Get ready for the Philippine’s first-ever Virtual Sustainability Career Fair this March 2022

November 10, 2021 | 11:00 am

Metamorphosis Group with the support of Sustainable PH and the Society of Sustainability Practitioners is hosting the Philippines’ first ever Virtual Sustainability Career Fair called the Virtual Career Academy (VCA) Summit 2022!

The VCA Summit is a 5-day annual event meant to invite employers and job seekers to come together and share mutually-beneficial opportunities in the sustainability practice. The event offers activities such as industry career talks to engage audiences, employer-hosted workshops and panel discussions to help employers and job seekers get to know each other better, free resume and interview coaching opportunities for job seekers to prepare for their job applications, and a raffle to end each day of the week with a bang!

The first ever run last March 2021 on Digital Transformation had Microsoft Philippines and Go Philippines as the co-presenters and boasted an outcome of 17 industry speakers, 600+ participants, 115,000+ people reached, 15,000+ engagements, 17+ companies and employers, and 100+ job openings.

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“Congratulations on the success of VCA so far, MG! Can definitely see how much of an impact you’re making for job seekers. Looking forward to continuously fortifying our collaboration in years to come. Cheers!,” shares Georgia Martelino, Philanthropies lead of Microsoft Philippines.

“It was awesome working with Metamorphosis Group for the VCA Summit, I had the opportunity to speak to aspiring candidates who are eager and motivated to be the best of themselves, and through our virtual booth and resource speaking, I hope that they have also understood more about cultivating an entrepreneur mindset,” expresses Robin Oh, head of Training Operations of Reactor School Singapore.

“The event was just grand! It was well-planned and well thought of. It did not just touch points but rather discussed the whole concept of digitization in the eyes of different industries. As a speaker, I enjoyed how relatable the topic was and how engaged both the panel and the audience were. Metamorphosis Group packaged the event with timely relevant topics that may be intimidating for most but turned it into something that almost felt like talking to a friend. Kudos!,” says Anna Sasaki, account manager of NextPay Philippines.

This year, Metamorphosis Group is aiming for a bigger and better virtual career fair experience for everyone! The same activities will be expected, but a much more meaningful and wider impact is promised.

“We’ve already reached out to multiple schools and industry sectors across the Philippines,” explains Danica Octa, president and CEO of Metamorphosis Group. “We want employers to get access to these talents that they wouldn’t normally know how to reach, and these talents want to be in an event where they can easily speak to employers so they can position themselves as really great candidates. Believe me, this is an event that is worth the investment! And to think that this is going to promote sustainability in the Philippine job market! This is truly a great advocacy.”

“The need for a more sustainable world today cannot be understated,” explains Shawntel Nieto, president of the Society of Sustainability Practitioners or SSP. “With this comes the desire people have to build careers centered on what they believe in alongside the need for companies to become more sustainable — in practice, vision, and values. We believe we have a multitude of both in the Philippines and we are so excited to bridge the two through our upcoming career fair.”

Employers might ask, why join the VCA Summit?

To EDUCATE! Share industry knowledge and secrets that the talent market needs to hear. Be known as an organization that educates.
To INSPIRE! Give hope to the talent market by showing them the many opportunities they can get into whether in your organization or the next. Be known as an organization that inspires.
To ENGAGE! Build relationships with the talent market and show them that they can trust you and that they can collaborate with you in one way or another. Be known as an organization that engages.

The Virtual Career Academy Summit 2022 will be running from March 21-25, 2022. Interested employers can visit the website with more details at https://metamorphosis-group.co/vca-summit or inquire at partnerships@metamorphosis-group.co.

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GDP grows faster than expected in Q3

November 10, 2021 | 12:33 am

The Philippines’ gross domestic product (GDP) grew by 7.1% in the third quarter despite lockdown restrictions. — PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibañez, Senior Reporter

THE PHILIPPINE economy grew faster than expected in the third quarter, putting it on track to meet the upper end of the government’s full-year growth target and return to pre-pandemic level as early as the first quarter of 2022.

Gross domestic product (GDP) went up by an annual 7.1% in the quarter ending September, higher than the median growth estimate of 4.7% in a BusinessWorld poll conducted last week and a turnaround from the 11.6% contraction seen in the third quarter of 2020.

However, this was slower than the revised 12% growth in the second quarter as the government placed Metro Manila under an enhanced community quarantine (ECQ) for two weeks in August to curb a Delta-driven surge in coronavirus cases.

GDP expanded by a seasonally adjusted 3.8% quarter on quarter, after the 1.4% decline in the second quarter.

“We contained the Delta variant and sustained our economic expansion even as stringent quarantines were in place,” Socioeconomic Planning Secretary Karl Kendrick T. Chua said during a press briefing.

By expenditure, household spending — which accounts for around three-fourths of GDP — rose 7.1% in the third quarter, compared with 7.3% in the second quarter and the -9.2% in the third quarter of 2020.

“This strong rebound points to improving consumer confidence. We expect this to be sustained in the fourth quarter given more relaxed restrictions and a higher vaccination rate,” Mr. Chua said.

He noted the economy is now on track to reach the high end of downgraded 4-5% growth target. “As long as there is no unexpected new risk, like a stronger variant or a global surge, then I think, we are clearly on track to a strong recovery,” he said.

With year-to-date growth of 4.9%, the Philippine economy would have to expand by 1.7% in the fourth quarter to meet the lower end of the revised government target, while it would need to grow 5.3% to reach the higher end of the goal.

“To get to pre-pandemic nominal GDP level, it will be certainly in 2022, even as early as the first quarter,” Mr. Chua said.

