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Vista Land seeks to raise $200M to refinance loans

VISTA LAND & Lifescapes, Inc. (VLL) is issuing $200-million (about P9.91 billion) senior guaranteed notes through a wholly owned subsidiary to refinance existing loans.

In a disclosure on Tuesday, the Villar-led company said its subsidiary VLL International, Inc. has signed a subscription agreement with several banks to be managers of the offer.

VLL International will be the vehicle for the issuance, and the banks it contracted were Credit Suisse (Singapore) Ltd., DBS Bank Ltd. and The Hongkong and Shanghai Banking Corp. Ltd.

BDO Capital & Investment Corp. and China Bank Capital Corp. were tapped as domestic lead managers for the issuance.

The $200-million notes, which will be issued as a drawdown from VLL International’s $2-billion medium-term note program, will have a coupon rate of 7.25% and will be due in 2027. Proceeds from the offering will be used to refinance existing debt, purchase, develop, construct or improve assets, property or equipment, and support general corporate needs.

In a July 8 disclosure, VLL said the proceeds from the planned dollar-denominated offering will refinance existing notes due in 2022 through a tender offer and consent solicitation.

But on Tuesday, it said the tender offer and consent solicitation plan are being scrapped.

“[W]e disclose the termination of the tender offer and consent solicitation launched by (VLL International) in respect of the latter’s outstanding $425-million 7.375% senior guaranteed notes due 2022,” VLL told the exchange Tuesday.

“As a result of such termination, any tender instruction already received will be rejected,” it added.

VLL’s earnings in the first quarter slid 8% to P2.34 billion due to a decline in project completions when a lockdown was implemented from the coronavirus outbreak. Revenues dropped 3% to P9.93 billion due to the suspension of construction activities since mid-March. Shares in VLL at the stock exchange dipped four centavos or 1.07% to close at P3.70 each on Tuesday. —Denise A. Valdez

Buying art for inspiration in the middle of a pandemic

SINCE THE pandemic has made sure that one will be staying at home a lot, one might as well fill it up with treasures. And treasures are what one will find in Leon Gallery’s 16th edition of its online auction LeonExchange, which will be held on July 18 and 19 at 11 a.m. Up for grabs are Picasso lithographs and etchings, a Zobel serigraph, and watercolors by Botong Francisco and Jose Joya. And that’s just the first day, running under the theme “The Collector’s Vault.”

In the catalog, accessible through leon-gallery.com/auctions/, we spotted Zalameda’s Portrait of a Lady (with a starting bid of P120,000), and a watercolor by National Artist H.R Ocampo (with a starting bid of P200,000). A few Amorsolos are also up for bidding: Portrait of a Woman in a Terno, Study of a Mother and Child, and Barrio Scene (with starting bids ranging from P150,000 to P600,000). Works of Filipino women artists such as Lydia Velasco and Norma Belleza are highlighted in the catalog, as well as works by Cesar Buenaventura. Among the lots are depictions of places abroad by Cebuano artist Romulo Galicano, rendered in an impressionistic style. One of them, Field of Poppies, Giverny, France, has a starting bid of P500,000, while another work, set a world away in Brgy. Bignay, Valenzuela, Bulacan, has a starting bid of P400,000. Meanwhile, a nude drawing by National Artist Cesar Legaspi, a special gift to the present owner from collectors Doreen and Wili Fernandez, has a starting bid of P40,000.

Petrus Kaerius’s “Insulae Philippinae,” the first separately printed map of the country, is also up for auction. Leovino Ma. Garcia writes in the catalogue, “A map is not only a physical object of knowledge, beauty and power. It is also an experience which makes us aware of a reality beyond the visible, prompting us to wonder about our unique being.”

Aside from artwork, sets of jewelry are also up on the block, including a diamond necklace from the 1920s, eyewear from Cartier, and pieces from Tiffany’s and Bulgari.

