-year food inflation to be less pronounced, although mainly due to a high base last year,” Ms. Chuchotitham said.

As there is still a need to support the economy given the negative output gap and the lackluster labor market, Citi said the Bangko Sentral ng Pilipinas will only start increasing interest rates by 25 basis points in the fourth quarter of 2022.

The Monetary Board will hold a policy review meeting on March 24. — Luz Wendy T. Noble and Jenina P. Ibañez

Taxi operators seek P20 hike in flag-down rate in NCR

PHILIPPINE STAR/ MICHAEL VARCAS
Vehicles are parked in a taxi operator’s garage in this file photo. — PHILIPPINE STAR/ MICHAEL VARCAS

By Arjay L. Balinbin, Senior Reporter

TAXI OPERATORS in Metro Manila will ask the Land Transportation Franchising and Regulatory Board (LTFRB) to allow them to increase the flag-down rate to P60 from the current P40, as drivers struggle to make ends meet due to rising fuel prices.

“They (taxi operators and drivers) want an increase of P20 to the current P40 flag-down rate,” said Jesus Manuel C. Suntay, president of the Philippine National Taxi Operators Association (PNTOA) and Quezon City congressman.

The petition will be filed by PNTOA “within this week,” he told BusinessWorld in a phone interview on Monday.

Fuel retailers on Tuesday slashed gasoline and diesel prices by P5.45 and P11.45 per liter, respectively, putting an end to 11 consecutive weeks of steadily increasing pump prices.

However, Mr. Suntay said the Tuesday rollback was not commensurate with the pump price increase implemented the previous week. Last week, fuel retailers raised gasoline and diesel prices by P7.10 and P13.15 per liter, respectively.

“If you look at it, since December, I think the increase has reached P24,” he added.

Mr. Suntay said taxi operators decided to seek a P20 increase in the flag-down rate, since it was the amount that “would have the lowest impact on the riding public while benefiting our drivers.”

According to data from the LTFRB, the number of active taxis plunged to 27,934 units as of October 2021 from the 50,059 taxis before the strict lockdown was implemented to curb the coronavirus outbreak in mid-March 2020.

As of now, Mr. Suntay estimated there are only around 16,000 active taxis in Metro Manila. “Many fleet operators sold their units due to pandemic restrictions and driver shortage.”

The government currently has a P2.5-billion fuel subsidy program for public utility vehicle operators and drivers. Another P2.5-billion budget is being prepared for the program, according to the Budget department. The program aims to support a total of 377,443 beneficiaries.

The LTFRB reported on Tuesday that more than 108,000 beneficiaries had received their P6,500 fuel subsidy.

Mr. Suntay said the subsidy distribution is “too slow.”

“The excise tax imposed on fuel products should be suspended. We believe that’s the fastest way to help the motorists,” he added.

The LTFRB is also hearing fare hike petitions from various jeepney and transport network vehicle service groups. It recently denied a petition to restore the minimum jeepney fare to P10 from P9. The petitioners filed a motion for reconsideration on Monday.

The transport regulator said the board is taking into account the government’s fuel subsidy and service contracting programs before making a decision on the fare hike petitions.

North Star files P4.5-B IPO

North Star Cold Storage — NSMMI.COM.PH

MEAT retailer North Star Meat Merchants, Inc. announced on Tuesday that it had filed a registration application with the Securities and Exchange Commission (SEC) for an initial public offering (IPO).

The market listing, subject to approval, will allow investors to acquire up to 25% of the company’s 1.8 billion outstanding shares after the offer. The shares will be offered at a price of up to P10 each, bringing the IPO size to P4.5 billion.

“With increasing demand for fresh and frozen protein, we are keen on accelerating the growth and reach of the company to consistently provide safe, quality, and affordable meat for everyone,” North Star Founder and Chief Executive Anthony Ng said in a statement.

“We remain steadfast in our commitment to support the country’s goal to achieve food self-sufficiency and security while creating value for our shareholders,” he added.

North Star plans to hold the offer period in June 2022 and expects to net approximately P3.5 billion from the sale of primary shares.

The IPO will include the offer and sale of up to 392 million common shares, consisting of 360 million primary shares and 32 million secondary shares, and an over-allotment option of up to 58 million secondary common shares that will be used for the price stabilization activities if the same will be undertaken.

