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SEC waives fines for missed, late corporate reports

THE Securities and Exchange Commission (SEC) will not be fining companies that were not able to comply with deadlines to file regulatory requirements during the lockdown.

The corporate regulator issued Memorandum Circular No. 31 on Nov. 5, which was uploaded on its website Monday, to waive supposed penalties for violations incurred in the past months.

These include the late and non-filing of General Information Sheets, Audited Financial Statements and other reportorial requirements that the SEC asks from regulated firms.

The non-imposition of fines will apply for violations falling between Sept. 14 and Dec 19. Otherwise, the SEC will continue to implement corresponding fines and penalties.

The regulator said the circular is in line with Republic Act No. 11494 or the Bayanihan to Recover as One Act, also called Bayanihan II, which was signed into law on Sept. 11.

The law provides that the SEC and other regulatory agencies should “desist from imposing fines and other monetary penalties for non-filing, late filing, failure to comply with compulsory notification and other reportorial requirements relating to business activities and transactions… during the community quarantine.”

The SEC noted the relaxation of rules will also cover all foreign corporations except on matters relating to securities deposits and change of resident agent.

The circular takes effect immediately.

Prior to the signing of Bayanihan II, the Philippine government enacted Republic Act No. 11469 or the Bayanihan to Heal as One Act in March, which similarly sought to offer relief for SEC-regulated entities.

Accordingly, the SEC issued memorandum circulars that extended submission deadlines for reportorial requirements, on top of requiring grace periods for loans due during the strict lockdown.

Parts of the Philippines, including Metro Manila, remain under community quarantine due to the continuing spread of the coronavirus disease 2019. As of Monday, a total of 398,449 infections have been recorded by the Health department from the start of the outbreak. — Denise A. Valdez

Manila Water profit sinks 24% as units falter

EAST ZONE water concessionaire Manila Water Co., Inc. posted a 24% fall in net income to P3.20 billion for the three quarters ending September due to lower contribution from its units amid the coronavirus disease 2019 (COVID-19) pandemic.

“Higher water revenue contribution from the East Zone Concession and Laguna Water was offset by lower revenues from other domestic subsidiaries and lower other operating income which decreased by 43% as a result of lower supervision fees from Estate Water,” the Ayala-led company said in a disclosure to the stock exchange on Tuesday.

Manila Water did not disclose a report on its financial performance for the third quarter alone.

For the January-September period, the company said its total operating revenues inched up 0.4% to P16.07 billion from the P16 billion it posted in the same period last year.

Up to 80% of Manila Water’s revenues came from water sales, while 16% were accounted for by environmental and sewer charges. The remaining 4% came from supervision fees, after-the-meter services, connection fees, and septic sludge disposal, among others.

Manila Water’s consolidated costs and expenses, excluding depreciation and amortization, fell 18% to P5.77 billion, due to lower overhead costs and weaker demand for septic and sludge disposal and repairs due to the pandemic.

The company’s consolidated earnings before interest, income taxes, depreciation, and amortization (EBITDA) dropped 2% to P9.36 billion.

Its subsidiary Manila Water Philippines Ventures incurred a net loss of P280 million after its operating units such as Estate Water and Boracay Water posted lower contributions.

Manila Water Asia Pacific, which has business interests in Vietnam, Thailand, and Indonesia, also posted a P422-million net loss due to additional expenses in its investment in Cu Chi Water Supply Sewerage Co., Ltd. in Vietnam.

Meanwhile, Manila Water Total Solutions reported a P66-million net loss, which included the performance of its pipe-laying services, integrated used water services, and packaged water sales under the Healthy Family Purified Water brand.

Earlier this month, Manila Water and west zone concessionaire Maynilad Water Services, Inc. deferred their annual water rate adjustment for next year in solidarity with their customers amid the pandemic.

