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Lockdown story time: Roald Dahl with Streep, Cumberbatch and more

ARTWORK of the “Roald Dahl — James and the Giant Peach with Taika Waititi and Friends” fundraising storytelling series is seen in this undated handout illustration provided by The Roald Dahl Story Company 2020.

LONDON — Stuck at home with the kids? Meryl Streep, Benedict Cumberbatch, and Cate Blanchett may be able to help.

Oscar-winning New Zealand filmmaker Taika Waititi has lined up some of his Hollywood friends by videolink from their living rooms for a coronavirus lockdown charity reading of Roald Dahl’s classic James and the Giant Peach.

Waititi, director of Jojo Rabbit and Thor: Ragnarok, reads the British author’s 1961 children’s novel while his friends chime in, voicing characters and having fun.

Cynthia Erivo, Beanie Feldstein, Josh Gad, Mindy Kaling, Gordon Ramsay, Eddie Redmayne, Olivia Wilde, Ruth Wilson and Archie Yates are among the cast.

In trailers released on Monday, Chris Hemsworth boasts of his “loveliness” to his sceptical brother, The Hunger Games star Liam, in what is billed as their first performance together.

Streep’s silly voices are among the highlights, earning a laugh from Cumberbatch.

The novel will be read in 10 installments, with the first two available from Monday on the Roald Dahl YouTube channel. Funds raised will go to Partners In Health, a charity for maternal health in Sierra Leone.

Waititi described himself as “an adult child myself,” who has read the book many times to his daughters.

It is about an orphan boy’s adventures in a surreal magical world inside a giant peach, and Waititi says it is the perfect story for our locked down times.

“This wacky, wonderful tale is about resilience in children, triumph over adversity and dealing with a sense of isolation which couldn’t have been more relevant today,” he said. — Reuters

Gaisano-led retailer posts 87% profit drop as insurance claims dip

EARNINGS of Metro Retail Stores Group, Inc. (MRSGI) plummeted 87% in the first quarter due to lower proceeds from insurance claims.

The Gaisano-led retailer reported a net income after tax of P7.98 million during the three-month period, down from P62.93 million in the same period last year.

It said operating income increased by P24.3 million, but non-core income fell by P97.4 million because of “the last tranche of insurance recoveries which tapered to P104.4 million vs. P190.5 million a year ago.”

MRSGI also started implementing a new accounting standard that resulted in a net impact after tax of P20 million.

The company’s lower bottomline came despite a 10% climb in revenues to P8.57 billion, which was lifted by its food retail business that benefited quarantine measures related to the coronavirus disease 2019 (COVID-19) pandemic. Food retail recorded net sales of P8.5 billion, up 9.9% from last year.

Blended same store sales climbed 3% during the period, but the total general merchandise business fell 10.6% due to department store closures.

The implementation of an enhanced community quarantine in mid-March restricted mall operations to stores providing basic needs such as supermarkets and drug stores.

MRSGI’s operating expenses fell 4.6% due to the closure of most mall facilities, which offset the additional overhead costs it recorded from opening new malls during the period.

“As Luzon and Visayas start to ease its quarantine restrictions, MRSGI affirms its commitment to continue serving the interests of its customers, employees, shareholders and the general public and contributing to the economic recovery,” it said in a statement.

“Regular disinfection of all touch points and high traffic areas in the stores before, during, and after operating hours have been rolled out,” it added.

Shares in MRSGI at the stock exchange gained four centavos or 2.52% to close at P1.63 apiece on Tuesday. — Denise A. Valdez

Nomura seeks new growth from private equity, debt and start-ups

NOMURA HOLDINGS, Inc. is looking to beef up its business amid the pandemic. — REUTERS

TOKYO — Nomura Holdings, Inc. said on Tuesday it planned to beef up business with unlisted companies, including offering advice to start-ups, aiming to diversify revenue after quarterly earnings took a battering from the coronavirus pandemic.

Japanese biggest brokerage and investment bank said in a business strategy update it was seeking new growth in private equity, private debt and infrastructure, as well as in offerings of digital bonds and security tokens.

“To achieve sustainable growth, I have to take Nomura to a different dimension. How do we get there? Strengthening our expansion from public to private is the strategy,” Chief Executive Kentaro Okuda told an online investor briefing.

Nomura said current revenue from business with private companies was “not that big” but declined to provide specific figures.

This month Nomura posted a surprise fourth-quarter net loss, its first in five quarters, as the pandemic wreaked havoc on global stock markets.

“It’s unclear if Nomura will be really successful in private markets but fee income from the new businesses could become stable and a key driving force for growth,” said Toshihiro Matsuo, an analyst at S&P Global Ratings in Tokyo.

Nomura’s retail division saw revenue slide 20% in April after staff had to halt face to face meetings with customers due to Japan’s state of emergency to curb the spread of the virus.

But the bank believes the problem is temporary, forecasting 110 billion yen in pretax income for the division for the year ending March 2023, more than double the amount booked for the past business year.

Nomura said a year ago it was aiming for about 140 billion yen in cost cuts by March 2022. About 70% of that plan had been achieved, Okuda said. — Reuters

WFH during the ECQ: Kumu’s Roland Ros

ROLAND ROS

LIVE streaming company Kumu Holdings has been responding to a surge in demand for entertainment and online community spaces since the start of the enhanced community quarantine.

