COVID-19 pills are coming, but no substitute for vaccines, disease experts say

November 10, 2021 | 12:05 am

CHICAGO — Oral antiviral pills from Merck & Co. and Pfizer, Inc./BioNTech SE have been shown to significantly blunt the worst outcomes of coronavirus disease 2019 (COVID-19) if taken early enough, but doctors warn vaccine hesitant people not to confuse the benefit of the treatments with prevention afforded by vaccines.

While 72% of American adults have gotten a first shot of the vaccine, according to a Kaiser Family Foundation poll, the pace of vaccination has slowed, as political partisanship in the United States divides views on the value and safety of vaccines against the coronavirus.

Vaccine mandates by employers, states and the administration of US President Joseph R. Biden, Jr., have helped increase vaccinations but also fueled that controversy.

Some disease experts fear the arrival of oral COVID-19 treatments may further impede vaccination campaigns. Preliminary results of a survey of 3,000 US citizens by the City University of New York (CUNY) School of Public Health suggest the drugs could “hamper the effort to get people vaccinated,” said Scott Ratzan, an expert in health communication at CUNY, who led the research.

Mr. Ratzan said one out of every eight of those surveyed said they would rather get treated with a pill than be vaccinated. “That is a high number,” Mr. Ratzan said.

The concern follows news on Friday from Pfizer, maker of a leading COVID-19 vaccine, that its experimental antiviral pill Paxlovid cut the risk of hospitalization and death from the disease by 89% in high-risk adults.

Pfizer’s results followed news from Merck and partner Ridgeback Biotherapeutics on Oct. 1 that their oral antiviral drug cut hospitalization and death by half. That drug, known as molnupiravir, won conditional approval in the UK on Thursday. Both need clearance from US health regulators but could be on the market in December.

“By relying exclusively on an antiviral drug, it’s a bit of a roll of the dice in terms of how you will do. Clearly, it’s going to be better than nothing, but it’s a high-stakes game to play,” said Dr. Peter Hotez, a vaccine expert and professor of molecular virology and microbiology at Baylor College of Medicine.

Six infectious disease experts interviewed by Reuters were equally enthusiastic about the prospect of effective new treatments for COVID-19 and agreed they were no substitute for vaccines.

Even in the face of the highly transmissible Delta variant of the virus, the vaccines from Pfizer/BioNTech remain effective, cutting the risk of hospitalization by a combined 86.8%, according to a government study of US veterans.

They said some unvaccinated people have already relied on monoclonal antibodies — drugs that need to be delivered through intravenous IV infusions or injections — as a backstop in case they become infected.

“I think the Pfizer news is terrific news. It goes hand in hand with vaccination. It doesn’t replace it,” said Dr. Leana Wen, an emergency physician and public health professor at George Washington University and Baltimore’s former health commissioner.

Choosing not to get vaccinated “would be a tragic mistake,” said Albert Bourla, chief executive officer of Pfizer, Inc. “These are treatments. This is for the unfortunate who will get sick,” Mr. Bourla told Reuters in an interview on Friday. “This should not be a reason not to protect yourself and to put yourself, your household and society in danger.”

ANTIVIRAL CHALLENGES
One main reason not to rely on the new pills, the experts said, is that antiviral medications, which stop the virus from replicating in the body, must be given in a narrow window early in the disease because COVID-19 has different phases.

In the first phase, the virus rapidly replicates in the body. A lot of the worst effects of COVID-19, however, occur in the second phase, arising from a defective immune response that gets triggered by the replicating virus, said Dr. Celine Gounder, an infectious disease expert and the CEO and founder of Just Human Productions, a non-profit multimedia organization.

“Once you develop shortness of breath or other symptoms that would lead you to be hospitalized, you are in that dysfunctional immune phase where the antivirals are really not going to provide much benefit,” she said.

Dr. Hotez agreed. He said getting treated early enough could be challenging because the window when the virus transitions from the replication phase to the inflammatory phase is fluid.

“For some people, that will happen earlier; for some, later,” Dr. Hotez said.

Dr. Hotez said many people in the early phase of the illness feel surprisingly well and may be unaware that their oxygen levels are dropping, one of the first signs that the inflammatory phase of the disease has started.

“Oftentimes, you’re not going to realize that you’re getting sick until it’s too late,” he said. — Reuters

New York’s November auctions mark a return to billionaire-level art prices

November 10, 2021 | 12:05 am

2021_NYR_20095_0019A_000(jean-michel_basquiat_the_guilt_of_gold_teeth035753) — CHRISTIE’s has given an estimate of between $40 million and $80 million for this Jean-Michel Basquiat painting, The Guilt of Gold Teeth, which will go under the hammer on Nov. 9 at its 21st century auction. — CHRISTIES.COM

DURING the height of the COVID pandemic, big-ticket art transactions were mostly conducted in private.

Behind closed doors, Sotheby’s reportedly sold a Giacometti bronze for more than $90 million, while Christie’s is said to have sold a Frida Kahlo painting for more than $130 million.

Billionaires, it seemed, were more comfortable buying and selling in private.

