Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 5308

DoF eyes opportunities to support clean energy transition

Wind turbines are seen in Pililla, Rizal, April 25, 2021. — Philippine Star/Michael Varcas

THE Department of Finance (DoF) is eyeing opportunities that will support the country’s shift to clean and renewable energy sources.

In a statement, Finance Secretary Carlos G. Dominguez III expressed interest in the future initiatives of the Association of Southeast Asian Nations Plus Three (ASEAN+3) to help hasten the country’s shift away from coal.

The ASEAN+3 monetary authorities endorsed China’s initiative on transition finance, beginning with evaluating the region’s needs, concerns and recommendations.

“Overall, the Philippines is committed to engaging with the working committees to realize our shared goal of building a regional financial system that encourages transparency, harmonization of regulatory regimes and broader-based capital markets,” Mr. Dominguez told the 25th ASEAN+3 Finance Ministers and Central Bank Governors Meeting (AFMGM+3) on May 12.

He said the Philippines is interested in the ASEAN+3 Future Initiatives, particularly in transition finance and digitalization.

“The Philippines is currently pursuing a rapid shift to renewable energy sources. We look forward to exploring opportunities to support our transition from heavy reliance on coal to alternative sustainable energy sources,” he said.

Transition finance refers to gradually transferring funding from fossil fuels to renewable energy sources.

“On digitalization, we support intensifying our information exchange on innovative technologies and expanding the digital economy,” Mr. Dominguez added.

President Rodrigo R. Duterte has issued Executive Order No. 170, directing all government agencies to use digital methods for releasing and accepting payments, which would make formal financial services more accessible to more Filipinos.

The ASEAN+3 Finance Cooperation is composed of ASEAN members Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam; and their partners Japan, Korea, and China. — Tobias Jared Tomas

Sia’s listed companies post strong profit rise

EDGAR J. SIA II — PHILIPPINE STAR/ERNIE PEÑAREDONDO

THREE listed companies led by Edgar J. Sia II reported strong profit growth in the first quarter, including his property leasing business DoubleDragon Corp., which reported a 5.7% increase in net income attributable to parent firm equity holders to P469.26 million.

“We are pleased to have surpassed our 2022 goal of 1.2 million square meters GFA (gross floor area) of completed recurring income portfolio. The whole cycle coming from zero leasable space, when DoubleDragon listed in the Philippine Stock Exchange last April 2014, to over 120 hectares of fully constructed recurring income portfolio today was not a walk in the park,” DoubleDragon Chairman Edgar Sia II said in a disclosure on Tuesday.

Mr. Sia added that the company expects its prime assets to mature and generate recurring revenues at different times, but that it should reach optimal recurring revenue generation before 2025.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) were also up by 8.7% to P1.05 billion and consolidated revenues increased by 13% to P1.71 billion.

In a separate disclosure, DoubleDragon’s real estate investment trust (REIT), DDMP REIT, Inc., reported that its net income surged by 39.8% to P558.9 million in the first quarter.

Total revenues were up by 13.8% to P639.4 million while rental income increased by 15.9% to P589.3 million.

DDMP REIT approved a cash dividend amounting to P496.8 million or P0.027868 per share with the payment date on June 30.

“We are glad that DDMP REIT has remained resilient and has stably passed through what people say is a once in a lifetime major global crisis brought by the COVID-19 (coronavirus disease 2019) pandemic,” Mr. Sia said.

“We believe that the most important feature of DDMP REIT is that 100% of its leasable space sits on prime commercial titled land that DDMP REIT perpetually owns, as over a long period of time, the land value is expected to surpass the value of the building structures, and in the specific case of DDMP REIT, both the titled land and the buildings are owned by the DDMP REIT shareholders forever because the land is titled, and is not a leasehold,” he added.

Meanwhile, MerryMart Consumer Corp. disclosed on Tuesday that its after-tax net income in the first quarter jumped 29.3% to P12.23 million.

Attributable income during the period rose 15.5% to P10.93 million.

