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Stuff to do (10/23/20)

Biobalance Webinar

On Oct. 24, 9 a.m., the Biobalance Wellness Institute will hold a webinar called “Trust Your Gut: What Symptoms Reveal About Your Health.” The webinar, hosted by Dr. Eca Lorenzo, is aimed at teaching people about the symptoms and risk factors that can damage their gut health and overall health, and what can be done to restore and maintain a healthy gut. The webinar is free and will be broadcast live via BioBalance Wellness Institute’s Facebook page. 

Philippine Philharmonic Orchestra concert series

The Philippine Philharmonic Orchestra (PPO) will be bringing classical music online on Oct. 30, 8 p.m., as part of its PPO Chamber Music concert series. Maestro Yoshikazu Fukumura, the PPO’s music director and principal conductor, has programmed a chamber concert series that highlights the different instruments of the orchestra while performing music composed for small ensembles. The October concert will focus on string instruments, while a Nov. 27 concert will focus on wind instruments. The concerts will be streamed on the CCP and PPO Facebook pages.

Fitness Dance-athon

Avon Philippines continues its efforts to raise funds for the Philippine Cancer Society for Breast Cancer Awareness Month with a Dance-athon featuring dance group The Manoeuvers on Oct. 24, 6 p.m., at the Avon Philippines Facebook page. The session will last for two hours.

KulturaSerye Webinar at Gateway Gallery

Gateway Gallery presents the fourth installment of the #KulturaSerye webinars on Oct. 24, 2 p.m., via its Facebook page. Entitled “Philippine History: Beyond the Classroom and Textbook,” the talk will be delivered by Ian Christopher Alfonso who will emphasize how history can be taught beyond the classroom and will present the various avenues by which Philippine history can be taught effectively. To view the webinar, like or follow Gateway Gallery Facebook page and ensure bell notification is set to on for online events. This is a free webinar and no pre-registration is needed. Viewers are encouraged to join the discussion and share the live webinar so that more people will benefit from the talk.  To know more about #KulturaSerye and the webinar, message the Gateway Gallery social media accounts — Facebook (GatewayGalleryPh), Instagram (gateway.gallery), Twitter (gateway_gallery), and You Tube (Gateway Gallery) — e-mail at gatewaygallery@aranetagroup.com, or call 8588-4000 local 8300.

Best of Spanish contemporary dance

Instituto Cervantes de Manila presents from Oct. 26 to 31, a selection from FIVER, an international festival of audiovisual dance support, exhibition and production created in Spain in 2012, for free on its Vimeo channel, https://vimeo.com/showcase/fiver. Curated by Samuel Retortillo, director of the FIVER festival, the selection is a current vision of audiovisual dance, based on five works that Fiver produced or have been finalists in their international competition.   This program is expanded with a series of videos that were created during confinement called: “Confined Bodies.” For further information please log on to Instituto Cervantes’ website (http://manila.cervantes.es), or Instituto Cervantes Facebook page www.facebook.com/InstitutoCervantesManila 

HABI Fair goes online

The Likhang HABI Market Fair  — a showcase of handwoven items for the home and self using local fabrics, fibers, and textiles — is going online this week, from Oct. 21-27, via the website www.shophabifair.com. Over 30 merchants have joined this year, with their products sourced from and made in all corners of the country. For more information on Likhang HABI Online Market Fair, the series of webinars, and other HABI advocacies, visit www.habitextilecouncil.ph or follow www.facebook.com/HabiThePhilTextileCouncil and Instagram @habifair. 

BaiCon held this weekend

The CICP (Creator and Influencer Council of the Philippines) is holding its second BaiCon on Oct. 23-24, the largest gathering of creators and influencers in the Philippines, with this year’s theme being “BaiCon InFest 2020 The Space Invasion.” It will be attended by over 50 influencers and creators including Mikey Bustos, Erwan Heussaff, Inka Magnaye, Bogart the Explorer, and many more. It will also feature VisMin creators and influencers. To join BaiCon, register via www.baicon.ph or follow BaiCon InFest 2020 The Space Invasion’s Facebook, Instagram, and TikTok @baicon.ph

Podcast on Joey Ayala

THE FILIPINAS Heritage Library and the OPM Archive will release MUNI-MUNI STORIES: A Podcast on Filipino Music Episode 3: Joey Ayala | Karaniwang Tao on Oct. 23, 6 p.m., on Spotify and Apple Podcasts. In this episode, the podcast host talks with Joey Ayala about his beginnings, the importance of music spaces, his song-writing process, and the need to tell stories through writing. For updates regarding the episode upload schedules, visit Filipinas Heritage Library and the OPM Archive on Facebook.

