Home Blog Page 9076

Cirtek subsidiary bags telco contract for 5G in US

A SUBSIDIARY of Cirtek Holdings Philippines Corp. has been awarded a contract to provide antenna to a telecommunications operator in the United States for fifth generation (5G) network rollout.

In a statement on Tuesday, the electronics manufacturer said its wholly owned subsidiary Quintel USA, Inc. recently signed the contract for a master purchase agreement with an unnamed telco provider.

It intends to launch a new platform of small cell antenna products, which will complement its portfolio of Multi-port Base Station Antenna used for 3G, 4G, and 5G networks.

The telco operator that signed Quintel is anticipated to spend nearly a billion dollars this year. US wireless carriers are likewise seen to raise capital expenditures by 11% to $35 billion next year.

“Quintel is pleased to take part in building and transforming the information technology and connectivity revolution ahead as networks transition to 5G,” it said.

Recently, Cirtek reissued P545.2-million bonds to support Quintel’s capital expenditures and refinance short-term loans.

The company booked an attributable net income of $2.63 million in the first half of 2020, up by 118% from last year, due to better margins during the period.

Shares in Cirtek gained 41 centavos or 7.24% to P6.07 each on Tuesday. — Denise A. Valdez

Making your house a home with old treasure

A GRAND old house is longing for you to make your home your own with its treasure.

Palacio de Memoria’s auction house, Case de Memoria, within the restored pre-war mansion of the Villaroman family (and sold to the Lhuilliers) is holding its Tercero online auction on Sept. 26. Over 220 lots are up for sale, with special attention given to objets d’art and antiques. 

A few Picasso and Dali lithographs are also up for grabs (with starting bids of P50,000 and P60,000, respectively). Interior decorator Ram Bucoy, a guest at a webinar by Casa de Memoria, pointed out pieces that he liked best. A set of Castilian chairs (Lot 2, with initial bid of P40,000), for example, was one of the pieces he cited, along with a 17th Flemish-Spanish bargueno (a portable desk), with marquetry of ebony and tortuga shell (Lot 16). It is one of the most expensive items for auction, clocking in with an initial bid of P300,000. Only a few of the pieces are in the six-digit mark: there’s an 18th Century painting of a Mater Dolorosa from France (Lot 31, initial bid: P180,000), an Isabelino-style mirror from the 19th century (Lot 30, initial bid: P120,000), and a pair of Art Nouveau candlesticks (P180,000). There are then, a lot of interesting items to choose from, should one be on a budget: bottles with silver stoppers, a silver toothpick holder, and various sculptures.

“The Casa has employed a team of four full-fledged art historians and art majors led by Miguel Rosales who helps us in selecting every auction piece which goes through a significant amount of provenance and research,” said Camille Lhuillier-Albani, Casa de Memoria’s General Manager. in an e-mail to BusinessWorld. “Our goal is to offer provenance pieces of art and history pieces for your safe space. We believe that investing in a curated and comfortable living space builds not just style but also strengthens a sense of adventurism in taste. Focusing on European art of Euro-Filipino provenance in itself is very much out of the normal, and Casa has been making in-roads over the last five years.”

Ms. Lhuillier-Albani finds a role for beautiful objects during a pandemic. “Art has been used to bring joy, inspiration, and strength, and our homes need these now more than ever. We believe that investing in a curated and comfortable living space builds not just beauty but also strength during this time as we hope that lots inspire collectors of our creative humanity during these anxious times.”

The Tercero online auction is happening on Sept. 26, at 2 p.m. Register at casadememoria.com, and view the catalogue at issuu.com/casadememoria/docs/a21tercero. Part of the auction proceeds will be donated to the Santa Ana Hospital in Manila for the construction and maintenance of an enhanced quarantine facility for medical frontliners and COVID-19 patients. — Joseph L. Garcia

Roxas & Co. gets repayment extension for P2.6-B loans

ROXAS & CO., Inc. has been allowed by local banks to extend its payment period for some P2.6 billion debts.

In a disclosure to the exchange on Tuesday, the company said its creditor banks had approved giving it up to three years as additional grace period to repay its outstanding loans.