“In addition to MerryMart’s continuous growth, we are refining our range of product offerings, building efficiency in our supply chain and adding more house brand products into the mix. As we go forward, our team has the mind-set to continue initiating further improvements and enhancements in many areas of the MerryMart Group for better overall operational efficiency,” Chief Financial Officer Hannah Yulo-Luccini said.

Revenues likewise increased by 30.8% to P1.19 billion and earnings before interest, taxes, depreciation, and amortization (EBITDA) went up by 16.9% to P45.96 million.

For 2022, the company said it expects to exceed the P5-billion revenue mark due to the consolidation of its latest acquisitions.

“The next very important goal will be to reach P12-billion revenue mark as soon as possible, then from that point onwards, we expect a far higher velocity of revenue growth velocity towards the P120-billion revenue goal that we have set for 2030,” Ms. Yulo-Luccini added.

The MerryMart group’s organic branch expansion and recent acquisitions total to 105 branches nationwide. Its various formats are MerryMart Store, MerryMart Market, MerryMart Grocery, MerryMart Delivery and MerryMart Wholesale.

The company, which is also chaired by Mr. Sia, recently formed a new subsidiary, MM Consumer Technologies Corp., with MBOX Smart Lockers as the first in its consumer technology portfolio.

At the stock exchange, DoubleDragon shares slid by 0.39% or three centavos to close at P7.57 on Tuesday. DDMP REIT shares rose by 1.99% or P0.03 to close at P1.54 each.

Meanwhile, MerryMart shares closed higher by 2.65% or P0.04 to P1.55 on Tuesday. — Luisa Maria Jacinta C. Jocson

GT Capital net income rises, surpasses pre-pandemic level

TY-LED GT Capital Holdings, Inc. reported on Tuesday a 7.1% increase in first-quarter net income for parent firm equity holders to P4.36 billion after a double-digit jump in revenues, driven by the growth of its banking and automo-bile units.

Core net income for the first quarter of the year was placed at P4 billion, up 18%, while after-tax profit reached P5.48 billion, or an increase of 9% year on year.

“Our financial results show the growth momentum from last year carried over into the first three months of 2022. At these levels, we have already surpassed our first quarter 2019 pre-COVID core income by 18%. This is a very encouraging indicator,” GT Capital President Carmelo Maria Luza Bautista said.

“Despite the headwinds of inflation, higher interest rates, market disruptions caused by the pandemic, and the more recent geopolitical events, we are confident that our recovery momentum is sustainable,” she added.

Metropolitan Bank & Trust Co.’s (Metrobank) net income in the first three months of the year hit P8 billion, or 2.7% higher year on year.

“We are encouraged by the sustained pickup in economic activities as Metrobank stands ready to support our clients in their funding plans and investment needs,” said Metrobank President Fabian S. Dee.

“The strategies that we have put in place should enable the bank to achieve sustainable growth, along with the expanding domestic economy,” he added.

During the quarter, gross loans rose 5% to P1.3 trillion year on year, led by a 10% expansion in corporate lending and an 8% increase in credit card receivables.

Meanwhile, Toyota Motor Philippines Corp. (TMP) recorded a 4.1% increase in net income to P2.07 billion from P1.99 billion, while its consolidated net income grew 5% to P2.1 billion.

The profit rise came after consolidated revenues increased by 24% to P42.1 billion from P33.9 billion in the previous year, as retail vehicle sales increased by 12% in the January-March period.

TMP continued to expand its model lineup in the first quarter by launching three new model variants — the Rav4 HEV and Raize in February, and the Avanza in March.

“The first quarter of 2022 saw a sustained rise in vehicle sales for both the industry and Toyota. Without the drop in deliveries in January due to the Omicron variant surge, the recovery would have been much further along. Toyota recorded exceptional results for February and March, with sales peaking at over 15,000 units in March, the highest monthly sales since the pandemic started in 2020,” TMP Chairman Vince S. Socco said.

Mr. Socco added that TMP was able to further stimulate demand through sustained new model offerings in the mass market segments, which contributed to a spike in market interest.

“As well, the industry is feeling the return of corporate demand on the heels of the resumption in business activity. Renewal of company fleets is reflected in the rise of planned capital expenditures. With the peaceful conclusion of the elections, the continued reopening of the economy and the expected continuation of government infrastructure programs, 2022 is expected to return to pre-COVID sales levels,” he added.

