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Pilipinas Shell sees fuel demand’s return to pre-pandemic levels by next year

BW FILE PHOTO

PILIPINAS Shell Petroleum Corp. expects to see demand for fuel products to go back to pre-COVID-19 levels by 2022 if the government’s health measures turn out positively, company officials said.

“We are aspiring to grow our… earnings in line or at least higher than the projected GDP (gross domestic product) growth rates of the country. If the government health measures will progress as promised, then we can assume that the petroleum demand will go back to pre-pandemic levels by 2022,” Pilipinas Shell Chief Financial Officer Reynaldo P. Abilo said during the firm’s annual stockholders meeting held virtually on Tuesday.

He added that energy demand, coupled with vehicle sales and household spending, are expected to grow as the economy recovers.

Pilipinas Shell President Cesar G. Romero said that the firm’s performance is “strongly correlated” to how the Philippine economy will perform this year.

“If the Philippine economy recovers in conjunction with positive developments in the health crisis, then we see every reason to see improvements in our businesses as well. Having said this, the impact of COVID-19 to our business is still present [such as] slower demand due to increase in COVID-19 cases, including logistical constraints in stations in areas where quarantine is imposed,” Mr. Romero said during the meeting.

The company earlier reported a net loss of P16.18 billion for 2020 mainly due to one-time charges, which came with the transformation of its Batangas refinery and the global drop in crude oil prices.

Mr. Romero, who is also Pilipinas Shell chief executive officer, reiterated that majority or P12 billion of the losses came from transforming the firm’s 110,000 barrels-per-day refinery in Tabangao, Batangas into an import facility.

Mr. Abilo said that the firm expects to realize savings of around P700 million in 2021 and an additional P300 million in 2023 once it turns its former refinery into a “world-class import facility.”

“A key feature that we expect to see from the refinery conversion is the higher degree of ratability in our performance and reduced volatility of our earnings. Now that we have a fully imported supply chain, we will have no more exposure to the highly volatile and currently depressed refining margins,” he said.

He added that the new import facility will allow the re-deployment of capital expenditure to assets or projects that bring in higher yields and reduce exposure to inventory holding losses.

Pilipinas Shell aims to add two more medium-range import terminals by 2025. Previously, it said that it is allotting a yearly capital expenditure of around P1 billion per year to “strengthen its supply chain across the country.”

Shares in the company at the local bourse improved 0.46% or 10 centavos to close at P21.90 apiece on Tuesday. — Angelica Y. Yang

LT Group income up nearly 5% to P6.5B; tobacco brings biggest share

LT Group, Inc. (LTG) posted a 4.5% growth in net attributable income to P6.49 billion in the first quarter, it said on Tuesday, with the tobacco business largely boosting the listed conglomerate of Lucio C. Tan.

In a statement, LTG said its tobacco segment accounted for P5.01 billion or 77% of the company’s total attributable income, while its net income inched up to P5.03 billion from P5.01 billion despite lower industry volume as additional excise taxes led to price increases.

“LTG is not against tax increases, but believes that the hikes should be moderate. Continued price hikes to pass on higher excise taxes may result in further volume declines,” the company said.

Meanwhile, the parent firm’s net expenses amounted to P198 million.

Among the business units, listed banking arm Philippine National Bank (PNB) contributed P1.02 billion, or the second-largest share at 16%.

PNB generated P1.83 billion in profits during the first quarter, 33% higher than the P1.37 billion seen last year due to lower provisions for credit losses worth P2.10 billion from P3.36 billion. Its net interest income was also seven percent lower at P8.24 billion.

Tanduay Distillers, Inc. accounted for P233 million or four percent of the group’s total attributable income, while its net income for the quarter improved by 18% to P235 million from P199 million.

“The higher income is largely due to the 5% increase in the volume of liquor sales and higher rectified alcohol sales,” LTG said.

Tanduay’s nationwide market share for distilled spirits went down to 26.5% in March from 27.7% year on year. Its market share in the Visayas and Mindanao, where it derives most of its sales, were at 70.1% and 76% respectively.

Asia Brewery, Inc. (ABI) pitched in P211 million or three percent to the company’s attributable profits. The subsidiary generated an income nearly three times more at P211 million from P74 million in the first three months of last year, while revenues declined by 13% due to lower volume of bottled water and soymilk.

“The higher income is largely due to the absence of losses from the AB Heineken joint venture as the partnership transitions starting 2021 to the engagement of ABI to brew and distribute Heineken and Tiger beers in the Philippines,” LT Group said.

Real estate firm Eton Properties Philippines, Inc. contributed P149 million or two percent to LT Group.

Eton’s profits for the quarter dipped by 11% to P150 million from P169 million in the January-to-March period last year due to the decline in residential unit sales and lower income from rentals. It currently has 181,000 square meters (sq.m.) of office space and over 45,000 sq.m. of retail space.

Meanwhile, the company’s 30.9% stake in Victorias Milling Co., Inc. (VMC) accounted for P66 million or one percent of LTG’s total attributable income.

On Tuesday, shares of LTG at the local bourse went up by 0.78% or 10 centavos to close at P13 each. — Keren Concepcion G. Valmonte

Puregold income climbs nearly 15% despite decline in sales

BW FILE PHOTO

GROCERY operator Puregold Price Club, Inc.’s net income grew by 14.6% to P2.02 billion in the January-to-March period from P1.76 billion year on year despite posting a decline in net sales.

“This was principally driven by the continuous organic expansion of the group’s grocery retail outlets, strategic cost management, and sustained consumer demand,” Puregold said in a regulatory filing on Tuesday.

