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Moderna vaccine protects 16 monkeys from virus; 30,000 humans await

Moderna Inc.’s vaccine candidate against COVID-19 protected against the virus in a trial that inoculated 16 monkeys, an encouraging step on the path to a defense for humans against the pandemic.

Two injections of the vaccine protected against heavy exposure to the virus at two different levels of dosage, Moderna said in findings published Tuesday in the New England Journal of Medicine. The primates didn’t show any sign of creating enhanced disease, a problem that has occasionally been associated with vaccines.

The results, if they hold up in humans, suggest that the vaccine may be able to protect against COVID-19 in both the upper and lower airways. In all the monkeys who got the high doses of the vaccine, no viral replication was detectable in their noses two days after being challenged with the virus, according to the study results. And no viral replication was seen in the lung fluid of 7 of 8 animals in both dose groups after being challenged with the virus. All 16 monkeys showed at least some sign of protection, with limited lung inflammation seen in the lungs of both groups.

While the data is encouraging, a far bigger test is under way for Moderna involving 30,000 humans. The phase 3 trial to determine the safety and efficacy of the vaccine will begin producing data in November or December. The vaccine uses messenger RNA, a synthetic form of genetic material from the virus designed to nudge the body’s immune system into attack mode. The U.S. government is providing $955 million to help fund the vaccine’s development.

Moderna shares rose 2% to $81.49 at the close in New York. — Bloomberg

WHO says COVID-19 pandemic is “one big wave”, not seasonal

GENEVA — A World Health Organization (WHO) official on Tuesday described the COVID-19 pandemic as “one big wave” and warned against complacency in the northern hemisphere summer since the infection does not share influenza’s tendency to follow seasons.

WHO officials have been at pains to avoid describing a resurgence of COVID-19 cases like those in Hong Kong as “waves” as this suggests the virus is behaving in ways beyond human control, when in fact concerted action can slow its spread.

WHO spokesperson Margaret Harris repeated that message in a virtual briefing in Geneva. “We are in the first wave. It’s going to be one big wave. It’s going to go up and down a bit. The best thing is to flatten it and turn it into just something lapping at your feet,” she said.

Pointing to high case numbers at the height of the US summer, she urged vigilance in applying measures and warned against mass gatherings.

“People are still thinking about seasons. What we all need to get our heads around is this is a new virus and… this one is behaving differently,” she said. “Summer is a problem. This virus likes all weather.”

However, she expressed concern about COVID-19 cases coinciding with normal seasonal influenza cases during the southern hemisphere’s winter, and said the Geneva-based body was monitoring this closely.

So far, she said, laboratory samples are not showing high numbers of flu cases, suggesting a later-than-normal start to the season.

“If you have an increase in a respiratory illness when you already have a very high burden of respiratory illness, that puts even more pressure on the health system,” she said, urging people to be vaccinated against flu. — Reuters

Ayala group renews commitment to support IATF efforts, plans further investments to fight COVID-19

The Ayala Group, led by its healthcare unit, Ayala Healthcare Holdings, Inc. (AC Health), has committed to further increase its efforts to support the government in the fight against COVID-19, during a meeting with IATF officials.

On July 25, the AC Health group, led by Jaime Augusto Zobel de Ayala and Fernando Zobel de Ayala, welcomed DOH Secretary Francisco T. Duque III, DND Secretary Delfin N. Lorenzana, IATF Chief Implementer Gen. Carlito Galvez Jr., IATF Chief Treatment Czar Usec. Bong Vega, Laguna Gov. Ramil Hernandez, and Dr. Rabindra Abeyasinghe of the WHO to Qualimed Sta. Rosa for a tour of the hospital and a discussion of Ayala’s COVID-related initiatives and various collaboration efforts with the government.

“Being one of the first private institutions to respond to COVID-19, the Ayala group continuously works with the IATF and the government in providing testing and treatment modalities for patients all over the country. Mabuhay po kayo!,” Secretary Francisco T. Duque III said.

“We are very thankful to the Ayala Group for heeding the call for greater collaboration between the government and private sector, and more importantly, for demonstrating the indomitable Bayanihan spirit of the Filipino people. This partnership between government and private sector is crucial in winning the battle against COVID-19, and making the successful transition to the ‘new normal.’,” Gen. Carlito Galvez Jr. added.

