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ABS-CBN goes off the air after NTC order

ABS-CBN Corp. on Tuesday evening halted its broadcast operations, after the National Telecommunications Commission (NTC) issued a cease-and-desist order against the media giant.

In compliance with the NTC directive, ABS-CBN shuttered all of its radio and television stations, including ABS-CBN Channel 2, DZMM and MOR.

News program TV Patrol was the last show aired on ABS-CBN Channel 2, before it officially signed off a few minutes before 8 p.m.

In a video statement aired on TV Patrol, ABS-CBN President and CEO Carlo L. Katigbak maintained that the company has complied with the requirements for the renewal of its legislative franchise, and that it did not violate any laws.

He also urged Congress to renew its franchise that expired on Monday (May 4). ABS-CBN had continued to operate Channel 2 and DZMM on Tuesday.

“Ipadama, isaad at ipadinig po natin ang ating nararamdaman sa pagsasara ng ating ABS-CBN. Sa oras na ito, kami naman po ang humihingi ng inyong pagdamay. Maraming salamat po, mga Kapamilya,” Mr. Katigbak said.

The NTC order dated May 5 directed the media giant to “immediately cease and desist” from operating its various television and radio broadcasting stations nationwide.

It also gave ABS-CBN 10 days from the receipt of the order to explain why the frequencies assigned to it “should not be recalled for lack of the necessary Congressional Franchise as required by law.”

Ordered closed are five AM radio stations, which include DZMM-AM in Obando, Bulacan; 18 FM radio stations; 42 TV stations; and 10 DTTB stations for implementation.

ABS-CBN clarified that its cable news channel ANC, online websites and video streaming service iWant are not affected by the order.

“Failure to file an answer within the period herein granted shall be considered respondents’ waiver of its rights to be heard, and the commission shall render such judgment as the law and evidence may warrant,” the NTC’s order also said.

President Rodrigo R. Duterte has not hidden his anger against ABS-CBN, repeatedly threatening to block the renewal of its legislative franchise. He accused the network of refusing to air some of his political ads.

Meanwhile, Justice Secretary Menardo I. Guevarra said on Tuesday that the NTC had requested his department’s opinion on the matter and that it had given an advice “in accordance with law and equity.”

“[T]he Congress expressed essentially the same view as that of the [Department of Justice] and further enjoined the NTC to issue a provisional authority to [ABS-CBN],” he said, adding that the NTC issued a cease-and-desist order instead.
“[I]t must have a very good reason for doing so. [L]et’s wait for its explanation,” Mr. Guevarra said in a mobile phone message.

He added that the order “is immediately executory but still appealable to the courts.”

House Committee on Legislative Franchises Chairperson Rep. Franz E. Alvarez of the 1st District of Palawan said in a statement on Tuesday that his committee “will not be dictated upon by any individual or agency as to the manner, schedule, and conduct of its official business.”

He was referring to Solicitor General Jose C. Calida.
The lawmaker said lawmakers had been “made aware of efforts” by Mr. Calida “to pressure the NTC to go against the ruling of the Department of Justice, which states that ABS-CBN may continue to broadcast while Congress deliberates on the renewal of its franchise.”

“With the legal opinion of the Department of Justice and the authority given by the House of Representatives, there is no reason for ABS-CBN to discontinue or stop their operations until we make a final decision,” Mr. Alvarez added.

ABS-CBN said in a statement that millions of Filipinos will lose their source of news and entertainment as it goes off-air “when people need crucial and timely information as the nation deals with the COVID-19 (coronavirus diseases 2019) pandemic.”

ABS-CBN said it had been providing “comprehensive news coverage on the public health crisis and working with local governments and the private sector in providing food and basic goods for those in need.” It said it had delivered more than P300 million worth of goods for at least 600,000 families during the enhanced community quarantine.

“We trust that the government will decide on our franchise with the best interest of the Filipino people in mind, recognizing ABS-CBN’s role and efforts in providing the latest news and information during these challenging times,” the company said.

“ABS-CBN remains committed to being in the service of the Filipino and we will find ways to continue providing meaningful service to them,” it added. — Arjay L. Balinbin and Vann Marlo Villegas

Pilipinas Shell to shut Batangas oil refinery for a month

PILIPINAS Shell Petroleum Corp. (PSPC) will suspend the operations of its Batangas oil refinery for a month starting May 15, citing the decline in demand for fuel products and falling refining margins during the lockdown.

