WEST ZONE water provider Maynilad Water Services, Inc. has completed the replacement and realignment of 6.7 kilometers of water pipelines in 2020 to assist ongoing government infrastructure projects.
In a statement on Tuesday, the concessionaire said primary and secondary pipelines were reconfigured in portions of Caloocan, Quezon City, Valenzuela, Parañaque, and Las Piñas.
The reconfiguration is to give way for ongoing construction works such as the construction of the Philippine National Railways North, Metro Rail Transit Line 7, and Light Rail Transit Line 1 extension, which aim to help improve the travel of commuters.
Maynilad Chief Operating Officer Randolph T. Estrellado said the reconfiguration of the pipelines is needed to avoid delay in the said government projects.
“We strive to support by accommodating requests to realign some of our existing pipelines, with due consideration to Maynilad customers whose water supply may be temporarily affected by such realignments, as well as to motorists who pass by our construction sites,” Mr. Estrellado said.
Maynilad provides water to areas in the west zone of the National Capital Region such as Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, Malabon, Manila, Makati, and Quezon City, as well as parts of Cavite province including Bacoor, Imus, Kawit, Noveleta, and Rosario.
Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave
IT IS believed that we are a sum of our surroundings. Judging from portraits of her by other artists (including one by Fernando Amorsolo), Betsy Westendorp, one of the grandes dames of Philippine art, had been and continues to be a beautiful woman at the age of 93. She was surrounded by beautiful people and beautiful things, and in such a setting, nothing else but beauty is expected. The rarefied world that Ms. Westendorp lived in seemed to be a set path: to paint society portraits; then paint something beautiful; then see those hung on either the homes or the offices of the powerful she painted. Her works then serve as a salve, and an escape from this world, and an exercise in the purpose of beauty.
All this beauty will be on view in a retrospective exhibition called “Passages” at the Metropolitan Museum of Manila, which runs from Jan. 29 to March 15.
Art, said the artist, is a balm for life. “Certainly I’d recommend everybody to paint, to do sculpture, do some art, because I think they can endure many hardships in life if you have that,” Ms. Westendorp told BusinessWorld’s High Life magazine in a video interview several years ago.**
Ms. Westendorp has multiple identities: she comes from another era, her maiden last name is Dutch (she was named after an aunt who was an artist); but she was born and raised in Spain, and then she was married to a Filipino businessman, Antonio Brias. As Emmanuel A. Miñana, head of the Betsy Westendorp Retrospective Committee, said in a statement, “It was love at first sight. They moved to Manila and raised their three children amidst newfound friendships.”
Ms. Westendorp is best known for her cloudscapes, her flowers, and her high-society portraits, including those of Spain’s Royal Family — she painted the now-King Felipe VI and his sisters as a child. For her various achievements, Ms. Westendorp earned theLazo de Dama de la Orden de Isabela Catolica (Order of Isabella the Catholic), as well as the Presidential Medal of Merit for Art and Culture.
Mr. Miñana emphasized Ms. Westendorp’s contribution to the body of Philippine art. “The object of her affection was her newly adopted home — its people, flora and fauna; effervescent and luminous skies and seascapes; and commonplace shanties and fishermen’s homes by Manila Bay. She focused her eyes, and ours, to the grandeur and beauty of a country she passionately painted. She took ordinary, taken-for-granted subjects and made them sublime. As advocate and patriot of her second home, Westendorp has contributed to the life and culture of Philippine art by generously lending her voluble voice and artistic vision unflinchingly to this country. This is her truest legacy.”
The retrospective, curated by Dannie Alvarez, will display over 100 works spanning more than 60 years of Ms. Westendorp’s career. In keeping with the current health guidelines, the retrospective will be presented in both real and virtual space. The museum will present a 3D virtual tour, a biographical film documentary, and interviews and tributes. A printed retrospective monograph with text by Cid Reyes will be produced in partnership with De La Salle University Publishing House. There will also be continuous education and public programs throughout the retrospective, including a fireside chat with the artist.