PSA data showed the investment component, which is represented in the data as capital formation, expanded by an annual 22% in the third quarter, slowing from the 80.3% rise in the second quarter this year, but a reversal from 39.5% drop in the same quarter a year ago.

External trade showed growth, albeit at a slower pace from the previous quarter. Exports of goods and services went up 9% year on year, lower than the 27.8% growth in the previous three-month period. Imports jumped just 13.2% after the 39.8% growth in the second quarter.

Government spending increased by 13.6% in the third quarter, higher than the 5.8% growth in the same period last year. Government spending had declined by 4.2% in the second quarter this year — the first time since the 2.1% fall in the first quarter of 2017.

The industry sector posted 7.9% growth in period ending September, slower than the 21% in the previous three months and reversing the -17.6% a year ago.

Meanwhile, services went up by 8.2% but easing from the 9.8% growth in the second quarter, but a turnaround from the -10.6% a year ago.

Agriculture, forestry, and fishing shrank by 1.7% after inching up 0.02% in the previous quarter and 1.2% in the same period last year.

Accounting for seasonal factors, industry and agriculture declined by 0.3% and 0.7% in the third quarter, respectively. In contrast, services increased by 6.6%.

OUTLOOK
After the release of third-quarter GDP data, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the central bank will “continue to be patient with its accommodative monetary policy stance to support the economy’s full recovery.”

The Monetary Board is scheduled to hold a policy-setting meeting on Nov. 18.

JPMorgan Chase Bank N.A. Singapore Branch Economist Nur Raisah Rasid said the BSP will likely maintain its policy settings for now, “with a preference to delay monetary policy tightening to support recovery. He added policy normalization is likely in early 2023.

Alex Holmes, economist at Capital Economics, said economic recovery is coming from a “very low base – GDP was still around 6% below its pre-crisis level and 15% behind its pre-crisis trend in Q3.”

“A large negative output gap will remain for a long time yet. That will keep a lid on underlying price pressures and means that the central bank is unlikely to begin tightening policy until 2023,” he said.

Analysts are expecting the economy to continue its recovery in the fourth quarter, but warned of dampened household savings and the risk of another wave of COVID-19 cases.

ANZ Research Economist Debalika Sarkar and Chief Economist for Southeast Asia and India Sanjay Mathur said a steady drop in daily new COVID-19 infection rates and a pick up in the vaccination rate could support economic recovery.

“Even so, we are not overly optimistic on the magnitude of the recovery given the still high un/underemployment rate and constricted household savings,” they said.

Real investments could also continue to recover as more firms adjust to the reopening of the economy, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a Viber message.

“However, the huge downside is still the potential surge of cases in 2022 due to the increasing movement of people with the upcoming holiday season and election-related and campaign activities. Converging of more people is what COVID-19 likes so it can spread,” he said.

Makoto Tsuchiya, the Philippines economist for Oxford Economics, said he expects recovery to continue in the fourth quarter and to become more broad-based next year.

“Despite headwinds from slower China growth, we expect robust foreign demand to support exports growth. That said, low vaccination rate as well as prolonged global supply disruptions are downside risks to our outlook,” he said.

Philippine cinemas eye happy ending with reopening

November 10, 2021 | 12:32 am

Maintenance personnel sanitizes the ticket booth at the Eastwood Mall cinemas in Quezon City, Nov. 9. — PHILIPPINE STAR/ MICHAEL VARCAS

By Arjay L. Balinbin, Senior Reporter

JUSTIN P. RIOS, 20, is excited about going to a movie after being limited to watching streams on Netflix for the past 19 months to cope with boredom and stress amid a coronavirus pandemic.

“I can’t wait to go back to my favorite cinemas soon,” the business analytics student from De La Salle-College of Saint Benilde in Manila said in a Microsoft Teams video interview. “Traveling to a theater, buying tickets and watching the trailers before the movie starts are all part of the cinematic experience. These are what I pay for, not just the movie itself.”

Almost 50 of the more than 200 movie houses in the Philippines that became vaccination sites at the height of the pandemic are reopening starting today (Nov. 10) amid decreasing coronavirus infections, according to the Cinema Exhibitors Association of the Philippines.

An interagency task force eased the lockdown in Manila, the capital and nearby cities to Alert Level 3 as early as Oct. 13, and allowed the reopening of cinemas at 30% capacity for fully vaccinated moviegoers.

The lockdown has since been relaxed to Alert Level 2, which lets more businesses increase their operating capacity.

The cinema industry had P19 billion in foregone revenue from March 2020 to September this year, Film Development Council of the Philippines (FDCP) Chairperson Mary Liza Diño-Seguerra said in a Teams video interview.

The loss had ballooned to P21 billion as of Oct. 11, Charmaine N. Bauzon, president of Cinema Exhibitors Association of the Philippines, told PTV News.

Local government units, which charge 10% amusement tax per movie ticket, lost P1.09 million daily from the country’s more than a thousand movie screens, according to estimates by the National Tax Research Center.

“We earned P11.5 billion yearly from the box office [before the pandemic],” Ms. Seguerra said. “We sold about 52 million tickets each year.”

Cinema operators get 50% of ticket sales, while the other half goes to producers, who then give as much as a quarter to the distributor, who’s in charge of marketing and distributing the film to the public.

Last year, cinemas in areas under a more relaxed quarantine made a measly P327,000, Ms. Seguerra said.

Mr. Rios now spends his money on online streaming platforms such as Netflix and HBO Go, which cost him P199 and P99 a month.

ONLINE STREAMS
The Philippines ranked fourth among 18 countries — after New Zealand, Brazil and Ireland — whose citizens used at least one streaming service, according to a survey by comparison platform finder.com released in June.

