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GenSan court junks KAPA petition vs SEC

A GENERAL Santos (GenSan) City court has junked Kapa-Community Ministry International, Inc.’s (KAPA) petition for injunction against the Securities and Exchange Commission (SEC), citing lack of jurisdiction over the matter.

In a statement Wednesday, the SEC said the GenSan Regional Trial Court Branch 35 dismissed the petition filed on April 4 regarding the commission’s issuance of a cease and desist order (CDO) against KAPA for its unauthorized selling and offering of securities.

“Accordingly, the motion is hereby denied and this case is hereby ordered dismissed,” Presiding Judge Oscar P. Noel, Jr. wrote in his ruling last June 17.

The GenSan court earlier issued a writ of preliminary injunction against the SEC, dated April 10, allowing KAPA to operate without the commission’s authority.

The SEC contested this, citing Section 179 of the Revised Corporation Code.

“No court below the Court of Appeals shall have jurisdiction to issue restraining order, preliminary injunction, or preliminary mandatory injunction in any case, dispute, or controversy that directly or indirectly interferes with the exercise of powers, duties and responsibilities of the Commission that falls exclusively within its jurisdiction,” states the relevant provision in the code.

The petition for injunction was dismissed alongside the resolution of the motion for issuance of a show cause order KAPA filed against the SEC, after the latter revoked its incorporation papers on April 3.

The SEC has since ramped up efforts to stop KAPA from further soliciting investments from the public.

It obtained on June 4 a freeze order from the Court of Appeals, through the Anti-Money Laundering Council, to preserve all assets linked to KAPA.

The commission then filed a criminal complaint against the supposed religious group, as well as its operators and promoters, before the Department of Justice (DoJ) for violations of Republic Act No. 8799, or the Securities Regulation Code (SRC).

The DoJ is now conducting a preliminary investigation on KAPA.

At the same time, a Regional Trial Court of Davao has also issued a hold departure order against the operators and promoters of the ministry.

As of July 8, three aggrieved investors, alongside the National Bureau of Investigation, have already filed a complaint against KAPA before the DoJ for syndicated estafa.

KAPA, led by its president, Joel A. Apolinario, has been enticing the public to invest amounts of P10,000 to P2 million supposedly as “donations,” in exchange for a 30% monthly return dubbed as “blessings” or “love gifts” for life.

With claims of having five million members, the SEC said the group may have collected at least P50 billion from the public.

These fraudulent practices are prohibited under the SRC, and violators could face up to P5 million in penalties or imprisonment of seven to 21 years. — Arra B. Francia

Rehabilitation of mining-battered Naboc River officially starts

THE REHABILITATION of Naboc River in the mining-rich area of Mt. Diwata was officially launched Tuesday with the signing of a memorandum of agreement (MoA) between the Department of Environment and Natural Resources, other national government agencies, and the provincial government of Compostela Valley. “The rehabilitation of Naboc River is among my priority programs,” DENR Secretary Roy A. Cimatu said during the signing ceremony held at the DENR-Davao Region office in Davao City. Other agencies involved in the rehabilitation program are the Department of Public Works and Highways and the Department of Interior and Local Government (DILG). The MoA signing jump-starts the desilting, quarrying and overall restoration program for the river. “The signing of the MoA will continue our efforts to nourish the Naboc River and the Diwalwal Mineral Reservation Area. We hope that our actions will bring hope to the people of Diwalwal and throughout the province. For better mining in the province,” Compostela Valley Gov. Jayvee Tyron L. Uy said in a statement in Visayan.

TASK FORCE
In 2018, Mr. Cimatu ordered the creation of the multi-sector Provincial Task Force Naboc River (PTFNR), the local counterpart of the National Task Force Diwalwal. One of the PTFNR’s immediate tasks was the transfer of processing plants from Mt. Diwata to Sitio Mabatas while the provincial government has been in charge of road network construction and land preparation for the relocation site of the mining community. The Philippine Mining Development Corp. has also allocated funds for the infrastructure development projects. DILG Undersecretary Epimaco V. Densing III said during the MoA signing: “The only way for us to clean our environment is for us to realize that tayo ang kalikasan (we are nature).”

