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Pumping stations, dredging spared some towns from flooding — SMC

MALABON AND NAVOTAS cities did not experience heavy floods during the onslaught of typhoons Rolly and Ulysses because of the presence of the government’s water pumping stations, which were complemented by San Miguel Corp.’s (SMC) Tullahan-Tinajeros river dredging project, the firm said on Tuesday.

“Based on the feedback we received from representatives of the local governments of Malabon and Navotas, no major floods were reported. This is largely due to the pumping stations installed by the government, particularly the Metro Manila Development Authority that easily channels flood waters out to the Tullahan River,” SMC President Ramon S. Ang said in a statement.

Mr. Ang said that the Tullahan River in Malabon did not overflow during that time.

“This is because we’ve already dredged and deepened the mouth of the river going to Manila Bay, to up to five meters,” he said.

The P1-billion Tullahan-Tinajeros river dredging project is an SMC initiative that aims to dredge the 27-kilometer river to boost flood mitigation efforts. Mr. Ang said that the company had extracted some 60,532 metric tons of silt and solid waste from Tullahan River, as of Nov. 14.

River dredging is one of the immediate safeguards that needs to be put in place to prevent widespread flooding, an Environment official said separately on Tuesday.

“As immediate action, we need to restore the river by doing dredging,” Department of Environment and Natural Resources Undersecretary for Climate Change Service and Mining Concerns Analiza Rebuleta-Teh said in a webinar hosted by international research organization Stratbase ADR Institute.

According to Ms. Teh, the planting of the appropriate tree species along the river bank, enhanced watershed management, and reforestation, among others, must also be done to prevent heavy flooding. — Angelica Y. Yang

ING launches account for electronic payments

DIGITAL mobile lender ING Bank N.V. Manila launched on Tuesday an account for electronic payments for bills and retail purchases.

ING Philippines on Tuesday introduced ING Pay, which allows customers to pay bills using its mobile app for more than 70 companies, including those in the utilities, insurance, and credit card industries, it said in an online briefing. Transactions do not require enrolment and no transfer fees will be charged.

The account also provides a free virtual debit card which customers can use to make digital retail payments. ING Philippines said it will also soon launch a physical debit card to enable withdrawals at BancNet-enabled automated teller machines (ATMs).

“With a strong focus on customer-centricity, we are able to leverage technology and make banking processes easy, so customers do not have to spend more time than necessary. We deliver personal and instant insights so customers can take actions or just have a peace of mind that their finances are being taken care of,” ING Philippines Head of Retail Banking Mohamed Keraine said in the briefing.

The bank is offering 5% cashback for purchases using its debit card until the end of December. Customers can spend up to P1 million and receive a total of P50,000 in cashback.

ING Philippines said only customers can access their account details and they can also freeze their debit cards on the bank’s mobile app as a security feature.

The bank also plans to launch consumer loan products next year to help expand online banking in the country.

“We are a really customer-centric company. You can expect that in the course of 2021. The ING’s lend offer is going to be introduced,” Mr. Keraine said.

Even with more financial technology firms offering various services in the country, ING Philippines said digital banking is only beginning to gain ground among Filipinos.

“There is a full transformation happening, but I think we’re just at the beginning of it. There will be more players in the long term, and ING is focused on offering complimentary services,” Mr. Keraine said.

ING last year rolled out its digital savings account. The bank said so far, its customer base has doubled and its balance in deposit accounts has grown by over 10 times.

Under its Digital Payments Transformation Roadmap for 2020 to 2023, the Bangko Sentral ng Pilipinas (BSP) wants 70% of adult Filipinos to have a bank account by 2023. It also targets 50% growth in the volume of electronic retail payments by that year.

BSP Governor Benjamin E. Diokno said on Tuesday that the central bank will roll out tools and initiatives to boost digital banking in the country.

The BSP will launch a person-to-merchant QR code system, which will allow payments from consumers to retail stores using smartphone cameras.

Another is a bills payment facility that will allow firms to collect from their customers, even if the payment service providers of the billers are different from those of the customers. Through its request-to-pay service, consumers will be able to pay in full or by installment.

The central bank will also open a direct debit facility, which will let consumers issue an electronic authority to billers to regularly transfer funds for their rentals, loan amortization, or insurance premiums.

