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Pirouette like Jagger: Royal Ballet dances to Stones in London streets

LONDON — Dancers from Britain’s Royal Ballet have made a short film in which they perform in London’s deserted streets to the sounds of The Rolling Stones, a project designed to highlight the plight of the arts during the global coronavirus pandemic.

Soloists William Bracewell and Reece Clarke, among others, donned trainers to dance on sunlit pavements and cobble stones outside the shuttered entrances of some of London’s biggest theaters.

These included Shakespeare’s Globe, the Royal Opera House and the Royal Albert Hall.

The film’s producers said in a statement that they wanted to shine a spotlight on a sector threatened by “the unrelenting pressures of COVID-19.”

The film was directed by Joanna DeFelice, Meaghan Grace Hinkis, and Melanie Hamrick, a ballet dancer and partner of The Rolling Stones lead singer Mick Jagger.

It was choreographed to The Rolling Stones’ “Living In A Ghost Town,” a single released in April 2020.

The project aims to raise funds for Acting for Others, a network of 14 charities providing financial and emotional assistance and support for theater workers. — Reuters

Gov’t makes full award of bonds

THE GOVERNMENT made a full award of the reissued three-year Treasury bonds (T-bonds) it auctioned off on Tuesday as demand soared amid strong liquidity in the market, further pulling down rates.

The Bureau of the Treasury (BTr) borrowed P30 billion as planned via the reissued three-year T-bonds yesterday. The bonds have a remaining life of two years and 10 months.

Total bids for the auction spiked to P124.201 billion, making the offer more than four times oversubscribed.

This prompted the BTr to open the tap facility to offer another P20 billion to accommodate excess demand.

The three-year papers fetched an average rate of 2.558%, down by 38.8 basis points (bps) from 2.946% seen during the May 12 offering and also lower than the 2.579% rate at the secondary market on Monday before the auction.

National Treasurer Rosalia V. de Leon said the auction was met with strong demand, with the market still “flushed” with liquidity and the bonds still offering positive rates amid easing inflation.

“Market (is) flushed with liquidity and (participants can) earn real positive rates given benign inflation,” Ms. De Leon told reporters via Viber.

Headline inflation rate slowed to 2.1% in May, easing to a six-month low, from the 2.2% print in April and 3.2% in the same month last year.

This brought the year-to-date average to 2.5% in the first five months of the year, well within the central bank’s 2-4% target for this year.

For Kevin Palma, peso sovereign debt trader of Robinsons Bank Corp., investor optimism as the economy slowly reopens boosted appetite for government bonds.

“High liquidity in the financial system coupled with positive sentiment from the economy’s gradual opening continued to drive buying demand in government securities,” Mr. Palma said.

Metro Manila and other major cities in the country transitioned to relaxed lockdown measures on June 1 after over two months under strict quarantine.

The government plans to borrow P170 billion from the local market in June: P110 billion via weekly Treasury bill auctions and the remaining P60 billion in T-bonds to be offered fortnightly. — B.M. Laforga

Art, antiques, and furniture at León Gallery’s Mid-Year Auction

A RARE three-panel collaboration by Mauro Malang Santos, Ang Kiukok and Hugo Yonzon, Jr. called Goddesses is one of the highlights of León Gallery’s upcoming The Spectacular Mid-Year Auction 2020 on June 20.

The auction will be held at 2 p.m. at the Eurovilla I ground-floor galleries at Rufino corner Legaspi Streets, Legaspi Village, Makati.

Described by the auction house as a “unique reimagination of the Creation Story [that] breaks free from European Catholic iconography not only by rendering Adam and Eve as Filipinos in color and physique but also by innovatively melding the three masters’ signature cubist abstractions.

“More than these, the triptych goes further by using a playful palette and cleverly populating the familiar biblical scene with elements from Philippine culture and its influences. Thus, looking closer one sees a hiding sun, a chicken, and a jeepney as well as water nymphs, a very detailed Tree of Life, and even the word ‘Hello’ written twice,” it said in a press release.

