Home Blog Page 9830

AMLC, PAGCOR keep close eye on dirty money risks from POGOs

By Luz Wendy T. Noble
Reporter

THE ANTI-MONEY Laundering Council (AMLC) and the Philippine Amusement and Gaming Corp. (PAGCOR) have been monitoring dirty money risks from Philippine Offshore Gaming Operators (POGOs) through risk and on-site assessments as part of their signed memorandum of agreement, AMLC Executive Director Mel Georgie B. Racela said.

“Based the results of our risk assessment, we have refocused our resources to conducting onsite examination on these POGOs and their service providers,” Mr. Racela said in a text message, noting that they have also finished their baseline examination for major land-based casino operators in 2019.

Mr. Racela said AMLC and PAGCOR’s joint onsite examinations are divided into three key parts.

For the first step, Mr. Racela said they inspect and validate the existence of POGOs as indicated in their provided addresses and then schedule a meeting with the firms’ officers.

“We intend to finish the first part by end of March and we will move forward based on the result of this activity,” Mr. Racela said.

The next step is to visit the POGOs to make an initial assessment of their anti-money laundering and counter terrorist financing compliance.

The third and final step is the actual on-site examination, Mr. Racela said.

Under the amended Anti-Money Laundering Act or Republic Act No. 10927 enacted in 2017, casinos are considered as “covered persons.”

Bangko Sentral ng Pilipinas Governor and AMLC Chairman Benjamin E. Diokno has said AMLC and PAGCOR’s memorandum of agreement is meant to tighten cooperation for feedback mechanism amid money laundering and terrorism financing risks on the back of the rise of internet-based casinos, casino junkets, as well as POGOs.

Likewise, Mr. Diokno said the partnership with PAGCOR will allow them to carry out capacity-building measures to address the said threats.

In a Senate hearing on Feb. 11, Mr. Racela said in order to monitor dirty money risks from POGOs, they have conducted two sectoral risk assessments apart from the national risk assessment done in 2017.

Mr. Racela said the first sectoral risk assessment is done through a financial flow analysis of funds that went into the banking system based on reports submitted to the AMLC.

The second part of the assessment is to look into the money-laundering and counter-terrorist financing risks brought about by POGOs.

“Our second sectoral risk assessment has identified approximately P14 billion of the approximately P54-billion total flow of funds, as being transacted under suspicious circumstances,” Mr. Racela said.

The dirty money watchdog said in December they will tweak their framework to avoid heightened surveillance due to weak anti-money laundering and anti-terrorism financing measures.

ABS-CBN asks Supreme Court to deny OSG gag order petition

By Vann Marlo M. Villegas, Reporter

ABS-CBN Corp. asked the Supreme Court (SC) to deny the petition of the state lawyer to issue a gag order to prohibit statements on the quo warranto case, claiming it is a violation of rights to free speech and free press.

In its comment, which the court sought from ABS-CBN, the network said the government failed to show how the reports it published created a “clear and present danger of impairing the proceedings before this Honorable Court.”

It said that the Office of the Solicitor General (OSG) only quoted portions of the said reports and listed down the links of the 31 articles it cited.

“No danger is, however, apparent from a mere perusal of the publication,” it said.

“To presume that the members of the Honorable Court would be unable to render impartial judgement merely because of public discussion of the issues involved in the Petition is to diminish their intelligence, experience and independent thought,” it added.

The network also said that there is no prior restraint on expression aside from four exceptions, namely: pornography, false or misleading advertisement, advocacy of imminent lawless action and danger to national security. It said that these exceptions are not present in the publications cited by the OSG as tending to influence the court.

It also said that 13 of the 31 news articles listed by the OSG were published before the filing of the quo warranto petition, the legal action that requires the network to show what authority it has for exercising its franchise.

“The Republic claims that a gag order is necessary to insulate the Members of this Honorable Court from public statements that would tend to influence them in deciding the Petition. However, apart from making general allegations, the Republic has not shown a clear and present danger of the substantive evils it supposedly seeks to prevent,” it said.

The OSG filed a quo warranto petition seeking the cancellation of the legislative franchises of ABS-CBN Corp. and ABS-CBN Convergence, Inc. for supposedly violating the laws on foreign ownership restriction and for operating a pay-per-view channel, among others.

It subsequently filed a motion for the issuance of a gag order to stop ABS-CBN from releasing statements on the merits of the case. It alleged that the network is engaging in propaganda by releasing reports and videos that tend to sway public opinion and influence the resolution of the court.

The network said the gag order, which sought to prohibit parties and those acting on their behalf from releasing statements discussing the merits of the case, is “undoubtedly vague.”

