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Asian Cultural Council to raise funds with auction

ANITA MAGSAYSAY-HO’S Fruit Market and Fernando Amorsolo’s Elias and Salome, from the Lost Chapter of Jose Rizal’s novel Noli Me Tangere.

Major artworks and one-of-a-kind antiques will be up for auction on Feb. 18 at the Leon Gallery for the Asian Cultural Council (ACC) Auction 2023.

These include Anita Magsaysay-Ho’s Fruit Market, once exhibited at the Philippine Art Gallery in 1957. It had been owned by American millionaire Frank Anderson who once owned the Basilan Lumber Corp. said Leon Gallery director Jaime Ponce de Leon, a friend of Ms. Magsaysay-Ho. “It’s always a holy grail for every auction,” said Mr. Ponce de Leon during a press conference on Jan. 24 in Makati.

A 6-foot x 8-foot Jose Joya, one of the biggest to be sold at auction, will also be on the block.

Since 2015, the Leon Gallery has partnered with the Asian Cultural Council Philippines to raise funds for ACC’s cultural exchange grants program. Proceeds from the fundraisers go entirely to the ACC Philippine Fellowship program. Over 300 artists have received fellowship grants since 1963, with some of these grantees since becoming National Artists, namely: Jose Joya, Lucresia Kasilag, Lamberto Avellana, Alejandro Roces, Francisco Feliciano, Jose Maceda, Kidlat Tahimik, Ramon Santos, and Alice Reyes.

During the press conference, guests were introduced to ACC grantees Sasa Cabalquinto (who gave an avant-garde dance performance), Caroline Marie Duque, Charles Ivan Yee, Sofia Santiago, and Ana Tamula.

The newest ACC grantees include Ms. Cabalquinto, who has a fellowship to the US and Japan to conduct research, immersion, and exploration on Butoh dance and diaspora; Rocky Cajigan, who has a fellowship to the US to explore curatorial and programming activities in New York; and Radnel Ofansa, who will complete his second and final year as a candidate for the Master of Music degree at the Mannes School of Music in New York City’s The New School.

THE AUCTION
Works by many important names in art will go on the block on the Feb. 18 auction — H.R Ocampo, Vicente Manansala, Fernando Zobel, Manuel Rodriguez Sr., Nena Saguil, Felix Resureccion Hidalgo, Felix and Ramon Martinez, and Fabian de la Rosa. An Amorsolo piece in the auction that depicts a scene from the lost Elias and Salome chapter from the Noli me Tangere is expected to create some buzz.

As for antiques, there’s a dagger inscribed with a dedication to Don Ramon Despujol, a nephew and aide of the Spanish Governor-General who informed Jose Rizal of his Dapitan exile.

“It is our honor again to be part of ACC and to raise the funds for the deserving artists for further studies,” said Mr. Ponce de Leon.

The auction will be held on Feb. 18 at 2 p.m. at the Leon Gallery. For details, visit leon-gallery.com. — Joseph L. Garcia

MAP head faces 2023 with ‘cautious optimism’ 

THE new president of the Management Association of the Philippines (MAP) is cautiously optimistic about the country’s recovery this year as the pandemic continues.

“The year 2023 will still be challenging — a continuation of the transition years as we try to put our pandemic experience in the rear-view mirror. Now, we must set our sights to what’s ahead with cautious optimism, even as the fight with coronavirus disease 2019 (COVID-19) pandemic continues,” MAP President Benedicta Du-Baladad said during the group’s inaugural meeting on Tuesday in Taguig City.

According to Ms. Du-Baladad, the country will face challenges both in terms of economic recovery and keeping up with surging digitalization amid the pandemic.

“The bigger challenge before us will be recovery, not just in the economic front, but also in the structural rebuilding of the fundamentals needed to address the impact of the digital transformation and the changed business dynamics in our government to our respective organizations,” Ms. Du-Baladad said.

“The growing expectation, that business should integrate social responsibility as success indicator, places an enormous burden on our shoulders that will need new, transformational ideas and a high degree of collaboration across industries and sectors,” she added.

Meanwhile, Ms. Du-Baladad said that ease of doing business remains a top concern among MAP members based on a survey conducted in November last year.

