Frederique Constant’s new Passion Collection timepieces feature works of Filipino artist Dex Fernandez

April 22, 2022 | 11:30 am

In a first for the watchmaking house, the limited-edition new collection will feature one-of-a-kind hand-painted dials from the internationally acclaimed artist, to be sold in a private online auction.

The past few years have seen watchmaking collaborations across a whole spectrum of genres. From streetwear to survival gear to cartoon characters: more and more concepts are making their way into the watchmaking landscape. And now, Frederique Constant’s Passion Collection brings Philippine art into the world of luxury watches as well.

Swiss brand Frederique Constant has partnered with Filipino artist Dex Fernandez for a limited-edition release of five remarkable timepieces — each watch bearing a unique piece from the artist. All five watches are hand-painted and are set to be sold at the “Wear Your HeART” private auction. It is the first time the brand is doing anything of this sort, and for Mr. Fernandez to be chosen for the collaboration speaks volumes.

“Indeed, this will be the first time we commission an artwork on our timepieces, so we are very excited about this project,” said Niels Eggerding, Frederique Constant managing director.

Founded in 1988, Frederique Constant is a watchmaking brand from Geneva, Switzerland, that creates luxury timepieces. With its hands-on production process that’s completely in-house, it’s managed to produce high-quality watches that remain accessible. The partnership with Mr. Fernandez is their entry into the world of one-off timepieces: something highly sought after by collectors.

Mr. Fernandez’s work is a collection of pop-infused psychedelia that takes several disciplines to create, including photography, painting, and layering. His illustrations have appeared on walls across the Philippines, Indonesia, and Japan, and some of his works have been exhibited in New York, Tokyo, Paris, and Singapore.

His work also comes with its own quirks, particularly his animal mascot — the garapata — which he believes represents the Filipino character. Garapata is the Filipino word for “tick,” a parasitic arachnid that feeds on blood and is a cousin to the spider. Still, despite what the image may suggest, Mr. Fernandez sees something else in the creature.

“They embody the Filipino character: they’re both resilient and they go everywhere,” Mr. Fernandez said. “They always look for a host. So now, Garapata found a new host in Frederique Constant.”

Garapata has since become his signature style in street art. And just like the arachnid which he believes represents Filipinos, his work can appear anywhere, often straddling the line between high and low art.

For the collaboration with Frederique Constant, Mr. Fernandez has hand-painted his signature character onto the dial of each watch in the collection. But it wasn’t without its challenges: one of them being the limited space he could work on.

Having roots as a graffiti and fine artist, he is used to creating art on a much larger scale, using walls or larger canvases to get his message across. In this collaboration, he could only use parts of the dial, making sure that the watch remained legible even while his art appears on it.

“It’s like telling a story in five words,” Mr. Fernandez said, and goes on to say that the paintings in the watch aren’t just for decoration. Each one has a meaning attached to it.

“You have to look deeper and you will see the message,” he said. “Given the situation we are all in at this time, I really thought of inspiring concepts to motivate the wearer as well as the people who will see the watch.”

The Passion Collection

The whole collection is based on the idea that time can be spent or saved. And since we can’t make more of it, it should always be spent on something we’re passionate about. For the Passion Collection, Mr. Fernandez’s miniaturized paintings serve up several themes, each one encouraging the wearer to live their own passion:

This symmetrical dial highlights the times of the day when the hour and minutes hands are perfectly aligned at 9:15 and 12:30.

The 10:10 position of the hands is traditionally used to show the features of the dial unhindered, but this one also has a coded message: that happiness is a state of mind.

The design is all about riding the tide of time, with Garapata characters shown in various poses across the dial.

This is a piece that encourages the wearer to let go and be free, and insists on not being stuck in a single place.

The help of people around us is what keeps us going, and this dial shows Garapata characters linked with each other to convey the message.

Living Your Passion

“‘Live your passion,’ has always been Frederique Constant’s guiding principle,” Mr. Eggerding explained. “It’s the relentless pursuit of innovation and excellence that make our watches special. That’s why we partnered with Dex Fernandez, an artist who understands that passion.”

“Art and watchmaking are very complimentary and very similar,” he continued. “Creating a watch is an art form, there are so many things to consider to make the final work look grand.”

“Watchmaking is a precise science and pays homage to the skills of the watchmaker, the human being, to incorporate art into the aesthetic beauty of a timepiece would only elevate its value and make the piece even more unique.”

