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Business groups express concern over proposed sovereign wealth fund

TWELVE BUSINESS associations and economic policy groups, including the Makati Business Club (MBC) and the Management Association of the Philippines (MAP), expressed “serious concerns and reservations” over the proposed Maharlika Wealth Fund (MWF), saying it will do more harm than good in the long run.

“There is at present no gap or ‘missing institution’ in the economy that needs to be solved by the creation of a sovereign wealth fund. The country does not have a bonanza of commodity surpluses that need to be deployed,” the groups said in a joint statement signed by the MBC, MAP, Foundation for Economic Freedom (FEF) and Financial Executives Institute of The Philippines (FINEX), among other groups.

“Instead of leaving a legacy of surplus funds to be managed for future generations, the current generation is leaving a legacy of heavy indebtedness that future generations need to pay or refinance. There is no need, or even justification, to pool the reserves of government financial institutions and pension funds into larger amounts in order to earn higher returns,” they said.

Several lawmakers led by House Speaker Ferdinand Martin G. Romualdez, a cousin of President Ferdinand R. Marcos, Jr., recently filed a bill seeking to create a sovereign wealth fund.

The proposed fund will make investments by pooling money from the Government Service Insurance System (GSIS), Social Security System (SSS), Land Bank of the Philippines (LANDBANK) and Development Bank of the Philippines (DBP).

However, the groups said there is no reason why GSIS and SSS funds should be diverted to a sovereign wealth fund “as it would simply expose the members’ retirement funds to investments in assets with additional market and performance risks.”

Under the latest version of the bill, the Bangko Sentral ng Pilipinas (BSP) must contribute 50% of its annual dividends to the fund.

“Instead of putting in more capital to the BSP, the bill, in effect, deprives it of quicker capitalization and in the process, undermines the BSP’s independence and its ability to discharge its role as the country’s central monetary authority and systemic risk regulator,” the groups said.

‘ENOUGH RESERVES’
The Philippines has more than sufficient foreign exchange reserves that can be set aside for a proposed sovereign wealth fund, Finance Secretary Benjamin E. Diokno said, allaying the central bank’s concerns about the plan.

There’s “too much ammunition,” Mr. Diokno, a former central bank governor, told reporters, referring to the foreign reserves. He was responding to questions on whether using the reserves for the wealth fund would hurt the central bank’s ability to use it as a tool against foreign exchange volatility.

Establishing the Maharlika fund won’t affect the Bangko Sentral ng Pilipinas’ independence, he said, adding that the central bank should have a say on how much foreign reserves it will contribute to the fund.

BSP Governor Felipe M. Medalla last week cautioned against the sovereign wealth fund plan, raising issues on governance and the central bank’s independence.

‘POWERFUL STATEMENT’
The House ways and means committee on Monday approved the tax provisions of the fund, which would ensure the tax savings will go back to the investment fund.

“Some P680 million in tax savings will inure to the fund every year as a result of this exemption. That goes towards making the SSS and GSIS funds more robust. That means more funds for pensions,” Albay Rep. Jose Ma. Clemente “Joey” S. Salceda, who chairs the committee, said.

In response to criticisms, Mr. Salceda also proposed safeguards for the Maharlika bill. He introduced an amendment that will ensure all transactions follow the “arm’s length principle and the prudent person rule.”

“This ensures that the fund does not take positions that disadvantage it,” he said.

Mr. Salceda noted the fund would have several layers of accountability, such as the board of directors, advisory board and the joint congressional oversight committee composed of five members from the House and Senate. The proposed board will be headed by the president of the Philippines, and include representatives from government financial institutions and two independent directors.

He also proposed that at least one of the independent directors be an SSS or GSIS member or pensioner, to address concerns about pensioner representation on the board.

Also on Monday, House Senior Deputy Speaker and Pampanga Rep. Gloria Macapagal-Arroyo endorsed the creation of the wealth fund.

“In the current version of the Maharlika Wealth Fund, the President of the Philippines chairs its governing Board. This is a powerful statement that the highest official of the land will hold himself as ultimately accountable to the Filipino people for the performance of the fund,” the former Philippine president said in a statement.

