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Gov’t makes partial award of 7-year bonds

THE GOVERNMENT made a partial award of its offer of seven-year Treasury bonds (T-bonds) yesterday as investors asked for higher rates.

The Bureau of the Treasury awarded just P27.203 billion via reissued seven-year T-bonds out of the P30-billion program, even if the total bids reached nearly twice the initial offer or P52.71 billion.

The papers fetched an average rate of 4.732%, 41 basis points higher than the 4.322% rate quoted during the auction on Oct. 29. If the offer was fully awarded, the papers would have fetched an average rate of 4.738%.

Deputy Treasurer Erwin D. Sta Ana said the turnout was good despite higher rates since the accepted rate of the securities were still within the prevailing rates at the secondary market.

According to the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website, the seven-year bonds were quoted at 4.684% at the secondary market on Tuesday.

“It’s a good turnout. We were able to raise more than P27 billion in this auction. The approach of the auction committee was to award at a rate that is close to where the security is in the secondary market,” Mr. Sta. Ana told reporters after the auction.

Mr. Sta. Ana explained that the increase in rates were mainly due to inflationary concerns due to the Taal Volcano eruption, as well as risks to oil prices.

“We have observed that over the past couple of weeks, there has been an uptick in interest rates. The Treasurer mentioned yesterday the market may be pricing the inflationary impact of the Taal Volcano eruption. Of course there’s always that risk in oil, although now it is a little bit stabilized,” he said.

Sought for comment, a bond trader said the average rate seen for the bonds yesterday fell within market expectations.

“Interesting to note though that the total bids submitted was way over the offer volume of P30 billion, yet only P27.203 billion has been awarded. Looks like the other half of market participants wanted it to be within 4.8% or higher,” the trader said in a phone message.

Department of Finance (DoF) Secretary Carlos G. Dominguez III earlier said the inflationary impact of Taal Volcano’s eruption will likely be minimal as production of food in other regions can compensate for the supply.

However, for Jun Trinidad, economist at Philippine National Bank (PNB), the eruption could cause food prices to spike, especially on chicken and pork. He said January’s inflation rate can pick up to three percent from the 2.5% recorded in December.

Taal Volcano erupted on Jan. 12, forcing thousands of residents to evacuate their homes for safety. Ashfalls were felt in nearby areas and even in Metro Manila.

In a report, the National Economic and Development Authority (NEDA) said foregone income from Taal’s eruption could reach up to 4.314 billion, translating to 0.17% of the region’s economic output in 2018, with the largest losses to be incurred by the agriculture and fishery sector at P3.167 billion.

The Treasury has set a P420-billion local borrowing program this quarter, broken down into P240 billion in Treasury bills and P180 billion via T-bonds.

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — Beatrice M. Laforga

The characters of the big city

THE commute from EDSA to Manila took an hour on the day before the Traslacion — Manila’s giant celebration of the Feast of the Black Nazarene. It was past the lunch hour when I arrived at the 1919 Grand Café (in what was formerly the HSCB Building) in Manila’s Binondo district.

I got a table and rummaged through a set of 13 stickers which were the reason I had made the trip — to meet the artist behind them, freelance artist, designer, and animator Kenny Tai. One read: “There’s no business like the family business for the Binondo Girl. She works hard and drives a hard bargain all in the pursuit of prosperity, honor, and steamed pork buns.” The stickers feature cartoon girls who represent the cities or areas that they come from.

Ms. Tai showed me a sketchbook filled with the ideas behind her “Manila Girls” — among the sketches was “Tita Malate” with scenes of nightlife in Manila; “Mistress Parañaque” as a staffer in the entertainment city; “Little Miss EDSA” as the epitome of stress, hanging on to an MRT strap; and “La Muchacha España,” a college student in a seasonally flooded university belt.

“I am not talking about a ‘Manila Girl’ as ‘someone who lives in that city,’ it’s about the city becoming a character,” she clarified.

BEYOND KALESA POSTCARDS
The idea behind the stickers came about when she was travelling with friends and family in Europe and Asia between 2012 to 2013. During these trips, she observed that the souvenir items represent the culture and landmarks of the cities and countries — the Eiffel Tower in Paris, and the Japanese kokeshi doll, for example. Ms. Tai decided that she wanted to create a unique souvenir that showcases a different side of Manila beyond postcards of the Manila Central Post Office, a kalesa, jeepney, or “I Love (insert name of city)” shirts.

“When you see a souvenir, you remember a story from that product that you want to take home,” Ms. Tai told BusinessWorld.

