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Art sale in support of Bicol hospital

PRINTS for a Cause, an online gallery, has gathered works by 15 Filipino artists to raise funds to help the Bicol Regional Training and Teaching Hospital (BRTTH), one of the biggest public hospitals in Region V, receiving cases of COVID-19.

Fashion photographer Onin Lorente began the project on April 8, selling digital wallpaper versions of his fashion photographs taken in Albay for the benefit of the hospital. Upon a friend’s suggestion, he eventually decided to open the initiative to fellow artists.

“I feel like curating a gallery. It’s fulfilling to be able to help our frontliners, at the same time to meet new artists, to have the support of my long-time creative friends and to showcase their works,” Mr. Lorente told BusinessWorld in an online interview.

“The next day, I asked two more friends and they were supportive of the initiative. As it progressed, more artist friends participated,” he added.

Prints for a Cause’s participating artists are Alvin Rodriguez (oil portraits); Nixon Marquez (handmade and digital collage); Anica Qorban A. de Vera (mixed media child art); Camera Pasapasa (photography); Analog Photography Club members Angel Biñas, Erik Lim, Joper Ofrasio, and Sherwin Andes; Jenny Peñas (still life on medium format film); Jude Macasinag (fashion design and illustration); Path Ways (architectural photography); Micah “Meeka” Hilotin (soil painting); Franz N (travel in film); MJ Suayan (mixed media); and Verity Clio (watercolor).

“The cause is not about us, not about our works, but it is about helping our frontliners,” Mr. Lorente said.

The art for sale on the site it meant for personal use as digital wallpaper or printout/poster.

As of April 14, the online gallery has raised P54,640 for the hospital.

For more information, visit www.oninlorente.com/prints-for-a-cause/. To purchase the art works and donate to the cause, e-mail printsforacause@oninlorente.com. — Michelle Anne P. Soliman

Companies plan recovery moves

By Jenina P. Ibañez, Reporter

COMPANIES in various industries are making plans towards recovering operations in the next few weeks as the enhanced community quarantine is set to be lifted at the end of the month.

Philippine businesses must position themselves for long-term growth in adapting to the pandemic, Management Consultant Tully Moss said.

Mr. Moss said in a webinar to the Management Association of the Philippines that companies must think like startups in terms of hyper-efficiency in using cash and willingness to experiment.

He said companies should retain their workforce.

Universal Robina Corp. President and Chief Executive Officer Irwin C. Lee said in the webinar that as the company shifts towards recovery, it has not laid off employees and is ensuring the resiliency of its supply base.

“What we’re doing now is stress testing our plans for a range of scenarios, but also what we have decided to do was to not mortgage the future. We have not laid anyone off. We have kept everyone on the payroll,” he said.

“Recovery will be in our hands…including looking at adjusting our plans towards next year…the heightened awareness for health and wellness trends,” he added, saying that they will tailor plans according to changing shopping habits.

Nestor V. Tan, BDO Unibank president and chief executive officer, said bank branches are moving towards digitalization.

“The biggest issue for us is how we are able to psychologically address the concerns of our staff, and we will have to adjust our working environment to see how we can maintain the due diligence that we’ve done,” he said.

The big issue, he said, is the reaction of customers in an industry geared towards having people walk into their branches.

“Will they change their behavior? If they change their behavior, we will have to adjust how we service them,” he said. “We are actually moving to a digital process, but we believe it’s years before we’re able to get there. The COVID scare may have accelerated us a few steps, but it will revert back to the slow pace by which it’s going, meaning you can’t move faster than the market.”

Arthur R. Tan, chief executive officer of Integrated Micro-electronics, said the next few weeks will be an extension of its current operating procedures.

“Being able to continue to supply the critical components that is needed on a global basis. Most of it are basically telecom-based and medical-based,” he said.

He said they have housed operators, security guards, and other staff in-house.

“However, we’re also limited…what happens on a post-scenario after this (ECQ)? The revenue is completely minimized,” he said, as the company is housing a smaller staff.

He said global industries like the automotive sector are beginning to restart their supply chains.

“The rest of the world is gonna continue, and if we’re not gonna be part of that supply chain, it will find itself somewhere else.”

He said testing for coronavirus diseases 2019 should be more extensive.

Shareholder nod needed in 51% asset sale — SEC

By Denise A. Valdez, Reporter

CORPORATIONS planning to sell 51% of assets and properties will now require stockholder approval, based on new rules by the Securities and Exchange Commission (SEC).

The corporate regulator has issued Memorandum Circular No. 12 which sets guidelines for corporations disposing of properties and assets amounting to at least 51% of its total assets.

Such transactions will now be considered by the SEC as a sale of all or substantially all of corporate property and assets, and therefore will require the approval of stockholders representing at least two-thirds of the outstanding capital stock of the company.

Voting of stockholders will be done in a meeting specifically called for this purpose.

“The newly issued rules reinforce the protection afforded to minority investors by enabling them to better participate in the decision-making and promoting transparency to reduce the risk of abuse,” SEC Chairperson Emilio B. Aquino said in a statement yesterday

The rules cover not only one-time transactions, but also multiple transactions within one year that would reach 51% of a company’s properties and assets. In such cases, the approval of stockholders will be obtained upon the last transaction that would breach the 51% threshold.

To measure whether a transaction or series of transactions are worth 51% of a company’s assets, the SEC will use the total assets of a company as indicated in its latest audited financial statement.

“We will continue spearheading corporate governance reforms, as part of our commitment to contribute to the inclusive development of the country’s economy through the introduction of reforms that protect minority investors,” Mr. Aquino said.

