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MPTC inks deal with Japanese tollway firms

METRO PACIFIC Tollways Corp. (MPTC) said it recently signed a memorandum of understanding (MoU) on technical cooperation with three tollway operators from Japan.

In a statement, MPTC said it inked the MoU with Japan Expressway International Co. Ltd. (JEXWAY), Central Nippon Expressway Co. Ltd. (NEXCO Central) and Metropolitan Expressway Co. Ltd. (MEX) with the goal of further improving its toll road operating capabilities.

“We are very happy to sign this technical cooperation agreement with JEXWAY, NEXCO Central and MEX, as this will allow us to tap into the wealth of Japanese road engineering experience and technology,” MPTC President Rodrigo E. Franco said in the statement.

Under the MoU, the companies are allowed to share knowledge on “asset management and repair of at-grade and elevated road and bridge sections, tunnel design and construction and the use of best practices to monitor the structural performance of expressway assets and facilities…”

JEXWAY was formed by five Japanese expressway companies to develop projects around the world. NEXCO Central is a Nagoya-based toll road operator with presence in Hanoi, Vietnam, while MEX operates the Shuto Expressway in Tokyo, Japan.

Mr. Franco noted aside from sharing know-how, the new partners will help MPTC learn from Japan’s example how to adapt to environmental challenges.

“This expertise comes in handy as we prepare ourselves to manage our roadways effectively in cases of emergencies like earthquakes and other natural calamities,” he said.

MPTC is a major toll road operator in the Philippines with presence in Thailand, Vietnam and Indonesia. It currently operates the North Luzon Expressway (NLEx), Subic-Clark-Tarlac Expressway (SCTEx) and Manila-Cavite Expressway (CAVITEx).

MPTC is under Metro Pacific Investments Corp., one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

NCCA and CCP pay tribute to the 2018 National Artists

FOR 2003 National Artist for Literature Virgilio S. Almario, the role a National Artist is a challenging task.

“…Kapag tinanggap mo ang karangalang Pambansang Alagad ng Sining ay kailangang umasta kang isang Pambansang Alagad ng Sining. Isang haligi, isang bahagi ng pambansang sining, at isang huwarang mukha ng sektor na ating kinakatawan (When you accept the National Artist Award, you have to embody being National Artist. A pillar for national arts and role model to the sector we are part of),” Mr. Almario said, citing his experience at being tasked to make a speech at events (while wearing the heavy gold medallion), having his name announced on plane rides, and media or teachers asking questions or looking for his opinion on current issues.

Dapat mong isipin na hindi mo dadanasin ’yun kung hindi ka National Artist. Bahagi iyong pagdangal sa iyo ng bayan... (You should think that you would not have such encounters were it not for your recognition as a National Artist. It is part of the nation’s praise for you),” he added.

Mr. Almario was speaking at the Main Theater of the Cultural Center of the Philippines (CCP) where on May 16, seven individuals who were named National Artists in 2018 were given a tribute.

The newest National Artists are cartoonist Larry Alcala (who was represented at the event by his wife Guadalupe Alcala), architect Francisco Mañosa (represented by wife Denise Mañosa), Hiligaynon writer and historian Ramon L. Muzones (represented by son Rex Muzones), writer and historian Resil Mojares, filmmaker Kidlat Tahimik, theater advocate Amelia Lapeña Bonifacio, and composer Ryan Cayabyab.

CCP Chairperson Maria Margarita Moran-Floirendo described the 2018 National Artists as individuals who have “promoted creative expression” and “helped develop our national cultural identity.

“Through their distinguished body of works that consistently displayed artistic excellence, they have forged new paths in directions for the future generations of artist while at the same time, preserved and enhanced our rich heritage. They have embodied the country’s highest ideals in the humanities and aesthetic expressions,” Ms. Moran-Floirendo said in her speech.

“Thank you for reminding everyone that are endless possibilities and opportunities in the field of arts. And for telling the people that there is more to arts than meets the eye, that art is more than just a hobby. It is a passion. It is a way of life,” she added.