Paintings by top Filipinas artists are also up for auction: Anita Magsaysay Ho’s take on rural life Untitled (Barrio Scene); Pacita Abad’s proto-primitivist Untitled, which borrows elements from pre-colonial tribal art; Betsy Westendorp’s Kakawate Tree in Tagaytay, a landscape featuring a view of Taal Volcano with a flicker of red-orange; and contemporary visual artist Marina Cruz’s hyperrealistic work Red Blue and White Stripes Swimming.

Other lots up for auction are Juvenal Sanso’s Flower Garden, Justin Nuyda’s Abstract Landscape, Jason Montinola’s Untitled, Jigger Cruz’s Sunflower with Beer and Peanuts, Lao Lianben’s A Matter, Mark Justiniani’s Spectator, and, Antonio Garcia Llamas’s Nude.

To view the Spectacular Mid-Year Auction 2020 catalogue as well as register to bid, visit www.leon-gallery.com.

BSP to gradually normalize monetary operations

THE BANGKO SENTRAL ng Pilipinas (BSP) will gradually resume offering term deposits with longer maturities and will bring back its P200-billion offerings under the reverse repurchase (RRP) facility as liquidity improves.

“Consistent with its practice of assessing current financial system liquidity and market conditions in the conduct of its monetary operations, the BSP will gradually reoffer other tenors in its term deposit facility (TDF),” the BSP said in a statement late Monday.

“Similarly, the daily offer volumes in the reverse repurchase facility will be increased at a measured pace. These operational adjustments will begin on 10 June 2020 with the reopening of the 14-day TDF and P200-billion auction offering in the RRP facility,” it added.

The central bank said it will announce weekly the TDF offerings and RRP volumes “as part of its operational adjustment towards the “New Economy.”

“The continued stabilization of liquidity conditions has been observed over the past weeks. Sustained high oversubscriptions in the TDF and RRP auctions indicate that financial market conditions are in place for a gradual normalization in the BSP’s monetary operations. The measured rescaling in the conduct of monetary policy implementation will also provide better guidance to short-term interest rates as the domestic economy slowly reopens,” the central bank said.

“The reconfiguration in the auction volumes and tenors in the TDF and RRP are purely operational measures and remain in line with the stance of monetary policy. Moreover, the BSP stands ready to adjust the details of its operations based on market developments and liquidity conditions.”

The central bank suspended its TDF offerings to support the banking system when the enhanced community quarantine in Luzon was imposed in March. By mid-April, the central bank resumed offering seven-day term deposits. Auctions for the 14-day and 28-day term deposits, however, have remained suspended.

TDF yields have been on a decreasing trend, with the BSP’s offerings being oversubscribed in the past weeks.

Last Wednesday, average rates for the one-week deposits slipped by 0.35 basis point to 2.2543% from the 2.2578% seen the prior week. This, as total bids amounted to P242.052 billion, almost double the P120 billion auctioned and also beyond the P231.351 billion in tenders seen on May 27.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the resumption of auctions of the 14-day deposits is a “good sign” and suggests the central bank is going towards a “level of normalcy.”

“The longer the tenors being demanded and sold means that market may no longer be in panic mode and is more toward a calmer trajectory,” Mr. Asuncion said in a text message. — LWTN

Kimberly-Clark gives P3.2M for relief efforts

KIMBERLY-CLARK Philippines, Inc. has donated more than P3.2 million worth of its products to non-profit organizations, hospitals and treatment centers across the country since the outbreak of the coronavirus disease 2019 (COVID-19).

In a statement, it said it had given 200,000 Huggies diapers, 200,000 Kotex feminine pads, and 20,000 Joy Bathroom tissue rolls. It said it had identified key stakeholders-in-need who have had little-to-no access to these due to the limitations in mobility and resources brought about by the enhanced community quarantine.

