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PHL debt now at 62.1% of GDP

REUTERS

THE National Government’s (NG) outstanding debt as a share of the gross domestic product (GDP) eased to 62.1% at the end of June.

Data from the Bureau of the Treasury showed the latest quarterly debt-to-GDP ratio was lower than 63.5% as of end-March.

The debt level in GDP terms was 1.4 percentage points lower than the previous quarter’s 63.5%, the highest since 65.7% in 2005.

However, this still exceeded the 60% threshold considered manageable by multilateral lenders for developing economies.

At 62.1%, the debt-to-GDP ratio was higher than 60.4% at the end of 2021, and 39.6% at the end of 2019 or before the pandemic.

Outstanding NG debt rose by 2.4% to a record P12.79 trillion at the end of June, “due to the net issuances of domestic and external loans as well as currency adjustments.”

The debt stock was equivalent to 59.4% of the gross national income. The debt service bill was equivalent to 2.7% of GDP.

“The quarterly easing of the debt-to-GDP ratio was partly due to relatively faster economic growth that widened the GDP base and also effectively reduced the debt-to-GDP ratio, as seen in previous economic cycles,” said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“The faster growth in the government’s tax revenues as the economy reopened further towards greater normalcy also partly helped the debt-to-GDP ratio,” he added.

The Philippine economy grew by 7.4% in the second quarter, slower than 12.1% a year earlier and 8.2% in the previous quarter.

Mr. Ricafort attributed the reduction of the debt to the lack of large-scale lockdowns, which lessened the need for the government to ramp up borrowings.

“Large-scale lockdowns during the pandemic, were very expensive for the government in terms of foregone tax revenues, more spending on financial assistance, healthcare system, and other COVID-19 programs,” he said.

Asian Institute of Management Economist John Paolo R. Rivera said the lower debt-to-GDP ratio might have been brought about by fluctuating foreign exchange rates.

Finance Secretary Benjamin E. Diokno last month said the government seeks to bring down the debt-to-GDP ratio to 61.8% by end-2022. It is expected to steadily drop to 61.3% by next year all the way to 52.5% by 2028.

“This kind of debt structure is nothing to worry about. This is one of the lowest among emerging markets… The way out of this is by growing at a faster rate. We simply outgrow our debt,” Mr. Diokno has said. — Diego Gabriel C. Robles

Banks’ NPL ratio falls to 21-month low in June

BW FILE PHOTO

By Keisha B. Ta-asan

SOURED LOANS held by Philippine banks fell for a fourth straight month in June, bringing the nonperforming loan (NPL) ratio to its lowest in 21 months as economic activity continues to pick up.

However, economists said the decline in bad loans might slow in the coming months amid the central bank’s monetary tightening.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed the gross NPL ratio of the Philippine banking industry dropped to 3.6% in June, from 4.48% a year ago and 3.75% in May.   

The June bad loan was the lowest since 3.5% in September 2020.   

Bad loans dropped by 12.7% to P421.311 billion in June from P482.991 billion a year earlier. This was also 1.8% lower than P429.106 billion in May.

Loans are considered nonperforming once they remain unpaid for at least 30 days after the due date. They are deemed as risk assets given borrowers are unlikely to settle such loans. 

“NPL ratios continue to dip as cash flows improve now that the economy has reopened,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail on Tuesday.   

Since March, Metro Manila and some provinces have been under the most lenient alert level, though coronavirus infections have started to rise again. 

BSP data showed banks’ gross loan portfolio expanded by 8.7% to P11.71 trillion in June from P10.77 trillion a year ago. It also went up by 2.7% from the P11.44 trillion in May.    

Meanwhile, past due loans dropped by 14.9% to P490.834 billion from P577.060 billion a year ago. This brought the ratio to 4.19% from 5.36% a year ago. 

Restructured loans climbed by 3.1% to P338.936 billion from P328.647 billion in the same month in 2021. These accounted for 2.89% of banks’ loan portfolio.

Banks continued to boost their loan loss reserves to P409 billion in June from P397.790 billion a year ago. This brought the ratio to 3.49% from 3.69% a year earlier. 

The industry’s NPL coverage ratio improved to 97.08% from 82.36% the year before. 

“Declining NPL is due to recovering employment and the return of economic activities. This will continue as we further reopen the economy and jobs resume and the employment rate improves,” Asian Institute of Management Economist John Paolo R. Rivera said.   

Based on data from the Philippine Statistics Authority, the jobless rate stood at 6% in June, steady for the second straight month.   

“We can expect the NPL to sustain its downward trend but the decline may somewhat now that the BSP is hiking policy rates,” Mr. Mapa said.   