>> See related story on https://bit.ly/2LXzhUq

BI warns foreigners vs joining rallies, political activities

THE BUREAU of Immigration (BI) warned foreigners in the country against engaging in political activities such as rallies, less than a week before President Rodrigo R. Duterte delivers his State of the Nation Address (SONA). In a statement on Wednesday, BI Commissioner Jaime H. Morente said a foreigner visiting the country does not enjoy the political rights and privileges of a Filipino. “Joining political demonstrations is an utter display of disrespect to the country’s authorities, and is equivalent to meddling in our internal affairs as a sovereign nation,” he said. Foreigners are prohibited from engaging in political activities in the country under BI Operations Order No. SBM-2015-025. Violators could be deported and even blacklisted if proven to be committing other crimes such as destruction of property. Last year, Australian nun Patricia Fox was denied renewal of her visa for participating in partisan political activities while Zimbabwean Tawanda Chandiwana, American Adam Thomas Shaw, and Malawian Miracle Osman were ordered to leave for engaging in leftist activities. Dutch citizen Thomas van Beersum was deported after being photographed joining a protest and Canadian student Kim Chatillon-Miller was told to leave for participating in an anti-SONA demonstration. — Vann Marlo M. Villegas

Nation at a Glance — (07/18/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Nation at a Glance — (07/18/19)

OceanaGold reports around P40 billion contribution to local economy

Didipio, Nueva Vizcaya–OceanaGold Philippines, Inc. (OGPI) recently released data on its local economy contributions from its years of commercial production.

The company has given a total of P39.5-billion in the form of taxes, employment, agricultural and social development support to the region. For Nueva Vizcaya and Quirino, it has remitted close to 780-million pesos from a combination of 580-million in local business and 210-million in real property taxes.

“The various programs that we have implemented in the region are geared towards building the capability of our people and empowering them so that even after we operate in the area, the host and neighboring communities will continue to thrive economically. Our main focus is sustainable and inclusive development, aiming to leave a long-lasting positive legacy for our communities,” David Way, OGPI’s General Manager, says.

In human development alone, OGPI has trained and hired a number of community members, employing 1,500 staff and contractors, and spending PhP 2.5 billion for employee wages.

Apart from the employment spend, OGPI has invested approximately P170 million on employees, community and pre-employment training; provided 2,000 additional livelihood opportunities through partnerships with cooperatives and social development organizations; and allowed for On-the-Job-Training (OJT) placements at the Didipio Mine. OGPI also has partnerships with the Nueva Vizcaya State University (NVSU), Quirino State University (QSU), Isabela State University (ISU), Saint Mary’s University (SMU), Saint Louis University (SLU), Ifugao State University (IFSU) and University of the Philippines (UP) to provide 246 scholarships in the provinces of Nueva Vizcaya and Quirino.

In the agriculture sector, OGPI’s collaboration with the Department of Agriculture (DA) and local government units, helped fund 13 cooperatives and micro and small enterprises to support vegetable production and coffee production in Kasibu; taught 92 local farmers about how coffee production increases their market opportunities; and engaged 34 local farmers to promote organic farming.

For social and community development, OGPI invested PhP 1.2 billion in the community, the amount being allocated to: Social Development Management Program (SDMP) projects; Development of Mining Technology and Geosciences (DMTG), and CSR projects focused on training, livelihood programs and community empowerment programs.

In a consultation session with the Department of Environmental and Natural Resources-Mines and Geosciences Bureau on July 3, 2019, Didipio residents and community leaders, attest that beyond the job opportunities, scholarships, and infrastructures, OGPI brought in overall growth and self-reliance to the area. A testament to this is OGPI-initiated DiCorp, the community-owned corporation which has generated P1.5 billion gross revenue for the local community from long term contracts with the Didipio Mine Project.

“Today, DiCorp is plugged into our value-chain–providing three meals a day, seven days a week to more than a thousand workers. What DiCorp achieved is a great case study on how OGPI helped members of the Didipio community achieve economic empowerment and self-reliance, ” concludes Way.

Latest publicly available data from the Mines and Geosciences Bureau reveal that mining industry contributed roughly 26 billion in a quarter alone. The mining industry’s production value is computed at PhP 109.5 billion with a growth of about 5.3 percent, proving there is more that can be gained in the industry, for operators and host communities alike.

