FEU to conduct virtual stockholders’ meet on October 16
The 2021 Annual Stockholders’ Meeting of Far Eastern University, Inc. (FEU) will be conducted virtually on October 16, 2021, at 3 p.m.
COVID’s economic cost to hit P41T
THE TOTAL ECONOMIC cost of the coronavirus pandemic and lockdowns may reach P41 trillion over the next four decades, the National Economic and Development Authority (NEDA) said.
The economy is now expected to return to the pre-pandemic growth trend after 10 years, as consumption and investments will likely remain sluggish, according to the NEDA presentation obtained by BusinessWorld.
Socioeconomic Planning Secretary Karl Kendrick T. Chua said the cost of the pandemic and quarantines on society is estimated to have reached P4.321 trillion in 2020. This is measured through the net present value (NPV) terms, or the difference between the present value of inflows against the value of outflows for a certain period of time.
The economic cost of the pandemic is estimated to rise by another P37.044 trillion over the next 10 to 40 years in NPV terms, mainly due to the projected heavy losses in private investments and human capital gains.
In a Viber message on Tuesday, Mr. Chua said the 40-year period is equivalent to the average working life of a Filipino from age 22 to 62. He said NEDA conducted the study for six months starting January.
Mr. Chua in his presentation said the size of the Philippine economy may have grown by 9.5% to P21.4 trillion in 2020 had the COVID-19 pandemic not occurred. However, due to the pandemic, the size of the economy shrank by 8.1% to P17.9 trillion last year from P19.5 trillion in 2019.
“Consumption and investment will be lower in the next 10 years due to lower demand in sectors that require social distancing (e.g., amusement, tourism, restaurants, public transportation). Consequently, tax revenues will be lower,” Mr. Chua said in the presentation.
“After the 10th year, the economy is expected to converge to the pre-pandemic growth path,” he added.
Losses in private investments would have the biggest impact on present and future generations, followed by unrealized human capital investment gains and weak consumption, according to NEDA estimates.
“Foregone consumption and investments in 2020 will result in lower capital accumulation in the future… (This) will result in lower financial returns and lower economic benefits for the people,” NEDA said.
It attributed the decline in consumption and investments to social distancing rules, lackluster business and consumer confidence and rules that prevent children from going out.
The economy may miss out on P25.8 trillion in consumption, investments and returns over the next four decades, after already losing P3.92 trillion in 2020 due to the strict lockdowns. Foregone investments and returns alone would reach P21.33 trillion in 40 years.
“It may take 10 years to reach pre-COVID-19 trajectory,” Mr. Chua said.
Foregone tax revenues for the government could hit P1.206 trillion in a decade as it collects less income taxes from pandemic-hit companies and individuals and less sales taxes. In 2020 alone, foregone tax revenues reached P782 billion.
The Philippine economy also stands to lose heavily due to the severe impact of COVID-19 pandemic on human capital investments, particularly on education and the health sector.
NEDA estimated foregone income from human capital investment and returns could reach P15.528 trillion in NPV terms over the long run.
Two-thirds of the projected losses are mainly from the impact on the education sector. The Philippines has not allowed in-person classes since March 2020, although the government has approved a pilot test for face-to-face classes in low-risk areas.
“The estimated cost of face-to-face school closure is P11 trillion in lost wages over a 40-year period,” Mr. Chua said.
NEDA noted the estimated cost of COVID-19 and non-COVID-19 diseases will reach P4.5 trillion over a 40-year period. This includes foregone wages from premature deaths, lost productivity due to illnesses and additional medical expenses.
“Life expectancy in the Philippines before COVID-19 ranged from 71 years for males and 77 for females. This could be 1-4 years shorter based on international estimates… This results in forgone wages due to early deaths,” Mr. Chua said.
He said the health crisis may lead to lower productivity for the population as many people who recovered from COVID-19 still experience related health complications such as brain fog, weakness and respiratory damage, while some cannot still return to work in their full capacity due to the lack of treatment from other diseases.
