Philippine National Bank (PNB) saw its net earnings drop in the first quarter as it set aside bigger loan provisions to prepare for the impact of the coronavirus disease 2019 (COVID-19).
In a statement on Tuesday, PNB said its net income fell 29.7% year on year to P1.3 billion in the first quarter from P1.9 billion in the first three months of 2019.
“Mindful of the unprecedented uncertainties surrounding the economic impact of COVID-19, the bank decided to take a proactive approach in its provisioning,” PNB said.
With this, the bank’s loan provisions during the quarter stretched to P3.4 billion, higher by P3 billion compared to the P346 million in the same period last year.
Net profit before taxes and provisions for impairment improved by 77% year on year.
Total revenues of the bank grew 33% to P12.4 billion, supported by an increase in its net interest income and non-interest income mainly from securities trading.
PNB’s net interest income climbed by 25% to P8.8 billion buoyed by improved earnings from loans to corporate, commercial and small and medium enterprises, and other interest-earning assets.
Meanwhile, non-interest income surged by 58%, bolstered by strong trading income.
The bank’s operating expenses, excluding provisions for impairment, jumped by 13% on the back of stronger revenue streams that resulted in higher business taxes and other business-related expenses.
Loan receivables went up by 10% to P651 billion as of end-March 2020. Meanwhile, deposit liabilities increased by six percent to P791 billion.
The lender’s assets as of end-March grew by six percent to P1.1 trillion supported by its core lending and deposit-taking activities.
Meanwhile, PNB’s total equity increased by P19 billion to P152 billion, partly attributable to its stock rights offering in July 2019. Common equity Tier 1 ratio was at 13.8% while capital adequacy ratio stood at 14.72%, both beyond the regulatory minimum.
The Tan-led bank’s shares ended at P22.25 apiece on Tuesday, down by 2.63% or 60 centavos from its previous close. — L.W.T. Noble
THE Philippine unit of Singapore-based Keppel Corp. Ltd. reported a 3.1% decrease in its first-quarter attributable income to P6.01 million, while its after-tax income slightly grew with the increase in equity share of its investment in a property leasing firm in Zambales.
In a disclosure sent to the stock exchange Tuesday, Keppel Philippines Holdings, Inc. (KPH) said its net income expanded by 1.3% to P8.27 million from P8.16 million it recorded in the same quarter in 2019.
This was driven by the 37% increase to P2.8 million in equity net earnings of its associate, Consort Land, Inc. (CLI), as its net income also increased in the quarter.
KPH has a 13% indirect ownership in CLI, a property leasing and power distribution company owned by one of its subsidiaries, Goodsoil Marine Realty, Inc., which operates in Subic, Zambales.
In the quarter, the business earned P11 million in net income, compared with P8 million a year ago, attributable to the 38% increase in its power distribution sales.
Meanwhile, KPH’s rental revenue in the January-March period fell by 6.3% to P9.02 million due to lower lease rental on its properties in Batangas City.
The real estate company owns investment properties with an aggregate fair value of P1.1 billion, according to an independent appraiser cited by the company.
These land properties are owned by Goodwealth Realty Development Corp., one of the company’s subsidiaries.
The listed holding firm’s interest income also decreased by 22.6% to P3.59 million, dragged down by lower short-term loan balance of P262 million and drop in interest rates between 4.7% to 4.9% as against the 5.9% to 6.5% per annum rates in the same period from last year.
The company reduced its operating expenses in the quarter by 12.6% to P6.67 million, mainly caused by lower provision for impairment losses on creditable withholding tax, professional fees and outside services, repairs and maintenance, office supplies, membership dues and subscriptions, and utilities.
KPH said it was not affected by the impact of the global coronavirus disease 2019 (COVID-19) pandemic, while it enforced a work-for-home scheme for its employees during the enhanced community quarantine (ECQ).
“Notwithstanding the ECQ and the current COVID-19 situation in the Philippines, there are no known trends, commitments, events or uncertainties that will have a material impact on the Group’s liquidity for the remaining periods of the year,” it said.