As of June 30, the Ayala Group and AC Health have provided much needed COVID-related support to the government and the general public, with over P9B allocated for COVID-19 initiatives.

Among these initiatives were the construction and upgrade of treatment and quarantine facilities like the World Trade Center We Heal As One facility, the Philippine Red Cross testing lab and 7 RT-PCR laboratories across the country. Swabbing booths for the government’s 4 mega Swabbing centers and NAIA terminals were also provided. Monetary and in-kind donations were allocated for testing kits, RPT machines, PPEs, among others.

“The Ayala Group renews its commitment to support the Department of Health (DOH) and Inter-Agency Task Force (IATF) to address our local health care needs in light of the pandemic. In the next few weeks, we will continue to ramp up our testing capacities, expand our treatment and isolation facilities, and roll out various innovations, including a lower cost non-invasive ventilator, and an online healthcare platform,” Fernando Zobel de Ayala, Chairman of the Board of AC Health said.

Throughout the crisis, AC Health has maintained operations of their FamilyDOC primary care clinics, Healthway multi-specialty clinics, and Generika drugstores, providing much needed healthcare and medicine to patients. It has also led the conversion of Qualimed Sta. Rosa into a COVID-19 referral hospital, and has already capacitated 4 accredited COVID-19 laboratories located at the Tropical Disease Foundation (TDF) and Qualimed hospitals at Sta. Rosa, Laguna, San Jose Del Monte, Bulacan, and Iloilo City, Iloilo. Testing equipment were also donated to the University of Cebu Medical Center (UC Med) and Southern Philippines Medical Center (SPMC).

To further support the government, AC Health plans to double the capacity of TDF from 200 daily tests processed to 400 by purchasing additional equipment and increasing manpower. In addition, the Daniel Mercado Medical Center (DMMC) in Batangas, a member of the Qualimed Health Network, was also recently accredited as a COVID-19 laboratory for an additional 1,000 tests per day. With these advances, The Ayala Group will provide a total daily testing capacity of 5,650 tests per day, in support of the DOH IATF’s T3 (Test, Trace Treat) program.

In addition, in partnership with Qualimed Sta. Rosa, led by Dr. Edwin Mercado, AC Health is looking to expand the hospital’s isolation and quarantine facilities, as cases continue to rise in the Laguna area. Qualimed Sta. Rosa has been able to screen nearly 3,000 suspect cases and has admitted over 100 confirmed cases since the beginning of March.

Furthermore, the Ayala Group through its subsidiaries has planned additional investments in innovative COVID-related programs, particularly to help improve the country’s supply of ventilators and to promote teleconsultation. AC Industrials manufacturing platform Integrated Micro-Electronics Inc. (IMI), a globally leading manufacturing services provider, has brought in the Ventura CPAP ventilator, a low-cost non-invasive ventilator, for Philippine use. The Ventura was developed by IMI’s United Kingdom-based subsidiary, Surface Technology International, in collaboration with international institutions and has been approved for use in the United Kingdom.

The Ventura is now manufactured in IMI’s Laguna complex and once certified locally, will make available an additional 10,000 ventilators for the country. Meanwhile, Globe Telecom’s 917Ventures and AC Health’s Vigos Ventures are also collaborating to create HealthNow, an all-in-one health app that will offer video consultations, medicine delivery, and clinic appointment booking, to be launched in August. By providing online access to doctors and healthcare services, HealthNow allows patients to get immediate care, and can also help decongest hospitals.

“We remain committed to protecting our fellow Filipinos and will continue to invest in much-needed testing and treatment facilities for our communities, and look for even more innovative ways to help. This is a tremendous challenge but we are one with the government in fighting this virus.” AC Health President and CEO Paolo Borromeo added.

Soldivo Bond Fund, Inc. announces rescheduling of stockholders’ meeting

Soldivo Strategic Growth Fund, Inc. announces rescheduling of stockholders’ meeting

Remittances seen to fall up to 10%

A man counts a wad of Philippine Peso bills he received from a relative working abroad at a money remittance center in Makati City, Sept. 19, 2018. — REUTERS

By Luz Wendy T. Noble, Reporter

CASH REMITTANCE inflows to the Philippines may decline by up to 10% this year as source countries feel deepening economic pain from the pandemic, Moody’s Investors Service said.