The Philippines saw its steepest economic downturn in 2020, with gross domestic product contracting by 9.6%.
The economic team earlier slashed its growth target for 2021 to 4-5% from 6-7% amid strict lockdowns to curb a Delta-driven surge in COVID-19 cases.
Economists have warned of the possible “long-term economic scarring” for the Philippines if the crisis drags on. — Beatrice M. Laforga
PHL slips in global innovation report
THE PHILIPPINES slipped one spot to 51st place out of 132 economies on an annual list that measures innovation performance after the country’s information technology (IT) infrastructure scores sank.
The country’s performance in the Global Innovation Index (GII) 2021 had previously been improving drastically.
The index, which is prepared by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO), showed the Philippines reached its highest rank so far last year after it broke into the top 50. In 2019, the Philippines jumped 19 spots to 54th.
The index measures seven innovation pillars, in which the Philippines dropped 23 spots to 86 in the infrastructure category this year, after losing points in information and communications technology access and use, along with government online service and e-participation.
The Philippines improved its institutions ranking by one spot at 90th and improved under human capital and research (80th) along with knowledge and technology outputs (24th). The country retained its market sophistication rank at 86th.
However, its business sophistication (33rd) and creative outputs (65th) rankings also slipped this year.
Among the sub-pillars, the Philippines was strong in trade, diversification and market scale as well as both knowledge diffusion and absorption, which are measured in high-tech and ICT services exports and imports. The country’s lowest sub-pillar rankings include regulatory environment, general infrastructure, credit, and investment.
Science and Technology Secretary Fortunato T. de la Peña at a briefing on Tuesday said that he is hoping for the passage of the Science for Change Program (S4CP) bill, which backs research and development, to help improve the country’s ranking.
“We need to have policies to strengthen the pillars that we are weak in, namely investments. No matter how efficient we are in transforming our limited resources to Knowledge and Technology Outputs, there are limits if we still need more inputs,” he said.
According to the report, the Philippines is one of several middle-income economies that are “changing the innovation landscape,” naming the country an innovation achiever for the third straight year.
“Although it’s one position back, the high-level news we sent regards to the Philippines is extremely positive. Let’s make sure it’s not minus 5 or 10 slots next year,” WIPO Economics and Statistics Head Sacha Wunsch-Vincent said.
The Intellectual Property Office of the Philippines (IPOPHL) in a statement said a multi-sectoral task force should address the country’s innovation weak spots.
“We might not only reverse our GII ranking but also push the country further into an innovation frontier,” IPOPHL Director-General Rowel S. Barba said. — Jenina P. Ibañez with inputs from Brontë H. Lacsamana
BSP regulations to support post-pandemic economy, Diokno says
THE BANGKO SENTRAL ng Pilipinas (BSP) said it will continue supporting the post-pandemic economy through enabling regulations that will encourage investments and infrastructure projects.
“On the part of the BSP, we support investment promotion through a regulatory environment that is welcoming to foreign investors and technological innovation,” BSP Governor Benjamin E. Diokno said in a speech for an event organized by London-based think tank Official Monetary and Financial Institutions Forum.
Central bank officials have said their sandbox approach to regulating digital financial firms allows them to be more flexible and open, rather than stifling potential players.
This is reflected in the BSP’s approval of three digital bank licenses to foreign entities — including Tonik Digital Bank, Inc. (Philippines) and UNObank which both have Singapore-headquartered parent units, and GoTyme which jointly is owned by the Gokongwei Group and Singapore fintech firm Tyme.
Mr. Diokno said government policies that will further liberalize the economy will also be key to making the Philippines “more investor-friendly” in a post-pandemic world.
These include the country’s participation in the Regional Comprehensive Economic Partnership (RCEP) among select Asia-Pacific economies and tax reforms like the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.
The Philippines signed the RCEP in November together with 14 other economies in the Asia-Pacific. The deal builds on existing bilateral and multilateral agreements in the region and also simplifies the rules related to identifying products that are “made” in a particular country.
