LOCAL companies with operations in mainland China are closing shop amid the novel coronavirus scare, as the epidemic push the death count and confirmed cases higher by the day.
Jollibee Foods Corp. (JFC) announced yesterday it had indefinitely shut down 14 of its 389 stores in China that are located in the province of Hubei, where Wuhan City is. The city was identified as where the virus broke out.
“Today and in recent days, all 14 stores are temporarily closed and will remain closed as part of the government’s effort to contain the virus,” it said.
The 14 shops represent 3.6% of JFC’s store network in China, and less than 1% of its worldwide network of 5,973 stores as of end-2019.
This makes JFC the second listed firm in the Philippines to announce suspension of operations in China, after Ayala-led Integrated Micro-Electronics, Inc. (IMI) announced its decision last week.
IMI has delayed the resumption of work to next week in its four manufacturing facilities in the provinces of Guangdong, Zhejiang, Sichuan and Jiangsu. These plants employ more than 5,900 people combined.
“The company is implementing guidelines to address and manage employees who manifest symptoms associated with the coronavirus. Business trips to and from high risk regions have been deferred,” it said.
Aside from JFC and IMI, several listed Filipino firms have footprint in China. SM Prime Holdings, Inc. has seven malls — in Xiamen, Jinjiang, Chengdu, Suzhou, Chongqing, Zibo and Tianjing. Robinsons Land Corp. has a residential project in Chengdu. International Container Terminal Services, Inc. operates a port in Shandong province. San Miguel Corp. has breweries in Guangdong and Baoding.
With the novel coronavirus epidemic, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said property companies and airlines are expected to feel the immediate impact.
“Some of them have malls operating in China, some of them are listed companies, so it’s not yet significant but it has a high single-digit contribution to the topline of those companies,” he said in a phone call last week.
As for JFC, it said its operations in China account for 6.5% of its total store network and 7.4% of its global systemwide sales. But it believes the Chinese government will be able to handle the issue, so it will continue with its plan to open more stores in the country this year.
“While it is too early to determine the total impact of the novel coronavirus on its business in China, JFC remains very committed to keep building and growing profitable business in China,” it said.
“It envisions to build at least 1,000 stores in (China) in the next few years and that China will provide a significant contribution to the profit of (JFC),” it added.
Philstocks Financial, Inc. Research Associate Claire T. Alviar thinks the closing of stores right now will not significantly affect JFC’s bottomline. But in any case, the coronavirus problem may result to lower consumer demand, and “may somehow weigh on the net income in the first quarter.”
Shares in JFC at the stock exchange lost P1 or 0.51% to P195 each on Tuesday.
THE Philippine Stock Exchange, Inc. (PSE) is seeking an amendment of rules for companies that will be involuntarily delisted from the local bourse, where a tender offer may be required to protect investors.
The bourse operator posted on its website Monday its proposed amendments to the involuntary delisting rules, which will still be subject to public comment.
The proposal looks primarily at two changes: implementing an exit mechanism and increasing penalties for directors and officers found to be involved in violations.
The PSE wants to require listed firms that will be involuntarily delisted to conduct a tender offer to all its stockholders, where the minimum offer price will be based on the fairness opinion of an independent valuation provider or its volume weighted average price for one year.
An increase in the number of years that a company may not relist may be imposed by the PSE, from the current five years to up to perpetual prohibition, if a company fails to comply with the tender offer requirement. The offer for investors to buy-back will also last for one year after a company delists.
In terms of penalties on directors and officers, the proposal wants to restrict the appointment of erring persons in any listed company for five years, or more, or forever. This is an increase in the current scope of penalty where erring directors and officer are only restricted to hold positions in companies applying to list and only for a five-year period.
“The Exchange revisited the involuntary delisting rules, following receipt of complaints from the market that, without an acceptable exit mechanism, stockholders ultimately suffer the consequences of involuntary delisting for violations committed by the listed company, through its directors and officers, while the erring directors and officers are only penalized with 5-year disqualification,” it said.
Other amendments to the rules are on the grounds for involuntary delisting, procedure for involuntary delisting and grounds for automatic delisting.
A company that incurs due and unpaid loans amounting to at least 10% of its total assets may be flagged for involuntary delisting, as well as a company that has an adverse opinion from an external auditor.
Companies that have started proceedings for involuntary delisting may also not apply for voluntary delisting until the involuntary delisting proceedings end. In the process, the PSE may decide to impose penalties on the company such as to pay a fine or conduct a tender offer.