GT Capital’s property subsidiary Federal Land, Inc. reported that net income attributable to equity holders of the parent dropped by 4.9% to P311.2 million from P327.3 million.

Total revenues increased by 14% to P2.8 billion, with real estate sales amounting to P1.8 billion, up 10%.

Federal Land forged a partnership with Japanese real estate developer Nomura Real Estate Development Co., Ltd. to form a new company, Federal Land NRE Global, Inc.

Nomura will be investing $324 million, representing 34% of the total capital investment of FNG at P48 billion.

Meanwhile, Metro Pacific Investments Corp. reported a consolidated core net income of P3.1 billion for the first quarter, up 23% from a year earlier.

However, reported net income attributable to the parent company ended lower by 19% to P5.68 billion from P7.03 billion in 2021, as a result of the sale of Global Business Power Corp. and Don Muang Tollways.

“Metro Pacific benefited from continued economic recovery and intensified election-related activities in the country. Toll road traffic is now close to pre-pandemic levels, and power consumption has considerably increased as more industries ramp up operating capacity,” GT Capital said.

Following a series of debt refinancing and re-rating activities implemented in 2021, the company said it is now “enjoying the benefits of a significant reduction in its average interest rates, evidenced by the 11% decline in net in-terest costs for the first quarter.”

Lastly, the company’s insurance subsidiary, AXA Philippines, reported that its consolidated net income increased by 32% to P427 million from P324 million in the previous year, due to lower claims for natural calamity losses.

Meanwhile, consolidated life and general insurance gross premiums went down by 34.3% to P8.21 billion due to limited bancassurance distribution during the Omicron variant surge in January and the volatility in the capital markets amid geopolitical uncertainties.

At the stock exchange on Tuesday, GT Capital shares were up by 4.28% or P21 to close at P512 each. — Luisa Maria Jacinta C. Jocson

SEC clears North Star IPO

THE Securities and Exchange Commission (SEC) announced that it approved the initial public offering (IPO) of North Star Meat Merchants, Inc. worth up to P4.5 billion.

In an advisory on Tuesday, the commission said it resolved to render effective the registration statement of North Star covering 1.8 billion common shares, subject to the company’s compliance with certain re-maining requirements.

The meat retailing company will offer to the public up to 360 million common shares priced at up to P10 per share.

The offer will also include 32 million shares to be offered by selling shareholder Golden MJTF Holdings, Inc., plus an overallotment option of 58 million common shares, also priced at up to P10 each.

“Net proceeds from the offering of the primary shares is expected to amount to about P3.462 billion, which the company will use for capital expenditures to expand its cold chain infrastructure, to increase work-ing capital, and to expand product lines,” the SEC said.

Assuming the overallotment option is fully exercised, Golden MJTF Holdings can net up to P864.45 million. North Star Meat Merchants will not receive the proceeds from the sale of the selling shareholder’s shares.

The offer will run from May 30 to June 3, with listing on the PSE scheduled on June 10, according to the latest timetable submitted to the SEC.

The shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE).

The company tapped BDO Capital and Investment Corp. as sole issue manager, which will be joined by China Bank Capital Corp. as joint lead underwriters and joint bookrunners. PNB Capital Investment Corp. and SB Capital Corp. will also serve as co-lead underwriters.

North Star is a meat retailer and supplier that operates 360 meat concessions nationwide, with a cold storage capacity of 8.09 million kilograms and a capacity to deliver up to 120,000 kilograms of meat dai-ly. — Luisa Maria Jacinta C. Jocson

ABS-CBN trims losses on closed businesses, content production

PHILSTAR

ABS-CBN Corp. announced on Tuesday that it cut its net loss for 2021 to P5.67 billion from a loss of P13.53 billion previously, mainly due to lower expenses resulting from the cessation of some of its businesses and content production.

The media company saw its total revenues decline 16.8% in 2021 to P17.8 billion from P21.42 billion in the previous year, its full-year financial report showed.