Ms. Tai went on to develop several sticker collections under the brand name A.K.I.M. or Ang Kuwentong Inuwi Mo (The story you bring home) and started to sell them in art markets in 2016.

Her various sticker collections include Que Horror, Trapik Propaganda, and The Year of the Rat (for the 2020 Lunar New Year).

Many of the designs, Ms. Tai explained, are inspired by good and bad news, historical documentaries, conversations with friends, online memes, and articles she read on the internet.

MANILA GIRLS
A long-time resident of Binondo, Ms. Tai flipped through the pages of her sketchbook looking for the first “Manila Girl” — appropriately a Binondo girl — who sits on a Chinese lantern while eating siopao.

But these are not your regular sexy pin-up girls. While there are some that could fit the stereotype like the club-going “Makati Girl” in her miniskirt, cellphone, and cocktail, there is also the hefty “Divisoria Girl” whose muscular arms hold up multiple shopping bags; the pregnant “Malate Girl” mournfully singing karaoke in a bar; and the astig “Tondo Girl,” short-haired, riding a motorcycle, and wielding a gun. This is social commentary on an art form that can be dismissed by older generations but which has become very popular among the young.

To come up with her illustrations, Ms. Tai does research on the specific places she is focusing on, including the place’s urban structure and architecture.

Ms. Tai said that trips around the city while running errands also serve as an important reference for the designs. “I walk around the city and I also watch people,” she said.

In June 2017, Ms. Tai attended the late Carlos Celdran’s “Walk This Way” Intramuros tour — she gave the cultural activist and artist her first batch of postcard-sized stickers which, Ms. Tai noted, was very much appreciated.

Ms. Tai’s participation in Mr. Celdran’s tours gave her a deeper understanding of the city and eventually led to their first “Manila Girl” sticker collaboration — “Nuestra Chica de Intramuros,” a girl dressed in a long skirt with background images of nilad flowers, a canon, a kalesa, and the facade of Fort Santiago, in 2018.

The stickers evolved to include Ms. Tai’s original poems at the back while Mr. Celdran contributed small drawings and also served as her text editor.

“[Then] it was not really work. It was more… for fun,” Ms. Tai said of their collaboration which continued even after Mr. Celdran moved to Madrid last year. “I think it was good for him, since he missed Manila a lot.”

Unfortunately, their collaboration concluded with Mr. Celdran’s demise in October 2019. Their final collaborative design was “Lady Escolta,” a girl in a white suit holding a bottle of liquor, with the heritage architecture of Manila’s former commercial center in the background.

Ms. Tai admitted to having received many requests and suggestions for the next “Manila Girl.” However, it takes “one research at a time.”

Through time, the metropolis changes with new developments and the administrations that run the various cities that make up Metro Manila. “‘Manila Girls’ will also change, because Manila is changing,” Ms. Tai said.

“[If] there is news about a drastic change of a certain city, eventually, I would have to change it up,” she said of her sticker. “But I will not forget the past version of it,” she said before we left the café and walked to the HUB Make Lab on nearby Escolta St. where the stickers are sold.

As for the 14th Manila Girl, I messaged the artist with a question I forgot to ask, on the train going home: “Which city are you working on next?”

Just like one’s travels around Metro Manila, she replied: “Let’s keep it in suspense.”

The Akim stickers will be available at the Sticker Con MNL 2020 on Feb. 29 at the Bayanihan Center in Pasig City. They are also available at the HUB Make Lab at the First United Bldg., 413 Escolta St., Binondo, Manila. For more information on Akim, visit https://www.facebook.com/akim.63/ or Instagram @akim.63. — Michelle Anne P.Soliman

Mondelēz invests in recyclable packaging facility

MONDELĒZ Philippines, Inc. looks to showcasing the results of its Parañaque-based recycling facility to Metro Manila local government units for possible replication.

Kristoffer M. Rada, Mondelēz Philippines country manager for corporate and government affairs, said the company invested P2 million on a shared facility that creates parking bumpers and tactile paving from recycled packaging.

“Together, with that pool of money we have invested in that recycling facility in Parañaque — that hopefully will be a showcase of what we can do with recycled materials… and if it’s effective then we’ll roll it out, hopefully, to two more areas.”

The project is in partnership with members of the Philippine Alliance for Recycling and Materials Sustainability. An engineering firm is currently testing the durability of the pilot products.

“Our hope is if it does get to gain momentum, and it gets to a point where it does produce viable products, then we can showcase this to the LGU of Quezon City, Makati, Taguig — and hopefully they can replicate it.”

He said local food manufacturers should make packaging recyclable as there is no existing facility in the Philippines that has the capacity to recycle all the products.