A busy work-from-home (WFH) schedule means work sometimes seeps into personal time. To keep up with the demands of running a start-up, Kumu co-founder and Chief Executive Officer Roland Ros said he created a home-based “commute.” In an online interview on May 7, he also talked about how he helps maintain workplace morale for a team that found itself working at a distance.

The interview has been edited for length and clarity.

WHAT IS YOUR WORK FROM HOME SET UP?
Prior to COVID-19, we were sharing an office with Summit Media in Pioneer, Mandaluyong. I’m in Makati. I’ve had to really mentally say, okay, I’m in my bed — I’m in Makati, my desk is Mandaluyong, and my living room is Ortigas. I’ve turned my condo [into districts so moving through the rooms] is like commuting, just to get out of that headspace of trying to do everything in my bed because that’s not good. I’ve just really been able to create a space for my desk — and really use the table in my kitchen and use the table in my living room to break out. Because of that I can’t really start my day until I do my morning ritual… so that when I walk to my desk it feels like that was my commute. And it helps with my headspace.

When the quarantine first hit, I was just waking up and throwing the laptop on my lap and working from there. But I noticed that there was this kind of unhealthy balance of no boundaries between personal and work life. Having to actually create boundaries in my actual space at home helps to create a routine: commuting to my desk, and then commuting to my kitchen to do lunch, and a lot of my social things happening in my living room.

HOW MUCH HAS YOUR SCHEDULE CHANGED?
Zoom fatigue is real. It’s crazy. I’ve been doing so many meetings on Zoom… I just read an article yesterday about Zoom and Google Meet fatigue where the video — because you’re constantly aware of people looking at you because it’s not in person, we’re utilizing our eyes and our ears and we’re conscious of how we look a lot more. For me, I found that doing this nine to 10 times a day, it can really be tiring.

We realized that in one way we’re a lot more efficient in getting things done and getting meetings done than when we were in an office, but at the same time too, we’ve noticed that it’s been more mentally taxing.

WHAT HAS SURPRISED YOU ABOUT THE SETUP?
I’ve just been really surprised with how efficient we’ve been with our time. One thing was, wow, this many meetings can actually happen on Zoom rather than a three-hour Grab ride to Quezon City and back. That’s really game changing.

HOW DO YOU MAINTAIN PRODUCTIVITY, MORALE, AND HELP ENSURE MENTAL HEALTH AMONG YOUR STAFF?
Because we’re a livestream app, we do these weekly tambay sessions with the whole team, where we’re all hanging out with each other, talking, joking. I have a very strict one-on-one policy with my managers. So what I do is I check in with each of my managers on a one-on-one basis to, one, hear how they can improve the company, and, two, how they can improve their relationship. It’s a weekly check-in to see how they’re doing. It’s something I’ve always done prior to the quarantine — it’s just even more important now.

By leading by example, “look I’m spending all this time with you managers, now I expect you to do the same thing with your teams as well” and so it’s been a really great experience hearing and listening to everyone’s concerns and thinking about how a lot of people at the company feel heard.

Also, yes, there’s Slack and WhatsApp, but we created some boundaries after a certain period. For example, only me and some key co-founders really communicate with each other on the weekends, but with other senior leaders and other key employees, we try to agree on things by Friday so that if anything happens during the weekend I don’t need to contact them. Also, late night. I tend to go on these two to three o’clock in the morning spazz sessions — I try to communicate to my team that other than the co-founders, they don’t have to get back to me. They can get back to me after nine o’clock in the morning. — Jenina P. Ibañez

PAL studies flights from Davao hub

FLAG carrier Philippine Airlines (PAL) on Tuesday said it is studying the possibility of mounting commercial flights to Iloilo, Siargao, and Tagbilaran from its Davao hub ahead of the normal resumption of regular operations.

In a phone message, PAL Spokesperson Cielo C. Villaluna said the airline is planning to mount flights “between Davao and Iloilo, Davao and Siargao, and Davao and Tagbilaran.”

She added that the flights to and from PAL’s Davao hub may happen “soon.”

“It is still being worked on. We have to establish the numbers to define demand, then the necessary action of informing the aviation authorities,” Ms. Villaluna said.

“Davao, only because they are on GCQ (general community quarantine… GCQ to GCQ commercial flights are allowed,” she said about why Davao was chosen.

PAL, Cebu Pacific, Cebgo and Philippines AirAsia announced on May 13 the extension of the suspension of their commercial flights until May 31.

PAL, operated by PAL Holdings, Inc., said all its domestic flights to or from its hubs in Manila, Cebu and Clark would remain canceled up to May 31, 2020.

Affected PAL passengers can convert their tickets to a travel voucher. They may also rebook their tickets for free or request a refund without penalties.

PAL plans to operate a reduced number of weekly flights on most domestic routes and on selected international routes by June 1.

“But this will depend on the COVID-19 (coronavirus disease 2019) conditions: community quarantine restrictions, travel bans imposed by various governments and their impact on passenger demand, and above all on the public health and safety situation in each of the countries that PAL serves,” it said in a statement.

“PAL will continue to operate occasional special flights to repatriate stranded passengers and to transport urgent cargo such as medical equipment and supplies to help sustain critical supply chains across the Philippines and on selected international routes,” it added.

