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Unblurred Lines

By Sujata S. Mukhi

THEATER REVIEW
Stage Kiss
Presented by Repertory Philippines
Directed by Carlos Siguion-Reyna
Feb. 7 to March 1
Pmstage Theater, Greenbelt 1, Ayala Center, Makati

SLIPPERY TONE. The phrase is mentioned several times in Repertory Philippines’ 83rd season opener, Stage Kiss, suggesting the director’s dilemma on how to handle the variations in text, subtext and metatext of a complex play. In this case, the phrase refers to the troubles of both the character of the Director in the play (Jamie Wilson), as well as Stage Kiss’ actual director Carlos Siguion-Reyna.

Playwright Sarah Ruhl may have sought to walk theater’s fine line between reality and illusion, or rather present an exaggerated reality to draw out finer truths. She did this magnificently with In the Next Room (or The Vibrator Play), Rep’s 2017 production under Chris Millado that deftly toggled between absurdity and tenderness as the characters explored sexual repression and expression. Beyond stage kisses there were full on stage orgasms!

In Stage Kiss, Ms. Ruhl embeds a play (a really bad 1930s melodrama entitled The Last Kiss) within the play to mark a clear demarcation between what is real and what is not. The deliberately pompous flourish of dialogue delivery between lovers onstage in The Last Kiss is markedly distinct from the awkward navigation of raw desire behind the scenes. Then there are other scenes where the wor(l)ds are so intertwined, the lines so blurred, demanding that the actors switch from breathless elocution to quiet rage; or fake sensuality to actual arousal, all at the same time. The titular stage kiss during “rehearsals,” and choreographed stage business are done over and over again in Groundhog Day fashion, with each repetition finding different, deeper, exhilarating, sometimes darker contexts. These scenes require immense physicality from the actors, exquisite timing, and a slow burn of emotion leading to an eruption. In this production there was a lot of the first two, but flames of feeling were too feeble, or didn’t bubble enough below the surface, or seemed too — forgive the word — staged. At least in Act I.

The characters She (played by possibly the most prolific actress in local theater this past year Missy Maramara) and He (the volatile Tarek El Tayech, fresh from another volatile role as Macbeth) are actors and erstwhile lovers, both cast in The Last Kiss playing, well, erstwhile lovers Ada and Johnny. Act I focuses on She and He as they initially resist rekindling their romance but eventually succumb, unfaithful to their respective partners, as do their stage counterparts Ada and Johnny. The rest of the ensemble goes on- and offstage with multiple roles: Robbie Guevarra is interestingly both stage husband to Ada in Act I and real husband in Act II to She. Andres Borromeo is stage manager and understudy Kevin, and plays several other actors. Justine Narciso is stage Maid and stage Daughter in Act I, and real daughter Angela in Act II. Micaela Pineda is stage friend in Act I and real fiancé in Act II. Jamie Wilson is the Director of The Last Kiss in Act I, and is the same Director of another, even more ridiculously awful play-within-a-play in Act II, cumbersomely entitled I Loved you before I Killed you, or Blurry. (Yes, Stage Kiss has two plays-within-a-play, not to mention She’s narration of a haunting Japanese story that gives the word “ghosting” an entirely new level of meaning.)

Add singing and dancing to this odd mélange, and there is much opportunity for tones to slip, and slip big.

Act I in particular should have generated more interest as the premise was set up: stage play mirroring real life; age-old conflict between desire for neat stability vs desire for messy passion; inside jokes and ironic, self-reflexive, self-deprecating rumination about what it means to be an artist, a performer, and the moral ambiguity of “showmances” and romances in the backstage world of the theater. All of that should have been more engaging, and should have elicited hearty laughter. But unlike In the Next Room, where one could connect with both the humor and desperation of being deprived of intimacy, there’s not much to care about these characters in Stage Kiss. This interpretation of the first part of Stage Kiss deliberately leans a little more towards exaggeration, more a farce, but with confusing glimpses of pained vulnerability that actor Missy Maramara, in the lead role of She, seems constrained to contain. The lines aren’t blurry enough to be fully interesting, fully funny or fully tragic.