When the SEC released a draft circular on this rule in February, Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said it may have little impact to investors as the minimum public ownership requirement is 10%.

“[Even if] you require a two-thirds vote, it’s still the major shareholders or the majority owner who decides the outcome,” he said then.

But for Regina Capital Development Corp. Head of Sales Luis A. Limlingan, the SEC memo is a good step forward in giving power to minority investors.

“It should bode well for shareholders in general since they require the approval of the minority as well,” he said in a mobile message on Tuesday.

Cultural Center of the Philippines shows go online

THE Cultural Center of the Philippines (CCP) is making HD and archival recordings from its Cultural Content Digital Archives available to the public through CCP Online.

“Together with the CCP Cultural Content Development Team, we asked for recommendations on social media on what audiences wanted to see online. We noted the recommendations. Many of the titles suggested by audiences were in the lineup of digital content being prepped by the team for streaming even before the quarantine period,” CCP Vice-President and Artistic Director Chris B. Millado told BusinessWorld in an online interview.

“Most of the titles were in the digital archives. We make sure that CCP has secured the rights for the streaming of the productions before releasing them online,” he added.

On April 12, the BULAWAN: The CCP 50th Anniversary Gala Concert held in September 2019 went online.

This week, CCP Online will stream the following shows at 3 p.m.: SINAG: Festival of Radiance on April 14; Alice & Friends: A Tapestry of Dances in Celebration of 50 Years in Dance on April 17; and Philippine Madrigal Singers: MMMM…MORE! on April 20.

Mr. Millado noted that the shows will be available for a week of streaming for free before they are replaced with new shows.

“CCP Online [will] continue beyond the quarantine period but as a subscription platform. It will be accessible for free during the quarantine period,” he said.

50TH ANNIVERSARY ADJUSTMENTS
Due to the COVID-19 pandemic and enhanced community quarantine being enforced to control it, the CCP’s programs have been canceled, postponed, or modified.

The 2020 Cinemalaya Philippine Independent Film Festival, which is held annually in August, has been pushed back to 2021. The 16th edition of the Virgin Labfest festival of new plays will still be held on June 10 to 28 as scheduled, but it will be modified into an online festival with performers reading the text online. “The creative team continues to brainstorm on how to make this unique and exciting,” Mr. Millado said.

The 32nd Gawad CCP Para sa Alternatibong Pelikula at Video continues as an online short film competition. The Luces: Festival of Light, which was scheduled to close the CCP’s 50th anniversary celebration in September, has been canceled.

“The September Gala Show will now be repurposed, in the future when the condition allows, as a remembrance to those we lost during COVID-19 and as a thanksgiving concert for the frontliners,” Mr. Millado noted.

The CCP will continue to make other arts and culture programs accessible online such as ballet masters giving warm-up classes from their living rooms; music instructors giving tips on conducting and performance for rondalla players; and orchestra members performing for persons hospitalized or in quarantine.

“We expect to see a lot more of these innovations of engaging with audiences and artists online,” he said.

To stream the shows, visit https://www.youtube.com/user/culturalcenterphils. For further information, visit https://www.facebook.com/culturalcenterofthephilippines/. — Michelle Anne P. Soliman

Foreign companies given more time to submit security deposits after lockdown

FOREIGN companies operating in the Philippines are spared additional time to submit their security deposits to the Securities and Exchange Commission (SEC) due to the enhanced community quarantine (ECQ) over Luzon.

In Memorandum Circular No. 11 of the corporate regulator, the SEC allowed foreign firms that are licensed to do business in the Philippines to give their initial deposits 30 days from when the ECQ will be lifted.

This is an extended accommodation from the previous requirement that security deposits should be given within 60 days after the issuance of an SEC license, even if the date falls within the quarantine period.

“We recognize the impact of the COVID-19 pandemic not just on registered corporations in the Philippines but also on foreign corporations all over the world,” SEC Chairperson Emilio B. Aquino said in a statement yesterday.

“Giving corporations more time and the flexibility to comply with the applicable rules and regulations could go a long way in easing the burden on the business sector during these extraordinary times,” he added.

The ECQ over Luzon is set to last until Apr. 30, based on the latest announcement of the inter-agency task force in charge of handling the coronavirus disease 2019 (COVID-19) situation.

Aside from extending the period for foreign firms to submit their initial deposits, the SEC is also allowing submission of additional securities 30 days after the lifting of the ECQ.

For securities deposits that matured during the quarantine period, a 30-day extension after the ECQ is lifted is likewise given for the filing of an application for substitution of securities.

Security deposits at the SEC are part of the requirements from foreign corporations operating in the Philippines, as guided by Republic Act No. 11232 or the Revised Corporation Code of the Philippines.

These deposits may be bonds or other evidence of indebtedness of the Philippines government, shares of stock or debt securities, shares of stock in listed domestic corporations, shares of stock in domestic insurance companies and banks, or any combination of these with an actual market value of at least P500,000 or any amount set by the SEC.

Additional securities are required of foreign companies as well, which should be given to the SEC every six months of each fiscal year of the license. — Denise A. Valdez

Kominers’s Conundrums: The Corner-Cutting Chessboard

By Scott Duke Kominers, Bloomberg Opinion

LAST WEEK, we solved a puzzle of light switches — all it took was a short trip to a different part of our brains.* This week, we’ll be interrogating another common household object: the chessboard.

My Bloomberg Opinion colleague Noah Smith recently reminded me of the following problem first posed by Max Black, a British-American philosopher:

Suppose we take a standard 8×8 chessboard and remove two squares from opposite corners, as shown in the picture. Is it possible to place non-overlapping 2×1 dominoes on the board so as to exactly cover all the remaining squares? (No letting any of the dominoes hang off the board’s edges!)