Meanwhile, Republic Act 11534 or the CREATE law took effect this year. It streamlines tax incentives for businesses and immediately slashed the corporate income tax to 25% from 30%.
Mr. Diokno said the BSP will also back the infrastructure push that is seen to help the post-pandemic economy.
“The BSP is contributing to infrastructure development through regulatory measures such as by increasing the single borrower’s limit (SBL) as well as deepening of the capital market that makes it easier for infrastructure companies to finance projects,” he said.
In December last year, the BSP said it will waive sanctions for foreign bank branches that will breach the SBL until end-2021. This was done in a move to diversify credit exposures specifically for funding big-ticket projects.
The Monetary Board in 2018 also approved a separate SBL for special purpose entities that take part in implementing major infrastructure projects of the government.
The central bank chief said regulations and programs that provide accessible credit for small businesses are also expected to support recovery. This is complemented by financial literacy programs done related to savings and investments, he added.
The BSP is developing a credit risk database together with the Japan International Cooperation Agency that is aimed to help financial institutions for their lending decisions to micro-, small-, and medium-sized enterprises.
“Looking ahead, we do not aim to simply regain the economic losses from the pandemic. We aspire for a ‘post-COVID-19 Philippine economy’ that is stronger and more resilient, more technologically advanced, and more inclusive than ever before,” Mr. Diokno said. — L.W.T.Noble
Job creation program delayed by lockdowns —ECoP
By Jenina P. Ibañez, Reporter
THE PRIVATE SECTOR’S job creation program will likely be delayed due to the reimposition of strict lockdowns, although the year-end target has been retained.
Private sector groups such as the Employers Confederation of the Philippines (ECoP) in partnership with the government in June pledged to create a million jobs by the end of 2021.
The businesses said they would help identify job vacancies for unemployed Filipinos and make recommendations to the government’s employment recovery task force.
ECoP President Sergio R. Ortiz-Luis, Jr. said in a mobile message on Saturday that the recent lockdowns in Metro Manila delayed the project implementation by a month, although the one million full-year goal will stay.
“We are doubling efforts to make up for (the delay),” he said.
Unemployment soared last year as lockdown restrictions were put in place to contain the coronavirus disease 2019 (COVID-19) outbreak, with the jobless rate hitting a record 17.6% in April 2020.
The unemployment rate has since eased to 6.9%, translating to three million jobless Filipinos, in July this year.
The government’s National Employment Recovery Strategy (NERS) task force said it would assist private sector efforts by providing worker profiles for job vacancy referrals, promote alternative work arrangements, train workers, and help facilitate vaccination for qualified workers.
President Rodrigo R. Duterte in June signed the executive order creating the task force to implement the government’s employment recovery plans until 2022.
Business groups and trade unions last month said they need to be able to participate at the working-group level in the job recovery plan, asking the task force to have more dialogue with them.
PAL seeks local recognition of Chapter 11 rulings
By Arjay L. Balinbin, Senior Reporter
PHILIPPINE Airlines, Inc. (PAL) said on Tuesday that it has filed a petition before a Pasay City court seeking recognition of the proceedings and decisions of a United States bankruptcy court hearing its Chapter 11 case.
“The recognition petition filed by PAL before a local court is a petition which aims to ensure that the Philippine legal system recognizes all proceedings and decisions rendered by the foreign court handling the Chapter 11 case,” PAL Spokesperson Cielo C. Villaluna said in a statement sent to BusinessWorld.
“This was filed before a Pasay City court yesterday, Sept. 20,” she added.
PAL filed a voluntary petition for relief under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York on Sept. 3.
The proceedings are supervised by Judge Shelley C. Chapman under Case No. 21-11569.
PAL has said that the bankruptcy protection filing will allow it to “successfully restructure and reorganize its finances to navigate the COVID-19 (coronavirus disease 2019) crisis and emerge as a leaner and better-capitalized airline.”
The “first day motions” hearing took place on Sept. 9. PAL won the court’s approval to access the first $20 million of its debtor-in-possession financing totaling $505 million.
