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Bank of Korea seen cutting benchmark rate to record low to battle coronavirus — Reuters poll

SEOUL — South Korea’s central bank is expected to lower its policy rate to a record low on Thursday, the third cut in the current easing cycle, a Reuters poll showed, to offset the impact on Asia’s fourth-largest economy from the fast-spreading coronavirus.

The trade-reliant economy, which was among those worst-hit by trade tensions, is faced with an extra hurdle as the virus outbreak disrupted world supply chains and global demand.

Sixteen of 26 analysts surveyed by Reuters predicted the Bank of Korea’s (BoK) seven-member board would cut the policy rate to 1% at its February meeting in a preemptive move.

Another four analysts expect the central bank to cut rates at least by May.

In January, only six of 29 analysts saw a cut in February after the central bank struck a more upbeat tone at its last policy meeting due to improving trade conditions and a resilient domestic environment.

Earlier this month, BoK Governor Lee Ju-yeol said the central bank would be cautious about further policy easing, as economic indicators needed to be assessed carefully to gauge the impact from the virus.

But trade data in the first 20 days of February showed there was a slump in Chinese demand with overall sales per working day also tumbling.

“Exports per working day during the first 20 days of February fell 9.3%, which shows the negative spillover from the virus spread on South Korean exports have started materializing,” said Lee Mi-seon, fixed-income analyst at Hana Financial Investment.

“As the number of confirmed cases sharply increased over the past week, economic conditions in South Korea have turned into a grave situation,” she added.

MORE CASES
The Seoul government raised its infectious disease alert to its highest level on Sunday, while it reported the eighth death and 231 new cases on Monday, which brought the national tally to 833.

South Korean President Moon Jae-in said on Monday the government should start reviewing whether a supplementary budget should be drawn up to head off the impact of the virus outbreak on the economy.

Economists are concerned the virus outbreak will hit economic growth in both the first and second quarters.

South Korea’s economy grew 2.0% for the whole of 2019, the slowest pace in 10 years, even after two rate cuts last year and a sharp increase in the nation’s budget.

The virus impact was also seen cooling demand at home as the consumer sentiment index in February fell to 96.9 from 104.2 a month earlier. This was the lowest reading in six months and the biggest monthly fall since June 2015, Bank of Korea data showed on Tuesday.

The central bank said on Monday it will e-mail and text message registered reporters when it announces its rate decision on Thursday and broadcast the press conference live to limit crowds and contain the spread of the coronavirus. — Reuters

Aboitiz group plans education business

By Denise A. Valdez, Reporter

THE Aboitiz group is seeking to develop its education business in the coming years, starting with its partnership with cybersecurity training provider DDLS Australia Pty. Ltd.

The Filipino conglomerate operating power, banking, food, real estate and infrastructure businesses, among others, is hopeful that it will someday grow its education segment to catch markets outside the Philippines.

After opening its first training facility for DDLS Philippines (DDLS Aboitiz Inc.) last week, Aboitiz Impact Ventures (AIV) President Jokin P. Aboitiz said the company is hoping to expand the business further in the future.

“We really want to invest in this kind of education. We want to invest in something that is agile, relevant and not something that (easily gets obsolete),” he told BusinessWorld on the sidelines of the launch.

DDLS Philippines is a joint venture between AIV and EdventureCo Asia Pacific, a vocational and professional education and training group which controls the DDLS brand.

The two forged a partnership in March 2019 and started conducting classes a few months later in various venues across Manila. It opened this month its first training facility in Bonifacio Global City to house its equipment and students.

“This is our first campus and we hope to add more campuses so students taking the classes can conveniently go to different classrooms,” DDLS Philippines President Luis Miguel O. Aboitiz said at the launch of the 500-square meter facility.

DDLS Philippines has so far trained more than 300 students in Microsoft courses and continues to evolve by adding more vendor-certified instruction courses to its offerings. It currently has five information technology (IT) trainers which will be expanded in the next few months, on top of access to DDLS Australia’s pool of about 200 trainers.