In a disclosure sent to the stock exchange on Tuesday, the Philippine unit of Royal Dutch Shell said it is set to switch from local refining production to fully sourcing petroleum products abroad to continue supplying cost-effective fuel in the country.

“In response to the drastic decline in local product demand and the significant deterioration of regional refining margins brought about [by] the COVID-19 [coronavirus disease 2019] pandemic, the Company will temporarily shut down its Refinery operations for approximately one month starting mid-May 2020,” PSPC said.

The pandemic crisis has caused global demand for oil to drop as oil-dependent industries closed, leading to a supply glut that brought down prices in the world market.

Lately, Energy Secretary Alfonso G. Cusi noted that around 10% of oil retailers in the country had temporarily shut down their fueling stations in areas under the enhanced community quarantine (ECQ).

PSPC said it had enforced cash conservation measures to stay afloat until the local economy recovers.

“The temporary shutdown will help insulate the Company from further potential drops in refining margins and will also aid in its cash conservation initiatives,” it claimed.

According to Mr. Cusi, oil prices will remain volatile up to the end of the third quarter, along with lower demand, as the mobility of people will still be restricted.

“I don’t think the price of oil will immediately change after the ECQ because of what is happening abroad,” he also said.

Oil demand is projected to decline by 9.3 million barrels per day in 2020 due to lockdowns, based on the outlook of the International Energy Agency.

PSPC will conduct maintenance activities at its 110,000-barrel-per-day Tabangao refinery during its temporary shutdown.

“Nonetheless, the refinery will retain the flexibility to do a start-up immediately should market and demand conditions improve and stabilize,” it added.

Meanwhile, the company’s North Mindanao Import Facility, which can house 90 million liters of fuel products, will continue to operate.

On Tuesday, shares in PSPC went up 1.19% to close at P18.74 each. — Adam J. Ang

D&L Industries earnings fall 31% as demand slips

LISTED company D&L Industries, Inc. posted a 31% decline in net income for the first quarter as demand for its high margin specialty products slid with the implementation of lockdown measures due to the coronavirus pandemic.

The Lao-led manufacturer of plastics, food ingredients and specialty chemicals reported a net income of P515 million in the first quarter, down from P748 million in the same period last year.

Sales slipped 3% to P5.67 billion as its sales mix tilted towards commodities against high margin specialty products.

“It’s really a buyer’s market at the moment for most of our commodity businesses, especially food ingredients,” D&L President and Chief Executive Officer Alvin D. Lao said in an online briefing. “Wala masyadong bumibili ng mga (There aren’t many customers for) high margin food ingredients. It’s focusing mostly on the basics.”

For the past quarters, D&L has been focusing on getting more revenues from its high margin business and lower revenues from commodities or low margin products, as it said this would help improve the risk management of the company.

Its sales mix in the first quarter was 64% against 36% in favor of high margin specialty products, skewing the ratio from 69%-31% in 2019 and 63%-37% in 2018.

“We only have two weeks of ECQ (enhanced community quarantine) in the first quarter. In the second quarter, we’re going to have at least six weeks of ECQ. Because of that, it is likely this 36% will expand,” Mr. Lao said.

Food ingredients comprised the bulk of D&L’s sales in the first quarter with a total volume growth of 22% year-on-year. Volume of aerosols also increased 12%, while oleochemicals and specialty plastics dropped 26% and 8%, respectively.

But in terms of net income, only the aerosols business posted a growth of 44%. Food ingredients, oleochemicals and specialty products fell 34%, 36% and 28%, respectively.

An added effect of the ECQ to D&L is the suspension of construction works at its 26-hectare facility in Batangas. The plant was originally scheduled for completion in the first half of 2021, but Mr. Lao said this may be moved to the third or fourth quarter next year.

“Even after ECQ is lifted…it will take time for the mobilization to start again. We’re looking at the minimum probably three months of delay. But we don’t want to delay this any further,” he said, noting the facility’s long-term benefits to the company’s operations.

D&L maintains a P6-billion budget for capital expenditures through 2021, which might spill over mostly to next year, Mr. Lao said.

Mr. Lao also said the company expects the worst is over for the pandemic, as port congestion has started to ease and businesses are gradually resuming operations.

However, given the lack of an anti-viral drug for coronavirus disease 2019 (COVID-19), he said it was difficult to provide an outlook for the company in the months to come. “I’m not able to give a projection but what I can tell you is mukhang (it seems) the worst is over,” he said.

“[COVID-19] is nowhere near as bad as the Spanish Flu. So I think from that you can see that recovery, at worst, [would take] two years, then things should be back to normal after,” Mr. Lao added.