PAL assured the public that all its aircraft have air filtration systems, and all its crew will be in full personal protective equipment to protect passengers on board against viruses. Social-distancing cabin seating options as well as simplified meal or snack service will also be carried out. — Arjay L. Balinbin

Debt payments held under modified lockdown

THE grace period for loan payments to financial institutions is further extended as some areas of the country continue to be under modified enhanced community quarantine (MECQ), the Bangko Sentral ng Pilipinas (BSP) said.

In Memorandum No. M-2020-042 signed by BSP Governor Benjamin E. Diokno on May 18 said the Bayanihan to Heal as One Act states the loan relief is still applicable if there are areas in the country that remain under enhanced community quarantine (ECQ) or MECQ.

“The mandatory grace period shall still apply to all loans extended by all covered financial institutions irrespective of their place of operation,” the memorandum said.

“The application of the mandatory grace period shall cease once the ECQ and MECQ are lifted in the entire country,” it added.

The implementing rules and regulations (IRR) of Republic Act No. 11469 or the Bayanihan to Heal as One Act directs banks and other quasi-banks such as loan associations, credit card issuers and pawnshops to provide a 30-day grace period for clients amid the impact of the coronavirus disease 2019 (COVID-19).

Financial institutions covered by the IRR are also ordered to not impose interest, fees, and charges on future payments and amortizations that have been accrued during the 30-day grace period.

Lenders have begun booking higher loan provisions in the first quarter, factoring in the possible impact of COVID-19 on sectors. This has caused lower profits for some banks in the period.

The extension is a welcome development for struggling businesses with operations that were shuttered because of the lockdown, according to Sergio R. Ortiz-Luis, Jr., president of the Employers Confederation of the Philippines.

“Definitely, anything that gives leeway to the businessmen will help,” he said in a phone call.

Mr. Ortiz-Luis said this would particularly bring relief to small businesses.

“Marami diyan hindi naman na magbubukas eh. Kulang sila ng working capital…Kailangan talaga matulungan sila sa extension (Many of these small businesses will not be able to restart operations because they lack working capital. They really need help in terms of loan payment extension),” he said.

The Philippine Chamber of Commerce and Industry (PCCI) has called for credit lenders to give at least one year extension for loans maturing between Mar. 16 to Dec. 31 given the “deteriorating cash positions” that small businesses face.

Asked to comment on PCCI’s position, Mr. Ortiz-Luiz said: “Definitely may resistance ang bangko doon. But at the end of the day, kung makikita nila na hindi naman kaya ng mga kumpanya, baka naman pumayag (There will definitely be resistance from banks for a year-long extension. But if these banks see that businesses have no ability to pay these loans at this time, maybe they will agree to it).” — L.W.T. Noble

Doing Good: stepping up during a lockdown

Much of the Philippines is still under varying degrees of lockdown though some restrictions have been loosened to allow people to go back to work and get the economy going. It’s a very delicate balancing act — keeping the spread of the virus at controllable levels while opening up the country. Many communities still need help due to quarantines while frontliners are kept busy handling the sick. Here are more stories of people doing good.

PLDT-Smart Foundation

The PLDT-Smart Foundation (PSF) has partnered with the Armed Forces of the Philippines (AFP) to provision the army’s mobile kitchen with more than 1,250 kg of rice and 500 kg of vegetables purchased directly from farmers’ cooperatives including the Batangas Organic and Natural Farming Agriculture Cooperative.

The donation will help the army continue providing hot meals for more than 4,000 families in Metro Manila.

“The AFP has been one of our partners when it comes to conducting [relief] efforts. With our recent donations, we hope that more families will benefit from this mobile kitchen initiative as the country continues to face the lethal impact of the pandemic,” Esther Santos, PSF President, said in a statement.

The foundation also donated reusable masks for soldiers manning the mobile kitchen and served 150 meals to the officers and staff of the National Task Force in Camp Aguinaldo.

Standard Chartered Bank

Standard Chartered Bank through its global COVID-19 fund aid, donated 6,600 protective personal equipment (PPEs) sets to help augment the limited medical supplies in the country. The donation was made in partnership with non-government organization Philippine Business for Social Progress and fundraising platform Bayanihan Musikahan. The sets include reusable coveralls, shoe covers, and face shields, and were distributed to 20 hospitals and treatment centers in the National Capital Region including the Medical Center Muntinlupa (MCM), San Lorenzo Ruiz Women’s Hospital (SLRMC) in Malabon, and Amang Rodriguez Memorial Medical Center (ARMMC) in Marikina.

Uniqlo Philippines

Uniqlo Philippines announced that it will be donating 100,000 masks to hospitals and communities and 20,000 Uniqlo DRY T-shirts to frontliners “to show appreciation for their hard work,” the company said in a statement.

Globe myBusiness

Globe myBusiness rolled out the second phase of its Heroes for Heroes project which has the company partnering with small- and medium-sized food enterprises to provide meals for healthcare frontliners in select hospitals.

The first phase helped 25 hospitals and has brought business back to 11 restaurants and logistics businesses throughout the last week of March until the first weeks of April.