OGPI commits to the highest principles in mining as it grows with its partner community.

Top talent meets opportunities of the future at upcoming CareerCon 2019

CareerCon 2019 – a job fair that will showcase specialized jobs and talents in today’s digital economy.

Job seekers and future-facing employers will gather on July 20 at Dusit Thani, Makati, for CareerCon 2019 – a job fair that will showcase specialized jobs and talents in today’s digital economy.

Organized by Future Proof PH and Kalibrr, CareerCon aims to reinvigorate the concept of the traditional job fair.

“Most of the job fairs today have a very transactional nature, where employers and job seekers simply exchange CVs,” said Trish Elamparo Esteban, General Manager of Future Proof PH. “We want CareerCon to be a platform for discovery for top talent, which is why we are saying that more than jobseekers, this is for growth seekers who want to see what else lies ahead in their chosen career path.”

Apart from the exhibition floor for employers, another highlight will be a career conference, featuring professionals with inspiring career journeys. These include entrepreneurs who left top positions at multinational companies to pursue their own ventures, a successful start-up founder and CEO under 25, a philanthropist, data scientists, and a young CIO turned
author. Speakers include:

● Cecile Dominguez-Yujuico, CEO of Evident Communications and Co – Founder of All Good, a storytelling platform for social good,
● Kenn Costales, Founder and CEO of Monolith Growth Consulting,
● Albet Buddahim, CEO and Founder of Katapult Digital,
● Shahab Shabibi, Founder and CEO of Machine Ventures,
● Denise Haak, Founder and Chief Experience Officer of Quiddity Usability Labs,
● and Rina Guzman, CX Asia Pacific Program Manager and In-Country Transformation Advisory Leader at Cisco, and more.

There will also be a Career Mixer, which is a speed networking activity for employers and talent. Compared to job interviews, the Career Mixer encourages more casual and exploratory conversations.

Event sponsors also showcasing their jobs at CareerCon include JP Morgan Chase, Accenture, Tier One Entertainment, AXA, Republic, Heineken, The Bloc PH, Marmo Pizzara Inc., Sprout
Solutions Inc., Synery88, Startek, Alveo, AstraZeneca, Food Panda, Samsung and Purpose Driven Career Management Inc.

CareerCon 2019 is still accepting registrations for exhibitors and job seekers. Apart from booth placements, exhibitors will also get a free subscription to Kalibrr.

To register as an employer-exhibitor or as a participant, visit https://careercon.com.ph.

New device Rainshine produces renewable energy from (and despite) the weather

Two college students will be competing against delegates from 12 other APAC countries to field the most innovative idea for smarter and more sustainable cities.

Team Chinquapin, Yumi Briones and Gabby Ozaeta from Ateneo de Manila University (ADMU), was declared grand champion at this year’s “Go Green in the City”, the annual student competition organized by energy management and automation leader Schneider Electric.

Their winning project, Rainshine, is an improved solar panel that can produce clean energy from both the sun and the rain. It was developed to be useful all year-round considering the Philippines’ alternating dry and wet seasons.

Aside from the opportunity to represent the Philippines, Briones and Ozaeta bagged a P100,000 cash prize and mentorship from Schneider Electric leading up to the regional leg in August.

“We’re very familiar with how it is also on a global scale… so we also make sure that when we select, it’s [someone] that we know can go into the big game and will be able to address something for the country,” said Ruth Ramayla, Director for Industrial Business Automation – International Operations at Schneider Electric. “What we really want to highlight is the inventive capabilities of the Filipinos.”

The country has had its share of victories in the competition. In 2013, Alyssa Vintola and Enzo Payonga from ADMU won the global championships with the Oscillohump, a device that generates energy from cars going over road humps. The most recent was in 2015, when John Paul Santos and Christian Sto. Romana from the Polytechnic University of the Philippines bagged third prize for Electrifilter, which generated electricity and potable water from dirty water.

Addressing actual needs

Among 1,300 proposals sent in from all over the country, only three teams were selected for the final round. Each team had to undergo up to six weeks of training to improve their presentation skills and the concept of their projects.

