ACE Enexor sets 74M follow-on offering of shares

March 23, 2022 | 12:06 am

ACE Enexor, Inc. (ACEX) on Tuesday said its board of directors had agreed to issue more shares to the public through a follow-on offering.

In a disclosure submitted to the exchange, the oil and gas exploration company said that on March 21, its executive committee, by the authority of its board of directors, approved its plan to conduct a follow-on offering of 74 million shares priced at P10 to P11.84 apiece.

The Ayala-led firm is also set to resume its drilling activities in Service Contract (SC) 55 exploration block, which spreads across 9,880 square meters in the West Philippine Sea off the coast of Palawan.

In a separate disclosure filed earlier, the company said the Energy department cleared Palawan55 Exploration & Production Corp., its joint venture with Pryce Gases, Inc., to proceed with its updated Cinco-1 drilling proposal, oil spill contingency plan, and health, safety, and environment plan.

ACEX holds 75% of Palawan55, while Pryce Gases has 25%. The company said it would begin drilling the appraisal well around April 2023, one year before the expiration of the government agency’s force majeure period on SC 55.

In February, ACEX and parent company AC Energy Corp. (ACEN) amended their deal, changing ACEN’s ownership percentage to 89.78% from 89.96% of ACEX’s capital stock.

The transaction, which was executed on Jan. 31, transferred ACEN’s rights and interests in five energy assets including Palawan55 to the exploration company.

Shares in ACE Enexor at the local bourse slipped P1.95 or 8.5% to close at P21 apiece on Tuesday. — Marielle C. Lucenio

What to see at Art Fair PH’s physical exhibits

March 23, 2022 | 12:05 am

Projects exhibit ---- photo by Michelle Anne P. Soliman — PHOTO BY MICHELLE ANNE P. SOLIMAN

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ART FAIR Philippines opens its 10^th iteration and its first hybrid edition today. It will run both online and on site until April 1.

Since its first year in 2013 until its last onsite show in 2020, the art fair had been held at a car park in the Ayala Center in Makati. With the coronavirus disease 2019 (COVID-19) pandemic lockdown, the fair went online. This year’s hybrid format will see art galleries exhibiting both physically in their own spaces, and online at the art fair website. The online exhibitions and other activities will be accessible at www.artfairphilippines.com.

There are also physical exhibitions at the three entrances to Makati’s Ayala Triangle Gardens — at Ayala Ave., Makati Ave., and Paseo De Roxas.

“When we started bouncing around ideas for the fair, the Philippines was at the height of the Delta variant surge [of COVID-19, in June to July 2021],” Art Fair Philippines Trickie Lopa said in an e-mail to BusinessWorld.

“We knew that our chance to do live, physical exhibitions rested on a venue that was open, largely outdoors, and spacious, but which was still accessible. I think we found the perfect spot,” she added.

No limitations were imposed on the use of the space as long as they complied with safety protocols and followed guidelines for construction.

THE ARTFAIRPH/PROJECTS
The highlight of the fair’s physical exhibit is the ArtFairPH/Projects section.

Art consultant Norman Crisologo and exhibition designer and theater director Ed Lacson are collaborating for a second time with what the former calls an “exploded gallery” at the Ayala Tower One Fountain Area. The space has been transformed into an outdoor gallery with lime-colored scaffoldings and bold-colored panels.

“You want to see the inside-out. You won’t want to see solid walls. The panels have a dialogue depending on where your standing, the combination of colors changes,” Mr. Lacson, the co-designer of the installation, told BusinessWorld at the vernissage on March 21.

“I was always designing out of economic reasons,” Mr. Lacson said, referring to what was “easiest, cheapest and impactful at the same time.”

“It should feel like a construction site but a more beautiful one where works are exhibited,” he said.

The exhibition area is also equipped with lighting to accommodate evening viewing. “Wait for it to get dark. It’s looks different when it is dark outside,” Mr. Lacson said.

For this year’s art fair, the paintings of one of the fair’s featured artists, Ryan Jara, focus on experiences related to the pandemic, with themes revolving around battles — for land, within ourselves (anxiety and depression), and hunger.