One of the nice things about this problem is you can experiment with it directly. Why not grab a board and try placing some dominoes — or 2×1 slips of paper — yourself?

Beginning to fill out the board isn’t much of a problem. The first dominoes can go almost anywhere. Before too long, though, it’s easy to get blocked into a corner.

If a bit of trial and error doesn’t lead to a breakthrough, you’ve arrived at one of the first major tests in becoming a puzzle ninja (and for too many people, the last). It’s easy to get frustrated and, well, give up.

Here’s a better idea: Take a step back and start reasoning about the problem with logic.

Start by reflecting on those trials and errors: No matter how densely the dominoes are packed, there’s a hole or empty corner. If there were a lot of possible coverings, the solution would probably have emerged pretty quickly. And even if there were only a few, enough searching would find one. Running into the same error in numerous trials reinforces a terrible feeling: Perhaps … there’s no way to do it!

But would the puzzle’s author actually set a task that can’t be completed? That definitely can happen — but it doesn’t mean the puzzle has no solution; rather, the “solution” is a logical argument conclusively proving that no covering exists.

So now let’s start thinking about the structure of the problem itself. Can we somehow make ourselves completely certain that there is no way to cover the modified board?

Yes, we can! The key observation is so simple it hides in plain sight. Since colors on a chessboard alternate, no matter how you place a domino, it always covers one square that’s black, and one that’s white. Why is that important? It means that no matter how many (non-overlapping) dominoes we place on the board, they cover the same number of black and white squares. If we place seven dominoes, then we cover seven black squares and seven white squares. If we place 17, then we cover 17 of each.

A normal chessboard has 64 squares, so our modified chessboard has 62. To cover 62 squares with 2×1 dominoes, we would need 31 of them — and since every domino covers one square of each color, we’d end up with 31 black squares covered and 31 white.

That sounds fine — until we count up the squares at our disposal. Both of the deleted corners are black, so the modified board has 32 white squares, and just 30 black ones. There’s no way to cover all the squares with dominoes while making sure that we cover the same number of each color. And that means no perfect covering can exist.

Voilà — problem solved! And along the way we learned some of the value of logic over endless trial and error: Solving this puzzle was beyond reach without it. (And if you are still craving a perfectly covered board, just cut two corners off the same side of the board instead.)

Is it always possible to tell when a covering like this is possible or not? Unfortunately, probably not. A 2005 thesis (hat tip: Noam Elkies) suggests that it can sometimes be quite difficult to figure out whether a given modified chessboard has a domino covering — at least if the number of black and white squares on the board is the same.

But now that we’ve solved our board, at least, why not try out this puzzle (https://www.youtube.com/watch?v=2LyWP2TYTJM), which relies on similar sorts of reasoning. Or alternatively, this could be a great time for a domino rally (https://www.youtube.com/watch?v=QO3do77Y9cY).

*Although as several astute readers pointed out, the solution implicitly assumes an incandescent light bulb, since it relies on the bulb generating heat. If you’ve already made the switch to LED, try these solutions from physics Nobel laureate Richard Feynman (hat tip: Tom Ledbetter and Samuel Lipoff.)

Bloomberry considers other investments

RAZON-LED Bloomberry Resorts Corp. is looking to expand its investments in the future after the value of its shares at the stock exchange dropped since the implementation of a Luzon lockdown.

In a statement on Tuesday, the listed operator of Solaire Resort & Casino said it wanted to “make additional future investments in the interest of enhancing shareholder value.”

These investments, it said, will consider a “broader universe of possible opportunities,” including gaming, hospitality and non-gaming assets. But Bloomberry noted there are no particular deals at the moment.

“At this time, the company does not have any particular investments or acquisitions that are under imminent consideration and therefore will not make any investment-related announcements in the near-term,” it said.

“The company will consider various opportunities in light of their potential to create additional value for shareholders,” it added.

Shares in Bloomberry at the stock exchange were priced at P8.02 each at the beginning of March. When the coronavirus disease 2019 (COVID-19) crisis broke, which eventually led to the declaration of an enhanced community quarantine in Luzon on March 17, Bloomberry shares fell to a closing price of P4.36 apiece on March 19.

Shares in Bloomberry on Tuesday stood at P6 apiece, up 22 centavos or 3.81% from a day ago.

Gaming in casinos is among those ordered to stop operations in light of the Luzon lockdown. Bloomberry’s Solaire Resort & Casino has closed its gaming floor since March 16 in compliance with orders from regulator Philippine Amusement and Gaming Corp.

Gaming revenues made up P38.47 billion of Bloomberry’s consolidated revenues of P46.34 billion in 2019. Its net income grew 38% to P9.96 billion the same year.

At present, Bloomberry’s expansion in the Philippines is through the establishment of its second integrated resort in Quezon City: Solaire North. The 40-storey building located in a 1.5-hectare property within Vertis North aims to capture the gaming market in the city and the nearby provinces of Bulacan and Pampanga.

Bloomberry also owns and operates Jeju Sun Hotel & Casino in South Korea. — Denise A. Valdez

Gov’t awards one-year T-bonds amid demand for shorter tenors

THE GOVERNMENT fully awarded the Treasury bonds (T-bonds) it offered on Tuesday on the back of market demand for shorter tenors amid expectations of another policy rate cut soon.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued one-year T-bonds yesterday as tenders totaled P66.685 billion, more than twice its offer volume.