Mitch & Mel Online ‘Ohayo’

Comedian Mitch Valdez and musical director Mel Villena star in a half hour of stories and music delivered into your homes via Zoom on Oct. 24, 6 p.m. (Philippine time) and 7 p.m. (UTC-7). “Ohayo” is the title of the first episode with Valdez sharing stories of growing up in Japan and the culture shock of re-entry to life in the Philippines. This is the first of many episodes providing an antidote for our times. Get access (P600 advanced, P750 on the day of the show) via TicketWorld.

Animation Film Festival online

FOR the 10th year in a row, the Institut Français, in partnership with the AFCA (Association Française du Cinéma d’Animation), is bringing the Fête du cinéma de l’animation (Animation Film Festival) to an international audience. From Oct. 14 to 31, two animated feature films and 11 French and African animated short films will be available online and for free. The films can be seen here; https://ifcinema.institutfrancais.com/fr/streaming/animation . All the films are in French with English subtitles.

Glass Art Workshop

The BGC (Bonifacio Global City) Arts Center will be holding a glass art workshop with artist Fchel Estanislao of Glassicology on Oct. 24, 10 a.m. to noon. The session will be about turning glass into wood art. The session is recommended for children aged 7 and up. Donations are needed to access the workshops which will be conducted via Zoom. The center requests a minimum donation of P500. For more information and how to register, visit https://www.bgcartscenter.org/whats-on/219/online-yana-workshops.

Film screening on mental health

THE CULTURAL Center of the Philippines (CCP) and the Quisumbing-Escandor Film Festival for Health partner to bring awareness to mental health and health-related issues in the country through Balik Tanaw, a free film online screening. From Oct. 23 to 30, films on autism spectrum disorder, depression, and dementia will be screened on the CCP Vimeo channel for free. The featured films — Oh, Aking Katoto by Kelvin Aguilar, Rekuwerdo by Kristoffer Brugada, and Wish by Sheen Irerick Seekts — were part of the 3rd Quisumbing-Escandor Film Festival. There will also be a live talkback and Q&A with the film directors, to be moderated by actress Meryll Soriano, on Oct. 30. Catch it on the CCP Media Arts and CCP Facebook pages.

Museum conference 

THE METROPOLITAN Museum of Manila and the National Commission for Culture and the Arts (NCCA), in collaboration with the Alliance of Greater Metro Manila Museums and with the support of De La Salle University Publishing House, invite museum professionals to participate in the exchange of ideas on the issues, challenges, and opportunities concerning the museum community. A Call to Transform: Manila Museums Summit 2020 — which will be held from Oct. 27 to 30, 9 a.m. to noon —  envisions to cultivate a critical understanding of the directions museums are moving towards and the strategies implemented by different institutions in adapting to these precarious times. The summit will be hosted via Zoom with livestreaming on Facebook. Click “going” on the Facebook event page (https://web.facebook.com/events/1493740850824053 ) to be notified once it goes live.

Freestyle, Robert Seña to headline free online concert

POP and R&B band Freestyle and indie alternative band She’s Only Sixteen’s frontman and rhythm guitarist Robert Seña will headline the nostalgia-themed UNITE 2020, an online concert that is free and open to the public. It will showcase performances by homegrown talents and indie musical acts Kyla and Jam, The Strays, Why July, Nobody’s Home, Tala and Matt Murillo. The affair will feature numbers from the internationally acclaimed Saint Benilde Romançon Dance Company and hit mixes by DJ Mohit and DJ Rammy. UNITE 2020 will go live on Oct. 30, 6 p.m., on the official Facebook page of the Benildean Student Trainers at: https://www.facebook.com/StudentTrainers/.

Rush Hour Concerts: The Best of OPM with MSO

IN the midst of the pandemic, the Manila Symphony Orchestra (MSO) continues with its popular Rush Hour series of concerts, this time online. On Oct. 30, 6-7 p.m., via Zoom, the MSO will perform symphonic renditions of the Best of OPM (Original Pilipino Music) from the 1970s to the 1990s, from the hits of Ryan Cayabyab up to the Eraserheads. Proceeds from the online event will support Ayala Foundation’s student scholars online access allowance for one school year. Get access (regular tickets are P1,200, while discounted tickets for seniors, PWD, and students is P850) via TicketWorld.

D.M. Wenceslao to build upscale residential condominium in Makati

D.M. Wenceslao & Associates, Inc. (DMW) is planning to build a residential condominium in Makati City after acquiring a 1,600- square meter property in the area.