“We are not shy to invest. Aboitiz has always prioritized education,” AIV’s Mr. Jokin said. “If it’s sustainable, no problem. We’ll expand this. Make sure we touch as many people as we can.”

He noted the company is still figuring out the right model for the business, but it is definitely hopeful about its growth potential given the need for manpower upskilling due to the emergence of artificial technology and the fourth industrial revolution.

The company’s goal is to someday become Asia’s IT training hub — the throne currently held by Singapore — and get students from countries like Thailand, Vietnam and Malaysia.

“Our goal is to provide such high-quality education that we’re competing against Singapore, so that people in Thailand or Vietnam would fly here for training,” Mr. Luis Miguel said.

While the business is still in investment mode at present, Mr. Jokin said the company is projecting to start making a profit by the third year if it maintains to operate one campus.

DDLS Philippines has a flexible goal of opening six campuses within four years and eventually reach areas outside Metro Manila such as Cebu, Mindanao, Iloilo, Davao and Iligan.

AIV is a wholly owned unit of Aboitiz Equity Ventures, Inc., the listed holding firm of the Aboitiz Group. Shares in AEV at the stock exchange fell 95 centavos or 1.88% to P49.55 apiece on Monday.

Sandbox restages Lungs and Every Brilliant Thing

TWO Duncan MacMillan’s plays on modern love, climate change, and mental health will be restaged as The Sandbox Collective opens its 6th season with Sandbox Fest 2020.

Following sold-out runs in 2018 and 2019, Lungs and Every Brilliant Thing will be restaged at the Maybank Performing Arts Theater in BGC, Taguig City beginning March 6.

“We are always going to be choosing shows that have a social component to it,” Sandbox Collective’s managing artistic director and co-executive producer Toff De Venecia said at the press launch in Privato Hotel in Quezon City on Feb. 11.

“With Every Brilliant Thing, we were happy to have done our share in shedding light on the subject of mental health that continues to grip the country today. Now, with natural disasters occurring left and right, and significant doubt materializing in the age of anxiety, perhaps Lungs has gained a horrific new timeliness as well,” Mr. De Venecia was quoted as saying in a press release.

English playwright and director Duncan MacMillan is notable for contemporary plays which incorporate a socio-political voice. His works include People, Places and Things (2015) which focuses on addiction and recovery, and a stage adaptation of George Orwell’s dystopian novel 1984 (2013).

THE TWO PLAYS
Lungs centers on an unnamed couple who are in a conversation about the future of their relationship and the prospects of starting a family amidst growing concerns on climate change.

“I want audiences to take away how intense, complicated and beautiful relationships can be,” said Andrei Nikolai Pamintuan, who returns as the play’s director, in a press release.

Film and TV actor Jake Cuenca and theater actress Sab Jose will reprise their roles.

“Coming into this rerun, there is a lot more depth to my understanding of what being an a relationship means,” said Ms. Jose of her understanding of the role since getting married in 2018.

In Every Brilliant Thing, a young girl tries to ease her mother’s depression by starting a list of items that are worth living for. The list grows through adulthood, and she discovers how the items have a significance in her own life.

Jenny Jamora returns as the play’s director, while model and TV host Teresa Herrera and theater actress Kakki Teodoro reprise and alternate in the role.

In the play, the actress not only narrates but also interacts with the audience by selecting volunteers to play specific people in her life as she recalls her experiences.

“I think that’s where the magic of the show happens — the interaction between the audience. You really see the humanity of how we can be kind to help one another,” Ms. Herrera said.

Lungs earned seven nominations in the 2019 Philstage Gawad Buhay Awards, including Outstanding Male Lead for Mr. Cuenca, Outstanding Female Lead for Ms. Jose, and Outstanding Stage Direction for a Play for Mr. Pamintuan. Meanwhile, Every Brilliant Thing earned six nods in the midyear citations for the 12th Philstage Gawad Buhay Awards, including Outstanding Female Lead for Ms. Herrera and Ms. Teodoro.