BSP Governor Felipe M. Medalla signaled a 50-basis point (bp) increase in policy rates at their Aug. 18 meeting, as inflation quickened in July. 

The consumer price index at the national level climbed by 6.4% year on year last month. It was the fourth straight month that inflation exceeded the central bank’s 2-4% target.

The July inflation print was also the fastest in 45 months, or since the 6.9% logged in October 2018.

The BSP has raised benchmark interest rates by a total of 125 bps so far this year, bringing the overnight reverse repurchase rate to 3.25%.

The central bank earlier said the NPL ratio of Philippine banks might peak at 8.2% this year. The ratio stood at 3.99% as of end-December 2021, as the economy started to reopen.

Globe wants DITO to pay P622M for deal ‘violation’

STOCK PHOTO | Image by terimakasih0 from Pixabay

Smart says third telco player’s PCC complaint meant to avoid liability

By Arjay L. Balinbin, Senior Reporter

GLOBE Telecom, Inc. on Tuesday said it recently requested the National Telecommunications Commission (NTC) to compel DITO Telecommunity Corp. to pay a P622-million fine for allegedly violating their interconnection agreement.

“The penalties were brought about by fraudulent calls placed through DITO’s network to Globe, bypassing proper voice traffic channels,” Globe said in an e-mailed statement. Its appeal was filed on Aug. 2.

Globe made the announcement on Tuesday after DITO filed competition complaints on Monday against the Ayala-led company and Smart Communications, Inc. of the PLDT group.

“An average of 1,000 fraudulent calls — identified as international in origin but masked as local calls — are allowed to pass through DITO’s network to Globe users every day, in violation of interconnect rules,” Globe said.

“The penalty covering one year, from July 2021 to July 2022, has ballooned with DITO’s adamant refusal to compensate Globe, defying provisions of its interconnect agreement on bypass traffic,” it added.

The company noted that reports of fraudulent calls continue to “illegally pass through” the third telco player’s network.

Globe wants the NTC to authorize its temporary disconnection of interconnection trunk lines with DITO until the latter has “taken positive and concrete steps to stop all illegal bypass operations emanating from its network and paid all its outstanding liabilities to Globe for fraudulent calls.”

“DITO has not only failed to compensate Globe, it also has not taken any serious actions to curtail bypass activities emanating from its network and terminating in Globe’s. Indeed, these bypass activities have not waned but have in fact continuously increased over the said period,” the company said.

It also noted that DITO’s “twin failures” to check such activities and pay the listed telecommunications company “what it is justly due have worked on a continuing serious prejudice against Globe.”

‘ADMISSION’
DITO Chief Administrative Officer Adel A. Tamano said in a separate statement that Globe’s position that interconnection will be done only if DITO pays for the alleged penalties “is an admission that they are making interconnection, which is mandated by law, subject to the acceptance of this alleged obligation.”

“Informing the media about these alleged interconnection penalties or ISR (international simple resale) is a disclosure of confidential business information that is a violation of the PCC’s (Philippine Competition Commission) rules of procedure,” he also said.

He pointed out that such calls are not made by DITO. “Rather, these are fraudulent calls made by third parties — and DITO is equally a victim of such calls.”

“Additionally, there are also ISR calls from Globe to DITO. It is not true that DITO has not taken steps to stop ISR calls to Globe. We have the data and the facts to show the steps undertaken by DITO to minimize these ISR calls.”

At the same time, the DITO official argued that the NTC is not a collection agency.

“If Globe has any monetary claims against DITO, [it] should go to the proper tribunal to enforce its claims,” Mr. Tamano said.

“Finally, let us reiterate that DITO Telecommunity is pursuing the case filed with the [PCC]. We are doing this to fulfill our mandate to provide true competition in the telecom industry and to ensure that the Filipino people are given world-class telco services they rightfully deserve.”

‘AVOIDING LIABILITY’
Roy Cecil D. Ibay, Smart Communications vice-president for regulatory affairs, said separately that it is “not engaged in any act constituting abuse of dominant position or anti-competitive behavior against DITO.”

“Simply false,” he said, referring to the reports about DITO’s claim that its subscribers “are not being allowed to interconnect with the Smart network.”

He also said that Smart and DITO have an existing interconnection agreement, which the former “continues to honor.”

“DITO is now requesting additional capacity, and has raised this via petition to NTC, where it is pending. DITO’s filing of the PCC complaint on the same subject-matter is blatant forum-shopping,” he continued.

At the same time, he pointed out that DITO should first “clamp down on its subscribers who have abused the interconnection framework to make fraudulent international calls to Smart subscribers under local rates.”