In a statement Thursday, the company said its residential development arm, Aseana Residential Holdings Corp., bought a building in Legazpi Village, Makati City.

The company plans to develop it into an upscale residential condominium, which will be close to young professionals and families that frequent the location.

“This has been a challenging year for the real estate sector with the impact of the pandemic. However, we remain optimistic in the market fundamentals and the prime location of the neighborhood,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in the statement.

The property is within the Makati City central business district, which DMW said makes it an ideal location because of its proximity to retail concepts, restaurants and open spaces.

“We believe that this property allows the company to expand and diversify our investment portfolio and development pipeline,” Mr. Wenceslao added.

DMW’s property development portfolio includes residential condominium projects in Parañaque City. Its flagship project is Aseana City, a 107.5-hectare property along the coasts of Manila Bay.

“While Aseana City remains our flagship project, we will continue to seek opportunities in prime locations even in this current environment,” Mr. Wenceslao said.

DMW posted an attributable net income of P716.5 million in the first semester, down 36% from a year ago, due to a P600- million one-off gain in 2019.

Its shares at the stock exchange picked up eight centavos or 1.51% to close at P5.38 each on Thursday. — Denise A. Valdez

Ricky Lee’s scriptwriting manual turned into TV show

Award-winning screenwriter and playwright Ricardo “Ricky” Lee is sharing his tips on how to write and tell stories on iWant’s Trip to Quiapo, a five-part reality show/masterclass.

“All of us, writers or not, have the ability to tell stories. We’re just afraid,” Mr. Lee said in the trailer for the show.

Based on his book, Trip to Quiapo: Scriptwriting Manual, published in 1998, Trip to Quiapo the series is like a crash course masterclass on how to tell stories and how there’s no wrong way to tell them.

Quiapo, a district in Manila known for being a bustling commerce center and for the Minor Basilica of the Black Nazarene or Quiapo Church, is the symbol of Mr. Lee’s dreams as he used to read a lot about the place when he was a child.

“For a child like me, Quiapo was the pinnacle, that’s why when I was writing, Quiapo became the symbol of me achieving my dream of writing a great and successful script,” he explained in a press release.

In a testament to all his years as a writer, Mr. Lee pointed out that this generation’s writers have some sort of “restlessness.”

“They already want to break out and create screenplays and direct. There’s a certain impatience that I try my best to understand. And you can see it in their scripts, there’s a kind of rush and a rhythm of urgency,” he explained.

While he may dole out lessons on how to write, he stresses that there is no wrong way to write.

“There’s no wrong or right way to write, you just have to make it right. If that’s the nature of your time and who you are as a person, turn it around and make it work…They say a movie shouldn’t be too talkative but if that’s how you write, make me admire it,” Mr. Lee said in the vernacular during a media conference on Oct. 19 held over Zoom.

And the pandemic should not stop writers from writing. In fact, Mr. Lee said that writing is a way of “making sense of what is happening around us and with other people.”

Through his four decade-long career writing screenplays for some of the most celebrated Filipino films — Lino Brocka’s Jaguar (1979), Cain at Abel (1982), and Himala (1982), to name a very few — Mr. Lee reflected that he still continues to learn and uses his writing workshops, usually held in his basement, as a way to teach people and learn for himself.

“I’m only one person and sometimes my workshop class numbers 30 people, and I learn a lot from them,” he explained before adding that since he continues to learn and he continues to write, he doesn’t have any intention of retiring.

His workshops, which he started in 1982, have produced some of the country’s celebrated filmmakers including Lav Diaz, Jerry L. Sineneng, and Jeffrey Jeturian.

And now he’s bringing those workshops on screen with Trip to Quiapo, directed by Alberto “Treb” Monteras II, the director of Cinemalaya Best Picture Respeto (2017) and starring Enchong Dee as a struggling writer.

Trip to Quiapo is regarded by many screenwriters as the quintessential storytelling manual despite being published three decades ago, but the show, according to Mr. Lee, showed him a different perspective on Quiapo.

“I saw in a new and fresh perspective the manual I wrote so many years ago,” he said in both the conference and the show’s trailer.

“Have you tried having your friends read your work? Are they still friends with you?” he joked with a workshopper played by actor Arjo Atayde in the show’s trailer.

And in such a short sentence, Mr. Lee condensed what is probably the overarching lesson of his workshops: “There’s nothing else you need to do other than be brave, make your passion your inspiration, and start writing.”

“That’s why it’s called Trip to Quiapo, the journey is more important than Quiapo (the destination),” Mr. Lee explained.