Gears shift significantly in Act II however. The curtains open to a messy New York apartment, striking in detail thanks to Ohm David’s meticulous set. (This is an obvious and surprising contrast from the austerity of the drawing room of the wealthy family of The Last Kiss in Act I.) In one superbly executed scene, He and She, taking up their new roles in the second play-within-a-play (Blurry for short), literally rough it up and tumble while they say their lines, then alternately spew accusations and blurt painful revelations about their real love affair gone wrong. Those blurred lines are wrenching, and Ms. Maramara and Mr. El Tayech are in their absolute element, cruel and crazed. No tone is slippery there. In a later scene, the Director and He rehearse tossing Ms. Maramara onto a bed over and over again, and the violence that underlies that may even be construed as a statement on what actors go through or are used for by those in control of the art. Towards the end, a gesture of what seems to come from love and reconciliation by She’s husband, played with warm charm by Robbie Guevarra, has a Svengali undertone of manipulation that can be missed. Guevarra’s keenly felt, commanding presence makes that believable.

Justine Narciso is funny as the stage Maid, but plays a one-note, shouting adolescent daughter, perhaps a compensation for being a little too old for the role. Jaime Wilson could have cranked up his Director a notch or two, but it’s always comforting to see him onstage, knowing that he reliably delivers any role given to him. Andres Borromeo easily switches from role to role, and is especially hilarious as the understudy. Micaela Pineda, who plays He’s fiancé Laurie in Act II, needs to have her passive aggressive core bust through.

The myriad shades of Stage Kiss require the director to decide what tone he wants to cast over the script, or under it. How light, how dark, how deep, how frivolous. In the play, the cuckolded husband reminds She of the words told to them years ago by a well-wisher before their wedding: “I wish that you love each other a lot, but not too much, not too much right away, but slowly, over time, so it doesn’t explode like a star.” This Stage Kiss couldn’t decide what was too much or too little. It sparked in parts, sputtered in others, leaving lukewarm embers. And to keep the metaphor intact, instead of exploring a provocative tone, as In the Next Room did, these colors washed out a little.

For tickets call 8451-1474, 0966-905-4013 or TicketWorld at 8891-9999, or visit www.repertoryphilippines.ph.

HSBC to shed assets, slash jobs over three years

HONG KONG/LONDON — HSBC Holdings said on Tuesday it would shed $100 billion in assets, slashing the size of its investment bank and revamping its US and European businesses — in a drastic overhaul that will mean 35,000 jobs cut over three years.

The bank, which has long underperformed rivals, is seeking to become leaner and more competitive as it tries to grapple with a swathe of challenges: slowing growth in its major markets, the COVID-19 epidemic, Britain’s withdrawal from the European Union as well as lower central bank interest rates.

“The totality of this program is that our headcount is likely to go from 235,000 to closer to 200,000 over the next three years,” Noel Quinn, interim chief executive, told Reuters. Some of that will be managed through natural attrition as people leave the bank, he said.

In announcing the restructuring, Mr. Quinn is auditioning for the permanent role of CEO, which the bank said in August would be announced within six to 12 months.

Europe’s biggest bank by assets, which makes the bulk of its revenue in Asia, said profit before tax tumbled by a third to $13.35 billion in 2019, far below the average estimate of $20.03 billion from brokerages.

That was due to $7.3 billion in write-offs linked to its global banking and markets and commercial banking business units in Europe.

In the US, where the bank has underperformed for years, HSBC said it needed to improve returns and would close around a third of its 224 branches and target only international and wealthier clients.

Seeking to simplify the group’s structure, HSBC said it would combine its retail banking and wealth management business unit with global private banking operations to create one of the world’s largest wealth management businesses.

The bank will also reduce its sales and research coverage in European cash equities with a focus on supporting equity capital market transactions, it said.

Although it will reinvest some of the money gained from downsizing, it plans to have a reduced adjusted cost base of $31 billion or below in 2022, underpinned by a new cost reduction plan of $4.5 billion.

The return of tangible equity (RoTE), a key profitability measure, is expected to be in the range of 10% to 12% in 2022. The bank reported a RoTE of 8.4% for last year, down from 8.6% in 2018.

HSBC said the ongoing coronavirus epidemic had significantly impacted its staff and customers, and the outbreak could in the long run reduce its revenue and cause bad loans to rise as supply chains are disrupted.

“Longer term, it is also possible that we may see revenue reductions from lower lending and transaction volumes, and further credit losses stemming from disruption to customer supply chains,” Mr. Quinn said.

The number of new coronavirus infections in mainland China fell below 2,000 on Tuesday for the first time since January, although global experts said it is still too early to say the outbreak is being contained. — Reuters

PGC awaits bank filing on Chelsea

THE Philippine Guarantee Corp. (PGC) has yet to provide Chelsea Logistics and Infrastructure Holdings Corp. a credit guarantee coverage since an application by a bank is needed for the coverage, it said.

Citing a report from PGC, Finance Secretary Carlos G. Dominguez III told reporters in a Viber message “Chelsea has a pending loan application with a local bank. It depends on how much the bank will approve and then it can apply for credit guarantee coverage from PhilGuarantee (PGC).”