The court also authorized the airline to pay “ongoing suppliers and trade creditors in the ordinary course for goods and services delivered throughout the Chapter 11 process,” PAL said.
It likewise received authorization to “continue to pay all employee wages, compensation and benefit obligations, subject to the continuation of any temporary work arrangements as necessary and maintain employee benefit programs in the ordinary course of business throughout the Chapter 11 process.”
The second hearing has been set for Sept. 30. Eight motions pertaining to its customer programs, insurance, taxes, derivative contracts, employee wages, cash management, critical and foreign vendors, and financing will be heard “on a final basis.”
PAL’s restructuring support agreements motions will also be heard on Sept. 30.
PAL Chief Financial Officer Nilo Thaddeus P. Rodriguez has said that the airline expects to exit its recovery phase by 2022, with operating activities seen to “generate more consistent positive monthly cash flow.”
PAL expects an operating income of $220 million next year and $364 million in 2023.
The airline plans to exit unprofitable markets and selectively increase regional capacity in targeted growth markets.
It intends to consolidate capacity in the West Coast gateways and cancel certain ultra-long-haul flights.
Globe, Smart top global 5G gaming ‘uplift’
GLOBE Telecom, Inc. and Smart Communications, Inc. have seen a significant boost in global scores for their fifth-generation (5G) games and video experience scores when compared to their scores on the fourth-generation (4G) network, latest data from mobile analytics company Opensignal showed.
In Opensignal’s global survey of top 30 mobile operators, Globe and Smart, the wireless arm of PLDT, Inc., came in first and second for overall 5G gaming experience improvement over 4G, with scores of 65.2% and 42.2%, respectively. TrueMove H of Thailand received a score of 37.1%, coming in third place.
Released on Monday, Opensignal’s “5G Global Impact” report recognized the top 30 operators with the “greatest uplift” on four measures of mobile network experience: download speed experience, upload speed experience, video experience, and games experience.
Globe and Smart had 5G video experience scores of 32.8% and 23.4%, respectively, placing them second and third, respectively, over their 4G video experience scores. The AIS of Thailand scored 36.6% and took first place.
“This highlights the impressive improvements in their mobile experience that Filipino users see when upgrading to the latest generation of mobile technology,” Opensignal said.
In terms of the 5G video experience that uses a combination of real-world measurements of video streams from smartphone users over an operator’s 5G network — including picture quality, stall rate and loading time — to reflect users’ perceived video experience using an International Telecommunication Union (ITU) derived approach, Smart is a “global leader” with its score of 81.6 points out of 100.
“Both Globe and Smart… [were] in the top 30 for all four measures of 5G Global Impact — the percentage improvement in the download speeds, upload speeds, games experience and video experience observed by Opensignal’s users on an operator’s 5G network compared to that seen on its 4G network,” the mobile analytics company noted.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin
Metrobank Art Awards: Of difficult realities and messages of hope
AFTER more than a year of staying inside while watching the world fight through a pandemic, Filipino artists found inspiration to express the struggle of the Filipino, their awakening to painful realities, and despite the bleakness, a sense of hope. All these and more found their way into the winning entries of the Metrobank Art & Design Excellence (MADE).
The Metrobank Foundation, Inc. (MBFI) recognized the MADE awardees through an online awarding ceremony and exhibit opening held on Sept. 16.
Now on its 37th year and held for the first time online, the competition carried the theme: “Spectrum: The Art of Possibilities,” focusing on the artists’ “expansive realm of creativity and transpose[ing] their spectrum of ideas into works that mirror the human experience and reshape the world anew.”
Established in 1984 by the late Metrobank Group founder and chairman Dr. George Ty Siao Kian, MADE has served as a platform for discovery of creative visionaries. To date, more than 400 visual artists and design professionals have been MADE awardees, including such top talent as Elmer Borlongan, Mark Justiniani, Jan Leeroy New, Alfredo Esquillo, Andres Barrioquinto, Yeo Kaa, and Cedrick dela Paz.