On Tuesday, shares in Manila Water at the stock exchange rose 0.14% or P0.02 to close at P14.02 each. — Revin Mikhael D. Ochave

Earnings of Megaworld’s GERI slump 85% 

Global-Estate Resorts, Inc. (GERI), the tourism and leisure subsidiary of Megaworld Corp., posted an 85% decline in attributable net income to P74.67 million in the third quarter due to lower revenues across all its business segments due to the coronavirus pandemic.

In a regulatory filing on Tuesday, GERI said its revenues in the three-month period stood at P943.39 million, almost half the P1.82 billion it generated last year.

Contributions across all business segments were down from year-ago levels: real estate sales by 42% to P764.42 million, rental income by 50% to P96.19 million and hotel operations by 97% to P5.41 million.

In a statement, the company said the decline is due to the lockdown implemented by the government to contain the virus outbreak. It resulted in slow construction work, dampened tourism activity, and low foot traffic in its mall.

Year-to-date, GERI’s attributable net income fell 54% to P619.46 million, while revenues dropped 35% to P3.86 billion.

“We have high hopes that the government’s efforts on the reopening of our economy will allow us to recover faster, especially for our hotel and mall operations. We are ready to welcome back our customers and provide them with safer but more enjoyable experiences in our developments,” GERI President Monica T. Salomon said in the statement.

The company is planning to launch commercial lots at its 300-hectare project in Laguna, and resume hotel operations at its developments in Tagaytay and Boracay.

Shares in GERI at the stock exchange inched up one centavo or 1.25% to close at 81 centavos apiece on Tuesday. — Denise A. Valdez

We watched the shows at the CCP Biennale, and so should you

By Joseph L. Garcia, Reporter

VIDEO REVIEW
Pamanang Pahina
Tanghalang Pilipino and

Anino Shadowplay Collective

Small Voice
With Alexa Kaufman
and Gerphil Flores

THE CULTURAL Center of the Philippines (CCP) opened its first Children’s Biennale on Halloween last month, but the festivities will go on until the 29th of November. Don’t worry — it’s all held online through the CCP and CCP Batang Sining Facebook pages, which means you can stay safe at home — and enjoy the programs again and again.

CCP Chair and former Miss Universe Margie Moran-Floirendo introduced the festival’s activities while placing emphasis on the program’s importance: that is, introducing and exposing children to the arts. She brought up research findings from 2008 by the Dana Foundation, a US-based organization focused on brain research. The research then had the goal of answering the question “Are smart people drawn to the arts or does arts training make people smarter?”

“Children motivated in the arts develop attention skills and strategies for memory retrieval, but also apply [these] to other subject areas,” said Ms. Floirendo. “Interest in the performing arts leads to the motivation that induces sustained attention that leads to the improvement of cognition. Genetic studies yielded candidate genes that explain individual differences in interest in the arts. There is a link between high levels of music training and long-term memory. In children, there is a link between the practice of music and skills in geometric representation and a development of a higher IQ (intelligence quotient). There is a correlation between music training and reading and sequence learning. Training in acting leads to memory improvement. Lastly, learning to dance by observation leads to the improvement of cognitive skills.

“It is for this reason that we are engaging children from ages six to 12 in a month-long festivity where we can encourage and develop creativity and artistic expression in children,” continued Ms. Floirendo. “With this endeavor, we hope to contribute to the development of children’s skills in reasoning, math, science, and reading. As the center for the arts, it is our mandate to continue developing the next generation audience, by exposing children to different art forms.”

While reminiscing about Halloweens past in the CCP, talking about the Philippine Philharmonic Orchestra’s (PPO) previous concerts where costumed children could engage with the musicians, Chris Millado, Vice-President and Artistic Director of the CCP said, “This year, because of the pandemic, and because we continue to be in quarantine, we reach out to you, wherever you are. We hope that through this online technology, we are able to continue to connect with you and continue to have fun with symphonic music.”

The program continued with the Tricks or Musical Treats PPO Family Concert which featured kid-friendly classical pieces, with archival footage and animated sequences. These included the “Amadeus Suite” from Eine Kleine Nachtmusik, the “Russian Dance” from The Nutcracker, and Prokoviev’s Peter and the Wolf. Trust us, this is for the entire family. Learning truly never gets old, because the PPO musicians talked about their instruments, naming the parts of this and that, and of course played a song or two. Some of the songs were classic pieces from composers like Bach, while some, like the woodwind musicians, played Disney hits like “Part of Your World.”