Trip to Quiapo is now streaming for free on the iWant streaming platform. — Z.B. Chua

BSP unlikely to issue own digital currency soon

The Bangko Sentral ng Pilipinas (BSP) will continue to study and strengthen capacity building on central bank digital currency (CBDC) but is unlikely to issue them within the short to medium term, according to BSP Governor Benjamin E. Diokno.

“The end of my term is 2023. I don’t think so. Most central banks said they will not issue a CBDC within the next five years so not within my term,” Mr. Diokno said in an online briefing on Thursday.

Despite this, Mr. Diokno said the BSP is keen to explore CBDCs.

“We will continue with our research. This could be done on the current payment system, including possible areas for improvement; privately-issued digital currencies in the Philippines, covering their business models and the crafting of regulations using industry sandboxes; and CBDC developments among central banks,” he said.

Mr. Diokno said they will also tap possible technical assistance from institutions such as the International Monetary Fund or the Bank for International Settlements and look into consulting with other central banks to boost the BSP’s knowledge on CBDCs.

CBDCs differ from cryptocurrencies as the latter are prone to price volatility, Mr. Diokno said.

“By contrast, a CBDC is a digital form of central bank money that is denominated in a national unit of account and functions as both a medium of exchange and a store of value,” he said. “Given these features of CBDC, it is expected that it will be preferred than privately-issued digital currencies.”

Based on the BSP’s exploratory assessment, benefits of CBDCs include the facilitation of financial inclusion and a possible decline in cash usage, an additional option for monetary policy tools, as well as boosting competition and innovation in the payments system.

“Some central banks are also engaging in CBDC activities as part of contingency planning. This fosters readiness in the event that the payment environment necessitates the adoption of a CBDC,” Mr. Diokno said.

On the other hand, risks that may arise from CBDCs include a loss of privacy for consumers, increased costs in the banking system due to possible competition between bank deposits and CBDCs, and threats of money laundering, terrorism financing, as well as cybersecurity issues.

So far, some countries engaged in some forms of CBDC activities and pilot tests include China, Marshall Islands, Sweden, Bahamas, and the Easter Caribbean. — LWTN

Global Ferronickel to start building $50-M steel plant early next year

NICKEL-ore producer Global Ferronickel Holdings, Inc. (FNI) has announced that the construction of a $50-million rebar steel rolling plant situated in Mariveles, Bataan will start in the first quarter of 2021.

In a disclosure to the stock exchange on Thursday, FNI said that it acquired a 40% stake worth P450 million in Seasia Nectar Port Services, Inc., which is the port operator of the Freeport Area of Bataan, to fund the operations of the steel plant.

FNI said its stake in Seasia Nectar Port Services, Inc. also provides steady access to port services during construction and on the company’s importation of raw materials.

“We would have wanted to begin construction this year but it has been delayed due to the pandemic, specifically the imposed travel restrictions as some of our technical experts are based abroad,” FNI President Dante R. Bravo was quoted as saying. The plant is projected to begin operations in 2022 and once completed, it is estimated to produce 600,000 tons of steel bars annually.

According to FNI, it has exceeded its new shipment target of 5 million wet metric tons (WMT) and is on pace to reach 5.6 million WMT for 2020.

In the second quarter, the nickel-producing firm posted a 46.6% increase in its net income attributable to equity holders to P354.24 million largely because of better nickel ore prices and lower operating expenses. FNI’s revenues for the period fell 11.7% to P1.51 billion after its mining operations were temporarily suspended in April due to the coronavirus disease 2019 pandemic.

On Thursday, shares in FNI at the stock exchange rose 0.78% or P0.01 to close at P1.30 each. — Revin Mikhael D. Ochave

Zero-cash motivational strategies during COVID-19

We don’t have enough revenue and material resources to encourage our employees to continue working hard during the pandemic, including those working from home. However, our CEO told us not to worry about it as he thinks the best motivational strategy is still job security, because the company is trying its best not to retrench any workers. Is he correct? — Lemon Juice.

Your CEO is correct. How can you argue with him? The sound of his voice and his footsteps are the strongest form of motivation possible within the organization. Indeed, we must save jobs at all costs. And if it comes from the boss, then surely he is wise, but not necessarily a management genius.

When your CEO is correct, it doesn’t mean, however, that your idea of motivating people is wrong, especially during these trying times when practically everyone is suffering from undue stress and anxiety while trying to guess what might happen next. Indeed, there are many questions that we should answer when the workers are facing the unknown.

How do we calm their fears? How can we motivate them to give their best for the organization? Can we continue building a strong workforce from the wreckage of the pandemic? To answer those questions, I am recommending my time-tested strategy for motivating workers using zero cash, which I’ve been using forever.

