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00:00.0
Hello everyone, I'm Michelle Long. It's 9 in Manila at 10 in Tokyo at 9pm in New York.
00:18.0
Asian markets set to rise today despite Wall Street's sluggish trade overnight
00:22.9
as investors await key inflation data out from the U.S. this Wednesday.
00:28.5
Here at home, the stock market is closed today for a holiday as the Philippines marks the Day of Valor.
00:37.3
Double Dragons Hotel subsidiary Hotel 101 Global has signed a merger deal with JV SPAC Acquisition Corporation
00:44.7
paving the way for a NASDAQ listing by the second half of this year.
00:51.5
Security Bank also forming a joint venture with Mitsubishi Motors that will offer auto financial services.
00:58.5
And later, we turn the spotlight on the Filipino painter from Bohol
01:04.3
who is set to receive an international art prize in Milan, Italy later this month.
01:13.7
Let's begin with stocks.
01:15.7
Markets in Asia advancing in early Tuesday after U.S. benchmarks saw sluggish trade ahead of a key inflation data.
01:22.9
Now later today, investors in the region will also be watching out for business confidence surveys from Australia
01:28.3
and the U.S. as well.
01:28.5
And consumer confidence numbers from Japan.
01:31.5
Let's now take a look at the board.
01:33.6
Green across the board led by the KOSPI index.
01:36.3
Higher by three-quarters of 1%.
01:38.1
The Nikkei 225 by six-tenths of a percent.
01:41.1
The ASX 200 not to be left out.
01:43.2
Also up by half of 1%.
01:45.8
U.S. futures meanwhile seeing pretty modest gains.
01:49.9
The NASDAQ is unchanged while the Dow and the S&P are pretty much flat.
01:55.0
Both with one with a downward pressure.
01:58.0
The other with an upside pressure.
01:59.6
So we'll see where these numbers go when trading resumes tonight, Manila time.
02:04.5
The over in commodities, oil prices falling as Israel said it would remove some troops from Gaza.
02:09.6
While Bitcoin has topped $71,000 again.
02:16.4
U.S. stocks finishing flat on Monday as traders positioned ahead of Wednesday's key inflation numbers
02:22.2
in the kickoff for the first quarter earnings season.
02:24.7
The Labor Department's March Consumer Price Index report,
02:27.7
which will be released on Wednesday,
02:30.3
is expected to show a slight cool down month on month in price growth
02:34.8
and a decrease in the core number which excludes volatile food and energy items.
02:39.5
But year on year, headline CPI is still expected to gain some heat,
02:44.0
rising to 3.4% from 3.2% in February.
02:47.7
Now we know these are all still above the Fed's 2% target.
02:51.7
With this, optimism for aggressive loosening in monetary policy is quickly dissipating.
02:57.7
now pricing in just two cuts this year instead of the initial three quarter point cuts for 2024.
03:05.6
Let's now take a look at the board.
03:07.4
The S&P 500 hovering near 5,200.
03:11.9
It was down by less than a tenth yesterday.
03:13.7
Dow, as you can see, also posting very modest losses.
03:17.7
The tech-heavy Nasdaq ended nominally higher, up by just less than a tenth of 1% as well.
03:23.4
For the bond markets,
03:24.8
Treasury 10-year yields shooting up to its highest level
03:28.7
bringing it to within striking distance of the 4.5% level
03:32.0
that some consider a threshold
03:33.7
that could determine whether interest rates will revisit 2023 highs.
03:41.5
So markets, you know, were pricing in six rate cuts as we started the year.
03:46.0
We were contrarian to that, thinking it was going to be much less than that.
03:49.4
That thesis is starting to prove more right than wrong.
03:53.7
The market right now is pricing in three rate cuts
03:57.4
is pricing in a 50% probability of a rate cut in June.
04:02.0
We see no chance of a rate cut in June.
04:04.6
And to be honest with you,
04:05.9
we're really, you know, modeling one rate cut this year.
04:09.9
And even that's starting to diminish.
04:11.7
And if they did cut rates,
04:12.8
it would be at the end of the year,
04:14.5
really just forecasting to the market
04:16.9
that we're going to start cutting rates in 2025.