“Recognizing that digital payment services are increasingly becoming indispensable in our daily lives, the Bangko Sentral embraces a governance approach where innovation is encouraged while the accompanying risks are effectively managed,” Mr. Diokno said in his speech at the online event.

The BSP also wants to implement an open banking system that uses application programming interfaces (APIs) to easily share financial data from customers, which will help banks design products, reduce charges, and speed up delivery of services.

“Open banking through APIs will allow the exchange of banking and associated financial data across software applications. It will assist in on-boarding financial consumers and ease the high costs associated with customer due diligence procedures,” Mr. Diokno said.

The volume of e-payments made up 10% of total transactions in 2018 from just 1% in 2013, according to a Better than Cash Alliance report. By value, digital transactions comprised 20% of the total in 2018 from only 8% in 2013. — K.K.T. Jose

CCP Encyclopedia of Art goes digital

ACCURATE information about Philippine art can now be accessed on one’s phone — and laptop, iPad, desktop… — as the Cultural Center of the Philippines (CCP) launched the digital version of its Encyclopedia of Philippine Art (EPA) in a webinar last week.

The encyclopedia can be accessed via epa.culturalcenter.gov.ph. Subscription fees are currently at P75 per month, P450 for six months, and P900 for one year. As of the time of writing, the rates have been slashed to P350 (six months) and P675 (one year). Discounted rates are also available for institutional subscribers. However, the EPA Overall Project Coordinator, CCP Vice-President and Artistic Director Chris Millado said during the webinar that a “free-mium” website is forthcoming, with free access to five articles every month.

The website has nine sections. The section on “Peoples of the Philippines” contains master essays on 54 ethnolinguistic groups, arranged alphabetically from Aeta to Yakan. The next eight sections focus on the eight arts, namely: Architecture, Visual Arts, Film, Dance, Music, Theater, Broadcast Arts, and Literature.

Each section is further divided into Historical Essays, Forms and Types, Aspects, Works, and Artists and Organizations.

The EPA Digital also contains hundreds of video excerpts from plays and dance and music performances, all sourced from the vast video archives of the CCP. The site contains more than 5,000 articles and photos from the print edition. It will be continuously updated, and has an auto-citation tool for researchers. While the first one — in print — was published in 1994, a second edition was published in 2018. The current project took about two years to finish, according to Nicanor Tiongson, Editor-in-Chief of the EPA. “This version is substantially the 2017 printed edition, but with entries updated and many more new ones added,” he said.

Mr. Millado said that he had proposed an online version five years ago, when planning the 2018 publication of the 2017 edition. The proposal has been met with “fierce opposition from the editors and writers who insisted that the print version was essential and important.” He was glad to have been proven wrong: apparently the print edition has become the bestselling publication of the CCP. “Despite the fact that it weighs more than 100 pounds.”

The appearance of the online edition is timely due to the COVID-19 pandemic lockdowns which have boarded up schools. “The digital version comes at a most opportune time because it hopes to be of great use to teachers and students who have been forced by the pandemic to hold classes online.”

CCP Chair Margarita Moran-Floirendo said that the EPA has come a long way in ensuring that its information on Philippine art and culture are properly recorded in an academic manner. “It is with this mission that the CCP has always been determined in democratizing diverse artistic knowledge and providing access to this information to every Filipino.”

“The digital edition of the CCP Encyclopedia of Philippine Art is not just a website. It is the portal to the Filipino soul and imagination,” said Mr. Millado. — Joseph L. Garcia

Solar Philippines appoints Marty Crotty as chief executive officer

SOLAR Philippines has named a new chief executive officer (CEO) to lead the company a month after signaling a new strategic direction in onboarding professional management, the solar energy provider said on Tuesday.

Power industry veteran Marty Crotty is now the new CEO of the firm, which was previously helmed by Leandro L. Leviste.

“Given the amazing progress Solar Philippines has made on its pipeline of development assets, I’m extremely grateful to have the opportunity to lead the team with a laser focus on achieving Leandro’s vision to accelerate the transition to renewable energy,” Mr. Crotty said in a statement.

Mr. Crotty served as the president of AES Asia, a position that allowed him to manage power plants in various Southeast Asian countries, including the 600 megawatt (MW) Masinloc coal plant in Zambales, the company said in a press statement. He previously worked with Upwind Solutions, a US-based wind asset management company as its CEO, and managed the operations of solar and wind plants at EDF Renewables.

This new development comes as the renewable energy provider is gearing up for its initial public offering.