In 2021, the company recorded P9.28 billion in sales, with a compound annual growth rate (CAGR) of 39.7% since 2019.

North Star said it was planning the IPO to “accelerate the expansion of its end-to-end cold chain infrastructure and operations.”

“In addition, [we are] looking to expand their financial muscle in order to keep up with the growth of their key retail partners SM Markets and WalterMart Group, and prepare for future potential retail partners,” it added.

The company tapped BDO Capital & Investment Corp. to be the sole issue manager, and with China Bank Capital Corp., will act as the joint lead underwriters and bookrunner.

“We expect there to be strong interest for this IPO given North Star’s unique focus on the country’s meat sector and food security, its established and longstanding relationships with retail giants such as the SM group and its unmatched scale of operations,” BDO Capital President Eduardo V. Francisco said.

North Star expanded its cold storage facility in Bulacan and opened a cold storage facility in Cebu, increasing its maximum storage capacity to 8 million kilos from 2.1 million kilos.

“North Star believes that it is well-positioned to take advantage of a young and growing meat consuming population. An increase in purchasing power translates to an increase in meat consumption per capita,” Mr. Ng said.

“Due to the pandemic, we believe that consumers have now become more health and safety conscious, affecting what they consume and where they purchase their food. North Star stands to benefit from this change in consumer behavior by being available in 360 supermarkets and 1,251 convenience stores nationwide,” he added. — Luisa Maria Jacinta C. Jocson

ACE Enexor sets 74M follow-on offering of shares

ACE Enexor, Inc. (ACEX) on Tuesday said its board of directors had agreed to issue more shares to the public through a follow-on offering.

In a disclosure submitted to the exchange, the oil and gas exploration company said that on March 21, its executive committee, by the authority of its board of directors, approved its plan to conduct a follow-on offering of 74 million shares priced at P10 to P11.84 apiece.

The Ayala-led firm is also set to resume its drilling activities in Service Contract (SC) 55 exploration block, which spreads across 9,880 square meters in the West Philippine Sea off the coast of Palawan.

In a separate disclosure filed earlier, the company said the Energy department cleared Palawan55 Exploration & Production Corp., its joint venture with Pryce Gases, Inc., to proceed with its updated Cinco-1 drilling proposal, oil spill contingency plan, and health, safety, and environment plan.

ACEX holds 75% of Palawan55, while Pryce Gases has 25%. The company said it would begin drilling the appraisal well around April 2023, one year before the expiration of the government agency’s force majeure period on SC 55.

In February, ACEX and parent company AC Energy Corp. (ACEN) amended their deal, changing ACEN’s ownership percentage to 89.78% from 89.96% of ACEX’s capital stock.

The transaction, which was executed on Jan. 31, transferred ACEN’s rights and interests in five energy assets including Palawan55 to the exploration company.

Shares in ACE Enexor at the local bourse slipped P1.95 or 8.5% to close at P21 apiece on Tuesday. — Marielle C. Lucenio

What to see at Art Fair PH’s physical exhibits

PHOTO BY MICHELLE ANNE P. SOLIMAN

ART FAIR Philippines opens its 10th iteration and its first hybrid edition today. It will run both online and on site until April 1.

Since its first year in 2013 until its last onsite show in 2020, the art fair had been held at a car park in the Ayala Center in Makati. With the coronavirus disease 2019 (COVID-19) pandemic lockdown, the fair went online. This year’s hybrid format will see art galleries exhibiting both physically in their own spaces, and online at the art fair website. The online exhibitions and other activities will be accessible at www.artfairphilippines.com.

There are also physical exhibitions at the three entrances to Makati’s Ayala Triangle Gardens — at Ayala Ave., Makati Ave., and Paseo De Roxas.

“When we started bouncing around ideas for the fair, the Philippines was at the height of the Delta variant surge [of COVID-19, in June to July 2021],” Art Fair Philippines Trickie Lopa said in an e-mail to BusinessWorld.

“We knew that our chance to do live, physical exhibitions rested on a venue that was open, largely outdoors, and spacious, but which was still accessible. I think we found the perfect spot,” she added.