A company will be automatically delisted if its corporate term or other regulatory registrations expire or are revoked.
Commenting on the proposed amendments, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the new rules are beneficial especially to small investors.
“I think it’s good for the small investors because it offers better protection,” he said in a phone call Tuesday. He noted it would help that the tender offer price is based on objective parameters, that the delisting prohibition could be longer if needed and that the buy-back period lasts for one year.
The PSE also released last year its proposed amendment to voluntary delisting rules with the intention of protecting small investors. PSE President and Chief Executive Officer Ramon S. Monzon previously said the final guidelines may be released within the first quarter.
THE Securities and Exchange Commission (SEC) is revoking the registration of Togachat Academy Philippines, Inc. after finding it is operating an illegal investment scheme.
A Jan. 23 order has been posted on the SEC website this week saying it is cancelling the certificate of incorporation of Togachat for violation of several provisions of the Revised Corporation Code, the Securities Regulation Code and the SEC Reorganization Act.
These rules require that companies obtain a secondary license in order to sell securities, and that these securities be registered with the SEC before any sale. A company that operates beyond the authority it is granted by the SEC and deliberately misrepresents itself to the public may earn corresponding penalties.
As for Togachat, the SEC decided to revoke its certification of incorporation and put a “revoked” status on the company’s name in the commission’s online database.
The SEC said it received several messages from the public that Togachat is luring investors to participate in a multi-level marketing scheme. It asks “agents” to invest around $100 to $3,000 (about P5,000 to P152,295) convertible to “Toga Points,” which can be used to buy shares in its own trading platform. Buying at least 100 shares is supposed to guarantee an investor a return of up to $820,000 (about P41.62 million) once the company lists in the Nasdaq Stock Market in 2019.
The SEC said Togachat does not have a secondary permit authorizing it to sell securities, and neither does it have a pending registration for any of the securities it sells.
The regulator has also since found that the United States SEC have two orders on its website involving Togachat: the first saying Toga Capital Ltd. is a revoked Nevada corporation based in Kuala Lumpur, Malaysia, and the second asking for the company’s statement in a show cause order.
The local SEC issued an advisory to the public against investing in Togachat in July last year. This was followed by a show cause order in August, asking the company to defend keeping its certificate of incorporation.
Togachat denied the allegations in September, saying the violators are unaffiliated with the company and are using its name without authority. But the SEC said the reply “consisted of general denials” and had “nothing… that would refute the allegations of the complainants.”
The SEC then proceeded to issue a cease and desist order to the company in December, based on the evidence it found in its own investigations. It said Togachat is employing an investment scheme characterized as a Ponzi scheme, as it promises “impossibly high returns and pays these returns to early investors out of the capital contributed by later investors.”
“Consider that nowhere is it stated in the primary purpose of Togachat that it is authorized to engage in investment-solicitation activities…, the activities of Togachat… constitutes serious misrepresentation…which is a ground for the revocation of a corporation’s primary franchise…,” it said.
Meanwhile, the SEC issued a separate advisory against dealing with Eco Hatchery/Eco Hatchery and Trading Corp. It said this company is luring the public to invest in it in exchange of earning 15% every 15 days for four months, but it doesn’t have the necessary license to conduct such operations.
“The public is hereby informed that Eco Hatchery/Eco Hatchery and Trading Corp. is not authorized to solicit investments from the public as this entity did not secure prior registration and/or license to solicit investment from the Commission…,” it said.
“…the public is hereby advised to stop investing in the investment scheme being offered by Eco Hatchery/Eco Hatchery and Trading Corp. and its representatives,” it added. — Denise A. Valdez
ABS-CBN Corp. said it remained “leader” in national television ratings last month, while GMA Network, Inc. said it “clinched the top spot,” citing different rating providers.
The Lopez-led media giant said its nationwide TV audience share for the month of January, as reported by Kantar Media, stood at 38%, beating its rival GMA’s 32%.
ABS-CBN said Kantar Media used a nationwide panel composed of 2,610 urban and rural homes, representing 100% of the total TV viewing population of the country.
In Metro Manila, ABS-CBN said its audience share stood at 38% versus GMA’s 27%. But in mega Manila, the company had a share of 32% compared to GMA’s 33%.
GMA also beat ABS-CBN in total Luzon as its audience share stood at 35% versus the Lopez firm’s 34%.