“Even if we do our part, that might stop at some point because the end-point, which is the recycling facilities, aren’t there yet. So we have to invest in recycling facilities,” he said.

Construction of the Parañaque facility began in 2017, and production of pilot products began last year.

“This year, hopefully, we’re looking at a more ramped up production,” Mr. Rada said.

In keeping with a global target of making 100% of its packaging recyclable by 2025, Mondelēz Philippines’ packaging from its local manufacturing plant is 98% recycled or recyclable.

The remaining 2% is composed mostly of multi-layer plastic packaging for which Mondelēz has not found a suitable alternative for.

“It will take some time, but we’re confident we’ll be able to meet our targets by 2025.”

Mr. Rada said the company is not rushing to find a solution just yet, as they prioritize protecting and preserving their products. — Jenina P. Ibañez

Bank of Japan stands pat on rates, raises economic growth forecasts

THE BANK OF Japan (BoJ) took a brighter view of the economy and left its main policy settings unchanged Tuesday, offering a further indication that it is unlikely to add to its stimulus.

As had been widely expected, the BoJ raised its growth projections for the first time in a year, thanks to Prime Minister Shinzo Abe’s $120-billion economic package, unveiled last month. But the bank also trimmed its inflation forecasts, a move that may raise fresh questions about how economic growth feeds into prices at a time when central bankers around the world are reassessing their targets, methodology and wider issues.

The stand-pat decision came ahead of meetings by the European Central Bank (ECB) and the Federal Reserve this week and next. The ECB is expected to launch a year-long examination of its inflation target and wider themes such as inequality and climate change. The Fed already has a broad-ranging review under way.

All three central banks are seen sticking to a holding pattern for the time being amid signs the global economy is past the worst of a slowdown.

Since the BoJ’s previous meeting in December, the US and China have signed off on a phase one trade deal removing for now one of the biggest uncertainties on the horizon for the economic outlook. The yen has also weakened against the dollar, falling last week to eight-month lows after a short-lived surge at the start of January.

The central bank said that while overseas risks to the economy remained significant, they had decreased somewhat. It said it wouldn’t hesitate to take additional easing action if risks increased.

“The BoJ is trying to avoid sending a message that it’s getting confident about the economy or it’s starting to seek adjustments to its easing bias,” said Nobuyasu Atago, chief economist at Okasan Securities and former head of the BoJ’s price statistics division. “The bottom line is that the BoJ is comfortable with the current yen level and it doesn’t want to change that by indicating optimism or a change in its cautious view.”

While Japan’s economy is expected to have contracted sharply in the last three months of 2019 following a destructive super typhoon and a sales tax hike that cooled spending, the trajectory for this year now looks less gloomy. A slump in overseas demand may have bottomed and the Abe administration’s stimulus is set to give the economy a shot in the arm.

The fiscal injection looks sufficient to help get growth back on track this year and remove the need for additional action by a central bank already stretched close to the limits of its policy toolkit and facing mounting costs of its easing program. The BoJ now projects the economy to expand 0.9% in the year starting in April, compared with a 0.7% forecast in October, citing the impact of the government’s measures, but expects inflation of only 1%, down from its previous projection.

The BoJ’s upgraded growth forecast positions it between the view of private economists and the more optimistic 1.4% projection of the government. Still, economists cast doubt on how growth can strengthen while prices weaken.

“If you take a step back, they are forecasting inflation of only 1.4% even in fiscal 2021. That’s very weak after years of massive easing and I think it’s coming to a stage where they need to rethink the price target. I wouldn’t be surprised if that discussion takes place this year as the Fed and ECB are also discussing theirs,” Mr. Atago said.

EASING STANCE
As the year progresses the focus is likely to shift to when the BoJ will step back from its bias toward easing to a more neutral stance, assuming no events derail the recovery. The change in guidance would be a necessary move toward contemplating an eventual normalization of policy. Most economists surveyed by Bloomberg now expect the bank’s next move to be in the direction of tightening, though the likely horizon for that would be next year.

If the global economic bottoming continues, the BoJ may be able to reverse its easing tilt, but that depends on how the Fed moves first, and whether reversing its stance would affect the yen significantly, said Yuichi Kodama, chief economist at Meiji Yasuda Life Insurance.

Mr. Abe has also helped the BoJ’s circumstances by playing down the significance of continued feebleness in price growth. While movements in inflation were previously seen as potential triggers for policy action, government pressure on the central bank to achieve its 2% price goal has dissipated considerably. The prime minister didn’t even mention deflation in his inaugural speech at the start of this year’s parliamentary session on Monday.