The other issues raised by MAP members were the economy, energy, climate change, competitiveness of local industries, education, agriculture, infrastructure, environmental, social, and governance (ESG), and dealing with local government units.

“MAP today has a strong membership base of 1,074 leaders who are significant influencers in their respective fields. Its members cut across many industries and their outputs can be felt in employment generation, in sharing gains through corporate social responsibility initiatives and in economic development,” Ms. Du-Baladad said.

“Certainly, one of MAP’s biggest contributions is leadership excellence. From among its ranks came many of those who are called for public service and shared their expertise to benefit the country and the Filipinos,” she added. — Revin Mikhael D. Ochave

Treasury makes full award of reissued bonds at lower rate

BW FILE PHOTO

THE GOVERNMENT fully awarded the reissued 25-year Treasury bonds (T-bonds) it auctioned off on Tuesday at a lower average rate as demand for longer tenors remains strong.

The Bureau of the Treasury (BTr) raised P35 billion as planned from the reissued 25-year papers on Tuesday, with bids reaching P78.993 billion or more than twice the amount on the auction block.

The bonds, which have a remaining life of 12 years and eight months, were awarded at rates ranging from 6% to 6.25%, bringing the average to 6.197%, 98.5 basis points (bps) lower than the 7.182% quoted for the series when it was last offered on Jan. 10 and below the 180.3 bps the 8% coupon for the issue.

The average rate fetched for the bond was 0.1 bp lower than the 6.198% quoted for the same bond series but 4.5 bps above the 6.155% seen for the 12-year paper at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

“The Auction Committee fully awarded the reissued 25-year Treasury Bonds at today’s auction. With a remaining term of 12 years and 8 months, the reissued bonds (FXTN 25-07) fetched an average rate of 6.197%, lower than the previous average of 7.182% when it was last reissued on Jan. 10, 2023,” the BTr said in a statement on Tuesday.

“With its decision, the committee raised the full program of P35.0 billion, bringing the total outstanding volume for the series to P163.4 billion,” it added.

A trader said in the Viber message that the bonds were awarded at the higher end of the range expected by the market as investors were also looking ahead to upcoming bond auctions this month that would increase supply.

The Treasury is looking to raise P35 billion via an offer of five-year T-bonds on Feb. 7, another P35 billion from three-year instruments on Feb. 14, and P35 billion via 10-year bonds on Feb. 21.

“Notice though that this is not as strong as the past two auctions, which is a sign of weakening demand,” the trader said.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the decline in the issue’s average rate was “consistent with the easing trend in long-term PHP BVAL yields for more than three weeks already.”

Mr. Ricafort added that rates continued to drop ahead of the rate-setting meeting of the US Federal Reserve on Jan. 31 to Feb 1, where markets widely expect a 25-bp hike.

Besides the anticipated increase in borrowing costs at the meeting, investors are also waiting for signals from Fed officials about the future path of monetary policy amid signs of easing inflation and a slowing economy.

The Federal Open Market Committee raised its fed funds rate by 50 bps in December to a 4.25%-4.5% range following four straight 75-bp increases, bringing total hikes for 2022 to 425 bps.

The BTr plans to raise P200 billion from the domestic market in February, or P60 billion through Treasury bills and P140 billion via T-bonds.

The government borrows from domestic and external sources to help finance its budget deficit, which is capped at 6.1% of gross domestic product this year. — A.M.C. Sy

CTA rejects review of Macquarie’s refund claim

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) has affirmed its ruling that denied Macquarie Offshore Services Pty., Ltd.’s (Macquarie) appeal to review and set aside its excess input value-added tax (VAT) worth P85.1 million allegedly traced to zero-rated sales for the fiscal year 2016.

In an 18-page decision dated Jan. 25 and made public on Jan. 30, the CTA full court said the firm failed to prove that its transactions with its foreign clients were paid in a foreign currency accepted by the Philippine central bank.

“The Court En Banc finds that [we] cannot rely on the amounts and other information reflected in the documents submitted by petitioner (Macquarie) to prove that the payments were duly reflected in the Certificates of Inward Remittances and that these payments were accounted according to the rules and regulations of the Bangko Sentral ng Pilipinas.”

The tax tribunal said the firm failed to prove that its payments to the foreign clients were reflected in the certificates of inward remittances or the document that verifies the validity of the foreign money received by the beneficiary.