Solar Philippines said that Mr. Leviste will remain as the sole shareholder of the firm.

“We’re now finding more and more partners and colleagues who can see the time for solar in the Philippines is now. With our new partners and colleagues, we are more optimistic than ever that we can deliver the largest portfolio of renewable energy projects in Southeast Asia,” Mr. Leviste said in a statement.

Last month, he announced the start of a separate company, which will invest in provincial real estate properties powered by Solar Philippines’ projects. — Angelica Y. Yang

Former Goldman Sachs banker says he warned bosses about Jho Low, IMDB

EX-GOLDMAN SACHS Group, Inc. banker Roger Ng has asked for the foreign bribery case against him to be dismissed. — REUTERS

FORMER Goldman Sachs Group, Inc. banker Roger Ng asked for the foreign bribery case against him to be dismissed, saying he “warned” the bank not to do business with Malaysian financier Jho Low.

Mr. Ng, who says he told Goldman that Mr. Low was “not to be trusted,” is facing trial next year on charges of bribery and money-laundering conspiracy. He is accused of helping Malaysia’s former prime minister and others embezzle at least $2.7 billion from the 1Malaysia Development Berhad fund, known as 1MDB. Mr. Low is accused of masterminding the scheme.

In a 126-page filing, Mr. Ng says the US has no business prosecuting him because the alleged crimes were committed in Malaysia. He also argues that his former boss, Tim Leissner, an ex-Goldman banker who has agreed to plead guilty and testify against him, is really the central figure in the scheme because he ultimately persuaded the bank to do business with Mr. Low.

As early as March 2010, Ng “specifically warned” his superiors at Goldman to “use caution in dealing with Low,” defense lawyer Marc Agnifilo says in the filing. “Ng’s warnings were shared with the highest levels of the compliance and legal divisions of the company. The company did not listen to him.”

Goldman spokeswoman Maeve DuVally, Mr. Leissner’s attorney Henry Mazurek and John Marzulli, a spokesman for Acting US Attorney Seth DuCharme in Brooklyn, New York, whose office is prosecuting the case, declined to comment on the filing. Mr. Low, who has denied wrongdoing, is considered a fugitive and has been charged in absentia in Malaysia and the US with money laundering and other offenses.

Goldman has agreed to pay billions of dollars in penalties to the Justice department and other US authorities for its role in the 1MDB scandal, the biggest foreign bribery case in US enforcement history.

‘RAIN-MAKING PARTNER’
Mr. Ng concedes that he first introduced Mr. Low to the bank, but says that was “in early 2009, when no one had reason to know that Mr. Low was running a fraud scheme.” By 2012, he says, Mr. Leissner had become Mr. Low’s main Goldman contact and the “more powerful” and “rain-making partner.”

“It was Leissner, and Leissner alone, who thereafter lied for Low, protected Low and ultimately became a full-fledged criminal in the service of Low,” he argues.

Mr. Leissner, who was one of Goldman’s top bankers in Asia, admitted to conspiring to launder money and violating US anti-bribery laws as he participated in a kickback scheme from 2009 to 2014 to get 1MDB’s business. He is scheduled to testify against Mr. Ng at the trial.

In the filing, Mr. Agnifilo also assails a “silence” provision he says the US put in place as part of its multibillion-dollar deferred prosecution agreement with Goldman. The requirement means that any Goldman official Ng warned about Mr. Low will now be “afraid” of telling the truth, worried it would void the bank’s deal with the US, he says.

He says the provision, “enforced at the sole discretion of the government, ensures that no Goldman employee will contradict the government’s narrative relating to Goldman’s misconduct — including Mr. Ng’s alleged misconduct for which he is charged.” Mr. Agnifilo argues that “this creates a constitutional issue in this case” by constraining Mr. Ng’s use of witnesses in his defense as Mr. Ng, who is free on a $20-million bond, is scheduled to go on trial in March.

The case is US v. Ng Chong Hwa, 18-cr-0538, US District Court, Eastern District of New York (Brooklyn). — Bloomberg

Resurrection

IT HAS been just over a year since the death of performance and visual artist, tour guide, and cultural activist Carlos Celdran. The efforts of his widow, Tesa Celdran, will at least let a part of him live on: his art.