In a separate disclosure, KPH saw its net income in 2019 rose by 87.5% to P26.6 million as its interest and rental earnings also grew.
Its rental income last year increased by 25.6% to P28.5 million, while its interest income went up 50% to P18.27 million.
On Tuesday, shares in KPH inched up 0.39% to close at P5.14 each. — Adam J. Ang
Cakes, bread, sandwiches, platters of savories are just some of the things that can now be ordered through the online shopping site of the Diamond Hotel Philippines. Like other hotels under ECQ, the Roxas Blvd. landmark is no longer accepting guests and its restaurants are closed. Adapting to the times, it has reopened its kitchens for take out.
Among the items available are its popular Diamond ensaymada (ube or plain), it’s Supermoist chocolate cake, baked cheesecake, French macarons, chocolate cream puffs, and banana loaf.
There are also savory items including sandwiches, platters-to-go, Chinese-style dishes, and pastas.
Orders must be placed at least two days before the scheduled pick-up, with a minimum order of P300. Payments may be made via credit card, PayPal, and online bank transfers. Orders must be picked up at the Main Entrance of Diamond Hotel Philippines, Roxas Boulevard, cor. Dr. J. Quintos St., Manila daily from 9 a.m. to 5 p.m. Other terms and conditions may apply.
To order visit onlineshopping.diamondhotel.com, or send an e-mail to restaurant_rsvn@diamondhotel.com or call (63)926-156-9866 for assistance from 9 a.m. to 5 p.m. daily.
Fitch Ratings downgraded its rating outlook for state-run bank Land Bank of the Philippines (LANDBANK) to “stable” from “positive” on Tuesday, less than a week after a similar move was made for the country’s sovereign grade.
In a note on Tuesday, the credit rater said it revised its outlook on LANDBANK’s long-term issuer default ratings (IDR) to “stable” from “positive,” while affirming the ratings at “BBB.”
Fitch also downgraded the bank’s viability rating (VR) to “bb” from “bb+” previously in anticipation of “risks building on the bank’s standalone credit profile as a result of the pandemic.”
This came after the debt watcher lowered its outlook on the Philippines’ rating to “stable” from “positive” on May 7 as it kept the country’s sovereign grade at “BBB.”
“The Philippine economy is experiencing a severe shock relative to the high growth rates of recent years. An ongoing 60-day lockdown of large swathes of Luzon — comprising 57% of the population and 73% of GDP (gross domestic product) — has suppressed consumer demand, the primary driver of the economy, and is resulting in significant financial strains for individual and corporate borrowers,” Fitch said. The debt watcher sees the country’s GDP declining by one percent this year.
In revising its outlook for LANDBANK, the credit rater said it considered the state-run bank’s “distinctive policy function,” full state ownership, significance as the fourth-largest bank in the country and the state’s ability to extend support.
“LANDBANK’s IDRs are equalized with those of the sovereign, reflecting our view of a high probability of extraordinary state support for the bank, if required. This also drives the bank’s Support Rating of ‘2’ and Support Rating Floor (SRF) of ‘BBB’,” Fitch said.
It said due to LANDBANK’s strong links with the government, its long-term IDR is sensitive to changes in state’s ability to support the bank and an “upward revision of the sovereign rating would be positive for the ratings” of the bank.
However, a downgrade in the country’s credit rating would likely lead to a similar downgrade of the bank’s IDRs, it said.
Meanwhile, Fitch said it lowered LANDBANK’s VR as it considered the bank’s strong connections with the government, which helped push its well-established domestic franchise and healthy funding profile.
“This is offset by the risks posed by such state links on its risk appetite and asset quality,” it said.
In case of a prolonged disruption due to the pandemic, the credit rater said it will lower LANDBANK’s VR to “bb-.”
It said it will also consider if the bank’s non-performing loan ratio will increase and remain above four percent for a longer period or if its “operating profit/risk weighted assets ratio trends under 1.5% on a sustained basis.”
“Excessive credit growth, perhaps stemming from a greater non-risk-based policy lending, leading to further pressure on earnings and asset quality, may also pressure its VR,” it added.