Among the new partner food businesses were Susie’s Cuisine, 121 Grille and Restaurant, Veggiebite, and Oldtown Lechon. They were able to prepare meals for healthcare workers at De La Salle Dasmariñas City Medical Center in Cavite, Las Piñas Doctors Hospital, Loving Mother General Hospital in Pampanga, and Bacolod Adventist Medical Center, among others. The meals were delivered daily to each hospital for five days.

Apart from providing meals, Globe myBusiness partnered with HTP Clothing to supply hospitals with PPEs, while also donating other essentials like surgical face masks, surgical gloves, and disinfectants.

Shake Shack

Burger chain Shake Shack’s Share the Shack program is giving frontliners from 16 beneficiary communities its featured item if customers buy the same from FoodPanda from April 21 to June 13.

First Gen income down as power demand slips

FIRST GEN Corp. posted a 15% decline in net income attributable to equity holders to $65 million in the first quarter, brought down by lower electricity demand during the Luzon-wide lockdown starting in mid-March.

In a regulatory filing, the Lopez-led energy company translated the recurring net income figure to P3.3 billion in the local currency.

First Gen said electricity sales went down by 10% to $481 million or P24.4 billion in the January-March period.

“Though electricity is an essential need, First Gen has not been spared from the difficulties. The lockdown imposed in March has translated to lower electricity demand,” First Gen President and Chief Operating Officer Francis Giles B. Puno said.

The company’s natural gas business, which accounts for 60% of its consolidated revenues, saw its recurring attributable net income fall by 13% to P2 billion, dragged down by lower average natural gas prices with a decrease in plant dispatch.

Energy Development Corp.’s earnings contribution from its geothermal, wind, and solar platform was slightly lower at P1.3 billion. Its revenues, which make up 37% of its parent’s overall revenues, fell to P9 billion from P9.4 billion in last year’s first quarter.

First Gen Hydro Power Corp. brought in P200 million in revenue contribution, lower by 51% from P500 million last year, due to lower prices at the Wholesale Electricity Spot Market (WESM), though, it was offset by higher ancillary service sales.

The hydropower estate’s revenues, which account for 3% of First Gen’s total earnings, decreased by 37% to P700 million in the quarter from P1.1 billion it generated in 2019, attributed to “poor” WESM sales.

First Gen, a subsidiary of First Philippine Holdings Corp., has a renewable energy portfolio of 3,492 megawatts (MW) in installed capacity, accounting for 21% of the Philippines’ gross power generation.

On Tuesday, shares in First Gen inched down 0.66% to close at P18.02 each. — A. J. Ang

EastWest Bank to conduct virtual stockholders’ meeting on June 11

The 2020 Annual Stockholders’ Meeting of EastWest Banking Corp. will be conducted virtually on June 11, 2020 at 8:30 a.m.

 

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China considering further relief as deadline for $211-billion debt nears

IN THE BATTLE to keep millions of China’s smaller businesses afloat, banks are counting on being allowed another round of exceptions for borrowers falling behind on payments.

The regulator and some lenders have discussed extending loan relief beyond a June 30 deadline for corporates hurt by the pandemic, said people familiar with the matter, asking not to be named as the talks are private. The guidance from Beijing is to offer flexibility on principal and interest payments, the people said. Banks would see a surge in bad loans in the second half without such measures, weakening their ability to keep credit flowing, according to bankers and analysts.

China’s $41-trillion banking system is at the forefront of propping up companies hit early this year by the local outbreak of coronavirus and the impact from its global spread. Called on to rescue the economy, lenders led by Industrial & Commercial Bank of China Ltd. (ICBC) more than doubled loans to businesses in the first quarter, while deferring and rolling over 1.5 trillion yuan ($211 billion) in repayments.

With few signs of a swift economic recovery, a June end to the government’s bad-loan holiday would crystallize the damage to bank balance sheets. Their plight is a window into the stresses emerging around the world as the economic cost of the pandemic becomes clearer, and an initial round of emergency lending and payment deferrals falls short.

“This is a global issue,” said Harry Hu, a Hong Kong-based analyst at S&P Global. Many international authorities are calling for flexibility in the recognition of nonperforming loans (NPL), he said. “If all of them are marked as bad loans, banks’ provisions will soar and earnings will slump. Without capital accumulation, how are banks supposed to support the economy?”

Zhang Ming’s is a case in point. A 1 million yuan loan taken at the peak of China’s outbreak in February helped him get his employees back and resume production at his Zhejiang-based company, which makes and exports wooden frames and Christmas ornaments. But as the virus became a pandemic, international clients such as Walmart, Inc. and Costco Wholesale Corp. canceled orders, cutting business by 70%. Mr. Zhang now has another 3 million yuan of debt coming due this month, not covered by the crisis measures.

“I wish the bank could give me another three months, orders may pick up by then,” he said, asking that his company not be identified in a discussion on private financial matters. “If not, many small manufacturers like us will shut for good this year.”

Like Mr. Zhang, business owners around the country are finding that even with the lifting of local lockdowns, customers are slow to return. Chinese consumers aren’t flocking back to restaurants and malls amid concern about incomes, jobs, and the virus itself. Other countries are struggling to strike a balance between containment measures and reopening economies, clouding the picture for exporters.

