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Pandemic inspires online performance

Virologues features 19 monologues musing about the virus and its effects on humanity

THE PANDEMIC may have torn people apart from each other, but in many ways it has also brought people together as in the case of Virologues, an online play featuring 19 monologues musing about the virus and its effects on humanity, which brought together an amateur troupe of actors and poets from several countries (and several time zones).

The play is called by its creators as an “oral history of the pandemic through a curated set of monologues,” according to Bong Figueroa, who wrote many of the monologues, in a press release.

It was created after the alumni of Artistang Artlets presented their first online play, Sundowning, in August.

Artistang Artlets is the resident theater group of the College of Arts and Letters at the University of Santo Tomas.

Sundowning is a one-act play based on UST alumnus Jay Espano’s short film and tells the story of a man suffering from dementia. The play was streamed live via Zoom and despite not knowing much about technology much less about putting a play online it was a successful endeavor.

Virologues, is a series of monologues written by Bong Figueroa and a team of eight writers, meant to encapsulate the experience of the pandemic.

The play will be performed twice: On Oct. 31, 10 a.m,. and again on Nov. 1, 10 a.m., via the Facebook page of AA LAb.

“It’s the story of humanity. Virologues is a collection of sentiments that we feel are sentiments of a lot of people, not just here in the Philippines, but the world,” Mr. Figueroa told BusinessWorld during an interview with the troupe on Oct. 15 via Zoom.

“We never had one great shared misery of our time and this is it. This is the story of us,” he added.

The play has three parts: the introduction (Pagpapakilala), the reminder (Pagpapaalala), and the spread (Paghahasik).

Most of the monologues run for one to two minutes while some may last for more than that. Each runs through a gamut of emotions: from denial, to anger, to mockery, to despair, and to unwilling acceptance. And there’s a rap monologue thrown in for good measure.

What is impressive about Virologues is how a cast and crew of more than 30 people performing in different parts of the world (the Philippines, the US, and Oceania) managed to put together a seamless performance where each monologue has its own theme, its own background, and its own sound effects.

But what was more impressive is how the actors were able to be in character while constantly having to make sure they were keeping eye contact with the camera.

“It took a bit of getting used to, because acting for an online play is so different,” Rivka Nagtalon, one of the actors from Sundowning, noted during the interview.

“You had to make sure you’re always looking at the camera and, unlike on the real stage where you can get cues from your co-actors if you forget your lines, in an online play, you really have to remember your lines perfectly,” she explained.

“One can say that our small crew is pushing the limits of what is possible, and exploring digital theater in the global stage,” Mr. Figueroa said in the release.

Virologues is playing on Oct. 31, 10 a.m. and on Nov. 1, 10 a.m., via the AA Lab Facebook page at https://www.facebook.com/artistangartletsalumni/. — ZB Chua

PSALM to two power entities: Settle P671-M arrears

THE Power Sector Assets and Liabilities Management Corp. (PSALM) has sent final demand letters to two entities in the power sector for them to settle outstanding obligations worth P671.16 million, the Department of Finance (DoF) said in a press release on Tuesday.

The DoF said PSALM President-CEO Irene Joy Besido-Garcia and its acting Vice-President for Finance Manuel Marcos M. Villalon II sent a formal and final demand letter to Abra Electric Cooperative, Inc. (Abreco), with arrears of P599.13 million on its power account and another P36.89 million in unremitted universal charge (UC) collections, as well as its other unremitted UC collections for the months not covered by the submitted reports.

It said PSALM also sent a formal and final demand letter to First Bay Power Corp. (FBPC) to remind the company of its financial obligations to the agency worth P35.15 million.

The two entities have seven days from receipt of the letter to pay or “face legal actions,” according to the DoF. The final demand letters were dated Aug. 24, 2020.

“[PSALM] shall be constrained to avail of all appropriate legal remedies to protect PSALM and the Government’s interest, including the filing of criminal, civil, and administrative cases as well as against your officers and directors for the extreme prejudice you have caused PSALM and the Philippine government,” the letters read, a copy of which were also provided to DoF Secretary Carlos G. Dominguez III, who also chairs PSALM, and Energy Secretary Alfonso G. Cusi.