The exhibition has been organized by the Metropolitan Museum of the Philippines in partnership with Bangko Sentral ng Pilipinas (BSP), De La Salle University Publishing House, and Pioneer Insurance, together with the Retrospective’s executive committee headed by Mr. Miñana and its members gallerist Silvana Diaz, writer Cid Reyes, and photographer Denise Weldon-Miñana.
The retrospective is sponsored by the Alay ng Inang Maria Foundation, Ramon Antonio, Antonio and Maricris Brias, Rosemarie T. Delgado, Jay and Ana De Ocampo (of Wildflour), Raul and Joanna Francisco, Randy and Irene Francisco, Antonio and Linda Lagdameo, Jaime Ponce de Leon, Alfonso and Yolanda Reyno, Beatrice Roxas, Carlos and Isabelita Salinas, Rick and Bonnie Santos/Santos Knight Frank, Teresita Sy-Coson, Steve and Loli Sy/ (Focus Global, Inc.), Bienvenido Tantoco, Sr. (SSI Group, Inc.), Rico and Nena Tantoco (Sta. Elena Golf & Country Estate), Wilfred and Kerri Uytengsu, Randy and Pia Young, and Jaime and Bea Zobel de Ayala. — JLG
THE CENTRAL BANK has tweaked its regulations to cover more types of virtual asset service providers (VASPs) and better guard against risks amid the heightened use of these services.
“This is in line with the thrust of the Bangko Sentral to promote financial innovation while remaining sensitive to the attendant risks. The said guidelines amended the regulations on virtual currency exchanges (VCE) that were issued in 2017,” the central bank said in a statement on Tuesday.
“We have seen accelerated growth in the use of virtual currency exchanges in the past three years and it is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set out commensurate risk management expectations,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in the statement.
The BSP’s expanded guidelines for VASPs use the Financial Action Task Force’s (FATF) definition of the types of these providers.
Under the revised framework approved by the Monetary Board, VASP activities covered by the central bank will now include the exchange between one or more forms of virtual assets, transfer of virtual assets, and safekeeping and/or administration of virtual assets or instruments enabling control of virtual assets.
These will be subject to the BSP’s licensing requirements, regulatory expectations for money service businesses and anti-money laundering, countering the financing of terrorism and proliferation financing obligations.
The initial framework released in 2017 only covered providers facilitating the exchange of fiat and virtual assets.
The BSP, however, did not include VASPs participating in an issuer’s offer or sale of virtual asset in its framework, which were also included in the FATF definition. This is because these activities fall under the jurisdiction of the Securities and Exchange Commission, BSP Managing Director for Policy and Specialized Supervision Lyn I. Javier said in a text message.
“The BSP will continue to scan for existing players that would potentially be covered by the expansion of the regulatory scope,” Ms. Javier said.
Under the new guidelines, all transactions involving the transfer of virtual assets will be treated as cross-border wire transfers.
This means service providers of virtual asset-related transactions will now need to comply with regulations on wire transfers, such as providing immediate and secure transmission of originator and beneficiary information from one service provider to another for certain transactions.
Once they secure the BSP’s clearance to perform VASP activities, these service providers will also need to comply with other existing rules for money service businesses, such as those on outsourcing, liquidity risk management, operational risk management, information technology risk management, and financial consumer protection,
The BSP said the VASP regulatory framework is aligned with fintech industry’s best practices and is consistent with international risk management standards, such as those from the FATF.
“This will ensure that activities relating to virtual asset service providers are executed within an unbroken chain of regulated entities,” Mr. Diokno said.
The central bank’s new guidelines for VASPs are a “welcome” and encouraging development for financial technology players, an industry group said, noting the regulator is likely “looking to plug regulatory holes” that may not be under the watch of the Securities and Exchange Commission.
“It seems to me the BSP wants the market to leverage the benefits of blockchain technology to lower costs and introduce competition in the consumer finance industry,” Fintech Alliance.ph Chariman Angelito “Lito” M. Villanueva said in a Viber message.
However, Mr. Villanueva said decentralized finance may challenge the central bank’s ability to regulate.
