JG Summit, FDC forge airport ownership deal

June 9, 2021 | 12:08 am

clarkinternationalairport — CLARKINTERNATIONALAIRPORT.COM

LISTED companies JG Summit Holdings, Inc. and Filinvest Development Corp. (FDC) have entered a shareholders’ agreement, which laid out their ownership interest in Luzon International Premiere Airport Development Corp. (LIPAD).

In separate disclosures, the companies said the agreement signed on Monday allots a 42.5% stake to FDC, and 33% to JG Summit in LIPAD.

LIPAD is a special purpose vehicle incorporated by the North Luzon Airport Consortium, which includes FDC, JG Summit, Philippine Airport Ground Support Solutions, Inc. (PAGSS), and Changi Airports Philippines (I) Pte. Ltd. (CAP).

Meanwhile, PAGSS is given a 15% stake and CAP, a wholly owned subsidiary of Changi Airports International, takes 9.5% of LIPAD.

LIPAD is responsible for the management, operations, and maintenance of Clark International Airport. It was awarded a 25-year operations and management contract for the airport’s terminals in January 2019.

Stocks of JG Summit at the local bourse gained 0.83% or 50 centavos on Monday to close at P61 each, while FDC shares went up by 2% or 16 centavos to P8.15 apiece. — Keren Concepcion G. Valmonte

NCCA publishes registry of national heritage sites

June 9, 2021 | 12:07 am

Regina_Building_and_First_United_Building_(Escolta,_Binondo,_Manila;_2014-11-07) — *FIRST United Building at Escolta Street, Binondo, Manila — EN.WIKIPEDIA.ORG/*

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THE NATIONAL Commission for Culture and the Arts (NCCA) and City of Manila published last month The Philippine Registry of Cultural Property (PRECUP), a repository of all information pertaining to cultural properties in the Philippines.

The registry was established through 2009 or Republic Act 10066, also known as the National Heritage Act of 2009. Article V Section 14 of the Act states, “All cultural properties of the country deemed important to cultural heritage shall be registered in the Philippine Registry of Cultural Property, (PRECUP)” and that “The Commission, through the appropriate cultural agencies and local government units, shall establish and maintain this Registry.” (https://www.officialgazette.gov.ph/2010/03/26/republic-act-no-10066/).

According to the PRECUP brochure, establishing a registry “plays a crucial role in identifying and providing information on all available cultural resources in the country which can be used by the public, land use planners, property owners, developers, the tourism industry, and educators.”

In additional, the registry is expected to increase awareness of cultural heritage, especially in local communities, and facilitate the protection, preservation, and conservation of cultural property.

Considered cultural properties under the PRECUP are those that were declared cultural property by the NCCA or National Cultural Agencies (NCAs); that are presumed important cultural property which are currently not declared by the NCCA or NCAs; local cultural property declared by the respective LGUs through executive order, ordinance, or resolution; and registered cultural property which carry significance to local culture and history.

A post on NCCA’s official Facebook page on May 27 stated that the City of Manila is the first local government unit to use the electronic PRECUP Registration Forms for data gathering.

Based on the data gathered by the City of Manila, the district of Sta. Ana has the most heritage sites with 88, followed by the districts of San Nicolas and Malate with 78 and 55, respectively.

Manila’s list includes parks, monument, buildings, interiors, and even a vista. Among these are the walls of Intramuros, office buildings in the Binondo and Escolta areas including El Hogar and First United Bldg. (formerly Perez-Samanillo Bldg.), Arroceros Park, Paco Park, churches including Quiapo Church and the Manila Cathedral, the Aristocrat restaurant along Roxas Blvd., the interior of the Playboy Club in the Silahis hotel, and Manila Bay and the Waterfront from Del Pan Bridge to the Cultural Center of the Philippines,

The PRECUP is to be updated periodically.

For more information on the registry, visit https://ncca.gov.ph/philippine-registry-cultural…/ and https://tinyurl.com/PRECUPLocal. — MAPS

Cebu Landmasters tops off residential tower 38 Park Avenue

June 9, 2021 | 12:07 am

CEBU Landmasters, Inc. has topped off 38 Park Avenue, a P3.5-billion residential development located at the Cebu IT Park, it said in a statement on Tuesday.

“38 Park Avenue has successfully topped off despite lockdowns due to the pandemic as construction continued following strict compliance to health and safety protocols including COVID-19 (coronavirus disease 2019) testing,” Cebu Landmasters said.

The 38-story tower with a sales value of P5.5 billion is a joint venture project of El Camino Developers, Inc., which is composed of Cebu Landmasters, Gothong Southern Properties, Acrissor Development Corp., 12Sika Holdings Corp., and RKP Property Holdings, Inc.

It features 764 units, composed of 459 studio units, 230 one-bedroom units, 56 two-bedroom units, and 11 three-bedroom units, and eight penthouse units. Cebu Landmasters said the tower is already 96% sold.

The company said units of 38 Park Avenue are laid out around “a soaring atrium that infuses light and energy to the entire development.”

Aside from an atrium, the project will also feature a “Sky Club” on its 26^th and 28^th floors, eight elevators, a three-level basement parking, high-ceiling lobbies in the East wing and the West wing, a fitness gym, lounge areas, a swimming pool, and a multi-function hall.

“38 Park Avenue’s distinct sustainable design, its generous mixed-use master plan and premium location within the Cebu IT Park ensure that it will offer a new residential option not only for Cebuanos, but also for business and leisure travelers from other global markets,” said Jose Franco B. Soberano, chief operating officer of Cebu Landmasters.

The 7^th Annual Property Guru Philippines Property Awards recognized 38 Park Avenue as the Best High-End Condominium Development in Cebu for 2019.

It is said to be the first of a three-phased mixed-use development in a 1.2-hectare property developed and managed by Cebu Landmasters along with El Camino Developers.

38 Park Avenue is slated for turnover by the last quarter of this year, while the next phases are said to be under the planning stage.

Cebu Landmasters is anticipating the recovery of Cebu with the rest of Visayas and Mindanao. The company noted the strong demand for residential offerings in Cebu’s business district.

“The Cebu property market remains to be one of the bright spots in the region with sustained demand and highly resilient property values,” Mr. Soberano added.

On Tuesday, shares of Cebu Landmasters at the stock exchange improved by 1.91%, closing at P6.92 each from P6.79. — Keren Concepcion G. Valmonte

No brushes used for Lito Carating’s paintings

June 9, 2021 | 12:06 am

“I NEVER use painting brushes! I threw them away decades ago,” said artist Norberto “Lito” Carating. Thus the 14 canvasses in an exhibit that can be seen at Salcedo Private View were created with the use of tools he himself designed, patterned on baking decoration tools.

The paintings included in his solo exhibit — entitled “Vivace” (Italian for “lively or “vivid” ) — were created spontaneously through what the artist calls the wet-on-wet technique.

“I don’t stop until the work is finished,” Mr. Carating told BusinessWorld via Messenger.

Mr. Carating likens his working process to an orchestra conductor. Prior to beginning a piece, he pre-mixes the colors to avoid breaking the spontaneity of his application.

“I apply layers of paints on top of one another and then manipulate the colors to create textures and other accidental designs. I apply strong colors on top of another color or side by side and the effect is like vibrating lively colors and different shapes, as if the forms are moving and floating,” he said.

Prior to a career in visual arts, Mr. Carating pursued professional opera singing, performing locally and in Canada and the United States as a sought-after baritone. After more than a decade as a performer, Mr. Carating — who earned a degree in Fine Arts at the University of the Philippines in 1971 — took up his brush again to create abstracts and expressionist works.

Mr. Carating has continuously experimented with different techniques, contrasting bright saturated colors with the rich metallic tones. Among the accolades heaped on the artists was the Thirteen Artists Award in 1990. He was also chosen to participate in the Venice Biennale in 2015.

“We believe that now is the best time for new collectors to discover and fall in love with Lito’s work,” said Victor Silvino, Salcedo Auctions Managing Director, in a statement. “As one of the seniors, established expressionist artists in the country, Lito never fails to surprise his long-time and new clients with his pieces.”

“Vivace” by Norberto Carating runs until June 19 at Salcedo Auctions Private View, located at NEX Tower, 6786 Ayala Ave., Makati.

The exhibition is co-presented by Salcedo Auctions Exclusive Banking Partner HSBC Premier. For inquiries, about the exhibit, call 0917-825-7449 or send an e-mail info@salcedoauctions.com. To view the exhibition online, visit https://salcedoauctions.com/exhibition/136/vivace. — Michelle Anne P. Soliman

Corporate regulator clears EDC’s P15-B green bonds

June 9, 2021 | 12:06 am

THE Securities and Exchange Commission (SEC) has “favorably considered” Lopez-led Energy Development Corp.’s (EDC) registration of up to P15-billion fixed-rate ASEAN green bonds, the regulator said on Tuesday.

In a statement, the SEC said its commission en banc cleared EDC’s registration statement after a meeting yesterday.

The approved registration covers EDC’s ASEAN green bond program for securities that may be issued in one or more tranches within three years, subject to certain requirements.

ASEAN green bonds comply with the ASEAN Green Bonds Standards, which aim to tap into green financing to support sustainable growth and meet interest for green investments.

“For the first tranche, EDC will offer up to P3 billion of three-year bonds due in 2024 and five-year bonds due in 2026, with an oversubscription option of up to P2 billion,” the corporate regulator said.

The firm expects to raise P4.93 billion from the offer if the securities are oversubscribed.

“Proceeds will be used to fund geothermal growth and maintenance capital expenditure projects, including a portion of the capex for its (29-megawatt) Palayan Bayan Binary Project, (3.6-megawatt) Mindanao III Binary Project, and other geothermal capex for natural catastrophe resiliency, power plant equipment upgrades, spare parts replacements and other capex projects,” the SEC said.

The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing & Exchange Corp.

EDC tapped BDO Capital & Investment Corp, and BPI Capital Corp. to be the joint issue managers, joint lead underwriters, and joint bookrunners for the offering, while SB Capital Investment Corp. will serve as co-lead underwriter.

EDC ended the first quarter with a 2.1% increase in its net income to P3.3 billion on the back of higher sales.

Shares of EDC’s listed parent firm First Gen Corp. shed 0.32% or 10 centavos to finish at P30.80 apiece in the local bourse on Tuesday. — Angelica Y. Yang

Gov’t fully awards reissued seven-year T-bonds

June 9, 2021 | 12:05 am

THE BUREAU of the Treasury made a full award of the reissued bonds it offered on Tuesday as the rate on the seven-year tenor inched sideways. — BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued seven-year Treasury bonds (T-bonds) it offered on Tuesday and even opened the tap facility after the tenor’s yield moved sideways on the back of strong demand.

The Bureau of the Treasury (BTr) on Tuesday raised P35 billion as planned via the reissued seven-year T-bonds with remaining life of six years and 10 months.

Tenders reached P83.684 billion or more than twice as much as the initial offer, but was lower compared with the P90.386 billion in bids recorded when papers were first offered on April 21.

The Treasury also opened its tap facility to offer another P7 billion in seven-year papers to take advantage of the strong demand yesterday.

The T-bonds on offer on Tuesday fetched an average rate of 3.685%, up by 0.7 basis point (bp) from 3.678% previously and by 6 bps from the 3.625% coupon fetched for the series.

This was also slightly higher compared with the tenor’s yield at the secondary market before the auction which was at 3.667%, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

“So far so good on the long [end of the curve],” National Treasurer Rosalia V. de Leon told reporters via Viber after the auction.

A bond trader said by phone that demand for the T-bond offer was strong due to easing concerns over inflation and positive developments in the government’s vaccination program.

The maturity of retail Treasury bonds (RTB) worth P131 billion also boosted liquidity in the financial system, the trader added.

Headline inflation was steady for the third straight month at 4.5% in May, the Philippine Statistics Authority reported last week, matching market expectations.

The figure was within the 4-4.8% estimate by the Bangko Sentral ng Pilipinas (BSP) for that month and also matched the median estimate in a BusinessWorld poll.

Year to date, inflation was 4.4%, higher than the 2-4% target of the BSP and its revised forecast of 3.9% for the year. May was the fifth month in a row that inflation went beyond target.

Meanwhile, the Health department reported on Monday that 5.966 million vaccine doses have been administered so far, with 4.421 million Filipinos receiving their first dose and 1.544 million already getting their second dose.

The trader added that the seven-year tenor’s rate moved sideways as it followed the easing trend of the US Treasury yields.

The yield on the benchmark 10-year US Treasuries have been declining since it peaked at 1.73% in early April to 1.57% on Monday.

The BTr wants to raise P215 billion from the local debt market this month: P75 billion via weekly offers of Treasury bills and P140 billion from weekly auctions of T-bonds.

The government is looking to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.4% of gross domestic product. — B.M. Laforga

National Artist for Literature Cirilo Bautista commemorated in zine collection

June 9, 2021 | 12:05 am

TWENTY-ONE visual art zines celebrate the life and work of the late National Artist for Literature Cirilo Francisco Bautista, through a compilation entitled The Trilogy of Saint Lazarus.

According to Wikipedia, a zine is a small-circulation self-published work of original or appropriated texts and images, usually reproduced via a copy machine. The zine set is produced by the Center of Campus Art of De La Salle-College of Saint Benilde (DLS-CSB).

The zine set is inspired by the multi-awarded poet, writer, essayist, critic, and educator’s renowned epic poem The Trilogy of Saint Lazarus, comprised of The Archipelago (1970), Telex Moon (1981), and Sunlight on Broken Stones (1999.)

The series, which took 30 years to complete, retells Philippine history and earned Mr. Bautista a number of recognitions including the National Centennial Commission First Prize in Epic Writing, the Manila Critics Circle National Book Award, and the Book Development Association of the Philippines Gintong Aklat Award, among many others.

The anthology was illustrated by contemporary artists and architects, to include Nel Banaag, Gringo Benedicto, Blic, Gab Brioso, Tricia Castillo, Julius Clar, Mariah Concepcion, Jackie Cruz, Bayani Galera, Winna Go, Miguel Infante, Doktor Karayom, Charles Mañez, Stephen Matti, Regina Morales, Walther Ocampo, Levyn Purcil, Robin Ravago, Gabby Rosario, Isola Tong, and Thea Torres.

DLS-CSB Manila and La Salle Green Hills President Brother Edmundo Fernandez FSC wrote the introduction for the zine series.

The collection is part of an exhibit on the life and work of the National Artist, presented in book form. Meanwhile, a digital installation entitled House of Words, reimagines the Quezon City home of the late poet and his wife architect Rose Marie, the former dean of DLS-CSB School of Design and Arts.

Using the concept of “Text as Image,” DLS-CSB architecture students Tracie Bejar, Bea Carague, Jackie Cruz, Janelle Gan, Kevin Nuñez, Emilio Tenorio and Aaron Yu, together with Multimedia Arts students Marco Ajero, Gelo Fabian, Enrique Masias and Raine Sanciangco selected phrases and stanzas from the epic poem and recreated the house using environmental graphics and architectonic volumes.

Mr. Bautista taught at the Waseda University in Japan and Ohio University in USA. He was the only Filipino granted with an honorary degree from the International Program of the University of Iowa, USA. He had honed aspiring writers as the Professor Emeritus at DLSU Manila, San Beda University Manila, and St. Louis University Baguio.

He was a Don Carlos Palanca Memorial Awards Hall of Famer, given to those who have won more than five times, the 2012 Cultural Center of the Philippines (CCP) Gawad CCP Para sa Sining Awardee, and the 2013 National Commission for Culture and the Arts (NCAA) Achievement Awardee.

Originally created as a physical exhibition in 2020, the virtual gallery may now be accessed at www.thetrilogyofsaintlazarus.com.

Coronavirus crisis exposes health system weaknesses

June 9, 2021 | 12:05 am

vaccine-simulation — PHILIPPINE STAR/ MICHAEL VARCAS

By Patricia B. Mirasol

A RESILIENT public health system combines all the components that make a city livable, including food, energy, transport, infrastructure, and funding. “If you’re working in siloes, it’s not going to work,” said former Department of Health (DoH) Secretary Dr. Manuel M. Dayrit, at a recent event organized by Liveable Cities Philippines, an innovation-sharing platform. “You have to synergize everything and then bring together the cultural knowledge, social competence, and technical excellence of both the private and public sectors.”

A resilient public health system, according to Dr. Dayrit, should have a mechanism for delivering all types of services, including preventive and curative care. This mechanism has to be supported by adequate facilities, trained manpower, good financing, technological capabilities, and well-informed policies.

Because of the interconnectedness of our globalized world, the World Health Organization said that a well-functioning health system also needs the capacity to control and address global public health threats such as epidemics.

The challenge when it comes to a city’s responsiveness to disasters is that each city is unique in terms of infrastructure, sprawl, and growth, said DoH undersecretary Dr. Leopoldo J. Vega. A city’s livability, he added, can be sustained by addressing issues such as maximizing human resources for health, proper patient referrals, information and communication technologies, as well as the readiness of the healthcare system itself.

To make the healthcare system easier to navigate, DoH is rolling out the One Hospital Command Center (OHCC) in parts of the country, starting with regions 3 and 4A. The OHCC was launched in August 2020 to facilitate a comprehensive and coordinated response to the coronavirus disease 2019 (COVID-19) pandemic through effective and efficient health facility referrals.

CRISIS RESPONSIVENESS
“A crisis has a way of exposing weaknesses,” said Pasig City Mayor Vico R. Sotto, noting the lack of a pandemic playbook. “Do we weather this storm and get out of this alive, or do we get past this and improve how everything is going, moving forward?”

To prevent the spread of COVID-19, Pasig implemented a digital contact-tracing solution called PasigPass, and converted the Pasig City Children’s Hospital as a COVID-19 referral center. It also procured 400,000 doses of the AstraZeneca vaccine to supplement the National Government’s allocation.

Pasig increased its healthcare budget to P3.141 billion this year from P2.548 billion in 2020. In addition, 1,502 new positions were created to beef up the city’s healthcare staff. Efforts are also being made to improve the capacity of barangay health centers and thus unclog hospitals of patients only requiring primary healthcare.

“The lesson for us is that we have to accept risks. We can’t sit idly by,” Mr. Sotto said at the virtual event. “We have to make bold decisions even if they might turn out to be wrong.”

Noting how Pasig City is strengthening the components of its health system, Dr. Dayrit said that the issue now is what the other cities are doing. “What you want, long-term, is for Filipinos to get the services [they need], regardless of where they live,” he said. “We don’t want a situation where some cities are doing better than others. We want a standardization of services at a high level.”

Megawide expands precast portfolio through PHirst Park

June 9, 2021 | 12:05 am

MEGAWIDE Construction Corp. is expanding its precast portfolio and its presence in horizontal housing through PHirst Park Homes, Inc. (PPHI).

“The growing number of housing projects we undertake is also in line with our thrust to expand our business operations into emerging growth segments, with sizeable end-user demand,” Megawide Executive Vice-President Markus Hennig said in a statement on Tuesday.

The company will be supplying precast materials for 1,974 housing units in PHirst Park’s project in Batulao, Nasugbu in Batangas province.

Megawide said it plans to build an onsite facility and batching plant for the manufacturing and supply of precast housing units for efficiency. The company added that more developers are realizing the benefits of using precast materials.

“With a more efficient process, less manpower needs, and more cost-efficient structure in the long-run, our clients can turn over more units and realize higher revenues in a shorter period of time compared with conventional methods,” Mr. Hennig said.

The Batulao project is the company’s sixth with PHirst Park. It has built nearly 9,400 units with the developer in its projects at Laguna’s San Pablo and Calamba, Tanza in Cavite, and Lipa in Batangas.

“We are grateful for the continued trust that PPHI has placed in us, and we are committed to ensuring the high level of quality that they have been accustomed to receiving with our service through the years,” Mr. Hennig said.

Shares of Megawide at the stock exchange were up by 0.75% or five centavos on Tuesday to close at P6.75 each. — Keren Concepcion G. Valmonte

Advocates call for better access to cancer care information

June 9, 2021 | 12:04 am

Ribbon-hand — Image by Marco Verch/CC BY 2.0

CANCER, a deadly disease that poses a major healthcare challenge in the Philippines, has been neglected the past year due to the focus on coronavirus disease 2019 (COVID-19). According to the World Health Organization, prevention and treatment of non-communicable diseases like cancer have been disrupted globally because of the crisis.

“The pandemic is not an excuse. We have to prioritize our health,” said breast cancer survivor Kara Magsanoc-Alikpala, a broadcast journalist, filmmaker, and member of ICanServe Foundation and Cancer Coalition of the Philippines.

While cancer is among the top 10 causes of mortality in the Philippines, it is by no means a death sentence. Like Ms. Magsanoc-Alikpala, many will find it easier to cope with the stress of a serious illness by having a support group or network, said Maria Fatima “Girlie” Garcia-Lorenzo of Kythe Foundation and the Philippine Alliance of Patients’ Organizations.

An online survey commissioned by Merck Sharp & Dohme (MSD) showed that two out of five Filipinos have personal experiences with cancer either as patients or through family, friends or colleagues diagnosed with the disease, according to data revealed in the first episode of “Tita Hope Talks,” a four-part conversation series organized by MSD Philippines’ cancer care advocacy campaign Hope From Within (HFW).

The same “Tita Hope Talks” episode pushed for access to correct information and treatment options.

“One-third of Filipinos are generally aware of different cancer treatment options,” said Mylene G. Rodriguez, general manager of IQVIA Philippines, an analytics provider that conducts market research in the healthcare industry. Innovative treatments, such as gene therapy and targeted drug delivery, are effective and less painful options for patients, according to research commissioned by MSD.

“We have to mold that so people will be proactive about cancer. If we’re able to get consultations and primary health benefits, people will be more encouraged to go for check-ups,” said Kythe’s Ms. Garcia-Lorenzo.

When it comes to funding, the Philippine Charity Sweepstakes Office and Philippine Health Insurance Corporation are top of mind. There are, however, lesser-known cancer funding institutions such as the Malasakit Centers, which are a one-stop shops for medical and financial assistance run by the Department of Health.

RELYING ON COMMUNITY SUPPORT
At the “Tita Hope Talks” panel, HFW ambassador and veteran actress Susan Africa shared her personal journey as a caregiver for her husband, Spanky Manikan, who passed away in 2018 from lung cancer.

“It was challenging because we had to learn a lot about what to do, where to go, what to avail of, whom to ask for help. I learned a lot about radiation treatments, chemotherapy, clinical trials, and how to deal with issues like loss of appetite, anxiety, and discomfort,” she shared.

A major source of comfort, information, and even finances were concerned loved ones. “Help can be found through the support of our community, especially those who champion and advocate for the rights of the patients who have cancer,” said Dr. Ma. Via Jucille M. Roderos, a sustainable health and business professional and one of the panelists in the latest Alaga Health consult, “They not only advocate for the ones who have cancer, but also the loved ones who fight with the patients.”