“Simply put, DITO has failed to prevent its network from being misused for fraud, with DITO SIMs masking international calls as domestic, resulting in huge monetary losses for Smart,” the Smart official noted.

The mobile network operator is willing to grant DITO’s request for capacity augmentation.

But DITO should “sign an agreement to compensate Smart fairly in the event that such fraudulent calls continue to proliferate,” according to Mr. Ibay.

“Otherwise, Smart cannot allow its interconnection arrangement with DITO to perpetuate fraud,” he said.

“It is a disturbing development that while Smart continues to interconnect with DITO despite these outstanding issues and while we were still negotiating with DITO on a bypass agreement, DITO now attempts to avoid liability for these fraudulent international calls by filing a baseless complaint with the PCC accusing Smart of anti-competitive behavior,” he added.

DITO has yet to respond to Mr. Ibay’s comments as of press time.

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

DMCI Holdings’ profit up 73% on energy, real estate growth

DMCI Holdings, Inc. reported on Tuesday that its second-quarter consolidated net income went up by 73% to P9.03 billion from P5.23 billion, driven by growth in its energy and real estate businesses.

Without one-off items, core net income rose by 113% to P8.99 billion from P4.23 billion, it said in a disclosure to the stock exchange.

“We had a very strong first half because of elevated market prices. If the current trend holds till October, we hope to declare another round of special dividends for our shareholders before yearend,” DMCI Holdings Chairman and President Isidro A. Consunji said.

Among its businesses, Semirara Mining and Power Corp. (SMPC) accounted for the biggest contribution, which more than doubled to P6.11 billion from P2.34 billion, driven by higher coal selling prices and higher spot sales volume amid elevated market prices.

DMCI Project Developers, Inc. (DMCI Homes), the firm’s real estate arm, contributed P1.31 billion, which was 63% higher than the P804 million recorded a year earlier.

The firm said the growth was due to “higher revenue recognition from ongoing projects and upward adjustment in selling prices.”

Meanwhile, contributions from D.M. Consunji, Inc. more than quintupled to P516 million from P91 million due to the completion of select projects and conservative revenue take-up the previous year. 

DMCI Mining Corp.’s contributions climbed by 27% to P510 million from P403 million primarily due to higher average selling prices for nickel ore.

On the other hand, associate Maynilad Holdings Corp., which owns 93% of Maynilad Water Services, Inc., dropped by 9% to P393 million from P431 million amid flattish billed volume and higher costs.

Contributions from DMCI Power Corp. jumped by 35% to P205 million from P152 million due to higher electricity sales volume and prices.

“While consolidated full-year results is on track to be significantly higher versus last year, the group maintains its prudent second-semester outlook on persisting market volatility because of the Russia-Ukraine war, poor weather conditions and unpredictable policy shifts in the commodity markets,” DMCI Holdings said.

“Pronounced demand weakness for real estate and private construction is also likely to continue into 2023 owing to inflationary pressures, higher interest rates, tightening credit standards and weak consumption,” it added.

DMCI Holdings added that accelerated public infrastructure spending and an influx of foreign investors for public-private partnership projects could provide some relief, which the group will remain cautiously optimistic about.

The firm is primarily engaged in general construction, coal, and power generation, real estate development, water concession, nickel mining and manufacturing.

On Tuesday, DMCI shares rose by 1.62% or 15 centavos to finish at P9.40 on the stock market. — Luisa Maria Jacinta C. Jocson

Megaworld earnings rise 6.5% to P2.8B

MEGAWORLD Corp. recorded a 6.5% increase in its attributable net income to P2.82 billion for the second quarter from the P2.65 billion recorded a year ago after booking double-digit growth in its core businesses.

“For the first time since the pandemic, we have achieved double-digit growth across all business segments. This is a clear indication that we are on the right track in our goal to finally go back to the pre-pandemic levels of our core businesses,” Megaworld Chief Strategy Officer Kevin L. Tan said in a press release on Tuesday.

Its topline climbed to P14.32 billion for the three months ended in June, a 17.1% increase from last year’s P12.23 billion.

Its year-to-date attributable net income increased by 18% to P5.9 billion from last year’s P5 billion.

The company’s consolidated topline for the first six months reached P27.45 billion, 22.6% higher than the P22.4 billion in the same period the previous year.

Megaworld’s residential segment remained to be the primary contributor with real estate sales soaring by 17.2% to P8.94 billion in the second quarter from P7.63 billion last year.

Year to date, its real estate sales climbed by 25.6% to P16.99 billion from P13.53 billion last year.