The most popular streaming platform among Filipinos is Netflix, followed by YouTube Premium and iFlix.

“Video-on-demand usage (VOD) [in the Philippines] significantly increased (158%) as people stayed at home, with Netflix emerging as the No. 1 VOD platform, outperforming local provider iWantTV,” according to the Asia Video Industry Report 2021.

Local entertainment companies such as Viva Communications, Inc. are producing more content for online streaming.

Viva, which launched its streaming platform Vivamax in January, aims to produce as many as 60 titles for online streaming in the next 12 months, from 40 titles it originally intended for theatrical release, President and Chief Operating Officer Vincent G. del Rosario said in a Teams video interview.

Vivamax subscribers had grown by a third to 800 as of September since it started in January he said. More than half of its subscribers watch local movies, while 14% were into Hollywood and Korean movies, he added.

The production cost of these smaller films is about P5 million, enough to lure customers to their platforms, Ms. Seguerra said. Big movies start at P15 million.

“The production budgets are getting smaller because we don’t want to produce an expensive project and put it online without having the traditional distribution,” producer and director Pamela L. Reyes told a virtual forum in September.

“With the pandemic, projects are also getting more expensive because we have to follow protocols,” she added.

Despite the added costs, Mr. Del Rosario is bullish about the prospects of Vivamax. “Going direct to consumer is the way to go for us although we feel that it can grow side by side with our cinema ventures,” he said.

Some film outfits have opted to wait for the reopening of cinemas, Mr. Del Rosario said. “We have 15 films waiting to be shown in cinemas. They need a cinema release. It’s either that or we have a contractual obligation with a licensor,” he added.

Revenue from online streams is smaller than that of theatrical screening. For successful movies, about 75% of a film production company’s revenue comes from cinema screenings, Mr. Del Rosario said. “The real kicker is your theatrical revenue.”

“For theatrical movies, it’s really make or break. You can have a total flop,” said Perci M. Intalan, president and co-founder of The IdeaFirst Company. “Before, you could spend P20 million on something and it came back to you with P200 million. You’re not going to get that kind of margin now.”

A film earns money from various revenue streams such as theatrical screening and video-on-demand platforms such as Netflix and Amazon, which acquire rights to the film for a fee. There are also cable channels, television and the pay-per-view model.

Ad-supported streaming on YouTube is another revenue source, Mr. Intalan said in a Teams video interview, noting that it was through YouTube that his team’s Gameboys series last year became successful.

“It was the first time that we produced something for YouTube,” he said. “Everybody didn’t leave the house. We filmed it via Zoom, and we had to create a new production process. It paid off. It became a viral hit in a matter of days.”

The series, which was nominated in October for an International Emmy Award, got sponsored by TM and Bench, and then Netflix picked it up.

“By December last year, we were filming the movie version of Gameboys and by July, we were able to release the movie,” Mr. Intalan said.

PIRACY
Filipinos, who are some of the most active social media users in the world, should be predisposed to consume products in the digital space especially during the pandemic.

“But we oriented this market to get their content for free on YouTube, on Facebook, etc.,” Mr. Intalan said. “They got used to that — that on digital, you don’t pay.”

“We did not educate this market,” he said. “We did not train this market that if they want good content, they have to pay for it. Then the pandemic happened, and here we are panicking.”

But Filipinos are now slowly learning to pay for online products and services because of e-commerce, he said.

“Our online streaming industry is young,” Ms. Seguerra said. “It’s just now that we are adapting to this new way of monetizing content.”

The film industry also has to deal with piracy. A survey by YouGov last year found that 49% of Filipinos used pirated streaming websites or torrent sites. It also said 47% of consumers who accessed piracy sites had canceled their subscriptions to content services.

The Film Development Council took down 639 piracy links on Facebook, YouTube and similar social media platforms in 2020 and 2021.

“If there was no piracy and people could just purchase films per click, filmmakers would make more money,” Ms. Seguerra said. “While it affected the industry when cinemas were open, the impact was not as big because the cinematic experience is on a different level,” she added.

“When piracy was in the cinemas, our enemy was very poor film copies,” she said. Now, the quality of pirated movies and those streamed on legal platforms is the same.

Mr. Rios, the avid film watcher, looks forward to going back to cinemas soon.

“The audience plays a big role when we go to the movies,” he said. “Whenever something big in the movie happens, the audience reacts and it just builds up the atmosphere. If you watch alone at home, it doesn’t quite capture the same experience. That’s the experience I miss the most.”

DA sees ‘modest’ growth for agriculture sector in 4^th quarter

November 10, 2021 | 12:31 am

Rice-field-irrigation — DEPARTMENT OF AGRICULTURE HANDOUT

By Revin Mikhael D. Ochave, Reporter

THE DEPARTMENT of Agriculture (DA) is hoping to see modest growth in the agriculture sector in the remaining months of the year, after the 2.6% contraction seen in the third quarter.

Agriculture Undersecretary Fermin D. Adriano said at a virtual briefing on Tuesday that the department is now targeting 1% growth for the agriculture sector this year. This is below the DA’s already downgraded full-year growth target of 2%.

The Philippine Statistics Authority (PSA) reported on Tuesday that the value of production in the agriculture sector at constant 2018 prices shrank by 2.6% in the third quarter, as production of crops, livestock and fisheries declined.

For the first nine months of the year, the farm sector contracted by 2.5%.

Mr. Adriano said the DA is upbeat that the sector will see a modest recovery in the fourth quarter ahead of the increased demand during the holiday season.

“Hopefully, we get that 1% full-year growth as long as no typhoons will hit the country during the remaining months of 2021,” he said.