Broken down, its advertising revenues fell by 25% to P5.29 billion in 2021 from P7.06 billion in 2020, while consumer sales went down 12.7% to P12.53 billion from P14.36 billion in the previous year.

The decline in advertising revenues is “attributable to the absence of the company in the free-to-air advertising space following the cease-and-desist order issued by the National Telecommunications Commission (NTC) on the company’s broadcast operations on May 5, 2020 and the eventual adoption of a resolution denying the franchise application of the company by the House Committee on Legislative Franchises on July 10, 2020,” ABS-CBN said.

“The cease-and-desist order similarly affected consumer sales as this prohibited the company from engaging in Sky Cable’s DTH (direct-to-home) services and distribution of TV Plus Boxes,” it added.

At the same time, the company said that the impact of the coronavirus pandemic resulted in the company “being unable to generate revenues from concerts and events as well as box office receipts.”

The health crisis also resulted in the “cessation of various ancillary operations such as Heroes Burger, Kidzania Manila, and Studio XP.”

ABS-CBN’s costs and expenses decreased 32.8% to P23.26 billion in 2021 from P33.55 billion previously.

Broken down, production costs fell by 30.6% to P7.15 billion from P10.31 billion in 2020, while the cost of sales and services fell 15.8% to P7.93 billion from P9.42 billion in the previous year.

The company’s general and administrative expenses dropped 46.1% to P8.17 billion from P13.82 billion in 2020.

“In compliance with the directive by the Office of the President of the Philippines imposing stringent social distancing measures on March 15, 2020, the company ceased production of content the same day. This production stoppage was further extended after the cease-and-desist order was issued by the NTC to the company,” ABS-CBN said.

“Instead, the company decided to align the number of programs based on partnerships closed by the company with various free-to-air operators. This alignment resulted in a reduction of production costs… Due to the cumulative im-pact of the COVID-19 (coronavirus disease 2019) outbreak and the cease-desist order issued by the NTC, the company was forced to cease its food & beverage, live experiences, TV plus and DTH business operations,” it added.

“This, in turn, resulted in a reduction in the cost of sales and services… Following the events of the franchise denial and the impact of COVID-19, the Company enforced stringent cost cutting measures to further manage the company’s financial performance.”

ABS-CBN shares closed 3.30% lower at P9.76 apiece on Tuesday. — Arjay L. Balinbin

Philippine Infradev’s net loss widens as expenses jump

PHILIPPINE Infradev Holdings, Inc. announced on Tuesday that its attributable net loss for the first quarter of the year widened to P11.24 million from a loss of P8.30 million in the same period a year ago, mainly due to a significant increase in expenses.

The company’s total revenues surged to P9.96 million in the first quarter from P1.37 million in the same period in 2021.

“The significant increase… in total revenue was mainly due to the higher number of units sold,” the company said in its first-quarter report.

Meanwhile, its total expenses jumped to P21.21 million from P9.66 million in the same period last year.

“Total cost and expenses increased by P11.54 million from P9.66 million mainly because of the higher cost of sales,” the company noted.

Philippine Infradev’s cash decreased by P195.99 million “mainly because of the payment to the contractors and consultants related to the subway project and transit-oriented development.”

“Other major payments were related to the land development and construction costs for the fourth subdivision of the company named Casas Carlina.”

At the same time, the company said that its receivable increased by P47.61 million mainly because of the advances made to contractors.

“Real estate held for sale and development increased by P66.91 million mainly because payments made for the land development and construction costs related to the fourth subdivision of the company.”

Its retained earnings decreased by P11.24 million because of the net loss incurred.

The company incorporated in 2019 the Makati City Subway, Inc. (MCSI) that will be used as a special corporate vehicle for its subway project in Makati.

“On March 7, 2022, the group received the certificate of registration of MCSI as new operator of Local Government Unit Public-Private Partnership from the Board of Investments effective Jan. 17, 2022,” it said.

“This includes the approval of tax incentives which shall be limited to four years income tax holiday, followed by five years enhanced deductions and duty exemption on importation of capital equipment, subject to compliance with certain conditions,” it added.

