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Passenger information system to be installed in LRT, MRT

PHAR Philippines, Inc. and Trackmate Business Solutions, Inc. have teamed up to install a passenger information system called Tube in Metro Manila’s trains.
In a statement, PHAR and Trackmate said over 1,000 screens will be installed across the train system in Metro Manila.
The Tube system has already been installed in the Light Rail Transit Line 2 (LRT-2). For Metro Rail Transit Line 3 (MRT-3) and LRT Line 1, it will be installed by early April and July, respectively.
“With the system from Tube, an easier and more comfortable commute awaits LRT and MRT passengers as this new technology will keep them abreast with real-time information and other vital train service information apart from keeping them entertained. This improved technology works parallel with the mission of LRTA [Light Rail Transit Authority] to give Filipino commuters an enhanced mobility and world class transport system,” LRTA Administrator Reynaldo I. Berroya said in a statement.
Patented in the Philippines, Tube will provide commuters real time information on the next station, as well as when there is an emergency or disruption in operations. It also has a built-in closed-circuit television (CCTV) which will inform operators of the current situation inside the train.
Commuters will also be provided with news, weather reminders, traffic situation, and short videos from local creators.
PHAR is an international media and marketing firm that mainly caters to airlines, airports, transit systems, smart cities, and retail destinations. Trackmate Business Solutions is a global positioning system (GPS) provider and fleet management system developer in the Philippines. — Vincent Mariel P. Galang

Treasury makes full award of T-bonds

By Karl Angelo N. Vidal, Reporter
THE GOVERNMENT made a full award of reissued seven-year Treasury bonds (T-bond) on offer on Tuesday amid overwhelming demand as investors continued to park their funds in longer-dated securities.
The Bureau of the Treasury (BTr) raised P20 billion as planned from its T-bond offer yesterday after receiving bids totaling P73.685 billion, more than thrice the amount the Treasury wanted to offer.
The seven-year papers, which carry a coupon rate of 6.25%, fetched an average rate of 5.934%, 15.3 basis points lower than the 6.087% fetched when the debt papers were last offered on Feb. 12.
At the secondary market, the seven-year IOUs were quoted at 5.946%, based on the PHP Bloomberg Valuation Service Reference Rates.
After the auction, Deputy Treasurer Erwin D. Sta. Ana said the Treasury saw market preference towards longer tenors.
“Obviously, we see demand from the intermediate to long sections of the curve with this auction and it just shows that there’s still liquidity in the system (given that we saw) more than P73 billion in tenders,” Mr. Sta. Ana told reporters yesterday.
He added that market participants prefer to park their funds on the longer end of the curve, amid decelerating local inflation as well as the dovish stance of the US Federal Reserve (Fed).
On Friday, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo said the country appears to be “out of the woods” as far as inflation is concerned as he projects price increases to continue to slow this year.
“The downward trajectory will continue in 2019, but in 2020 it will be generally stable at around three percent,” Mr. Guinigundo had said. “It has stabilized, and the negative base effects shall have dissipated by maybe up to the third or fourth quarter of the year.”
The Monetary Board decided to keep the key policy interest rate unchanged at 4.75% on Thursday, remaining at a decade-high, as current settings remain “appropriate” even as inflation has eased further.
The central bank also scaled down its inflation forecast for the year to three percent, well within the 2-4% target band.
“As we have said before, contributors (for the strong demand on longer-dated bonds) would be the inflation path. The BSP has revised its inflation target for the year, and of course the dovish comments from the Fed, so naturally our GSEDs (government security eligible dealers) are behaving this way,” Mr. Sta. Ana said.
Last week, the US central bank said there will be no interest rate hikes this year amid an economic slowdown, a departure from its previous pronouncements that it will raise benchmark rates thrice this year.
Sought for comments, a bond trader said the auction result was well within the market expectation of an average rate of between 5.95% and 6.05%.
“Given the benign inflation and low inflationary expectations, there’s still demand for long tenors,” the trader said in a phone interview.
Meanwhile, DBS Group Research projects state-issued bonds to continue outperforming its Asian counterparts, with 10-year government bonds garnering the highest total return of 9.6%.
“In our view, RPGBs (Philippine government bonds) could continue to shine though the expected drivers of outperformance have likely shifted,” DBS Group Research Duncan Tan said in an e-mail. “New Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno is perceived to be more pro-growth and dovish than his predecessor.”
Apart from the central bank’s easing bias, Mr. Tan added that flows could also support the local bond’s performance.
“Externally, the global economic and monetary environment could be conducive to a pick-up in foreign demand. Against the backdrop of a mild global synchronized slowdown, Philippines’ more domestically-driven and high-growth (6-7%) economy puts it in a favorable light.”
The BTr is looking to borrow P360 billion during the first three months of this year through a mix of Treasury bonds and bills. The state also raised P235.935 billion from the sale of five-year retail Treasury bonds earlier this month, which are meant to support the state’s spending plans for 2019.

The CCP’s history in posters


BEFORE the advent of Photoshop, the initial design for a poster was drafted by hand. A stencil would be made and the design would then be transferred onto a screen. A sheet of poster paper would be set under the screen, ink would be applied and pushed through the screen onto the paper with a squeegee. The paper would then be set aside to dry. Then the process would be repeated for the next poster, and the next, and the next.
At the latest exhibit of the Cultural Center of the Philippines (CCP), posters created through the silk screen method and those done on today’s computers have been mounted to tell a part of the center’s 50 year history.
The exhibit, which is ongoing until May 26, spills out of the CCP’s Main Gallery and into the 3F Hallway Gallery, the Library and Archives, and the buffeteria.
Poster/ity: 50 Years of Art and Culture at the CCP features a collection of over 200 show and event posters from when the CCP opened in 1969 to the present. The exhibit showcases the poster as a platform of communicating art to the public and allows the understanding of how graphic design has evolved through the years.
CCP artistic director Chris Millado said that the idea of collating the posters for an exhibition was suggested by B + C Design’s Baby Imperial and Damien “Coco” Anne in 2016 when they were looking through archival materials.
“They were looking at different archival materials and they said that we had the most exciting collection of poster design pre-Photoshop,” Mr. Millado said in his opening speech during last week’s launch, referring to the posters as those with “painter-ly qualities.”
Ms. Imperial and Mr. Anne then joined forces with curator Ringo Bunoan to collate the posters.
The importance of the event it was announcing, its aesthetic, and the condition of the poster were all considered in choosing which ones would be included in the exhibit, said Ms. Bunoan.
“Majority of the posters were kept in the library and they were bound in albums. So, it was challenging to actually take them out of the albums. We had to work with a couple of paper conservators to help us,” she told the press, noting that some posters were stuck together, torn, and crumpled.
The exhibit includes a timeline of the CCP’s history, a display explaining the different parts of a poster, videos of the various CCP shows, and an interactive section where visitors can take copies of posters provided at the gallery and paste these on a wall, as well as making screen prints themselves from stencils provided in the screen printing atelier.
“The exhibit was designed in such a manner that you see posters in the real environment. You don’t see posters [hung] like artwork on a wall neatly laid out. You generally see them in environments where you see other posters,” Ms. Imperial said about the layered structure of the exhibition during a walk-through of the Main Gallery.
A LONG-TERM PROJECT
According to the exhibit brochure, “exhibiting guests, resident and guest companies also generally designed and/or produced their own posters, which would then be circulated by the CCP. However, since it is not customary for posters to be signed, many creators of the CCP posters have yet to be properly identified.”
Since there is no existing catalog of the posters, the curators are continually working on collating them as well as identifying their designers.
Among the known designers whose posters are included in the exhibit are B + C Design, Frey Cabading of Girl Friday Design, Fernando Modesto, Ige Ramos, Nonon Padilla, and Leo Rialp, among others.
“It’s a really good opportunity to look into the condition of the posters to properly catalog them, because before we started, there was no master list of posters in the CCP collection. Some of the posters are in the library, some are in the visual arts office, some are in the film office. It’s everywhere. So we had to gather the posters and then see what we can work with,” Ms. Bunoan explained.
“Hopefully, as the show is ongoing, the library will be cataloging and documenting the posters. Hopefully, by the end of the show [we] will have at least the master list and then start work with paper conservation,” she said.
The exhibit is on view until May 26 at the CCP’s Main Gallery, 3F Hallway Gallery, Library and Archives, and the buffeteria. The exhibit can be viewed Tuesdays to Sundays, 10 a.m. to 6 p.m. — Michelle Anne P. Soliman

