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Salcedo Auction 10th year kicks off with art+design

AS PART of its year-long celebration of its first decade, Salcedo Auctions’ subsidiary Gavel&Block opens the sale season with art+design, featuring a curated selection of nearly 300 collectibles.

Gavel&Block will be holding the art+design Vernissage on Feb. 1. The public preview will then run until Feb. 7, 10 a.m.-6 p.m. The auction will be held on Feb. 8, 2 p.m., at NEX Tower, 6786 Ayala Ave., Makati City.

The art+design sale focus on potential, and serves as an opportunity for emerging collectors to find the perfect piece to start growing their collections, and for established collectors to add depth to their troves. It features a diverse lineup of fine and decorative art, crystal, porcelain, silver, rare books, maps, and memorabilia. There are works from renowned modern and contemporary Filipino artists such as National Artists Fernando Amorsolo, José Joya, and Benedicto “BenCab” Cabrera, together with iconic pieces by Roberto Chabet, and Juvenal Sansó among other established artists.

Other art highlights include abstract works such as watercolors by Nena Saguil, three early paintings by Roberto Chabet, and pieces from artists Gus Albor and Romulo Olazo. Folk-genre has a strong presence in this auction with works by the likes of Oscar Zalameda, Angelito Antonio, Tam Austria, Cesar Buenaventura, Elias Laxa, Simeon Saulog. They serve as historical counterpoints to works by contemporary artists such as Jigger Cruz, Zean Cabangis, and Jayson Oliveria.

Also worth noting in this sale is a pair of drawings by the late performance artist Carlos Celdran, sketches that mirror his cultural activism. This is Celdran’s first appearance at a Gavel&Block auction.

“We are excited to open our 10th year with this sale, which emphasizes the joy of collecting,” managing director Victor Silvino was quoted as saying in a release. “Through art+design, we hope that more people will be able to experience the thrill of auctions, discovering a piece to start or add to their existing collections. It’s at the heart of what we do, being the leaders of the fine art and collectibles auction industry in the country, and is the perfect way to open our tenth-year anniversary celebrations.”

The art+design online catalogue is available at salcedoauctions.com. For inquiries, e-mail info@salcedoauctions.com.

PXP Energy says drilling starts in Peru exploration well

PXP Energy Corp. said on Tuesday that drilling had started for an exploration well in Peru in which it has participating interest.

“The drilling operation is estimated to take 30 days and shall drill to approximately 3,000 metres subsea,” it told the stock exchange.

The company was quoting an announcement made in Australia by Karoon Gas Australia Ltd. about the drilling of Marina-1X well in Peru Z-38, offshore Peru.

“Peru Block Z38’s Marina prospect has an unrisked best estimate prospective resource of 256 million barrels (64 million barrels net to Pitkin). This prospect will be the first well to be drilled in Block Z-38. Pitkin is carried in the cost of Marina-1X and a second future well under a Farm-in Agreement signed with Karoon in 2008,” PXP Energy said.

Pitkin Petroleum Ltd., a 53.43%-owned subsidiary of PXP Energy, holds a 25% participating interest in Peru Block Z-38.

Earlier this month, PXP Energy said the Marina prospect comprises a large fault bounded structure with targets at multiple levels. The structures are well defined by 3D seismic, it added.

Karoon’s wholly owned subsidiary, KEI (Peru Z-38) Sucursal del Peru, owns a 40% operating equity interest in the blocks with Tullow Oil Ltd. holding 35% and Pitkin Petroleum holding the rest.

On Tuesday, shares in PXP Energy climbed by P0.64 or 7.02% to close at P9.76 each. — VVS

RCBC to set up digital-only rural bank

RIZAL COMMERCIAL Banking Corp. is eyeing to compete in the virtual bank space. — BW FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) will establish a rural bank that will join the digital banking race in the country, the bank said in a filing with the local bourse on Tuesday.