Shares in D&L at the stock exchange slipped four centavos or 0.76% to P5.19 each on Tuesday. — Denise A. Valdez

CCP reinvents ways of engaging audiences during hard times

THE Cultural Center of the Philippines (CCP) has been transitioning to the digital platform as live shows and programs have been suspended until the end of the year thanks to the COVID-19 pandemic.

“The unique quality of our art form is its liveness,… and the way it interacts with live audiences. But until we find a way to contain the virus, then we really have to be actively creative about how we engage with the audiences,” CCP Vice-President and Artistic Director Chris B. Millado said in a Zoom press conference on April 30.

“The [CCP] management has decided that all venues are going to be close to the end of the year because we are very reliant on the lifting of the quarantine period. We would need at least three more [months] after [the] return to work order to formalize operations of any physical venue and normalizing operations that can also mean that we are allowed to organize large gatherings,” he added.

Mr. Millado noted in his presentation the impact of COVID-19 has had on the arts and culture sector and its impact on the CCP programs. He also discussed the upcoming programs the management has lined up in response to it.

Due to the enhanced community quarantine, there has been an enormous loss of livelihood in the arts and culture sector. In the CCP alone, at least 800 events including outreach programs and festivals have been canceled. At least 3,000 artists, cultural workers, and production staff have been affected. At least 800,000 potential audience members have been lost due to the cancellation or shows and programs throughout the country. And at least P90 million in potential revenue has been lost — box office and ticket sales, as well as the sale of the CCP Encyclopedia of Philippine Art (2018), and venue rentals.

Other businesses in the CCP complex have also been badly affected, including those at the Harbour Square strip mall. As Mr. Millado noted, “most of its traffic usually depends on the shows going on at the CCP.”

As implied by the Bayanihan: Heal as One Act, government institutions, which includes the CCP, are called to realign their budgets in response to the COVID-19 crisis.

PRIORITY AREAS AND GOING ONLINE
As a strategy, the CCP aims to use alternative modes of engagement, and protect the artists’ livelihoods through priority areas.

The first component is the Arts and Culture Online which includes video streaming HD recordings of shows online; creating virtual reality tours of CCP galleries, museums, and exhibits; and partnering with institutions, NGOs, and large scale communication networks for education fundraising.

The second is Live Arts on Lockdown which includes projects such as the 2020 Virgin Labfest online, and upcycling recorded programs by incorporating live interviews and annotations.

Third is Arts for Therapy with the Philippine Philharmonic Orchestra (PPO) collaborating with the Philippine General Hospital (PGH) where musicians play music for frontliners and patients through the use of digital tablets.

Lastly, there is Capacity Building in which they will formulate a module for the upskilling of artists and cultural workers in arts therapy, digital communications and technology.

As part of the CCP’s online engagement, the CCP Online YouTube channel (https://www.youtube.com/user/culturalcenterphils) is currently streaming Ballet Philippines’ Firebird and Other Ballets, while the play Kung Paano Ako Naging Leading Lady, written by Carlo Vergara and directed by Chris Martinez for Virgin Labfest 9, premieres on May 7, 3 p.m., and the concert Triple Threats: Everything in Bituin, featuring actress-singer Bituin Escalante, premieres on May 9, 3 p.m.

“We [have] now reached at least hundred 20,000 engagements online. So I think it shows how much demand there is in terms of online technologies,” Mr. Millado said.

Meanwhile, CCP resident company Tanghalang Pilipino launched #PansamanTanghalan on its official YouTube channel (https://www.youtube.com/tanghalangpilipino) which is currently streaming musical numbers from Balag at Angud, an original Filipino musical on the life of the revolutionary Filipino artist Junyee.

The 16th edition of the Virgin Labfest theater festival, titled VLF 2020 KAPIT: Lab in the Time of Covid, will be streamed online and run from June 10 to 28. It will feature nine new plays, three revisited plays, and six staged readings, all streamed online.

“The Virgin Labfest is here, and it remains strong and able to adjust to new realities. The festival has a firm fan base which has filled the CCP theaters year in and year out. Let’s continue to tell our stories on the virtual stage,” VLF festival director JK Anicoche said in a press release.

CCP Sales and Promotions Manager Gemma Marco noted during the Zoom press conference that a “minimal [ticket] price” is being proposed for the upcoming festival.

The CCP’s online technical team has partnered with the CCP Film Division for the online staging of the plays.