Macquarie cited a report from an independent certified public accountant that said the official receipts from its foreign clients showed that they were paid in acceptable foreign currency and were reflected in the firm’s bank statements.

“Clearly, the independent certified public accountant’s findings are not conclusive upon the court as the same is subject to its verification to determine its accuracy, veracity and merit,” the High Court said.

“However, despite having been duly supported by official receipts, the Court in Division found that petitioner was unable to sufficiently prove that the payments were duly reflected in the Certificates of Inward Remittances.”

The tax court said it was unable to determine if the payments were accounted for in line with the central bank regulations.

Under the country’s revenue code, taxpayers that engage with foreign firms outside the Philippines are entitled to zero-rated sales that do not translate to output tax.

Sales that qualify for 0% VAT include services other than processing, manufacturing, or repacking of goods; services performed in the Philippines by VAT-registered persons and sales paid in acceptable foreign currency in line with the central bank’s rules.

“Accordingly, the pieces of evidence presented entitling a taxpayer to an exemption must also be duly proven,” the court said.

“In this case, petitioner was not able to prove with competent evidence its entitlement to a refund or issuance of a tax credit certificate. — John Victor D. Ordoñez

Arts&Culture (02/01/23)

Ballet Manila season opens with Romeo & Juliet

Ballet Manila’s 25th performance season — called “Of Hope and Homecoming” — begins with the world premiere of Martin Lawrence’s Romeo & Juliet on Feb. 18, 8 p.m., and Feb. 19, 5 p.m. Tickets are now on sale via Ticketworld at https://premier.ticketworld.com.ph/.

Hop-on, hop-off museum tours

Part of the Cultural Center of the Philippines’ (CCP) Pasinaya festival — a multi-arts festival to be held at the CCP Complex and other outdoor venues on Feb. 3 to 5, featuring hundreds of shows, workshops, and other activities in music, theater, dance, visual arts, film, and literature — is Paseo Museo, a hop-on, hop-off tour of 13 participating museums and galleries in Pasay and Manila slated on Feb. 4 and 5. This year, the CCP has five new partners — AIMS Museo Maritimo, the GSIS Museum, the Philippine Women’s University (PWU) School of Fine Arts & Design (SFAD) Jose Conrado Benitez (JCB) Gallery, Adamson University Art Gallery, and the Manila Clock Tower Museum. They join Pasinaya’s Paseo Museum regulars, including the National Museum of Fine Arts, the National Museum of Anthropology, the National Museum of Natural History, the Museum of Contemporary Art and Design, Casa Manila, Museo de Intramuros, Fort Santiago, and Museo Pambata. Paseo Museo, formerly Museum Mile, is held in partnership with the Museum Foundation of the Philippines, which provides shuttles that enable audiences to visit the participating museums and galleries. This year, there will be 15 vehicles that will ferry the Pasinaya Paseo Museo viewers to Routes A, B and C* (*Saturday only). The Pasinaya 2023: The CCP Open House Festival is an experience-all-you-can, pay-what-you-can event. For the show schedule, visit https://www.facebook.com/culturalcenterofthephilippines/photos/a.586685618079693/5774171615997708/.

Samson et Dalila at MET on HD

The Cultural Center of the Philippines’ MET on HD program will present the New York Metropolitan Opera’s production of Samson et Dalila (Samson and Delilah) on Feb. 7, 5:30 p.m., at the cinemas of Greenbelt 3, Makati City. Considered as one of the best biblical epics, Samson et Dalila is brought to life with mezzo-soprano Elīna Garanča and tenor Roberto Alagna. The regular ticket price is P450. Students who present their school ID at the Greenbelt 3 ticket counter will get a P100 discount as will young professionals who are 35 years old and below. Reserve a seat at bit.ly/SureSeatsSamsonEtDalila.

Digital poster tilt for National Heritage Month

THE National Commission for Culture and the Arts (NCCA) opens National Heritage Month 2023 with a digital poster competition. The contest is open to all Filipino citizens residing in the Philippines aged 18 to 25 years old at the time of application. The poster should be a visualization of the Heritage Month theme, “Heritage: Change and Continuity,” and must adhere to the objectives of the celebration. Register and submit entries through bit.ly/NHM2023DPCForm. For the complete guidelines, visit bit.ly/NHM2023DPCGuidelines. The downloadable files are available at bit.ly/NHM2023DPCFiles. The deadline of submissions is on Feb. 13.