The Living Room, a former art space established by the couple in 1999, will be resurrected by Ms. Celdran in an online platform by the beginning of 2021. Currently, Ms. Celdran is promoting the website and selling some artworks at the Mercatino Popup Series, held at the La Collina restaurant in Poblacion, Makati every weekend until Dec. 6.

The website will contain his artwork, then hers, and the work of several artists with whom they collaborated over the years. “Carlos was such a prolific artist,” she told BusinessWorld. “When he passed, I wanted to put up a little bit of an office so I can start working on his legacy. He has so much work; his body of work is so vast.

“That’s why I think an archive is important. You really have to tell the backstory, then the current story, and then where you’re going to go,” she said, speaking not just about their direction; but also of the other artists who have had collaborations with the couple.

Discussions about Mr. Celdran’s work being contained in the Museong Pambata (where Ms. Celdran serves as part of the Exhibitions Committee) had been frozen by the coronavirus disease 2019 (COVID-19) pandemic.

It won’t be possible to set up the Living Room as it had been before, as Ms. Celdran has closed the apartment that had served as the actual living room (“It was like a salon”) and has moved to another building. The Living Room was originally set up at Carmen Apartments along Roxas Blvd., Manila before moving to the North Syquia Apartments nearby. As Mr. Celdran wrote  three years ago, The Living Room “was one of the first alternative art spaces in Manila along with the likes of Twisted Sun, Surrounded by Water, and Big Sky Mind.”

The experience of viewing a work online as opposed to real life is a challenge to Ms. Celdran. “That’s my biggest quandary as of the moment. For those who have been to the Living Room, you will see what you’ve seen before. There is more of a going back to what you felt, saw… what you experienced,” she said.

Describing the feel of what the Living Room would be like, she said, “It’s really like a small living room gallery, but virtual. Everything you see there really reflects reality; that’s my big thing.” It would be like “looking back to what you’ve done before and see that familiarity, yet anticipating what’s going to be now or what’s in terms of expression.”

Aside from the artworks they had created together, Ms. Celdran is also putting up some of the late Mr. Celdran’s diaries. She described them as being filled with collages and drawings, and, of course, his own writing. “His diaries are also wonderful works,” she said.

It’s strange to lose someone who was both a public figure and someone who was just yours. “I have to tell his story. His art legacy has to be shown,” she said.

She adds that since there will be other names present in the website, “It won’t be just about him. It will be part of our work together.”

“If you think about it now, now he’s part of my work.” — Joseph L. Garcia

Arts & Culture (11/25/20)

Museo Pambata offers Star of Hope kits

AS the current pandemic has disrupted lives, the children’s interactive museum Museo Pambata encourages children to be the beacon of light by reviving the Star of Hope, a “do-it-yourself” star which will ignite a child’s imagination as they dress up the star frame. For every DIY Star of Hope purchase, a parol kit goes to a child from Museo Pambata’s 500 adopted children, coming from four barangays in Manila. The families of these children will also receive a Noche Buena basket. Each Star of Hope kit costs P1,000 (P10,000 for a bundle of 10), and comes with two sets of 8-inch parols (one goes to the child beneficiary), art materials and glue. For donations, call Charlot at 0966-384-9694, or Noreen at 0919-802-1353.

PETA streams pay-per-view shows

THE PHILIPPINE Educational Theater Association (PETA) enters the realm of virtual theater through the first online edition of the PETA Laboratory. Dubbed K.E.-POP: Kalinangan Performers Overcoming a Pandemic, this year’s PETA Lab offers a wide array of new and old works relevant to the time of coronavirus disease 2019 (COVID-19) pandemic. The online streaming festival features six shows streaming via www.ktx.ph on Nov. 27 to 29, and Dec. 4 to 6. PETA Lab 2020 is offering two sets of new works with three productions in each set: PETA Lab Set A includes Maskian, a dance piece on mask-wearing throughout history until the pandemic, written and choreographed by Carlon Matobato; WFH, a Zoom-based theater piece on the struggles of employees during quarantine, written by Michelle Ngu and directed by Meann Espinosa; and Hello, a devised work about isolation amongst young people, directed by Ian Segarra and Keiko Yamaguchi, sponsored by the Japan Foundation. PETA Lab Set B presents Finding Z, a play on mental health written by Jean Gladys Vicente and directed by Ian Segarra and Julio Garcia; Harinawa, a play on extrajudicial killings in the Philippines, written by Michelle Ngu and directed by Lotlot Bustamante; and Second Set: 2 Meters Apart, a docu-musical about the experiences of parents, teachers, children, and frontliners during the pandemic, directed by Norbs Portales with music by Ada Tayao. PETA will also be streaming three of its past popular productions: Liza Magtoto and Vincent De Jesus’ musical Care Divas, along with the voter’s education musical Vincent De Jesus’ Si Juan Tamad, Ang Diyablo, at Ang Limang Milyong Boto; and, the historical and landmark musical, Carlos “Charley” de la Paz and Lucien Letaba’s 1896, the story of the Philippine revolution.  PETA has also shot a full-length documentary that weaves through its 54 years of work as one of the country’s groundbreaking theater companies. Directed by Dudz Teraña, Living Voices, is an in-depth look into the rich history of an institution. Tickets are P120 and P220.