“It’s a risk initially to work on something that is not commercial. But, the fact that it finds its own audience [is] very encouraging for us to be able to keep doing what we do,” Mr. De Venecia told BusinessWorld.

Sandbox Fest 2020 runs from March 6 to 29 at the Zobel de Ayala Recital Hall at the Maybank Performing Arts Theater, BGC, Taguig City. Tickets are available through Ticketworld (www.ticketworld.com.ph, 8891-9999) and The Sandbox Collective at (0956-200-4909, 0917-554-5560). — Michelle Anne P. Soliman

JPMorgan Chase likely to maintain key growth targets from last year at investor day — analysts

JPMORGAN CHASE & Co. is seen maintaining its key targets. — REUTERS

NEW YORK — JPMorgan Chase & Co. executives are unlikely to provide new financial targets at the bank’s annual investor day on Tuesday, and instead will use the forum to showcase a clean-energy initiative, analysts said.

JPMorgan, the biggest US bank by assets, reported record earnings last year and easily met management’s stated goals for expenses and profitability.

But its metrics are best-in-class among big US banks, and JPMorgan’s sheer size presents challenges for further growth, analysts said.

“We believe the challenge is for JPM to maintain this strong operating performance while at the same time investing for growth and gaining customer wallet share,” said Wells Fargo analyst Mike Mayo.

Nonetheless, Wall Street pays close attention to JPMorgan’s investor day, where Chief Executive Jamie Dimon and other senior leaders offer views about key businesses, as well as the global economy and financial markets. Those presenting include Chief Financial Officer Jennifer Piepszak, head of Consumer & Community Banking Gordon Smith, Head of Consumer Lending Marianne Lake and others. The event starts at 8 a.m. in New York.

Executives are likely to express optimism about JPMorgan’s potential, despite unsettling macroeconomic events such as concerns over the fast-spreading coronavirus, the 2020 US presidential election and low interest rates, analysts said.

On Monday, global markets plunged as investors ran for safety on fears that a rise in coronavirus cases outside China could expand damage to the global economy. In the US, the Dow dropped more than 1,000 points for just the third time in history.

However, JPMorgan will likely keep the bank’s official outlook stable for expenses relative to revenue, and for return on tangible common equity (ROTCE), which measures how well a bank uses shareholder money to produce profit.

Last year, JPMorgan’s efficiency ratio of 55% and its full-year ROTCE of 19% met and exceeded management’s targets of 55% and 17%, respectively.

The bank’s main announcement will center on steps it is taking to reduce financing for coal mining projects and companies and to facilitate $200 billion in loans and other financing for clean-energy and sustainability initiatives by the end of 2020.

The bank detailed some of that plan on Monday, after years of pressure from environmental activists and steps taken by other major financial firms including Blackrock, Inc. and Goldman Sachs Group, Inc.

JPMorgan shares closed at $132.14 on Monday, near a record high, leaving the bank as the most valuable by market value globally. — Reuters

Corteva opens rice, corn educational farm in Nueva Ecija

GLOBAL agricultural company Corteva Agriscience has launched on Tuesday a rice and corn educational farm or “edufarm” in Nueva Ecija that it aims to help the country achieve food security and self-sufficiency.

“Through the edufarm project, we are sharing our knowledge of agricultural best practices and products in order to raise crop productivity and improve farmer income,” Arun Mittal, the country head of Corteva, said during the event.

Department of Agriculture (DA) Secretary William D. Dar, along with Mr. Mittal, led the inauguration of the edufarm project in the municipality of Talavera.

The project aims to build training centers wherein season-long field and in-classroom trainings will be conducted. The training is geared towards helping farmers in increasing the sustainability, productivity, and profitability of their crops.

Farmers will be shown techniques to improve yield and income such as direct seeding hybrid rice technology and weed control. The company will also teach farmers on new seed preparation and crop protection techniques.