04:20.1
we just don't see the data to support rate cuts in 2024.
04:23.9
Looking at highlights,
04:27.4
it's from corporate America now.
04:28.7
The beaten down electric vehicle maker Tesla
04:30.9
gained nearly 5% after CEO Elon Musk announced
04:34.5
that they will unveil their long-awaited robo-taxi design.
04:39.6
Meanwhile, Alibaba Group Holdings is cutting prices for cloud customers
04:42.7
from the U.S. to Singapore by as much as 59%
04:45.9
as the once high-flying division struggles to fend off rivals and revive growth.
04:53.9
Back here at home,
04:54.9
the Banco Central on Monday kept the benchmark interest rates,
04:57.4
steady as expected at a near 17-year high of 6.5%,
05:01.3
while signaling it may delay interest rate cuts to next year
05:05.6
if inflation risks persist.
05:07.7
It raised its full-year inflation outlook to 4%,
05:10.3
the top end of government's target range,
05:12.3
after CPI accelerated for a second straight month in March to 3.7%.
05:17.5
BSP Governor Elie de Molina says,
05:19.8
while they may be feeling, quote,
05:21.6
a little bit more hawkish now,
05:23.7
they're still not expecting any further rate tightening.
05:27.4
My sense is that the upside risks mainly have become worse,
05:34.8
so that would make us somewhat more hawkish than before.
05:41.3
So if, I would say, if we were relatively dovish,
05:47.7
we might reduce rates in the third quarter,
05:53.2
and that would be by no more than 25 basis points,
05:56.0
but now we're feeling,
05:57.4
a bit more hawkish than before.
05:59.0
So I would say we're not going to do it by the third quarter.
06:03.5
We may do it down the road.
06:06.3
We're contemplating easing.
06:08.2
We're not contemplating any further tightening.
06:13.2
De Molina also notes,
06:14.6
the Central Bank is keeping an eye on rice,
06:16.6
which saw a 24.4% inflation in March.
06:19.5
That is a 15-year high.
06:24.3
If I were to name one single commodity,
06:27.4
it would be rice and rice prices.
06:30.7
They're not only very significant this time,
06:33.2
they also are what we call salient prices.
06:37.1
They get noticed,
06:40.2
and they tend to affect expectations more than other commodities.
06:49.4
Meantime, a bit of reprieve for electricity consumers.
06:52.4
Power distributor Mevalco announced a rate reduction for this month.
06:56.0
Well, motorists are in,
06:57.4
and for some bad news,
06:58.4
as another big-time oil price hike happens today,
07:02.1
Jervis Manahan has the details.
07:05.7
The largest electric power distribution company,
07:09.2
Mevalco announced on Monday
07:10.6
that there will be a drop in power rates
07:12.5
for their customers this month of April.
07:15.5
This is due to a sharp decrease in generation and transmission charges,
07:19.6
as well as a decrease in taxes.
07:21.8
Customers can expect their electricity bill
07:23.9
to be slashed by almost P1 per kilowatt hour
07:28.0
This means a reduction of P198 for those households
07:31.9
consuming 200 kilowatt hours per month.
07:35.2
The drop offsets all increases by Mevalco
07:37.6
starting January 2024.
07:40.4
There are many factors in play.
07:42.1
Kamukha nga nito,
07:43.5
itong binanggit ko kanina
07:45.1
mga dahilan kung bakit muwaba yung kuryente,
07:49.2
parang dalawang factors,
07:50.8
generation of transmission,
07:53.5
so nagkaroon ng combined impact of almost a P1 reduction.
07:57.4
Now, the situation will be different
07:59.5
for this current supply map.
08:04.3
However, the power company is still on top
08:06.8
of the high demand for power.
08:08.8
As consumption rises with the sweltering heat in the country,
08:12.3
they are encouraging large load customers like companies
08:15.1
to participate in their interruptible load program,
08:18.4
where they will use generator sets
08:20.1
to avoid power interruptions in residential areas.
08:23.4
Sa ngayon, hindi pa natin nakita yung peak.