“I believe regulation of decentralized finance means the ability to properly audit and impose rules on the writers of code (for smart contracts). Either the private sector provides these services or the government has to be in a position to do their own audit,” he said.
He added that the central bank also needs to look into other terminologies that can be used for VASP as the same acronym is used for value-added service providers regulated by the National Telecommunications Commission.
There were 17 money service businesses with virtual currency exchange services authorized by the BSP as of November, data from its website showed. — L.W.T. Noble
GMA NETWORK, Inc. said it now covers more than 98% of television households with around 84 million viewers nationwide.
“In both total Luzon and total Visayas, GMA’s net reach was similarly at 98.6% of TV households, while posting 49.8% and 47.7% people audience shares, respectively,” the listed media company said in an e-mailed statement on Monday. “In total Mindanao, GMA was able to reach 97.9% of TV households with 42.2% people audience share.”
The network cited Nielsen Philippines TV Audience Measurement’s total Philippines data for 2020, from Jan. 1 to Dec. 26.
In December 2019, ABS-CBN Corp. reported, citing data from Kantar Media, that its nationwide TV audience share stood at 42% as of November, versus GMA’s 30%.
But GMA said it started “strong” in 2020.
“For the period January to May 5, GMA was already ahead of ABS-CBN in terms of both reach and viewership before the latter went off air in May. GMA registered over 95% household reach and was also on top with its 33.1% people audience share during the said period,” it explained.
This year, GMA plans to launch its digital TV mobile receiver GMA Now.
Also on Monday, GMA reported it already sold 1 million units of its digital terrestrial television (DTT) receiver “GMA Affordabox.”
“As GMA Network expands its digital broadcast coverage, more and more Filipinos are able to use GMA Affordabox,” it said.
“Recently, Misamis Oriental (including Cagayan de Oro City) and Camiguin were added to its coverage areas. It is also available in selected towns/cities within Metro Manila, Benguet, La Union, Pangasinan, Bulacan, Pampanga, Nueva Ecija, Tarlac, Batangas, Cavite, Laguna, Quezon, Rizal, Bohol, Cebu, Leyte, Davao de Oro, Davao del Sur, and Davao del Norte,” it added.
The company has allocated more than P20 billion for capital expenditures (capex) and content cost for the current year until 2023.
A big portion of the budget is allocated for content production and post-production.
The media giant had set aside a capex of P1.22 billion last year.
The listed company recently reported an attributable net income of P3.90 billion for the January to September 2020 period, up 79.03% from the previous year’s P2.18 billion.
It saw its total revenue grow 3.59% to P12.66 billion during the same period in 2020, from P12.22 billion in 2019.
GMA Network shares closed 1.84% lower at P5.88 apiece on Tuesday. — Arjay L. Balinbin
THE CULTURAL Center of the Philippines (CCP), through its Visual Arts and Museum Division is now accepting nominations for the 2021 Thirteen Artists Awards.
The Thirteen Artists Awards (TAA) started 50 years ago as a curatorial project of the Cultural Center of the Philippines (CCP) Museum under the directorship of its first curator Roberto Chabet. It was created in order to showcase the works of artists who attempted to “restructure, restrengthen and renew artmaking and art thinking… that lend viability to Philippine art.” Raymundo Albano, the next Director of the CCP Museum and Non-theater Operations, transformed the 13 Artists into the awards program that it is today.
The 13 Artists exhibition was mounted every two years from 1970 to 1980, and again in 1988, 1990, 1992 and 1994. It was revived in 2000, and changed to a triennial format, which it follows until today.
Nominees must possess the following eligibility requirements:
• Have a body of work characterized by artistic integrity, innovativeness, and forcefulness of ideas;
• Be responsive to contemporary realities;
• Show evidence of sustained artistic activity demonstrated by a track record of individual exhibitions and group shows for at least the past three years;
• Engagement with contemporary visual art forms including, but not limited to, painting, sculpture, new media, installation, performance art, photography, printmaking and digital imaging;
• Have Filipino citizenship;
• Be less than 40 years old in the year of conferment.
