Arts & Culture (06/01/22)

June 1, 2022 | 12:04 am

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The musical We Will Rock You comes to Manila

THE MUSICAL We Will Rock You will be coming to Manila on Oct. 27 to Nov. 20, with performances at the newly constructed Samsung Performing Arts Theater in Circuit Makati. The new reimagined production is directed and choreographed by Olivier Award nominee Nick Winston. We Will Rock You follows two revolutionaries as they try to save rock ‘n’ roll in a post-apocalyptic world. In an age where algorithms predict our every preference, We Will Rock You is a fist-pumping, foot-stomping anthem to individuality. “The original production has been seen by over 16 million people worldwide. We can’t think of a better title to come back with after such a long intermission — and there is no better place to launch the show than the Philippines. We know Filipino audiences love Queen and Queen music,” GMG Productions CEO and We Will Rock You producer Carlos Candal said in a statement. The production features 24 of Queen’s biggest hits, including “Under Pressure,” “We Are the Champions,” “Radio Ga Ga,” “Bohemian Rhapsody,” “Another One Bites the Dust,” and “We Will Rock You.” We Will Rock You is produced by Selladoor Worldwide, Carlos Candal, Gavin Kalin Productions, Limelight Productions and ShowTime Management South Africa. GMG newsletter subscribers get to enjoy exclusive offers available on June 1 (visit the website www.gmg-productions.com/manila). The Three-Price-Tuesdays offers theater goers a single price per level of the new Samsung Performing Arts Theater. Ticket prices will be from P1,800 with a special ticket offer for Tuesdays at P1,000. Tickets go on sale on June 6 at ticketworld.com.ph or 8891-9999.

The M pays tribute to National Artist Larry Alcala

AT THE HEIGHT of his career, Larry Alcala was part of every Filipino’s life with his slice-of-life cartoons. The common and endearing subjects and scenes portrayed by Alcala are a fitting celebration and offering for National Heritage Month, with its theme “Pamanang Lokal: Binhi ng Kulturang Pilipino.” The exhibit “Larry Alcala: Slices of Life, Wit, and Humor” opened at the SMX Convention Center Aura in Bonifacio Global City, Taguig on May 31. The exhibition features a collection of archival reproductions of Alcala’s works alongside works in drawing, print, and digital media of selected artists influenced by Larry Alcala, including members of the organization Ang Illustrador Ng Kabataan (INK), which thrives to this day. The exhibition at the SMX Aura is complemented by the M’s education and public programs from June to July: an M Collab participatory project, inviting 18- to 25-year-old participants to share “à la Alcala” digital art contributions online. An online conversation, M Art Inspires on June 4 will feature insights and stories from illustrator and UP Professor Ruben “Totet” de Jesus, visual artist-illustrator Aldy Aguirre, and writer-speaker Carl Javier. At the end of June, young artists will be invited to join the M Online Studio Studies, storytelling through comics and illustration workshop with visual artist-cartoonist Manix Abrera. “Larry Alcala: Slices of Life, Wit, and Humor” will be on view until June 6 at Function Hall 1, SMX Convention Center Aura, SM Aura Premier, Bonifacio Global City, Taguig. For more information, send an e-mail to info@metmuseum.ph.

ArtistSpace presents Katrina Cuenca’s solo exhibit

“THROUGH The Looking Glass,” a solo exhibition of works by Katrina Cuenca is ongoing until June 13 at the Ayala Museum’s ArtistSpace. The multi-sensorial show, organized by Pinto Art Museum, highlights the artist’s commitment not to describing the world, but to creating an alternate magical realm to it. While referencing Lewis Carroll’s literary masterpiece, Through the Looking Glass provides a subtler introduction to phantasmagoria in which the viewer, just like Alice, may frolic and take everything in: sculptural biomorphic forms appearing to waver and undulate, paintings responding to light in a multiplicity of ways, flashes of projection swimming onto the gallery walls, and a scent in the air evoking a memory of a garden full of flowers as soft music plays in the background. By tapping all the senses of the viewer, Cuenca envisions a portal that is both a respite and an escape through which anyone may enter. Ayala Museum is located at the corner of Makati Avenue and De la Rosa Street in Greenbelt Park, Makati.