BUYING TIME
Chinese authorities in March let lenders delay recognizing bad loans from smaller businesses hit by the virus and allowed some borrowers to delay payments after measures to contain COVID-19 brought much of Asia’s largest economy to a standstill.

That allowed the banks to report only a 0.06 percentage point increase in nonperforming loan ratios to 2.04% at the end of March.

The China Banking and Insurance Regulatory Commission, which has made no official announcement on extended loan relief, didn’t immediately respond to request seeking comment. ICBC declined to comment.

S&P estimates that the non-performing asset ratio, a more stringent measure of troubled advances that includes forborne loans, could almost double to 10% from pre-outbreak levels this year. That’s a projected increase of 8 trillion yuan.

Should COVID-19 disruptions extend beyond 2021, the chances of recouping delayed payments will diminish, S&P has warned. Increased loan provisioning could weigh on profits for years to come, forcing the authorities to come to rescue as they did with at least three banks last year.

Banks sit on record amount of nonperforming loans as economy slumps

Even before the virus outbreak smashed the economy, bankers were dubious of the reliability of official bad loan data, a problem that may only get worse this year.

About 83% of respondents in an annual survey by China Orient Asset Management Co., conducted before the virus flared, said official nonperforming loan data understates the actual figures. Almost a quarter said the official numbers were “significantly” lower than reality, pointing to hidden risks stalking banks.

After writing off 5.8 trillion yuan of bad loans between 2017 and 2019, banks will carve out more in the next three years, according to Jason Guo, China banking sector lead partner at Deloitte & Touche LLP.

Such concerns are, for now, swamped by the needs of an economy on track for its worst performance in four decades and the millions who have been rendered jobless. Central bank Governor Yi Gang vowed in a recent interview to use policies such as loan-repayment extensions to support activity.

“There’ll be a lag of three to six months for NPLs to show up on banks’ balance sheets,” said Mr. Guo. “How to deal with them will be on every bank’s priority list in the second half of the year.” — Bloomberg

S&P affirms Meralco’s investment-grade rating

S&P Global Ratings has affirmed its BBB- investment-grade credit rating for Manila Electric Co. (Meralco) with a stable outlook as the listed firm takes on the impact of lower energy sales in 2020 and the delay in resetting its tariff regime.

The credit rating agency said Meralco’s “robust” capital structure can help it weather the impact of the global coronavirus disease 2019 (COVID-19) on its energy sales volume this year.

A BBB- rating means that the company has an adequate capacity to meet financial commitments, but more subject to adverse economic conditions.

S&P’s stable outlook on Meralco represents its expectation that the utility will maintain steady cash flows from its regulated business over the next two years.

“We expect Meralco to appropriately manage its leverage and growth spending over the period, while containing execution risks for the generation assets,” it said.

It expects its revenues to fall by 9% to 10% as both commercial and industrial segments will be “adversely affected” by the quarantine measures imposed in Luzon and “weaker economic environment.”

“That said, we forecast Meralco’s revenue growth to recover in 2021 by about 9%, backed by a pick-up in sales volume after the outbreak and the solid fundamentals of its power distribution business,” S&P added.

The Philippines’ biggest distribution utility posted lower electricity revenues of P67.91 billion in the first quarter of 2020, due to the impact of the Taal Volcano eruption in January and the enhanced community quarantine imposed in mid-March.

Meralco Chairman Manuel V. Pangilinan expects a further decline in revenues in the second quarter.

The rating firm noted that the listed distribution utility’s “sustained” capital expenditure (capex) and “sizable” investments in power generation assets will “likely erode the rating headroom over the next two to three years.”

Its unit, Meralco PowerGen Corp., is constructing a 1,200 megawatt (MW) capacity coal-fired plant led by its subsidiary, Atimonan One Energy, Inc.

Moreover, the company will be spending between P24 billion and P30 billion for its distribution business starting 2021 to bolster its network and to support asset renewals.

Meanwhile, S&P claimed that the persisting delay on the regulatory tariff reset is affecting Meralco’s credit rating.

The utility’s fifth tariff reset, it predicts, will come in as early as 2022, and is expected to decrease “due to over-recoveries in the past and lower return on capital assumptions.”

“The extent of decrease in the tariff rate over the next regulatory period is uncertain and limits earnings visibility,” it added.

There is an ongoing stalemate in Meralco’s tariff setting as the Energy Regulatory Commission has yet to come up with its rules on the computation of the utility’s distribution charges to customers.

S&P could lower its Meralco rating “if the company’s ratio of FFO (funds from operations) to debt declines sustainably below 30% or its financial policy becomes more aggressive.”

The firm sees the company’s FFO-to-debt ratio to remain resilient at 45% in 2020 and 37% in 2021, with an expectation of a 32% drop in 2022 as the company increases its annual spending to between P55 billion and P60 billion over the next two years.

Meanwhile, an upgrade on its rating is unlikely over the next two years.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Adam J. Ang

Stuff to do at home (05/20/20)

CCP Online’s Romeo and Juliet

CCP Online’s sixth week of online programming continues with the following programs: Ballet Philippines’ Romeo and Juliet which premieres on May 21, 3 p.m., with music by Sergei Prokofiev and choreography by National Artist for Dance Alice Reyes; and Tanghalang Pilipino’s Walang Sugat which premieres on May 23, 3 p.m. Written by Severino Reyes, who is regarded as the father of the Tagalog sarsuwela, it follows the story of Tenyong who outwits the people trying to separate him from his beloved Julia. Watch for free at bit.ly/CCPOnlineYT.