The DoF said the overdue power account of Abreco covers a period of 10 years to July 31. It consists of restructured account (RA), interest and penalty, value-added tax (VAT) and power rate adjustments approved by the Energy Regulatory Commission (ERC).

Ms. Garcia was quoted as saying that PSALM has given the company written demand letters to ask for payment but “up to this date, [Abreco] continues to ignore the demand letters.”

According to the DoF, the cooperative said it would submit a payment option for its outstanding power account dues on Dec. 9, 2019, and that it had been entering restructuring agreements with PSALM. These have been also breached, the department said.

It said PSALM provided a new restructuring program on Dec. 20, 2019, but was also “ignored.” PSALM’s record of Abreco’s unremitted UC collections were based on reports submitted by the cooperative between February 2003 and December 2015, and does not include yet the unremitted collections from 2016 to date.

The DoF statement quoted Ms. Garcia as saying that PSALM previously sent letters to Abreco “urging it to remit in full its UC collections, but these were also ignored.”

Meanwhile, FBPC’s outstanding debt estimated at P35.15 million covers seven years to July 31, and includes its power bill, interest and VAT, and ERC-approved power rate adjustments.

PSALM had also been issuing statements of accounts to the cooperative, which, according to the DoF, were all “ignored.”

Ms. Garcia warned that FBPC’s overdue account will continue to accumulate interest until the total amount has been fully settled.

BusinessWorld reached out to Abreco and FBPC, but did not get any response from calls, messages and e-mails at the deadline time. — Beatrice M. Laforga

Megawide gets P3.38 million from share issuance to parent Citicore

MEGAWIDE Construction Corp. has raised P3.38 million as part of the subscription of its parent company to its preferred shares.

The diversified engineering firm told the stock exchange on Tuesday that it recently signed a subscription agreement with Citicore Holdings Investment, Inc., which owns and controls 33.3% of its issued and outstanding capital stock.

The two companies agreed that Megawide will issue 13.5 million Series 3 preferred shares to Citicore as an initial subscription for the company’s plan to increase its authorized capital stock.

The shares are priced at P1 each, and Citicore has paid 25% of it in cash, resulting in the P3.38 million payment.

Megawide is applying with the Securities and Exchange Commission to increase its authorized capital stock for preferred shares by P54 million, which will consist of 54 million preferred shares that are non-voting, non-participating, non-convertible and perpetual in nature.

This will result in an expansion of the company’s authorized capital stock to P5.05 billion, divided into 4.93 billion common shares and 124 million preferred shares priced P1 each.

Shares in Megawide at the stock exchange closed at P7.55 apiece on Tuesday, down 29 centavos or 3.70% from a day ago. — Denise A. Valdez

Nominations sought for National Living Treasures award

Ethnomedicine added as new category

NOMINATIONS for the Gawad ng Manlilikha ng Bayan award, also known as the National Living Treasures award, are now open.

According to the website of the National Commission on Culture and the Arts (NCCA), it “conducts the search for the finest traditional artists of the land, adopts a program that will ensure the transfer of their skills to others, and undertakes measures to promote a genuine appreciation of and instill pride among our people about the genius of the Manlilikha ng Bayan.” The award was institutionalized through Republic Act No. 7355 (Manlilikha ng Bayan Act).

The awards follow the UNESCO 2003 Convention for the Safeguarding of Intangible Cultural Heritage, which proposes five broad domains in which intangible cultural heritage is manifested (this according to a presentation during an online press conference on Oct. 26): Oral traditions and expressions, including language; performing arts; social practices, rituals and festive events; knowledge and practices concerning nature and the universe; and traditional craftsmanship.

Dr. Felipe de Leon, Head of the NCCA National Committee on Music, narrowed it down to maritime transport, weaving, carving, performing arts, literature, graphic and plastic arts, ornament, textiles or fiber art, and pottery.

However, he also introduced a new category: ethnomedicine, or traditional healing. In a presentation, he defined it as “the sum total of workable knowledge, skills and practices on healthcare, not necessarily within the grasp of physicalistic scientific framework, but recognized by the people to help maintain and and improve their health towards the wholeness of their being, community, and society.” Meanwhile, he defines ethnomedicine as “a wide range of healthcare systems and structures, practices, beliefs, and therapeutic techniques that have thrived since ancient times in Philippine traditional cultural communities.”