Pilipinas Shell declares cash dividend of P3 per share

PILIPINAS Shell Petroleum Corp. on Tuesday declared cash dividends of P3 per share, representing P4.8 billion or 95% of its audited net income in 2018.
In a disclosure, Pilipinas Shell said this cash dividend exceeded its commitment to a dividend payout of at least 75%. This is also considered to be its highest payout ratio since its initial public offering (IPO) in 2016.
The dividends will be paid on April 30, 2019 to stockholders on record as of April 5, 2019.
“We generated P14.1 billion cash from operations last year, which allows us to not only cover our dividend payments, but also to fund P6 billion worth of capital expenditure this year,” Cesar G. Romero, president and chief executive officer of Pilipinas Shell, said in a statement on Tuesday.
Last year, the company’s return on average capital employed stood at 15%.
“With a healthy balance sheet and gearing of 17%, the Company continues to be well-positioned to fund growth and sustain its attractive dividend policy,” Pilipinas Shell said in a statement.
The listed company is increasing its capital expenditure to P6 billion this year from P4.1 billion in 2018. The higher capital expenditure is aimed to support the expansion plans of its retail business, which would include opening of 50 to 70 new sites, and for projects that will enhance the crude flexibility of the Shell Tabangao Refinery.
Shares in Pilipinas Shell dipped 0.30% or P0.15 to close at P49.65 a piece in the stock exchange on Tuesday. — Vincent Mariel P. Galang

Sustained demand in emerging cities keeps real estate robust

THE REAL ESTATE sector has consistently been one of the economy’s growth drivers for years. As the government pushes for development outside the country’s capital, expanding into other urban centers is a matter of timing and pace for many developers as they search for strategic places to expand their businesses and diversify their portfolio.
The proverbial rising tide has lifted all boats, and real estate companies are finding opportunities to be on board. In the search of these key cities, what do these property developers look for?
For Century Properties Group (CPG), a residential, office, medical and retail properties developer, they look at three factors: market profile and demand; growth prospects in the area; and the current and future developments and infrastructure.

