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Deep recession seen to hurt banks’ asset quality

S&P GLOBAL RATINGS on Tuesday said the risk of credit losses soaring for Philippine banks is higher than expected amid the economic slowdown, as it downgraded its rating outlook for two local banks to negative.

“The economic risk trend for banks operating in the Philippines has turned negative [from stable], in our view,” S&P said in a note sent to reporters.

The debt watcher said weak economic activity and bleak employment conditions will hit the asset quality, earnings and capitalization of Philippine banks in the next two years.

“We see at least a one-in-three chance that economic risks facing the Philippine banking industry could increase over the next six to 24 months. We could lower our economic risk assessment for the banking sector if the recession is longer and deeper than our forecast, potentially translating to the banking sector’s credit costs staying above 2.5% over the next 12-24 months,” it said.

S&P downgraded the outlook for Bank of the Philippine Islands (BPI) and Security Bank Corp. to negative from stable, suggesting a possible downgrade could occur within six months to two years. The lender’s ratings from S&P are currently at “BBB+/A2” and “BBB-/A3,” respectively.

S&P said BPI’s affirmed rating reflects the lender’s position of being the country’s third-biggest bank, its franchise network and ample capitalization.

“BPI will face headwinds, most notably in the form of elevated credit costs owing to a combination of new NPLs (nonperforming loans) and management’s assessment that the credit cycle in the country is deteriorating,”  it said.

S&P said its rating for Security Bank is backed by its midsize market position, capital buffers and good funding and liquidity in the six months to two years.

“The rating also incorporates our view that the bank’s credit costs will remain higher than that of peers during the period. Security Bank’s high growth in unsecured consumer loans before 2020 makes it vulnerable to rising credit stress from COVID-19 disruptions,” S&P said.

In a separate note, Fitch Ratings affirmed the ratings and kept a stable outlook for BDO Unibank, Inc. (BBB-), BPI (BBB-), Metropolitan Bank & Trust Co. (BBB-)

and Philippine National Bank (BB). However, it downgraded the outlook for China Banking Corp. (BB+) to negative.

“Some signs of asset quality weakness were already visible prior to the pandemic and some banks have relatively low capital levels, but the sector as a whole was in a reasonably good shape,” Willie Tanoto, director, Banks – APAC, Fitch Ratings, said in an e-mail.

However, the rapid growth in lending particularly bolstered by the consumer segment is a source of higher risk compared with the core large corporate portfolio, he said.

“Some of these new lending had not had time to establish a sufficiently long repayment history for banks to ascertain customers’ credit profile and, given the sharp economic downturn and weak job market, may now be at higher risk of default,” Mr. Tanoto said.

“Business borrowers in certain segments and sectors also face acute challenges given how deep the current economic recession is,” he added.

In its report, Fitch flagged the impact of the monetary policy easing by the central bank to lenders’ revenues and further deterioration of asset quality once the debt moratorium lapses.

Industry-wide gross bad loans climbed by 35% to P305 billion in August due to the pandemic. This brought the nonperforming loan ratio to 2.84% as of end-August, the highest since 2.87% in February 2014. — L.W.T.Noble

Exporters ravaged by virus face loss from EU threat

Coconut oil exports to the European Union accounted for 51% of the Philippines’ total coconut oil shipment. — BLOOMBERG

By Jenina P. Ibañez, Reporter

COTABATO-BASED entrepreneur Jerry M. Taray has been struggling to keep his virgin coconut oil business afloat due to movement restrictions amid a coronavirus pandemic.

“We’re doing our best to keep afloat because the farmers rely on us to sell their products,” he said in mixed English and Filipino by telephone.

His company, TreeLife, has 100 factory workers and buys coconut products from about 1,500 local farmers.

BW Bullseye 2020-focusThese workers are now at risk of losing their livelihood after European lawmakers threatened to suspend tariff incentives under the so-called GSP+ or Generalized Scheme of Preferences Plus. TreeLife exports 80% of its products to Europe.

“The risk could be aggravated by removing this GSP+,” Mr. Taray said.