TuBo, developed by first runners-up Seb Dela Cruz and Mary Cotoco of Team Brine Me Water from De La Salle University – Manila, is a self-sustaining plant that feeds off of waste brine and produces potable water. This brine is a waste product from desalination, often disposed into the ocean, creating toxic salinity levels. By utilizing this waste product, the device is also able to help preserve marine life while providing clean water for areas experiencing water scarcity.

P.O.W.E.R. (Piezo On Wave Energy Reaping), developed by second runners-up Angel Ed Ameril and Mycca Mae Valmonte of Team Young Innovators from PUP, utilizes mechanical energy from the movement of the ocean to produce electricity.

‘Take that first step’

While Briones and Ozaeta say their victory hasn’t quite sunk in yet, the team is excited to see where Rainshine can go in terms of providing new ways to generate clean energy.

“We’re just really thankful that we were able to even have this opportunity to be here,” said Briones. “We’re overjoyed, mostly at the fact that we’re able to get this idea out there in the world. Because we really think that this is going to make a huge change.”

The pair also hopes that other students like them can seek out and make the most out of similar opportunities, even if they may seem intimidating.

“It’s really just trusting the people that you’re around and developing your own idea, even if it came from something really vague,” said Ozaeta. “So just take that first step and really believe in it until it becomes [a reality].”

A great man from small beginnings

“Great things start from small beginnings.” This is probably one of the best catchphrases to portray the victorious journey of self-made billionaire Lucio C. Tan, who once worked as a janitor to put himself through college. As an individual fueled by passion, hard work, and perseverance, Mr. Tan has become one of the country’s richest men, with business interests spanning from banking, airline, liquor, tobacco, real estate, and education, among others.

The now 85-year-old business tycoon was born in the province of Fujian in China whose family moved to the Philippines in hope of better fortune when he was still young. As the eldest among his siblings, the young Mr. Tan grew up with a heavy responsibility on his shoulders to help provide for his family. He worked his way through college studying Chemical Engineering at Far Eastern University in Manila and started taking on different works to earn a living.

In one of his early jobs, Mr. Tan worked as a janitor in a cigarette factory. As the owner saw his hard work, he was promoted as a tobacco cook, creating and regulating the product mix, and assigned as a tobacco leaf dealer thereafter.

Using all the knowledge and experiences he acquired from his previous jobs, Mr. Tan in 1966 opened his own cigarette company named Fortune Tobacco. It became successful and was able to expand in the following years. In a span of just nearly 15 years, the company turned to be the largest cigarette manufacturer in the country.

From there, Mr. Tan’s success likely continued across other industries. In 1977, Mr. Tan acquired the General Bank and Trust Co. from the Philippine government for only P500,000. It was later renamed as Allied Bank. After about five years, he established and put up the Asia Brewery, Inc., the only brewery allowed to compete with the market leader San Miguel Corp. It was able to develop innovative products that were easily patronized by consumers.

Mr. Tan didn’t stop expanding his business ventures in the coming years. He secured control of the country’s flag carrier Philippine Airlines and became its chairman and chief executive officer in 1995. Among others, he also acquired Tanduay Holdings, Philippine National Bank, Eton Properties, and the University of the East.

In 2012, Mr. Tan consolidated his major businesses under one conglomerate named LT Group, Inc. According to its Web site, the LT Group’s diversified portfolio of consumer-focused businesses is well positioned to benefit from broad-based growth in the Philippine economy.

In the previous year, the LT Group continued to gain momentum, as reflected in its financial performance. Its attributable net profit grew by 50% to P16 billion on higher earnings across its banking, tobacco, liquor, and property businesses. Its revenues also went up by 19% to P75.56 billion.

“Our positive result was no accident, nor was it achieved overnight. It was the product of years of planning, careful execution and hard work,” Mr. Tan was quoted as saying in the group’s 2018 Annual Report.

At present, aside from being the chairman and chief executive officer of the LT Group, Mr. Tan serves as the chairman of the Philippine Airlines, Inc.; Asia Brewery, Inc.; Eton Properties Philippines, Inc.; MacroAsia Corp.; Fortune Tobacco Corp.; PMFTC Inc.; Grandspan Development Corp.; Himmel Industries, Inc.; Lucky Travel Corp.; PAL Holdings, Inc.; Air Philippines Corporation; Tanduay Distillers, Inc.; The Charter House, Inc.; AlliedBankers Insurance Corp.; Absolut Distillers, Inc.; Progressive Farms, Inc.; Foremost Farms, Inc.; and Basic Holdings Corp. He also sits as a director of the Philippine National Bank.