“MADE truly goes beyond being a competition. It has evolved into a platform for discovery and dialogue among emerging and established artists. This year’s MADE awardees dare to share their thoughts and emotions and produce art that reflect our collective plight. Their works are direct responses to the crisis and uncertainties that we face,” said MBFI president Aniceto Sobrepeña in his opening remarks.
“The hundreds of entries submitted across the country are a testament to our local artists’ passion to create. They convey visually, the heartbeat of our people facing a global disease, the fears, the anger, the sadness and loss, but also the hope, the courage, and the tenacity to fight this enemy with kindness, generosity, and compassion.”
THE WINNING ARTWORKS
This year, MADE received the highest number of entries in the last 10 years — 701 — with 564 entries for the Oil/ Acrylic on Canvas category; 77 entries for the Water Media on Paper category; and 60 entries for the Sculpture Recognition Program.
Of these, eight painters and sculptors emerged as this year’s MADE awardees.
Ariosto Dale Bagtas’ Between Heaven and Earth won the Oil/Acrylic on Canvas category. In a video presentation during the awarding ceremony, the painting was described as showing that “even in darkness, there is light and in the midst of crisis is the unwavering hope for a better tomorrow.”
Lymuel Bautista’s Haunting Wail of Chaos won the Watermedia on Paper category. The painting, which is shaped like corrugated metal roofing sheet, gives a commentary on the ills that plague the Filipino people.
“In these times, we need to understand what is happening. We often forget who the real enemy is. We are under one roof, and we need to be like a family, not biting each other,” Mr. Bautista said in Filipino.
Kathleen Sareena Dagum’s Bungkag won for the Sculpture category. The wooden sculpture Bungkag (a Cebuano term which means “to demolish”) depicts “systemic oppression and a struggle for freedom.”
Ms. Dagum finished the piece while in isolation for 14 days of quarantine after coming home to her family in the province from Manila where she works.
She explained that the wooden figures seated on a swing shows the “struggle in a system where opportunities are given to a chosen few.”
“I hope my piece enlightens and shows audiences what the reality in our country is,” Ms. Dagum said in a mix of English and Filipino.
The grand prize awardees received cash prizes of P500,000.
Special Citations were conferred to Clark Manalo’s Uncensored Fallacy of Faith (Oil/Acrylic); Mark Laza’s Binyag sa Landas-apoy (Oil/Acrylic); Crispo Matiquilla’s Lucas 21:11 (Watermedia on Paper) for the Painting Recognition Program. Tyrone Dave Espinosa’s Nakakabinging Katahimikan and Carlo De Laza’s Isang Pangarap ang Managinip were conferred Special Citations for the Sculpture Recognition Program. Each of them received a cash prize of P100,000.
All the awardees received the Mula glass trophy designed by 2009 Metrobank Prize for Achievement in Sculpture (MPAS) awardee Noell El Farol.
The Board of Judges was chaired by painter, installation artist, art educator, and sculptor Toym Imao. Members of the board included Art Fair Philippines co-founder Dindin Araneta; product designer and metal sculptor Daniel de la Cruz; Cultural Center of the Philippines Visual Arts and Museum Division officer-in-charge Rica Estrada; intermedia artist Mark Salvatus; and interdisciplinary artist Josephine Turalba. The late visual artist Leo Abaya also served as a member of the board of jurors until his passing in May.
“This year’s selection does not disappoint in the array of styles and themes depicted. We see paintings that show sophisticated use of color and works that require a high degree of technical skill. Figurative works still dominate much of the selection, as do works that present social plights and the harsh realities of daily life,” said competition juror Rica Estrada in her curator’s note.
“The paintings and sculptures speak of anxieties, loss of livelihood, worries about the future, depression, stress, difficult home situations, and the act of keeping afloat,” she added.
Through a year-long social media campaign dubbed as #SpectrumMADE2021, MADE has also implemented a series of online activities to bring the art experience and art education to its stakeholders amidst the pandemic. Culminating this year’s campaign is a webinar on “The Creative Industries for Social Impact,” which will be held on Sept. 25 on the official MADE Facebook page.