“These have been ongoing problems, but because of the pandemic, it worsened,” Mr. Jara wrote to BusinessWorld in a mix of English and Filipino. “I was affected and so I thought to express it in painting as my way of telling stories about the pandemic.”

Mr. Jara’s signature use of enlarged and distorted images began from a puzzle of a human he was finishing that got reshuffled. “That’s where my ideas on distortion started and why my works are the way they look today. It’s like a Picasso but with a realism approach,” he said.

Meanwhile, another of the fair’s featured artists, Melvin Guirhem (the 2022 recipient of the Karen H. Montinola Selection) has a series of works titled Entablado which presents life as a stage with each person playing characters that have a role in society.

He uses hand-sewn patchwork for his characters and paintings for his background. “After I layout the concept [for the artwork], I create a numbering scheme for the materials depending on the color and type of cloth to be used. I cut the patchwork, then stick them on with white glue, and then manually stitch them afterwards,” Mr. Guirhem said in English and Filipino.

The other featured artists in the ArtFairPH/Projects section are the late Arô Soriano, social realist Nune Alvarado, Bjorn Calleja, Johanna Helmuth, Doktor Karayom, Tyang Karyel, Aze Ong, and Wyndelle Remonde.

“While the works may not be overtly political, artists for the Projects section like Dokto Karayom, Tyang Karel, and Ryan Jara don’t shy away from confronting issues about what it’s like living in the Philippines today, with its dense cities and depressed economic opportunities,” fair organizer Ms. Lopa told BusinessWorld.

OTHER PHYSICAL EXHIBITS
Aside from the ArtFairPH/Projects section are works by the artists chosen for #ArtFairPH/Residencies: Derek Tumala for Manila Observatory, Hannah Nantes for the Linangan Art Residency, Jao San Pedro for Emerging Islands, Alwin Reamillo for Orange Project, and Faye Abantao for Butanding Barrio.

On the garden walkway along Paseo De Roxas is the ArtFairPH/Photo exhibition. Curated by Neal Oshima, Michael Salientes, Mark Nicdao, and Gio Panlilio, the photography exhibit is titled Tattoos, Ternos and Couture, A Celebration of Philippine Fashion Photography.

Meanwhile, appearing on screen at a public amphitheater is the work of New York-based new media artist Jeremy Couillard for The ArtFairPH/Film section. The showcase includes his new film There Is No Up Or Down, Only Attraction (2022) which explores curious creatures across galactic spaces, pixelated gaming maps, and streetscapes. Mr. Couillard’s Fuzz Spiral series — a collection of three films based on the artist’s recent video game Fuzz Dungeon (2021) — will also be featured.

For the first time, this year visitors can explore an interactive augmented reality (AR) Art Trail at the Ayala Triangle Gardens using the Daata AR app. The AR Art Trail features Leeroy New’s piece Aparisyon (Apparition) combining Mr. New’s sculptures from discarded plastic bottles and visualized elements from author Eliza Victoria’s fantasy short story, Let Me Hold Your Hand. A QR code to download the data app, posted on the AR Art Trail. The app is accessible to iPhone users.

Visiting hours to the Ayala Triangle exhibits are divided in three batches from 10 a.m. to 8 p.m. For tickets to the physical exhibits, visit https://tickets.artfairphilippines.com/. Tickets are priced at P150. For more information on this year’s program and schedule of activities, visit the Art Fair Philippines website at www.artfairphilippines.com and follow Art Fair Philippines on Instagram (@artfairph) and Facebook (www.facebook.com/artfairph). — Michelle Anne P. Soliman

PLDT signs deal with ThingsPh for IoT solutions for businesses

March 23, 2022 | 12:05 am

PLDT, Inc. announced on Tuesday that it recently signed a partnership deal with Internet of Things (IoT) platform and solutions provider ThingsPh to help businesses gain access to an IoT ecosystem.

Under the partnership, PLDT and ThingsPh will “promote, develop, and help businesses gain access to an IoT ecosystem for easy deployment of IoT solutions,” the telco service provider said in an e-mailed statement.