PHL Pastel Artists convention

The Philippine Pastel Artists (PPA) Inc. will be holding their Fifth National Pastel Convention on Nov. 28 to 29, 10 a.m. to 6 p.m. This year’s convention will all take place online via Zoom and Facebook Live. All participants will have special access to online sessions. The event opens on Nov. 28 with inspirational speeches from the PPA officers, advisors, and from some of the Philippines’ renowned artists who will underscore the importance of creating art in the time of the pandemic. Noted pastel artists from here and abroad will conduct paint-along demos, including Roland Castro, Rafael Maniago, Bienvenido Sibug, Gary Carabio and Norberto Villez, and American pastel artist Vianna Szabo whose session entitled “The Impressionistic Landscape” is on Nov. 29, 9 a.m. to noon. The convention concludes on Nov. 29, 3 p.m., with the announcement of the National Pastel Competition winners, and a raffle of some of the world’s best pastel art materials. All videos and sessions will be recorded and available for viewing after Nov. 29 for a limited time. The convention is open to all. Fee is P900 for non-members and P720 for PPA members, PWDs, students and senior citizens. For details and registration, visit: https://philippinepastelartists.com/5th-national-pastel-convention/.

Webinar on the history of the banig

USAPANG MaArte presents “Banig Encounters: Mats from Magellan Expedition in 1521 to the Banig Exhibition in 2019 Portugal” by Elmer I. Nocheseda on Nov. 28, 2-3:30 p.m., via Zoom and Facebook Live. Admission is free but limited slots are available. To register, go to https://bit.ly/UsapangMaArteBanig. The webinar will also be streamed via Facebook Live through the MaArte Fair Facebook page https://www.facebook.com/maartefair. For inquiries, e-mail inquiry@museumfoundationph.org. Mr. Nocheseda has published books, magazines and articles on various topics on Philippine Studies. His first book, Palaspas: An Appreciation of the Palm Leaf Art in the Philippines published by the Ateneo Press won four major awards including the National Book Award, the Gintong Aklat Award, and the Cardinal Jaime L. Sin Emerging Author Award. He also wrote a book on Pateros and another on Taguig. His fourth book, Rara: Art and Tradition of Mat Weaving in the Philippines is the most, if not the only comprehensive survey on banig since the seminal Philippine Mats was published a century ago.

Virtual gallery presents Nasser Lubay exhibit

ON Dec. 4, the Virtual ArtistSpace and District Gallery will present “Shadowplay,” a solo exhibition of Filipino visual artist Nasser Lubay. In this exhibit, the artist offers a series composed of clusters of circular patterns that form semi abstract, semi figurative doodles. “Shadowplay” will be on view virtually starting on Dec. 4, 6 p.m.. The virtual exhibition will run until Dec. 24. The link to the exhibition will be posted on ArtistSpace Facebook and Instagram pages (@artistspacegallery).

Fundraising with poetry, music

IN collaboration with Para sa Sining, a community of creative collaborators, the independent research and publishing laboratory Kwago launches “Krisis, Isang Pintuan,” Kwago’s six-month fundraiser, with a donation drive for victims of typhoon Ulysses on Nov. 28, 7 to 10 p.m. The event will kick off with opening remarks on the collaboration with Para Sa Sining and Kwago’s new direction, followed by poetry and music performances, a blind book auction, and an open jam. Tickets cost P200 for early registrants, and P250 for those who decide to purchase tickets on the day itself. Proceeds will go to the ongoing relief initiatives of the Storytelling Project, which, among others, aims to make reading an enjoyable experience for children and to start a reading habit, and RESBAK, an alliance of artists, media practitioners, and cultural workers whose goal is to advance social awareness on the killings brought forth by the Duterte administration’s “war on drugs.” The registration link is https://tinyurl.com/SiningParaSaKapwa while the Facebook Event page link is bit.ly/krisisisangpintuan.