Fitch expects the lender’s “acceptable, albeit lower than average” capital buffers, coupled with a weakening operating environment, to weaken its profitability and asset quality over the near or medium-term.
EXPOSURES
The debt watcher also lowered the bank’s asset quality midpoint score to “bb” from “bb+” with a negative outlook due to weakening operating conditions and uncertainties about the duration of the pandemic and its impact on loan quality.
It noted the bank has high exposures to sectors seen to be among the hardest hit by the virus crisis due to its policy-oriented portfolio, high loan concentration in large borrowers and relatively huge exposure to small and medium enterprises.
“We expect the bank to undertake a greater policy role to support the Philippines’ economic recovery, which may weaken its asset quality,” it said.
As a partner of the government in some of its social protection programs, Fitch said it expects LANDBANK to have a larger role in supporting the country’s economic recovery,” at the expense of “weakening its asset quality.”
“Against this backdrop, we have revised the outlook on the bank’s risk appetite to negative — to reflect the heightened risk of government influence on its underwriting standards and risk controls. This is notwithstanding our view that its overall risk frameworks remain broadly acceptable,” it added.
The credit rater likewise assigned a negative outlook to LANDBANK’s income and profitability score “to reflect significant downside risks stemming from margin compression amid the lower-interest-rate environment and higher provisioning costs.”
It said the bank’s profitability has been “broadly comparable” to other banks despite having less diversified source of income and a “more concentrated loan portfolio.”
However, it said LANDBANK’s capitalization will serve as a “moderate buffer” from domestic headwinds.
“Notwithstanding this, we have lowered the bank’s capitalization and leverage mid-point to ‘bb’ as its current ratio is no longer commensurate with a ‘bbb-‘ score as per Fitch’s criteria — given the revised operating environment mid-point into the ‘bb’ category. Its common equity Tier 1 (CET1) ratio of 13.2% as at March 2020 was broadly comparable with its peers’ average,” it said.
Meanwhile, the bank’s strength in terms of funding and liquidity will likely “remain broadly stable in the near term,” according to Fitch, noting that deposits made up a huge part of LANDBANK’s funding, the majority of which was deposits from state agencies.
With an environmental, social and governance score of four for governance structure, Fitch noted a “moderate risk of government influence” that might affect its own credit profile, despite being a state-owned bank with a government-appointed board. — BML
THE Congress may consider granting an automatic extension of franchises with pending renewal applications to close the gap in the law that led to the shutdown of ABS-CBN Corp., a senator said on Tuesday.
“Kailangan ilagay sa isang batas na kapag ang prangkisa mo ay mag-e-expire at ito ay naihain sa Kongreso at pinag aaralan (There should be a law that when your franchise is about to expire, and its renewal has been filed and is being studied), we can automatically extend it for a certain period,” Senator Grace S. Poe-Llamanzares said in a virtual briefing.
“Definitely this is something the franchise committee in the House as well as the public services committee can look at,” she said.
She said lawmakers may discuss whether to provide one to two years of automatic extension or not. At present, companies with pending franchise applications need to secure a provisional authority from the National Telecommunications Commission (NTC).
The NTC had issued a cease-and-desist order against ABS-CBN on May 5, a day after its franchise expired, forcing it to sign off. The order came even as the NTC told both houses of Congress that it would grant the network a provisional authority.
Meanwhile, the Senate bill granting a provisional franchise to allow ABS-CBN’s operation until June 2022 still has to get approval from the House before it can hurdle the Senate.
Thirteen Senators on Monday filed Senate Bill No. 1521 in line with its bid to authorize the network’s operation while Congress tackles its franchise renewal.
“It has to emanate from the House, there’s no other way,” Ms. Poe-Llamanzares said.
The bill extending the franchise of ABS-CBN and unit ABS-CBN Convergence, Inc. for another 25 years is still pending at the committee level in the House of Representatives. Speaker Alan Peter S. Cayetano last week reiterated his assurance that the House will tackle the franchise. — Charmaine A. Tadalan
The rock band Razorback, together with Kevin Roy and Basti Artadi, will have a special online performance on May 15, 8:30 tp 10:30 p.m., for the benefit of Rise Against Hunger Philippines. The concert — presented by Jam88.3, Red Horse Beer, PouchNation, and clique — will be streamed via Facebook Live @razorbackmusic and Google Play’s myclique.app.