“We see this as an opportunity to make the public aware of the presence of our digital online content,” Mr. Millado said. “Hopefully after the COVID-19 recovery period is over we can then focus on the worldwide web as a platform.” — Michelle Anne P. Soliman

IPO appetite seen dampened by pandemic worries

ANALYSTS believe initial public offerings (IPO) at this time are risky because of the volatility of the market and sensitivity of investor sentiments to the coronavirus disease 2019 (COVID-19) pandemic.

Grocery operator MerryMart Consumer Corp. of businessman Edgar “Injap” J. Sia II is reportedly planning to pursue its P1.6-billion IPO and will list on the small, medium and emerging (SME) board of the Philippine Stock Exchange (PSE).

However, analysts said IPO plans have to be carefully assessed as the market is not in prime condition at the moment. The PSE index has been trading within the 4,743-5,946 range since March 20, down from its 52-week high of 8,419.59.

“At this time in the market wherein the pandemic causes a lot of economic losses and demand for economic activity is down, it would not be a good move to go into IPO,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.

He added most investors are on the sidelines due to uncertainties and on recession fears, which may make it extra challenging for a company to launch a public offering.

Based on its application approved by the Securities and Exchange Commission in March, MerryMart is planning to do a primary offer of 1.59 billion shares priced P1 each.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said unlike in usual times, investors might not be as interested in IPOs at the moment.

“I think some, particularly small investors, will consider staying on the sidelines — given the uncertainties on COVID-19 pandemic — or they could look for other bargain stocks in the market to position, instead of risking into something that is not yet fully evaluated,” she said in a text message.

Specifically for MerryMart, she said some investors may still be interested, but not as much as they would’ve been before the pandemic. “Interested investors could be those who want to diversify their portfolio,” Ms. Alviar said.

For Mr. Pangan, even though MerryMart’s business deals with essential retail, an IPO right now may not be the best move for the company.

“There are lots of competitors with no and not much differentiation in the business [of MerryMart],” he said. “With demand down due to lesser economic activity, the bottom line will definitely be down too due to increased layoffs.”

While MerryMart may not have a problem with sales, Ms. Alviar said the company could have an issue with its growth prospect, since almost all businesses are expected to have a difficult time expanding during the pandemic.

“They could face hurdles in construction and in finding people to work in their company. Aside from that, its employees are still at risk of getting infected,” she said.

But if anyone were to succeed in doing an IPO at this time, Ms. Alviar said it is likely to be those in the food retail and telecommunications sectors, as these companies are sustaining, if not growing, consumer demand during these unique times.

The Philippine Stock Exchange, Inc. was initially targeting six IPOs in 2020, an increase from the four listings it recorded in 2019. These are Kepwealth Property Phils, Inc.; Axelum Resources Corp.; AllHome Corp.; and Fruitas Holdings, Inc. — Denise A. Valdez

For Singapore’s T: >Works, the show must go on — online

THERE’S an adage in theater that no matter what, “the show must go on.” That is especially true — and challenging — in the time of a pandemic that prohibits any sort of gathering. For Singaporean theater company T:> Works, the focus is all about creating new works for the digital platform.

“Our priority is really to create new performances on the digitalized platform,” Ong Ken Sen, the group’s artistic director, said in a digital press conference on April 30.

Originally called TheatreWorks, T:> Works is a 35-year-old theater company that produced Singapore’s first musical, Beauty World, in 1988, among other original Singaporean productions. The group has so far done more than 200 productions, with more than 2,500 performances.

Mr. Ong has been the artistic director of T:> Works since 1988 — interrupted in 2010 when he took a hiatus to complete his doctorate degree in Performance Studies at Tisch School of the Arts at New York University.

In its long history, Mr. Ong admitted that the COVID-19 pandemic is the “first global disruption [he] experienced in the arts,” and that it forced theater to digitize performance.

“In a way, this is the early days of digitalization of performance… however [the new] visual identity also hints that digitalization still has to go back to the source (analog). It cannot be simply about the bleakness of technology,” he said, noting that the performance of the future is about integration.

The shift to digital also prompted the group to change its name from TheatreWorks to T:> Works.

But while the shift to digital is happening, Mr. Ong noted that the performing arts world should consider how far digital can go in terms of providing the experience.

“I think as a community of arts, audiences, and artists we have to ask: when is human intimacy necessary for us to make sense of our lives? When do we need to stand in front of a painting and not just information from the web. When is information from the web no longer sufficient experience?” he said.

Aside from creating new performances, the company will also be conducting curators training from May to June, as well as holding a virtual festival for women called Women NOW (Not Ordinary Work).