“We at the DA, welcome this initiative by Corteva as it supports and complements government efforts to produce our national rice requirements,” Mr. Dar said.

Corteva seeks to establish 50 rice edufarms and 30 corn edufarms in low and medium rice producing areas.

Together with planned activities for farmers, Corteva also plans to launch a new corn edufarm in Isabela by March of this year.

The edufarm is a result of a memorandum of understanding between the DA and Corteva. It was signed in October 2019. — Revin Mikhael D. Ochave

Weinstein found guilty of sexual assault, rape, in victory for #MeToo movement

NEW YORK — Former movie producer Harvey Weinstein was convicted of sexual assault and rape in a New York court on Monday and taken off to jail in handcuffs, a victory for the #MeToo movement that inspired women to publicly accuse powerful men of misconduct.

Once one of Hollywood’s most influential producers, Weinstein, 67, was found guilty of sexually assaulting former production assistant Mimi Haleyi in 2006 and raping Jessica Mann, a onetime aspiring actress, in 2013.

Officers helped Weinstein unsteadily to his feet before leading him away. His lawyer said Weinstein, who has used a walker throughout the trial, was ordered to be taken to a medical facility at New York City’s Rikers Island jail complex.

A spokesman for Weinstein said later that the onetime movie mogul was diverted instead to Bellevue Hospital in Manhattan, which has a unit that provides medical care for jail inmates.

The spokesman, Juda Engelmayer, told Reuters he did not know why Weinstein went to Bellevue or how long he would be there. But a number of news outlets, including Variety, reported that he had complained of chest pains.

Either destination would be a sharp contrast to the posh Four Seasons hotel where the producer of such acclaimed films as The English Patient and Shakespeare in Love started his day.

After the verdict Arthur Aidala, Weinstein’s lawyer, quoted his client as saying, “I’m innocent. I’m innocent. How can this happen in America?”

His sentencing hearing was set for March 11. The attorney vowed to appeal.

Weinstein never testified in his defense. He told reporters during the trial that he had wanted to speak but his lawyers said it was unnecessary because the case against him was weak.

Actress Rose McGowan, who had accused Weinstein of rape, wrote on Twitter: “Today is a powerful day & a huge step forward in our collective healing.”

A statement for the #MeToo movement said: “The jury worked with an incredibly narrow and unjust set of laws governing sexual assault, and though he was not convicted on all counts, Harvey Weinstein will have to answer for his crimes.”

Weinstein faces up to 25 years in prison on the sexual assault conviction. He was also convicted of third degree rape — sexual intercourse without consent — which carries a prison sentence of up to four years.

The jury of seven men and five women acquitted Weinstein on the most serious charges, which carried a potential life sentence.

Asked by reporters outside court how the jury service experience was for him personally, jury foreman Bernard Cody said, “Devastating,” but declined to elaborate.

A long legal battle in the appeals courts is likely to ensue. At the start of the trial, defense lawyers accused the judge of bias, the prosecutors of withholding evidence, and the media of turning the trial into a circus.

Weinstein still faces sexual assault charges in California, which were announced just hours after his New York trial began on Jan. 6. Dozens of women have also filed civil lawsuits against him.

‘HELD ACCOUNTABLE’
More than 80 women, including famous actresses, accused Weinstein of sexual misconduct stretching back decades. He denied the accusations and said any sexual encounters were consensual.

Manhattan District Attorney Cyrus Vance said at a news conference: “It’s a new day because Weinstein has finally been held accountable.” He praised the jurors. “Your verdict turned a page in our criminal justice system.

“To the survivors: I owe and we owe an immense debt of courage to you,” Vance said.

The jury acquitted Weinstein on two counts of predatory sexual assault and first degree rape — forcible sexual intercourse — of Mann.

A conviction on predatory sexual assault would have required the jury to find Weinstein committed an alleged assault against actress Annabella Sciorra and at least one of the alleged crimes against Haleyi or Mann.