The second day of the auction, themed “Heiresses’ Homes and Tables,” features furniture, objets d’art, silver, glass, porcelain, and china. A silver coffee and tea set and antique silver candelabras easily dominate the tableware, but then, sets of porcelain from the Ming, Qing, and Song Dynasty are pretty hard to ignore. Pieces from Lalique are also up on the block, as well as, interestingly, a telephone booth and a grandfather clock. A lot that might attract a great deal of interest is an original silver gelatin photograph of national hero Jose Rizal, with Juan Luna, Valentin Ventura, and Paz Pardo de Tavera-Luna.

Furniture is the central attraction for the second day, with a tres lunas tocador (a three-mirrored dressing table) having a starting bid of P200,000. A suite of chairs and a sofa from the Paterno family’s Quiapo mansion, meanwhile, has the same starting bid. The Siklat collection by modern master furniture maker Benji Reyes, mostly executed in palo china (softwoods like pine), are also featured.

One might think that the pursuit of art and beauty might be incongruous when in the middle of a disaster of pandemic, but Philip Abadicio, Director of Communications at Leon Gallery told BusinessWorld, “Beauty has always been a source of inspiration. A pandemic is a health crisis where most people need to be inspired by words, actions and items.”

To participate in the auction, register at www.leonexchange.com. Leon Gallery will send the winning bidders a Statement of Account for winning bids after the auction and bills should be settled by credit card or online transfer within three days. — Joseph L. Garcia

LRT-1 operator continues to suffer from low rider count

LIGHT RAIL Manila Corp. (LRMC), operator of Light Rail Transit Line 1 (LRT-1), continues to suffer from low ridership due to the ongoing coronavirus pandemic.

The Department of Transportation (DoTr) disclosed on Tuesday that LRT-1’s ridership from June 1, when the National Capital Region shifted to the more relaxed community quarantine, to July 12 was 3,622,364.

All rail lines resumed operations with limited capacity while strictly implementing social distancing, as well as health and sanitary measures, in adherence to the guidelines set by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases, and following the partial, gradual and calibrated approach, the Transportation department said in a statement.

In a phone message to BusinessWorld, LRMC Spokesperson Jacqueline Gorospe said the LRT-1 used to serve an average of 500,000 passengers a day before the pandemic.

“So the total for the period… mentioned is just about 12% of what we would or what we can normally receive in terms of ridership (if there was no pandemic). This is also consistent with the DoTr limit of passenger loading for us. We can only accommodate this much to observe their required one-meter distancing rule,” she added.

Ms. Gorospe did not immediately comment when asked about the cost-cutting measures being implemented to cushion the impact of the pandemic on the company’s operations.

During the same period, LRT-2 had a total ridership of 997,877 while the Philippine National Railways (PNR) had 478,945. Metro Rail Transit (MRT) 3, which did not operate from July 7 to 12, served 1,603,006 passengers.

LRMC is the consortium composed of Ayala Corp., Metro Pacific Light Rail Corp. (a unit of Metro Pacific Investments Corp.) and Macquarie Infrastructure Holdings (Philippines) Pte. Ltd.

Metro Pacific Investments Corp. is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in BusinessWorld through the Philippine Star Group. — Arjay L. Balinbin

Lichtenstein nude leads Christie’s $421-million live-stream auction

ROY LICHTENSTEIN, Nude with Joyous Painting, 1994. — WWW.CHRISTIES.COM

A NUDE by Roy Lichtenstein led Christie’s relay-style auction that played out virtually Friday in four cities around the globe.

The live-streamed event — which had been postponed from May due to the pandemic — produced $421 million in sales over four hours, exceeding its low estimate. Like Sotheby’s and Phillips before it, Christie’s pivoted from a live to virtual auction, connecting sales rooms in Hong Kong, Paris, London, and New York digitally and drawing more than 20,000 viewers.

“It worked,” said Alex Rotter, Christie’s chairman of the newly formed 20/21 department. “The market was ready for a new way of thinking about collecting art.”