“The volume of private transactions for works priced between $5 million and $50 million increased between 2019 and 2020, from 30 to 50,” says Brooke Lampley, chairman and worldwide head of global fine art at Sotheby’s. “The supply of masterworks during the pandemic was somewhat constrained at the public level, but the buyer appetite remained very strong.”

That’s set to change during this November’s marquee evening sales in New York. A booming art market, along with several major public sales results, has reassured superrich consignors that their spectacularly expensive artworks are ready for the klieg lights of a live auction.

Christie’s will kick things off on Nov. 9 with its 21^st century auction, which includes a Basquiat from 1982 with a high estimate of $80 million and a painting by Peter Doig valued in excess of $35 million.

Two days later it will follow up with the sale of the late oil baron Edwin Cox’s collection, which includes a Caillebotte estimated in the region of $50 million, a van Gogh in the region of $40 million (the sale has three van Goghs in total), and a Cézanne that has a high estimate of $55 million.

Right after that, the auction house’s 20^th century sale will include a whopping nine lots with a high estimate of $15 million or above, including a painting by Cy Twombly estimated to sell in the region of $30 million. The combined low estimate for both nights’ evening sales at Christies is $650 million.

“We came into this season very confident, because we’re seeing such strong demand across the board for art at every level,” says Sara Friedlander, the deputy chairman of the postwar and contemporary art department at Christie’s in New York. “I do think people are more confident putting things up at auction publicly.”

A $600 MILLION ART COLLECTION
Sotheby’s, meanwhile, will hold its sales a week later, starting with the hotly anticipated collection of Harry and Linda Macklowe, the octogenarians whose divorce shook loose a collection estimated to sell for at least $600 million.

On Nov. 15, Sotheby’s will auction 35 of these artworks (more will be sold in the spring), which together carry an estimate exceeding $400 million.

A sculpture belonging to the Macklowes by Alberto Giacometti and a painting by Mark Rothko both carry high estimates of $90 million a piece; a Warhol silkscreen and a Twombly painting both carry high estimates of $60 million. The Macklowe sale has 13 lots with high estimates of $15 million or more.

Lots are still being released for Sotheby’s modern evening auction, which will take place the evening of Nov. 16; already though, a rare Frida Kahlo has been announced with a high estimate of $50 million.

Even the much smaller Phillips, whose evening sale will take place on Nov. 17, announced that it would be selling a painting by Francis Bacon that carries a high estimate of $45 million.

“The market of people willing to buy and invest in art is stronger than ever and would appear to be growing,” Ms. Lampley says. “And where there are buyers, generally there are sellers.”

CHINESE BUYERS
During the pandemic, buyers from Hong Kong and mainland China emerged as a potent market force.

Despite, or perhaps because of, the country’s wobbling real estate industry and sporadic but increasing crackdowns on its superrich, China’s art market is still on a tear.

“Before the pandemic, there were maybe five to 10 collectors [in China] at the very, very top of the market who knew what they were doing, knew what they were looking for, and were able to support those high-end works of art,” Ms. Friedlander says of collectors willing and able to purchase $20 million-plus modern and contemporary artworks.

“What we’ve seen across the board is a completely new community of collectors who love buying at auction at that level,” she continues. Demand in China “is like nothing we’ve ever seen before.”

ADRENALINE JUNKIES
The looming question is how — or if — a packed, in-person salesroom will affect bidding.

The November sales won’t be the first live auctions since COVID struck — the London auctions earlier this fall had spectators, as did Sotheby’s recent Picasso sale in Las Vegas — but this will be the first time a massive evening sale will have a live auctioneer in front of a live audience. (The auctions will also be livestreamed.)

“It impacts the mood,” says Ms. Lampley. “Having people bidding and participating in the sale room brings an energy that conveys confidence and optimism in the market.”

It doesn’t, she continues, “necessarily mean there’s more bidding, but the optics — when it’s distributed in different ways, complementing bidders on the phone as well as online — contributes to a particular kind of drama.”

Ms. Friedlander has a slightly different take.

“I think people get more carried away online than they do in the room,” she says. “There’s an adrenaline junky thing where you’re bidding online and clicking away. In the room, the anxiety of raising your hand is a different kind of feeling.”

Regardless, at least from a dollar perspective, the auctions are beginning to look more like the pre-COVID era. So, will November mark a return to a billion-dollar sales week?

“I wouldn’t be inclined to put the cart before the horse,” Ms. Lampley says. “Every season is still a brick-by-brick process from start to finish.” — Bloomberg

Cirtek amends 70M preferred shares offering

November 10, 2021 | 12:05 am

CIRTEK HOLDINGS Philippines Corp. has amended its 70 million preferred class B-2 shares offer by issuing subseries “C” and “B” shares for both the base offer and the oversubscription option, the company said in a disclosure on Tuesday.

The primary offer, which covers up to 50 million shares, was originally comprised of only subseries “C” shares. Meanwhile, the oversubscription option of up to 20 million shares was previously composed of just subseries “D” shares.

“The total gross proceeds to be raised by the Corporation from the primary offering of Preferred B-2 Shares, to be issued as either Subseries “C” and/or “D,” from the offer price of P50 per preferred B-2 share will be approximately P2,456.6 million,” Cirtek said.