Gateway Gallery’s interactive website

In line with the celebration of the International Museum Day and in response to the physical limitations brought by COVID-19, the Gateway Gallery launches its own website https://gatewaygallery.aranetacity.com/. Exhibits featured online include SiningSaysay: Philippine History in Art which retells the story of the Philippines from prehistory to contemporary period in 30 monumental paintings.The gallery will open the Art Heals: Echoes of the Pandemic exhibition on May 22.

PalabasTayo

PalabasTayo presents All That Tea with Anthony, featuring the cast of Ang Huling El Bimbo on May 20, 10 p.m. Co-hosted by Mela Habijan, the show’s guests are Jon Santos, Topper Fabregas, Rafa Siguion-Reyna, Phi Palmos, and Lance Reblando. Tune in at https://www.facebook.com/PalabasTayo/.

Indigo Child


Rody Vera’s Indigo Child, a one-act play about 20-year-old Jerome who takes care of his rebellious and bipolar mother, is now available online at https://learn.pelikulove.com/blackbox. The play is on view until May 31.

Tanghalang Ateneo’s Lysistrata ng Bakwit

Tanghalang Ateneo’s Lysistrata ng Bakwit (2018), an adaptation of Aristophanes’ Greek classic, is available for viewing online at https://www.youtube.com/watch?v=S8HhUJTXE2A&feature=emb_title. Directed by Ricardo Abad, the story is set in a fictional war-torn Philippine province and follows the revolt of women evacuees fighting their own wars concerning territory, familial ties, and tribal disputes.

Ayala Museum online

Ayala Museum offers a week of online activities from May 18 to 23 in celebration of this year’s International Museum Day. The activities are as follows: the screening of the film Millennium of Contact on May 18 (is will be available for 48 hours); the Ayala Museum x Animal Crossing Island exhibition on May 20 to 22; Kids Curate: Make Your Own Exhibition on May 22; and a virtual tour of the exhibit Fernando Zobel: Toward Abstraction on May 23. For more information, visit https://www.facebook.com/ayalamuseum/.

Shelter fund’s photography

The Shelter Fund gives freelance photographers a venue to exhibit their art for sale amidst the challenges posed by the quarantines. Each print is an original signed artwork specially selected by the photographer for the Shelter Fund, and printed on archival, heavyweight paper in A2, A3, A4 and A5 sizes through Shutterspace Studios. Visit the Shelter Fund on Instagram at https://www.instagram.com/shelterfund and on Facebook at https://www.facebook.com/shelterfundph.

National Museum of the Philippines

The National Museum of the Philippines releases a new illustration by Larie Dianco featuring the dugong or “sea cow.” Download the coloring sheet at https://www.facebook.com/nationalmuseumofthephilippines/photos/a.195151237175869/3239298052761157/?type=3&theater.

Jagged Little Pill cast and Alanis Morrissette live

Enjoy performances with the cast of the musical You Live, You Learn: A Night with Alanis Morissette and Jagged Little Pill which will live stream on May 19 (8 p.m. ET). For more information, visit https://bit.ly/JLPLivestream

The National Theatre

Inua Ellams’ Barber Shop Chronicles is currently streaming on the National Theatre’s YouTube channel. Directed by Bijan Sheibani, the show will be available until May 21. To watch, visit (https://www.youtube.com/user/ntdiscovertheatre).

The Royal Opera House online

As part of its #OurHousetoYourHouse, the Royal Opera is now streaming Kenneth MacMillan’s Anastacia at its official Facebook page (https://www.facebook.com/royaloperahouse/). The show stars Natalia Osipova, Edward Watson, and Thiago Soares.

Portrait for a cause

THE Gateway Gallery brings back “ArtHeals Portrait for a Cause” to support Araneta City’s #TogetherWeHeal campaign and help families affected by the COVID-19 crisis. Get a free portrait in digital format upon donating a minimum amount of P1,050 to the #TogetherWeHeal donation drive from May 15 to 22. Gateway Gallery’s artist friends Cee Cadid, Raks Molata, Naning Molata-Gavin, Joem Chua, Ronald Lopez, Dave Temperamente, Joseph Espino, and Adrian Karl Gutierrez will render the donor’s portraits in gratitude for the support. To join: 1.) make a donation through http://bit.ly/AranetaDonationDrive; 2.) send proof of donation and a clear photo reference to gatewaygallery@aranetagroup.com; 3.) then portraits in digital format will be sent through e-mail. The #TogetherWeHeal campaign was launched by Araneta City on March 31 in partnership with J. Amado Araneta Foundation, Binibining Pilipinas Charities Inc., and TicketNet. It aims to help indigent Filipino families who have difficulty accessing basic food needs due to the COVID-19 pandemic. A donation of P350 translates into one food pack that contains two kilos of rice, canned goods, packs of noodles, and vegetable seed packets provided by the Department of Agriculture’s Bureau of Plant Industries. Interested donors may donate to the #TogetherWeHeal campaign until June 15.