NCCA Composition Prize deadline extended

THE NATIONAL Commission for Culture and the Arts (NCCA) has extended the deadline for submission of scores for the 2022 NCCA Composition Prize until June 30. The NCCA Composition Prize is a biennial award given to deserving composers of concert hall music. The award is open to all Filipino composers, of legal age at the time of the submission. Submitted compositions must be unpublished and unperformed until the award is given. Likewise, these compositions should not have been awarded a prize from any award-giving body. The categories and prizes for this year are as follows: Solo piano (P100,000); Standard Chamber Orchestra (P150,000); Standard Full Orchestra (P250,000); and Symphonic Band (P250,000). For more information, complete guidelines, and the entry form, visit https://ncca.gov.ph/…/2022compositionprizecallforscores/.

10 new artists in Crimson Boracay Arts in Youth Program

AS part of its ongoing commitment to becoming both a world-class resort as well as a center for the arts and humanities on the island of Boracay, Crimson Resort and Spa Boracay recently introduced 10 young local artists currently being nurtured under its Arts in Youth program. Under the tutelage of the resort’s General Manager Patrick Manthe and Artist in Residence Eric Egualada, these young artists are being encouraged to make the most of their imagination and creativity to make pieces that are both visually striking and thought-provoking. Egualada selected youngsters with advanced skills in drawing and painting. Several participants have also proven themselves with regard to poster-making, portraiture, and simple landscape painting. This batch created works using a realist color scheme under a number of themes, including Flowers in Watercolor, and was introduced to concepts like the separation of positive and negative spaces in visual art, as well as how to break down and compose organic and geometric shapes in colors and figures. They also participated in a live painting activity at the Katungan Itibajai Mangrove glade at the Bungan-Bungan cold spring in Aklan. The works of Crimson Boracay’s second batch of Arts in Youth participants are currently being exhibited at the resort. Visit www.crimsonhotel.com or follow @CrimsonBoracay on Facebook and Instagram for more information.

New movie book on saving the world

PENGUIN Random House SEA has released the book Movies to Save Our World by Kenneth Paul Tan. It is a critical reflection on the power of moviemaking to shape our collective imagination of better futures. Through a close analysis of more than 70 popular documentaries and feature movies from around the world, produced in the 21^st century, this book explores the theme of poverty, inequality, ecological degradation, and revolutionary change, all associated with a contemporary crisis of neoliberal globalization in a world where it has become so pervasive. Profit rules, while poverty and inequality make the political ground fertile for populist manipulation. By returning power to the people, healthier forms of populism can lead the way to the progressive revolutionary change that enriches democracy and corrects social injustice. The book urges progressive moviemakers to take advantage of advancements in digital technologies and to collaborate, in post-pandemic times, with educators to develop public deliberation skills and inspire a new generation of informed and compassionate change-makers. The author, Kenneth Paul Tan, is a tenured Professor at Hong Kong Baptist University. He teaches and conducts interdisciplinary research at the Academy of Film, the Department of Journalism, and the Department of Government and International Studies.

Urban artist Taxa creates mural in Hong Kong

TO CELEBRATE the latest gifting campaign of Johnnie Walker Blue Label, award-winning Japanese artist Taxa has created an original mural that was unveiled at the heart of Hong Kong on Aberdeen Street, across from PMQ. The mural marks the launch of a limited-edition gift set curated by Johnnie Walker Blue Label and glassmaker Riedel. The gift set contains two of Riedel’s glasses carefully selected to pair with Johnnie Walker Blue Label. The striking outline of a heart is at the center of the mural, whilst within the layers of his art, are symbols of Johnnie Walker’s characteristics and icons such as visual representations of the flavors and aromas expressed with abstract florals and bee. A subtle but distinct glimpse of wood is also used to symbolize the casks in which the whisky is aged, while a silhouette of a pair of faces expresses the depth of a relationship when gifting from the heart.

Obiena tops L’Aquila leg of European City of Sports

June 1, 2022 | 12:04 am

WITH an eye at the 2024 Paris Olympics, World No. 5 pole-vaulter Ernest John “EJ” Obiena displayed impressive form as he conquered the L’Aquila leg of the European City of Sports tournament in Italy on Monday.

Mr. Obiena vaulted to 5.85 meters in claiming another title, or just a couple of weeks after striking gold and resetting the Southeast Asian Games record following a 5.46m in Hanoi, Vietnam.

While it was a much impressive effort than his Hanoi performance, it fell short of his personal best 5.93m, which he recorded in the Golden Roof Challenge in Innsbruck, Austria a year ago.

