Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 6742

In Marawi, crowded shelters and lack of running water hamper disease prevention

COURTESY OF MSF (MÉDECINS SANS FRONTIÈRES OR DOCTORS WITHOUT BORDERS)

By Patricia B. Mirasol 

IN MARAWI CITY, people roam maskless despite the dangers of coronavirus disease 2019 (COVID-19). “They don’t really believe in it [COVID-19] or deny it still,” said Romain Pignard, project coordinator of MSF (Médecins Sans Frontières or Doctors Without Borders) in Lanao del Sur’s capital. “COVID is actually a big problem here especially since people live close to each other but do not want to wear a mask.”  

The vaccination drive is hitting a snag too, he added, since health-seeking behavior, in general, is an issue in the region. 

“Either they are afraid of the side effects, or they simply do not believe the vaccine works,” he told BusinessWorld in an interview before Delta cases were detected in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

As of Sept. 13, there are 14,666 COVID-19 cases in BARMM, which recorded five local Delta cases on Sept. 6. The region was the last in the Philippines to be hit by the highly transmissible variant. 

‘LIKE LITTLE HOUSES’ 
The people of Marawi are still dealing with the disruption of their lives and livelihood as a result of the 2017 siege of the city by Islamic State-aligned militants.  

Rehabilitation is ongoing, with around 200 permanent shelters turned over in July. A number of its 201,785 inhabitants reside in transitory shelters that are not ideal for disease prevention.  

These transitory shelters, as Mr. Pignard described, are “like little houses” where entire families reside in a space measuring five meters by five meters. Sanitation is uneven since some areas don’t have the infrastructure for running water. In these places, residents have to trek for water. 

The responsibility for sanitation has shifted to the local government and the barangays, said Mr. Pignard. For its part, MSF provides clean water for medical consultations. “This is non-negotiable,” he said. 

The organization also conducts epidemiological monitoring to mitigate the risk of outbreaks.  

You can promote health all you want, he pointed out, but “if you’re living in a transitory shelter 20 centimeters away from your neighbor, there’s not much prevention control you can have.”  

LEADING CAUSES OF MORTALITY
MSF started extending assistance to Marawi in the aftermath of the 2017 siege. The independent medical aid organization is focused on preventing non-communicable diseases (NCDs) and treating mental health conditions in the city’s health centers — with the threat of COVID-19 complicating matters. 

According to Lanao del Sur’s Integrated Public Health Office, NCDs like diabetes and hypertension are among the leading causes of mortality in the province, including Marawi.  

Based on data culled by the organization, there are 3,100 hypertension cases, 502 diabetes cases, and 696 cases with both comorbidities in Marawi. MSF manages between 600 and 800 of these cases.  

“Patients need to have a good understanding of the factors that positively and negatively impact their disease. It’s taking ownership of their health,” said Mr. Pignard. 

MSF’s Marawi project also encompasses capacity building, such as triaging, redefining protocols for prescriptions and follow-up consultations, and enabling the community to monitor diseases through medical equipment.  

“You cannot follow-up the same way you do in a normal urban setting,” Mr. Pignard said. “We hope that, by the time we exit, we will have this consolidated methodology.”   

CLAN FEUDS
Telemedicine is used in Marawi for mental health consultations. Outside the scope of obvious cases such as psychoses, individuals don’t recognize concerns — such as depression — that are under the umbrella of mental health.   

“This is not specific to Marawi,” said Mr. Pignard. “We see the same thing in Maguindanao… Mental health is a challenge everywhere.”  

MSF enlists the services of a psychiatrist from the Visayas region whose advice is then translated into the local language with the help of a nurse from the community.  

Clan feuds known as ridos — and the resulting relationship dynamics — pose another challenge for the MSF team.  

“Family feuds are highly difficult to read and require a granular understanding,” Mr. Pignard said, adding this challenge is specific to Maranao culture. “A staff at a barangay health station could be part of a [larger] feud, so you need to be careful. So far, we haven’t been accused of taking sides.” 

AboitizPower redeems P3.4-billion bonds earlier than maturity

Aboitiz Power Corp. said on Tuesday that it redeemed and fully paid P3.4 billion worth of bonds from its outstanding securities issued in 2014 earlier than their intended maturity date.

“[The company] confirms full payment of its twelve-year 2014 Series ‘B’ Bonds maturing in 2026, amounting to P3.4 billion,” the listed power company said in a regulatory filing. “The payment was made through the Philippine Depository & Trust Corp. on Sept. 10, 2021.”