Mr. Abe has likely calculated that calling for higher inflation risks a public backlash after the government forced up prices with the sales tax increase in October. — Bloomberg

Mr. C’s tunes: from sheet music to an exhibition

VISUALIZING music is quite a challenge. But it was a challenge that was accepted by the The Center for Campus Art of the De La Salle-College of Saint Benilde, the result of which is Kay Ganda Ng Ating Musika: An Exhibit on the Life and Work of National Artist for Music Ryan Cayabyab, its third exhibit featuring National Artists and the its first focusing on music.

“[Ryan] Cayabyab is a very busy man. We were only able to talk to him once,” exhibit co-curator and Center for Campus Art (CCA) director Gerry Torres told BusinessWorld. Aside from meeting with the composer, research was done, including interviews with the artist’s colleagues.

Co-curated with former music production chair and current faculty member Aji Manalo, together with faculty members Alwyn Cruz and Ces Disini-Pitogo, the exhibit presents milestones of Mr. Cayabyab’s life and career as a composer and musical director, as well as his works in theater, movies, and television.

MR. C
Raymundo Cipriano Pujante Cayabyab earned a degree in music from the UP College of Music, where he also became a full-time professor at the Department of Composition and Music Theory. In 1978, Mr. Cayabyab won the grand prize at the Metro Manila Popular Music Festival with the song “Kay Ganda ng Ating Musika.” Today he is the executive director of the Philippine Popular Music Festival (Philpop), an annual songwriting competition.

“Mr. C — as he is fondly called by friends and colleagues — explored and developed the Pinoy sound, along the way elevating our musical taste and convincing us that Filipino music is at par with the world,” Mr. Torres said in a speech at the exhibit launch on Jan. 16.

“When Mr. C was bestowed the National Artist award, I thought it was essential for an exhibit on the genius of Reymundo Cipriano Pujante Cayabyab — composer, arranger, pianist, conductor, singer and educator — be produced for Benilde. I knew that his music, testaments to outstanding Filpino talent, and his work ethic will serve as inspiration to our young designers, artists, and musicians,” he added.

THE EXHIBIT
The school’s SDA Gallery features a timeline Mr. Cayabyab’s life and work presented through text, images and videos; tapestries and lounge chairs by architecture and interior design students which are interpretations of the maestro’s songs; printed song lyrics with QR codes leading to music or lyric videos on YouTube; and a karaoke room with a playlist including Cayabyab’s songs including “Paraisong Parisukat” (1977), “Tuwing Umuulan at Kapiling Ka” (1978), “Sino ang Baliw” (1981), and “Araw Gabi” (1985).

The black and white motif of the exhibit, Mr. Torres noted, is inspired by the color of piano keys.

“Music is an extension of [Mr. Cayabyab]’s being. He has mastered the art to the point that he is able to mirror his own persona along with it,” exhibit co-curator and music production faculty member Aji Manalo said.

That evening, students of the music production program and Mr. Cayabyab’s colleagues performed his songs.

By the end of the program, Mr. Cayabyab spoke, noting that music is like writing. “Walang tigil ’yan (It does not stop) until you distill the right things — the right sound, balance, texture, [and the right] dynamic,” he said.

Mr. Cayabyab was named the National Artist for Music in 2018, and received the Ramon Magsaysay Award in September 2019. For the 30th edition of the Southeast Asian Games, he composed the theme song, “We Win as One,” with lyrics by playwright Floy Quintos, and performed by Lea Salonga.

For the maestro, the awards and recognition is a reason to continue the work. “That’s why, I have to write more compositions,” Mr. Cayabyab told BusinessWorld at the end of the program.

The CCA has previously held exhibits on National Artists Ramon Valera, Lino Brocka, and Ishmael Bernal; and hosted exhibits featuring the work of National Artists Manuel Conde, Carlos “Botong” Francisco, and Salvador Bernal.

Kay Ganda Ng Ating Musika: An exhibit on the Life and Work of National Artist for Music Ryan Cayabyab runs until April 14 at the 12/F Gallery of Benilde’s School of Design and Arts. It is open from 10 a.m. to 9 p.m. on weekdays, and 10 a.m. to 6 p.m. on Saturdays. — Michelle Anne P. Soliman

SEC approves creation of company for mobile phone number portability

MOBILE PHONE users will be allowed to switch networks without changing contact numbers.

CONSUMERS switching telecommunication networks are a step closer to retaining their contact digits after the securities regulator cleared the creation of a new company that will ease the portability of mobile phone numbers.

