Cirtek amends 70M preferred shares offering

November 10, 2021 | 12:05 am

CIRTEK HOLDINGS Philippines Corp. has amended its 70 million preferred class B-2 shares offer by issuing subseries “C” and “B” shares for both the base offer and the oversubscription option, the company said in a disclosure on Tuesday.

The primary offer, which covers up to 50 million shares, was originally comprised of only subseries “C” shares. Meanwhile, the oversubscription option of up to 20 million shares was previously composed of just subseries “D” shares.

“The total gross proceeds to be raised by the Corporation from the primary offering of Preferred B-2 Shares, to be issued as either Subseries “C” and/or “D,” from the offer price of P50 per preferred B-2 share will be approximately P2,456.6 million,” Cirtek said.

“Assuming that all the oversubscription option are fully exercised at an exercise price of P50 per preferred share will be approximately P3,438.6 million,” it added.

According to its preliminary prospectus dated Oct. 21, the company plans to use its net proceeds to refinance its existing debt, partial repayment of its maturing preferred class B2-A shares, capital expenditures or for equipment, and to fund the working capital of its subsidiaries.

It is targeting to hold its offer period from Nov. 25 to Dec. 3, while its tentative issue and listing date is slated for Dec. 10.

Upon listing, preferred class B-2 subseries C shares will trade under ticker symbol “TCB2C,” while its preferred class B-2 subseries D shares will trade with “TCB2D.”

The company assigned PNB Capital and Investment Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the offer.

Cirtek shares went up by five centavos or 1.16% to close at P4.36 apiece on Tuesday. — Keren Concepcion G. Valmonte

Gov’t fully awards 10-year bonds at higher rate

November 10, 2021 | 12:04 am

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday even as the tenor’s yield went up on inflation and rate hike fears due to the stronger-than-expected economic growth seen in the third quarter.

The Bureau of the Treasury (BTr) raised P35 billion as planned via the reissued 10-year T-bonds it offered on Tuesday. The papers have a remaining life of nine years and eight months.

Tuesday’s offer of government debt attracted P55.37 billion in tenders, lower than the P73.59 billion in bids seen when the bond series were last auctioned off on Sept. 28.

The average yield on the 10-year bonds jumped by 44.1 basis points to 5.13% on Tuesday from the 4.689% fetched during the previous offering.

This was also higher than the 4.96% quoted at the secondary market prior to the auction, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction that the market remains concerned over inflation as it is still higher than the central bank’s target despite the recent deceleration.

She added that there is some speculation that the Bangko Sentral ng Pilipinas (BSP) may start raising rates following the economy’s strong performance in the third quarter.

Headline inflation settled at 4.6% in October, slower than the 4.9% median estimate of 21 analysts in a BusinessWorld poll last week.

The October figure was slower than the 4.8% in September, but faster than 2.5% a year earlier. Still, this was the third straight month inflation exceeded the 2-4% target of the central bank for the year. Inflation has topped the BSP target this year except in July.

This brought headline inflation for the first 10 months to 4.5%, faster than the 4.4% forecast by the central bank for the year.

Meanwhile, the country’s gross domestic product (GDP) grew 7.1% in the third quarter, the Philippine Statistics Authority reported on Tuesday, better than the 4.7% median estimate seen in a BusinessWorld poll but slower than the 12% growth in the second quarter.

GDP growth in the first three quarters averaged 4.9%, near the upper end of the government’s 4-5% target.

BSP Governor Benjamin E. Diokno has said the central bank will keep borrowing costs low to support the economy’s recovery.

Last month, he said raising benchmark rates “too early” could harm the country’s rebound and noted there would be no policy adjustments until the end of the year.

“Since [third-quarter GDP was] higher than market expectation, it’s negative for the bond market because fast growth is inflationary. That’s why there was an upward bias in the [10-year bond’s] yield,” a bond trader said in a phone interview.

A second trader said in a Viber message that the reissued 10-year notes fetched a higher yield on Tuesday as investors are asking for higher returns for bonds that are at the long end of the curve.

“This may be due to higher GDP growth and the loosening of pandemic restrictions,” the trader added.

The Treasury plans to raise P200 billion from the domestic market in November: P60 billion via weekly T-bill auctions and P140 billion from weekly offers of T-bonds.

The government wants to borrow P3 trillion from local and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — Jenina P. Ibañez

Study on antibiotic properties of PHL fungi receives grant

November 10, 2021 | 12:04 am

IN THE Philippines, fungi are an unexplored source of therapeutic drugs. The antibiotic properties of hypoxylon, a round and blotchy type of fungus found in rotting or decomposing wood, is the subject of a study that recently won a grant from the Alexander von Humboldt Foundation (AVHF) in Germany.

“The spectrum of projects being done by most Filipino researchers is mostly plant-based because our traditional medicine is based on ethnomedicinal plants,” said University of Santo Tomas (UST) professor Allan Patrick G. Macabeo, whose research project “Drug discovery of biologically active natural products from Philippine Hypoxylon Species” is being funded by a Digital Cooperation Fellowship grant from the AVHF.