The bonds will cease to be listed on the Philippine Dealing & Exchange Corp. following the early redemption.

The firm did not provide more details on why it decided to redeem the bonds before their maturity.

On July 30, AboitizPower notified the trustee of the bondholders BPI Asset Management and Trust Corp. of its intention to redeem the whole of the outstanding Series B bonds issued on Sept. 10, 2014.

In a prior trust agreement with BPI Asset Management, the firm said that as issuer, it can choose to wholly redeem any series of the outstanding Series B bonds starting on the seventh year of their issuance.

The firm is the listed holding company for the Aboitiz group’s investments in power generation, distribution, retail electricity and other related services.

Last month, AboitizPower announced that it was allocating P190 billion to develop 3,700 megawatts of new renewable energy projects in the next decade. The investment will help the firm achieve its goal of beefing up its “Cleanergy” portfolio, which is expected to comprise a bigger share or 50% of its power generation portfolio by 2030.

AboitizPower shares at the local bourse inched down by 0.17% or five centavos to finish at P28.80 each on Tuesday. — Angelica Y. Yang

Fighting obesity is a team effort — experts

PIXABAY

THE best way for overweight and obese persons to get healthier is to seek help from a doctor, a fitness coach, and a nutritionist — and not just one of these professionals — said medical and fitness experts at a webinar during Obesity Awareness Week in September.  

“There needs to be a multidisciplinary approach if obesity is the problem. We can help burn five pounds, but obesity takes a more serious approach,” said Jim Saret, fitness coach from Biggest Loser Philippines and co-founder of Fitfil Challenge. “There are other medical things happening inside the body which fitness coaches don’t know about. We have to work together in fighting obesity.”  

In 2021, the World Population Review published the obesity rates of all countries, which have been made worse by sedentary lifestyles during the pandemic. It found that 6.4% of the Philippine adult population is obese, amounting to almost 7 million Filipinos.  

Dr. Mia C. Fojas, president of the Philippine Association for the Study of Overweight and Obesity, said that a holistic approach to weight management — including diet and exercise — goes a long way in improving health, especially since obesity is considered a comorbidity.  

“More than 70% of COVID-19 cases are of patients who are obese, and their cases are usually harder to manage,” she said, citing their higher resistance to insulin complicating medication plans, and a much harder time breathing due to abdominal fat restricting the diaphragm’s movement.   

This is more alarming in Metro Manila, she added, where cases are surging and almost 40% of the population is either overweight or obese.  

A person is considered overweight or obese if they have a body mass index of 29, according to the World Health Organization and International Obesity Taskforce for Asians.   

“We also have to measure waist circumference. It’s not simply the size of your pants, but the widest area of your stomach,” said Dr. Fojas. 

Aside from cardiovascular, metabolic, and mechanical issues, obesity takes a toll on mental health as well, according to Dr. Blesilda R. Salvador, a gynecologist from De los Santos Medical Center.   

“When they lose weight, they gain self-confidence, and you see a better patient, a cheerful patient,” she shared, citing patients whose concerns and ailments were linked with obesity. 

Issues like fertility, functionality, and even cancer were made worse by personal stresses from being very large, which is why she recommends exercise and diet to lose weight, even for patients not quite yet obese, she added.  

Fitness coach Mr. Saret agreed, advising everyone to just keep moving: “Lifestyle is a big factor, and, in this pandemic, we need to be more conscious about moving because we are consuming a lot of calories but move less as we continue to stay home more.” — Brontë H. Lacsamana    

  

For more information, visit Body of Truth, an interactive advocacy campaign led by Mr. Saret and his wife Toni Dimaguila-Saret, in partnership with Novo Nordisk Philippines.

For a bit of kilig, play a romantic audiobook

WHILE binge watching or tuning in to the next episode of a favorite romantic drama, or anticipating a favorite love team’s new film are a few ways that people experience kilig*, Filipino publisher Bookshelf PH is adding another way as it introduces Audiophile, a new audiobook platform with romance titles.

As Filipinos continue to multitask indoors, Bookshelf PH considered ways to help them continue to immerse themselves in storytelling and help non-reading learners. They decided that the way to do this was by recording audiobooks of love stories.

The Audiophile platform aims “to elevate the Pinoy audiobook industry to the level it has achieved in other literary markets,” according to a press release.

At the platform’s online press launch on Sept. 13, Audiophile co-founder Ada Ortega said that the platform “seeks to help authors grow and re-engage with their audience,” “support voice actors,” and “help publishers jumpstart their publishing prowess by publishing stories by Filipino authors.”