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.
Dulaan 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.
CCP Online
Catch the following shows on CCP Online this week: Ballet Philippines’ Tales of the Manuvu premieres on May 14, (3 p.m.). Choreographed by National Artist for Dance Alice Reyes in 1976, this dance production tells the creation story of the Manobo tribe in Mindanao. Philippine Ballet Theater’s Mir-I-Nisa premieres on May 16 (3 p.m.). Based on the story by National Artist for Literature Jose Garcia Villa, revolves around a Muslim princess who follows the Muslim betrothal custom. Watch the ballets for free at bit.ly/CCPOnlineYT.
PETA’s Rated: PG
Awit ng mga Nanay: “Huwag Kang Matakot”
Liza Magtoto’s Rated: PG, a play on positive discipline which was directed by Mae Quesada-Medina, is now available for streaming on PETA’s YouTube channel (www.youtube.com/petatheateronline).
Andrew Llyod Webber’s Cats
Andrew Llyod Webber’s Cats will be streamed for free online on his YouTube page The Show Must Go On, from May 15 (7 p.m. BST). It will be available for 48 hours. The stage production stars Elaine Paige, John Partridge, Jacob Brent, Jason Gardiner and Sir John Mills. To watch, visit https://www.youtube.com/channel/UCdmPjhKMaXNNeCr1FjuMvag.
The National Theatre
The National Theatre is streaming Shakespeare’s Antony & Cleopatra, directed by Simon Godwin, and starring Ralph Fiennes as Antony and Sophie Okonedo as Cleopatra. It is available for viewing until May 14. To watch, visit (https://www.youtube.com/user/ntdiscovertheatre).
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.
The Royal Opera House online
As part of its #OurHousetoYourHouse, the Royal Opera is now streaming Giuseppe Verdi’s La Traviata at its official Facebook page at (https://www.facebook.com/royaloperahouse/). The show stars Renée Fleming as Violetta and Joseph Calleja as Alfredo.
PBT’s Darangen ni Bantugen
Philippine Ballet Theater’s 2016 production of Darangen ni Bantugen is currently streaming on its YouTube channel (https://www.youtube.com/channel/UCn-3UHbvnSrbZY8fXPViw4A). Depicting the story of the Maranao hero Bantugen, the show is choreographed by Gener Caringal and Ronilo Jaynario, with music by Jesse Lucas. It is available until May 15.
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/.
The Royal Opera House shows online
THE Royal Opera House in London launched its #OurHouseToYourHouse series where shows can be streamed through its official Facebook page https://www.facebook.com/royaloperahouse/. Watch Arthur Pita’s dance-theater adaptation of Franz Kafka’s Metamorphosis at https://www.facebook.com/royaloperahouse/videos/217068512883588.
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 included 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/.
Expanding the capital stock of the Philippine Veterans Bank (PVB) will allow it to service veterans beyond World War II and their immediate heirs, PVB Chairman and Chief Executive Officer Roberto F. De Ocampo said.
Mr. De Ocampo said this during the virtual hearing of the House committee on banks and financial intermediaries on Tuesday to discuss House Bill (HB) 6375 which proposes amendments to the PVB charter.
“The intent really is to align the Veterans Bank capital stock with the rules and regulations of the BSP (Bangko Sentral ng Pilipinas) with respect to how much capital stock a commercial bank ought to have. Right now, the old law only says P5 million, the BSP requires P10 million and therefore this draft bill thus provide an alignment with BSP rules and regulations,” he said.
“This opens the door for veterans beyond World War II and their immediate heirs to other veterans who have served in other wars and for those retired military personnel. With the expansion of equity stock of the Veterans’ Bank, it would not only comply with the BSP, it would have the resources necessary in order to service an even wider universe of the heroes of our country,” Mr. De Ocampo added.
Section 6 of HB 6375 says the term “veteran” includes any person who served during World War II and “whose services with such units are duly recognized by the Republic of the Philippines.”