Ayala Museum launches virtual gallery

The Ayala Museum has launched its very first virtual gallery experience: Arturo Luz: First Light. It is a virtual re-mounting of the exhibition curated by Ambeth Ocampo at the museum back in 2017, organized to celebrate the 90th birth anniversary of Arturo Luz. The virtual exhibit went live on Nov. 20, in time for Luz’s 94th birthday. Through this virtual exhibit guests will be able to explore works from the 60 years of National Artist Arturo Luz’s career. The virtual exhibit is at www.ayalamuseum.org/first-light. The exhibit is part of the Ayala Museum’s Images of Nation program which showcases works by Filipino artists who have been named National Artists in the Visual Arts. Its primary aim is to share the extraordinary vision and formal excellence embodied in this award. The exhibit will be on view virtually until Jan. 31, 2021.

Ian Quirante exhibit at BenCab Museum

MULTI-awarded comic artist, illustrator, gallery artist, art educator and musician Ian Quirante explores the human mind amid the pandemic through mixed media artworks in an exhibit entitled “Pneuma II” at the Gallery Indigo of the BenCab Museum in Baguio. It showcases 44 artworks that explores the fragility of the human mind and body trying to survive through the global pandemic. The artist has received various awards from the Philip Morris Art Awards, the Metrobank Art Competition and the Shell National Student Art Competition. Aside from exhibitions, Quirante has been teaching at the De La Salle-College of Saint Benilde School of Design and Arts for 18 years. “Pneuma II” is on view until Dec. 6 at the BenCab Museum, Km. 6 Asian Road, Tuba, Metro Baguio. For inquiries and to book an appointment for viewing, visit www.bencabmuseum.org or e-mail bencabartfoundation@gmail.com.

Silverlens launches updated website, new shows

ADAPTING to the new conditions exacted by the coronavirus disease 2019 (COVID-19) pandemic, Silverlens gallery has endeavored to remain connected with its audience, making the decision to prioritize its digital presence within the world’s increasingly virtual landscape. It recently launched its new website, designed by Inksurge Studio. The most notable feature in the new site is the addition of the Viewing Room, an exclusively digital environment that hosts new exhibitions periodically. Its inaugural show is by Chati Coronel entitled “BE THE_” and features 50 linocut prints: 10 editions in five sets  — the first half of her 10-part series. Conceived and completed by Coronel during the height of the quarantine period, these optimistic works mark a hopeful end to a year of immeasurable challenge and change. To ensure seamless communication, the new website has “Inquiry” buttons on all the works featured in the exhibition pages, as well as a messaging option in the “Contact” section for more specific questions or requests. It also contains an encyclopedic library of information of the artists the gallery represents. Meanwhile, the physical gallery will be opening three new shows on Dec. 1. These are: “In Medias Res,” the seventh solo exhibit in Silverlens by Hanna Pettyjohn featuring new paintings from her Anastomosis series as well as new sculptures; “Navigating the Abstract,” an exhibit by Dina Gadia, also her seventh solo exhibit in Silverlens, this time featuring a range of new Pop-inflected paintings and conceptual texts; and, “Glass Horizon,” Gregory Halili’s fourth solo exhibit with the gallery, in which continues his practice of painting on capiz shells with 11 new miniature oil pieces which were completed during the community quarantine. All three exhibits run from Dec. 1 to 23 at the gallery, located at 2263 Don Chino Roces Ave. Ext., Makati. To prevent the spread of COVID-19, the gallery is not accepting any walk-ins. Gallery visits are limited and by appointment only, from Tuesday to Saturday, 10 a.m. to 4 p.m., and a number of security measures will be followed. To arrange for a visit and for other information, call 8816-0044, 0917-587-4011, or e-mail info@silverlensgalleries.com.