No bank has applied so far, PGC said.

In a disclosure to the local bourse on Monday, Dennis A. Uy’s Chelsea group confirmed that it was working with PGC since the company might reach the single borrowers’ limit with one of its financing bank.

According to the statement, the guarantee that it is trying to secure from PGC “is limited to the loan of approximately P700 million.”

The group assured that it is capable to cover all of its loan obligations “supported by its strong EBITDA (earnings before interest, taxes, depreciation and amortization).” — Beatrice M. Laforga

How PSEi member stocks performed — February 18, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, February 18, 2020.

 

How do the occupancy costs in Metro Manila’s premium office spaces compare with those of other real estate markets?

OCCUPANCY cost for premium office locations in Manila are among the lowest across the globe, a recent report by Jones Lang LaSalle (JLL) found. Read the full story.

How do the occupancy costs in Metro Manila’s premium office spaces compare with those of other real estate markets?

Cavite says Sangley Airport O&M auction expected soon

CAVITE PROVINCE said it will seek bids for the Sangley Point International Airport (SPIA) project’s operations and maintenance (O&M) soon, with groundbreaking expected to start within the year.

“Maybe at the latest, a month and a half after the awarding (of the project contract),” Cavite Governor Juanito Victor C. Remulla told reporters on the sidelines of the inauguration of the P486-million Sangley Airport development project of the Transportation department at the weekend.

“We want it to be an international consortium. Even Philippine groups can apply for the O&M, it’s not closed,” he added.

Cavite province has awarded the $10-billion four-runway airport project to Lucio C. Tan’s MacroAsia Corp. and its Chinese partner China Communications Construction Co. Ltd.

Mr. Tan’s MacroAsia said it received the notice of selection and award for the airport project on Feb. 14.

“As soon as we start the airport, the O&M contract has to be discussed because the O&M operator has to be in the final design. [We need to know] how they prefer the layout… lahat ’yan (everything). We have to get it right away. We cannot retrofit an O&M operator, dapat sabay sila sa plano (they should be involved in the planning phase),” Mr. Remulla said.

Cavite, according to Mr. Remulla, hopes to break ground with its joint venture partner for the first phase of the SPIA project in the second quarter.

He said the groundbreaking will take place right after the consortium signs the contract documents.

The first phase of the project, which will cost $4 billion, includes the construction of the Sangley connector road and bridge to connect the Kawit segment of the Manila-Cavite Expressway (CAVITEx) to the international airport.

Phase 1 also involves the construction of the airport’s first runway, which can accommodate 25 million passengers yearly, helping to decongest Ninoy Aquino International Airport in Manila.

Cavite expects the airport to start fully operating by 2023, with partial operations to start a year earlier. The fourth runway will be opened after six years.

The same consortium will work on the other two phases of the project, but there may be contract renegotiations, according to Mr. Remulla.

The second phase, which will cost about $6 billion, involves the construction of two more runways, giving the airport an annual capacity of 75 million passengers.

The last phase is the expansion to four runways, bringing capacity to 130 million passengers. — Arjay L. Balinbin

Health department to implement price cap on drugs within 90 days

THE Department of Health (DoH) said it will issue its guidelines in 90 days to implement an executive order capping the prices of drugs to treat the most common diseases in the Philippines.

Health Secretary Francisco T. Duque III made the announcement Tuesday, a day after President Rodrigo R. Duterte signed Executive Order (EO) 104. The order calls for a maximum retail price (MRP) and maximum wholesale price for the drugs on the list, which includes 133 formulations corresponding to 87 individual drugs.

He added that the full implementation of the EO will come in due course following the issuance of an Administrative Order (AO).

“’Yung talagang tumatalima ay ang pharmaceuticals, pharmacies, botika, hospitals, at lahat ng may kinalaman sa supply chain ay magbababa na sila ng presyo ng mga gamot (Those who will need to comply will be the pharmaceuticals companies, pharmacies, hospitals, and all those involved in the supply chain. They will all need to lower the prices of their medicines),” he said.

Mr. Duque said the mechanism for sanctioning those who do not comply will be modeled on penalties imposed by the Department of Trade and Industry) and the Food and Drug Administration. The exact schedule of fines will be specified in the AO.

The price-controlled drugs mainly address chronic illnesses like cardiovascular diseases and cancer, as well as pain medications.

The head of the DoH’s pharmaceutical division Anna Melissa S. Guerrero said in the same briefing that all pharmacies and other establishments that sell medicine are required to have the “menu list” of the included medicines and their corresponding MRPs.