Meanwhile, Philippine Chamber of Commerce and Industry (PCCI) President George T. Barcelon said in a Viber message lawmakers should delay the creation of the fund “due to the funding issue coming from government agencies.”

Mr. Barcelon is the private sector representative to the Legislative Executive Development Advisory Council.

“(We should) put this (MWF) in the backburner in the meantime because we don’t want to do something that might affect our credit standing… With a good credit standing, we do get preferential or lower rates from foreign banks. That is more important for us — maintain our good credit standing,” Mr. Barcelon said in a television interview.

The Philippines currently has investment grade ratings from Fitch Ratings, S&P Global Ratings and Moody’s Investors Service. — Luisa Maria Jacinta C. Jocson, Bloomberg with Beatriz Marie D. Cruz

Congress ratifies 2023 national budget

PHILIPPINE STAR/ MICHAEL VARCAS

CONGRESS on Monday ratified the Bicameral Conference Committee report on the proposed P5.268-trillion national budget for next year, with leaders hoping it will be signed into law by President Ferdinand R. Marcos, Jr. before the Christmas break. 

Under the consolidated version of the 2023 national budget, the Bicameral Conference Committee restored the confidential and intelligence funds of the Department of Education (DepEd), among other things. 

“It was returned but for the other agencies whose funds were reduced, it was no longer returned,” Senator Juan Edgardo M. Angara, who heads the Senate Committee on Finance, told a press conference in Filipino. A copy of the recording was provided to reporters.

The Senate earlier slashed the DepEd’s P150-million confidential and intelligence fund to P30 million, moving it to the agency’s maintenance and operating expenses.

Marikina Rep. Elizaldy S. Co, chairman of the House Appropriations Committee, said it was the House contingent’s decision to restore the DepEd’s confidential funds, adding the DepEd should “secure the future of our children.”

Senate Minority Leader Aquilino Martin D. Pimentel III said he was disappointed with the bicam panel’s decision to restore the confidential funds of the DepEd.

During the period of amendments, he had proposed to scrap the confidential budgets of the Office of Vice-President Sara Duterte-Carpio and the DepEd, which she leads.

Meanwhile, Mr. Angara said the budget for the education sector was also increased to P900.9 billion under the bicameral report, from the Senate’s proposal of P884.6 billion.

The bicameral panel also restored the budget of the National Task Force to End Local Communist Armed Conflict to P10 billion after the Senate reduced it to P5 billion.

“What they said is that they need that budget, so we respected the wishes of the agency,” Mr. Angara said.

The bicameral panel also raised the infrastructure budget, as well as the allocations for the Department of Justice (DoJ), Department of Interior and Local Government (DILG) and the Judiciary, Mr. Angara said, without giving details.

The budget of the Energy Regulatory Commission was also increased by P453.11 million to support its operations and capital outlay, he said in plenary.

“For those (budgets) that were decreased, the special funds were slightly cut. The budget for other foreign-assisted projects, we put under programmed funds because under the unprogrammed fund, if there is foreign funding, once the loan has materialized, it can already be funded,” he added.

The senator said the final version of the 2023 national budget leaned more towards the House version, but said the deliberations were “fair.”

The reconciled version of the budget also increased funding for targeted financial assistance, the aid for people in crisis situations, free tuition and assistance to poor patients in government hospitals, among others.

Mr. Co said that an additional P10 billion was given to the Department of Public Works and Highways to address delays in project implementation and to repair school buildings and bridges.

The national budget includes funding for COVID-19 vaccination procurement worth P3.5 billion under unprogrammed appropriations, but lawmakers said the Health department would be given leeway to use the funds for other illnesses if necessary.

Mr. Angara said they hope the president would sign the 2023 national budget bill into law before Congress goes on a holiday break on Dec. 17.

“It looks to be on schedule before Christmas. The only issue is that the President is leaving, so we don’t know if it will reach him before he leaves for Europe or when he returns,” he said.