The sellers included billionaire Lorenzo Fertitta, according to people familiar with the matter. Fertitta parted with two works, including the Lichtenstein, the people said, asking not to be identified because the sellers weren’t made public.

Christie’s declined to comment, as did art dealer Brett Gorvy, who represented the anonymous consignor. Fertitta, chairman of Fertitta Capital, didn’t immediately return a call seeking comment.

Lichtenstein’s Nude with Joyous Painting fetched $46.2 million, surpassing its presale target of $30 million. A diptych by Joan Mitchell, La Grande Vallee VII, went for $14.5 million, within the estimated range. It was also consigned by Fertitta, according to the people. Both paintings were sold in Hong Kong.

MARDEN RECORD
Among the seven record sales Friday was a painting by Brice Marden, Complements, that once belonged to Donald Marron, the former chairman of Lightyear Capital who died in December. It sold for $30.9 million, within the estimated presale range. The results include fees charged by Christie’s, while estimates don’t.

Four Pinball Machines by Wayne Thiebaud, a California artist who turns 100 years old this year, fetched $19.1 million. It last appeared at auction in 1981, selling for $143,000 to Irvine Co. Chairman Donald Bren, according to the provenance provided by Christie’s. In 1982 Bren sold the work to San Francisco investment manager Ken Siebel and his wife Judy, the parents-in-law of California Governor Gavin Newsom.

While many works hammered below their estimated targets, few failed to find buyers. Among those that didn’t sell was an abstract canvas by Zao Wou-Ki, which had been estimated at about $10 million.

“We saw a flight to safety, and even further, very cautious bidding,” said New York art dealer Andrew Terner. “Missing was the magic of a live sales room. It really may have helped.” — Bloomberg

La Mesa treatment plant upgrade almost complete, says Maynilad

THE P7.9-billion upgrade of La Mesa treatment plants 1 and 2 in Quezon City are almost complete after quarantine restrictions have been eased by the National Government, according to west zone water concessionaire Maynilad Water Services, Inc.

Maynilad said the upgrades in the treatment plants include increasing the capacity of its facilities to treat higher raw water turbidity, retrofitting of structures for better resilience from earthquakes, and automating processes.

According to the water provider, the two treatment plants produce 2,400 million liters of water daily and serve around 90% of its 9.7 million customers.

“Completion of this project is essential to ensuring water service reliability for our customers, given the challenges posed by increasingly variable raw water quality from Angat Dam,” Maynilad Chief Operating Officer Randolph T. Estrellado said.

Maynilad said the upgrade to the treatment plants started in 2017 and was done in phases so that the company’s facilities can operate without interrupting water service for customers.

As part of its road map to address water security challenges, Maynilad said it plans to construct new treatment facilities, pumping stations and reservoirs, perform pipe replacements and leak repairs, and develop small alternative raw water sources.

Metro Pacific Investments Corp., which has 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 interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Turkey will inform UNESCO about Hagia Sophia moves — minister

ISTANBUL — Turkey will inform the United Nation’s cultural body UNESCO about steps being taken regarding Istanbul’s Hagia Sophia, Foreign Minister Mevlut Cavusoglu said on Monday, after Ankara converted the museum back into a mosque.

On Friday, a Turkish court ruled that the sixth-century building’s conversion to a museum in 1934 was unlawful and President Tayyip Erdogan declared that it is now a mosque. Cavusoglu was speaking in an interview with state broadcaster TRT Haber. Erdogan said the first prayers would be held there within two weeks.

UNESCO said on Friday it would review the status of the monument as a World Heritage Site following Erdogan’s announcement.

Cavusoglu said Ankara was surprised by UNESCO’s reaction and would let it know of further steps that will be taken regarding Hagia Sophia, which was a Byzantine church for nine centuries before the Ottomans converted it to a mosque.

COVERED MOSAICS
The mosaics in Hagia Sophia will be covered by curtains or lasers during times of Muslim prayer, the spokesman for Turkey’s ruling AK Party said on Monday.