“We expect that the decline for remittance inflows to the Philippines in 2020 will be between 5%-10%,” Christian de Guzman, Senior Vice-President, Sovereign Risk Group at Moody’s, said in an e-mail to BusinessWorld.

Mr. De Guzman said the diverse employment of overseas Filipino workers (OFWs) will make the inflows more resilient than the 20% drop estimated by the World Bank for global remittance inflows this year.

“Some of these occupations include relatively inelastic jobs such as those in healthcare that may be less susceptible to job losses or wage cuts,” he said.

In April, cash remittances to the country declined 16.2% year on year to $2.046 billion, central bank data showed. The drop is the biggest since the 33.5% decrease in January 2001.

Inflows during the January to April period also slipped 3% to $9.448 billion.

The central bank in June said it expects a 5% decline in cash remittance inflows, reversing its 2% growth forecast in May and the 3% baseline estimate last year.

More than 102,000 OFWs have been repatriated since February due to the coronavirus pandemic, data from the Department of Foreign Affairs showed.

Mr. De Guzman said they estimate most major economies in the G20 that are also remittance sources were hit the most in April but improved in May as restrictions eased.

“We also expect that remittance inflows into the Philippines likely reached a trough in Q2,” he said.

The US remains the top remittance source for the Philippines. Inflows from the country rose 7.1% year on year to $3.743 billion in the first four months of the year. In 2019, remittance inflows from the US reached $11.318 billion.

Meanwhile, inflows from Saudi Arabia, the second-biggest remittance market, shrank 23.2% to $569.39 million in the January to April period. Inflows from the country stood at $2.0998 billion in 2019.

The Philippines is the fourth- biggest remittance recipient in the world, following India, China, and Mexico, according to the World Bank.

In a note sent to reporters on Tuesday, Moody’s said economies that are highly reliant on remittance for consumption will experience heightened “growth shock” due to the outbreak.

However, Mr. De Guzman said this may not be the case for the Philippines as the country has become less reliant on remittance inflows compared to  previous crises, including the global financial crisis between 2008 and 2009.

“The size of these inflows relative to gross domestic product has fallen over the past decade as other sources of cross-border inflows have risen in prominence, including those related to business process outsourcing,” he said.

With external demand hitting remittance as well as merchandise trade, Mr. De Guzman said governments should support domestic sectors to limit the damage to credit profile.

“This would likely involve a greater success at containing the coronavirus infection and putting in place targeted support measures for vulnerable households and businesses,” he said.

Duterte threat vs telcos weighs on investor sentiment

By Arjay L. Balinbin, Reporter

INVESTOR sentiment towards Globe Telecom, Inc. and PLDT, Inc. is turning negative after President Rodrigo R. Duterte threatened to shut down the telecommunications giants if they fail to improve services by December, analysts said.

Shares in Globe and PLDT dropped by 3.4% and 3.6%, respectively, during intraday trading. Globe shares closed 0.50% lower, while PLDT shares were up 0.53% at the end of the session.

“We saw today that the President’s remarks during his fifth State of the Nation Address on Monday had a negative impact on sentiment towards the telco duopoly. This is both because of the regulatory risks brought by the expropriation threats from the President. Later on, within the trading day, there was a bargain-hunting that saved PLDT from negative territory while it trimmed Globe’s losses,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco told BusinessWorld in a phone interview on Tuesday.

In his State of the Nation Address on Monday, Mr. Duterte called out Ayala-owned Globe and Pangilinan-led PLDT for their “lousy” service.

“If you are not ready to improve, I might just as well close all of you,” the President said, threatening to seize the companies in favor of the government.

PLDT declined to comment, while Globe said in a statement it has allocated $1.2 billion as capital expenditure for this year to upgrade its network.

Mr. Duterte’s statement may have given a boost to new third player Dito Telecommunity Corp., a consortium of Davao-based businessman Dennis A. Uy’s two companies and China Telecommunications Corp. Shares in DITO CME Holdings Corp. surged 10.9% intraday but settled 3.38% higher.