“We’ve been able to produce audiobooks that achieve world-class standards for the medium. Beyond the tech, we’re most excited for what this means for listeners: They get to experience content like never before, as though the narrator is right there beside them, documenting the story as it unfolds,” Audiophile’s co-founder and executive producer Gloryen Limbo said in a statement.

Now available on Early Access, Audiophile’s initial catalog includes contemporary, Filipino, and LGBTQIA+ love stories by Filipino authors Adrian Carl Pescador, Ami Granda, Ines Bautista-Yao, Christian Ryan Ram Malli, Jessica Larsen, Jhoanna Lynn B. Cruz, Justine Tajonera, Jessica Suelen, and Roland Tolentino.

“There’s a certain intimacy with audiobooks that marries well with romance fiction. When you listen to a story, the world melts away, and it becomes just you and the narrator. It’s easy to get lost in their love life, — and yes, all the kilig — in this format,” Audiophile’s co-founder and executive creative director Monette Quiogue said in a statement.

All of Audiophile’s audiobooks are exclusive to the platform. The titles were produced in-house, supervised by a lead audio engineer. Each audiobook has undergone extensive production work, from the selection of the manuscript, coordinating with the authors, auditioning the voice actors, the audio recording, and then editing and mastering.

“We review the manuscripts, and we see if it’s something that will translate into the platform, because certain books might be more successful being read as opposed to being heard,” Ms. Quiogue said of the pre-production process.

The members of their team, which are from various age groups, review the manuscripts “so that it can reach a wider audience.”

Ms. Limbo said that the team looks for more descriptive manuscripts rather than dialogue heavy stories to make it listener friendly. “An audiobook is something being read to you. It’s not like a movie that is being played in your ear,” Ms. Limbo explained.

In the future, the Audiophile team plans to work on other genres such as non-fiction and children’s books.

Upcoming Bookshelf PH audiobook titles include: The E-Hustle: What the Country’s Best Digital Leaders Can Teach You About Launching and Growing Your Online Business which features tips and stories from top players in Philippine e-commerce; and the Fearless Filipinas anthology on success stories of outstanding women.

Listeners who subscribe to the platform before Oct. 4 will be granted a special rate of $3.99 per month (a 20% discount over the regular rate of $4.99). A seven-day free trial is also available. Audiophile is accessible on over 1,000 devices including iOS devices, Android devices, and streaming media boxes such as Roku, Apple TV, Chromecast, and Nexus Player.

Authors and publishers interested in collaborating with Audiophile may e-mail them at hello@bookshelf.com.ph. To listen to Audiophile’s library, visit www.audiophile.bookshelf.com.ph. — Michelle Anne P. Soliman

*Kilig is a Filipino word that has entered the Oxford English Dictionary, meaning “exhilaration or elation caused by an exciting or romantic experience; an instance of this, a thrill.”

Cebu Landmasters starts P4-B Masters Tower 

Listed Cebu Landmasters, Inc. (CLI) on Tuesday said it broke ground for its P4-billion mixed-use development, which will be home to Sofitel Cebu City upon its completion by 2025.

“CLI is confident that VisMin (Visayas-Mindanao) economic recovery is within view and will happen at an accelerated pace,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement on Tuesday.

“We will be ready in three to four years for the bounce back with a long-awaited five-star hotel and prime office spaces in the iconic Masters Tower Cebu,” he added.

Sofitel Cebu hotel will add 195 rooms to CLI’s portfolio, which is projected to grow to 1,433 rooms in 2025. The company hopes its hotel portfolio grow its recurring revenue contribution to 10% of its total revenue in four to five years.

The hotel will be located at the 14th to 32nd floors of the 192-meter tower and will include a grand ballroom, an all-day dining restaurant, a roofdeck restaurant and bar, meeting rooms, an executive lounge, a swimming pool, and a spa.

Meanwhile, the offices will be located from the 8th to 12th floors of the Masters Tower Cebu. The building is said to be LEED (Leadership in Energy and Environmental Design) Gold-registered and will have “eco-efficient features” to make it attractive to global and other occupiers looking for sustainable buildings.

On Tuesday, shares of CLI at the stock market declined by 1.94% or six centavos to close at P3.04 apiece. — Keren Concepcion G. Valmonte

Globe partners with foreign telcos for 5G coverage

Globe Telecom, Inc. announced on Tuesday that it is expanding its 5G (fifth-generation) roaming coverage by partnering with more telecommunications companies abroad, including in Australia.