If the gag order is granted, the network said it doubts whether it can comply without violating its franchise, which prohibits it from requiring censorship of speech. It also doubts whether the order can be enforced on its employees.

ABS-CBN said it is just performing its mandate under its franchise on public information and dissemination, and that a gag order will “impair the people’s constitutional right to information on matters of public concern.”

“The sub judice rule should not be applied to impair, through prior restraint, the fundamental freedoms of speech and of the press that serve as bedrocks of a democratic society. The sub judice rule may be enforced through contempt proceedings to punish contumacious conduct,” it said.

The Senate on Monday tackled the franchise renewal of ABS-CBN, which President Rodrigo R. Duterte threatened to shut down.

Justice Secretary Menardo I. Guevarra said that ABS-CBN may continue operating without the approval of Congress. He said lawmakers could file a resolution authorizing the National Telecommunications Commission to issue provisional authority to ABS-CBN.

Regulators also cleared the broadcasting giant of its alleged franchise violations.

Financial consumer protection bill seen passed by next month

A BILL SEEKING to provide government financial regulators additional powers for “surveillance, examination, enforcement, adjudication, and rule-making” for the protection of financial consumers may be approved at the committee level before Congress adjourns on March 13.

“We want to have thorough discussion and consultation because we are giving powers to the regulators…there may be powers that is too much and there could be powers that if not regulated, can be abused. But what is important in the end, we are able to protect the consumer without unduly burdening anyone,” Quirino Rep. Junie E. Cua, who also chairs the House committee on banks and financial intermediaries, told BusinessWorld on the sidelines of a committee hearing on Monday.

House Bill 6143 or the Financial Consumer Protection Act mandates the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Insurance Commission and the Cooperative Development Authority as implementing agencies “pursuant to authority granted under their respective charters.”

The bill also aims to ensure that appropriate mechanisms are in place for the “protection of financial consumers under conditions of transparency, fair and sound market conduct, and rational and effective handling of consumer disputes.”

According to Mr. Cua, one of the issues the committee encountered is to properly define “reasonable pricing” in setting the prices of financial products and services.

“’Yung pricing kasi may issue on the determination of unreasonable price. So ’yung unreasonable price kasi is so subjective. It may be unreasonable to you, but reasonable to others. It’s very subjective. That’s why we need to fine-tune the language,” he said.

The chairman also said his committee will ensure the bill will deliver the “intent and the spirit of what the regulators need” to prevent the issues of overpricing.

Kasi free market tayo, dapat pricing is determined by market. But when market is no longer free then we need some kind of mechanism to protect consumers,” he said.

A similar bill was approved on third and final reading in the House of Representatives during the 17th Congress but was not enacted. — Genshen L. Espedido

BSP to grant regulatory relief to lenders affected by ASF, COVID-19 spread

BSP
THE CENTRAL BANK will grant affected lenders regulatory relief. — BW FILE PHOTO

THE CENTRAL BANK will grant regulatory relief to banks and quasi-banks (QBs) to help them cope with the adverse effects of the African Swine Flu (ASF) and the coronavirus disease 2019 (COVID-19) on several sectors.

In a statement on Tuesday, the Bangko Sentral ng Pilipinas (BSP) said it has made available the granting of regulatory relief to lenders “that have sustained losses due to exposures to borrowers, industries and sectors severely affected” by ASF and COVID-19.

“This is in recognition of the potentially crippling impact of these events on key industries. We believe that the grant of regulatory and rediscounting relief measures is also applicable to financial institutions whose clients have suffered from adverse effects of these crises,” BSP Governor Benjamin E. Diokno said.

Temporary relief measures that may be granted include the staggered booking of allowance for credit losses, non-imposition of penalties on legal reserve deficiencies, and non-recognition of certain defaulted accounts as past due.

Banks that will avail the relief measures will be evaluated by the BSP on a case-by-case basis.

The BSP institutionalized the grant of regulatory relief to banks and QBs affected by calamities under Circular No. 1071 issued in October 2018.

“While the circular is aimed at providing a framework to systematically grant relief to banks affected by calamities and to support their recovery efforts, its coverage may be extended to the ASF and COVID-19 events even without a declaration of a state of calamity in specific areas of the country,” the central bank said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said these relief measures will give a “lifeline” not only to banks but to borrowers as well.

“The regulatory relief measures would also effectively extend a financial lifeline to some adversely affected borrowers to make important adjustments, on the hope that these may lead to some recovery to the business challenges being faced surprise nature of the novel coronavirus and the ASF,” Mr. Ricafort said in an e-mail.