During the tribute, the artists were honored through performances of their own works, such as Ms. Lapeña Bonifacio’s puppet play Sita & Rama: Papet Ramayana by Teatrong Mulat ng Pilipinas; Mr. Cayabyab’s song “Paraiso” as sung by Esang de Torres and the Ateneo Chamber Singers; a dance performance of the “Cordillera Suite” by the Ramon Obusan Folkloric Group; and a staged reading of a scene from Ramon Muzones’ Margosatubig by Audie Gemorra, Bong Cabrera, and Shiela Valderrama-Martinez.

In 1972, the Order of National Artist or Orden ng Pambansang Alagad ng Sining was established “to give appropriate recognition and prestige to Filipinos who have distinguished themselves and made outstanding contributions to Philippine arts and letters.” The nominated artists shall meet criteria which included “Artists who through the content and form of their works have contributed in building a Filipino sense of nationhood.”

In his speech, Mr. Almario noted that the recognition as a National Artist comes with great responsibilities.

Mapanubok ang ating kasalukuyang lipunan at panahon… Hinintay tayong magpatunay sa ating kakayahang para umambag sa pagkakaisa at kaunlaran ng lipunang Filipino (Our current society and period pose challenges… They await our contributions for the unity and development of the Philippine society,” he said. — Michelle Anne P. Soliman

San Miguel to submit proposal for P35-B water source project

By Victor V. Saulon, Sub-Editor

SAN MIGUEL Corp. (SMC) is planning to submit an unsolicited proposal to build a new water source that will deliver up to 3,800 million liters per day (MLD) at a much cheaper cost for consumers than the company’s bulk water project in Bulacan, its top official said.

“I will submit an unsolicited proposal within two weeks — a new water source of 3,800 MLD,” SMC President and Chief Operating Officer Ramon S. Ang said in a briefing on Tuesday after the annual stockholders’ meeting of the listed conglomerate’s Petron Corp.

He said SMC could build the project using private funding of about P35 billion and could be completed within five years.

He declined to say where the new water source will be built and which area it will serve. But Metro Manila’s east zone has been experiencing a water shortage since March 6, prompting SMC to offer some of its excess supply from Bulacan to the area.

Mr. Ang said the proposed project will not use Angat Dam’s water, which is the main source of potable water for the Philippine capital. He said the project would deliver raw water.

Mabebenta namin ang tubig na ’yan, unsolicited offer, to sell the water at P5 per cubic meter lang. Kaya sobrang mura pati (We can sell the water from the unsolicited offer at only P5 per cubic meter. It’s also so cheap),” he said.

Should the project push through, it will be SMC’s most significant project after it won in December 2015 the P24.4-billion bulk water project that will supply water to Bulacan consumers under a 30-year contract.

The proposal of SMC and its Korean partner to supply bulk water at a cost of P8.50 per cubic meter beat the second best offer at P9.75 per cubic meter, making it the first bulk water project under the government’s public-private partnership scheme.

With the planned unsolicited proposal, Mr. Ang said SMC will be doing the project solo and without any local and foreign partner.

The Bulacan bulk water project started its commercial operations early this year. The launch marked the first stage of the project, which will initially bring potable water to four municipalities of Bulacan. The project is undertaken by Luzon Clean Water Development Corp., a unit of SMC, and Korean company K-Water Resources Corp.

PETRON CAPEX
During the same press briefing, Mr. Ang said Petron would continue with its investments as well as refinery, port and terminal expansion this year at a capital expenditure of at least $1 billion.

“We are still going to spend over a $1 billion,” he said. He did not disclose the comparable capital spending in 2018.

He said Petron will be building a steam producer boiler in its 180,000-barrel-per-day refinery in Limay, Bataan at a cost of $600 million. He said the investment is meant “to bring down the cost of the refinery and to optimize the refinery.”

Mr. Ang said the remaining $400 million will be used for fuel station network expansion, power line and pipeline upgrading.

On Tuesday, shares in SMC slipped by 0.37% to close at P186 each, while those of Petron rose by 5.36% to P5.70 each.

How Christo gets rich collectors to underwrite art for the masses

THE ARTIST Christo and his late wife/collaborator Jeanne-Claude have used fabric to spectacular effect. They wrapped Germany’s Reichstag in polypropylene, “hung” a curtain across a Colorado Valley, and, in 2016, built a floating, three-kilometer-long walkway across a lake in northern Italy for a work called The Floating Piers.