Mr. Obiena later said he’s counting his blessings and gushed at the breathtaking view in front of the Basilica di Santa Maria di Collemaggio.

“It’s not everyday we get to jump in such beautiful places,” Mr. Obiena posted on his Facebook page where he showed his beautiful plaque and the video of his title-clinching vault.

“5.85m for the gold here in La’Aquila, Italy. Such a beautiful venue jumping in front of Basilica di Santa Maria de Collemaggio,” he added.

The Asian record-holder is back in training as he prepares to make it back to the Olympics where he hopes to deliver the country’s first track and field medal in the quadrennial event since Miguel White copped a 400m hurdles bronze in 1936 in Berlin, Germany. — Joey Villar

OCD explores partnership with Israel for disaster preparedness

June 1, 2022 | 12:03 am

Residents struggle to navigate the floods caused by typhoon Ulyssess in Rodriguez, Rizal. — PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINES is looking to partner with Israeli companies to help address the country’s emergency preparedness needs.

“Israel is also facing challenges in climate change and manmade disasters, and for that we have a lot of knowledge and know-how in dealing with emergency situations,” said Israel Ambassador to the Philippines Ilan Fluss in a May 30 event organized by the Israel Embassy in Manila and the Philippine Office of Civil Defense (OCD). “Today is an opportunity to share… how the national and regional agencies can confront [these] challenges.”

Emergency solutions offered by four Israeli companies were presented: ImageSat International, which provides space-based, geospatial intelligence solutions for defense and security; ELPAM Electronics Ltd., which designs and implements siren systems and trapped people locators; Cinten, which improves emergency response capabilities through the data-driven, real-time simulations in its SaaS (software-as-a-service) platform; and GALMOBILE, which offers a mobile, plug-and-play solution for purifying any water source into potable water within thirty minutes.

“These four items are the technologies we really need at the OCD,” said Bernardo Rafaelito R. Alejandro IV, OCD assistant secretary and deputy administrator for operations. “We can engage them further through the DoST [Department of Science and Technology] to check on these tools.”

“In the shopping list of [natural] hazards, we have it all: typhoons, floods, storm surges, earthquakes, tsunamis …,” added Joe-Mar S. Perez, chief of the 24/7 operations center of the National Disaster Risk Reduction and Management Council. “Because of these risk factors, the Philippine government has a proactive approach to risk management.”

Included in this approach is a response protocol adopted from the US for on-scene, all-hazard incident management, as well as PhilAWARE, a system created by the Pacific Disaster Center that visualizes disaster situations through layers of maps.

The government plans to establish alternate government command and control centers, in addition to the one in Central Luzon, according to Mr. Perez.

THREATS VERSUS GOALS
In Israel, identifying the gaps between its national goals and its benchmarked threats has helped the country manage disasters at the national and municipal level, per an emergency management expert.

“If the goal is fresh water and food … it’s not enough to say, ‘I’m going to supply food,’” said Joseph David Shapiro, deputy director of Israel’s national emergency management authority. “You have to explain at what service level [you’re going to] supply that.”

Governance during an emergency starts with identifying the different agencies that are a part of a particular goal, and then dividing responsibilities into missions to be carried out by the different offices, he said at the same event.

“If I am in the ministry of energy, how do I supply fuel and energy to the industries that package and supply food? Or, how do I supply fuel to the different trucks that move food from one place to another?” he said.

Israel’s national goals are grouped into three categories: continuous functionality goals (like transport and security); life texture goals (like shelter and hygiene); and vital goals (like water and medicine).

Each country will have to consider their actual response to certain scenarios — such as when the personnel tasked to distribute water end up being drafted into the army, or when a power plant is hit by a missile, Mr. Shapiro said.

“Once I define what my gap and what my ability to respond is, that’s my work plan: how to fill those gaps up and better my preparedness,” he said. — Patricia B. Mirasol

SEC revokes registration of pseudo-law enforcement firm

June 1, 2022 | 12:03 am

THE Securities and Exchange Commission (SEC) announced that it is issuing an order of revocation against New International Police Commission Philippine Command Association, Inc. (NIPCA).

NIPCA is a nonstock corporation registered with the commission since June 2011.

According to the advisory, NIPCA’s purpose is to coordinate with local law enforcement agencies in their campaign against terrorism, drug abuse prevention and control, and to help prevent and control all types of graft and corruption as well as other organized crimes.

The organization’s funding came from general membership fees, donations and solicitations along with grants either local, national and international as the case co-warrants.