First-quarter net sales amounted to P37.73 billion, around 7.9% lower than last year’s P40.95 billion due to a drop in customer foot traffic.

The company said during its annual stockholders’ meeting on Tuesday that “small format and mini-mart stores” remain a key focus area as it continues to adjust its products and services with the needs of its consumers.

“We have adapted what we call the caravan [where] we bring many items to the locality that may be far from our stores so that the consumers need not go to our stores due to the difficulty in mobility,” Leonardo B. Dayao, director of Puregold, said.

The grocery operator said it also aims to continue with its expansion plans this year.

“We will pick up the pace of it and in the plans for this year would be like 30 [new stores], but if the restrictions would be opened up a little bit, we can stretch that as much as 35 to 40,” Levi B. Labra, board consultant of Puregold, said.

The company plans to allocate around P4.1 billion to P4.7 billion for its capital expenditures (capex) this year, which is a bump from its 2020 capex budget of P3.4 billion.

Nearly half of this year’s budget, or around P1.7 billion to P2.3 billion, will be set aside for the new Puregold stores.

Meanwhile, P1.6 billion will be used to fund two new S&R stores, around P200 million for 10 S&R QSRs (quick service restaurants), and P600 million will be set aside for the company’s maintenance capex.

Puregold ended 2020 with 469 stores under its belt nationwide, broken down as 403 Puregold stores, 20 S&R membership shopping grocers, and 46 S&R QSRs.

Shares of Puregold at the stock exchange closed unchanged at P33.90 on Tuesday. — Keren Concepcion G. Valmonte

An introspective view of the world

STRANGE FRUIT is composed of photographers Jes Aznar, ESL Chen, Jason Quibilan, Veejay Villafranca, Francisco Paco Guerrero, and Raena Abella.

FOR a collective of six photographers, the past year under quarantine has allowed for introspection and the development of new ideas from observing events in the country and the world as they remained indoors.

Established in 2020, Strange Fruit is composed of photographers Jes Aznar, ESL Chen, Jason Quibilan, Veejay Villafranca, Francisco “Paco” Guerrero, and Raena Abella. The name Strange Fruit is taken from Mr. Aznar’s ongoing documentary project about the various facets of Philippine society. The collective’s mission is to use photography as a medium to illustrate the Filipino socio-cultural landscape.

“The pursuit of Strange Fruit is a continuous observation of what is happening around us as Filipinos,” Mr. Villafranca said in a group interview with BusinessWorld via Zoom on May 5.

The photographers said that the past year has allowed them to look through their archives and recall ideas that were yet to materialize. The result of this can be seen in Strange Fruit’s exhibit in this year’s Art Fair Philippines. This is the group’s second year of participation in the major Philippine art fair, which in normal times is held in a Makati carpark, but which has migrated online because of the ongoing COVID-19 pandemic.

“These past 12 months have allowed us to go into our archives and put the work together. It has given us time to think about the work and why we photographed it,” Mr. Guerrero, a travel and lifestyle photographer, said.

NATURE, ANIMALS, AND EVERYDAY OBJECTS
Ms. Abella returned to exploring images from the sea for this year’s Art Fair. The bodies of water and sea creatures are the artist’s representation of the “beauty and strangeness of the sea and the feeling of wanting to escape.”

Mr. Aznar’s series of photos is part of the artist’s ongoing study of cockfighting in the Philippine which shows the grace of movement in conflict.

Mr. Chen’s selection  for this year’s Art Fair is a meditation on movement and the lack of it. His images of waves conveying an anticipation of motion were taken in 2019 during his first trip to the beaches of Aurora province.

“I took the photos for no purpose really. I just thought it was nice… I did not expect anything to come out of it. It was my first time to go there. I’m not really an ocean person. But somehow, when I was there, it’s a nice memory until this day,” Mr. Chen said. “Somehow, during this time of meditation, I learned to appreciate quieter images and to find meaning in them.”

After releasing the Portraits in the Field series during the last two editions of the art fair, Mr. Guerrero is showcasing a new series of images of land, sea, and air.

  Meanwhile, documentary photographer Villafranca’s Barrio Sagrado (excerpt) is a series of images that highlight the religion and secular faith that shape the Pinoy identity.

Mr. Quibilan’s sub/objects, a series which he began in 2019, is an examination of objects through X-rays. The series features X-ray images of the Filipino staple dried seafood or daing. The dinaing na pusit (squid), espada (beltfish), sapsap (ponyfish), and galunggong (mackerel scad) reveal an “invisible dimension.”

“We were forced to look back on our previous work. You see it through different eyes given what you are going through now. There is always something else there,” Mr. Quibilan said of how the pandemic and the preparation for the exhibition has affected their work.

   “You thought you were already done with the image series. Then, you see something different because you are a changed person since you have gone through something you have never been through [before]. So, you start seeing something new and [it] takes you down a different path,” he added. 

For Mr. Guerrero, adapting the showcase to an online exhibition at the Art Fair provides a new opportunity to examine how audiences react to images.

“It enriches us as photographers to see how they critique and react to images,” Mr. Guerrero said. “It’s still a mystery for me, even after 20 years (as a practitioner in the field), what in a photograph engages an audience.”