You don’t have to spend money and other material resources to motivate people. There’s a common denominator that runs through all this. Your job is to know your people, their ambitions and strengths and align this with their fears.

ZERO-CASH STRATEGY

All managers must know what motivates their workers. In general, there are certain well- accepted principles that you can apply that don’t require money. Some managers often ignore them, but those who work in the real world, and even in the virtual world, know how important they are.

One, money is not what motivates people over the long term. Its impact is short-lived. Most bonuses and other financial rewards come in during year’s end. However, its effects wear off starting February of the following year. That’s one single reason why we should teach our workers to aspire for what management theorist Abraham Maslow talked about “self- actualization” or the highest level of achievement.

Two, workers value flexibility and freedom to do their jobs. This does not mean allowing people to do their own thing without regard to rules and other limitations. As long as there’s an agreed goal, resources to be used, and a reasonable timeline, there’s no point for managers to micromanage workers. You’ve heard it before, but I will not hesitate to repeat the wonders of empowerment and engagement.

Three, praise only the best and the brightest individuals. Let me emphasize however, that you should actively define what is considered exceptional work performance and give people their fitting reward. But ditch rewards for average accomplishments. If the workers have met your minimum expectations, there’s no reason why you should sing their praises. You’ll only end up encouraging average performance.

Four, focus on giving non-monetary rewards that motivate. There’s no shotgun approach for this. You must tailor-fit your zero-cash reward to employees who value them the most. This includes the right to choose and manage a project, a letter of praise signed by the CEO, a testimonial plaque from peers attesting to their high regard for the employee, and the opportunity to help develop an important new product for the company.

If you want a shotgun approach that may apply to all workers, encourage them to display their family photo on their work desks or use them as virtual backgrounds during online meetings. The options are endless and limited only by your creativity.

Last, employee rewards must reflect company values. Almost every organization has its own vision, mission, and value statements. To maximize the opportunity to reward people, management must be able to connect organizational culture and values and how they’re being translated into actual worker behavior.

One example is promoting “innovation through teamwork” as a corporate value. Desirable worker behaviors includes proposing and successfully experimenting with a new system that eliminates some form of operational waste or correcting product defects with simple solutions.

SPECIFIC PRAISE

You must initiate and continue to maintain proactive two-way communication with everyone, including those who are perceived to be problem employees. An expensive carrot isn’t necessary to do this, and neither is the stick, except in urgent circumstances.

The days of a barking boss have passed — perhaps as long as 50 years ago. There’s no point in resurrecting such a style now, even during the pandemic, in the face of many constructive alternatives that you can explore.

When you commend workers for exceptional performance, be specific about what you are praising. Don’t simply say “the job is exceptional,” but rather exert some effort to define in exact terms both the diligent effort (such as spending days without overtime pay) and the actual result (such as the money the company saved).

Then emphasize the impact on you as a boss, the whole management team, other employees and the organization in general. When you recognize a high achiever, or even deadwood, your goal is to reinforce successful behaviors so that employees will repeat them and act as models for others.

ELBONOMICS: Praising people is like a sunlight that is available and free. Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

BRIEFS

Rebecca proves to be the novel that keeps on giving

LOS ANGELES — Daphne du Maurier’s beloved novel Rebecca has seen multiple screen adaptations but the director of the latest film version believes his may be the closest to the 1938 book.

The thriller about a young, naive woman who marries an older aristocrat but finds herself in the shadow of his late wife, Rebecca, was an Oscar best picture winner for director Alfred Hitchcock in 1940, starring Laurence Olivier and Joan Fontaine. But the ending of the book was changed.

The new film, directed by Ben Wheatley and starring Lily James, Armie Hammer and Kristin Scott Thomas, will be released on Netflix on Wednesday.

“I went back to it and kind of re-read it and realized that this is the first script for a feature version of the book that had all the plot in it. Before, there had been things taken out and major story points which had been removed,” Wheatley said.

James, who plays the young woman, said the novel was packed with themes including male-female power dynamics as well as “obsession and jealousy and the patriarchy and everything within a very addictive, commercial, gothic horror thriller romance.”

Scott Thomas, a longtime fan of the book, said she was thrilled to be cast as the manipulative housekeeper Mrs. Danvers, played in the 1940 version by Judith Anderson.

“I reveled in creating her, in creating the image and in the sort of construction of her. But actually doing it, actually being her when they say ‘Action’ and having to be so beastly, it’s actually quite hard,” she said.