Falling under this would be knowledge of herbal medicine, hilot (which Mr. de Leon says is a field broader than massage), the albulario herb doctor, and the babaylan traditional healers. Mr. De Leon expounded on the idea of “hilot” through his presentation, referring to it as a “science and art of the ancient Filipino healing grounded on the principle of balance of the physical elements; together with the mental, emotional, and spiritual aspects of the person for the prevention of disease and restoration and maintenance of health and well-being.”

“Ang gusto ng NCCA, lalo na ng GAMABA (Gawad Manlilikha ng Bayan) executive council, ay mabalanse. Sa mga nakaraang award, masyadong nabigyan ng diin ang traditional craftsmanship (What NCCA wants, especially the GAMABA executive council, is to have a balance. In previous awards, too much emphasis was placed on traditional craftsmanship),” said Mr. De Leon. “Hindi lang sining na kilala natin ang importante sa ating kultura. Lalo na ang mga ito, sapagkat mayroong kinalaman sa kalusugan ng bansa (Not only the arts we know are important to our culture. Especially these, for these concern the health of the country).”

In a mixture of English and Filipino, he said, “The very fact that these are very much alive in our communities means that its basis is scientific. But another kind of science is involved. Not the physico-chemical science of the West, This is ours.”

So far, there have been 16 National Living Treasures, according to the NCCA website. These are: Blaan ikat weaver Yabing Masalon Dulo, Blaan mat weaver Estelita Bantilan, Yakan textile weaver Ambalang Ausalin, Ilocano textile weaver Magdalena Gamayo, Kapampangan metalsmith Eduardo Mutuc, Sama mat weaver Haja Amina Appi, Ilocano casque maker Teofilo Garcia, Tausug textile weaver Darhata Sawabi, Yakan musician Uwang Ahadas, Sulod-Bukidnon epic chanter Federico Caballero, Kalinga musician and dancer Alonzo Saclag, Tagabawa Bagobo textile weaver Salinta Monon, T’boli  textile weaver Lang Dulay, Palawan musician and storyteller Masino Intaray, Magindanao musician Samaon Sulaiman, and Hanunuo Mangyan poet Ginaw Bilog. 

To become a Manlilikha ng Bayan, an individual or group candidate must: Possess a mastery of tools and materials needed for the traditional, folk art and be a maker of works of extraordinary technical quality; have consistently produced works of superior quality over significant period; have engaged in a traditional and folk art which has been in existence and documented for at least 50 years; command respect and inspire admiration of the country with his character and integrity; and, must have transferred and/or be willing to transfer to other members of the community the skills in the traditional and folk arts for which the community has become nationally known.

A GAMABA awardee enjoys the same privileges as a National Artist awardee: a gold-plated medal from the Bangko Sentral ng Pilipinas, a cash award of P200,000, a lifetime stipend of P50,000, and medical and hospitalization benefits of P750,000 a year; a state funeral, and room in Libingan ng Mga Bayani (should they choose), and a place of honor in state functions.

Mr. De Leon, however, outlines the difference between a National Artist and a National Living Treasure: “A National Artist does not represent a community. He only represents himself, or herself.”

“An awardee or a nominee (of the GAMABA) represents an entire community.”

The deadline for entries is on Feb. 12, 2021. Nomination forms and other requirements can be downloaded via the NCCA website (https://ncca.gov.ph/). Accomplished nominations and attachments should be submitted to the Gawad ng Manlilikha Secretariat at the NCCA offices in Intramuros.  For more details, contact Roche Severo, Awards and Recognition Unit, through

e-mail (gamaba@ncca.gov.ph) or visit the NCCA website at www.ncca.gov.ph. — JL Garcia

The winners of the Leica Oskar Barnack Award 2020 announced

THIS year’s winners of the international Leica Oskar Barnack Award (LOBA) photo competition, now in its 40th edition, have been chosen. In the main category — the Leica Oskar Barnack Award — the winner is Italian photographer Luca Locatelli’ series Future Studies.

The Leica Oskar Barnack Award in the Newcomer category, for photographers up to the age of 30, goes to the Portuguese photographer Gonçalo Fonseca, for his New Lisbon series. 

Future Studies is a long-term project by Mr. Locatelli, in which he researches new ways for humanity to survive on planet Earth. With his series of 20 colour photos, he questions the existing concepts around permanent economic growth and, as a result, opens up an intense debate with regards our relationship with nature and with technology.