Penguin Random House releases 2 SEA classics

PENGUIN Random House SEA (PRH SEA) has introduced Classics from South East Asia in its publishing list for 2020 with two new titles. Releasing this November are The Genealogy of Kings (Sulalat al-Salatin) by Muhammad Haji Salleh and Prisna by Princess Vibhavadi Rangsit, translated by Tulachandra, which will be published in two volumes. The Genealogy of Kings (Sulalatus Salatin) and Prisna will be available by end November onwards. Both these titles are also going to be available on Amazon. The Genealogy of Kings is a literary work that gives a romanticized history of the origin, evolution and demise of the great Malay maritime empire, the Malacca Sultanate. Written by Princess Vibhavadi Rangsit née Princess Vibhavadi Rajani, Prisna is the only English translation and the only translation authorized by the Princess’ estate. It takes place in 1938 in Phra Nakhon, Thailand, and is considered a rare progressive classic because of the Princess’ narrative that depicts women as equal to men, contrary to the common reality of that time. Prisna is the story of a young girl coming of age as she returns to her traditional familial roots in Thailand after spending 12 years in America.

Webinar on Magellan and the Pacific Ocean

On Nov. 28, 6 p.m., Instituto Cervantes de Manila, in collaboration with the Embassies of Spain and Chile in the Philippines, the Intramuros Administration, and the National Quincentennial Committee, will be holding the webinar “Today, 500 years ago, the Pacific Ocean was baptized. The Strait of Magellan.” During the famous expedition that first circumnavigated the world, the three remaining ships of that voyage completed the crossing of the strait that connects the Atlantic and the Pacific, which would later be known as the Strait of Magellan. That day, on Nov. 28, 1520, the first crossing of the ocean that was named the Pacific began. The speakers of the panel discussion will be Braulio Vázquez of the General Archives of the Indies in Sevilla, Filipino historian Danilo Gerona, and the Ambassador of Chile Claudio Rojas Rachel. The moderator will be the director of Instituto Cervantes, Dr. Javier Galván. The discussion will be conducted in Spanish and English with simultaneous translation in both languages. The audience will be able to interact with the speaker by submitting their questions during the event. Admission is free and open to all on a first come, first served basis. The link to access the event is https://zoom.us/j/97744701376. For further information, visit the website of Instituto Cervantes at https://manila.cervantes.es or the Facebook page at www.facebook.com/InstitutoCervantesManila.  

Angkas granted provisional authority to operate till Dec. 9

THE Transportation department announced Tuesday that the technical working group overseeing the operations of motorcycle taxis has granted Angkas (DBDOYC, Inc.) a provisional authority to operate until Dec. 9.

The provisional authority is ahead of the ride-hailing company’s completion of operational requirements, such as the provision of accident insurance for riders and passengers and the use of thermal scanners.

It is  valid from Nov. 24  to Dec. 9 this year, the department said in a statement.

“Once Angkas is able to fully comply with the requirements, a certificate of compliance will be issued to them” by the technical working group, it added.

As for JoyRide (We Move Things Philippines, Inc.), Transportation Assistant Secretary Goddes Hope O. Libiran said, “We’re waiting for the national task force’s written approval on their barrier design.”

“As soon as we receive it, we will issue a provisional authority,” she added.

Ms. Libiran said Move It (We-Load Transcargo Corp.) has yet to submit a letter signifying its compliance with the requirements.

“We’re hoping they can submit it as soon as possible,” she also said.

Mass transportation currently operates on a limited capacity due to physical distancing protocols aimed at containing the spread of the coronavirus disease 2019 (COVID-19).

Ride-hailing company Grab Philippines said in October that it was also “seriously considering” to get into the motorcycle taxi business again.

It said it would be talking again to the Transportation department and the Land Transportation Franchising and Regulatory Board for the possible return of its motorcycle service. — Arjay L. Balinbin

Credit Suisse to take $450-M charge on stake in York Capital

CREDIT SUISSE Group AG expects to book a $450-million impairment charge on its stake in York Capital Management as the US firm winds down most of its hedge fund strategies.

The charge, which could still change, will be booked in the fourth quarter, the Zurich-based bank said Tuesday. Credit Suisse agreed in 2010 to take a stake of about 30% in the firm founded by Jamie Dinan, offering to pay at least $425 million to give clients access to its investments.

The charge adds to a series of setbacks and missteps at Credit Suisse this year, ranging from losses on loans to wealthy clients to lackluster trading results, as the market volatility caused by the coronavirus pandemic rattles businesses across the bank. Chief Executive Thomas Gottstein, who took over in February, has been cleaning up the business and restructuring in an effort to simplify the bank. The asset management business is one of the units that have struggled in this year’s volatility.