Agriculture Secretary William D. Dar said earlier this month that total losses due to the ASF outbreak may already have hit P7 billion based on a previous estimate of a monthly opportunity loss of P1 billion since July last year, paired with the P1 billion allotted for the indemnification fund of hog raisers.

Meanwhile, Mr. Diokno said the central bank may cut rates by another 25 basis points as early as the second quarter to help shield the country from the economic fallout from the spread of COVID-19.

Mr. Diokno earlier said gross domestic product (GDP) growth could be dented by an average of 0.3% in the first two quarters if the virus outbreak will last until June.

Meanwhile, the National Economic and Development Authority has said the virus could hurt economic growth by 0.3% if the outbreak stays longer or until June, which could rise to 0.7% of GDP if the virus lingers until December, largely due to impact on the tourism sector.

So far, only one fatality and three infections have been recorded in the country. — LWTN

Lawmaker says NTC approval not needed in franchise extension

ABS-CBN Corp. does not need provisional authority from the National Telecommunications Commission (NTC) to continue its operations once the House of Representatives and the Senate approved the joint resolution extending the validity of the network’s franchise until the end of the 18th Congress, a congressman said.

“There is no need to go to the NTC. Congress itself can extend, because it has absolute power and jurisdiction over franchises. But then, when there is an approval by the House and the Senate, it goes to the President for signature,” Cagayan de Oro Rep. Rufus B. Rodriguez, who chairs the House committee on constitutional amendments and vice chair of the committee on justice, said in a television interview on Tuesday.

His statement comes after Justice Secretary Menardo I. Guevarra said at a Senate hearing on Monday that Congress can file a resolution authorizing the NTC to issue a provisional authority to ABS-CBN.

Mr. Rodriguez said the joint resolution should already extend the media network’s franchise.

“What I would say is that the joint resolution should already extend it. We are in power to grant franchises. So therefore, our resolution would say you’re extended until we decide on the franchise extension,” he said.

Senate Minority Leader Franklin M. Drilon earlier filed a joint resolution seeking to extend the franchise of ABS-CBN until the end of the 18th Congress on June 30, 2022.

Cebu Rep. Raul V. del Mar also filed a similar bill in the House of Representatives on Feb. 18.

House Majority Leader and Leyte Rep. Ferdinand Martin G. Romualdez said in a statement that the House committee on rules “acted with dispatch” on Mr. del Mar’s House Joint Resolution (HJR) 28.

“It is now up to the Committee Chairman and Members to decide on how to dispose of the HJR No. 28, whether to prioritize it over a slew of ABS-CBN franchise extension bills filed separately by 11 other congressmen,” he said.

Mr. Romualdez asked stakeholders to “give the House committee on legislative franchises enough time to deliberate intelligently” on the media network’s franchise extension.

Mr. Rodriguez said that the quo warranto petition of Solicitor General Jose C. Calida “has no basis in fact and in law” after various officials clarified in the Senate hearing that the media network “has not committed any violation.”

“On all of this basis for the quo warranto petition of Calida, they were all debunked in that hearing where the responsible officials have already said that the ABS-CBN has not committed any violation. NTC, SEC (Security and Exchange Commission), BIR (Bureau of Internal Revenue) and the Department of Labor,” he said.

On Monday, ABS-CBN submitted its written reply to the Supreme Court on the quo warranto petition that was filed by the Solicitor General.

“The justices will read the submission of ABS-CBN and compare it to the petition. I am confident… that the Supreme Court will dismiss this case and not to give due course to the petition of SolGen Calida,” Mr. Rodriguez said.

There are currently 12 bills pending in the House committee on legislative franchises seeking to renew the franchise of the media network.

Palawan Rep. Franz E. Alvarez, who chairs the committee, said that the panel is open to receive position papers of the supporters and opposers of the media network’s franchise renewal.

He also added that formal hearings on the matter may start either in May or August.

ABS-CBN’s franchise will expire on May 4, 2020. Congress only has seven session days left before it adjourns for its Easter recess on March 13.

Meanwhile, Senate President Vicente C. Sotto III said the chamber should first settle the need for a concurrent resolution to extend the validity of the ABS-CBN franchise.

Mr. Sotto deemed it is not necessary, arguing Congress did not have to go through the same proceeding in similar cases prior.

“I’m just wondering why they want a resolution from us when in the previous expired franchises they never asked for one,” he told reporters via a phone message, Tuesday.

“Why are they placing the burden on us? They should be decisive enough to act.”

The NTC at Monday’s Senate hearing explained it is needed considering there is objection in the renewal of extension, citing the quo warranto petition.