Here are a couple of the shows which can be found on the CCP Batang Sining Facebook page.

PAMANANG PAHINA
A show on the Children’s Biennale circuit, Pamanang Pahina combines storytelling and shadow puppetry which are adaptations of storybooks, performed by Tanghalang Pilipino and Anino Shadowplay Collective.

A timely tale called Mga Giyera sa Katawan ni Mark (Battles in Mark’s Body) by Dr. Luis Gatmaitan opens the show with a lesson on microbes, vaccines, and trusting medical science. It’s a logical and appropriate lesson for these times, and because of the puppets, visually absorbing.

A story titled Ang Bagong Kaibigan ni Bing Butiki (The New Friend of Bing the Lizard); butiki being the Tagalog word for the reptile by Yna Reyes and Jason Moss tells a lesson about unexpected friendships, allowing change through growth, and again, a timely lesson: the role of animals in our ecosystem. I’m sure you wouldn’t mind a spoiler or two: house lizards live peacefully in an old house, eating dangerous insects to their hearts’ content, and to the relief of the house’s owners. The family son, who had grown up tormenting lizards, comes back with a young daughter, whom he teaches about the good things lizards do for a house. The daughter then befriends the lizards — always at a respectful distance, since they have a job to do.

Older children would probably roll their eyes at these, but it’s good, wholesome fun for everybody else. To usefully harness that eye-rolling energy for your cynical tween, let them watch another video, Mga Likha sa Likod ng Anino (The Art Behind the Shadows). There, they can learn about the fundamentals of shadow puppetry, as well as learn from shadow puppeteers about the process (tell them to bring a flashlight so they can practice).

The shadow show left the best for last: another story by Dr. Gatmaitan called May Mga Lihim Kami ni Ingkong (Grandpa and I Have Secrets). It’s based on his own childhood experiences, and the story won second place at the 2000 Palanca Awards for Best Story for Children. The story, lovingly rendered in shadows (thus allowing more freedom to project your own face and feelings) is about a young boy dealing with his beloved grandfather’s dementia. It’s a must-see for every family member. Its obvious utility is to serve as a very simplified children’s explainer for senescence, senility, and death. For adults watching, it’s a great refresher course, and catharsis. For both, it tells a lesson: dementia may steal memories, but the person left behind is the same person you loved. We just wish there was an English version for English-speaking kids, but then, they could learn Filipino (and existentialism) through this too. Definitely watch this together, so parents can translate, and explain the more complex concepts.

A LITTLE VOICE
In case you have a budding singer on your hands, Small Voice is for them. It’s a short interview and performance with singers Alexa Kaufman and Gerphil Flores. Ms. Kaufman, at 11, is the youngest member of the Philippine Opera Company, and has played Young Cosette and Matilda on the stage. With a slight resemblance to then-child star Chloe Grace-Moretz, Ms. Kaufman tells her young audience that despite her responsibilities, she still has fun, and gives this advice to the audience: “Commit everything they do to God. Always be excellent, and enjoy everything you do.” She then sang the kundiman “Sa Kabukiran,” a feat for an 11-year old.

Gerphil Flores, meanwhile, still has residual glow from her Second Runner-up win in Asia’s Got Talent in 2015. Both singers, that is, Misses Kaufman and Flores, credit their talent to an early exposure to classical music (parents: wink, wink). “If it’s your passion to perform, then perform with your heart. Never give up on yourself,” she tells the kids, while advising patience, hard work, and discipline. Ms. Flores ended her interview with a performance of “Ang Maya.”

Other shows not to be missed include: The Philippine Ballet Theater’s performance of Cinderella on Nov. 15 at 4 p.m., and more shadowplay stories — Tahan Na, Tahanan, Nadia and the Blue Stars, and Inang Kalikasan’s Bad Hair Day on Nov. 22. Also watch out for animation shorts Augie Rivera’s Ang Katawan Ko at Ako, Jaypril Bataller’s Halimaw, Philex Merano/Dominic Barrios’ Work in Progress, Carl Papa’s ‘Nay, and Nonoy Dadivas’ Junkzilla.

To watch the shows and to get updates on the CCP Children’s Biennale, visit facebook.com/ccpbatangsining.

DMCI profit down 34% as pandemic hits business units

CONSUNJI-LED DMCI Holdings, Inc. on Tuesday reported a 33.7% drop in its attributable net income for the third quarter to P1.88 billion, mainly due to pandemic-related challenges and sales cancellation for its project in Davao City.

In a disclosure to the stock exchange, DMCI said its total third-quarter revenues from electricity sales, coal mining, construction contracts, real estate sales, nickel mining, and merchandise sales, among others, declined 18.5% to P18.04 billion.

Broken down, revenues from electricity sales went up 23.24% to P5.22 billion, coal mining dropped 59.4% to P3.08 billion, and construction contracts declined 20.8% to P3.56 billion.

Revenues from real estate sales improved 1.2% to P5.65 billion for the third quarter, while nickel mining contributed P430.30 million, up 332.07% from P99.59 million generated in the same period last year.

DMCI saw revenues from merchandise sales and other business segments drop 21.30% to P94.84 million.

In a separate disclosure, Semirara Mining and Power Corp. announced that it terminated its joint venture agreement with Meralco Powergen Corp. and St. Raphael Power Corp. in the construction, ownership and operation of the two-unit 350 megawatt PC sub-critical boiler power plant in Calaca, Batangas.

Shares in DMCI closed 4.02% higher at P5.17 apiece on Tuesday. — Angelica Y. Yang

Eagle Cement posts flat Q3 income amid lower sales

EAGLE CEMENT Corp. posted flat earnings of P1.4 billion in the third quarter, which it linked to the recovery of construction activity due to the relaxation of coronavirus-related lockdown rules.

In a statement on Tuesday, the cement manufacturer said it recorded net sales of P4.1 billion in the July-to-September period, down to 16% from a year ago.

But on a quarterly basis, the company’s net sales have improved almost triple or 192% against second quarter’s P1.4 billion.

“The resumption of major infrastructure projects and retail segment boosted sales. We are optimistic that fourth-quarter results will be better as more sectors of the economy are reopened,” Eagle Cement President and CEO John Paul L. Ang said in a statement.

In the nine months beginning on January, Eagle Cement’s net income stood at P2.7 billion, 43% down from the P4.7 billion it reported the same period last year.

Net sales during the period dropped 35% to nearly P10 billion, resulting in a gross profit decline of 39% to P4.1 billion.

To help it further in recovery, Eagle Cement is looking forward to completing its new mill in Bulacan by the first quarter of 2021. The facility will expand the company’s production capacity by 1.5 metric tons, increasing its total cement output to 8.6 million metric tons every year.

Shares in Eagle Cement increased four centavos or 0.25% to close at P16.04 each on Tuesday. — Denise A. Valdez

Facebook holds PHL digital summit

SOCIAL media giant Facebook will be holding its first digital summit in the Philippines from Nov. 11 to Dec. 9 on its dedicated summit website.

The summit will feature 20 sessions tackling a variety of subjects including the future of commerce, emerging trends in the age of social video, and inspiration from small businesses that are pivoting in the new normal.

Some of the speakers at the summit are Facebook COO Sheryl Sandberg who will be sharing a preview of new features meant to “enhance business and community connections,” according to a press release on Facebook; Facebook vice-president of business marketing and chief creative officer Mark D’Arcy who will talk about responsibility of marketers and their impact to online communities; and content creator Nuseir Yassin, aka Nas Daily, who will talk about his experience in connecting with a digital community of 25 million followers across 197 countries.

“We recognize that the challenges businesses are facing now may continue to evolve, as the situation remains fluid and uncertain. In the first Facebook Summit Philippines, we will shine a light on Filipino resilience, share insights and emerging trends on digital commerce, and provide tools and resources that will help Filipino businesses and communities move forward together in the new normal and beyond,” said Facebook Philippines country director John Rubio, said in the release.

The Facebook Summit can be accessed starting Nov. 11, 10 a.m., via https://forwardtogether.fb.com/ . — ZBC

Razon’s Solaire operator swings to P2.5-B loss on limited activity

RAZON-LED Bloomberry Resorts Corp. posted a net loss of P2.5 billion in the third quarter, reversing net profits of P3.9 billion a year ago, as the operations of Solaire Resort & Casino remain limited due to coronavirus-related restrictions.

In a disclosure to the exchange on Tuesday, the company said it booked a consolidated net revenue of P3.2 billion in July-to-September, down 76% from the same period last year.

Gross gaming revenues at Solaire, which represent the bulk of Bloomberry’s top line, plunged 74% to P4.4 billion.

The company said Solaire’s casino facility is still on a limited dry-run since mid-June, accommodating only long-stay and select invited guests. Its Jeju Sun Hotel & Casino in Korea likewise remains closed to date, following the suspension of gaming activities on Mar. 21.

“Our third quarter results reflect the difficult business environment brought about by the pandemic, which has negatively impacted international travel and overall demand for leisure and gaming entertainment services,” Bloomberry Chairman and CEO K. Razon, Jr. said in a statement.

“In the near term, we hope to see a recovery as domestic quarantine restrictions are eased further,” he added.

On a nine-month basis, Bloomberry’s net loss stood at P5.9 billion, a turnaround of last year’s net profit of P8.6 billion. Net revenues slumped 62% to P13.6 billion, as gross gaming revenues at Solaire dropped 62% to P17.3 billion.

“Despite the challenges we face, Bloomberry remains committed to ensuring the health and safety of our team members and guests,” Mr. Razon said. The company has invested more than P300 million to equip Solaire with sanitation tools and to regularly test its team members for the coronavirus.

“With these investments…, we hope to maintain our market leadership as well as become the tourism industry’s gold standard of hygiene and sanitation,” Mr. Razon added.

Bloomberry shares increased 56 centavos or 6.97% to P8.60 each on Tuesday. — Denise A. Valdez

New art fair goes live and virtual

FANCY catching an art fair on Instagram? The organizers of Art Fair Philippines and Art in the Park have a new project, “Uncrating O2O,” that appears both online and in real life, at the Greenbelt 5 Gallery and @O2OArt on Instagram. The exhibit opens tomorrow.

The O2O project seeks to bring art from within the gallery walls outside and into the heart of economic activity. The exhibition’s physical site in a shopping mall offers to the public both offline and online access to works by artists who continue their practice despite the fluidity of the present and the  uncertainty of the future. “Uncrating O2O” presents a hybrid experience of viewing and acquiring art, through the physical and the digital, both in real life and online.

For its first edition, “Uncrating O2O” features two exhibitions in a pocket venue: small works from the roster of up and coming artists from Tin-Aw Art Management, and rarely accessible works from the street artist known as Egg Fiasco. Tin-Aw has consistently highlighted the work of young artists in its programming. They reprise here an exhibit of uniformly small-sized, portable works that challenge the creative focus of the 45 artists involved. Meanwhile, Egg Fiasco is an artist with a huge following who works in the realm of street art, combining iconic images with colorful graphics that reveal a sophisticated and dynamic interpretation of visual themes.

The installation of crates designed by scenographer Ed Lacson, Jr. refers to the immediacy and flexibility of the storage, delivery, and installation of artwork in these unusual times which call for creative measures. The crates can be easily physically relocated anywhere, their contents both temporary and changeable. The works on exhibit can be purchased offline or online. Visitors who use their BPI Visa Signature or Amore Platinum cards will receive a special gift from BPI.

The show runs from Nov. 12 to Dec. 6, 2020. “Uncrating O2O” is organized by Philippine Art Events, Inc. in partnership with BPI Visa Cards.

RCBC posts lower profit in Q3 on higher reserves

RIZAL COMMERCIAL Banking Corp. (RCBC) booked a lower net income in the third quarter as it increased loan loss provisions and waived fees for clients affected by the coronavirus pandemic.

The bank reported a net profit of P892 million in the July to September  period, down 51.78% from the P1.85 billion logged in the same quarter a year ago, RCBC Corporate Planning Head Ma. Christina P. Alvarez said in a virtual press conference on Tuesday.

The decline was attributed to the extended implementation of lockdowns in the period.

This brought the Yuchengco-led bank’s net earnings for the first nine months to P4 billion, 11.31% lower than the P4.51 billion it booked in the comparable year-ago period.

Annualized return on equity stood at 6.2%, while return on assets was at 0.7%.

The bank’s gross income grew by 6% to P29.4 billion at end-September on the back of a 20% growth in net interest income to P19.7 billion, it said in a disclosure on Tuesday. RCBC attributed this to lower funding costs and improved margins.

RCBC’s loan portfolio expanded by 10% to P452.2 billion as lending to small and medium enterprises and individual consumers rose by 16% and 8%, respectively.

Its credit card receivables also jumped by 21% as the number of card holders increased by 8% to over 900,000 at end-September.

Amid an increase in credit extended, the bank’s net non-performing loan ratio stood at 3.8% in the period, higher than the 2% seen the prior year.

RCBC said it expects its NPL ratio to settle at 3% by the end of the year following eased quarantine restrictions.

The bank allotted P7.2 billion in loan loss reserves, 38.6% higher compared with the year-ago level, which the bank said is “a conservative stance to proactively manage the higher risks brought about by the pandemic.”

“In anticipation of when the Bayanihan II ends where we can have the flexibility, we’ll see if we can do a little bit more. We’re constantly communicating with customers and [currently], we’re comfortable with it,” Ms. Alvarez said.

“We are taking care of the portfolio of overseas Filipino workers (OFWs). We see some stress in that area, but in general we don’t have large exposures to hotels or those vulnerable right now,” Ms. Alvarez said.

She said the bank is restructuring the OFW loans, which mostly consist of house loans worth less than P3 million, due to these workers’ constrained finances amid the pandemic.

“To further manage credit risk, RCBC shifts its focus on businesses with strong fundamentals prior to entering the pandemic, which have a strong probability of getting back to positive operations once mobility restrictions are lifted,” RCBC added.

Meanwhile, deposits reached P497 billion, jumping by 17% from the comparable year-ago period, which RCBC attributed to an increase in current account, savings account or CASA deposits.

RCBC added that its non-interest income declined by 15% in the period due to waived fees on several transactions amid the pandemic. Electronic fund transfers through PESONet and InstaPay among corporate clients grew by 268% from last year, while enrolments to its digital banking platform soared by 196%.

The bank’s operating expenses inched up by 0.6% to P16.4 billion which the bank attributed to “additional COVID-related expenses.”

Its cost-to-income ratio stood at 55.8%, improving from 58.7% last year, which it said was due to operating efficiency amid its digital transformation.

RCBC’s capital base stood at P99.5 billion as of September. Its capital adequacy ratio was at 15.8% while its common equity Tier 1 ratio stood at 12.4%, both above the regulatory minimum.

“We continue to strengthen our balance sheet in order to soften further impact in the coming months. Our digital capabilities have gained traction and we will focus on on-boarding more clients with our digital platforms,” RCBC President and Chief Executive Officer Eugene S. Acevedo was quoted as saying in the statement.

RCBC shares closed at P17.80 apiece on Tuesday, up by 40 centavos or 2.3% from its previous finish. — KKTJ

Julius Baer launches Next Generation Art Prize

THE SWISS private banking group Julius Baer has launched the inaugural Next Generation Art Prize for young Southeast Asian artists which focuses solely on digital art.