The company will make its 5G roaming service available in Australia via Vodafone beginning Sept. 15, Globe said in an e-mailed statement.

“This comes after Globe also launched with partner Telkomsel in Indonesia and Starhub in Singapore earlier this month,” it added.

Globe is also entering into an arrangement with Cosmote in Greece, as it plans to launch its 5G services there next month.

Aside from Indonesia and Singapore, Globe’s 5G roaming services are also available in Thailand (AIS Thailand), Vietnam (Viettel), China (China Mobile and China Unicom), Hong Kong (CSL), South Korea (KT Corp and SK Telecom), Taiwan (Taiwan Mobile), and Japan (Softbank).

“The expected partnership with Cosmote will soon add Greece to European countries where Globe 5G roaming is already available. This includes Bulgaria (Vivacom), Denmark, Estonia, Finland, Norway, and Sweden (Telia Company), Italy (Telecom Italia), Switzerland (Swisscom), Czech Republic (O2), and Turkey (Turk Telecom),” Globe said.

Globe is also present in North America and the Middle East.

The company recently reported a 6% improvement in its second-quarter attributable net income to P5.68 billion, as its home broadband business continued to grow.

Total revenues jumped 9.9% to P41.36 billion in the second quarter, bringing the first-half total 7% higher to P84.2 billion. — Arjay L. Balinbin

Gov’t makes full award of bonds at higher rate on rising inflation

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday even as its average rate spiked on elevated inflation expectations.

The Bureau of the Treasury (BTr) on Tuesday borrowed P35 billion as planned via the reissued 10-year bonds, which have a remaining life of nine years and 10 months.

Total tenders seen at Tuesday’s auction reached P61.829 billion, nearly twice as much as the initial offer but lower than the P70.733 billion in bids logged the last time the BTr offered the bond series on Aug. 3.

The notes fetched an average rate of 4.246%, climbing by 33.2 basis points from 3.914% recorded in the previous auction.

This was also higher than the 4.152% quoted for the 10-year tenor at the secondary market prior to the offering, based on PHP Bloomberg Valuation Service Reference Rates.

Despite the higher rate, the Treasury opened its tap facility to raise P5 billion more via the reissued papers and accommodate the excess demand seen on Tuesday.

Renewed inflation concerns pushed up the tenor’s yield, with investors also looking for higher returns on their investments, National Treasurer Rosalia V. de Leon said.

Headline inflation picked up to 4.9% in August from 4% in July. This was its fastest pace in 32 months and was due to higher food and utility prices, the state statistics agency reported last week.

This brought average headline inflation for the first eight months to 4.4%, above the central bank’s 2-4% target and 4.1% forecast for the year.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa on Monday said inflation could hit 5% this month due to rising food and fuel costs amid the typhoon season.

Meanwhile, a bond trader said the market had expected yields to increase as there are two auctions of 10-year notes this month, with the other offering set on Sept. 28.

The Treasury is looking to raise P250 billion from the local market this month: P75 billion via weekly offers of Treasury bills and P175 billion from weekly auctions of T-bonds.

The BTr will also hold its price-setting auction for the country’s first-ever onshore retail dollar bond offering on Wednesday as it aims to raise at least $400 million via five-year and 10-year notes.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — B.M. Laforga

Hidalgo painting is highlight of auction

MARINA by Felix Resurreccion Hidalgo, 1900, oil on canvas

 

THE HIGHLIGHT of Salcedo Auctions’ annual “The Well-Appointed Life” sale is the 1900 oil on canvas seascape by Félix Resurrección Hidalgo titled Marina. The piece features sunlight breaking from behind the clouds, as if depicting the calm after a storm.

Marina is included among the “Important Philippine Art” section of the auction, the other being the “Connoisseur Collection” of rare and valuable collectibles. Carrying the theme: “The Worlds We Create,” the sale will be held on Sept. 18, 2 p.m., at NEX Tower sale room and simultaneously online.

“In these times of uncertainty, people who have the capacity to invest are looking for stability,” Salcedo Auctions director Richie Lerma told BusinessWorld in an e-mail. “The pieces offered in The Well-Appointed Life have enduring and still increasing value. [That,] coupled with the assurance that these are backed by the Salcedo name, are very attractive to discerning buyers.”

MARINA’S PROVENANCE
In the notes on the Salcedo Auctions website, Marina is described as an “‘everyday scenery’ of waves crashing onto craggy rocks along a coastline, a seascape that fuses together the sky and ocean….”