Coconut oil exports are among 6,274 Philippine products that enjoy zero-tariff entry to the European Union (EU) under GSP+.

The Philippines and seven other beneficiaries retain their GSP+ incentives as long as they adhere to 27 core international conventions that include human and labor rights, environmental protection and good governance.

The European Parliament last month voted to revoke tariff perks enjoyed by Philippine products due to human rights violations related to President Rodrigo R. Duterte’s war on drugs.

It called on the European Commission to immediately start the procedure for the temporary withdrawal of GSP+ preferences enjoyed by the Philippines given the government’s failure to improve the human rights situation.

They also raised concerns about the detention of opposition Senator Leila M. de Lima and the convictions of Rappler founder Maria A. Ressa and former researcher Reynaldo Santos, Jr. for cyber-libel.

The European Commission, which will decide on the revocation, did not immediately reply to an e-mail seeking comments on the EU parliament proposal.

A quarter of Philippine exports to the EU last year or almost 2 billion euros received preferential treatment under the scheme, according to the resolution.

Without GSP+, TreeLife exports to the EU could lose out to competition. Mr. Taray said his coconut oil would be priced higher than the same products exported from Indonesia, Thailand and Vietnam.

Trade Secretary Ramon M. Lopez earlier said the trade perks would probably get retained. This wasn’t the first time these issues had been raised, he told the ABS-CBN News Channel.

Sergio R. Ortiz-Luis, Jr., president of the Philippine Exporters Confederation, Inc. has downplayed the incentives. The country does not fully use the GSP+, he said by telephone.

Goods exported under GSP+ preferences accounted for about a quarter of total Philippine exports to the EU in 2018. Philippine use of GSP+ compared with all eligible exports was 73.1%.

HIGHER COSTS
But certain industries that export many of their products to the EU under the trade agreement expect to become less competitive if the tariff perks are removed.

Most virgin coconut oil exporters are micro-, small- and medium-sized enterprises, Yvonne T.V. Agustin, executive director of the United Coconut Association of the Philippines, said in an e-mail.

Coconut oil exports to the EU accounted for 51% of total coconut oil shipment, or $544 million yearly, she added.

Roberto C. Amores, president of the Philippine Food Processors & Exporters Organization, Inc. said dried fruit exporters, including banana chip companies would now have to compete with other countries.

Local companies are less competitive without the trade perks because they have higher operation costs.

The added duties will increase exporters’ shipping costs, forcing them to cut prices, he said by telephone. “They can’t afford that.”

The loss of preferential trade in the 27-state market will affect not just direct exporters of banana chips but also indirect processors who supply the manually peeled fruit. “This specific product generates employment because the work is manually done,” Mr. Amores said.

Local communities in remote areas are the biggest beneficiaries of GSP+, including fishermen in General Santos City and coconut farmers in Lanao del Norte, according to a 2018 study by Uriel N. Galace, a former research specialist at the Foreign Service Institute.

GSP+ has not only enhanced economic growth but also made it more inclusive, encouraging foreign investors to come here and hire Filipinos, he said.

To adapt, a frozen food preserve exporter is considering prioritizing other markets.

“We have to be more aggressive with other markets like the US, Canada and the Middle East,” Philip C. Young, chief executive officer at Global Food Solutions, Inc. said in a telephone interview. This won’t let them fully recover lost sales, he added.

Tuna exporters, who also rely on the tariff perks, said ending the trade perks could lead to lower sales and joblessness in the sector.

“There are other potential new markets for our products but since the US and EU are the major markets for tuna, we might not be able to replace or sustain the volume and sales that we are delivering to the EU in the short term,” the Tuna Canners Association of General Santos said in an e-mail.

Losing the trade privileges won’t be a “death blow” to the economy especially if trade with China compensates for the loss, Mr. Galace said in his paper. But retaining it would help maximize economic growth, he added, citing the country’s increasing use of the tariff perks and the export sector’s reliance on a handful of key markets.

The EU was the fourth-biggest economic bloc destination of Philippine exports in 2019, taking up 10% market share, according to data from the Philippine Statistics Authority.