Sciorra, best known from the television show The Sopranos, testified Weinstein forced his way into her home one night, raped her and forced oral sex on her. The accusation, from the early 1990s, was too old to be charged as a separate crime.

“In speaking truth to power we pave the way for a more just culture, free of the scourge of violence against women,” Sciorra said in a statement.

Prosecutors portrayed Weinstein as a serial predator who had manipulated women with promises to open doors in Hollywood, coaxing them to hotel rooms or private apartments and then overpowering and violently attacking them.

During the trial, the prosecution methodically elicited graphic testimony from several accusers, including Haleyi, who said Weinstein invited her to his SoHo home after she had worked on one of his television productions.

After she arrived, Weinstein backed her into a bedroom, held her down on the bed and forced himself on her orally, yanking out her tampon, Haleyi told jurors.

Mann said that soon after meeting Weinstein she entered into an “extremely degrading” relationship with him that never included intercourse until, she alleged, he raped her in 2013.

She described Weinstein as a “Jekyll and Hyde” character: He was charming in public but often showed terrifying anger when they were alone, Mann said.

Legal experts said three additional women, who testified for the prosecution, provided powerful evidence that was difficult for the defense to overcome.

The three — actress Lauren Young, model Tarale Wulff, and costume designer Dawn Dunning — described for the jury what prosecutors characterized as Weinstein’s signature pattern of behavior: luring women to hotel rooms or his apartment to discuss film roles, then attacking them.

Under the law, such “prior bad act” witnesses are allowed in sex crime cases to show a pattern of conduct and to counter a defendant who says the encounters were consensual, said Lisa Linsky, a former sex crimes prosecutor.

Young, one of two women at the heart of the California case, told the jury that the film producer trapped her in a hotel bathroom in 2013, groped her breasts, and told her: “This is what all the actresses do to make it.”

Throughout the case, the defense said regret drove the accusers to take consensual incidents and reframe them as crimes. Weinstein’s lawyers zeroed in on friendly messages and ongoing contact between the women and Weinstein.

During cross-examination, for example, the defense showed Haleyi a message she sent Weinstein signed “lots of love” after her attack. Defense lawyers repeatedly suggested that Mann willingly had sex with Weinstein to advance her career.

Prosecutors pushed back against defense assertions that his accusers were not credible and the notion that they were responsible for the alleged attacks. — Reuters

PESONet seen able to process multiple settlements a day within 2020

THE PESONET service may be able to process more than one settlement in a day within the year in a move to ramp up electronic transactions, PESONet Steering Committee Head John Cary L. Ong said, which is in line with the central bank’s drive to make the country cash-lite.

“We are targeting Q3 for multiple settlements,” Mr. Ong said in a text message on Monday.

Mr. Ong said they will also assess enabling 24/7 availability, putting it closer to the frequency of InstaPay.

“We will start with two to three settlements a day. But the goal is to have more frequent settlements as well as 24/7 availability,” he said.

PESONet is the electronic fund transfer (EFT) service under the central bank’s National Retail Payment System (NRPS) that allows for a batch of fund transfers to be credited to the receiver by the end of the banking day, suited for business to business transactions.

Its retail counterpart, InstaPay, enables real-time fund transfers for transactions amounting to less than P50,000.

Allowing multiple settlements in day in PESONet will be in line with the central bank’s target to boost digital payment transactions, according to Mr. Ong.

“This will make PESONet transfers intraday instead of EOD (end-of-day) and should lead to a better experience and hopefully drive up the volumes,” he said.

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno has said enabling multiple settlements in a day for PESONet users will allow billers to directly deduct payments from the accounts of consumers who will make authorization for the biller.

There are over 50 banks currently onboard PESONet.

In a previous interview, Mr. Ong said another target is to lessen check usage which still make up 92.5% of business-to-business transaction mostly due to tax-related reasons.

The latest study by Better than Cash Alliance showed that digital payments in the country comprised 10% of all transactions in 2018 from merely making up 1% of the total in 2013.