The one-year T-bonds with a remaining life of 11 months and eight days fetched an average rate of 3.675%, slightly lower than the 3.685% average rate fetched in Monday’s auction of 364-day T-bills.

To accommodate strong demand, the BTr also opened its tap facility to raise another P10 billion via the one-year bonds at the same rate.

National Treasurer Rosalia V. De Leon said they made a full award as rates sought by banks were within acceptable levels.

“Full award today. 2x bid cover ratio. Rate within secondary level. Liquidity is strong with accommodating statements from BSP (Bangko Sentral ng Pilipinas) Governor,” Ms. De Leon told reporters via Viber.

BSP Governor Benjamin E. Diokno on Sunday signaled a “deeper cut” in benchmark interest rates to support the economy amid an expected slowdown due to the coronavirus disease 2019 (COVID-19) pandemic.

The policy-setting Monetary Board has cut rates by a total of 150 basis points (bp) since 2019, almost completely unwinding the 175 bps in hikes it implemented in 2018 amid multi-year high inflation.

Its latest move was a 50-bp reduction on March 19, which brought the overnight reverse repurchase rate to 3.25% and overnight lending and deposit rates to 3.75% and 2.75%, respectively, in a bid to shield the economy from the virus fallout.

The Monetary Board will meet to discuss policy anew on May 21.

While noting that monetary policy works with a lag and that they will remain “data dependent,” Mr. Diokno said governments worldwide need to ensure a “soft landing” for their economies in the aftermath of the pandemic.

A bond trader said investors continue to prefer short-term securities given strong liquidity in the market after the RTB 3-8, or the retail Treasury bonds issued in 2017, matured on April 11.

“[It was a] good auction, shows appetite for short bonds. We have the recently matured 3-8 so marami pang (there is still) cash on standby, just waiting to be deployed at okay levels,” the trader said via Viber.

“Now, investors are comfortable up to [the] three-year space, especially with expectation of rate cuts,” the trader added.

Meanwhile, amid the rising expenses of the government as it seeks to respond to the COVID-19 outbreak, Ms. De Leon assured funding requirements for the cash aid for poor families and wage subsidy for employees of small businesses are ready for deployment.

“Yes, funds ready to deploy for social amelioration and wage subsidy,” she said.

The government allotted P205 billion for a two-month cash support program for some 18 million poor families and workers in the informal sector. A wage subsidy program was also approved Monday evening, under which it will give cash to employees of small businesses that had to halt operations due to the Luzon-wide lockdown.

These financial assistance programs will give eligible beneficiaries heavily affected by the lockdown P5,000-P8,000 in cash as relief.

The Treasury has set a P190-billion local borrowing program for April, broken down into P130 billion in Treasury bills and P60 billion in T-bonds. — B.M. Laforga

MOS Burger now available for take-out, delivery

JAPANESE burger brand MOS Burger, whose first branch in the Philippines opened at Robinsons Galleria, is allowing takeout and delivery requests starting April 14 from 10 a.m. to 4 p.m.

Opening at Robinsons Galleria in February of this year, MOS Burger was brought to the Philippines through a joint venture between MOS Food Services Inc., in Japan, and Tokyo Coffee Holdings Inc., called MOS Burger Philippines. Tokyo Coffee Holdings is headed by Hubert Young, and is behind bringing UCC, CoCo Ichibanya, ramen shop Mitsuyado Sei-men, and Japanese bakery Yamato to the Philippines.

MOS Burger is known for its Yakiniku Rice Burger and the MOS Cheeseburger.

For deliveries, clients may place their orders via foodpanda, GrabExpress Pabili, or Lalamove Purchase Service. For both walk-ins and riders, social distancing, checking of temperature, the use of face masks and continuous sanitation shall be strictly observed. For more information, dial 02-7747-2695.

Stuff to do at home (04/15/20)

Cultural Center Online

The Cultural Center of the Philippines (CCP) offers recordings of its shows through CCP Online which will stream the following shows at 3 p.m.: SINAG: Festival of Radiance on April 14; Alice & Friends: A Tapestry of Dances in Celebration of 50 Years in Dance on April 17; and Philippine Madrigal Singers: MMMM…MORE! on April 20. The BULAWAN: The CCP 50th Anniversary Gala Concert held in September 2019 is also now online. The shows will be available on https://www.youtube.com/user/culturalcenterphils for a week before being replaced.

PETA’s Let’s Get Creative

PETA Theater’s online workshops are back with a new lineup of activities. On April 15 (3 p.m.), join theater practitioner and filmmaker Avic Ilagan for a soap-making workshop. On April 17 (3 p.m.), join actor and designer John Moran for an arts and crafts workshop. To watch, visit https://www.facebook.com/PETATHEATER.

Writing for theater roundtable

Join playwrights Liza Magtoto, Rody Vera, Eljay Deldoc, Guelan Luarca, and George de Jesus III for an online roundtable on writing for theater on April 15, 4 p.m. The session will be moderated by Tim Yap. To watch, visit https://www.facebook.com/OpenHouseFundraiser/.

Royal Albert Hall concerts online

The Royal Albert Hall brings concerts online for free through the series called Royal Albert Home. New concerts will be uploaded daily until April 17. To watch and view the full list of shows, visit https://www.royalalberthall.com/tickets/series/royal-albert-home/.

The National Theater online

London’s National Theater offers free plays online on its YouTube channel (https://www.youtube.com/channel/UCUDq1XzCY0NIOYVJvEMQjqw). Watch an adaptation of Charlotte Brontë’s Jane Eyre until April 16. On April 17 (2 a.m. Philippine time), the theater will premiere an adaptation of Robert Louis Stevenson’s Treasure Island.