Ms. Guerrero added that in compliance with the EO, the DoH will review 35 medicines that were originally part of its proposed price-control list within 30 days. — Gillian M. Cortez

Public Service amendments approved on second reading

THE House of Representatives approved on second reading the bill seeking to amend Commonwealth Act No. 146 or the Public Service Act.

Under House Bill (HB) 78, the definition of a public utility has been limited to power distribution and transmission, and water distribution and sewer systems.

The bill also proposes the transfer of the functions of the Public Service Commission to various administrative agencies and update the applicable penalties and fees for public services.

“The bill also prescribes a 12% cap on rate of return and prohibits income tax as operating expense for rate-determination purposes for public services, including public utilities, consistent with administrative and judicial pronouncements,” according to the bill’s explanatory note.

In the explanatory note, Rep. Jose Maria Clemente S. Salceda of Albay, the measure’s author, said, “Competition and foreign investment are inhibited because limitations that should only apply to the operation of a public utility are applied to all public services.”

“This situation is caused by the ambiguity in the definition of public utility that is often used interchangeably with public service under Commonwealth Act No. 146. The key to fixing this problem is to develop a clear statutory definition of public utility,” he said.

“This legislative reform will significantly contribute to increasing competition, as well as protecting the public interest. More competition among providers would result in lower prices and improved quality of basic services, creating a more competitive economy towards a better quality of life for all,” Mr. Salceda added. — Genshen L. Espedido

CoA cites issues with PAGCOR’s audit partner for POGOs

THE Commission on Audit (CoA) said it found deficiencies in the processes of Global ComRCI, the third-party partner of the Philippine Amusement and Gaming Corp. (PAGCOR) in auditing Philippine Offshore Gaming Operators (POGOs).

May possibility po kasi, there are unauthorized person na makapag-access po dun sa ating audit platform. Pwede po makita ’yung mga confidential data as well as possible na magkaroon, if ever na may malicious intent with the database, pwede po nila i-edit ’yung mga data po nila (It is possible for unauthorized persons to access the audit platform to view confidential data and even alter the data maliciously)” CoA representative Rayziell S. Verunque said Tuesday in a House committee on games and amusements hearing.

Ms. Verunque said Global ComRCI “sometimes” cannot log out of its own audit platform which indicates a security risk for the records of POGO licensees.

Asked if CoA recommends that PAGCOR should terminate its partnership with Global ComRCI, Ms. Verunque replied that a full report is still being prepared.

Rep. Enrico A. Pineda of 1-PACMAN Party List said that the panel wants to ensure that the government is getting its money’s worth from the partnership with the third-party auditing firm.

“We just want to be assured that you know, what we are paying for, that the government is getting its money’s worth. Kasi sayang naman kung meron tayong kontratang ganito kalaki (It would be a waste for such a large contract),” he said.

PAGCOR’s contract with Global ComRCI is worth P600 million per year or P6 billion for the 10-year duration of the agreement, Mr. Pineda said during the hearing. — Genshen L. Espedido

DTI makes pitch for local sourcing by auto industry

THE trade department is encouraging the automotive industry to engage in more local production to avoid global supply chain disruptions.

“Find local sources for any eventuality, not to rely on a single source. It’s like part of business continuity planning. Really diversify sources, as well as diversify markets. Always try to have that balance and diversify the approach,” Trade Secretary Ramon M. Lopez told reporters on Monday.

Many factories in China have had their operations disrupted as the government there seeks to contain the spread of the Wuhan coronavirus, formally known as Covid-19.

Mr. Lopez said automotive companies should have contingency plans for factory shutdowns in China.

“They can do a backup strategy, sourcing from alternative sites as well. That can be in other parts of China or other parts of the world, including the Philippines.”

Mr. Lopez said he is hoping for a positive effect on the Philippine auto parts industry.

Toyota Motors Philippines Corporation (TMPC) first vice-president Rommel R. Gutierrez said the company is evaluating whether or not the factory shutdowns will have an impact on production.

“(There’s no impact) as of now,” he said.

Mr. Gutierrez said there have always been efforts to strengthen the role of domestic suppliers.

TMPC is participating in the Board of Investment’s CARS programs, under which it committed to produce 200,000 units of its VIOS compact sedan over six years until 2024.

Under the program, car makers are required to use domestically-produced body shells and large plastic parts.

TMPC’s supply chain in based mainly in Southeast Asia, including Indonesia and Malaysia.

Mr. Gutierrez said the company’s second- and third-tier suppliers use parts from China.

