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Armani pays tribute to Ukraine suffering with silent show

ARMANI.COM

MILAN —  Giorgio Armani switched off the music to hold his Milan fashion show in silence on Sunday out of respect for the people caught in the Ukrainian conflict.

Models strutted down the catwalk in an eerie quiet, interrupted by applause from the audience, wearing short jackets in pastel hues and shiny, sequined black and silver dresses. (View the show here: https://www.armani.com/en-us/experience/giorgio-armani/fashion-show-fall-winter)

“My decision not to use any music was taken as a sign of respect towards the people involved in the unfolding tragedy in Ukraine,” read a post across a black banner on the fashion designer’s Twitter account.

“The best thing to do is send a message that we don’t want to celebrate because something very disturbing is happening around us,” the 87-year-old designer, visibly moved, later said on the sidelines of the show.

Both male and female models sported black velvet coats, jackets and trousers for the 2022/23 fall/winter collection, sometimes with dabs of blue, or a red trim. There were also electric blue silk evening gowns and sleeveless blouses, embroidered tops, long white overalls and flowery prints.

Designs from Armani’s main line traditionally bring down the curtain on Milan’s fashion week, which this season hosted mainly in-person catwalk shows rather than digital presentations, including by the likes of Prada, Gucci and Dolce&Gabbana. — Reuters

Gilas Pilipinas shifts focus to Hanoi SEA Games

A PBA-BACKED Gilas Pilipinas — PBA IMAGES

NOT wasting its time in the aftermath of a dismaying loss to New Zealand in the 2023 International Basketball Federation (FIBA) World Cup (WC) Asian Qualifiers, Gilas Pilipinas will shift its focus to the next big goal in the 31st Southeast Asian (SEA) Games in Hanoi.

The SEA Games, where the Philippines is the long-time reigning basketball champion, is slated in May, making it a must for coach Chot Reyes to plot an early plan that is likely to feature a Philippine Basketball Association (PBA)-backed squad.

“We have to meet with the PBA to synchronize calendars. We’re looking now at the Southeast Asian Games,” said Mr. Reyes following a split outing in the WC qualifiers with an 88-64 win over India and an 88-63 defeat to New Zealand for a 1-1 card in Group A.

In the said tournament, Gilas paraded a hastily-assembled squad led by the core of TnT Tropang Giga, national cadets, Dwight Ramos and Thirdy Ravena from the Japan B.League and naturalized player Ange Kouame of Ateneo.

For the SEA Games, it’s uncertain whether overseas players could be available anew while Mr. Kouame and other collegiate prospects like Justine Baltazar of La Salle and Carl Tamayo of UP are expected to be in the playoffs of the returning UAAP play.

“That’s another thing to take into consideration — who’s going to be available. Unfortunately, I cannot answer that question because we have to sit down and actually craft the plans,” Mr. Reyes lamented.

The PBA for its part, is expected to be hit the offseason by the time of the SEA Games after its ongoing Governors’ Cup that’s already on the tailend of elimination round.

PBA Commissioner Willie Marcial has confirmed the scheduled conversation with Mr. Reyes, who also serves as TnT mentor in the PBA, as early as today regarding his proposal.

Gilas last sent an all-pro squad also in the SEA Games held in the country in 2019 under the tutelage of Ginebra mentor Tim Cone, who steered the Philippines to its 13th straight gold medal. — John Bryan Ulanday

Bria Homes planning to break ground for condo project within Q1

BRIA HOMES is planning to break ground for its new condominium project in General Trias, Cavite within the first quarter.

The company has started pre-selling Bria Condo General Trias, which targets young professionals and millennials.

In a statement, Bria Homes Division Head Eduardo T. Aguilar noted that young, aspiring Filipino homeowners are showing a growing interest in the company’s condominium projects.

The walk-up condominium offers 24-square meter units with provisions for a bedroom, dining, and kitchen area, living room, and toilet and bath.

Amenities include a clubhouse with a swimming pool, gym, playground, and function halls.

Bria Homes is a subsidiary of Villar-led Golden MV Holdings, Inc.

PhilGuarantee profit rises

PHILIPPINE GUARANTEE Corp. (PhilGuarantee) posted a net income of P1.37 billion in 2021, close to triple the figure seen a year earlier, as cost-to-income outcomes improved, the Department of Finance (DoF) said.

The state-run firm’s net income rose by 182% to P1.37 billion in 2021 from P487 million the previous year, the DoF said in a news release Monday.

PhilGuarantee President and Chief Executive Officer Alberto E. Pascual said in a report to the DoF that cost-to-income outcomes, which assesses efficiency by measuring costs as a proportion of income, improved to P850 million last year from P1.16 billion in 2020.

He said the company’s income from loan guarantees in 2021 reached a total of P1.59 billion, slipping by 2% from P1.62 billion a year earlier.