The company also recorded a surge in its rental income by 18.6% to P3.81 billion in the second quarter and a 19.2% increase to P7.51 billion in the first half.

Megaworld Premier Offices posted a 15% improvement in its rental income to P6 billion, as the business process outsourcing sector maintained a higher than industry occupancy rate of 91%.

Rental income in Megaworld Lifestyle Malls showed improvement as it grew by 41% year on year to P1.5 billion during the first two quarters.

The operator of 11 hotel properties, Megaworld Hotels & Resorts, posted 49% growth in its hotel revenues to P1.1 billion.

“This was due to the consistent performance of its in-city hotels and the increase in leisure-related activities,” the company said.

“As the economy continues to recover, Megaworld maintains its positive outlook for the future as we build on the company’s consistent performance with an aim to go beyond our targets for the rest of year, ” Mr. Tan added.

To date, Megaworld has 28 master-planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country.

Shares in Megaworld inched up on Tuesday by 0.45% or P0.01 to P2.24 apiece. — Justine Irish D. Tabile

ACEN income surges 25% as new plants deliver

ACEN Corp. reported a consolidated net income of P1.78 billion in the second quarter, 25.4% higher than the P1.42 billion earned in the same period last year, boosted by fresh contributions of new Philippine and international power plants and strong wholesale electricity prices during the quarter.

“We’re delighted to see the strong rebound in the second quarter, which helps generate momentum as the company sets out its bold ambition to reach 20 gigawatts (GW) of renewables by 2030,” said Eric T. Francia, president and chief executive officer of ACEN, in a press release.

In its financial report filed to the exchange on Tuesday, the Ayala-led energy company reported a P2.18-billion net income for the first semester, an 19% decline compared to P2.69 billion reported in the same period last year.

The company said revenues for the second quarter were recorded at P8.57 billion, 11.4% higher compared with P7.69 billion in the same period last year.

Consolidated revenues for the first semester rose by 19.1% to P15.97 billion from P13.41 billion previously, due to higher spot market prices balancing the impact of curtailment and customer buyout fees in the first quarter.

According to ACEN, attributable output in the first semester grew 11% to 2,482 gigawatt-hours due to increased operating capacity from its wind farms in Vietnam and its solar plants in India, which offset the impact of thermal outages during the first quarter.

“The Philippine business has returned to profitability as we start to recover from short-term headwinds experienced in the first quarter of the year,” said ACEN Treasurer and Chief Financial Officer Maria Corazon G. Dizon.

ACEN has close to 4 GW of pro forma attributable capacity spread across five countries in the Asia-Pacific region. Of the capacity, 87% is renewables.

In the Philippines, the company has close to 600 megawatts of solar and wind farms under construction that are targeted to be completed by 2030. The country remains to be ACEN’s core market, accounting for 40% of its portfolio.

On Tuesday, shares in the company declined by 2.92% or P0.26, finishing at P8.64 each on the stock market. — Ashley Erika O. Jose

NHCP launches project to mark 125th anniversary of Philippine independence

THE NATIONAL Historical Commission of the Philippines (NHCP) launched a multi-year project to mark the 125th anniversary of Philippine Independence and Nationhood at Fort San Pedro, Cebu City on Aug. 3, with the unveiling of the commemoration’s official logo.

The ceremony was also streamed on the NHCP’s Facebook page.

Fort San Pedro was captured by Cebuano revolutionaries on Dec. 29, 1898 as part of the liberation of the Philippines from Spain.

After the commemoration’s official logo launch in Cebu City, the rest of the events will commence on June 12, 2023 — the 125th anniversary of the proclamation of Philippine Independence in Kawit, Cavite.

The 125th anniversary of Philippine Independence and Nationhood will be celebrated until 2026, with the theme “Kalayaan. Kinabukasan. Kasaysayan. (Freedom. Future. History.).”

In his speech in Cebu, NHCP Chairperson and concurrent National Commission for Culture and the Arts (NCCA) Chairperson Rene R. Escalante said that part of the NHCP’s roadmap to 2026 is to “strengthen, widen, and grow” the member-affiliates of the local committee’s historical network (LCHN), a segment of the NHCP responsible for the collection, preservation, and documentation of historical materials around the country, and to focus on projects for the celebration of 125th anniversary of Philippine Independence.

100 SITES
The flagship project of the commemoration is the marking of around 100 sites, ranging from Kawit, Cavite where independence was declared on June 12, 1898, to Palanan, Isabela where President Emilio Aguinaldo was captured, an event which marked the end of the first Filipino government.