In October, severe tropical storm Maring (international name Kompasu) has caused P2.26 billion in agricultural damage in the Cordillera Administrative Region, the Ilocos Region, Cagayan Valley, Central Luzon, Mimaropa, the Bicol Region, Western Visayas, Central Visayas, and Soccsksargen.

“There might be some difficulty in meeting the growth target of 2% given the contraction of the farm sector. But I think there will be a recovery during the last quarter of 2021 for two reasons, one is that the farmers are planting already, including the vegetable farmers who have been hit hard by the successive typhoons that visited the northern regions of the country,” Mr. Adriano said.

“The second is we expect that there is going to be an upswing in demand given the Christmas season. Therefore, we are upbeat that the fourth quarter will see a modest recovery on the part of the agriculture sector,” he added.

Mr. Adriano said the crops subsector is expected to carry the agriculture sector moving forward, citing the 6.7% growth in palay (unmilled rice) production in the third quarter. Crops accounted for 54% of total farm output during the July-September period.

He said the agriculture sector had a good performance, but was hampered by the spate of typhoons, which was beyond the control of the government.

“If you look at the data, the agriculture sector performed relatively well. However, the weather plays a big factor in terms of the sector’s performance. We estimate that the total damage brought by typhoons Jolina, Kiko, and Fabian is about P2.85 billion,” Mr. Adriano said.

Meanwhile, Mr. Adriano estimated that the livestock subsector, particularly the hog industry, will see the positive results of the government’s assistance such as hog repopulation efforts by next year.

The livestock subsector contracted by 15.2% in the third quarter, still affected by the African Swine Fever (ASF) outbreak. Hog production also dropped by 17.8%.

“If we can increase production in the green zones or areas not affected by ASF, I think we will be able to see the so-called ‘light at the end of the tunnel’ in terms of ASF by the middle of next year,” Mr. Adriano said.

Jollibee returns to profitability in third quarter

November 10, 2021 | 12:09 am

JOLLIBEE FOODS Corp. (JFC) booked an attributable net income of P1.57 billion in the third quarter, a reversal of the P1.58-billion net loss it posted in the same period last year, on the back better earnings from its local operations as a result of its business transformation program, the company said in a disclosure on Tuesday.

JFC said the transformation program involves the closure of unprofitable stores, headcount reduction in stores that remain open, closure of four commissaries in the Philippines, and the downsizing of commissary operations, which began in April last year.

The company’s revenues amounted to P37.2 billion in the third quarter, up by 24.1% year on year from P29.97 billion on the back of higher sales. However, this was 13.8% lower than the company’s pre-pandemic topline of P43.18 billion in 2019.

System-wide sales from company-owned and franchised stores went up by 26.6% to P51.39 billion from P40.59 billion in the third quarter. However, this was 10.4% lower than its sales of P57.36 billion in the same period in 2019.

JFC’s same store sales in its Philippine business went up by 32.4% year on year, while sales from its international business rose 12.4%. Worldwide same store growth also improved by 23.6%.

“China grew by 2.9%, North America by 19.6%, [same store sales from] Europe [or] Middle East [and] other parts of Asia by 8.8%, and The Coffee Bean & Tea Leaf (CBTL) by 20.0%,” JFC said.

“SuperFoods declined by 53.1% primarily due to heightened restrictions imposed in Vietnam to prevent the spread of COVID-19 (coronavirus disease 2019),” it added.

The company’s operating income for the quarter amounted to P945 million, a reversal of its P3.35-billion loss in the previous year but 28.3% lower compared to the 2019 level.

For the first nine months, JFC booked an attributable net income of P2.7 billion, a reversal of the P13.54-billion loss it posted in the same period last year.

Jollibee’s topline for the January-to-September period rose 17.1% to P108.57 billion from last year’s P92.73 billion. However, it was 15% lower than the pre-pandemic or 2019 level.

System-wide sales for the first nine months improved by 18.4% to P149.69 billion from P126.42 billion.

JFC launched 249 new stores during the period, the majority or 67 of which were opened in China, 47 in the Philippines, 29 in North America, and 15 in Europe, Middle East, Asia, and Australia region. Meanwhile, SuperFoods opened 48 stores and CBTL launched 43.

Jollibee also opened its first store in Madrid, Spain in September, which is said to be its largest restaurant in Europe as it can accommodate 200 guests.

Meanwhile, the company closed 221 stores permanently in the third quarter — 158 abroad and 63 in the Philippines.

The listed fastfood giant has 17 brands under its belt operating in 34 countries through 5,853 stores, the majority or 3,202 of which are located in the Philippines and 2,651 are overseas.

On Tuesday, JFC’s wholly-owned subsidiary Jollibee Worldwide Pte Ltd. (JWPL) also announced that it has executed the tender offer for a portion of its $600-million guaranteed senior perpetual capital securities. On Nov. 3, the company said $203.5 million have already been validly tendered but not withdrawn, which is 33.9% of the outstanding principal amount.

The offer forms part of the company’s plans to strengthen its balance sheet. It was partially funded by the company’s recent 12 million preferred shares issuance.

Jollibee shares went up by 4.51% or P11.20 to close at P259.80 each on Tuesday. — Keren Concepcion G. Valmonte

Cebu Pacific operator’s net loss widens to P8.2 billion

November 10, 2021 | 12:08 am

CEBU AIR, Inc., the listed operator of budget carrier Cebu Pacific, saw its attributable net loss widen to P8.2 billion in the third quarter from a loss of P5.54 billion in the same period a year ago, mainly due to the impact of the global health crisis on its operations.

In its quarterly report released on Tuesday, the listed company said its total revenues for the period climbed 62% to P3.24 billion last quarter from P2 billion in the same period in 2020.

