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Pryce’s first quarter profit up 9.4%

PRYCE CORP. on Tuesday said it saw its net income rose by 9.4% to P396.36 million in the first quarter, driven by the increase in sales of its liquefied petroleum gas (LPG) products.

In a disclosure sent to the stock exchange, the listed firm noted that its consolidated revenues went up 24.2% to P3.18 billion in the January–March period, compared to P2.56 billion recorded in the same period in 2019.

Revenue growth came on the back of strong LPG sales which went up 15.1% to 58,745 metric tons (MT) from 51,047 MT it previously posted.

The company primarily sells LPG cylinders and accessories and generator sets which accounted for 95.3% of its total revenues.

The higher quarter-on-quarter average price in the international benchmark LPG contract price of $527 per MT, which is reflected in the price of local LPG, also contributed to its revenue growth.

As of April 2, local oil companies slashed LPG prices by P9.60 to P10.70 per kilogram (kg) or about P106-P118 per 11-kg cylinder. In Metro Manila, prices of household LPG ranged from P493.00–P689.00 per 11-kg cylinder.

Pryce said its first quarter performance was slightly impacted by the enhanced community quarantine (ECQ) imposed to contain the spread of the coronavirus disease 2019 (COVID-19) pandemic since March.

Should the global health crisis persist throughout the year, the company said, its sales volume could drop between 5% to 10% compared with the previous year.

“The government’s Enhanced Community Quarantine (ECQ) only slightly affected the Company’s first quarter performance since the ECQ was implemented near the end of the quarter (3rd week of March 2020),” it said in a statement.

“However, the Company expects the succeeding quarters to be adversely affected by the coronavirus pandemic. A fall of anywhere between 5% to 10% in sales volume (compared to 2019 levels) could result if the pandemic continues throughout the year. It is our hope that this disrupting phenomenon will be resolved soon,” it added.

The listed company primarily imports and distributes LPG under its major unit Pryce Gas, Inc., aside from producing industrial gases, owning real estate developments, as well as selling generic drugs through Pryce Pharmaceuticals, Inc.

On Tuesday, shares in Pryce inched up 0.24% to close at P4.21 each. — Adam J. Ang

TV viewing up 27% under ECQ

Being under quarantine has led Filipinos to watch more TV as global measurement and analytics company Nielsen Media reported that television viewing has increased 27% since the quarantine started.

“Forced confinement coupled with concerns on the rapid increase in the number of cases in the country were key factors to why Filipinos tuned in more to media sources such as television and online media,” Ernestine Amper, executive director of Nielsen Media in the Philippines, said in a release.

“In these times of uncertainty, Filipinos want to get as much information as they can about COVID-19 and its impact [on] their lives, work, and community that is why it is not surprising that their need for COVID-19 information extends from on-screen to online,” she added.

In a recent State of the Media in the Philippines report, Nielsen noted that television has seen an increase of 3.8 million viewers in any given minute of the day compared to pre-COVID-19 pandemic numbers.

Nielsen’s report considered the period of January to March 7 as the pre-COVID-19 pandemic period and March 8 to April 15 as the COVID-19 period.

While the viewing trend remains largely the same in that a day has two prime times — one at noon and another at night — it has shifted a bit with morning shows garnering a viewing bump of 60% because more people are staying at home.

Viewing has also changed in terms of demographics as those at the top of the socio-economic ladder (A and B) are adding an hour of screen time from their usual six-hour TV screen time. Those in classes C to E have also seen an uptick in screentime hours, though at a more modest 30 minutes, on average.

Professionals who are working from home are spending an hour more watching TV (from 4.1 hours to 5.2 hours a day on average) while manual workforce including laborers and farmers have posted minimal increases: farmers and farm managers increased their TV viewing from 4.3 hours to 4.5 hours a day while laborers increased theirs from 4.3 to 4.8 hours a day.

It should be noted that television is not the only screen getting a surge of viewers as streaming service Netflix announced last week that they added 15.77 million new paid global subscribers, more than double what they predicted for the year as much of the world has employed similar lockdowns and quarantine procedures.

But what are they watching? Nielsen’s study reported that people largely want to learn about developments regarding the pandemic and that has led to networks ramping up their news content. There’s also a greater focus on “thoughtful programming” as “major networks re-aired hit drama series on primetime that presented a common theme of ‘hope’ and a strong sense of ‘community,’” said Ms. Amper.