The company also noted that the clearing of its Binangonan property is still the focus of its operations with the goal of completely freeing from third party claims 500 hectares of the 2,200-hectare property.

“Due to a number of factors, including the recognition of Supreme Court’s recognition of the superior rights of the bonafide occupants as well as potential challenges in clearing and re-titling of this large area of land, manage-ment has estimated that only 1,513 hectares are expected to be recovered/cleared and re-titled in the name of the parent company as of March 31, 2022 and Dec. 31, 2021,” it said.

Philippine Infradev shares closed 3.33% higher at P0.93 apiece on Tuesday. — Arjay L. Balinbin

PetroEnergy sees Q1 gains

PETROENERGY Resources Corp. reported a 66.5% increase in first-quarter net income for parent firm equity holders to P176.96 million and a 48.2% rise in after-tax income to P252.47 million.

In a regulatory filing on Tuesday, the Yuchengco-led energy company said the improvement in its financial showing during the quarter was largely due to higher crude oil prices, power sales and lower interest expenses.

It said crude oil prices in the first three months of the year reached an average of $107.95 per barrel from $60.97 per barrel previously, while higher electricity sales came from its Tarlac solar plant and Nabas wind farm. The listed company added that the reduction in interest expenses resulted from installment payments of loan principals.

PetroEnergy is engaged in petroleum production through the Etame consortium in Gabon, West Africa and in renewable energy generation in the Philippines through its subsidiary PetroGreen Energy Corp., which owns and de-velops power plants using geothermal, wind, and solar energy.

Also on Tuesday, PetroEnergy said it saw a 3% increase in its 2021 consolidated net income to P655 million, while net income attributable to parent company also improved by 2% to P325 million.

The company said its financial performance last year was mainly fueled by a recovery in global crude oil prices to an average price of $69.90 per barrel from $49.72 per barrel previously. It also attributed last year’s results to its solar plant in Tarlac, which saw higher electricity sales due to improved prices at the spot market.

“These profit drivers, however, were offset by impairment recorded on the company’s West Linapacan and Octon petroleum service contracts amounting to P304 million resulting to a lower than realized net income for the year,” it said.

On Monday, shares in the company were unchanged at P5 apiece.

SSI swings to P68-million profit

SPECIALTY retailer the SSI Group, Inc. reported a net income of P67.7 million in the first quarter, turning around from a loss of P99.5 million in the similar period the year before.

“The group continued to see a recovery from the COVID pandemic during the first quarter of 2022. Despite a challenging January, with Omicron cases at peak levels, sales and foot traffic quickly picked up in February and March, with the group seeing strong demand across the range of its categories, and with sales approaching 2019 levels,” SSI said in a disclosure on Tuesday.

In the first quarter, sales were up 28% to P4.5 billion, with e-commerce sales also increasing by 21% year on year.

“Despite possible headwinds in 2022 in the form of higher inflation and a weaker peso, we continue to be confident that SSI has the resources and expertise necessary to manage volatile market conditions” SSI President Antho-ny T. Huang said in a statement.

In 2021, the company’s net income was up 117% to P151 million. Revenues likewise rose by 26% to P15.5 billion.

The company’s brand portfolio ranges from luxury, casual, fast fashion, footwear, accessories and luggage, among others.

SSI’s specialty retail footprint consisted of 570 stores located within approximately 83 malls across the Philippines.

At the stock exchange, SSI Group shares surged 8.55% or P0.10 to close at P1.27 on Tuesday. — Luisa Maria Jacinta C. Jocson

CIC profit dips to P31M on rising commodity prices, shipping costs

CONCEPCION Industrial Corp. (CIC) announced on Tuesday that its profit after tax for the first quarter declined by 76% to P31 million, weighed down by higher commodity and logistics costs as well as unfavorable foreign exchange rates amid the pandemic.

“Despite a rough start due to Omicron, our March sales posted a 24% growth on overall business, even exceeding pre-pandemic levels. While we see increased levels of customer activities and commercial pipeline presenting a positive outlook, we remain cautious about the pressure in the business environment resulting from the increasing inflation, commodity and logistics costs, weakening peso and the global business sentiments,” CIC Chairman and Chief Executive Raul Joseph A. Concepcion said.