“The current health crisis has undoubtedly affected multiple sectors’ ability to efficiently access personal care necessities. Respecting and caring for the communities where we live and work is enveloped in our DNA and we’ve committed ourselves to help them navigate through this situation,” said Michael Vainio, general manager of Kimberly-Clark.

“We’re hopeful that our donation will help inject a sense of dignity and normalcy to the current lives of our beneficiaries as they manage their day-to-day personal care needs,” he added.

Kimberly-Clark said it understands the importance of helping out the healthcare sector augment their resources as more and more hospitals are overwhelmed by the increasing number of COVID-19 cases

It said as a response, the company has delivered over a hundred thousand packs of Huggies diapers, Kotex feminine pads, and Kleenex facial tissues combined, among others, to 39 hospitals across the country. The company also donated to Frontline Feeders PH, a group providing for the needs of frontline healthcare workers in public hospitals.

It said the donations were directed to both hospital frontline healthcare workers and the most vulnerable patients, particularly new mothers and their babies.

Arts & Culture (06/10/20)

VLF online starts June 10

THE Cultural Center of the Philippines (CCP), Tanghalang Pilipino and Writers’ Bloc present the special online edition of Virgin Labfest (VLF), the theater festival of untried, unstaged and untested works, from June 10 to 28. Dubbed VLF 2020 Kapit, 10 main featured plays, as well as staged readings and revisited plays will be performed live online during the first week of the festival. Live performances are free to view on CCP Facebook live. The recorded versions will then be streamed on Vimeo website and/or app from June 14 to 28. For the full schedule, visit the CCP website (www.culturalcenter.gov.ph), CCP official social media account in Facebook, Instagram and Twitter and the Tanghalang Pilipino and VLF pages. There are also free sessions of the Playwright’s Fair and CoLab, the discussions with collaborators (including festival directors, designers, stage and production managers, and directors). Join the online Tambayan (Hangout place) at Facebook (https://www.facebook.com/groups/VLFTambayan/) for conversation or interaction with the VLF artists and staff. To create a Vimeo account, go to vimeo.com/ondemand and join. Once the account is set up, search for Cultural Center of the Philippines or VLF Kapit, and browse through the page to read the full description, watch the trailer, and make a purchase.

4 exhibits at Vinyl on Vinyl

AFTER being shut for three months, Vinyl on Vinyl reopened on June 6 with four new exhibits. Because of the ongoing COVID-19 pandemic, viewing is by appointment and the gallery will only allow three to four people to enter at a time. On view are Denis Bato’s exhibit A Line Starts and Ends with a Point; For/Ages by Anjo Bolarda, which features an army of human-faced spoons; Forest of Agencies by Isola Tong, where the artist considers the relationship between queerness and the forest; and Faye Pamintuan’s gestural paintings in oil on canvas in Ugh. The gallery is at the La Fuerza Compound 1, Chino Roces Ave., Makati. For details contact info@vinylonvinylgallery.com.

New show at BenCab Museum

JOHN Frank Sabado’s solo show, Distinction, which is up at BenCab Museum’s Gallery Indigo until Aug. 2, can be viewed online at the museum’s exhibit Facebook page (https://web.facebook.com/pg/bencabmuseum/photos/?tab=album&album_id=3113556848702650). The exhibit features Mr. Sabado’s new series of intricate pen and ink drawings that take a deeper look into the distinct ethnic markers of the peoples of the Philippine Cordillera.