“One of the characteristic symptoms of the times we are living in is the growing feeling that we are losing the vision of a better future, of a promising, yet unknown, hypothetical tomorrow,” Mr. Locatelli was quoted as saying in a release. “During these tough times of COVID-19, when the world seems to have stood still, we have been given a chance like never before. We can consider what our behaviour should look like in the future, where efforts should be made to re-establish a healthy relationship with nature and the planet.”

After working as a software developer for over 10 years, Mr. Locatelli began to work as a documentary photographer in 2006. He has been represented by international agencies, such as the Institute for Artist Management, since 2016; and has been a photographer for National Geographic since 2015. Within the framework of his work as a photographer and filmmaker, Mr. Locatelli produces stories in collaboration with journalists, environmentalists, and scientists, to further conceptualise his research.

With 19 color images, Mr. Fonseca’s New Lisbon series offers insight into the dramatic circumstances currently affecting the housing situation in Lisbon. Because of exploding property prices, many tenants have lost their homes. Making use of individual stories, the Portuguese photographer reveals the consequences of increasing gentrification.

“My New Lisbon series explores the issue of housing insecurity, and reveals the fears and anxiety that arise when you don’t have a stable roof over your head. In recent years, at least 10,000 tenant families have been put out on the streets by their landlords, and have no other alternative than to squat in abandoned apartments. This is their story,” said Mr. Fonseca. Mr. Fonseca was among the winners of the World Press Photo in 2016 and 2019.

“On behalf of myself and the other jury members (Joel Meyerowitz, art director and photographer; Pauline Benthede, Exhibitions Director for Fotografiska International; Malin Schulz, Art Director of ZEIT; and Klaus Kehrer, Publisher), I would like to congratulate the winners of this year’s Leica Oskar Barnack Awards. I was impressed by the high level of the quality of the submissions. Our sincere gratitude also goes to all our nominators from around the world,” says Karin Rehn-Kaufmann, Art Director and Chief Representative for Leica Galleries International.

In addition to the prize money, which has been increased to 40,000 euros this year, Mr. Locatelli also receives camera equipment valued at 10,000 euros. As winner of the Newcomer Award, Mr. Fonseca will receive a photographic assignment, a two-week tutoring course at Leica Camera AG Headquarters in Wetzlar, and a Leica Q, valued at 5,000 euros.

Both LOBA 2020 winners will have an exhibition at the Leica Gallery in Leitz Park. In parallel, a comprehensive presentation of 40 Years of Leica Oskar Barnack Awards will open at the Ernst Leitz Museum at the same location.  The exhibition will be accompanied by the LOBA catalogue, which will include all the winners over the 40 years, with comprehensive photo series and background information.

Further information, as well as in-depth interviews with this year’s winners, can be found at: www.leica-oskar-barnack-award.com.

Inclusion goals within reach as virus pushes e-payments shift

THE BANGKO SENTRAL ng Pilipinas said more people are shifting to online transactions amid the coronavirus pandemic. — ANASTASIIA OSTAPOVYCH /UNSPLASH.COM

THE CENTRAL BANK’S financial inclusion and digitalization goals are likely to be met within the term of Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno as more Filipinos shift to online transactions amid the coronavirus pandemic.

“Our goal is that at least 70% of Filipino adults should have a bank account by 2023. But with the pandemic, we’re optimistic that we can meet this goal as early as December 2022,” Mr. Diokno said in a speech at a virtual meeting of the Bank Marketing Association of the Philippines on Tuesday.

The country’s banked population of adults stood at 29% or five million Filipinos as of 2019, improving from the 23% seen in 2017, data from the BSP showed. This means 51.2 million of about 72 million adult Filipinos were still unbanked as of 2019.

Mr. Diokno said the national ID system will help boost financial inclusion as it will take the place of the minimum of two government IDs required by most financial institutions of people opening an account.

The government has started the process of registration for the national ID system, prioritizing the enlistment of heads of low-income households.

“The BSP will print the first nine million [IDs] this year and the rest up to 2022,” Mr. Diokno said.

A joint study by The Economist Intelligence Unit (EIU) and consumer credit reporting agency TransUnion said the country’s digital ID program would be beneficial for the digitalization of the financial system.

