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Cemex unit terminates deal with its production line contractor

CEMEX Holdings Philippines, Inc. said its subsidiary Solid Cement Corp. had canceled its contract with CBMI Construction Co., Ltd. for the unit’s new production line due to delays.

In a disclosure to the exchange on Tuesday, Cemex said the contract covers the construction and installation of the Solid’s new integrated cement production line at its Antipolo City cement plant.

“At this time, [Cemex] is not able to assess the exact impact that this may have in the overall calendar to finalize the new integrated cement production line,” the company said in a disclosure to the exchange on Tuesday.

“Updates will be provided as necessary for the guidance of the public,” it added.

The company said Solid’s notice of termination was issued “due to the delay in the implementation of construction or installation works.”

The termination applies to one of the principal project agreements with CBMI Construction.

“[Solid] is taking measures to address contingencies which may arise due to this termination, including the engagement of replacement contractor/s for the project,” Cemex said.

On Tuesday, Cemex shares at the exchange declined 1.69% or two centavos to close at P1.16 apiece. — Keren Concepcion G. Valmonte

Drake pulls out of Grammy Awards race

Canadian rapper Drake

LOS ANGELES — Canadian rapper Drake withdrew on Monday from the Grammy Awards, removing his two nominations for music’s highest honors, sources close to the musician said.

Drake, 35, got two Grammy nominations last month in the rap field — best rap album for Certified Lover Boy and best rap performance for his song “Way 2 Sexy.”

The sources said the request to pull out of consideration was made by the rapper and his management but gave no reasons for the move. The Recording Academy website was being updated on Monday to remove Drake’s nominations from the Grammy list, the sources said.

Drake, whose Certified Lover Boy was one of the top-selling albums of 2021, has a contentious relationship with the Grammys.

Last year, he criticized the Grammys for entirely shutting out fellow Canadian The Weeknd from its nominations list. In 2019 Drake declined to perform at the ceremony then criticized the awards show from the stage.

“I wanna let you know we’re playing in an opinion-based sport not a factual-based sport,” he said while accepting the Grammy for his single “God’s Plan.”

“This is a business where sometimes it’s up to a bunch of people who might not understand what a mixed-race kid from Canada has to say or a fly Spanish girl from New York or anybody else,” Drake added.

Grammy nominations are chosen by members of the Recording Academy and voted on by members. Jazz musician Jon Batiste led nominations this year with 11 nods, followed by Justin Bieber, Doja Cat and H.E.R.

Winners will be announced at a ceremony in Los Angeles on Jan. 31. — Reuters

Body vs ‘dirty money’ suggests crime prevention plan for property sector

THE ANTI-MONEY Laundering Council (AMLC) has laid out a plan against money laundering and terrorist financing that covered nonfinancial institutions such as property developers and brokers can adopt.

“This outline shall not, however, be taken as the only format acceptable as there is no one-size-fits-all approach given the different risks and business models,” the council said in an advisory.

“[They] may supplement the policies and procedures required in this outline with their own relevant policies and procedures on various lines of businesses, which address specific areas and risks,” it added.

A program focused on preventing “dirty money,” terrorist financing and other financial crimes should be a priority for these companies, it added.

The AMLC said their crime prevention programs should include institutional risk assessment and management, corporate governance, compliance management, internal controls and audits, as well as hiring policies and procedures.

These companies should also improve due diligence in customer identification and risk profiling, and beneficial ownership.

Procedures related to preventive measures for specific transactions, politically exposed persons, and reporting of covered and suspicious transactions should also be included in their crime prevention program.

The country’s amended Anti-Money Laundering Act included real estate brokers and developers as covered institutions after findings that some criminals had parked illicit funds in the property sector.

Last week, the AMLC released guidelines on the management, sale and turnover of assets that had been frozen or became the subject of civil forfeiture cases.

The government has been trying to prove it is going after money launderers and terrorist financiers. This was after the country was included in the “gray list” or jurisdictions under increased monitoring by the Financial Action Task Force in June.

The global money laundering watchdog in October said the Philippines had improved in terms of enforcing measures against financial crimes, but was kept under the gray list.