“Assuming that all the oversubscription option are fully exercised at an exercise price of P50 per preferred share will be approximately P3,438.6 million,” it added.

According to its preliminary prospectus dated Oct. 21, the company plans to use its net proceeds to refinance its existing debt, partial repayment of its maturing preferred class B2-A shares, capital expenditures or for equipment, and to fund the working capital of its subsidiaries.

It is targeting to hold its offer period from Nov. 25 to Dec. 3, while its tentative issue and listing date is slated for Dec. 10.

Upon listing, preferred class B-2 subseries C shares will trade under ticker symbol “TCB2C,” while its preferred class B-2 subseries D shares will trade with “TCB2D.”

The company assigned PNB Capital and Investment Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the offer.

Cirtek shares went up by five centavos or 1.16% to close at P4.36 apiece on Tuesday. — Keren Concepcion G. Valmonte

Gov’t fully awards 10-year bonds at higher rate

November 10, 2021 | 12:04 am

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday even as the tenor’s yield went up on inflation and rate hike fears due to the stronger-than-expected economic growth seen in the third quarter.

The Bureau of the Treasury (BTr) raised P35 billion as planned via the reissued 10-year T-bonds it offered on Tuesday. The papers have a remaining life of nine years and eight months.

Tuesday’s offer of government debt attracted P55.37 billion in tenders, lower than the P73.59 billion in bids seen when the bond series were last auctioned off on Sept. 28.

The average yield on the 10-year bonds jumped by 44.1 basis points to 5.13% on Tuesday from the 4.689% fetched during the previous offering.

This was also higher than the 4.96% quoted at the secondary market prior to the auction, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction that the market remains concerned over inflation as it is still higher than the central bank’s target despite the recent deceleration.

She added that there is some speculation that the Bangko Sentral ng Pilipinas (BSP) may start raising rates following the economy’s strong performance in the third quarter.

Headline inflation settled at 4.6% in October, slower than the 4.9% median estimate of 21 analysts in a BusinessWorld poll last week.

The October figure was slower than the 4.8% in September, but faster than 2.5% a year earlier. Still, this was the third straight month inflation exceeded the 2-4% target of the central bank for the year. Inflation has topped the BSP target this year except in July.

This brought headline inflation for the first 10 months to 4.5%, faster than the 4.4% forecast by the central bank for the year.

Meanwhile, the country’s gross domestic product (GDP) grew 7.1% in the third quarter, the Philippine Statistics Authority reported on Tuesday, better than the 4.7% median estimate seen in a BusinessWorld poll but slower than the 12% growth in the second quarter.

GDP growth in the first three quarters averaged 4.9%, near the upper end of the government’s 4-5% target.

BSP Governor Benjamin E. Diokno has said the central bank will keep borrowing costs low to support the economy’s recovery.

Last month, he said raising benchmark rates “too early” could harm the country’s rebound and noted there would be no policy adjustments until the end of the year.

“Since [third-quarter GDP was] higher than market expectation, it’s negative for the bond market because fast growth is inflationary. That’s why there was an upward bias in the [10-year bond’s] yield,” a bond trader said in a phone interview.

A second trader said in a Viber message that the reissued 10-year notes fetched a higher yield on Tuesday as investors are asking for higher returns for bonds that are at the long end of the curve.

“This may be due to higher GDP growth and the loosening of pandemic restrictions,” the trader added.

The Treasury plans to raise P200 billion from the domestic market in November: P60 billion via weekly T-bill auctions and P140 billion from weekly offers of T-bonds.

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

Study on antibiotic properties of PHL fungi receives grant

November 10, 2021 | 12:04 am

IN THE Philippines, fungi are an unexplored source of therapeutic drugs. The antibiotic properties of hypoxylon, a round and blotchy type of fungus found in rotting or decomposing wood, is the subject of a study that recently won a grant from the Alexander von Humboldt Foundation (AVHF) in Germany.

“The spectrum of projects being done by most Filipino researchers is mostly plant-based because our traditional medicine is based on ethnomedicinal plants,” said University of Santo Tomas (UST) professor Allan Patrick G. Macabeo, whose research project “Drug discovery of biologically active natural products from Philippine Hypoxylon Species” is being funded by a Digital Cooperation Fellowship grant from the AVHF.

“Most don’t realize that some commercial drugs are also sourced from fungi,” said Mr. Macabeo.

The AVHF started providing a monthly fund of €3,000 for Mr. Macabeo’s hypoxylon study in September, and will support it through January 2022. Professor Marc Stadler of the Helmholtz Center for Infection Research in Germany stands as virtual host collaborator.

Continuous antibiotic discovery is essential in this day and age, according Mr. Macabeo.

“The reason we do these types of projects is the increasing incidence of drug resistance. Pathogens or microbes get used to common antibiotics over time,” he said in an interview with BusinessWorld. “[As] their defense, they set up a system of mechanisms to fight antibiotics. If you have a library of antibiotics that you can fire at these microbes, they’ll have a hard time stepping up resistance.”

Potential applications of the compounds studied by Mr. Macabeo are for combating drug-resistant strains of microbes and pathogens. These include Mycobacterium tuberculosis, which causes tuberculosis, and Escherichia coli, which causes bacterial infections.