The Christian icons would be uncovered and be open to all visitors at other times, and admission would be free of charge, the AKP’s Omer Celik said.

It was not immediately clear how the lasers would work.

The move to make the museum into a mosque drew international criticism and concern, including from Greece, the United States and Russia, as well as UNESCO and Pope Francis, who said he was hurt by the decision.

Celik told a news conference in Ankara that the biggest disrespect to Hagia Sophia in history was done by the papacy.

He said Orthodox Christians and Hagia Sophia had suffered for years during a “Latin invasion” led by the papacy in the 13th century, when Crusaders pillaged the cathedral.

The German government regretted the decision to convert Hagia Sophia from a museum back into a mosque, a government spokesman said, adding that Germany would watch closely to see how the decision on this “masterpiece” was implemented.

A spokesman for the foreign ministry said that UNESCO should have been consulted about the change to a listed item of world cultural heritage, and that this had not happened.

Both spokesmen were speaking at a regular government news conference on Monday.

Greece condemned the decision on Friday, saying it would have repercussions on relations between the two countries and on Turkey’s ties with the European Union. The US State Department said it was “disappointed” by the move.

The leader of Italy’s far-right League party, Matteo Salvini, led a demonstration outside the Turkish consulate in Milan to protest against the decision.

“I would stop every kind of financial aid to the Turkish regime and I would terminate once and for all any hypothesis of Turkey entering the European Union because we have given more than 10 billion euros to a regime that transforms churches into mosques and I think they have gone over the limit,” he said.

Turkey is sensitive about protecting its historical character, said Cavusoglu. “We have to protect our ancestors’ heritage. The function can be this way or that way — it does not matter,” Cavusoglu told state broadcaster TRT Haber. — Reuters

MUFG on the prowl for more investments in technology, startups after notching Grab deal

THE DAYS OF aggressively buying Southeast Asian banks appear over for Japan’s biggest lender, which is now focusing on digital investment to reach new customers and streamline operations.

Mitsubishi UFJ Financial Group, Inc. (MUFG) is seeking to spend money on startups like Grab Holdings, Inc. rather than purchase more brick-and-mortar financial institutions, Chief Executive Officer Hironori Kamezawa said. “We’re always looking for such opportunities” to invest in tech firms, he said in an interview.

The coronavirus outbreak has provided a fresh impetus for banks worldwide to digitize their operations, as social distancing deals a further blow to the viability of their branch networks. Mr. Kamezawa, who was chief digital transformation officer until becoming CEO in April, spearheaded MUFG’s deal to invest $700 million in ride-hailing giant Grab earlier this year.

“The digital shift has already been one of the megatrends in society, but it has picked up pace in the wake of the pandemic,” said Mr. Kamezawa, 58.

MUFG wants to tap Singapore-based Grab’s vast client base and expertise in artificial intelligence. The companies are working together on about a dozen potential business projects in Thailand, Indonesia, the Philippines and Vietnam, where MUFG has commercial banking units, Mr. Kamezawa said.

“We’re planning to generate profit by teaming up our Southeast Asian banks with Grab,” he said. “For instance, we have a credit model and Grab has its data on customers’ behavior. We’re trying to create new financial services by combining the two.”

Southeast Asia is already seeing huge growth in demand for digital financial services, with revenues projected to more than triple to at least $38 billion by 2025, a study by Bain & Co., Google and Temasek Holdings Pte showed last year.

Mr. Kamezawa said the bank plans to start either a scoring model-based lending program or AI laboratory with Grab in the fiscal year ending in March. He’s not perturbed by the pandemic’s impact on the startup, which recently said it will cut 360 jobs to reduce expenses during the downturn.

“The ride-hailing business is in a tough situation,” Mr. Kamezawa said. “But food delivery is seeing a sharp increase at the same time, so they’re doing fine.”