Local authorities seek to get the Philippines out of the list of countries under a tighter watch for financial crimes by January 2023. — Luz Wendy T. Noble

Expecting a newborn? Filipino parents need P60k for the basics — iPrice

FREEPIK

PARENTS in the Philippines will need around P60,000 for baby essentials, according to a 2021 study by Southeast Asian e-commerce meta-search website iPrice Group.

One-off purchases included baby car seats, strollers, five toys, cribs, and step stools, which amounted to about P57,800, while items needed on a regular basis such as diapers, wipes, and milk formula cost about P1,600. Median prices were determined from the site’s product catalog.

With the minimum wage in the country amounting to just P537 a day, or P10,740 a month if there are 20 work days in the month, a Filipino minimum wage earner will need to save 69% of his or her salary for eight months to afford basic baby items.

In Malaysia and Indonesia, minimum monthly wages are P14,500 and P15,600, respectively. Meanwhile, Singapore has the highest minimum wage at P51,900 a month — meaning the cost of baby items will take up only 14% of a Singaporean minimum wage earner’s salary for eight months.

FEWER BIRTHS, MORE INTEREST
Philippine Statistics Authority (PSA) data released in October showed a drop in birth rates in 2020 compared to 2019, with around 1.5 million total registered births in 2020 being the lowest number since 1986. Despite the decrease, iPrice found that Filipinos’ interest in baby products increased by 146% in 2021.

“It seems that Filipinos are looking for ways to entertain their children at home because inflatable swimming pools and bicycles for babies have the most Google impressions, aside from diapers and milk formula,” the meta-search platform stated.

This bump was seen across all Southeast Asian countries in the study, resulting in an average search increase of 127%. Singapore and Thailand had the most interest, with searches surging by 184% and 180% respectively. Malaysia was the only outlier, showing just an 8% increase in Google impressions on all baby product categories.

Of all categories, the toy category is the most in-demand, with a 222% rise of Google impressions, followed by diapers at 160% and nursery items at 127%.

The study emphasized the importance of family planning, especially in a very populated region like Southeast Asia.

“It’s very important for parents, especially in the lower-income tier, to save up before having a child. Otherwise, the baby’s quality of life would be compromised,” iPrice stated. — Brontë H. Lacsamana

Samahang Basketbol ng Pilipinas reelects Panlilio as president

AL PANLILIO

ALFREDO “Al” S. Panlilio has been reelected as president of the Samahang Basketbol ng Pilipinas (SBP), paving way to the federation’s full-swing preparation for the hosting of the prestigious FIBA World Cup in 2023.

Senator Sonny M. Angara and Congressman Robbie V. Puno have also retained seats as chairman and vice-chairman, respectively, with Philippine Basketball Association (PBA) chairman Ricky Vargas being named as SBP vice-president.

Manny V. Pangilinan is still the chairman emeritus of the Board of Trustees.

“I’m thankful for the continued vote of confidence from the movers and shakers of the Philippine basketball community,” said Mr. Panlilio, who also serves as the Philippine Olympic Committee (POC) first vice-president.

“It’s time to put in even more work as we traverse through this pandemic while still having our eyes fixed on our co-hosting of the FIBA Basketball World Cup 2023. I’m excited to continue working with the reelected officials and welcome the new members of the SBP’s Board of Trustees,” he added on the World Cup hosting with Japan and Indonesia.

Sonny Barrios (executive director), Ricky Palou (treasurer), Atty. Marievic Añonuevo (corporate secretary) and Atty. Nathaniel Andrew Uy (assistant corporate secretary) also retained their positions.

Meanwhile, PBA Commissioner Willie Marcial along with team governors Bobby Rosales (Terrafirma) and Dicky Bachmann (Alaska) have gained seats in the Board of Trustees representing the PBA and PBA D-League.

Mark Molina (UAAP) and Dax Castellano (NCAA) will also serve in the board made up of representatives from different sectors and associations in the country.

The SBP National Congress and Election, presided by chairman Mr. Angara, was held last October before being certified and announced by deputy executive director Butch Antonio.

The set of SBP officials will serve until 2024. — John Bryan Ulanday

Billionaire Steinhardt surrenders $70M of antiquities, accepts collecting ban

MICHAEL STEINHARDT — MICHAEL-STEINHARDT.COM

NEW YORK — US hedge fund billionaire and philanthropist Michael Steinhardt has surrendered $70 million of stolen antiquities and accepted a first-of-its-kind lifetime ban on acquiring antiquities to resolve a criminal probe, Manhattan District Attorney Cy Vance said on Monday.