“Most don’t realize that some commercial drugs are also sourced from fungi,” said Mr. Macabeo.

The AVHF started providing a monthly fund of €3,000 for Mr. Macabeo’s hypoxylon study in September, and will support it through January 2022. Professor Marc Stadler of the Helmholtz Center for Infection Research in Germany stands as virtual host collaborator.

Continuous antibiotic discovery is essential in this day and age, according Mr. Macabeo.

“The reason we do these types of projects is the increasing incidence of drug resistance. Pathogens or microbes get used to common antibiotics over time,” he said in an interview with BusinessWorld. “[As] their defense, they set up a system of mechanisms to fight antibiotics. If you have a library of antibiotics that you can fire at these microbes, they’ll have a hard time stepping up resistance.”

Potential applications of the compounds studied by Mr. Macabeo are for combating drug-resistant strains of microbes and pathogens. These include Mycobacterium tuberculosis, which causes tuberculosis, and Escherichia coli, which causes bacterial infections.

“With its success, I hope I get to become one of the examples that will inspire younger generations to venture into this important research,” added Mr. Macabeo.

UNTAPPED POTENTIAL
In addition to antibiotics, fungi might be a source of statins, which regulate blood pressure and treat cardiovascular diseases and cancer.

Mr. Macabeo is done collecting and identifying fungal samples, with many of the fungi used in the study coming from his home region of Ilocos. He and his colleagues are now analyzing the antibiotic compounds.

“Drug discovery is a very long process. It takes many years,” Mr. Macabeo said. “Once we find a very potent compound or antibiotic, it still has to undergo pre-clinical trials and clinical trials. Our part only involves primary screening — whether the compounds inhibit microbes.”

Aside from dealing with pandemic lockdowns delaying non-coronavirus-related research, Filipino scientists have to find continuous, consistent funding to see the entire drug development process through, according to Mr. Macabeo.

He cited the Department of Science and Technology (DoST), which has initiatives like the Science for Change Program (S4CP), which aims to accelerate science and technology information in the country and keep up with the world in terms of R&D.

“The DoST is going in a very good direction. Although budget allocation when it comes to research in the Philippines is still low compared to other Southeast Asian countries, I hope it will increase,” said Mr. Macabeo. “I hope they invest more because we’re still in the infancy of government support (for R&D). I hope they continue these efforts.”

Production of Disney’s upcoming Star Wars movie delayed

November 10, 2021 | 12:04 am

LOS ANGELES — Production of Walt Disney Co.’s next Star Wars movie has been delayed because director Patty Jenkins is juggling other projects, a source close to the production said on Monday.

Star Wars: Rogue Squadron is still currently scheduled to reach theaters in Dec. 2023, the source said, but it is possible that date could change.

Ms. Jenkins, who directed two Wonder Woman movies for Warner Bros., is working on a third movie about the superhero as well as a film about Egyptian queen Cleopatra.

Rogue Squadron filmmakers had hoped to complete production in 2022 but realized it would not be possible to meet that timeline due to Ms. Jenkins’ schedule, the source said. Production has been removed from the 2022 calendar.

The news was first reported by The Hollywood Reporter.

Representatives for Jenkins did not immediately respond to a request for comment.

Disney has other Star Wars movies in the works, including one being developed by Marvel Studios President Kevin Feige.

The company also plans to release several Star Wars TV series on the Disney+ streaming service. Among them, The Book of Boba Fett will debut in December and Obi-Wan Kenobi is expected next year. — Reuters

MerryMart finalizes P340-M acquisition of majority stake in Carlos SuperDrug

November 10, 2021 | 12:04 am

MERRYMART Consumer Corp. has finalized its acquisition of a 75.08% equity stake for P339.82 million in Quezon Province-based pharmacy chain Carlos Drugs-Lucena, Inc. or Carlos SuperDrug.

The company disclosed to the exchange on Tuesday that it acquired primary and secondary shares of Carlos SuperDrug totaling 337,856 common shares for P1,005.80 apiece.

MerryMart said the “cash purchase consideration was based on the valuation agreed by parties.”

“The 27 branches of Carlos SuperDrug chain will form part of the 100-branch network goal of the MerryMart Group in 2021,” MerryMart said.

Carlos SuperDrug is said to be the biggest drugstore chain in Quezon Province founded in 1946 by husband-and-wife tandem Diomedes and Generosa Carlos in Lucena City.

In July, MerryMart disclosed its plan to acquire a minimum post-investment stake of 67% in Carlos SuperDrug.

Despite owning a majority stake in Carlos SuperDrug, MerryMart earlier said the pharmacy chain’s current management team will continue to run the operations of the company along with the MerryMart team.

MerryMart shares declined by 0.61% or two centavos on Tuesday to close at P3.24 each. — Keren Concepcion G. Valmonte

Moody’s sees more M&As among banks

November 10, 2021 | 12:03 am

MORE mergers and acquisitions (M&As) are expected to happen in the Asia-Pacific region, including the Philippines, amid the coronavirus pandemic and with rising competition due to new digital banks, Moody’s Investors Service said.