Inspired by the 34 Quincentennial Historical Markers installed along the Philippine route of the first circumnavigation of the world in 2021, each site will receive a national historical marker and a standard memorial to be called “Landas ng Pagkabansang Pilipino” (Philippine Nationhood Trail).

“NHCP is still firming up the sites where the Philippine Republic passed through, from Kawit to Palanan. Apart from this trail, we are also seeking the advice of various historical societies [on] what else needs to be marked and commemorated in the provinces, especially in the Visayas and Mindanao,” Philippine Information Agency-National Capital Region (PIA-NCR) information officer Alehia Therese Abuan told BusinessWorld in an e-mail.

“One of the latest requests came from Cebu City OIC Mayor Donaldo ‘Dondon’ Hontiveros who asked to include the 125th anniversary of the capture of Fort San Pedro on Dec. 29, 2023,” Ms. Abuan added. “We want the 125th anniversary [to be as] inclusive as possible because it’s about the formation and the making of the Filipino nation.”

Other milestones covered in the celebration are: the 125th anniversary of the creation of the Philippine Flag and National Anthem in June 2023; the 125th anniversary of the First Philippine Congress in Barasoain Church in Malolos, Bulacan, in September 2023; the 125th anniversary of the First Philippine Constitution in January 2024; the 125th anniversary of the start of the First Philippine Republic in Malolos in January 2024; the 125th anniversary of the Philippine-American War in January 2024; the 125th anniversary of the Siege of Baler in June 2024; and the 125th anniversary of the deaths of Antonio Luna and Gregorio del Pilar in June and December 2024.

HISTORICAL DATABASE
Another project on NHCP’s roadmap is the National Memory Project.

Isa itong database na patatakbuhin ng NHCP na pwedeng gamitin ng manunulat ng kasaysayan sa kanilang paglaganap ng ating kaalaman sa ating kasaysayan (It will be a database run by the NHCP that historians can use to expand our knowledge on our history),” Mr. Escalante said in his speech.

Contents of the database will be uploaded to a website.

Sa proyetong ito, hihingin ulit namin ang suporta ng mga LCHN members na kung meron kayong mahalagang dokumento sa inyong lugar or sa inyong collection, magtulungan tayo para ma digitize ito para maisama sa National Memory Project (For this project, we will again ask the support of LCHN members that if they have important documents in their area and in their collections, let us cooperate to digitize them to be included in the National Memory Project),” Mr. Escalante said.

Member-Affiliates of the LHCN will also hold activities and projects focusing on the stories from the different provinces and regions on the birth of Philippine independence.

The last time the government held a major project focusing on the country’s independence and nationhood was in 1998 under administration of late President Fidel V. Ramos which marked the Philippine Centennial. — Michelle Anne P. Soliman

Federal Land, Nomura Real Estate launch joint venture company

PROPERTY developer Federal Land, Inc. and Japan’s Nomura Real Estate Development Co., Ltd. (NRE) have partnered to form a joint venture that integrates the two firm’s expertise.

Federal Land NRE Global, Inc. (FNG), the joint venture company, aims to “integrate Japanese innovation, technology, and design with Federal Land’s knowledge of the Philippine market and reputation for well-built and innovative properties.”

“We want to make a difference in the lives of the communities we are in. FNG is a marriage that speaks of shared values, shared aspirations and complementary areas of expertise,” Federal Land Chairman Alfred V. Ty said at a press conference on Tuesday.

“Our mission is not only to offer Filipino products that are best in the Philippines but also coming from the best practices within the region and around the world,” he added.

The initial project under FNG incorporates a total area of over 250 hectares of residential, office, commercial and industrial developments in the cities of Metro Manila, Cavite, and Cebu.

This is expected to generate 6,000 job opportunities within the first five years of operations.

“We are able to expand our local capabilities and further enhance our credentials as a global brand. Given the strategic locations and equally sizable capital investment, we are looking at developments spanning 15, 20 and even 50 years,” Mr. Ty said.

He said that the partnership will result in “unique product offerings for Filipinos.”

“FNG is looking at mixed-use townships of residential and office products. FNG is here to make a difference in the Philippine real estate arena and more importantly in the lives of communities we belong to,” he added.

Federal Land and NRE previously partnered for The Seasons Residences, a four-tower high-end residential development at Bonifacio Global City.

“We believe we can contribute to the overseas market with our knowledge and know-how. We have been expanding our business in the Philippines since it is one of the most important markets for us,” NRE Chair Eiji Kutsukake said.

“Federal Land and NRE have [conducted] a lot of discussions to give the best output. We are able to deliver such wonderful products together,” he added.

Federal Land President Thomas F. Mirasol said that the group has a positive outlook on the property market.