The Philippines was granted GSP+ status in December 2014. The country’s exports to the region in 2019 increased to  €7.6 billion from €5.3 billion in 2014, according to the Trade department.

In 2019, €1.9 billion of exports to the EU used GSP+ preferences.

Mr. Amores said the Philippine government could still ask the European Commission to maintain the country’s trade status. But Philippine agriculture exports could bear the brunt of the potential loss, he added.

“If it so happens, the impact will cascade seriously to the manufacturers,” he said. “What could possibly happen? Unemployment, reduced export values, and of course the displacement of the agricultural export sector.”

Overall agriculture exports have been declining during the pandemic, dropping by 6.7% to $2.5 billion in the first half from a year earlier, government data showed.

Due to restrictions during the pandemic, Global Food has been struggling with maintaining manpower, Mr. Young said.

But the company retained some demand because consumers working — and cooking — from home started buying more of their food products. Continued demand for Philippine food exports to the EU will depend on pricing competitiveness.

Mr. Taray, the coconut oil businessman, said EU lawmakers shouldn’t raise their political concerns at the expense of Philippine business.

“It’s just an accusation and it must go through a process,” he said of the country’s human rights situation. “There are proper venues for that. We shouldn’t be cut off by the EU because we won’t meet our millennium development goals.”

Senate OK’s bill allowing Duterte to fast-track permits

THE SENATE approved on second reading a bill giving President Rodrigo R. Duterte special powers to fast-track the issuance of permits and licenses amid the coronavirus disease 2019 (COVID-19) pandemic.

By a voice vote, the chamber on Monday evening passed Senate Bill No. 1844, which will authorize Mr. Duterte to expedite and streamline the processes for new and pending applications for permits, licenses, certifications or authorizations “in times of national emergency.”

Mr. Duterte last month extended the state of calamity in the country until Sept. 12, 2021.

The measure also allows the President to suspend or waive requirements in securing these national and local permits, licenses and certifications.

The bill covers all agencies of the Executive branch.

“This is a good accompanying measure to the Ease of Doing Business. I think a lot of good will come from this,” Senate Majority Leader Juan Miguel F. Zubiri, co-author of the bill, said in a statement on Tuesday.

“With this, I hope the President will feel emboldened to put an end to our culture of red tape, by recognizing his power to act on the ineptitude and incompetence of some of our officials and employees by removing them from government service.”

Mr. Zubiri on Monday asked Executive Secretary Salvador C. Medialdea to have the measure certified as urgent, allowing it to do away with the three-day interval in passing bills on second and third reading. The 18th Congress is scheduled to suspend session this week for a one-month break until Nov. 15.

However, no counterpart bill has been filed in the House of Representatives.

The bill was filed in the Senate after the President consulted Congress leaders on possible amendments to the Ease of Doing Business Law, under Republic Act No. 11032, to help businesses badly affected by the pandemic.

The Philippines rose 29 places to 95th on the World Bank’s 2020 Doing Business Report with a score of 62.8. The report measures the time required to start a business, employ workers, deal with construction permits and being connected for electricity, among others.

“This will make ARTA (Anti-Red Tape Authority) more effective specially with local government units and various government agencies to reduce bureaucracy,” George T. Barcelon, Legislative-Executive Development Advisory Council private sector representative, said over the phone.

Mr. Barcelon said ARTA continues to encounter obstacles in its efforts to cut red tape.

“This is like an extension of power to the President because I know ARTA is trying its best, but there are still many obstructions, he added. — Charmaine A. Tadalan

SMC completes Skyway 3, to start work on Bulacan airport by yearend

TRAVEL from SLEX to NLEX is expected to take only 20 minutes.

THE Metro Manila Skyway Stage 3 project that links Gil Puyat Ave. in Makati City to the North Luzon Expressway (NLEX) toll plaza in Balintawak, Quezon City is now complete, San Miguel Corp. (SMC) said.

The 17.93-kilometer elevated expressway was “done ahead of the original October 31 schedule,” the company said in an e-mailed statement.