Networks are also re-airing educational programs for students dealing with cancelled classes.

“Based on the ratings performance of these shows, it seems that broadcasters are well attuned to the type of content the Filipino audience needs at these trying times,” she explained.

AD-SPENDING IN THE TIME OF COVID-19
The pandemic has led to a softening of TV and radio ad spending as year on year the first quarter spending declined by 5% for TV and 22% for radio. Despite the decline, TV still gets the lion’s share of advertisements at 74% in the first quarter of the year.

Pharmaceutical companies are said to be “maximizing the heightened media consumption” by spending more on TV ads during the COVID-19 period, according to the Nielsen report, while some advertisers are said to have boosted radio ad spending as they lessened their TV advertising budgets.

Ads from on-site businesses such as cinemas, hotels, restaurants, and department stores declined during the COVID-19 period while food products like seasonings and canned goods increased their ad investment alongside cough and cold remedies, sanitation products, and vitamins which increased their spending in the first quarter of the year.

“This pandemic is pushing the industry against the wall — it’s forcing us to abruptly shift our focus, [adopt] a different mindset, and experiment with new things. It is by experiencing all these that we are able to carry on and come out stronger post-pandemic,” said Ms. Amper. — ZBC

MBC urges companies to review post-lockdown plans

COMPANIES must prioritize projects and review short-term plans as the business community prepares for the lifting or modification of the lockdown, the head of the Makati Business Club (MBC) said.

In an ANC interview on Tuesday, MBC President Edgar O. Chua said companies have been using the extended lockdown to plan for how they will be starting their operations.

“In terms of prioritizing the projects of the company, cash now really becomes king. It’s very, very important. And companies need to review their short-term and medium-term plans — like do you pause in terms of your expansion plans? For some this presents opportunities for expansion,” he said.

The enhanced community quarantine is extended in areas, including Metro Manila, until May 15.

“Demand, for most, except for some areas, will actually be very low… there will be a slowdown in that so people need to start thinking of how do you manage in such a situation,” Mr. Chua said.

He said companies must be prudent in prioritizing projects, work with the government to ensure that the supply chain runs smoothly, and plan for several scenarios.

“When things do not develop as you have anticipated, you have already thought of other possibilities and you can react quickly.”

He said the country must be careful in how it lifts the lockdown so that public health gains made during the quarantine will not be lost.

Mr. Chua said companies have been preparing for the lifting of the lockdown, but noted that they may still face challenges in terms of the limitations in public transportation, the main mode of transport for workers in many industries.

“The more difficult aspect which government may have been wanting to better prepare are the healthcare infrastructure system and this included quarantine, and this included testing, and hospital beds. I think we need to be moving towards — by the time we open up — we should have better facilities for quarantine, for hospitals, and also for testing,” he said. — Jenina P. Ibañez

Gov’t makes full award of T-bond offer on low rates, strong demand

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday on the back of low rates and strong demand, as investors flocked to safe-haven assets.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the two-year T-bonds that have a remaining life of one year and eight months.

The tenor attracted bids worth P109.546 billion, making the offer more than three times oversubscribed.

Strong demand prompted the BTr to open its tap facility to raise another P15 billion.

The two-year notes fetched an average rate of 3.052%, with the highest rate at 3.08%, both lower than the 3.232% quoted for the bonds at the secondary market.

National Treasurer Rosalia V. de Leon said they made a full award to take advantage of low rates and strong bids.

“Auctions have been on full awards and are able to mobilize more from tap because of low rates and oversubscription,” Ms. De Leon told reporters via Viber.

A bond trader said investors are opting to cash in on the shorter end of the curve as there is “too much liquidity but people have no appetite for more risks” due to concerns on the economic fallout from the coronavirus pandemic.

“Bonds, in general are attractive because it is the safest asset. And right now, we can see that there is appetite…in the longer tenors. But just goes to show in this auction there’s too much money looking for safety,” the trader said via Viber.

The Bangko Sentral ng Pilipinas (BSP) has been firing off stimulus measures to cushion the blow of the pandemic on the economy, with BSP Governor Benjamin E. Diokno saying earlier this week that further monetary easing is “still in the agenda.”