The value of e-payments also rose, from comprising only 8% of total transactions in 2013 to 20% in 2018.

BSP’s goal is to have 20% of the volume of transactions done digitally in 2020 and 30% of the value of payments done electronically. — Luz Wendy T. Noble

Transparency on power plant outages sought by consumer group

POWER generation companies must disclose their plant maintenance schedule for this year until 2022 to fully inform the public, a consumer advocacy group said after the Energy department warned of a possible electricity supply shortfall during the summer months.

If they fail to do so, then the Department of Energy (DoE) should release the three-year outage schedule, which is available to it, the power producers group, the Energy Regulatory Commission (ERC), and system operator National Grid Corporation of the Philippines (NGCP), it added.

“The maintenance schedule of the power plants are not commercial and proprietary information. The disclosure of such information promotes accountability and transparency and serve the purpose of checks and balances amongst the stakeholders, regulators and consumers,” said Laban Konsyumer Inc. President Victorio Mario A. Dimagiba in his letter to DoE Director Mario C. Marasigan dated Feb. 24, 2020.

“All types of consumers, whether industrial, commercial and residential can better prepare their operational plans during the period,” he added in his letter, which he released to reporters.

LKI’s position is a response to the DoE briefing on Friday during which Mr. Marasigan, director of the electric power industry management bureau, said that the department, along with industry stakeholders, had come up with an action plan to address supply issues in April to June.

Mr. Dimagiba said members of the Philippine Independent Power Producers Association (PIPPA) should have been present to inform consumers of the power supply and maintenance schedule during the summer months.

The DoE has said that based on its demand forecast, the peak demand for 2020 is at 12,285 megawatts (MW) for Luzon; 2,519 MW for Visayas and 2,278 MW for Mindanao. It said that while there is enough power capacity at present, depending on the volume of forced power plant outages, yellow or red alerts may be raised.

NGCP said the Luzon grid, where power supply is problematic during summer, needs around 4% of the peak demand or around 491 MW in regulating power to stabilize the grid. It also needs to maintain power equivalent to the largest plant online, usually equivalent to 647 MW, as contingency power to support the grid in case of an emergency power plant shutdown.

Should the net operating margin fall below these numbers, NGCP issues a yellow alert. If the power supply falls below the system peak demand, it issues a red alert, which means rotating power interruptions may be implemented to protect the integrity of the power grid.

In 2019, Luzon was placed under 51 yellow alerts and 15 red alerts, as against only seven yellow alerts in 2018, Manila Electric Co. (Meralco) said in a briefing on Monday.

Mr. Marasigan said the DoE’s action plan would ensure that Luzon is saved from a red alert during summer.

“Yellow lang ang possibility (Yellow alert is the only possibility),” he said, adding that it could happen only if there are unscheduled plant outages.

Mr. Marasigan added that the action plan is a work in progress. He added that should there be a red alert, Meralco’s interruptible load program (ILP) is in place to ease power demand.

Meralco said it was soliciting for more enrollment in the ILP, a scheme that prompts private entities to run their own power generation units to ease the demand from the grid.

“[We’re targeting] between 600 to 700 [MW],” said Lawrence S. Fernandez, Meralco vice-president and head of utility economics.

He said each ILP participant has a target period to activate its generation sets. Last year, the utility was able to realize a “deloading capacity” of between 120-150 MW at any given time.

“DoE set a meeting with the RES (retail electricity supplier) association [because] most of them are customers of the retailers. Hopefully after that, we’ll get more enrollees,” he said.

“These are customers who were in the program before, and then when they switched suppliers they did not re-contract. We’re hoping that they can re-contract. They can come back to the program,” he added.

Mr. Fernandez was referring to consumers whose electricity consumption reached the threshold set by the ERC, allowing them to contract their power supply directly from a RES, which offers competitively priced electricity compared with that of a distribution utility.

Mr. Dimagiba said last year’s alert notices resulted in the load average weighted prices at the wholesale electricity spot market to shoot up to P7.89 per kilowatt-hour (kWh) while the lowest was at P2.06 per kWh.