In the Visayas, ABS-CBN had a share of 49% against GMA’s 27%. In Mindanao, it had a 44% share against GMA’s 28%.
Meanwhile, GMA said it recorded an average of 34.7% total day people audience share nationwide last month against ABS-CBN’s 31.7%. The network cited data from Nielsen TV Audience Measurement.
In urban Luzon, GMA said its audience share stood at 36.7% against ABS-CBN’s 29.1%.
For mega Manila, GMA said it posted a 37.1% average total day people audience share against ABS-CBN’s 27%.
“Both Urban Luzon and Mega Manila respectively account for 72 and 57 percent of all urban viewers in the country,” GMA said. — Arjay L. Balinbin
“Art is supposed to widen our ideas of life. It’s supposed to get us into philosophical discussions and expand our minds. But if we’re stuck in that little muddle of selling stuff, we’re going to end up doing merchandising. It’s going to hurt.” — Lyra Garcellano
By Sam L. Marcelo Associate Editor
THE UNCONVENTIONAL charm of The Link car park in Makati City, home of Art Fair Philippines (AFP) since 2013, has faded for nine of the 10 galleries mounting their own event, ALT Philippines, at the SMX Convention Center.
Artinformal, Blanc Gallery, Finale Art File, Galleria Duemila, MO_Space, The Drawing Room, Underground, Vinyl on Vinyl, and West Gallery have separated from AFP and its organizers — Trickie Lopa, Lisa Periquet, and Dindin Araneta — for several reasons, some more personal than others, and with varying levels of amicability. The main sticking point, however, was AFP’s refusal to move out of the car park. (The tenth ALT gallery, 1335 Mabini, is joining both.)
Splitting from AFP is a bold move considering that the fair has metastasized into a cultural juggernaut that pulls in tens of thousands of visitors.
The two fairs, which take place within a week of each other, are vying for the eyeballs and Instagram posts of an art crowd intent on protecting itself from the coronavirus and “fairtigue” (defined by Blouin Artinfo as “an existential state of exhaustion brought on by attending or exhibiting in too many art fairs”).
A QUESTION OF SPACE
“The primary reason I joined ALT is that I want to explore a different venue,” said Jay Amante of Blanc Gallery in a phone interview. “The space you put artworks in is very important. I feel that AFP has been around the car park for too long. It’s very limiting, physically, for the artworks and for the number of artworks you can put.”
The Link has a ceiling height of eight feet. In contrast, the function rooms at SMX Convention Center at SM Aura Premier have more than triple that at 28 feet. Furthermore, ALT Philippines, in keeping with its utopian, consensus-building approach to event management, features a hive-like layout that puts all 10 exhibitors on equal footing. Each exhibitor will have 70 square meters of floor space to play with and the freedom to do whatever they want; no one will be banished to a remote corner on the 7th floor of the car park.
“A new space will always give you a rejuvenating feeling,” said Mr. Amante, who stressed that he decided to sit out AFP 2020 even before ALT presented itself as an alternative.
“Before ALT came about, I felt like there was a need to change the venue, but how do you say that to a well-oiled, perfectly working machine?,” said Mr. Amante. “Art Fair Philippines works. It brings people in. You’re able to showcase the works in a decent manner. There was really nothing wrong with AFP… but the thing is, it was getting tiring.”
ALT Philippines, for Mr. Amante, is a chance to regain the enthusiasm that was snuffed out after seven years in the car park. “The first edition of anything you do in life is the most exciting,” he mused. “This is not a rebellion. It’s wanting to feel that what you’re doing isn’t robotic. …I think it’s a good thing. I think everyone will step up. The Art Fair Philippines team will definitely step up and so will the ALT team — we don’t want to embarrass ourselves. It’s that dynamic that excites me.”
Adding to the Blanc gallerist’s excitement is the wide-open future of ALT Philippines. “This could be the last one or this could go to Barcelona next year,” he said. “We don’t know.”
‘AFP SHOULD REALLY MOVE OUT OF THE CAR PARK’
A notable absence among the 10 founding galleries of ALT Philippines is Silverlens, which wasn’t invited to join the new fair. Headed by Isa Lorenzo, Silverlens has a packed first quarter that began with S.E.A. Focus in Singapore in January. After AFP this February, the gallery will head to Art Basel Hong Kong and Art Dubai, both in March.