Passenger revenue rose to P1.31 billion in the third quarter from P379.19 million in the same period last year.

Cargo revenue for the quarter went up 9% to P1.45 billion from P1.33 billion previously, while ancillary revenue increased 63.4% to P484.10 million from P296.28 million in the comparable year-ago period.

However, expenses reached P9.4 billion, up 7.6% from P8.74 billion last year, resulting in an operating loss of P6.15 billion from P6.74 billion previously.

Attributable net loss for the first nine months widened to P21.99 billion from a loss of P14.69 billion in the same period last year.

The company’s January-to-September total revenues dropped 52.7% to P9.15 billion from P19.34 billion in the same period in 2020. Operating loss reached P18.84. billion from P13.72 billion last year.

As of Sept. 30, Cebu Air said its consolidated assets decreased to P128.40 billion from P128.46 billion as of Dec. 31 last year, mainly due to asset depreciation recognized during the period, which was offset by an increase in cash from the receipt of proceeds from the issuance of convertible preferred shares and convertible bonds.

“Equity decreased to P13.21 billion from P22.69 billion last year due to net losses incurred offset by the aforementioned issuance of preferred shares,” the firm noted.

The company expects that the global health crisis would have a material impact on its liquidity. However, it is “confident on its ability” to raise cash for liquidity needs even if there were unprecedented losses incurred as a result of an expected slow recovery from the crisis.

“The group remains in a strong balance sheet and equity position at the end of the period,” Cebu Air said.

At the same time, the company believes Cebu Pacific remains a “resilient airline” despite the adverse impact of the health crisis on its operations.

“The group is actively engaged in planning and executing various measures to mitigate the impact of the… pandemic on its business operations. These include negotiations with key suppliers on capital expenditure commitments and related cash flows, as well as with other suppliers and stakeholders as they impact the group’s cash flows,” the company said.

Cebu Air shares closed 2.79% higher at P49.75 apiece on Tuesday. — Arjay L. Balinbin

Painting while waiting for the journey home

November 10, 2021 | 12:07 am

2020_LD_Gawahon_1_12x16inches — LEIZEL DATOR paintings entitled Gawahon

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A GRAPHIC artist sought relief from lockdown stress by turning to paints and palette knives while waiting for a chance to finally go home. The result? A hometown exhibit filled with a riot of colors.

After 14 years of working in Singapore, Leizel Lacsao-Dator was finally going to Bacolod City in March 2020, having decided to settle in her hometown for good. However, COVID-19 (coronavirus disease 2019) struck and the world went into lockdown. She had to suspend her plans to come home for a year. Like most artists who had time on their hands while on lockdown, she turned to her canvases, paints, and palette knives.

Originally from Victoria City, Negros Occidental, she moved to Manila at the age of 16 to study and earned her bachelor’s degree in Fine Arts at the Far Eastern University (FEU) in 1999. She then pursued a career as a graphic artist, working for various companies in the capital, including BusinessWorld from 2004 to 2007. Spreading her wings, she moved to Singapore in 2007 and pursued a career as a senior graphic designer for an exhibition company. Her works were featured as part of the “PrintPack+Sign” 2019 exhibition at the Marina Bay Sands.

It was in Singapore that Ms. Lacsao-Dator revisited painting during her free time, first with watercolor and then transitioning to the use of palette knives in 2018.

“Using a palette knife is more challenging because it takes a lot of control and grip, especially if the subject is landscape with structures. Despite the difficulty, I pursued using it because of its texture that gives character to my pieces. Another reason is its uniqueness, and I was able to develop my signature style,” Ms. Lacsao-Dator told BusinessWorld through Messenger.

In 2019, she contacted The Good Art Gallery in Quezon City to show her paintings.

“I reached out to The Good Art Gallery through a private message. I showed my works to them. After checking the details, they posted my work on their social media platform. The first one sold right away,” Ms. Lacsao-Dator said. “Since then, I was able to gain patrons in Metro Manila through this gallery.”

When lockdown rules were finally relaxed, Ms. Lacsao-Dator returned to the Philippines in March this year. She did not waste any time looking for a place to show her work. Upon arrival in Bacolod, Ms. Lacsao-Dator visited that city’s Art District, a creative block of restaurants, bars, and art galleries including the Orange Project building.

“[In] July this year, I went to The Art District looking for a gallery that can help me showcase my works,” she said. “I went to Orange Project Gallery, and it just so happen that [visual artist and gallery’s co-founder] Charlie Co was there. I spoke to him for a while about my art pieces and showed him my coffee table book.

“[Mr. Co] asked me about the process of my works. I did mention to him my medium and the inspiration for it. He then introduced me to Mrs. Leah Divino-Samson, the President of the Art Association of Bacolod-Negros (AAB-N). After discussing my pieces with Mrs. Leah Divino-Samson, I decided to hold my first solo exhibit at AAB Gallery+Cafe.

“[The Good Art Gallery was] very supportive with my decision to do my first solo exhibition here [in Negros].”

“Art by LD” will open at the AAB Gallery + Café at the Art District in Bacolod City on Nov. 16. To be launched alongside the physical exhibit is her online platform, http://artbyld.com/.

The exhibit features 31 pieces ranging from Negros scenes, florals still lifes, landscapes, and seascapes. The Negros sites featured in her work include The Ruins, the Chapel of Cartwheels, and Punta Ballo beach. She also has scenes from Okinawa, Singapore, and Taiwan which were inspired by her travels.

“When I paint local sceneries, it’s nostalgic because it is part of my childhood,” she said. “For my florals, it’s all imagination,” she said. “When I do the florals, I don’t sketch. The image just flows.”