Mr. Marcos is scheduled to attend the Association of Southeast Asian Nations-European Union Summit in Brussels on Dec. 14. — Alyssa Nicole O. Tan

Customs exceeds full-year revenue target by 9.5%

AUTHORITIES seized over 1,000 sacks of illegally imported white onions in Divisoria, Manila on Dec. 2 amid high retail prices of red onions nationwide. — PHILSTAR/MIGUEL DE GUZMAN

THE BUREAU of Customs (BoC) has exceeded its full-year revenue collection target by 9.5% as of end-November.

Based on preliminary data, the BoC collected P76.77 billion in November, exceeding the P60.6-billion target by 26.7%. This brought the 11-month collection to P790.301 billion.

“The Bureau also marked its highest collection performance in history and reached this year’s revenue target of P721.52 billion as early as Nov. 11. This means the bureau was already P68.781 billion or 9.5% above its annual target as of Nov. 30,” the agency said.

It noted that all 17 collection districts had achieved their revenue targets for January to November.

The BoC said it would prioritize efforts to improve revenue collection, curb smuggling and streamline processes.

The agency said it has also implemented measures to help plug revenue leakages and sustain positive collection performance.

At a forum last week, Finance Secretary Benjamin E. Diokno said the BoC’s revenue surplus would likely cover the shortfall of other revenue-generating agencies.

As of end-October, the National Government’s revenue collections increased by 18.31% to P2.9 trillion, accounting for 89% of the P3.3-trillion goal for the year. — L.M.J.C.Jocson

Semirara sees steady coal output on strong demand

FREEPIK

SEMIRARA Mining and Power Corp. (SMPC) is targeting to produce 14.5 million metric tons (MMT) of coal in 2023 as it expects steady demand for the commodity.

The Consunji-led firm said in a statement on Monday that its coal production reached 13.7 MMT in January to September, already close to its goal of 14.5 MMT to 15 MMT in output this year.

“We expect stable demand for coal and electricity next year so we’re continually investing in our production and generation capacities,” SMPC President and Chief Operating Officer Maria Cristina C. Gotianun said in a statement.

For 2023, SMPC has set aside P5.6 billion for its capital expenditure (capex) projects, up by 8% compared to P5.2 billion in 2022.

The energy firm said P4.1 billion will be allocated for the mining equipment refleeting of its coal business, while P1.5 billion will be spent on maintenance activities plans for Sem-Calaca Power Corp. (SCPC) and Southwest Luzon Power Generation Corp. (SLPGC).

SMPC has spent P3.6 billion of its 2022 capex as of end-September. Of this, P2.2 billion was allotted for the acquisition of mining and support equipment while P1.4 billion went to the repair and replacement of plant components of SCPC and SLPGC.

The listed integrated energy firm posted a net income of P10.15 billion in the third quarter, almost three times higher the P4.01 billion recorded a year ago on high coal production and electricity prices.

Its revenues rose by 51.1% to P21.16 billion from the P14 billion recorded in the same period last year. Of its revenues, coal accounted for the biggest share at P15.04 billion or 71%, with power contributing P6.12 billion or 28.9%.

On Monday, shares of SMPC at the stock exchange closed 1.98% or 65 centavos lower to end at P32.20 per share. — AEOJ

D&L Industries to start plant operations by mid-2023

D&L INDUSTRIES, Inc. has moved the start of commercial operations of its Batangas plant to mid-2023 from early 2023 due to delayed permits and shipments.

“As mentioned during our third-quarter briefing, while the plant is substantially complete, some steps in the final stages are currently taking longer than expected,” D&L President and Chief Executive Officer Alvin D. Lao said in a disclosure.

The company said there were delays in processing permits and certifications, as well as in the arrival of shipments from overseas suppliers affected by the global chain supply disruptions.

“While Philippine Economic Zone Authority (PEZA) has granted an extension until the end of 2023, providing allowances in case of a force majeure, D&L’s management is committed to start commercial operations by mid-2023,” the company said.

Mr. Lao said the delay will not have any material impact on the company’s current operations as its current capacity is still enough to cover its requirements in the near term.

The plant will sit on a 26-hectare property in First Industrial Township – Special Economic Zone in Batangas. The plant will be part of the first phase of the company’s expansion which will cover 16 hectares of the PEZA area.