“We really choose where we participate and only go for the top fairs,” said Ms. Lorenzo in an e-mail. Silverlens joins art fairs for specific reasons, including connecting with existing clients, meeting new ones, and touching base with the museums and collections in the host city or country. Art fairs, after all, are huge networking events where curators, collectors, artists, and everyone who’s anyone rub shoulders and breathe the same air (the year’s hottest fashion accessory might be a face mask).
AFP, in particular, Ms. Lorenzo said, “opens a lot of opportunities for people to come to Manila to see us in our home turf.” Adding ALT to the mix a week before AFP opens doesn’t worry her: “I don’t think ALT will dilute the scene, it should make it more interesting.”
It bears saying that, like Mr. Amante, Ms. Lorenzo’s affection for the car park has dwindled. “AFP should really move out of the car park,” she said, “but people come, and we do well. We connect with people — visitors, art shoppers, and art collectors — who don’t come to the gallery, and invite them to come to Silverlens for a better experience than the car park.” (Asked how AFP makes up for the fact that The Link isn’t the best venue to show off art, Ms. Lorenzo’s one-line reply was: “They don’t.”)
‘THE CAR PARK ANSWERS THAT NEED’
In an interview during a press event for AFP, Ms. Lopa defended AFP’s loyalty to The Link. “Our mission is to widen the audience of contemporary art. This is reflected in our choice of venue. We want to hold the fair that’s accessible and that’s not intimidating. The car park answers that need and that’s why we’ve been there,” she said.
Despite the departure of the nine galleries that chose to show only at ALT Philippines, this year’s edition of AFP is the biggest yet, with 61 participants in the Galleries section. New features have also been added to the existing roster of talks, tours, and public art projects: ArtFairPH/Film, which celebrates Philippine cinema; ArtFairPH/Open Studios, which is composed of workshops and demonstrations; and ArtFairPH/Incubators, which showcases creative spaces outside of the mainstream gallery format.
Questions about ALT were sidestepped and Ms. Lopa made no mention of the new fair. “We’re just sticking to our mission. Why are we here? It’s to widen the audience for the visual arts. This is why we continue doing what we do. We’re in this for the long haul. I think you’ve seen by our lineup that we’ve not let up in terms of our planning. We’re still pushing the boundaries of what we can show our audience.”
THE IMPORTANCE OF ART FAIRS
All this talk underscores how important art fairs have become to the art ecosystem. It is now a validating institution for artists and, as artnet put it, “the art market’s central apparatus.” (See “Team Gallery’s Jose Freire on Why He Is Quitting Art Fairs for Good” by Andrew Goldstein, news.artnet.com, March 5, 2018.)
The UBS Global Art Market Report 2019 bolsters the same claim with numbers: aggregate sales at art fairs are estimated to have reached $16.5 billion in 2018 — up 6% year-on-year, while the share of the total value of global dealer sales made at art fairs was 46%.
Among the key insights stated in the UBS Global Art Market Report 2019 is this: “The evolution of the event-driven market and art fairs has been the most significant trend for dealers in the past two decades. In 2000, there were about 55 established international art fairs. This number has increased rapidly since then, and in 2018, there were close to 300 fairs with an international element.”
The report also noted that the Philippines counted among the countries with the lowest national average prices for booths, along with Portugal, Italy, and Spain, which all averaged under $300 per square meter.
The UBS Global Art Market Report 2019 concluded that “while dealers and collectors have noted their increasing exhaustion with the number of events on the art fair calendar, fairs remain one of the key channels for sales and the exchange of information in the gallery sector.”
THE SEARCH FOR ALTERNATIVE MODELS
The emergence of the art fair as a validating institution and its effects on art-making deserve a conversation beyond how much was sold and how many people went.
Artist Lyra Garcellano, whose practice spans about 20 years, remembers a time when artists had to eke out their own spaces. The “exhibition economy,” as she calls it, looked different: there were no art fairs and galleries paid scant attention to fresh graduates, favoring established masters instead. Contemporary art in the Philippines wasn’t the sexy thing that it is today.
The art fair as a prevailing form of distribution, circulation, and education has “its own harsh effects” said Ms. Garcellano, who knows of what she speaks since she has participated in AFP multiple times and will participate in ALT.
“Art fairs tend to have works that are almost the same, or very similar to each other. It has this look.” The “art-fair work” is big, bombastic, and attention-seeking. It is “wow, ka-boom!” To succeed in an art fair, a work cannot be too small, lest it drown; it cannot require more than eight seconds of consideration, lest it exceed the ever-shortening attention span of human beings.