The Art Prize is open for Southeast Asian artists, aged 18 to 40 years old, whose digital creations must reflect at least one of the Bank’s Next Generation investment themes. They can send in their digital art creations to https://www.juliusbaer.com/en/spotlight/next-generation-art-prize/. The deadline for submissions is on Feb. 28, 2021.

“We are pleased to extend Julius Baer’s long tradition of supporting the arts to Asia, the Group’s second home market. With this inaugural Art Prize, we hope to nurture and empower young artistic talent, discover and promote emerging voices, ideas and expressions in Asia,” Jimmy Lee, Head Asia Pacific and Member of the Executive Board, Bank Julius Baer, was quoted as saying in a statement announcing the new Art Prize.

Julius Baer’s Next Generation investment philosophy “is a thematic investing approach with a focus on long-term structural growth,” said the release. “It is our vision of the future that is shaped by mega trends that we identify and translate into investment themes today.” Entries to the Art Prize have to reflect at least one of the Bank’s Next Generation investment themes: Arising Asia, Digital disruption, Energy transition, Feeding the world, Future cities, Shifting lifestyles and inequality, or the theme on Sustainability.

“With a focus on Southeast Asia, we are excited to play a role in developing the region’s burgeoning art scene and promoting a culturally diverse and technologically advanced arts community. This is in line with a worldwide shift to focus on digital and technology’s value as a conduit of business and leisure that has seen attitudes and assumptions challenged by the advent of the pandemic,” Jason Moo, Head Private Banking Southeast Asia, and Manager of Singapore Branch, was quoted as saying in the statement.

The Next Generation Art Prize will have two categories: Still Image (e.g. digital photography) and Moving Image (e.g. video art). Submissions can include digital paintings and drawings, digital print, digital photography, digitally manipulated image, video art, or virtual or augmented reality artwork. Virtual artworks are eligible, but not virtual exhibitions (i.e. digital photography or videography of an exhibition/artwork). Digital documentation of artworks is not eligible. For the purposes of the Prize, entries may only incorporate two-dimensional images. While the artworks can be multi-disciplinary and incorporate other sensory elements (e.g. sound), they must contain a significant visual component. Applicants are to state their process under “medium” in the entry form.

Three winners will be selected from each category and will each receive a cash prize of $15,000, $10,000, and $5,000 respectively.

All digital artworks must be original and completed between Jan. 1, 2019 and Feb. 28, 2021 to qualify for consideration.

The panel of five jurors will select 20 finalists, 10 from each category. The finalists will be assessed on conceptual insight, originality of visual expression and utilisation of the medium.

The panel of jurors include Barbara Staubli, curator of The Julius Baer Art Collection based in Switzerland; Dr. Wiyu Wahono, an art collector based in Indonesia; Dr. Cheryl Loh, a contemporary art collector and practicing doctor based in Singapore; Audrey Yeo, gallerist of Yeo Workshop in Singapore, and Inti Guerrero, a curator based in Manila.

PhilJets says pandemic starts to drive demand for private flights

PRIVATE aviation services provider PhilJets said on Tuesday the demand for private jet flying among businessmen amid the ongoing health crisis is boosting the recovery of the business aviation sector.

In a statement, PhilJets Chairman Thierry Tea said the demand for “higher safety levels” from corporations that operate in Southeast Asia has increased since the start of the coronavirus pandemic.

“This partly explains why the business aviation [sector] has started to recover,” he added.

PhilJets said inquiries rose by 50% over the last three months.

The company noted that business activities were “severely impacted” in the past seven months due to travel restrictions imposed by the Philippine government.

“Our team has shown resilience and has been doubling down on efforts and has closely been working with partners to keep the fleet operational. As the country reopens, activity in private aviation is expected to pick up,” PhilJets Chief Executive Officer Robert Reguero said.

He also said commercial flights are expected to remain limited.

PhilJets likewise disclosed that it had taken delivery of its new business jet, the eight-seater Cessna Citation CJ4.

The company said its new Citation CJ4 is the third business jet delivered this year. — Arjay L. Balinbin