Consumers absorbed the high prices as a passed on cost from the distribution utilities and electric cooperatives, he said. — Victor V. Saulon

Victorias Milling’s history told in new centennial coffee table book

ALFONSO OSSORIO’s mural, The Last Judgement, which features an unsmiling Christ with arms outstretched, is found inside the sanctuary of Victoria Milling’s St. Joseph the Worker chapel.

VICTORIAS Milling Company (VMC) marked its 100th year by coming up with a coffee table book that showcases its rich history.

Titled Victorious, book discusses its founding in 1919, its flourishing after the second world war, the controversies that hounded it in the 1990s, and its eventual rescue by Chairman Emeritus Dr. Lucio C. Tan, all told through the recollections of its officials, partners, and workers.

“VMC could not have made it this far without the loyalty of farmers, planters, employers, and communities who have helped ensure that the company delivers what is expected of one of the world’s largest integrated raw and refined sugar mills,” Dr. Tan says in his message in the book.

The LT Group took over the rehabilitation of VMC in the late 1990s as the company accumulated P6.6 million in debt.

“The story of VMC is worth telling and retelling, with special focus on the last 25 years, revealing details of the company’s struggles in order to survive, its search for stability and sustainability, and it’s remarkable journey,” wrote VMC Chairman Wilson T. Young in the book’s preface.

Apart from the history of VMC, the book also details the construction of the St. Joseph the Worker Chapel inside its grounds. More popularly known as the Church of the Angry Christ, its construction commenced in 1948 and is considered as the first example of modern sacred architecture in the Philippines.

Veteran arts and culture writer Liliane R. Manahan, in the chapter “This Is Not An Angry Christ,” details how the church was built after the destruction of the company’s sugar mills during the World War II.

Spearheaded by Frederic Ossorio, one of the sons of VMC owners and founders Miguel and Maria Paz Ossorio, the church’s construction and decoration was done by a “team of internationally prominent creative minds.” They included Czech-American architect Antonin Raymond and Belgian Countess Adelaide de Bethune. Negros-based artist Benjamin Valenciano did the wood carvings in the church, which included the beardless crucified Christ, while another local artist, Arcadio Anore, created the decorations for the pulpit.

Visual artist and art patron Alfonso Ossorio painted the sanctuary mural that was to be the centerpiece for which the church is best remembered — The Last Judgement. The mural drew silent opposition, Manahan wrote, as “Ossorio’s painterly rendition of church iconography was almost brutal, the central piece being his floor-to-ceiling unsmiling Christ with arms outstretched.”

The book likewise contains a chapter on the testimonials of the men and women who have worked with the company, from the farm owners to sugar mill workers.

Victorious is published by Victorias Milling Inc. with concept and design developed and executed by Eggshell Worldwide Communications Inc.

Mastercard says coronavirus will likely hit its first-quarter revenue by 2-3%

MASTERCARD, Inc. said on Monday its net revenue in the first quarter will take a hit of between 2% and 3% over its previous forecast if the coronavirus outbreak persists through the quarter.

The company now expects revenue growth between 9% and 10% in the current quarter as the virus impacts travel and e-commerce across borders.

The credit card issuer also expects that net revenue growth on a year-over-year basis in 2020 would be at the low end of the low-teens range if the impact of the virus is limited to the first quarter only.

The company had earlier forecast net revenue growth in low teens for 2020 while expecting revenue to grow in low double digits for the first quarter.

The virus has killed 2,442 and infected 76,936 people so far in China. — Reuters

Ortigas Arts Fest on its 3rd year

AS PART of Arts Month, the Ortigas Art Festival will be held for its third year.