The Yuchengco-led lender said that it will also upsize its medium term note program (MTN) by $1 billion to $3 billion from the original $2-billion plan.

RCBC said in its filing on Tuesday that the rural bank will have an “electronic payment and financial services and cloud-based core banking licenses from the Bangko Sentral ng Pilipinas (BSP).” Its establishment will be subject to the approvals of the BSP, Securities and Exchange Commission, and other regulatory bodies, as necessary.

RCBC President and Chief Executive Officer Eugene S. Acevedo told BusinessWorld in an interview during the central bank’s annual reception for the banking community on Friday when asked about its plan to set up a digital-only bank: “We’re gonna be launching something in February but a lot of work and investments have been made in that space.”

In November 2019, RCBC Executive Vice-President and Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva said the bank is looking into joining the digital-only banking race in the country. He noted that local players have yet to offer a digital-only bank as a separate proposition.

Mr. Villanueva has said that they will look into capturing the mass market as clients for their virtual bank. He also noted that good communication is key to make sure that their target market can appreciate the propositions of online-only banking.

For Mr. Acevedo, their digitization drive is more than just a “nice project” because it will help them with cost reduction as well.

“We see kasi digitization as not just something like a nice project, but really because digitization allows us to improve the customer experience in a huge way. While doing that, we are able to reduce our costs, significantly,” he said.

Mr. Villanueva earlier said they are eyeing to require an average daily balance of around P800-1,000 for their virtual bank.

He said 38% of about two million RCBC retail clients access services through their online app.

Current virtual banking players in the country are ING Bank N.V. Manila and CIMB Bank Philippines. Both started their operations in 2019.

These players currently do not impose a minimum balance requirement for their clients and do an electronic Know-Your-Customer process through their applications.

Singapore-based digital bank Tonik Financial, through its local unit Tonik Digital Bank, Inc., in December secured a license from the central bank to operate its own virtual bank.

MTN PROGRAM
Meanwhile, RCBC said the increase in its MTN program to $3 billion was approved by its board of directors last Monday.

The bank issued $300 million in five-year unsecured sustainability bonds in September to back its loan portfolio and green projects.

The said notes were issued at 3% per annum and was a drawdown from the then only $2-billion MTN program of the bank under its Sustainable Finance Framework, which was established to streamline sustainable financing instruments that can fund loans and projects with environmental and social impact.

RCBC saw its net earnings climb by 41% to P4.5 billion in the first nine months of 2019 from P3.2 billion in the comparable year-ago period, with growth fuelled by its core businesses.

The bank’s shares ended trading at P22 apiece on Tuesday, unchanged from its previous finish. — LWTN

Art & Culture (01/29/20)

Jean Tan at Makati Shangri-La

THE HIRAYA GALLERY and Makati Shangri-La hotel present Jeanne Tan’s exhibit entitled Vanishing, featuring acrylic paintings of seascapes and underwater scenes. It will run from Feb. 6 to 29 at the Mezzanine of the hotel.

Challenging perceptions of reality

THE new exhibit at the Museum of Contemporary Art and Design (MCAD), Constructions of Truths, challenges perception of reality and will engage spectators in a critical contemplation of their perception of the world. The exhibit is set to open on Feb. 6 at the museum of the De La Salle-College of Saint Benilde (DLS-CSB). Curated by MCAD Director Joselina “Yeyey” Cruz, the gallery will feature video installations from 11 award-winning visual artists and creators from around the globe namely, Minerva Cuevas (Mexico), Shuruq Harb (Israel), Luay Fadhil (Iraq), Ho Tzu Nyen (Singapore), Thao-Nguyên Phan (Vietnam), Ramin Haerizadeh (Iran), Rokni Haerizadeh (Iran), Hesam Rahmanian and James N. Kienitz Wilkins (USA), and Martha Atienza and Maria Taniguchi (Philippines). The artworks present how digital innovation has blurred the barriers between photography and film with the production of post-photographic image and its altered layers. The viewers might differentiate the truth from the designed reality as the selected videos tackle the concept of “truthiness” and the conditions of shifting truth in the various images presented by the media, government, and nonfiction, among others. Constructions of Truths will be conducted in partnership with the Han Nefkens Foundation for emerging video artists and facilitated with the support of the Edouard Malingue Gallery in Hong Kong, Kurimanzutto Gallery in Mexico City and New York City, The Ruya Foundation in Iraq, and Silverlens Gallery in Makati City. It will be open to the public until April 12. MCAD is located at the DLS-CSB SDA Building, Dominga St., Malate, Manila.