PLDT noted that it has been introducing IoT solutions to government, large corporations, and micro, small, and medium-sized enterprises.

Meanwhile, ThingsPh provides its clients with a unified artificial intelligence and internet of things (AIoT) platform and applications that they can use to get real-time data, analytics, and alerts on what is happening in their sites and offices.

“The platform features its capability to easily integrate with and work together with various systems, different IoT sensors, and even cameras,” PLDT said.

ThingsPh said the partnership will help it achieve its goal of helping businesses “unlock the limitless possibilities with AIoT starting with real-time monitoring and analytics.”

“It is time for our country to experience the impact of AIoT and this partnership is just the beginning. We are thrilled and eager to drive IoT in our country with the PLDT group.”

PLDT described ThingsPh as the “next tech unicorn.”

“The PLDT group has been a staunch supporter and partner for the local startup community. It held several searches in recognizing potential marketability of top startups and awarding them with capital funding, IT and connectivity support, and intensive training,” among others, the 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

PBA Governors’ Cup semifinals series kicks off at MOA Arena

March 23, 2022 | 12:04 am

Harris_pba — Magnolia Hotshots — PBA IMAGES

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By Olmin Leyba

TWO title-hungry teams are intent on staying on their paths to the Holy Grail. One is bent on reclaiming lost glory. Another is firm about keeping its winning tradition in the import-spiced conference.

With these, the last four squads standing in the Season 46 Philippine Basketball Association (PBA) Governors’ Cup playoffs press for their respective bids as the best-of-five semifinals series kicks off on Wednesday at the Mall of Asia (MOA) Arena.

Meralco, hunting for a breakthrough after posting runner-up finishes in the 2016, 2017 and 2019 Governors’ Cup, and Magnolia, the 2018 champion who bungled succeeding attempts in the 2019 and 2021 Philippine Cup, clash for a pivotal head start at 3 p.m.

NLEX, only on its second time to reach this deep stage in franchise history, and Barangay Ginebra, winner of three of the last four Governors’ Cup staging, fire the opening salvo in their matchup at 6 p.m.

Top seed Magnolia and No. 4 Meralco set a Final Four duel after making short work of lower-seeded rivals, No. 8 Phoenix and No. 5 San Miguel Beer, respectively last Friday.

“This is going to be a dogfight,” said Hotshots coach Chito Victolero of their showdown, a rematch of the last All-Filipino semis in Bacolor that they won in six games. “Both are defensive-minded teams, so we expect a tough, grind out series.”

Meralco counterpart Norman Black described Magnolia as a powerhouse but expressed confidence his charges are up to the task.

“They’re pretty much a powerhouse right now and their import (Mike Harris) is probably right up there with the top imports of the league,” said Mr. Black, whose team is pinning its hopes on Tony Bishop instead of regular reinforcement Allen Durham. “We’re not a powerhouse like them, but I believe we can beat any team on any night.”

While NLEX mentor Yeng Guiao claimed the underdog tag for his “greener” troops, Ginebra’s Tim Cone believes the Road Warriors are as tough as they come.

“It’s always difficult playing coach Yeng’s teams in the playoffs. They play tough physical basketball for 48 minutes and you can never catch your breath. We’ll have to be mentally tough to match up to them,” said Mr. Cone, whose sixth-ranked crew advanced after toppling twice-to-beat No. 3 TnT.

For Mr. Guiao, the major threats they have to address against crowd darling Ginebra come from the dependable Justin Brownlee, the do-it-all Scottie Thompson and the twin tower combo of Christian Standhardinger and Japeth Aguilar.

“We’ll have to find the proper matchup for Scottie and their resident Best Import Justin Brownlee. Plus, I think they’re gaining chemistry with Japeth and Christian. They’re learning how to play together and it becomes a problem for any team that plays them,” he said.

Notes: The semifinal opening twin-bill marks the PBA’s awaited return to the MOA Arena after two years. Last time the pro league tipped off at the Pasay venue was Jan. 17, 2020 for Game 5 of the 2019 Governors’ Cup finals, where Ginebra beat Meralco, 105-93, to clinch the crown. The PBA initially scheduled play at the MOA last January before the spike in coronavirus disease 2019 (COVID-19) cases forced the suspension of games.