TMPC President Atsuhiro Okamoto, discussing the company’s outlook for 2020, noted that demand in the Philippines is strong.

“But still, there is some room for growth… improving the value chain and the mobility business. That is my challenge,” he said. — Jenina P. Ibañez

IC expediting insurance industry compliance with capital standards

THE Insurance Commission (IC) will use third quarter 2019 financial statements as an initial gauge of the industry’s compliance with the P900-million net worth requirement, and hurry the process along ahead of the formal deadline of Feb. 28.

In an advisory dated Feb. 11, Insurance Commissioner Dennis B. Funa said the IC will use as its basis third-quarter financials, including any later transactions such as cash infusions and other adjustments, to evaluate compliance with the requirement that insurance firms have net worth of P900 million by the end of 2019.

Mr. Funa told BusinessWorld that taking a financial condition reading in third quarter is the IC’s way to “pressure” insurance firms to build up their cash for the higher solvency requirement after learning that some firms are “struggling” to comply.

“The Insurance Commission is aware that some companies are struggling with their capital build-up,” he said via mobile phone on Tuesday. “Our concern is to pressure them to expedite this cash build-up and at the same time, make sure that policyholders are not placed at a disadvantage while they are still in the process of complying.”

Republic Act No. 10607 required insurance companies to bring their net worth to P550 million in 2016, P900 million in 2019 and P1.3 billion in 2022.

The IC plans to issue show-cause orders for companies failing to comply, ordering them to “make good any such deficiency by cash,” from shareholders within 15 days upon receiving the order letter.

The regulator said the order will ensure that the company will not “take any new risk of any kind or character unless and until it make good any such deficiency pursuant to Section 200 of the Amended Insurance Code.”

A cease-and-desist order will then be issued to companies that still fail to comply with the P900-million minimum within the given period.

“We do not want to close companies that are in the process of building up their capital. That will also not be fair,” Mr. Funa said further.

Initially, the IC’s compliance gauge was 2019 financial statements and a compliance deadline of April.

Asked to comment, the Philippine Life Insurance Association and Philippine Insurers and Reinsurers Association, Inc. said they have not yet drafted a formal response to the order pending consultation with members.

The IC has also required the industry to submit capital build-up plans and five-year financial projections.

An advisory in December was issued to remind companies to comply and a follow-up letter was sent last month for those companies with net worths of below P900 million.

The IC said Monday that SGI Philippines General Insurance Co., Inc. reported a P1.35 billion net worth ahead of the 2022 deadline.

SGI Philippines’ majority shareholder, Shriram General Insurance Co. Ltd., injected P624 million in fresh capital.

According to preliminary IC data, the industry’s premium income rose 2.76% year-on-year in the nine months to September.

In the first half of 2019, premium income declined 2.62% year-on-year. — Beatrice M. Laforga

LANDBANK meets 2019 agricultural lending target

THE Land Bank of the Philippines (LANDBANK) surpassed its 2019 target for lending to the agricultural sector with disbursements of P236.31 billion, the Department of Finance (DoF) said.

LANDBANK’s loans to the farm and fisheries sector exceeded the P231.25-billion target set for the year, the DoF said in a statement Tuesday.

LANDBANK’s agricultural loans accounted for 26.50% of its P891.77-billion loan portfolio for 2019.

The bank lent P1.25 billion to farmers and P43.57 billion to cooperatives and farmers’ associations via rural financial institutions and other conduits.

Meanwhile, it lent P137.88 billion to small, medium, and large agribusiness enterprises and P53.61 billion to agri-aqua related projects of local government units and government-owned and -controlled corporations.

LANDBANK lent a total of P18.73 billion to the crops subsector for 2019. Livestock accounted for P34.14 billion, while fisheries sector cornered P1.92 billion of the loans to the agriculture sector.

Agri-processing and trading received P75.08 billion while P106.44 billion went to related projects like farm-to-market roads, public markets, warehouses, irrigation systems, cold storage facilities, and slaughterhouses.

LANDBANK also met its target of providing credit to one million farmers, the DoF said.

Republic Act (RA) No. 10000 or the Agri-Agra Reform Credit Act, requires banks to issue at 15% percent of their total loans to farmers and fisherfolk, plus an additional 10% for agrarian reform beneficiaries.

Finance Secretary Carlos G. Dominguez III said that LANDBANK is the only bank which complied with the Agri-Agra Law.

LANDBANK is the government’s channel for distributing cash transfers under the Pantawid Pamilyang Pilipino Program, which supports poor families, and the Pantawid Pasada program, which provides fuel subsidies for jeepney operators. — Revin Mikhael D. Ochave

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