In November 2020, the commission received a letter from the Philippine Center on Transnational Crime (PCTC) and Interpol National Central Bureau Manila (NCB-Interpol Manila) that a group of private organizations using “Interpol” as part of their organizations or corporate names are not in any way connected with or deputized by NCB-Interpol Manila.

According to PCTC, it received information that the said groups have been recruiting members from various sectors of society, enticing them with salaries, benefits, and privileges such as the issuance of identification cards and badges, and the grant of police and military ranks upon payment of a certain amount as membership fee.

In August 2021, the commission issued an advisory against paramilitary or pseudo-law enforcement civic-oriented organizations-associations. It stated that a certificate of registration as a corporation does not grant a license or authority to conduct these paramilitary activities without approval from relevant government agencies.

“Considering that these acts and practices blatantly constitutes misrepresentation and could advance fraudulent purposes or can be reasonably expected to cause significant, imminent, and irreparable danger or injury to public safety and welfare, the public is hereby warned that the commission shall not tolerate the use of the corporate vehicle in proliferating these kinds of paramilitary activities/scheme,” it said.

In its investigation, the SEC found that NIPCA was conducting activities such as the appropriation of military ranks to engage in activities or undertakings pertaining to the functions or mandates of the Philippine National Police, Armed Forces of the Philippines, Interpol, and the United Nations without any authority or deputation from these law enforcement agencies and international organizations.

It was also found to be using the unregistered trade name “International Police” and “Philippine Command,” and used a non-existent principal address, among others violations.

“Taking into consideration the above facts and circumstances and the general denials in the answer of NIPCA, its continuous operation could advance a fraudulent purpose and can be reasonably expected to cause significant, imminent and irreparable danger or injury to the public safety and welfare and can take advantage of the credulity of the public,” the SEC said.

In April this year, the commission issued a show-cause order to NIPCA. The firm answered that it “must not be revoked for the good reason that the activities of it are good for the beneficial of the general public and there is no serious offense and cogent reason for the revocation.”

However, the SEC said that it considered the acts and practices of the firm “ultra vires acts and therefore constitute serious misrepresentation that could advance a fraudulent purpose or can be reasonably expected to cause significant, imminent and irreparable danger or injury to the public safety and welfare, the issuance of this order [of revocation] is warranted.” — Luisa Maria Jacinta C. Jocson

Mona Lisa left unharmed but smeared in cream in climate protest stunt

June 1, 2022 | 12:03 am

2022-05-30T192411Z_2015980990_RC2VHU9ZVIFO_RTRMADP_3_FRANCE-MONALISA — MUSEUM staff clean the protective glass with da Vinci’s Mona Lisa behind it, after a visitor smeared it with cream, in Paris, France May 29 in this screen grab obtained from a social media video. — TWITTER/@SARA_ALGABA VIA REUTERS

PARIS, — The Mona Lisa was left shaken but unharmed on Sunday when a visitor to the Louvre tried to smash the glass protecting the world’s most famous painting before smearing cream across its surface in an apparent climate-related publicity stunt.

The perpetrator was a man disguised as an old lady who jumped out of a wheelchair before attacking the glass.

“Maybe this is just nuts to me…,” posted the author of a video of the incident’s aftermath that shows a Louvre staffer cleaning the glass. “(He) then proceeds to smear cake on the glass, and throws roses everywhere before being tackled by security.”

The Louvre was not immediately available for comment.

Another video posted on social media showed the same staffer finishing cleaning the pane while another attendant removes a wheelchair from in front of the Da Vinci masterpiece.

“Think of the earth, people are destroying the earth,” the man, dressed in a wig, said in French in another video posting that showed him being led away from the Paris gallery with the wheelchair, indicating that the incident likely had an environmentalist motive. — Reuters

It’s anybody’s game in Phnom Penh SEAG — Tolentino

June 1, 2022 | 12:03 am

IT’S anybody’s ballgame.

That is how Philippine Olympic Committee (POC) President Abraham Tolentino described the race for the overall title as Cambodia takes its turn to host the Southeast Asian Games (SEAG) in capital Phnom Penh next year.

“In spite of our short preparation, we were successful in the SEA Games,” said Mr. Tolentino during Tuesday’s online Philippine Sportswriters Association Forum.

“If we could train longer, I’m optimistic the overall race would be anybody’s ballgame,” he added.