The installation lasted just 16 days, and was intended to have a maximum daily capacity of 45,000 people.

By the second day though, nearly 20,000 people an hour had poured onto the pier. Even after organizers instituted aggressive crowd control by closing down the nearby train station and restricting bus access, the final visitor tally, when the 16 days were over, was more than 1.2 million people. For context, that’s about a fifth of the annual attendance of the Vatican Museums.

In the new documentary Walking on Water, directed by Andrey Paounov, viewers are treated to a behind-the-scenes look at how the project unfolded — and how Christo has gamed the art market to serve his own ends.

As a record of the floating piers themselves, the documentary is invaluable. From planning meetings with local bureaucrats to the construction of the piers themselves (they were made up of 220,000 high-density plastic cubes that fit together like puzzle pieces, which in turn were wrapped with 100,000 square meters of dazzling, orange-gold nylon), the project evolves from an abstraction into a cultural phenomenon.

As the crowds literally sprint towards the piers on the opening day, the power and draw of participatory artworks is brought home with astonishing force. “We [are on track to have] 200,000 people in one day,” one of the organizers says, panicking. “If it was half that amount — 100,000 people would be too much. It’s madness.”

Later, the same man is less sanguine: “Who f*cked up and told us the maximum we’ll ever have is 45,000 people?” he asks, wild eyed as crowds surge their way through the town.

By the time the project was realized, Jeanne-Claude had been dead for seven years, and Christo, then in his mid 80s, was in charge of organizing it on his own. But even though he’s at the center of it all, the documentary doesn’t provide insight into why he wanted to build a floating walkway in the first place.

The closet viewers get is at a kick-off talk to the builders in charge of assembling the project. “It’s a project Jeanne-Claude and myself tried to do — where you can walk on water,” he says. “All of the money from the project comes from me, the works of art I do by my own hand. We have no assistant. I sell the works, and it pays the bills.” (The only real glimpse of Christo’s “process,” if you could call it that, is a series of excruciating clips where he bickers with subordinates.)

In one of the more fascinating scenes in the whole documentary, a collector in a suit and tie gets out of a gorgeous wooden motor boat and is led by a team — presumably all representatives of Christo — into a building on the shore of the lake, where he’s shown a series of Christo’s artworks that depict the Floating Piers.

It becomes apparent that the collector was promised one price for a large work — $250,000 — but that in the interim, the price has changed. “Christo produced 40 original works,” a representative explains with a half-hearted stab at contrition. “Very few are available, they are gone each day, [and each day the prices] go up.”

The same representative gestures to a large drawing on the wall. “A week ago, this was 1.6, today it’s 2.2,” he says, shrugging, meaning $2.2 million. “I mean, what can we do?”

Finally, the collector settles on a mid-sized work, which costs $500,000. “I have a CEO, which is my wife,” he says. “And luckily she has good taste for contemporary art.”

It’s rare that you can see the sausage getting made so explicitly, but in the film, Christo is unapologetic about using his collectable art to fund his transient installations. It’s also clear which version of his practice he actually cares about.

At a fancy cocktail party to celebrate the Piers opening, women in shimmering dresses and men in summer suits take turns getting lightly insulted as Christo makes his way through the crowd. “Do you remember me?” asks a woman brightly, her face falling into a frozen half-smile when Christo says he doesn’t. “In Rome I gave a dinner for you” she tells him. “Yes, yes, now I remember,” he says vaguely and moves on.

A man drops the names of his parents in law. “Galen Weston?” he says, naming one of the richest men in Canada. Christo nods: “Yes of course, big collectors of ours,” he replies, as if that’s a compliment in itself.

And in a way, it is. Christo might be a diva on occasion, but he’s managed to convince a few very wealthy people to effectively underwrite large-scale projects that cater to millions. Moreover, his continued ability to capture the imagination of all strata of society is a testament to the potency and potential of contemporary art.