“We look at these three things combined in order to ensure [that] we are bringing the right kind of product to the market, and that future residents and tenants will unlock the best property values in their future home and community. Infrastructure and access to conveniences are also very important and must be present,” said CPG’s Chief Operating Officer Marco R. Antonio in an e-mail to BusinessWorld.
“We first look at key growth areas or cities, and what the current needs are in those areas based on their key industries and market profile. Population, density, proximity to industrial centers or places of work, city competitiveness, and demographic factors such as income, age, and livelihood sources are some of the factors we look at before deciding on the type of product to develop,” Mr. Antonio added.
For one, CPG’s “affordable housing brand” has started to head south of Metro Manila recognizing the need of home buyers in Calabarzon — the region consisting of the provinces of Cavite, Laguna, Batangas, Rizal and Quezon.
“CPG’s affordable housing brand PHirst Park Homes, which caters to first-time home buyers, is now present in three areas: Tanza, Cavite; Lipa, Batangas; and San Pedro, Laguna. In the next four to five years PHirst will roll out a total of 33,000 units in various areas in Luzon, including Calabarzon and Northern Luzon. We believe the affordable housing segment continues to be underserved with a backlog of more than 5 million homes especially in the Calabarzon Region, where most OFW (overseas Filipino workers) families are based,” Mr. Antonio said.
Calabarzon, also known as Region IV-A, is the second-largest economy among the country’s 17 regions with a share of 16.8% or P1.46 trillion of the gross domestic product (GDP) in 2017. The region grew 6.7% in 2017, faster than 2016’s 4.8%.
Similarly, the region is the second-largest contributor in terms of gross value added (GVA) in real estate, renting and business activities at 13% or P130.19 billion in 2017. The region’s GVA in the sector grew 9.1% during the year from 8.8% in 2016.
For Gokongwei-owned office developer Robinsons Land Corp. (RLC), their main consideration in expanding to other locations is their clients’ preferences.
“We primarily check, among other considerations, if our target clients have interest to locate in the area before we put up an office development. This is assuming we already have the available land to build on,” Faraday D. Go, executive vice-president at RLC said in an e-mail to BusinessWorld.
Currently, RLC have office developments in urban areas outside Metro Manila such as the Robinsons Cybergate Naga in Camarines Sur, Robinsons Cybergate Delta (Davao), Robinsons Luisita Office (Tarlac), Robinsons Starmills Pampanga Office (Pampanga), Robinsons Place Ilocos Norte Office (Ilocos), and Galleria Cebu Office and Cybergate Galleria (Cebu).
Through interviews with property consultancy firms and developers, five key cities in the Philippines were identified to have an emerging real estate industry amid steady growth in their economy, tourism and property demand. These are the cities of Clark, Cebu, Iloilo, Bacolod and Davao.
“You would notice that these areas/cities have been identified as key growth centers outside Metro Manila in previous years, but the favorable economic environment that we are currently enjoying and the real estate growth in those markets in recent years have made them regular fixtures in conversations of areas/cities to look at beyond Metro Manila,” Janlo delos Reyes, head of research and consulting of JLL Philippines told BusinessWorld in an e-mail.
In terms of office developments, Mr. Delos Reyes said that these five markets show indications of “positive” growths bet-ween 2019 to 2021.
“Our data shows north of 450,000 square meters (sq.m.) of upcoming office supply in Cebu, Davao, and Bacolod. This is also supported by stable demand where we see current pre-commitment levels of around 25%-35% on average, which we expect to rise as these developments near completion. Meanwhile, Clark and Cebu are leading transaction activity outside Metro Manila,” he said.
Mr. Delos Reyes also mentioned that the offshoring and outsourcing (O&O) sector continues to be the main growth driver of office demand in these five cities: “This is supported by leasing demand from traditional corporate occupiers — local firms from various industries (i.e. ESL, insurance, financial services, professional services, etc.) taking up spaces in office and commercial buildings,” he said.
“We also see demand from online gaming (particularly in Cebu) and flexible workspaces (i.e., serviced offices and co-working, to a certain extent).”
Similarly, on the residential side, JLL’s Mr. Delos Reyes said that their pipeline is stable with more than 10,000 condominium units spread across Cebu City, Bacolod City, and Davao City.
“Pre-selling market varies across market with select condominium developments in more mature areas (such as Cebu) re-gistering current sales take-up of around 75% to 100%,” he said.
Moving forward, the residential market remains driven by local individuals buying properties for end-use or leasing to local and foreign tenants working or residing in these cities, JLL’s Mr. Delos Reyes said.
“Nonetheless, there’s foreign investment in Cebu from Chinese and Japanese buyers,” he added.
CLARK, PAMPANGA
Central Luzon, which includes Pampanga, remained the third largest economy among the 17 regions in the country. Next to the National Capital Region and Calabarzon, the region’s share in the country’s GDP is at 9.7% or P844.71 billion of the overall GDP in 2017. The region grew 9.3% during the year, slower than the 9.5% recorded in 2016.
The region’s real estate sector has the fourth largest share in the overall sector in the country at 6.2% or P62.07 billion in 2017. The region’s GVA in real estate grew 7.5% during the year, faster that 2016’s 5.6%.
Pampanga Chamber of Commerce and Industry, Inc. Vice-Chairman Jesus S. Nicdao said in a conference in May 2018, the regions’ growth was boosted by the high-impact projects under the government’s “Build Build Build” infrastructure program, including the New Clark City, the Clark International Airport, and the Manila-Clark and Subic-Clark Railways.
As part of the Duterte-administration’s economic strategy, the expansion of the Clark International Airport, which will help decongest the Ninoy Aquino International Airport, is expected to increase its passenger capacity to eight million upon completion of its new terminal building. Its first phase is expected to be completed by June 2020.
Moreover, the 9,450-hectare New Clark City will be the country’s first smart, disaster-resilient, and sustainable city. It will be designed to accommodate residential, commercial, agro-industrial, educational institutions, and information technology developments. Ongoing construction of roads and railway projects inside the city potentially provide interconnectivity and better logistics within the region.
Mixed-use developer CPG’s Mr. Antonio said, “We are seeing a phenomenal growth story in Central Luzon, which has the highest number of occupied housing units and in particular, Clark City, where a lot of action is happening right now given its emergence as the second-largest market for office after Metro Manila. As massive infrastructure projects are under way to make Clark connected and highly accessible, Century wishes to ride on this growth momentum by serving the real demand in the office and residential markets.”
In an e-mail to BusinessWorld, real estate consultancy Santos Knight Frank said that the former US airbase is the gateway to North Luzon.
“The area has grown today to become the nearest business hub north of Manila with a large tract of developable land, improving infrastructure and a new planned airport terminal. In [our] 2017 data, Clark area recorded 250,000 sq.m. of GLA for office spaces, while average occupancy rate was at 87%.
For its part, Colliers International noted in its March 2018 report that Clark City remains a major BPO hub in the region.
“In 2016, Clark was ranked by Tholons as the 97th most attractive location for outsourcing operations in the world. However, in 2017 and 2018, the city slipped out of the Top 100 list. Despite the decline, Clark continues to attract major BPO locators and remains a key back up site for Metro Manila-based operations. Clark, together with Angeles and San Fernando, employs more than 20,000 outsourcing workers,” it said.
Some of the major outsourcing companies in the area are Alorica, Cloudstaff, Convergys, iQor, Sutherland, TaskUs, TATA Consultancy, Teletech, Stellar, and VXI, Colliers added.
In an email to BusinessWorld, Colliers International’s senior manager for research Joey Roi H. Bondoc noted that Metro Clark has the potential to attract Knowledge Process Outsourcing (KPO) firms aside from its present occupiers.
“At present, Metro Clark’s BPO firms mainly provide voice and back-office services but the potential shift to higher value KPO services such as animation, finance and accounting, and health information management (HIM) should be supported by a large number of STEM (science, technology, engineering and mathematics) graduates. This should help the city attract more outsourcing locators in the near term,” he said.
Between 2019 and 2021, Colliers’ Mr. Bondoc expect the completion of more than 60,000 sq.m. new office spaces, or about 20,000 sq.m. per annum, to be delivered by SM, Megaworld, and Robinsons Land.
Meanwhile, JLL’s Mr. Delos Reyes expects a future supply of 176,440 sq.m. for Clark with pre-commitment level at 40% by 2021.
Similarly, residential developers ramp up their activities in the area due to the infrastructure projects in Clark.
Colliers said in its March report last year that even as the area is more inclined to house and lots, condominiums will eventually grow its number to complement the office developments in the area. Moreover, demand will also be driven by OFWs and foreign tourists.
“While still in its infancy, we believe that the condominium market in Metro Clark is starting to gain ground as the more affluent families and OFWs are looking for viable investment options. A number of Korean, Chinese, and American tourists that have visited Clark, Angeles, and San Fernando are now looking for condominium units to live and invest in,” it said.
“Over the coming years, we see Metro Clark becoming the hotbed for condominium development in the entire Central Luzon region as these residential towers complement the office projects in the pipeline,” it added.
Currently, there are only 2,200 condominium units in Metro Clark. Projects like the joint venture Sharp Clark Hills by South Korea’s POSCO Engineering & Construction and JB Cresta Corp. will increase condominium units by 508 in 2020, while Tierra Lorenzo by Torre Lorenzo Development Corp. will increase condominium units by 381 in 2021, Colliers noted.