“With Skyway 3, travel from SLEX (South Luzon Expressway) to NLEX will now only take 20 minutes, from around three hours previously. Magallanes to Balintawak will only take about 15 minutes, Balintawak to Ninoy Aquino International Airport also only 15 minutes, and Valenzuela to Makati in just 10 minutes,” it added.

SMC President and Chief Operating Officer Ramon S. Ang said the new expressway is not yet open to the public, as “finishing works” are still being done.

“We just have to wait for the weather to improve so we can make sure that the asphalt will cure properly. That and a few more finishing touches are all that’s needed, and then we can open soon,” Mr. Ang said.

The project has five sections: Gil Puyat Ave. (formerly Buendia Ave.), Makati – Quirino Ave. – Nagtahan; Nagtahan – Aurora Blvd./Ramon Magsaysay Ave.; Ramon Magsaysay – Quezon Ave.; Quezon Ave. – Balintawak, Quezon Ave.; and Balintawak, Quezon City – NLEX Footbridge.

SMC added it also plans to finish the northbound section of the Skyway Extension project, which aims to provide additional lanes and connect SLEX to the Skyway near Susanna Heights and the Muntinlupa-Cavite Expressway “by December.”

BULACAN AIRPORT GROUNDBREAKING
SMC said separately the groundbreaking for the Bulacan airport project is going to take place “by the end of the year.”

The Senate approved on Monday the franchise bill for the construction and operation of the P740-billion Manila International Airport project in Bulacan.

SMC hopes the project will generate more than a million direct and indirect jobs, and once completed, create up to as much as 30 million tourism jobs nationwide.

San Miguel will also build an expressway that will link the airport to NLEX and a rail link through Metro Rail Transit-7.

The airport targets to have an annual capacity of 100 million travelers, which the government hopes will help decongest Ninoy Aquino International Airport in Pasay City. — Arjay L. Balinbin

DMCI Homes to launch condo project under new brand

DMCI HOMES, the property arm of listed DMCI Holdings, Inc., is introducing a new sub-brand that will cater to students and young professionals through a new project on Taft Ave.

In a statement, DMCI Homes said it is launching DMCI Homes Ascend, which will feature units located near universities and business centers and will have commercial areas, co-working spaces and convenient facilities.

This is the second sub-brand to be formed out of DMCI Homes, after DMCI Homes Exclusive, which was launched in 2016 for the luxury market.

“With DMCI Homes Ascend, we hope to provide quality living spaces that better fit the needs of young working professionals and students, especially with the evolving lifestyle brought about by the pandemic,” DMCI Homes President Alfredo R. Austria said.

The company will launch its first property before the end of the year, which will feature a mix of studio, one-bedroom and two-bedroom units.

This will be located in Malate, Manila near College of St. Benilde and De La Salle University. DMCI Homes said the location is suited for the brand it is vying for because it links Manila, Pasay and Makati—all cities with business hubs.

“Our clients can be assured that DMCI Homes Ascend will carry the same brand DMCI Homes is known for—quality workmanship and value-for-money homes,” Mr. Austria said.

DMCI Homes said in August that it was looking to launch two to three new properties before the end of the year because of encouraging sales despite the coronavirus pandemic.

The company booked P38 million in profits during the first semester, down 97% year on year, due to lower revenue recognition from delayed construction accomplishments.

The income of DMCI Holdings, which includes interests in real estate, mining, construction, water and power, fell 69% to P2 billion during the six-month period.

Shares in DMCI Holdings at the stock exchange picked up four centavos or 0.95% to close at P4.25 apiece on Tuesday. — Denise A. Valdez

Philippine-based investors launch P65-M tender offer of Steniel shares

A GROUP of three local firms and two businessmen is doing a P64.99-million tender offer of 279.15 million common shares in listed Steniel Manufacturing Corp.

The company told the exchange on Tuesday that its shares are being tendered by Greenkraft Corp., Golden Bales Corp., Corbox Corp., and a certain Rex Chua and Clement O. Chua.

The group is eyeing to buy the company’s shares from public shareholders at 10 centavos each. The tender offer period is scheduled from Oct. 12 to Nov. 10, with the closing date set on Nov. 23.