Despite all Mr. Tan’s many achievements, he never forget to give back to the community. As early as 1986, Mr. Tan and his siblings established the Tan Yan Kee Foundation, Inc. (TYKFI), which was named in honor of their father Tan Yan Kee. The companies under LT Group and other firms that are majority-owned by the Tan family conduct most of their corporate social responsibility (CSR) activities under the foundation.

“I am grateful that in our small way, we help narrow the gap between lack of knowledge and a good education; between lack of medical treatment to access to equipment and better health services; between a decaying world and a healthier environment we can leave to the next generations,” Mr. Tan said in the group’s Web site.

The TYKFI and its partners pursue projects that focus on four advocacies, namely education, health services, social welfare and the environment. In the following years, Mr. Tan assured that the foundation and its various companies will continue its commitment to uplift the lives of Filipinos.

“As we go about our daily business, let us not forget that we have a responsibility to our community and the less fortunate. Today, and in years past, Tan Yan Kee Foundation, Inc. and our various companies have been investing time and resources for projects that help uplift the lives of Filipinos. We will continue those noble endeavors,” Mr. Tan said. — Mark Louis F. Ferrolino

Less hurdles seen for other tax reforms

THE GOVERNMENT is confident the remaining packages of its tax reform program will encounter less obstacles in the 18th Congress that convenes on July 22, since they are generally less difficult than the first tranche, Finance Secretary Carlos G. Dominguez III said in a recent television interview.

“When we decided to do the tax reform, we decided to split up the measures and we decided to do the most difficult ones first,” Mr. Dominguez said in an interview that was aired on Cignal’s One News channel on Monday evening.

Mr. Dominguez was referring to Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Act, which reduced personal income tax rates and increased or added levies on several goods and services like fuel, sugar-sweetened beverages and cosmetic surgery.

Opposition to that first package was so significant that President Rodrigo R. Duterte acknowledged in March 2017 that it had undergone rough sailing in the House of Representatives and had to step in to push approval in the Senate. The package was diluted nevertheless when it finally became law.

Mr. Duterte also signed into law RA 11213, which grants estate tax amnesty and amnesty on delinquent accounts that remained unpaid after being given final assessment; while a bill that proposed to increase the excise tax on tobacco products gradually to P60 per pack by 2023 from P35 currently awaits his signature.

“The next measures are not going to be as difficult because they are measures that are meant to modernize our tax system rather than raise revenues,” Mr. Dominguez said in an interview in The Chiefs program.

Next in line among tax reforms is the proposed Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill that will cut corporate income tax rates gradually to 20% by 2029 from 30% currently, which is the highest in Asia. The same measure will also streamline the current fiscal incentive system, which has allowed some companies to enjoy tax perks for up to 40 years.

“Our incentive system is outdated. It is not transparent; it is not targeted, it is not time-bound. We think we have to modernize our system,” Mr. Dominguez said, arguing that tax incentives per se are not the sole deciding factor for investment decisions.

Mr. Dominguez recalled telling one investor that he could have a 20-year tax holiday and a P100,000 subsidy for every employee hired, provided he set up shop in Marawi City. The businessman declined.

Hence, Mr. Dominguez said, “It is more important to have peace and order, good infrastructure, good telecommunication, a very good workforce.”

The Finance department will also propose simplifying the current tax structure on capital income, which Mr. Dominguez also described ass “anti-poor.”

“We have a very complex system for capital income tax. We have 82 taxes applied to capital income, we want to bring it down 40,” he said.

He also explained that holders of peso savings accounts are now charged a 20% withholding tax, if less than five years. “If you have it over five years, there’s no tax. Who can hold a deposit for over five years?’ It’s not the ordinary wage earners. We want to make sure that we lower the withholding tax for savings, but tax everything the same,” Mr. Dominguez said.

“That should be very popular.”

The remaining packages also include proposals to centralize real property valuation and assessment; increase the government’s share in mining revenues as well as the excise tax rate on alcohol products.