Meanwhile, its non-guarantee income rose by 176% year on year to P2.32 billion from P839.6 million.

PhilGuarantee provides credit guarantees to housing, micro-, small-, and medium-sized enterprises (MSMEs), and agriculture, along with other industries prioritized by the government.

“Sources of guarantee income were guarantee fees from loans for MSMEs and the agriculture sector; guarantee premiums from housing loans; and application, service and commitment fees,” the DoF said.

The state guarantee finance agency registered an outstanding guarantee portfolio of P182.9 billion as of end-December.

Assets inched up by 6% to P60.88 billion, while liabilities declined by 9% to P34.32 billion.

“PhilGuarantee is currently disposing its big-ticket assets located in the cities of Manila, Quezon, and Mandaluyong to generate an additional P7.33 billion in income this year,” the DoF said, quoting Mr. Pascual.

The company’s total equity grew by 36% to P26.56 billion.

According to Mr. Pascual, the corporation assisted 6.5% more beneficiaries last year for a total of 202,269 small business entrepreneurs, housing borrowers, and agri-fisheries workers.

“(PhilGuarantee) also partnered with an aggregate 128 banks and other financial institutions for the various credit guarantee facilities,” the DoF said.

President Rodrigo R. Duterte in 2018 merged and transferred the functions of agencies performing loan guarantee into one corporation, or PhilGuarantee. — Jenina P. Ibañez

Basic Energy earmarks P31M for 50-MW wind project

BASIC ENERGY Corp.’s board of directors has approved a P31-million initial budget for the assessment of a wind power project under its subsidiary Mabini Energy Corp.

In its disclosure to the exchange, Basic Energy said its board during a meeting on Feb. 24 had given the green light to the wind resource assessment of Mabini Energy’s wind power project, which will start soon with an estimated initial budget of around P31 million.

The approved project proposal aims to build a 50-megawatt wind farm in Mabini, Batangas covering an area of 4,860 hectares, the parent company said in an earlier disclosure.

The energy firm will then discuss the project with the land owner where the tower will be built and coordinate with the local government for necessary documents.

Meanwhile, the firm’s board also approved the proposed P40-million budget for this year’s capital and operating expenses of its Green Energy Transport Project. The budget will be disbursed on a quarterly basis.

“The board had decided to proceed with initiatory actions and negotiations on the solarization project and for the project to initially be housed in [Basic Energy] until the board comes to a decision on which corporate vehicle to use, taking into consideration the requirements to be met once project becomes fully operational,” the company said.

The project seeks to solarize 30 retail station sites, tied with other commercial or public transport group, and acquire 60 electric buses.

So far, five of the 15 oil companies that were tapped have signed a memorandum of understanding with the firm.

Shares in Basic Energy at the local bourse closed unchanged on Monday at 51 centavos apiece. — Marielle C. Lucenio

PBA goes 100% fans capacity with Alert Level 1

WILLIE MARCIAL — PBA IMAGES

WITH Metro Manila transitioning to Alert Level 1, the Philippine Basketball Association (PBA) is ready to accommodate around 18,000 fans again in the succeeding games of the Governors’ Cup beginning tomorrow at the Smart Araneta Coliseum.

“One hundred percent capacity na tayo sa Araneta,” (We are at one hundred percent capacity in Araneta) commissioner Willie Marcial told The STAR in the wake of the Inter-Agency Task Force’s downgrade of NCR’s status to the lowest alert level starting today.

Alert Level 1 effectively lifts the restrictions on the total on-site or sitting capacity of sports venues, among other establishments.

Previously, while the stricter Alert Level 2 classification was in place, the pro league only allowed a maximum of 5,000 spectators inside the Big Dome.

The PBA opened the doors to as many as 4,500 over at the Ynares Center in Antipolo, which hosted the games last week, and will expand this to around 8,000 to 10,000 under Alert 1.

The import-flavored tournament returns to the Araneta for its March 2 to 11 slates.

Mr. Marcial stressed that minimum health protocols will continue to be implemented for the bigger live crowd.

Following the lowering of the quarantine qualification, the pro league is also taking a look at whether it needs to adjust its testing protocols for the teams.