And now, with this collection, we see what both fields can do when they work together. Each watch in the collection is entirely distinct from all the others, and only five pieces have been produced, making them highly collectible.

“This is a rare opportunity to own a special object,” Mr. Fernandez said. “I hope it goes to a good collector who will enjoy the watch and the message of my work.”

But knowing the spirit of the Garapata, these watches are likely to head anywhere, and they’ll keep ticking as long as they have a host to wear them.

The Wear Your HeART auction for the Passion Collection will be conducted in a private online group from May 4 to 11. Registration for the auction is open until April 29. If you’re interested in placing a bid, get in touch with Nikko Tiongson: galacnikko@gmail.com or +639178430516.

Learn more about the Passion Collection here: tempus.com.ph/passion-collection/.

This event is sponsored by Tempus, a retail watch concept of Wizer Industries, Inc.

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Pag-IBIG home loan releases reach record-high P24.2B in Q1 2022, up 16%

April 22, 2022 | 9:41 am

Pag-IBIG Fund released a record-high P24.20 billion in home loans during the first quarter of 2022, an increase of P3.26B or 16% compared to the P20.94 billion released during the same period in 2021, its top officials announced on Thursday (April 21).

“We are happy to report that we have again posted a record-high in home loan releases in the first three months of 2022. Our strong start this year means that more Filipino workers have been helped by Pag-IBIG Fund in acquiring their own homes. The sustained growth in our home loan disbursements also contributes to the economy, as we continue to help our members and the country recover from the pandemic,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.

Del Rosario added that the amount of home loans released by the agency during the first quarter enabled 22,210 members to acquire their own homes, a 7% increase from the 20,712 members helped during the same period in 2021. He further added that out of the total amount, P1.78 billion were released as socialized home loans benefitting 4,114 Pag-IBIG Fund members belonging to the minimum-wage and low-income sectors.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti noted that the agency’s performance at the start of the year is a continuance of its record-high achievement in 2021 when the agency surpassed P100 billion in home loan releases.

“After coming off a record-setting 2021 with P100.8 billion in home loans released, we have yet again set another record-high in housing loan takeouts for the first quarter of 2022. Our performance in the housing loan front is an indication of the trust of our members in our programs. More importantly, our record-high numbers show the increasing number of Filipino workers we have enabled to have homes of their own. We aim to keep our loan interest rates low and help more Filipinos become homeowners. That is the Lingkod Pag-IBIG way,” said Moti.

To know more about Pag-IBIG Fund services, visit https://www.pagibigfundservices.com/virtualpagibig/.

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Grand Plaza Hotel Corp. to conduct annual stockholders’ meeting through remote communication on May 16

April 22, 2022 | 8:01 am

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PHL needs to grow over 6% to cut debt

April 22, 2022 | 12:33 am

PFIZER_-vaccine — A HEALTH WORKER prepares to administer a coronavirus disease 2019 vaccine at a vaccination facility in Quezon City, June 23, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

THE Philippine economy needs to grow above six percent annually in the next five to six years to reduce the country’s debt, Finance Secretary Carlos G. Dominguez III said on Thursday.

“The biggest challenge for the next administration is really to grow out of the debt that we incurred during the pandemic, which was natural because our revenues went down due to the lockdowns and we increased expenditures,” he told Bloomberg Television. “The next administration would have to design policies and stick to very strict fiscal discipline to grow out of this debt problem.”

The national election will be held on May 9, with the new administration taking over in July.

The Philippines borrowed P1.3 trillion and received grants worth P2.7 billion to fund its pandemic response, including coronavirus vaccines.

The Department of Finance (DoF) has said it would take 40 years to pay off these pandemic-related loans and grants.

“Some of our debt has a 40-year term, so we assumed debt at very, very favorable terms, in terms of tenor as well as interest rates,” Mr. Dominguez said.

“So, we’re not worried about the repayment, but we have to really grow out of the debt. In other words, expand our economy by better than 6% per year, over the next five or six years.”

The Philippines ended 2021 with P11.73 trillion in outstanding debt, pushing the debt-to-gross domestic product (GDP) ratio to a 16-year high of 60.5%. This is higher than the 60% threshold considered manageable by multilateral lenders for developing economies.

Outstanding debt stood at a record P12.09 trillion at the end of February.

The government set a 7-9% GDP growth target this year, and 6-7% in 2023, as it expects the economy to bounce back from the pandemic.