The central bank has slashed policy rates by 125 basis points (bps) this year, the latest being the 50-bp off-cycle cut on April 16.

Following this, rates for the overnight deposit and lending facility have also been trimmed to 3.25% and 2.25%, respectively.

These rates are the lowest on record and also since the BSP shifted to an interest rate corridor in 2016.

It has also injected fresh liquidity to the market after it trimmed universal and commercial banks’ reserve requirement ratio by 200 bps to 12%. — B.M. Laforga

WFH during the ECQ: DLSU Prof. Nina Tesoro-Poblador

So what is it like to work from home (WFH) when home, for the duration, is paradise?

For Nina Tesoro-Poblador, it involves a work space with a beach view and a spot of sunbathing and swimming in between meetings.

Ms. Tesoro-Poblador — an Assistant Professor at the Marketing & Advertising Department of De La Salle University-Taft’s Ramon V. Del Rosario College of Business — normally splits her time between her apartment in Malate, Manila during the week, and San Pablo, Laguna where her mother, couturier Patis Tesoro, lives. Just before the enhanced community quarantine (ECQ) was announced, she had been out of town running a creative mentorship program for weavers in Museo Kordilyera in Baguio with her mother, before going on to Sagada to attend the 40th year commemoration of Santi Bose’s mural, the mentor of her late cousin Carlos Celdran.

“When news of the impending ECQ broke, I decided to inch my way towards San Pablo, Laguna where my family resides,” Ms. Tesoro-Poblador told BusinessWorld. “Honestly, I could not see myself joining the mad rush to go home. As a commuter, I advocate for sustainable transport so I know the stress of trying to get from one point to another in this country. As the lockdown date neared, I decided to stop by La Union before heading to Manila. When I arrived, I then realized I would not make it to Laguna as I would have to ride two public provincial buses just to get from La Union to Manila and then from Manila to San Pablo, Laguna. Too much to get through in 48 hours. I mean, I love Malate, but I knew getting locked down by the sea was a better option. I also did not want to either get sick or become a carrier, as my mom is 69 years old and at risk,” she said.

So she opted to ride out the quarantine at a family friend’s place in Coral Point, San Fernando, La Union.

But her proximity to the beach and the relatively lax quarantine in La Union did not mean neglecting her school work which involves teaching a dizzying array of subjects — Critical & Creative Problem Solving, Social Marketing, Consumer Behavior, Product Development, Service Marketing, Marketing in the Hospitality Industry and Visual Communication — to undergraduate business students. As if this was not enough, she also runs the Community Engagement and Service Learning program of her department and is writing her dissertation proposal for her DBA on Creativity in Philippine Handwoven Textiles Supply Chain.

What is your preferred meeting method and why?

As soon as the ECQ began, my university enjoined its faculty to meet via our learning management system: Animo Space powered by Canvas. We use Big Blue Button as a web conference platform in school. For other online conferences, such as those with my alma mater AIM (Asian Institute of Management), we use Zoom.

I communicate with my students via Animo Space and Facebook. I chose the asynchronous method of instruction and I have prepared videos and lecture decks for guidelines to assignments. I also have to transition properly to Blended Learning and Distance Education. For this, De La Salle University is actively providing us with training sessions which I attend regularly.

Apart from taking care of my students, my main goal now is to figure out a new normal strategy for myself and for our family business. This I plan to do while writing my dissertation proposal.

What time do you start your workday now compared to when you actually went to the office?

My eyes still automatically fly open at 6:30 a.m. every morning. I then grab a cup of coffee, do some yoga, play with the dogs, and then start working at around 9 a.m. This is the same schedule I kept while at work. Teachers are creatures of habit.

Do you take breaks?

Do breaks include going to the mobile market and cooking? If yes, I certainly do. I bike to the covered basketball court down the road and procure fresh produce for native dishes. I share with the bantays and savor the sense of fulfillment and peace of mind cooking brings.

I also sunbathe, read non-academic books, have the occasional beer while watching the sunset, and swim in the sea. And, of course, I keep in touch with my family and friends over social media. Right now I am hooked on Netflix’s The Blacklist as James Spader is simply sublime. And oh, I also like to dance as there is no one watching!

Do you still dress up for work or are you more casual in the work from home set up?