“I think people love those sort of stories where something suddenly appears incredibly realistic and true and you can really identify with it and then suddenly it sort of slips into something a bit more of a fantasy,” Scott Thomas said.  — Reuters

Borat bounces back just ahead of US elections

LOS ANGELES — In 2006, he shocked the world with his scathing cultural satire of the United States in Borat. Now British comedian Sacha Baron Cohen is back with a mockumentary sequel that is garnering mixed reviews two weeks ahead of the US elections.

Borat Subsequent Moviefilm: Delivery of Prodigious Bribe to American Regime for Make Benefit Once Glorious Nation of Kazakhstan, available on Amazon Prime from Friday, sees Baron Cohen back in character as racist, sexist Kazakh journalist Borat Sagdiyev who once again travels to America.

This time, the plot revolves around his attempts to marry off his 15 year-old-daughter to Vice-President Mike Pence or, failing that, Rudy Giuliani, the former mayor of New York now best known as President Donald Trump’s personal lawyer.

“Sequels don’t come more triumphant, or well-timed, than this,” said the Daily Beast in its review on Wednesday.

Variety said the film delivers a “consistent, coherent feature-length narrative, punctuated with outrageous, unpredictable set pieces.”

Few of the film’s pranks were revealed ahead of the release, but reviewers said they include Cohen gate-crashing a political conference dressed as Trump, a coronavirus quarantine stay with supporters of QAnon conspiracy theories, and visits to an abortion clinic and a debutante ball.

“My aim here was not to expose racism and anti-Semitism,” Cohen told the New York Times last weekend in his only major print interview around the film. “The aim is to make people laugh, but we reveal the dangerous slide to authoritarianism.”

Cohen said he wanted the movie released before the Nov. 3 election because “we wanted it to be a reminder to women of who they’re voting for — or who they’re not voting for.”

While most of the reviews were positive, some found the movie tasteless.

“This joke isn’t funny anymore,” the Hollywood Reporter said, adding that “the Trump years make him (Borat) painfully redundant.” — Reuters

Paul McCartney to release solo album in December

LONDON — Paul McCartney will release McCartney III in December, a new collection of stripped-back songs all written, performed and produced by the ex-Beatle, 50 years after his first solo album.

Recorded this year in Sussex in southern England, McCartney III is mostly built from McCartney’s live takes on vocals and guitar or piano, overlaying his bass playing and drumming.

It joins two other albums — McCartney and McCartney II — created single-handedly by the 78-year-old at critical times in his life, in 1970 and 1980, when he was seeking a creative rebirth.

“I was living lockdown life on my farm with my family and I would go to my studio every day. I had to do a little bit of work on some film music and that turned into the opening track and then when it was done I thought what will I do next?” said McCartney.

He turned to half-finished fragments he’d created over the years.

“Each day I’d start recording with the instrument I wrote the song on and then gradually layer it all up, it was a lot of fun. It was about making music for yourself rather than making music that has to do a job. So, I just did stuff I fancied doing. I had no idea this would end up as an album.”

McCartney’s most recent album is 2018’s Egypt Station, and the musician was still touring last year.

McCartney III is described as offering a vast and intimate range of modes and moods, from soul searching to wistful, from playful to raucous and all points between. — Reuters

Moving on to the recovery phase

More than seven months have elapsed since the Philippines imposed lockdown protocols on various levels. Our economy stalled when the entire island of Luzon was placed under enhanced community quarantine (ECQ) from mid-March to mid-May this year.

Since then, the Philippine Stock Exchange index (PSEi) has partially recovered from its crash during the ECQ, and the economy is starting to pick up this quarter.

Next month, The Global Filipino Investors, Inc. (TGFI) will stage a two-day conference headlined by economists and stock market gurus. They intend to teach Filipinos how to invest in equities and fixed-income securities as the country charts its path to be among the leading emerging markets in the post-pandemic era.

According to TGFI Chairman Januario Jesus Atencio III, the online conference is geared toward spreading the gospel of financial literacy and it will tackle the relevance of investments to the economic recovery. He believes that Filipinos should look beyond the challenges posed by COVID-19, allowing national leaders and health authorities to handle issues stemming from the global turmoil.

“We cannot be fixated with the here and now of the current crisis,” Mr. Atencio stressed.

TGFI President Filip Lloi Wycoco said the Bonds and Stocks Online Conference 2020 serves as a reminder that there are generous citizens who are willing to help their compatriots. “It also makes sense to conduct this event now while the PSEi is still in its correction phase and bonds can work as a way to protect the unrealized loss encountered during this phase,” he remarked during a Zoom briefing where he invited the public to register at www.tgfiph.com/bsoc for free attendance in the Nov. 21-22 event.