However, the Russia-Ukraine war would weigh heavily on the Philippine economy’s recovery, Mr. Dominguez said, citing the impact of the war on oil and grain prices.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the Philippines is likely to achieve more than 6% GDP expansion in the next few years since it was the “norm” before the pandemic disrupted the growth momentum.

The outlook may be clouded by uncertainty from geopolitical risks, China’s potential economic slowdown, and global monetary policy tightening, he said in an e-mail.

“All these put pressure on trade performance, remittance inflows and real investment,” Mr. Asuncion said. “Moreover, there are domestic uncertainties from the results of the May national elections. Investors are weighing carefully and watching the internal developments that would form part of future investment expansion decisions.”

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa, said the country is unlikely to sustain more than 6% growth in the next few years.

“We believe the country will continue to post robust growth in the coming three years,” he said in an e-mail. “We believe however growth momentum has been significantly impaired by the pandemic and several headwinds point to growth moderating to roughly 5% through to 2024.”

“We could see growth fall below the official 7-9% target, and even below the 6% threshold set out by Mr. Dominguez.”

Several multilateral institutions’ growth projections for the Philippines are below the government’s 7-9% target.

The International Monetary Fund (IMF) and ASEAN+3 Macroeconomic Research Office (AMRO) gave a 6.5% GDP growth forecast for the Philippines this year, while the Asian Development Bank (ADB) expects a 6% expansion.

For 2023, AMRO sees the Philippine economy expanding by 6.5%, while the IMF and ADB both forecast 6.3% growth.

Only the World Bank gave lower than 6% GDP projections for the Philippines — 5.7% GDP for 2022 and 5.6% for 2023 and 2024.

EYE ON FED
Meanwhile, Mr. Dominguez said the Philippines would be closely watching the Federal Reserve’s monetary policy normalization before making its own policy adjustments.

“We don’t want to be behind the eight ball here because if the US raises their interest rates, people in the Philippines will, of course, want to follow those rates. We have to make sure we balance the need to grow, the need to fight inflation and the need to preserve our capital,” Mr. Dominguez, who sits on the Monetary Board, said.

The US Federal Reserve in March began raising interest rates by a quarter percentage point to tame decades-high inflation.

The Bangko Sentral ng Pilipinas (BSP) has kept rates steady to support economic recovery.

In March, inflation in the Philippines quickened to 4%, matching the upper end of the central bank’s 2-4% target.

BSP Governor Benjamin E. Diokno has said inflation could breach the target in the second half due to surging global oil prices. He has said they were still keen to start raising interest rates by the second half, when they expect the economy will have likely returned to its pre-pandemic level.

The Monetary Board’s next two policy-setting meetings are scheduled for May 19 and June 23. Its first review in the second half is on Aug. 18. — Tobias Jared Tomas

2021 trade deficit widest in 3 years

April 22, 2022 | 12:32 am

By Bernadette Therese M. Gadon, Researcher

THE Philippines’ trade deficit further widened to a three-year high in 2021 as imports continued to outpace exports amid a coronavirus pandemic, latest data from the Philippine Statistics Authority (PSA) showed.

Final results of the PSA’s international trade data showed the value of outbound shipment of goods jumped by an annual 14.5% to $74.653 billion last year, a turnaround from the 8.1% drop in 2020.

This was the fastest since the 19.7% increase in exports in 2017.

Imports likewise surged by a record 31.3% year on year to $117.879 billion from $89.812 billion. Last year’s import growth was a turnaround from the 19.5% decline in 2020.

Last year’s import growth surpassed the 30% full-year target set by the Development Budget Coordination Committee — the inter-agency body that sets the government’s macroeconomic assumptions and targets. Exports, meanwhile, missed the 16% goal.

Both exports and imports were at record levels last year, according to the PSA data dating back to 1991.

The country remained a net importer as the trade balance — the difference between merchandise exports and imports — reached a $43.226-billion deficit last year, wider than the $24.597-billion gap in 2020.

This was the widest trade gap since the $43.533-billion deficit in 2018.

The last time the Philippines became a net exporter was in 1999 and 2000 with trade surpluses of $4.294 billion and $3.587 billion, respectively.

Total trade — the sum of exports and imports — rose by 24.2% to $192.532 billion from $155.026 billion in 2020.

In an e-mail, ING Bank N.V. Manila Branch Senior Economist Nicholas Antonio T. Mapa said the jump in trade was due to base effects because 2020 was “an abnormal year” due to the strict lockdowns that caused supply chain disruptions.