“We wish to update you that we received the approval of the Securities and Exchange Commission on the incorporation of Telecommunications Connectivity, Inc. today,” Globe Telecom, Inc. told the stock exchange on Tuesday.

The new company will “enable number porting services in line with the new mobile number portability initiative of the government or Republic Act 11202 also known as the ‘Mobile Number Portability Act’,” Ayala-led Globe said.

Telecommunications Connectivity was jointly put up by the country’s major telecommunication firms with the passage of Republic Act 11202 or the MNP Act. The law, which was signed by President Rodrigo R. Duterte in February 2019, allows mobile phone users to switch networks without changing their numbers.

Globe, PLDT, Inc.’s wireless unit Smart Communications, Inc. and Dito Telecommunity Corp. announced in a joint statement on Dec. 26 last year that they were investing in the new company that will enable number porting services.

Under the law, mobile number portability refers to the ability of a mobile postpaid or prepaid subscriber, who has no existing financial obligation to the service provider, to retain an existing mobile number despite having moved from one mobile service provider to another, or to change subscription mode from postpaid to prepaid or vice versa.

The law requires telcos to provide mobile number portability to subscribers nationwide free of charge. Every telecommunication service provider has to change subscription mode within 24 hours from the time a subscriber submits application.

The telcos have said they had tapped Florida-based Syniverse as mobile number portability service provider (MNPSP) that “will bring in the technical infrastructure to fulfill its primary function as clearinghouse for the telcos and ensuring smooth implementation of number porting services.”

Under the MNP Act’s implementing rules and regulations issued in July, the operators “will equally share the capital expenditure for the software, hardware and other facilities required by the MNPSP.”

Syniverse is a company that assists mobile operators globally in managing and securing their mobile and network communications. — Arjay L. Balinbin

PHL banking sector seen to weather risks this year on economy’s strength

BANKING SYSTEMS in emerging economies will face three key risks in 2020, including uncertainties from geopolitical and domestic policies, deterioration in asset-quality indicators, and risks coming from volatile investor sentiments, according to S&P Global Ratings.

But the Philippines is likely to weather these headwinds amid continued “relatively high economic growth,” it added.

“One-third of our 15 emerging economies should still experience relatively high economic growth — and they are all in Asia — China, India, Indonesia, the Philippines, and Malaysia,” S&P said in a note sent to reporters on Tuesday.

“However, growth remains below trend for most Asian emerging markets (EMs) due in part to the ongoing downturn in the trade and manufacturing cycle,” it added.

The credit rater said that among key credit drivers for the Philippines in 2020 are the recovery in economic growth on the back of government spending and the possibility of continued monetary easing.

“We expect growth to recover slightly in 2020 thanks to government infrastructure spending and monetary easing after weak sentiment in the private sector in first-half 2019 dragged

down growth,” the firm said, adding that they expect additional rate and reserve requirement ratio reductions during the year.

Meanwhile, S&P projects that bad loans as percentage of domestic loans may inch up to 3.6% in 2020 and 2021 from 3.4% in 2019.

According to analysts, uncertainties that have haunted the rest of the world are coming from the US-China trade war saga, Brexit, as well as geopolitical tensions in the Middle East.

“For the Philippines, S&P may be pertaining to the recent developments in the Middle East between the US and Iran, which has somewhat died down already,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mailed response.

“The lingering and escalation of the US-China war since July 2018 as well as uncertainties related to Brexit were also major causes of risk aversion that slowed down global economic growth and global trade, also had adverse effects on the global financial markets, especially in EMs,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said, noting that risk factors have somehow waned after the phase one deal of Washington and US and the avoidance of the no-deal Brexit.

UnionBank’s Mr. Ricafort added policies that may have impact on the local banking industry are the better signaling of the Bangko Sentral ng Pilipinas (BSP).

“There has been some improvement in signaling monetary policy by the BSP, which pointed out that this will facilitate better planning in view of possible cut in policy rates and/or any cut on banks’ RRR (reserve requirement ratio) in 2020,” he explained.

The BSP cut key policy rates by 75 basis points (bps) in 2019 to 3.5% for the overnight deposit facility, four percent for overnight reverse repurchase and 4.5% for overnight lending.

BSP Governor Benjamin E. Diokno has said the central bank still has a “lot of monetary space” and hinted that another next rate cut could be on the table as early as the first quarter. Meanwhile, he said there is no hurry to cut banks’ reserve ratios as he still has 14 quarters left to fulfill a single-digit reserve requirement by the end of his term in 2023.