‘Buklod’ at ARTablado

Each of the 11 artists featured in the “Buklod” exhibition — which will run from Feb. 1 to 15 at ARTablado in Robinsons Galleria — participated to create a show that can inspire every Filipino artist from newbies to experienced. “Buklod” features the abstract works of 11 artists, some of whom have “day jobs”, while the rest are either freelance artists or have bitten the bullet and have become full-time art practitioners. They are Jas Agbunag (a freelance graphic designer), Anton Aguas, Richard Apostol (a senior associate designer in a BPO firm), MarPolo Cabrera (an online writer and businessman), Meyo de Jesus, Rolly delos Santos, Ross del Rosario, Danny Encabo, Veejay Palcunan, Patrice Palisoc and Ronald “Doods” Pena. “Buklod Para sa Sining” is Robinsons Land ARTablado’s opening salvo for National Arts Month. Meyo de Jesus, Danny Encabo and Rolly de Jesus have mounted or participated in exhibitions at ARTablado in the past. MarPolo Cabrera is one of the very first artists featured in the Robinsons Land venue. The group spokesperson said that they are 11 artists with different approaches and takes on what constitutes abstract art and how to give a semblance of form to the non-figurative.

Murakami, Abloh, Condo works headline art exhibit

An exhibition of paintings and sculptures by some of the most prominent global names today, #artnow: The Poliform Collection of International Contemporary Art, will open on Feb. 10 at the 12F Gallery of the De La Salle-College of Saint Benilde (DLS-CSB) Design and Arts Campus. The showcase, which includes around 100 artworks, features globally influenced and culturally diverse artworks, including works by Takashi Murakami, the late Virgil Abloh, a Tracey Emin in neon, George Condo’s take on psychological cubism, a portrait by Grace Weaver, and a mysterious figure by Vojitech Kovarik. Completing the roster are Brian Calvin, Javier Calleja, Emma Cousin, Jonathan Edulheber, Camilla Engstrom, Tomoo Gokita, Bambou Gili, Jennifer Guidi, Ania Hobson, Jordy Kerwick, Tahnee Lonsdale, Mia Middleton, Tania Marmolejo, Nicolas Party, Charlie Roberts, Tom Sachs, Theo Viardin, Jess Valice and Mark Whalen. The pieces were collected over a decade by businessman Tim Tan, one of the owners of Poliform, a leading distributor of Italian furniture and lighting in the country. The show is produced by Benilde Center for Campus Art (CCA) and curated by Architect Gerry Torres. Inspired by the paintings and sculptures, the young student-artists of the Benilde Industrial Design Program explored the relationship and intersections between art and design as they conceptualized and created their own soft toys. The finished figures, which will also be on view at the exhibit, were conceptualized and created under the guidance of designer-educator Budji Tresvalles. The show will likewise host an Instagram competition with iconic KAWS vinyl figures as prizes. For more information, visit https://www.facebook.com/BenildeCampusArt. The exhibit will be on view from Feb. 10 until May 5 at the Design and Arts Campus, De La Salle-College of Saint Benilde, 950 Pablo Ocampo St., Malate, Manila

Health agencies keeping eye on COVID ‘Kraken’ variant 

IMAGE VIA ISO-FORM / CC BY 4.0

By Brontë H. Lacsamana, Reporter 

Image via iSO-FORM / CC BY 4.0

NICKNAMED after a sea monster, the coronavirus Omicron subvariant XBB 1.5 — or “Kraken” — is the most infectious so far, but the good news is that it’s not any more severe than previous versions, according to infectious disease experts.  

While it hasn’t been detected in the Philippines, Kraken is being monitored through genomic biosurveillance.  

“XBB 1.5 has around eight major mutations, but it doesn’t carry any mutation associated with potential change in severity,” said Dr. Franco B. Felizarta, a US-based infectious disease expert, at a Jan. 27 webinar organized by the University of the Philippines.  