Still, Grab Singapore’s managing director, Yee Wee Tang, has said the growth in food delivery hasn’t been enough to cover the drop in transport business.

Mr. Kamezawa’s background isn’t typical of an elite banker in Japan. A math expert who studied number theory at University of Tokyo’s graduate school, he made an impression earlier in his career by heading the bank’s launch of bond options trading.

Digitalization is key to streamlining operations, especially in domestic retail banking, he said. While MUFG and others saw a surge in branch traffic despite a stay-at-home plea by the government in April, Mr. Kamezawa said the bank is now seeing a jump in the use of online banking services.

His two predecessors, Kanetsugu Mike and Nobuyuki Hirano, were known for their overseas backgrounds. Under them, MUFG spent about $15 billion to acquire PT Bank Danamon Indonesia and Thailand’s Bank of Ayudhya and obtain stakes in Vietnam’s Vietinbank and Security Bank Corp. of the Philippines.

Asked whether the acquisition of commercial banks in the region is over, Mr. Kamezawa said: “I think so.”

“We have succeeded in making up for declining domestic profit through our push overseas,” he said, adding that the priority now is to control steadily rising costs.

MUFG’s costs as a percentage of revenue remain high, standing at 70.2% for the year ended March, compared with 62.8% for rival Sumitomo Mitsui Financial Group, Inc.

“We will recalibrate our global strategy, review growth areas and allocate resources accordingly,” Mr. Kamezawa said. — Bloomberg

Rodin museum in Paris reopens, cast bronzes to boost post-lockdown finances

PARIS — The Rodin museum in Paris reopened on Tuesday and is hoping the sale of limited-edition cast bronzes of work by the 19th century sculptor will help make up some of its financial losses from a fall in visitor numbers due to the coronavirus pandemic.

“The sale of the bronzes is an important element of our commercial strategy, which we have been developing for some years and which will contribute to the financial health of the museum,” its director Catherine Chevillot said.

The museum, which is self-financed, has a target to sell 3 million euros worth of bronzes each year, she said. Buyers range from museums worldwide to art collectors.

The museum, which houses Auguste Rodin masterpieces such as The Kiss and The Thinker was allowed by Rodin to cast and sell bronzes after his death.

It must, however, limit original editions to 12 casts, meaning pieces like The Thinker can no longer be cast while four more editions of The Gates of Hell can go on sale.

The museum, which opened to the public in 1919, and its three-hectare sculpture park attracted 570,000 visitors last year. About 75% were foreign tourists.

But with France’s borders still closed to many foreign tourists, notably Americans, and with social distancing in place, it expects visitor numbers to fall to 200,000 this year.

The museum expects a revenue shortfall of 4.4 million euros this year because of the pandemic’s impact on visitor numbers and other sources of revenue, Chevillot said.

Usually, the museum draws 3.8 million euros from ticket sales, 1.5 million euros from its souvenir shop, and one million euros from renting the location each year.

The French government began easing its lockdown measures from mid-May and cultural venues are slowly reopening. The Musee d’Orsay reopened on June 23 and the Louvre museum on July 6. — Reuters

Emperador projects sales from China to double

EMPERADOR, Inc. is expecting revenues from China to double at the end of the year as it has been recording double-digit sales growth from overseas markets in the first half.

In a statement Tuesday, the listed brandy and whisky manufacturer said its sales in China, United Kingdom, Russia, United States, Sweden, Spain and Indo-China were on an uptrend in the six months to June.

Specifically, it said the Chinese market was able to bounce back quickly despite the implementation of quarantine measures due to the coronavirus disease 2019 (COVID-19) pandemic.

“We are very optimistic that our Whyte and Mackay full-year revenues in China will more than double this year,” Emperador International CEO Glenn Manlapaz said in the statement.

“We are pleasantly surprised at China’s remarkable resilience and its strong preference for luxury and super premium goods has returned so quickly as it began its V-curve recovery,” he added.

Mr. Manlapaz said sales orders in China for the months of June and July were already up 125% year on year.