Italian art movement at the Metropolitan Museum

THE Metropolitan Museum of Manila and the Embassy of Italy present Arte Povera: Italian Landcape, and exhibit curated by Danilo Eccher. The exhibit captures one of the most pivotal points in the history of Italian contemporary art with the way it broke boundaries in traditional art making, its new engagement with audiences, and its experimental approach in making life and everyday objects integral to art. The travelling exhibit offers for the first time in Southeast Asia the opportunity to see masterpieces of Italian artists who gave birth to the Arte Povera movement during the 1960s and ’70s. The exhibit opens on Feb. 8 at the Metropolitan Museum, Roxas Blvd., Malate, Manila.

Aimee Bernardo turns trash to art

AIMEE BERNARDO will hold her fourth annual solo art exhibition — Samut-sari mga Pat’ak ni Aimee Bernardo — at her studio, Factory505, from Feb. 2-11. An independent contemporary artist, with roots in photography, she has added plastic as her found object, turning trash into art in the process, to raise awareness about recycling. Factory505 is located at the Parc Royale Condo, Jade Drive, Ortigas Center.

Free collage workshop

THE Museum of Contemporary Art and Design (MCAD) will be holding a free contemporary collage workshop featuring award-winning Filipino artists Gary-Ross Pastrana and Kaloy Olavides. They will lead the free lecture and workshop entitled “The Craft of Contemporary Collage” at MCAD of the De La Salle-College of Saint Benilde (DLS-CSB) on Jan. 25 at The Loop of the College’s School of Design and Arts (SDA) Building. The highlight of the activity is the hands-on demonstration of both Pastrana and Olavides that will allow participants to get a grasp of their design and development process. Under the guidance of the artists, the participants will likewise explore the possibilities as they scan and cut-out their preferred elements from the available materials in pursuit of a new whole visual arts assemblage. In addition to individual works, simple compositional exercises will also be conducted that will spark creativity, such building collaborative collages that will combine the works of the facilitators and the participants. Materials and tools from old magazines, books, catalogues, papers, cardboards and illustration boards to scissors, rubber cement and glue will be provided. The students are likewise encouraged to bring additional supplies. The workshop is a four-hour session, which will run from 1 to 5 p.m. For more information call 8230-5100 local 3897 or e-mail mcad@benilde.edu.ph. MCAD is located at the DLS-CSB School of Design and Arts Campus, Dominga Street, Malate, Manila.

Business group seeks faster connectivity between Davao, Japan

DAVAO CITY — Local business leaders are now pushing for triangular flights with Manila or Cebu to establish faster connectivity between Davao and Japan.

Philippine Chamber of Commerce and Industry, Inc.-Davao Regional Governor Arturo M. Milan said while they are still lobbying for a direct flight from Davao to Japan, they have asked Philippine Airlines (PAL) to consider a possibly more viable option.

He cited the success of Silk Air, the regional wing of Singapore Airlines, which serves the Singapore-Davao-Cebu route.

“That is the way Silk Air developed the market,” Mr. Milan told the media during Monday’s Kapihan sa Dabaw forum.

Mr. Milan, who was last year’s Davao City Chamber of Commerce and Industry, Inc. (DCCCII) president, said they are hopeful that talks with PAL will have a positive outcome within the first quarter this year.