“DITO CME benefited from the remarks of the President against the telecommunications firms,” Mr. Tantiangco said, noting that “if you take away the telecommunications firms from the industry, then there’s a possibility that it would be easy for Dito Telecommunity to dominate the whole industry, assuming that they will be able to rollout their commercial operations next year as planned.”

“Nonetheless, moving forward, this could be something that will weigh on investors’ sentiment towards the two telecommunications companies,” he added.

The President’s recent attack against PLDT and Globe is one of the things that will weigh upon the market, Mr. Tantiangco said.

Antonio A. Ligon, a law and business professor at De La Salle University, said the President’s statements against the two telco giants will force them to improve their services.

“The threatening part is not good because investors might think that if they participate, the President might also do the same thing to them… We are not a communist country, we are still a democratic country, so the proper procedures should be followed,” Mr. Ligon said.

Asked whether private companies like Globe and PLDT can be ordered shut by the government, Mr. Ligon said issues can be raised against them before the telecommunications industry regulator.

“But you don’t close them down because these are private entities with rights under the constitution… We should not welcome another telco player at the expense or prejudice of those existing ones… (but) because it’s good for competition,” he added.

In an e-mailed reply to questions, Michael Henry Ll. Yusingco, senior research fellow of the Ateneo Policy Center – Ateneo School of Government, said the telcos may “consolidate a strong legal defense against potential government action against them.”

“Keep in mind that we are already in the second half of the President’s term. His threats may not have the same punch as those made during the first half of his term,” Mr. Yusingco said.

Benvenuto N. Icamina, vice-president and chief operating officer at the Wallace Business Forum, said by telephone the President could be aware there are efforts initiated by the government and the private sector to speed up the rollout of cell sites across the country.

“PLDT has understanding with the government and signified its willingness to cooperate on what can be done to improve their services, and Globe issued a statement saying the matter is already being addressed by concerned parties,” he said.

Mr. Icamina noted there is already a memorandum circular signed by government agencies to streamline requirements and speed up the process for building shared telecommunication towers.

“So siguro parang pumapapel lang si Presidente when in fact mare-resolve na ’yung issue within a certain timeframe, maybe by December,” he said. “I know that he is saying that because he knows that is something that is going to happen soon, tapos sasabihin nya, oh kita mo because of me na-resolve?”

Adel A. Tamano, Dito Telecommunity chief administrative officer, said in a statement the company shares the concern of the President “for the need to provide world-class connectivity to the Filipino people, especially in the face of the pandemic.”

He said Dito is on track to meet the commercial rollout target slated for March 2021.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

Senate approves Bayanihan II on final reading

The Bayanihan to Recover as One Act provides additional funds for the government’s response against the coronavirus pandemic. — PHILIPPINE STAR/EDD GUMBAN

THE Senate on Tuesday approved on third and final reading a measure touted as part of the government’s economic recovery plan.

With 22 affirmative votes and one negative, the chamber approved Senate Bill No. 1564 or the “Bayanihan to Recover as One Act (Bayanihan II) which extends certain powers to President Rodrigo R. Duterte to deal with the pandemic and allocates P140 billion for recovery efforts.

The Senate’s final approval comes a day after Mr. Duterte asked Congress to pass Bayanihan II, among other measures, during Monday’s State of the Nation Address.

“This health emergency stretched the government’s resources to its limits,” Mr. Duterte said on Monday, noting the measure will “supplement funds for recovery and response against the impact of the COVID-19 pandemic.”

Senator Francis N. Pangilinan cited the alleged rampant corruption within the Department of Health (DoH) as one of the reasons why he voted against Bayanihan II’s passage.

“Of the first 26 interventions listed by the law… as necessary to effectively combat the pandemic, 13 or half of these needed interventions are placed on the shoulders of the DoH,” Mr. Pangilinan said in explaining his negative vote. “I’m afraid that under the mediocre leadership displayed consistently since the pandemic hit us, none of these 13 interventions will be met or achieved and billions of funds will be spent yet again.”

He pointed out that nearly five months since the implementation of the Luzon-wide lockdown, the government has failed to contain the spread of COVID-19.

As of Tuesday, the DoH reported 83,673 coronavirus infections, 26,400 recoveries and 1,947 deaths. 

The Bayanihan II extends the programs under the first Bayanihan law that allowed Mr. Duterte to realign items from the budget and grant emergency subsidies to low-income households during the lockdown.