To view the virtual exhibit of the winning artworks and other entries, visit https://www.madeartdepot.ph/virtual-exhibit. — Michelle Anne P. Soliman
Nacional spends P200 million for memorial services center
NACIONAL Chapels and Crematory has launched a P200-million center for memorial services in its Quezon City location.
The five-story center houses 15 chapels, nine of which have family rooms with a bedroom, dining area, and bathroom.
The center also has viewing rooms for cremation and other memorial services, along with lounges and non-denominational incense rooms.
“For these important undertakings, the new Nacional has been fitted with modern technology through a suite of new state-of-the-art equipment,” Nacional said in a press release on Tuesday.
“The Nacional redevelopment project is one of the biggest undertakings in the memorial services industry in the last ten years. It started in 2018 and took three years to complete.”
The P200-million budget covered all the renovation work done at the Araneta Avenue memorial chapels.
Formerly known as Nacional Memorial Homes, the chapels and crematory center is now managed by Rosehills Memorial Management Philippines, Inc., which also runs The Chapels at Heritage Park in Taguig City.
“Careful planning and robust investment came into achieving our goal of giving Filipino families a modern facility they can enjoy for their memorial needs without putting a strain on their financial resources,” Rosehills President Lia L. Enriquez said. — Jenina P. Ibañez
Vaccine hesitancy still a ‘major challenge,’ experts say
From Dengvaxia to Gising Maharlika
By Brontë H. Lacsamana
COMPLACENCY against the coronavirus, vaccine inequity, and doubts about whether vaccines work contribute to vaccine hesitancy — which has reduced over time in the Philippines but still should not be underestimated — said infectious disease experts at a webinar in September.
“Over the last year or so, we’ve seen improvement in trust,” said Tikki E. Pangestu, a visiting professor at the National University of Singapore’s (NUS) School of Medicine and co-chair of the Asia Pacific Immunization Coalition.
Dr. Lulu C. Bravo, professor emeritus of pediatric infectious and tropical diseases at the University of the Philippines Manila (UPM), noted that vaccine hesitancy decreased in the past year, citing a Social Weather Stations survey in June that found around 45% of Filipinos were willing to get vaccinated, an increase from 30% in May.
Despite this improvement, vaccine hesitancy — defined by the World Health Organization as the reluctance or refusal to vaccinate despite the availability of vaccine services — once again showed itself in Metro Manila, where anti-vax group Gising Maharlika protested against the government’s coronavirus vaccination program.
“Holding protest actions to insist on what you believe in does not make it right. It is but plain and simple acts of defiance and irresponsibility because you are putting our personnel and other civilian population at risk of being infected,” said Philippine National Police Chief Police General Guillermo Lorenzo T. Eleazar in a statement on Sunday, referring to how the group defied quarantine protocols during the protest.
Commenting on similar anti-vax movements, Mr. Pangestu said: “Vaccine hesitancy is the major challenge in achieving wide vaccine coverage globally, exacerbated by an abundance of misinformation, fake news, propaganda, and conspiracy theories.”
‘MISTRUST AND FEAR’
Vaccine hesitancy has a long-term narrative in the Philippines, according to a study by Vincen Gregory Yu, Gideon Lasco, and Clarissa C. David published this July.
The study, funded by the Department of Science and Technology (DoST), found through focus group discussions and interviews that there was “widespread mistrust and fear in communities toward both the state and health institutions following the Dengvaxia controversy in 2017,” when side effects from Sanofi Pasteur’s anti-dengue vaccine were magnified by media coverage.
This mistrust and fear were not exclusive to Dengue vaccines but applied to health programs in general, according to the study.
“Though it’s not conclusive to say that the fear and hesitancy caused by the Dengvaxia debacle remained in the psyche of Filipinos, affecting the reception of coronavirus vaccines during this pandemic, there may be reason to think so,” the study said.