He said the proposed amendment would not “diminish the priority” given to the original veterans of World War II.
“We are not diminishing the priority that was originally given to the founders of this bank who were the original veterans of World War II and making sure that their existing shares are recognized as part of this capital whether those be common stock or preferred shares. And I think these features are probably the most crucial part of this proposed draft,” he said.
HB 6375 is principally authored by Tingog Sinirangan Partylist Rep. Yedda Marie K. Romualdez, House Majority Leader and Leyte Rep. Ferdinand Martin G. Romualdez, and Trade Union Congress of the Philippines Partylist Rep. Raymond Democrito C. Mendoza.
The House committee on banks and financial intermediaries committee decided to meet again on an unannounced date to discuss the bill. — Charmaine A. Tadalan
AUTHORS of the pending bills for the renewal of the franchise of ABS-CBN Corp. urged House Speaker Alan Peter S. Cayetano to facilitate the “immediate convening” of the House committee on legislative franchises.
“While we also take strong exceptions to NTC’s (National Telecommunications Commission) trickery and the Office of the Solicitor General’s interventionist action, we firmly believe that the House now has the primary duty and responsibility to put an end to the uncertainties and confusion brought by the pendency of the application of renewal of the ABC-CBN’s franchise,” part of the letter dated May 12 read.
Only one hearing on the media network’s franchise has been held so far on March 10, when NTC Commissioner Gamaliel A. Cordoba assured House lawmakers that his office would provide a provisional authority to ABS-CBN to continue its operations.
ABS-CBN went off-air on May 5 after NTC issued a cease-and-desist order to the media network.
“The Committee and the House are now being blamed for the shutdown of the network and for being off the air since then, as well as the displacement of thousands of its employees and workers. That the citizenry also lost one of their main sources of credible and efficient news and information in this time of crisis brought by the covid-19 pandemic was also largely blamed on our chamber,” the letter said.
The following legislators signed the petition: Deputy Speaker Vilma Santos-Recto, Deputy Speaker Johnny T. Pimentel, Deputy Speaker Rose Marie J. Arenas, Deputy Minority Leader Carlos T. Zarate, Laguna Rep. Marisol Aragones Sampelo, Gabriela Party-List Rep. Arlene D. Brosas, ACT-Teachers Party-List Rep. France L. Castro, Bayan Muna Rep. Eufemia C. Cullamat, Kabataan Party-List Rep. Sarah Jane I. Elago, Bayan Muna Rep. Ferdinand R. Gaite, Cagayan de Oro Rep. Rufus B. Rodriguez, Occidental Mindoro Josephine Y. Ramirez-Sato, Parañaque Rep. Joy Myra S. Tambunting and Nueva Ecija Rep. Micaela S. Violago.
Meanwhile, three House leaders filed on Monday a resolution calling for an investigation on the alleged violations of ABS-CBN of its legislative franchises.
House Resolution (HR) 853 states that ABS-CBN violated its legislative franchise because it is operating a pay-per-view channel through free-to-air signals.
“By charging the public with its pay-per-view Kapamilya Box Office (KBO) channel through ABS-CBN TV Plus, it has been gaining huge profits at the expense of the public while using the air frequencies provided by the government for free,” it said.
Because of the issuance of ABS-CBN’s Philippine Depository Receipts (PDRs) to non-Filipino citizens through ABS-CBN Holdings, the media network allegedly violated foreign ownership restriction of mass media in Section 11, Article XVI of the Constitution, the resolution said.
HR 853 was filed by Deputy Speaker Paolo Z. Duterte, House accounts committee chair Abraham N. Tolentino, and House appropriations committee chair Eric G. Yap.
Mr. Rodriguez filed House Joint Resolution 30 that seeks to grant a provisional franchise to ABS-CBN to be able to operate until June 30, 2022.
Since ABS-CBN’s previous franchise expired on May 4, Mr. Rodriguez also filed House Bill No. 6694 to grant the media giant a new franchise for 25 years.