  Strange Fruit’s exhibit is on view online until May 15 at https://artfairphilippines.com/gallery/strange-fruit/. It is possible to visit the physical gallery of their Art Fair Philippines 2021 showcase by appointment at the 3rd floor, Shutterspace Studios, 175 Citigold Plaza, Brgy. Bayanihan, Quezon City. For appointments, contact 0917-127-1502, or e-mail gallery@strangefruitph.com. For more information, visit https://www.strangefruitph.com/. — Michelle Anne P. Soliman

Manila Water income down 8% after lower billed water volume

PHILIPPINE STAR/ MICHAEL VARCAS

MANILA Water Co., Inc. recorded an 8% drop in its attributable net income to P1.30 billion for the first quarter due to lower contribution from its east zone water concession area, it said in a regulatory filing on Tuesday.

The Ayala-led company’s attributable income was at P1.42 billion in the same January-to-March period last year.

Manila Water’s consolidated operating revenues fell 12% to P4.85 billion from P5.51 billion as a result of lower billed volume from the commercial and industrial segments of its east zone concession area.

It added that revenues declined on lesser supervision fees from its subsidiary Manila Water Philippines Ventures, Inc. (MWPV) and lower billed volume from its domestic subsidiaries.

“The group derived 80% of its operating revenues from the sale of water, while 16% came from environmental and sewer charges. Other revenues, which accounted for the balance, are comprised of supervision fees, after-the-meter services, connection fees, and septic sludge disposal, among others,” Manila Water said.

Earnings before interest, income taxes, depreciation, and amortization (EBITDA) for the period fell 5% to P3.23 billion.

Meanwhile, the water provider said its consolidated costs and expenses — without depreciation and amortization — went down 4% to P1.89 billion on the back of lower direct costs.

Direct costs by fell 12% to P859 million due to lower power, light and water, water treatment chemicals, and repairs and maintenance costs resulting from lower billed volume.

Manila Water’s subsidiary MWPV trimmed its net loss to P56 million for the period from P151 million last year.

“This is largely due to the effect of the one-time recognition of discontinued operations of Zamboanga Water last year amounting to P193 million,” Manila Water said.

MWPV’s revenues dropped 15% to P999 million on the back of lower water and sewer revenues, and supervision fees. Its EBIDTA also fell 27% to P337 million.

“The lower water and wastewater revenues for the period were mostly on account of the 70% decline in revenues noted in Boracay Water. This decline is due to the prevailing travel restrictions and consequent business slowdown due to the COVID-19 pandemic,” Manila Water said.

Another subsidiary, Manila Water Asia Pacific Pte. Ltd. (MWAP), posted a net income of P123 million for the period, a reversal of its P193-million net loss a year ago.

“This was mainly due to the recognition of one-off expenses in March 2020 in relation to MWAP’s investment in Cu Chi Water,” Manila Water said.

The billed volume during the period rose 5% to 172.4 million cubic meters, against 164.4 million cubic meters in 2020.

On March 31, Manila Water signed a new concession agreement with the government.

Under the revised agreement, the water provider will no longer be allowed to charge its customers for corporate income tax and implement foreign currency differential adjustments.

“The revised concession agreement lowers the yearly inflation factor to two-thirds of the Consumer Price Index adjustment and sets a tariff cap on rate increases equivalent to 1.3x the previous standard rate for water and 1.5x the previous standard rate for wastewater,” Manila Water said.

Some of the other changes in the concession agreement include the implementation of a tariff freeze until Dec. 31, 2022, the change to a 12% fixed nominal discount rate for expenditures, and the exclusion of the non-interference clause in the “Undertaking Letter of the Republic,” which will apply to contracts and obligations existing at the time of execution of the revised agreement.

On Tuesday, shares of Manila Water at the stock exchange fell 4.02% or 60 centavos to close at P14.34 each. — Revin Mikhael D. Ochave

Retelling Rak of Aegis to a global audience

Rak of Aegis, Pepe Herrera and Aicelle Santos.

THE FLOOD (33 drums worth of water) returns and the residents of Barangay Venezia once again sing Aegis hit songs for a limited time this year in the rainy months of July and August. This time, the hit jukebox musical Rak of Aegis goes digital, not only for a local audience but also worldwide.

Philippine Educational Theater Association (PETA) together with Organisasyon ng Pilipinong Mang-Aawit (OPM), the Philpop Musicfest Foundation (Philpop), PLDT Home Fibr, and Foodpanda, present the pay-per-view streaming of the jukebox musical Rak of Aegis on July 31, Aug. 1, 7, and 8 via www.ticket2me.net.

The story of Aileen, who aspires to be an online singing sensation and uses her platform to help the impoverished community of Barangay Venezia, which has been submerged in floodwaters for two months, was written by Liza Magtoto and directed by Maribel Legarda. Musical direction and arrangement of the songs by 1990s rock band Aegis used in the musical is by Myke Salomon, while choreography among the village’s shanties, catwalks, and flood — themselves created by set designer Mio Infante and lit by Jonjon Villareal — is by Gio Gahol. The costumes are designed by Carlo Pagunaling, and shoes — an important point in the story — are by Maco Custodio. 

The musical’s streaming is a testament to the “resilience of those in Villa Venezia [which] exists not only in the play, but also in the Filipinos trying to navigate through the COVID-19 (coronavirus disease 2019) pandemic, and in the artists who have strived to survive and thrive despite the crisis currently faced by the local theater industry,” a press release from PETA said.

“I know that it will not be live but there are still many other elements to it that audiences can enjoy,” PETA Artistic Director Maribel Legarda said during an online press launch on May 7 held via Zoom. Ms. Legarda said that online streaming not only allows audiences to re-watch the show, but also gives access to first time viewers globally.