“[E]xecutives also agree to a greater extent than average that it is difficult to reconcile multiple versions of consumer identity without a national digital ID,” it said.

Apart from having more Filipinos having accounts in formal financial institutions, Mr. Diokno said their target to have the country transition into a cash-lite economy could also be fast-tracked.

“My personal goal is that half of financial transactions in the country should be digital by 2023, the end of my term. But with the enabling regulations and the pandemic, this goal may be achieved sooner, perhaps by the end of 2022,” he said.

E-payments comprised 10% of the total transaction volume as of 2018 from a mere 1% in 2013, based on a study by United Nations-based Better than Cash Alliance report, By value, online transactions made up 20% of the total from 8% in 2013.

More than a third (37%) of senior executives in consumer-facing firms in the Philippines said “super apps” will become the dominant portal for digital commerce, based on the study by EIU and TransUnion.

“Looking ahead, companies in the Philippines must understand the long-term trends and innovations affecting security, privacy and fraud in order to balance optimal customer experience with rigorous security and fraud prevention and be best positioned to succeed,” it said.

Mr. Diokno said the exponential growth in the use of electronic fund transfer schemes InstaPay and PESONet as well as the increase in the usage of QR codes for payments will support the BSP’s financial inclusion goals.

InstaPay allows retail fund transfers below P50,000 to be credited real-time.

Meanwhile, PESONet processes batch fund transfers which are credited at the end of a banking day. The PESONet Steering Committee is eyeing to allow two settlements per day, even on holidays and weekends, by the first or second quarter of 2021. — L.W.T. Noble

Shang Properties’ income nearly halved in third quarter

THE net income of Shang Properties went down by 49.4% to P417.69 million in the third quarter, despite the firm’s higher condominium sales.

In a disclosure to the stock exchange on Tuesday, the listed firm said that revenues from condominium sales from July to September increased by 20.9% to 1.46 billion.

Meanwhile, the property developer’s revenues from rental and cinemas decreased by 42.2% to P468.4 million. Hotel operations brought in P72.86 million, down 91.8% during the quarter. 

For the nine months to September, the company’s income dropped by 44.1% to P1.12 billion. Revenues from condominium sales, rental and cinemas, and hotel operations all fell during the period.

Shang Properties is a listed operator of office, retail leasing and residential development projects. The firm’s completed projects include Shangri-La Plaza Corp., Shang Properties Realty Corp., and Shang Property Developers, Inc., among others.

Shares in Shang Properties closed higher by 0.37% at P2.70 each. — Angelica Y. Yang

Arts & Culture (10/28/20)

Tricks and Musical Treats: a PPO Family Concert

Tricks and Musical Treats: a PPO Family Concert, an orchestra appreciation concert for children and families moves online on Saturday, Oct. 31, 4:20 p.m., on the CCP Batang Sining Facebook page, Cultural Center of the Philippines’ (CCP) Facebook page, and Philippine Philharmonic Orchestra (PPO) Facebook page. Subtitled “A Virtual Adventure in Camp Melodia,” Tricks and Musical Treats will be hosted by Liesl Batucan, and will see the PPO performing favorite pieces from previous Tricks and Musical Treats concerts. The concert will also include a special segment where individual PPO musicians and ensembles introduce their musical instruments to the children. An online Zoom party will also be held during the concert, which includes a Best in Costume competition. Participants can come in their favorite costumes, and get a chance to win prizes. Five Best in Costume awardees from the online party will be selected. Participants are required to register early since the Zoom party slots are limited. Facebook Live viewers are also entitled to join the Best in Costume competition by following the mechanics. This includes sending a photo wearing the costume while watching the FB Live; uploading it using the hashtag #TricksandMusicalTreats2020. Viewers are advised to change the privacy setting to public so that their entries can be included. Five winners from the FB Live viewers will be chosen. The concert is one of the events to take place before the opening of ArtsXpress: CCP’s Children’s Biennale slated on the same date.