“The purpose of the private transactions requiring the conduct of this tender offer is for the group, with their extensive experience in the paper industry, to acquire control of Steniel and extend their expertise for the expansion and growth of the paper manufacturing business,” the investors said in a tender offer report disclosed by Steniel on Tuesday.

Shares in Steniel were suspended from trading at the Philippine Stock Exchange since July 2006, when it closed at 26 centavos apiece.

Steniel is in the business of manufacturing and selling paper products, paper board and corrugated carton containers. It has an authorized capital stock of P1 billion composed of 1 billion common shares priced P1 each.

The investors that want to buy the company’s shares are all originating from the Philippines. In the tender offer report, Greenkraft was described as a Pampanga-based business involved in trading craft roll, Golden Bales is a Davao-based business involved in buying and selling paper products, and Corbox is a Cebu-based general merchant. Rex and Clement Chua are both Iloilo-based businessmen, and the latter is a director at Greenkraft.

On Oct. 7, the group signed a share purchase agreement with the listed firm’s parent Steniel (Netherlands) Holdings B.V. The deal involves the sale of 649,908,308 common shares in listed Steniel at 10 centavos each, for a total consideration of P64.99 million. This makes up 64.99% of Steniel’s outstanding capital stock.

Some 279,151,088 common shares comprising 27.91% of the company’s outstanding capital stock will be bought through a tender offer. The remaining 70,940,604 common shares will be bought through a private sale.

BDO Securities Corp. has been tapped as the tender offer agent for the P64.99-million offering.

Last year, Steniel and the investors agreed on a share-swap transaction exchanging the investors’ 269,500,000 common shares in Steniel Mindanao Packaging Corp. for common shares in the listed firm.

Some P11.47 million loans to Greenkraft were also converted to 11.47 million common shares in Steniel, which entailed increasing the company’s capital stock to P1 billion.

In the first six months of 2020, Steniel’s attributable net loss was trimmed to P811,000 from P1.21 million a year ago. Its consolidated revenues slid 2.4% to P31.21 million. – Denise A. Valdez

US museums sell Picasso and Warhol, embrace diversity to survive

BROOKLYN Museum’s only Lucas Cranach, Lucretia, will be up for auction
at Christie’s Old Masters sale on Oct. 15. — WWW.CHRISTIES.COM

THE ONE-TWO punch of COVID-19 (coronavirus disease 2019) and the racial-justice movement has upended huge swathes of society — work, school and health care. Below the radar, it’s also shaking the foundations of another set of US institutions — museums — forcing them to sell prized works and broaden the definition of great art.

For generations, museums lived by a tightly scripted set of rules. They accepted tax-deductible donations and acquired artists seen as great — mostly European and American, mostly white, mostly men. In deference to the sacredness of their task, they were permitted to sell a work only to buy another, not to keep on the lights or pay conservators.

This past April, after museums from San Francisco to Maine shut their doors due to the pandemic, the Association of Art Museum Directors announced that for two years, works could be sold and the proceeds used for “direct care,” with each institution defining what that means.

The impact has been profound. Museums are not only selling works long off the market but acquiring pieces by female, Black and Latino artists, and — they hope — gaining new visitors who will see themselves reflected in the hushed halls. In other words, they’re expanding the canon and hoping to turn this crisis into an opportunity.

Masterpieces are pouring into the market. Last week at Christie’s, Everson Museum of Art in Syracuse, New York, sold its sole Jackson Pollock painting for $13 million and Springfield Museums in Massachusetts offloaded a Picasso for $4.4 million. Brooklyn Museum’s only Lucas Cranach is heading to the auction block this week while the Baltimore Museum of Art is shopping around its signature, monumental Last Supper by Andy Warhol for about $40 million.

“This is really an unparalleled moment,” said Brent Benjamin, president of the museum directors association and director of the Saint Louis Art Museum. He said earlier financial crises, like the one in 2008, were hard, “but we’ve never seen anything like this.”