“Based on research, the painting depicts the sharp, craggy coastline of Brittany (in France). The attached photo in fact almost mirrors the coastline and the colors of the painting,” said Mr. Lerma. “Hidalgo has other works from the area from the time Marina was painted. It is also worth noting that the painters of the time were drawn to Brittany for inspiration.”

Through the auction house’s research of the piece’s provenance, it was found that the painting was purchased by Madame Maria Luisa Gálatas Vallejo from the French auctioneer Feuardent Frères as stated in a 1926 invoice written in French. Madame Vallejo owned the painting until 1958. Then, a new owner from the Saurin family had possession of Marina until it was sold to its present owner at an auction in Barcelona, Spain in 2020.

MORE PHILIPPINE ART AND FURNITURE
Also on sale are several works by National Artists for Visual Arts: a 1975 oil on canvas by H.R. Ocampo titled Excursion to Pinaglabanan which is a tribute to Andres Bonifacio, Emilio Jacinto, and the Katipunan militia’s successful capture of a Spanish military base; a 1966 oil on wood by Jose Joya titled Blue Harbor; a 1962 oil on canvas Last Supper by Carlos “Botong” Francisco which is certified by the National Museum; a 1955 oil on canvas by Fernando Amorsolo titled Lavanderas; and Federico Aguilar Alcuaz’s Autumnal Flowers from 1962.

Aside from all the art, furniture is also up for bid in the auction. These include a 1956 Charles and Ray Eames Lounge Chair and Ottoman; the Irving Harper for George Nelson Marshmallow Sofa; an inlaid four-post comoda made of narra and kamagong by a Pampanga master furniture maker.

There are also religious items: a rare 20th century sacristy altar cabinet, a 19th century Crucifixion tableau in a virina and arch, and a serene 18th century ivory image of the Crucified Christ.

AUCTIONS DURING LOCKDOWNS
The COVID-19 (coronavirus disease 2019) pandemic and the lockdowns imposed in trying to contain it have not held Salcedo Auctions back.

“We have seen more new clients joining our auctions, which have increased in frequency since the start of the pandemic.” said Mr. Lerma. “It is also heartening to see our long-time, more senior bidders finally embracing technology and participating online.   

“They trust Salcedo and our custom-built online bidding platform, so they know their transactions are safe, secure, and trustworthy,” he added.

Only 50 people will be allowed to participate on-site during auction day, though this may change as the event will be guided by the government quarantine protocols in place at the time.

Those interested to attend the auction online can register at the Salcedo Auctions website. They will be sent a Zoom link to view the sale.

The online catalogue as well as the bid registration and venue of the online auction can be accessed via salcedoauctions.com. For inquiries, send an e-mail to info@salcedoauctions.com or call 8823-0956 or 0917-107-5581.

Limited in-person viewing is allowed daily from 9 a.m. to 5 p.m. until Sept 17. To schedule a visit to the space, contact Kristine at 0917-591-2191. Salcedo Auctions is located at NEX Tower, Ayala Ave., Makati City.  Health and safety protocols must strictly be adhered to when visiting. — Michelle Anne P. Soliman

Sanofi partners with pharmacies for prescription drug deliveries  

GLOBAL BIOPHARMACEUTICAL company Sanofi partnered with the e-pharmacy services of Watsons Personal Care Philippines, Southstar Drug, and Rose Pharmacy for the delivery of its prescription medicines.  

This includes medicines that need cold chain management, as well as those not previously available for delivery such as insulin.   

Patients with prescriptions for diabetes, hypertension, kidney, and chronic diseases can order their medications through the aforementioned e-pharmacy services and either have them delivered to their addresses or picked up at their preferred pharmacy branch.   

The three pharmacies have systems for the validation of the prescriptions as required by law.  

To help meet the demand for insulin and other drugs requiring cold chain management, Sanofi provided its expertise on cold chain management and standardized the handling of medicines.  

Deliveries are handled through the pharmacies’ logistics partners. Watsons delivers via the superapp Grab; Rose Pharmacy, via RosExpress or Lalamove, and LBC for areas outside Metro Manila and Metro Cebu; Southstar Drug, via LBC.  

Cash on delivery and credit card payments are accepted by all three pharmacies.  

“We continue to create these innovative solutions to meet the needs of our patients,” said Dr. Amal Makhloufi Benchouk, country lead for Sanofi Philippines, in a press release. “We always endeavor to improve patient access to proper treatment and education, and with these collaborations, we’re ensuring that patients with diabetes from all over the country have access to innovative medicine.” — Patricia B. Mirasol 

Arts & Culture (09/15/21)

A BETEL NUT BOX SET is one of the items up for bid at SpectaculART 2.