After all, the Piers, he reminds people, aren’t just an attraction — they’re an artistic experience. “I’m flattered that so many people have come,” he says in a press conference announcing new crowd-control measures. “But if you’re in a hurry, don’t come.” — Bloomberg

MIAA remits P3.4B to national government

THE Manila International Airport Authority (MIAA) said it remitted P3.42 billion in dividends to the national government in 2018, fueled by the higher number of flights, passengers and additional concessions it had last year.

The Ninoy Aquino International Airport (NAIA) operator’s remittance was 52% higher than the P2.25 billion remitted to the government in 2017.

Aside from the increase in volume of passengers and flights, MIAA Assistant General Manager Arlene Britanico attributed the higher remittance to stricter implementation of the point-of-sale system, rolling out variable parking rates and opening new parking spaces.

“The gain on sale of MIAA property to DPWH (Department of Public Works and Highways) for C5 extension largely contributed to the increase in MIAA’s net income for the year 2018,” she added.

The DPWH and private concessionaire Cavitex Infrastructure Corp. are currently constructing the C5 South Link Project, a portion of which involves acquiring right of way on structures owned by MIAA.

As a government-owned and -controlled corporation, the MIAA is required to remit 50% of its annual net income to the national government in exchange of its fiscal autonomy. — Denise A. Valdez

MPIC, Maynilad commit to help in Manila Bay rehabilitation

METRO PACIFIC Investments Corp. (MPIC) and Maynilad Water Services, Inc. have committed to help the government clean up Manila Bay through the Adopt-an-Estero program.

In a statement on Tuesday, MPIC and Maynilad said they signed the memorandum of understanding with the Department of Environment and Natural Resources (DENR) for the Adopt-an-Estero program, which is part of the government’s efforts to rehabilitate Manila Bay. The partnership will span five years.

“MPIC has always been committed to protecting and preserving the natural environment, as well as promoting the health and safety of the general public. Upon acknowledging the objective of the DENR to promote stewardship among the private sector, MPIC through Maynilad is set on assisting government agencies in improving water quality parameters of the country’s water bodies,” MPIC President and Chief Executive Officer Jose Maria K. Lim was quoted as saying.

Under the MoU, MPIC will adopt and restore the following creeks (esteros): Estero de Vitas, Estero de San Lazaro, Estero de Kabulusan, Estero de Magdalena, Estero de Binondo, Estero dela Reina, Estero de Sampaloc, Estero de San Sebastian, Estero de San Miguel, Estero de Valencia, Estero de Quiapo, Estero de Uli-Uli, Estero de Paco, Estero de Pandacan, Estero de Tanque, Estero de Balete, Estero de Provisor, Estero de Concordia, Estero de Sunog Apog, and Estero de San Antonio Abad.

MPIC said it will closely coordinate with DENR, local government units, other government agencies, and stakeholders in the clean-up efforts. The company will also provide logistical support and mobilize schools and communities to take part in the program.

For its part, Maynilad will hasten the implementation of its wastewater plans and programs, such as the rehabilitation of sewer lines, connect customers to the existing sewage network, install collector pipes at easements cleared by the Pasig River Rehabilitation Commission, accelerate sewerage coverage, and conduct information and education campaigns on wastewater treatment and disposal.

”MPIC, Maynilad, and the DENR recognize that the concerted efforts of both the public and private sectors to clean Manila Bay’s riverine tributaries will have beneficial effects on the health and well-being of the public, promote environmental sustainability, and allow for flexibility in a climate of global warming,” the companies said.

Other MPIC companies such as Manila Electric Company (Meralco), Metro Pacific Tollways Corp. (MPTC), Metro Pacific Hospital Holdings, Inc. (MPHHI), and Light Rail Manila Corp. (LRMC) will also adopt esteros.

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

Robinsons Bank posts lower income in 1st quarter

ROBINSONS BANK Corp. reported lower net income in the first quarter, dragged by higher operating costs amid its expansion.

In a report posted on the Philippine Dealing System website, the Gokongwei-led bank said it booked a P40.07-million net profit in the first three months of the year, plunging 56.2% from the P121.57 million recorded in the same quarter last year.

The bank attributed the slump in its bottom line to higher operating expenses, which stood at P952.57 million, 19.9% higher from the P795.14 million recorded in the comparable year-ago period.