The Nanny’s Pandemic Table Read

The cast of the 1990s comedy sitcom The Nanny reunites for The Pandemic Table Read of the show’s pilot episode. It stars Fran Drescher as Fran Fine, a beautician who finds a job as a nanny to the three children of wealthy widower and theater producer Maxwell Sheffield (played by Charles Shaughnessy). To watch, visit Sony Pictures Entertainment’s YouTube channel at https://www.youtube.com/watch?v=C3a6KuP1X14&feature=youtu.be&fbclid=IwAR1eEwvK0A7lrLMnt2GTXBPoDR7y8_Q5TXMexTLIo9es9Gei4W1Yi-asITM.

Hogwarts online

Hogwarts Is Here is an online version of the Harry Potter series’ magical school, created by Harry Potter fans, that allows visitors to take courses like the characters from J.K. Rowling’s book series. Among the various courses are Astronomy, Herbology, History of Magic, and Transfiguration. The website also includes a forum, groups, and library feature. Visit http://www.hogwartsishere.com/.

Free Nikon photography class online

Nikon is offering free online photography classes until April 30. Topics include fundamentals of photography, shooting for landscape, portraiture, music videos, and speedlight control. To participate, visit https://www.nikonevents.com/us/live/nikon-school-online/.

Science experiments at home

Try to do 44 science experiments at home with the kids with the James Dyson Foundation Challenge cards. To download the challenge cards, visit https://www.jamesdysonfoundation.co.uk/resources/challenge-cards.html.

PETA’s Charot! The Unwanted Prequel

Philippine Educational Theater Association (PETA) launches episodes of Charot! The Unwanted Prequel once a week at its official Facebook page. The story is a prequel to its play, Charot! The Musical. The prequel is set in a country known as “P.I.,” which is governed by Papsy, as the nation deals with the “Charona veerus.” New episodes will be uploaded on PETA’s official Facebook page weekly. Aside from online content, the theater company is also conducting two donation efforts. One for the distribution of rice to 300 families in Brgy. Kristong Hari, Quezon City; and another for medical equipment such as personal protective equipment for the frontliners of East Avenue Medical Center. To stream the show and for more information on donation efforts, visit https://www.facebook.com/PETATHEATER/.

Color Manolo Blahnik designs

Shoe designer Manolo Blahnik shares a selection of his original sketches in an online coloring book. The shoe designs are downloadable at https://www.manoloblahnik.com/gb/smile.html.

DUP’s plays online

Three Dulaang UP plays — Floy Quintos’ The Kundiman Party, Ang Nawalang Kapatid, and Nick Joaquin’s Father’s and Sons — are now available for streaming on YouTube at https://www.youtube.com/channel/UCm2k83BMK9Fq39P6yJH9lng.

Podcasts on Philippine crime

Stories After Dark features podcasts on Philippine true crime and mystery stories. It currently has 14 episodes including The Maguindanao Massacre (2009), The Ozone Disco Fire (1996), and Pepsi Paloma: Rape or Publicity Stunt? Suicide or Murder? (1982/1985). To listen, visit https://www.facebook.com/storiesafterdarkph/.

Andrew Lloyd Webber musicals online

Andrew Lloyd Webber offers his musicals for free in the online series The Shows Must Go On. The series continues with Jesus Christ Superstar (2012), starring Tim Minchin, Melanie C and Chris Moyles. To watch, visit https://www.youtube.com/theshowsmustgoon.

Palacio de Memoria virtual tour

Art and history enthusiasts can now go on a virtual tour of Palacio de Memoria, the Colonial Revival mansion, and marvel at its luxurious facilities and hundreds of Euro-Filipino paintings, sculptures, art displays, and historical pieces online. It features the showroom of Palacio de Memoria’s auction house, Casa de Memoria, which houses the Lhuillier family’s collection of antiques, the Mosphil Lounge, and a passenger plane that was refitted to be a lounge for special occasions. To view the Palacio de Memoria’s virtual tour, visit https://www.palaciodememoria.com/tours.

Intramuros virtual tour

Visit the sites of Intramuros through its virtual tours at https://artsandculture.google.com/partner/intramuros-administration?fbclid=IwAR0aRtUOboFvmpk73FwjO_OZBBD5OKRfoFBWUOGgPAUUpaA7DquxNG0Jlks. The walled city’s sites may also be visited through the Experience Philippines augmented reality app. The app is free and available on Google Play or the App Store.

Photography workshops with Canon PH

Canon Philippines is offering photography workshops for the month of April via its official Facebook page. The workshops will feature Canon brand ambassadors and professional photographers who will tackle basic to advanced techniques, and specialized topics such as food, architecture, wedding, and music events photography, and vlogging. View the workshop schedule at https://www.facebook.com/canonphils/photos/a.436807569702668/2967524323297634/?type=3&theater.

MSO’s music online

The Manila Symphony Orchestra (MSO) presents Ennio Marricone’s “Nella Fantasia” from The Mission (1986), which was recorded separately by its musicians while in quarantine, in the hope that it brings some comfort to the listener’s soul. To listen, visit https://www.youtube.com/watch?v=ceKQHi-9OKQ&feature=youtu.be. For more information, visit https://www.facebook.com/manilasymphony/.

E-coloring books

The Getty Museum and the Getty Research Institute of Los Angeles offers the “Color Our Collections” edition for 2020. To view, visit http://library.nyam.org/colorourcollections/page/11/.

NFB animated shorts online

Watch animated short films from the National Film Board of Canada at https://www.nfb.ca/animation/.