In the United Kingdom, Emperador’s wholly owned subsidiary Whyte and Mackay Ltd. posted a 34% growth in sales during the first half. This was attributed to its blended scotch products, which it said was the second most-selling whisky in Scotland.

In Russia, sales of whisky in the six months rose 69% due to its premium brands under Whyte and Mackay such as Jura. “Aside from whisky, the untamed island, where Whyte & Mackay owns the one and only distillery, has been popular for its soaring mountains, wildlife and swirling whirlpools,” it said.

The sales growth in overseas markets is expected to help lift the company from its first-quarter performance, when revenues fell 4% to P10.36 billion due to the imposition of a local liquor ban when the government implemented a coronavirus-related lockdown. Emperador’s attributable earnings dropped 16% to P1.46 billion.

Emperador is under Alliance Global Group, Inc., the holding firm of tycoon Andrew L. Tan, which also has interests in real estate, hotel and casino, and McDonald’s Philippines.

Shares in Emperador at the stock exchange climbed 30 centavos or 3.53% to close at P8.80 each on Tuesday. — Denise A. Valdez

BAP says banks can stand risks from ABS-CBN loans

THE BANKING INDUSTRY can weather possible credit risks from their exposure to ABS-CBN Corp. following the network’s denied franchise renewal on the back of their strong capitalization and liquidity levels.

“The Bankers Association of the Philippines (BAP) expresses its confidence in the capacity of banks to manage their credit portfolio in relation to the non-renewal of the ABS-CBN broadcast franchise,” BAP said in a statement on Tuesday.

The group’s statement came days after the House of Representatives’ Committee on Legislative Franchises on Friday voted to deny a 25-year franchise to the Lopez-led network.

Critics have warned of risks from the legislative move, including the uncertainty of the jobs of more than 11,000 ABS-CBN workers. Meanwhile, some analysts have said the decision could threaten foreign direct investments and market sentiment on the country’s business landscape.

“In the midst of today’s pandemic and concerns on the non-renewal of the ABS-CBN broadcast franchise, we strongly believe that banks will continue to be steadfast as they are supported by strong financial conditions, robust risk management systems and a good corporate governance,” BAP said.

In its statement, BAP said prudential measures by the Bangko Sentral ng Pilipinas has made banks “strong and healthy” through the years amid various crises.

“Most importantly, we are confident that our member banks are prudent and take the welfare of their depositors at paramount importance,” it said.

The central bank expects a slight uptick in soured loans amid the pandemic, but has assured this will be more manageable than the aftermath of the Asian Financial Crisis, when the industry’s bad loan ratio peaked at 17.6% in 2002.

The banking industry’s capital ratio was at 15.4% on a stand-alone basis and 16% on a consolidated basis as of end-2019. Both are beyond the 10% minimum requirement set by the central bank.

In May, big banks’ nonperforming loan ratio stood at 2.43%, just slightly higher than the 2.31% in April.

Banks have increased loan provisions to prepare for the impact of the pandemic. Bank allowances for credit losses rose 26.7% year on year to P253.4 billion in May.

“The banking industry remains strongly capitalized and in solid liquidity position to manage credit risks,” BAP said. — LWTN

Arts & Culture (07/15/20)

Vinyl on Vinyl holds group exhibit

THE gallery’s new exhibit, Unusual Tranquility, features the work of four artists: Dennis Bato, Anjo Bolarda, Archie Oclos, and Roberto Sanchez. It examines the relevance of art in today’s environment, with the artists sourcing inspiration from their own experiences with the pandemic. The exhibit is on view at the gallery which is located at the La Fuerza Compound 1 at Chino Roces Ave., Makati. Viewing is by appointment only (0917-802-2984).