Museums are slowly reopening but with reduced staff — the Metropolitan Museum of Art eliminated 400 jobs during the pandemic — and at lower capacity. They can’t hold fund-raising events in person or deepen relationships by organizing trips to international exhibitions and fairs. They’re selling to stay alive, and auction houses Sotheby’s and Christie’s are busy.

Museums represent the distress in the art market while their rich patrons, for the most part, have been so far immune from forced sales. The works are extremely desirable because they’re fresh, historically significant and come from the most exalted of collections.

“In the next two weeks, we’ll be making some significant announcements,” said Nina del Rio, Sotheby’s head of advisory and museum, private and corporate art services, who was granted the $65 million consignment from the Baltimore Museum of Art and smaller ones from Palm Springs Art Museum, San Diego Museum of Art, and Art Institute of Chicago.

Adam Levine, the new leader of the Toledo Museum of Art, says he consults often with Ms. Del Rio. He is exploring if there are ways to extract liquidity from art without breaching public trust, he said. The museum got permission to use $200,000 this year in restricted funds for collection management and its staff is finalizing a plan to diversify its holdings.

“Museums have amazing power,” Mr. Levine said. “When we put something on the wall, it becomes unimpeachably great.”

It also becomes unimpeachably valuable, and museums are under pressure to give power and value to those who’ve been underrepresented. Levine’s first acquisition was Black artist Bisa Butler’s large-scale quilted portrait of Frederick Douglass, whose title alludes to his speech to abolish slavery.

To be sure, museums have in the past sold works outside the rules and have occasionally been sanctioned for it. Most exhibit a tiny fraction of the art they own, with the rest in storage rarely if ever seeing light of day. Taking something off the wall can be precarious. Everson Museum’s sale of Pollock’s Red Composition drew sharp criticism. And Brooklyn Museum’s sale of the Cranach, among other works, raised eyebrows.

“These aren’t easy decisions,” said Anne Pasternak, the Brooklyn Museum director. “The Cranach was an outlier in our collection and had need for restoration. Am I sad to let it go? Sure. Are there more important works in the museum collection? Yes.”

She plans to sell at least $40 million worth of art in the next two years, starting with 12 pieces valued at $2.3 million to $3.6 million at Christie’s next week, and use the income to care for the 160,000 objects in the museum’s care. In Baltimore, the city’s encyclopedic museum is selling three signature works — by Clyfford Still, Brice Marden and Warhol — to raise $65 million.

The sale of the Still especially stings some locals. A key Abstract Expressionist who spent the final decades of his life on a Maryland farm, Still gave his 157-G painting to Baltimore as a gift. It’s estimated to sell for $12 million to $18 million and some funds are to be used to buy works by women and people of color.

“The imperative to act and address decades of inaction around equality in the museum is enormously important,” said Christopher Bedford, museum director. He says the emphasis on diversity will “ensure that the story we are narrating is the full and true story.” — Bloomberg

Kepwealth moves acquisition of additional office spaces to 2021

PROPERTY developer Kepwealth Property Phils. Inc. has moved its continuing acquisition of leasable office spaces to the first or second quarter of 2021 due to the business challenges posed by the coronavirus disease 2019 (COVID-19) pandemic.

In a disclosure to the stock exchange on Tuesday, the company said that it decided to “proceed cautiously” while evaluating available properties and checking the market demand for office spaces.

The move comes after a review of the company’s plans on how to use the proceeds from its initial public offering (IPO).

“Originally, the company had projected to complete the acquisition until the end of the second quarter of 2020. We now believe that our shareholders’ interest would be best served to move the acquisition to the first or second quarter of 2021,” the disclosure said.

Last year, the company was able to raise P384.77 million when it listed its shares on the stock exchange.

Proceeds from the IPO will be allocated to the purchase of new spaces for commercial and office leasing.

Further, the company said the earlier acquisition of its two contiguous floors and 18 parking spaces in One San Miguel Ave. had only been turned over after the enhanced community quarantine.

In March, the company forged deeds of absolute sale with Amberland Corp. for spaces in the said building in Pasig City.