Silverlens holds online show

SILVERLENS gallery is holding an online exhibition, Anticipating the Day, which is on view until June 20. Instead of installing the works in the gallery, they are installed in the artist’s studios, in-situ. Showing a more raw, but also more alive and organic part of the process, the show is a melding of what the gallery showed during lockdown through its social media #athomewith series, and works that the artists have been making while on lockdown. It features works by Martha Atienza, Frank Callaghan, James Clar Chati Coronel, Nicole Coson, Corinne de San Jose, Patricia Perez Eustaquio, Dina Gadia, Gregory Halili, Mit Jai Inn, Pow Martinez, Wawi Navarroza, Elaine Navas, Renato Orara, Gina Osterloh, Bernardo Pacquing, Gary-Ross Pastrana, Hanna Pettyjohn, Norberto Roldan, Ryan Villamael, and Eric Zamuco. To view Anticipating the Day, visit www.silverlensgalleries.com.

Robinsons Land art tilt deadline extended

IN an effort to bring out creativity and to support local artists during this pandemic, Robinsons Land has extended the deadline for submission of entries to ARTablado, its first national painting competition, on June 15. Launched in January, the theme of the competition is “Create” which is defined as “bring something to existence.” This art competition is open to all Filipino aged 18 years old and above. “Create” has two categories: representational and non-representational, and is limited to works using acrylic or oil on canvas. Since it is a painting competition, mixed media is not allowed. Art subjects should be non-political, non-sectarian, and non-violent. Winners for both categories get P60,000, a solo exhibition at Robinsons Galleria, an overnight stay at Summit Ridge Tagaytay, and a plaque. Second prize winners get P40,000, an overnight stay at Summit Chimes in Greenhills, and a plaque. Third prize winners get P20,000, an overnight stay at Summit Magnolia in Quezon City, and a plaque. Up to 22 finalists will be selected for both categories, each of whom will be handed P4,000.00 in cash. All winning entries will also be part of the 2020 ARTablado traveling exhibition. For the complete list of 2020 Robinsons Land ARTablado Painting Competition’s rules and regulations, visit the ARTablado Facebook page: https://www.facebook.com/ARTablado.

PPO holds online ‘Instruments Petting Zoo’

THE Cultural Center of the Philippines presents the Philippine Philharmonic Orchestra (PPO) in a Musical Instruments Appreciation Series for Children and Families, a virtual “instruments petting zoo” to be held on Sundays, starting June 21 at 4 p.m., in celebration of Father’s Day. The series focuses on a different instrument every Sunday. Its maiden session will feature the violin with PPO violinist Christian Tan. The series will see one to two members of the PPO per session who will discuss their musical instrument and demonstrate how it is played. The series aims to promote an appreciation for the individual instruments of the orchestra and its music among children and families. The program is open to the public via Facebook live through the PPO Facebook page.

Deadline for contributions to Ani literary journal

THE deadline for submission of literary contributions for the 41st edition of Ani, the official literary journal of the Cultural Center of the Philippines (CCP) has been extended to June 30. Literary contributions must be e-mailed at anijournal@yahoo.com. This year’s edition of Ani will feature multilingual Philippine literary works on COVID-19, Enhanced Community Quarantine, Lockdown, Isolation, Healing and Travel. Submissions on travel will be published under the special section of Ani together with the travel stories written by Filipinos with disability. The submissions can be written in the form of essay, poem, short fiction and other genres. Submissions may be in Filipino, English, and local languages of the Philippines accompanied with a translation in either Filipino or English. The CCP Intertextual Division is also inviting 2D visual artists, photographers, painters, graphic designers and other visual artists to submit artworks related to COVID-19, Enhanced Community Quarantine, Lockdown, Isolation, Healing, and Travel for the Ani 41 Journal. Types of eligible artworks are 2D artistic works including photographs, paintings, prints and digital artworks. Expression can be either traditional or contemporary. Deadline of art submissions is also on June 30. For more information on both literary and art contributions, message the CCP Intertextual Division Facebook Page or text 0956-857-4562 and look for Erika Antuerfia. You can also send an e-mail at maerikaantuerfia@gmail.com. Ani 41 will be published digitally and will be distributed online for free.