“We are always curating perspectives of the US and Europe. What would happen if curators were trained looking at the context of Southeast Asia specifically,” he said in an insert video explaining the establishment of Curators Academy in 2018.

The curators training course, titled Curating No-thing, consists of four lectures done via video-conferencing platform Zoom. There will also be virtual consultations for select participants.

“Many artists, writers, producers, and cultural workers are already curating in their daily work, but there is little reflection space for them to evaluate what curating is, how to curate and for whom they should be curating,” he said in the digital conference.

The lectures will cover topics including creating worlds, ethical generosity, rethinking value, and listening. They will run on May 19, 21, 26, and 28, while consultation sessions are on June 9, 11, 16, and 18.

Interested participants can register by contacting mervyn.TWorks@gmail.com. For more information, visit theatreworkssg.wordpress.com.

Women NOW is a virtual festival created and developed entirely by women and will be helmed by Singaporean arts educator and actress Noorlinah Mohamed. The festival will run from July 15 to Aug. 2, and more details will be released soon.

“Coming back during the COVID-19 pandemic is a special challenge. However, I believe it galvanizes our resolve to continue creating during these difficult times,” Mr. Ong said.

Because of the pandemic, he expects that the performing arts community will lose two out of 10 people who go and watch their performances but that the physical audience they may lose may be able to be brought back via digital performances.

“In this current urgency of the COVID-19 pandemic. It is a time to sustain a different gathering of arts, audiences, and artists,” he said. — Zsarlene B. Chua

Globe income down 2%

THE first-quarter net income of Globe Telecom, Inc. declined 2% to P6.6 billion from P6.73 billion in the same period last year due to sustained increase in depreciation charges and a bigger share in affiliates’ losses.

The Ayala-led telecommunications company said in a regulatory filing Tuesday its core net income for the first quarter, which excludes the impact of non-recurring charges, one-time gain, foreign exchange gains and mark-to-market charges, stood at P6.6 billion, a 3% decline from P6.73 billion in the same period a year ago.

Consolidated service revenues rose 2% to P36.9 billion from P36 billion. Globe said the increase was because of the “limited impact” of the coronavirus disease 2019 (COVID-19) on its operations.

Globe maintained its mobile data revenues at P26.8 billion while home broadband revenues grew 11% to P5.8 billion.

Corporate data added P3.3 billion or an increase of 4%. Globe said there were higher circuit count and revenues from information and communication technology during the covered period.

Fixed line voice revenues declined 2% to P697 million in the first quarter from the previous year’s P710 million.

Globe said its non-operating charges as of end-March, stood at P2.2 billion, or 3% higher than the P2.1 billion posted in the same period last year, “mainly on higher share in affiliate’s losses mainly from Mynt coupled with higher swap costs partly offset by net forex/MTM gains following forex appreciation and lower interest expense.”

The company said its capital expenditure guidance for the next quarter would likely be lower by at least P2 billion from the first quarter’s spending given the delays it is experiencing with its network rollout due to the enhanced community quarantine.

Globe said it was able to spend P10.7 billion in the first quarter, which was “22% higher than last year and representing 29% of gross service revenues.”

“Bulk of the capex spending went to data-related requirements, comprising 68%, as the company continued to invest in wonderful experiences for Filipino families and businesses,” Globe added.

Globe President and Chief Executive Officer Ernest I. Cu said: “Globe is very well positioned to pull through this unprecedented time, with a strong balance sheet and an effective and efficient Business Continuity Plan in place. Outlook for the balance of the year will be assessed further as the impact is highly dependent on the duration of the community quarantine.”

On Tuesday, shares in the company rose by 1.86% or P42 to close at P2,300 each. — Arjay L. Balinbin

Kominers’ Conundrums: There’s a puzzle hiding in this column

By Scott Duke Kominers, Bloomberg Opinion

YOU’VE already unraveled brainteasers and played with words. This week’s Conundrum is a bit mysterious.

There’s a puzzle hidden in this column — the one that you are reading right now — but there are no instructions as to how to find it, or how to solve it. This format transforms the experience of solving into something like a treasure hunt.

How to start? First, look around. Notice anything out of place? It might be the first of several clues. Find all of them.

Got them? Now try to string them together. Work your way towards the answer, which in this case is two words. And how do you do that? That’s the challenge. Sorry for being cagey — I’ve already said too much!