“Graphic design is work, but painting helps calm me down,” she said.

“Art by LD” will run until Dec. 7 at the AAB Gallery + Café at the Art District, Barangay Mandalagan, Bacolod City, Negros Occidental. Safety and health protocols to be observed. The artworks can also be viewed at http://artbyld.com/. For more information, and commission inquiries, visit the artist’s Instagram page at (@art_byld). — Michelle Anne P. Soliman

LBC Express to get up to P2B in fresh funding

November 10, 2021 | 12:07 am

LISTED LBC Express Holdings, Inc. announced on Tuesday that it is injecting an additional investment of up to P2 billion in its wholly-owned subsidiary, LBC Express, Inc., to refinance the latter’s maturing obligations and working capital requirements.

In a stock exchange filing, LBC Express Holdings said its board approved on Monday the additional investment by the company in its subsidiary.

“The terms of such additional investment, such as the number of shares to be issued by LBC Express, the issue price of such shares, and other terms and conditions, have not been finalized as of date,” LBC Express Holdings said.

The board delegated the authority to finalize the terms of the investment to the management of the company.

The working capital requirements of LBC Express, a courier and freight forwarding services provider, include payment of taxes and related costs and expenses, the company said.

“Such additional investment is expected to contribute to the continuous business operations of LBC Express,” it noted.

LBC Express is also a nonbank provider of domestic and inbound international remittance services in the Philippines.

LBC Express Holdings previously reported an attributable net income of P310.56 million for the first six months of the year, turning around from a loss of P501.73 million in the same period a year ago.

Revenues for the period went up 49.1% to P8.41 billion from P5.64 billion previously. Revenue improvement was mainly from the company’s logistics segment with overall growth of 52%.

“The increase in logistics revenue, both in domestic and overseas market, is driven by the improvement in sales performance of existing branches after the worldwide quarantine last year,” LBC Express Holdings said in a statement.

LBC Express Holdings closed unchanged at P20 apiece on Tuesday. — Arjay L. Balinbin

Dev’t of local diagnostics slowed by supply chain woes, regulations

November 10, 2021 | 12:06 am

By Patricia B. Mirasol

The coronavirus disease 2019 (COVID-19) pandemic has exposed the limitations of relying on a few global manufacturers for medical diagnostic exams, according to Médecins Sans Frontières (Doctors Without Borders).

In a recent webinar organized by the medical humanitarian organization, panelists confirmed that pre-pandemic efforts to create local networks and manufacturing capacities need to be realized.

“The reason why we’re developing local diagnostics is so we can bring them to the places that do need them,” said Ricardo Jose S. Guerrero, research fellow at Ateneo Research Institute for Science and Engineering, and engineering lead at Bayan Biomedical Research Group. “We need local production to increase our healthcare resilience.”

Several projects under the Department of Science and Technology’s Philippine Council for Health Research and Development are working toward this aim.

Among them are the microPCR (miPCR) device, a more affordable alternative to commercial qPCR (quantitative polymerase chain reaction) instruments, which paves the way for more testing laboratories; and the SWIFTeR molecular test, which seeks to remove the equipment and training overhead required for reverse transcription (RT)-qPCR testing.

Meanwhile, the Integrated Protein Research and Development Center, a facility that aims to open next year, will develop the technology required for the production of proteins used by the biomedical, agricultural, and food industries.

The proteins that will be produced in this facility, said Mr. Guerrero, make up a large bulk of the costs of COVID-19 kits.

“The local production of raw and semi-finished materials will reduce the costs of the final end products,” he said, noting that the savings from these could then be passed on to patients.

‘NO CLEAR PATHWAY’
There are three roadblocks to local diagnostics research and production, according to Mr. Guerrero: the procurement process and supply chain; medical device regulations; and intellectual property and interest.

A piece of equipment his team needed, for instance, took seven months to procure because there were no local suppliers. “If there were, then we could pivot faster, research faster,” he said. “This is something that was exacerbated by the pandemic, but it had always been there.”

Regulations pose a second challenge, since no implementing rules and regulations exist based on ASEAN’s MDD (medical device directive) for IVD (in-vitro diagnostics) devices. Medical devices are not IVDs, per Mr. Guerrero, and yet most COVID-19 tests and machines for point-of-care are.

Meanwhile, administrative orders (AO) issued by the Philippine Food and Drug Administration (FDA) — such as AO 2018-002 or Guidelines Governing the Issuance of an Authorization for a Medical Device — assume all medical devices are imported.

“There is no clear pathway on how devices created inside our universities can get to market,” Mr. Guerrero said.

To navigate these challenges, he proposed establishing a scientific supplier directory, and closer coordination between research funders and the FDA.

“How do we use research, funded by taxpayer money, to actually benefit taxpayers by bringing our technology to the healthcare system?” asked Mr. Guerrero. “This entails easier access to regulatory and certification expertise for academic researchers, because academic researchers … are not necessarily entrepreneurial nor good at supply chain and logistics.”

Repertory Philippines serves a Christmas cookie musical

November 10, 2021 | 12:06 am

CLASSIC chocolate chip cookies, sugar cookies with Christmas-themed icing, red velvet crinkles, and jam-filled cookies will fill households’ screens as Repertory Philippines returns with its first REP Theatre for Young Audiences (RTYA) production this holiday season. The Great Christmas Cookie Bake Off! musical will stream exclusively on Broadway On Demand on Nov. 12 to Dec. 12.

Prior to the lockdown last year, Rep was in the middle of its 2020 Season and still had Carousel and Snow White and the Prince in the lineup of shows. When theater company started planning for a comeback show, Artistic Director Liesl Batucan said that the team decided to save those shows for when live performances are allowed.