No limitations were imposed on the use of the space as long as they complied with safety protocols and followed guidelines for construction.

THE ARTFAIRPH/PROJECTS
The highlight of the fair’s physical exhibit is the ArtFairPH/Projects section.

Art consultant Norman Crisologo and exhibition designer and theater director Ed Lacson are collaborating for a second time with what the former calls an “exploded gallery” at the Ayala Tower One Fountain Area. The space has been transformed into an outdoor gallery with lime-colored scaffoldings and bold-colored panels.

“You want to see the inside-out. You won’t want to see solid walls. The panels have a dialogue depending on where your standing, the combination of colors changes,” Mr. Lacson, the co-designer of the installation, told BusinessWorld at the vernissage on March 21.

“I was always designing out of economic reasons,” Mr. Lacson said, referring to what was “easiest, cheapest and impactful at the same time.”

“It should feel like a construction site but a more beautiful one where works are exhibited,” he said.

The exhibition area is also equipped with lighting to accommodate evening viewing. “Wait for it to get dark. It’s looks different when it is dark outside,” Mr. Lacson said.

For this year’s art fair, the paintings of one of the fair’s featured artists, Ryan Jara, focus on experiences related to the pandemic, with themes revolving around battles — for land, within ourselves (anxiety and depression), and hunger.

“These have been ongoing problems, but because of the pandemic, it worsened,” Mr. Jara wrote to BusinessWorld in a mix of English and Filipino. “I was affected and so I thought to express it in painting as my way of telling stories about the pandemic.”

Mr. Jara’s signature use of enlarged and distorted images began from a puzzle of a human he was finishing that got reshuffled. “That’s where my ideas on distortion started and why my works are the way they look today. It’s like a Picasso but with a realism approach,” he said.

Meanwhile, another of the fair’s featured artists, Melvin Guirhem (the 2022 recipient of the Karen H. Montinola Selection) has a series of works titled Entablado which presents life as a stage with each person playing characters that have a role in society.

He uses hand-sewn patchwork for his characters and paintings for his background. “After I layout the concept [for the artwork], I create a numbering scheme for the materials depending on the color and type of cloth to be used. I cut the patchwork, then stick them on with white glue, and then manually stitch them afterwards,” Mr. Guirhem said in English and Filipino.

The other featured artists in the ArtFairPH/Projects section are the late Arô Soriano, social realist Nune Alvarado, Bjorn Calleja, Johanna Helmuth, Doktor Karayom, Tyang Karyel, Aze Ong, and Wyndelle Remonde.

“While the works may not be overtly political, artists for the Projects section like Dokto Karayom, Tyang Karel, and Ryan Jara don’t shy away from confronting issues about what it’s like living in the Philippines today, with its dense cities and depressed economic opportunities,” fair organizer Ms. Lopa told BusinessWorld.

OTHER PHYSICAL EXHIBITS
Aside from the ArtFairPH/Projects section are works by the artists chosen for #ArtFairPH/Residencies: Derek Tumala for Manila Observatory, Hannah Nantes for the Linangan Art Residency, Jao San Pedro for Emerging Islands, Alwin Reamillo for Orange Project, and Faye Abantao for Butanding Barrio.

On the garden walkway along Paseo De Roxas is the ArtFairPH/Photo exhibition. Curated by Neal Oshima, Michael Salientes, Mark Nicdao, and Gio Panlilio, the photography exhibit is titled Tattoos, Ternos and Couture, A Celebration of Philippine Fashion Photography.

Meanwhile, appearing on screen at a public amphitheater is the work of New York-based new media artist Jeremy Couillard for The ArtFairPH/Film section. The showcase includes his new film There Is No Up Or Down, Only Attraction (2022) which explores curious creatures across galactic spaces, pixelated gaming maps, and streetscapes. Mr. Couillard’s Fuzz Spiral series — a collection of three films based on the artist’s recent video game Fuzz Dungeon (2021) — will also be featured.

For the first time, this year visitors can explore an interactive augmented reality (AR) Art Trail at the Ayala Triangle Gardens using the Daata AR app. The AR Art Trail features Leeroy New’s piece Aparisyon (Apparition) combining Mr. New’s sculptures from discarded plastic bottles and visualized elements from author Eliza Victoria’s fantasy short story, Let Me Hold Your Hand. A QR code to download the data app, posted on the AR Art Trail. The app is accessible to iPhone users.