Under the present setup, all participants undergo RT-PCR testing every Mondays and antigen testing on the day of their respective games. — Olmin Leyba

Entertainment News (03/01/22)

A Thousand Women (2018) by Rita Toledo

5 films tackle current issues on Women’s Month

TO CELEBRATE and commemorate March as Women’s Month, five films that touch on the issues, concerns, challenges, struggles and realities of women will be screened for free each Wednesday. The Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde has selected several full-length films to explore and highlight the individuality and the solidarity that create nuances and resonances in the different narratives of women. Roma (2018) by Mexican filmmaker Alfonso Cuarón, set in the 1970s Mexico City, introduced Cleo, an indigenous Mixteco live-in housekeeper who worked for a middle-class household with four children. She finds herself trying to support what’s left of the family, all while preparing for her own unexpected motherhood. The drama will be on view on March 2. Rocks (2019), a coming-of-age piece by British filmmaker Sarah Gavron, follows the lively yet heartbreaking journey of a Black British teenager girl who struggles to take care of herself and her younger brother as they are abandoned by their depression-prone mother. It screens on March 9. Body of Truth (2020), directed by Evelyn Schels, studies the influence of violence, oppression and war in art. It profiles contemporary Iranian visual artist Shirin Nesha, Serbian conceptual performance artist Marina Abramović, Israeli sculptor, video and installation artist Sigalit Landau, and German photographer Katharina Sieverding as they explore their histories for art. It is slated on March 16. A Thousand Women (2018), directed by Brazilian screenwriter Rita Toledo, is a documentary focused on female artists Lena Chen (USA), Florencia Duran (Uruguay), Bia Ferreira (Brazil) and Ana Luisa Santos (Brazil) as they transform their experiences into meaningful representations of feminism today. It is scheduled on March 23. The final film is The Flowering of the Crone: Leonora Carrington, Another Reality (2015), directed by American filmmaker, poet, author, and historian Ally Acker. The motion picture covered British-born artist Carrington full oeuvre with rare personal footage from the 1940s through the 21st Century. It contains a fanciful depiction of her famous 1939 short story “The Debutante.” It will be shown on March 30. The film screenings will be conducted via Zoom at noon on the scheduled dates. All shows are free and open to the public. Interested participants may register through https://forms.gle/3AUP8tbMVPFoaPfQ8. For more information, e-mail mcad@benilde.edu.ph.

Isang Harding Papel opens Dokyu Power fest

THE DOKYU Power film festival opens with Isang Harding Papel, A Martial Law Musical by Palanca-awarded writer Augie Rivera. Based on a true story, the film is about a child, Jenny, age seven, and her mother, Chit, an actress imprisoned for staging a street play critical of the dictatorship of President Ferdinand Marcos. Jenny’s visits are peppered with stories she collects and saves to share with her mother. During each visit, her Mom gives her a paper flower she made. Eventually, Jenny’s collection of paper flowers resembles a lush garden. Directed by Nor Domingo, is a filmed version of the musical of the same title, adapted from the Adarna House children’s book illustrated by Rommel Joson. The film and others like The Kingmaker by Lauren Greenfield are streaming for free. The Dokyu Power fest is streaming until April 9. It is organized by DAKILA and its Active Vista Center, and the Filipino Documentary Society or FilDocs, the same group behind the 2020 documentary film festival Daang Dokyu. For updates, log on to Daang Doryu’s Facebook Page, www.facebook.com/DaangDokyu.

GMA Network’s first horror series Widows’ Web

GMA NETWORK has launched its first horror series, Widows’ Web, which follows four women caught up in a twisted murder case and are entangled in a web of secrets, mysteries, and lies. Directed by Jerry Lopez-Sineneng, it stars Carmina Villarroel, Vaness Del Moral, Ashley Ortega, and Pauline Mendoza. The series also features Ryan Eigenmann as the murder victim. It also introduces Vanessa Pena and Anjay Anson. Widows’ Web airs weeknights after First Lady on GMA Telebabad.

City of Dreams’ Dreamplay reopens

AS METRO Manila eases its quarantine restrictions, DreamPlay, the world’s first DreamWorks-inspired family entertainment center at City of Dreams Manila, reopens its doors at a limited capacity to welcome back families in a fun and safe environment. One of the safest play spaces for children with a fully vaccinated staff at a Safety Seal-certified venue, the interactive play and creativity center once again shares the stories of DreamWorks through an engaging, immersive, and technologically rich experience for families and children. Currently open from Wednesday to Sunday from 11 a.m. to 8 p.m., DreamPlay can entertain about 100 guests, both children and adults, or at 20% total capacity of the venue at a given time. Tickets with access to all the play space’s attractions are available at P1,500, while non-participating tickets can be purchased for P250. Entry will be on a first come, first serve basis. DreamPlay is located at The Shops at the Boulevard, upper ground floor of City of Dreams Manila. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

Tala Gil releases live sessions EP

SINGER-songwriter Tala Gil has released her new EP, call me when you wake up (Live Session). Drawn from her latest EP of the same name which was released in Nov. 2021, the Live Session release allows listeners to enjoy her songs in a new light. In the EP, she also gives insights into how she worked on each song through earnest voice memos that give details about each track. The EP is available on all streaming platforms under Universal Records Philippines.