Mr. Vance said his probe, begun in Feb. 2017, found “compelling evidence” that the 180 antiquities were stolen from 11 countries, with at least 171 passing through traffickers before Mr. Steinhardt’s purchases.

“For decades, Michael Steinhardt displayed a rapacious appetite for plundered artifacts without concern for the legality of his actions, the legitimacy of the pieces he bought and sold, or the grievous cultural damage he wrought across the globe,” Mr. Vance said in a statement.

Mr. Steinhardt denied criminal wrongdoing in resolving the matter, which ended a grand jury investigation into him.

His lawyers Andrew Levander and Theodore Wells in a joint statement said Mr. Steinhardt was pleased that the investigation has ended, and “items wrongfully taken by others will be returned to their native countries.” They also said Mr. Steinhardt may seek compensation from dealers who misled him.

Mr. Steinhardt, who turns 81 on Tuesday, built his wealth running the hedge fund Steinhardt Partners, which he closed in 1995 to focus on Jewish philanthropic issues. He is worth $1.2 billion according to Forbes magazine.

Mr. Vance said the antiquities will be returned to their rightful owners in Bulgaria, Egypt, Greece, Iraq, Israel, Italy, Jordan, Lebanon, Libya, Syria, and Turkey. Law enforcement in these countries assisted in the probe.

According to a 142-page statement of facts, 138 of the antiquities came from Greece, Israel, or Italy, with Mr. Steinhardt once acknowledging that a majority of items he bought from one dealer “did not have provenance.”

Among the antiquities was a 4th century B.C. wrought stag’s head worth $3.5 million that Mr. Steinhardt loaned in 1993 to the Metropolitan Museum of Art.

The stag’s head had been “Found in Western Turkey,” according to undated handwritten notes in Mr. Steinhardt’s records.

“Information from a seller identifying the find spot of an unprovenanced antiquity is often an indication that it has been looted,” the statement of facts said.

Mr. Vance formed an antiquities trafficking bureau in December 2017. He leaves office after 12 years at the end of the month. —  Reuters

Pryce Corp. eyes spin-off of memorial park business

PRYCE Corp.’s Cagayan de Oro Gardens — FACEBOOK.COM/PRYCE-GARDENS-CDO

PRYCE Corp. is evaluating the spin-off of its memorial park business, the Pryce Gardens Memorial Parks, which will be tentatively named Pryce Memorial Park, Inc. (PMPI).

“This will entail the transfer of all memorial park properties and improvements thereon to PMPI. It is believed that the spin-off entity will achieve a sharper business focus, enhance the business, and could lead to further unlocking the potentials of the memorial park business,” Pryce Corp. said in a disclosure filed with the stock exchange on Tuesday.

The spin-off company will have its independent managerial structure, it said.

At present, Pryce Corp. owns and operates 13 memorial parks in major cities and other areas in Mindanao, namely: Cagayan de Oro City; Iligan City; Ozamiz City; Polanco, which is near Dipolog City; Zamboanga City; Davao City; Pagadian City; Butuan City; Manolo Fortich in Bukidnon; Malaybalay City; Malita in Davao Occidental; Bislig in Surigao del Sur; and Alabel in Sarangani.

“Further, the Board also approved an action for management to identify or look for a solar energy firm with whom [we] could partner and study the viability of putting up solar power stations in the Company’s land-banked properties,” the company said.

Pryce Corp. is a property holding and real estate development company with two subsidiaries: Pryce Gases, Inc. and Pryce Pharmaceuticals, Inc.

Pryce Corp. shares at the stock exchange decreased by seven centavos or 1.2% to end P5.78 each on Tuesday. — Marielle C. Lucenio

Pru Life UK offers health management solutions to CIMB clients through app

PRU LIFE UK on Tuesday launched a distribution agreement with CIMB Bank Philippines, Inc. for the insurance company’s first digital bank insurance partnership in the country.

Through its app Pulse, Pru Life will extend its health management solutions to CIMB customers, while Pulse app users can access CIMB’s deposit, savings and credit products.