Fund-raising virtual auction set

THE SANTUARIO de San Antonio Parish Francisfest will hold SpectaculART 2: An auction of art, jewelry and homeware on Oct. 1-3. Both new and pre-loved pieces are up for grabs, with the proceeds of the auction going to the parish’s social services and development ministries and those of its sister parishes. Online viewing of the items up for auction begins on Sept. 25 at www.spectaculartph.com. A preview of selected items also starts on Sept. 25 in the San Antonio Parish Center (by appointment). SpectaculART 2 will feature fine jewelry, estate jewelry, artisan jewelry and an assortment of diamonds, pearls and colored stones. The homeware collection will feature European, Asian, and locally sourced pieces ranging from antique, vintage, and contemporary furniture and home décor. This year, SpectaculART 2 shall showcase a selection of art works by: National Artist for Visual Art Carlos “Botong” Francisco, Impy Pilapil, Romeo Tabuena, Anita Magsaysay-Ho, Gus Albor, Ramon Diaz, Jojo Guingona, Noli Principe Manalang, Isabel Campa, Ivy Lim and Marivic Rufino. Unique prints by Salvador Dali and John Lennon will also be for sale. SpectaculaART kicked off its first edition last year in response to the pandemic and the quarantine restrictions imposed upon us. Online bidding is from Oct. 1 to 3 at www.spectaculartph.com. For more information, visit  www.Instagram.com/SpectaculArt.ph, www.Facebook.com/SpectaculArt.ph or send an e-mail to hello@spectaculartph.com.

Talk on dance during martial law

MULTI-AWARDED choreographer, director and mentor Denisa Reyes will reveal the artistic process behind her iconic 1985 work Te Deum, the social commentary that served as the prayer of the Filipinos during the dark days of Martial Law, in the online talk show HistophTV. The episode, entitled “Martial Law, Te Deum, and Denisa Reyes,” links the role of dance to a historical event. It highlights the participation of creative thinkers in producing art criticism that engages the community in the political, economic and social landscapes of the Philippines. She will elaborate on the performativity of cultural identity and the political interventions involved in her creative process. Premiered in Manila a year before the collapse of Martial Law, the piece was named after the traditional Latin Christian hymn “Te Deum laudamus,” which means “We Praise Thee, Oh God.” Organized by the Dance Program students of the De La Salle-College of Saint Benilde, HistophTV was launched by Benilde Dance Chairperson and History of Philippine Dance professor Nina Anonas. The discussion is free and open to the public. It will go live on Sept. 24, 5 p.m., on the official Facebook and YouTube channels of Benilde Arts and Culture Cluster. Interested viewers may register at t.ly/Xgdy. For more information, visit https://www.facebook.com/benildearts.

CCP presents kundiman in online musical series

THE CULTURAL Center of the Philippines’ (CCP) Kung Hindi Man online musical series celebrates the Filipino kundiman on Sept. 25, 6 p.m. Soprano Lara Maigue, Gian Magdangal, and Clem Castro of the band Orange and Lemons will perform songs that range from the traditional kundiman to the more contemporary interpretations of the genre. The online musical series will stream on the CCP Office of the President Facebook page.

Visa, TP promote financial literacy with web series

DIGITAL payments company Visa and Tanghalang Pilipino (TP), the resident theater company of the Cultural Center of the Philippines (CCP), are launching a new version of their financial literacy themed play Lukot-lukot, Bilog-bilog. Turned into a five-episode web series, Lukot-lukot, Bilog-bilog will be free for streaming starting this September. Launched in 2017 as an interactive musical that is supported by the Bangko Sentral ng Pilipinas, Lukot-lukot, Bilog-bilog tells the story of teenager Gwyneth as she struggles to handle her finances and learns the value of proper financial management with help from her family and friends and some Filipino heroes brought to life. Written by Eljay Castro Deldoc and directed by Avic Ilagan, the new Lukot-lukot, Bilog-bilog stories feature five web episodes that focus on various financial topics such as the concept of promotional sales, value of saving, basics of credit, earning additional income, and scam awareness and prevention. Financial literacy experts Salve Duplito and Rose Fres Fausto are also featured in the after-show interviews with Lolo Sally to enlighten the audience by providing financial education tips. The web series is accessible through the social media sites of Tanghalang Pilipino (Facebook, YouTube) and its other non-profit organization partner for children’s education, Teach for the Philippines (facebook.com/teachforthephilippines). It will also be showcased on Visa’s Facebook channel.