When asked whether he will support the resolution Mr. Drilon plans to file on Wednesday, Mr. Sotto said “pag-uusapan muna (we will talk about it).”

Mr. Drilon clarified the concurrent resolution does not have the effect of a law, but will serve as basis for the NTC that Congress, whose mandate is to grant franchises, is allowing the network to continue its operations.

Also sought for comment, Senator Emmanuel Joel J. Villanueva supported the filing of the resolution to protect the livelihood of the more than 11,000 direct employees of ABS-CBN. — Genshen L. Espedido and Charmaine A. Tadalan

Art in the everyday

OBJECTS and materials used in daily life are transformed into art at an exhibit at the Metropolitan Museum of Manila.

Supported by the National Commission for Culture and the Arts (NCCA) and the Office of Congresswoman and Deputy Speaker of the lone district of Antique Loren Legarda, the exhibition, Cue from Life Itself: Filipino Artists Transform the Everyday, features works by eight contemporary Filipino artists.

“It is not solely depicting poverty but also refers to the movement of anti elitist artists who wanted to break away from the status quo of the mainstream art works to the use of humble everyday material,” Ms. Legarda said in a speech during the exhibit launch on Feb. 7.

“Materials in the art that we see here today in the exhibition reflect the vibrant ways by which Filipinos negotiate and interact with reality, always moving forward, meandering through one even narrow alleyways, and congested streets to find choice in surviving another day — always with perennial hope that tomorrow will be better,” she said.

The exhibition takes notes from Aesthetics of Poverty, a monograph by artist and educator Brenda Fajardo where she expresses the responsiveness of an artist to a transformable world. In the exhibition text, Ms. Fajardo asks, “How can an artist claim to be socially responsible when he mounts high-cost productions during times of deprivation?”

“Many of the artists try to understand the logic in everyday life,” exhibition curator and professor Patrick D. Flores said during a walk through the exhibit on Feb. 7, adding that people make technologies that are shaped depending on what people go through. The monograph (copies of which can be found in the exhibition) focuses on the establishment of Philippine Educational Theater Association (PETA) in the 1960s as a “people’s theater.” Ms. Fajardo’s work features production design sketches of PETA’s early productions.

“They wanted to develop any kind of theater aesthetics that was responsive to the milieu and production values,” Mr. Flores said.

Alma Quinto’s House of Comfort Project is a compilation by art workshop participants from disaster affected communities. The drawings are stitched together in a large quilt forming a collage depicting hope and strength.

Poklong Anading’s Fallen Maps and Bandilang Basahan was inspired by an area under construction near his house. In his piece, Mr. Ananding used rubble from sewage and road works and scattered these around a tent made of recovered rags.

Based on his experience with the flooding triggered by typhoon Ondoy (Ketsana) in 2009, intermedia artist Mark Salvatus’ C_rafts uses found objects and scraps to create rafts and beds. “People have cultivated some kind of instinct to cope with disasters,” Mr. Flores said. The objects suggest ideas of survival, transportation, and the effects of climate change.

Meanwhile, visual and sound artist Lirio Salvador uses stainless steel pipes, bicycle gears, and utensils to create musical instrument assemblages that make complex sounds when touched.

Part of a series titled Paraisado, Jose Tence Ruiz’s wooden cathedral tower in a kariton or wooden pushcart juxtaposes the gaps between structures.

Textiles from ukay-ukay (second-hand) shops were gathered to create Kristoffer Ardeña’s Ghost Painting: Toldo Category. Mr. Flores described the work riffing off the “popular visual culture” of street signages and tarpaulins in urban and rural areas.”

In contrast to the concepts presented by other artists, filmmaker Yason Banal’s video and photography installation, titled With Pleasure/No Tears (A Knife and a Slice of Plutocratic Life), examines images of elite power with archived photographs of the Marcoses and images of contemporary materialism at the expense of the poverty of others.

At the end of the gallery is one of mixed-media artist Santiago Bose’s last works — the unfinished mural titled 9-11, Return of the Comeback. It is a collage of photographs of Filipinos and Americans in the 1960s and 1970s set against Guernica, Picasso’s famed anti-war painting. Mr. Bose considers the attack’s aftermath a “rehash of the American occupation” due to the return of American military presence.

“I tried to create some kind of intergenerational dialogue from the 1970s to the present,” Mr. Flores said on his selection of featured artists.

“We have to emphasize that the works here [are] not an imitation or some kind of provincial articulation of movement that is seen as superior or the norm. Each form of expression has equivalent integrities and comes from specific ecologies produced by very specific artist biographies,” he said.