At this juncture, it is crucial for both the private and public sectors to regain their stability on the road to recovery. Recent developments in the Legislative branch have underlined the importance of a strong foundation in terms of leadership.

In the House of Representatives, the benefits of a stable leadership were realized during the first year of the 18th Congress.

Compared with previous administrations, the lower chamber’s performance approval and trust ratings reached unprecedented heights during the term of House Speaker Alan Peter Cayetano based on surveys conducted by Social Weather Stations and Pulse Asia.

Under his watch, the 2020 general appropriations bill (GAB) was passed in record time after the economy suffered from a four-month delay in the passage of the 2019 national budget. That impasse happened during the final year of the 17th Congress when former President Gloria Arroyo toppled then Speaker Pantaleon Alvarez through the assistance of Davao City Mayor Sara Duterte.

As it turned out, the high level of trust for Mr. Cayetano’s team proved invaluable when Taal Volcano erupted in January this year followed by the global pandemic. Congress quickly rose to the occasion by enacting the P275-billion “Bayanihan I” and the P165-billion “Bayanihan II” laws while the country was undergoing a series of lockdowns. With lives and livelihood lost, the government needed to allocate funds for the rehabilitation of affected sectors through an economic stimulus package for damaged industries.

But infighting among factions of the ruling coalition resurfaced this month, leading to the replacement of Mr. Cayetano by newly installed Speaker Lord Allan Velasco — again with the pivotal support coming from Ms. Duterte. As a result, there was a delay in passing the 2021 GAB due to skirmishes between the two camps.

Up to now, there seems to be a mystery about the number of votes obtained by Mr. Velasco at the plenary session on Oct. 13 when he assumed the speakership. Aside from two roll calls, no record of the nominal voting could be found and neither has an actual list been shown containing the names of his 186 supporters. Who knows if the presumed voters included those who were not yet inducted into office but were already mentioned in the first roll call?

The legitimacy of Mr. Velasco’s takeover could be questioned in the absence of proof regarding the majority vote, and thus create instability in the House. As a line from a famous Shakespearean play goes, “uneasy lies the head that wears a crown.” What happened to Messrs. Alvarez and Cayetano might be repeated in another round of revolving-door speakerships.

Unless this uncertainty is resolved, the foundation for effective leadership will be on shaky ground and the nation would not be able to move on from one of the most chaotic episodes in the legislature’s history.

J. ALBERT GAMBOA is CFO of the Asian Center for Legal Excellence and chairman of FINEX Publications.

San Miguel to buy more plastic wastes to power cement plants

SAN MIGUEL Corp. (SMC) is buying more plastic wastes to fuel its cement plants to help in managing the country’s solid wastes and generate jobs as the pandemic crisis goes on.

“It’s a more environment-friendly and sustainable alternative to using traditional fuels,” said Ramon S. Ang, president and chief operating officer of SMC, in a statement on Thursday.

He said technology to safely convert plastic waste to energy existed for a long time, and that the conglomerate’s affiliate Northern Cement Corp. had been using it on a smaller scale.

“Other major manufacturers, both locally and globally, have also been using this,” he said.

The company said the initiative comes after its launch of a string of sustainability efforts, which include discontinuing its plastic bottled water business, building the country’s first recycled plastics road, and spending a billion pesos to rid major river systems of garbage.

It said Northern Cement is capable of consuming up to 1.5 million tons of plastic waste yearly. The affiliate is targeting to reduce the use of traditional fuel by up to 50% and substitute with plastic wastes.

Mr. Ang said collecting and assembling plastic wastes could provide additional or alternative sources of income for struggling Filipinos as the country continues to cope with the economic impacts of the pandemic.

The cement produced will go to the construction industry, which the company said generates a significant amount of jobs, while driving infrastructure development and economic growth.

“Instead of just hoping for a better tomorrow, we continue to look for actual solutions where we can get the best outcome for the greatest number of people,” Mr. Ang said.

Philippines third-most affected country in Asia-pacific by climate change

PHILIPPINES THIRD-MOST AFFECTED COUNTRY IN ASIA-PACIFIC BY CLIMATE CHANGE

Palace sets mid- December timeline for budget signing

THE President’s spokesman said Thursday that he expects President Rodrigo R. Duterte to sign next year’s spending plan by the second week of December, signaling confidence in avoiding any further snags that might delay the 2021 national budget.

In a briefing, Herminio L. Roque, Jr. said he expects the 2021 National Expenditure Program to be signed before the year ends, and added that the country cannot afford a re-enacted budget, which is expected to dampen the recovery from the coronavirus crisis.