“The significant increases in compensation and fringe benefits; taxes and licenses expense; and occupancy and equipment-related costs…are mainly attributable to business expansion activities,” the bank said.

Apart from this, the bank’s interest expense surged 85.2% to P838.35 million last quarter from the P452.71 million seen in the first three months of 2018.

Meanwhile, the slump in Robinsons Bank’s net income was tempered by its net interest earnings, which came in at P889.96 million in the January-March period, up 6% from P839.27 million a year ago.

This was bolstered by the 40.3% growth in interest earnings on loan and receivables at P1.4 billion from P997.65 million in the same quarter in 2018.

Total loans stood at P70.47 billion at end-March from P68.41 billion at end-2018.

Non-performing loans (NPL) ratio stood at 1.1% as of March, with the bank’s NPL cover at 32.54%.

On the funding side, the lender’s total deposit liabilities slid 2% to P93.12 billion in the quarter from P95.01 billion in the same period last year.

Net interest margin was at 3.14%.

Meanwhile, Robinsons Bank’s income from service fees and commissions stood at P92.75 million last quarter, more than double the P35.67 million booked in the same period in 2018.

Overall, the lender’s total assets were at P121.48 billion at end-March from P121.35 billion as of end-2018.

Robinsons Bank wants to double its net income this year to reach P756 million from the actual P317.11 million booked in 2018.

Robinsons Bank President and Chief Executive Officer Elfren Antonio S. Sarte said the expansion in the lender’s full-year earnings will be driven by growth in its interest and fee incomes. — Karl Angelo N. Vidal

Artist Playground stages an OPM musical on HIV

IN ANCIENT Greece and Rome, roses were associated with the goddesses of love, Aphrodite and Venus. In Christianity, a red rose was associated with Christ’s death and sacrifice. For 21-year-old playwright Junine Ray “Rayne” Jarabo, a rose’s petals symbolize resilience while its thorns symbolize challenges.

Artist Playground Arts and Performances, in partnership with the Red Whistle and Twelfth Studios, will present Roses for Ben, an original OPM musical about HIV awareness on June 15.

With musical direction by Jesse Lucas, choreography by Lezlie Dailisan, and direction by Roeder Camañag, the musical follows 21-year-old Benny Boy “Ben” Maglaque, Jr., a closeted bisexual man who works an entertainment company and is in a happy relationship with his girlfriend. But his world turns upside down when he learns that he has been infected with HIV after learing that his ex-boyfriend died of AIDS.

In writing the play, Mr. Jarabo drew inspiration from plays and musicals that carry a message of resilience, citing Rak of Aegis, Skin Deep, and Angels in America.

“I do not only aim to share from my personal experiences but also share experiences from other people and put it into life,” he told BusinessWorld at the musical’s press launch in Quezon City on May 11.

“My goal as a playwright is for the people to see the reality that everything, may it be a struggle or achievement, it is not the end of you,” he added.

The musical has 21 original pop songs which director Roeder Camañag described are aimed to capture the musical sound of the youth. “It’s not the typical musical. It’s not Les Miserables, it’s not The Phantom of the Opera, but it’s very now. It’s very pop… It will not be a typical musical. We’re going to combine an art form with watching a gig at the same time,” Mr. Camañag said.

Talks about HIV will be conducted after each show.

“My aim is to enlighten everyone that we have to break the stigma that if you have HIV, you’re going to die. It’s not just because you have the disease, it’s going to be the end of you,” Mr. Jarabo said.

Alternating in the role of Ben are Jude Matthew Servilla and Benj Espina, while Beulah Mae Saycon takes on the role of Ben’s girlfriend Alice, a hotel singer. Bobby Martino and Jerome Fugoso alternate as Ben’s father, Mang Boyet, and Sir Wency, the CEO of Agapi Entertainment Company where Ben works.

Also in the cast are Mirriam Reyes, Kim De Las Alas, Dene Gomez, Ken Del Prado, Christian Silang, April Jasmin Rosales, and Nikki Herrera. April Jasmin Rosales and Jerome Fugoso will play Ben’s conscience.