Cue from Life Itself: Filipino Artists Transform the Everyday is on view at the Galeriya Bangko Sentral ng Pilipinas of the Metropolitan Museum of Manila until May 7. The museum is open from Monday to Saturday except on holidays. Admission is free on Tuesdays. — Michelle Anne P. Soliman

Bank of Korea seen cutting benchmark rate to record low to battle coronavirus — Reuters poll

SEOUL — South Korea’s central bank is expected to lower its policy rate to a record low on Thursday, the third cut in the current easing cycle, a Reuters poll showed, to offset the impact on Asia’s fourth-largest economy from the fast-spreading coronavirus.

The trade-reliant economy, which was among those worst-hit by trade tensions, is faced with an extra hurdle as the virus outbreak disrupted world supply chains and global demand.

Sixteen of 26 analysts surveyed by Reuters predicted the Bank of Korea’s (BoK) seven-member board would cut the policy rate to 1% at its February meeting in a preemptive move.

Another four analysts expect the central bank to cut rates at least by May.

In January, only six of 29 analysts saw a cut in February after the central bank struck a more upbeat tone at its last policy meeting due to improving trade conditions and a resilient domestic environment.

Earlier this month, BoK Governor Lee Ju-yeol said the central bank would be cautious about further policy easing, as economic indicators needed to be assessed carefully to gauge the impact from the virus.

But trade data in the first 20 days of February showed there was a slump in Chinese demand with overall sales per working day also tumbling.

“Exports per working day during the first 20 days of February fell 9.3%, which shows the negative spillover from the virus spread on South Korean exports have started materializing,” said Lee Mi-seon, fixed-income analyst at Hana Financial Investment.

“As the number of confirmed cases sharply increased over the past week, economic conditions in South Korea have turned into a grave situation,” she added.

MORE CASES
The Seoul government raised its infectious disease alert to its highest level on Sunday, while it reported the eighth death and 231 new cases on Monday, which brought the national tally to 833.

South Korean President Moon Jae-in said on Monday the government should start reviewing whether a supplementary budget should be drawn up to head off the impact of the virus outbreak on the economy.

Economists are concerned the virus outbreak will hit economic growth in both the first and second quarters.

South Korea’s economy grew 2.0% for the whole of 2019, the slowest pace in 10 years, even after two rate cuts last year and a sharp increase in the nation’s budget.

The virus impact was also seen cooling demand at home as the consumer sentiment index in February fell to 96.9 from 104.2 a month earlier. This was the lowest reading in six months and the biggest monthly fall since June 2015, Bank of Korea data showed on Tuesday.

The central bank said on Monday it will e-mail and text message registered reporters when it announces its rate decision on Thursday and broadcast the press conference live to limit crowds and contain the spread of the coronavirus. — Reuters

Aboitiz group plans education business

By Denise A. Valdez, Reporter

THE Aboitiz group is seeking to develop its education business in the coming years, starting with its partnership with cybersecurity training provider DDLS Australia Pty. Ltd.

The Filipino conglomerate operating power, banking, food, real estate and infrastructure businesses, among others, is hopeful that it will someday grow its education segment to catch markets outside the Philippines.

After opening its first training facility for DDLS Philippines (DDLS Aboitiz Inc.) last week, Aboitiz Impact Ventures (AIV) President Jokin P. Aboitiz said the company is hoping to expand the business further in the future.

“We really want to invest in this kind of education. We want to invest in something that is agile, relevant and not something that (easily gets obsolete),” he told BusinessWorld on the sidelines of the launch.

DDLS Philippines is a joint venture between AIV and EdventureCo Asia Pacific, a vocational and professional education and training group which controls the DDLS brand.

The two forged a partnership in March 2019 and started conducting classes a few months later in various venues across Manila. It opened this month its first training facility in Bonifacio Global City to house its equipment and students.

“This is our first campus and we hope to add more campuses so students taking the classes can conveniently go to different classrooms,” DDLS Philippines President Luis Miguel O. Aboitiz said at the launch of the 500-square meter facility.

DDLS Philippines has so far trained more than 300 students in Microsoft courses and continues to evolve by adding more vendor-certified instruction courses to its offerings. It currently has five information technology (IT) trainers which will be expanded in the next few months, on top of access to DDLS Australia’s pool of about 200 trainers.

“We are not shy to invest. Aboitiz has always prioritized education,” AIV’s Mr. Jokin said. “If it’s sustainable, no problem. We’ll expand this. Make sure we touch as many people as we can.”

He noted the company is still figuring out the right model for the business, but it is definitely hopeful about its growth potential given the need for manpower upskilling due to the emergence of artificial technology and the fourth industrial revolution.