Honestly, since I am right by the shore, I am mostly in either a bathing suit or in my yoga wear. It can get stiflingly hot so I just throw on a tapis or malong (wrap around skirts) when I go down to cook, eat or do laundry. Remember, most of the clothes I have with me are for mountain weather.

(Asked how she dresses for video conferences, she cheekily says, “I don’t turn on my video,” before explaining, “When I have to, it’s a sundress and makeup.”)

Have you had any slip-ups during official work stuff — meetings interrupted by a pet for example?

Well there was that one time I forgot to turn off my mic in an online training session! The instructor was asking us to discuss in breakout sessions, but the technology was faltering. Turns out my objections were heard by all! Teachers can be bad students too.

What is the most important lesson you learned about working from home? How will the “new normal” after the quarantine ends affect the world of your work?

Keep to a schedule! Suddenly we are no longer time impoverished as we have nowhere to go, so every day feels like a holiday. A schedule will ensure productivity while in transition to the new normal.

I am actually quite excited as DLSU will be implementing Blended Learning full force by next trimester. Therefore, 50% of the time, our students will be working remotely, and I am hoping that some of these times can be in parks, art centers, and heritage sites. Community engagement can also be further practiced in off site classrooms. Pending of course the absence of a pandemic crisis such as this one.

On the homefront, my family’s destination will be offering short creative mentorship courses set in an agricultural context. My mom has always believed that ensuring survival means going back to the land, and going back to basics. Studies show that immersing in arts and crafts addresses depression and anxiety.

This being the case, I see myself continuing to travel to and from the province. I predict a lot of other people will do the same, as Manila will decongest and decentralize after this life changing experience. This is a good thing as knowledge and skills will finally be shared with the provincial communities.

San Miguel to hand over testing machines for COVID-19

SAN MIGUEL Corp. (SMC) is donating high-capacity testing machines and testing kits to aid in the government’s mass facilitation of tests for people possibly infected with the coronavirus disease 2019.

In a statement on Tuesday, the conglomerate said the sets of RT-PCR (reverse transcription polymerase chain reaction) machines and high-throughput automated RNA extraction systems it procured have recently arrived.

The equipment sets, which can be used to conduct 11,000 COVID-19 tests per day, will be delivered via the Department of Health to beneficiary hospitals, including the Research Institute for Tropical Medicine in Muntinlupa that will get two sets, as well as San Lazaro Hospital in Manila, Vicente Sotto Medical Center in Cebu and Southern Philippines Medical Center in Davao.

SMC will also donate testing kits for additional 20,000 tests.

“We are one with the government in wanting to curb the spread of the virus, and with enough capacity to test a greater number of people, we are optimistic we will be able to gradually and safely restart the economy,” SMC President and Chief Operating Officer Ramon S. Ang said in a statement.

As of late, SMC has donated P1.147 billion worth of protective personal equipment, food, and rubbing alcohol, among other donations, to those in the frontline in the fight against COVID-19 and communities affected by the enhanced community quarantine (ECQ).

MERALCO SHELTER FOR HEALTH WORKERS
Meanwhile, Manila Electric Co. (Meralco) in a separate statement said it provided temporary shelter for some medical workers in Pasig City who had been staying at their hospital since the ECQ.

The power distribution utility recently opened its multi-purpose hall at the Meralco Fitness Center in Ortigas for 32 staff of The Medical City after the hospital got no space left for them to rest.

It turned the facility into sleeping quarters for the hospital staff. They were also provided with amenity kits, home-cooked meals four times a day, internet connection, as well as free use of exercise equipment and other appliances.

ABOITIZ UNITS ON SHARE OF POWER SALES
Separately, Aboitiz Power Corp. reported that its two units, Hedcor, Inc. and Therma South, Inc., have remitted their shares of electricity sales to the local government of Davao City.

The listed firm said the city government will have a total of P26 million from the Energy Regulation (ER) 1-94 funds, which the Department of Energy earlier instructed to be redirected to local government units to assist in their efforts to fight COVID-19.

ER 1-94 sets aside for host communities of power plants one centavo for every kilowatt-hour share of total electricity sales. — Adam J. Ang

Security Bank posts higher income in Q1

SECURITY BANK Corp. posted a higher net profit in the first quarter. — BW FILE PHOTO

SECURITY BANK Corp. booked a higher net income in the first quarter, backed by stronger revenues due to the growth in its core business.