“The health crisis and its aftermath have added to pressures banks are already under from compliance costs and rising competition from agile digital newcomers and tech companies, particularly as lockdowns have pushed more customers online,” it said in a report on Tuesday.

Competition from fintech players as well as digital banks is also intensifying and could accelerate M&As, Moody’s said.

“Banks will need to maintain investment in technology upgrades and new digital services to keep pace. More positively, the shift to digital will bring some cost benefits through faster processes and automated services,” it said.

In the Philippines, the framework for digital banks was released by the Bangko Sentral ng Pilipinas (BSP) in 2020. Under this, the BSP granted six digital bank licenses and has said it will not accept any applications for now to monitor developments and ensure healthy competition in the sector.

Entering into mergers and acquisitions will also be an option for banks in areas with weak economic growth, as they are more vulnerable to muted revenue and continued high loan-loss provisioning, the debt watcher said.

“Cost savings will be essential to maintain profitability. That may be a tall order for some banks, given their need to spend more on technology and compliance,” it said.

It noted that Japan’s Mitsubishi UFJ Financial Group, Inc. through MUFG Bank recently acquired stakes in banks within Southeast Asia, including Security Bank Corp.

MUFG Bank’s arm, Thailand-based Bank of Ayudhya Public Co. Ltd, earlier this year also partnered with Security Bank to infuse P3 billion in fresh capital into the latter’s consumer finance subsidiary SB Finance, Inc.

In June, President Rodrigo R. Duterte signed Executive Order No. 142 which approved the merger between state-owned Land Bank of the Philippines and United Coconut Planters Bank, with the former as the surviving entity upon the transaction’s completion in December. LANDBANK has earlier said the merger will result in combined assets worth P3 trillion by by end-2021.

Meanwhile, Ayala-led Bank of the Philippine Islands (BPI) and BPI Family Savings Bank, are also in process of completing a merger, which is expected to be finished by 2022. BPI will be the surviving entity.

The Philippine banking industry’s net income as of end-June reached P122.7 billion, higher by 43% from the P85.85 billion booked in the same period of 2020.

The central bank has said the sector has remained stable and well-capitalized despite the weaker asset quality due to the pandemic’s impact on borrowers’ ability to repay their debts. — Luz Wendy T. Noble

US-based biotech firm to expand PHL office, hire Filipino developers

November 10, 2021 | 12:03 am

INTERVENN BIOSCIENCES, a US-based biotech firm, is hiring 100 full-time employees in the Philippines as it prepares to open a new office in Podium’s West Tower in Mandaluyong City.

More than half of the Philippine team will be composed of software developers. The rest will handle IT (information technology), cybersecurity, and UX (user experience).

“We expect to be over 150 employee-strong in 2022,” said Randy N. Barr, InterVenn’s chief information security officer, in an e-mail to BusinessWorld. “We are taking advantage of some of the great talent in the Philippines — not just for our software development team but also for security skillset, including individuals with good experience in IT, to support our growing organization.”

The new site, set to open on Jan. 15, 2022, expands the local team’s roster of developers and engineers that form the backbone running the company’s proprietary artificial-intelligence (AI) technology.

Group3 Design studio has been commissioned for its construction as well as for its design, which Mr. Barr says promotes natural osmosis and collaboration.

“One hundred percent of our software is done in the Philippines,” InterVenn’s Chief Executive Officer Aldo Carrascoso said in a press statement. “Our engineering team in our [present] Mandaluyong City office takes care of the cloud infrastructure, frontend, backend, and even security.”

Close to a billion pesos will be funneled to the company’s Philippine operations for 2021–2022.

“We love the culture that is inherent within Filipinos in our work spaces,” Mr. Barr told BusinessWorld. “We will blend that [culture] with the flexibility that most tech startups have but we will adjust it to fit [with] InterVenn.”

InterVenn is a pioneer in glycoproteomic research and development, and employs a platform run by artificial intelligence and mass spectrometry (which characterizes and sequences different proteins) to help advance cancer solutions and other related initiatives.

More information on job openings is found at the company’s career page. — Patricia B. Mirasol

Alec Baldwin calls for police on film sets to monitor gun safety

November 10, 2021 | 12:03 am

LOS ANGELES — As Hollywood considers new safety measures following the fatal shooting during filming of Western movie Rust, actor Alec Baldwin said on Monday he believed film and TV productions should hire police officers to monitor weapons on sets.

Mr. Baldwin accidentally shot and killed cinematographer Halyna Hutchins on Oct. 21 after being told the gun he was rehearsing with on the Rust set in New Mexico was “cold,” or safe to use, according to the Santa Fe County Sheriff’s Office.

Authorities are trying to determine how a real bullet would wind up in the gun handed to Mr. Baldwin. Attorneys for the Rust armorer, who oversaw weapons on the set, said she believed she had loaded it with dummy rounds that were incapable of firing.