Art councils, art groups, heads/deans of art schools, museum and gallery curators and directors, art critics and past Thirteen Artists Awardees may nominate a maximum of three artists each.
The CCP Visual Arts and Museum Division (VAMD) under the Production and Exhibition Department and the Office of the Artistic Director will convene a Selection Committee composed of four past awardees and the head of the CCP-VAMD. The decision of the Selection Committee is final.
A Thirteen Artists Awardee will receive a cash grant to defray the cost of materials for producing new work for a group exhibition at the CCP Bulwagang Juan Luna (Main Gallery), which will open with the formal awarding ceremonies; a trophy designed by a 13 Artists Awardee and specially commissioned for the 2021 Thirteen Artists Awards; as well as participation in the CCP’s public programs of discussions, lectures, workshops and other activities.
The deadline for nominations is on March 1, 2021,at 11:59 p.m.
The nomination form can be downloaded from bit.ly/taa2021nominations. Completed nomination forms must be sent to ccp.thirteenartists@gmail.com. Hardcopy nomination forms will not be accepted.
For inquiries, contact the CCP Visual Arts and Museum Division, Production and Exhibition Department via landline at (632) 8832-1125 loc. 1504/1505, mobile phone (0917-603-3809), e-mail (ccp.thirteenartists@gmail.com), or visit www.culturalcenter.gov.ph, Facebook, Twitter and Instagram @ccpvamd.
THREE Western brands are leading in sustainability efforts in the Philippines, based on perceptions of locals, according to a national study released by a research firm and a data provider.
The report, titled “Philippines Sustainability Study,” ran in November last year and surveyed 752 individuals. The report was written by research firm Blackbox Research, and data and insights platform Dynata.
The top three brands that received higher scores in the study’s brand sustainability index are Google (1.47), YouTube (1.37), and Nestle (1.27). Meanwhile, Asian brands Samsung and Shopee were the only ones that “ranked above average,” with scores of 1.13 and 1.04, respectively.
The report’s brand sustainability index takes into consideration the perception of locals on how the various brands worked in the interest of people, planet and economy, and how individuals wanted to see these brands contribute to sustainable development goals (SDGs).
Despite the findings, Blackbox Research Chief Operating Officer Saurabh Sardana said that there was a “strong opportunity” for progressive local brands to connect with consumers by becoming more sustainable, especially now since the pandemic has halted the country’s efforts in achieving its SDGs.
The report said that the country had been making significant headway in implementing the United Nations’ SDGs, with the national poverty rate declining to 16.6% in 2018 from 23.3% in 2015.
“While our study found global companies dominating the market in this respect, Blackbox Research believes that progressive Filipino brands can lead the way when it comes to pioneering sustainable business that would help create a brighter future for all, while winning the hearts, minds, and spending power of consumers,” Mr. Sardana said in a press release.
The study’s findings also showed that 96% of Filipinos were willing to buy sustainable brands.
“Nearly all Filipinos are more open to brands that are sustainable… This finding is consistent across age groups, gender, and even educational levels,” the report said.
For Mr. Sardana, the study’s findings showed that “sustainable capitalism made business sense in the long term.”
“Our research makes it clear that this has major economic implications, given that Filipinos have demonstrated a preference for brands that are sustainable,” he said.
Further, the report found out that Filipinos wanted businesses to focus on three key sustainability areas. These are: ensuring economic growth by providing employment for all; promoting interconnectivity and equitable trading systems between countries; and responsible consumption and production. — Angelica Y. Yang
To say that 2020 has been rough for the cultural and creative industries is an understatement. More specifically, coronavirus disease 2019 (COVID-19) has been nothing short of a perfect storm for workers in those industries, who already experienced precarious conditions. Venue closures and travel restrictions have affected other economic sectors, such as hospitality, on which many workers depend to make ends meet.
If this pandemic were a natural disaster, it would be as if the tides kept on bringing oil to already devastated shores, day after day after day. In the end, who can we count on to provide some of the much needed “post-disaster” assistance, and when?
Research on disaster management offers insights into these questions. Interestingly, it suggests that future assistance will need to look a lot different than the responses seen to date.