The banks are Bank of the Philippine Islands, which it owes P1.6 billion; Robinsons Bank, which it owes P759.4 million; and Asia United Bank, which it owes P188.5 million.

“The restructuring plan reflects the creditors’ confidence in [Roxas & Co.] and the viability of its operations,” it said.

“It provides [the company] sufficient period to generate additional cash flows to significantly reduce debt through operational excellence, the sale of non-core assets, divestment from minority investments, and equity raise from the reissuance of its treasury shares,” it added.

Roxas & Co. operates hotels in Tagaytay and Metro Manila, and a coconut processing plant in South Cotabato.

During the first semester, the company booked an attributable net loss of P341.92 million, larger than the previous year’s P251.64 million, as its revenues were halved to P206.2 million due to disruptions brought by the coronavirus pandemic.

In its quarterly report for the second period of 2020, the company said it had P3.56 billion outstanding loans as of end-June. “Due to the effects of the pandemic, the group is availing the provisions of the Bayanihan Act of 2020 to extend payment of unpaid interest,” it said.

Shares in Roxas & Co. at the stock exchange dipped four centavos or 3.33% to P1.16 each on Tuesday. — Denise A. Valdez

Lam-ang, Dani Girl lead nominations for Gawad Buhay Awards

The 12th Gawad Buhay Awards, which honors excellence in theater, has announced its nominees with Tanghalang Pilipino’s Lam-ang and Sandbox Collective’s Dani Girl leading the group with 12 nominations under each of their belts.

Tanghalang Pilipino’s Lam-ang is an ethno-epic musical that re-imagines and reinterprets “Biag ni Lam-ang,” the oldest folk epic of Luzon, while the  Sandbox Collective’s Dani Girl is a musical about a nine-year-old girl battling cancer who sets off on a whimsical quest to find her hair and find the reason for her illness.

Dani Girl got the lion’s share of the performance award nods with both of its lead actresses — Rebecca Coates and Felicity Kyle Napuli — nominated for Female Lead Performance in a Musical, while three of its actors — Daniel Drilon, Lorenz Martinez, and Juliene Mendoza — were nominated for Male Featured Performance in a Musical. Both Lam-ang and Dani Girl were nominated for Outstanding Ensemble Performance in a musical alongside Philippine Opera Company’s “Passion”.

The annual theater honors are given by the Philippine Legitimate Stage Artists Group (Philstage) and only members of the group are eligible for nominations. Because of the ongoing Coronavirus disease 2019 (COVID-19) pandemic, the awarding ceremonies will be held virtually on Oct. 8, 8 p.m. at the Philstage Facebook page.

The members of Philstage are 9 Works Theatrical, The Sandbox Collective, Actor’s Actors, Inc., The Necessary Theatre, Ballet Manila, Black Box Productions, Culturtain Musicat Productions, Inc., Full House Theater Company (Resorts World Manila), Gantimpala Theater Foundation, Philippine Educational Theater Association (PETA), the Philippine Opera Company, Red Turnip Theater, Repertory Philippines, Stages Productions Specialists, Egg Theater Company, Twin Bill Theater, Tanghalang Pilipino, Trumpets, and Upstart Productions.

This year’s special awards, Natatanging Gawad for Theater and Natatanging Gawad for Dance will be given to theater director and actor Freddie Santos and dancer/choreographer Julie Borromeo, respectively.

BELOW IS THE FULL LIST OF NOMINEES:

• Outstanding Production of Existing Material for a Play – Dancing Lessons (Twin Bill Theater); Every Brilliant Thing (The Sandbox Collective)

• Outstanding Production of Existing Material for a Musical – Dani Girl (The Sandbox Collective); Passion (Philippine Opera Company)

• Outstanding Stage Direction for a Play – Jenny Jamora, Every Brilliant Thing (The Sandbox Collective); Francis Matheu, Dancing Lessons (Twin Bill Theater); Carlitos Siguion-Reyna, Katsuri (Tanghalang Pilipino)

• Outstanding Stage Direction for a Musical – Toff de Venecia, Dani Girl (The Sandbox Collective); Robbie Guevara, Passion (Philippine Opera Company)