CEBU CITY
According to the Philippine Statistics Authority (PSA), Metro Cebu is the premier urban and major business, industrial and services center in the Central Visayas region. The region is the fourth-largest economy in the country, accounting for P551.180 billion or 6.4% of the total GDP in 2017. Meanwhile, the regions GDP grew 5.1% during the year, slower than the 8.6% in 2016.
The region’s real estate sector grew 7.9% in 2017, faster than the 7.1% recorded in the previous year. It remains the third-largest contributor to the country’s overall real estate output, with a share of 6.2% or P62.33 billion in 2017.
“Metro Cebu is part of Central Visayas which is considered a hotspot for medium, small, micro enterprises (MSMEs)…We encourage developers to construct office space that could accommodate non-outsourcing and traditional businesses that require smaller space. Developers should be more flexible and keep in mind that the expansion of the Cebu economy drives the growth of traditional firms such as those involved in engineering and logistics that occupy smaller office space. This is particularly important for office towers that will be built around the Uptown/Downtown area which remains as the preferred location of traditional and non-BPO businesses,” said Colliers’ Mr. Bondoc.
He also said that office locators can consider developments in prospective areas such as Mandaue and Mactan.
“We recommend that developers build office towers within integrated business hubs as these townships enhance living and working conditions. Developers should explore parcels of developable land especially in [these] areas that would benefit from the completion of major infrastructure projects such as the expanded Mactan-Cebu International Airport, Cebu Cordova Expressway Link, Cebu Bus Rapid Transit (BRT), and Cebu-Negros bridge,” Mr. Bondoc said.
Similarly, Colliers’ research manager recommends the development of flexible workspace in malls, saying demand in such work setup can be fuelled by the growing numbers of MSMEs and start-ups as well as the worsening traffic in Cebu.
Meanwhile, Santos Knight Frank said in an e-mail that Cebu’s attractive tourist destinations boost residential property demand in the city.
“Cebu City is one of the few destinations where the Philippines’ renowned beaches are just a drive away from your office building and the airport. This has made Cebu [city] an ideal place to live, work, shop and play. We continue to see more residential demand in Cebu [City] for both investment and end-use purposes,” it said.
Cebu City’s local government claims to be the tourism gateway for the Central and Southern Philippines. The city remains the “top draw” for tourists in Central Visayas with tourist arrivals accounting for 4,877,047 foreign and domestic arrivals out of the 6,974,647 or at least 70% of all visitors as of April last year, Department of Tourism 7 Director Shalimar Hofer Tamano said in a press conference last April 20.
In the next months up to 2020, JLL’s Mr. Delos Reyes expects an additional 315,000 sq.m. with pre-commitment level at 15% to 20% to Cebu’s office supply.
For Colliers’ Mr. Bondoc, Cebu City’s leasable office stock reached 1.05 million sq.m. as of end-2018. An estimated 320,000 sq.m. is projected to be added to Cebu’s stock between 2019 and 2020, which translates to an annual supply of about 160,000 sq.m. per annum.
ILOILO CITY
Western Visayas, which includes Iloilo province and its namesake capital city, is the sixth-largest regional economy, accounting for 4% or P350.82 billion of total GDP in 2017. Its GDP grew 8.4% in 2017 from 5.9% the previous year.
Similarly, the region had the sixth-largest share in the country’s overall real estate output, accounting for 2.5% or P24.73 billion of the country’s GVA in real estate, renting and business activities. Its GVA for the sector accelerated to 7.2% in 2017, from 3.7% the previous year.
“With connectivity to Asia’s main hubs via its international airport, Iloilo has been welcoming new investments with concentration in Megaworld’s Iloilo Business Park and Ayala Land’s Atria. BPOs and contact centers are key drivers of office take-up in the city and have also helped bolster retail and residential property demand,” said Santos Knight Frank in an e-mail.
For Colliers’ Mr. Bondoc, he said that the city is still “ripe for growth,” as growth has been limited in a few districts.
“Majority of Iloilo’s office stock is in Mandurriao [one of the seven districts of Iloilo City], primarily due to projects by the national developers Ayala Land, Megaworld and SM Prime. Another national developer, Robinsons, has a few office spaces in its Robinsons Place mall in Iloilo City proper. Local developers, meanwhile, also have a few office space developments spread between Mandurriao and the city proper with the likes of Plazuela de Iloilo (1 and 2), Cornerstone Business Center, The Crown Building and JC Building, among others,” he said.
He explained that in the province of Iloilo, generally, the pre-leasing market is not yet as active as in Manila.
“[I]t appears that demand is largely a function of readily available supply. And given the limited space available in the market, growth has been limited,” he said.
Nonetheless, Mr. Bondoc said that Iloilo City remains a good location for real estate developments “given a supportive local government, ongoing interest from investors, and a reliable labor pool…Furthermore, the infrastructure plans will strengthen interconnection across locations and improve accessibility.”
Thus, Colliers’ Mr. Bondoc recommended that given the improved accessibility, both local and national developers consider other locations, namely Jaro, Savannah, and Molo for new office projects.
An estimated 5,400 sq.m. new office supply will be delivered by Megaworld Corp. this year, an addition to Iloilo’s leasable office stock of 142,000 sq.m. recorded as of end-2018, Mr. Bondoc said.
“The proximity of condominium developments to Iloilo’s business district has resulted in increased preference for condominiums among Ilonggos. This is driven by demand from BPO employees and OFW families who are looking to relocate into the city center from municipalities outside the city,” Colliers said in its report released in March 2018.
For his part, JLL’s Mr. Delos Reyes, expects a 35,000 sq.m. future supply of office spaces between 2019 and 2021.
BACOLOD CITY
Same as Iloilo city, Bacolod city is another city in Western Visayas also considered as a growing hub for BPO companies.
“Bacolod is a fast-growing BPO hub in the Visayas region. In 2017, data from Santos Knight Frank recorded more than 100,000 sq.m. of GLA (gross leasable area) for office spaces,” said Santos Knight Frank in an e-mail.
“In the residential front, Bacolod recorded 15 actively marketed condominium developments, with 83% absorption [rate],” it added.
Colliers’ Mr. Bondoc shared the same assessment, saying Bacolod City is in need of more office buildings for call centers, HIM firms, and online English tutorial centers.
“[T]hese are among the major outsourcing investments that Bacolod City is projected to receive over the near to medium term,” he said.
However, he pointed out that office expansion was restricted: “We see overall vacancy in the city rising only marginally to about 8% over the next twelve months… Several [BPO occupiers] have been expressing interest to locate in Bacolod but their plans are shelved by the lack of space,” Colliers’ Mr. Bondoc said.
Bacolod City has been active in attracting outsourcing investments as local officials consider the BPO industry as a major job-generating sector.
The City’s business permits registration surged in the last three years to 23.2% in 2018 with 23,187 business permits from only 18,817 in 2015, according to its municipal government.
Similarly, Bacolod City was ranked by the Philippine Chamber of Commerce and Industry as one of the top three most business-friendly local government unit in the country in 2017.
Colliers’ Mr. Bondoc encourages BPO locators to consider Bacolod City as their expansion or backup site given the city’s “skilled labor pool, adequate infrastructure and streamlined business registration system.”
He noted that an additional 24,000 sq.m. of office space will be delivered by Ayala Land, Inc. from this year to 2020, in addition to the city’s current stock of about 114,000 sq.m. as of end-2018.
In the residential front, JLL’s Mr. Delos Reyes expects a future supply of 1,300 residential units with take up of already at 15% to 95% between 2019 and 2021.
For its part, Colliers said in its March 2018 report that Bacolod City’s houses and lots remain more in demand compared to condominiums, with 2,600 horizontal units launched in 2017 alone while only 494 condominium units were added to its pipeline, which are all due for completion to 2021.
“While we recognize the slower take-up of condominiums characterized by several projects far from near sold-out levels (including those launched in 2013), we foresee the potential of condominiums alongside the growth of the business sector,” it said.
DAVAO CITY
Davao region posted the second fastest economic growth at 10.9% in 2017, faster than the previous year’s 9.5%. The region, with Davao City as the regional center, was the fifth largest economy in the country, accounting for 4.3% or P369.80 billion of the total GDP.
Likewise, the region’s real estate sector is the fifth largest among the regions with its GVA in real estate, renting and business activities accounting for 2.7% or P27.30 billion in 2017. The region’s GVA in the sector maintained its 6.8% growth during the year from the year before.
“There is renewed focus on Davao by President [Rodrigo R.] Duterte, who hailed from this region. In 2017, data from Santos Knight Frank for Davao recorded more than 100,000 sq.m. of gross leasable area for office spaces, while average occupancy rate was 82%. In the residential front, there were about 50 actively marketed residential developments, with 83% absorption.,” said Santos Knight Frank in an email.
The city has been implementing projects to fuel business opportunities in the area. One is the project proposed by the National Development Corp. to build a food terminal complex near the Davao Fishport Complex in Toril, Davao City. This will have seven components, namely a trading center, cold storage facility, commercial or industrial spaces, and warehouses for trading activities. Another is the 23-kilometer road from Toril to Cabaguio, which will include toll ways and a center median that can accommodate piers.
For JLL’s Mr. delos Reyes, Davao is also an area to watch out for, with 47,000 sq.m. of future office space supply in 2019 to 2021 with pre-commitment level at 70 to 75%. — Vincent Mariel P. Galang