The company’s goal is to someday become Asia’s IT training hub — the throne currently held by Singapore — and get students from countries like Thailand, Vietnam and Malaysia.

“Our goal is to provide such high-quality education that we’re competing against Singapore, so that people in Thailand or Vietnam would fly here for training,” Mr. Luis Miguel said.

While the business is still in investment mode at present, Mr. Jokin said the company is projecting to start making a profit by the third year if it maintains to operate one campus.

DDLS Philippines has a flexible goal of opening six campuses within four years and eventually reach areas outside Metro Manila such as Cebu, Mindanao, Iloilo, Davao and Iligan.

AIV is a wholly owned unit of Aboitiz Equity Ventures, Inc., the listed holding firm of the Aboitiz Group. Shares in AEV at the stock exchange fell 95 centavos or 1.88% to P49.55 apiece on Monday.

Sandbox restages Lungs and Every Brilliant Thing

TWO Duncan MacMillan’s plays on modern love, climate change, and mental health will be restaged as The Sandbox Collective opens its 6th season with Sandbox Fest 2020.

Following sold-out runs in 2018 and 2019, Lungs and Every Brilliant Thing will be restaged at the Maybank Performing Arts Theater in BGC, Taguig City beginning March 6.

“We are always going to be choosing shows that have a social component to it,” Sandbox Collective’s managing artistic director and co-executive producer Toff De Venecia said at the press launch in Privato Hotel in Quezon City on Feb. 11.

“With Every Brilliant Thing, we were happy to have done our share in shedding light on the subject of mental health that continues to grip the country today. Now, with natural disasters occurring left and right, and significant doubt materializing in the age of anxiety, perhaps Lungs has gained a horrific new timeliness as well,” Mr. De Venecia was quoted as saying in a press release.

English playwright and director Duncan MacMillan is notable for contemporary plays which incorporate a socio-political voice. His works include People, Places and Things (2015) which focuses on addiction and recovery, and a stage adaptation of George Orwell’s dystopian novel 1984 (2013).

THE TWO PLAYS
Lungs centers on an unnamed couple who are in a conversation about the future of their relationship and the prospects of starting a family amidst growing concerns on climate change.

“I want audiences to take away how intense, complicated and beautiful relationships can be,” said Andrei Nikolai Pamintuan, who returns as the play’s director, in a press release.

Film and TV actor Jake Cuenca and theater actress Sab Jose will reprise their roles.

“Coming into this rerun, there is a lot more depth to my understanding of what being an a relationship means,” said Ms. Jose of her understanding of the role since getting married in 2018.

In Every Brilliant Thing, a young girl tries to ease her mother’s depression by starting a list of items that are worth living for. The list grows through adulthood, and she discovers how the items have a significance in her own life.

Jenny Jamora returns as the play’s director, while model and TV host Teresa Herrera and theater actress Kakki Teodoro reprise and alternate in the role.

In the play, the actress not only narrates but also interacts with the audience by selecting volunteers to play specific people in her life as she recalls her experiences.

“I think that’s where the magic of the show happens — the interaction between the audience. You really see the humanity of how we can be kind to help one another,” Ms. Herrera said.

Lungs earned seven nominations in the 2019 Philstage Gawad Buhay Awards, including Outstanding Male Lead for Mr. Cuenca, Outstanding Female Lead for Ms. Jose, and Outstanding Stage Direction for a Play for Mr. Pamintuan. Meanwhile, Every Brilliant Thing earned six nods in the midyear citations for the 12th Philstage Gawad Buhay Awards, including Outstanding Female Lead for Ms. Herrera and Ms. Teodoro.

“It’s a risk initially to work on something that is not commercial. But, the fact that it finds its own audience [is] very encouraging for us to be able to keep doing what we do,” Mr. De Venecia told BusinessWorld.

Sandbox Fest 2020 runs from March 6 to 29 at the Zobel de Ayala Recital Hall at the Maybank Performing Arts Theater, BGC, Taguig City. Tickets are available through Ticketworld (www.ticketworld.com.ph, 8891-9999) and The Sandbox Collective at (0956-200-4909, 0917-554-5560). — Michelle Anne P. Soliman

JPMorgan Chase likely to maintain key growth targets from last year at investor day — analysts

JPMORGAN CHASE & Co. is seen maintaining its key targets. — REUTERS

NEW YORK — JPMorgan Chase & Co. executives are unlikely to provide new financial targets at the bank’s annual investor day on Tuesday, and instead will use the forum to showcase a clean-energy initiative, analysts said.