Silverlens’ September shows

SILVERLENS’ shows for the month of September are “Collectors Plus,” “Brighter Than Many Ever See” by Issay Rodriguez, and “Domestic Abstractions” by Jill Paz, the last of which is an Online Viewing Room (OVR) presentation. These shows will be accessible both online and onsite in the gallery space, until Oct. 2, and Sept. 25 for the OVR. This is the second edition of Collectors Plus, this time featuring Philippine contemporary art from the years 2005-2019 at its core. Put together by an early patron of Southeast Asian art, the show features early works by Vic Balanon, Yasmin Sison-Ching, Chati Coronel, Nona Garcia, Mit Jai Inn, Winner Jumalon, Yayoi Kusama, Pow Martinez, Maya Muñoz, Elaine Navas, Bernardo Pacquing, Norberto Roldan, Don Salubayba, and Wire Tuazon. Alongside Collectors Plus, Silverlens will be installing its Art Basel OVR pieces. The gallery is participating at the Basel show of Art Basel with a solo booth of Pacita Abad, opening on Sept. 21. Visit the page on the gallery’s website. Ms. Rodriguez’s third solo exhibit, “Brighter Than Many Ever See,” features various prints of genetically modified ornamental plants, presented by the artist and her discoveries in research by the Philippine Nuclear Research Institute. In understanding the transformation of plants, the artist associates the process to the renewal of human memories and experiences as we co-exist with these life forms, especially in a time of a global pandemic when we are forced to stay inside our respective dwellings and confront our realizations on life and mortality. Jill Paz, a Filipino-Canadian artist continues her ongoing investigation of how objects fall apart, its subsequent need for repair, and how these structures of preservation connect to values of interdependence and interconnectedness in “Domestic Abstractions,” her first solo exhibition with Silverlens. The new body of work consists of 20 intimately scaled panel paintings. Each painting has an intricately detailed surface, made by the digital optical tool of a laser machine and then layered with acrylic washes on top of a gesso ground.

Koryolab 2021 launches virtual residency program

Koryolab is the second tier of the CCP (Cultural Center of the Philippines) Choreographers’ Series, a three-part platform in support of the Filipino choreographer. It is a laboratory and research platform for the development of mid-career choreographers. The Koryolab 2021 Virtual residency program took in 10 artist-choreographers, namely Al Garcia (Taipei), Buboy Raquitico (NCR), Dingdong Selga (Eastern Visayas), Gerard Hechanova (Caraga), Gia Gequinto (NCR), Jared Luna (NCR), Nicole Primero (Western Visayas), Niño Horario (Western Visayas), Sasa Cabalquinto (NCR), and Sherwin Santiago (CAR). The virtual residency will have four episodes featuring eminent Filipino artists from various fields. Episode 1 will be rolled out on Sept. 16 (2 p.m.), with filmmaker Ed Cabagnot taking the participants on a brief tour of Philippine cinema, dubbed “Discovery: The Pinoy Experience in Cinema.” Verne de la Peña provides insights on soundscapes in Episode 2, titled “Sounding Time and Space: Jose Maceda et al,” on Sept. 16 (7 p.m.). In this episode, the audience gets a glimpse on the musical ingenuity of National Artist Jose Maceda. In Episode 3: “Dancing with the Alien: Bodies versus Machines,” on Sept. 17 (2 p.m.), Tad Ermitaño explores the irreversible correlation of dance and technology, a phenomenon prevalent during the pandemic. Jay Cruz shares his process and ideologies as a choreographer in Episode 4 on Sept. 17, (7 p.m.).  Dubbed “Choreography as a Critical Practice.” All episodes will be streamed at the CCP, CCP Choreographers Series, and CCP Arts Education Facebook pages.

Virtual Field Trips with Ayala Museum

WHILE learning continues online, Ayala Museum presents the educational program “Back to School: Virtual Field Trips” in October. It allows learners to go around the world using Google Maps and learn about Philippine history and culture through objects from the Ayala Museum collection. The following virtual field trips will be held: “Trade and Shopping” (Oct. 9) to appreciate everyday objects that are a result of very old connections with other countries; “A Visit to Old Manila” (Oct. 16), visit 19th century Manila and see how life was like in the city back then; and “The Road to Independence” (Oct. 23), understand the importance of your rights as a Filipino and the importance of being an independent country. The timeslots are 10 to 11:30 am., and 4 to 5 p.m. Tickets are priced at P1,950 (Season Pass for all three tours); P750 (regular); and P600 (discounted for Ayala Museum members, and ARC Cardholders). For more information, visit Ayala Museum: Back to School Virtual Field Trips (google.com).

