Nation at a Glance — (01/30/20)
News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.
OWNDAYS hands over proceeds of its ‘Cases for Change’ campaign to beneficiaries
Eyewear retailer supports partners that cater to the more vulnerable parts of the society.
In line with its belief that change can make the world look more beautiful, OWNDAYS Philippines has culminated the pilot year of its ‘Cases for Change’ campaign by handing over the full proceeds from the two-month promo to its three chosen partner-organizations.
The Philippine Animal Welfare Society (PAWS), World Vision, and World Wide Fund for Nature (WWF) were the beneficiaries the eyewear retailer chose to collaborate with for the specialized cases. ‘Cases for Change’ was rolled out in all OWNDAYS stores nationwide from April 1 to May 31 this year. These collaboration cases were sold for PHP250 each for every purchase of any prescription glasses and PHP500 for just the case. The goal was to generate funds for the non-profit organizations’ causes and to create awareness about those groups’ advocacy.
“We are a brand that gives back,” said OWNDAYS Philippines Managing Director Vohne Yao. “I reiterate that through the company has contributed as well to this campaign, we are merely a channel. Our customers who actually purchased the specially-designed cases have supported the organization of their choice.”
World Vision Philippines
For World Vision Philippines, the proceeds from the campaign came just in time for the humanitarian development and advocacy organization’s ongoing relief response for affected families in a recent major earthquake that hit Mindanao.
“World Vision Philippines is currently setting up child-friendly places and temporary learning facilities where thousands of children in earthquake-hit areas can undergo psychological support and still attend classes,” said World Vision Philippines Executive Director Rommel Fuerte. “We are very happy and grateful to OWNDAYS and its customers for believing in our cause. We commit ourselves to be accountable to every centavo given to us,” he added.
The Philippine Animal Welfare Society
PAWS Executive Director Anna Hashim-Cabrera thinks the overwhelming support from OWNDAYS Philippines and the customers who bought the PAWS cases is an affirmation that a lot of Filipinos now recognize that their pets give so much to them, thus the need to give back.
Proceeds from ‘Cases for Change’ will help PAWS fund its core initiatives: operating its animal assisted program in its headquarters in Quezon City, rolling out low-cost spay and neuter efforts to curtail pet overpopulation, educating communities about animal welfare, filing legal cases against animal offenders, and lobbying for legislations that will protect animals.
World Wide Fund for Nature Philippines
KabangKalikasanngPilipinas Foundation or World Wide Fund for Nature Philippines (WWF-Philippines) is allocating the fund it received from ‘Cases for Change’ for environmental education across the country. The non-profit environmental organization serves up to 20,000 public schools, where it trains students and teachers of ways to preserve Mother Nature.
“We are happy as this campaign somehow shows that there is an increased consciousness, trigger, and mindset among local consumers to help the environment in their own little ways,” said WWF-Philippines President and CEO Jose Angelito Palma. “WWF aims to change behaviors. First, we impart knowledge, then we provide skills, leading to an eventual change in behavior.”
After the overwhelming success of the first ‘Cases for Change’ campaign, OWNDAYS is considering the possibility of launching a second edition of the program, with a different set of beneficiaries, soon.
Lawyer, driver killed in Pampanga shooting
A LAWYER and his driver were killed by motorcycle-riding gunmen in Sta. Rita, Pampanga on Tuesday, the police reported. Witnesses said three men armed with handguns opened fire at lawyer Anselmo Carlos and his driver, Marcial Mendoza, as their vehicle stopped in front of the San Vicente Parish Church at around 9:30 in the morning. Col. Jean S. Fajardo, Pampanga police provincial director, said the victims sustained multiple gunshot wounds and were pronounced dead on arrival at a hospital. Police have launched manhunt operations against the suspects while investigation is ongoing to establish the motive behind the shooting. Meanwhile, Justice Secretary Menardo I. Guevarra said he will wait for the police’s investigation report to determine if the case falls under his department’s jurisdiction. “We will initially let the PNP (Philippine National Police) take the lead in investigating this latest incident, but if there are any indications that the case falls under Administrative Order 35 (on extra-judicial killings arising from certain advocacies), the DoJ (Department of Justice) will create a special investigating team,” he said in a mobile phone message. — Vann Marlo M. Villegas and Emmanuel Tupas, PHILSTAR
Nation at a Glance — (01/29/20)
News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.