JPMorgan, the biggest US bank by assets, reported record earnings last year and easily met management’s stated goals for expenses and profitability.

But its metrics are best-in-class among big US banks, and JPMorgan’s sheer size presents challenges for further growth, analysts said.

“We believe the challenge is for JPM to maintain this strong operating performance while at the same time investing for growth and gaining customer wallet share,” said Wells Fargo analyst Mike Mayo.

Nonetheless, Wall Street pays close attention to JPMorgan’s investor day, where Chief Executive Jamie Dimon and other senior leaders offer views about key businesses, as well as the global economy and financial markets. Those presenting include Chief Financial Officer Jennifer Piepszak, head of Consumer & Community Banking Gordon Smith, Head of Consumer Lending Marianne Lake and others. The event starts at 8 a.m. in New York.

Executives are likely to express optimism about JPMorgan’s potential, despite unsettling macroeconomic events such as concerns over the fast-spreading coronavirus, the 2020 US presidential election and low interest rates, analysts said.

On Monday, global markets plunged as investors ran for safety on fears that a rise in coronavirus cases outside China could expand damage to the global economy. In the US, the Dow dropped more than 1,000 points for just the third time in history.

However, JPMorgan will likely keep the bank’s official outlook stable for expenses relative to revenue, and for return on tangible common equity (ROTCE), which measures how well a bank uses shareholder money to produce profit.

Last year, JPMorgan’s efficiency ratio of 55% and its full-year ROTCE of 19% met and exceeded management’s targets of 55% and 17%, respectively.

The bank’s main announcement will center on steps it is taking to reduce financing for coal mining projects and companies and to facilitate $200 billion in loans and other financing for clean-energy and sustainability initiatives by the end of 2020.

The bank detailed some of that plan on Monday, after years of pressure from environmental activists and steps taken by other major financial firms including Blackrock, Inc. and Goldman Sachs Group, Inc.

JPMorgan shares closed at $132.14 on Monday, near a record high, leaving the bank as the most valuable by market value globally. — Reuters

Corteva opens rice, corn educational farm in Nueva Ecija

GLOBAL agricultural company Corteva Agriscience has launched on Tuesday a rice and corn educational farm or “edufarm” in Nueva Ecija that it aims to help the country achieve food security and self-sufficiency.

“Through the edufarm project, we are sharing our knowledge of agricultural best practices and products in order to raise crop productivity and improve farmer income,” Arun Mittal, the country head of Corteva, said during the event.

Department of Agriculture (DA) Secretary William D. Dar, along with Mr. Mittal, led the inauguration of the edufarm project in the municipality of Talavera.

The project aims to build training centers wherein season-long field and in-classroom trainings will be conducted. The training is geared towards helping farmers in increasing the sustainability, productivity, and profitability of their crops.

Farmers will be shown techniques to improve yield and income such as direct seeding hybrid rice technology and weed control. The company will also teach farmers on new seed preparation and crop protection techniques.

“We at the DA, welcome this initiative by Corteva as it supports and complements government efforts to produce our national rice requirements,” Mr. Dar said.

Corteva seeks to establish 50 rice edufarms and 30 corn edufarms in low and medium rice producing areas.

Together with planned activities for farmers, Corteva also plans to launch a new corn edufarm in Isabela by March of this year.

The edufarm is a result of a memorandum of understanding between the DA and Corteva. It was signed in October 2019. — Revin Mikhael D. Ochave

Weinstein found guilty of sexual assault, rape, in victory for #MeToo movement

NEW YORK — Former movie producer Harvey Weinstein was convicted of sexual assault and rape in a New York court on Monday and taken off to jail in handcuffs, a victory for the #MeToo movement that inspired women to publicly accuse powerful men of misconduct.

Once one of Hollywood’s most influential producers, Weinstein, 67, was found guilty of sexually assaulting former production assistant Mimi Haleyi in 2006 and raping Jessica Mann, a onetime aspiring actress, in 2013.

Officers helped Weinstein unsteadily to his feet before leading him away. His lawyer said Weinstein, who has used a walker throughout the trial, was ordered to be taken to a medical facility at New York City’s Rikers Island jail complex.

A spokesman for Weinstein said later that the onetime movie mogul was diverted instead to Bellevue Hospital in Manhattan, which has a unit that provides medical care for jail inmates.

The spokesman, Juda Engelmayer, told Reuters he did not know why Weinstein went to Bellevue or how long he would be there. But a number of news outlets, including Variety, reported that he had complained of chest pains.

Either destination would be a sharp contrast to the posh Four Seasons hotel where the producer of such acclaimed films as The English Patient and Shakespeare in Love started his day.