Jerrold Tarog’s Senior Year

Written, directed, edited, and scored by Jerrold Tarog, the film Senior Year (2010) is now streaming on Vimeo (https://vimeo.com/404089376). Set in a Catholic school the story follows the struggles and anxieties of students during their final year in high school.

Dulaang UP’s Adarna

Dulaang UP’s play Adarna (2013) is now streaming online. Adapted by Vlad Gonzales and directed by José Estrella, the story is based on the narrative poem about three princes’ quest to save their ailing father by capturing the Adarna bird which is believed to have curative powers. To watch, visit https://www.youtube.com/watch?time_continue=1&v=hV2UPXi1wMA&feature=emb_title.

National Library of the Philippines

The National Library of the Philippines offers free scholarly eResources including research related to COVID-19. The list of resources come from the National Emergency Library, Cochrane Library (Medical & Health Science), De Gruyter — Journals (Multidisciplinary), and more. To view access links to eResources, visit https://www.facebook.com/NLP1901/photos/a.375779479606724/912930019224998/?type=3&theater.

Jenkins at Royal Albert Hall

Welsh mezzo-soprano Katherine Jenkins performed alone at The Royal Albert Hall. The online show is the first in a series of performances of the London Together initiative as a tribute to the COVID-19 frontliners. Watch the concert at The Royal Albert Hall’s YouTube channel at https://www.youtube.com/channel/UCugNt9gmBgZSFEv4lc4B6Zg.

Guggenheim artbooks

The Solomon R. Guggenheim Museum offers downloadable items from its archives for free. Titles include modern and contemporary art books about Vincent Van Gogh, Pablo Picasso, Vassily Kandinsky, Gustav Klimt and more. The archive is searchable by artist, year, medium and artistic style or movement. Visit the archives, https://archive.org/details/guggenheimmuseum.

Silverlens Galleries’ At Home With series

To keep in touch with art lovers, Silverlens presents Art Boost, an online drive to maintain engagement with art through social media, exhibition catalogues, and videos. The current At Home With series features Bernardo Pacquing, Hanna Pettyjohn, and Chati Coronel. Revisit contemporary artist Gary-Ross Pastrana’s notes on collage making; and Mit Jai Inn’s use of light, color, and structure in his Actantis exhibit. Visit Silverlens’ official social media accounts and its website (https://www.silverlensgalleries.com/) to view the exhibitions.

BenCab Museum online

Azor Pazcoguin’s solo exhibition, TAYP. RAYT. ER, which features oil paintings of items such as typewriters, phones, cameras, is now online from the BenCab Museum’s Facebook page at www.facebook.com/pg/bencabmuseum/photos/?tab=album&album_id=3024306460961023&__tn__=-UC-R.

BioBalance Wellness consultation

The BioBalance Wellness Institute offers the following services and features: free online consultation with its clinical nutritionist and nurse practitioners, wellness expert psychologist; online health and immunity risk assessment; and more payment options for availed services and products. For more information, contact 0917-521-4860 or concierge@biobalanceinstitute.com.

IkotMNL tour from home

The Museo de Intramuros, Ayala Museum, and Presidential Museum and Library in Malacañang Palace have partnered with Google to put their works online. Learn new things at home and visit the museums through a virtual tour: https://artsandculture.google.com/partner/malacanang-presidential-museum-and-library; https://artsandculture.google.com/partner/ayala-museum; and https://artsandculture.google.com/partner/intramuros-administration.

CAST recordings on Spotify

CAST PH offers CAST Recording, a collection of one act plays, recorded online and released as radio/audio drama. The first recordings are A Matter of Husbands by Ferenc Molnár, featuring Pinky Amador and Giannina Ocampo-Van Hoven; and Enemies by Neith Boyce and Hutchins Hapgood, featuring David Bianco and Jennifer Blair-Bianco. Listen at https://open.spotify.com/show/5bLSOsJPkZnlaEFDfSSHbl?si=fDsW-kNpT6iP89En-dWbog.

National Bookstore delivery

National Book Store has reopened its branch in Cubao, Quezon City and now offers delivery services for its supplies to selected areas around Metro Manila. For orders from Marikina, San Juan, and Quezon City, contact 0917-631-1374; Mandaluyong, Pasig, Pateros, and Taguig contact 0917-834-3224; Caloocan, Manila, Navotas, and Valenzuela, contact 0917-302-7475; Makati, Muntinlupa, Parañaque, Pasay, and Las Piñas, contact 0917-791-0916. Orders are accepted on weekdays from 9 a.m. to 4 p.m.

Film masterclasses

Learn film concepts through interviews and film retrospectives from more than 60 directors, producers, writers, and actors including Bong Joon-Ho, Abbas Kiarostami, Agnès Varda, Spike Lee, Werner Herzog (with Roger Ebert), Jane Campion, Jodie Foster, Todd Haynes, Ang Lee, Jessica Lange, and Clint Eastwood. To watch, visit https://walkerart.org/magazine/series/dialogues-film-retrospectives.

Fully Booked delivery

FULLY BOOKED is back in business for book orders (https://www.fullybookedonline.com/). In a Facebook post, Fully Book stated: “[O]ur Lazada and Shopee stores will be back online, too. Please do expect some delays and changes in our processes.” For advisories, visit bit.ly/fb-ecq-advisory.