It also retained provisions that eased procurement processes for equipment deemed essential during the pandemic, allowed local government units to use at least 5% of their calamity fund, and grant a grace period for loans and rent payment.

A total of P140 billion will be used to buy testing and extraction kits along with other medical supplies, implement a cash-for-work program for displaced workers, and provide benefits to repatriated overseas Filipino workers.

A total of P50 billion will go to the Landbank of the Philippines (P30 billion), Development Bank of the Philippines (P15 billion), and the Philippine Guarantee Corp. (P5 billion) as capital infusion to allow them to boost lending for micro, small and medium enterprises.

The agriculture and transportation sectors will each receive P17 billion, while the tourism industry and education sector will also receive P10 billion and P3 billion, respectively.

House Majority Leader and Leyte Rep. Ferdinand Martin G. Romualdez said the members of the House will be consulted as soon as possible on whether to adopt the Senate version once it is transmitted.

“We have not seen the approved final version of the Senate. But whether to adopt the senators’ version is a decision to be made by the majority of our colleagues,” Mr. Romualdez said in a phone message to BusinessWorld.

“We will consult as soon as possible to represent the overwhelming views of the congressmen on the matter.”

Meanwhile, the House Defeat COVID-19 Committee approved House Bill No. 6795 or the “Government Financial Institutions Unified Incentives to Distressed Enterprises for Economic Recovery (GUIDE) Act.” It was scheduled to be endorsed at the plenary on Tuesday afternoon.

If enacted, the measure will increase the maximum loan guarantee coverage per borrower to benefit MSMEs affected by the pandemic. It also expands loan assistance programs, rediscounting and other credit accommodation facilities of the LANDBANK, DBP, Small Business Corporation and Agriculture Credit Policy Council. — Charmaine A. Tadalan

Global growth potential to drop in coming years — Fitch

GLOBAL potential economic growth is set to drop in coming years due to fallout from the COVID-19 pandemic, amid a rise in unemployment and a cooling of investment by companies, according to Fitch Ratings Ltd.

The 10 advanced countries — covered in its Global Economic Outlook — showed an average decline in annual potential gross domestic product growth of about 0.6 percentage point compared with Fitch’s previous five-year outlook. US productive potential growth is revised down to 1.4% from 1.9%, the UK to 0.9% from 1.6% and the euro zone — the weighted average of Germany, France, Italy and Spain — to 0.7% from 1.2%, it said.

“There will be lasting damage to supply-side productive potential from the coronavirus shock as long-term unemployment rises, working hours fall and investment and capital accumulation slow,” Maxime Darmet, a director in Fitch’s economics team, said in a statement.

The world economy entered the second half of 2020 still deeply weighed down by the pandemic. The coronavirus recession is expected to still see GDP levels in the largest advanced economies remain around 3% to 4% below their pre-virus trend path by the middle of this decade, Fitch said.

A weaker outlook for capital accumulation accounts for about half of the revision to potential growth, the ratings agency said. The remainder is explained by the anticipated reduction in labor as unemployment rises and average hours worked fall, according to Fitch.

Cuts to estimated potential GDP imply “catch-up” growth over the next five years will be far more subdued. Fitch projects US growth to average just over 2% from 2023 to 2025, compared with more than 3% if no adjustments were made to estimated potential growth.

The credit ratings agency acknowledged that risks around its projections are “very large.” These include the path of the health crisis, as well as the potential for fiscal consolidation following the stimulus. Conversely, job-subsidy programs in Europe might prove effective in limiting the rise in unemployment on the continent in the next six to 12 months. — Bloomberg

SEC seeks updates on investment company rules

By Denise A. Valdez, Reporter

THE Securities and Exchange Commission (SEC) is seeking to change some procedures in regulating fund managers and investment companies to tighten shareholder protection.

The corporate regulator issued a notice on its website listing its proposed changes to the implementing rules and regulations (IRR) of Republic Act No. 2629 or the Investment Company Act.

Among the proposals is adding a measure in the event that the registration and license of a fund manager is suspended or revoked.

In case the fund manager and the investment company are disbanded at the same time, the fund manager must appoint within six months a liquidator that will liquidate assets on behalf of the investment company.