The Rak of Aegis streaming cast includes Aicelle Santos, Pepe Herrera, Poppert Bernadas, Isay Alvarez-Seña, Robert Seña, Joann Co, Jimi Marquez, and Gie Onida, together with John Moran, Matel Patayon, Marynor Madamesila, Lemuel Silvestre, Teetin Villanueva, and Rafael Sudayan in the ensemble.

Over the past year PETA Theater studied models on how other local and international companies operate digital streaming, marketing, and partnerships.

“In the early months [of the COVID-19 pandemic], we were trying to find our way around how to handle digital programming,” PETA Executive Director Maria Gloriosa Santos-Cabangon said. “Much later, when we were already considering streaming shows with tickets, we also wanted to build our confidence in online sales.”

Prior to the decision to stream Rak of Aegis, the theater company held a three-month Festival of Windows 2020: Locked But Linked and the K.E.-POP: Kalinangan Ensemble-Performers Overcoming a Pandemic digital festival.

The Rak of Aegis online streaming is part of the Linggo ng Musikang Pilipino (LMP) 2021 celebration, and is the banner project of the #TakePETAbeyondCOVID campaign, a fundraising drive that aims to help PETA survive this unprecedented time.

“As a non-profit organization that operates with the narrowest of margins, PETA has been heavily impacted by the COVID-19 pandemic. Our lack of a steady income source for a year now has had some devastating effects on our company and our people,” PETA President Cecilia B. Garrucho said in a statement, adding that the company laid off 20% of its staff in the past year.

“We believe that culture can offer intangible food for our audiences. The same way that community pantries are mushrooming all over the country,” Ms. Garrucho said during the online press launch. “We think that we should put up a ‘cultural pantry’ from which our audiences can draw intangible food that will give them joy and inspiration to go on through times of incredible hardship.”

Tickets to Rak of Aegis are now on sale via www.bit.ly/rakofaegisstreaming. The viewing options are: Livestream at P350 (8 p.m. to 11 p.m., Philippine Standard Time or PST); Video On Demand at P500 for 24-hours streaming from 10 a.m. to 10 a.m. the next day (PST); Video on Demand Premium at P1,000 for 24-hours streaming from 10 a.m. to 10 a.m. the next day (PT) with exclusive access to the Rak with Aegis live virtual concert on Aug. 8, (8 p.m.), featuring the Aegis Band and select cast members.

To donate to PETA Theater, visit www.ticket2me.net (for donations of P500 and up), or through PETA’s Gcash account. For bulk tickets and partnerships, contact Mitch Go at mitchgo@petatheater.com or 0917-539-1112. For more information, follow PETA’s social media pages: Facebook (www.facebook.com/petatheater), Instagram (@petatheater), Twitter (@petatheater), YouTube (www.youtube.com/petatheateronline) or visit www.petatheater.com/rakofaegis. — Michelle Anne P. Soliman

Arts & Culture (05/12/21)

San Sebastian Basilica

Webinar on San Sebastian Basilica cultural heritage, preservation

IN LINE with the 400th founding anniversary of San Sebastian Basilica, a National Cultural Treasure, cultural practitioners from diverse disciplines will discuss its continuing preservation and its current state in the country in a free public webinar. Entitled “Beyond the Basilica: Heritage Conservation and Appreciation,” it will provide in-depth understanding and diverse perspectives on the subject. The webinar will feature educator Brenson Andres who will share his insights on teaching heritage appreciation in K-12 as well as a glimpse into its curriculum and pedagogy; De La Salle-College of Saint Benilde (DLS-CSB) Architecture Program Chairperson architect Harvey Vasquez will impart the best practices in heritage architecture and conservation; and San Sebastian Basilica Conservation and Development Foundation, Inc. (SSBCDFI) Communications and Fundraising Officer Samantha Pacardo will introduce the #SaveSanSebastian Campaign and the mission of the foundation to champion its restoration and all of its original features following the international standards. The webinar will conclude with an online tour of San Sebastian Basilica, Asia’s lone all-steel metal Gothic Revival church, to be facilitated by SSBCDFI Education Head Ysabel de Dios. The audience is transported into an accurate 3D model of the church created through photogrammetry. Complete with historical facts and videos of a Recollect friar, the project aims to bring the beauty of the Basilica to the people even amid the social distancing protocols due to the pandemic. The webinar, hosted by the Arts Management Program of the DLS-CSB, will be conducted in partnership with the SSBCDFI with the support of the National Commission for Culture and the Arts (NCCA). The talk will be moderated by Benilde Arts Management Program Chairperson Alain Zedrick Camiling. “Beyond the Basilica: Heritage Conservation and Appreciation” is on May 20, 2:30 to 5 p.m. Interested participants may register through bit.ly/BeAMBTB.

Writer, painter, actress, theater designer Celia Diaz-Laurel to launch book

HOW does one celebrate her 93rd birthday in this time of pandemic? For mother, wife, philanthropist, writer, painter, thespian, theater production and costume designer Celia Diaz-Laurel, the best way would be to launch her latest coffee table book, aptly titled My Lives Behind the Proscenium, on May 29 via Facebook Live. The book chronicles the life  that Celia Diaz-Laurel led with chapter titles: Stage-struck at Five, Wartime Years, Dramatic UP Days, Yale Years, Back to the Stage at Repertory Philippines. “Celia has written an entertaining story about her theatrical life in a straightforward, simple, style that not only will give the curious reader an insight into her life and the social milieu of her time but is a historical narrative of the early years of Manila theater and the personalities who were part of it. She writes about her early personal life as the background for the successful career she carved out for herself — not only as an actress but as a set and costume designer,” wrote Joy Virata in the foreword of the book. The book is edited by Suzie Laurel-Delgado and Cocoy Laurel. For book reservations and inquiries, contact Jenn Tejada at 8869-7298 Monday to Friday from 1- 5 p.m.