Gov’t raises P134B from RTB sale
THE government raised P134 billion from its 23rd offer of retail Treasury bonds (RTBs), which was met with firm demand amid strong liquidity in the market.
The Bureau of the Treasury (BTr) awarded P134 billion worth of three-year RTBs at the rate-setting auction for the papers out of total bids worth P149.827 billion. This was almost five times the initial offer of P30 billion, prompting the government to upsize the acceptance.
The papers were quoted at a coupon of 4.375%, higher compared to the 4.25% coupon fetched for the three-year RTBs issued last April 2017 or RTB 3-08 as well as the 4.274% quoted for the tenor at the close of the secondary market yesterday.
Proceeds from the issue will be used for general budgetary purposes including the state’s critical infrastructure projects and social services.
The Development Bank of the Philippines (DBP) and Land Bank of the Philippines are the joint lead managers for the 23rd RTB offering.
The two state-run banks are also part of the joint issue managers, which are BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp.
The three-year RTBs are now being offered to the general investing public for minimum denominations of P5,000.
Interested investors should have a peso account with selling agent banks accredited by the BTr, as they will receive quarterly interest payments and the principal amount on maturity via this account, the Treasury said.
To invest, one can approach their bank branch of choice or visit the BTr website and buy via its online ordering facility.
The public offer period is set to run until Feb. 6, unless the Treasury closes it earlier.
Following the rate-setting auction, National Treasurer Rosalia V. de Leon said yield on the RTBs is a “fair value,” given the volume of tenders and considering that the offer was to provide some incentive for them (individual and retail investors) to participate.”
“We’ll have to see first how much will be tendered, particularly for individuals because our preference is to be able to allocate to individuals and the retail (investors) which is precisely the rationale for this RTB issuance,” she told reporters.
For Carlyn Therese X. Dulay, first vice-president and head of institutional sales at Security Bank Corp., the rate set was within the market expectations while the huge amount of tenders was “indicative of how well the market supports” the issuance.
“I think 4.25%-4.375% was the range that was really given for this bond so the 4.375% is a very attractive rate but it’s still within expectations, so I think it’s positive for the market,” Ms. Dulay said in an interview after the auction.
SWITCH PROGRAM
At the same time, the BTr is also holding an exchange offer program for this issue.
Under the program, bondholders of the RTB 3-08 issued in 2017 which will mature this April can exchange these papers for this latest RTB issue for a “convenient reinvestment option for their current holdings at no cost.”
“In terms of the switch, merong cap sa (there will be a cap for the) switch, P15 billion per [working] day. [However,] we’ll just have to see first how much will be the demand for the switch but we anticipate na there will be a lot for those holding the (RTB) 3-08 in exchange for the (RTB) 23 recognizing that the coupon for this one is higher than the RTB 3-08,” Ms. De Leon said.
She, however, said the P15-billion daily cap for the switch can still be adjusted. The volume accepted per day for the switch will be determined at the end of the day.
According to Ms. De Leon, there are P180 billion worth of three-year papers maturing this April that are eligible for the exchange offer.
“P180 billion is the outstanding right now and that will mature in April so all the volume will be eligible for the switch, but per day, we cap the amount at P15 billion. But we reserve the right [to decide] how much we will accept. So we can also upsize in the same manner that we upsized in our auction today,” the Treasury official said on Tuesday.
Interested holders need to go to their broker or dealer to facilitate the submission of their offers.
“For the first time, the National Registry of Scripless Securities, through its Switch Module, will serve as the electronic platform whereby offers to exchange will be submitted, allocated and settled,” the Treasury said.