He said 2021 was “an exceptional year,” as the economy gradually reopened. Trade levels in the past two years were still below 2019 levels.

“Although we did see a bit of catch up in terms of restocking of inventory and return to some level of normalcy for business activity, the pace of global trade had yet to fully normalize,” he said.

“One reason for this was the fact that the Philippines still faced two lockdown episodes in 2021,” he added, referring to the strict lockdowns implemented to curb a surge in coronavirus disease 2019 (COVID-19) infections in April and August last year.

The country experienced an Omicron-driven COVID-19 surge in January this year, but infections have considerably declined since then. Metro Manila and other areas have been under the most lenient alert level since March.

“The export sector was dominated once more by the mainstay electronics sector, which not only benefited from base effects but also from the stark pickup in demand for these products due to the global chip shortage,” Mr. Mapa said.

“Imports were dominated by the spike in fuel imports, driven by an increase in both volume and value.”

Manufactured goods, which accounted for 82.9% of exports last year, rose by 15% annually to $61.867 billion.

Electronic products, which made up 56.9% of the total export receipts and almost a third of manufactured goods, grew by 12% to $42.495 billion.

Semiconductors, which accounted for 41.7% of exports and more than a fourth of electronic products, increased by 7.4% to $31.161 billion.

Exports of mineral products went up by 16% to $5.908 billion last year from $5.093 billion in 2020. These goods accounted for 7.9% of exports last year.

It was followed by other manufactured goods (up 25.7% annually to $4.528 billion) and other mineral products (up 25.7% to $2.527 billion).

Imports of raw materials and intermediate goods, which accounted for 40.7% of the total import bill last year, jumped by 32.7% to $47.988 billion.

With a 30.1% share of the total, capital goods climbed by 19.2% to $35.471 billion from $29.752 billion.

Consumer goods, which accounted for about 16% of the total bill, rose by 22% to $18.852 billion.

The United States was the main destination of the country’s products, with a 15.9% share at $11.849 billion. It was followed by China (15.5% at $11.553 billion) and Japan (14.4% at $10.725 billion).

China was the country’s major source of imports with $26.799 billion, accounting for 22.7% of the total. It was followed by Japan’s $11.108 billion (9.4% share) and South Korea’s $9.351 billion (7.9%).

The Philippines had trade surpluses with Hong Kong ($6.663 billion), the United States ($4.098 billion) and the Netherlands ($1.683 billion).

It had the widest trade deficits with China ($15.246 billion), Indonesia ($7.579 billion) and South Korea ($6.777 billion).

Mr. Mapa expects demand for electronics this year to remain robust, but it could moderate as global growth slows due to the Russia-Ukraine war. Demand for food exports might rise this year, he added.

“This year, we face new headwinds in the form of renewed supply chain bottlenecks and the disruption brought about by the Ukraine war. Both the International Monetary Fund and World Bank have trimmed their respective global growth projections which suggests that global trade will likely moderate in the near term,” he said.

The IMF raised its Philippine economic growth forecast this year to 6.5% from 6.3%. The World Bank cut its outlook for the country to 5.7% from 5.8% due to the impact of Russia’s invasion of Ukraine.

Both projections fell below the government’s 7-9% target for 2022.

The government expects exports and imports to grow by 6% and 10% this year.

Food prices to continue rising on Russian war — MUFG

April 22, 2022 | 12:31 am

Officials from the Trade department check the prices of basic goods at a supermarket in Makati City, April 21. — PHILIPPINE STAR/ RUSSELL PALMA

THE Russia-Ukraine war may drive food prices even higher in Asian countries, including the Philippines, according to MUFG Global Markets Research.

In a note on Monday, MUFG said the war in Ukraine might add 2.5-3.5 percentage points to the level of Asia’s food inflation. This assumes food commodity prices increase by 15%.

MUFG noted that the Philippines is one of the Asian economies with relatively faster food price increases from July 2020 to January 2022, the same period when the Food and Agriculture Organization (FAO) of the United Nations recorded a food price index of 45%.

MUFG estimates food prices in the Philippines rose by 8.2% from July 2020 to January 2022.

In February and March, the FAO food price index rose by 17%, amid worries over supply disruptions and shortages since the Russia invaded Ukraine on Feb. 24.

With the war’s end still nowhere in sight, MUFG said food inflation might quicken in the next few months.