Pen International to hold 2021 Congress online

THE PHILIPPINE Center of International PEN (Poets, Essayists, Novelists), in partnership with the Cultural Center of the Philippines (CCP), will hold its annual Congress on May 15 via the official Facebook pages of the CCP, the CCP Intertextual Division, and the Philippine Center of International PEN. Following the theme “All In,” the congress aims to capture the linguistic and cultural inclusivity that the digital space enables, as well as speak of the collective hope Filipinos must have during these uncertain times. Marking the 100th year of PEN International, this year’s theme also signifies the Philippine PEN’s solidarity with the organization’s continuing fight for Freedom of Expression across the world by delivering a message of unity in freedom and dignity — values that Filipino writers must express and espouse in their work. The one-day congress will be held in two parts. The first part features a keynote address by Bro. Karl Gaspar, followed by the traditional Jose Rizal lecture by Dr. Reynaldo Ileto. This morning session is primarily for active members of the organization, but it will be streamed live on the Facebook pages of the CCP and the Philippine PEN. The second part takes place in the afternoon. “Free the Word” features public readings and performances by noted writers and artists including Elsie Coscolluela, Rody Vera, Anton Juan, Jr., Edgar Samar, Frank Rivera, John Iremil Teodoro, Jhoanna Cruz, Guelan Luarca, Adjani Arumpac, JK Anicoche, Erl Sorilla, Jonathan Davila, Richard Hangdaan Kinnud, Jason Chancoco, and Neldy Jolo, among others.  This is open to the public.

Leon Gallery holds Abstract Art exhibit at Art Fair

LEON Gallery brings Abstract Art to Art Fair Philippines 2021 via an exhibit called “Elemental” featuring works by Vasarely, Albers, Diez, Zobel, Aguinaldo, among others. The exhibit is ongoing until May 15. A virtual exhibit is on view at the Art Fair Philippines website at www.artfairphilippines.com. A complementary physical exhibit can be viewed at Léon Gallery International located at G/F Corinthian Plaza, 121 Paseo de Roxas, Makati City. Among the renowned artists whose works are on view in the exhibition are Op Art pioneer Victor Vasarely, Venezuelan kinetic artist Carlos Cruz-Diez, and local masters Fernando Zobel, Jose Joya, Lee Aguinaldo, and Florencio Concepcion. Other artists whose works are on exhibit include Nena Saguil, Lao Lianben, Bernando Pacquing, Norberto Carating, Jesús Rafael Soto, Romulo Olazo, and Josef Albers. To book an appointment to see the paintings at the gallery and for further inquiries, contact 8856-2781 and 0998-5517-2010 or e-mail info@leon-gallery.com.

Silverlens holds online, offline exhibitions

SILVERLENS has opened its hybrid presentation for Art Fair Philippines 2021 to the general public. Over 100 works by 36 artists are now on view online and on-site at the gallery’s Makati location. The on-site exhibit will run until May 10, while the online exhibit will run throughout the course of the art fair, which ends on May 15. The gallery will accommodate visitors everyday until May 10, from 10 a.m. to 4 p.m. There is no entrance fee, but visitors must book an appointment via 8816-0044, 0917-587-4011 or e-mail info@silverlensgalleries.com. The gallery is at 2263 Don Chino Roces Ave. Ext., Makati.

Young student-artist to teach origami

STUDENT-artist Nikki Talento has volunteered to impart her interest in origami, the traditional Japanese art of paper folding in a workshop for children and young adults. The first part will teach kids ages five to 10 on how to build their own origami animal puppets using only green, blue, and red papers. With the help of a black marker and a pair of scissors, they will be able to come up with three jumping frogs and two water lily pods to play the  game of jumping frogs. The session will likewise include a special storytelling time featuring the Filipino fairy tale Ang Palaka at ang Baka (The Frog and The Cow)” using the finished puppets. The second session will help preteens and teens ages 11 to 18 in making their own sculptural origami using only recycled papers such as old magazines, worksheets, newspapers, and colored papers. Additional materials include thin skewers, barbecue sticks, or toothpicks as well as white glue, scissors, cardboard, ruler, and pencil to complete a D.I.Y pen holder. The workshop is made possible by the Museum of Contemporary Art and Design (MCAD) in partnership with the Center for Social Action (CSA) of the De La Salle-College of Saint Benilde. The sessions are scheduled on May 14, 10 a.m. to noon for the younger children, and 3 to 5 p.m. for preteens and teens. To register, e-mail mcad@benilde.edu.ph or social.action@benilde.edu.ph.