Yuchengco Museum goes online

THE Yuchengco Museum has opened up its archives online through a video series. It has just released its first episode, Woven Universes (A Weave into Philippine Indigenous Textiles). Museum director Jeannie Javelosa starts the series by giving viewers an understanding of Philippine indegenous textiles and how they have been used in the past and how woven traditions continue in contemporary times. The episode can be viewed at https://www.youtube.com/watch?v=BROlf-6b0_M#video_3.

West Gallery reopens with multiple exhibits

WEST GALLERY has opened its doors, presenting five new exhibits. There is Raffy Napay’s Dugtong, a series of paintings that serve as documentation of a period of continued blessing in his life; Mark Andy Garcia’s To Live, oil on canvas indoor landscapes; Neil Pasilan’s Beautiful Sunrise to Sunset, which offer the bounties of the sky; and Ryan Rubio’s The Beauty and the Truth, a collection of sculptures and paintings gleaned from the artist’s personal experiences. The exhibitions run until July 25. Viewing is by appointment only; call 3411-0336 to make an appointment. The gallery is located at 48 West Ave., Quezon City.

Online exhibit on Cirilo Bautista’s life

THE LIFE, work, and creative genius of the late National Artist for Literature Cirilo Francisco Bautista is spotlighted in The Trilogy of Saint Lazarus, a curated online exhibition that runs from July to September. The exhibition is named after the multi-awarded poet, writer, essayist, critic, educator’s renowned epic poem “The Trilogy of Saint Lazarus,” comprised of “The Archipelago” (1970), “Telex Moon” (1981), and “Sunlight on Broken Stones” (1999). The “Trilogy” is a retelling of Philippine history that earned Bautista the 1970 and 1975 Palanca Memorial Awards for Literature, the 1998 National Centennial Commission First Prize in Epic Writing, the 1998 Book Development Association of the Philippines Gintong Aklat Award, and the 1999 Manila Critics Circle National Book Award. The digital showcase will feature visual interpretations of the chapters of the trilogy through 20 zines crafted by Filipino artists including Dok Karayom, Tropikalye’s Nice Buenaventura and Cos Zicarelli, Con Cabrera, Ginoe, intermedia specialist Mark Salvatus, multimedia artist Thea Torres, street artist Blic, contemporary artisan and educator AK Ocol, mixed media creators Jed Gregorio, Christian Tablazon, conceptual painter Wipo, architects Isola Tong, Gab Brioso, Nel Banaag, illustrator Gringo Benedicto, designers Gabby Rosario, Levyn Purcil, The Brown Bauhaus Alternative School of Design + Arts Director Walther Ocampo, zine advocate Adam David, and zine maker Ev Christine Yu. Also on view are selected phrases and stanzas from the epic poem presented as a series of graphic designs called the House of Words. The Trilogy of Saint Lazarus online exhibition is now available on view. The zines and the House of Words may be accessed through CCA’s official Facebook http://facebook.com/BenildeCampusArt/.

Printmaking exhibit catalog available online

THE exhibit catalog of Tirada: 50 Years of Philippine Printmaking 1968-2018 featuring essays by guest curator Patrick Flores, and printmakers Virgilio Aviado, Imelda Cajipe-Endaya and Jose Santos Ardivilla is now available for digital download on the Cultural Center of the Philippines’ website. The exhibit celebrated five decades of the Association of Pinoyprintmakers (AP), formerly known as the Philippine Association of Printmakers or PAP. It was held at various venues around the Cultural Center from May 19 to July 15, 2018. The Tirada exhibit catalog may be downloaded using the link https://www.culturalcenter.gov.ph/events/visual-arts/tirada-50-years-of-philippine-printmaking-1968-2018/details.