“The Philippine consumer has proven to be quite resilient and their passion [for] investing in real estate goes back to many generations. We not only rely on the research but even in our own experience, we are seeing our sales value reach pre-pandemic levels,” he said.

“Some of our projects far exceed what we used to do in the pandemic. We’re very optimistic about what the future will bring us,” he added.

Nomura Real Estate Development is one of the core companies of the Nomura Real Estate Group, which is engaged in real estate businesses, including the development of residences, offices, retail facilities, logistics facilities, and hotels, among others.

Federal Land is the real estate arm and wholly-owned subsidiary of GT Capital Holdings, Inc. GT Capital’s other investment holdings include Metropolitan Bank & Trust Co., Toyota Motor Philippines Corp., Philippine AXA Life Insurance Corp., and Metro Pacific Investments Corp., among others.

At the stock exchange on Tuesday, GT Capital shares ended higher by 2.95% or P1.40 to P468 apiece. — Luisa Maria Jacinta C. Jocson

Art News: Philosophy of Bruce Lee; antiquities returned to Cambodia, Benin

A BRASS neck ornament. — HORNIMAN.AC.UK

SEATTLE/NEW YORK/LONDON — After a pandemic-induced delay, a permanent exhibition focused on Bruce Lee’s philosophy is opening at the Wing Luke Museum of the Asian Pacific American Experience in Seattle, with support of the Bruce Lee Foundation.

His daughter Shannon Lee, who oversees the foundation, told Reuters that the exhibit, “Be Water, My Friend,” was as an immersive extension of her research into her father’s life as a philosopher.

“I didn’t feel like everybody was getting the full picture of the human being. And it’s really part of my mission for people to understand actually what level of philosopher he really was,” Ms. Lee said of the project, which is housed in an unassuming historic building in the city’s Chinatown-International District.

She said she remembers little glimpses of life with her father before he died when she was four: him holding her on his lap and playing, visiting him on set at Golden Harvest Studios, and their home in Hong Kong.

“They’re very meaningful moments to me, but they’re just brief little touch points,” Ms. Lee recalls of those early memories. “But the unlimited part of my memory is that I have a real sense of him, him energetically, him, the way he made me feel, the way I felt in his presence. His energy, his love, his adoration, his sense of safety, being with him.”

Her father’s collection of 2,800 books —  spanning martial arts theory, filmmaking, and philosophy —  will remain at the museum permanently, along with other keepsakes in a separate exhibit.

Seattle is rich with the legacy of Bruce Lee: Ruby Chow restaurant where he once worked, the University of Washington, where he studied philosophy and met his wife, Linda Lee Cadwell, and ultimately where he was buried in 1973 at Lake View Cemetery in the Capitol Hill neighborhood.

LOOTED ANTIQUITIES RETURNED TO CAMBODIA
The United States will return to Cambodia 30 looted antiquities, including bronze and stone statues of Buddhist and Hindu deities carved more than 1,000 years ago, US officials said on Monday.

The Southeast Asian country’s archaeological sites — including Koh Ker, a capital of the ancient Khmer empire —  suffered widespread looting in civil conflicts between the 1960s and 1990s. Cambodia’s government has since sought to repatriate stolen antiquities sold on the international market.

Damian Williams, the top federal prosecutor in Manhattan, said the items being returned were sold to Western buyers by Douglas Latchford, a Bangkok dealer who created fake documents to conceal that the items had been looted and smuggled.

Mr. Williams said the antiquities, including a 10th century sandstone statue depicting the Hindu god of war Skanda riding on a peacock, were voluntarily relinquished by US museums and private collectors after his office filed civil forfeiture claims.

“These statues and artifacts … are of extraordinary cultural value to the Cambodian people,” Mr. Williams said at a ceremony in Manhattan announcing the return of the antiquities.

US prosecutors in 2019 charged Mr. Latchford, a dual citizen of Thailand and the United States, with wire fraud and smuggling over the alleged looting. He died in Thailand in 2020.

The antiquities will be displayed at the National Museum of Cambodia in Phnom Penh, Cambodia’s US ambassador Keo Chhea told Reuters at the ceremony.

In 2014, federal prosecutors returned the Duryodhana, a looted 10th-century sandstone sculpture, to Cambodia after settling with auction house Sotheby’s, Inc., which had acquired it. Last year, the Manhattan district attorney’s office returned 27 looted antiquities to Cambodia.

LONDON MUSEUM TO RETURN BENIN BRONZES
London’s Horniman Museum said on Sunday it would return 72 artefacts, including 12 brass plaques known as Benin Bronzes, looted from Benin City by British soldiers in 1897 to the Nigerian government.