“[RTYA Creative Director Joy Virata] wanted to save that for live when all the kids could come back, and she decided to do something fresh and innovative and something that would put us on a global platform with Broadway On Demand,” Ms. Batucan said during an online press conference on Nov. 4.

Ms. Virata learned about the musical while exploring theatrical productions available online over the past year. She found the original musical on Broadway On Demand.

“I’m so absolutely non-techie,” Ms. Virata admitted. “But I learned about streaming… So, I did go online, and I found The Great Christmas Cookie Bake Off.”

“I liked it because the music was so great. And it was funny. It was about Christmas cooking and baking, and then all these nice feelings. So, I thought that would be just right. So, I shot it over to Mindy and Leisl who approved it.”

Rep President and CEO Mindy Perez-Rubio and Ms. Batucan then got in touch with the international streaming platform about the possibility of a partnership.

“This production has Rep becoming the first Philippine theater company to field a show for streaming on an international platform. We hope that this heralds the strong and solid comeback of Rep and theater in the country,” Ms. Perez-Rubio said.

THE COMPETITION AND COOKIE CHEFS
The Great Christmas Cookie Bake Off! follows eight young cookie chefs who have been selected from all over the country to compete at the Cookie Coliseum. The competition brings out intense rivalry and the play’s themes tackle family, charity, and forgiveness.

“I wrote the show just about a year ago when I felt like we needed a little bit of joy in our lives,” Broadway musical director Rick Hip-Flores said in a video. “I figured that the combination of Christmas and cookies and baking competitions and musical theater would be the perfect recipe for a truly joyful theatrical experience.”

The Rep production stars Becca Coates as Patty Mañosa, a sensitive soul who longs for her Grandma’s cookies; Tim Pavino as Javi Carreon, a video game buff who feels out of place in the kitchen; Jep Go as Gabe Gomez, a bully who is more than happy to bend the rules; Jillian Ita-as as the overachiever Anna Santos; Luigi Quesada plays culinary artiste Julian Zamora; Justine Narciso is Disney fan Amy Garcia; Steven Hotchkiss is science enthusiast Josh Bernardo; and Rachel Coates is social media fanatic Samantha Lopez.

Joining the cast are REP are Carla Guevara-Laforteza who is playing three roles in the show — the stylish Isabel Guevara; Anna’s helicopter mom; and Patty’s loving Grandma. Arnel Carrion has double roles as food industry mean guy Michael Holmes, and as Gabe’s dad, a bigwig TV executive who pushes his son to win at all cost. Jaime Wilson plays pop singer and celebrity guest judge Del Ray who has never baked; while Hans Eckstein completes the cast as Larry, the faithful host and announcer of the competition.

COOKING IT UP WITH TRIALS
The cast rehearsed via Zoom prior to a four-day shoot of the musical.

“All I can see were their faces,” Ms. Virata, who directed the play, said on the challenge of rehearsals over Zoom. “I had to imagine the blocking. The set made by Ed Lacson, I had in front of me, and I just imagined where they should go. I called it script blocking.

“The other thing that was difficult was the cooking. You can’t rehearse cooking with the ingredients and different baking utensils. They don’t really do it. but they had to look real,” she added.

Actor Tim Pavino, expressed his gratitude for the opportunity to return to performing after nearly two years.

“We were just standing or sitting or laying down on the stage, and we were just absorbing this space, even without an audience. We were just realizing how blessed we were and still are as performers,” said Mr. Pavino, whose most recent production with Rep was in the lead role of the musical Miong.

“We are thankful to Rep for giving us the opportunity to give our gifts back to the audiences that are waiting for this spiritual awakening in theater,” he added.

In the production team are set designer Ed Lacson, lighting designer John Batalla, costume designer Bonsai Cielo, and choreographer Deana Aquino. Multi-awarded director Treb Monteras leads the video production which was managed by Silver Media.

CONTINUING ARTS APPRECIATION FOR THE YOUNG
Despite not having a live audience of children, the mission of inculcating and instilling love for arts in children continues.

“Unfortunately, because of the situation, we cannot be doing busloads of kids like we used to at Onstage (Theater). However, we do have our network of sellers that are even now reaching out to their school contacts to watch us from the safety of their homes,” Ms. Batucan said.

“Safety protocols added to our cost but priority is safety. Theater is also, aside from being a creative endeavor, it’s also a business endeavor. So, we have to balance a lot of these,” she added. — Michelle Anne P. Soliman

The Great Christmas Cookie Bake Off! runs from Nov. 12 to Dec. 12 on Broadway On Demand. Ticket prices are P700 (24-hour access) and P1,000 (48-hour access). Broadway On Demand can be accessed via computer or mobile device through a web browser (Google Chrome is recommended for optimal streaming) or via tablet or smartphone through the Broadway On Demand app on the App Store and Google Play. It is also available on AppleTV and Roku. Book tickets through Broadway On Demand, TicketWorld, or Ticket2Me, or via the REP Box Office by calling 0966-905-4013. For updates, visit www.repertoryphilippines.ph. Educators and school representatives who are interested in the show can e-mail sales@repphil.org.

Petron books P4.99-billion profit in Jan.-Sept. as revenues improve

November 10, 2021 | 12:06 am

PETRON CORP. booked a P4.99-billion consolidated net income in the first nine months of the year, recovering from its P12.6-billion net loss in the same period in 2020 as its sales improved and as it reduced its costs.

“Efforts to reduce costs and yield more savings contributed to Petron’s continued financial recovery,” the company said in a disclosure to the stock exchange on Tuesday.