Visiting hours to the Ayala Triangle exhibits are divided in three batches from 10 a.m. to 8 p.m. For tickets to the physical exhibits, visit https://tickets.artfairphilippines.com/. Tickets are priced at P150. For more information on this year’s program and schedule of activities, visit the Art Fair Philippines website at www.artfairphilippines.com and follow Art Fair Philippines on Instagram (@artfairph) and Facebook (www.facebook.com/artfairph). — Michelle Anne P. Soliman

PLDT signs deal with ThingsPh for IoT solutions for businesses

BW FILE PHOTO

PLDT, Inc. announced on Tuesday that it recently signed a partnership deal with Internet of Things (IoT) platform and solutions provider ThingsPh to help businesses gain access to an IoT ecosystem.

Under the partnership, PLDT and ThingsPh will “promote, develop, and help businesses gain access to an IoT ecosystem for easy deployment of IoT solutions,” the telco service provider said in an e-mailed statement.

PLDT noted that it has been introducing IoT solutions to government, large corporations, and micro, small, and medium-sized enterprises.

Meanwhile, ThingsPh provides its clients with a unified artificial intelligence and internet of things (AIoT) platform and applications that they can use to get real-time data, analytics, and alerts on what is happening in their sites and offices.

“The platform features its capability to easily integrate with and work together with various systems, different IoT sensors, and even cameras,” PLDT said.

ThingsPh said the partnership will help it achieve its goal of helping businesses “unlock the limitless possibilities with AIoT starting with real-time monitoring and analytics.”

“It is time for our country to experience the impact of AIoT and this partnership is just the beginning. We are thrilled and eager to drive IoT in our country with the PLDT group.”

PLDT described ThingsPh as the “next tech unicorn.”

“The PLDT group has been a staunch supporter and partner for the local startup community. It held several searches in recognizing potential marketability of top startups and awarding them with capital funding, IT and connectivity support, and intensive training,” among others, the company noted.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

PBA Governors’ Cup semifinals series kicks off at MOA Arena

Magnolia Hotshots — PBA IMAGES

By Olmin Leyba

TWO title-hungry teams are intent on staying on their paths to the Holy Grail. One is bent on reclaiming lost glory. Another is firm about keeping its winning tradition in the import-spiced conference.

With these, the last four squads standing in the Season 46 Philippine Basketball Association (PBA) Governors’ Cup playoffs press for their respective bids as the best-of-five semifinals series kicks off on Wednesday at the Mall of Asia (MOA) Arena.

Meralco, hunting for a breakthrough after posting runner-up finishes in the 2016, 2017 and 2019 Governors’ Cup, and Magnolia, the 2018 champion who bungled succeeding attempts in the 2019 and 2021 Philippine Cup, clash for a pivotal head start at 3 p.m.

NLEX, only on its second time to reach this deep stage in franchise history, and Barangay Ginebra, winner of three of the last four Governors’ Cup staging, fire the opening salvo in their matchup at 6 p.m.

Top seed Magnolia and No. 4 Meralco set a Final Four duel after making short work of lower-seeded rivals, No. 8 Phoenix and No. 5 San Miguel Beer, respectively last Friday.

“This is going to be a dogfight,” said Hotshots coach Chito Victolero of their showdown, a rematch of the last All-Filipino semis in Bacolor that they won in six games. “Both are defensive-minded teams, so we expect a tough, grind out series.”

Meralco counterpart Norman Black described Magnolia as a powerhouse but expressed confidence his charges are up to the task.

“They’re pretty much a powerhouse right now and their import (Mike Harris) is probably right up there with the top imports of the league,” said Mr. Black, whose team is pinning its hopes on Tony Bishop instead of regular reinforcement Allen Durham. “We’re not a powerhouse like them, but I believe we can beat any team on any night.”

While NLEX mentor Yeng Guiao claimed the underdog tag for his “greener” troops, Ginebra’s Tim Cone believes the Road Warriors are as tough as they come.