To maximize the country’s chances, the congressman from Tagaytay said they would participate in all 40 events the Cambodians would calendar in the biennial meet.

“We will participate in all, even if its ASEAN chess, xiangi or Korean martial arts. We’ll never know what will happen since we still have one year to prepare,” he said.

The Filipinos finished fourth with a 52-gold, 70-silver and 105-bronze medal haul in Hanoi.

The PhilCycling chief said the country would go all out to surpass, if not match, its effort in Hanoi.

And if the stars aligned, a first-place finish will not be far-fetched.

“If fair game, we could have been second. We have great athletes. Of our 70 silver medals, 42 were from subjective sports including 27 were the opponents were from host Vietnam,” he said. — Joey Villar

New WHO panel to speed up pandemic response, address shortcomings

June 1, 2022 | 12:02 am

GENEVA — The World Health Organization’s (WHO) governing board agreed on Monday to form a new committee to help speed up its response to health emergencies like coronavirus disease 2019 (COVID-19).

The United Nations health agency faced criticism for its handling of the COVID-19 pandemic, including the pace of its response to early cases that may have delayed detection and helped the virus to spread. Some disease experts say that governments and the WHO must avoid repeating such early missteps with other outbreaks like monkeypox.

The resolution, passed unanimously at the 34-member Executive Board’s annual meeting, will form a new “Standing Committee on Health Emergency Prevention, Preparedness and Response” to help address some of the perceived shortcomings.

Formal WHO meetings are sometimes spaced months apart and, under the new initiative, the new body would meet immediately after the Director-General declares a Public Health Emergency of International Concern (PHEIC) — a decision that triggers calls for extra funding, public health measures and a series of recommendations aimed at controlling disease spread.

“This was probably one of the weakest points during the last pandemic that member states or governing bodies didn’t have the opportunity to have immediate consultations after this PHEIC of the last pandemic was declared,” Austria’s Clemens Martin Auer, who proposed the resolution, told the Executive Board.

He added that the new committee would also conduct oversight of the WHO’s health emergencies program in ordinary times to ensure it is fit to respond.

“I think the standing committee will be an indispensable part of the new global architecture on health emergency,” he added. The United States, the European Union, the United Kingdom and Japan were among the co-sponsors of the initiative. — Reuters

8990 Holdings’ net earnings jump 23% to nearly P2B

June 1, 2022 | 12:02 am

8990 Holdings, Inc. reported on Tuesday that its first-quarter unaudited net profit jumped 22.7% to P1.9 billion as lockdown restrictions eased.

The home developer posted its “high double-digit” profit growth after it saw a 16.7% rise in gross revenues to P5.22 billion, which includes gains from hotel operations and rental income.

Revenues from real estate sales climbed by 16.1% to P5.2 billion.

8990 Holdings President and Chief Executive Anthony Vincent S. Sotto attributed the firm’s financial performance to the renewed confidence of Filipinos in their future revenue streams and the continued high demand for mass housing.

He added that the easing of lockdowns contributed to the overall improvement of the business climate as coronavirus disease 2019 (COVID-19) vaccination rates go higher nationwide.

“We are hopeful that the confidence of homebuyers in our key mass housing market will grow even stronger for the rest of the year,” he said.

In 2021, the company’s audited net profit surged by 49.3% to P7.21 billion from P4.83 billion.

“These figures reflect the strong demand for affordable housing, optimism of our buyers in the economy and their confidence in the stability of their future revenue streams,” he added.

The company also reported that it delivered 11,564 units to Filipino homebuyers last year.

Metro Manila contributed 45% of revenues, followed by the rest of Luzon with 22%, Visayas with 20% and Mindanao with 13%.

Horizontal or subdivision developments made up the bulk of revenues at 59%, with vertical or condominium developments accounting for 41%.

Mr. Sotto said that the company’s target of P164 billion in potential sales over the next seven to eight years is possible through its projects in the pipeline across 729.05 hectares of land bank in key locations nationwide.

He added that the company’s upcoming projects will meet the needs of its key mass housing client base.

Mr. Sotto sees 2022 to be “another full year of milestones” as the company expects to duplicate its pre-pandemic exponential growth rates “in the high double digits” amid continued and strong demand for mass housing.

The company has six wholly owned subsidiaries, namely: 8990 Housing Development Corp.; 8990 Luzon Housing Development Corp.; 8990 Mindanao Housing Development Corp.; 8990 Davao Housing Development Corp.; 8990 Leisure and Resorts Corp.; and Fog Horn, Inc.