Silverlens launches Art Boost

To keep in touch with art lovers, Silverlens presents Art Boost, an online drive to maintain engagement with art through social media, exhibition catalogues, and videos. Follow Silverlens’ official social media pages for a series of #athomewith, #weeklyartwork, #trivia, and #sundayread. Visit Silverlens’ official YouTube and Vimeo for artists profiles such as Gary-Ross Pastrana, and Patricia Perez Eustaquio.

National Museum of the Philippines

The National Museum uploaded a coloring sheet of Juan Luna’s Spoliarium by Bryan Ferrer which may be physically or digitally colored. For more information, visit https://www.facebook.com/nationalmuseumofthephilippines/posts/3123148164376147.

Children’s books online

Enjoy digitized children’s book titles from the University of California (UCLA)’s children’s book collection at https://archive.org/details/yrlsc_childrens&tab=collection; and University of Florida’s digital collection of the Baldwin Library of Historical Children’s Literature at https://ufdc.ufl.edu/baldwin/all/thumbs.

Five-hour museum tour

Experience a five-hour tour in Russia’s Hermitage Museum, shot by filmmaker Axinya Gog on an iPhone 11 Pro. To watch, visit https://www.youtube.com/watch?time_continue=4&v=49YeFsx1rIw&feature=emb_title.

Guitar lessons with Fender

Fender is offering three months of free lessons for guitar, bass and ukulele. It includes high-resolution videos with teachers, and a progress tracker. Follow along to videos, and practice at your own pace with the adjustable scrolling tablature and a metronome. To sign up, visit https://try.fender.com/play/playthrough/?utm_source=bouncex&utm_medium=popup&utm_campaign=PlayThrough_BXPopup&utm_term=fender&src=emaill00DTplaypopup/

Toei anime on YouTube

Japanese animation studio Toei’s YouTube channel will stream shows for free. Seventy shows with English subtitles have been released; yesterday it released episode 3 and 4 of National Kid (which will then be updated on Mondays); and on April 14, it will release episode 3 and 4 of Suki Suki Majo Sensei (updated on Tuesdays). To watch, visit https://www.youtube.com/user/ToeiAnimationUS.

Educational TV shows return to ABS-CBN

ABS-CBN brings back 1990s educational TV shows every Saturday. Sineskwela (8:30 a.m.) explains topics on science, Bayani (9 a.m.) is about historical figures and events, and Hiraya Manawari (9:30 a.m.) which focuses on values.

Cirque Du Soleil online

Enjoy free 60-minute specials from shows such as Kurios — Cabinet of Curiosities, O, and Luzia. To watch, visit https://www.cirquedusoleil.com/cirqueconnect.

Ayala Museum online

Continue learning at home with the Ayala Museum’s resources available online. Enjoy previous exhibitions and performances, coloring pages, and playlists. Visit https://www.ayalamuseum.org/online-resources/?fbclid=IwAR2psdA2kvBhhEC-iJs-seLvPXICAZ4zWO-bBIwvxjrhuTm18C_0zyOm3VE.

E-books for kids

Expand your kids’ library at home through the BuriBooks app. Titles include books from publisher Adarna House, reviewers, and Filipino textbooks. Access the app via iOS, Android, or a web browser. Sign up via https://buribooks.com/. Enjoy it free for 30 days.

National Gallery of Victoria’s virtual tours

The National Gallery of Victoria has developed several virtual tours. Audiences can view exhibitions such as Companionship In The Age Of Loneliness of New York-based artist Brian Donnelly, a.k.a. KAWS; and the world premiere of Crossing Lines, featuring the works of Keith Haring and Jean-Michel Basquiat. Visit https://www.ngv.vic.gov.au/channel/.

New free plays on Thursdays

The National Theatre in London brings its shows to YouTube. Every Thursday (7 p.m. GMT/2 p.m. EST), National Theatre at Home will release a new play free to watch for one week. It includes cast and creative interviews and post-stream talks. The remaining shows are Treasure Island on April 16, and Twelfth Night on April 23. Fo more information, visit https://www.nationaltheatre.org.uk/nt-at-home?queueittoken=e_safetyevent25mar20~q_b79a6e28-67d9-44de-88e6-29cedc812122~ts_1585490458~ce_true~rt_safetynet~h_8c7928d22caa971981f7edf53563d20e2fe8f68a3a3a1458b34b1cb17f11b50b.

Ballets at the Bolshoi Theatre

The Bolshoi Theatre in Russia showcases The Golden Series of classic opera and ballet performances via livestream on the theater’s YouTube channel. Livestreaming began on April 1 with The Tsar’s Bride. To watch, visit https://www.youtube.com/user/bolshoi.

Free Murakami books online

Japanese best-selling author Haruki Murakami’s stories are made available online for free at http://www.openculture.com/2014/08/read-five-stories-by-haruki-murakami-free-online.html. Titles include Kino, A Walk to Kobe, and Samsa in Love.

Free books on modern art

Enjoy PDF and ePubs on modern art from the Guggenheim Museum’s archive. The collection includes books on Francis Bacon, Max Ernst, and Mark Rothko. Visit https://archive.org/details/guggenheimmuseum.

Free vet consultations online

Dr. Cyron Sarmiento opened his Facebook (https://www.facebook.com/mcejsarmiento) and Twitter (@Cyrooon) accounts for free online consultations. For more inquiries, visit https://www.facebook.com/groups/648196199302932/. Consultations will run for the entire duration of the enhanced community quarantine.