After the verdict Arthur Aidala, Weinstein’s lawyer, quoted his client as saying, “I’m innocent. I’m innocent. How can this happen in America?”

His sentencing hearing was set for March 11. The attorney vowed to appeal.

Weinstein never testified in his defense. He told reporters during the trial that he had wanted to speak but his lawyers said it was unnecessary because the case against him was weak.

Actress Rose McGowan, who had accused Weinstein of rape, wrote on Twitter: “Today is a powerful day & a huge step forward in our collective healing.”

A statement for the #MeToo movement said: “The jury worked with an incredibly narrow and unjust set of laws governing sexual assault, and though he was not convicted on all counts, Harvey Weinstein will have to answer for his crimes.”

Weinstein faces up to 25 years in prison on the sexual assault conviction. He was also convicted of third degree rape — sexual intercourse without consent — which carries a prison sentence of up to four years.

The jury of seven men and five women acquitted Weinstein on the most serious charges, which carried a potential life sentence.

Asked by reporters outside court how the jury service experience was for him personally, jury foreman Bernard Cody said, “Devastating,” but declined to elaborate.

A long legal battle in the appeals courts is likely to ensue. At the start of the trial, defense lawyers accused the judge of bias, the prosecutors of withholding evidence, and the media of turning the trial into a circus.

Weinstein still faces sexual assault charges in California, which were announced just hours after his New York trial began on Jan. 6. Dozens of women have also filed civil lawsuits against him.

‘HELD ACCOUNTABLE’
More than 80 women, including famous actresses, accused Weinstein of sexual misconduct stretching back decades. He denied the accusations and said any sexual encounters were consensual.

Manhattan District Attorney Cyrus Vance said at a news conference: “It’s a new day because Weinstein has finally been held accountable.” He praised the jurors. “Your verdict turned a page in our criminal justice system.

“To the survivors: I owe and we owe an immense debt of courage to you,” Vance said.

The jury acquitted Weinstein on two counts of predatory sexual assault and first degree rape — forcible sexual intercourse — of Mann.

A conviction on predatory sexual assault would have required the jury to find Weinstein committed an alleged assault against actress Annabella Sciorra and at least one of the alleged crimes against Haleyi or Mann.

Sciorra, best known from the television show The Sopranos, testified Weinstein forced his way into her home one night, raped her and forced oral sex on her. The accusation, from the early 1990s, was too old to be charged as a separate crime.

“In speaking truth to power we pave the way for a more just culture, free of the scourge of violence against women,” Sciorra said in a statement.

Prosecutors portrayed Weinstein as a serial predator who had manipulated women with promises to open doors in Hollywood, coaxing them to hotel rooms or private apartments and then overpowering and violently attacking them.

During the trial, the prosecution methodically elicited graphic testimony from several accusers, including Haleyi, who said Weinstein invited her to his SoHo home after she had worked on one of his television productions.

After she arrived, Weinstein backed her into a bedroom, held her down on the bed and forced himself on her orally, yanking out her tampon, Haleyi told jurors.

Mann said that soon after meeting Weinstein she entered into an “extremely degrading” relationship with him that never included intercourse until, she alleged, he raped her in 2013.

She described Weinstein as a “Jekyll and Hyde” character: He was charming in public but often showed terrifying anger when they were alone, Mann said.

Legal experts said three additional women, who testified for the prosecution, provided powerful evidence that was difficult for the defense to overcome.

The three — actress Lauren Young, model Tarale Wulff, and costume designer Dawn Dunning — described for the jury what prosecutors characterized as Weinstein’s signature pattern of behavior: luring women to hotel rooms or his apartment to discuss film roles, then attacking them.

Under the law, such “prior bad act” witnesses are allowed in sex crime cases to show a pattern of conduct and to counter a defendant who says the encounters were consensual, said Lisa Linsky, a former sex crimes prosecutor.

Young, one of two women at the heart of the California case, told the jury that the film producer trapped her in a hotel bathroom in 2013, groped her breasts, and told her: “This is what all the actresses do to make it.”

Throughout the case, the defense said regret drove the accusers to take consensual incidents and reframe them as crimes. Weinstein’s lawyers zeroed in on friendly messages and ongoing contact between the women and Weinstein.

During cross-examination, for example, the defense showed Haleyi a message she sent Weinstein signed “lots of love” after her attack. Defense lawyers repeatedly suggested that Mann willingly had sex with Weinstein to advance her career.

Prosecutors pushed back against defense assertions that his accusers were not credible and the notion that they were responsible for the alleged attacks. — Reuters

ADVERTISEMENT
ADVERTISEMENT