“We can go into the deeper discourse, which is kind of scary: this is the kind of work that will be popularized and become currency,” said Ms. Garcellano, who added that students who are required by their art professors to visit the fair will see these works and think that these are the only forms of art that should be emulated or valued. The monolithic homogeneity — the sameness — of the works found in an art fair becomes oppressive if people lack criticality and come to believe that this is the only kind of art that matters.
“It’s a bad thing if it’s going to trap you,” said Ms. Garcellano, who has seen artists surrender their practice to the market to create a brand. “They don’t want to experiment anymore because they’re scared of not being accepted in terms of their works being translated into something of commercial value.”
Another art fair doesn’t really expand the ecosystem if it caters to the same people and gives access to those who already have it. Another fair doesn’t disrupt the status quo, it maintains it.
What Ms. Garcellano wants to see is a plurality of models. On a recent trip to New York, she caught up with artists who have been practicing for 40 years despite not being the subject of monographs, or being biennale artists or art fair hotshots — despite not selling that many artworks, even. “They are able to practice because grants, though competitive, are available to them, grants that are offered by the state or private institutions,” she said.
“Art is supposed to widen our ideas of life. It’s supposed to get us into philosophical discussions and expand our minds. But if we’re stuck in that little muddle of selling stuff, we’re going to end up doing merchandising. It’s going to hurt.” she said. “It’s going to hurt you if you think that you are no longer valuable if your works are not translated into money.”
ALT Philippines 2020 runs from Feb. 14 to 16 at the SMX Convention Center Aura, SM Aura Premiere, BGC in Taguig City. For more information, visitwww.altphilippines.com. Tickets are available at SM Tickets (www.smtickets.com/events/view/8784). General admission is priced at P250. Art Fair Philippines runs from Feb. 21 to 23 at The Link car park in Makati City. For more information and for ticket purchase, visitartfairphilippines.com. Tickets will also be available at the reception area.
GLOBE TELECOM, Inc. posted a 20% growth in its consolidated net earnings in 2019 to P22.3 billion, backed by higher revenues from customers’ data consumption, the Ayala-led company told the stock exchange on Tuesday.
Excluding foreign exchange and mark-to-market gains, as well as non-recurring items, the company’s core net income increased 20% year-on-year to P22.5 billion.
Ernest L. Cu, Globe president and chief executive officer, said in a statement that the past year had been a good one for the company “despite the changing industry environment.”
“We ended 2019 with a positive set of financial results and more importantly significant gains on the network front. These results serve as a springboard for the opportunities and challenges that lay ahead, and will help us better serve our expanded mobile and broadband customer base of over 96 million,” he said.
In the fourth quarter alone, Globe said its income fell 18% to P4.6 billion, while core income also dropped 21% to P4.6 billion.
The company’s total revenues increased 12% to P149 billion last year, driven by the 12% year-on-year growth in the mobile segment.
Data-related services, which include mobile data, home broadband and corporate data, accounted for 71% of Globe’s gross service revenues.
Home broadband generated P21.7 billion in revenues,up 17%, while corporate data added P12.8 billion, up 9%.
On the other hand, revenues from fixed line voice services dropped 10% to P2.7 billion.
Globe’s mobile subscribers rose 27% year-on-year to 94.2 million, 4% of which are postpaid subscribers while 28% are prepaid.
On the other hand, broadband subscribers increased 25% year-on-year to 2 million.
For 2020, Globe is keeping its capital spending target at P63 billion, which includes spillover of commitments from 2019. The amount is 23.5% higher than its spending last year, as it continues to expand and enhance its network.
Globe spent P51 billion, or $989 million, last year. The company said 79% of the amount, which was 18% higher than the previous year, went to its data-related requirements.
“We will continue this momentum through 2020 as we remain committed to our goal of delivering first-world internet connectivity to the Philippines,” Mr. Cu said. — Arjay L. Balinbin
IT ALL began in 2007 when bookstore founders Andrew Yap and Jacqueline Ng established a 500-square-meter bookstore called BookXcess where remainder books from international distributors were sold. It was located in a neighborhood mall in Malaysia, “where you hardly see any customer walk pass,” as Ms. Ng described.
Ms. Ng explained that books are a luxury among families in Malaysia where there is a small reading population.
“Everybody knows that anything important is expensive,” Ms. Ng said, during the Big Bad Wolf Book Sale press launch on Jan. 30 at Y Café in Makati City.