The bank’s net profit climbed 21% year on year to P2.9 billion, it said in a disclosure on Tuesday.

Revenues surged by 75% to P13.2 billion on the back of sustained growth in core business income and securities trading gains. Excluding trading gains, total revenues climbed 41% to P9.7 billion.

Net interest income hit P8.1 billion in the first three months of the year, increasing 41% from the year-ago level. The bank’s net interest margin went up to 4.68% during the period, improving by 129 basis points (bps) year on year.

Total non-interest income surged 184% to P5.1 billion. Securities trading gains hit P3.5 billion, 420% higher than P671 million a year ago.

The lender’s pre-provision operating profit increased 129% to P8 billion in the first quarter. However, the bank allocated P5.7 billion for loan provisions during the period, higher by 35% compared to the P4.2 billion in provisions for credit losses a year ago.

“Factors impacting the increase in provisions in Q1 2020 included: credit model refinements reflecting the bank’s views on the current environment, headwinds in consumer and commercial lending, and the change in the loan mix towards more consumer loans,” Security Bank said.

Meanwhile, operating expenses rose 28% on the back of manpower and costs from its business expansion. Despite this, cost-to-income ratio stood at 39.4%, better than the 53.7% seen a year ago.

The bank’s loan portfolio increased by 14% to P468 billion. Retail loans, which made up 29% of the total, expanded by 44%. Wholesale loans also rose 6%.

Gross nonperforming loan (NPL) ratio stood at 1.59%. NPL reserve cover was at 128%, coming from the 186% seen in the first quarter of 2019.

Total deposits went up 9% year-on-year to P503 billion during the quarter. The period saw low-cost deposits — which accounted for 48% of the total (from 40% a year ago) — grow by 30%.

Return on shareholders’ equity stood at 9.8%, up 112 bps from the 8.6% logged in January to March 2019. Meanwhile, return on assets inched up by 23 bps to 1.46%.

The bank’s common equity Tier 1 ratio was at 16.5% in the quarter, unchanged from the year-ago level. Meanwhile, its capital adequacy ratio stood at 17.6% from the 19% the prior year.

Security Bank’s total assets rose three percent to P783 billion.

Shareholders’ capital also went up 7% to P119 billion.

Amid the risks arising from the coronavirus disease 2019 (COVID-19) pandemic, Security Bank said it has initiated portfolio reviews, reassessed its provisioning and intensified client management.

“We enter this period of challenge arising from the COVID-19 pandemic with a strong balance sheet and healthy liquidity and capital positions,” Security Bank President and Chief Executive Officer Sanjiv Vohra said in a statement.

The lender’s shares finished trading at P102 apiece on Tuesday, up by 1.49% or P1.50 from its previous close. — Luz Wendy T. Noble

Stuff to do at home (04/29/20)

CCP shows online

THE Philippine Madrigal Singers will serenade netizens once again with Tanghalan Naming Tahanan, with choirmaster Mark Anthony Carpio, on April 30. The Ramayana-inspired ballet musical Rama Hari will once again come alive on the virtual stage on May 2. Subscribe to the CCP YouTube channel at bit.ly/CCPOnlineYT.

PETA shows on YouTube

CATCH PETA Theater’s rap musical William online on the theater group’s YouTube channel (https://www.youtube.com/user/petampro). In commemoration of William Shakespeare’s 404th death anniversary, PETA also launches the online series #ShakespeareInTheTimeOfCovid featuring works by and inspired by the renowned poet and playwright. Meanwhile, the Let’s Get Creative series continues at PETA’s Facebook page (https://www.facebook.com/PETATHEATER) at 3 p.m. every Monday, Wednesday, and Friday. On April 29, join Gold Villar for a DIY dreamcatcher workshop. On May 1, join Jeff Hernandez in the Connecting Thru Music session.

Andrew Lloyd Webber: The Royal Albert Hall Celebration

After streaming Love Never Dies last week at Andrew Lloyd Webber’s The Show Must Go On YouTube channel, Andrew Lloyd Webber: The Royal Albert Hall Celebration will premiere on May 1 (7 p.m. BST, 2 p.m. EDT, 4 a.m. AEST). The show will be available for 48 hours. To watch, visit https://www.youtube.com/theshowsmustgoon.