• Outstanding Original Book of a Musical – Luna Griño-Inocian, The Quest for the Adarna (Repertory Philippines)

• Outstanding Translation or Adaptation – Guelan Luarca, Coriolano (Tanghalang Pilipino)

• Male Lead Performance in a Play – Audie Gemora, The Dresser (Repertory Philippines); Teroy Guzman, The Dresser (Repertory Philippines); Jonathan Tadioan, Katsuri (Tanghalang Pilipino); Marco Viaña, Coriolano (Tanghalang Pilipino); Marco Viaña, Katsuri (Tanghalang Pilipino)

• Female Lead Performance in a Play – Teresa Herrera, Every Brilliant Thing (The Sandbox Collective); Jill Peña, Dancing Lessons (Twin Bill Theater); Kakki Teodoro, Every Brilliant Thing (The Sandbox Collective)

• Male Featured Performance in a Play – Jaime del Mundo, The Dresser (Repertory Philippines); Fernando “Nanding” Josef, Katsuri (Tanghalang Pilipino); Brian Sy, Coriolano (Tanghalang Pilipino); Jonathan Tadioan, Coriolano (Tanghalang Pilipino)

• Female Featured Performance in a Play – Antonette Go, Katsuri (Tanghalang Pilipino); Sherry Lara, Coriolano (Tanghalang Pilipino); Tami Monsod, The Dresser (Repertory Philippines); Lhorvie Nuevo, Katsuri (Tanghalang Pilipino)

• Male Lead Performance in a Musical – Vien King, Passion (Philippine Opera Company); JC Santos, Lam-ang (Tanghalang Pilipino)

• Female Lead Performance in a Musical – Rebecca Coates, Dani Girl (The Sandbox Collective); Felicity Kyle Napuli, Dani Girl (The Sandbox Collective); Shiela Valderrama-Martinez, Passion (Philippine Opera Company)

• Male Featured Performance in a Musical – Paw Castillo, Lam-ang (Tanghalang Pilipino); Daniel Drilon, Dani Girl (The Sandbox Collective); Lorenz Martinez, Dani Girl (The Sandbox Collective); Juliene Mendoza, Dani Girl (The Sandbox Collective); Raul Montesa, Passion (Philippine Opera Company)

• Female Featured Performance in a Musical – Jasmine Fitzgerald, Passion (Philippine Opera Company); Anna Luna, Lam-ang (Tanghalang Pilipino); Justine Narciso, The Quest for the Adarna (Repertory Philippines); Tex Ordoñez-de Leon, Lam-ang (Tanghalang Pilipino); Shiela Valderrama-Martinez, Dani Girl (The Sandbox Collective)

• Outstanding Ensemble Performance for a Play – Katsuri (Tanghalang Pilipino)

• Outstanding Ensemble Performance for a Musical – Dani Girl (The Sandbox Collective); Lam-ang (Tanghalang Pilipino); Passion (Philippine Opera Company)

• Outstanding Production for Children – The Quest for the Adarna (Repertory Philippines)

• Outstanding Choreography – JM Cabling, Lam-ang (Tanghalang Pilipino); PJ Rebullida, The Quest for the Adarna (Repertory Philippines)

• Outstanding Original Score – Fitz Bitana, Jen Darlene Torres and Eljay Castro Deldoc, Lam-ang (Tanghalang Pilipino); Vince Lim, Jeff Hernandez and Michelle Ngu, Charot! (Philippine Educational Theater Association)

• Outstanding Musical Direction – Daniel Bartolome, Passion (Philippine Opera Company); TJ Ramos, Lam-ang (Tanghalang Pilipino); Ejay Yatco, Dani Girl (The Sandbox Collective)

• Outstanding Costume Design – Bonsai Cielo, Coriolano (Tanghalang Pilipino); Bonsai Cielo, Lam-ang (Tanghalang Pilipino); Daniel Gregorio, Katsuri (Tanghalang Pilipino); Tata Tuviera, The Dresser (Repertory Philippines)