The BTr on Tuesday held a roadshow for the RTBs in Makati City and will hold additional ones in Cebu City, Davao City, Baguio City, Pampanga, South Cotabato, Bacolod City, Misamis Oriental and Iloilo City. — Beatrice M. Laforga
Gov’t eyes P37B in sin taxes this year for health care
THE Department of Finance (DoF) expects to collect P37.2 billion in so-called sin taxes this year after a measure was enacted raising the tax on alcohol products and cigarettes.
The government would probably collect a total of P263.1 billion in the five years through 2024 “to help ensure that universal health care is better funded,” Finance Undersecretary Karl Kendrick T. Chua said at a briefing on Tuesday.
President Rodrigo R. Duterte has signed into law the bill raising the tax on alcohol products, electronic cigarettes and other vapor products. Regular tobacco products were also slapped with higher excise tax under a Juy 2019 law.
Finance officials had projected a P62-billion funding gap for universal health care this year without higher sin taxes, and a P426-billion total gap through 2024.
Albay Rep. Jose Ma. Clemente S. Salceda dismissed concerns about the remaining funding gap, noting that the Universal Health Care Law is still in the initial stage of implementation.
He said there are pending revenue-generating measures worth almost P120 billion that may be allotted to close the gap.
“There is no funding gap,” Mr. Salceda said at the same briefing, adding that out of 81 provinces, only 55 have complied with the requirement to set up universal health care integration sites.
Mr. Salceda, who heads the House ways and means committee, said the House of Representatives is “fully committed” to finance universal health care.
Prices of distilled spirits such as GSM Gin Bilog, Emperador Light and Johnny Walker Black Label will now range from P52-P1,029 from P45-P999 in 2019.
Prices of fermented liquor such as San Miguel products, Red Horse and Heineken will cost P37-P100 from P34-P90. Still wine prices will range from P275-P475 from P265-P465.
Mr. Salceda said the price increases are sufficient to affect the volume of alcohol consumption, but not enough to reduce alcohol drinkers. Congress would have to adjust the rates after three years, he added.
The National Sin Tax Coalition expects a 19% drop in tobacco users, equivalent to a million smokers by 2022, co-convener Anthony C. Leachon said.
Senator Pia S. Cayetano, ways and means committee chairwoman, said she would coordinate with the Senate health committee on ways to beef up the regulation of sin products.
She cited the need to “strengthen our existing regulations and, to the extent necessary, create new laws for the protection of our youth against these harmful products.”
RA 11467 and 11346, which raised the excise tax on regular tobacco products to P45 a pack in 2020 from P35 last year, forms part of the government’s comprehensive tax reform program.
The government has also enacted a measure cutting personal income taxes and increased the levies on several goods and services.
Another law grants estate tax amnesty and amnesty on delinquent accounts left unpaid even after being given final assessment.
Other tax reform packages still pending in Congress are measures that seek to cut corporate income tax and overhaul fiscal incentives, provide a uniform framework for real property valuation and assessment, and simplify the tax on financial investments. — Charmaine A. Tadalan
3 Japan firms keen on Manila subway contract
By Arjay L. Balinbin
Reporter
AT LEAST THREE Japanese firms, including one of the maintenance providers of Metro Rail Transit Line 3 (MRT-3), signaled interest in bidding for the contract to provide train sets and electrical and mechanical (E&M) systems for the Metro Manila subway project.
Department of Transportation (DoTr) Undersecretary for Railways Timothy John R. Batan said that as of Jan. 21, three Japanese firms, namely: Mitsui & Co. Ltd., Mitsubishi Corp., and Sumitomo Corp., have purchased bidding documents.
“Mitsubishi has purchased bidding documents, Mitsui has purchased also, and third is Sumitomo,” Mr. Batan told BusinessWorld in a recent interview.
Sumitomo is one of the maintenance service providers of MRT-3 along with Mitsubishi Heavy Industries Engineering, Ltd. and TES Philippines, Inc.
The department published in December the invitation for Japanese firms to participate in the competitive bidding process for the procurement of E&M systems and track works for the Metro Manila Subway Project Phase 1.
It also sought bids from Japanese firms “for the design, execution and completion of 30 train sets consisting of eight electric multiple units,” or a total of 240 train cars.