In the first quarter, sales grew 7% to P3.1 billion. CIC said that sales from the commercial segment posted a “strong recovery offsetting weakness in consumer segment.”

“While the consumer segment was affected by the resurgence of COVID in the beginning of the quarter, demand in that segment returned to normal levels from the latter part of February,” it added.

The company said it had implemented price increases and cost curtailment activities to mitigate losses.

CIC provides air conditioning, refrigerators, consumer appliances, and building and industrial solutions. Its portfolio includes six companies, namely: Concepcion-Carrier Airconditioning Co., Concepcion Durables, Inc., Concepcion Midea, Inc. Philippines, Concepcion Otis Philippines, Inc., Concepcion Business Services, Inc., and Cortex Technologies Corp.

At the stock exchange on Tuesday, CIC shares were down by 0.73% or P0.14 to finish at P18.96 apiece. — Luisa Maria Jacinta C. Jocson

PT&T reduces net loss

PHILIPPINE Telegraph and Telephone Corp. (PT&T) on Tuesday reported a net loss of P11.7 million for the first three months of the year, lower than the net loss of P13.56 million reported for the same period in the previous year.

“Additional expenses such as recognition of the legal interest rate of 6% per annum on unsettled obligations as directed by the Rehabilitation Court, and rehab-related expenses affected the net loss for the period,” the company said in its first-quarter report.

PT&T’s revenues for the first quarter reached P125.8 million, or 12.4% higher than the previous year’s P110.2 million.

“The company ended the quarter with 2,226 data services circuits, notably broadband connections, which is a key performance indicator for an increase of 7% over the same period of last year. For the three-month period end-ing March 31, 2022, operating revenues for broadband reached P109.5 million, a 9.6% increase in operating revenue performance versus last year,” it said.

“Activities for the broadband group included street level saturations on major nodes, optimization of existing infrastructure in commercial buildings and establishments and account management of existing subscribers,” it add-ed.

Meanwhile, the company’s personnel-related expenses for the period reached P57.8 million compared with last year’s P54.1 million, as it “prepares its work force in sustaining growth in connectivity and IT services despite the ongoing pandemic.”

“Due to the implementation of work-from-home arrangement and skeletal work force last year, premises-related expenses increased to P10.9 million from P9.2 million in the comparative period,” it noted.

“Selling, general and administrative expenses went beyond last year’s level from P12.9 million to P17.4 million, together with cost of sales from P13.9 million to P20.4 million. This increase indicates the company’s ability to adapt to the pandemic by investing in operations to support its growing business,” it added.

The company said it continues to invest in network upgrades and the skill sets of its employees.

“PT&T remains on track towards becoming the partner of choice for broadband connectivity and cutting-edge digital transformation solutions in the markets it serves,” it said in an e-mailed statement. — Arjay L. Balinbin

DMCI studies units’ merger

DMCI Holdings, Inc. is considering transferring its mining unit DMCI Mining Corp. to another subsidiary Semirara Mining and Power Corp., its top official said on Tuesday.

“We are currently studying whether it will be of great value for two sets of stockholders, whether we can transfer DMCI Mining to Semirara to create value for both stockholders,” Chairman and President Isidro A. Consunji told stockholders during their annual meeting.

He also said that the company has several properties in Palawan and Zambales that are awaiting mining permits and potential mineral production sharing agreements (MPSA).

“We have several properties in Palawan that are waiting for permits that will lead to MPSA. [There’s also] two in Zambales,” he added.

In 2021, the company reported that net income surged by 214% to P18.4 billion. Core net income likewise jumped by 164% to P17.4 billion.

Revenues also increased by 60% to P108.3 billion, mainly driven by growth in the mining segment and real estate sales.

“While the risk of the pandemic remains, we regained some lost ground. In the middle of a global health crisis, our people set new records for productivity and sales,” Mr. Consunji said.

“If the current favorable market conditions last up to the end of the year, it’s a very high likelihood that additional dividends will be [issued] in the latter part of the year,” he added.