Meanwhile, House of Representatives Minority Leader Bienvenido M. Abante, Jr. filed House Bill 6701 seeking the abolition of the NTC for its alleged “defiance” to Congress over the franchise of ABS-CBN.
There are 11 pending House bills on ABS-CBN’s franchise renewal, but none have hurdled the committee level. — Genshen L. Espedido
THE MAIN INDEX closed in red territory yesterday as investor sentiment turned sour on the extension of the lockdown in Metro Manila, Laguna and Cebu City until the end of the month.
The 30-member Philippine Stock Exchange index (PSEi) shed 16.26 points or 0.28% to 5,651.67 on Tuesday. The broader all shares index also dropped 11 points or 0.32% to 3,415.24.
“Sellers led the market after the government’s announcement on community quarantine in the Philippines,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a text message.
The government announced yesterday that quarantine measures in the National Capital Region (NCR), Laguna and Cebu City will stay until the end of the month, while the rest of the country will be put under a general community quarantine (GCQ) or no quarantine at all.
But unlike previous quarantine measures, the government now introduced a “modified enhanced community quarantine (ECQ)” which allows operations of selected manufacturing and processing plants but only up to 50% workforce capacity. Transporting services for essential goods and services will also be allowed.
This quarantine type is still stricter than a GCQ, which would allow operation of government offices and industries for up to 75% workforce capacity and flexible learning arrangements for students.
“Given that the NCR will be placed under modified enhanced community quarantine, economic recovery would take a longer period of time compared to placing it under GCQ,” Ms. Alviar said. “But still, I think it seems to be the best option for the NCR right now, slowly reopening the economy.”
For Regina Capital Development Corp. Head of Sales Luis A. Limlingan, other factors that affected the local market yesterday were the mixed performance of global equities overnight, pending resumption of construction and recreational businesses in New York, expected reopening of shops and schools in United Kingdom next month and steady price of West Texas intermediate oil at $24.5 per barrel.
Most sectoral indices at the PSE managed to end trading in green territory. Financials picked up 13.10 points or 1.12% to 1,173.16; holding firms added 26.46 points or 0.47% to 5,605.41; industrials gained 33.46 points or 0.44% to 7,539.02; mining and oil grew 19.44 points or 0.42% to 4,607.96; and services increased 4.69 points or 0.35% to 1,321.07. Property was the only index that lost, giving up 98.05 points or 3.33% to close the trading session at 2,839.70.
Some 454.17 million issues valued at P5.37 billion switched hands yesterday, slightly lower from Monday’s 480.05 million issues worth P4.54 billion.
Advancers beat decliners by a point, 87 against 86, while 45 names ended unchanged.
Foreign investors were sellers for the fifth straight day, with net outflows totalling P968.61 million.
THE PESO depreciated slightly against the greenback on Tuesday as investors await clarity on the lifting of lockdown measures and amid risk-off sentiment following new coronavirus disease 2019 (COVID-19) cases in some countries.
The local unit finished trading at P50.31 per dollar on Tuesday, depreciating by a centavo from the P50.30 close on Monday, according to data from the Bankers Association of the Philippines.
The peso opened the session at P50.38 per dollar. Its weakest showing for the day was at P50.40 while its strongest was at P50.27 against the greenback.
Dollars traded went down to $391.85 million from the $474.21 million logged on Monday.
A trader said there was cautiousness in the market as investors await clearer guidelines on the lifting of lockdown measures across the country.
“The peso weakened slightly as investors might remain cautious ahead of the expected government’s decision on quarantine policies,” the trader said in an e-mail.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort also attributed the slight weakness in the local unit to the government’s decision to extend the quarantine in major cities.
“The peso closed slightly weaker but still among its strongest in more than two years, after Metro Manila was placed at modified ECQ (enhanced community quarantine) together with Cebu and Laguna,” Mr. Ricafort said via text. “Peso was also slightly weaker amid some profit-taking in some stock markets worldwide amid new COVID-19 cases infections in South Korea.”
For today, the trader gave a forecast range of P50.40 to P50.50 while Mr. Ricafort expects the local unit to trade within the P50.20 to P50.45 band. — LWTN