If you solve the mystery — or even make partial progress — please let me know at skpuzzles@bloomberg.net before midnight Eastern time on Wednesday, May 6. If you get stuck, there’ll be a hint announced in Bloomberg Opinion Today on Tuesday, May 5. Sign up here. (Apologies to those of you reading in syndication — to solve, you’ll need to look at the version of the column posted at bloomberg.com/opinion).

LAST WEEK’S CONUNDRUM
An eccentric warden was willing to set his 100 prisoners free if they could solve his light-switch puzzles.

Nicholas Glaeser, Jonathan Heckman, Felipe Rizzon, and many other astute readers* found a winning strategy on the warm-up version of the game. It involves 99 of the prisoners doing nothing more than turning the switch “on” the first time they see it “off.” The 100th prisoner is designated as the “counter.” This is an absolutely critical job, to say the least. The counter turns the switch “off” every time it is seen in the “on” position, and also records the number of flips he or she performs. The warden’s puzzle is solved once the switch is turned “off” 99 times.

We then moved on to the main event: a labyrinthine prison with 111 identical rooms, each with a number of switches in them — all of which, as before, start “off.” The goal: For some prisoner to determine when each of the hundred prisoners had been in every room at least 17 times.

The puzzle: How many switches do the prisoners need?

There are various ways to use some number of switches to label the rooms so the prisoners can tell them apart. Then, the prisoners can play the one-room strategy 17 times in each room to win their escape. As Jeremy Hurwitz and Leonardo Zapparoli figured out, the best version of that approach requires just three switches per room.

That’s a surprisingly small number — far lower than both the number of rooms and the number of times the prisoners have to visit each room.**

But believe it or not, it’s possible to win with even fewer: The prisoners actually only need two switches per room. The trick is that instead of counting one room at a time, they should count one prisoner at a time.***

How does that work? One prisoner is again the “counter.” At the start of the game, that prisoner turns both switches in some room “on.”

The other 99 prisoners all start “inactive.” Such a prisoner does nothing when he walks into a room unless he sees both switches “on.” In that case — if he hasn’t been “active” before — he becomes “active” and turns the second switch in that room “off.” Now he proceeds to turn the first switch “on” every opportunity he gets; once he’s done this 110 times, he knows he’s been in every room at least once, since all the switches started “off.” Then he turns all the first switches “off” again; after doing that 111 times, he knows he’s been in every room twice. He repeats the full cycle another eight times.

Once that’s done, all the rooms are back in the “off, off” starting state, and the prisoner knows he’s been in every room 17 times (in fact, 18 times).

Of course, that isn’t too useful unless he can somehow tell the “counter.” To do this, he sets one room’s switches in the only configuration that hasn’t been used yet: the first switch “off” and the second switch “on.” He then becomes inactive for the rest of the game.

When the “counter” sees a room in the “off, on” configuration, he or she learns that some prisoner has finished visiting all the rooms the requisite number of times. Then the “counter” turns both of the switches in that room “on,” and waits for a new prisoner to become active and complete his rounds.

Once the “counter” has seen the “off, on” configuration 99 times, he or she knows that all the other prisoners are done. Once the “counter” personally completes the series of nine toggling cycles through the rooms, it’s time to alert the warden to an incredible victory indeed!

Tynan Seltzer was the first to figure out the two-switch solution, followed (in order) by Bethany Burum and Alex Howlett, Jamie Balcombe and Alex Brett, Andrea Hawksley and Andrew Lutomirski, and Alex Newman-Smith.

(And if you’ve read this far, please don’t leave before you solve the hidden puzzle! It’s still lurking around somewhere.)

THE BONUS ROUND
Pay-it-forward puzzle books from Puzzazz (http://www.puzzazz.com/puzzles-with-heart) (hat tip: Roy Leban). Forgot your Uno deck at the office? You can turn a game of Magic: the Gathering into Uno with this 29-card combo (https://www.reddit.com/r/BadMtgCombos/comments/bpmc8g/turn_mtg_into_uno_with_one_simple_29card_trick/) (hat tip: Jay DeStories). Or test your mettle against a daily challenge from the card game SET (https://www.setgame.com/set/puzzle). Speculate on turnip futures in Nintendo’s Animal Crossing (https://www.ft.com/content/68f96d24-02f0-42fd-b132-aba0acba777f); take your Zoom calls to the enchanted world of Hayao Miyazaki (www.openculture.com/2020/04/hayao-miyazakis-studio-ghibli-releases-free-backgrounds-for-virtual-meetings.html); jam with a neural net jukebox (https://openai.com/blog/jukebox/); or just lay down some Seuss beats (https://www.youtube.com/watch?v=hqIbEHNqbPs&list=PLqvBBK0pPLrU9O6aGdGvD4ICXTGOH6FTa) (hat tip: Laura Messenheimer and Elizabeth Sibert). Build a Lego sculpture that supports itself through continuous tension (https://www.youtube.com/watch?v=6xbnrEqMr5Y&t=3m13s) or transform a steel bolt into a pocket safe (https://www.youtube.com/watch?v=KRgurx00G1o). And inquiring minds want to know: How did merchants in 19th-century Iran compute compound interest so quickly (https://twitter.com/docmilanfar/status/1254535220491022336)?