“The mission at that time was to bring the price of books as low as we could, so that you will not be a barrier for parents who wanted to buy books for the kids — to encourage the kid to read,” she explained.
Despite a limited budget, the couple started the Big Bad Wolf Book Sale in 2009 with 120,000 books. Today, it has grown to be the “world’s largest book sale.” In 2019, 750,000 visitors flocked to the book sale in Manila.
This year, the 24-hour book sale returns to Manila for the third time, from Feb. 14 to 24 at the World Trade Center in Pasay City.
WHAT’S IN STORE
This year, the Big Bad Wolf Book Sale will be selling more than 2 million books with 33,000 titles — 17,000 of which are new titles. The books will be available at 50% to 90% off their recommended retail price. As part of its Crazy Deals promotion, markdowns as low as P60 will be introduced for the first time in Manila.
Returning in this year’s book sale are the Magical Books series with Augmented Reality (AR) technology. Twelve new titles will be available including Frozen: A Sleepover Party, and Winnie the Pooh: Fun with First Words. Two “come-to-life” puzzle sets will also be available for the first time: Little Red Riding Hood and Goldilocks and the Three Bears. There will also be a “buy five get one free” promotion on selected Magical Books. The Big Bad Wolf Book Sale is the exclusive distributor in Asia for the Magical Book series.
For the duration of the book sale, one person will win the grand prize of a trolley full of books, while 20 daily winners will get P700 cash vouchers by joining social media contests and posting creative images on Facebook and Instagram.
As a part of the Big Bad Wolf Book Sale’s partnership with Gawad Kalinga since 2018, the book sale returns with the Red Readerhood program in bringing aid to communities in the Philippines. Visitors are encouraged to donate books at the Red Readerhood corner — the books will be distributed to communities, barangays, and public schools in Mindoro and communities affected by the Taal volcano eruption in Batangas. The 2020 Big Bad Wolf Book Sale will kick donations off with 1,000 books.
“The partnership is really built on our common desire to inspire greatness from each other. Doing good is not good enough. We need to do good with others so we can do greater things together,” said Jose Luis Oquiñena, Executive Director of Gawad Kalinga (GK). “So the whole idea of unleashing the imagination of the poorest, for us, was a critical step towards ending poverty.”
Last year, the Red Readerhood program was able to collect 16,123 books which were distributed to orphanages, public elementary schools, GK communities, and reading centers across the country.
INTELLECTUAL PROPERTY AWARENESS
The 24-hour book sale is also collaborating with the Intellectual Property Office of the Philippines (IPOPHL) for the first time “in a bid to foster a culture of respect for the copyright system while encouraging reading amongst Filipinos through accessible and affordable books,” a press release said.
With a Memorandum of Understanding (MoU) signed in December, IPOPHL and the Big Bad Wolf Book Sale will jointly launch programs and projects “to raise awareness and appreciation of the copyright system among authors, publishers, users, and the general public.”
During the 11-day sale, the IPOPHL will conduct information activities on how to maximize the value of copyright works. Creators and authors of various copyrightable works may register and deposit their work at the IPOPHL booth located at the lobby. They can fill up the copyright deposit form (provided at the booth), submit two hard copies or a digital copy of their original work, and pay a fee of P450 (https://www.ipophil.gov.ph/services/copyright/deposit/).
“One of our main goals is to develop the publishing industry in the Philippines, by providing them with the tools and knowledge to jumpstart their business,” said Emerson G. Cuyo, director IV of the Bureau of Copyright and Related Rights, during the press launch.
“With the Big Bad Wolf Book Sale being an international platform, we hope that we gain exposure for our information campaign for copyright enforcement and protection to spread awareness to the public,” he added.
“We are not about selling books to readers. We are talking about changing the whole society, and hopefully changing the mindset, and empower and inspire a child or even an adult to pursue a dream,” Ms. Ng said.
This year, the Big Bad Wolf Book Sale aims to visit the United Arab Emirates (UAE), and countries in Africa. Meanwhile, they also hope to expand to a fifth city in the Philippines after having held the sale in Manila, Cebu, Davao, and Angeles, Pampanga.
“We will continue to look at suitable cities and a venue if possible, to be able to benefit more Filipinos from this country,” Ms. Ng said.
BOULEVARD Holdings, Inc. (BHI) has swung to a net profit in the first quarter of its fiscal year ending August 2019 after recording a surge in revenues.