Petron said its performance improved as “its volume and revenues remained on the uptrend in the second and third quarters of the year despite the reimposition of mobility restrictions.”

“Despite external challenges, sustaining the financial resilience of the company has helped ensure that we have the means and the capacity to continue growing the business while providing our investors with the best returns. These include strategic investments in our service station expansion, refinery enhancements, and supply chain management. We are looking forward to ending 2021 in a much stronger and stable position than last year,” Petron President and Chief Executive Officer Ramon S. Ang said.

The company said its consolidated sales of 59.2 million barrels of oil from January to September was close to last year’s level of 59.5 million barrels.

Its sales of lubricants also grew by 28% for the third quarter, while its retail station volume increased by 9% and its petrochemical exports grew by 68% compared to last year.

Petron’s consolidated revenues from its operations in the Philippines and in Malaysia also rose by 35% to P291.57 billion from P216.43 billion last year as the global prices of oil continue to spike with Dubai’s crude oil breaching $75 per barrel.

In October, Petron listed P18 billion in fixed-rate bonds on the Philippine Dealing and Exchange Corp. Proceeds from the issuance will be used to refinance the company’s debts and to fund the construction of its new power plant in Bataan, which is expected to be operational starting next year.

Petron shares inched down 1.57% or six centavos to finish at P3.77 apiece on Tuesday. — B.A.D. Añago

COVID-19 pills are coming, but no substitute for vaccines, disease experts say

November 10, 2021 | 12:05 am

CHICAGO — Oral antiviral pills from Merck & Co. and Pfizer, Inc./BioNTech SE have been shown to significantly blunt the worst outcomes of coronavirus disease 2019 (COVID-19) if taken early enough, but doctors warn vaccine hesitant people not to confuse the benefit of the treatments with prevention afforded by vaccines.

While 72% of American adults have gotten a first shot of the vaccine, according to a Kaiser Family Foundation poll, the pace of vaccination has slowed, as political partisanship in the United States divides views on the value and safety of vaccines against the coronavirus.

Vaccine mandates by employers, states and the administration of US President Joseph R. Biden, Jr., have helped increase vaccinations but also fueled that controversy.

Some disease experts fear the arrival of oral COVID-19 treatments may further impede vaccination campaigns. Preliminary results of a survey of 3,000 US citizens by the City University of New York (CUNY) School of Public Health suggest the drugs could “hamper the effort to get people vaccinated,” said Scott Ratzan, an expert in health communication at CUNY, who led the research.

Mr. Ratzan said one out of every eight of those surveyed said they would rather get treated with a pill than be vaccinated. “That is a high number,” Mr. Ratzan said.

The concern follows news on Friday from Pfizer, maker of a leading COVID-19 vaccine, that its experimental antiviral pill Paxlovid cut the risk of hospitalization and death from the disease by 89% in high-risk adults.

Pfizer’s results followed news from Merck and partner Ridgeback Biotherapeutics on Oct. 1 that their oral antiviral drug cut hospitalization and death by half. That drug, known as molnupiravir, won conditional approval in the UK on Thursday. Both need clearance from US health regulators but could be on the market in December.

“By relying exclusively on an antiviral drug, it’s a bit of a roll of the dice in terms of how you will do. Clearly, it’s going to be better than nothing, but it’s a high-stakes game to play,” said Dr. Peter Hotez, a vaccine expert and professor of molecular virology and microbiology at Baylor College of Medicine.

Six infectious disease experts interviewed by Reuters were equally enthusiastic about the prospect of effective new treatments for COVID-19 and agreed they were no substitute for vaccines.

Even in the face of the highly transmissible Delta variant of the virus, the vaccines from Pfizer/BioNTech remain effective, cutting the risk of hospitalization by a combined 86.8%, according to a government study of US veterans.

They said some unvaccinated people have already relied on monoclonal antibodies — drugs that need to be delivered through intravenous IV infusions or injections — as a backstop in case they become infected.

“I think the Pfizer news is terrific news. It goes hand in hand with vaccination. It doesn’t replace it,” said Dr. Leana Wen, an emergency physician and public health professor at George Washington University and Baltimore’s former health commissioner.

Choosing not to get vaccinated “would be a tragic mistake,” said Albert Bourla, chief executive officer of Pfizer, Inc. “These are treatments. This is for the unfortunate who will get sick,” Mr. Bourla told Reuters in an interview on Friday. “This should not be a reason not to protect yourself and to put yourself, your household and society in danger.”

ANTIVIRAL CHALLENGES
One main reason not to rely on the new pills, the experts said, is that antiviral medications, which stop the virus from replicating in the body, must be given in a narrow window early in the disease because COVID-19 has different phases.

In the first phase, the virus rapidly replicates in the body. A lot of the worst effects of COVID-19, however, occur in the second phase, arising from a defective immune response that gets triggered by the replicating virus, said Dr. Celine Gounder, an infectious disease expert and the CEO and founder of Just Human Productions, a non-profit multimedia organization.

“Once you develop shortness of breath or other symptoms that would lead you to be hospitalized, you are in that dysfunctional immune phase where the antivirals are really not going to provide much benefit,” she said.

Dr. Hotez agreed. He said getting treated early enough could be challenging because the window when the virus transitions from the replication phase to the inflammatory phase is fluid.

“For some people, that will happen earlier; for some, later,” Dr. Hotez said.

Dr. Hotez said many people in the early phase of the illness feel surprisingly well and may be unaware that their oxygen levels are dropping, one of the first signs that the inflammatory phase of the disease has started.

“Oftentimes, you’re not going to realize that you’re getting sick until it’s too late,” he said. — Reuters