Almost a year into this pandemic, it feels as if everything has been said. We know all too well about the struggle, the layoffs, and the dire financial situation many artists now find themselves in. We know about artists and other creative professionals moving on to more stable, greener professional pastures — at times in a literal sense as they leave cities that they were increasingly priced out of pre-pandemic. Perhaps more worrisome, we also know about the mental toll of prolonged inactivity and isolation.
Yet, we have also regularly been privy to glimpses of hope, promising innovations, and we’ve marveled at the adaptations of a generally resilient arts sector.
Think back to when news media extensively covered the phenomenon of people singing or playing instruments from their balconies. Despite the crisis, many established artists found ways to engage the public and some people in quarantine filled time with crafts or their windows with paintings.
Such positive moments remind us of the value and power of creativity, but they sit, of course, in the context of grief, anxiety, and exhaustion.
There is now a need to look also beyond immediate relief to deal with artists’ short-term needs met through things like emergency benefit schemes, wage-subsidy programs, and other forms of cash injections. The subsequent “chronic” stage efforts will need to focus on cleaning up, conducting post-mortems or self-analysis, and, perhaps more importantly, on healing.
Applied to the cultural and creative industries, this involves asking tough questions on the current working conditions, financial stability, and social recognition of artists, as well as extending sustained non-monetary support such as counseling for those who have had to weather a seemingly perpetual storm.
Only then can the sector turn to long-term rebuilding strategies, which must include reinvestment strategies.
Recent disasters, natural or man-made, show that help for devastated communities tends to come from those who have been for the most part unaffected by the situation. For example, over 90 countries provided logistical and financial assistance to New Orleans following Hurricane Katrina in 2005, much like many nations across the word were quick to come to Beirut’s rescue after last summer’s horrific explosions. On the surface, this may seem hardly applicable in a context of a global pandemic that has affected most people in some shape or form.
However, when it comes to the cultural and creative industries, a handful of sectors such as the video game industry and streaming platforms such as Netflix have actually experienced record growth over the past months.
We suggest that those companies that have weathered the storm, if not flourished during the pandemic, should launch joint initiatives, production support, sponsorships, and dedicated programs for individual artists or small organizations.
Furthermore, the collective expertise among these sectors could support digital transformation initiatives for those that did not previously rely on online outreach. This includes the development of tailor-made, but scalable immersive experiences that allow audiences to engage with creatives in a digital first, or hybrid digital-offline context.
In addition to reinvestment, infrastructure considerations and dedicated communications efforts have an important role building up sustainable arts communities and enterprises. Redesigning venues to make them more accessible, but also much safer for both patrons and artists is significant. In addition, what’s needed are government programs to support not just artists’ productions, but also cost of living and rent stabilization subsidies.
Beyond this, government investment to promote audiences’ consumption of artistic goods and services also matters. Once the pandemic is over, overcoming the stigma of mass gatherings and the public’s residual fears is also likely to be an everyday communication battle, one in which the entire cultural sector will need to come together in a concerted effort to encourage people to go out.
Likewise, while the rest of the economy was taking a battering, universities remained reasonably safe and privileged despite the collapse of the international student market. It is also the responsibility of universities to help by offering spaces and programatic support for experimentation and incubation of creative projects, as well as reskilling programs and research initiatives into the future of these sectors.
The current pandemic has shocked many of us into an awareness of the threat posed by disasters particularly given the world’s interdependence and complexity. This is why we need to develop much more sophisticated contingency, rescue and recovery strategies, in which stakeholders other than just governments are compeled to come together and support each other in times of crisis.
Louis-Etienne Dubois is Assistant Professor at the School of Creative Industries, Faculty of Communication and Design, Ryerson University. David Gauntlett is the Canada Research Chair in Creativity, Ryerson University. Ramona Pringle is the Director, Creative Innovation Studio, and an Associate Professor, RTA School of Media, Ryerson University.