Bankers association looks to launch digital ID registry within the year

THE BANKERS ASSOCIATION of the Philippines (BAP) is aiming to launch the digital banking identification (ID) registry within the year in a bid to further financial inclusion.
In a statement on Tuesday, BAP President Cezar P. Consing said the association is looking forward to launch this year its digital banking ID registry, which is expected to make it easier for clients to avail of banking services with member-banks.
The ID registry allows data storage and exchange among member-banks, setting the foundation for electronic know-your-customer procedures and future use cases.
The facility will be powered by blockchain technology to vet transactions and client identity.
Blockchain is a distributed data ledger which involves a large network of entities where data is stored in “blocks.” The storage units are continuously updated and secured using cryptography, making data management and data-driven processes decentralized, tamper-proof and more transparent.
“Several of the BAP member-banks are already developing the systems to be able to interface with the ID registry,” the association said.
“The Philippine banking industry is transforming itself so as to continue to be relevant to one of the world’s fastest growing economies. Digitalization, cybersecurity, and financial liberalization are issues foremost on bankers’ minds,” Mr. Consing said during the BAP annual membership meeting held on Monday. “The overall objective is increasing financial inclusion — the imperative of our times.”
Mr. Consing, who is also the president and chief executive officer of Ayala-led Bank of the Philippine Islands, was elected yesterday to take the helm of BAP, replacing BDO Unibank, Inc. President Nestor V. Tan who held the position for three years.
“I will build on Nestor’s considerable accomplishments. We want the Philippine banking industry to be accessible to every Filipino,” added Mr. Consing.
Under the leadership of Mr. Tan in 2018, the BAP converted the fixed income exchange to an over-the-counter market, favored PHP Bloomberg Valuation Service as benchmarks for local government securities, and pushed to streamline regulatory requirements for banks’ bond issuances, among others.
Looking ahead, Mr. Consing said the BAP will push for cybersecurity measures and focus on environmental, social and governance projects.
The BAP is the lead organization of universal and commercial banks in the country, consisting of 42 member banks, 21 of which are local banks and 21 are foreign bank branches. — Karl Angelo N. Vidal

Himala, El Bimbo get most Gawad Buhay nods

HIMALA: Isang Musikal and Ang Huling El Bimbo each got 12 nominations for the upcoming 11th Gawad Buhay Awards which honors the performing arts.
Based on the 1982 film written by Ricky Lee, Himala: Isang Musikal follows the story of small-town girl Elsa, a faith healer in the town of Cupang who sees visions of the Virgin Mary. The sick and curious arrive in their town upon the news of her miracles.
Ang Huling El Bimbo is an original musical set to the songs of rock band Eraserheads. The story follows the story of four friends from their college days to the present.
Philstage president Audie Gemora and singer Celeste Legaspi announced the nominees on March 22 at the lobby at the Theatre at Solaire via Facebook live.
Other leading nominees are Eto Na! Musikal nAPO! with 11 nods including Outstanding Original Libretto and Outstanding Musical Direction; Silent Sky with 10; Lungs and A Doll’s House, Part 2 with seven each; and Manila Notes and ‘night Mother with six each including Outstanding Play — Original or Translation /Adaptation.
No nominees were named for the following categories: Male Featured Performance in a Play, Outstanding Original Script, and Outstanding Original Musical Composition.
The Gawad Buhay are given by Philstage (The Philippine Legitimate Stage Artists Group), which is the country’s only organization of professional performing arts companies founded in 1997.
The 11th Gawad Buhay Awards will be held on May 28, 8 p.m. at the Onstage Theater in Greenbelt 1 in Makati City.
The list of nominees follows:
• Outstanding Play — Original or Translation/Adaptation — ‘night, Mother; and Manila Notes
• Outstanding Musical — Original or Translation/Adaptation — Eto Na! Musikal nAPO!; and Ang Huling El Bimbo
• Outstanding Production of Existing Material for a Play — A Doll’s House, Part 2; Lungs; Silent Sky
• Outstanding Production of Existing Material for a Musical — Himala: Isang Musikal
• Outstanding Stage Direction for a Play — Oriza Hirata for Manila Notes; Melvin Lee for ‘night, Mother; Andrei Pamintuan for Lungs; Cris Villonco for A Doll’s House, Part 2; Joy Virata for Silent Sky
• Outstanding Stage Direction for a Musical — Robbie Guevara for Eto Na! Musikal nAPO!; Ed Lacson Jr. for Himala: Isang Musikal
• Male Featured Performance in a Play — No nominations
• Female Featured Performance in a Play — Caisa Borromeo in Silent Sky; Sheila Francisco in A Doll’s House, Part 2; Sheila Francisco in Silent Sky; Issa Litton in A Comedy of Tenors; Elle Velasco in Manila Notes
• Male Lead Performance in a Play — Jake Cuenca in Lungs; Lorenz Martinez in A Comedy of Tenors; Gabs Santos in Lungs; Carlitos Siguion-Reyna in A Doll’s House, Part 2
• Female Lead Performance in a Play — Cathy Azanza-Dy in Silent Sky; Meann Espinosa in Manila Notes; Sab Jose in Lungs; Sherry Lara in ‘night, Mother; Menchu Lauchengco-Yulo in A Doll’s House, Part 2
• Male Lead Performance in a Musical — Reb Atadero in Ang Huling El Bimbo; Alfritz Blanche in Eto Na, Musikal nAPO; Boo Gabunada in Ang Huling El Bimbo; Jobim Javier in Eto Na, Musikal nAPO; Gian Magdangal in Ang Huling El Bimbo
• Female Lead Performance in a Musical — Tanya Manalang in Ang Huling El Bimbo; Aicelle Santos in Himala: Isang Musikal
• Male Featured Performance in a Musical — Jon Abella in Eto Na! Musikal nAPO!; Steven Hotchkiss in Rapunzel! Rapunzel! A Very Hairy Fairy Tale; Sandino Martin in Himala: Isang Musikal
• Female Featured Performance in a Musical — Bituin Escalante in Himala: Isang Musikal; Sheila Francisco in Ang Huling El Bimbo; Neomi Gonzales in Himala: Isang Musikal; Carla Guevara Laforteza in Rapunzel! Rapunzel! A Very Hairy Fairy Tale; Kakki Teodoro in Himala: Isang Musikal
• Outstanding Ensemble Performance for a Play — A Doll’s House, Part 2; Manila Notes; Silent Sky
• Outstanding Ensemble Performance for a Musical — Ang Huling El Bimbo; Eto Na! Musikal nAPO!; Himala: Isang Musikal; Rapunzel! Rapunzel! A Very Hairy Fairy Tale
• Outstanding Original Libretto — Robbie Guevara’s Eto Na! Musikal nAPO!
• Outstanding Original Script — No nominations
• Outstanding Translation or Adaptation — Ian Lomongo’s ‘night, Mother; Rody Vera’s Manila Notes
• Outstanding Choreography for a Play or Musical — PJ Rebullida for Eto Na! Musikal nAPO!; Dexter Santos for Ang Huling El Bimbo
• Outstanding Original Musical Composition — No nominations
• Outstanding Musical Direction — Daniel Bartolome for Eto Na! Musikal nAPO!; Vincent de Jesus for Himala: Isang Musikal; Myke Salomon for Ang Huling El Bimbo
• Outstanding Costume Design — Joey Mendoza for A Doll’s House, Part 2; Joey Mendoza for Silent Sky; Raven Ong for Rapunzel! Rapunzel! A Very Hairy Fairy Tale; Carlo Pagunaling for Himala: Isang Musikal; Eric Pineda for Eto Na! Musikal nAPO!
• Outstanding Lighting Design — John Batalla for Balag at Angud; John Batalla for Silent Sky; Monino Duque for Ang Huling El Bimbo; Miggy Panganiban for Lungs; Barbie Tan-Tiongco for Himala: Isang Musikal
• Outstanding Sound Design — Rards Corpus for Eto Na! Musikal nAPO!; Rards Corpus for Ang Huling El Bimbo; Jethro Joaquin for Silent Sky; TJ Ramos for ‘night, Mother
• Outstanding Set Design — Jodee Aguillon for Lungs; Gino Gonzales for Ang Huling El Bimbo; Ed Lacson Jr. for Himala: Isang Musikal; Joey Mendoza for Silent Sky; Ben Padero for ‘night, Mother
Eto Na! Musikal nAPO! was produced by 9 Works Theatrical and Globe Live; ‘night, Mother was produced by Philippine Educational Theater Association; Manila Notes and Balag at Angud by Tanghalang Pilipino; A Doll’s House, Part 2 was produced by Red Turnip Theater; Lungs by The Sandbox Collective; Silent Sky, A Comedy of Tenors, and Rapunzel! Rapunzel! A Very Hairy Fairy Tale were produced by Repertory Philippines; Himala: Isang Musikal by The Sandbox Collective/9 Works Theatrical. — Michelle Anne P. Soliman