Gov’t partially awards reissued 7-year T-bonds on hawkish Fed

March 23, 2022 | 12:04 am

THE GOVERNMENT partially awarded the reissued Treasury bonds (T-bonds) it offered on Tuesday as investors asked for higher yields on indications of half-point hikes from the US Federal Reserve.

The Bureau of the Treasury (BTr) raised just P15.69 billion via the reissued seven-year T-bonds it auctioned off on Tuesday, less than half the programmed P35 billion, even as the offering attracted P40.59 billion in bids.

The debt papers, which have a remaining life of six years and four months, were awarded at an average rate of 5.601%, up by 91.2 basis points (bps) from the 4.689% quoted when the series was last offered on Jan. 25.

The average yield fetched for the debt papers was also higher than the 5.4858% quoted for the seven-year tenor at the secondary market prior to the auction, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

Had the Treasury made a full award of its offer, the reissued bonds would have fetched an average rate of 5.881%.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the market has remained defensive after US Federal Reserve Chair Jerome H. Powell hinted on the possibility of 50-bp rate hikes at the next Federal Open Market Committee (FOMC) meetings.

“Meanwhile, higher inflation is seen this month with still elevated oil and commodities prices,” Ms. De Leon said.

A trader likewise said investors asked for higher returns in response to inflation risks and Mr. Powell’s indications of a 50-bp rate hike in May.

The US central bank must move “expeditiously” to bring too-high inflation to heel, Mr. Powell said on Monday, adding that it could use bigger-than-usual interest rate hikes if needed to do so, Reuters reported.

“The labor market is very strong, and inflation is much too high,” Mr. Powell told a National Association for Business Economics conference. “There is an obvious need to move expeditiously to return the stance of monetary policy to a more neutral level, and then to move to more restrictive levels if that is what is required to restore price stability.”

In particular, he added, “if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so.”

Fed policy makers last week raised interest rates for the first time in three years and signaled ongoing rate hikes ahead. Most of them see the short-term policy rate — pinned for two years near zero — at 1.9% by the end of this year, a pace that could be achieved with quarter-percentage-point increases at each of their next six policy meetings.

By the end of next year, Fed policy makers expect the central bank’s benchmark overnight interest rate to be at 2.8%, bringing borrowing costs to a level where they would actually start biting into growth. Most Fed policy makers see the “neutral” level as somewhere between 2.25% and 2.5%.

Meanwhile, the Philippine central bank is widely expected to maintain policy rates at record lows on Thursday even amid rising inflation risks in line with its signals it will continue to support economic recovery.

A BusinessWorld poll last week showed 15 out of 17 analysts still anticipate the Bangko Sentral ng Pilipinas (BSP) Monetary Board keeping rates on hold on March 24, the second policy review this year.

Analysts believe the BSP will remain focused on providing support for a more sustainable economic recovery despite inflationary risks caused by the Russia-Ukraine war.

The BTr wants to raise P250 billion from the domestic market this month, or P75 billion via T-bills and P175 billion from T-bonds.

The government borrows from local and external sources to help fund a budget deficit seen to hit 7.7% of gross domestic product this year. — Jenina P. Ibañez with Reuters

PGH proposes cancer center for the poor

March 23, 2022 | 12:04 am

PGH_Pediment — RAMILTIBAYAN/CC BY-SA 4.0/WIKIMEDIA COMMONS

A cancer center proposed by the University of the Philippines-Philippine General Hospital (UP-PGH) will provide optimal care for charity and paying patients in the same setting.

“It’s dramatic to think about it. It’s like a social coup,” said Dr. Gerardo “Gap” D. Legaspi, a neurosurgeon and director of the PGH, adding that the facility will be akin to a private hospital.

“Finally, in one hospital, you’ll have the poorest and the richest side-by-side. The poor won’t have to suffer in cramped wards anymore,” he told BusinessWorld in a March 18 Zoom call.