Mr. Gottstein said in September that the bank is planning a strategic review of asset management over the next 12 months. For now, he has ruled out a sale or merger.

Credit Suisse said the charge on York Capital will reduce a key measure of capital strength, the so-called common equity Tier 1 ratio, by 7 basis points this quarter, but won’t change that bank’s plans to return capital to shareholders.

York, started in 1991, is winding down most of its hedge fund business and retooling to focus on long-term products after “a year marked by tremendous upheaval and disruption,” according to a letter to clients. Co-Chief Investment Officer Christophe Aurand will be leaving and William Vrattos will take over as sole CIO, Chief Executive Officer Dinan wrote in the letter seen by Bloomberg News — Bloomberg

UCPB encourages clients to go online amidst pandemic

The COVID-19 pandemic has changed the way people bank. Customers now rely heavily on online banking and other digital payment alternatives that provide contactless and real-time capabilities for them to shop for essentials, pay bills, or transfer money to their loved ones without leaving their homes.

UCPB has fully embraced this approach with its various online banking tools and facilities such as the UCPB Visa Debit Card, UCPB Connect, and the UCPB Mobile Banking App.

“With these online tools and e-banking facilities, we’re hoping to make banking safer, more accessible, and more convenient for our clients to ensure their safety and well-being during the pandemic. This is also in line with BSP’s call to increase the usage of a safe and convenient digital payment system,” UCPB First Vice President and Marketing Group Head Charina D. Balanquit said.

Through UCPB Connect and the UCPB Mobile Banking App, clients can do banking transactions in the safety of their own homes. With the Bank’s extensive list of billers, they can pay and schedule their bills on time as well as buy load to keep connected and monitor their budget.

In addition, clients can also make InstaPay and PESONet transfers to loved ones, pay for online orders and even send their donations to organizations that raise funds for medical front liners and other vulnerable sectors that have been hit hard by the pandemic. While some banks are resuming charging of fees, UCPB clients can keep enjoying free fund transfers via Instapay and PESONet until December 31, 2020. Extending waived fees at least until the end of the year is UCPB’s way of easing our customers’ worries.

In the past months, UCPB saw a spike in InstaPayusageas clients turned to the fund transfer service for a variety of transactions including employee compensation, operational expenses and payment to suppliers.

To make banking even more accessible, UCPB also partnered with mobile e-wallets such as Paymaya, GCash, and GrabPayfor online purchases, food deliveries, and essential trips within the metro. Customers can add money easily to their e-wallets with the UCPB Visa Debit Card through a short enrollment and verification process.

Not yet enrolled in UCPB Connect? Visit https://www.ucpb.com/connect/ for simultaneous enrolment in UCPB Connect and UCPB Mobile App. You can download the UCPB Mobile App at Google Play Store and Apple App Store. For inquiries, please call the Customer Relations Center at (632) 8811-9111 or email crc@ucpb.com.

Insular Life increases capital requirement ahead of IC’s deadline

Insular Life (InLife), the first and largest Filipino and only mutual life insurance company in the country complied with the Insurance Commission’s minimum requirement for Total Members’ Equity ahead of schedule.

The InLife Board approved to increase its Total Members’ Equity by P600 million to make a total of P1.5 billion. This will be reflected in the November 30, 2020 month end report to the Insurance Commission.   The P1.5 billion is more than the P1.3 billion Minimum Available Total Members’ Equity requirement of the Insurance Commission by December 31, 2022.

“The Board approved the increase in the Company’s Total Members’ Equity by P600 Million from the present P900 Million to P1.5 Billion, in full compliance with IC Circular Letter No. 2019-67 as amended, “says InLife Executive Chairman Nina D. Aguas.

The IC Circular 2019-67 mandates all life insurance companies to have a minimum available net worth or members’ equity of P900 million by December 31, 2019, and P1.3 billion as of December 31, 2022.

“The foregoing action signifies InLife’s commitment to support the Insurance Commission’s thrust to strengthen the insurance industry.  Amidst the pandemic and as we turn 110 years of uninterrupted service this November, we want to assure our policyholders and the public that Insular Life remains to be their strong and dependable partner in planning their financial security, ” said InLife Executive Chairman Nina D. Aguas.

How PSEi member stocks performed — November 24, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, November 24, 2020.

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