Since the incident, producers and crew members have been weighing whether new steps should be taken to prevent a similar tragedy in the future. Mr. Baldwin said he believed productions should hire police to make sure guns used in filming are safe.

“Every film/TV set that uses guns, fake or otherwise, should have a police officer on set, hired by the production, to specifically monitor weapons safety,” Mr. Baldwin posted on Twitter. Others have called for banning real guns from movie and TV sets. Actor Dwayne Johnson said last week that his future productions would only use rubber guns during filming. — Reuters

DMCI posts P3.99-B net earnings in Q3

November 10, 2021 | 12:03 am

DMCI Holdings Inc.’s attributable net income more than doubled to P3.99 billion in the third quarter from P1.88 billion in the same period in 2020.

In a disclosure published on the Philippine Stock Exchange website on Tuesday, DMCI Executive Vice-President and Chief Finance Officer Herbert M. Consunji said the 113% increase in its earnings came on the back of “recovering demand and record-setting prices for coal, nickel and electricity, combined with higher accomplishments by the construction business.”

With this, DMCI’s nine-month net income soared by 245% to P13.48 billion from P3.91 billion in the same period last year.

DMCI’s core net income also jumped 113% to P4.01 billion in July to September 2021 from P1.88 billion last year, bringing its nine-month core profit 173% higher to P12.31 billion from P4.5 billion.

The company’s subsidiaries Semirara Mining and Power Corp. (SMPC) and DMCI Homes accounted for 79% of the holding firm’s core net income for the third quarter, while SMPC, DMCI Project Developers, Inc. (DMCI Homes), and Maynilad Water Services, Inc. contributed 84% of DMCI’s core net income for the first nine months of this year.

From July to September, SMPC’s contribution to DMCI’s core income soared by 428% to P2.28 billion from P432 million due to coal sales despite the power sector’s weak performance.

The global price of coal at the end of the third quarter of 2021 reached $181.12, raising the average selling price of SMPC’s coal by 82% to P2,831 per metric ton (MT) from P1,558 per MT.

Sales volume of coal also increased by 44% to 3.9 million MT (MMT) from 2.7 MMT due to the 50% drop in the power segment’s fuel consumption.

SMPC’s power plant output, however, dropped by 44% to only 873 gigawatt hours (GWh) from 1,657 GWh due to combined 167-day outages of its two units, but was covered by the 55% increase in selling prices to P4.09 per kilowatt hour (KWh) from P2.64 per KWh, “mainly due to a bilateral contract quantity of SCPC which had a fuel pass-through provision and sales to the Wholesale Electricity Spot Market,” it said.

On the other hand, DMCI Homes’ core net income contribution to its parent company declined by 14% to P900 million in the third quarter from P1.04 billion as its operating expenses climbed by 16% due to higher utilities and association dues from its unsold ready-for-occupancy units.

Its cost of sales also grew to P4.22 billion from P4.05 billion, while its revenues went up only by 4% to P5.85 billion.

Meanwhile, Maynilad’s core net income contribution improved by 7% to P406 million in the same quarter from P379 million despite a 6% lower bill volume to 129.6 million cubic meters (MCM) from 137.7 MCM following the imposition of an enhanced community quarantine in August, which caused commercial consumption to drop.

Its total noncash items, however, eased by 8% to P1.09 billion from P1.19 billion “with the absence of expected credit loss provisions.”

For this quarter, the DMCI Group said it “expects elevated coal and nickel prices to magnify the impact of more shipments.”

It added that the easing of mobility restrictions in Metro Manila may also drive business activities and commercial consumption, which could allow electricity and water prices to increase.

DMCI shares improved by 6.93% or 53 centavos to finish at P8.18 apiece on Tuesday. — Bianca Angelica D. Añago

Arts & Culture (11/10/21)

November 10, 2021 | 12:02 am

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Vibal launches book on headhunting, cannibalism

THE VIBAL Foundation, Inc. (VFI) has launched Narciso C. Tan’s Púgot: Head Taking, Ritual Cannibalism, and Human Sacrifice in the Philippines. Encyclopedic and analytical in its approach, this scholarly book dissects the ritualized forms of violence such as human sacrifice, ritual cannibalism, and head taking in the prehistoric Philippines. Púgot weaves together historical data and archaeological studies with traditional myths, legends, and songs to create a seamless narrative of some of the most misunderstood aspects of Philippine culture and to shed light on deeply rooted cultures of violence. Preceding the emergence of Islam and Christianity, deeply held religious beliefs led various Philippine communities to sanction ritualized forms of violence: human sacrifice, cannibalism, and head taking. Púgot forces Filipino readers to contemplate and confront the not-so-ancient past, when their ancestors participated in violent community-wide celebrations and rituals. The book also reveals these practices not in isolation, but as part of the wider Southeast Asian and Austronesian milieu. The book is the latest addition to VFI’s Academica Filipina+, which is an interdisciplinary series that pushes the boundaries of scholarly publishing with smart, literate, and thought-provoking works exploring the Philippine past, present, and future. Púgot: Head Taking, Ritual Cannibalism, and Human Sacrifice in the Philippines is available for online purchase at the Vibal Online Shop at https://shop.vibalgroup.com/, Lazada https://www.lazada.com.ph/shop/vibal-books/, and Shopee https://shopee.ph/vibalgroup. For queries, e-mail customercare@vibalgroup.com and marketing@vibalgroup.com or call 8580-7400 or 1-800-1000-VIBAL (84225).