National Theatre online

LONDON’S National Theatre launched National Theatre at Home on YouTube (https://www.youtube.com/user/ntdiscovertheatre). Every Thursday (7 p.m. BST, 2 p.m. EST) they will release free to watch shows which will be online for one week. Danny Boyle’s adaptation of Frankenstein starring Benedict Cumberbatch and Jonny Lee Miller premieres on April 30. Shakespeare’s Anthony and Cleopatra starring Ralph Fiennes premieres on May 8.

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.

Gardening 101

NATURE therapy advocate and founder of creative nature business Plant Project PH Jennie Agcaoili launches Gardening 101, an online series about growing plants while living in the city. On May 2 (4 p.m.), she will teach how to grow plants from vegetable leftovers with Re-growing from Kitchen Scraps. The 45-minute episodes will be streamed on www.facebook.com/AssemblyGrounds. For more information, visit www.assemblygroundsattherise.com. Follow Assembly Grounds on Facebook, Instagram, and Twitter: @assemblygrounds.

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 will be available to stream for free for 48 hours. Watch at https://www.youtube.com/user/enballet or https://www.facebook.com/EnglishNationalBallet/.

The Royal House shows online

THE Royal 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 on Sunday 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) premieres on April 30 (5 p.m. PT/ 8 p.m. ET). 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/.

Movie night with Jamie Lee Curtis

EVERY Saturday (in the Philippines) until May 8, Lionsgate and Fandango’s Movie Clips YouTube channels will be streaming films. On May 2, watch La La Land (2016) by Damien Chazelle, and John Wick (2014) by Chad Stahelski. Aside from the screening, Ms. Lee Curtis will also engage with the online audience via real-time chats and movie trivia.

Color Tolkien characters

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

National Museum’s turtle illustrations online

The National Museum of the Philippines offers its second coloring sheet to raise awareness about Philippine biodiversity. The coloring sheet was illustrated by Larie Dianco. To download the illustration, visit www.facebook.com/nationalmuseumofthephilippines/photos/a.195151237175869/3165177150173248/?type=3&theater.

The Paris Opera Online

The Paris Opera offers free ballets and operas for streaming. The scheduled shows are: Carmen (2017) on April 27 to May 3; and the Cycle of Tchaikovsky’s six symphonies played by the Orchestra of the Paris National Opera, conducted by Philippe Jordan from March 17 to May 3. To watch, visit https://www.operadeparis.fr/.

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 National Theater online

London’s National Theater offers free plays online at its YouTube channel (https://www.youtube.com/channel/UCUDq1XzCY0NIOYVJvEMQjqw).

The Nanny’s Pandemic Table Read

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

Free Nikon photography class online

Nikon is offering free online photography classes until April 30. Topics include fundamentals of photography, shooting for landscape, portraiture, and music videos, and speedlight control. To participate, visit https://www.nikonevents.com/us/live/nikon-school-online/.

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 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.

Intramuros virtual tour

Visit the sites of Intramuros through its virtual tours at https://artsandculture.google.com/partner/intramuros-administration?fbclid=IwAR0aRtUOboFvmpk73FwjO_OZBBD5OKRfoFBWUOGgPAUUpaA7DquxNG0Jlks. The walled city’s sites may also be visited through the Experience Philippines augmented reality app. The app is free and available on Google Play or the App Store.

Photography workshops with Canon PH

Canon Philippines is offering photography workshops for the month of April via its official Facebook page. The workshops will feature Canon brand ambassadors and professional photographers who will tackle basic to advanced techniques, and specialized topics such as food, architecture wedding and music events photography, and vlogging. View the workshop schedule at https://www.facebook.com/canonphils/photos/a.436807569702668/2967524323297634/?type=3&theater.

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/.

NFB animated shorts online

Watch animated short films from the National Film Board of Canada’s website at https://www.nfb.ca/animation/.

Silverlens launches Art Boost

To keep in touch with art lovers, Silverlens presents Art Boost, an online drive to maintain our engagement with art through social media, exhibition catalogues, and videos. Follow Silverlens’ official social media pages for a series of #athomewith, #weeklyartwork, #trivia, and #sundayread. Visit Silverlens’ official YouTube and Vimeo for artists profiles such as Gary-Ross Pastrana, and Patricia Perez Eustaquio.