• Outstanding Lighting Design – John Batalla, Every Brilliant Thing (The Sandbox Collective); Dennis Marasigan, Coriolano (Tanghalang Pilipino); Meliton Roxas Jr., Lam-ang (Tanghalang Pilipino); Barbie Tan-Tiongco, The Dresser (Repertory Philippines); Shakira Villa-Symes, Passion (Philippine Opera Company)

• Outstanding Sound Design – Arvy Dimaculangan, Every Brilliant Thing (The Sandbox Collective); Jethro Joaquin, The Dresser (Repertory Philippines); Glendfford Malimban, Dani Girl (The Sandbox Collective); TJ Ramos, Coriolano (Tanghalang Pilipino); TJ Ramos, Lam-ang (Tanghalang Pilipino)

• Outstanding Set Design – Ed Lacson Jr., The Dresser (Repertory Philippines); Joey Mendoza, The Quest for the Adarna (Repertory Philippines); Faust Peneyra, Dani Girl (The Sandbox Collective); Kayla Teodoro, Dancing Lessons (Twin Bill Theater); Marco Viaña, Lam-ang (Tanghalang Pilipino)  Z.B. Chua

BSP likely to keep policy steady

THE GOVERNMENT should prioritize measures to contain the coronavirus pandemic as it looks towards economic recovery, with the Bangko Sentral ng Pilipinas (BSP) likely done easing policy to stimulate activity, the International Institute of Finance (IIF) said.

“So far, the BSP has done its job and is likely to remain on hold, it may need to add to liquidity especially given large upcoming domestic issuance by the government,” IIF Deputy Chief Economist Elina Ribakova said in an e-mail.

“Compared to regional peers, Philippines and Indonesia still stand out with the second round of lockdowns. At this stage, containing the pandemic is paramount before we can start talking about what macro policies can do to support the recovery,” Ms. Ribakova said.

The BSP has already slashed benchmark interest rates by 175 basis points (bps) this year. At its policy review last month, it decided on a “prudent pause” to allow its previous moves to “fully work their way through the economy.”

The overnight reverse repurchase, lending, and deposit rates are at record lows of 2.25%, 2.75%, and 1.75%, respectively.

The central bank has also slashed reserve requirements by 200 bps to 12% for big banks and by 100 bps for thrift and rural banks to three percent and two percent, respectively.

The BSP is set to make its maiden offer of securities on Friday in an auction of 28-day papers. The final offer volume has yet to be announced.

With the central bank having done its part in terms of monetary policy, Ms. Ribakova said the government must move to arrest the further spread of the virus, with economic activity expected to pick up towards the end of the year.

“With another round of lockdown in August, low remittances, and still low government support, we expect the economy to rebound only modestly towards Q4 2020,” Ms. Ribakova said.

The government expects the economy to contract by 4.5% to 6.6% this year due to the worsening impact of the coronavirus crisis. The economy is now in technical recession after the record 16.5% contraction of gross domestic product in the second quarter.

President Rodrigo R. Duterte on Friday signed the Bayanihan to Recover as One Act or Bayanihan II which allocates P165.5 billion for the government’s pandemic response. This is a followup to the P275-billion Bayanihan I law which realigned items in the national budget for COVID-19 response measures. — L.W.T. Noble

ABS-CBN says recall of frequencies has no additional impact

ABS-CBN CORP. said the National Telecommunications Commission’s (NTC) order recalling all its frequencies has no additional impact on the company.

“The recall of the frequencies has no additional impact on ABS-CBN Corp.,” the listed media company said in a disclosure to the stock exchange on Monday.

“The full impact of the non-renewal of the franchise (which would result in the recall of the frequencies) was discussed in a previous disclosure, dated July 22, 2020,” it added.

The network announced last month the shutdown of 12 of its news programs in the provinces.

The media company, known to be critical of the Duterte administration, has said the House lawmakers’ decision on its application for a franchise renewal on July 10 “significantly affects” its media, networks, and studio entertainment operations. It noted 68% or P15.9 billion of the segment’s revenue for the period ended Sept. 30 last year was free TV advertising.

It said it would continue to operate in other businesses that do not require a broadcast franchise, namely: international licensing and distribution, digital and cable businesses, and syndication of content through streaming services.