“With its success, I hope I get to become one of the examples that will inspire younger generations to venture into this important research,” added Mr. Macabeo.

UNTAPPED POTENTIAL
In addition to antibiotics, fungi might be a source of statins, which regulate blood pressure and treat cardiovascular diseases and cancer.

Mr. Macabeo is done collecting and identifying fungal samples, with many of the fungi used in the study coming from his home region of Ilocos. He and his colleagues are now analyzing the antibiotic compounds.

“Drug discovery is a very long process. It takes many years,” Mr. Macabeo said. “Once we find a very potent compound or antibiotic, it still has to undergo pre-clinical trials and clinical trials. Our part only involves primary screening — whether the compounds inhibit microbes.”

Aside from dealing with pandemic lockdowns delaying non-coronavirus-related research, Filipino scientists have to find continuous, consistent funding to see the entire drug development process through, according to Mr. Macabeo.

He cited the Department of Science and Technology (DoST), which has initiatives like the Science for Change Program (S4CP), which aims to accelerate science and technology information in the country and keep up with the world in terms of R&D.

“The DoST is going in a very good direction. Although budget allocation when it comes to research in the Philippines is still low compared to other Southeast Asian countries, I hope it will increase,” said Mr. Macabeo. “I hope they invest more because we’re still in the infancy of government support (for R&D). I hope they continue these efforts.”

Production of Disney’s upcoming Star Wars movie delayed

November 10, 2021 | 12:04 am

LOS ANGELES — Production of Walt Disney Co.’s next Star Wars movie has been delayed because director Patty Jenkins is juggling other projects, a source close to the production said on Monday.

Star Wars: Rogue Squadron is still currently scheduled to reach theaters in Dec. 2023, the source said, but it is possible that date could change.

Ms. Jenkins, who directed two Wonder Woman movies for Warner Bros., is working on a third movie about the superhero as well as a film about Egyptian queen Cleopatra.

Rogue Squadron filmmakers had hoped to complete production in 2022 but realized it would not be possible to meet that timeline due to Ms. Jenkins’ schedule, the source said. Production has been removed from the 2022 calendar.

The news was first reported by The Hollywood Reporter.

Representatives for Jenkins did not immediately respond to a request for comment.

Disney has other Star Wars movies in the works, including one being developed by Marvel Studios President Kevin Feige.

The company also plans to release several Star Wars TV series on the Disney+ streaming service. Among them, The Book of Boba Fett will debut in December and Obi-Wan Kenobi is expected next year. — Reuters

MerryMart finalizes P340-M acquisition of majority stake in Carlos SuperDrug

November 10, 2021 | 12:04 am

MERRYMART Consumer Corp. has finalized its acquisition of a 75.08% equity stake for P339.82 million in Quezon Province-based pharmacy chain Carlos Drugs-Lucena, Inc. or Carlos SuperDrug.

The company disclosed to the exchange on Tuesday that it acquired primary and secondary shares of Carlos SuperDrug totaling 337,856 common shares for P1,005.80 apiece.

MerryMart said the “cash purchase consideration was based on the valuation agreed by parties.”

“The 27 branches of Carlos SuperDrug chain will form part of the 100-branch network goal of the MerryMart Group in 2021,” MerryMart said.

Carlos SuperDrug is said to be the biggest drugstore chain in Quezon Province founded in 1946 by husband-and-wife tandem Diomedes and Generosa Carlos in Lucena City.

In July, MerryMart disclosed its plan to acquire a minimum post-investment stake of 67% in Carlos SuperDrug.

Despite owning a majority stake in Carlos SuperDrug, MerryMart earlier said the pharmacy chain’s current management team will continue to run the operations of the company along with the MerryMart team.

MerryMart shares declined by 0.61% or two centavos on Tuesday to close at P3.24 each. — Keren Concepcion G. Valmonte

Moody’s sees more M&As among banks

November 10, 2021 | 12:03 am

MORE mergers and acquisitions (M&As) are expected to happen in the Asia-Pacific region, including the Philippines, amid the coronavirus pandemic and with rising competition due to new digital banks, Moody’s Investors Service said.

“The health crisis and its aftermath have added to pressures banks are already under from compliance costs and rising competition from agile digital newcomers and tech companies, particularly as lockdowns have pushed more customers online,” it said in a report on Tuesday.

Competition from fintech players as well as digital banks is also intensifying and could accelerate M&As, Moody’s said.

“Banks will need to maintain investment in technology upgrades and new digital services to keep pace. More positively, the shift to digital will bring some cost benefits through faster processes and automated services,” it said.

In the Philippines, the framework for digital banks was released by the Bangko Sentral ng Pilipinas (BSP) in 2020. Under this, the BSP granted six digital bank licenses and has said it will not accept any applications for now to monitor developments and ensure healthy competition in the sector.

Entering into mergers and acquisitions will also be an option for banks in areas with weak economic growth, as they are more vulnerable to muted revenue and continued high loan-loss provisioning, the debt watcher said.

“Cost savings will be essential to maintain profitability. That may be a tall order for some banks, given their need to spend more on technology and compliance,” it said.