Stockholders OK Petron’s preferred shares issuance

MAJORITY of stockholders of Petron Corp. has agreed to the company’s plan to issue preferred shares amounting to up to P20 billion, the company told the stock exchange on Tuesday.
In a disclosure, Petron said it had received the written assent of stockholders “representing more than a majority of the total outstanding common capital stock” of the company.
On March 12, 2019, the board of directors of Petron approved the issuance of 20 million preferred shares under the features provided under its Articles of Incorporation and under such terms as may be determined by its executive committee.
The board’s approval also includes the registration of the preferred shares with the Securities and Exchange Commission and the listing of the shares in the Philippine Stock Exchange.
The approval of the stockholders holding common shares was sought for the listing of the shares at the stock exchange.
Petron is the country’s largest refiner and provides close to 40% of local fuel requirements through its Bataan refinery, 30 terminals, and at least 2,400 service stations nationwide.
Petron reported a 50% drop in its net income in 2018 to P7.1 billion after a “sustained decline” in world crude prices that resulted in inventory losses of P10 billion in November and December last year.
Petron President and Chief Executive Officer Ramon S. Ang had described 2018 as a challenging year, although the company was able to capture majority of the market and remained the largest and fastest growing oil company in the country.
He said that while Petron’s long-term fundamentals remain attractive, the company would continue to be prepared and responsive to market conditions.
Last year, operating income fell 32% to P18.9 billion from P27.6 billion previously. Profits would have been higher by 21% at P17 billion if the one-time item is excluded, the company said.
On Tuesday, shares in Petron slipped 0.31% to close at P6.53 each. — Victor V. Saulon

Going Flexible: A Q&A on KMC Solutions, Inc. on the future of flexible working spaces