When asked about how exposure to Philippine Offshore Gaming Operators (POGOs) could affect banks, the analyst downplayed risks, saying that lenders are safe based on asset-quality indicators.

“Local bank exposure to POGOs are minimal, and this is mandated by the central bank. Asset-quality indicators are rather safe in the Philippines and the banking industry is quite healthy at this point,” Mr. Asuncion said.

“Borrowers that supply POGOs such as property companies and other service providers could be adversely affected in terms of reduced sales that could potentially impair the ability to pay their loans and could lead to some pick up in NPLs (nonperforming loans,” RCBC’s Mr. Ricafort said.

“However, some of the property companies that provide office, residential, and commercial spaces for POGOs belong to and have the financial backing of the country’s biggest companies/conglomerates, as a mitigating factor.”

Meanwhile, volatile investor sentiment, which could be a risk for banks according to S&P, is something a small-open economy country like the Philippines is bound to “resiliently face,” according to UnionBank’s Mr. Asuncion.

“In a global economy where big players abound, small economies are vulnerable to quick changes in investor appetite. This is why a strong external position is a necessity to be resilient in a fickle and unforgiving global economy,” he said, noting that ample dollar reserves will be vital to survive the currents of world trade.

Mr. Asuncion said banks should also look to target strong domestic reserves, just as the central bank is doing for the economy.

“Not only do they [banks] need strong domestic reserves to combat internal uncertainties, but also, just enough foreign volatility exposure to skirt any quick changes in foreign investor perceptions,” he said. — Luz Wendy T. Noble

New gallery opens at La Fuerza

MODEKA Creative Space joins the roster of contemporary art galleries in La Fuerza 1 in Makati City.

The gallery, which opened last December, showcases contemporary art from up-and-coming and established Asian and internationally acclaimed artists, with mediums such as paintings, sculptures, mixed media, limited edition prints and photography. It also offers artist development opportunities, and art performances.

The gallery has taken up the space that formerly housed the 20:20 restaurant (the restaurant has downsized and is now located in front of the gallery).

“[The space] came as an opportunity. It just happened that our friends from 20:20 restaurant freed up the space.” Modeka creative director Riccardo Corsini told members of the press during the gallery’s launch.

“We valued the fact that La Fuerza is already an art district. As an art buyer or enthusiast, you simply would not want to go to just one gallery. The idea is that you can experience different galleries at the same time,” he added.

La Fuerza 1 is also home to Finale Art File, Vinyl on Vinyl, and NOVA Gallery Manila.

Mr. Corsini said that the gallery’s name came from a random play on words. “We did not want to use a real word. We [just] wanted to come up with something new,” he said, adding that it may mean “Modern Decade” or “whatever [you] want.”

THE FIRST EXHIBITION
Modeka’s ongoing first exhibit is named after Robert Frost’s 1923 poem “Nothing Gold Can Stay.”

According to the curatorial notes by Gwen Bautista, the exhibit examines “the idea of impermanence as we struggle from what is deemed as the impalpable human desire for mortality and the difficult truth characterized by the nature of things — that in our world, nothing will remain forever.”

There are four featured artists from the Philippines — photographer Mark Nicdao is showing Portal 1.1 : KRMNNH, a portrait of a woman protruding from a 1930s-style frame and easel; painter Jono Pisano has two oil paintings of contrasting warm and cool tones titled Ku-Ring-Gai 2000 and Out of Nothing; mixed media artist Lynyrd Paras is presenting a sculpture called You are No King to Me featuring a crowned skull with knives pierced through both eyes covered in gold; and artist collective 13 Lucky Monkey presents Immerse, an intricate sculpture of a naked body beside an octopus.

The featured international artists include British painter and sculptor Sinta Tantra, Indonesian painter Ronald Apriyan, Malaysian medical doctor and painter Caryn Koh, and Indonesian painter Dedy Sufriadi.

Aside from shows, Mr. Corsini noted that the gallery hopes to work with emerging artists and host solo shows, as well as exhibitions for artist groups. The venue will also host workshops, lectures, and live performances.

Nothing Gold Can Stay runs until Jan. 31 at Modeka Creative Art Space, located at Warehouse 20A La Fuerza 1, 2241 Don Chino Roces Ave., Makati City. It is open Monday to Saturday from 10 a.m. to 7 p.m., and Sunday 12 p.m. to 6 p.m. For more information, visit www.modeka.space/. — Michelle Anne P. Soliman

Megaworld unit expects P1-B sales from planned residential development

GLOBAL-ESTATE Resorts, Inc. (GERI) is embarking on a new residential project at the boundaries of Laguna and Cavite, which it expects will raise P1 billion in sales once completed.