The company has carried out cost-cutting measures, which include rationalizing capital expenditures and streamlining manpower requirements.

It also expressed confidence that any payments or financial obligations that may arise under its customary or usual business agreements are “manageable and will not have a material adverse impact” on the company.

ABS-CBN said it would honor all its existing obligations for goods delivered and services rendered by third-party suppliers.

The Bankers Association of the Philippines said recently it was confident that banks could manage their credit portfolio in relation to the non-renewal of the ABS-CBN broadcast franchise.

The media company introduced last week its new educational platform for young learners, its newest offering after it launched in July the Online Kapamilya Live, where it live streams its programs.

President Rodrigo R. Duterte had accused ABS-CBN of swindling after its refusal to run political ads he had paid for during the 2016 presidential campaign. He had also criticized the broadcaster for airing news stories about his alleged secret bank accounts. — Arjay L. Balinbin

As New York City art galleries reopen, dealers rethink their business

ON WEDNESDAY, Sept. 9, dealer David Zwirner inaugurated one of his major fall shows in New York, a presentation of new paintings by artist Harold Ancart.

Before the COVID-19 era, Mr. Zwirner would have thrown his gallery open to hundreds of people and then invited a slightly smaller group — often upward of 40 or 50 collectors, friends of the artist, curators, and critics — to dinner at a restaurant.

This time around, Mr. Zwirner hosted a dinner for Ancart’s show, “but it was Harold, just a couple of people who work in the gallery, and a few friends,” he says. “I think we were six people altogether at Altro Paradiso, outside on the street.”

Welcome to the reopened New York gallery world, where dealers, collectors, and artists are still figuring out how to exist in an ecosystem that previously relied on crowds, dinners, and constant travel to sell art.

Every gallery is now open by appointment. Most will accept drop-ins if the space is under capacity. Beyond that, the logistics of doing business varies from gallery to gallery.

“As far as New York goes, it’s a very opaque situation,” says dealer Marianne Boesky, whose namesake Chelsea gallery will reopen with a show of paintings by artist Gina Beavers on Sept. 15. “Everyone is doing their own thing. That’s the bottom line: There’s no consensus.”

NO MORE FRENZIED OPENINGS …
Along with everyone else, Ms. Boesky closed her gallery in March. Now, as she begins her fall program, one half of her gallery is open to the public, and visitors can book slots through online appointments. 10 people will be allowed in, through half-hour intervals. “We’re not going to be doing openings in the traditional sense,” she says. “It’s hard, because if you can’t get more than 10 to 20 people together, you’re not going to have that buzz — that energy and excitement.”

To compensate, Ms. Boesky says she’s working on a digital alternative that recreates the immediacy and personality of a live opening.

“You can enter the space, see the works in three dimensions, and can say, ‘Is Kelly around? Is Mary around? I want to chat with them,’ and a gallery director will be there and walk you through the show,” she says. “The tech isn’t quite there yet, but we’re working on it.”

Hauser & Wirth was set to inaugurate its new Annabelle Selldorf-designed 36,000-square-foot gallery on Manhattan’s 22nd Street in May. “Obviously, that couldn’t happen,” says gallery co-President Marc Payot.

For its delayed opening in its new space, the gallery has put together a benefit exhibition, Artists for New York, comprising art donated from artists. The proceeds will go to 14 not-for-profit arts organizations across the city. “We’re not doing a party, we’re not doing a press event — nothing,” Mr. Payot says. “It’s the opposite of an event-driven opening.”

The large gatherings that animated the art world will be missed, dealers say, but they stress that openings have a minimal impact on sales. “It’s a celebration of creativity and an artist having worked hard,” says Mr. Payot. “Does it generate energy, and does this maybe then lead to some sales? Possibly, but it’s not that linear.”

Lower East Side dealer Miguel Abreu is going even further. Dinners “lost their utility” long ago, he says. “Collectors didn’t want to go to them anymore. They were sick of them; they were invited to 60 a month. Any pleasure in it was stripped away,” he continues. “At our openings in the last few years, there were fewer and fewer collectors, it was all artists and friends.” (For pair of openings on Sept. 10, Mr. Abreu invited anyone who attended to go to a nearby park for tacos.)