“We are negotiating… PAL is now open to service triangular flights,” he said.

DCCCII has been asking PAL to serve direct flights between the city and Japan to strengthen trade links and boost tourism.

The group has also asked Japan’s All Nippon Airways (ANA) to consider the route during a business mission to Tokyo, Hitachinaka, and Saitama last year.

ANA HD, the airline’s parent firm, has a 9.5% stake in the outstanding shares of PAL Holdings, the parent of Philippine Airlines. PAL and ANA also have a number of code share flights.

“So it can be either ANA flying if they consider, or they may encourage PAL to fly directly,” Mr. Milan said.

The Department of Tourism-Davao Region office has also been working on establishing flights between Davao City and Taiwan.

Aside from Singapore, existing international flights to and from Davao include Hong Kong, Manado, Qatar, and Quanzhou in China. — Maya M. Padillo

Insurance industry’s premium income up as of Sept.

THE INSURANCE industry’s premium income picked up in the nine months to September 2019, driven by an increase in all premium types of variable life insurance products.

Insurance Commission (IC) data released in an event on Tuesday showed the overall premium income of the industry stood at P224.97 billion as of end-September, which is up 2.76% from the P218.91 billion posted in the comparable period in 2018.

The latest figure was also a pickup from the 2.62% year-on-year contraction seen in the first half of last year.

The life insurance sector accounted for three fourths or P172.05 billion of net premiums written in the period, while the nonlife sector contributed 19.56% or P44.02 billion.

The pre-need sector also saw its premium income grow by 20.6% year on year to P16.99 billion during the January-September period from P14.08 billion, accounting for 7.55% of the industry’s total.

As for health maintenance organizations (HMO), overall revenues also inched up 8.64% to P36.76 billion from P33.83 billion in the same nine-month period in 2018.

Meanwhile, the industry’s total assets reached P1.74 trillion in first nine months of 2019, up 12.25% from P1.55 trillion.

Of this total, the assets of the pre-need sector rose by 3.7% year on year to P127.62 billion from P123.07 billion in 2018, while the HMO industry recorded total assets of P37.27 billion.

IC also reported on Tuesday that the number of individuals covered by microinsurance “significantly grew” to 40 million as of end-September.

“Ultimately, as proof that more and more Filipinos are becoming aware of the importance of insurance, market penetration has reached 59.15% as of end-September,” it said in its report.

In terms of insurance density, the amount of premium per capita went up 1.16% year on year, meaning an individual is willing to spend P2,077.30 for insurance coverage.

Meanwhile, insurance penetration, or the contribution of the entire industry to the economy, stood at 1.69% as of end-September 2019.

For this year, Insurance Commissioner Dennis B. Funa said they are expecting “steady” growth for the industry.

“It’s been growing for the past three or four years so there’s no reason for me to say that suddenly 2020… There’s no factor that will push me to say that there’s going to be a reversal… Ano lang steady growth lang. Nothing exceptional. As long as it continues to grow, happy tayo (we’re happy),” Mr. Funa told reporters on the sidelines of an event on Tuesday.

However, he added: “I fear the coronavirus would have an economic impact eh. It’s already having an economic impact. Equities are down, gasoline prices are going up although it’s good news but it’s a sign of slowdown in economic activity eh so barring external issue, I continue to be confident about the performance of the industry, the basics are undisturbed eh. Fundamentals are okay.” — BML

How PSEi member stocks performed — January 28, 2020

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

 

Manufacturing growth in 2019 slowest in a decade

Manufacturing growth in 2019 slowest in a decade

Customs Modernization law amendment bills consolidated

THE House Committee on Ways and Means has approved a substitute bill seeking to amend the Customs Modernization and Tariff Act (CMTA).