English National Ballet shows online

ENGLISH National Ballet launched ENB at Home, releasing one show weekly for its Wednesday Watch Parties. The first in the lineup is Broken Wings, a Frida Kahlo-inspired production starring lead principal and ENB artistic director Tamara Rojo as Frida. It is available to stream for free for 48 hours. Watch at https://www.youtube.com/user/enballet or https://www.facebook.com/EnglishNationalBallet/.

Radiohead Concerts

BRITISH rock band Radiohead has been uploading some of its concerts via its official YouTube page (https://www.youtube.com/user/radiohead). Fans of the Rock and Roll Hall of Fame band, known for songs like “Creep” (1992) and “Fake Plastic Trees” (1995), can watch the concerts Live from a Tent in Dublin (2000) and Live in Berlin (2006).

David Guetta: United at Home

FRENCH DJ David Guetta, the man behind the song “Titanium” (2011) featuring singer SIA, held a live concert fundraiser inside his Miami home benefitting the World Health Organization and other charities. The two-hour concert is currently available on his YouTube page (https://www.youtube.com/user/davidguettavevo).

Josh Groban concerts

JOSH Groban brings his concerts to your home via online, streaming every Thursday on YouTube (https://www.youtube.com/user/joshgroban). The second concert in the series, Stages: Live (2016), premiered on April 30. The singer has also includes commentary throughout each film. For more information, visit https://www.facebook.com/JoshGroban/.

Worldwide Concert for Our Culture

JAZZ at Lincoln Center’s annual Spring Gala: Worldwide Concert for Our Culture is now available to stream online. The honorees of the event are Clarence Otis and Jacqueline L. Bradley (Ed Bradley Award for Leadership in Jazz) and Phil Schaap (Jazz at Lincoln Center Award for Artistic Excellence). Performers at the gala include: Wynton Marsalis, Cecile McLorin Salvant and Sullivan Fortner, Chucho Valdes, Nduduzo Makhathini, and Baqir Abbas. For more information, visit jazz.org/gala2020. Watch on YouTube: https://youtu.be/IjJbZetCvGw.

Dior’s Designer of Dreams exhibition

DIOR’S exhibition titled Christian Dior: Designer of Dreams is now available to view online. Originally held at Paris’ Musée des Arts Décoratifs from 2017 to 2018, the exhibition traces the evolution of the house of Dior from post-war Paris to the present through a behind-the-scenes in-the-making of the exhibition, plus a virtual tour of its rooms. Visit Dior’s YouTube channel to watch the documentary (https://www.youtube.com/watch?time_continue=1521&v=FLWDWzMrkBE&feature=emb_title).

Frank Lloyd Wright virtual tours

THE Frank Lloyd Wright Building Conservancy, in partnership with the Frank Lloyd Wright Foundation and Unity Temple Restoration Foundation is offering #WrightVirtualVisits every Thursdays (1 p.m. Eastern/10 a.m. Pacific time) in participating sites. Check the participating sites at https://savewright.org/news/public-wright-sites-swap-virtual-visits/.

Color Tolkien characters

THE official Facebook page of the late author J.R.R. Tolkien has uploaded an illustration of Smaug the Magnificent from The Hobbit Movie Trilogy Colouring Book. Download the coloring sheet at https://bit.ly/2wKY3lp.

MoMA free courses online

After offering virtual tours, the Museum of Modern Art (MoMA) is now offering free online courses. The courses include a series of five free classes for contemporary art, fashion, and photography. It includes readings and exercises which can be completed within 12 to 38 hours. For details, visit https://www.coursera.org/moma.

Print & Play activities for kids

Keep kids entertained with new curated Print & Play activities from HP. The activities from craft making, mazes, dot-to-dot drawing and puzzles are suitable for ages 2 to 12. With HP Print & Play, parents can choose from a range of activities that are best suited to their children’s needs to achieve the best possible learning outcomes. To try the activities, visit https://www8.hp.com/ph/en/printers/printandplay/index.html?jumpid=va_u19mhncewr.

Harry Potter exhibit online

The British Library’s Harry Potter: A History of Magic exhibition is available online through Google Arts and Culture. Its features include video clips and sketches, a Q&A with exhibit curator Julian Harrison. To view, visit https://artsandculture.google.com/project/harry-potter-a-history-of-magic.

The Nanny’s Pandemic Table Read

The cast of the ‘90s comedy sitcom The Nanny reunites for The Pandemic Table Read of the show’s pilot episode. It stars Fran Drescher as Fran Fine who finds a job as a nanny to the three children of wealthy widower and theater producer Maxwell Sheffield (played by Charles Shaughnessy). To watch, visit Sony Pictures Entertainment’s YouTube channel at https://www.youtube.com/watch?v=C3a6KuP1X14&feature=youtu.be&fbclid=IwAR1eEwvK0A7lrLMnt2GTXBPoDR7y8_Q5TXMexTLIo9es9Gei4W1Yi-asITM.

Science experiments at home

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

Hogwarts online

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

Color Manolo Blahnik designs

Manolo Blahnik shares a selection of his original sketches for coloring. The shoe designs are downloadable at https://www.manoloblahnik.com/gb/smile.html.

Podcasts on Philippine crime

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

Palacio de Memoria virtual tour

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

E-coloring books

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

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