UP-PGH presented its cancer care center proposal on March 15 to the technical board of the National Economic and Development Authority and the Department of Finance. The planned cancer center, which will take three years to build once approved, is the first public-private partnership for cancer.

Seven companies (four foreign, three local) have signified interest in the project since it was made public in 2021.

The proposed center will be housed in a 3,000-square-meter lot on the Padre Faura side of PGH. It is envisioned as a 15–20 storey building with 150 beds for charity patients — enough to service the 60,000 outpatient care consultations the hospital currently handles per year. The proposal also allows for a 50–150 private facility for paying patients.

PGH has the most advanced cancer equipment to treat cancer at present, according to Dr. Legaspi. Among its facilities are a stereotactic radiosurgery unit for the radiation treatment of organs like the brain, a robotic surgery unit that enables less invasive surgery, and a next generation sequencing unit for the identification of tumor cells using genetic testing.

“PGH is strengthening its role as a national cancer referral center. That’s why the cancer center is necessary,” he added. “One of its distinguishing services will be the full range of surgical procedures that cannot be offered by most hospitals — from eye cancer surgery to taking out brain tumors while the patient is awake.”

The Department of Health supports UP-PGH by providing medications for breast, colorectal, pediatric, and gynecologic cancers, Dr. Legaspi said.

“Despite all the support we get, we still shell out P400 million from our budget,” he said. “Because we want all [patients to be treated]. Kasi ’pag kulang, sayang ’yung treatment [Because uncompleted treatments are a waste]. They go back to zero.”

Cancer was the third leading cause of death in the country during the first half of 2021, per the Philippine Statistics Authority. A 2020 report by the Economist Intelligence Unit (EIU), meanwhile, ranked the Philippines as last in cancer preparedness in the Asia-Pacific region.

Despite the progress afforded by its Universal Health Coverage program, the Philippines still faces challenges in terms of coverage and data collection, said Jesse Quigley Jones, editor of the EIU report, in a July 2021 media briefing.

According to Dr. Legaspi, no one hospital can provide all the answers: “The most important goal now is to be the template, to study the best ways on how to implement the provisions of the National Integrated Cancer Control Act — from primary care all the way to advanced research and everything in between.”

In September 2021, PGH broke ground for Felicidad Sy Hall, a 15-storey multispecialty building. — Patricia B. Mirasol

Cancer screening program

Alagang Breast Friend, an ongoing cancer screening program under the University of the Philippines-Philippine General Hospital (UP-PGH), conducts onsite mammograms in two vans donated by Hyundai Philippines that have been equipped with a digital mammogram and breast ultrasound machine.

The hospital plans to acquire more vans to continue and expand this outreach program, which detects 9–10% of the cancer incidence among the communities visited, in contrast to the 2% pickup rate in hospital screenings.

“Our experience is that, if you bring this service to communities, the chances of getting them earlier are much higher,” said PGH director Dr. Gerardo “Gap” D. Legaspi in a March 18 Zoom call. “If you bring [the services] to them, then they just step out of their homes.” — PBM

Creating in the time of the pandemic

March 23, 2022 | 12:04 am

Coffee table book documents art created under COVID-19’s cloud

IF THERE was a shape to describe book illustrator and artist Jomike Tejido’s feelings during the early days of the coronavirus disease 2019 (COVID-19) lockdown in 2020, it would be a roughly textured triangle.

“My works were composed of triangles that are very disjointed and seeking their own balance,” Mr. Tejido said of the pieces he kept busy with while in lockdown. “It is akin to people who are also finding their own balance in a very weird situation when the pandemic first hit.”

While many artists had the luxury of time to produce works of art during the lockdown, the galleries that would have shown them were closed. It was also when the team from Art Plus Magazine thought of documenting the period through a book.

From June to July 2020, the magazine’s team invited 12 galleries and various artists for a possible collaboration. The project was initially created to help the artists involved make a living despite the community quarantine.

The project culminated in a book titled Brave New World, which features more than 400 works by over 300 artists. The works in the book recount the artists’ struggles to survive and work. Artists also sought to honor the various frontliners who worked throughout the pandemic.