Robinsons’ Artablado show supports Chosen Children Village

Robinsons Land’s ArtAblado hosts an all-female group of artists who will showcase over 40 artworks this November. Their paintings will be displayed in ArtAblado, at the 3^rd floor of Robinsons Galleria. The painting exhibit dubbed as “ARTtitude” is a showcase of the artistic talents of this group, with subjects ranging from landscapes and still life, to faces and figures. The artists are past or current students of the Creative Hands Workshop, along with members of the Sabado Group and the Art Wednesday Group. For this exhibit, the beneficiary is Chosen Children Village (CCV) in Silang, Cavite. “Due to the pandemic, the CCV now gets less support to fund basic needs such as food, staff salaries, diapers, medicines and for upkeep of the place. Hopefully, whatever we raise from the sale of artworks in the exhibit will augment the dwindling resources of the CCV,” says Maryrose Gisbert, one of the artists. The ARTablado “ARTtitude” exhibit runs until Nov. 16.

2 exhibits open at MO_Space

Two exhibits are opening on Nov. 13 at MO_Space: “A song plays from another room” featuring works by Lesley-Anne Cao at the Main Gallery, and “Tender Hours” featuring works by Pam Quinto at Gallery 2. They will be open for public viewing from Nov. 13 until Dec. 11. In her exhibit, Ms. Cao presents pensive reproductions of scenes and observations of the “ordinary.” In “Tender Hours,” Pam Quinto focuses her lens on blue sky, snapshots of dawn and dusk and moments in between, and also fashions her visions of blue in ceramics. The gallery is open daily from 10 a.m. to 7 p.m. For any inquiries, call 8403-6620, call or text 0917-572-7970, or by e-mail at exhibitions@mo-space.net. The gallery is at the 3^rd level, MOs Design, B2 Bonifacio High Street, 9^th Avenue, Bonifacio Global City.

8 fellows of the Virgin Labfest writing fellowship named

THE Artist Training Division of the Cultural Center of the Philippines (CCP) has announced the fellows accepted to the Virgin Labfest 16 Writing Fellowship Program which takes place online from Nov. 16 to Dec. 5. They are: Aleia Marie H. Anies, Shenn Airelle D. Apilado, Ian Carlo S. Bundoc, Neil Angelo S. Cirilo, Maria Isabel L. Jimenez, Faith Carisa F. Lacanlale, Mikaella Yoj B. Sanchez, and, Zarina T. Sarapuddin. The Virgin Labfest 16 Writing Fellowship Program is a three-week mentorship program on the study and practice of dramatic writing for the stage. The Fellowship Program will conclude in an online staged reading of the fellows’ works directed by Dennis Marasigan on Dec. 4 and 5.

4 exhibits at West Gallery

West Gallery currently has four exhibits on show which are running until Nov. 21. On view are the group exhibit “C20H25N30” featuring works by Edric Go, Bjorn Calleja, Geremy Samala, and Jigger Cruz, and the solo exhibits “Nucleus,” featuring works by Winner Jumalon, “Super Artists,” featuring works by Francis Bejar, and “As Days Go By,” featuring works by Lawrence Canto. “As Days Go By” features a series of eight paintings and eight videos which explore the precariousness of the human condition. The gallery is at 48 West Ave., Quezon City. Visitors must make an appointment via 3411-0336 (landline) or 0915-175-3729 (mobile). The gallery is open on Mondays to Saturdays from 9 a.m. to 4 p.m.

MADE 2021 online catalog out

TO CLOSE this year’s program cycle, the Metrobank Foundation, Inc. (MBFI) presents the 2021 MADE Art Catalogue featuring young and budding artists whose artistry has been shaped by these changing times. The MBFI recognized this year’s MADE awardees through an online awarding ceremony and exhibit which was held on Sept. 16. To access the catalogue, visit https://issuu.com/metrobankartanddesignexcellence/docs/2021_made_art_catalog_-_fa?fr=sYjdkMjQzODIwMTI.

The National Library welcomes vaccinated guests

THE NATIONAL Library of the Philippines (NLP) is now accommodating fully vaccinated visitors. Guests with an approved appointment schedule are advised to bring their certified vaccination cards for presentation to the lobby guard together with their valid ID and QR code. The National Library is open from 9 a.m. to 3 p.m. from Monday to Friday. To book an appointment, visit https://bit.ly/nlp-online-appointment. For more information, visit https://www.facebook.com/NLP1887.