The partnership offers savings, credit and insurance services to the combined customer base of more than six million, Pru Life UK President and Chief Executive Officer Eng Teng Wong told a news briefing on Tuesday.

Vijay Manoharan, chief executive officer at CIMB Bank Philippines, said the partnership allows for easy access to its services.

“We feel that giving access, tremendous value and by making it all digital, we’ll be able to sort of disrupt this whole space around financial inclusion,” he said.

He added that he expects the CIMB customer base to exponentially grow with the partnership, though he was not setting a target.

“At least from a CIMB standpoint, we’ve been here for three years, we have 5 million customers. We want to double that,” he said.

Mr. Manoharan earlier said more consumers could return to the credit market by next year for their nonessential needs such as travel, shopping and home renovation activities that have been suppressed in the past two years amid a coronavirus pandemic.

The bank has said it plans to expand its offerings to include insurance and investment products. — Jenina P. Ibañez

Hi-Precision holds blood lotto

DIAGNOSTIC CENTER Hi-Precision is holding a blood lotto or “Blotto” wherein patients who have their blood tested till Jan. 21, 2022, have a chance to win P250,000.

The campaign, developed in partnership with ad agency Gigil, is in line with the center’s 25th anniversary.

To join, go to www.hi-precision.com.ph and keep your CBC and platelet count blood test. The second digit from the left of your white blood Cells, red blood cells, hemoglobin, mean corpuscular volume, and platelet count results will be your Blotto number.

For more information, visit hi-precision.com.ph/newsroom/Blotto.

Arts & Culture (12/08/21)

Manila’Bang art festival opens Dec. 8

GALERIE Roberto has organized The Manila’Bang Show: ArtFest International 2021 which will be held from Dec. 9 to 12. Done in partnership with Artsper Europe and Art Moments Jakarta, the festival will feature over 170 leading contemporary artists in the Philippines and from around the globe (Vietnam, Indonesia, Japan, Malaysia, Thailand, Ireland, Spain, Brazil, Netherlands, Australia, Germany, Serbia, Bangladesh, and India led by Reynold Dela Cruz). It will place at a premium 2,000 sqm space at Festival Mall, Civic Drive, Alabang, Muntinlupa City. The fair will feature a number of solo exhibits including Ferdinand Cacnio’s “Dancing on My Own”; Anton Del Castillo’s “Reminiscense”; Ram Mallari’s “Artspawn: 10 Years After”; Marge Organo’s  “When Sand and Fire Collide”; Julius Redillas’s “Tabi Tabi”; Christian Tamondong’s “Reflections”; and Rene Cuvos’ “Why Not?” There will also be several special shows focusing on the works of Orley Ypon, Romulo Galicano, Robert Besana, Nune Alvarado, Brian Uhing, and S-Ann Ch’I. The arts festival will include #ArtTalks, a series of dialogues on contemporary art, culture, and the market with professionals and practitioners in the arts, culture, and creative industries ecosystem. Speakers include Sandra Palomar-Quan, John Alexis Balaguer, Dr. Katherine Anne Correa, Mayumi Hirano, Renan Laru-an, Gian Carlo Delgado, Dr. Lorelei R. Vinluan, and Prof. Amos Manlangit. For more details on #ArtTalks, visit www.galerieroberto.com.

Pete Velasquez returns to Gateway Gallery

PETE Velasquez, architect turned visual artist, is one of the more prolific artists in the country today, even during the pandemic. He is known for his idyllic scenes of the country and of women. In his 11th solo exhibit, “Pidh-DRAW,” Mr. Velasquez displays modernist techniques in producing classic images on canvas or paper by means of line drawings and tonal renditions of objects or forms. “Phid-DRAW” is ongoing until Dec. 10 at the Small Room of Gateway Gallery. Gateway Gallery is open Mondays to Friday, from 10 a.m. to 6 p.m., although it is open on weekends for the visitors of “Phid-DRAW.” It is located at the 5th Floor, Gateway Tower, Araneta City, QC.