Among the featured artists in the Brave New World coffee table book are Jomike Tejido, Max Balatbat, Anton Del Castillo, Brave Mabalo Singh, John Paul Antido, Renz Baluyot, Kim Hamilton Sulit, Renato Barja, Jr., Wesley Valenzuela, Michael Villagante, Charlie Co, Antipas Delotavo, Angelito Antonio, Norma Belleza, Michael Cacnio, Ramon Orlina, Demi Padua, Winner Jumalon, Jojit Solano, Joel “Welbart” Bartolome, Sid Natividad, Chelsea Theodossis, Manix Abrera, Roel Obemio, and Alfredo Esquillo. Contributing writers include Prim Paypon, Ricky Francisco, Purissima Benitez-Johannot, Jose F. Lacaba, Jose Tence Ruiz, Pepper Teehankee, and Jack Teotico.

“It took us quite a while to produce the book because there were so many artworks to juxtapose and we were trying to make sure that they will go well together, [to] try to be cohesive given the wide variety of subjects and styles,” Jewel Chuaunsu, Art Plus magazine managing editor and the book’s editor, told BusinessWorld at the launch at The Podium’s Art Lounge Manila on March 16.

While the team was in the collection and curatorial process, they also mounted an online exhibition in July 2020 as a fundraiser for the artists and galleries.

“Many artists were not exhibiting at that early stage of the pandemic; a lot of the galleries were still closed. By this project, we were able to help them raise funds for their livelihood,” contributing writer and book content curator Ricky Francisco told BusinessWorld during the launch.

The book launch was accompanied by a second art exhibit featuring works by the contributing artists at The Podium’s Art Lounge Manila. The exhibit is on view until March 26.

“Art kind of adds a lot to our sense of identity, has given us our heritage, history, and nation. And I think these are things you can take for granted,” Ms. Chuaunsu said of the role of the arts at a time of crisis.

“This becomes really an important document of that short period of time. So, I hope people get to see it,” Mr. Francisco said.

Brave New World is available at a discounted price of P4,000 (the regular price is P4,500) until March 26. For orders, visit https://artplus.shop/products/brave-new-world-coffee-table-book. — Michelle Anne P. Soliman

Holcim profit up 24% to P2.6B

March 23, 2022 | 12:04 am

HOLCIM Philippines, Inc. on Tuesday reported that its net profit in 2021 was up 24.2% to P2.6 billion even with the “market pressures” it faced last year.

“Despite market pressures brought by the pandemic, weather disturbances that impacted the continuity of construction activities, and surges in energy and fuel prices, our company was able to deliver strong profit growth in 2021 from 2020,” Horia Adrian, president and chief executive officer of Holcim Philippines, said in a statement.

Operating earnings before interest and taxes grew by 29.3% year on year to P3.6 billion due to the company’s “sustained focus on operational efficiency and cost management.”

Net sales rose by 3.6% to P26.9 billion on improved volumes and prices given the modest recovery of construction activity.

In the fourth quarter of 2021, operating earnings before interest and taxes fell 49% to P481.3 million from P943.4 million while net sales dropped 5.6% to P6.8 billion from P7.2 billion, due to softer market demand and higher costs of energy and fuel from external developments.

“We are excited to further raise performance and deliver more positive impact through strategies and initiatives anchored on cost mindfulness, operational excellence, innovation, and sustainability. These are the foundations that enable us to continue growing profitably and contributing to the country’s development with our innovative building solutions and sustainability programs,” Mr. Adrian said.

Holcim Philippines said it is “well positioned to capture market opportunities through driving innovation on products and solutions.”

The building solution company said it is ramping up sustainability initiatives to “further improve business performance and make operations more respectful to the environment and beneficial to society.”

It launched Holcim Aqua X, a water-repellent cement that protects structures against excess moisture.

In November, the company launched Holcim ECOPlanet, a “green” general purpose blended cement ideal for structural applications that lowers the carbon footprint of buildings. It also has 30% lower carbon footprint than ordinary Portland cement.

The company also signed an energy purchase agreement that will make Holcim Philippines the first cement manufacturer in the country to be solar-powered.