Atlantis Virtual Workshop returns this July

AFTER A successful launch in June, the Atlantis Virtual Workshop returns for another round of musical theater classes for children this month. The virtual setting will give them an intimate and focused learning experience aided by the faculty members who have graced local and international stages as Atlantis Theatrical’s home-grown talents. Students will leave the workshop with rudimentary acting, singing, and dancing skills; a deeper understanding of song analysis and vocal dynamics; a polished musical theater song; self-confidence; and new friends. All classes will be held live via Zoom, Mondays to Fridays, from July 20 to Aug. 8. A live online recital where students will perform a solo will conclude three weeks of intensive training. Classes are an hour to an hour and 15 minutes long, and will be conducted in small groups. Applicants for the Kids Workshop may range from seven to 12 years old, while the Teens Workshop will be accepting students 13-18 years old. Visit www.atlantistheatrical.com/workshops for more details. Contact Atlantis Theatrical at info@atlantistheatrical.com or at 0917-838-1534 to sign up.

Kwago bookstore holds Zoom talks

IN RESPONSE to the global pandemic, Kwago bookstore is organizing “Bad connection or subtitles to silence” — a series of 20-minute gatherings on Zoom featuring various artists and poets confronting and exploring how digital technology is affecting the ways we express, connect and live during this period of crisis and great change. Co-curated by Kwago co-owners Czyka Tumaliuan and Roy Voragen, “Bad connection or subtitles to silence” has grown into a community and is now run with a team of young female artists, writers and designers: Dyem Carreon, Kanishma Etong, Rai Hamid, and Niña Sherizze De Sagun. “Bad Connection” opened the series on May 18 with artist Datu Arellano’s Tahigami, a method of drawing and composing music the artist invented himself. Then a month later, the Singapore-based artist ila reading from her book Touch Myself. In the next online gathering on July 17, 8:30 p.m., the guest artist is requesting everyone to bring a mirror and hold it up to their cameras. The event is free. To join, signing up at bit.ly/joinbadconnection2. The Facebook event page is bit.ly/bcfriday2. To see documentation of past gatherings, visit bit.ly/kwagoTV.

WESM price tweaks prevented higher utility charges, says Meralco

MANILA ELECTRIC CO. (Meralco) welcomed the Supreme Court’s ruling which affirmed the Energy Regulatory Commission’s (ERC) order adjusting the spot market prices in two supply months in 2006, relieving consumers of paying additional P6 per kilowatt-hour (kWh) for generation charges.

In June, the high court released a resolution upholding the regulator’s police power when it enforced price controls at the Wholesale Electricity Spot Market (WESM) upon learning the unusual price movements during its third and fourth month of operations.

According to Meralco, WESM prices reached as much as P4,903 per megawatt-hour (MWh) and P7,218/MWh in September and October of that year, respectively.

It was the distribution utility that asked the Philippine Electricity Market Corp. (PEMC), then-WESM operator, to probe such movements.

Later, it was found that the price spike was due to some market participants who have behaved anti-competitively and have abused market power. This led the ERC to come up with the order setting the WESM settlement prices at the TOU (time-of-use) rate by the National Power Corp. to prevent consumers from being charged for an “unreasonable” price.

“This resolution is a welcome relief to the consumers, especially at this time of pandemic, as there would be no additional burden to consumers,” Meralco Head of Regulatory Management Jose Ronald V. Valles said in a statement on Tuesday.

“If the WESM prices were not adjusted, this would have translated to an increase in the generation charge of its consumers of about 90 centavos and P2.05 per kilowatt-hour for the supply months of September and October, 2006, respectively which we will be passed on to consumers,” he added.

The Court of Appeals (CA) in 2009 affirmed the ERC’s role in adjusting the WESM prices. Later, the state-led Power Sector Assets and Liabilities Management Corp. (PSALM) sought the reversal of the CA ruling in a petition filed with the high court.

The Supreme Court then agreed that the ERC exercised its investigative and quasi-judicial powers under the Electric Power Industry Reform Act (EPIRA) in imposing the substitute rates which did not only protect consumers but also corrected the “unusually high and unreasonable” market prices.

“The Supreme Court’s ruling is very much appreciated as it confirms and validates the efforts of ERC in protecting the consumers as they are affected by the rates,” ERC Chairperson and Chief Executive Officer Agnes VST Devanadera said last month. — Adam J. Ang

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