“We do expect a higher degree of pass-through, due to recovery in domestic demand in Southeast Asian countries as these countries’ coronavirus disease 2019 (COVID-19) restrictions are being lifted, Asian countries are to further digest the 45% wheat price hike in February and March and face an additional 15% wheat and food commodity price increase,” MUFG said.

Philippine inflation quickened to a six-month high of 4% in March, reflecting the impact of the war on fuel prices. Food inflation accelerated to 2.6% from 1.2% in February.

MUFG said Asian economies would likely adopt alternative food procurement strategies amid the war, noting food culture in the region could tame the impact of rising wheat prices.

“The fact that rice is an important staple for most of Asian countries and rice price is low can also help cushion some supply stress. We don’t see a food crisis given what is happening,” it said.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said food production in the Philippines might be affected by the spike in the cost of wheat and fertilizer.

“The country imports wheat from Ukraine and Russia. More expensive wheat costs have already filtered through to inflation for flour bread and other bakery products,” he said in an e-mail.

“Russia is also a supplier of components for fertilizer and the conflict will push input costs for farming even higher,” he added.

Global supply chain disruptions caused by the war will drive food inflation higher, Asian Institute of Management economist John Paolo R. Rivera said.

“This uncertainty directly and indirectly puts pressure on food prices due to supply constraints,” he said in a Viber message.

“Policy directives must be able to ensure that we take advantage of domestic supply, farmer produce should be patronized, as well as alternative sources such as from neighboring countries,” he added.

This year, the faster rise in food, transport and utility costs could drive both headline and core inflation beyond the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target, Mr. Mapa said.

The central bank now expects inflation to hit 4.3% this year.

“BSP may attempt to point to the supply side nature of the 2022 inflation breach as reason for standing by and delaying rate hikes. However, it is now becoming clear that second round effects have surfaced and inflation expectations are fast becoming de-anchored,” he added.

The BSP has kept its policy rate unchanged at 2% since November 2020 to support economic recovery.

The Monetary Board will hold its next policy review on May 19.

BSP Governor Benjamin E. Diokno has said they might raise rates by the second half. He said they were prepared to take “preemptive action” should inflation go significantly beyond the target. — Luz Wendy T. Noble

A return of two icons

April 22, 2022 | 12:08 am

After a 2-year pandemic break, Sharon Cuneta and Regine Velasquez reunite onstage

TWO icons in the Philippine music scene, Sharon Cuneta and Regine Velasquez-Alcasid last performed together in a sold-out show in Oct. 2019. The show went on to earn an Aliw Award for Best Collaboration in a Concert. A rerun planned for 2020 was one of the many casualties in the live events industry when the coronavirus pandemic shut down the country. But now that the pandemic is waning (for now), they are finally getting back together.

The two singers return to the concert stage with the Iconic Concert on June 17 and 18 at the Marriott Grand Ballroom.

At a press conference on April 18 at the Marriot Hotel streamed via Facebook, the two singers made light of being called “legendary.”

“Kung maka-legend ka ha,” said Ms. Velasquez-Alcasid said jokingly. Ms. Cuneta quipped: “Alamat na kami parang si Maria Makiling.”

Yet “legendary” is a description that is apt. Ms. Cuneta, after all, marked her 40^th anniversary in the entertainment industry in 2018 with the My 40 Years, Sharon concert, while Ms. Velasquez-Alcasid celebrated her 30^th anniversary in showbiz in 2017 with the R3.0 concert.

Just because the pandemic kept most people indoors, this did not prevent the singers from performing.

Ms. Velasquez-Alcasid said that she continued to sing at home and at fundraising events. “[My husband] (singer-songwriter Ogie Alcasid) has been encouraging me to sing, because I had anxiety, and singing really helped me a lot,” she said. “I get to also entertain people via internet.”

While the upcoming concert is Ms. Cuneta’s first singing gig in a long time, she has been busy taping episodes of FPJ’s Ang Probinsyano and joining campaign rallies with her husband Senator Francis “Kiko” Pangilinan, who is running for vice-president in tandem with presidential candidate Leni Robredo.

“I have missed singing very much,” said Ms. Cuneta. “I feel like starting over again. It’s like a muscle that hasn’t been really worked out. So, I have to do all these vocalizations again,” Ms. Cuneta added.

The concert, the singers said, is a repeat of the 2019 show with “a couple of changes” in the repertoire, and a scaled down audience capacity — 4,000 compared to the SMART Araneta Coliseum’s 16,500 in 2019.