Free Japanese courses

The Japan Foundation Manila launched an e-learning program of free Japanese courses. It includes six-month beginner and intermediate lessons on calligraphy, vocabulary, grammar, and conversation. Sign-up for your chosen course at https://minato-jf.jp/?fbclid=IwAR2SrhYV-9nH4Hbc9TbTspxg0t39DH6xtLQ-jz1n1uOkeGMK3bCdL022O8I.

Arts and Culture

Learn something new every day with Google Arts and Culture from virtual tours of sites, and museums to food, fashion, and design. Visit https://artsandculture.google.com/.

Frida Kahlo’s artworks online

View Frida Kahlo’s work online through the Google Arts & Culture platform. The website has 800 paintings, photographs, and objects by the Mexican artist from 33 international museums. To view the exhibition, visit https://artsandculture.google.com/project/frida-kahlo.

Scribd materials for free for 30 days

Enjoy free books, audiobooks, magazines, and documents for 30 days at Scribd. To view titles, visit https://www.scribd.com/readfree?fbclid=IwAR363ywNP9yoBbKJVQFYCtilfGfljPDGeOatqKJgWMV5Pj9-p7j-gkaGOb8.

Classic Pinoy films online

Director Mike de Leon uploaded classic Filipino films from the 1930s to 1960s on his vimeo account, Citizen Jake. Titles include Manuel Silos’ Pista sa Nayon (1948), Gregorio Fernandez’s Kung Ako’y Mahal Mo (1960), and Lamberto V. Avellana’s Aklat ng Buhay (1952). Watch films at https://vimeo.com/user83013343.

Free Neil Gaiman stories online

Best-selling author Neil Gaiman offers free essays, audiobooks, book excerpts, and videos at his official website under “Cool Stuff and Things.” Visit https://www.neilgaiman.com/Cool_Stuff.

Arts BGC at Home

Every Wednesday, Arts at BGC offers creative prompts at the Arts at BCG (https://www.facebook.com/artsatbgc/ and @artsatbgc) and BGC Art Center ( https://www.facebook.com/BGCArtsCenter/ and @bgcartscenter) Facebook and Instagram pages. Join the Arts at BGC Community to get in touch with other participants on https://www.facebook.com/groups/artsatbgc.

Ballet and opera free online

The Royal Opera House is showing its performances online through its Facebook (https://www.facebook.com/royaloperahouse/) and YouTube (https://www.youtube.com/user/RoyalOperaHouse) pages. Performances include the ballet The Metamorphosis on April 17.

Meg Cabot’s The Princess Diaries — Quarantine Edition online

Best-selling author of The Princess Diaries Meg Cabot offers The Princess Diaries — Quarantine Edition for free on her official website. Entries are updated daily. Visit https://www.megcabot.com/2020/03/corona-princess-diaries-day-1/?utm_content=122945851&utm_medium=social&utm_source=facebook&hss_channel=fbp-67512624694.

NHCP Documentaries on YouTube

The National Historical Commission of the Philippines makes Philippine history education accessible through documentaries on YouTube. For more information, visit https://www.facebook.com/historymuseumsPH/posts/997233837339314. Titles include: Jose Rizal: Sa Landas ng Paglaya, Apolinario Mabini: Talino at Paninindigan, Kababaihan ng Rebolusyon, and, Gregoria de Jesus: Lakambini ng Katipunan.

Drawing lessons for kids with Mo Willems

Best-selling author and illustrator Mo Willems is hosting drawing lessons for kids called “Lunch Doodles” every weekday on YouTube. Each session will be between 20 to 28 minutes long. Mr. Willems is also welcome to questions (send to: LUNCHDOODLES@kennedy-center.org) which he will try to answer during sessions. For sessions of Lunch Doodles, visit https://www.youtube.com/playlist?list=PL14hRqd0PELGbKihHuTqx_pbvCLqGbOkF.

Paulo Coelho’s books online

Best-selling author Paulo Coelho has made his books available for free. Titles include: The Way of the Bow, The Manuscript Found in Accra, and Brida. Visit his blog at https://paulocoelhoblog.com/books-online/.

Shakespeare plays online

Shakespeare’s plays recorded at the Globe Theater are now available for online streaming. Titles include Hamlet and The Two Noble Kinsmen. To watch, visit https://globeplayer.tv/

Learn at home with Scholastic

Scholastic is offering free online courses for levels pre-kindergarten to Grade 6. Duration of the courses is approximately three hours per day. They include writing, research projects, and virtual field trips. The website is accessible on any device. Visit https://classroommagazines.scholastic.com/support/learnathome.html

Free opera streaming online

OperaWire will host Nightly Met Opera Streams of the Metropolitan Opera for free. The performances begin at 7:30 p.m. EST and will be available to stream for 20 hours. Visit https://operawire.com/metropolitan-opera-to-offer-up-nightly-met-opera-streams/. The Paris Opera is also streaming operas for free. Visit https://www.operadeparis.fr/.

Free films on YouTube

Catch Filipino films for free on the following channels: Regal Entertainment (https://www.youtube.com/user/regalcinema/featured); Cinema One Originals (https://www.youtube.com/channel/UCzggCZVkynvnjNV29L9EccA); and TBA Studios (https://www.youtube.com/channel/UChh0rmwGvToBd3owvN2vRMg).

Free online courses

Enjoy 1,500 free online courses from leading universities such as Stanford, Yale, Harvard, and more. Download the audio and video courses (from iTunes, YouTube, or university websites). Topics include archeology, art, finance, writing, law, health, religion, mathematics, and personality development. Visit http://www.openculture.com/freeonlinecourses.

Online yoga classes

YogaPlus offers daily yoga classes via Facebook live. For schedules, visit https://www.facebook.com/yogaplusph/.