Created from brass and bronze in the once mighty Kingdom of Benin in what is now southwestern Nigeria from at least the 16th century onwards, the Benin Bronzes are among Africa’s most culturally significant artefacts.

They were seized, along with thousands of other items, in a British military incursion, and ended up in museums in Europe and the United States.

African countries have battled for years to recover works pillaged by explorers and colonizers, while Western institutions are grappling with the cultural legacies of colonialism.

German authorities last month returned the first of more than 1,100 priceless sculptures to Nigeria, following examples set by Jesus College at Cambridge University and the Quai Branly museum in Paris last year.

The Horniman said Nigeria’s National Commission for Museums and Monuments (NCMM) had requested the return of the artefacts at the beginning of the year.

“The evidence is very clear that these objects were acquired through force, and external consultation supported our view that it is both moral and appropriate to return their ownership to Nigeria,” said Eve Salomon, chair of the trustees of the Horniman Museum and Gardens.

“The Horniman is pleased to be able to take this step and we look forward to working with the NCMM to secure longer term care for these precious artefacts.”

NCMM Director-General Abba Tijani welcomed the decision, saying he looked forward to discussing loan agreements and collaborations with the Horniman.

The returns are likely to increase pressure on the British Museum in London, which holds by far the largest and most significant collection of Benin Bronzes. — Reuters

AirAsia Philippines targets up to five more domestic destinations

NEWSROOM.AIRASIA.COM

LOW-COST carrier Philippines AirAsia, Inc. (AirAsia Philippines) said on Tuesday that it plans to expand its domestic network to three to five more destinations by the second quarter of 2023.

AirAsia Philippines also plans to add more international routes in other regions, as the airline reinforces its services for overseas Filipino workers, it said in a statement.

“We are set to achieve our domestic pre-pandemic capacity by end-year and our international by Q2 (second quarter) next year,” AirAsia Philippines Chief Executive Officer Ricardo P. Isla said.

“Consequently, this marks the onset of our full recovery, which will fuel our vigorous expansion plans in the coming years,” he added.

On Monday, the airline’s officials met with Transportation Secretary Jaime J. Bautista to reiterate their support of the Department of Transportation’s vision and plans for the country’s aviation industry.

“Secretary Bautista, cognizant of the rebound of travel, aims to further develop the aviation sector on four key fronts: safety, affordability, accessibility, and convenience — the same principles on which AirAsia has been built,” the low-cost carrier noted.

The administration plans to upgrade and build new international airports, President Ferdinand R. Marcos, Jr. said in his first address to the nation.

“We will first and foremost make basic developments such as road improvements for easier access to tourism spots. We will also upgrade our airports and create more international airports to help decongest the bottleneck at the Manila airport,” he said.

The government, he also said, will make it more convenient for travelers to go around the country, even to remote areas to help promote undiscovered tourist spots.

“This program will be led by the Department of Tourism together with the Department of Public Works and Highways,” Mr. Marcos said. — Arjay L. Balinbin

Arts & Culture (08/10/22)

Library collections of magazine covers on view

AN EXHIBITION of magazine covers and articles from the collections of the Lopez Museum and Library and the Ortigas Foundation Library will go on view on Aug. 13, 4:30 p.m. at the BenCab Museum in Baguio. The exhibit, “THIS WEEK, Manila Chronicle Sunday Magazine Covers and Content, 1954 – 1955,” will be on view until Sept. 13 at the Sepia Gallery of the BenCab Museum. For more information, contact the museum at 074-442-7165, or the Ortigas Foundation Library at 0977-728-5130.

Joseph the Dreamer adds more shows

MORE performances of Trumpets, Inc.’s popular musical Joseph the Dreamer have been added on Aug. 19 and 20, at the Globe Auditorium, Maybank Performing Arts Theater, BGC, Taguig City. The musical tells the Biblical story of Joseph, who brought the Jews into Egypt. Written by Freddie Santos, it is based on Cam Floria’s cantata entitled Dreamer: What Really Happened to Joseph. This production is a re-imagined version directed by Paolo Valenciano, featuring updated musical arrangements by Myke Salomon as well as an updated script. For tickets reservations, contact Jenny Bonto at 0915-969-2416. For more information, visit www.facebook.com/trumpetsinc.