At the stock exchange on Tuesday, Holcim Philippines shares went up by 1.10% or P0.06 to close at P5.51 apiece. — Luisa Maria Jacinta C. Jocson

Tolentino sees top three overall finish for PHL in Hanoi

March 23, 2022 | 12:03 am

POC-Abraham Tolentino — PHILSTAR FILE PHOTO

PHILIPPINE Olympic Committee President Abraham Tolentino is leaving it all up to prayers that the country could duplicate, if not surpass, the 149 gold medals it scooped up in the last Southeast Asian Games in Manila two years ago in the Hanoi Games slated for May 12 to 23.

“We’ll just pray that our athletes can defend the 149 gold medals we won the last time,” said Mr. Tolentino during Tuesday’s online Philippine Sportswriters Association (PSA) Forum.

The PSA executive of the year awardee was coming off the chef de mission meeting in Hanoi over the weekend and reported that host nation had already accepted the country’s entry by name roster that included World No. 5 pole-vaulter Ernest John “EJ” Obiena.

“They’ve already accepted our entry by name and we’re just waiting for the final confirmation,” said congressman from Tagaytay.

The PhilCycling chief remained firm of his original forecast of a top three finish by the Filipinos in the biennial games behind the host country, which is expected to run away with the overall title.

“Malaysia has fielded in less than 800 athletes. Indonesia and Thailand remained heavyweights. A top three finish is our goal,” he said.

Mr. Tolentino reported the first Filipino athletes to plunge into action will come from men’s football, beach handball and kickboxing on May 6 followed by diving on May 8; rowing on May 9; chess, men’s futsal, women’s futsal, pencak silat and kurash on May 10; and women’s football in May 11.

And the rest of the country’s bets will follow on May 13 or a day after the May 12 inaugurals. — Joey Villar

Satellite technology seen to help banks ensure business continuity during disasters

March 23, 2022 | 12:03 am

THE CENTRAL BANK said liberalized access to satellite technology can help banks ensure continued operations during disasters. — BW FILE PHOTO

LIBERALIZED ACCESS to satellite technology is expected to benefit banks and their clients as it could help ensure business continuity during disasters.

“With enhanced access to satellite broadband services, financial institutions can improve their disaster recovery plans as part of their resilience strategy. They will also be able to set up more access points, such as branch lite operations, ATMs, and cash agents in underserved areas,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in a statement on Tuesday.

The Department of Finance earlier said the country loses an average of P48.9 billion due to climate events, equivalent to about 0.33% of the average gross domestic product. This, as the country is struck by around 20 tropical cyclones annually.

The central bank through Circular 1128 last year told banks to do a yearly assessment of the impact of environment and social risks on their operations. This would include assessment of a bank’s capability to withstand disruptions, resume operations and continue to provide services.

Mr. Diokno noted how Cantilan Bank, Inc., a rural lender in Mindanao, made use of satellite technology when Typhoon Odette struck Siargao.

The bank said their recently installed aperture terminals restored online connectivity and ATM (automated teller machines) operations of their Del Carmen and Dapa branches in Siargao City.

Some areas in Visayas and Mindanao continue to have no internet connection and electricity for more than two months since Typhoon Odette hit them in December.

“By supplementing our network redundancy measures with VSAT connectivity, the bank effectively provided a contingency measure for branches operating in disaster-stricken areas,” Cantilan Bank Executive Vice-President Tanya Hotchkiss was quoted as saying.

Executive Order (EO) 127 signed last year by President Rodrigo R. Duterte gave telco players and other businesses wider access to all satellite systems.

It was supported by the Financial Inclusion Steering Committee, which is headed by the BSP, the National Economic and Development Authority, the National Telecommunications Commission, and the government’s task force for pandemic response.

“The BSP is optimistic that with EO No. 127 and other market-enhancing policy reforms being introduced, satellite broadband services will become more accessible and affordable, which will further boost digital financial inclusion in the country,” the central bank said.

About 53% of Filipino adults had a basic deposit or e-money account as of the first quarter of 2021, the BSP earlier said.