PEZA firms donate P110 million as response to pandemic

COMPANIES at ecozones registered with the Philippine Economic Zone Authority (PEZA) have donated over P110 million worth of food, medical, personal protective equipment (PPE), and monetary donations to medical institutions and frontliners addressing the coronavirus disease 2019 (COVID-19) pandemic.

PEZA in a statement on Tuesday said 137 companies from 45 PEZA-registered economic zones have donated supplies and cash aid.

As of April 27, the companies donated P56 million in cash, P39 million in food, P12 million in PPEs, P2 million in medical supplies, and P304,000 in medical equipment.

Donations have been given to the Philippine General Hospital, the Research Institute of Tropical Medicine, and the Philippine Red Cross-Laguna.

The companies also distributed donations to local government units and “areas with families from poorest of the poor, senior citizens, solo parents, and PWDs (persons with disability), the Philippine National Police (PNP) and volunteer-frontline checkpoints, and not-for-profit organizations like the Project Pearls, SOS Children Village Alabang, and Vice President Leni Robredo’s Angat Buhay.

Some donations were given with the help of the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI), the North Luzon Tollways Corp., the Philippines Science High School-Batch 76, and the Philippine Navy.

“As we continue to fight the effects of COVID-19 in our country, we sincerely thank our registered companies for their outpouring help and support to those in need,” PEZA Director-General Charito B. Plaza said. — Jenina P. Ibañez

Fed’s slowing Treasury purchases may boost yields

NEW YORK — The Federal Reserve’s gradual withdrawal from the US Treasury market as the coronavirus pandemic eases and liquidity improves could dry up appetite for longer-dated government debt and push up long-term interest rates months from now.

The Fed has purchased about $1.3 trillion in Treasuries since an emergency plan kicked off last month to address liquidity issues in the $17-trillion market.

For now, there is no indication that Treasuries have become less popular, with most auctions of US debt being oversubscribed. In an era of negative yields, benchmark 10-year yields between 0.5% and 0.8% still stand out, analysts said.

But the Fed is slowly reducing its purchases, to an average of $15 billion per day last week from a peak of $75 billion per day from March 19 to April 1. Analysts are growing worried there may not be enough demand for Treasuries if the Fed is pulling back.

“If they do withdraw support, it will be the long end that will be under pressure,” said Priya Misra, head of US rates strategy at TD Securities. “People are not getting paid to take on duration risk.”

US Treasury yields raced higher in 2013, an episode in financial markets referred to as a “Taper Tantrum” as the Fed signaled it wanted to slow the pace of asset purchases. The Fed was only able to start shrinking its balance sheet in 2017, nine years after it began expanding it during the global financial crisis.

Treasury has so far issued more than $1 trillion in bills and other types of short-term debt to finance the government’s roughly $3-trillion stimulus package in response to the pandemic’s economic devastation. It has focused on the front end of the curve where there is ample demand from investors fleeing risky assets or trying to raise cash as a liquidity buffer.

But with interest rates at record lows, analysts said it would make sense for the US government, at some point, to issue debt with longer maturities.

Investors are operating on the assumption that the Fed will step in any time and increase their purchases again, analysts said.

“It would be difficult for the Fed to withdraw from the Treasury market,” said Vincent Deluard, global market strategist at INTL FCStone in San Francisco. “In Europe, there are emergency measures that last for 10 years. The funding aspect would be very problematic.”

When the health crisis improves, even if that is before the arrival of treatments or a vaccine, the Fed may be constrained to intervene in the market again, especially with a balance sheet that has ballooned to $6.6 trillion, or about 31% of expected US gross domestic product for 2020.

“I would be careful with longer-dated bonds until I see there are others, other than the Fed willing to buy the increased issuance that the Treasury is putting out there,” said Patrick Leary, chief market strategist and senior trader at Incapital in Chicago. — Reuters

How PSEi member stocks performed — April 28, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, April 28, 2020.

Filipinos approve of local institutions’ handling of pandemic, see outbreak to be solved sooner

Filipinos approve of local institutions’ handling of pandemic, see outbreak to be solved sooner

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