Mona Santos exhibits at Mo_Space

TWO exhibits are ongoing at MO_Space. One view at the Main Gallery is Mona Santos’ solo exhibit, The Grass Withers and the Flowers Fade, while at Gallery 2 is Isabel Santos’ exhibit, Where are We? Both are ongoing until Nov. 29. The Grass Withers and the Flowers Fade is Mona Santos’ exploration of finding solitude and stillness in the wreckage of best-laid plans. In this new body of work, Santos offers five square paintings, the largest two spanning four feet in both directions. They are closeups of floral arrangements, rendered in oil. In her latest solo exhibit, Where Are We?, Isabel Santos paints her pandemic projections using post-war capitalist imagery in found advertisements from the 1950s. For Santos, there was a dip in motivation and the looming questions of purpose were harder to escape: Will anyone see this? Why would anyone buy this? MO_Space is open daily except for Mondays, from 10 a.m. to 7 p.m. For inquiries, call 8403-6620 or 0917-572-7970. The gallery is at the 3rd level, MOs Design, B2 Bonifacio High Street, 9th Ave., Bonifacio Global City, Taguig.

Ibong Adarna to open Sining Sigla’s new puppet series for kids

THE FAMED Filipino literary classic Ibong Adarna will be showcased in a puppetry film series slated on Oct. 31, 5:45 p.m., on the Cultural Center of the Philippines — Office of the President Facebook page. Using muppets, visual effects and live action, MALA: Ibong Adarna is part of the puppet series for children under the Movies Adapted from Literary Arts (MALA), which is part of Sining Sigla. MALA is directed by actor Xian Lim and is written by ventriloquist Ony Carcamo. Ibong Adarna is one of the events to take place before the opening of ArtsXpress: CCP’s Children’s Biennale slated on the same date.

West Gallery opens 4 exhibits

West Gallery is opening four exhibits tomorrow, all of which will be on view until Nov. 28. The first is a group show called Drawing With Water featuring the works of Elmer Borlongan, Lena Cobangbang, Jigger Cruz, Epjey Pacheco, Julius Redillas, Julio San Jose, Carina Santos, Isabel Santos, Yasmin Sison, Manuel K. Tan, Jemima Yabes,  and Ev Yu. Also opening are three solo shows: Renz Baluyot’s Empire, Jel Suarez’s Small Bones, Holding a Mountain, and Katherine Nunez’s Natutulog nang mahimbing, ngunit hindi nananaginip. Visitors are welcome by appointment only. To make an appointment, call 3411-0336. The gallery is located at 48 West Ave., Quezon City.

CCP to hold first Children’s Biennale

THE CULTURAL Center of the Philippines (CCP) launches a month-long online creative expression biennale for children this November. Dubbed Arts eXpress: CCP Children’s Biennale, the series of events aims to encourage and develop creativity and artistic expression in children, create new works/activities to focus on children’s appreciation and value for the arts, and engage the participation of the guardians and parents in sustaining the appreciation for the arts. The biennale will kick off on Oct. 31, 4 p.m., via the CCP Facebook Page, with a short program led by CCP chairperson Margie Moran-Floirendo, VP-artistic director Chris Millado and board member Nikki Junia. It will be followed by the pre-opening events, starting with Tricks and Musical Treats: A PPO Family Concert at 4:20 p.m., and the puppet show MALA: Ibong Adarna at 5:45 p.m. The CCP also launches the CCP Batang Sining Facebook page. For the whole month of November, children can join the different activities — Curtains Up!, Arts eXpress, ARTs Playground, Pelikulit, and Arts Connect. In Curtains Up!, the kids are treated to performances in theater, dance and music every Sunday, at 4 p.m. On Nov. 1, Tanghalang Pilipino collaborates with Anino Shadow Play for a series of performances based on children’s books, which will be collectively known as Pamanang Pahina. Soprano Alexa Kaufman and opera performer Gerphil Flores will serenade the young audience in Small Voice on Nov. 8. Philippine Ballet Theater’s Cinderella will be performed on Nov. 15. The storytelling event Mga Kuwentong Karapat-Dapat, which features three CANVAS published stories, will be on Nov. 22.  After every Curtains Up! event, there will be a screening of short animated films for kids through the Pelikulit. Arts eXpress, meanwhile, are arts workshops for children age eight to 12 years old, and include shadowplay (Nov. 6), the basics of rondalla playing (Nov. 13, with follow up classes on Zoom will be on Saturdays), storybook writing (Nov. 20),  how to make your own book (Nov. 21), painting (Nov. 13), book illustration (Nov. 14), a basic puppetry workshop (Nov. 27), and an Art for Parents workshop on Nov. 21. Meanwhile, Arts Playground, held on Saturdays at 9 a.m., is meant for pre-school kids. For more information and the full schedule of events, visit the CCP website (www.culturalcenter.gov.ph) or follow the CCP and Art Education Facebook Pages and social media accounts.

Proposals sought for CCP’s Innovation Grants Project

THE CULTURAL Center of the Philippines (CCP) Board of Trustees is now accepting proposals for its Innovation Grants Project 2020. As part of the CCP’s calibrated response to the pandemic, the grants aim to help the artistic community to devise new ways to create and produce new works in various art disciplines, as well as implement the distribution of new content on the arts using online technology, blended or hybrid technologies. These may include non-traditional collaborations within art genres or between arts and other fields or professions, and deliver community-wide, multi-platform events and festivities using novel ways of distribution and dissemination. The project is open to duly registered Filipino organizations implementing arts and culture programs, with a good track record for the last three years, which have proven their organizational capability to implement their proposed activities. The interested organizations must not be a current CCP resident company. Priority will be given to those who have not received previous grants from the CCP. Interested applicants must submit a fully accomplished form, along with the required supporting documents to the CCP Office of the VP-Artistic Director or via e-mail ccpinnovationgrant@gmail.com on or before Nov. 10. The official Grantees will be announced on Nov. 27. Selected proposals can receive a maximum of P500,000 per project, based on the evaluation of the gap being addressed by the proposal and the overall impact of the project. Proposed projects and activities should be implemented and completed within the period November to December 2020, and January to March 2021. For more information and details, visit the CCP website www.culturalcenter.gov.ph or e-mail ccpinnovationgrant@gmail.com.

Free contemporary pointework ballet class

A FREE online workshop on contemporary ballet pointework, spearheaded by Christine Crame, and hosted by the Arts and Culture Cluster of the School of Design and Arts of Benilde, will be conducted via Zoom on Oct. 30, 2 to 4 p.m. Interested participants may register until Oct. 29 via this link: https://docs.google.com/forms/d/e/1FAIpQLSc5PH2myEUNuZZBuDs1pqHUsOANVkxvNCkeU3TkMP4JILbIEA/viewform?gxids=7628 . For inquiries, visit the official Facebook page of the Benilde Arts and Culture Cluster at https://www.facebook.com/benildearts .

Walkthrough of Pacita Abad show

SEVEN of the late Pacita Abad’s Masks and Spirits works currently hang in the 11th edition of the Berlin Biennale. After decades of travel, Silverlens is privileged to host these trapunto paintings within its own gallery space. Silverlens will present Masks and Spirits by Pacita Abad in the upcoming Art Basel Online Viewing Room, which runs from Oct. 28 to 31. In conjunction with this event, the gallery will be conducting a live walkthrough of its presentation on Oct. 30 at 8 p.m., Manila Time. Register for this event at https://us02web.zoom.us/meeting/register/tZYodeCuqD8jG9QaZuVP2IHP_ksUMmJbzLvi%20.

BSP outlines offsite process for verifying rediscount loans

THE BANGKO SENTRAL ng Pilipinas (BSP) will require banks to submit collateral documents online for the verification of rediscount loans availed by lenders as the coronavirus pandemic continues.

Memorandum No. M-2020-081 signed by BSP Deputy Governor Francisco G. Dakila, Jr. on Oct. 22 said the usual on-site credit verification activities will be done remotely by allowing banks to present collateral documents through e-mail or BSP-organized virtual meetings.

The verification process will be conducted by the BSP’s Department of Loans and Credit (DLC).

Banks that will tap the rediscount facility are now required to send documents for post-credit and pre-credit verification, which include end-user borrower’s promissory notes, release of proceeds, certified true copy and duplicate copy of titles, duly registered real estate mortgage, and tax declarations, among others.

The central bank’s rediscount window lets lenders get hold of additional money supply by posting their collectibles from clients as collateral.

The cash — denominated in peso, dollar or yen — may be used by banks to disburse more loans for corporate or retail clients and to service unexpected withdrawals.

Based on the guidelines, collaterals that are agricultural lands larger than five hectares need to have clearance from the Department of Agrarian Reform. Proof of insurance policies, credit report memoranda, and applicable credit guarantees are also required to be submitted online.