It noted that Japan’s Mitsubishi UFJ Financial Group, Inc. through MUFG Bank recently acquired stakes in banks within Southeast Asia, including Security Bank Corp.

MUFG Bank’s arm, Thailand-based Bank of Ayudhya Public Co. Ltd, earlier this year also partnered with Security Bank to infuse P3 billion in fresh capital into the latter’s consumer finance subsidiary SB Finance, Inc.

In June, President Rodrigo R. Duterte signed Executive Order No. 142 which approved the merger between state-owned Land Bank of the Philippines and United Coconut Planters Bank, with the former as the surviving entity upon the transaction’s completion in December. LANDBANK has earlier said the merger will result in combined assets worth P3 trillion by by end-2021.

Meanwhile, Ayala-led Bank of the Philippine Islands (BPI) and BPI Family Savings Bank, are also in process of completing a merger, which is expected to be finished by 2022. BPI will be the surviving entity.

The Philippine banking industry’s net income as of end-June reached P122.7 billion, higher by 43% from the P85.85 billion booked in the same period of 2020.

The central bank has said the sector has remained stable and well-capitalized despite the weaker asset quality due to the pandemic’s impact on borrowers’ ability to repay their debts. — Luz Wendy T. Noble

US-based biotech firm to expand PHL office, hire Filipino developers

November 10, 2021 | 12:03 am

INTERVENN BIOSCIENCES, a US-based biotech firm, is hiring 100 full-time employees in the Philippines as it prepares to open a new office in Podium’s West Tower in Mandaluyong City.

More than half of the Philippine team will be composed of software developers. The rest will handle IT (information technology), cybersecurity, and UX (user experience).

“We expect to be over 150 employee-strong in 2022,” said Randy N. Barr, InterVenn’s chief information security officer, in an e-mail to BusinessWorld. “We are taking advantage of some of the great talent in the Philippines — not just for our software development team but also for security skillset, including individuals with good experience in IT, to support our growing organization.”

The new site, set to open on Jan. 15, 2022, expands the local team’s roster of developers and engineers that form the backbone running the company’s proprietary artificial-intelligence (AI) technology.

Group3 Design studio has been commissioned for its construction as well as for its design, which Mr. Barr says promotes natural osmosis and collaboration.

“One hundred percent of our software is done in the Philippines,” InterVenn’s Chief Executive Officer Aldo Carrascoso said in a press statement. “Our engineering team in our [present] Mandaluyong City office takes care of the cloud infrastructure, frontend, backend, and even security.”

Close to a billion pesos will be funneled to the company’s Philippine operations for 2021–2022.

“We love the culture that is inherent within Filipinos in our work spaces,” Mr. Barr told BusinessWorld. “We will blend that [culture] with the flexibility that most tech startups have but we will adjust it to fit [with] InterVenn.”

InterVenn is a pioneer in glycoproteomic research and development, and employs a platform run by artificial intelligence and mass spectrometry (which characterizes and sequences different proteins) to help advance cancer solutions and other related initiatives.

More information on job openings is found at the company’s career page. — Patricia B. Mirasol

Alec Baldwin calls for police on film sets to monitor gun safety

November 10, 2021 | 12:03 am

LOS ANGELES — As Hollywood considers new safety measures following the fatal shooting during filming of Western movie Rust, actor Alec Baldwin said on Monday he believed film and TV productions should hire police officers to monitor weapons on sets.

Mr. Baldwin accidentally shot and killed cinematographer Halyna Hutchins on Oct. 21 after being told the gun he was rehearsing with on the Rust set in New Mexico was “cold,” or safe to use, according to the Santa Fe County Sheriff’s Office.

Authorities are trying to determine how a real bullet would wind up in the gun handed to Mr. Baldwin. Attorneys for the Rust armorer, who oversaw weapons on the set, said she believed she had loaded it with dummy rounds that were incapable of firing.

Since the incident, producers and crew members have been weighing whether new steps should be taken to prevent a similar tragedy in the future. Mr. Baldwin said he believed productions should hire police to make sure guns used in filming are safe.

“Every film/TV set that uses guns, fake or otherwise, should have a police officer on set, hired by the production, to specifically monitor weapons safety,” Mr. Baldwin posted on Twitter. Others have called for banning real guns from movie and TV sets. Actor Dwayne Johnson said last week that his future productions would only use rubber guns during filming. — Reuters

DMCI posts P3.99-B net earnings in Q3

November 10, 2021 | 12:03 am

DMCI Holdings Inc.’s attributable net income more than doubled to P3.99 billion in the third quarter from P1.88 billion in the same period in 2020.

In a disclosure published on the Philippine Stock Exchange website on Tuesday, DMCI Executive Vice-President and Chief Finance Officer Herbert M. Consunji said the 113% increase in its earnings came on the back of “recovering demand and record-setting prices for coal, nickel and electricity, combined with higher accomplishments by the construction business.”

With this, DMCI’s nine-month net income soared by 245% to P13.48 billion from P3.91 billion in the same period last year.

DMCI’s core net income also jumped 113% to P4.01 billion in July to September 2021 from P1.88 billion last year, bringing its nine-month core profit 173% higher to P12.31 billion from P4.5 billion.