According to a bulletin published in newspapers on Dec. 24, 2019, the DoTr said bids for the train sets should be submitted by 10 a.m. on March 17, 2020 with a ¥600-million bid security at the Procurement Service of the Department of Budget and Management (DBM-PS) in Manila.
For E&M systems and track works, the DoTr set a March 24, 2020 deadline for submission of bids, along with an ¥800-million bid security.
Mr. Batan said the trains and electro-mechanical systems contracts will be awarded to the winning bidders “by the middle of this year.”
The first phase of the Metro Manila subway project covers three packages, namely: rolling stock; E&M system and track works; as well as the first three underground stations (Quirino Highway, Tandang Sora, North Avenue), tunnels and depot construction, depot equipment and buildings.
The government broke ground for the first three stations of the subway project in February last year after the DoTr signed a P51-billion deal for that package with the Shimizu Joint Venture, which consists of Shimizu Corp., Fujita Corp., Takenaka Civil Engineering Company Ltd. and EEI Corp.
The Philippines and Japan signed in March 2018 the first tranche of the P355.6-billion loan for the Metro Manila subway project.
While the public will have to wait until 2025 for full operations of the 36-kilometer subway, the government targets partial operations — covering the first three stations — by 2022.
Mr. Batan said the suppliers of trains and E&M systems will have to start delivering in 2021 the requirements of the section that will be up for partial operations by 2022.
“They have to deliver some tracks, some rolling stock; but the rest, of course, will be delivered according to the schedule of the remainder of the system,” he said.
The government estimates 100,000 commuters will use the partially opened subway system daily. The figure is expected to rise to 370,000 passengers daily once the subway is fully operational.
The completed subway system will have 14-15 stations between Mindanao Avenue in Quezon City and the Ninoy Aquino International Airport in Pasay City. It will also link up with Metro Manila’s other railways at the common station being built along North Avenue in Quezon City.
Dwarfed Philippine stock market eyes more volume amid stumbling blocks
By Denise A. Valdez
Reporter
THREE of the four companies that went public and raised almost P20 billion last year did so in the last quarter, suggesting that the local capital market is maturing, according to the corporate regulator.
“Companies used to ignore the fourth quarter because they’re afraid no one would buy their stocks,” Securities and Exchange Commissioner Ephyro Luis B. Amatong said recently. “But they are doing it now. That tells you the market is still liquid and still very deep.”
“That’s an encouraging sign that we are growing up — that the market is starting to mature and it’s a real market where people can raise funds anytime, regardless of size,” he added.
Thailand and Philippine companies led a regional pickup in initial public offerings (IPOs) last year, spurred by growing investor interest in companies focused on Southeast Asian consumers.
Philippine coconut water supplier Axelum Resources Corp. was one of these listers.
“It’s the best thing that can happen to a company,” Axelum President and Chief Operating Officer Henry J. Raperoga said in an interview last month, referring to the company’s IPO on the Philippine Stock Exchange.
“If you have a stable business and your fundamentals are there, you’ll be able to expand it a lot faster,” he said.
Axelum is a homegrown company that supplies its products to local and international manufacturers, among them All Market, Inc. which sells coconut water brand Vita Coco, The Hershey Co., Nestlé, Unilever, Ferrero, General Mills, Campbell’s, Quaker and ConAgra Foods.
Aside from Axelum, Fruitas Holdings, Inc. — a food and beverage kiosk operator whose consolidated revenue stood at P1.58 billion in 2018 — and home furnishing retailer AllHome Corp. also made their market debut in the last quarter of last year.
Kepwealth Property Philippines, Inc. was the only one that went public earlier than the last quarter of 2019, raising P384.77 million. Compare this with only one company that listed shares for the first time in 2018.
Maturing or not, however, the Philippine capital market is still dwarfed by its peers in the region.
The Southeast Asian nation had the second-lowest market capitalization in the region at $276.2 billion as of February 2019, according to data from the World Bank and World Federation of Exchanges.