… FOR NOW
“One of the most beautiful openings I can remember happened in January for Noah Davis, a young artist who passed away very early,” says Mr. Zwirner. “It was his first major show in New York, and it was endlessly exciting to the extent that the catalogue sold out, and we had to reprint it.”

Now, he says, “you do much better with artists where the audience is already strong. It’s hard to introduce brand-new work that people aren’t familiar with, because you have a limit on how [interest in] the work can spread at this moment.”

Mr. Zwirner says he hasn’t made any changes to his exhibition schedule, for which there’s already a significant, COVID-19-related backlog. “We haven’t adjusted our program, other than that we’re showing everyone we couldn’t show for the last six months,” he says. “The rescheduling has been a little bit of a nightmare to make sure you can get everyone on deck.”

The real issue, he says, is that “we’re primarily a brick-and-mortar business. I never like to say it, but we’re part of the world of retail, where you come in and you want to experience the object.” When collectors have come through the door, he says, “everyone is wearing masks, and we have safety protocols, but we’ve actually stood in front of the artworks with clients, and sold them.”

Openings, Mr. Zwirner continues, are part of that in-person experience. “It’s a beautiful tradition: You celebrate the artist, you see friends, you go gallery-hopping. It’s so New York, it’s so quintessential, and I want it to come back.”

Ms. Boesky, too, says she wants to return to a world of gallery dinners — but old-school dinners, like when I opened in 1996,” she says. “I would just cook them, and then it became this whole other animal: seated dinners that cost $50,000. I don’t enjoy going to a lot of those. It just feels obligatory.”

GOODBYE TO ALL THAT
Dealers uniformly agree that things shouldn’t go back to the way they were.

“Art was being absorbed by this relentless activity” of the art world circuit, Mr. Abreu says. “It was stripped of its power of expression — to reach people and engage people — and the result was that everybody had been forced into the position of shopping and not collecting anymore.”

Even Mr. Zwirner and Mr. Payot, each helming one of the largest galleries in the world, say galleries needed to change.

“We’ll all run our business differently,” says Mr. Zwirner. Everything from the obvious — a plexiglass divider at the reception desk, appointments scheduled in advance, and galleries leaning even more heavily than before on digital “previews” of shows sent out to clients — to how many art fairs Mr. Zwirner will attend every year is being reconsidered. “There was almost a hysteria in the art world to be everywhere at all times.” That, he says “needs to be rethought.”

Mr. Payot agrees that travel particularly needs to be scaled back. “This crisis has made us think of everything differently,” he says. “The relationship between digital and physical [sales], how much do we actually need in terms of events and openings, and how much do we actually need to travel?”

Ms. Boesky is reconfiguring about one-half of her gallery as semi-private exhibition spaces. “Does it make sense for me to have a 15,000-square-foot public exhibition space?” she asks rhetorically. “It doesn’t, because we can’t have a gathering of 500 people for an opening.”

The forced reset, Ms. Boesky continues, has compelled her to take a step back to reconsider what’s good for her, her artists, and her staff.

“The life we lived prior was not reasonable, it was insane,” she says. “I’m looking forward to a new normal — and not chasing my tail 24/7.” — Bloomberg

Philam Life launches product for babies, kids

THE PHILIPPINE American Life and General Insurance Co. Inc. (Philam Life) launched on Monday a product that shoulders costs for illnesses and accidents of babies and children while helping save for their future.

Philam Life introduced a new package of its AIA Med-Assist insurance which covers 90% of in-patient hospitalization for persons aged 0 to 17.

Philam Life Head of Products Tennyson Paras said the product is designed for first-time parents who usually have little knowledge on emergency cases of babies and are financially inadequate to pay for their children’s hospitalization.

“Most parents will agree that the first five years is the most vulnerable age of children. As parents, we do everything we can to ensure they are healthy and provide their needs during this critical period in their lives,” Mr. Paras was quoted as saying in a statement.

Philam Life said more than half or 54% of a household’s budget is spent on medical fees which it said leaves families with little money to pay for other basic needs.