As of end-October, the company spent has around P8.6 billion for the project, which leaves it with around P1.6 billion in capital expenditure budget until early next year.

Once completed, the plant is seen to help the company develop more high value-added coconut-based products and penetrate new international markets.

“It will mainly cater to D&L’s growing export business in the food and oleochemicals segment. It will add the capability to manufacture downstream packaging, thus allowing the company to capture a bigger part of the production chain,” D&L Industries said.

In the nine-month period, the company posted a record-high income of P2.54 billion, up by 17.4% from P2.16 billion in 2021.

Its topline during the period rose by 57.5% to P33.9 billion from P21.53 billion revenues a year ago.

D&L Industries engages in product customization and specialization for food, chemicals, plastics and consumer products original design manufacturer industries. — Justine Irish D. Tabile

PLDT looking to ramp up Mindanao network rollout

BW FILE PHOTO

THE PLDT group announced on Monday that it is looking to further ramp up its network rollout in the southern regions of the Philippines.

The group intends to add around 6,000 fiber ports in Davao de Oro, Davao del Norte, Davao del Sur, Davao Occidental, Davao Oriental, and Davao City, as well as Smart wireless sites before the end of the year, PLDT said in an e-mailed statement.

PLDT’s fiber network has reached 17,000 villages as of end-September.

“This accounts for roughly 40% of all barangays (villages) in the Philippines,” the telecommunications company said.

According to PLDT, its wireless arm Smart Communications, Inc. recently beefed up its network in Northern Mindanao.

There were “additional sites and base stations in the cities of Cagayan de Oro  and Iligan, and additional LTE (long-term evolution) base stations in the provinces of Bukidnon, Misamis Oriental, Misamis Occidental, and Lanao del Norte,” it noted.

The group aims to upgrade its services across the country amid digitalization efforts from both the private sector and the government.

The Philippines ranked 55th out of 117 countries in the Digital Quality of Life Index 2022 by virtual private network service provider Surfshark from 48th last year. In Asia, the Philippines placed 14th out of 34 countries.

It performed the worst in internet affordability, ranking 98th globally, down 26 places from 72nd a year prior.

“Internet in the Philippines is not affordable compared to global standards,” Surfshark said.

The country placed 60th in terms of time needed to work to afford the cheapest mobile internet, up 44 places from 104th the prior year.

The report said that a 1-gigabyte (GB) mobile internet package costs 4 minutes and 51 seconds of work per month in the Philippines, 59 times more than the 5 seconds of work needed to buy a 1-GB package in Israel, which has the most affordable mobile Internet in the world, based on the index.

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

ALLTV set to expand reach in 2023

VILLAR-LED Advanced Media Broadcasting System Inc. or ALLTV is set to expand its reach nationwide in the first quarter next year.

“Pinapalawak ko pa yung reach bago ako magbuild up ng content [at] ng mga artista (We are still widening our reach before we build up our content and artists),” ALLTV Owner Manny B. Villar, Jr. told reporters recently.

“We do not own the facilities, sa Channel 2 ‘yon (those are Channel 2’s). So, I have to build my own,” he added.

To expand its reach, Mr. Villar said the company is planning to buy a combination of new and used equipment. At present, the network is accessible to a few areas of Metro Manila.

“We want to expand it nationwide, otherwise huwag na lang,” Mr. Villar said.

Once they reach their target, Mr. Villar said it will start hiring more artists. ALLTV will also be setting up its own newsroom besides the partnership it recently inked with CNN.

Meanwhile, Mr. Villar said they will keep the mix of analog and digital television despite saying that analog is about to be phased out.

“Ang analog pa-phase out na yan, five to ten years na lang… Pero sa ngayon if you go digital lang walang masyadong makakapanood sayo, kailangan mo pa rin ng analog (Analog is about to be phased out in five to ten years. But right now, if you only go digital, there’s not so many who can watch the channel. So, we still need analog),” Mr. Villar said.

In terms of content, Mr. Villar said that they plan to show Korean dramas and old local movies.

ALLTV is under Prime Assets Ventures, Inc. led by businessman Manuel Paolo A. Villar and is the Villar group’s official entry into the broadcasting industry.