The number of companies listed on the bourse was less than 300 — the lowest among 11 countries that include China, Japan, Hong Kong, India, South Korea, Singapore, Thailand, Indonesia, Malaysia and Vietnam.
China, Japan and Hong Kong had a market capitalization of $7.85 trillion, $5.67 trillion and $4.21 trillion, respectively. China had 2,286 listed firms, Japan had 3,655 and Hong Kong had 2,331.
STUMBLING BLOCKS
PNB Securities, Inc. President Manuel Antonio G. Lisbona said the Philippines still has a long way to go before it can compete with its regional peers.
“The biggest stumbling block is financial illiteracy,” he said. “If people are ignorant about the concept of saving and investing, it will be very difficult for them to understand the stock market.”
While there is growing interest in the stock market from the younger generation, regulators need more work to increase traction, Mr. Lisbona said. Among the barriers are restrictions on foreign ownership, reduced flow of foreign funds, corruption and regulatory risks, he said.
“It seems also that some entrepreneurs are hesitant to list their shares on the stock exchange given the seemingly daunting process and requirements,” Mr. Lisbona said. “Another apprehension is that staying listed involves recurring costs and reportorial requirements.”
Japhet Louis O. Tantiangco, a senior research analyst at brokerage Philstocks Financial, Inc., said the Philippines must sustain its growth momentum to keep investors upbeat.
“We’ll have to sustain the growth, better if we can go faster without compromising stability,” he said. “By doing so, business confidence would rise, enticing more companies to raise capital, which in turn could lead to more public offerings in the market.”
PSE President and Chief Executive Officer Ramon S. Monzon last month cited the need to raise the minimum public float requirement.
The SEC has proposed to increase this to 25% over five years, from 20% for companies that listed starting in 2017 and from 10% for the rest.
“We’re supporting that totally because that’s very important,” Mr. Monzon said.
He said 150 actively traded listed stocks are better than 268 listed ones in which less than half are actively traded, failing to increase the volume.
The stock exchange targets to generate P150 billion from its fund-raising activities this year, higher than P95.22 billion last year.
The bourse expects investors to return to the local equity market this year after most of them went to the fixed-income market last year.
Imported car firms report slight sales drop in 2019
By Jenina P. Ibañez, Reporter
IMPORTED vehicle sales steadied in 2019 as the number of passenger cars and light commercial vehicles sold dipped only slightly compared with the previous year, according to the Association of Vehicle Importers and Distributors, Inc. (AVID).
In a report released on Tuesday, AVID said full-year 2019 sales slipped 0.5% to 87,984 from an updated 88,430 units the year before.
In 2018, the drop in imported car sales was deeper at 16.8% with the impact of high inflation rates and new tax hikes on the industry.
Combined with sales figures from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA), the automotive industry breached its sales target of 410,000 with 457,925 vehicles sold last year.
AVID President Ma. Fe Perez-Agudo said sales in December, which went up 12% to 8,089 compared with the same month in 2018, bodes well for the automotive industry in 2020.
“The continued easing of inflation rates, lower fuel prices, and increased government spending will only bolster sales for the group. We will complement these positive indicators with new models, value-packed service offerings, and easier ownership schemes,” she said.
Passenger car sales in 2019 declined 0.5% to 30,726 units from 30,876 cars in 2018. Light commercial vehicle sales dipped 1.1% to 56,351 units in 2019, from 56,999.
Commercial vehicle sales jumped 63% to 907 units last year, led by sales of Hyundai trucks and buses.
In December alone, passenger car sales grew 5% to 2,608 units sold, while light commercial vehicle sales jumped 16% to 5,362 units. Commercial vehicle sales grew 2% to 119 units.
In an e-mail, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said that road vehicle sales continued to struggle in 2019 due to subdued demand for cars.
“The subdued demand for cars and durable equipment in general was what defined 2019 GDP growth and was one of the main reasons why Philippine growth slipped below target and below potential,” he said.
He said durable equipment purchases helped support an investment boom in the country. But recent rate hikes from the central bank to rein in inflation expectations slowed capital formation.