“The ultimate goal of the proposal is to increase the efficiency of the (Bureau of Customs) by optimizing its internal procedures without compromising quality of service. The bill also hopes to decrease the burden of certain tasks through third-party engagement and improvement of infrastructure” Representative Jose Maria Clemente S. Salceda of Albay, who is also the Chairman of the committee, told reporters via Viber.

According to Mr. Salceda, key features of the bill include a simplified process for collection and payment of tax on dutiable goods; provisions for revenue set-asides for developing the BoC’s (Bureau of Customs) infrastructure, equipment and personnel; and pre-shipment inspection of containers.

The bill also outlines the procedures for vessels originating from foreign ports to provide documentary requirements in order to “facilitate trade security and avoid smuggling.”

The measure also authorizes the supervision and regulation of third parties transacting with the BoC through the “implementation of a risk management system and creating a committee under the bureau for such purpose.”

The substitute bill consolidates six measures seeking to amend the CMTA: House Bills (HB) 783, 784, 800, 2591, 5278 and 5548.

CMTA was signed into law in May 2016 to modernize procedures for “faster trade, reduce opportunities for corruption, improve customs service delivery and improve the supply chain.”

According to Mr. Salceda, despite its passage, Congress has “continuously sought to address the evolving complexities of trade in the furtherance of government collection and public interest.”

“The proposed substitute bill is a collective effort of our legislators to refine the entire customs process by amending pertinent provisions of the CMTA” Mr. Salceda said.

Since the CMTA came into force, the Philippines’ trade facilitation rate hit 80.65% in 2019 from 69.89% in 2017, according to the 2019 United Nations Global Survey on Digital and Sustainable Trade Facilitation. — Genshen L. Espedido

Taal P30-billion funds eyed for dev’t works after downgrade

By Charmaine A. Tadalan
Reporter

THE proposed P30-billion supplemental budget to aid those affected by the Taal ashfall will likely be refocused towards development projects for the region after prospects dimmed for an explosive eruption, a key legislator said.

Representative Jose Ma. Clemente S. Salceda of the second district of Albay, who is the vice chairman of the committee on appropriations, said the urgency has gone out of the supplemental budget after the Philippine Institute on Volcanology and Seismology (Phivolcs) lowered the alert level for Taal to 3 from 4.

Alert level 3 denotes a “high level of volcanic unrest” featuring low-frequency earthquakes, tremors and “forceful” steam and ash emissions. Alert level four indicates an imminent “hazardous eruption,” a condition marked by “earthquake swarms” and “frequent strong ash explosions.” Alert level 4, in force since the volcano ejected large volumes of ash on Jan. 12, is the second-highest level, with 5 indicating an eruption in progress.

“No need for supplemental here because we thought it will erupt,” Mr. Salceda said at a briefing Tuesday.

When asked about pending measures introduced by Batangas representatives in the House of Representatives, Mr. Salceda said “I will support that. We can convert that into a more developmental (measure), which is really the creation of the South-of-Manila growth corridor.”

President Rodrigo R. Duterte had asked the 18th Congress to pass a P30-billion supplemental budget to fund disaster response and rehabilitation efforts.

The lowering of the alert level on Sunday allowed residents in affected Batangas towns and cities to return to their homes. Batangas Governor Hermilando I. Mandanas lifted the lockdown order in force over the towns of Alitagtag, Balete, Cuenca, Lemery, Malvar, Mataas na kahoy, San Nicolas, Sta. Teresita, Taal and Talisay, and the cities of Tanauan and Lipa.

Mr. Salceda said there is no more need for a supplemental budget, noting that the government has sufficient calamity funds after Mr. Duterte extended the validity of the 2019 national budget, which will reinforce the funds on hand from the 2020 General Appropriations Act.

“There are two calamity funds, one that was extended by the President, which is the 2019, P7 billion, tapos ’yung bago (and then the latest budget), which is P16 billion,” he said.