CCP presents Performance Literature Festival

The Cultural Center of the Philippines (CCP) brings back the Performatura: Performance Literature Festival on Nov. 22 to 24, 2021, with the theme Performatura Pandemic Edition (PPE). This event, now virtual, will showcase poetry readings, storytelling, theatrical shows, dance dramas, musical presentations, and even spoken word competitions, through Facebook live stream and Zoom, under the festival’s director Dr. Vim Nadera, a poet and a performance artist. On Nov. 22, or Araw ni Huseng Batute, Performatura celebrates the poet Jose Corazon de Jesus’s 125^th birthday, starting at 10 a.m. with a welcome speech from Arsenio “Nick” Lizaso, CCP president and National Commission for Culture and the Arts chair, followed by a keynote speech by National Artist for Music Ramon Santos about De Jesus’ life as a lyricist. Musicians from Performatibo Manila, will perform. Jesus Jaime Aguila, the direct descendant of De Jesus, gives his response on behalf of his family. From 1-5 p.m. are the finals of the Pambansang Balagtasan; then at 7-10 p.m., Mike Coroza, Jeanette Job Coroza, Felipe de Leon, Jr., and Sonia Roco host a special edition of Pamana ng Lahi, Arte, Kultura, Atbp. Entitled Titik ni Huseng Batute sa P.L.A.K.A. On Nov. 23, CCP Vice-President and Artistic Director Chris Millado opens the day at 10 a.m. by honoring the Bagong Bonifacio through Front Act (Liners) which focuses on the unsung healing heroes who sing. At 1-5 p.m. is Claiming Indie Spaces in Challenging Times, with the Indie Publishers Collab-PH conducting a book launch and a series of storytelling performances. From 7-10 p.m. it is the S.I.P.A. International Performance Art Festival, an inter-cultural project that promotes exchange, solidarity, and peace organized by independent Filipino artists inviting artists from all over the world. On Nov. 24, Araw ng mga Aklat at Akdang Bayan, CCP Board of Trustees Chair Margie Moran Floirendo opens the last day of Performatura. At 10 a.m., via livestream from Los Baños in Laguna, the National Book Development Board (NBDB) inaugurates Book Nook, a concept that realizes reading centers for families living in areas where accessibility to books and the internet are limited. At 1-5 p.m., its Epic Center, with Luzon’s Lam-ang, Visayas’ Hinilawod, and Mindanao’s Darangen taking centerstage via modernized or post-modernized forms of the pre-colonial literature. From 7-10 p.m., the Philippine Librarian Association, Inc. Marks the 87^th National Book Week with Tanghal Makata, a nationwide spoken word contest tackling the theme “Outcomes, Outreach, Outstanding: Library Beyond Boundaries.” For details, visit https://ccpperformatura2021.wordpress.com/ or the CCP Intertextual Division Facebook page.

Course on preventive maintenance for heritage structures and sites offered

The Escuela Taller de Filipinas Foundation, Inc. will be hold “Preventive Maintenance towards Disaster Risk Reduction: A course for Managers and Administrators of Heritage Sites” on Nov. 11 until Dec. 6. Over a blended-learning period of 14 days, combining seven days of synchronous sessions and seven days of asynchronous sessions, attendees shall build their capacities in the proper maintenance of heritage structures and sites and reduce their vulnerabilities to natural and human-induced hazards through preventive conservation. The course is mainly targeted for local government officials from various offices, parish council members, parish priests, and cultural heritage groups. Some topics that attendees can expect are an overview of Philippine Architectural Heritage, developing a Preventive Maintenance Program and Cyclical Maintenance Plan, and basic documentation, condition survey, cleaning, and repair procedures. Among the roster of speakers are David Mason (Senior Heritage Specialist from the Public Works Advisory of New South Wales, Australia), Carmen Bettina “Tina” Bulaong (Executive Director, Escuela Taller de Filipinas), Jeffrey Cobilla, Archt. Michael Querido (Project Officer, Escuela Taller de Filipinas), Sarah Jane S. Pahimnayan-Pagador (architect, Escuela Taller de Filipinas), and Ma. Nicole “Nikky” Angeline Losa (Site Officer, Old La Loma Cemetery Chapel).

NAMCYA 2021 finalists announced

Organizers of The National Music Competitions for Young Artists Foundation, better known as NAMCYA, have announced the finalists in the various categories of the music competition. Those who made the cut after the rigorous selection round include Jabez Ronaldo Lejano, Kyle Adam Lorenzana, and Agung Dayaw Sicam (Junior Guitar Category); Lucio Raphael Binalla and Rayselle Anne Manipol (Children’s Solo Rondalla); Aniweng Na Cuerdas Rondalla, the Enverga Candelaria Rondalla, and the South Cotabato Family Rondalla (Junior Rondalla); and Josemaria Vincent Thomas Collado, Marvic Espino, Evan John Jamisola, Jean Galway Silangcruz, and Josh Rampall Silangcruz (Open Woodwinds). In the Senior Division, the finalists are the Bukidnon Singing Ambassadors and Coro Bicolano (Senior Choir); Denzel Abarquez, Brian Berino, and Reynaldo Gendrano (Senior Piano); Maria Monica Bacus, Alain De Asis, Vincent Del Rosario, Jose Marie Eserjose, and Mishael Romano (Senior Strings-Violin); Kirk Allen Mallorca, Jann Minn Mendoza, and Lance Morrison Tulagan (Senior Strings-Lower Strings); and Carmina Lourdes Atienza, Nerissa De Juan, Maria Corazon Flores, Jomel Garcia, Camille Juanitez, and Jane Florence Wee (Senior Voice). The National Winners in the Traditional Music category are the Kagan Traditional Ensemble, the Madayaw Cultural Ensemble, the Massalingga Dacalan Ensemble, and the Sangasang Ji Anak Ud Malibcong Ethnic Ensemble. The lone Honorable Mention awardee in the Music Video Production category is the PUP Bagong Himig Serenata. The NAMCYA National Finals will be streamed via the NAMCYA Facebook page and webpage on Nov. 23 to 28, from 3 p.m. onwards.