08:26.0
Usually, sa Luzon,
08:27.9
ang maximum demand ay typically nakita ng May.
08:32.5
So, between now today and May,
08:34.7
we still expect demand to increase.
08:37.7
Meanwhile, another round of oil price hikes
08:40.5
takes effect Tuesday, April 9.
08:42.9
The Department of Energy attributes this
08:45.0
to continuing geopolitical tensions in the Middle East
08:47.8
and the attacks of Ukraine in Russia's oil refineries.
08:51.7
Jervis Manahan, ABS-CBN News.
08:56.0
The ASEAN Plus 3 Macroeconomic Research Officer, AMRO,
08:59.4
keeping its positive outlook on the Philippines,
09:01.7
which is still expected to post among the fastest economic growth
09:04.6
in ASEAN Plus 3 region this year and the next.
09:07.8
In its regional outlook report,
09:09.7
AMRO economists kept growth forecasts for the Philippines
09:12.5
at 6.3% this year.
09:15.8
That is higher than the revised 5.5% growth posted last year
09:19.7
and within the government's adjusted growth target
09:22.0
of 6 to 7% for the year.
09:24.4
Now, this would also be...
09:26.0
higher than projections for Cambodia,
09:29.1
which is at 6.2%,
09:33.7
and Indonesia's 5.2%.
09:35.6
Well, they expect the Philippine economy
09:37.4
to accelerate further to 6.5% next year.
09:41.2
It says the manufacturing and tourism sectors
09:43.3
will drive growth in the country this year
09:45.3
as both sectors benefit from a boost in demand.
09:49.1
Within the bloc, which includes China, Japan, and South Korea,
09:53.1
AMRO says growth could be
09:54.6
at 4.5% this year.
09:55.5
4.5% after a 4.3% expansion last year.
10:00.2
Also, an acceleration.
10:03.2
And we have this just in.
10:05.3
BMI, which is a Fitch Solutions company,
10:07.9
forecasting that the Philippine budget deficit
10:10.3
will narrow from 6.2% of GDP this year,
10:14.6
last year rather,
10:19.5
This narrowing would mark
10:21.6
the third consecutive year
10:23.0
the budget shortfall shrinks,
10:24.9
a reflection of the COVID-19 pandemic.
10:25.5
This is the current administration's push
10:26.9
for fiscal consolidations.
10:29.3
BMI says their 2024 forecast
10:31.8
is higher than the official projections
10:35.0
due to a disparity
10:37.1
in growth assumptions.
10:39.3
Their projection is for the Philippine economy
10:41.2
to expand by 6.2% this year,
10:44.1
one of the more aggressive ones,
10:46.0
while government holds a more upbeat view
10:48.0
of the Philippine economy
10:50.6
growing at 6 to 7%.
10:52.8
Of course, it was revised already.
10:55.5
they also say that revenue collection,
10:58.4
according to BMI,
10:59.5
revenue collection will likely
11:00.6
overshoot their targets in 2024
11:02.9
as efforts to broaden
11:04.1
the tax base gain traction.
11:06.9
They're expecting debt levels
11:08.1
to ease over the coming years.
11:12.7
And for those who missed it,
11:14.8
here are the big corporate stories
11:18.1
Double Dragons Hotel subsidiary
11:20.8
signs a merger deal
11:22.5
with JV SPAC Acquisition Corporation,
11:24.8
paving the way for a NASDAQ listing
11:26.9
by the second half of this year.
11:28.7
Double Dragon expects
11:29.6
Hotel 101's equity value
11:30.9
to hit $2.3 billion.
11:34.0
set up by Mang Inasal founder
11:35.3
in Japsia and Jollibee's
11:38.0
had earlier secured
11:39.1
the ticker symbol
11:46.0
the company behind
11:46.8
Century Tuna and Argentina Corned Beef,
11:49.5
Century Pacific Foods,
11:51.1
saw its full-year revenues
11:54.7
to 67.1 billion pesos
11:58.0
Net income after tax
11:59.1
landed at 5.5 billion pesos.
12:02.3
That's also up 12% year-on-year.