As Japan, Inc. battles coronavirus, liquidity and bank deposits rise at record annual pace in May

TOKYO — Japan’s money stock, or currency in circulation and bank deposits, rose at the fastest annual pace on record in May as companies hoarded cash to guard against slumping sales from the coronavirus pandemic, central bank data showed on Tuesday.

The data underscores the disruption the health crisis is causing to corporate activity and the flow of money, leaving policy makers dealing with the stiff challenge of reviving an economy in the throes of a deep recession.

Japan’s M3 money stock — or currency in circulation and deposits at financial institutions — rose 4.1% in May from a year earlier, marking the biggest increase since comparable data became available in 2004, Bank of Japan (BoJ) data showed.

The increase was faster than a 3.0% gain in April.

Of the total amount, deposits at financial institutions jumped 10.1% in May, the fastest pace of increase since 2017, to reach a record 770 trillion yen ($7.12 trillion).

“Companies are borrowing more amid the coronavirus pandemic and parking money in bank deposits, so they have more cash at hand to meet immediate funding needs,” a BoJ official told reporters.

Data released on Monday showed Japanese bank lending rose at the fastest annual pace on record in May, as cash-strapped firms tapped loans to pay for fixed costs that emerge even when they are suspending operations.

Prime Minister Shinzo Abe announced a state of emergency in April requesting citizens to stay home and businesses to close.

Although the emergency was lifted in late May, analysts expect the economy to recover only moderately from a deepening recession in the face of the pandemic’s sweeping global impact. — Reuters

How PSEi member stocks performed — June 9, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, June 9, 2020.

Shares extend gains amid volatile trading session

By Denise A. Valdez, Reporter

THE MAIN INDEX closed with gains on Tuesday amid a volatile trading session that saw it falling by as much as 76 points.

The bellwether Philippine Stock Exchange index (PSEi) added 69.84 points or 1.07% to close at 6,583.84, while the broader all shares index picked up 34.69 points or 0.9% to end at 3,862.09.

The PSEi opened at 6,527.36 and hit a low of 6,438.97 before reaching its peak of 6,583.84 when it closed.

“The market closed up gaining 69 points to settle at 6,583 after dipping as low as 76 points intraday. We were expecting this volatility as bullish and bearish investors battled the past few days,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a text message.

“The bulls believe that the worst of the pandemic is behind us while the bears think that this rally doesn’t make sense given the impact of the pandemic on the real economy,” he added.

The market has been on an uptrend since mid-May when news of a potential coronavirus disease 2019 (COVID-19) vaccine came out. It sustained its climb and breached the 6,000 level as the days went on as investors were optimistic over the relaxation of quarantine measures in Metro Manila.

However, since there is still no cure to the virus and the number of COVID-19 cases continues to rise, some investors are doubting how sustainable the climb of the market will be. “For now the bulls seem to be winning as optimistic momentum prevailed for today (Tuesday),” Mr. Lisbona said.

For AAA Southeast Equities, Inc. Research Head Christopher John Mangun, it is notable that the PSEi’s drop at the open is steeper, signaling that more investors are beginning to secure profits.

“There are growing concerns that the rally is over extended and that we may see a strong pull back soon,” he said in an e-mail.

Mr. Mangun noted investors are more active now with value turnover at P8.54 billion and 980.8 million issues switching hands.

All sectoral indices closed the session in green territory. Services rose 38.45 points or 2.73% to 1,442.52; industrials climbed 217.89 points or 2.72% to 8,220.96; mining and oil increased 96.44 points or 1.79% to 5,470.55; financials gained 12.22 points or 0.91% to 1,352.68; holding firms accelerated 25.92 points or 0.38% to 6,716.32; and property improved 9.80 points or 0.29% to 3,314.61.

Advancers outnumbered decliners, 135 against 73, while 43 names ended unchanged.

Foreign investors became net buyers with net inflows of P62.32 million, a turnaround from net selling of P147.43 million a day ago.