In addition to solutions, please send paradoxes, paraphernalia and/or your favorite puzzles to skpuzzles@bloomberg.net.

*If you solved the puzzle and don’t see your name listed this week, please don’t despair — we’re keeping track of all the solvers and will feature callouts to both new and recurring solvers as Conundrums continues.

**And notably, three switches suffice if we replace both 111 and 17 in the problem by other numbers.

***Daniel Kane and I have an in-progress paper in which we prove that two switches per room is the minimum possible. We also give a way to solve the problem one room at a time with only two switches, but it is really, really complicated.

Treasury makes full award of 35-day papers as rates decline

THE GOVERNMENT fully awarded the Treasury bills (T-bills) it auctioned off on Tuesday for low rates as investors awash with cash continued to flock to safe-haven assets.

The Bureau of the Treasury (BTr) raised P15 billion via the 35-day T-bills yesterday as programmed out of total bids worth P73.252 billion, or nearly five times as much as the offer.

The BTr also opened its tap facility for another P15-billion offer to take advantage of the low rates offered by banks.

The average rate for the 35-day papers dropped by 67.2 basis points (bps) to settle at 2.042% yesterday from the 2.714% fetched in the auction on April 21.

In a Viber message to reporters, National Treasurer Rosalia V. de Leon said rates declined as the market priced in the slower inflation rate in April, which they believe will give the Bangko Sentral ng Pilipinas (BSP) more space to bring down benchmark interest rates further.

“Full award at average of 2.042% much lower than previous auction as April inflation clocked in at 2.2% versus March of 2.5% providing more space for BSP to cut policy rates,” Ms. De Leon said.

Aside from this, Robinsons Bank Corp. peso debt trader Kevin S. Palma said investors flocking to safe-haven assets also contributed to lower rates.

“Strong demand continued to swamp the T-bill auction as dealers and investors alike put their excess funds to work and took cue from the significant drop of government securities yields in the secondary market prior the auction & from the T-bill auction results yesterday,” Mr. Palma said in a Viber message.

The Philippine Statistics Authority (PSA) reported Tuesday that headline inflation slowed to 2.2% in April from 2.5% in March as transport costs and utility expenses eased last month, which offset an uptick in prices of food items.

BSP Governor Benjamin E. Diokno has said the Monetary Board will continue to assess the effect of the policy measures it has fired off so far as they decide on their next move.

The central bank slashed interest rates by 50 bps in an off-cycle meeting on April 16 to bring down the rates on the overnight reverse repurchase, deposit and lending facilities to 2.75%, 3.25% and 2.25%, respectively.

It also injected fresh liquidity into the system as it trimmed universal and commercial banks’ reserve requirement ratio by 200 bps to 12%.

Nicholas Antonio T. Mapa, senior economist at ING Bank N.V. Manila Branch, said in a note the central bank may not deliver more policy rate cuts “in the near term” as Mr. Diokno hinted at a pause.

The government is planning to borrow P170 billion from the local market this month. The Treasury wants to raise P110 billion via its weekly T-bill auctions and the remaining P60 billion via Treasury bonds to be offered fortnightly.

On Monday afternoon, the BTr also raised P10 billion as it opened its tap facility for the one-year securities, adding to the P24 billion it borrowed via T-bills that same day. — Beatrice M. Laforga

AgriNurture partners with gov’t for online market

LISTED agricultural firm AgriNurture, Inc. (ANI) has tied up with the Department of Agriculture (DA) as an official partner-participant under an online Kadiwa program.

On Monday, the two entered into a memorandum of agreement (MoA) that made ANI an online seller of agricultural products under the DA’s eKadiwa ni Ani at Kita program.

The DA’s eKadiwa is an online marketing platform where buyers and sellers of agricultural and fishery products can transact. It was also launched on the same day as the signing of the agreement.

Consumers are provided with easier access to food products by simply using their mobile phones or computers.