12:04.7
This was mainly driven
12:05.6
by a robust branded segment
12:07.0
composed of their marine,
12:09.5
and other emerging segments
12:10.6
such as pet food.
12:12.0
The Vs offset weakness
12:14.2
in the OEM export business.
12:19.0
Frederick D. Security Bank
12:20.2
is forming a joint venture
12:21.3
with Mitsubishi Motors
12:23.2
auto financial services.
12:24.7
Security Bank says
12:26.5
a 49% ownership stake
12:28.3
in Mitsubishi Motors Finance Philippines
12:31.3
that is a JV company
12:33.6
will be the majority owner
12:34.7
with a 51% stake.
12:38.1
to begin operations
12:43.6
Good news for retirees
12:45.4
of Duty Free Philippines
12:46.5
thanks to a new deal.
12:48.1
Between the Philippine
12:48.8
Retirement Authority
12:49.7
and Duty Free Philippines,
12:52.2
and their families
12:53.2
will now be entitled
12:56.8
on selected items
12:57.9
during specific sale periods
12:59.6
and another 10% discount
13:02.1
that can be used any day
13:03.6
at any Fiesta Mall
13:04.7
and Lux Duty Free branch.
13:06.7
The agencies hope
13:07.5
these exclusive benefits
13:10.0
the discounted shopping experience
13:11.6
will help enrich and reward
13:13.2
those who have supported
13:14.6
the company for years.
13:16.3
on top of the government-mandated
13:17.7
retirement package.
13:21.3
The Philippine Fisheries
13:22.8
Development Authority
13:25.8
a higher dividend payout
13:28.2
to the National Treasury
13:31.5
by the Finance Department.
13:33.8
headed by Agriculture Secretary
13:35.1
Francisco T. Laurel Jr.,
13:37.2
approved to raise
13:38.0
the dividend payout
13:39.9
of retained earnings
13:40.8
from the previous average
13:43.1
to help generate funding
13:44.2
for government projects.
13:47.3
the agency will remit
13:48.5
around 128.5 million
13:54.5
The PFDA remitted
13:58.9
the previous year
14:07.8
President Ferdinand Marcos Jr.
14:09.7
orders the Agrarian
14:10.6
Reform Department
14:11.3
to streamline services
14:12.7
to land reform beneficiaries.
14:16.2
led the distribution
14:17.7
4,700 certificates
14:19.8
of land ownership
14:21.2
and electronic titles
14:22.9
to agrarian reform
14:24.5
in Negros Occidental.
14:27.8
government's target
14:29.6
thousands of land titles
14:31.1
to over 7,800 beneficiaries
14:35.0
The president also announced
14:36.6
agrarian reform beneficiaries
14:38.6
who received their land titles
14:39.8
before July 24 last year
14:42.6
are already free from debt.
14:45.6
That's after he signed
14:46.4
the new Agrarian Emancipation Act
14:50.3
hundreds of thousands
14:51.2
of Filipino farmers
14:52.3
tilling more than
15:00.7
Philippine transport
15:03.1
asserting the finality
15:04.2
of the April 30 deadline
15:05.6
for jeepney operators
15:08.0
into cooperatives
15:09.3
and corporations.
15:18.4
at modernizing jeepneys
15:19.5
to improve the overall
15:20.9
transportation system
15:23.0
strong opposition
15:24.5
transport groups.
15:27.6
I have to reiterate
15:30.6
we need to consolidate
15:36.0
of the modernization
15:41.2
management would come in.
15:44.2
That's the second
15:51.1
avail of the last
15:52.5
extension because
15:53.4
the last extension
15:55.5
we will no longer
15:59.3
to ply the routes
16:10.1
who have consolidated
16:11.1
to ply the routes
16:20.1
for motorcycle taxis
16:23.3
from Transport Secretary
16:26.3
comes amid concerns
16:29.7
to traffic congestion
16:36.3
in the motorcycle
16:38.2
in the metropolis
16:50.2
Secretary Bautista
16:54.5
meron na po kaming
16:56.3
utos galing sa kanya
16:59.4
na itigil na muna
17:01.4
ang pagbibigay ng ruta
17:03.4
sa mga motorcycle taxi
17:06.4
within Metro Manila.