THE NUMBER of lives insured by the microinsurance products of mutual benefit associations (MBAs) grew to 26.66 million last year, but total premiums earned declined due to the pandemic, the Microinsurance MBA Association of the Philippines, Inc. (MiMAP) reported on Tuesday.
MiMAP’s 18 MBA members covered 1.723 million more lives with their microinsurance products last year, increasing the sector’s coverage by 7% from the 24.93 million in 2019, its chairman emeritus Jaime Aristotle B. Alip said during the organization’s forum on Tuesday.
Premiums written, however, declined by 18% to P3.94 billion in 2020 from P4.81 billion the year prior after several clients found it more difficult to settle their dues during the pandemic, Mr. Alip said.
“Mahirap po kasi ang pagbabayad, maraming miyembro ang gustong magbayad (Many members found it difficult to pay their premiums even if they wanted to) because with this lockdown and mobility restrictions, (payments) became an issue,” he said.
Claims paid by MiMAP’s MBA members, meanwhile, rose by 12% to P1.6 billion from P1.43 billion in 2019 as companies continued to process payments and claims of clients, Mr. Alip said.
The average amount of death claims they received per day jumped by 12% to P4.38 million last year, while the number of payouts issued inched up by 2% year on year to 182 on average.
“This signifies the commitment of Mi-MBAs to prioritize addressing the needs of its members especially during this state of calamity in the country brought about by the COVID-19 pandemic,” he said.
Meanwhile, the Insurance Commission (IC) expects the MBA industry to remain the top-performing insurance sector in microinsurance after being so in the past five years.
IC data showed the number of lives covered by MBAs with their microinsurance products accounted for 69% of the total market share at end-June 2020, making it the top contributor in microinsurance.
MBA’s microinsurance premium production also accounted for the bulk or 58.8% of the total premiums recorded in the first half of 2020.
“The IC remains optimistic that the number of lives insured will continue to increase gradually now that the community quarantines are being eased up. Certainly, it will still involve our collective efforts to spread information and awareness about microinsurance, and other financial instruments in general,” said Insurance Commissioner Dennis B. Funa at the same event.
Mr. Funa said the industry’s shift to digital and wider adoption of insurance technology (insurtech) will support the promotion of microinsurance.
However, the IC chief himself admitted that communities in remote areas will still be difficult to reach due to connectivity issues.
“Another challenge is the fact that marginalized sectors, which are the target market of the microinsurance, are also the ones most affected by the pandemic,” he said.
“Nonetheless, we should still continue to reach out to them and educate them about the importance of insurance and microinsurance products, especially in times of crisis,” he added.
The estimated lives covered by microinsurance rose by 8% year on year to 39.67 million as of June last year, IC data showed. — Beatrice M. Laforga
PEPSI COLA Products Philippines Inc. (PCPPI) has opened a new line in Santo Tomas, Batangas that it expects to improve the overall polyethylene terephthalate (PET) bottle production by 30%.
Frederick D. Ong, PCPPI president and chief executive officer, said in a statement on Tuesday that the new line aims to address the increasing consumer demand for drinks amid the coronavirus disease 2019 (COVID-19) pandemic.
“PCPPI’s investment in this new line is a testament to our commitment to helping stimulate the economy by generating more jobs, especially in the Santo Tomas area. We believe that our country is on its way to recovery and, by investing and expanding our business, we can support the economic upswing,” Mr. Ong said.
According to the company, it now has four operational lines in its Southern Tagalog regional office.
“The new line, inaugurated last Jan. 7, adheres to sustainable business practices, as PET remains one of the highly-recyclable and sustainable plastic materials in the world,” the company said.
The new line comes after PCPPI announced that it had implemented the SAP Enterprise Management System as part of its plan to improve business operations and operational management.
With the move, the company now has an end-to-end single data platform to process data, which translates information to real-time analytics and insights.