Roses for Ben will have performances on June 15, 16, 22, and 23, 7 p.m., at Arts Above at 112 West Ave. Quezon City. For details call 0975-919-3179. — Michelle Anne P. Soliman

DM Consunji adds P14 billion to its order book

DM Consunji, Inc. (DMCI) added P14 billion to its order book after its joint venture with Japanese firm Taisei Corp. was awarded the civil works contract for Phase 1 of the North South Commuter Railway (NSCR) project.

“The project is worth P54 billion, but for DMCI it’s about P14 billion into our order book,” DMCI Senior Vice-President for Business Strategy and Development Rebecca E. Civil said in a media briefing after parent DMCI Holdings, Inc.’s shareholders’ meeting in Makati on Tuesday.

The consortium officially signed the contract for the project with the Department of Transportation (DoTr) on Monday. It involves the construction of about 22 kilometers of elevated viaduct structures, six stations, and a depot located in Valenzuela.

The six stations will be located in Solis, Caloocan, Valenzuela, Meycauayan, Marilao, and Bocaue.

The company has committed to spend P2 billion in capital expenditures over the next two years to support the construction requirements of the project. It also looks to hire up to 5,000 direct and indirect workers in the next 30 months to increase its manpower.

Actual construction for the project started before the contract signing, with completion eyed by the end of 2021. The transport department said it wants the line to start partial operations by the third quarter of 2021.

“The total time for it to be operational will take 42 months. The civil works is about 30 months. There are three components: the 22-kilometer viaduct, the depot with the maintenance facilities, and then the six stations,” DMCI President and Chief Executive Officer Jorge A. Consunji said in the same briefing.

“After the civil works, there’s the EMS (electromechanical system). That’s another package up for bid before the end of the year,” he added.

The NSCR Phase 1 will use the existing alignment of the Philippine National Railway (PNR) running from Malolos, Bulacan to Tutuban, Manila. With a maximum operating speed of 120 kilometers per hour, the rail line is expected to cut travel time to 35 minutes from one hour and 30 minutes before.

The entire NSCR project consists of three main railway segments linking Clark, Pampanga to Calamba, Laguna: a 56-kilometer line from Calamba to Tutuban, a 38-kilometer line from Tutuban to Malolos, and a 53-kilometer line from Malolos to Clark.

NSCR marks DMCI’s fifth railway project. Its other projects include the Light Rail Transit Line 1 North Extension, LRT Line 2 East Extension, two PNR projects, and the Dubai Monorail in the United Arab Emirates.

For its part, Taisei is the contractor behind the Iloilo International Airport.

Shares in DMCI Holdings jumped 1.73% or 18 centavos to close at P10.60 each at the stock exchange on Tuesday. — Arra B. Francia

Gov’t targets to increase microinsurance coverage

THE GOVERNMENT targets to increase the number of individuals covered by microinsurance in the country to 50 million by 2022 from the current 39.8 million, a Finance official said.

“We would like to cover at least 50 million by 2022… Actually we want to go to farmers’ insurance. I don’t know if somebody is offering, but the framework is there and the IC (Insurance Commission) has issued some rules on it,” Department of Finance (DoF) Undersecretary Gil S. Beltran told reporters on the sidelines of the celebration of the DoF’s 10th year of partnership with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (German Development Cooperation) on the promotion of inclusive microinsurance on Monday.

“More communication campaigns, more outlets in the farthest corners of the country,” Mr. Beltran said when asked how they will be able to reach the target.

“Just last year, microinsurance covered 38.9 million Filipinos from 19.8 million in 2012 and less than 3 million reported for 2019. We achieved this much with the support of GIZ and other development partners. We hope to see these numbers to continue increasing over the years,” Mr. Beltran said in his speech at the event.

“Indeed, the microinsurance industry is one of the important links toward poverty alleviation. This is why the government continues to work with GIZ, the industry, and other partners in sustaining an enabling environment through which financial institutions like microinsurance companies can thrive, flourish and become catalyst for development,” Mr. Beltran added.

He noted how in the aftermath of typhoon Yolanda in 2013, those with microinsurance policies claimed an estimated P500 million almost immediately.

“Claims were made mostly from non-banking institutions like pawnshops and remittance centers — both of which cater and are most accessible to those in the lower classes,” he said.