South Korea to provide $50-million facility for feasibility studies

THE Department of Finance (DoF) and Export-Import Bank of Korea (KEXIM) exchanged loan documents Tuesday for a $50-million facility intended to fund feasibility studies and various preliminary activities for infrastructure projects.

Finance Secretary Carlos G. Dominguez III said the $50-million facility (P2.73 billion) will fund the bulk of the total cost of Philippines-Korea Project Preparation Facility (PKPPF) worth $71 million (P3.87 billion).

The balance will be shouldered by the Philippine government through its implementing agencies.

The loan, as approved by the NEDA Board, will be used on pre-feasibility and feasibility studies, detailed engineering designs as well as safeguard assessment analyses.

“These are necessary and integral aspects of any project as they help us determine whether a particular project is economically viable and sustainable over the long term… Rigorous analyses also guide us in determining the best sources of financing for any given project,” Mr. Dominguez said during his speech at the event yesterday.

According to Mr. Dominguez, the loan has a zero interest rate and is payable over 40 years with a 10-year grace period, while the service charges are set at 10 basis points on each disbursement.

He said the funds will speed up the implementation of several major projects for water and irrigation, flood control as well as for roads and bridges.

The loan is earmarked to support projects implemented by Department of Public Works and Highways and the National Irrigation Administration. Currently, the government is considering around 15 projects to be funded by the facility.

Public Works Secretary Mark A. Villar said during the event that some projects being considered are the Pampanga river basin flood project, the Agusan river basin flood project, the Panay river basin flood control project and the Bicol river basin flood control project.

Mr. Villar said the Central Luzon link expressway project Phase 2 as well as the Zamboanga City bypass road will also benefit from the facility.

The latest financing forms part of the second tranche of the South Korean government’s $1-billion pledge to the Philippines.

Last year, the DoF and KEXIM also signed a $173-million loan agreement for the construction of the Cebu International Container Port.

Mr. Dominguez said overall, the government will leave around P1.4 trillion worth of projects in the pipeline for the succeeding administration.

“During the ASEAN-Korea Commemorative Summit in November 2019, Korean President Moon Jae-in referred to the Philippines as the ‘future of Asia.’ If the PKPPF signing and our two countries’ continued cooperation are any indication, the future looks very promising, indeed,” KEXIM) Chief Representative Sungho Jang said. — Beatrice M. Laforga

New hybrid rice program to focus on 100-hectare consolidated farm

THE Department of Agriculture (DA) is launching a pilot test program which subsidizes the process of consolidating farms for planting to hybrid rice, DA adviser for hybrid rice program Frisco M. Malabanan told reporters Tuesday.

“Ang isa pong sisimulan ngayong taon na ito na hybrid rice program under the current administration — meron po tayong pilot cluster sa Region 3, Region 6, Region 11. But of course all other regions, sisimulan na rin po ’yung clustering approach. (One thing we’re starting this year is the hybrid rice program under the current administration. We have a pilot cluster in Region 3, Region 6, Region 11. But of course all other regions, we will begin the clustering approach).”

Farmers can consolidate or cluster a minimum of 100 hectares to participate in the hybrid rice.

Initial assistance will be offered for 320,000 hectares, focusing on favorable irrigated and rainfed areas.

“(Planting begins) May and June,” he said.

The budget for the program is close to P30 million per cluster, from the funds of the National Rice Program.

He said 577,000 hectares were planted to hybrid rice in 2018, adding that the DA targets 1.5 million hectares of hybrid rice by 2024 — including agribusinesses not subsidized by the program.

Hybrid rice promises higher yields and better resistance to environmental conditions, but is more expensive and in many cases requires farmer subsidies.

“Lahat ng regions magsisimula na ng organization ng cluster this year — hoping by 2021, mabibigyan na ng mas malaking budget ang programa. (All regions will start organizing clusters this year — we are hoping that the program will receive a bigger budget by 2021,” Mr. Malabanan said. — Jenina P. Ibañez

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