“In terms of infectiousness, it’s the most infectious today, but in terms of severity, it’s not more severe than the other variants,” he said.  

According to the World Health Organization’s risk assessment for XBB 1.5, there’s not much increase in both severity and death, so the subvariant will likely contribute to an increase in cases but not that much in deaths.   

It also put a disclaimer that growth estimates are only from the United States, which means “there’s a significant chance the Philippines will not get this variant because it had the original XBB that quickly disappeared anyway,” said Dr. Felizarta.  

On Monday, the Philippines posted 1,206 coronavirus cases in the past week, about 36% lower than the 1,891 cases from the previous week, as per a bulletin by the Department of Health. Of the new cases, only one was critical.  

Dr. Cynthia P. Saloma, executive director of the Philippine Genome Center, assured the public that they will continue to monitor the variants emerging in the country.  

“We’re keeping watch for XBB 1.5, which is said to be the most antibody-evasive variant, but data has shown that vaccination as well as prior infection continue to provide protection against hospitalization and severe disease,” she said.  

Dr. Felizarta added that the global population is no longer immunologically naive to the virus due to most people having been vaccinated and/or infected.  

“Globally there’s only a slight increase in daily deaths, much lower than all variants before,” he said. “This is also despite the increasing worldwide mobility, even in countries with minimal masking and social distancing.”  

The hybrid immunity that comes with vaccination and/or infection will help transition COVID-19 from a pandemic to an epidemic. However, the immunocompromised, the elderly, and those with multiple comorbidities are still prone to severe cases and death.   

“They’re the ones that have to be regularly boosted,” said Dr. Felizarta. 

Dominic Rubio’s big heads

Afternoon Delight by Dominic Rubio

“I have come to think that being looked at obsessively by people you don’t know actually changes the way your face and body are assembled — not just in the obvious ways of enhanced fashion sense or tricks of charm and self-possession, but in the illusion of size. The heads of world-class celebrities literally seem to enlarge,” wrote Tina Brown of meeting Diana, Princess of Wales, in her biography, The Diana Chronicles.

One might think that the wealthy figures depicted in Dominic Rubio’s “Ilustrados,” the inaugural exhibit of Galleria Nicolas at Greenbelt 5 may suffer from the same malady. While that exhibit ended on the same day we talked to Mr. Rubio on Jan. 16, Mr. Rubio has another exhibit that runs until Feb. 6 at BGC’s Galerie Joaquin. This is the final part of Mr. Rubio’s trilogy of major exhibits, beginning with a birthday exhibit last December.

Back to the big heads: Mr. Rubio is known for painting exquisite detail on figures with enlarged heads propped up by thin necks. A release says, “As noted by the late art historian Dr. Reuben Cañete, Rubio is a modern-day Damian Domingo with his depictions of various Filipino archetypes. His strength lies in his capability of making his audiences ‘see themselves’ through his works.” We pointed out to Mr. Rubio that we didn’t know anyone who looked like that, but with laughter, he said, “Iyan iyung execution ko sa aking nararamdaman. Iyan iyung idea ko (That’s my execution of my feelings. That’s my idea).”

He insists that there’s really nothing much to think about the big heads: “Minsan sila na nga ang nag-iisip ng interpretation eh (sometimes they are the ones who come up with an interpretation),” he said. Some of his wealthy Chinese patrons (he has painted political and business dynasties in his inimitable style) think that the faces looking straight ahead mean progress and keeping their heads up. “Ako naman, totoo, wala naman akong meaning diyan eh. Style ko iyon eh (For me, really, I don’t put meaning into it. That’s just my style),” he said. “Gumawa lang ako ng sariling style, sariling mundo, adjust-adjust, itotono ko lang kung okay na ang pakiramdam ko (I just made my own style, my own world, adjust it a bit, and tune it until I feel it’s okay).”

Mr. Rubio is a bit more excited discussing the tiny details in his work — embroidery on clothing, and miniature people and places standing behind his giant figures. “Meron akong main subject. Kung palalakihin mo lahat iyan, sabay-sabay silang lahat, magulong tingnan. Masakit sa mata (I have a main subject. If I make them all big, it will look like a mess. It will hurt the eyes),” he said. “Meron akong quiet space sa taas (I have a quiet space up on top),” he said, discussing the structure of his paintings. “Parang music. Biglang lalakas, biglang hihina. Orchestra (It’s like music. It suddenly swells, then softens. Orchestra).”