The listed subsidiary of Megaworld Corp. said in a statement Tuesday it is launching the Upland Villas—rows of two-story townhouse and duplex villas—within the 26-hectare Pahara residential village located in the 561-hectare Southwoods City.

Pahara residential village and Southwoods City are both operated by Megaworld.

GERI will offer 65 units in the new development, and each of it will have its own living and dining areas, maid’s room, bathrooms, bedrooms and a lanai.

The project is scheduled for completion by 2024.

“…since we have easily sold out the lots of Pahara, this is an opportunity to own a property within this sought-after village inside Southwoods City,” Megaworld Global-Estate, Inc. Vice-President for Sales and Marketing Mary Rachelle I. Peñaflorida said in the statement.

Residents of Upland Villas will have exclusive access to the amenities of the Pahara residential village, which includes a clubhouse, swimming pool, fitness center, jogging paths, children’s playground, multi-purpose function area, yoga and reflexology garden, meditation and aromatic gardens and landscaped open spaces.

The two-story townhouse and duplex villas will also feature a modern and tropical architecture surrounded by flower and herb gardens.

“Set within the exclusive enclave on the hills of Southwoods City, Upland Villas is a unique residential offering where one can relax and enjoy the beauty of its natural surroundings,” Ms. Peñaflorida added.

GERI currently has three residential developments in Southwoods City equivalent to 2,237 units. It also has two office towers in the area through Megaworld Premier Offices.

The company’s attributable net income in the first nine months of 2019 increased 9% to P1.36 billion, while the attributable net income of its parent Megaworld rose 14% to P12.8 billion.

At the close of trading on Tuesday, shares in GERI at the stock exchange dipped 0.93% to P1.07 each, while shares in Megaworld fell 2.71% to P4.30 each. — Denise A. Valdez

‘Green swan’ climate event could trigger global crisis

CLIMATE CHANGE may pose risks to the financial system, as this could trigger a “green swan” event. — PIXABAY.COM

CLIMATE CHANGE threatens to provoke “green swan” events that could trigger a systemic financial crisis unless authorities act against such risks, according to the Bank for International Settlements (BIS).

The analysis by officials at the Basel-based institution — often described as the central bank for central banks — adapts the “black swan” concept devised by Nassim Nicholas Taleb to describe adverse events outside the scope of regular expectations with wide-ranging or extreme impacts.

“Green swans or ‘climate black swans’ present many features of typical black swans,” said the authors, who include BIS Deputy General Manager Luiz Pereira da Silva. “Traditional approaches to risk management consisting in extrapolating historical data and on assumptions of normal distributions are largely irrelevant to assess future climate-related risks.”

Green swans are different from black swans because there is some certainty that climate change risks will one day materialize, which could endanger humanity more than financial crises, and they threaten even more complex and unpredictable chain reactions, the authors wrote.

The paper, published just after the world’s warmest decade on record, adds to a growing body of central bank-related analysis calling for authorities to better prepare for finance-related risks stemming from climate change.

Bank of France Governor Francois Villeroy de Galhau, in an introduction to the paper, argued that “in order to navigate these troubled waters, more holistic perspectives become essential.”

The analysis reiterates often-made arguments that central banks alone can’t provide the needed solutions, but also acknowledges that climate change may lead such institutions into uncharted waters where traditional models will tell them little about the scope of the crisis at hand and careful decisions must be taken on how to engage.

“If they sit still and wait for other government agencies to jump into action, they could be exposed to the real risk of not being able to deliver on their mandates,” the authors argued.

Many central banks already contribute to the effort by monitoring climate-related risks through stress tests, incorporating environmental, social and governance criteria in pension funds, or working with banks on disclosing carbon-intensive exposure to assess potential financial-stability risks. Mr. Villeroy says that’s simply not enough however.

“The stark reality is that we are all losing the fight against climate change,” Mr. Villeroy said, advocating two solutions the European Central Bank could discuss in its upcoming strategy review: integrating climate change in all economic and forecasting models, and overhauling the collateral framework to reflect climate-related risks.

“If central banks are to preserve financial and price stability in the age of climate change, it is in their interest to help mobilize all the forces needed to win this battle,” he said. — Bloomberg

Keeping things abstract

DR. MENELINE WONG began painting in 2017 thanks to the influence of a friend and quickly found renown.

In 2018, she won second place in the nonrepresentational category of the GSIS National Art Competition with her work titled Oro. It was that piece where she admitted that she made a mistake.