“We wanted a product that can give parents peace of mind in case of hospitalization. As a parent myself, I understand the additional burden that these unexpected medical expenses have on families. With AIA Med-Assist, they can simply focus on taking care of their children and recovery,” Mr. Paras said.

The insurance policy can be renewed once the child reaches 17 years old to extend its delivery of benefits until the age of 80.

The new product also has an investment fund and life insurance coverage for the beneficiary of the insured, which will be activated upon the death of the latter.

The insured can also receive the account value of the policy when its owner reaches 80 years old and has not applied for any claim on the insurance policy.

Philam Life Chief Executive Officer Kelvin Ang said AIA Med-Assist will help expand insurance coverage among Filipinos to reduce their financial losses from unexpected events.

“Making AIA Med-Assist available for children is another indication of our commitment to fulfill our mission of racing against risk to protect Filipino families from life’s uncertainties,” Mr. Ang said in the statement.

Philam Life said insurance penetration remains low in the Philippines, based on the data from the Insurance Commission. It said payment for premiums to insurance firms comprised only 1.69% of the country’s gross domestic product in September 2019.

For Philam Life, Mr. Ang said the company paid less than 0.26% of its clients’ fund last year which he said represented a tiny amount of Filipinos’ possible expenses for emergency cases amounting to about P2.7 trillion. — K.K.T. Jose

Holcim may have to pay P610 million to port operator

CEMENT manufacturer Holcim Philippines, Inc. may have to pay up to P610.34 million to its former port operator, which it has been in conflict with over the termination of a port services agreement.

The company told the exchange on Tuesday it had received an order from the arbitral tribunal handling the case, which ruled it liable for the suspension of its memorandum of agreement (MoA) with port operator Seasia Nectar Port Services, Inc.

Seasia filed a petition against Holcim in October 2018 for the termination of its port services agreement. Holcim said then that the decision was ”pursuant to its no-fault termination rights under the said agreement.”

In its September 2020 order, the arbitral tribunal said the termination of the contract was indeed valid. However, the MoA that the two companies signed, which required them to enter into a port services agreement, was not superseded when Holcim terminated the contract, and therefore remains in effect.

“The arbitral tribunal therefore ruled that Seasia was entitled to compensation as a result of the suspension of the memorandum of agreement,” it said.

Seasia may choose between getting a P588.38-million compensation from Holcim, which represents the minimum revenue it could have generated if the MoA were not suspended, or getting a two-year extension of the MoA, which would result in a total remaining term of seven years and 10.5 months.

Holcim must also reimburse P21.96 million to Seasia, which the latter paid to the Philippine Dispute Resolution Center, Inc. for the resolution of the case.

Holcim has 30 days from Sept. 14 to appeal the decision of the arbitral tribunal. It declined to comment when asked by BusinessWorld whether it will avail of this option.

The company noted the legal proceedings do not have a material impact on its operations.

Holcim posted an attributable net profit of P413.17 million in the six months to June, down by 71% from a year ago, as it turned unprofitable in the second quarter due to coronavirus-related challenges.

Shares in Holcim at the stock exchange fell 17 centavos or 2.85% to P5.80 each on Tuesday. — Denise A. Valdez

Arts & Culture (09/16/20)

CCP caps anniversary with light and sound show

THE CULTURAL Center of the Philippines (CCP) officially closes its 50th anniversary celebration with a light and sound show on Sept. 16, 7 p.m., at its Main Building façade and front lawn. On Sept. 8, 2019, CCP officially celebrated its golden year as an institution. The plan was to hold several activities covering various art and culture fields and cap the celebration with Luces, a light and sound show which would reincarnate Sinag: Festival of Radiance. However, due to the ongoing Coronavirus disease 2019 (COVID-19) pandemic, the year-long festivities came to a halt. The 10-minute show is an exploration of light, projection and sound using the iconic building’s facade as the canvas. The project hopes to represent the role that the arts and culture played in the Past, Present and Future, encapsulating the CCP’s 50 years and ushering in the next 50 years with new, aggressive, and better programs and plans. Archival footage and digital recordings will provide visual narration to highlight each decade of the CCP. The projected images will feature CCP’s excellence in the fields of performing, literary, visual and multi-media arts, along with its continuing partnership with its regional network. The CCP partners with Panasonic, who provides the 22K and 31K ANSI lumens laser projectors. The show will have a pre-show program, which will be streamed live on the CCP official Facebook page, CCP Online YouTube channel and Vimeo. The pre-activity features recorded greetings from arts and culture personalities, welcome remarks from CCP officials, trailers and previews of upcoming CCP events. At 7 p.m., the online show will switch to remote live feed and real-time on-site stream of the show at the CCP Front Lawn. There will be a second live on-site projection at 7:30 p.m. For more information, visit the CCP website (www.culturalcenter.gov.ph). Follow the CCP social media accounts in Facebook, Twitter and Instagram for more updates.