“We need to get out of our homes and feeling our audience,” said Ms. Velasquez-Alcasid. “The two years has robbed all of us of experience.”

“Personally, I need to see a live audience. I need to be on stage. This has been my life,” she added.

“When I’m with Regine on stage, it’s like a comfort zone because we are with someone you trust completely, because she’s a very generous co-performer,” Ms. Cuneta said of her co-star.

The singers will be performing solos and duets of their greatest hits.

“Kung ano ang gusto ni Regine, ‘yun ang gagawin ko. (Whatever Regine wants is what I will do). It was full trust, because she is so knowledgeable about music and all my songs,” Ms. Cuneta said. “I believe in her so much and she just came up with a beautiful repertoire.”

The concert is produced by Full Theater Company and is directed by Paolo Valenciano, with musical direction by Louie Ocampo and Raul Mitra.

After the show in June, it will go on tour in the United States in July.

Tickets to the Iconic Concert are now available at all TicketWorld and SM Tickets outlets, with ticket prices ranging from P15,470 (SVIP Zone 1) to P2,800 (Bronze Zone). For inquiries, call Ticketworld at 8891-9999, or SM Tickets 8470-2222. — Michelle Anne P. Soliman

Vista Land to shift to vertical housing in cities

April 22, 2022 | 12:08 am

Core-Offerings — VISTA LAND & Landscapes, Inc. will focus on vertical housing in cities and slowly leave the mass housing business, its chairman Manuel B. Villar, Jr. said. — PHOTO FROM VISTAESTATES.VISTALAND.COM.PH

By Luisa Maria J.C. Jocson

VISTA LAND & Landscapes, Inc. will be focusing on vertical housing in cities with the launch of their new Vista Estates development and slowly leave the mass housing business, its chairman Manuel B. Villar, Jr. said.

“We want to launch a major shift in Vista Land. We are leaving mass housing. No more socialized housing. We are changing to vertical. That is the ball game,” Mr. Villar said in a press conference on Thursday.

“These areas are so expensive it doesn’t make sense to not make it vertical, in fact, some are nearby existing malls,” he said in a mix of English and Filipino.

Vista Land is launching its Vista Estates program, an integrated, mixed-use urban development for commercial, residential, or office spaces.

Under the program, some 44 estates are expected to be developed in the span of a year across 23 cities nationwide. Each estate spans approximately 100 hectares and will cost around P136 billion to develop.

“I was supposed to launch this two years ago, but the pandemic happened. We can put so many buildings nationwide in key cities. This is the way of the future and we should have done this five years ago. For the next five years, this will be our shift. Our percentage of vertical [housing] will go up,” he said.

“To be fair, the per capita of Filipinos have come up significantly. We are close to moving up [as] an upper middle-income country,” he added.

Mr. Villar said Vista Land will continue to develop horizontal housing in provinces, while cities will be shifting towards vertical real estate.

“We will remain the leader in housing… horizontal is my bread and butter. Inevitably, the vertical will exceed the horizontal. As to when, we don’t know,” he added.

Vista Land is the holding company of the Vista Group, which is engaged in the development of residential subdivisions and construction of housing and condominium units.

It has six wholly-owned subsidiaries, namely: Brittany Corporation; Crown Asia Properties, Inc.; Vista Residences, Inc.; Camella Homes, Inc.; Communities Philippines, Inc.; and VLL International, Inc. The company also has an 88.34%-owned subsidiary, Vistamalls, Inc.

At the stock exchange on Wednesday, Vista Land shares went up by two centavos or 0.76% to close at P2.65 apiece.

TBA Studios tackles crime in new movie

April 22, 2022 | 12:07 am

alvin anson — The cast of TBA Studios’ Grace during the film’s script reading session. — PHOTO FROM FACEBOOK.COM/TBASTUDIOSPH/

1 of 3

THE LATEST project of TBA Studios — the movie production outfit behind such films as Goyo and Heneral Luna — is a crime thriller titled Grace, the film company announced on their Facebook page on April 20.

To be directed by Ato Bautista (Expressway), the film about a college student who seeks revenge for the brutal death of his girlfriend, targeting a fraternity whose members and alumni are found in every powerful seat of Philippine society.

Taking on the lead role is musician-turned-actor Iken Ramirez, while Alvin Anson of Heneral Luna and Goyo: Ang Batang Heneral fame will play the villain.

The film’s screenplay — based on an earlier treatment developed by the late director Uro dela Cruz — is written by Ato Bautista, Kat Marasigan, and E. A. Rocha. It will be produced by Sea‘N’Sun Film Productions.