The company’s subsidiaries Semirara Mining and Power Corp. (SMPC) and DMCI Homes accounted for 79% of the holding firm’s core net income for the third quarter, while SMPC, DMCI Project Developers, Inc. (DMCI Homes), and Maynilad Water Services, Inc. contributed 84% of DMCI’s core net income for the first nine months of this year.

From July to September, SMPC’s contribution to DMCI’s core income soared by 428% to P2.28 billion from P432 million due to coal sales despite the power sector’s weak performance.

The global price of coal at the end of the third quarter of 2021 reached $181.12, raising the average selling price of SMPC’s coal by 82% to P2,831 per metric ton (MT) from P1,558 per MT.

Sales volume of coal also increased by 44% to 3.9 million MT (MMT) from 2.7 MMT due to the 50% drop in the power segment’s fuel consumption.

SMPC’s power plant output, however, dropped by 44% to only 873 gigawatt hours (GWh) from 1,657 GWh due to combined 167-day outages of its two units, but was covered by the 55% increase in selling prices to P4.09 per kilowatt hour (KWh) from P2.64 per KWh, “mainly due to a bilateral contract quantity of SCPC which had a fuel pass-through provision and sales to the Wholesale Electricity Spot Market,” it said.

On the other hand, DMCI Homes’ core net income contribution to its parent company declined by 14% to P900 million in the third quarter from P1.04 billion as its operating expenses climbed by 16% due to higher utilities and association dues from its unsold ready-for-occupancy units.

Its cost of sales also grew to P4.22 billion from P4.05 billion, while its revenues went up only by 4% to P5.85 billion.

Meanwhile, Maynilad’s core net income contribution improved by 7% to P406 million in the same quarter from P379 million despite a 6% lower bill volume to 129.6 million cubic meters (MCM) from 137.7 MCM following the imposition of an enhanced community quarantine in August, which caused commercial consumption to drop.

Its total noncash items, however, eased by 8% to P1.09 billion from P1.19 billion “with the absence of expected credit loss provisions.”

For this quarter, the DMCI Group said it “expects elevated coal and nickel prices to magnify the impact of more shipments.”

It added that the easing of mobility restrictions in Metro Manila may also drive business activities and commercial consumption, which could allow electricity and water prices to increase.

DMCI shares improved by 6.93% or 53 centavos to finish at P8.18 apiece on Tuesday. — Bianca Angelica D. Añago

Arts & Culture (11/10/21)

November 10, 2021 | 12:02 am

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Vibal launches book on headhunting, cannibalism

THE VIBAL Foundation, Inc. (VFI) has launched Narciso C. Tan’s Púgot: Head Taking, Ritual Cannibalism, and Human Sacrifice in the Philippines. Encyclopedic and analytical in its approach, this scholarly book dissects the ritualized forms of violence such as human sacrifice, ritual cannibalism, and head taking in the prehistoric Philippines. Púgot weaves together historical data and archaeological studies with traditional myths, legends, and songs to create a seamless narrative of some of the most misunderstood aspects of Philippine culture and to shed light on deeply rooted cultures of violence. Preceding the emergence of Islam and Christianity, deeply held religious beliefs led various Philippine communities to sanction ritualized forms of violence: human sacrifice, cannibalism, and head taking. Púgot forces Filipino readers to contemplate and confront the not-so-ancient past, when their ancestors participated in violent community-wide celebrations and rituals. The book also reveals these practices not in isolation, but as part of the wider Southeast Asian and Austronesian milieu. The book is the latest addition to VFI’s Academica Filipina+, which is an interdisciplinary series that pushes the boundaries of scholarly publishing with smart, literate, and thought-provoking works exploring the Philippine past, present, and future. Púgot: Head Taking, Ritual Cannibalism, and Human Sacrifice in the Philippines is available for online purchase at the Vibal Online Shop at https://shop.vibalgroup.com/, Lazada https://www.lazada.com.ph/shop/vibal-books/, and Shopee https://shopee.ph/vibalgroup. For queries, e-mail customercare@vibalgroup.com and marketing@vibalgroup.com or call 8580-7400 or 1-800-1000-VIBAL (84225).

Robinsons’ Artablado show supports Chosen Children Village

Robinsons Land’s ArtAblado hosts an all-female group of artists who will showcase over 40 artworks this November. Their paintings will be displayed in ArtAblado, at the 3^rd floor of Robinsons Galleria. The painting exhibit dubbed as “ARTtitude” is a showcase of the artistic talents of this group, with subjects ranging from landscapes and still life, to faces and figures. The artists are past or current students of the Creative Hands Workshop, along with members of the Sabado Group and the Art Wednesday Group. For this exhibit, the beneficiary is Chosen Children Village (CCV) in Silang, Cavite. “Due to the pandemic, the CCV now gets less support to fund basic needs such as food, staff salaries, diapers, medicines and for upkeep of the place. Hopefully, whatever we raise from the sale of artworks in the exhibit will augment the dwindling resources of the CCV,” says Maryrose Gisbert, one of the artists. The ARTablado “ARTtitude” exhibit runs until Nov. 16.