Meanwhile, Kepwealth also disclosed that a couple of properties that it is managing had expressed their desire to pre-terminate the “asset management agreement” with the company.

The company’s disclosure did not state the names of the properties.

“Nonetheless, as we see when the country eventually bounces back economically, the company continues to work to explore potential tie-ups with property owners,” Kepwealth President Augusto Pablo A. Corpus Jr. was quoted as saying.

On Tuesday, shares of Kepwealth in the stock exchange rose 0.21% or P0.01 to close at P4.85 per share. – Revin Mikhael D. Ochave

New ecclesiastical pieces on view at Palacio de Memoria museum

PALACIO DE MEMORIA has expanded its collection of Euro-Filipino art pieces in its museum with new ecclesiastical pieces ranging from paintings of religious figures and ivory statues, to church furnishings.

The majority of the museum’s ecclesiastic collection dates back to the 14th century, though it has pieces that span that period into the 20th century. Among the new items at the museum are unique portraits of religious figures in unusual figurations, including Christ, the Virgin Mary, and different saints.

“We are the third largest Catholic country in the world, and our religion is an important part of our history and our identity as Filipinos,” said  Palacio de Memoria general manager Camille Lhuillier in a statement. “ Aside from their artistic merits, we hope the new pieces in our museum will help enlighten people about our Christian cultural heritage.”

There are paintings depicting religious life, including a 17th century painting from Spain showing the martyrdom of Saints Fausto, Jenaro, and Marcial of Cordoba, as well as an oil painting dating back to the 17th century Flemish-Spanish school portraying the scourging of Christ.

Also part of the new selection are ivory icons of ethical provenance, such as a Madonna and Child sculpture from 18th century Portugal and the Crucified Christ figure encased in a wooden frame. There are also reliquaries of venerated individuals including the apostles and various saints.

The museum collection extends to church artifacts like furniture, altar pieces, and other items used in a liturgical ceremony. This includes a wooden oratorio with a tableau of the Holy Family in polychrome terracotta, a two-seat choir stall from 18th century Portugal, a wooden processional cross from Spain, and a bishop’s chair from Bolivia with a depiction of a relief of Archangel Michael and the Blessed Virgin along its wooden frame.

Aside from the new pieces, the museum will also soon serve as a chapel where religious gatherings such as weddings or baptisms can be held.

Palacio de Memoria is located at 95 Roxas Boulevard, Tambo, Parañaque. Tours are available upon request. For more information, visit https://www.palaciodememoria.com or follow @thepalaciodememoria on Facebook and @palacio.de.memoria on Instagram.

PLDT-Smart says nearly 1,500 cell sites in Visayas upgraded to LTE

SMART COMMUNICATIONS, Inc., the wireless unit of PLDT Inc., said on Tuesday all its cell sites in central Philippines had been upgraded to LTE or long-term evolution, which increases the capacity and speed of wireless data networks.

“The activation of LTE in far-flung coastal community Kawayan, a fifth-class municipality in island province Biliran, Eastern Visayas, brings to nearly 1,500 the number of sites in the region now operating on LTE,” Smart said in an e-mailed statement.

The mobile network operator added all of its sites in the Visayas are now on LTE.

“Smart has also expanded LTE capacity in the Visayas by 31% compared to end-2019,” it said.

To date, all of Smart’s sites in the VIsayas are already on LTE. Smart has also expanded LTE capacity in the Visayas by 31% compared with end-2019.

Mario G. Tamayo, PLDT-Smart senior vice president for network planning and engineering, said: “Rolling out in an archipelago and in the countryside presents unique challenges. This has to be taken into consideration. Recently, we fired up an LTE base station in Pag-asa Island in the municipality of Kalayaan, the country’s most remote cell site. We have also fired up a cell site in Brgy. Tucdao, Kawayan in Biliran. These are far-flung communities, but we are committed to doing this. We have been constantly improving our services by expanding our network wherever possible.”

Smart announced recently that the Pag-asa Island in the West Philippine Sea is now covered by its LTE network service.

Telcos are hoping to improve connectivity in remote areas soon in response to the new normal caused by the pandemic.