Both civilian and healthcare worker participants also shared that people eventually felt the need for vaccinations again as time passed, with a measles outbreak in 2019 being a turning point.
This was echoed by UPM’s Dr. Bravo at the September webinar, where she shared from experience that the rollout of coronavirus vaccines reduced vaccine hesitancy.
To move forward, NUS’s Mr. Pangestu recommended continuous information and education campaigns: “Vaccine hesitancy is a spectrum. The group in the middle is hesitant. Ultimately, they will refuse, delay, or eventually accept — that’s the group we need to focus on.”
The DoST-funded study also pointed out the need for “responsible journalism, well-calibrated crisis communications, and a people-centered health paradigm.” — with Patricia B. Mirasol
Ateneo Art Awards goes biennial
AFTER a one-year hiatus, the Ateneo Art Gallery (AAG) announced the winners for the 17th season of Ateneo Art Awards (AAA) on Sept. 15 via Facebook live.
With the cancellation of the AAA program in 2020 due to the pandemic, this year marks the start of the visual art prize adopting a biennial schedule.
Nice Buenaventura, Christina Lopez, and Jo Tanierla emerged as the winners for the 2021 Ateneo Art Awards – Fernando Zóbel Prizes for Visual Art.
The three were selected from a shortlist of 12 artists by seven jurors after the final deliberations were held online in August.
Ms. Buenaventura won for her solo exhibition titled “Fools will copy but copies will not fool.” The exhibit was held at Artinformal Makati from June 1 to 29, 2019. In the show, Ms. Buenaventura attempted to mimic print failures using charcoal and oil in the same spirit as how a printer produces unfaithful copies.
The power of artificial intelligence and the weaponization of identities are timely concepts that gained Christina Lopez her very first Ateneo Art Awards recognition. Her show, “Portraits (Proxies)” was held from March 7 to 31, 2020 at The Drawing Room in Makati. The exhibit was cut short following the temporary closure of local galleries and museums because of the COVID-19 (coronavirus disease 2019) lockdown. In what was her first solo exhibition, Ms. Lopez reflected about her own paranoia over surveillance by rendering portraits of people who don’t exist using a dataset that consists of over 500 profile pictures of paid trolls in the Philippines.
Jo Tanierla emerged as a winner for his show, “Pagburo at Pag-alsa: Natural Depictions and Illustrated Prophecies (Gelacio, 1910).” It was his first solo exhibition. Held from Oct. 20 to Dec. 12, 2020 at the Jorge B. Vargas Museum & Filipiniana Research Center in UP Diliman, “Pagburo at Pag-alsa” is a historical fiction set in 1910 Luzon about the journey of Gelacio and Manta-tio from Malagonlong bridge in Tayabas to Pamitinan cave in Montalban. Through illustrated prophecies and journal entries, the project was Mr. Tanierla’s response to fascism and its imperialist origins.
Meanwhile, Eugeniu Rotaru, Chargé d affaires of the Embassy of Italy in Manila, announced that Brisa Amir was the recipient of the 2021 Ateneo Art Awards – Embassy of Italy Purchase Prize. Ms. Amir was shortlisted for her exhibit, “Untitled Blankets,” held at Artinformal Makati from Oct. 19 to Nov. 16, 2019. In the show, Ms. Amir presented her poetic approach to makeshift shelters and homemaking, using paper and textile to explore the ever-changing landscape of her birthplace and community in Krus na Ligas, Quezon City.
For the 2021 Ateneo Art Awards – Purita Kalaw-Ledesma Prizes in Art Criticism (PKL), Carla T. Gamalinda and Portia Placino were declared winners from the six shortlisted writers in the English category, while Jaffy V. Fajardo was declared as winner among three shortlisted writers in the Filipino category. The final selection was made by the three PKL publication partners along with other jurors last July.