“Foreign investors are still mainly undecided as fund flows go back and forth. We may see the main index retreat toward the end of the week,” Mr. Mangun said.

“Chart-wise, the momentum is starting to slow, especially in contrast to last week’s price action. If the market should correct, we are looking at immediate support at 6,200 with a line in the sand at 6,000,” Mr. Lisbona said.

Peso retreats as Diokno signals pause in easing

THE PESO retreated for the second straight day on Tuesday after gains in the US stock market and amid signals of a likely pause in easing by the Bangko Sentral ng Pilipinas (BSP).

The local unit finished trading at P49.95 versus the dollar on Tuesday, shedding five centavos from its P49.90 close on Monday, data from the Bankers Association of the Philippines showed.

The peso opened the session at P49.85 per dollar, which was also its intraday best. Meanwhile, its weakest was at P50.01 against the greenback.

Dollars traded increased to $887.46 million on Tuesday from $651.3 million on Monday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso’s depreciation came after better sentiment for the dollar following gains in the US stock market.

“The peso exchange rate closed weaker after upward correction in the dollar versus currencies as US stock market posted new 3.5 month highs,” Mr. Ricafort said in a text message.

Reuters reported Nasdaq hit a record high close on Monday. It is the first among Wall Street’s three main indexes to bounce back from the market crash due to the crisis.

The Nasdaq climbed 44.7% from its March 23 bottom, driven by gains from rising technology and communication stocks.

The Dow and S&P 500 climbed as well backed by heightened expectations for a swift recovery from the downturns caused by the pandemic. The S&P 500 is still 4.5% below its record high close while the Dow is about 6.7% below.

On the other hand, a trader attributed the peso’s weakness to signals from the central bank about holding policy rates in the upcoming policy-setting meeting on June 25.

“The peso depreciated after BSP Governor [Benjamin E.] Diokno hinted at the possibility of keeping policy rates steady at this month’s monetary policy meeting,” the trader said in an e-mail.

Mr. Diokno said on Monday they may opt to pause so the central bank will have space to maneuver in case of a worse fallout from the pandemic.

The central bank chief said while inflation continues to ease, some commodity prices have started to see an uptick, including fuel and rice.

Benchmark interest rates are currently at record lows after the central bank shaved a total of 125 basis points this year to cushion the impact of the crisis on the economy.

This brought the key policy rate or the overnight reverse repurchase rate to 2.75%, while overnight lending and deposit rates were trimmed to 3.25% and 2.25%, respectively.

For today, Mr. Ricafort sees the peso moving around the P49.80 to P50.05 levels versus the dollar, while the trader expects it to range around the P49.85 to P50.05 band.

Meanwhile, most emerging Asian currencies gained further ground against the dollar on Tuesday as easing coronavirus restrictions in the region fuelled hopes for a quick economic recovery from a coronavirus-induced slump. — Luz Wendy T. Noble with Reuters

Virus rush to push metro back to strict lockdown

MANILA and nearby cities, where coronavirus cases are mostly concentrated, could revert to a stricter lockdown after June 15 if cases continue to surge, the presidential palace said on Tuesday.

“If the trend continues, either the general community quarantine will continue or we will go back to a modified enhanced community quarantine,” presidential spokesman Harry L. Roque said at a news briefing in mixed English and Filipino.

An inter-agency task force made up of Cabinet secretaries will base their decision on data from the Department of Health, he added.

If cases continue to rise, “there’s a possibility that we won’t graduate to the next phase,” Mr. Roque said.

DoH reported 518 new infections yesterday, bringing the total to 22,992. The death toll rose to 1,071 after six more patients died, while 99 more patients have gotten well, raising the total recoveries to 4,736, it said in a bulletin.

Of the new cases, 280 results came out in the past three days while 238 came out late, the agency said.