Tickets to Rak of Aegis online now available

PHILIPPINE Educational Theater Association (PETA) together with Organisasyon ng Pilipinong Mang-Aawit (OPM), the Philpop Musicfest Foundation (Philpop), PLDT Home Fibr, and Foodpanda, presents the pay-per-view streaming of the jukebox musical Rak of Aegis on July 31, Aug. 1, 7, and 8 via www.ticket2me.net. The Rak of Aegis online streaming is part of the Linggo ng Musikang Pilipino (LMP) 2021 celebration, and the banner project of the #TakePETAbeyondCOVID campaign, a fundraising drive that aims to help PETA survive this unprecedented time. Featuring songs from the popular 1990s band Aegis, the jukebox musical tells the story of Aileen who dreams of becoming an online singing sensation and uses the platform to help the impoverished community Barangay Venezia, which has been submerged in floodwater for two months. The Rak of Aegis streaming cast includes Aicelle Santos, Pepe Herrera, Poppert Bernadas, Isay Alvarez-Seña, Robert Seña, Joann Co, Jimi Marquez, and Gie Onida, together with John Moran, Matel Patayon, Marynor Madamesila, Lemuel Silvestre, Teetin Villanueva, and Rafael Sudayan in the ensemble. Tickets are now on sale via www.bit.ly/rakofaegisstreaming. The following viewing options are: Livestream at P300 (8 to 11 p.m., Philippine Standard Time); Video On Demand at P500 for 24-hours streaming from 10 a.m. to 10 a.m the next day (Philippine Standard Time); Video on Demand Premium at P1,000 for 24-hours streaming from 10 a.m. to 10 a.m. the next day (Philippine Standard Time) with exclusive access to the Rak with Aegis live virtual concert on Aug. 8, (8 p.m.), featuring the Aegis Band and select cast members. For additional donations to PETA Theater, visit www.ticket2me.net (for donations 500 and up), or through PETA’s Gcash account. For bulk tickets and partnerships, contact Mitch Go, mitchgo@petatheater.com, 0917-5391112. For more information, follow PETA’s social media pages: Facebook www.facebook.com/petatheater; Instagram @petatheater; Twitter @petatheater; YouTube  www.youtube.com/petatheateronline or visit www.petatheater.com/rakofaegis.

Gateway Gallery to hold first virtual paint-along session

GATEWAY Gallery will conduct its very first online art workshop via Zoom on May 15 from 9 a.m. to noon. Titled Pastel 101: Paint-Along with Julius Legaspi, this special digital art session will teach beginners, from teens to adults, the basics of the oil pastel medium. Mr. Legaspi will discuss pastel and its materials, as well as demonstrate the techniques often used in oil pastel painting. Pastel 101 is an art demonstration online session. Though an artwork or output is not required from the participants, Mr. Legaspi encourages the students to paint along with him. This way, the students will have a more intimate experience with the medium and be able to come up with a moody waterscape painting. Mr. Legaspi is a graduate of the UP College of Fine Arts and is one of the leading proponents of the pastel medium in the country. He and his artist-friends started in 2015 the Philippine Pastel Artists, Inc., which has been active in promoting the use of the medium among Filipino artists through regular events and annual conventions. To sign-up for Pastel 101, message Gateway Gallery through its Facebook or Instagram accounts (gateway.gallery), or send an e-mail to gatewaygallery@aranetagroup.com. Send the full name of the registrant/attendee, e-mail address and mobile number, then pay the session fee of P800 via bank transfer or deposit.

Creative and cultural personalities to headline online interactive project

DO IT, the world’s longest-running curatorial project, will have its first appearance in the Philippines with an expansive lineup of featured collaborators on May 13. Called Do It (MCAD), the Philippine iteration’s line-up will include local influencers and leaders such as painter and photographer MM Yu; poly-disciplinary artist Russ Ligtas; independent dance and multimedia artist Madge Reyes; musician, emcee, poet, journalist, and activist Lourd de Veyra; cartoonist and Kikomachine Komix illustrator and writer Manix Abrera; storyteller and TRESE co-creator Budjette Tan; multi-disciplinary media artist Manny Montelibano; intermedia artist Mark Salvatus; global chef Miko Calo; and graffiti artist Dex Fernandez. A special section will include Chinese multimedia expert Cao Fei, Brazilian master Rivane Neuenschwander, British relational artist Liam Gillick and Swiss creator Hannah Weinberger, as well as French dancer and choreographer Jerome Bel and American contemporary composer Robert Ashley, will likewise be featured. The event will be an interactive forum that allows the guests to get a glimpse inside the minds of the different visionaries and innovators. This show is a part of the effort of over 50 institutions in Basel, London, Paris, Stockholm, New York, Moscow, Venice, Manchester, Shanghai, Oslo, and Hong Kong, among others, to recreate the rigid exhibition format as flexible and open-ended. It will be held in partnership with Independent Curators International (ICI) New York. Do It (MCAD) is made possible through the Museum of Contemporary Art and Design (MCAD) Manila of the De La Salle-College of Saint Benilde. Do It (MCAD) opens on May 13 through the museum’s website (http://mcadmanila.org.ph) and official social media channels on Instagram (https://www.instagram.com/mcadmanila) and Twitter (https://twitter.com/mcadmanila).

Virtual Choral Fest set this month

MUSICA FEUROPA, Far Eastern University’s annual choral festival with the European Union Delegation in the Philippines as its principal partner, presents Musica FEUropa 12, a virtual series of concerts on May 15, 22, 29, and 30. The Concert of Champions will be held on May 30. Musica FEUROPA 12 will celebrate the power of music with choral groups sharing their virtual performances to showcase both Philippine and European pieces. Musica FEUROPA prepares Filipino choirs to participate in European choral competitions and fosters an openness to cultural exchange. The Concert of Champions will feature various Filipino choirs who have won not just in Musica FEUROPA but bigger competitions in the Philippines and abroad. Musica FEUROPA 12 will happen via Zoom. All Musica FEUropa 12 concerts will also be posted on its YouTube Channel and that of the FEU Center for the Arts.