Mr. Rubio’s series, “Tipos del Pais,” is on show at Galerie Joaquin until Feb. 6 in BGC. — JL Garcia

BSP policy rate could reach 6.5% this year

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) could hike benchmark interest rates by 50 to 100 basis points (bps) this year to bring down inflation and match the US Federal Reserve’s monetary tightening in support of the peso.

“The BSP will probably continue to hike as long as the Federal Open Market Committee (FOMC) continues to hike to avoid a repeat of the exchange rate-led inflationary episode in 2022,” Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said in a Viber message.

“Our latest estimate is between 6% and 6.5% for the policy rate. This assumes significant weakening of the US economy in early 2023 causing wage increases there to fall significantly,” Mr. Neri said.

The Philippine central bank hiked borrowing costs by 350 bps in 2022, bringing its key rate to a 14-year high of 5.5% from a record low of 2% in 2021.

Meanwhile, the Fed raised rates by 425 bps last year, bringing its own policy rate to 4.25-4.5%. Fed policy makers have said the US central bank will continue tightening this year to battle inflation.

“Unfortunately, if US wage growth remains elevated until mid-2023 the FOMC’s hiking cycle may end much later than what markets currently expect and will mean an even higher terminal rate for the BSP,” Mr. Neri said.

He also noted that if the FOMC pauses its policy tightening this year, and if Philippine inflation falls within the 2-4% target range, the BSP may consider a pause in hikes. 

BSP Governor Felipe M. Medalla this month signaled more rate increases at the BSP’s first two policy meetings this year to ensure inflation will fall within the central bank’s target range. The first policy meeting for the year is scheduled on Feb. 16.

“If inflation stays within target for one quarter or so maybe BSP can also consider cutting. Hopefully they’ll cut the RRR (reserve requirement ratio) and rebuild their external buffers first before they reduce the RRP (overnight reverse repurchase) rate aggressively,” Mr. Neri added.

The BSP earlier committed to bringing down the RRR of big banks to single digits by this year. The RRR for big banks is currently at 12%, one of the highest in the region. Reserve requirements for thrift and rural lenders are at 3% and 2%, respectively.

“We think the BSP will raise total of 50 bps this first-quarter 2023. Inflation remains a key risk in the first semester, but is expected to moderate and fall within target in the second half,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“Having said that, the BSP will want to make sure that inflation is not a threat by the end of the year and that means a long pause before a rate cut in early 2024,” Mr. Roces added.

Headline inflation rose to 8.1% in December from 8% in November, as food prices soared during the holidays. This brought the average inflation in 2022 to 5.8%, matching the BSP’s forecast for last year.

The BSP expects inflation to average 4.5% this year before easing to 2.8% in 2024.

NEW BSP GOVERNOR
Meanwhile, an analyst said potential leadership changes in the BSP this year cloud the rate outlook.

“Calling BSP policy rates this year will be tricky given that Governor Medalla will retire by midyear. Entering his 12th year as a member of the Monetary Board, Medalla may not be eligible for reappointment as BSP Governor to a fresh a term,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

“We do, however, expect Medalla to hike policy rates by 25-50 bps in the first half of the year, with the decision to push the RRP to 5.75% or 6% contingent on the performance of the peso and inflation,” Mr. Mapa said.

He said if the peso remains stable and inflation eases “quickly,” the BSP may opt for a smaller 25-bp increase.

“If the peso faces renewed depreciation pressure and inflation stays sticky, Medalla may opt to match with 50 bps worth of hikes in the first half of the year,” Mr. Mapa said.

“The second half of the year will be another story as the direction and stance of the BSP may be very dependent on who will be replacing Medalla as Governor,” he added.

Meanwhile, Pantheon Macroeconomics Chief Economist for Emerging Asia Miguel Chanco said in an e-mail that moving forward, the BSP could cut benchmark interest rates by 50 bps in the fourth quarter this year on expectations of easing inflation.