By Christine Joyce S. Castañeda, Senior Researcher
THE OFFICE workplace is usually associated with partially enclosed spaces and fixed working hours. Amid technological innovations and circumstances, however, it is no exception to changes. At present, the office could mean a flexible and open workspace — a stark contrast to the cramped environment employees are accustomed to.
The demand for such workspaces has been increasing and this trend is seen to be sustained in the coming years. For instance, a JLL report titled “Technology firms transforming the office landscape in Southeast Asia” released last September showed a 40% compounded annual growth rate (CAGR) in flexible offices in Southeast Asia, accounting for 2% of the office stock in the region from 0.5%-1% in 2015.
In the same report by JLL, they expect the segment to account for as much as 30% of corporate portfolios by 2030.
Similarly, a report by Pronove Tai showed a 258% surge in demand for flexible workspace in the Philippines last year to 37,000 square meters (sq.m.) from 10,000 sq.m. the previous year.
Lastly, Colliers International expects flexible workspaces in the Philippines to grow by at least 10% annually in the next three years in its report titled “Top 10 Forecast for 2019: Flexibility is the Name of the Game.” The demand, Colliers said, will be driven by the rise in the country’s micro, small and medium enterprises as well as the additional entry of multinational corporations (MNCs) and outsourcing companies searching for plug-and-play offices.
To help understand this emerging industry more, BusinessWorld sought the insights of KMC Solutions, which is one of the major flexible space providers in the country. Last month saw KMC Solutions formally launching its 36th co-working space in Filinvest City in Alabang, Muntinlupa City.
Muntinlupa was the ninth city the co-working space provider has a presence in after Makati City, Quezon City, Pasay City, Mandaluyong City, Taguig City, Pasig City, Iloilo City, and Cebu City. At present, KMC Solutions has 57,151 sq.m. of space or 10,367 seats.
All these offices have floor-to-ceiling windows and a manager’s office convertible into a meeting room. Other amenities include a community area, pantry, conference rooms, phone booths, clinic and lactation room, and a training room for health activities.
The company targets to have at least 4,000 more seats, or around 20,000 sq.m. of office spaces this year. This would bring KMC Solutions’ portfolio to about 77,000 sq.m. or around 14,000 seats.
With these, KMC Solutions’ Chief Operating Officer Tracy G. Ignacio discussed with BusinessWorld her thoughts on the future of flexible workspace and the company’s plans for the future.
Below are excerpts of the interview:
How strong is KMC Solutions’ brand in the flexible workspace provider market?
We are the largest in the Philippines with more than 40% share of the total flexible workspace inventory. We are proud of the fact that we are a Filipino company serving multinational businesses and that we are ready to compete with known brands across the globe when it comes to serving this country.
How do you make yourself distinct to clients?
Our business model is what differentiates us. KMC is focused on helping businesses enter, operate and grow in the Philippines. When we face clients, we offer them a one-stop-shop for all requirements/needs, regardless of the size and/or the growth stage their business is in.
Office space is only one KMC service, we put emphasis on other necessities such as staffing requirements, IT services, legal advice and office build-outs to name a few.
What are the advantages of renting flexible office spaces? How about its disadvantages?
The major advantages of renting flexible offices are:
(a) Less cost on operating expenses. In flexible offices, businesses would not need to spend much on office construction/maintenance. Flexible office operators provide the facility, equipment, and amenities needed by businesses. For businesses who are trying to feel their way through the market, or in the process of building a base of operations, going for a flexible office is a practical choice. It minimizes financial risk overall — definitely a practical choice for startups, SMEs (small and medium enterprises) or foreign businesses entering the Philippines.
(b) Ability to scale fast. Flexible offices provide businesses with room to scale. Whether they expand in manpower or opt for leaner operations, flexible offices allow them to do this with minimal or no cost at all for physical adjustments. With flexible offices having all the tools ready for operations at any time, ideally, all the clients need to do is to plug in and do their work.
The main consideration that businesses must make when occupying flexible office spaces is its shared environment. Commonly, flexible offices have dedicated private rooms, but the entire facility is shared — specifically the common areas such as the pantry or the lounges. Giving respect for the other clients and employees is a top priority in our spaces.
Can you explain to us how the system between you and your client works?
We treat our clients as business partners and fellow entrepreneurs. We make it a point to know and understand their business as well as form close relationships with them. We adjust our work relationship based on how much guidance and support they need from us.
Normally, we empower our clients to make the business decisions themselves. Our role is only to provide advice and support through those decisions. We also make sure that they are involved in our endeavors. Whenever there is an opportunity to share knowledge or celebrate milestones, we get them involved in it. We make them part of the entire KMC community.
Were there any challenges you experienced when you started this business?
This is a very capital-intensive business as most of the costs are upfront without the guarantee of when you will sell the seats. The first few years, we were very conservative and when we had enough cash saved, we grew and the rest is history. Aside from that, scouting new locations to expand in was tough as the idea of the flexible workspace was quite new to landlords.
Can you tell us what your company has attained over the past five years? How did your company perform last year?
We have experienced rapid growth in the last five years of operating. From 2014, we have nearly quadrupled the number of flexible spaces we operate. From 10, we now operate 36. In 2018 alone, we opened 10 offices — the most we have in a year’s time. Seat count-wise, that’s an additional 8,500 seats, translating to 8,500 jobs. We saw our products and services improve as well. A side-by-side comparison of our space offerings between 2014 and 2019 show our improvement in overall design and location selection. Revenue-wise, we reached our target for 2018 and are expecting to replicate the same feat this year.
What are your prospects for expansion across the country? What are the factors that determine where to expand?
There are a few factors that help us decide why we need to expand and where we should expand next. We regularly base our expansion decisions on the speed of our occupancy and the demand from both current and new clients. Aside from catering to new client requirements, our current clients continue to grow. To keep up with the changes, we continuously search for the right venues that will serve both types of clients properly.
With the help of our sister company, KMC Savills, we update ourselves with the latest trends in the property sector through their research. There are a few basic things we keep an eye out for when expanding in a new location:
(a) Infrastructure. We make sure that the office we’re setting up is accessible to both private and public transportation. We want our clients to work in locations that are conducive to do business in, thus the selected location’s development plan plays a role in our decision. The infrastructure should also have room for expansion should there be a need to scale in the area.
(b) Convenience. We also look into what surrounding establishments can help our clients and employees have better work experience. The availability of restaurants, malls, convenience stores, etcetera, also plays a role.
(c) Population. Populated areas have relatively large talent pools to tap and we see this as an important factor in opening a new site. We want to provide more jobs for the people living in the selected area, and at the same time, provide accessible talent to our clients who will be operating in the new locations.
Where do you see growth in flexible workspace rental coming from? (Which industry and region)?
BGC (Bonifacio Global City), Taguig and the Makati CBD (central business district) are still the hottest areas for flexible office space growth given the infrastructure and the amount of business growing in the areas. The cities we believe that are great for flexible workspace expansion are Ortigas (Pasig), Quezon City and Alabang.
The main driver for flexible office space is flexible work. Right now, the IT-BPO (information technology-business process organization) industry still leads in flexible office space occupancy because they apply flexible work terms for their employees more often than other industries do. Their utilization of technology plays a big part in their ability to do so.
Flexible working spaces have seen tremendous growth according to various reports. Do you see this trend to be the same for the Philippines?
We do confirm that there is an increasing trend for flexible workspace growth in the Philippines. From our end, the occupancy of all 10 new offices we launched last year showed that demand for the spaces is strong. We now see MNCs requiring their headquarters here to transfer to this kind of setup, which is something we did not see in the past.
Another significant sign of a growing market for flexible workspace industry in the Philippines is the entrance of international players. Their presence in the country shows that we are embracing new ways of working — and this is favorable to international businesses.
We see further expansion in this industry as flexible workspaces are transforming the image of the office. It is no longer just a place for business, the activities you can do in it promotes a lifestyle.
What is your outlook for the company in terms of revenue?
Our target for 2019 is to increase our revenue by almost 80% —something we have not done in recent years and especially not when we are already at this size. However, we continue to be bullish as we see inevitable growth in this market as a response to the changing work culture, globally and here in the Philippines.

Security Bank plans to issue P20B in LTNCDs

SECURITY BANK Corp. is set to issue P20 billion worth of long-term negotiable certificates of deposit (LTNCD) to raise fresh funds.
It is also planning to redeem P10 billion in unsecured subordinated debt notes in July, ahead of its maturity date of 2024.
In a disclosure to the local bourse on Tuesday, Security Bank said its board of directors approved the issuance of up to P20 billion in LTNCDs.
“[It’s] still premature for us to give details,” Security Bank President and Chief Executive Officer Alfonso L. Salcedo, Jr. told BusinessWorld in a text message.
Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”
Security Bank raised P5.8 billion in May last year, marking the second tranche of its P20-billion bond program and following the P8.6 billion raised in LTNCDs in November 2017.
On Thursday, Mr. Salcedo said the bank is looking at issuing some LTNCDs and peso-denominated bonds within the second half of 2019.
“We are looking at that in the second half, not in the second quarter,” he said.
Meanwhile, the universal lender is set to exercise its option to call on its P10-billion subordinated securities on July 12, according to the regulatory filing.
Carrying a 5.375% interest rate, the unsecured subordinated notes were issued on July 11, 2014 and was supposed to mature 10 years later. The debt papers were callable after five years.
“There is step up in interest rate paid if we don’t redeem,” Mr. Salcedo said yesterday.
The central bank ordered universal and commercial banks at the start of 2014 to shore up its buffers against financial stress — a requirement under the Basel 3 regime introduced by the Basel Committee on Banking Supervision in the wake of the 2008 global financial crisis.
Call options are usually exercised to take advantage of low interest rates regimes.
Security Bank booked a net profit of P8.6 billion in 2018, down 16% from a year ago due to decrease in trading gains and higher provisions for income tax.
Shares in Security Bank closed at P172 apiece on Tuesday, up P4.30 or 2.56%. — Karl Angelo N. Vidal