According to the consumer expectation survey of the Bangko Sentral ng Pilipinas (BSP), 17.9% of Philippine households considered the fourth quarter of 2019 a good time to buy motor vehicles, from 16.2% in the same quarter of 2018.
“Going forward, the 2019 BSP policy reversal bodes well for car sales and investment activity in general, as Governor Benjamin E. Diokno looks to unwind some of that 175 bps (basis points) rate hike from 2018. Already dialing back 75 bps worth, Diokno will likely cut policy rates gain by 25 bps in February, to help bolster loan demand and rekindle the Philippine investment momentum,” Mr. Mapa said.
AVID said that the industry expects to gain traction after the approval of the P4.10 trillion national budget in 2020.
“With the public works and highways department having one of the largest shares of the budget, it is expected that industry performance will gain traction in the new decade with the help from its importers bringing in more models that meet the requirements of various markets for the Filipino people,” the statement said.
3rd judge inhibits from PECO-MORE case
ANOTHER JUDGE at the Iloilo Regional Trial Court (RTC) has inhibited herself from the expropriation case filed by new player MORE Electric and Power Corp. (MORE Power) against Panay Electric Co., Inc. (PECO), citing ties with the latter’s owners.
“Owners of PECO, Mr. Jose Mari Cacho and Sandra Cacho are very close friends of the undersigned since they are members of an organization called ‘Beyond I Do’ wherein its regular meetings are usually held in the house of Mr. Cacho,” Judge Ma. Theresa Enriquez-Gaspar of RTC Branch 33 said in an order issued Jan. 24.
The judge added that she is a medical patient of Mr. Cacho’s wife.
Ms. Gaspar further said that the clerk in charge of civil cases in her court is related to an employee of MORE Power.
“The head of the PDM-Substation Project Development and Management Department of MORE, Mr. Wilmar J. Gonzaludo, is the husband of the clerk in charge of civil cases in this Court, Ma. Wienna Gonzaludo,” she said.
The expropriation case was first assigned to Branch 37 under Judge Yvette Marie D. Go, who inhibited from the case after granting MORE Power’s petition for a writ of possession.
PECO has filed an appeal.
Next to handle the case was Judge Daniel Antonio Gerardo S. Amular of Branch 35, who inhibited from the case after seeking advice from RTC Executive Judge Victor E. Gelvezon.
“Notwithstanding that the Presiding Judge performs his duties in accordance with the conscientious dictate of his conscience and the applicable provisions of law, it has come to a point that whatever judgment the Presiding Judge would render in the case would not be accepted by either the plaintiff or the defendant or maybe tainted with bias,” Mr. Amular said.
Mr. Amular also suggested the transfer of the expropriation case outside of Iloilo, describing the proceedings as having become “too politicized.”
PECO’s has petitioned the Supreme Court to move the legal proceedings, but was denied.
PECO’s renewal application for its franchise, which expired last Jan. 19, was denied by Congress. A new franchise was granted to MORE Power under Republic Act 11212.
PECO is currently operating under a provisional authority issued by the Energy Regulatory Commission on May 24, 2019, a day before the expiration of its certificate of public convenience and necessity.
PECO filed and won a case before a Mandaluyong RTC questioning the constitutionality of MORE Power’s franchise, but the Supreme Court has issued a temporary restraining order against the implementation of the decision. The case is under appeal. — Emme Rose S. Santiagudo
Steven Tan named president of SM mall management unit
SM PRIME Holdings, Inc. has appointed Steven T. Tan as the new president of its mall management unit, Shopping Center Management Corp.
In a disclosure to the stock exchange Tuesday, the Sy-led integrated property developer said Mr. Tan was promoted from his previous role as chief operating officer of SM Supermalls.
“His new position underscores the rapid and dynamic changes in the Filipino consumer behavior. Mr. Tan’s focus on building meaningful shopping experiences consistently throughout his career prepares him for this next phase,” SM Prime President Jeffrey C. Lim was quoted in the statement as saying.