D&L completes P5-B maiden bond offer

D&L Industries, Inc. has completed its P5-billion maiden bond offering on Tuesday, which was said to have received overwhelming support from investors after total bids exceeded its base P3-billion offer by 4.6 times.

“The proceeds from the bond issuance will pay for our [Batangas] expansion, construction of which started in late 2018 and commercial operations expected to partially commence in May next year,” D&L President and Chief Executive Officer Alvin D. Lao said during the listing ceremony.

D&L’s listing is the 15th listing at the Philippine Dealing & Exchange Corp. (PDEx) this year, bringing the total year-to-date listings to P154.99 billion

The company’s offer comprises P2-billion three-year 2.7885% Series A Bonds due 2024, with an oversubscription option of up to P1 billion. It also includes P1-billion five-year 3.5962% Series B bonds due 2026, with an oversubscription option of up to P1 billion.

Proceeds of the offer will be used for the expansion of its Batangas plant, which the company said will be key as it sets eyes on developing more coconut-based products and as it plans to enter new international markets.

D&L shares at the stock exchange closed higher by 0.62% or five centavos on Tuesday, closing at P8.15 each. — Keren Concepcion G. Valmonte

IC allows insurers to invest in more offshore instruments, derivatives

BW FILE PHOTO

THE INSURANCE Commission (IC) has opened more investment channels for local insurers to diversify their portfolio, allowing them to tap foreign currency-denominated instruments and derivatives.

Insurance Commissioner Dennis B. Funa issued Circular Letter No. 2021-53 providing guidelines on the foreign currency-denominated investments and additional derivative instruments that life and nonlife companies can put their money in.

“The guidelines on foreign currency denominated investments require expansion to recognize other investment products in the market not covered by current guidelines and to adopt with trends and development of the global financial market,” Mr. Funa said in the circular.

He said these new investment vehicles will help insurance companies in risk diversification, hedging and improving portfolio liquidity.

This will also allow life and nonlife insurers to sell foreign currency-denominated insurance products to their policyholders.

Investments in these assets are also subject to prior approval of the regulator.

The local insurance industry said these new rules are expected to help them expand their investment portfolio through offshore assets and allow them to hedge risks with derivatives, said Benedict C. Sison, president of Philippine Life Insurance Association.

“Given the low yields and scarcity of long-dated local assets, insurance companies can now consider investing in offshore USD-denominated assets to help improve portfolio yield and duration,” Mr. Sison, who is also the CEO and country head of Sun Life of Canada (Philippines), Inc., said in an e-mailed response.

“I believe most of the insurance companies will take advantage of this new development to be able to improve the returns and duration of their respective portfolios at the same time being able to diversity risk,” he added.

The new foreign currency-denominated investments local insurers can tap include debt and equity securities issued by the Philippine government and its state-run firms, as well as those sold by foreign governments and local and offshore companies that have a rating of at least “B” from international debt watchers.

Other allowed offshore investments include loans guaranteed by a local financial institution, equity investments in venture capital, investment unit instruments issued by special purpose vehicles, financial instruments with characteristics of both equity and debt securities with fixed income and variable income components, securities issued by local and foreign firms that have a fixed income component, and derivative instruments.

Unrated foreign currency-denominated financial instruments are also allowed if the papers or the issuer is guaranteed by a third-party entity that has at least an investment-grade rating.

The regulator said investments in these instruments will be considered as “reserve investments” if they are up to 20% of a life insurer’s total admitted assets or 20% of the net worth of a nonlife firm. Above this threshold, these will be considered as “surplus investments.”

“Below investment grade and unrated financial instruments not guaranteed by any third-party entity may be allowed, subject to the approval of the IC, provided that it shall not exceed 5% of the company’s latest verified total admitted assets for a life insurance company and 5% of the net worth for a nonlife insurance company,” the circular read.

If investments in unrated financial instruments and those with below investment-grade rating are included, the IC said overall investments should not exceed 50% of a life insurer’s total assets or a nonlife firm’s net worth.

For derivatives, aside from swaps and forwards, the IC has added options and futures as allowable instruments so local insurers can hedge risks from their foreign currency-denominated assets. — B.M. Laforga

1...6,7416,7426,743...13,474Page 6,742 of 13,474
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube