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BTr makes full award of T-bonds as rate drops on easing inflation

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday as its rate went down following the release of data showing slower-than-expected inflation last month.

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

Total bids for the papers reached P61.175 billion on Tuesday, making the offering nearly two times oversubscribed. This caused the Treasury to open its tap facility to raise an additional P5 billion from the tenor.

However, Tuesday’s demand was lower than the P84.31 billion in tenders seen in the previous auction of the series on May 18.

The reissued seven-year bonds fetched an average rate of 3.576% on Tuesday, down by 10 basis points (bps) from 3.665% quoted in the previous as well as the 3.625% coupon of the series.

However, this was 10.8 bps higher than the 3.468% quoted for the seven-year tenor at the secondary market prior to the auction.

National Treasurer Rosalia V. de Leon said the T-bonds fetched a lower rate at Tuesday’s offering after the Philippine Statistics Authority (PSA) reported early on Tuesday that inflation slowed in June.

“The average rate in [Tuesday]’s auction is higher than the last dealt level of 3.55% at market earlier. Just shows that investors would like to ask for higher yield since it is long and wary of upside risks to CPI (consumer price index) given the behavior of crude prices in the world market,” a bond trader said via Viber on Tuesday.

Inflation eased to a six-month low in June, the Philippine Statistics Authority (PSA) reported on Tuesday.

Preliminary data from the PSA showed headline inflation stood at 4.1% in June, easing from the 4.5% logged in May and the slowest rate in six months or since the 3.5% recorded in December 2020. However, this was above the 2.5% recorded in June last year.

The latest headline figure was lower than the 4.3% median in a BusinessWorld poll conducted late last week. It likewise fell within the 3.9%-4.7% estimate given by the Bangko Sentral ng Pilipinas (BSP) for June, but was still higher than the central bank’s 2-4% target for the year.

For the first half, headline inflation averaged 4.4%, also above the BSP’s target band and its 4% forecast for 2021.

Meanwhile, international benchmark Brent crude oil was trading above $77 a barrel on Monday, or 1.2% higher in the session, as OPEC+ ministers called off oil output talks after clashing last week when the United Arab Emirates (UAE) rejected a proposed eight-month extension to output curbs, meaning no deal to boost production has been agreed, Reuters reported.

Saudi Energy Minister Prince Abdulaziz bin Salman had called for “compromise and rationality” to secure a deal after two days of failed discussions last week.

But four OPEC+ sources said there had been no progress. OPEC’s Secretary General Mohammad Barkindo said in a statement on Monday the meeting had been cancelled, without a date for the next one being agreed.

Some OPEC+ sources said there would be no oil output increase in August, while others said a new meeting would take place in the coming days and they believed there will be a boost in August.

Oil prices are at the highest since 2018 and have already prompted concerns inflation could derail a global recovery from the pandemic.

OPEC+ agreed record output cuts of almost 10 million barrels per day (bpd) last year, about 10% of world output, as the pandemic hit. The curbs have been gradually relaxed and stand at about 5.8 million bpd.

The UAE, sources said, on Friday accepted a proposal from Saudi Arabia and other OPEC+ members to raise output in stages by about 2 million bpd from August to December but rejected extending remaining cuts to the end of 2022 from a current end date of April without adjusting its current baseline production.

On Monday, OPEC+ sources said the UAE’s position was unchanged. They said a ministerial panel chaired by Saudi Arabia and Russia, the Joint Ministerial Monitoring Committee, needed more time to discuss the issue.

Decisions in OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other big producers, must be unanimous.

The BTr is looking to raise P235 billion from the local market this month: P60 billion via weekly offers of Treasury bills and P175 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — B.M. Laforga with Reuters

San Miguel to cut toll fees at Skyway Stage 3

SAN MIGUEL CORPORATION FB PAGE

SAN Miguel Corp. (SMC) will be reducing the proposed toll fees at its elevated expressway Skyway Stage 3 especially for motorists traveling short distances.

The company will start collecting fees on July 12 after waiving payments at the 18-kilometer expressway for almost seven months.

SMC has not yet released the revised matrix, noting in a press release on Tuesday that it will post the final rates at the toll plazas before the start of collections.

SMC President and Chief Operating Officer Ramon S. Ang said that the company decided to reduce fees after considering the effect of the pandemic on the economy.

He said the collected fees will provide company revenues to ensure operations and maintenance. The government will also generate income from the fees as it collects 12% value-added tax.

“These toll rates reflect our deferral of the collection of a substantial amount of the cost to build Skyway 3. We also further lowered the rates for those traveling shorter distances,” Mr. Ang said.

SMC said that it was issued a toll operating permit and a notice to start collecting toll by the Toll Regulatory Board.

Skyway Stage 3 links the South Luzon Expressway in Alabang to North Luzon Expressway in Balintawak. — Jenina P. Ibañez

7 arts companies receive CCP innovation grants

SEVEN arts and cultural organizations have qualified for the Innovation Grants Project 2020, a special project implemented by the Board of Trustees of the Cultural Center of the Philippines (CCP BoT).

They are: Ballet Manila; Casa San Miguel; FilDocs, Inc.; Ramon Magsaysay Memorial Colleges, Marbel, Inc.; Sipat Lawin, Inc.; The Performance Laboratory; and Tuldok Animation Studios.

They will receive grants to create and produce new works in various art disciplines and distribute new content on the arts using online technology, blended or hybrid technologies.

THE PROJECTS
Ballet Manila’s project is Silver Linings: Ballet Manila@25 (Hope and Dance in Extraordinary Times). It aims to celebrate the ballet company’s 25th season during a global pandemic marked by lockdowns and the complete stoppage of live performances.  The project will showcase re-imagined presentations of classical pieces as well as new commissioned work specially developed for film as primary medium. It also includes Ballet Minis, a series of short dance films meant to reinforce Ballet Manila’s main strength of performing the classics with the Russian Vaganova discipline; and a Silver Linings Ballet Gala, which will showcase live performances from Ballet Manila studios and dancers’ homes and pre-recorded performances, which will be streamed live via Ballet Manila’s Facebook page and YouTube channels.

Meanwhile, Casa San Miguel’s proposal revolves around the concept of “Spring” in different iterations through music, dance, visual arts, and film. This includes a series of eight 10- to 15-minute episodes about renewal of hope, a celebration of creativity, and how arts have served artists and communities as a medium for reflection and healing.

FilDocs, Inc. hopes to continue the success of DaangDokyu film festival and consolidate the achievements of the virtual cinema festival to sustain and further widen the awareness of Philippine documentaries through various projects.  It intends to produce and distribute DaangDokyuDokBook which contains the full program of the festival’s over 45 documentary titles and film details, as well as essays on the study and appreciation of contemporary Philippine documentary. It also plans to have a virtual-access library which will offer private viewing of the documentaries featured in DaangDokyu program and collection. A portion of the grant will go to the development of DaangDokyu website, which will contain information on Philippine documentaries featured in the festival including creative and technical details, trailers, Q&A’s and other updates.

The Ramon Magsaysay Memorial Colleges, Marbel, Inc. proposed “OpenStudio+OpenSeason [The Dancers are Absent but the dance is Not],” an art project undertaking non-traditional collaborations within art genres integrating the performing arts, visual arts, dance, and film.  It will feature five short dance films, selected from the Juror’s Choice winners of Teatro Ambahanon’s Director’s Prize Competition; installation art to be placed at the The Nest Art[ist]s Incubation (Teatro Ambahanon’s art space); and the Salamindanaw film project which seeks to create an omnibus film that delves on memory, space and body.

Sipat Lawin, Inc.’s Komunidad X Collective Business takes on “E-mahiNASYON: Community Performance Innovation for Social Change Festival,” a three-year performance innovation development platform which started in 2020 at the start of the global COVID-19 pandemic and will culminate in 2022, the year for the national elections. For its first edition in 2020, E-mahiNasyon gathered 10 next-generation performance-makers working and innovating performances with and within communities from different islands in the Philippines to collaborate with non-theater partners as part of the “Contemporary Ritual Makers Performance Platform.”  Further themes to explore will be climate change, new solidarities in time of physical distancing, citizen and voter’s education, rethinking notions of nation, queer and queering, combating discrimination and empowerment of women in children in the time of national and global crisis. The performances and documentation of the performance processes will be shared on kXchange.org.

The Performance Laboratory, Inc. —  in collaboration with Teatrokon: West Visayas Theatre Network and CCP Kaisa sa Sining Regional Arts Center Partners in Negros Occidental —  will launch “Ang Mga Alates,” a series of four short plays tackling current and relevant societal issues and incorporating stories of realities brought by the ongoing COVID-19 pandemic —  as part of the weekly staged readings of plays written by emerging Negrense playwrights featured in The Blackbox Presents. The staged readings will be developed into full productions and will be part of an online web series to be premiered next year.

Finally, Tuldok Animation Studios will create an “Edutainment package for Cultural Advocacy: Reimagining Cultural Advocacy through Integrated and Synergized Edutainment (RISE),” which will include two five-minute animated folktales and one Pinoy komiks folktale with a mobile app for an augmented reality component.  The project aims to inspire Filipino artists to create compelling, world-class animated films highlighting the Filipino myth and legends.

PHL Islamic banking sector’s growth  to be slow as players weigh costs, risks

THE COUNTRY’S Islamic banking industry is unlikely to see new players in the near-term as other lenders have little interest in venturing into the sector, likely due to the risks and costs of offering these products, S&P Global Ratings said.

The debt watcher said in a note on Tuesday that while there is a potential market for would-be players in the country, Al Amanah Islamic Investment Bank is likely to keep its position as the “sole Shari’ah specialist in the next few years.”

“We don’t expect material progress from other banks given they have not shown much interest in serving this market. This could be due to high cost of setting up branches in the region as well as potentially higher credit risk due to the low-income profile of the borrowers,” S&P said.

Islamic banks operate under Shari’ah-compliant principles such as the non-involvement of riba or interest. It also allows fundraising through “sukuk,” a bond-like instrument.

In December 2019, the Bangko Sentral ng Pilipinas (BSP) released BSP Circular 1069, which provided guidelines for the establishment of Islamic banks and banking units, and Circular 1070, which set the Shari’ah governance framework.

The issuances were released following the enactment of Republic Act 11439 in August 2019, which provided for regulation and organization of Islamic banks in the Philippines, with BSP as the regulator in charge.

BSP officials said they have received inquiries about Islamic banking from interested parties, but no applications to establish an Islamic bank or banking unit have been submitted so far.

S&P said there are opportunities for new entrants to the sector as financial inclusion in the country remains low. Only 29% of the Philippines’ adult population have accounts with financial institutions as of 2019, leaving 51.2 million unbanked, based on data from the central bank.

“About 5%-6% of the population is Islamic, residing in highly underbanked regions. So, there is a potential market to capture,” the credit rater said.

Despite this, S&P expects Al Amanah to continue to be the leader in  Islamic banking initiatives, including the opening of branches or Islamic finance windows. The lender has been under the control of state-owned Development Bank of the Philippines since 2008.

The debt watcher, however, noted that Al Amanah was not spared from the coronavirus pandemic’s impact, as borrowers’ capacity to pay was affected by the crisis.

“Al Amanah saw a sharp contraction in its loan portfolio and a multi-fold jump in provisions for credit losses during 2020. As a result, the bank’s net losses for the year widened by 15% to P86 million,” S&P said.

Meanwhile, across Southeast Asia, Islamic financing is expected to continue to grow faster than conventional banks, benefiting from government support and the large Muslim populations in some economies.

S&P expects Islamic banks in Malaysia and Indonesia to continue expanding their loan books faster than their traditional lender counterparts. Meanwhile, Islamic financing in Brunei is seen to keep pace with the banking sector’s growth as it already takes up a significant share of entire industry there. — L.W.T. Noble

To save your eyesight, step away from the screen

PIXABAY

INCREASED screen time due to lockdowns can strain our eyesight, prompting eye doctors to recommend frequent breaks, and limit time spent on our devices.   

“We can’t tell individuals to stop working, so what we do is advise them on how to decrease straining their eyes from too much work,” said Dr. Jeffrey Naz B. Racoma, an ophthalmologist at Makati Medical Center, in a Facebook Messenger interview with BusinessWorld.   

Citing the American Academy of Ophthalmology (AAO), Dr. Racoma recommended getting refracted, using artificial tears to refresh dry eyes, following the 20-20-20 rule (for every 20 minutes of computer use, stop a while and look at an object 20 feet away for at least 20 seconds), adjusting the screen’s brightness and contrast to match ambient light, and sitting about an arm’s length in front of the screen. 

Blue light exposure from digital devices, meanwhile, shouldn’t be a cause for concern since there is no scientific evidence that blue light from digital devices causes damage to your eye, according to AAO. 

The Philippine Academy of Ophthalmology (PAO), for its part, does not prescribe blue light–filtering glasses, as there is still no significant evidence that blue-light filters protect a computer user’s eyes. “To some, they supposedly work; that is anecdotal evidence, though,” Dr. Racoma said, adding that the PAO recommends adjusting screen brightness and enlarging font size instead of spending on paraphernalia that may not help at all. 

The discomfort people experience after prolonged computer time is most likely eye strain, which leads to headaches, according to AAO. Both eye strain and dry eyes are the most common symptoms of computer vision syndrome (CVS), which describes eye- and vision-related problems that result from prolonged computer, tablet, and mobile phone use. Other symptoms associated with CVS are headaches, blurred vision, and neck and shoulder pain.  

Treatment for dry eyes include using artificial tears, blinking from time to time, curbing screen time, and taking a break doing activities in which the eyes don’t have to focus on something up close. Updating one’s eyeglass prescriptions also helps, Dr. Racoma said, as the proper glasses can reduce eyes strain.  

“There is this myth that once you use glasses and your eyes get used to wearing them, then it’s your fault kasi sinanay mo na mata mo [because you accustomed your eyes to wearing them],” he said. “Actually, it’s more you realizing that, wow, glasses actually help me see better. It decreases my eye strain, so I will now continue to use them because they benefit me.”  

GO OUTSIDE

A report by Feel Good Contacts, a contact lens retailer, compared vision impairment data from a 2020 Lancet Global Health study against average time spent online as reported by DataReportal in 2021.  

The Philippines ranked seventh, with Filipinos clocking in close to 11 hours of internet time and 14.3% of the population suffering from some form of vision loss. India topped the list, with Indians spending around 6.5 hours online and 22.7% of the population suffering from some form of vision loss. China was an outlier, the UK-based retailer added, as the country averaged around 5.5 hours online yet registered high rates of vision loss. “This suggests that while screen time has a tangible impact on our eyesight, it is only one of many factors that can damage our vision,” said Feel Good Contacts.  

Commenting on the study, Dr. Racoma said: “I’m skeptical with their methodology. They just compared how much a country used computers, and correlated it with vision loss or impairment, for any disease, regarding if it’s not connected to using computers or not. Too many confounders and variables for that to be a reliable study.” 

He added that no study has directly correlated computer use to eye disease. “If there were, there’d be a lot of lawsuits already if that were the case,” said Dr. Racoma.  

Meanwhile, a separate journal article suggested that children are more susceptible to vision problems owing to a rise in screen time. A January 14 study in JAMA Ophthalmology found the rate of myopia, or near-sightedness, among 6- to 8-year-old children was 1.4 to 3 times higher in 2020 compared with the previous five years. The study noted that the refractive status of younger children “may be more sensitive to environmental changes than older children, given the younger individuals are in an important period for the development of myopia.”  

This ties in with an earlier March 2020 study in Preventive Medicine that found increased computer use was associated with myopia development before the age of 10 years. Computer use, however, was not as strongly associated with myopia as reading books. The study also noted that “the effect of combined near work activities could be diminished by outdoor exposure.” 

Dr. Racoma noted that doing a lot of near work may have an effect of myopia. “We read books usually less than an arm’s length away, usually 8-12 inches away. Computers, though, are usually 18-24 inches away, so your eyes are less converged (or looking inward). When you look near, there’s something called the near response. The closer the reading material, the more engaged the near response.” 

The remedy, he said, is not to stop reading books, but to follow the 20-20-20 rule. 

“The rule reminds you to look far often, because when you do, you don’t use the near response…That’s why it’s very relaxing to look at clouds and rainbows, because that’s a relaxed position.” 

As the 2020 study concluded, outdoor exposure is also important. “Spending time outdoors allows the hormone dopamine to regulate a child’s growth and development,” Dr. Racoma told BusinessWorld. “Spending less time outdoors is one known risk factor that has been shown [to lead to] an increased incidence of myopia in children.”   

The International Agency for the Prevention of Blindness reported that in 2020, there were an estimated 12 million people with vision loss in the Philippines. Of these, 500,000 people were blind. — Patricia B. Mirasol 

Wenceslaos’ DMW shares placed in family firm

THE Wenceslaos integrated their shares in D.M. Wenceslao & Associates, Inc. (DMW) under the family’s wholly owned holding company, WHC, Inc.

DMW said in a disclosure on Monday that it was done through a block sale transaction involving 578,798,847 shares of DMW Chairman Delfin J. Wenceslao, Jr. These were sold to WHC for P6.80 each on July 1.

“The transaction was conducted primarily for estate planning purposes and the aggregate ownership of the Wenceslao family in DMW was not affected,” listed DMW said.

It increased the family holding company’s ownership in DMW by 17.04% to 79.96%.

“We note that the transaction will not result in dilution and will not affect DMW’s public float,” the company said.

On Tuesday, shares of DMW at the local bourse went up by 0.56% or four centavos to end at P7.19 each. — Keren Concepcion G. Valmonte

Sylvia Plath’s love letters to Ted Hughes up for sale

PLATH in July 1961, at her Chalcot Square flat in London — GIOVANNI GIOVANNETTI/GRAZIA NERI / EN.WIKIPEDIA.ORG
PLATH in July 1961, at her Chalcot Square flat in London — GIOVANNI GIOVANNETTI/GRAZIA NERI / EN.WIKIPEDIA.ORG

LONDON —  A trove of love letters that explore American poet Sylvia Plath’s passion for her British husband, fellow poet Ted Hughes, are up for auction at Sotheby’s, along with their wedding rings, family recipes, and photo albums.

Ms. Plath, whose haunting poems turned the demons of her trauma into some of the most unsettling verses of modern English, killed herself in 1963 aged 30 by putting her head in a gas oven. Her young children were asleep in the flat but she had sealed their room against the gas. They were unharmed.

Ms. Plath and Mr. Hughes married in 1956 and their relationship was as tumultuous as it was passionate. Her letters to Hughes explore her agony of separation from him while she was studying at Cambridge.

“My flesh is colder than wet sod,” Ms. Plath wrote. “Do you know that you have the most delicious quirked lovely mouth and your eyes crink up and you are all warm and smooth and elegantly muscled and long-striding and my god I go mad when I let myself think of you.”

The letters will be sold at Sotheby’s on July 9-21. The sale comprises 55 lots and comes directly from the collection of Sylvia’s daughter, Frieda Hughes.

The sale also includes a deck of Tarot cards given to Ms. Plath by Mr. Hughes for her birthday and a striking ink portrait drawn by Ms. Plath during the couple’s honeymoon in Benidorm. — Reuters

RBA expects record low interest rates until 2024

REUTERS

AUSTRALIA’S CENTRAL BANK took the first steps toward winding back emergency monetary stimulus for an economy that’s exceeded forecasts.

Governor Philip Lowe opted against extending the yield-target horizon and scaled back purchases of longer-dated bonds, the Reserve Bank of Australia (RBA) said in a statement Tuesday after keeping interest rates unchanged. Once the current A$5 billion a week quantitative easing program ends in September, it will shift to A$4 billion a week with a review in mid-November.

“It makes sense for the RBA to start winding back its emergency stimulus moves,” said Shane Oliver, chief economist at AMP Capital Investors Ltd. in Sydney. “But it also makes sense to do this gradually.”

The Australian dollar briefly dipped after the statement, then recovered to be trading at 75.68 US cents at 3:38 p.m. in Sydney. The April 2024 bond yield stuck just above the RBA’s 0.1% target while the yield on the November 2024 note climbed 6 basis points (bps) to 0.43%. Ten-year yields rose 4 bps.

The RBA is determined to stay near the tail of global central banks unwinding emergency stimulus — particularly the Federal Reserve — even as Australia has recovered earlier and faster than many peers. That stance is likely aimed at avoiding the currency damage of previous early exits while also reflecting the continued vulnerability of the nation to further virus outbreaks due to a low vaccination rate.

“The bond purchase program is playing an important role,” Mr. Lowe said Tuesday. “The bank will continue to purchase bonds given that we remain some distance from the inflation and employment objectives. However, the board is responding to the stronger-than-expected economic recovery and the improved outlook by adjusting the weekly amount purchased.”

COVID UNCERTAINTY
While Sydney’s ongoing coronavirus outbreak, which leaked to several other states and at one point forced the lockdown of almost half the population, adds a layer of uncertainty to the near-term outlook, the RBA sees limited long-term impact for now.

“The experience to date has been that once outbreaks are contained and restrictions are eased, the economy bounces back quickly,” Mr. Lowe said,

The governor and the government are using a monetary-fiscal combination to push the economy toward maximum employment as the governor seeks to drive wage growth above 3%, a level it hasn’t reached since the start of 2013. Faster wage gains would help spur long dormant inflation.

The bank “will not increase the cash rate until actual inflation is sustainably within the 2 to 3% target range,” Mr. Lowe said. “The bank’s central scenario for the economy is that this condition will not be met before 2024.”

The key debate is how quickly the labor market tightening — unemployment has fallen to 5.1% from 7.4% in less than 12 months — translates into pay gains.

Part of the reason the jobless rate has fallen so fast is border closures that have locked out temporary workers. With these not expected to lift until at least the second half of next year, wages could rise quickly. Alternatively, a prolonged period of weak price growth might mean it takes longer for broad-based wage-push inflation to take hold across the economy.

“Despite the strong recovery in jobs and reports of labor shortages, inflation and wage outcomes remain subdued,” Lowe said. “While a pickup in inflation and wages growth is expected, it is likely to be only gradual and modest.”

The governor was scheduled to deliver remarks and take questions at a press conference at 4 p.m. in Sydney on Tuesday. — Bloomberg

LGUs must ramp up vaccination of seniors — WHO

PHILSTAR

IN LIGHT of emerging variants of coronavirus disease 2019 (COVID-19), the World Health Organization (WHO) Philippines and the National Commission of Senior Citizens (NCSC) have called on local government units (LGUs) to increase the rate of vaccination of senior citizens due to their high risk of getting infected.

“Vaccines are an essential addition to our protective measures against COVID-19, especially with the risk of fast-spreading variants,” said Dr. Rabindra R. Abeyasinghe, WHO Representative to the Philippines, in a media briefing Thursday. “We need to protect our senior citizens the soonest and with the highest coverage.”

Only 28.3% of the country’s recorded 8.2 million seniors have received a first dose of the COVID-19 vaccine, while only 8.5% have received their second dose as of June 28, according to Dr. Abeyasinghe. Meanwhile, 7 out of 10 COVID-19-related deaths in the Philippines are of patients who are 60 years old and above, illustrating their vulnerability.

“We strongly urge our LGUs to ramp up efforts to improve access of the elderly to vaccines, along with improving convenience at vaccination sites,” he added, stressing that a fast vaccination rollout should work hand-in-hand with public health protocols to protect against fast-spreading variants.

Aside from mobility, another issue that the elderly A2 priority group faces is the inability to get information about vaccination. “There are senior citizens who would like to have themselves vaccinated but they don’t know where to go, how, and when,” said Franklin M. Quijano, NCSC chair and chief executive officer.

Dr. Abeyasinghe and Mr. Quijano commended efforts that aimed to reach the elderly wherever they may be, including Puerto Princesa’s mall vaccination sites, Marikina’s mobile clinics, Taguig’s vaccination buses, and Manila’s house-to-house visits.

Speaking on the limited supply of vaccines, Dr. Beverly Lorraine C. Ho, director of the Health Promotion Bureau and the Disease Prevention and Control Bureau of the Department of Health (DoH) encouraged LGUs to keep improving their efforts.

“There are local demand generational activities that will need to be customized specifically for the local community and it might be different for one city versus another municipality, or one urban area versus another rural area, so we do recognize everyone needs to help each other out on data,” she said, referring to the DoH’s surveys which have been used as tools to gauge the progress of the vaccine rollout.

“We likewise encourage senior citizens or family members of senior citizens who have gotten their jabs to become influencers in their own communities since they are the most credible endorsers that can attest to the safety of the vaccines,” she added. — Brontë H. Lacsamana

Arts & Culture (07/07/21)

CAST presents Lemons5

THE COMPANY of Actors in Streamlined Theater (CAST) PH will stream a production of Sam Steiner’s Lemons, Lemons, Lemons, Lemons, Lemons at ticket2me.net on July 17, 24, and 31 (7 p.m.). The average person will speak 123,205,750 words in their lifetime. But what if there were a limit? Two people are about to find out. Lemons Lemons Lemons Lemons Lemons imagines a world where we are forced to say less. Directed by Nelsito Gomez and Bejamin Jimenez, it stars Mr. Gomez and Gabby Padilla.  Tickets are priced at P200. For tickets, visit https://ticket2me.net/e/33401. 

Young at Art brings together generations

YOUNG at Art, a web series where two different generations of artists talk about their shared passions, premieres on July 14, with each episode aired every Wednesday (6 p.m.) via the CCP YouTube Channel. Season 1 will have 18 episodes. Directed by Karl Alexis Jingco, the project features a series of conversations between young children and veteran artists, where the older generation talks about their passion on arts and culture.

3 exhibits at Silverlens

SILVERLENS has three exhibits showing concurrently until July 24. They can be viewed online and at the gallery. “Share Location” is a show by Filipino-American light and media artist, James Clar. It is Mr. Clar’s first solo exhibition as a represented artist of the gallery. Developed over the last year while transitioning his studio from New York to Manila, Mr. Clar’s new body of work derives its title from the GPS communication function of digital devices. It is a way of letting your presence be known, shared, or tracked. The works question ideas of presence, connection, and identity in a globalized world recently forced into a fifth space, where the rift between network time and solar time is ever increasing. Meanwhile, Luis Antonio Santos’ “Threshold” marks the artist’s 4th individual presentation with the gallery. He creates hyper-realistic renderings of draped canvas, allowing us to think about liminal spaces, and the meanings we imbue in innocuous materials. Finally, there is “Volume” by Micaela Benedicto, which extends the artist and architect’s exploration of the spatial dimensions of memory and loss. Working at the intersection of photography and sculpture, Ms. Benedicto exploits the alchemical properties of metal and paper to construct pieces that register never-to-be-completed processes of becoming and ruination. The gallery is at 2263 Don Chino Roces Ave. Ext., Makati City. Gallery visits are limited and by appointment only, from Tuesday to Saturday, 10 a.m. to 4 p.m. To view the exhibits online, go to www.silverlensgalleries.com.

Instituto Cervantes presents LGBTQ+ short films 

THROUGHOUT July, the Instituto Cervantes Vimeo channel will host the short-film series Te estoy amando locamente (Falling in love with you madly), featuring eight different LGBTQIA+ stories told by various Spanish filmmakers. The series kicks off on July 7 with the screening of the 10-minute documentary Una dedicatoria a lo bestia (2019) by Nucbeade. It is a testimony about a rehabilitation center for women between 13 and 21 years old that was in operation in a town near Madrid for four decades. The short film will be available for 48 hours through this link: https://vimeo.com/557671872. The film series will continue on July 10 and 11 with Después también (2019) by Carla Simón, a short film about HIV. The movie will be accessible through this link: https://vimeo.com/557676690.

Bahay Pukyutan Playground readied

THE MUSEO Pambata Foundation, Inc. blessed its new playground space on June 24, Manila Day. The Bahay Pukyutan Playground features living and learning spaces for children and adults that emphasize the connection and importance of our environment and the natural world. Last year, Museo Pambata started working on the outdoor spaces of the museum. Its design was inspired by the late National Artist for Architecture, Francisco “Bobby” T. Mañosa who made an original wooden structure in the old Parks and Wildlife Bureau in Quezon City (now called Ninoy Aquino Parks and Wildlife). Patterned after the geometry of the honeycomb, the interconnected hexagonal shapes of the Bahay Pukyutan provide a multi-level play space. The space will be open to the public once coronavirus disease 2019 (COVID-19) restrictions are lifted and Museo Pambata can reopen.

Retired diplomat publishes protocol guidebook

RETIRED Ambassador Monina Estrella Callangan Rueca has just come out with a Guide to Protocol, Social Graces and Etiquette, a manual for behavior, courtesy and related matters in and out of the diplomatic world. The 280-page softcover compendium features the modern-day decorum insights she amassed through her career as a diplomat and a lecturer. Former Philippine President Fidel V. Ramos wrote the book’s foreword. Ms. Rueca served in foreign posts including Paris, Tokyo, Geneva, and Madrid before being appointed as Philippine Ambassador to Hungary with concurrent jurisdiction over Serbia, Bosnia Herzegovina and Montenegro. Prior to her retirement, she became Assistant Secretary and Chief of Protocol. Today she imparts her knowledge at the School of Diplomacy and Governance of the De La Salle-College of Saint Benilde. For queries and orders on Guide to Protocol, Social Graces and Etiquette, contact Susan Ubina at 0917-638-6285 or susanubina@yahoo.co.uk.

CCP announces 1st winners for Kanto Canta

GROUPS from Tuguegarao City, La Union, Las Piñas City, Lanao Del Norte, and Taguig City were among the top winners announced in the first-ever online band competition Kanto Canta via live-streaming at the official Facebook pages of the Cultural Center of the Philippines (CCP) and Kanto Kultura on June 30. Letrang Norte from Tuguegarao City in Cagayan was the grand winner while Abel of La Union and The Bratcave of Las Piñas City got second and third places, respectively. The fourth placer was IMCC Kapagintaw Entho-Rock Band from Lanao Del Norte, while Far East Bronxx of Taguig City took the fifth spot. The Kanto Canta grand winner will get P50,000, the Kanto Kultura Trophy, and and an exclusive management and recording contract from Widescope Entertainment. Kanto Kultura seeks to encourage Filipino talents to create artistic content that showcases innovation and creativity through this first online band competition. The live-streamed program can be viewed on Facebook, facebook.com/kantokultura. 

Del Monte Philippines to expand health, kids products

DEL Monte Philippines, Inc. (DMPI) is planning to expand its healthy beverage business as well as offer products specifically for children.

“I think it would be really more in the area of very healthy beverages, specialized beverages, that will further extend our health and wellness products,” DMPI Chief Operating Officer Luis F. Alejandro said in an interview with ABS-CBN News Channel on Tuesday.

“We’re looking at the children’s segment also where we believe we have to further grow because as you know that is the future — having a very strong franchise among children will really extend our growth into the future,” he added.

The company said it was able to weather the pandemic by focusing on health and wellness through its products. It also banked on its convenient cooking items and desserts and its Del Monte Kitchenomics program.

DMPI’s fresh pineapple business also continues to be one of its main growth drivers. The company will be maximizing the opportunities of the segment in China. The company also recently entered the dairy and snacks segments.

DMPI is said to be the “crown jewel” of its listed parent company, Del Monte Pacific, Ltd. (DMPL). In April, it revived its plans for an initial public offering (IPO), which aims to raise as much as P44 billion. The offer consists of existing common shares owned by DMPL’s subsidiaries.

The company said it went back to its IPO plans after realizing it is now in a “better position.”

“We have expanded our footprint in our parent four categories and we have also expanded [internationally]. For the potential investors, this is a stronger company than what you probably have seen three years ago,” Mr. Alejandro said.

DMPI is now waiting for the go signal from regulatory bodies.

On Tuesday, shares of listed parent company DMPL at the stock market rose by 4.28% or 64 centavos to close at P15.58 apiece. — Keren Concepcion G. Valmonte

BFSB seeks bondholders’ consent ahead of planned merger with BPI

BPI FAMILY SAVINGS Bank (BFSB) is seeking consent from its bondholders to allow the Bank of the Philippine Islands (BPI) to take over the obligations for their papers after the lenders’ merger.

The consent solicitation period for holders of BFSB’s fixed- rate bonds will run from July 13 to Aug. 24, which could change at the thrift bank’s discretion, its parent BPI said in a filing on Tuesday.

“The merger will not alter the interest rate or maturity date of the bonds. Once the merger becomes effective, BPI will assume the issuer’s obligations under the bonds such as the payment of interest and the principal upon maturity date,” the listed bank said.

Consent forms may be submitted to the Trust Banking Group of the Land Bank of the Philippines (LANDBANK) or to BPI Capital Corp. through BPI or BFSB branches until noon of Aug. 24.

LANDBANK’s Trust Banking Group is the consent solicitation advisor for BFSB while BPI Capital is the trustee for the procedure.

Bondholders will be informed of the terms and conditions and will be provided with the forms and requirements for the consent solicitation through a kit that will be distributed from July 13 to 30, BPI said.

BFSB will pay consenting bondholders that have completed the requirements with an applicable consent fee of P1 per P1,000 of the principal amount of the bonds they purchased.

BFSB raised P9.6 billion from its maiden bond issuance in December 2019. The papers have a fixed rate of 4.3% per annum paid quarterly.

The merger plan between the Ayala-led lenders with BPI as the surviving entity was announced in January.

The merger will take effect once the Securities and Exchange Commission issues a certificate of merger or by Jan. 1, 2022, whichever is later, BPI said.

BPI last week said it has secured approval from the central bank to increase its capital stock to P50.6 billion ahead of the effectivity of the merger.

“We believe this merger will help realize savings on operating expenses given the consolidation of branch locations and marketing support, reduction in tax leakages from inter-company services, and streamlining of compliance and reportorial requirements,” BFSB President Ma. Cristina L. Go said in a statement on Monday evening.

BFSB’s assets stood at P286.2 billion as of end-2020, based on central bank data. Its loan portfolio is mainly focused on the housing and auto sector.

Meanwhile, its parent BPI’s net earnings dropped 21.64% to P5 billion in the first quarter from P6.381 billion a year earlier. This was caused by declining revenues amid lower net interest income.

BPI’s shares closed at P89 apiece on Tuesday, down by 40 centavos or 0.45% from its previous finish. — L.W.T. Noble

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