Mr. Dominguez earlier this month assured new lawmakers that Filipinos are now supportive of tax reform, saying the stigma generally attached to tax measures did not seem to dent the election prospects last May 13 of those who supported the reforms.

Many lawmakers of the previous 17th Congress had been hesitant to be associated with tax reforms, drawing from the experience of Senate President Pro-Tempore Ralph G. Recto, who lost in the 2007 senatorial race after sponsoring the increase of value added tax to 12% from 10%.

Mr. Dominguez said that, seeing fairness and transparency in tax reform implementation, the public “did not punish, by not voting for them, those legislators who supported the tax reforms,” in the 2019 midterm elections.

For one, Senator Juan Edgardo M. Angara succeeded in his reelection bid despite sponsoring the TRAIN law. — Charmaine A. Tadalan

SEC releases draft rules on digital asset trades

THE Securities and Exchange Commission (SEC) is seeking comments from the industry on its draft digital asset exchange rules, as the regulator aims to keep up with the latest developments in information and communication technology and their financial market applications.

The proposal, which is broken down into 10 articles — many with multiple chapters, is now available for comment from exchanges, broker-dealers, investment houses, the investing public, and other interested parties.

The SEC will wait for comments up to Aug. 14.

The proposed “Rules on Digital Asset Exchange” (DAE) primarily govern registration and operation of an exchange in which digital assets are traded on a online platform accessible in or from the Philippines.

“Digital asset” vests certain rights, including digital representation of value that is used as a medium of exchange, unit of account, or store of value and is not legal tender, whether or not denominated in legal tender, the SEC said in the draft. It is intended to represent assets such as debt or equity in the promoter; or otherwise intended to represent rights associated with such assets; or intended to provide access to an application or service or product by means of blockchain.

Digital asset trading conducted through media other than online electronic platform are outside the coverage of the proposed rules. In this case, Securities Regulation Code provisions apply.

“These rules are not exhaustive,” the SEC said, adding that it“may impose additional requirements to address any specific risks posed by digital asset activities, and waive or modify any of these rules at its discretion, where appropriate.”

The SEC defines a digital asset exchange as an organized marketplace or facility that brings together buyers and sellers, and executes trades of securities.

“They can be viewed as an online marketplace for the entire digital asset network,” the draft states.

Covered activities include buying/selling digital assets with legal tender as well as buying/selling digital assets with other digital assets.

Digital asset activity may include any the following involving the Philippines or a Philippine resident:

• receiving digital asset for transmission or transmitting digital asset;

• storing, holding, or maintaining custody or control of digital asset on behalf of others;

• facilitating buying and selling of digital asset;

• performing exchange services as a customer business; or

• controlling, administering, or issuing a digital asset.

“The development and dissemination of software in and of itself does not constitute digital asset business activity,” SEC said.

Under the proposed rules, all persons or entities that will form or operate as a digital asset exchange should be duly incorporated under the SRC and its implementing rules and regulations or under the laws of another jurisdiction.

An applicant should specify in the application his intention to conduct digital asset activities either by himself or in concert with others, prior to engaging in said activities.

Applicants wishing to register as a DAE are required to maintain in fiat form an initial paid-up capital of at least P100 million. The DAE is required to hold regulatory capital equivalent to 12 months of operational expenses. — Victor V. Saulon

Emerging market debt soars to record high in first quarter

LONDON — Falling interest rates have fuelled a fresh borrowing bonanza in the first quarter of 2019 with emerging market debt soaring to record highs and the global debt stock bulging by $3 trillion, an Institute of International Finance (IIF) report showed.

Debt owed by governments, companies, financial institutions and households across developing economies soared to $69.1 trillion or 216% of gross domestic product from $68.9 trillion a year earlier.

Debt-to-GDP ratios had risen at the fastest pace in Chile, Korea, Brazil, South Africa, Pakistan and China over the past year, the IIF found.

“The persistent economy-wide increase in EM borrowing continues to feed into higher contingent liabilities for many sovereigns,” IIF deputy director Emre Tiftik wrote in a note.