In a regulatory filing yesterday, the listed firm said its attributable net income in the June-to-August period stood at P1.78 million, a turnaround from the P5.59 million in losses it saw the previous year.
This was driven by a revenue jump in the three-month period to P32.82 million, nearly five times more than the P7.15 million posted a year earlier.
However, the company still saw a net loss of P4.4 million during the period, slimmer than the past year’s P6.87 million, as net loss attributable to non-controlling interests increased to P6.17 million from P1.28 million previously.
The increase in consolidated revenues is mainly from its leisure and tourism related business through its operations of Friday’s Boracay Beach Resort and Friday’s Puerto Galera Beach Resort. This segment recorded sales of P24.57 million during the period to jump 244%, largely because of the reopening of Boracay island.
“BHI management believes that (Friday’s Holdings, Inc.) hotel operations will continue to improve in the next few months due to the opening of Friday’s Puerto Galera Beach Resort,” it said.
“BHI management further believes that it will improve the patronage of the loyal customers of both Friday’s Boracay Beach Resort and the recently opened Friday’s Puerto Galera Beach Resort,” it added.
Expenses in the three months nearly tripled to P36.76 million from P12.91 million in the same period a year ago. — Denise A. Valdez
THE SPREAD of the deadly coronavirus may jeopardize Art Basel Hong Kong, one of Asia’s most prestigious art fairs, with participating galleries asking organizers to cancel the event’s eighth edition in March.
The death toll from the virus, which originated in the Chinese city of Wuhan, has risen to 425 while the number of cases has topped 20,000.
In Hong Kong, where the second fatality outside of mainland China has just been reported, museums and schools have been closed. The Hong Kong Marathon, which was set to take place on Feb. 8, was canceled. Rail service from the mainland is suspended and flights have been reduced.
The World Health Organization on Thursday declared the coronavirus outbreak a global health emergency.
“Hong Kong is not the place where anyone wants to go right now,” said Janelle Reiring, co-founder of Metro Pictures Gallery in New York. “Because of the politics, the protests and now the virus. No one wants to send people to work there the way things are.”
Art Basel Hong Kong, which drew 88,000 people last year, is scheduled to open to VIPs on March 17 at the Hong Kong Convention and Exhibition Center. UBS Group AG is the show’s lead partner.
Exhibitors would include 241 galleries from 31 countries and territories, according to the website. The Art Basel franchise, which also includes fairs in Miami and Basel, Switzerland, is part of Switzerland’s MCH Group AG. The parent company has been struggling financially, and any cancellation in Hong Kong may complicate things further.
“This is a challenging time for all of us,” the fair’s directors said in a letter to exhibitors on Thursday. “The contemplation of postponing or canceling an event of this scale — which takes a full year to produce — is a complex process, with many factors and multiple stakeholders.”
FINAL PAYMENTS
Even before the coronavirus, Hong Kong was rocked by months-long anti-government protests that turned parts of the city into battle zones on weekends, wreaking havoc on the tourism and retail sectors and plunging the economy into a recession.
While the demonstrations affected almost all industries, at the very top end, people were still spending. A five-day auction by Sotheby’s in October set a new world record for Japanese artist Yoshitomo Nara, whose painting of a cute but menacing cartoon girl — Knife Behind Back — sold for $24.9 million.
ARTIFICIAL LIFE SUPPORT
Some dealers have asked for Art Basel Hong Kong to be canceled and a few have already dropped out. One group of gallery owners recently gathered in New York to address the situation.
In January, 24 galleries signed a letter to the fair organizers demanding concessions. But the outbreak of coronavirus was a game changer, dealers said. The anxiety among galleries is further augmented by approaching deadlines to make final payments for exhibiting and to book expensive shipments of art to Hong Kong.
Richard Nagy, the owner of a prominent London gallery, wrote to organizers last Wednesday asking them to cancel the show. A copy of the e-mail was seen by Bloomberg.
“Regretfully, we believe this situation needs decisive leadership and the fatally wounded Art Basel Hong Kong 2020 needs to be put out of its misery and quickly,” Nagy’s letter said. “Having taken soundings and we can tell you, not one of our foreign clients will be attending and they are surprised the fair is still on.”
“There is absolutely no doubt in our minds that this art fair is now commercially on artificial life support,” he wrote.
There is precedent for a canceled Art Basel. The first edition of Miami Basel was postponed in 2001 after the 9/11 attacks. In addition, the fair’s contract with the galleries states that reasons for cancellation may include “economic or political situations that strongly compromise” the organization of the show, according to Nagy’s letter.