In a statement, Mr. Rocha, who is CEO and Co-Executive Producer of TBA Studios, said that Grace is “indicative of the entitlement and abuse wielded by people in powerful positions — a reflection of what is wrong with our country.

“I can only describe Grace as a relevant, violent and ultimately devastating modern parable that had to be told and cinematically experienced,” Mr. Rocha said.
Mr. Rocha is also in the cast, along with veteran actors Angeli Bayani, Art Acuña, Ronnie Lazaro, Cholo Barretto, Kiko Matos, and young actors Mark Neumann, Shaun Salvador, and Vance Larena.

The cast recently held its first script reading in Quezon City ahead of its principal photography in May. More casting announcements for the film will follow.

Grace is one of TBA Studios’ film offerings for 2022 which include the star-studded comedy The Comeback Trail with Robert De Niro, Morgan Freeman, and Tommy Lee Jones, and music documentary Fanny: The Right To Rock, which is the untold story of three Filipina American teens in the 1960s whose trailblazing impact on music was written out of history.

“Film fans will have plenty to get excited about with TBA Studios’ diverse offerings. And this is just our initial lineup! We have more projects to be announced soon,” TBA Studios Executive Vice-President and General Manager Daphne O. Chiu said in a statement. — MAPS

Ukraine war to affect ICTSI’s operations

April 22, 2022 | 12:07 am

LISTED PORT operator International Container Terminal Services, Inc. (ICTSI) said on Thursday that it expects the ongoing Russia-Ukraine war to have an impact on its performance, mainly due to trade disruptions among countries.

“So far, since the war started in February, we are only about to start seeing the effects,” ICTSI Chairman and President Enrique K. Razon, Jr. said during the company’s annual stockholders’ meeting.

He noted that trade with Russia and Ukraine will be heavily impacted, as certain countries have trade relations and activities with them.

“So we will be seeing an impact in those areas for sure, plus other impacts created by uncertainty and the changing of the global security order. We can all expect to see impact one way or another,” Mr. Razon said.

ICTSI has no exposure to Ukraine or Russia. The company has said that the continuing impact of the situation in Ukraine on business and institutions could result in business continuity interference, trade disruptions, rising prices of basic commodities including oil and power, among others.

On the coronavirus lockdown in Shanghai, Mr. Razon said: “This is similar to what happened in the earlier stages of the pandemic, when there were lockdowns in China and you had an accumulated effect, the rolling effect of congestions in many terminals all over the world.”

“With us, particularly in our terminal in Mexico, we probably expect the same thing, and we are well-prepared to handle this. In the past, in 2020 and first half of 2021, we still performed very well in spite of this,” he added.

The group has budgeted approximately $330 million in capital expenditures (capex) for 2022.

Mr. Razon said 87% of the capex will be used for the group’s expansion projects and 13% for maintenance.

Last year, ICTSI spent $165 million on expansion, maintenance, and new projects.

The listed port operator saw its attributable net income for 2021 surge to $428.6 million from $101.8 million a year earlier, mainly due to higher operating income.

Its total revenues from port operations increased 23.9% to $1.9 billion in 2021 from $1.5 billion previously.

It handled consolidated volume of 11,163,473 twenty-foot equivalent units (TEUs) in 2021, higher by 10% compared with the 10,193,384 TEUs handled in 2020, primarily due to volume growth and improvement in trade activities as economies recover from the impact of the pandemic and lockdown restrictions.

ICTSI shares closed 3.81% lower at P222.20 apiece on Thursday. — Arjay L. Balinbin

Stuff to do (04/22/22)

April 22, 2022 | 12:06 am

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CCP screens Lino Brocka films

THE CULTURAL Center of the Philippines (CCP) Arthouse Cinema will start screening films onsite again after an over two-year hiatus. To celebrate the birth month of the late National Artist Lino Brocka, two of his award-winning films will screen on April 22, 2022, at the CCP’s Tanghalang Manuel Conde: Bayan Ko: Kapit sa Patalim at 1p.m., followed by Insiang at 4 p.m. In Bayan Ko: Kapit sa Patalim, Turing who works in a printing press signs a contract agreeing not to participate in any labor union. When a strike begins, he refuses to support his colleagues. As a result, he and his pregnant wife find themselves alone and without help, leading Turing to become involved in a robbery. Meanwhile, Insiang follows the story of a young girl living with her mother in the slums of Manila. Her life becomes unbearable when her mother’s young boyfriend moves in with them. As there will be limited seats available for the on-site screening, it is advisable to pre-register (https://forms.gle/ZJTshJoNb3HHRE4m7). Those who watch the films will get a limited copy of the Scenes Reclaimed catalog. Both films will also be available for viewing worldwide from April 23 to 29 on the CCP Vimeo Channel (vimeo.com/showcase/ccparthousecinema).