Unsinkable Harvest exhibit at Robinsons La Union

ROBINSONS Land’s ArtAblado recently lent support to Alger Guevarra, a La Union based visual artist and environmentalist who has mounted his Tsinelas Art Exhibit series dubbed as “Unsinkable Harvest” at the 3rd level of Robinsons Place La Union which runs until Dec. 19. Mr. Guevarra’s method of producing art is unconventional. He recycles used flip flops by grinding these into powder and mixing in glue to produce a paint mixture. Unsinkable Harvest highlights 18 lifelike paintings of vegetables, grown by farmers of the region. For this series, the artist used recycled slippers and mats as medium. The exhibit is open Mondays to Sundays from 9 a.m. to 9 p.m.

Silverlens presents ‘Dobol Trobol’

POW Martinez and Jigger Cruz once again pair up in the Silverlens show “DOBOL TROBOL,” which is ongoing until Dec. 20. The show’s title is given that comical Filipino wordplay, not to make fun of itself but to provide an atmosphere of amusement and welcome the viewer to take in the show’s eclectic, humorous paintings blithely. This time, the artists came together in the studios of Cruz in Parañaque and an artist village in Amadeo, Cavite, to work on each piece simultaneously. It was essential to the artists not to overthink or overwork their creations, letting the works come to life organically as they alternate applying the various paint mediums and suppressing the urge to fill every inch of the canvas and paper.

Lecture series Poli-tech Stories

THE PHILIPPINE Italian Association has partnered with the Politecnico di Milano to bring to the Philippines “Poli-Tech Stories,” a series of talks on “Polytechnic Culture” on Dec. 22, 5 p.m., via Zoom, to be given by professors from the university. The discussion includes stories of science, technology, and creativity, stories of our future, stories of women and men who have distinguished themselves for their contributions in their particular fields. The program is created especially for the Filipino audience. To register, visit https://www.eventi.polimi.it/events/poli-tech-stories-made-in-polimi/.   

Ricky Ambagan’s ‘I’m Coming Home’ exhibition

SALCEDO Auctions presents the second solo exhibition — I’m Coming Home — of artist Ricky Ambagan at Salcedo Private View. Mr. Ambagan has lately assumed the role of a cinematographer in the way that he presents his subjects. Intentionally breaking the rules of perception and perspective. Mr. Ambagan’s choice of displaying his artworks within maleta (luggage) frames gives a new, positive meaning to the idea of carrying personal baggage. He dares his viewers to ask themselves what their own personal baggage may be after confronting them with visualizations of his own personal experiences. The exhibition runs until Dec. 18 (Tuesdays to Saturdays, 9 a.m. to 5 p.m.) at the Nex Tower, 6786 Ayala Ave, Makati City. To RSVP, contact Kristine at 0917-6591-2191.

Advocacy shirts by Linya-Linya x Ramon Magsaysay Award

WEARABLE Activism: A Collaboration between Ramon Magsaysay Award and Linya-Linya presents five statement shirts which tackle truth-telling in media, eradicating poverty, protecting our seas, improving lives through science, and peace-building. These advocacy shirts are inspired by the 2021 Ramon Magsaysay Awardees. They are now available at https://www.linyalinya.ph/collections/RMAF. Proceeds of this shirt collaboration go to RMAF’s Magsy Fund to increase the impact of the work of the Awardees and other emergent leaders.

Soft opening Ayala Museum, Filipinas Heritage Library  

THE AYALA Foundation caps its 60th anniversary with the soft opening of the Ayala Museum and Filipinas Heritage Library (FHL). Closed for renovation since June 2019, the soft opening offer a glimpse of the newly renovated museum and library, with five galleries initially accessible to the public with prebooked admissions, timed entries, and limited capacity on admissions. In response to the global pandemic and to ensure guests safety, operational adjustments and safety protocols have been adopted. All guests visiting the museum and library, regardless of age, must be fully vaccinated and will have to provide proof of vaccination upon entry for the safety of all visitors and staff. Full protocols, visitation guidelines, and reminders are available on Ayala Museum’s new website: www.ayalamuseum.org/visit. To learn more about the museum and library’s new protocols, what to expect during the soft opening, and how to book tickets at ayalamuseum.org and filipinaslibrary.org.ph.   