Mr. Tan is noted for leading the launch of several premium malls under SM Prime’s portfolio such as SM Mall of Asia in Pasay City in 2006 and SM Aura Premier in Taguig in 2013.
As chief operating officer and senior vice-president, he was tasked to handle the company’s mall properties in both the Philippines and China. He joined SM in 2004 when he took charge of mall operations for The Podium.
Before joining the company, Mr. Tan was part of the team that formed Barcelo Grand Hotel in Shanghai, China. He also worked at Howard Plaza Hotel in Taipei, Taiwan from 1990 to 1998.
When he returned to the Philippines in 2001, Mr. Tan worked as regional director of marketing and communications at FilBarcelo Hotels and Properties Management Corp. and took charge of its external affairs.
Mr. Tan completed his Masters in Business Administration at the Paris School of Management. He took up Business Management at the University of Santo Tomas for his undergraduate studies.
As of end-September 2019, SM Prime had 73 shopping malls in the Philippines and seven shopping malls in China.
Other businesses of the company are in residential projects, commercial properties, hotels and convention centers.
Revenues from SM Prime’s mall business grew 7% to P46.43 billion in the first nine months of 2019, pushing total revenues up 14% to P85.03 billion. Earnings during the period rose 18% to P27.6 billion. — Denise A. Valdez
Art Fair PH 2020: Going beyond visual arts to attract more goers
FOR the 8th installment of Art Fair Philippines (AFP), the focus will be on the process of creating art.
“For this year, we have concentrated on processes on how art is made. We’re focusing on under-the-radar artists who we believe work differently, who look at how they make art, rather than the outcome,” AFP co-founder Trickie Lopa told BusinessWorld, shortly after fair’s press launch on Jan. 21 at Raffles Makati.
The Link carpark in Makati will again be transformed into an art space for the fair, which runs from Feb. 21 to 23.
This year, AFP — which will have 61 exhibitors — introduces a workshop and film section, and will hold a collaboration with the Italian Embassy in Manila.
WHAT’S NEW
In line with the focus on creation, one of the new activities is the ArtFairPH/Open Studios — a series of workshops and demonstrations facilitated by practitioners in the arts.
“The reason we are doing this is so that we can provide people with a peek into the artists’ creative processes — how he does it, and how he thinks about it,” AFP Co-founder Lisa Periquet said during the press launch.
The section will present a two-day workshop on photography with Paco Guerrero; lighting techniques for photographers with Neal Oshima and Mark Nicdao; making wooden furniture with Benji Reyes; a demo on watercolor painting techniques with Claude Tayag; a cyanotype workshop with Alexis Oshima and Angela Silva; rubber-cut workshop with members of the Association of Pinoyprintmakers; and a sculptural planter-making workshop with Rita Gudiño of Tahanan Pottery.
Meanwhile, as part of the celebration of Philippine cinema’s 100 years, the art fair is introducing the ArtFairPH/Film section. Its inaugural cinema program, curated by Erwin Romulo, Philbert Dy, and Teddy Co, explores the possibilities of the film for the next hundred years. A selection of the best feature-length and short films, narrative and experimental, documentary and animation will be screened to showcase the diversity of Philippine cinema.
This section will also feature a special exhibition titled Self-Portrait by Lyle Nemenzo Sacris which allows visitors to sit and be filmed to be a part of 7,107 portraits. The film program will also have a special outdoor cinema from Feb. 14 to 16, with films projected at the ceiling of the entrance of the former Philippine Stock Exchange building on Ayala Avenue.
Then there is ArtFairPH/Incubators which will focus on creative spaces outside the gallery format. In this section, art/n23 will showcase an beehive-designed virtual reality piece titled Doon (Over There) by Issay Rodriguez. Other exhibitors include Giatay, Limbo, Loadnadito projects, Project 20, and Signum.