At the stock exchange, 8990 Holdings shares climbed by 1.74% or 18 centavos to close at P10.50 apiece on Tuesday. — Luisa Maria Jacinta C. Jocson

Gov’t makes partial award of reissued three-year T-bonds

June 1, 2022 | 12:02 am

THE GOVERNMENT partially awarded the reissued three-year Treasury bonds (T-bonds) it offered on Tuesday as investors asked for higher yields on expectations of high inflation and rate hikes from the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.

The Bureau of the Treasury (BTr) raised just P9.305 billion from its offer of three-year papers on Tuesday, less than the programmed P35 billion even as the auction saw total bids reach P56.926 billion.

The bonds, which have a remaining life of two years and 10 months, were awarded at an average rate of 4.994%. This was higher by 74 basis points (bps) versus the 4.25% coupon quoted for the bond series when they were first offered on April 5.

The average yield seen yesterday was also higher by 15.48 bps compared to the 4.8352% quoted for the three-year tenor at the secondary market at the end of trading on Monday, based on the PHP 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 BTr made a partial award even as the offer was met with high demand as investors asked for higher yields due to expectations that inflation breached 5% in May and that the BSP and Fed will hike rates again in their next policy meetings.

“We saw a partial award as the market continued to submit defensive and high bids. We have the May inflation [data] coming in the next few days, which may show another breach in inflation target,” the first trader said.

The trader said high inflation could put upward pressure on local yields and cause the BSP to further tighten its policy settings.

A second trader said investors remain defensive and wanted the yield on the reissued three-year bond to be above 5% as they expect the BSP to hike rates by a total of 100 bps this year.

The BSP is likely to raise key interest rates by another 25 bps at its next policy review this month, its chief said last week.

“We are probably inclined to have another 25-basis-point adjustment on our next Monetary Board meeting which is on June 23,” BSP Governor Benjamin E. Diokno said.

The BSP raised benchmark interest rates by 25 bps on May 19, marking its first hike since November 2018, as it tries to temper rising inflationary pressures.

The Monetary Board increased the key policy rate by 25 bps to 2.25%. Interest rates on the overnight deposit and lending facilities were also hiked by 25 bps to 1.75% and 2.75%, respectively.

At that meeting, the central bank upwardly revised its average inflation forecast for 2022 to 4.6% from the previous forecast of 4.3%, exceeding the 2-4% target band. For 2023, the BSP’s inflation forecast was hiked to 3.9% from 3.6% previously.

Headline inflation climbed to 4.9% in April, the highest in more than three years. May inflation data will be released next week.

Meanwhile, all participants of the Fed’s May 3-4 policy meeting backed a half-percentage-point rate increase to combat inflation that they agreed had become a key threat to the economy’s performance and was at risk of racing higher without action by the central bank, Reuters reported.

This month’s 50-basis-point hike in the Fed’s benchmark overnight interest rate was the first of that size in more than 20 years and “most participants” judged that further hikes of that magnitude would “likely be appropriate” at the Fed’s policy meetings in June and July, according to the minutes released last week.

The BTr wants to raise P250 billion from the domestic market in June, or P75 billion through Treasury bills and P175 billion from T-bonds.

The government borrows from local and external sources to help plug a budget deficit capped at 7.7% of gross domestic product this year. — Keisha B. Ta-asan

Archaeologists discover passageways in 3,000-year-old Peruvian temple

June 1, 2022 | 12:02 am

Peruvian-temple-copy — PHOTO FROM OFICINA DE COMUNICACIÓN E IMAGEN INSTITUCIONAL/GOB.PE

LIMA — A team of archaeologists has discovered a network of passageways under a more than 3,000-year-old temple in the Peruvian Andes.

Chavin de Huantar temple, located in the north-central Andes, was once a religious and administrative center for people across the region.

The passageways were found earlier in May and have features believed to have been built earlier than the temple’s labyrinthine galleries, according to John Rick, an archaeologist at Stanford University who was involved in the excavation.

Located 3,200 meters above sea level, at least 35 underground passageways have been found over the years of excavations, which all connect with each other and were built between 1,200 and 200 years B.C. in the foothills of the Andes.

“It’s a passageway, but it’s very different. It’s a different form of construction. It has features from earlier periods that we’ve never seen in passageways,” Mr. Rick said.