The unclaimed assets of the investment company will be placed in an escrow for 10 years or until all investors have claimed their investments, whichever comes sooner, after which the funds will be turned over to the government.

Another proposal is setting a P1-billion cap on the additional capital requirements for an investment company adviser.

The previous IRR requires that firms have a minimum paid-up capital of P50 million and a minimum unimpaired net worth of P50 million. But the fund manager must infuse an additional unimpaired capital of 0.02% of the excess of P100 billion of its total assets under management.

The qualifications for an independent custodian is likewise being amended, to increase the limit on the ownership of shares issued in the investment company and fund manager.

The proposal is to require that an independent custodian does not hold 10% or more of the total number of issued shares in the investment company and fund manager, nor have a common shareholder holding 10% or more of the issued share capital. This is higher than the previous limit of a 5% ownership.

The draft also seeks to change the qualifications for fund managers that manage an investment company marketing itself as a money market fund.

In the previous rules, such fund managers are required to invest in any of the following: high-quality debts securities, deposits, or high-quality money market instruments. In the proposed changes, financial derivatives for hedging arrangements will be included in the list.

The hedging arrangement should not be aimed at generating a return, should result in an overall verifiable reduction of the risk of the qualifying collective investment schemes, should offset the risks linked to the underlying being hedged, should relate to the same asset class being hedged, and should be able to meet its hedging objecting in all market conditions.

Other requirements for fund managers on money market funds will remain as is: a cash reserve or assets with high liquidity and low market risk, and non-involvement in direct lending of monies.

Public comments are now being sought by the SEC before approving the proposed amendments. Written comments may be submitted via e-mail to its Corporate Governance and Finance Department at cgfd_ld@sec.gov.ph until Aug. 7.

Ayalas allot P2B for renewables

AYALA-LED AC Energy Philippines, Inc. (ACEPH) will be investing P2.2 billion to its two renewable energy units in part of its earlier commitment to boost investment in new energy technologies.

The Philippine-listed unit of AC Energy, Inc. told the stock exchange on Tuesday that its executive committee approved the planned fund infusion into Bataan Solar Energy, Inc. and Giga Ace 4, Inc.

The subscription deals for the investment is yet to be finalized by the company’s officials: Chief Executive Officer Eric T. Francia, Chief Finance Officer Maria Corazon G. Dizon, and Chief Development Officer Jose Maria Eduardo P. Zabaleta, who will decide on the subsidiaries’ specific investments.

It was on March 19 that the company’s board approved the plan to invest around $100 million in new technologies.

“The Company’s infusions into each of Bataan Solar and Giga Ace 4 will be used by the subsidiaries to further the opportunities presented by emerging clean energy technologies,” ACEPH said.

The fund will also be used for various development activities of the two units, such as securing land, undertaking project studies, installing new technology equipment, among others.

On Monday, ACEPH increased its stake in Giga Ace 4, along with its other special purpose vehicles, in part of its decision to become the controlling shareholder of those companies. It subscribed to 75,000 shares of the company which will be used to fund its administrative and operating costs.

Early this month, parent firm AC Energy announced that its joint venture with Hong Kong-based UPC Renewables Group is building a 140-megawatt (MW) solar farm in the desert state of Rajasthan.

The Sitara Solar project, which is estimated to cost around $68 million, will supply power to Solar Energy Corporation of India. It won the supply contract with the state-owned firm via a competitive bid at 2.48 Indian rupee per kilowatt-hour, fixed over a 25-year period.

The solar facility is expected to go online in the first quarter of 2021.

Shares in ACEPH rose by 4.05% to close at P2.31 each on Tuesday. — Adam J. Ang

Art in the Park goes virtual

Special exhibits, an auction, performances are highlights of the online art fair

ORIGINALLY slated to run in March this year, Art in the Park was postponed when Luzon was locked down because of the COVID-19 (coronavirus disease 2019) pandemic. Instead the popular one-day art festival will run from Aug. 10-17. It won’t be held in its usual venue, the Jaime Velasquez Park in Salcedo Village, Makati, but online, at www.artinthepark.ph.

The art fair, held by Philippine Art Events, Inc. for the benefit of the Museum Foundation of the Philippines every year since 2006, has attracted art enthusiasts because of its unusual setting, close encounters with gallerists and artists, special projects made especially for the fair, and a ceiling price for artworks at P50,000. Art in the Park donates a portion of all sales to the Museum Foundation in support of its projects and programs for the National Museum of the Philippines and its network.