Industry participants said the goal is achievable with stimulus legislation that reduces the requirements for permits needed to put up and operate cellular towers.

President Rodrigo R. Duterte recently signed Republic Act No. 11494 or the Bayanihan to Recover As One Act (Bayanihan II), an economic stimulus program that grants the government the power to simplify the permit process for building cell towers.

“PLDT and Smart will continue to invest in building the network. In terms of affordability, we are trying to balance the needs of our customers and their capability to avail of our services. We always make sure that we offer reliable services. Expect improvement in our services this year and next year,” Mr. Tamayo said in a recent online forum.

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

Ancient statues emerge from the shadows in blockbuster Rome show

ROME — After decades locked away in a basement, some of the finest sculptures from antiquity have been pulled from the gloom and returned to public view in Rome.

Busts of Roman emperors, intricate sarcophagi and an ancient Greek relief carved 2,500 years ago are just some of the 92 pieces on display in the city’s Palazzo Caffarelli.

The marbles belong to the aristocratic Torlonia family and represent a fraction of their 620 sculptures, believed to be the largest such private collection in the world.

“We could do seven, eight, 15 more exhibitions,” said art historian Salvatore Settis, who was picked by the family to help curate the show and had the difficult task of deciding which works should see the light of day.

Like many leading Rome families, the Torlonias initially put their huge collection on display in a museum. But after 101 years, they locked its doors in 1976, looking to convert the building into private apartments.

“The reappearance of such a legendary collection is a very important event,” said Mr. Settis. “When I saw them for the first time it was very emotional because I knew most of those pieces from books, but I had never seen them.”

The Torlonias, who built their wealth off the back of papal contracts, snapped up established collections, some dating back to the 15th century, and built up a collection of collections.

Among the pieces on view is a fountain basin carved in ancient Greece that was believed to have stood in the garden of Julius Caesar when it was already considered an antiquity.

Many of the works have undergone substantial restoration over the years, including a statue of a goat whose body dates to the first century AD but whose head is believed to have been created by the famed 17th century Italian sculptor Bernini.

Anna Maria Carruba helped prepare the statues for the exhibition.  

“Many of these pieces were already restored from 1600 onwards. We didn’t need to work on the structure of the statues but only on the surfaces, cleaning them, removing the dust that had accumulated over the years and materials used in previous restorations,” she said.

The Torlonia Marbles show had been due to open in April, but was pushed back because of the coronavirus. It runs in Rome until June 2021 and is expected to move on to at least one other European country and the United States before returning to Italy where it will be given a permanent home. — Reuters

AllHome opens new store in Las Piñas

ALLHOME Corp. has opened a new retail store in Las Piñas City to tap the builders market in the Calabarzon region.

In a statement on Tuesday, the Villar-led company said it recently opened AllHome Builder’s Centre Evia, which covers almost 2,500 square meters of store area.

The new store features wider aisles and higher shelves and offers items such as tile designs, modern sanitary wares, hardware items, and comprehensive building materials.

“AllHome Builder’s Centre aims to make material-sourcing much more convenient and less time-consuming for builders and contractors. This store is designed to provide the no-frills shopping experience preferred by busy builders,” AllHome Chairman Manuel B. Villar, Jr. said in the statement.

The company wants to ride on the increase in construction projects in Cavite, Laguna and Batangas, particularly the exclusive residential developments in the Alabang area.

AllHome will give away an AllHome Builders’ loyalty card for free to new customers, hoping to generate traction by offering promos and discounts. Its target is to grow its membership base by tenfold in the next three years.

The Builder’s Centre is located at Evia Lifestyle Center in Las Piñas City. As of end-June, AllHome had 45 stores spanning 296,772 square meters of net selling area.

During the first six months of the year, the company’s earnings dropped 37% to P275.65 million, attributed to store closures when Luzon was under a strict lockdown due to the coronavirus pandemic.

AllHome shares at the stock exchange closed at P5.96 apiece on Tuesday, up six centavos or 1.02% from a day ago. — Denise A. Valdez

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