President Rodrigo R. Duterte locked the main Philippine island of Luzon in mid-March, suspending work, classes and public transportation to contain the pandemic. People should stay home except to buy food and other basic goods, he said.

He extended the lockdown on the island twice and thrice for Metro Manila, where the lockdown has since been relaxed. Some businesses have been allowed to reopen with minimal workforce.

Metro Manila and Cebu were placed under a general community quarantine on June 1 along with Cagayan Valley, Central Luzon, Calabarzon (Calamba, Laguna, Batangas, Rizal and Quezon), Pangasinan, Albay, Mandaue City, Zamboanga City and Davao City.

Others were put under a more relaxed modified general community quarantine.

The task force will discuss later this week what should be the next step, Mr. Roque said.

Health Undersecretary Maria Rosario S. Vergeire earlier on Tuesday said there was a case backlog of about 1,500.

“It’s erratic owing to the different operational issues that each laboratory is facing,” she said at a news briefing.

She also traced the backlog to more samples from highly populated areas, adding that zoning guidelines should address the problem.

Some facilities have failed to meet the daily deadline for reporting because of the lack of encoders, Ms. Vergeire said.

Meanwhile, she said mothers who have given birth at health facilities will be tested for the coronavirus disease 2019 under new guidelines on expanded testing protocol that will be signed by Health Secretary Francisco T. Duque III this week.

Pregnant women are among those most at risk of dying in case they get infected, aside from the elderly and people with underlying medical conditions.

Ms. Vergeire last week said the daily testing capacity had reached 10,000, allowing the expansion of the targeted testing to include patients without symptoms.

Anna Ong-Lim, president of the Pediatric Infectious Disease Society of the Philippines, said relatives, colleagues and health workers who got in contact with positive patients should be tested as well.

The virus has sickened 7.2 million and killed about 409,000 people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 3.6 million people have recovered, it said. —Gillian M. Cortez and Vann Marlo M. Villegas

South China Sea code of conduct on track

TALKS ON the code of conduct in the South China Sea are “proceeding smoothly and effectively,” Chinese Ambassador to the Philippines Huang Xilian said on Tuesday, as the Philippines and China celebrate 45 years of diplomatic relations.

“With joint efforts of China and ASEAN (Association of Southeast Asian Nation) countries including the Philippines, the consultation of the Code of Conduct in the South China Sea is proceeding smoothly and effectively,” he said in a statement.

Efforts include the establishment of a bilateral consultation mechanism, which serves as a venue for the Philippines and China to discuss maritime cooperation, he added.

China and ASEAN economies had agreed to a three-year timeline, or until 2022, to complete the code meant to ease tensions in maritime disputes.

A maritime expert earlier said the coronavirus pandemic has delayed consultations on the code.

“It’s delayed by half a year now — no negotiations, no meetings on the code of conduct took place, even virtually,” Nguyen Hung Son, director-general and head of the Institute for the South China Sea, Diplomatic Academy of Vietnam said in a May 15 online forum. “This further pushed whatever deadline that ASEAN and China have indicated in the negotiation process.”

The Philippines and China established diplomatic relations on June 9, 1975. The Southeast Asian nation also celebrates the Filipino-Chinese friendship day on the same day yearly, based on a law that took effect in 2002.

Mr. Huang said the partnership has boosted trade between the two countries and is helping to develop Philippine infrastructure.

Bilateral trade volume increased more than 800 times from about $72 million in 1975 to $60.95 billion last year, he said. He added that last year, China signed $6.24 billion in contractual projects with the Philippines.

The Chinese government said that aside from helping the Philippines fight the coronavirus pandemic, it remained committed to help the Philippine boost infrastructure projects under President Rodrigo R. Duterte’s “Build, Build, Build” program.

Mr. Duterte has sought closer trade and investment ties with China since he became president in 2016, unlike his predecessor Benigno S.C. Aquino III, whose government sued China before an international court in a sea dispute and won. — Charmaine A. Tadalan

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