Meanwhile, digital payments made up 20.1% of all transactions in 2020, based on central bank data.

By 2023, the BSP hopes that 70% of adult Filipinos will have an account with a financial institution. It also wants 50% of transactions done online in the same year. — L.W.T. Noble

Warhol painting of Marilyn Monroe expected to fetch $200 million at auction

March 23, 2022 | 12:03 am

NEW YORK — A portrait of actress Marilyn Monroe by 1960s pop icon Andy Warhol will go up for auction in May with an estimated value of $200 million, which would set a record, Christie’s announced on Monday.

The work, Shot Sage Blue Marilyn, “is poised to be the most expensive painting of the 20^th century ever sold at auction,” said Alex Rotter, Christie’s chairman of 20^th and 21^st century art.

The 1964 likeness of Monroe’s face screenprinted with bright yellow hair, a pink face, and light blue eyeshadow, is one of five paintings Warhol made of Monroe.

Warhol “used a screening technique on these paintings, on this painting, that he never used again. It was way too complicated, way too involved,” said Mr. Rotter.

The work comes from the Thomas and Doris Ammann Foundation in Zurich. All the proceeds of the sale will benefit the foundation, which is dedicated to improving the lives of children around the world.

“The sale of this single painting will constitute the highest grossing philanthropic auction since the collection of Peggy and David Rockefeller in 2018,” said Christie’s American Chairman Marc Porter.

Christie’s says the highest price paid for a Warhol was for the painting Silver Car Crash (Double Disaster), which sold for $105 million in 2013. — Reuters

Wilcon taps Meralco’s Spectrum to install solar power systems

March 23, 2022 | 12:03 am

MSPECTRUM, Inc. is set to install a total of 1,306.46-kilowatt peak of solar photovoltaic (PV) systems in five stores of Wilcon Depot, Inc.

“The solar panels will have a combined annual generation capacity of 1.7 million kilowatt hours of clean energy and are expected to reduce Wilcon’s carbon footprint by 1,222 tons annually. This is equivalent to 2.5 million trees planted,” the companies said in a joint media statement on Tuesday.

Manila Electric Co.’s (Meralco) solar company, also known as Spectrum, will install solar panels with a combined annual generation capacity of 1.7 million kilowatt-hours of clean energy. The panels are expected to cut Wilcon’s carbon footprint by 1,222 tons yearly, which is said to be equivalent to planting 2.5 million trees.

The branches that will soon have solar panels on their roof are in: Antipolo, Rizal; General Trias, Cavite; Tayabas, Quezon; Jaro, Iloilo; and Makato, Aklan.

Once fully installed, the project is expected to allow Wilcon to save P5.15 million in power costs every year. Wilcon has already solarized 39 out of its 74 stores nationwide before the partnership with Spectrum.

“Wilcon Depot has partnered with Spectrum in support of our sustainability journey as they speak quality, character, and excellent service in each project. We are thankful to have such an outstanding organization in enabling Wilcon to achieve our sustainability goals,” Wilcon President and Chief Executive Lorraine Belo-Cincochan said, as quoted by Meralco during the ceremonial launch of the solar project held on March 22 in Antipolo City.

Spectrum President and Chief Executive Ferdinand O. Geluz said Wilcon had the foresight in mitigating the impact of unstable fuel prices and low power supply.

“Not only does [solar power] reduce carbon footprint, it also lessens energy costs which drives operational efficiency,” Mr. Geluz said.

Wilcon reported a 22.8% increase in net income to P692 million in the fourth quarter last year, as the retailer’s gross profit margin improved with the higher contribution from its in-house brands. For the whole 2021, the company posted a 76.8% income jump to P2.56 billion.

Meralco, on the other hand, posted a 9.5% increase in core net income in the fourth quarter last year to P6.55 billion as energy sales volume surged. For full-year 2021, the power distribution giant reported a consolidated core net income of P24.61 billion, 13.4% higher than in 2020.

Meralco shares at the stocks exchange climbed P10.80 or 3.01% to close at P369.80 each on Tuesday. — Marielle C. Lucenio