2 exhibits open at MO_Space

Two exhibits are opening on Nov. 13 at MO_Space: “A song plays from another room” featuring works by Lesley-Anne Cao at the Main Gallery, and “Tender Hours” featuring works by Pam Quinto at Gallery 2. They will be open for public viewing from Nov. 13 until Dec. 11. In her exhibit, Ms. Cao presents pensive reproductions of scenes and observations of the “ordinary.” In “Tender Hours,” Pam Quinto focuses her lens on blue sky, snapshots of dawn and dusk and moments in between, and also fashions her visions of blue in ceramics. The gallery is open daily from 10 a.m. to 7 p.m. For any inquiries, call 8403-6620, call or text 0917-572-7970, or by e-mail at exhibitions@mo-space.net. The gallery is at the 3^rd level, MOs Design, B2 Bonifacio High Street, 9^th Avenue, Bonifacio Global City.

8 fellows of the Virgin Labfest writing fellowship named

THE Artist Training Division of the Cultural Center of the Philippines (CCP) has announced the fellows accepted to the Virgin Labfest 16 Writing Fellowship Program which takes place online from Nov. 16 to Dec. 5. They are: Aleia Marie H. Anies, Shenn Airelle D. Apilado, Ian Carlo S. Bundoc, Neil Angelo S. Cirilo, Maria Isabel L. Jimenez, Faith Carisa F. Lacanlale, Mikaella Yoj B. Sanchez, and, Zarina T. Sarapuddin. The Virgin Labfest 16 Writing Fellowship Program is a three-week mentorship program on the study and practice of dramatic writing for the stage. The Fellowship Program will conclude in an online staged reading of the fellows’ works directed by Dennis Marasigan on Dec. 4 and 5.

4 exhibits at West Gallery

West Gallery currently has four exhibits on show which are running until Nov. 21. On view are the group exhibit “C20H25N30” featuring works by Edric Go, Bjorn Calleja, Geremy Samala, and Jigger Cruz, and the solo exhibits “Nucleus,” featuring works by Winner Jumalon, “Super Artists,” featuring works by Francis Bejar, and “As Days Go By,” featuring works by Lawrence Canto. “As Days Go By” features a series of eight paintings and eight videos which explore the precariousness of the human condition. The gallery is at 48 West Ave., Quezon City. Visitors must make an appointment via 3411-0336 (landline) or 0915-175-3729 (mobile). The gallery is open on Mondays to Saturdays from 9 a.m. to 4 p.m.

MADE 2021 online catalog out

TO CLOSE this year’s program cycle, the Metrobank Foundation, Inc. (MBFI) presents the 2021 MADE Art Catalogue featuring young and budding artists whose artistry has been shaped by these changing times. The MBFI recognized this year’s MADE awardees through an online awarding ceremony and exhibit which was held on Sept. 16. To access the catalogue, visit https://issuu.com/metrobankartanddesignexcellence/docs/2021_made_art_catalog_-_fa?fr=sYjdkMjQzODIwMTI.

The National Library welcomes vaccinated guests

THE NATIONAL Library of the Philippines (NLP) is now accommodating fully vaccinated visitors. Guests with an approved appointment schedule are advised to bring their certified vaccination cards for presentation to the lobby guard together with their valid ID and QR code. The National Library is open from 9 a.m. to 3 p.m. from Monday to Friday. To book an appointment, visit https://bit.ly/nlp-online-appointment. For more information, visit https://www.facebook.com/NLP1887.

CCP presents Performance Literature Festival

The Cultural Center of the Philippines (CCP) brings back the Performatura: Performance Literature Festival on Nov. 22 to 24, 2021, with the theme Performatura Pandemic Edition (PPE). This event, now virtual, will showcase poetry readings, storytelling, theatrical shows, dance dramas, musical presentations, and even spoken word competitions, through Facebook live stream and Zoom, under the festival’s director Dr. Vim Nadera, a poet and a performance artist. On Nov. 22, or Araw ni Huseng Batute, Performatura celebrates the poet Jose Corazon de Jesus’s 125^th birthday, starting at 10 a.m. with a welcome speech from Arsenio “Nick” Lizaso, CCP president and National Commission for Culture and the Arts chair, followed by a keynote speech by National Artist for Music Ramon Santos about De Jesus’ life as a lyricist. Musicians from Performatibo Manila, will perform. Jesus Jaime Aguila, the direct descendant of De Jesus, gives his response on behalf of his family. From 1-5 p.m. are the finals of the Pambansang Balagtasan; then at 7-10 p.m., Mike Coroza, Jeanette Job Coroza, Felipe de Leon, Jr., and Sonia Roco host a special edition of Pamana ng Lahi, Arte, Kultura, Atbp. Entitled Titik ni Huseng Batute sa P.L.A.K.A. On Nov. 23, CCP Vice-President and Artistic Director Chris Millado opens the day at 10 a.m. by honoring the Bagong Bonifacio through Front Act (Liners) which focuses on the unsung healing heroes who sing. At 1-5 p.m. is Claiming Indie Spaces in Challenging Times, with the Indie Publishers Collab-PH conducting a book launch and a series of storytelling performances. From 7-10 p.m. it is the S.I.P.A. International Performance Art Festival, an inter-cultural project that promotes exchange, solidarity, and peace organized by independent Filipino artists inviting artists from all over the world. On Nov. 24, Araw ng mga Aklat at Akdang Bayan, CCP Board of Trustees Chair Margie Moran Floirendo opens the last day of Performatura. At 10 a.m., via livestream from Los Baños in Laguna, the National Book Development Board (NBDB) inaugurates Book Nook, a concept that realizes reading centers for families living in areas where accessibility to books and the internet are limited. At 1-5 p.m., its Epic Center, with Luzon’s Lam-ang, Visayas’ Hinilawod, and Mindanao’s Darangen taking centerstage via modernized or post-modernized forms of the pre-colonial literature. From 7-10 p.m., the Philippine Librarian Association, Inc. Marks the 87^th National Book Week with Tanghal Makata, a nationwide spoken word contest tackling the theme “Outcomes, Outreach, Outstanding: Library Beyond Boundaries.” For details, visit https://ccpperformatura2021.wordpress.com/ or the CCP Intertextual Division Facebook page.