“Growing reliance on short-term debt leaves many emerging markets exposed to sudden shifts in global risk appetite,” Mr. Tiftik said, adding some $3 trillion of emerging market bonds and syndicated loans are coming due through end-2020 — a third of which were US dollar denominated.

Major central banks such as the US Federal Reserve and the European Central Bank have turned increasingly dovish in recent weeks and are expected to provide fresh stimulus in a bid to shore up economic momentum which is overshadowed by a cloud of protracted trade wars.

The prospect of ongoing cheap borrowing costs also saw the overall global debt stock jump by $3-246.5 trillion — or 320% of GDP — just $2 trillion shy of the all-time high reached in the first quarter of last year.

“The 2018 slowdown in debt accumulation is looking more blip than trend: helped by the substantial easing in financial conditions, borrowers took on debt in Q1 2019 at the fastest pace in over a year,” IIF’s Mr. Tiftik wrote.

“Looking ahead, broad-based central bank easing could well prompt more debt buildup across the board, undermining deleveraging efforts and reigniting concern about long-term head-winds to global growth.”

Across developed markets, the first-quarter increase was chiefly driven by a buildup in government debt, which added $1 trillion.

Finland, Canada and Japan have seen the biggest increase in debt-to-GDP ratios over the past year while some Euro area economies, notably the Netherlands, Ireland and Portugal, have continued with deleveraging.

Total US debt has jumped $2.9 trillion since the first quarter of 2018, bringing the country’s debt mountain to all-time high of over $69 trillion in the first quarter.

While federal government debt was the driving momentum behind that increase, lights were flashing “amber” for US firms.

“With US corporate debt growing above trend, an increase in bank lending has helped push the debt of non-financial corporate firms to a new high of near 75% of GDP, adding to worries about vulnerabilities in the corporate sector,” IIF’s Mr. Tiftik wrote. — Reuters

Cultural Center to host the 1st Asia Choral Grand Prix

SIX choral groups — one from the Philippines and five from Indonesia — will compete at the first Asia Choral Grand Prix hosted by the Cultural Center of the Philippines (CCP) on July 21.

Patterned after the European Choral Grand Prix, the Asia Choral Grand Prix is a competition among winners.

The competing choirs were previous champions of the Andrea O. Veneracion International Choral Festival (AOVICF) in the Philippines — the choral competition named after the Madrigal Singers’ founder which is held every two years — the Bali International Choir Festival (BICF) in Indonesia, and the Singapore International Choral Festival (SICF).

Within the duration of the 2017 AOVICF, the CCP hosted meetings with representatives from BICF and SICF. “We started brainstorming and we all agreed that we will have an Asia Choral Grand Prix,” Melissa Corazon Mantaring, the CCP’s Music Programming and Artist Training Division Head, told BusinessWorld in an interview on July 2 at the CCP.

A memorandum of understanding was signed in the same year.

The competition was established to “raise the standards of choral music in our country and establish our leadership in the field of choral music,” Ms. Mantaring said.

“We also want to establish camaraderie among choral singers. We also [want to] promote Filipino choral music,” she added.

The competing choirs are: the Brawijaya University Student Choir, Deum Voice, the Paduan Suara Mahasiswa Universitas Padjadjaran, the Vocalista Harmonic Choir ISI from Yogyakarta, and the St. Louis High School Choir, all from Indonesia; and the University of the Philippines Los Baños Choral Ensemble from the Philippines.

“We want to get more of the choral community to come. It’s an opportunity for them to watch the competition in the Philippines rather than abroad. And it will also help them to see the level of choral singing in other parts of the world and in the Philippines,” Ms. Mantaring said.

The winner will receive $6,000 and the Kilapsaw trophy designed by multi-media artist Toym Imao.

There will be a jury representing five continents: Werner Pfaff (Germany), Jason Max Ferdinand (US), Digna Guerra (Cuba), David Squire (New Zealand), and Mark Anthony Carpio (Philippines).

The next Asia Choral Grand Prix will be held in Bali in 2021, and in Singapore in 2023.

For tickets — which cost P500 (Orchestra) and P300 (Balcony 1 and 2) with 50% discount for students and 20% discount for Senior Citizens — contact the CCP Box Office at 832-3704, or TicketWorld (891-9999, www.ticketworld.com.ph). — Michelle Anne P. Soliman

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