Of poetry and the National Anthem

THE Cultural Center of the Philippines’ Performatura: Performance Literature Festival is back for its third installment as it once again “highlights the rich tapestry of Philippine artistic traditions that leap beyond the written word.”
The festival will be held from April 5 to 7 in various venues inside the Cultural Center of the Philippines (CCP) in Pasay City.
This year’s theme, “Ang Mamatay nang Dahil Sa ’yo” (To die for you), tackles the issue raised last September by Senate President Vicente C. Sotto III who said he wanted to change the last line of the Philippine National Anthem to give it a more positive spin.
“The Philippines has so many more important issues but what our legislators busy themselves doing is changing the last line of the National Anthem,” multi-awarded poet and festival director, Vim Nadera Jr., told the media during a forum on March 20 at the Kamuning Bakery and Café in Quezon City.
Performatura is a biennial festival which features performances, poetry readings, literature classes, art talks, regional chanters, book discussions, a slam poetry contest, film screenings, a book fair, art exhibits, and interviews with renowned writers at various venues in the CCP.
But beyond the National Athem, this year’s Performatura (a term Mr. Nadera coined by combining the words “performance” and “orature”) also “alludes to issues that are relevant and [are] being discussed in our society today,” said a press release.
“‘Ang Mamatay nang Dahil Sa ’yo,’ can mean a lot of things to different people,” Mr. Nadera said, noting that this is what he wants to achieve in the poetry slam that will be held during the festival.
A poetry slam is a competition in which poets perform spoken word poetry and are judged by a panel.
The first day of the festival will be dedicated to literature in general and spoken word performances. Among the highlights of the first day will be an interview with Resil Mojares who was named National Artist for Literature last year, while Dumagats from Mauban, Quezon province will stage the story of their local hero, Gat Uban.
Kuwit, the literary group of the Philippine High School for the Arts, will lead a set of performances such as storytelling with the National Library of the Philippines’ Storytellers and Puppeteers.
In the afternoon, a film by poet and filmmaker Khavn dela Cruz will be screened for free at the CCP Dream Theater while US-based poet and visual artist Sam Roxas-Chua will teach Asemic Writing during the Literaturo segment. His artworks will also be on view during the festival.
The second day will honor National Artist for Visual Arts Francisco V. Coching, who is best known as a master illustrator and storyteller behind Filipino comics from the 1950s to the ’60s.
The Coching family, through Lulu Coching and Marabini Coching Williamson, will “give an intimate portrait of Coching as father, uncle, and lolo (grandfather),” said the release.
Students from the Eastern Samar National Comprehensive High School will read Mr. Coching’s comic book Lapu-lapu in front of an audience, while the Pinoy Reads Pinoy Books Book Club will hold a book discussion about Mr. Coching’s El Indio.
Tadhana, a spoken word group, will also pay homage to Mr. Coching through a set of literary performances by female spoken word artists in honor of Mr. Coching’s women warrior characters like Mara-bini, created in 1935.
Noted comics artists Rico Rival, Randy Valiente, and Shaun Garcia will give tribute to Coching through talks and art activities while Liwayway Magazine’s Ernie Patricio will share his techniques in illustrating comics.
Veteran illustrator Danny Acuña can be commissioned to do on-the-spot portraits at the CCP Main Lobby that day. Performatura visitors may also view the ongoing Coching Birth Centennial Exhibit entitled Nasaan ka na, Mara-bini?, curated by Alice Sarmiento.
The last day of the festival is in honor of the National Artist for Literature Edith Tiempo in commemoration of her birth centennial.
Fictionists and poets who were influenced by Tiempo will be having a tribute performance including poetry reading and talks. An interactive centennial exhibit curated by Ateneo de Manila University professor Danilo M. Reyes and artist Gwen Bautista will also be on view.
Podcast producers Pakinggan Pilipinas will lead a series of readings of Ms. Tiempo’s works, while Silliman University’s Kahayag Dance Company, opera singer Katrina Marie Saga, and pianist Jasper Domingo will perform “Bonsai,” one of Ms. Tiempo’s most anthologized poems.
Artist Annie Pacana Lumbao will show her projection art based on Ms. Tiempo’s poem, “City Man.”
Performance literature expert Azam Rais of Malaysia will showcase his talent while a workshop conducted by University of the Philippine’s Dr. Belen Calingacion will teach how to use Ms. Tiempo’s poems as material for a speech choir.
Film critic Ed Cabagnot will discuss Ms. Tiempo’s milieu using the film A Nation is Born, believed to be the first film shot in Dumaguete.
The Performatura: Performance Literature Festival will run from April 5 to 7 at the Cultural Center of the Philippines, Pasay City. Admission is free though visitors are encouraged to donate a book which will serve as an admission ticket. A book is equal to a whole day admission and the books will go to CCP partner libraries. For more information, visit https://www.culturalcenter.gov.ph/index.php/events/literature/performatura-2019-performance-literature-festival/details. — Zsarlene B. Chua

Regal Hotels looking for opportunities to expand

By Vincent Mariel P. Galang, Reporter
HONG KONG-BASED Regal Hotels International is looking for opportunities to bring its hospitality services overseas, including the Philippines.
“I believe our company is always looking into expanding outside of Hong Kong, and mainland China if there is a right deal…. if the location is right… why not? We’d love to,” Peter Chiu, vice- president for project of Regal Hotels, told reporters in Makati City on March 25.
Formed in 1979, Regal Hotels is the hospitality arm of Hong Kong-based Century City Group. It currently has over 10,000 rooms across 24 locations in Hong Kong and Mainland China.
Twelve hotels are in Hong Kong, while rest are spread across China. The company also owns Campus La Mola, a hotel located in Barcelona, Spain.
Peter Martin, group director for project of Regal Hotels, said what sets the company apart is it owns the property where the hotel stands.
“The group is always interested in expanding. Generally, we look to buy our own property. We’re very particular to make sure this… location can offer a lot of value to customers if it does then we know if we do a good job we can make it pay. Sure, we’re interested always and exploring but it depends in the location,” Mr. Martin told BusinessWorld in an interview.
Mr. Martin said Regal Hotels is very particular about choosing the right location for the hotel.
“Since we own the properties, we are very particular to make sure… Is this the destination (guests) would like?… Because if not, we’re not going to spend a huge amount of money investing on our own… A lot of effort goes into buying land, building the property and operating a hotel that we know customers are actually going to seek out and desire. This is a very different mindset from a management company wherein they don’t own the property,” he explained.
The company operates Regal Hotel and iClub Hotel. Regal Hotel is a full-service hotel that caters mainly to families.
“They are getting a traditional full-service (hotel) with full facilities.. They are designed for families,” Mr. Martin said.
On the other hand, iClub, a select-service hotel, attracts younger, tech-savvy travelers.
“[For] those young travelers traveling in ones or twos… They travel light. They didn’t want to pay for facilities they, rarely, will use. They want to explore the city. Hong Kong is one of the cities you can explore,” Mr. Martin said.
The company’s hotels are usually located near tourists spots. A shuttle is usually provided for guests who want to visit these spots.
For example, Regal Riverside Hotel, where Mr. Chiu is the general manager, is just a few minutes away from Hong Kong Disneyland.
“We’re not just one or two properties. If you’re coming and you just want a night to stay by the airport… then we’ve got that covered. If you want to do leisure in a traditional destination, we’ve got that covered. If you’re a little bit budget conscious… we’ve got that covered,” Mr. Martin said.

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