Course on preventive maintenance for heritage structures and sites offered

The Escuela Taller de Filipinas Foundation, Inc. will be hold “Preventive Maintenance towards Disaster Risk Reduction: A course for Managers and Administrators of Heritage Sites” on Nov. 11 until Dec. 6. Over a blended-learning period of 14 days, combining seven days of synchronous sessions and seven days of asynchronous sessions, attendees shall build their capacities in the proper maintenance of heritage structures and sites and reduce their vulnerabilities to natural and human-induced hazards through preventive conservation. The course is mainly targeted for local government officials from various offices, parish council members, parish priests, and cultural heritage groups. Some topics that attendees can expect are an overview of Philippine Architectural Heritage, developing a Preventive Maintenance Program and Cyclical Maintenance Plan, and basic documentation, condition survey, cleaning, and repair procedures. Among the roster of speakers are David Mason (Senior Heritage Specialist from the Public Works Advisory of New South Wales, Australia), Carmen Bettina “Tina” Bulaong (Executive Director, Escuela Taller de Filipinas), Jeffrey Cobilla, Archt. Michael Querido (Project Officer, Escuela Taller de Filipinas), Sarah Jane S. Pahimnayan-Pagador (architect, Escuela Taller de Filipinas), and Ma. Nicole “Nikky” Angeline Losa (Site Officer, Old La Loma Cemetery Chapel).

NAMCYA 2021 finalists announced

Organizers of The National Music Competitions for Young Artists Foundation, better known as NAMCYA, have announced the finalists in the various categories of the music competition. Those who made the cut after the rigorous selection round include Jabez Ronaldo Lejano, Kyle Adam Lorenzana, and Agung Dayaw Sicam (Junior Guitar Category); Lucio Raphael Binalla and Rayselle Anne Manipol (Children’s Solo Rondalla); Aniweng Na Cuerdas Rondalla, the Enverga Candelaria Rondalla, and the South Cotabato Family Rondalla (Junior Rondalla); and Josemaria Vincent Thomas Collado, Marvic Espino, Evan John Jamisola, Jean Galway Silangcruz, and Josh Rampall Silangcruz (Open Woodwinds). In the Senior Division, the finalists are the Bukidnon Singing Ambassadors and Coro Bicolano (Senior Choir); Denzel Abarquez, Brian Berino, and Reynaldo Gendrano (Senior Piano); Maria Monica Bacus, Alain De Asis, Vincent Del Rosario, Jose Marie Eserjose, and Mishael Romano (Senior Strings-Violin); Kirk Allen Mallorca, Jann Minn Mendoza, and Lance Morrison Tulagan (Senior Strings-Lower Strings); and Carmina Lourdes Atienza, Nerissa De Juan, Maria Corazon Flores, Jomel Garcia, Camille Juanitez, and Jane Florence Wee (Senior Voice). The National Winners in the Traditional Music category are the Kagan Traditional Ensemble, the Madayaw Cultural Ensemble, the Massalingga Dacalan Ensemble, and the Sangasang Ji Anak Ud Malibcong Ethnic Ensemble. The lone Honorable Mention awardee in the Music Video Production category is the PUP Bagong Himig Serenata. The NAMCYA National Finals will be streamed via the NAMCYA Facebook page and webpage on Nov. 23 to 28, from 3 p.m. onwards.

RWM opens Christmas art exhibit

Resorts World Manila (RWM) has opened an art exhibit, the “Christmas Mall-seum,” as part of RWM’s signature holiday celebrations, Grand Fiesta Manila 2021. The “Christmas Mall-seum” at Newport Mall will feature a line-up of 12 of the country’s most prominent artists and art houses over a span of 12 weeks. Selected art pieces will be available for purchase through www.rwmexclusives.com using cash, credit, or RWM membership points, with part of the proceeds from the sales to be donated for the benefit of the Concordia Children Services and San Lorenzo Ruiz Home for the Elderly. For more information on the “Christmas Mall-seum” and other upcoming events, visit www.rwmanila.com.