For post-credit verification, additional requirements such as proof from banks that they have no pending legal cases and no past due obligations with other financial institutions. The schedule of bills payable for the rediscounting loan is also required.

The DLC will be responsible for evaluating the documents and is authorized to request for additional documents and to post queries in relation to the verification. Banks will be notified about the results of the verification through a letter.

BSP data showed peso rediscount loans hit P6.7 billion in September, more than triple the P2.1 billion logged a year ago. However, peso rediscount loans in the January to September period plummeted by 341.17% to P26.9 billion from the P118.674 billion in the first nine months of 2019.

The BSP has reduced the term spread on peso rediscount loans to zero regardless of maturity as part of its regulatory relief measures for banks amid the ongoing pandemic. — L.W.T. Noble

Apex Mining unit put in localized lockdown after COVID-19 cases

A SUBSIDIARY of Apex Mining Co. Inc. has been included in a localized lockdown in a barangay in Itogon, Benguet after cases of the coronavirus disease 2019 (COVID-19) were reported in the area.

In a disclosure to the stock exchange on Tuesday, Itogon-Suyoc Resources, Inc. (ISRI) said that as of Oct. 26, it reported around 80 COVID-19 positive cases in its Sangilo mine, and was awaiting all the results of swab tests conducted by the rural health unit.

According to ISRI, it has increased its disease mitigation efforts and has disinfected the areas where the COVID-19 patients were monitored.

The mining firm also assured that its containment facility is equipped to accommodate patients.

“The management is also seeking assistance from the local government unit (LGU) to conduct mass testing among its employees in the mine site,” the disclosure said.

The company said its mining operations would resume once contact tracing and swab testing are completed.

“Only those with negative results will be allowed to return to work,” the disclosure said.

Apex Mining has yet to determine the potential impact of the COVID-19-related issues on ISRI’s operations and financial results.

Meanwhile, the company said its Maco mining site in Davao de Oro remains operational and has not posted any COVID-19 infections, adding that health and safety procedures continue to be firmly enforced.

On Tuesday, shares in Apex Mining at the stock exchange rose 4.42% or P0.08 to close at P1.89 per piece. — Revin Mikhael D. Ochave

How PSEi member stocks performed — October 27, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, October 27, 2020.

Peso climbs on BoP surplus, vaccine news

THE PESO strengthened against the dollar on Tuesday as the country logged a balance of payments (BoP) surplus last month and on news that patients in the clinical trials of drug company AstraZeneca Plc showed a positive response to its coronavirus vaccines.

The local unit closed at P48.375 versus the dollar on Tuesday, rising by two centavos from its P48.395 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P48.40 against the greenback. It reached a peak of P48.37 while its weakest showing was at P48.48 per dollar.

Dollars traded rose to $838.87 million on Tuesday from $671.25 million on Monday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso rose after the Bangko Sentral ng Pilipinas (BSP) reported a BoP surplus in September.

“The peso was stronger after stronger BoP surplus data as the highest in four months in 2020 and the third highest since 2019,” Mr. Ricafort said in a text message.

The country’s BoP position remained at a surplus for the eighth consecutive month in September, supported by the central bank’s foreign exchange operation and profits from investments abroad.

The BSP on Monday said the balance of payments surplus stood at $2.104 billion in September, ballooning from the $38-million surfeit in the same month in 2019. This was also 220% higher than the $657-million surplus posted in August and the highest since May’s $2.431 billion.

Meanwhile, a trader said the peso appreciated after results of the clinical trials of coronavirus vaccines from drug company AstraZeneca Plc and University of Oxford yielded positive results.

One of the world’s leading COVID-19 experimental vaccines produces an immune response in both old and young adults, raising hopes of a path out of the gloom and economic destruction wrought by the novel coronavirus, Reuters reported.

The vaccine, developed by the University of Oxford, also triggers lower adverse responses among the elderly, British drugmaker AstraZeneca, which is helping manufacture the vaccine, said on Monday.

The Oxford/AstraZeneca vaccine is expected to be one of the first from big pharma to secure regulatory approval, along with Pfizer and BioNTech’s candidate.

For today, Mr. Ricafort expects the peso to range from P48.32 to P48.42 against the dollar, while the trader sees it moving from P48.30 to P48.50. — KKTJ with Reuters

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