Chavin de Huantar, declared a World Heritage Site in 1985, was the inspiration and name of the operation carried out when the Peruvian armed forces built a network of tunnels to rescue 72 people taken hostage by the Tupac Amaru Revolutionary Movement (MRTA) rebel group at the Japanese ambassador’s residence in Lima in 1997. — Reuters

Ateneo pulls off straight sets win over Santo Tomas

June 1, 2022 | 12:02 am

Ateneo-Lady-Eagles_UAAP — FAITH Nisperos (17) leads Ateneo Blue Eagles with 18 points. — THE UAAP

By John Bryan Ulanday

REIGNING champion Ateneo exacted sweet vengeance on rival Santo Tomas, pulling off a 25-20, 25-20, 25-20 statement victory to stay in playoff contention of the heating up University Athletic Association of the Philippines (UAAP) Season 84 women’s volleyball tournament at the Mall of Asia Arena.

Faith Nisperos soared high with 18 points on 15 attacks plus seven excellent receptions as the Blue Eagles moved to 5-5 at No. 5 behind fourth-running and second-game winner Adamson (6-4) with still four games to spare in the elims.

Vanie Gandler (12) and Joan Narit (11) backstopped Nisperos in offense with Jaja Maraguinot setting the table with 16 excellents for Ateneo, which also snapped the Golden Tigresses’ four-game streak in the process.

“We prepared for this and then nag-manifest sa kilos ng mga bata,” said coach Oliver Almadro as Ateneo avenged its 19-25, 21-25, 31-29, 31-33 loss against Santo Tomas in the first round.

Aside from getting back on Santo Tomas that finished runner-up in Season 81 before the pandemic, Ateneo also bounced back from a 25-18, 20-25, 19-25, 18-25 defeat against No. 1 and unbeaten National University (NU) over the weekend to bolster its Final Four drive.

Later, Adamson strengthened its place inside the Final Four picture after smothering Far Eastern University (FEU) with an easy 25-17, 25-17, 25-16 victory to improve to 6-4.

Trisha Genesis (14), May Ann Nique (12), Rizza Cruz (11) and Kate Santiago (11) led a scattered attack for the Lady Falcons, who created a separation ahead of chasing Ateneo approaching the tailend of the elims.

Eya Laure (14) was the lone bright spot for Santo Tomas, which still stayed at No. 2 with a 7-3 card while Chen Tagaod scored similar points in FEU’s ninth loss in 10 outings.

Central bank keeps cap on credit card charges

June 1, 2022 | 12:01 am

THE central bank retained the ceilings for charges on credit card transactions to help consumers as the coronavirus disease 2019 (COVID-19) pandemic continues.

The Monetary Board kept the maximum interest rate on unpaid outstanding credit card balance at 2% per month or 24% per year, the Bangko Sentral ng Pilipinas (BSP) said in a statement on Tuesday.

The cap for the monthly add-on rate that credit card issuers can charge on installment loans was kept at 1%, while the maximum processing fee for credit card cash advances will remain at P200 per transaction.

“The decision of the Monetary Board will continue to help ease the financial burden of consumers through affordable credit card pricing amid the ongoing COVID-19 pandemic,” BSP Governor Benjamin E. Diokno said.

“It will also allow the BSP to assess the impact of the improvement in macroeconomic fundamentals and easing of mobility restrictions on the performance of the credit card industry,” Mr. Diokno added.

The ceilings on credit card transactions will remain in effect unless modified by the BSP.

“The BSP, however, will closely monitor evolving domestic and external developments that will impact the state of credit card financing, sustainability of credit card operations and viability of banks/credit card issuers,” the central bank said.

The BSP said recent data showed demand for credit cards weakened in the second half of 2021 as clients shifted to alternative digital products.

Still, issued and outstanding credit cards went up by 0.3% to 10.3 million, while monthly card billings rose by 33.9% year on year to P100.6 billion as of end-December 2021.

Credit card receivables grew by 4.9% year on year as of December 2021 amid easing of mobility restrictions and continued business activities.

Lenders were also able to keep the asset quality of their credit card portfolios healthy. The credit card industry’s non-performing loan (NPL) ratio was at 6.8% as of December 2021, lower than the 8.9% registered a year prior, with the NPL coverage ratio at 109.5%.

“Moving forward, the credit card industry intends to further reduce operating costs through digital transformation and process improvements as well as maintain prudent lending standards,” the central bank said. — K.B. Ta-asan