The public can visit the website eKadiwa.da.gov.ph to order basic food commodities offered by three partner companies, ANI, Zagana, Inc., and Benjabi Ventures Corp.

Dennis M. Layug, DA senior technical advisor, said that the ordered goods can be paid initially via cash-on-delivery or bank transfer.

The DA is negotiating with commercial banks to include payment via credit card as one of the available payment methods.

“The purchased goods will be delivered initially via Mober, Inc. Other transport and delivery service providers like Lalamove and Grab have signified joining the eKadiwa project,” Mr. Layug said.

Agriculture Secretary William D. Dar said that more farmers’ and fishers’ groups and merchants are expected to join the eKadiwa online market.

Individual sellers or producers’ groups can also register as vendors at the eKadiwa site for free.

According to the DA, the eKadiwa will initially cover Metro Manila, with plans to eventually expand to other major urban areas nationwide.

“The eKadiwa could be the biggest e-commerce site in the agriculture sector,” ANI President Antonio L. Tiu said.

Mober Inc. added that under the eKadiwa, it is expecting a peak of 20,000 deliveries per day in Metro Manila.

“In all, the food supply chain will always be a part of ‘essential services,’ with or without COVID-19. The eKadiwa further expands ‘Kadiwa ni Ani at Kita,’ complementing our regular outlets and rolling stores in Metro Manila and other areas nationwide,” Mr. Dar said. — Revin Mikhael D. Ochave

Disney announces new Star Wars theatrical film directed by Taika Waititi

LOS ANGELES — Oscar-winning Jojo Rabbit screenwriter Taika Waititi will direct and co-write a new Star Wars feature film for theaters, Walt Disney Co. said on Monday.

A new Star Wars series for streaming service Disney+ also is in development from Russian Doll writer Leslye Headland, the company said in a statement.

No release dates for either project were announced.

Disney had paused its development of Star Wars movies after the December 2019 release The Rise of Skywalker, the ninth installment in the saga that began with George Lucas’ original 1977 film.

Rise of Skywalker sold nearly $1.1 billion worth of tickets worldwide but was the lowest-grossing film of the three Star Wars movies released by Disney since 2015.

Krysty Wilson-Cairns, co-writer of Oscar-nominated movie 1917, will write the new Star Wars film with Waititi.

The company announced the news on May the Fourth, a day when Star Wars fans celebrate the franchise for its similarity to the phrase “May the force be with you.”

The new projects add to the list of programming in the works from the galaxy of Star Wars, one of Disney’s major franchises.

Disney previously announced a second season of Disney+ series The Mandalorian and two other streaming series.

One is based on the life of Cassian Andor prior to the movie Rogue One, and another stars Ewan McGregor as Jedi master Obi-Wan Kenobi. — Reuters

BSP lets UITFs go beyond 15% exposure limit

THE BANGKO SENTRAL ng Pilipinas (BSP) will let trust entities (TEs) — specifically unit investment trust funds (UITFs) — go beyond their exposure limit given the operational difficulties caused by the pandemic.

The central bank said in a memorandum signed by BSP Deputy Governor Chuchi G. Fonacier on May 1 that UITFs will be allowed to correct possible breaches in the limit to their exposure to any entity and related parties, which under BSP rules should not be beyond 15% of their market value, within 30 calendar days from the time the enhanced community quarantine (ECQ) is lifted.

“The BSP recognizes that the implementation of the enhanced community quarantine in light of the COVID-19 pandemic is an extraordinary circumstance,” the memo said.

“Because of the ECQ, a TE may experience operational difficulties in servicing the requirements of its clients, and as a result, incur breaches in respect of its UITFs’ exposures to depository banks,” it added. “In this regard, a TE is expected to conduct its own risk assessment and set internal thresholds for such breaches.”

The ceiling is mandated under the Manual of Regulation for Banks and the Manual of Regulations for Non-Bank Financial Institutions.

Under the rules, TEs are given 30 days after the breach of the limit due to the marking-to-market of certain investments or extraordinary circumstances to correct their position.

The memorandum said a trust entity that incurs breaches will need to report to the BSP its internal thresholds and the details of any breaches on a weekly basis “until the exposures are brought back to within the regulatory limit.”

This relaxation of rules will help firms that have been affected by market volatility amid the pandemic, according to Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“This regulatory relief measure on trust entities would give flexibility in servicing and managing the UITF investments for their respective investors amid relatively volatile market conditions that may have significantly altered valuations as well as some operational constraints brought about by the ECQ/lockdown,” Mr. Ricafort said in a text message. — L.W.T. Noble

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