Musical Theater Dance workshops now offered

THE PRODUCERS of The Phantom of the Opera, Cats, Matilda and many others will hold their first ever Online Musical Theatre Dance Workshops, taught by international touring cast members. Join cast members from Chicago, Mamma Mia, Cats, and West Side Story this June: Week 1: “Hot Honey Rag” from Chicago with Darren Greeff; Week 2: “Mamma Mia” from Mamma Mia! with Alex O’Reilly; Week 3: “Jellicle Ball” from Cats with Brian O’Muiri; Week 4:  “Cool” from West Side Story with Louisa Talbot All workshops will be held online via Zoom. These workshops are in partnership with the Open House Fundraiser and the Artists’ Welfare Project, Inc. A portion of sales will go to Open House Fundraiser in support of the Philippine Performing Arts Community. The classes will be held from June 7 to July 2, Mondays, Wednesdays, and Fridays, at 3 p.m. The enrollment fee is P3,500 per week.

Cebu Air completes P40.5-B fundraising transactions for recovery

BW FILE PHOTO

CEBU Air, Inc., the private operator of budget airline Cebu Pacific, announced on Tuesday that it had completed three major fund-raising transactions aimed at addressing the disruptions caused by the coronavirus pandemic.

The company completed its “business transformation fund-raising plan raising a total of P40.5 billion ($845 million) in three tranches to face the COVID-19 (coronavirus disease 2019),” Cebu Air said in a statement to the stock exchange.

Cebu Air said a P16-billion ($335 million) term loan facility was provided by a group of Philippine government financial institutions and private banks.

There was also a P12.5-billion ($260 million) convertible preferred shares rights issuance backed by the company’s key shareholder, CPAir Holdings, Inc., which is a JG Summit company.

Cebu Air also secured a $250-million investment in the form of convertible bonds from International Finance Corp., IFC Emerging Asia Fund, and Indigo Philippines LLC.

“This series of successful fund-raising exercises is part of a broader proactive and comprehensive crisis response started in early 2020 including an operational transformation plan to reposition the business for the new normal which was strongly supported by lenders, lessors, and shareholders,” it said.

On Monday, Cebu Air reported P7.3 billion in first-quarter net loss attributable to equity holders versus the net loss of P1.18 billion in the same period a year ago.

The company said it was “further engaged in the planning [of] staff right-sizing in addition to further optimization and digitalization of processes.”

Cebu Air shares closed 1.02% lower at P43.30 apiece on Tuesday. — Arjay L. Balinbin

DITO to launch mobile services in Metro Manila on May 17

DITO Telecommunity Corp. will start offering its mobile services in Metro Manila on May 17, the company said in an invitation e-mailed to reporters on Tuesday.

”After our official launch last March 8, we are excited to expand our services to NCR (National Capital Region) and continue our mission of elevating the industry as the country’s third major telco player,” it said.

On May 1, the company announced the expansion of its services to 15 more locations.

In Central Luzon, DITO services cover Plaridel, Bulacan; San Fernando, Pampanga; and Gapan, San Leonardo, and San Jose in Nueva Ecija.

In South Luzon, locations covered are Ibaan and Batangas City in Batangas, and Kawit, Bacoor, and Imus in Cavite.

DITO identified three more locations in Cebu: Toledo, Balamban, and Barili.

DITO now also covers Santo Tomas and Braulio E. Dujali in Davao del Norte in southern Philippines.

“Subscribers from Central Luzon, South Luzon, Visayas and Mindanao can avail of DITO’s 25GB data for P199 promo, which is valid for 30 days,” the company said.

“They can also enjoy unlimited DITO-to-DITO calls and texts plus unlimited texts and 300 minutes of voice calls to other mobile networks. Features such as call waiting, call forwarding and video over LTE are also now available for DITO subscribers,” it added.

The company has said it may start offering home broadband services by next year. — Arjay L. Balinbin

Italy’s La Scala reopens to public after 7-month pandemic-led closure

Italy’s La Scala opera house — TEATROALLASCALA.ORG

MILAN — Italy’s La Scala opera house reopened its doors to a restricted audience on Monday, raising hopes of a gradual resumption of Milan’s vivid cultural life after a nearly seven-month shutdown due to the coronavirus disease 2019 (COVID-19) pandemic. Masked members of the orchestra, conducted by in-house music director Riccardo Chailly, and of the choir performed arias by Giuseppe Verdi, Richard Wagner and other renowned composers in an empty auditorium, with about 500 masked people watching the concert from the surrounding boxes. The concert —  marking the debut at La Scala of 34-year-old Norwegian soprano Lise Davidsen —  won a five-minute ovation and ended with an encore of Verdi’s “Va, Pensiero.” “It is a symbol of restart not only for La Scala, but for Italy as a whole,” said Artistic Director Dominique Meyer. The concert also marked the 75th anniversary of the reopening of the Milan opera house after World War II bombings. On Tuesday, director Riccardo Muti will conduct a concert with the Wiener Philharmoniker orchestra, while British conductor Daniel Harding is scheduled to take the stage on May 17. Tickets for all three performances are sold out. — Reuters

Bank lending declines for third straight month on risk aversion

BW FILE PHOTO

CREDIT EXTENDED by big banks continued to drop for the third consecutive month in February as both lenders and borrowers remained risk averse due to the ongoing coronavirus crisis that has also caused liquidity growth to slow.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) released on Monday showed outstanding loans by big banks declined by 4.5% to P8.979 trillion in March from P9.4 trillion a year earlier. This was worse than the 2.7% decline seen in February.

Inclusive of reverse repurchase agreements, bank lending decreased by 4.3% in March from the 2.3% drop in February.

The decline in lending shows the impact of the crisis, with debt servicing facing uncertainty, Asian Institute of Management (AIM) economist John Paolo R. Rivera said.