ALLTV is available on channel 2 on free-to-air TV and Planet Cable, channel 16 on digital, channel 35 on Cignal TV and Sky Cable, and broadcasted on local cable stations around the country. — Justine Irish D. Tabile

JEG Development Corp. launches real estate arm

CEBU-BASED JEG Development Corp. recently launched a real estate arm, JEG Realty Corp. (JRC), that will manage its portfolio of commercial, residential, and mixed-use properties.

“While real estate has long been the core of JEG Development Corp., the creation of JRC will enable us to further organize the business and its various functions,” Marko Sarmiento, JEG Realty president, said in a statement.

He noted JEG Development’s main function will be as a holding company, with Vivant Corp. as its key investor.

“JRC’s responsibility is to oversee all current and upcoming real estate projects,” he added.

JRC aims to capitalize on the growing demand for sustainable buildings in Cebu by investing in a diversified portfolio of projects.

“This real estate arm seeks to continue to play an integral role in the green and sustainable development moving forward. Since the establishment of our LEED Gold-certified flagship office and commercial building JEG Tower @ One Acacia, which boasts of its efficient quality in design and construction, we have made significant strides to integrate sustainability into our company and across our key projects,” Mr. Sarmiento said.

JRC also manages Tomodachi Premium Residences and The Gallery.

“We are optimistic that the real estate market is finally picking up after a very rough two years. JRC is well-positioned to further drive market growth by redefining real estate and offering future-proof properties that put a premium on the evolving needs of people,” Mr. Sarmiento said. — CRAG

A slap, a maverick and some ABBAtars: the 2022 showbiz stories

Tom Cruise in Top Gun: Maverick — IMDB.COM

LONDON — From a shocking Oscars slap to a virtual ABBA taking to the stage, this year has seen a range of entertainment stories dominate headlines.

Below are some of the biggest.

• Will Smith smacked Oscars presenter Chris Rock in the face for making a joke about his wife’s hairstyle in a shocking moment that overshadowed Hollywood’s top awards ceremony. Mr. Smith went on to win best actor.

• A tearful Adele postponed her Las Vegas residency the day before the concerts were due to start, saying half her crew had COVID-19 and the pandemic had caused delivery delays. She kicked the shows off 10 months later.

• Johnny Depp and Amber Heard faced off in a Virginia court after the actor sued his ex-wife arguing she defamed him when she called herself “a public figure representing domestic abuse” in a newspaper opinion piece. Ms. Heard countersued, saying Mr. Depp smeared her when his lawyer called her accusations a “hoax”. Mr. Depp won more than $10 million in damages. The jury ruled for Ms. Heard on one counterclaim.

• #MeToo cases continued, with disgraced Hollywood producer Harvey Weinstein, currently serving a 23-year prison sentence for sex crimes in New York, going on trial in Los Angeles on 11 charges of rape and sexual assault. Four have since been dismissed. He has pleaded not guilty.

• Actor Kevin Spacey defeated a sexual abuse case against him in a Manhattan civil trial. He appeared in court in Britain to plead not guilty to accusations of sex offenses dating back almost 20 years.

• Rapper Kanye West, who now goes by Ye, courted controversy with outbursts on social media, including anti-Semitic remarks, leading to the end of some corporate ties — a move has that knocked him off the — Forbes list of the world’s billionaires.

• Alec Baldwin and producers of Western movie Rust reached a settlement in a wrongful-death lawsuit brought by the family of cinematographer Halyna Hutchins, who the actor shot dead during filming last year. A New Mexico state prosecutor is deciding whether to press criminal charges.

• Beyoncé, Rihanna, and Britney Spears made comebacks with new music. Kate Bush topped charts with “Running Up That Hill” as the 1985 song enjoyed a resurgence thanks to Netflix show Stranger Things. Swedish supergroup ABBA returned to the stage, albeit as digital avatars, or “ABBAtars.”

• Tom Cruise premiered his hotly anticipated sequel Top Gun: Maverick, returning as the cocky pilot he first played in the 1986 action flick. Maverick remains the biggest film of 2022, grossing $1.48 billion worldwide.