“These claims have been vital in the rehabilitation of survivors. This shows that beyond accomplishing the goal of financial inclusion, microinsurance also took on the role of the social safety net for vulnerable segments of the population,” Mr. Beltran said.

Michael F. Rellosa, Philippine Insurance and Reinsurers Association (PIRA), said the passage of the fourth package of the Tax Reform for Acceleration and Inclusion (TRAIN) could improve microinsurance coverage in the country.

Kung mapapasa yung TRAIN 4, bababa ang taxes sa non-life insurance, makakatulong ng malaki iyon (If TRAIN 4 will be passed, taxes on non-life insurance will go down and that will be of great help),” Mr. Rellosa said.

Mr. Beltran said the DoF is hopeful that the fourth package of TRAIN, along with other tax reform bills, will hurdle the legislative within this year.

“That’s TRAIN 4 — lowering the taxes on financial assets removing the exceptions for some products. We want to have that bill and all the TRAIN bills passed this year. We want to do it this year because the best time to pass a tax law is during the first year of a new Congress… We will refile it in the next Congress if they don’t pass it during the next three weeks,” Mr. Beltran said. — R.J.N. Ignacio

Russian ballet dancers to perform Swan Lake in QC

THE Moscow Ballet’s classical choreography arm La Classique will be coming to the Philippines for a series of performances of the ballet classic Swan Lake, a timeless favorite set to the music by Russian composer Pyotr Ilyich Tchaikovsky.

The performances will be done at the New Frontier Theater at Quezon City’s Araneta Center from June 14 to 22.

Sharing the stage with the Moscow Ballet company are two Bolshoi Ballet principal dancers, Nina Kaptsova and Alexander Volchkov.

The production of Swan Lake will be accompanied by the Russian Symphony Orchestra, under the baton of conductor Yaroslav Tkalenko.

The Moscow Ballet La Classique troupe was founded in 1990 by its current director, Erik Melikov. The ballet company has had successful tours in Egypt, Morocco, France, Spain, Italy, Austria, Norway, Israel, Thailand, Taiwan, China, Japan, Australia, and New Zealand, as well as the UK.

Tickets are available at all TicketNet (www.ticketnet.com.ph, 911-5555) and TicketWorld (www.ticketworld.com.ph, 891-9999) outlets. For sponsorship, block buyers and other inquiries, call 217-9090 or contact Ryan Calmante at 0917-882-8806.

Alsons swings to profit in Q1

ALSONS Consolidated Resources, Inc. (ACR) posted a first-quarter net income attributable to the parent firm of P6.11 million, reversing losses of P19.74 million in the same period last year despite a decline in its revenues during the period.

In a disclosure to the stock exchange, the Alcantara family’s publicly listed holding firm reported a consolidated net income of P104.36 million, up 1.2% from the P103.14 million a year ago, with its newest power plant driving the “modest increase.”

Revenues during the period slipped by 26.9% to P1.22 billion from P1.67 billion a year ago.

“The Sarangani Energy Corp. (SEC) baseload coal-fired power plant in Maasim, Sarangani Province remains to be the key driver of revenue and income for ACR. The SEC plant’s first section with a capacity of up to 105 megawatts (MW) began operating in April 2016 and currently delivers power to more than three million people in the General Santos-Sarangani area and other parts of Mindanao,” ACR said.

“The plant’s second section is currently in the commissioning stage and is targeting to start commercial operations in the second half of 2019. SEC 2 is set to contribute another 105 MW of baseload power to benefit an additional three million people in various parts of Mindanao when it begins operating later this year,” it added.

Aside from the Sarangani plant’s unit 2, ACR’s other projects in the pipeline include the P4.25-billion 14.5-MW run-of-river hydroelectric power project at the Siguil River basin in Maasim, Sarangani, and the 105-MW San Ramon Power, Inc. baseload coal-fired power plant in Zamboanga City.

The Siguil small hydropower project is ACR’s initial entry in renewable energy development. It is in the advanced stages of engineering and design. Civil works are set to begin in the second half, on track to start operations in 2021.

On Tuesday, shares in ACR rose by 1.46% to close at P1.39 each. — Victor V. Saulon