The festival’s curator is artist Renato Habulan of Eskinita Gallery, and he has put together works by contemporary artists including Arnel Agawin, Julio Austria, Jeho Bitancor, Gala Caki, Reynold dela Cruz, Michelle Dawson, Feliciano Gallardo, Processo Gelladuga, Katrinn Hamann, Sahid Kazi, Leonor RS Lim, Alfonso Medillo, Dengcoy Miel, Rey Padernilla, Made Palguna, Joel Soliven, Art Zamora, and Jose Zulueta.

Works from three galleries will be featured: Eskinita Art Gallery, Kaida Contemporary Gallery, and vMeme Contemporary Art Gallery.

Papelismo Boceto will also showcase 300 works from over 100 artists.

There will be workshops by local and international artists during the festival. Seven workshops await artists of all skill levels. On Feb. 29, there will be a mixed media demonstration by artists Gala Cali, Sahid Kazi, and Katrinn Haman. On March 1, visitors can learn about multimedia from Michelle Dawson, Made Palguna, and Rey dela Cruz.

The first Ortigas Art Festival won the Bronze Stevie for the International Business Awards 2019 — Communications or PR Campaign of the Year as well as a Bronze for the 2019 Asia-Pacific Stevie Awards, for its success in making art more accessible to ordinary people via Estancia’s immersive art rooms that allowed Filipinos to experience global art.

Admission to the festival — which will be held at the newly opened East Wing of Estancia at Capitol Commons starting on Feb. 28 until March 8 — is free. For details follow Estancia at Capitol Commons on Facebook or visit ortigasmalls.com.

Court of Appeals sides with 51 talents of GMA

THE Court of Appeals (CA) said 51 talents of GMA Network, Inc. are entitled to reinstatement and are found to be regular employees.

In a decision on Feb. 19, the courts’ 15th division said the talents are entitled to reinstatement without loss of seniority rights, full backwages inclusive of allowance, and all benefits for regular employees of GMA.

The covered period is from the time the talents’ compensation was withheld until their resinstatement. Records of the case were remanded to labor arbiter National Labor Relations Commission (NLRC) for proper computation.

The court said that the talent agreements of the petitioners “clearly show that they are regular employees of GMA and not independent contractors.”

It also said that the network failed to proved that they hired the petitioners because of “peculiar skill, talent, or celebrity that no other ordinary employees possesses.”

“Therefore, it can be inferred that petitioners had all the necessary and basic requirements in the position they applied for, but no unique or peculiar skill, talent, or celebrity status that would separate him or her from the rest of the employees,” it said.

The court ruled that a provision in the agreement provided that the network has the “exclusive and irrevocable” option to renew the contract.

The network’s control and supervision over the works of petitioners showed that they should comply with GMA’s demands.

“Verily, the terms and conditions of petitioners’ Talent Agreements and General Terms show that they are not independent contractors and are regular employees of GMA,” it said.

It also said that the 15 who picketed or protested are not guilty of gross and habitual neglect of duty under the Labor Code as no other instances were presented aside from the days they did not report to work.

The employees who were not renewed are considered regular employees and since their talent agreements promote employee-employer relationship, the non-renewal of their agreement “constituted constructive and/or illegal dismissal on the part of GMA.”

It also said that GMA failed to present proof that other petitioners resigned or refused to accept reinstatement as ordered by the labor arbiter.

Others whom the network claimed were not offered contract renewal due to program changes were likewise illegally dismissed due to GMA’s failure to present any documentary evidence.

Two other petitions were denied.

The petitioners are appealing the 2017 decision and resolution of the NLRC dismissing the complaint for illegal dismissal filed by 35 complainants and directing GMA to return them to their former positions without payment of backwages/fees.

Before this, the labor arbiter in a decision in December 2016 declared the termination of 35 complainants as illegal and ordered the payment of backwages up to their actual reinstatement without loss of seniority rights and other privileges.

The arbiter also ruled then that the termination of 16 other complainants were valid and legal while the two other complaints were dismissed for lack of merit.

Last month, the media company asked the Supreme Court to reverse the appellate’s court separate decision ruling that more than 90 of its talents are regular employees. — Vann Marlo M. Villegas