Art Lounge presents ‘Pag-ibig at Lumbay’ 

ARTIST Janos Delacruz’s exhibit, “Pagibig at Lumbay (Love and Solitude), is a collection of works that tackle a journey of adoration and unrequited love between artist and his muse amidst the reality of a global pandemic. The paintings, sculptures, drawings, and fineprint are used as vehicles to capture the frantic search for both meaning and creation. “Pag-ibig at Lumbay runs until Aug. 16 at Art Lounge Manila at the Podium in Ortigas Center. For more information, visit the Art Lounge Manila website at www.artloungemanila.com. 

Penguin SEA releases ChinaPhobia: A Wasted Opportunity

PENGUIN Randomhouse SEA has launched Karim Alwadi and Mohammed Kheir Alwadi’s ChinaPhobia: A Wasted Opportunity, which is written in the form of a conversation between a father-a former journalist and senior diplomat-and his businessman son. Both academics, they present the facts combined with insights gained from years of observations of China. Without a timely response, they say inflating “China Phobia” could become the biggest threat to global peace, economic growth, and stability, poisoning international relations in the coming years. The authors also discuss the means of mitigation at home and abroad. For more information, visit https://penguin.sg/book/chinaphobia/.

Portrait exhibit honors BenCab

A TRIBUTE to BenCab from Artists and Photographers, an exhibit of portraits of National Artist Benedicto “BenCab” Cabrera from the 1960s to the present, will open on Aug. 13 at the BenCab Museum in Baguio. The Exhibition will be on view until Oct. 9. The portraits document various stages of a remarkable career that spans almost six decades in Manila, London and other parts of Europe, then back to Manila and Baguio, where he put down roots upon returning home in 1985. The photographic portraits were taken by Romy Vitug, Franco Patriarca, Dennis Calma, Neal Oshima, Wig Tysmans, Butch Baluyut, Patrick de Koenigswarter, and Mary Ellen Mark, also photographed BenCab on an assignment in Baguio in 1996. The paintings likewise run the gamut from Anita Magsaysay-Ho to Winner Jumalon and Nona Garcia of the present day.  De La Salle University Publishing House will soon issue BenCab@80: Homage to National Artist Benedicto Cabrera, a tribute to the national artist on his 80th birth year. Edited by David Bayot, the book will include portraits of the artist by photographers and painters, many of which are included in the exhibition.

Tetra Pak sees growth opportunities in sari-sari stores

PACKAGING firm Tetra Pak sees potential growth for its Philippine business in sari-sari or small family-owned stores as part of efforts to boost its footprint in the country.

“There’s a lot of potential to grow and expand the business [locally],” Tetra Pak Malaysia, Singapore, Philippines and Indonesia Marketing Director Jose Mari A. Jose said during a media round table in Taguig City on Tuesday.

He said that although the company has a presence in sari-sari stores, it remains “very limited.”

“One of the things we are really looking at is how we can make the product more available, more accessible to the sari-sari stores, to the lower social income classes,” he added.

According to Mr. Jose, the challenge is to find a certain price point in the sari-sari store level that would be profitable for manufacturers in terms of volume.

“The challenge for us is finding that product that we can sell at P10, P15, or P20 in the sari-sari stores. It is coming up with a product that is sustainable in terms of profitability, to be able to sell at these price points,” he said.

“Ultimately, it’s our customers (manufacturers) who will sell to the consumers, who will deliver the products and make [them] available in sari-sari stores,” he added.

Mr. Jose said a category that can help Tetra Pak’s goal of expanding its reach to sari-sari stores is milk-based items.

“I think a milk-based product would be very interesting because we offer nutrition. It could be a combination of a milk product in a smaller package format to be able to address the price. These ideas are something that we see in similar markets already, where there is a huge population in the lower socio-income classes,” Mr. Jose said.

Separately, Mr. Jose said that he expects Tetra Pak’s business to receive a boost once school starts on August 22, and resume face-to-face classes by November.

“Definitely, once the kids are back in school, we will see a pickup in terms of the business,” Mr. Jose said.

“A lot of [our] products are towards kids, and for school consumption. As we have yet to see kids being physically back to school, it’s a bit [challenging] this year on those products. On the other hand, the white milk one-liter packs continue to be a growing business for us, because people are still at home. So, it varies on the product,” he added.

Meanwhile, Tetra Pak said that it is actively supporting the circular economy in the country via collaborations with collection and recycling partners as well as consumers.

“Tetra Pak continues to partner with social enterprise organizations including Basic Environmental Systems & Technologies, Green Antz, and the Plastic Flamingo,” the company said.

“Through these partnerships, the number of recycling drop-off points all over Metro Manila has increased significantly. In partnership with Nestlé Philippines and DMCI Homes, Tetra Pak also launched a community awareness and carton collection campaign called ‘Project ReBins,’” it added. — Revin Mikhael D. Ochave