At the stock exchange on Tuesday, DMCI shares ended higher by two centavos or 0.24% to close at P8.30 apiece. — Luisa Maria Jacinta C. Jocson

CCP lays out plans for rest of the year as it reopens

CCP Tanghalang Manuel Conde new marquee -- Photo by Michelle Anne P. Soliman

IN March 2020, following the lockdown brought by the coronavirus pandemic, the Cultural Center of the Philippines (CCP) canceled 800 shows which would have welcomed 800,000 visitors. After two years of project postpone-ments, cancellations, and online transition, the CCP is now reopening fully and has presented its plans for the rest of this year.

“We usually make at least P34 million [in] box office revenues and we lost all of that (during the lockdown),” CCP Vice-President and Artistic Director Chris B. Millado said during the institutional press conference on May 4.

“But what we tried to do is to save as many jobs as possible,” Mr. Millado said. From 2020 to 2021, at least 3,000 artists, cultural workers, and production staff had been affected by the COVID-19 lockdowns. “I’m glad to say that at least 80 to 90% of the jobs that were initially entered for these projects were saved,” he said.

This year’s projects include live performances, hybrid showcases, film screenings, exhibits, new publications, and workshops.

HYBRID SHOWCASES

Popular theater, film, and music festivals are returning this year, with live performances held alongside online screenings.

The Virgin Labfest (VLF) festival of new plays returns to the stage from June 16 to 26, and will have online screenings of its productions from July 4 to 10. The Cinemalaya Philippine Independent Film Festival will return to thea-ters in August, followed by online screenings of the full-length films that are part of the festival. And the National Music Competition for Young Artists (NAMCYA) will be held onstage in November.

The Philippine Philharmonic Orchestra (PPO) will have a concert season, starting in September. The orchestra hopes to hold its annual Tricks and Musical Treats: A PPO Family Concert on-site this year. It is an annual orchestral adventure for children to appreciate, learn, and experience the different sounds of musical instruments in the orchestra. Meanwhile, the PPO Young People’s Concert, featuring talented young soloists accompanied by the CCP’s resident orchestra, will premiere online this year.

The CCP Intertextual Division projects focus on providing opportunities for artists to contribute to the canon of Philippine literature through its various events, such as the National Children’s Book Day, the Virgin Labfest Play-wrights’ Fair, and the Performatura Festival.

The CCP will also launch literary publications in digital format: Mithi, a joint book project focused on literary works in the new normal by the Unyon ng mga Manunulat sa Pilipinas (UMPIL) with the CCP; Natatauhan, edited by Luna Sicat Cleto, featuring VLF stage plays written by women, and Mga Piling Dula Mula sa Virgin Labfest (2017 to 2019) edited by Rody Vera. The digital copies will be available through the CCP Collections website (https://collections.culturalcenter.gov.ph/).

DIGITAL ARTS PROJECTS

For Mga Kuwento ni Lola Basyang, selected stories by Severino Reyes will be adapted into short animated films.

The CCP Board of Trustees will be offering the CCP Animation and Comics Grants which will focus on adapting Filipino folktales and epics. The output of these grants will be uploaded in the CCP Encyclopedia of Philippine Arts Digital (EPAD).

“The goal right now is to make comics of the existing folktales, myths, and legends. Not really creating new content just yet,” CCP Board Trustee Benedict Carandang said.

Commercial viability will also be considered for the pitches for game development grants. “You have to present a business plan to support your project proposal. We have to be more market savvy right now,” Mr. Carandang said. For details check the Game Development Application form: (https://forms.gle/cvM1UNqLmWSEK6239) and the Animation and Comics Grant Application form (https://forms.gle/7P6PNASVPsXhtgUo9).

Meanwhile, the EPAD will be continuously updated with new content, including the Media Gallery which is a virtual repository of still and moving images, and the timeline of Philippine art documenting its history. The timeline for Philippine film and dance will be launched in June, while those of Philippine literature and architecture will be launched in August, Philippine broadcast and visual arts in October, and Philippine theater and music in December.