“It’s always difficult playing coach Yeng’s teams in the playoffs. They play tough physical basketball for 48 minutes and you can never catch your breath. We’ll have to be mentally tough to match up to them,” said Mr. Cone, whose sixth-ranked crew advanced after toppling twice-to-beat No. 3 TnT.

For Mr. Guiao, the major threats they have to address against crowd darling Ginebra come from the dependable Justin Brownlee, the do-it-all Scottie Thompson and the twin tower combo of Christian Standhardinger and Japeth Aguilar.

“We’ll have to find the proper matchup for Scottie and their resident Best Import Justin Brownlee. Plus, I think they’re gaining chemistry with Japeth and Christian. They’re learning how to play together and it becomes a problem for any team that plays them,” he said.

Notes: The semifinal opening twin-bill marks the PBA’s awaited return to the MOA Arena after two years. Last time the pro league tipped off at the Pasay venue was Jan. 17, 2020 for Game 5 of the 2019 Governors’ Cup finals, where Ginebra beat Meralco, 105-93, to clinch the crown. The PBA initially scheduled play at the MOA last January before the spike in coronavirus disease 2019 (COVID-19) cases forced the suspension of games.

Gov’t partially awards reissued 7-year T-bonds on hawkish Fed

BW FILE PHOTO

THE GOVERNMENT partially awarded the reissued Treasury bonds (T-bonds) it offered on Tuesday as investors asked for higher yields on indications of half-point hikes from the US Federal Reserve.

The Bureau of the Treasury (BTr) raised just P15.69 billion via the reissued seven-year T-bonds it auctioned off on Tuesday, less than half the programmed P35 billion, even as the offering attracted P40.59 billion in bids.

The debt papers, which have a remaining life of six years and four months, were awarded at an average rate of 5.601%, up by 91.2 basis points (bps) from the 4.689% quoted when the series was last offered on Jan. 25.

The average yield fetched for the debt papers was also higher than the 5.4858% quoted for the seven-year tenor at the secondary market prior to the auction, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

Had the Treasury made a full award of its offer, the reissued bonds would have fetched an average rate of 5.881%.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the market has remained defensive after US Federal Reserve Chair Jerome H. Powell hinted on the possibility of 50-bp rate hikes at the next Federal Open Market Committee (FOMC) meetings.

“Meanwhile, higher inflation is seen this month with still elevated oil and commodities prices,” Ms. De Leon said.

A trader likewise said investors asked for higher returns in response to inflation risks and Mr. Powell’s indications of a 50-bp rate hike in May.

The US central bank must move “expeditiously” to bring too-high inflation to heel, Mr. Powell said on Monday, adding that it could use bigger-than-usual interest rate hikes if needed to do so, Reuters reported.

“The labor market is very strong, and inflation is much too high,” Mr. Powell told a National Association for Business Economics conference. “There is an obvious need to move expeditiously to return the stance of monetary policy to a more neutral level, and then to move to more restrictive levels if that is what is required to restore price stability.”

In particular, he added, “if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so.”

Fed policy makers last week raised interest rates for the first time in three years and signaled ongoing rate hikes ahead. Most of them see the short-term policy rate — pinned for two years near zero — at 1.9% by the end of this year, a pace that could be achieved with quarter-percentage-point increases at each of their next six policy meetings.

By the end of next year, Fed policy makers expect the central bank’s benchmark overnight interest rate to be at 2.8%, bringing borrowing costs to a level where they would actually start biting into growth. Most Fed policy makers see the “neutral” level as somewhere between 2.25% and 2.5%.

Meanwhile, the Philippine central bank is widely expected to maintain policy rates at record lows on Thursday even amid rising inflation risks in line with its signals it will continue to support economic recovery.

A BusinessWorld poll last week showed 15 out of 17 analysts still anticipate the Bangko Sentral ng Pilipinas (BSP) Monetary Board keeping rates on hold on March 24, the second policy review this year.

Analysts believe the BSP will remain focused on providing support for a more sustainable economic recovery despite inflationary risks caused by the Russia-Ukraine war.

The BTr wants to raise P250 billion from the domestic market this month, or P75 billion via T-bills and P175 billion from T-bonds.

The government borrows from local and external sources to help fund a budget deficit seen to hit 7.7% of gross domestic product this year. — Jenina P. Ibañez with Reuters

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