Inaasahan mapipirmahan ng Presidente at least on the second week of December kasi ipa-publish pa ‘yan sa dyaryo at sa Official Gazette para maging epektibo at sa ganun para walang re-enacted budget pagdating sa Enero (We are hoping the President will sign by the second week of December, because there are publication requirements for new legislation and thus we expect no re-enacted budget in January),” he said.

Last week, the House of Representatives approved the P4.5-trillion spending plan for 2021 after Mr. Duterte called on the chamber to hold a special session that will fast-track the passage of the budget following a power struggle between Former Speaker Alan Peter S. Cayetano and his successor Lord Allan Q. Velasco.

The President brokered the shared speakership term between the two last year but the delayed handover provoked a vote by insurgent legislators that ousted Mr. Cayetano during the budget deliberations.

Budget deliberations are ongoing in the Senate. Senate Committee on Finance Chairman Juan Edgardo M. Angara said he expects hearings on government agencies’ individual budgets will conclude this week.

The Palace has said that the government cannot afford to have a re-enacted budget because the 2020 budget, if rehashed for the early months of next year, has no allocations specifically for COVID-19 measures. — Gillian M. Cortez

Loss of domestic refining seen driving up PHL fuel costs; risks to forex

THE Philippines will have to spend more on imported petroleum products over the coming years should it be left with one domestic refinery or none at all, Fitch Group’s research arm said.

Fitch Solutions Country Risk & Industry Research said with zero or one domestic refinery, the Philippines will have to spend an additional $600,000 to $900,000 each year on imported fuel.

In May, the two domestic refineries shut down due to weak demand. One, run by the Philippine unit of Royal Dutch Shell PLC, has since announced a permanent closure due to worsened margins.

The other refinery, run by Petron Corp., is also considering closing its 180,000 barrel-per-day (bpd) refinery in Bataan, which would leave the Philippines “fully dependent” on imports of processed petroleum products, Fitch Solutions said.

With the expected rise in consumption over the next few years alongside the economic recovery, Fitch Solutions forecast the ratio of imports by 2025 to rise to 67% from 48% over the past decade. The share of imports could still rise “depending on Petron’s decision,” it said.

In turn, the “inability to offset rising fuel import needs with its own production” will likely lead to greater import costs.

“Downsized domestic refining output, next to a rising need for imports, is expected to prove a drag on the trade balance over the coming years, creating pressures for the Philippines’ external financing position when domestic demand for energy is rising,” Fitch Solutions said.

In the six months to June, Pilipinas Shell Petroleum Corp. and Petron reported a 19% decrease in combined output to 3.878 billion liters of refined petroleum, according to the Energy department’s Oil Industry Management Bureau.

Fitch Solutions said refining capacity may dwindle by “nearly 40%,” the lowest level since the 1960s, if only the Petron refinery is operational.

Petroleum imports totaled 5.954 billion liters over the same period, down 35.4% decline from a year earlier.

The Department of Energy said in August that the shutdown of Pilipinas Shell’s 110,000 bpd refinery in Tabangao, Batangas will not affect the fuel supply as the company will replace its output with more imported refined petroleum.

As the Philippines becomes more dependent on energy imports, its economy will also be “tied to fluctuations” in global energy prices.

Fitch Solutions warned that heightened dependence will pose risks like an “extra” burden on foreign exchange reserves or the ability to attract foreign investment — a “highly negative prospect as the country is still deficient in many key infrastructures in and outside of oil and gas.”

There is also the risk of creating depreciatory pressures for its own currency, while import inflation or disinflation risk will become “more elevated.”

While the Philippines can still offset high import costs with a reserves buffer and remittances in the near term, policymakers will have to manage the growing risks that could result in “tighter” monetary policy over the longer term.

The closure of Pilipinas Shell’s refinery is part of a larger rationalization scheme of the Anglo-Dutch multinational. It has cut a quarter or $5 billion of its capital expenditure this year, and billions more from operations through asset divestments and streamlining operations. It specifically planned to reduce the number of its global refineries to 10 from 17 last year.

Not only are Shell’s cost-cutting efforts seen in the downstream oil sector, but also in the exploration segment as Shell Philippines Exploration B.V. will also sell its operating stake in the country’s sole natural gas field project in Malampaya, northwest of Palawan.

Meanwhile, Petron may shelve its plans to invest further in its refinery business, Fitch Solutions said, given the operational challenges and the “uncompetitive” tax regime for refiners. In 2017, the company said it will invest $10 billion to upgrade its refinery in Limay, Bataan, while also building a larger one in the southern Philippines. — Adam J. Ang