“So everytime I make an artwork, I always think that a mistake is not always wrong. A mistake can actually be good,” Ms. Wong told BusinessWorld.

Ms. Wong is one of the nine featured artists in the 12th installment of Conrad Manila’s series “Of Art and Wine.”

Abstract Views, a collection of 24 artworks, was launched at Conrad Manila’s Gallery C on Jan. 6.

Curated by Nestor Jardin and Lara Latosa, the exhibit features works by Dr. Wong, architect and sculptor Richard Buxani, mixed media artist Melbourne Aquino, painter Rick Lozada Hernandez, abstract artist Fitz Herrera, pointillist artist Binong Javier, environmental advocate and artist Lara Latosa, geometric abstractionist Aner Sebastian, and painter Michael Pastorizo.

As co-curator, Ms. Latosa paired the artworks according to the artists’ thematic similarities: word art as seen through Melbourne Aquino’s “lettering abstraction” with socio-political themes and Rick Lazada Hernandez’s work with inscriptions of “love”; texture through Fitz Herrera’s colorful patchwork on A Rush of Paint to the Head series and Binong Javier’s pointillist method of meticulously aligned drips of acrylic; fluidity through Dr. Wong’s mixture of vibrant colors and Lara Latosa’s wave movement; and patterns and reflections through Aner Sebastian’s geometric images and Michael Pastrizo’s Pink, Orange, and Green stalactite-like strokes.

“[The exhibit] shows your commonality as artists make you cohesive as a group, but [also] still shows each artist’s diversity,” Ms. Latosa told members of the press during the launch.

Ms. Latosa recalled that she started painting as a hobby and began with raindrops as the subject of her works. She eventually evolved to painting waves as her signature subject — an image which she associates to her life’s ups and downs.

“How you interpret your emotions into a canvas,” she noted, “is what makes an abstract artist unique from others.”

“When you get to know the artists, doon nagkakaroon ng value ’yung abstract (that’s how an abstract painting gains its value),” Ms. Latosa said.

The exhibit will be on view until March.

For inquiries on the paintings and exhibit, contact (8833-9999 or 7501-3270 to 71) or e-mail conradmanila@conradhotels.com or altromondoart@gmail.com. — Michelle Anne P. Soliman

Gokongwei’s Robinsons Land joins gender-equality index

ROBINSONS Land Corp. (RLC) has been recognized by Bloomberg for providing a workplace that promotes gender equality and advancing women.

In a statement Tuesday, the Gokongwei-led property firm said it has been included in Bloomberg’s Gender-Equality Index (GEI) for 2020, joining a list of 325 organizations across the world.

“Robinsons Land Corporation was included in this year’s index for scoring at or above global threshold established by Bloomberg to reflect high level of disclosure and over-all performance across the frameworks’ five pillars: Female Leadership and Talent Pipeline; Equal pay and Gender Pay Parity; Inclusive Culture; Sexual Harassment Polices; and Pro-Women Brand,” it said.

The 2020 index has not been uploaded on Bloomberg GEI’s website as of Tuesday, but RLC said another unnamed listed company from the Philippines made the list. This has been identified on Wednesday as SM Investments Corp.

RLC noted it earned a score of 48.06% in female leadership and talent pipeline, as its women-to-men ratio in leadership positions is 50:50, and seven in 11 of its employees are women.

The company said being recognized by Bloomberg means it has one of the best-in-class policies and benefits to support gender equality.

“…this places RLC alongside some of the biggest and most successful companies in the world with a combined market capitalization of USD 12 trillion,” it said, specifically naming multinationals Unilever, Procter & Gamble, Visa, Nestle, L’Oreal, Lenovo, JPMorgan & Chase, ING, Ford Motor Company, Adidas, and The Coca-Cola Company that made the 2019 Bloomberg GEI.

RLC also noted that Bloomberg GEI is the “world’s only comprehensive investment-quality data source on gender equality.” Bloomberg started tracking gender equality in companies since 2016, but its 2020 index is the first time a Filipino firm made the list.

A recent report by World Bank on gender equality in laws and regulations affecting women’s economic opportunity gave the Philippines a score of 81.3, higher than the global average of 75.2.

In line with this finding, RLC said companies in Bloomberg’s GEI “have shown that they are closing the gap and promoting a culture of inclusivity driving firms’ commitment to building gender-equal communities and workplaces.”

Earnings of RLC in the first three quarters of 2019 grew 12% to P7.31 billion, amid a 40% jump in total revenues to P31.18 billion.

Shares in the firm at the stock exchange gained 80 centavos or 3.05% to P27 apiece on Tuesday. — Denise A. Valdez

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