“We’re likely to see inflation fall to much comfortable levels by yearend, and we suspect it is only a matter of when, not if, economic growth starts to notably lose momentum,” Mr. Chanco said. — Keisha B. Ta-asan

Pangilinan group names new TV5, Cignal TV presidents, CEOs

FILM producer Guido R. Zaballero is the new president and chief executive officer (CEO) of free-to-air television network TV5, the Pangilinan group’s MediaQuest Holdings, Inc. announced on Tuesday.

Mr. Zaballero will assume the position on Feb. 1 following the retirement of Robert P. Galang, who has led Cignal TV and TV5 since 2020, MediaQuest said in an e-mailed statement.

MediaQuest, chaired by Manuel V. Pangilinan, is the holding company of TV5 and Cignal TV.

According to the media group, Mr. Zaballero, who joined MediaQuest as Cignal TV’s vice-president and head of marketing in 2013, was instrumental in establishing Cignal TV’s present market leadership, “growing its subscriber base from 500,000 to 4.3 million as of today.”

“I look forward to this new challenge, and I am grateful for this opportunity to serve,” Mr. Zaballero said, adding that TV5 has many surprises in store for its audience.

At the same time, MediaQuest announced that Jane J. Basas has assumed the post of president and CEO of Cignal TV. She also serves as president and CEO of MediaQuest.

“We would like to thank Robert for his many years of dedicated service and for steering TV5 and Cignal to its current position of strength,” Ms. Basas said of Mr. Galang.

“We welcome Guido as TV5’s new chief executive. With his proven track record of leadership through service and action, we are confident that he will take TV5 to the next level,” she added.

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

All countries ‘dangerously unprepared’ for future pandemics, says IFRC

A woman takes a coronavirus disease test at a pop-up testing site as the Omicron coronavirus variant continues to spread in Manhattan, New York City, U.S., Dec. 27, 2021. — REUTERS

WHO remains on high alert; US to end COVID-19 emergency May 11 

GENEVA — The world is “dangerously unprepared” for future pandemics, the International Federation of the Red Cross and Red Crescent Societies (IFRC) say in a report published on Monday, calling on countries to update their preparedness plans by year-end.  

In its World Disasters Report 2022, the IFRC said “all countries remain dangerously unprepared for future outbreaks” despite coronavirus disease 2019 (COVID-19) killing more people than any earthquake, drought or hurricane in history.  

“The next pandemic could be just around the corner. If the experience of COVID-19 won’t quicken our steps toward preparedness, what will?” said Jagan Chapagain, secretary general of the IFRC, the world’s largest disaster response network.  

“There will be no excuse for a continued lack of preparedness after having gone through three terrible years.”  

The report said that countries should review their legislation to ensure it is in line with their pandemic preparedness plans by the end of 2023 and adopt a new treaty and revised International Health Regulations by next year that would invest more in the readiness of local communities.  

It also recommended that countries increase domestic health finance by 1% of gross domestic product and global health finance by at least $15 billion per year, which Mr. Chapagain described as a “good investment to make.”  

“The important thing is there has to be a political will to commit to that,” he said. “If it is there, it’s possible.”  

HIGHEST ALERT
The World Health Organization (WHO) said on Monday that COVID-19 continues to constitute a public health emergency of international concern, its highest form of alert.  

The pandemic was likely in a “transition point” that continues to need careful management to “mitigate the potential negative consequences,” the agency added in a statement.  

It is three years since the WHO first declared that COVID represented a global health emergency. More than 6.8 million people have died during the outbreak, which has touched every country on Earth, ravaging communities and economies.  

However, the advent of vaccines and treatments has changed the pandemic situation considerably since 2020, and WHO Director-General Tedros Adhanom Ghebreyesus has said he hopes to see an end to the emergency this year, particularly if access to the counter-measures can be improved globally.  

“We remain hopeful that in the coming year, the world will transition to a new phase in which we reduce (COVID) hospitalizations and deaths to their lowest possible level,” Mr. Ghebreyesus told a separate WHO meeting on Monday.  

Advisers to the WHO expert committee on the pandemic’s status told Reuters in December that it was likely not the moment to end the emergency given the uncertainty over the wave of infections in China after it lifted its strict zero-COVID measures at the end of 2022. 