In December, PPCPI received approval from the Philippine Stock Exchange to delist its shares. The company decided to delist voluntarily after its public ownership declined to 2.1%, far from the 10% minimum requirement. — Revin Mikhael D. Ochave
AN OPEN fair inspired by European street markets, Palacio de Memoria opens its grounds to the “Flea Market at The Palacio,” a weekend of arts, antiques, and artisanal goods on Feb. 6 and 7, 10 a.m. to 5 p.m. There will be unique and curated finds from art galleries, private collections, and artisanal shops, Rue Angelique Gallery of Prints, ARCHIVO 1984, Galeria Lienzo, Vidro, and the Edd Fuentes Private Collection. In addition to the market, special events will be held over the weekend. On Feb. 6, there will be a talk, “Connoisseur Conversations” with Dr. Jaime Laya from 11 a.m. to noon, followed by a Cognac Masterclass by Remy Martin at 1 and 3 p.m. At 5 p.m., there will be a screening of the 1977 film Tisoy by ABS-CBN Restoration. On Feb. 7, there will be a cooking demonstration by Cibo de Marghi at noon to 1 p.m., followed by the Remy Martin Cognac Masterclasses at 1 and 3 p.m., followed by Cigar Night by Tabacalera and Don Papa Rum starting at 5 p.m. Pre-registration is encouraged but walk-ins are welcome subject to health protocols. Strict health and safety measures apply throughout the fair. RSVP at hello@palaciodememoria.com by providing the names and number of guests and their contact details.
James Clar joins Silverlens
SILVERLENS has announced Filipino-American artist James Clar has joined the roster of artists it represents, ahead of his presentation in the 14th edition of Art Dubai in March. The artist will also have a solo exhibition at Silverlens Galleries Manila in June. Clar’s artistic practice analyzes the effects of media and technology on the perception of culture, nationality, and identity. His body of work often overlaps non-physical spaces — dream world, virtual world, spiritual world — so that constants, such as gravity and space, become pliable material. Creating visual sculptural pieces that utilize light and technology, Clar’s art fosters the potential for narratives to exist. Clar received his Masters from New York University’s media art program ITP. There, he developed his own light and technology systems to create the installations that would come to characterize his practice. Clar then established his studio in Dubai, participating in the city’s developing art scene until 2012, before moving back to New York, where he furthered his studio practice from Brooklyn and taught a graduate course at his alma mater. In 2021, he opened a studio in Manila to work from the Asian region. Silverlens first worked with Clar in 2019, with a solo exhibition at the gallery entitled “Noise Field #1,” which was his first presentation in the Philippines. In 2020, he expanded this show with a laser and liquid installation, Noise Field #1B, which he created in partnership with AC Motors for Art Fair Philippines. Clar was also included in Silverlens’ first online exhibition, “Anticipating the Day” in June 2020, where his installation piece, The New Normal (Red/Green, 6×6) was presented alongside works by Nicole Coson, Frank Callaghan, and Mit Jai Inn. The gallery said that Clar’s innovative light and media artworks align with its “objective of working with artists that expand the boundaries of contemporary art production.”
8-year-old becomes an author
#RAJISMS, a book filled with funny quips and witticisms from an eight-year-old boy will be launched via zoom and livestreaming on Feb. 13, 3 p.m. The book covers the quips that young author Maharadya Miclat-Janssen, Raja for short, has been saying from the time he was two to the present. These cover diverse topics like food, bilingual mix-ups, religion and house rules, geography and travel, politics, learning to read, arts, historical and world views, gender and politics, literature and creating stories, and the “new normal.” In the book’s foreword, his mother, UP Professor Banaue Miclat-Janssen, writes: “Kids say hilarious things. I cannot help but keep a record of my son Raja’s quips as experienced by my parents, his father and me.” Finding his thoughts amusing, even unconventionally funny for a small kid, she started posting his quips on Facebook. Friends prodded her to compile them in a book. The book also features Raja’s stories entitled Hyperion and Mixels and highlights six of his paintings done at ages three and four. Book design and illustration is by Ivan Reverente of INK, Ilustrador ng Kabataan. Jointly published by the Maningning Miclat Art Foundation, Inc. (MMAFI) and Erehwon Center for the Arts, the book to be launched via Zoom live streamed at Maningning Miclat Artist Facebook page. The book may be ordered through maningningfoundation@gmail.com or viber/text 0999-504-2898.