Around 50 galleries, groups, and schools will be participating in the online art fair.

“Art in the Park 2020 Online will not replace the Art in the Park of the past 14 years,” clarified Art in the Park co-founder Trickie Lopa in an e-mail to BusinessWorld. “Rather, it is an adaptation brought on by what we are all facing. While we will miss the interaction with the gallerists and artists that have become the hallmark of Art in the Park, we’re very much excited about what we have planned for Art in the Park 2020 Online, with the continued support of our long-time partners Globe Platinum and BPI.”

Art in the Park is partnering with Globe for the Globe Platinum Hour to present the special exhibit Isometric Ay! lah, lah, land… featuring the colorful prints and paintings of artist Richard Quebral. A collection of works from Reena Gabriel will also be available exclusively for Globe Platinum members.

Mr. Quebral will offer Art in the Park visitors a rare glimpse into his art-making process through a series of videos that will be launched on Art in the Park’s website and social media accounts.

There will also be a live auction on Sunday, Aug. 16, of Richard Quebral’s largest painting among the five he made especially for the fair.

Meanwhile, BPI Presents, a special collaboration with the Bank of the Philippine Islands, will bring a virtual demonstration of artist Jackie Lozano’s method of portraiture.  Also in the lineup is an original performance by Fifth Wall Fest, a group that seeks to introduce Philippine audiences to dance films as an art form.

Other special exhibits at the virtual fair include Garapata Hatchery by artist Dex Fernandez. He will be creating a paper mural that he will section into 22 separate artworks which will be on offer after fair visitors get a glimpse of his process via a specially produced time-lapse video.

Meanwhile, artist and illustrator Robert Alejandro will also be conducting live online sessions on Art in the Park’s social media accounts.

The lineup of participants in the online fair are: Ang I.n.K., Archivo 1984, Arnold Art Collection, ART for Space Gallery, ART LAB: Atelier Cesare & Jean Marie Syjuco, Art Underground, Art Verite Gallery, Art Wednesday, Artepintura Gallery, Artery Art Space, Association of Pinoyprintmakers, Avellana Art Gallery, Blanc, Boston Art Gallery, Cevio Art Haus, District Gallery, Famous Artists, Far Eastern University, Galeria de las Islas, Galerie Anna, Galerie Artes, Galerie Stephanie, Kulay Art Group, Los Nuevos Conquistadores, J Studio, KASIBULAN, M A G, Mono8 Gallery, Museum Foundation of the Philippines — Joe Geraldo works & Carlo Villafuerte’s jewelry, Nineveh Artspace, Nord Anglia International School, Potters’ Group — Jon Pettyjohn, Potters’ Group — EJ Espiritu, Potters’ Group — Sagada, Potters’ Group — Joey De Castro, Project 20 Maginhawa, Orange Project, Resurrection Furniture and Found Objects Gallery, Sheerjoy, Silverlens, Space Encounters, T.U.P Fine Arts, The Authenticity Zero, The Mighty Bhutens, The Photography Zone, The Thursday Group, Tin-Aw Art Gallery, Village Art Gallery, Vinyl on Vinyl, UP College of Fine Arts, vMeme Contemporary Art Gallery, and Ysobel Art Gallery.

“The shift to an online platform already changes the whole flavor of the event,” said Ms. Lopa. “Of course, we would much prefer to continue with how it was, spending Sunday amidst the tents in the park, but it’s clearly not possible now. Any online iteration of art events — or any event, for that matter — cannot capture the experience of people milling around, interacting with each other, commenting and enjoying the art on view. The pandemic has forced us to shift the way we view art, especially while we were on a stricter lockdown.”

Follow Art in the Park’s social media pages (www.facebook/artinthepark and Instagram @artintheparkph) to find out how to register for the auction and the lottery for the smaller paintings and prints by Mr. Quebral. For a complete Art in the Park experience at home, there will be an online musical performance by independent singer-songwriter and guitarist Martti Franca on the fair’s closing day. A selection of food and drinks and special promos from Art in the Park F&B partners will also be available. — Joseph L. Garcia

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