US TO DECLARE END OF COVID EMERGENCY
Meanwhile, in Washington, President Joseph R. Biden, Jr.’s administration on Monday said it will end COVID-19 emergency declarations on May 11, nearly three years after the United States imposed sweeping pandemic measures to curb the spread of the illness. 

The COVID-19 national emergency and public health emergency (PHE) were put in place in 2020 by then-President Donald J. Trump. Mr. Biden has repeatedly extended the measures, which allow millions of Americans to receive free tests, vaccines and treatments. 

The White House’s Office of Management and Budget (OMB) said in a statement the declarations, which were set to expire in the coming months, would be extended again until May 11 and then terminated. 

“This wind-down would align with the Administration’s previous commitments to give at least 60 days’ notice prior to termination of the PHE,” OMB said in an administration policy statement. 

The government has been paying for COVID-19 vaccines, some tests and certain treatments under the PHE declaration. When it expires, those costs will be transferred to private insurance and government health plans. 

PHE’s expiration will also end directives, known as Title 42, that expel migrants from Nicaragua, Cuba and Haiti caught crossing the US-Mexico border back to Mexico, OMB said. 

OMB said in a separate statement that Mr. Biden would veto a proposed bill in the US Congress that would eliminate COVID-19 vaccine mandates for healthcare providers working on certain federal programs. 

COVID-19 cases are declining in the United States, though more than 500 people continue to die each day from the disease, government data showed. — Reuters

Pru Life UK CEO is new Fintech Alliance insurtech committee chair

FINTECH Alliance Philippines has appointed Pru Life UK President and Chief Executive Officer (CEO) Eng Teng Wong as chairman of its Insurance Technology (InsurTech) Committee.

Pru Life said in a statement on Tuesday that Mr. Wong will help lead the organization’s role in engaging, building, and expanding a sustainable digital finance ecosystem.

“As the current InsurTech Committee Chairman of the FinTech Alliance Philippines, I am excited to spearhead discussions and concerted initiatives that leverage mobile and online apps and platforms to drive up financial/insurance awareness, literacy and inclusion in the country,” Mr. Wong said.

“Across the Philippines, we are digitally empowering over 33,000 Pru Life UK financial advisors to reach and bless more Filipino families,” he added.

Pru Life said the company last year released a commissioned independent policy paper on insurtech, such as online platforms, and its role in improving access to life and health protection products.

The policy paper, titled “InsurTech: Driving Broader Insurance Access,” was authored by law firm Romulo Mabanta Buenaventura Sayoc and de los Angeles.

It also discussed the current regulatory environment for insurtech in the Philippines.

Pru Life UK recorded a premium income of P38.05 billion in 2021, ranking third among life insurers in the country, based on latest Insurance Commission (IC) data.

The company recorded a net income of P1.53 billion that year. It was also the top life insurer in the country in terms of New Business Annual Premium Equivalent in 2021 with P8.83 billion, according to latest IC data.

Meanwhile, Fintech Alliance Philippines is the country’s leading and largest digital trade organization, generating over 90% of digital-initiated transactions in the Philippines. — AMCS

House approves IBC-13 franchise renewal for another 25 years

LAWMAKERS on Tuesday approved on third and final reading a bill that will grant another 25-year franchise to Intercontinental Broadcasting Corp. or IBC-13.

All 272 lawmakers voted “Yes” to House Bill No. 6505 or the proposed law renewing for another 25 years the franchise granted to the company. None of them voted “No” nor abstained.

If signed into law, the proposed franchise renewal will allow IBC-13 to “construct, install, establish, operate, and maintain radio and television broadcasting stations in the Philippines,” the bill stated.

Public service time must be “equivalent to a maximum aggregate of 10% of paid commercials or advertisements, but this may be increased in case of extreme emergency or calamity.”

IBC-13 must also allot a minimum of 15% of the daily total air time of its regular programming to child-friendly shows.

The bill states that any speech, play, act, or scene that may promote or incite treason, rebellion, sedition, or language that is obscene, indecent or immoral, as well as false information or willful misrepresentation, must be cut off before airing.

IBC-13’s franchise was first granted an extension in September 2000 under Republic Act No. 8954.

The company was provided a budget of P187.9 million under the 2023 General Appropriations Act after a former press secretary warned of the network’s possible shutdown if Congress fails to allot funds. — Beatriz Marie D. Cruz

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