The CCP Channel, under the Cultural Content Department, will premiere its own productions, such as #FromTheArchives educational videos based on the center’s events, #AllInADaysWork documentations of day-to-day activities of the cultural workers at the CCP, and The Buffeteria Conversations with cultural movers sharing stories about their arts.

Soon to rise at the ASEAN Park of the CCP Complex is the CCP Digital Hub, where the general public can access all CCP digital projects through touch screen wall monitors and other immersive devices. It will also have a pop-up café and a hole-in-the-wall boutique.

EDUCATIONAL PROGRAMS

The CCP Arts Education Department (AED) will be holding the second Children’s Biennale in November.

The ongoing projects are Young At Art, a series featuring children having conversations with artists, which is now on its third season; Arts Online, a learning resource and lecture series for art educators; Sining Sa Eskwela, teacher trainings in the arts; Sining Galing which are art-based psycho-social activities; the CCP Summer Arts Academy, a specialized teacher training program in the arts and K-to-12 arts and design; and the Hands-On Choral Workshop, among others.

AED will also launch Indigenous Lullabies featuring poems and music as music videos for parents and other nurturers. The lullabies from the regions are based on ethnomusicological research, arranged by an esteemed musical director, performed by contemporary artists and nurturers, and visualized on-screen by young filmmakers.

The Production and Exhibition Department has been providing technical theater and design training on lights, sets, and sound. They also have an apprenticeship program which provides hands-on training and exposure to vari-ous performance genres and interactions with designers and technical theater practitioners.

REGIONAL PROGRAMS

The Cultural Exchange Department (CED) will continue to expand its partnerships in the regions through its Kaisa sa Sining (KSS) program. Currently, the CED has 23 regional partners in Luzon, 19 in the Visayas, and 18 in Mindanao.

Under the KSS, the CCP provides an Apprenticeship Program for regional cultural workers and gives awards and recognitions to outstanding regional artists, cultural workers, and organizations.

NEW MARQUEE FOR CCP ARTHOUSE CINEMA

Aside from the announcement of its plans for the year, the CCP also revealed the new marquee of the Tanghalang Manuel Conde (CCP Arthouse Cinema).

Originally launched in June 1988, the 100-seat theater was named after renowned actor, director, and producer Manuel Conde. Also called the Dream Theater (and formerly the Audio-Visual Room), it was the first di-rect-to-home satellite venue for art and culture films, and videos on the arts of the Philippines.

To give the space an identity, the new marquee’s designer, Production Design and Technical Services staff Ricardo Eric Cruz, decorated the surrounding walls with images from Philippine movies bordered with repurposed wood. The letters of the cinema’s name are built with LED lights.

“We hope that this becomes like a continuing venue for titles and works of Filipino filmmakers, which seldom find the place in commercial cinemas. That’s why it’s called the ‘art house cinema.’ And we are very happy that it has sort of developed its own niche audience throughout the years…,” Mr. Millado said.

The Tanghalang Manuel Conde will showcase screenings of remastered films of legendary film actors and directors

In celebration of National Heritage Month and the director’s death anniversary on May 22, the cinema will screen Lino Brocka’s Maynila sa mga Kuko ng Liwawag for free on May 20, 2 p.m. Pre-register for the event through https://tinyurl.com/ccparthouse-nationalheritage.

ARTISTIC RECOGNITION

The Office of the Artistic Director has been working on the inaugural season of the Tanghalang Ignacio Gimenez (CCP Blackbox Theater), as well as the CCP’s upcoming 53rd anniversary.

The CCP Blackbox Theater’s inaugural shows include a production of Anak Datu, which is based on the life and works of National Artist for Visual Arts Abdulmari Imao; an experimental work with an international theater compa-ny directed by former Tanghalang Pilipino executive director Nonon Padilla; and the PPO chamber music series.

Within the year, the CCP, with the National Commission for Culture and the Arts, will also be proclaiming the new National Artists and the Gawad CCP Awardees. For more information on CCP programs and projects, visit the CCP’s website (www.culturalcenter.gov.ph) and its official social media pages. — Michelle Anne P. Soliman

1...5,3075,3085,309...13,134Page 5,308 of 13,134
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube