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Bulacan airport groundbreaking eyed in Q2

THE TRANSPORTATION department is expecting the Bulacan airport project groundbreaking, which has been repeatedly postponed, to take place within the second quarter.

“Hopefully, we can do a formal inauguration by April or May of this year,” Transportation Secretary Arthur P. Tugade said during the virtual Asia CEO Forum on Tuesday.

San Miguel Corp.’s (SMC) P740-billion airport project is expected to be completed in four to six years. The airport is projected to accommodate 100 million to 200 million passengers annually, he noted.

Mr. Tugade added that “works are being done” even as the department and the company are “quiet.”

SMC had initially planned to break ground for the airport project in December 2019, but it was delayed after the government raised concerns about its contract.

In January last year, the DoTr announced another schedule for the groundbreaking ceremony set within that month.

Mr. Tugade said in June the groundbreaking was delayed anew due to “private issues” of SMC President and Chief Operating Officer Ramon S. Ang and the coronavirus pandemic.

SMC in October said the groundbreaking for the project would take place by December, but later announced the project would get off the ground within the first quarter of 2021, after it awarded global firm Boskalis a $1.73-billion contract to restore the land where it will be built.

The airport project has faced criticisms from various groups over its environmental impact.

On Monday, SMC said it has “laid out an extensive flood mitigation plan that includes planting close to 200,000 mangroves along the Bulacan coastlines, and cleaning, dredging, and widening of key Bulacan tributaries belonging to the Marilao-Meycauayan-Obando River System.”

SMC has tapped Groupe ADP (Aeroports de Paris), Meinhardt Group and Jacobs Engineering Group for the construction of the airport. These firms are behind Singapore’s Changi airport, France’s Charles de Gaulle airport, and the United States’ Hartsfield-Jackson Atlanta International airport. — Arjay L. Balinbin

Human side of economics

BUSINESSWORLD welcomes today economist Bernardo M. Villegas to its lineup of distinguished columnists. Mr. Villegas is a visiting professor of IESE Business School in Barcelona, professor at the University of Asia and the Pacific and research director at the Center for Research and Communication, Manila. He has a Ph.D. in Economics from Harvard University (1963) and was a CPA board topnotcher. He obtained Bachelor’s degrees in Commerce and the Humanities (both summa cum laude) from De La Salle University. At Harvard, at the age of 21, he was one of the youngest teaching fellows in the College of Arts and Sciences. He is currently a member of the boards of directors or advisory boards of national and multinational firms like Benguet Corp., Alaska Corp., PHINMA Property Holdings Corp. and AES, and is a management development and strategic planning consultant for several leading firms operating in the Philippines and Asia-Pacific. He was a member of the Constitutional Commission that drafted the 1987 Philippine Constitution. His special fields of study are development economics, social economics, business economics and strategic management. (Read “Learning from and about China”)

Rediscovering wholeness

A YEAR ago the world broke. The familiar patterns of our lives shattered. Jobs have been lost. Lives ended. And while the arrival of vaccines has given a measure of hope, we have had to find other ways to mend ourselves. Some find solace in faith. Others in therapy. One man found it in putting broken pieces back together and in the process creating beauty.

In the quiet hours before dawn, singer/host Raymond Lauchengco gets out of bed to prepare for what he considers is his “most productive hours.” Instead of humming or recalling a tune, or reviewing the lines of a script, the early mornings are spent preparing his work station for restoring broken ceramics, and creating sculptures and furniture.

“I start by 4 or 5 [a.m.] and continue until about 3 p.m. to clean up the mess I made. Then, at around 5 p.m., I start to cook dinner for my family,” Mr. Lauchengco told BusinessWorld in an e-mail. He added that he works continuously except for quick breaks to check on his children, whom he and his wife are homeschooling.

It has been a year since Mar. 15, 2020 when the country was put under a strict lockdown due to the coronavirus disease 2019 (COVID-19) pandemic.

“When enhanced community quarantine (ECQ) was enforced a year ago, I turned to making things as a way of keeping myself busy (and sane). Art is what keeps me afloat during these very challenging times,” he said.

In his website, Mr. Lauchengco wrote of his wife falling ill and his father’s passing during the first quarter of last year. His calendar suddenly cleared as bookings for his many performances were canceled since the live events industry halted operations and has yet to resume.

It was then that “I began sawing, carving, sanding, hammering, smashing, and taking things apart…,” said Mr. Lauchengco in the description of his Ikigai collection.

Ikigai, according to Wikipedia, “is a Japanese concept that means ‘a reason for being.’ The word refers to having a direction or purpose in life, that which makes one’s life worthwhile, and towards which an individual takes spontaneous and willing actions giving them satisfaction and a sense of meaning to life.”

Ikigai is the perfect description for what the singer found amongst the tree trunks and branches he scavenged in his village.

“At first it was just to keep my mind occupied,” said Mr. Lauchengco of the reworked driftwood, glass globes, bottles, and ostrich eggs that he turned into lamps and candle holders, vases and tables. “But when people started seeing photos of my work on Facebook and Instagram, they started to cheer me on and encourage me to do an online exhibit which I eventually did last April.”

“The first 12 pieces I made sold out, and part of the proceeds were donated to displaced production workers in the live events industry to which I belong.”

After four online exhibits, Mr. Lauchengco added another art style to his repertoire —  he studied kintsugi-style restoration in December last year. It resulted in his fifth online exhibit, titled Unbroken.

Kintsugi is a more than 500-year-old art form in which broken ceramics are repaired with gold, silver, or platinum powder mixed with lacquer so that the cracks are not hidden but emphasized. Mr. Lauchengco clarified that his works are “kintsugi-inspired” since he uses modern materials that are more accessible. “I refer to my work as ‘Unbroken’, not kintsugi. ‘Unbroken’ is inspired by kintsugi, but different if you take into account the traditional materials the Japanese artisans use,” he said.

“I first heard about kintsugi — the art of precious scars, from my church many years ago. And although I found it fascinating, restoring something I’d normally discard without a second thought, highlighting it’s imperfections to make it extraordinary never appealed to me until I went through the year that was 2020,” Mr. Lauchengco said.

“…In my case, turning the broken into the unbroken could be a reflection of what it means to be human,” he said, citing how humans break, pick up the pieces, and deal with them to become whole again.

Mr. Lauchengco learned his craft through reading books, watching videos online, and practicing the proper strokes with the paintbrush to make the paint look like liquid gold. He uses broken modern ceramics to restore rather than precious ancient things.

His creations are very much his own.

“I started to experiment with different kinds of paint, all sorts of adhesives, and fillers.  When I wanted to add things like texture, I adapted wall surface treatments into my work. When I wanted to add more focal points, I took inspiration from modern architecture and incorporated ‘windows’ into the restored ceramics by deliberately not putting back a broken piece or two,” Mr. Lauchengco said. “If I wanted the window to be opaque, I’d fabricate the missing piece with clay. If I wanted it transparent, I’d use colored glass from broken bottles to fill in the space.”

In the last year, he has finished more than 56 pieces, ranging from functional art and furniture, to sculptures and his “unbroken” ceramics.

“You can have all the ideas you need, but ideas don’t come with an instruction manual. You have to figure that out yourself and make adjustments along the way,” Mr. Lauchengco said. “More often than not, it’s the material that you are working with that ultimately decides what it wants to become. You just have to be sensitive enough to realize that and cooperate.”

As the live events industry is yet to resume operations, Mr. Lauchengco admits that he misses singing terribly. But even if the curtains did start rising again, he will continue working on the art he creates with his hands —  since discovering “the fulfillment of making art and there simply is no turning back.”

Slots to Mr. Lauchengco’s first online kintsugi-style restoration workshop called “Unbroken” on March 20 have filled up. For more information on Mr. Lauchengco’s artworks, visit https://www.raymondlauchengco.com/. — Michelle Anne P. Soliman

Intramuros temporarily closes sites

LESS THAN a month after reopening to the public, Intramuros has had to close its heritage sites again following the surge in COVID-19 cases and the imposition of a curfew in Metro Manila.

In a post on its Facebook page, the Intramuros Administration on Monday announced the temporary closure of Fort Santiago, the Casa Manila Museum, Plaza Roma, Baluarte De San Diego, and the President’s Gallery “until further notice.”

Entry to the fortified walls surrounding the district is also restricted.

Guards will be posted at the entry gates to check on visitors’ purpose. Pass through traffic is not allowed. Beginning Mar. 15 from 9 p.m. to 5 a.m., all gates except Gates 3 near Manila Cathedral, and Gate 11 near DoLE-PLM, will be closed for the duration of Manila curfew.

All establishments offering lodgings are required to report and coordinate with their barangay before entry is allowed at the gates. The rest of the vicinity shall be clear of people by 6:30 p.m.

Last week, the Metro Manila Council, composed of Metro Manila mayors and national government officials, agreed on a uniform curfew (10 p.m. to 5 a.m.) for two weeks from Mar. 15 to 31.

The Department of Health (DoH) has recorded a surge in COVID-19 cases in the past week. According to the DoH COVID-19 case bulletin as of Mar. 15, the total number of cases is at 626,893, with 5,404 new cases — higher than the daily reported new cases at 5,000 on Mar. 13. — MAPS

Oscar nominations packed with firsts, but no clear best picture favorite

LOS ANGELES —  Netflix’s 1930s Hollywood drama Mank led a diverse field of Oscar nominations on Monday packed with historic firsts but with no clear front-runner for the highest honors in the movie industry.

Mank, about Citizen Kane screenwriter Herman Mankiewicz, got 10 nods, including best picture, best director for David Fincher and acting nominations for Gary Oldman and Amanda Seyfried. But most of its nominations were in craft fields like sound design and make-up.

Six nods each were earned by the other best picture contenders The Father, Black Panther story Judas and the Black Messiah, Korean-language drama Minari, Nomadland, #MeToo revenge tale Promising Young Woman, Amazon Studio deaf drama Sound of Metal, and 1960s Vietnam War courtroom drama The Trial of the Chicago 7.

Nine of the 20 acting nods went to non-white performers, including firsts for a Muslim actor (Riz Ahmed) and a South Korean (Yuh-Jung Youn of Minari), in what Variety described as the most diverse acting Oscars slate ever.

“Never in my dreams did I ever think a Korean actress would be nominated for an Oscar, and I can’t believe it’s me!” Ms. Youn, who plays a mischievous granny, said in a statement.

Fellow cast member Steven Yeun and director Lee Isaac Chung, both Korean-Americans, also got nominations for the moving story of an immigrant Korean family trying to start a farm in the United States in the 1980s.

A record 76 nominations went to women, the Academy of Motion Picture Arts and Sciences said. For the first time in the 93-year history of the Oscars, two women will compete in the five-person best director race that has long been a male stronghold.

They are Chinese-born director Chloe Zhao for Searchlight Pictures’ Nomadland about modern van dwellers in the United States, and British director Emerald Fennell for Promising Young Woman. Kathryn Bigelow is the only woman to have won a best director Oscar.

“Sobbing,” Ms. Fennell wrote on Twitter.

Vanessa Kirby, nominated for playing a grieving mother in Pieces of a Woman, said she was honored to be part of the female lineup.

“I do feel like now more than ever it is our responsibility to find and tell stories about the female experience that haven’t been represented on the screen,” she told Reuters.

OSCAR SHOW TO BE HELD IN LA TRAIN STATION
As expected, Netflix, Inc. led all outlets with 35 nods after a year in which the coronavirus pandemic saw movie studios delay scores of new releases or send them to streaming platforms.

The Oscars will be handed out on Apr. 25 in a ceremony that will take place at both the Dolby Theater in Hollywood, and, for the first time, at Union Station in Downtown Los Angeles. Neither the form of the ceremony nor a host has been announced.

“In our industry there is nothing more traditional than the Academy Awards, which hopefully sends a sign of hope that we will get out of this,” Mr. Oldman said in a statement.

The late Chadwick Boseman got a first Oscar nod for his final film, Ma Rainey’s Black Bottom, while previous winners Frances McDormand and Viola Davis and Britons Carey Mulligan, Olivia Colman, and Anthony Hopkins were also nominated.

One notable omission from the top fields was director Spike Lee’s Vietnam war drama Da 5 Bloods, which received only one, for original score.

Yet several other movies featuring Black stories were recognized including Ma Rainey’s Black Bottom and animated movie Soul.

“When you look at stories concerning Black life in America, there were a handful of films that got added to that canon this year. … One Night in Miami was a part of that, so it’s very meaningful to me,” Leslie Odom, Jr., who was nominated for playing singer Sam Cooke, told Reuters.

The lineup reflects a drive to recruit more women and people of color as Academy members after the #OscarsSoWhite uproars of 2015 and 2016.

Eleven actors were first-time nominees, including Bulgarian newcomer Maria Bakalova for Borat Subsequent Moviefilm, Andra Day for her lead performance in The United State vs. Billie Holiday, and Lakeith Stanfield for Judas and the Black Messiah. Reuters

Shredded plastic on canvas

SOME artists use discarded pieces of wood, metal, or steel to create their art. Gilbert Calderon Angeles uses single-use plastic to create his abstract paintings.

Mr. Angeles’ exhibit,Of Art and Wine: New Earth, New Life, New Hope,” opened on Mar. 4 at the Conrad Manila’s Gallery C. The exhibit consists of 28 pieces created in his studio in Bulacan. The canvases range from autumn-like, to iridescent, to bursts of rainbow colors.

Mr. Angeles graduated with a degree in Fine Arts from the University of Santo Tomas. He then merged his passion for the arts with his advocacy of environmental sustainability —  he is the founder of Green Artz, an organization which promotes awareness on sustainability through art.

In collaboration with Green Artz, Mr. Angeles recovers old paint, construction demolition waste such as wooden partitions and plyboards. The wooden boards are his canvases. He paints with shredded single-use sachets and left-over acrylic which he calls “eco-paint.”

During the exhibit opening, a short class was conducted at the venue and via Zoom. Mr. Angeles told participants that the shredded plastics “add texture to your work.” Working on his own piece, he first spread white paste on the board before scattering the shredded plastic on top. Then, acrylic paint was added. He noted that it is best to not overthink which color to use and just go with the color of one’s current mood.

Mr. Angeles referred to his method as a way of upcycling, and said that this was different from found art which uses ordinary objects such as wood, shells, fabric, and metal. “Found art is dependent on the shape and structure of the waste product,” he said, while the plastic waste he uses is not limited to a specific shape and size as it can be shredded.

“By creating these art pieces, we are creating a conversation that we are so dependent on single use plastics. [The] linear economy is a thing of the past. So by using these materials, we are promoting the circular economy — from waste it becomes a solution.” Mr. Angeles said in a video. “The amount put in these art pieces is insignificant but the impact is great.”

“Of Art and Wine: New Earth, New Life, New Hope” is open to the public until May 9. For inquiries on the artworks, call 8833-9999 or e-mail conradmanila@conradhotels.com.   Michelle Anne P. Soliman

Casa de Memoria holds first auction for 2021

PALACIO DE MEMORIA’s auction house, Casa de Memoria, welcomes bidders for its first auction of the year, Primero, which will be held on Mar. 20 at 2 p.m. The auction will feature a specially curated selection of Asian and European antiquities and objets d’art.

Among the furniture included in the auction are a 19th century Italian paper desk in ebonized wood with ivory and bone inlay (Lot 10) and a Napoleon III-style mahogany sideboard with a green marble top (Lot 35), which have starting bids of P360,000 and P120,000, respectively.

Aside from furniture, Primero offers various classic paintings to adorn a new home. These include Confesiones del Eco by Manuel Viola (Lot 83) and Planting Rice by Victor Loyola (Lot 156); lithographs like Woman with Vase of Flowers by Romeo Tabuena (Lot 65) and Joueur de flute et chevre by Pablo Picasso (Lot 99); and tapestries such as a 17th to 18th century tapestry depicting a nobleman approaching a mother and child (Lot 62). These works have starting bids ranging from P14,000 to P180,000.

Casa de Memoria will also showcase a collection of religious iconography. Among several ecclesiastical pieces up for bid are a Mexican oil-on-copper painting depicting the Holy Trinity (Lot 124), a wooden relief of a Santo Niño (Lot 147), a Spanish oil-on-board painting depicting the Assumption of the Virgin (Lot 179), and an Indo-Portuguese Cristo Moribundo carved in ivory (Lot 200). These lots have starting bids that range from P30,000, to P280,000.

Aside from these, a large variety of decorative art pieces and collectibles — porcelain vases and tableware, bronze sculptures, crystal centerpieces, lamps and chandeliers, carpets, and mirrors — will go under the hammer at the Primero auction.

Interested bidders may visit Casa de Memoria at Palacio de Memoria 95 Roxas Blvd., Tambo, Parañaque until Mar. 19 for the auction viewing. Strict safety protocols are in place at the venue. After viewing the pieces up for auction, visitors may dine at Palacio de Memoria’s newest amenity — The Loggia by Margarita Forés.

For more information, visit http://bit.ly/CasaDeMemoriaOnline, https://www.casadememoria.com/, call 8253-3994, or e-mail hello@casadememoria.com. The catalogue of items is also available at https://issuu.com/casadememoria/docs/cdmprimero2021.

Aboitiz group allots P48-B capex

MAJORITY of the budget or P23 billion is earmarked for power business unit Aboitiz Power Corp. — BW FILE PHOTO

ABOITIZ Equity Ventures, Inc. (AEV) has earmarked P48 billion for its 2021 capital expenditure (capex), higher by 69% compared with the level in the previous year, with the bulk going to its power projects, it said on Tuesday.

“Over the next 10 years, we commit to investing in capacities to advance business and communities in the nine Asia-Pacific countries where we operate,” said AEV President and Chief Executive Officer Sabin M. Aboitiz in a press release.

In 2020, the company spent P29 billion amid what it called “unprecedented challenges” because of the coronavirus disease 2019 (COVID-19).

“We continue to invest in our country to support economic recovery and growth, as millions of Filipinos are relying on us — families and communities. Our team members take this responsibility to heart. We simply cannot fail,” Mr. Aboitiz said.

In the press release, AEV said majority of the budget or P23 billion was earmarked for its power business unit Aboitiz Power Corp. to complete the 1,336 megawatt (MW) coal-fired power plant in Mariveles, Bataan under GNPower Dinginin Ltd. Co.

“AboitizPower is likewise adding to its portfolio battery energy storage system projects that will help ensure grid stability through sufficient ancillary services,” the holding firm added.

AboitizPower recently said that it was in the process of adding its first battery energy storage project to its portfolio, as it would install the 49-MW facility of its unit Therma Marine, Inc. in Maco, Davao de Oro.

Meanwhile, P25 billion of this year’s budget will go to AEV’s other business units.

Broken down, P13 billion will go to Aboitiz InfraCapital, Inc. for various projects, including bulk water supply under its unit Apo Agua Infrastructura, Inc. with Davao City Water District and other water projects. The allocation also covers the construction of common towers for telecommunications.

Around P2 billion will be earmarked for Republic Cement and Building Materials, Inc.; and P4 billion will go to AEV’s food group, which will be mainly used for feedmill expansion.

Aboitiz Land, Inc. will have a budget of P3.1 billion for its land-banking activities and residential projects; while UnionBank of the Philippines will corner more than P2 billion for its digital and branch transformation efforts.

AEV is the Aboitiz group’s holding firm with investments in power, banking and financial services, among others.

Separately, AboitizPower told the stock exchange that the Philippine Dealing and Exchange Corp. (PDEx) had approved the listing of its P8-billion bonds, including oversubscription.

“The PDEx approval paves the way for the secondary market trading of the Series ‘A’ Bonds, with a fixed interest rate of 3.8224% per annum. The bonds will mature in 2026,” AboitizPower said.

Earlier this month, AboitizPower said that it had started selling five-year fixed rate bonds worth P8 billion to retail investors after the firm received a permit to offer the securities for sale from the Securities and Exchange Commission.

The company opened the public offer on March 2 and said that the selling would end on March 8. The bonds are to be issued on March 16. They will mature five years from the issue date.

AboitizPower holds the Aboitiz group’s investments in power generation, distribution and retail electricity services. The firm owns distribution utilities in the country’s three major islands.

Shares in AboitizPower at the local bourse slipped 2.14% or 55 centavos to close at P25.10 each. AEV shares shed 5.82% or P2.2 to finish at P35.60 apiece. — Angelica Y. Yang

Japan’s teamLab melds museum and sauna in fresh digital art experience

TOKYO —  A wall of flower petals bursts into a thousand fragments. A huge ball levitates in the air, turning from red to blue to purple. Hundreds of butterflies dart around a screen of tiny water particles.

This is not a modern art museum, but the latest creation of Japan’s teamLab collective of engineers, artists, and architects, anchored around a maze of seven saunas lit up in hues of red, green, and yellow.

The Tokyo-based digital art group took over an empty lot in the city’s glitzy Roppongi district and over the last year erected a gigantic tent housing the sauna rooms and three immersive art installations.

“Art is traditionally exhibited in luxurious places like palaces or museums —  we wanted to create a luxurious state of mind for people to experience it,” said Takashi Kudo, a teamLab lab member at a demonstration on Saturday.

“TikTok teamLab Reconnect” runs from Mar. 22 until the end of August. For $44 on weekdays and $53 on weekends, visitors can dip in and out of the hot rooms and cold showers, and walk inside the artworks sporting only swimming suits. The coronavirus means seating in the biggest saunas was cut from 24 to 12 and ventilation was adjusted to meet government standards for air circulation.

Mr. Kudo stood under dozens of large, hand-blown glass lamps from Italy. The lamps slowly changed colors from burnt orange to magenta, illuminating dark corridors separating the rooms. The team said it wanted to affect all senses, including touch, sound and smell. Aromas such as roasted green tea waft through one of the saunas, and white birch in another.

“Nobody goes to an art museum in this fashion because art is art and sauna is sauna,” said Mr. Kudo pointing to his swimming trunks. “What we wanted to try is to combine and offer a very different experience —  and a very different experience of this art.” —  Reuters

D&L Industries plans to issue up to P5-B fixed-rate bonds

MANUFACTURING firm D&L Industries, Inc. said its board of directors had approved a plan to offer peso-denominated fixed-rate bonds worth up to P5 billion to fund the company’s expansion plans in Batangas.

In disclosure to the exchange on Tuesday, the company said the board approval set the offering’s principal amount at P3 billion, with an oversubscription option of up to P2 billion. The bonds will have a tenure of three to five years.

“With interest rates still remaining low, we believe it’s an opportune time to tap the debt market. Our maiden bond offering will be a useful financial exercise for the company and will allow flexibility for future opportunities we can potentially take advantage of,” D&L President and Chief Executive Officer Alvin D. Lao said in a statement.

The offer is subject to the requirements of the Securities and Exchange Commission, the Philippine Dealing and Exchange Corp., and other regulators.

D&L said it would release further details on the offer once it has been finalized.

The company’s Batangas plant has a total estimated capital expenditure of P8 billion. Construction began in late 2018, with some P4 billion remaining to be deployed for the project. It is expected to be completed by the end of the year.

The plant will be used for the company’s food export business and its oleochemicals segment. It will also allow the company to manufacture downstream packaging.

“For instance, while the company primarily sells raw materials to customers in bulk, the new plants will allow it to ‘pack at source.’ This means that D&L will have the ability to process the raw materials and package them closer to finished consumer-facing products,” D&L said.

“This will enable D&L to move a step closer to its customers by providing customized solutions and simplifying their supply chain, which is of high importance given global logistical challenges and concerns,” the company added.

The plant is anticipated to boost the company’s growth, as D&L aims to expand in international markets and as the company plans to develop more coconut-based products.

“We believe that the future growth prospects of the business remain strong, and we look forward to our new plant coming online by the end of the year,” Mr. Lao said.

“The resiliency that the company showed last year highlights the relevant nature of our businesses’ catering to basic industries, and our operational adeptness as even in the worst of times, even at the peak of the lockdown, we never saw our net income turn negative,” he added.

In 2020, the company earned P515 million in the first quarter, P287 million in the second quarter, P573 million in the third quarter, and P637 million in the last quarter.

In the fourth quarter, the company’s income grew by 8% compared with the P590 million generated in the same period in 2019. The company said it “signifies the inflection point in earnings growth.”

D&L’s net income for the year amounted to P2.01 billion, 23% down from P2.62 billion in 2019.

“We believe that the worst is over and we are in a very good position to further recover as the economy continues to reopen,” Mr. Lao said.

On Tuesday, D&L shares at the exchange rose by 2.11% to close at P7.25 apiece from P7.10. — Keren Concepcion G. Valmonte

Ayala Corp. to redeem P10-B fixed-rate multiple put bonds

AYALA CORP. plans to fully redeem its P10-billion, 6.80% fixed-rate multiple put bonds due 2021 on the bonds’ maturity date, May 12.

“The bonds shall be redeemed by payment in cash of the redemption price set at 100% of the issue price plus all accrued and unpaid interest based on the coupon rate of 6.80% per annum,” the company said in a disclosure to the exchange on Tuesday.

Of the P10-billion fixed-rate multiple put bonds, Ayala has an outstanding balance of about P9.9 billion, with a net of P96.6 million redeemed by bondholders in 2019 by exercising a put option.

“Amounts due to such redemption will be paid by the issuer [through] the Philippine Depository & Trust Corp. as paying agent, in the customary manner for payments by the issuer on the bonds prior to the maturity date,” the company said in its notice of bond redemption.

Payments to bondholders will be made on its record date, May 7. No secondary trading of the bonds or modifications in the accounts will be made starting on the record date.

The bonds’ listing on the Philippine Dealing & Exchange Corp. will be terminated once it has been redeemed on its maturity date.

AREIT CAPITAL HIKE
Meanwhile, the board of directors of Ayala Land, Inc.’s real estate investment trust AREIT, Inc. has approved to increase AREIT’s authorized capital stock to P29.5 billion from P11.74 billion.

In a disclosure to the exchange, AREIT’s board of directors also approved a property-for-share swap transaction plan worth P32 per share. This involves the subscription of Ayala Land to 483.25 million primary common shares of AREIT in exchange for key Ayala Land commercial properties worth a total of P15.46 billion.

The swap transaction will increase AREIT’s leasing portfolio to 549,000 square meters (sq.m.) from 344,000 sq.m., bumping up its deposited property value to P52 billion from P37 billion.

Both plans are still subject to the approval of AREIT shareholders and of regulatory bodies.

“The transaction, including the information on the involved assets, will be indicated in the definitive information statement which shall be made available by AREIT to its shareholders by March 31,” AREIT said.

Disclosure forms will be submitted to the Philippine Stock Exchange once approval from shareholders is secured and once the Deed of Exchange has been executed.

Ayala shares at the exchange improved by 3.27% or P24 on Tuesday to close at P757 apiece. Meanwhile, AREIT shares increased by 2.36% at the market to finish at P32.50 from P31.75. — Keren Concepcion G. Valmonte

Broadway stars vow ‘We Will Be Back’ in pop-up performance in New York City

NEW YORK —  Theater performers reunited in New York City’s Times Square on Friday for a live pop-up show, vowing to return to the stage a year after Broadway drew its curtains due to the pandemic.

The special event featured appearances by singers, dancers and actors including Broadway stars Matthew Broderick, Chita Rivera and Tamara Tunie, who were happy to see friends and perform before an audience again.

A collection of actors performed classic theater hits and an original song, “We Will Be Back,” with costumes from Broadway shows Ain’t Too Proud, Moulin Rouge! The Musical, Six, Phantom of the Opera, and Wicked also on display.

For Tony award winner Nikki M. James it was a joyous reunion. “It’s amazing to see all my friends, to see that we’re thriving and to know that we’re feeling really hopeful about our ability to bring theater back to New York really, really soon, safely.”

Last March the pedestrian numbers in Times Square fell from 365,000 people per day to 35,000 almost overnight, said acting president and chief operating officer of the Times Square Alliance, Tom Harris. Now, he said, the numbers are back up to 100,000 over the last few days.

“Broadway closing down was a tangible symbol of the beginning of this pandemic and how serious it was,” Mr. Harris said. “The return of Broadway will also mark the end of the pandemic, and all that we have learned from the pandemic.”

While it is estimated that theaters will not reopen until September, organizers said the day provided an opportunity to safely and ceremoniously come together on Broadway. The live and in-person special performance represented arts and culture workers, unions, and individuals who comprise the Broadway community.

Mr. Broderick, who was in rehearsals for a new production when the shutdown happened, said he felt like “Rip Van Winkle… waking up from a year of sleep. It’s a very, very strange feeling.”

“I’m sure, for everybody, for audiences too, it’s going to take a while to get back.” —  Reuters