Free Broadway performances online

Enjoy your favorite Broadway performances online for a limited time at https://www.broadwayhd.com/.

Virtual tours

Explore museums around the world through virtual tours: the Solomon R. Guggenheim (https://artsandculture.google.com/partner/solomon-r-guggenheim-museum?hl=en); the Smithsonian National Museum of Natural History (https://naturalhistory.si.edu/visit/virtual-tour/current-exhibits); the Louvre Museum (https://www.youvisit.com/tour/louvremuseum). View animals such as otters, penguins, turtles, and corals on live camera at https://www.montereybayaquarium.org/animals/live-cams

Clash with regulators looms as companies miss Libor exit plans

CORPORATE TREASURERS in crisis-fighting mode look set to miss looming deadlines to abandon the scandal-plagued London interbank offered rate or Libor benchmark, threatening a showdown with regulators powering ahead with reforms.

In the grip of this once-in-a-generation pandemic, many businesses have already “written off” this year when it comes to shifting away from the reference rate that has underpinned trillions of dollars in loans, bonds and derivatives, according to the Association of Corporate Treasurers.

Lenders and borrowers risk entering a legal no man’s land when Libor expires at the end of 2021 — relying on the generosity of regulators and counterparties for their contracts to be recognized. UK officials said last month that firms should stick to the final target, but acknowledged the virus outbreak has affected the transition plans of many businesses.

“Are regulators going to be flexible in their guidance and directives. This is the question I get,” said Michele Navazio, a partner at Seward & Kissel LLP in New York. “The answer I give clients is ‘who knows?”’

The US group that’s guiding the transition to the new Secured Overnight Financing Rate (SOFR) — the heir presumptive in dollar markets to Libor — revealed a framework last week for moving cash products from the old to the new benchmark.

But as the spreading coronavirus sparks a historic collapse in consumption and investment, the complex task of re-engineering a web of financial contracts is on the back burner among treasurers.

Lawyers and consultants are warning corporations from Europe to America that missing the final deadline could materially impact repayment costs and liquidity, while the market volatility only underscores the benchmark’s manifest flaws.

The risks associated with Libor-linked loans are rising. In the UK from October, banks still using securities tied to the rate will be effectively penalized through a limit on their borrowing from the Bank of England (BoE), tightening their balance sheets and making it harder to lend to companies fighting for their lives.

Corporate treasurers “may be in their pajamas but are working flat-out,” said Caroline Stockmann, chief executive of the Association of Corporate Treasurers, a global trade body. “It’s all about liquidity, all about survival and not about the reference rate in over a year’s time from now.”

Smaller British companies with Libor-linked loans in particular could lag in their financial planning even as bankers forge ahead with their transition plans, said Ed Moorby, risk advisory partner at Deloitte.

Similarly, hedge funds, asset managers and commercial borrowers and issuers of debt “were just coming to grips with the shift and now this happens,” said Seward & Kissel’s Navazio. “What are they doing now? The short answer is they are not worrying about Libor.”

TICKING CLOCK
The Financial Conduct Authority (FCA) and the BoE said last month that the UK loan market has made less progress, which may affect some of the milestones.

The two agencies and the Working Group on Sterling Risk-Free Reference Rates “will continue to monitor and assess the impact on transition deadlines, and will update the market as soon as possible,” they said at the time.

For now, banks have until the end of September to cease issuing cash products linked to sterling-denominated Libor. The FCA told asset managers to consider ceasing to launch new products with benchmarks or performance fees linked to the benchmark by then.

In the US, the Alternative Reference Rates Committee, effectively reminded firms last week that work on SOFR is still progressing. The committee will release a final recommendation of the spread adjustment methodology for cash products in the coming weeks.

As the clock ticks, companies are being advised to ensure they include fallback language in their contracts that allows the use of a replacement benchmark by the end of next year.

This won’t substitute for proper management of the transition but it could help keep companies away from messy lawsuits. Without the fallbacks, “a customer who has a Libor-linked loan from you could say the contract is frustrated and you end up in litigation,” Deloitte’s Moorby warned.

”What used to be good isn’t really working and what’s supposed to be replacing it isn’t really working,” said John Coleman, senior vice president at RJ O’Brien & Associates LLC in Chicago. “The fuse is burning.” — Bloomberg

SMC to build emergency facilities for military men positve for coronavirus

SAN MIGUEL Corp. (SMC) is building emergency quarantine facilities near military hospitals across the country for uniformed personnel infected with the coronavirus disease 2019 (COVID-19).

In a statement on Tuesday, the conglomerate said it is constructing 10 emergency facilities with 15 beds each to avoid overcrowding situations in hospitals serving a huge number of patients with COVID-19.

“We are one with the country in finding ways to accommodate more patients as hospitals reach their full capacity,” SMC President and Chief Operating Officer Ramon S. Ang said.

The emergency centers will be built beside military hospitals located in Pasay City, Tarlac, Lucena City in Quezon Province, Cavite City, Palawan, Davao City, Cebu City, Zamboanga City, as well as near Veterans Memorial Medical Center in Quezon City.

Mr. Ang said that the COVID facilities will also be open for Persons Under Investigation (PUI) for the coronavirus disease 2019 from surrounding communities.

“These emergency COVID facilities we are helping build will serve not just our military front liners but also other PUIs in surrounding communities,” he said.

Recently, SMC, which has earmarked P500 million to purchase protective gear and other supplies, pledged to purchase 10,000 protective personal equipment (PPE) from a local garment manufacturer for medical workers in the frontline to fight the COVID-19 pandemic. — Adam J. Ang

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