Book of essays on Dulaang Sibol launched

CONCEIVED more than a decade ago, the book Alalahanin: Our Memories of Dulaang Sibol is a collection of essays commemorating the Ateneo de Manila High School’s celebrated drama group, Dulaang Sibol. The book was a project initiated by Dr. Jojo Mendoza back in 2006 to mark Sibol’s 50th anniversary. Assisted by Kix Samson, he was able to solicit a remarkable selection of more than 30 essays from such notables as Paul Dumol, Noel Trinidad, Dr. Fernando Hofileña, and Fr. Manoling Francisco SJ. The essays were well-written, interesting, and heartfelt. However, the logistics of publishing a coffee-table book proved daunting, and the project was not completed. The final published book is the same collection of essays  updated with additional material including dozens of archival photos. Despite the COVID-19 pandemic quarantines which delayed publication by about two months, the book came out a few days after Sibol Director Onofre Pagsanghan’s 93rd birthday on June 12th. In a pandemic where face masks and social distancing are mandatory, the old concept of a book launch with a live audience and the author signing books was not possible, and even illegal. But prospective readers were willing to cooperate with the unusual demands of ordering, paying for, and picking up books during a pandemic. On Aug. 22,  the Ateneo Gate 1 and the Grade School driveway served as the venue for the book launch following the protocol set up for the contactless pick up of school materials for Grade School students. Simultaneous with the physical launch and pick-up of books was an online program, with notable Sibol alumni — Gelo Favis, Gerry Duran, Jing Olaguer, Jonny Salvador, and Igo Gonzales, Jimmy Hofileña, Paola Deles, Lionel Valdellon and Cholo Mallillin, and Mhel Garrido — performing musical numbers, as well as one comedy skit, and also short video greetings from those who contributed essays. Four authors read excerpts from their essays. Mr. Pagsanghan also gave a video greeting.  Alalahanin: Our Memories of Dulaang Sibol is now available on the Ateneo University Press Stores on Shopee and Lazada. The book costs 800 pesos each. Net proceeds will go to Mr. Pagsanghan’s dream project, the Sibol Hesus School Foundation, which provides supplementary education to prepare public school students for high school, and grants high school scholarships for carefully selected students. A public launch of the book is scheduled on Radyo Katipunan on Sept. 19, 10 a.m.

Kaida Contemporary presents two exhibits

KAIDA Contemporary opened two exhibits, Neck of the Woods and Shift, on Sept. 13. Neck of the Woods is a group exhibit featuring works by Renz Baluyot, Ralph Barrientos, Sydney Bautista, Cian Dayrit, Timmy Harn, Veronica Lazo, Tekla Tamoria, Marija Vicente, and FAKE zine. Meanwhile, Shift features the works of  Elijah Santiago and Shalimar Gonzaga. The exhibits run until Sept. 28. Physical viewing of the works may be done at the gallery from Sept. 15 onwards. Kaida Contemporary is located at 45 Scout Madriñan St., South Triangle, Quezon City. For inquiries, contact the gallery at kaida529@yahoo.com.ph, 8463-5859 and 0927-929-7129.

How PSEi member stocks performed — September 15, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, September 15, 2020.


ADB forecasts deeper GDP decline for PHL in 2020 (Before recovering in 2021)

ADB forecasts deeper GDP decline for PHL in 2020 (Before recovering in 2021)

ADVERTISEMENT
ADVERTISEMENT