AND THERE’S MORE
The ArtFairPH/Projects section will again feature commissioned works — “interactive and/or thought-provoking installations by internationally established Filipino visual artists.” The special exhibits this year focus on Salvador Joel Alonday, Perry Argel, Jaime De Guzman, Roedil Joe Geraldo, Jellyfish Kisses, Gene Paul Martin, and Neil Pasilan. This section will also include an exhibit of works by Carlo Villafuerte, the 2020 recipient of the Karen H. Montinola Selection, a private grant created in homage to art patron Karen Montinola. Meanwhile, Hublot will present new works by Rodel Tapaya.
Also part of the ArtFairPH/Projects section is a special exhibition of drawings by the late artist Onib Olmedo, done in cooperation with the artist’s estate. A panel featuring artists Elmer Borlongan and Allan Cosio, and moderated by Carlomar Daona, will also discuss the works of the expressionist painter as part of the ArtFairPH/Talks.
Works of American artist Sol Lewitt, who is known for his conceptual art and minimalist style, will be shown during the fair, as curated by New York-based art historian Carina Evangelista.
This year, ArtFairPH/Photo will highlight the works of Filipino contemporary artist Poklong Anading.
Aside from the panel discussion on Onib Olmedo, the lecture series ArtFairPH/Talks — done in partnership with the Ateneo Art Gallery and Museum Foundation of the Philippines this year — will see Italian ambassador to the Philippines Giorgio Guglielmino discussing his book, The Originals, about 30 artists that made a difference in the art scene.
The local participating exhibitors are: 1335 Mabini/GMJ, Altro Mondo Gallery, ARCHIVO 1984, Art Cube, Art Underground, Art Verité, Artery Art Space, art/n23, Association of Pinoyprintmakers, Avellana Art Gallery, bio | trans | forms, Boston Art Gallery, CANVAS, Denise Weldon | Tom Epperson Photographs, District Gallery, Eskinita Art Gallery, Galerie Roberto, Gallery of Fine Arts, Galerie Stephanie, Giatay, J Studio, Kaida Contemporary, León Gallery, Limbo, Loadnadito projects, Luzviminda, Mariyah Gallery, METRO, Mono8, Orange Project, Paseo Art Gallery, Pintô Art Museum, Project 20, Salcedo Private View, Secret Fresh, Signum, Silverlens, Strange Fruit, Tarzeer Pictures, Tin-aw Art Gallery, Tropical Futures Institute, and Ysobel Art Gallery.
The foreign galleries that are taking part in this year’s art fair are Art Porters Gallery, Gajah Gallery, Mind Set Art Center, and Yavuz Gallery, all from Singapore; Artemis Art and G13 Gallery from Malaysia; ENERGY FIELD, Gallery Kogure, Hanada Gallery, Kobayashi Gallery, SHUKADO, and YOD Gallery + Asian Art Center from Japan; Nunu Fine Art and GALERIE OVO from Taiwan; La Lanta Fine Art and Number1 Gallery from Thailand, Cayón from Spain, and Vin Gallery from Vietnam. The Italian embassy is also bringing Galleria Tiziana di Caro, an art gallery from Naples, Italy.
This year the art will not be confined only to the various floors of the carpark but will also be found at various sites around the Makati Central Business District.
Now on its third year, the 10 Days of Art initiative — a series of events around the city held by galleries, museums, bars, restaurants, and retail establishments — will run from Feb. 14 to 23. For the schedule and updates, visit www.10daysofart.com.
“The energy is so dynamic. It’s so different, working with a lot of young artists pushing boundaries. And that’s what we hope the fair will feel like,” Ms. Lopa told BusinessWorld.
“We feel that we’ve managed to do that. And we hope to continue doing that,” she added.
In the past two years, Art Fair Philippines has welcomed 30,000 visitors to the carpark. The most number of visitors who visited the art fair was in 2017 when 40,000 people explored the various exhibits.
As for this year’s expected foot traffic, Ms. Lopa said: “We just hope we maintain the numbers.”
Fair tickets can be purchased in advance at www.artfairphilippines.com. Tickets will also be available at the reception area. For more information, visit the Art Fair Philippines website (artfairphilippines.com) and follow Art Fair Philippines on Instagram (@artfairph) and Facebook (www.facebook.com/artfairph). — Michelle Anne P. Soliman