“Decline in lending for consecutive months despite low key rates may be indicative of low confidence in lending money at a time when the pandemic still poses economic uncertainty. Alternatively, there is still high probabilities of default,” Mr. Rivera said in a Viber message.

BSP data showed nonperforming loans in March surged 80% to P448.593 billion from a year earlier. This brought the bad loan ratio to 4.21% the highest since the 4.25% in August 2009.

A central bank survey showed banks expect to tighten their lending standards for both households and businesses in the second quarter of the year as they anticipate a more uncertain economic outlook, lower tolerance for risk, and the deterioration of borrowers’ profiles.

Credit disbursed for production activities fell by 3.2% in March following the 1.3% decline in February. Banks’ lending to major industries contracted, including those for wholesale and retail trade and repair of motor vehicles and motorcycles (-9.7%), manufacturing (-5.5%), and financial and insurance activities (-5.1%).

On the other hand, loans to other sectors picked up: electricity, gas, steam, and air-conditioning supply (2.9%), real estate activities (1.5%), and human health and social work activities (11.6%).

Banks’ consumer loans also fell by 9.9% in March, steeper than the 8.3% drop seen in the prior month. This, as vehicle (-10.7%) and salary-based (-1%) loans as well as credit card borrowings (-10.4%) all went down.

AIM’s Mr. Rivera said a continued slump in credit could affect recovery prospects for the economy.

“This will affect the economy particularly investment (and to some extent consumption) because not much money is circulating for transaction and investment purposes,” he said.

Mr. Rivera noted that proper policy guidance from the government, which could reassure banks and borrowers about the economy’s recovery prospects, will be crucial in boosting investor confidence and, in turn, could spur bank lending in the coming months.

“This is why timely announcements of important information such as quarantine policy, arrivals of vaccine, changes in economic policies are important so stakeholders can plan ahead,” he said.

LIQUIDITY GROWTH SLOWS
March also saw M3 — the broadest measure of liquidity circulating in an economy — grew at a slower pace of 8.3% against the 9.4% expansion in February, the central bank said in a separate statement on Monday.

Domestic claims grew 5.6% in March, a tad slower than the 5.7% in February, which the BSP said was mainly due to the “modest expansion in net claims on the central government, even as bank lending to the private sector remained weak.”

Net claims on the central government grew by 47.4% in March from 46.5% in February on sustained state borrowings.

Meanwhile, the central bank’s net foreign assets (NFA) expanded by 18.1% in March, slower than the 21.8% pace in February.

“The expansion in the BSP’s NFA position reflected the increase in the country’s level of gross international reserves relative to the same period a year ago,” the BSP said.

On the other hand, the NFA of banks rose at a slower pace of 25.9% in the month from 38.1% in February as their foreign liabilities continued to decline due to lower bills payables.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the slower liquidity growth in March reflected the impact of the lockdown late that month.

He, however, noted that money supply conditions continued to show “excess peso liquidity in the financial system amid various liquidity infusion measures.”

BSP Governor Benjamin E. Diokno has said they have infused over P2 trillion in liquidity into the financial system since the onset of the pandemic, equivalent to about 11% of the country’s economic output.

“The BSP shall continue to ensure that the overall stance of monetary policy remains in line with the BSP’s price and financial stability objectives, while providing support to the National Government’s efforts to combat the impact of the health crisis on the economy,” the central bank said.

The BSP will revisit its policy settings on May 12, Wednesday.

A BusinessWorld poll held last week showed 15 out of 17 economists expect the Monetary Board to keep benchmark interest rates at their current record lows to support the economy’s recovery alongside the government’s fiscal interventions. — L.W.T. Noble

Metro Pacific’s 7.2-km CALAX section targeted for opening in June

MPCALA Holdings Inc., a Metro Pacific tollway company, and the Department of Public Works and Highways (DPWH) are targeting to open in June a 7.2-kilometer (km) section of the Cavite-Laguna Expressway (CALAX) project.

“Ang target opening ng Silang section ay June (We target to open the Silang section) in June, last week of June,” DPWH Secretary Mark A. Villar said at a virtual briefing on Tuesday.

The 7.2-kilometer CALAX section connects Sta. Rosa-Tagaytay Road and Silang, Cavite.

“’Pag natapos ito… ang travel time from SLEX to Aguinaldo or Silang na dating isang oras, magiging 30 minutes na lang (Once completed, the travel time from South Luzon Expressway to Aguinaldo or Silang will be reduced to 30 minutes from an hour),” he added.

“Once operational, this section of CALAX is expected to serve 5,000 vehicles daily, helping decongest traffic along Governor’s Drive, Aguinaldo Highway, and Sta. Rosa-Tagaytay Road,” MPCALA Holdings said in an e-mailed statement.

Mr. Villar said this portion of CALAX is expected to help accelerate economic progress in Region IV-A.

The first segments of CALAX that are currently operational run from Mamplasan to Santa Rosa in Laguna.

The operational segments are servicing about 10,000 vehicles daily.

The CALAX project has eight subsections: Kawit to Open Canal (subsection 1), Open Canal to Governor’s Drive (subsection 2), Governor’s Drive to Silang (subsection 3), Silang to Silang East (subsection 4), Silang East to Santa Rosa (subsection 5), and Santa Rosa to Mamplasan (subsections 6, 7 and 8).

Once fully operational, the P35.43-billion project is expected to cut travel time between the Manila-Cavite Expressway and South Luzon Expressway to 45 minutes from the current 2.5 hours.

MPCALA Holdings is a subsidiary of Metro Pacific Tollways Corp., the tollways unit of Metro Pacific Investments Corp., which is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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

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