The recipient of the Purita-Kalaw Ledesma Prize – The Philippine Star is Ms. Gamalinda for her essay, Art and the inevitable crisis of the screens. Ms. Gamalinda will be contributing to The Philippine Star’s Arts & Culture section twice a month for a year. Meanwhile, Portia Placino took the Purita-Kalaw Ledesma Prize – ArtAsiaPacific for her essay, Forging on by the Mountainside. She will be writing six articles over a year for the bi-monthly publication.
This year’s competition also saw the collaboration with a new publication partner, the Katipunan Journal. The recipient of the Purita-Kalaw Ledesma Prize – Katipunan Journal was awarded to Jaffy V. Fajardo for his entry titled, “Nandiyan lang kultura at mga sining.” Mr. Fajardo will be contributing two articles to the bi-annual research publication. In addition, his winning essay will also be published in The Philippine Star.
A new incentive for the PKL Prizes was also introduced this year. The AAG and Kalaw-Ledesma Foundation Inc. (KLFI) partnered with Orange Project in Bacolod to grant a month-long writer’s residency to one of the winning writers. Ms. Placino was selected by Orange Project to be given the opportunity to immerse and interact with local art communities in the Visayas through talks, workshops, and conversational exchanges.
Due to current quarantine restrictions, the Ateneo Art Gallery has deferred the annual physical exhibition featuring the 12 shortlisted exhibits for the Fernando Zóbel Prizes for Visual Art. In place of an onsite show, the AAG will release online a series of video features about the exhibits through its social media accounts and website. Meanwhile, the nine shortlisted essays are posted on the Vital Points: Essays from the Purita Kalaw-Ledesma Prizes in Art Criticism microsite. To read the essays, visit pkl.ateneoartgallery.com.
Apollo Global acquires 49% stake in Singaporean firm
LISTED holding firm Apollo Global Capital, Inc. has acquired a 49% stake in Poet Blue Ocean Offshore Services Pte. Ltd. (PBO), a Singaporean engineering firm that owns an offshore mining vessel.
The firm said in a stock exchange disclosure on Tuesday that its board of directors approved the execution of an instrument of transfer of shares that covers Apollo Global’s acquisition of the PBO stake.
Apollo Global said PBO is a special purpose vehicle that was registered in Singapore on April 21, 2017 to own the deep-sea siphon mining vessel, MB Siphon 1, which is its only asset.
“The transaction is consistent with the use of proceeds in Apollo Global’s recently completed follow-on offering, where the company committed to use the net proceeds from the offer primarily to buy a 49% stake in PBO, the owner of MB Siphon I vessel, which will be used for the offshore mining activities of Apollo Global subsidiary, JDVC Resources Corp.,” it said.
According to Apollo Global, the transaction amounted to P711.98 million, which consisted of 490,000 shares at a price of P1,453.022 per share.
“The amount of consideration is based on the valuation of the MB Siphon I Vessel by Cuervo Appraisers, Inc. The total consideration for the purchase of 49% of the PBO constitutes 49% of the appraised value of the MB siphon vessel of P1,453,022,000,” the company said.
Apollo Global expects to have two sources of revenues after the acquisition, which comprise of 90.47% royalties from JDVC and 49% of the charter fees to be earned by PBO.
“The two sources of revenues of Apollo Global and JDVC are expected to be sufficient in satisfying the cash requirements of the group and no further fund-raising is expected in the coming year,” it said.
Based on previous disclosures, Apollo Global said PBO is a Singaporean firm that is engaged in engineering design and consultancy services supporting mining, oil, and gas extraction, and offshore exploration activities.
Apollo Global recently concluded its follow-on offering, which raised P988 million from the sale of P12.35 billion shares at eight centavos apiece.
Based on its prospectus dated Aug. 13, Apollo Global said the offshore mining project is located off the town of Gonzaga, Cagayan. It will involve the extraction of magnetite ore sand and is the Philippines’ first large-scale offshore mining project.
Apollo Global said MB Siphon I is estimated to begin operations on or before April 30, 2022 if the weather allows and after all necessary offshore mining protection gears and environmental protection equipment are procured. — Revin Mikhael D. Ochave