Virtual exhibit opening at The Met
THE METROPOLITAN Museum of Manila presents a retrospective exhibit ofManila-based Spanish artist Betsy Westendorp titled “Passages.” Over 100 artworks spanning more than 60 years of Ms. Westendorp’s painting career form the retrospective collection curated by Dannie Alvarez, and features in a catalogue written by art critic Cid Reyes. Her body of work includes portraits, Philippine landscapes, seascapes of Manila Bay, Philippine flora, and grand cloudscapes across Philippine skies. There will be a virtual exhibit opening featuring a brief interview with the artist and a 3D virtual tour of the exhibit on Jan. 29, 4 to 5 p.m. The event is free and open to all at http://bit.ly/PassagesBetsyWestendorp.
Atlantis to hold virtual theater workshop for adults
ATLANTIS Theatrical kicks of the new year with an online musical theater workshop for adults, featuring the fundamentals of acting, voice, and dance. The virtual setting will give students an intimate and focused learning experience aided by faculty members who have graced local and international stages. Acting classes will be taught by stage and TV actor Nelsito Gomez; voice classes will be taught by classically trained singer and Gawad Buhay and Aliw Awards winner Arman Ferrer; while Cecile Martinez, Atlantis Theatrical’s resident choreographer, rounds up the faculty as the Movement coach. The classes will be conducted from Feb. 22 to March 26, every Monday, Wednesday, and Friday. Sessions are an hour and 15 minutes long, with only two to three students to be accommodated per time slot. To conclude the course, there will also be an online recital with solo performances from all students on March 27, to be held live via Zoom. Students are expected to leave the workshop with rudimentary acting, singing, and dancing skills (with a focus on jazz dance); a polished musical theater song performance; applied understanding of song analysis and vocal techniques; and confidence that will help them shine wherever they go. A special class on basic makeup for theater and virtual meetings will also be conducted by make up designer Johann Dela Fuente. Visit www.atlantistheatrical.com/workshops for more information about the program. Contact Atlantis Theatrical at info@atlantistheatrical.com or at 0917-838-1534 to inquire. Slots are Limited.
THE PLANNED merger between Bank of the Philippine Islands (BPI) and BPI Family Savings Bank (BFSB) will boost efficiencies and have little impact on the parent bank’s credit profile, S&P Global Ratings said.
“The integration will increase BPI’s operational efficiency by eliminating duplication of the physical network. The surge in popularity of mobile and internet banking due to COVID-19 has enhanced focus on having a robust digital infrastructure and rationalize the branch network,” S&P analysts Ivan Tan and Nikita Anand said in a report on Tuesday.
The merger will have “minimal impact” on BPI’s credit rating, which currently stands at BBB+ with a negative outlook, the analysts said. They noted BPI’s rating is already based on a consolidated level, with BFSB contributing 13% to 15% to the parent bank’s overall assets and profits.
BPI last week announced its plan to absorb its thrift unit, saying they hope to finalize the transaction within the year. It said the merger will put under one bank the two lenders’ 8.5 million customers.
It said the reduction in the gap in the regulatory reserve requirements between commercial banks and thrift banks was also a factor for the move. The reserve requirement ratio for big and thrift banks currently stand at 12% and three percent, respectively.
S&P said they do not see other big banks following BPI’s move to consolidate with its thrift arm.
“The 600-basis-point gap in RRR ratio is still significant for major banks to benefit from having a separate thrift bank subsidiary. Banks will likely continue to take advantage of lower regulatory costs at thrift bank subsidiaries and house riskier loans with them,” it said.
BFSB is the country’s largest thrift bank with P287 billion in assets, P235 billion in deposits and P227 billion in loans.
Meanwhile, its parent bank BPI’s net income declined 33.7% to P5.5 billion in the third quarter of 2020. This brought its net profit for the first nine months to P17.17 billion, down 22.1% from the P22.03 billion booked in the comparable 2019 period.
BPI’s shares slipped by 25 centavos or 0.3% to close at P82.95 apiece on Tuesday. — L.W.T. Noble