• The world said goodbye to: actors Sidney Poitier, Ray Liotta, Angela Lansbury, Olivia Newton-John and Robbie Coltrane as well as music stars Jerry Lee Lewis, Meat Loaf, Coolio, Taylor Hawkins, and Loretta Lynn among others. — Reuters

Productivity gains seen at ICTSI PNG port with new equipment

PORTS OPERATOR International Container Terminal Services, Inc. (ICTSI) announced on Monday that it is boosting its capacity in Papua New Guinea (PNG) to increase efficiency.

ICTSI’s unit, South Pacific International Container Terminal (SPICT) at Papua New Guinea’s Port of Lae, recently received a pair of new ship-to-shore cranes from Shanghai Zhenhua Heavy Industry Co. Ltd.

The Port of Lae, Papua New Guinea’s largest container port, is now “capable of handling larger box ships,” ICTSI said in a statement.

The new Post-Panamax cranes are the largest port equipment in the country today, it added.

The cranes can “service vessels of up to 6,000 twenty-foot equivalent units and is part of ICTSI’s ongoing program to strengthen and enhance the overall operational efficiency” of the port, according to the company.

ICTSI South Pacific Chief Executive Officer Robert Maxwell expects the new cranes to contribute to SPICT’s “market leader positioning” in the national and international logistics chain.

“With improved productivity, the Port of Lae will soon become an important transshipment hub for the Pacific islands region,” he said.

ICTSI also noted that shipping lines can expect quayside productivity gains and shorter port stays.

“The terminal will soon be able to facilitate direct calls by larger vessels operating in the major trade routes, which in turn would reduce costs for both importers and exporters in the region,” it said.

ICTSI is involved in 34 terminal concessions and port development projects in 20 countries worldwide. It has nine terminal operations in the Philippines, including an inland container terminal, a barge terminal, and combined terminal operations in Subic.

For the nine months ended September, the company saw its net income attributable to equity holders increase by 47% to $465.1 million from $316.4 million previously.

Revenues from port operations climbed 20.1% to $1.64 billion from $1.37 billion last year. — Arjay L. Balinbin

ALI, Eton unveil Parklinks Estate’s bridge

PARKLINKS BRIDGE

AYALA LAND, Inc. (ALI) and Eton Properties Philippines, Inc. (EPPI) recently inaugurated the bridge at its mixed-use development Parklinks Estate.

The Parklinks bridge connects Quezon City and Pasig City over the Marikina River and is considered an iconic feature of the 35-hectare Parklinks Estate.

“Both parties (ALI and EPPI) believe it is important to find a balance between profitability and sustainably, and our shared belief led us to create an estate that will introduce a new way of urban living,” Robert Lao, senior vice-president and group head of Ayala Land Estates, said in a statement.

Along with the structural designers Systra Philippines and Systra Korea, ALI and EPPI built a distinctive bridge with 20 steel cables suspended from the 40-meter-high arch.

Parklinks Bridge will offer a new route to help ease vehicular traffic in the area. It also has designated lanes for pedestrians and bikers.

During the Christmas season, the Parklinks Bridge of Lights will run every hour between 6-9 p.m. on Fridays and Saturdays until Jan. 7, 2023.

George Clooney, Amy Grant, Gladys Knight, U2 receive Kennedy Center Honors

THE 45th Kennedy Center honorees: U2

WASHINGTON — Actor George Clooney, singer-songwriter Amy Grant, singer Gladys Knight, composer Tania León and rock group U2 were celebrated on Sunday for their contributions to the arts at a White House reception and a music-filled Kennedy Center Honors show.

The Kennedy Center event, now in its 45th year, recognizes stars from music, stage and screen for their contributions to American culture.

At a reception for the five honorees at the White House, President Joseph R. Biden, Jr., addressed each artist personally, praising their individual talents and saying they embodied the spirit of the country.

“Tonight, we celebrate a truly exceptional … group of artists who embody the very spirit of ‘We the People,’” Mr. Biden said.

The room was packed with celebrities, the White House’s second star-studded event in recent days.