RWM opens Christmas art exhibit

Resorts World Manila (RWM) has opened an art exhibit, the “Christmas Mall-seum,” as part of RWM’s signature holiday celebrations, Grand Fiesta Manila 2021. The “Christmas Mall-seum” at Newport Mall will feature a line-up of 12 of the country’s most prominent artists and art houses over a span of 12 weeks. Selected art pieces will be available for purchase through www.rwmexclusives.com using cash, credit, or RWM membership points, with part of the proceeds from the sales to be donated for the benefit of the Concordia Children Services and San Lorenzo Ruiz Home for the Elderly. For more information on the “Christmas Mall-seum” and other upcoming events, visit www.rwmanila.com.

Federal Reserve warns of peril from rise of risky asset prices, stablecoins

November 10, 2021 | 12:02 am

THE US Federal Reserve is warning that prices of risky assets keep rising, making them more susceptible to perilous plunges if the economy takes a turn for the worse, and cited stablecoins as an emerging threat.

“Asset prices remain vulnerable to significant declines should investor risk sentiment deteriorate, progress on containing the virus disappoint, or the economic recovery stall,” the Fed said in its twice-yearly Financial Stability Report released Monday.

The central bank also said stablecoin threats are growing, that fragility in China’s commercial real-estate sector could spread to the US if it deteriorated dramatically, and that “difficult-to-predict” volatility similar to this year’s meme-stock frenzy could become more frequent as social media increasingly influence trading.

While the Fed is sounding alarms about high asset prices, some economists have said the central bank’s own policies are behind much of the surge. As COVID-19 struck the US in March 2020, the Fed cut interest rates to near zero and began buying massive amounts of Treasuries and mortgage-backed securities, contributing to rallies for stocks and other investments. While equities long ago eclipsed their pre-pandemic levels, the Fed kept its emergency policies in place to help the much-slower recovery in employment.

Last week, the Fed decided to begin scaling back its monthly bond buying, putting it on a path to end the purchases in June and raise interest rates as soon as late 2022. Assuming inflation trails off next year, as the Fed and Biden administration are projecting, it may be at least a few more years until the central bank’s benchmark interest rate is close to the 2.5% level currently seen as normal in the long run.

The Fed’s stability report, which is meant to highlight risks that could undermine the financial system, flagged many concerns that have appeared in previous documents, such as “structural vulnerabilities” in money market funds. The Fed said similar worries can be applied to stablecoins — digital tokens pegged to fiat currencies that underpin much of the trading in Bitcoin and other crypto assets.

In the latest document, stablecoins were cited as being “susceptible to runs” and that any problems could be “exacerbated by a lack of transparency and governance standards regarding the assets backing” them. Last week, the Fed joined the Treasury department and other agencies in urging Congress to pass legislation that would regulate stablecoins like banks with steep capital requirements and constant supervision.

Another area prompting Fed worries is China’s real estate turmoil and its regulators’ focus on highly leveraged firms, including China Evergrande Group.

“Financial stresses in China could strain global financial markets through a deterioration of risk sentiment, pose risks to global economic growth, and affect the United States,” the Fed said.

The US housing market also attracted the Fed’s attention, with the central bank noting that prices have “increased rapidly” since it issued its previous report in May. Still, the Fed said that it’s not seeing the types of dangerous market practices that fueled the 2008 financial crisis.

“Even amid such rapid and widespread price growth, there is currently little indication of highly leveraged real estate investment activity or of a deterioration in underwriting standards,” the central bank said.

The report included a survey of 26 market contacts — consisting of brokerages, investment funds, political advisory firms and other companies —on what they consider to be the top threats to financial stability. As their top concerns, the firms cited persistent inflation, vaccine-resistant COVID-19 variants, China regulatory and real-estate risks, US relations with China, and cryptocurrencies. — Bloomberg

J&J, PCCP develop smoking cessation module

November 10, 2021 | 12:02 am

JOHNSON & JOHNSON Philippines, Inc. (J&J), through its consumer health brand Nicorette, and the Philippine College of Chest Physicians (PCCP) developed a smoking cessation module for training healthcare practitioners in the counseling and treatment of Filipinos who want to quit smoking.