Cancer patients and advocates are still waiting for the full implementation of the National Integrated Cancer Control Act, which was signed into law in February 2019. — Brontë H. Lacsamana

LANDBANK net profit up 1.67% in 1^st quarter

June 9, 2021 | 12:04 am

LAND BANK of the Philippines (LANDBANK) saw its net earnings climb by 1.67% to P5.48 billion in the first quarter, the state-run bank said in a press release on Tuesday.

LANDBANK said its performance in the first three months put it on track to hit its profit target of P19.68 billion by the year’s end.

The bank’s net income at end-March translated to a return on equity of 10.09% and return on assets of 0.77%.

Meanwhile, its net interest margin stood at 3.11%.

On the other hand, LANDBANK’s capital jumped by 32.44% to P194.59 billion in the first quarter from P146.93 billion a year ago. It attributed the increase to higher deposits and the P27.5 billion equity infusion from the national government in February.

Republic Act No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II) mandated the government to provide supplemental funding to LANDBANK and other key state-run financial institutions to help sectors recover from the pandemic.

Deposits with the bank climbed 16.2% to P2.123 trillion in the first quarter from P1.827 trillion at the end of 2020.

Meanwhile, it approved a combined P93.14 billion in loans as of April.

Broken down, around P20.07 billion of the total went to 434 micro-, small- and medium-sized enterprise (MSME) borrowers, 81 cooperatives, 56 big firms and five microfinance institutions.

It also granted 245 local government units (LGUs) P72.18 billion in loans to help boost their local economies, while P889 million was approved for 20 private schools to support a “study now, pay later” scheme for students.

LANDBANK launched several lending programs for MSMEs, LGUs, and schools that have been affected by the prolonged coronavirus crisis.

“The robust growth of our deposit base coupled with the equity booked from Bayanihan II allows us to extend greater financial assistance to our priority sectors, especially to small farmers and fishers, MSMEs, and other key development players. LANDBANK remains in prime position to continue providing for the recovery requirements of clients and the nation at large,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying.

Meanwhile, the state-run bank’s assets grew by 16.13% to P2.405 trillion at the end of March from P2.071 trillion in the same period last year.

Other details were not immediately available.

LANDBANK saw a 7.57% drop in its net income to P17.1 billion last year amid the economic downturn caused by the coronavirus pandemic. — BML

Lin-Manuel Miranda’s In the Heights now a movie

June 9, 2021 | 12:04 am

LOS ANGELES — Lin-Manuel Miranda is looking forward to the day when a movie starring a US Latino cast, featuring characters who aren’t stereotyped as maids or gardeners, is a regular fixture in cinemas. Until then, he is hoping musical In The Heights changes the conversation in Hollywood about the wider appeal of such movies, just as Crazy Rich Asians did in 2018. “The hope for me is that in five years’ time, people will go, ‘Why was In the Heights such a big deal? We have 10 Latino movies every year now,’” said Mr. Miranda. “To be quaint would be a dream come true. No one movie can encompass the sheer tonnage of stories we have to offer,” said Mr. Miranda, who is of Puerto Rican descent and is the creator of hit musical Hamilton. Latinos in the United States go to the movies more than Blacks and Asian Americans, according to a 2018 report by the Motion Picture Association of America. Latinos make up around 18% of the US population. But a 2019 study by the Annenberg Inclusion Initiative at the University of Southern California found that just 3% of the top-grossing movies from 2007-2018 had Latinos as lead or co-lead actors. Mr. Miranda originally wrote In the Heights about the vibrant multi-racial community in Manhattan’s Washington Heights neighborhood as a stage musical, before Hamilton, which reframes the story of America’s founding fathers through the perspective of Blacks and Latino immigrants. Shot on the streets of Washington Heights, with huge dance numbers and featuring a cast of rising talent like Anthony Ramos and Melissa Barrera, In the Heights took 13 years to get to the big screen. Directed by Jon M. Chu, with some dialogue in both Spanish and English and storylines about the struggle to succeed in the United States and the pull of the homeland, it has won rave reviews. — Reuters