Actors Julia Roberts and Matt Damon were seated next to each other, in front of journalist Katie Couric. Former Washington, DC, police officer Michael Fanone, who was beaten defending the US Capitol on Jan. 6, 2021, was seated next to singer Eddie Vedder in the front row.

Inside the Kennedy Center opera house where the show was later held, House of Representatives Speaker Nancy Pelosi and her husband, Paul, who has been recovering after he was attacked in October in their San Francisco home, appeared in a balcony and got a standing ovation when they were recognized from the stage by David Rubenstein, the Kennedy Center’s chairman.

The show highlighted the five artists’ work, and represented a return to the times before the coronavirus pandemic began; on Sunday night, there was no requirement for testing or masking to attend, though many continue to die of the disease in the United States.

Mr. Clooney, an actor and filmmaker who played a doctor on the popular NBC television show ER before launching a movie career that earned him two Academy Awards, said becoming a Kennedy Center honoree was a little daunting.

“I grew up in a little town in Kentucky and I watched it on TV,” Mr. Clooney told reporters about the Kennedy Center Honors, referencing previous winners Jimmy Stewart and Robert Redford. “That’s an exciting fraternity to be a part of.”

Ms. Roberts and Mr. Clooney’s father, Nick, along with actors Mr. Damon, Don Cheadle and Richard Kind appeared on the Kennedy Center stage to honor the filmmaker. “George’s best and most important work is still ahead of him,” his father said.

Ms. Roberts, who has co-starred in multiple films with Clooney, wore a floor-length gown with framed images of him on it.

‘CRAFTED MOMENTS IN TIME’
Ms. Grant rose to prominence as a contemporary Christian music singer who later crossed over to pop stardom, amassing six Grammy Awards.

“I feel giddy,” she said on the red carpet at the Kennedy Center before the show. “Mostly I feel a debt of gratitude,” for all the people who have worked with her for four decades, she said. “Everything takes a village.”

Singers Sheryl Crow, Brandi Carlile, CeCe Winans and BeBe Winans were among the artists who celebrated Ms. Grant with a selection of her songs.

Ms. Knight, who has won seven Grammy Awards, is famous for hit songs including “I Heard It Through the Grapevine” and “Midnight Train to Georgia” as the lead singer of The Pips, which became Gladys Knight & The Pips in 1962.

“She connects with you on a deeper, spiritual level,” said actor LL Cool J, speaking onstage about Ms. Knight. Singers including Garth Brooks and Patti LaBelle performed some of Knight’s songs.

Cuban-born Ms. León is a conductor as well as a composer, whose orchestral piece “Stride” won the 2021 Pulitzer Prize in Music.

“Tania’s pieces … are crafted moments in time, inspired by art and history and nature,” said composer and opera singer Alicia Hall Moran. She and husband Jason Moran, along with cellist Sterling Elliott, performed “Oh Yemanja” by Ms. León.

The final tribute of the evening went to Irish band U2 which, with members Bono, The Edge, Adam Clayton and Larry Mullen, Jr., has won 22 Grammy Awards and was inducted into the Rock and Roll Hall of Fame in 2005.

Sacha Baron Cohen, playing his alter ego character Borat, quipped on stage that he was looking for former President Donald Trump and made reference to anti-Semitic behavior by Ye, the artist formerly known as Kanye West.

Mr. Vedder performed “Elevation” and “One,” while Ukrainian singer Jamala joined Ms. Carlile and others to perform “Walk On.”

“At a moment when there’s too much hate, too much anger, too much division here in America and, quite frankly, around the world, we have to remember today, as their song goes, ‘We’re one, but we’re not the same. We get to carry each other,’” Mr. Biden said at the White House, referencing a U2 lyric.

Ms. Carlile noted the U2 artists’ and Ms. Grant’s support for LGBTQ rights while representing their Christian faith to the world.

“When you have guys like Bono and The Edge and you got people like Amy Grant coming out in support of queer people in the way that they do, it’s really brave,” said Ms. Carlile, a gay woman. “It’s done a lot for me spiritually.”

The Kennedy Center Honors show will be broadcast on CBS on Dec. 28. — Reuters

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