Mezzaluna releases new single

FOLLOWING her debut single, “In Situ,” the 20-year-old Indonesian singer-songwriter Mezzaluna offers another peek into her personal life with her signature storytelling style.  “I wrote this song based on a personal experience that I went through back in high school,” Mezzaluna said in a statement. The ballad tackles disappointment and hopelessness. “I Beg” marks Mezzaluna’s second collaboration with Indonesian industry veterans, producer Gio Wibowo and creative director Deby Sucha. Wibowo, who had previously worked with her on “In Situ.” “I Beg” is available on all digital streaming platforms.

High-tech living at RLC Residences

RLC RESIDENCES is integrating more smart solutions in its properties.

“People’s curiosity in all things smart continues to rise due to rapid technological advancements and its promise of making lives easier. We, at RLC Residences, have the same passion for innovation as we integrate more smart solutions to our properties in pursuit of giving Filipinos a home that they can be proud of,” RLC Residences Marketing Head Karen Cesario said in a statement.

Among these solutions include a smart lock, where residents can input the password on the digital numeric keypad or open the door via fingerprint scan, and audio and video intercom device for home owners.

RLC Residences said The Sapphire Bloc South Tower is now equipped with smart locks, audio and video intercom devices, smart power switches, and smart outlets.

“Innovation will always be a priority for RLC Residences. The Sapphire Bloc is a testament to how we continue to upgrade facilities that empower Filipinos to raise, live, and connect amid a very fast-paced world,” Ms. Cesario said.

Insurers allowed to hold at least P10M in FIST corporations’ instruments

LOCAL insurance companies may hold a minimum of P10 million in investment unit instruments in a Financial Institutions Strategic Transfer (FIST) corporation, the Insurance Commission said in its latest guidelines.

The commission in a circular letter dated Feb. 21 said the FIST Act identified insurance companies as credit-granting institutions that may invest in and transfer non-performing assets to FIST corporations.

The FIST Act or Republic Act 11523 signed in February last year helps financial institutions clean their balance sheets by selling nonperforming assets to FIST corporations that are registered with the Securities and Exchange Commission.

Under the IC’s guidelines for the industry, any domestic insurance company authorized to transact in the Philippines can hold investment unit instruments in FIST corporations.

The insurance company may only do so if related organizations and people, including subsidiaries, officers, close relatives, do not hold investment unit instruments of the FIST corporation that acquired their non-performing assets.

Organizations and people close to the parent company must also not hold these kinds of instruments in a FIST corporation.

“A life insurance company can invest in equity shares and investment unit instruments up to 10% of its latest verified total admitted assets,” the commission said.

Meanwhile, a non-life insurance company may invest up to 20% of its net worth, based on its most recent approved annual statement.

Insurance companies planning to transfer their non-performing assets to a FIST corporation must file an application for certificate of eligibility with the commission.

The transfer will only be allowed once the insurance company has given notice to the borrowers of the non-performing loans. The borrower must then be informed within 15 business days after the sale or transfer.

Provisions in the circular apply to assets that are non-performing by Dec. 31. — Jenina P. Ibañez

How PSEi member stocks performed — February 28, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, February 28, 2022.


Philippines improves in internet accessibility list

Philippines improves in internet accessibility list

Spot market prices fall in Feb. as power firms resume operations

THE AVERAGE wholesale electricity spot market rate fell 13% in February following the improvement of supply with several power generators returning from outages, the Independent Electricity Market Operator of the Philippines (IEMOP) said on Monday. 

Rates fell to P6.09 per kilowatt-hour as of late February from P7.07 in January, after the supply of power increased by 5.86% or 771 megawatts (MW), the market operator said in a statement.

“We have experienced a sufficient level of supply throughout the month of February. Of course, as a normal trend every February, we experienced new increase in demand as compared to the previous month from January,” according to John Paul S. Grayda, IEMOP Manager for Market Simulation and Analysis, said in a virtual briefing.

Mr. Grayda said demand also rose to 9,700 MW from 8,500 MW previously as economic activity picked up.

In December, the Energy Regulatory Commission (ERC) suspended market operations on the Visayas grid after Typhoon Odette (international name: Rai) damaged transmission facilities in the region. The market returned to operations on Feb. 9 after Bohol was reconnected.

Separately, the second unit of GNPower Dinginin Ltd. Co.’s (GNPD) supercritical coal-fired power plant will enter the testing phase on the first week of May.

GNPower Dinginin, located in Mariveles, Bataan, has two units rated at 668 MW each.

The first unit commenced operations in January. The second unit’s timetable for entering commercial operations will depend on the results of testing and the timing of the ERC’s issuance of a Certificate of Compliance, GNPD Vice-President Roberto B. Racelis, Jr. told BusinessWorld by phone on Monday.

Once the second unit starts operating, no other major capacity additions are expected this year, the market operator has said.

The IEMOP has projected 929.5 MW of additional capacity coming onstream in Luzon, 34.67 MW in the Visayas, and 143.60 MW in Mindanao by June, including GNPD’s output. — Marielle C. Lucenio