“Surely this point is now passed,” Nagy said. “Please tell us what and where the line has been drawn — at what point will Art Basel Hong Kong cancel the show? Is it 100 infected cases in Hong Kong? Is it a death in Hong Kong? Exactly where is your line in the sand drawn?” — Bloomberg
THE Energy Regulatory Commission (ERC) is set to issue in February its decision on the power supply deals that went through competitive bids, including those called by the country’s largest distribution utility Manila Electric Co. (Meralco), the agency’s top official said.
“Tapos na ‘yung hearings. Pina-finalize na ‘yung resolution (The hearings are completed. The resolution is being finalized),” ERC Chairperson and Chief Executive Officer Agnes VST Devanadera told reporters after a hearing at the Senate on Monday.
Asked about the specific power supply agreements (PSAs) that went through a competitive selection process (CSP) will be covered by the resolution, she said: “Lahat ‘yan February lalabas. I mean ‘yung CSP ‘yung filed.”
(All of them will be issued a decision in February. I mean those with a filed CSP.)
She answered in the affirmative when asked whether Meralco’s PSA is covered in the upcoming resolution.
A CSP has become part of the process before the ERC acts on a PSA application after the ERC and the Department of Energy came out with rules meant to bring down electricity costs. The lowest-cost bid for power supply that met the set conditions is awarded the PSA, but subject to the commission’s scrutiny and decision.
THE Cultural Center of the Philippines’ Pasinaya 2020 “Art for Earth’s Sake” open house festival, which was to have been held on Feb. 7 to 9, has been canceled for public health and safety in response to the outbreak of the novel coronavirus.
“As the World Health Organization declared the coronavirus as a public health emergency of international concern, we urge the Filipino people not to panic and remain calm. Let us work together to prevent the virus from spreading. Let us remain vigilant and keep safe,” the cultural center’s artistic director, Chris Millado, said in a statement posted on the it’s official Facebook page on Jan. 31.
Started in 2004, the Pasinaya is a multi-arts festival which is held annually during the first weekend of February in celebration of National Arts Month.
The cultural center’s regular programs will continue as scheduled. For more information, contact 8832-3704 or visit www.culturalcenter.gov.ph.
THE BANGKO SENTRAL ng Pilipinas (BSP) and Bank Indonesia (BI) may consider going into a joint regulatory sandbox to test cross-border retail payment linkages following the central banks’ recently signed memorandum of understanding (MoU), according to BSP Governor Benjamin E. Diokno.
“The BSP and BI have yet to consider specific projects under the MoU,” Mr. Diokno said in an e-mailed response to BusinessWorld on Tuesday.
“However, moving forward, the agreement may be expected to facilitate initiatives between the two central banks to ease information exchange on payment systems and financial innovation, promote participation in a joint regulatory sandbox testing or establish of cross-border retail payment linkages, and introduce fintech (financial technology) businesses to each other’s jurisdictions, among others.”
The two central banks inked an MoU on Feb. 1 with the intent to create a framework of closer cooperation to help attain a “more secure, efficient and reliable payment system, and to promote digital financial innovation.
The pact came after a bilateral meeting between BSP and BI which tackled advances done in the digital economy, central banking, infrastructure financing using market instruments, and sustainable financing frameworks done by both sides.
Meanwhile, BSP Deputy Governor Chuchi G. Fonacier said the BI highlighted the Indonesia Payment System (IPS) Blueprint 2025, which is a framework they have adopted in response to the digital transformation occurring in their national payment system.
“The blueprint includes open banking standards, retail payment system, market infrastructure, data management, and regulatory, licensing and supervisory framework,” Ms. Fonacier said in an e-mailed response.
In August 2019, Bank Indonesia launched its QR Code Indonesian Standard as part of the blueprint.
“Ultimately, the IPS Blueprint 2025 should challenge the BSP and Philippine banks to continue improving synergies, embracing transformation, and supporting innovation, as these were key lessons that formed the BI’s policy action,” Ms. Fonacier said.
For its part, the BSP launched the National Retail Payments System in 2015 where electronic fund transfer schemes like the PESONet and InstaPay are part of.
So far, the volume of e-payments in the country have risen to comprise 10% of total transactions in 2018 from a mere 1% in 2013, according to a study by United Nations-based Better than Cash Alliance. — Luz Wendy T. Noble