Solidarity concert for agricultural workers

ARTISTA NG Rebolusyong Pangkultura (ARPAK) and Artists for Anakpawis will hold a solidarity concert and artists’ fair to highlight the struggle of agricultural workers on April 23, 1 to 10 p.m., at Picked Cafe & Gallery, Tunasan, Muntinlupa City. The opening of the artists’ fair will be marked by the screening of the remastered version of the short documentary on the Hacienda Luisita massacre, Sa Ngalan ng Tubo, by Tudla Productions. This will be followed by performances by Past Forward, Switchbitch, Barricade, Mocksmile, Limbs, No Way Out, Asoge, JK-ULTRA, ahju$$i, and Promote Violence, interspersed with speeches by speakers from organizations like the Federation of Agricultural Workers. Merchandise and art by Hippie Pixie, VISIBLESIGNAL, Marian Hukom, among others will be available at the fair. For more information, visit https://www.facebook.com/arpakph.

Cinema Rehiyon screening continues

THE FILMS of the film festival Cinema Rehiyon are still available for screening until April 30. Online screenings of the films created outside Metro Manila are available on Vimeo Cinema Rehiyon Selections at bit.ly/CinemaRehiyonSelections, and on free TV via ETC channel. For Vimeo screenings, use the promo code NCCANCC or CR2022. Cinema Rehiyon is the NCCA’s Subcommittee on Cinema’s program for the annual celebration of Arts Month in February.

CCP’s Young at Art S2 kicks off

THE SECOND season of Young at Art continues to serve as a space for different generations of artists to talk about their passion. It premieres on April 23, at 3 p.m., with young artists and National Artist for Literature Virgilio Almario. The episodes will stream on the Cultural Center of the Philippines (CCP) Facebook Page and the CCP YouTube channel. The show is presented by the CCP Arts Education Department, with support from the Department of Education and the National Council for Children’s Television.

S&P sees more financial flexibility, modest rating headroom for PLDT after tower sale

April 22, 2022 | 12:06 am

By Arjay L. Balinbin, Senior Reporter

PLDT, Inc.’s sale of its telecom towers could result in increased financial flexibility and modest rating headroom, S&P Global Ratings said on Thursday.

“The company will likely gain financial flexibility and modest rating headroom. That’s because the P77 billion in sales proceeds will more than offset PLDT’s estimated incremental lease liability of P27.5 billion, as well as special dividends of up to P9 billion that it intends to pay following the transaction,” S&P said in an e-mailed statement.

Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio said this means that with the increased liquidity from the sale, PLDT will have “more room to take on debt without compromising their gearing ratios.”

“There is no need for additional cash flows,” she said in a phone message.

At the same time, S&P said PLDT’s sale of its 5,907 telecom towers to the subsidiaries of international telecommunications infrastructure services companies edotco Group and EdgePoint “will not materially hurt its competitive advantage.”

“PLDT considers the towers being sold as nonstrategic, and they account for about half of the towers that the company owns. We expect service level agreements made with the experienced tower buyers to preserve PLDT’s network quality,” it added.

The debt watcher noted that PLDT retained the ownership of active infrastructure as the transaction only covers passive infrastructure.

Of the nearly 6,000 towers, 2,973 will be acquired by ISOC edotco Towers, Inc., a subsidiary of edotco Group, and 2,934 towers by Comworks Infratech Corp., a subsidiary of EdgePoint.

“Based on the company’s estimate of the incremental lease liability, we now project PLDT’s debt-to-EBITDA ratio will improve to 2.0x-2.3x over the next 24 months,” S&P said.

“We had previously expected the ratio would remain close to the company’s downside rating trigger of 2.5x over the same period. This improvement should help PLDT better tolerate downside risk of competitive pressure and high capex necessary to enhance its network quality and connectivity, at the current rating level,” it added.

S&P added that this tower sale may not be the last of its kind in the country.

“In our view, the trend is mainly borne out of the need for an impending capex wave to roll out 5G networks.”

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.