The online module, launched September, is open by request to all public or private institutions or organizations.

“When you talk to a smoker, it’s not just about prescribing medication. It will take roughly 30–40 minutes to do initial counseling and more time to help patients realize their motivations,” said Dr. Glynna Ong-Cabrera, PCCP’s program director, in an interview with BusinessWorld. “You have to train people. If you’re targeting a national scope, it’s important to get all the help you can get.”

She also pointed out the three factors of smoking addiction that make it a complicated disease to treat: the biological (the body craving for more nicotine), the psychological (the need for stress relief), and the sociocultural (smoking as a social practice).

In the Philippines, it was found that 23.8% of adults use tobacco in any form, with 18.7% overall smoking an average of 11 cigarettes per day, according to the Department of Health’s (DoH) latest Global Adult Tobacco Survey (GATS) in 2015. The next GATS will be conducted this year.

The training comes in two modules: brief tobacco intervention, which is mandatory, and intensive counselling, which is optional but highly encouraged. The online module is powered by J&J while its contents were developed by PCCP.

“Before the modules, if you look at Nicorette’s Facebook page, we [J&J and PCCP] have gone through informative routes first through livestreams to explain the smoking cessation landscape as well as the efficacy of nicotine replacement therapy [NRT],” said Jason Khu, senior brand manager for Nicorette in the Philippines.

HOLISTIC TREATMENT
Nicorette, an over-the-counter NRT product that comes in the form of chewing gum, is only part of the solution, he added. Though it provides a steady, medicated stream of nicotine to those trying to quit, support from healthcare practitioners is still necessary.

“NRT provides a sort of steady, medicated amount of nicotine, not the same as cigarettes, but a small amount just to tide over withdrawal symptoms,” said Dr. Ong-Cabrera.

Switching to e-cigarettes or vapes, meanwhile, is not recommended as a cessation technique.

“With vape, what happens is the addiction shifts. Vape doesn’t really stop it. You just shifted from cigarettes to vape and you’re still getting a supply of nicotine,” she said.

Dr. Ong-Cabrera emphasized that combining behavioral and pharmacological therapy increases the chances of success.

“Smoking is very complicated. People think it’s a habit you can quit easily if you want to. There’s this notion of just using medication and quitting, like it’s a wonder drug, and it’s not like that. It’s about the motivation and value of quitting, but because of addiction, people need counseling and help,” she said.

The DoH’s QuitLine 1558, a toll-free hotline service for smokers seeking consultation, provides the first step toward therapy. Quitting, however, is difficult — the 2015 GATS found that only 4% of Filipino smokers who had the intention to quit were successfully able to do so.

With J&J and PCCP’s smoking cessation module for healthcare practitioners, it will be easier to build the capacity to address smoking addiction in the country, said Dr. Ong Cabrera. — Brontë H. Lacsamana

SIDEBAR | Majority of Filipinos think vapes, e-cigs are a ‘serious health hazard’ — survey

NEARLY eight in 10 Filipinos (77%) believe that vaping devices and e-cigarettes pose a “serious health hazard,” according to a recent survey by Pulse Asia Research, Inc., conducted among 1,200 respondents in September.

The survey also found that 74% of respondents support an e-cigarette or vapes-free policy in public places while 70% support restricting access to vapes and e-cigarettes to adults 21 years old and above.

“Medical opinion and public opinion are in agreement: vapes and e-cigarettes are harmful to Filipinos’ health. Senators should heed the call of Filipinos and their doctors and reject the Vape Bill,” said Dr. Maricar B. Limpin, president of the Philippine College of Physicians, in a statement slamming the Senate Bill No. 2239.

The Vaporized Nicotine Products Regulation Act, or Vape Bill, contains provisions easing restrictions on use of flavorings and rolling back minimum age of access to vape from the current 21 years old to 18 years old. It will also shift the regulatory mandate from the Food and Drug Administration to the Department of Trade and Industry.

Finally, there are provisions that will allow vaping in public places. All of these have caused health advocacy groups to condemn the bill.

“Proponents of the Vape Bill are claiming that vapes and e-cigarettes are a healthier alternative to smoking and help smokers quit. This is not true,” explained Dr. Limpin. “There are real health harms in these devices and there is not enough evidence to claim that they help smokers quit.”

She also noted that vape products have been proven to contain cancer-causing agents, which senators must consider as they resume deliberations on the bill next week. At least 7 former health secretaries and 60 medical groups previously opposed it.

As for provisions on flavorings, public interest law group ImagineLaw pointed out that even those who use vape products support their restriction. Pulse Asia’s survey found that 66% of vape-using respondents support a ban on the availability and accessibility of e-cigarette and vape flavors that appeal to children.

“The Vape Bill will introduce more young people and even children to the dangers of vapes and e-cigarettes,” said Sophia San Luis, ImagineLaw executive director, in the statement. “The people have spoken against vapes and e-cigarettes. Our legislators’ duty is to listen and junk the Vape Bill.”