Kulay Labitigan mural makes splash in London

LONDON’S gastronomic epicenter, Soho, recently welcomed a new Filipino restaurant that has been the talk of the town for two reasons. Kasa & Kin, conceptualized by the owners behind Romulo Cafe, focuses on contemporary Filipino cuisine. Equally stunning is the expansive mural that wraps the restaurant interior in kaleidoscopic patterns, harlequin imageries, and the bright plumage of an omnipresent Ibong Adarna. The artist behind the mural is a Filipino, Kulay Labitigan, 31, an “experiential” illustrator in London with a knack for storytelling. Hailing from Tayabas, Quezon, Mr. Labitigan finished Fine Arts from the University of the Philippines Diliman and arrived in the UK on a scholarship grant to study MA in Narrative Environments at Central Saint Martins-University of the Arts London. In London, he was mentored by the late Filipino visual artist, David Medalla, known for his “auto-creative” artworks and participatory ideas, founder of the London Biennale, and highly respected within Europe’s artistic community. For 15 years, Mr. Labitigan has explored various media and areas such as theatrical production, 3D installation arts, and illustrations. Some of his illustrations are featured in select Jollibee stores across the UK including London. The mural design for Kasa & Kin was special for the artist as an immigrant living in the UK. “[W]hat resonates to me more is the bird (Ibong Adarna) as an animal of flight and migration. These are powerful reflections for every Filipino and non-Filipino dining in the restaurant,” the artist said. Included in the mural in Kasa & Kin are references to the Philippines, the artist’s childhood town in Quezon, and musings of home.

Osial takes top post at Pilipinas Shell

LORELIE Q. Osial has taken over the top position at listed oil company Pilipinas Shell Petroleum Corp. as well as the post of executive director and chairperson of the nomination committee.

In a disclosure filed with the stock exchange on Tuesday, the company said her designation as chief executive officer, president and executive director became effective on Dec. 1.

Ms. Osial took over these posts after Cesar G. Romero stepped down on Nov. 30.

“Mr. Romero will stay on until Jan. 31, 2022 to ensure a smooth and streamlined transition and handover to Ms. Osial,” the company said.

Ms. Osial has been the Shell group for two decades. She has held various finance roles in production, projects, regional, shareholder, and joint venture environments in the upstream and midstream business segments in Asia, Middle East and North Africa.

Pilipinas Shell’s board of directors approved the appointment on Nov. 9 through a teleconference. The approval included the appointment of Randolph T. Del Valle, Pilipinas Shell’s vice-president for mobility, who succeeded Rolando J. Paulino, Jr. as director in September.

The board also approved the contracts of the corporation with Shell International Eastern Trading Co., the trading arm of the Shell group, after a favorable endorsement from the related party transaction committee.

“Due to the materiality of the contracts, an external independent party evaluated the fairness of the contract terms,” the disclosure read, adding that transactions with the trading arm accounted for 96% of the related party transactions of Pilipinas Shell as of the third quarter of 2021.

At the local bourse, Pilipinas Shell gained two centavos or 0.1% to close at P19.96 per share on Tuesday. — Marielle C. Lucenio

SEAG medalists lead cast of athletics championship in Baguio City on Dec. 16-17

SOUTHEAST Asian Games (SEAG) gold medalists, headed by marathon queen Christine Hallasgo, will spearhead the cast in the Ayala National Athletics Championships set Dec. 16 and 17 at the Baguio Athletic Bowl.

Philippine Athletics Track and Field Association (PATAFA) President Philip Ella Juico said the two-day meet would serve as a performance competition for Ms. Hallasgo and the other national team mainstays who are seeing action in next year’s Hanoi Southeast Asian Games and Hangzhou Asian Games.

“This is an attempt to go back to the normal with all the precautions, of course, and our athletes need to remove all the rust also,” said Mr. Juico during yesterday’s online Philippine Sportswriters Association (PSA) Forum.

Mr. Juico said they did not require their athletes training abroad to join due to coronavirus disease 2019 (COVID-19) restrictions and risks.

But there will be no shortage of talents in the race as Ms. Hallasgo and fellow gold winners Aries Toledo (decathlon), Melvin Calano (javelin) and Clinton Bautista (110-meter hurdles) are also provide the excitement.

Other SEA Games medalists who have confirmed attendance were decathlon Janry Ubas, triple jumper Mark Harry Diones and relay runners Eloisa Luzon, Jessel Lumapas and Maureen Schrijvers.

From Baguio, the Nationals would travel down to the PhilSports Complex in Pasig City to join the rest in the resumption of training of all Philippine pool members set Jan. 10 next year. — Joey Villar