17:09.2
Sa labas po ng Metro Manila
17:13.8
will now have to be made
17:15.2
outside Metro Manila.
17:19.8
The Philippine Trade Department
17:21.8
now investigating
17:22.8
the Takoyaki store
17:25.3
an April Fool's Day prank
17:27.3
to be a marketing stunt.
17:30.6
Taragis posted an ad
17:31.9
claiming it would give
17:33.4
to anyone who tattooed
17:35.8
on their forehead.
17:39.4
One social media user
17:40.7
posted about the meeting
17:43.8
for his family's needs,
17:44.9
especially his youngest
17:46.0
who has Down's Syndrome.
17:47.9
The owner of that store
17:50.7
was actually scripted
17:57.6
kung meron ibang tao
17:59.7
na na-victima nito
18:02.3
doon sa script nila, no?
18:05.2
since nirefer natin
18:08.0
siguro dapat tingnan
18:12.8
business name registration
18:16.2
yung business name
18:18.1
mong hindi mo siya
18:22.7
or marketing ploy.
18:25.2
sumikat yung business mo.
18:30.8
Filipino students
18:33.9
behind starting a business
18:37.6
tells us all about that
18:41.7
The Philippine Education Department
18:43.9
and non-profit group
18:46.6
to mentor students
18:47.8
on entrepreneurship.
18:50.9
the Youthpreneur Summit
18:53.2
senior high schoolers
18:55.2
Rizal High School
18:56.2
with basic information
18:59.2
and how to sustain it.
19:04.2
the next generation
19:12.2
Students were given
19:14.2
or business owners
19:18.2
from the planning
19:26.2
marketing and packaging.
19:27.2
Go Negosyo founder
19:28.2
Joey Concepcion says
19:29.2
small and medium-sized
19:30.2
enterprises or SMEs
19:34.2
and there is a need
19:35.2
to strengthen it further.
19:38.2
to propel our economy
19:43.2
to be enterprising.
19:56.2
One of the students
19:57.2
who joined the summit
19:58.2
is 18-year-old Luke
20:00.2
a doughnut business
20:03.2
because of low sales
20:10.2
he may have committed.
20:19.2
things like that.
20:23.2
our mini doughnuts.
20:25.2
and Education Secretary
20:28.2
they cannot depend
20:30.2
especially if they want
20:34.2
necessarily be a need.
20:44.2
will not increase.
20:57.2
go to other schools
21:00.2
the younger population
21:02.2
effective business owners
21:04.2
to help their families
21:12.2
A Philippine senator
21:14.2
calling for stronger
21:15.2
early childhood education
21:17.2
in the Philippines.
21:19.2
on Basic Education
21:20.2
Sherwin Gatchalian says
21:23.2
of Filipino children
21:25.2
aged 3 to 4 years old
21:27.2
receive early childhood education.
21:30.2
the Congressional Commission
21:34.2
that early childhood education
21:35.2
is not equally accessible
21:36.2
throughout the country,
21:38.2
with less than half
21:39.2
of the 42,000 villages
21:40.2
in the Philippines
21:42.2
one child development center.
21:44.2
Gatchalian asserts
21:45.2
early childhood education
21:46.2
is an essential foundation
21:50.2
As the Philippines
21:53.2
marks the Day of Valor
21:55.2
the Labor Department
21:56.2
has this reminder
21:58.2
Employees in the private sector
21:59.2
who are required to work
22:01.2
during a regular holiday
22:02.2
must be paid double
22:04.2
their usual rate.
22:07.2
in excess of eight hours,
22:10.2
shall pay the employee
22:11.2
an additional 30%
22:12.2
of the hourly rate
22:14.2
And for work done
22:15.2
during a regular holiday
22:17.2
on the employee's rest day,
22:19.2
the employers should
22:21.2
an additional 30%
22:22.2
of the basic wage
22:25.2
Those who will violate
22:27.2
can be reported to DOLA
22:28.2
through their email
22:29.2
or contact numbers.
22:32.2
it's a two-day break
22:35.2
Today is Ado ng Kagitingan
22:40.2
the end of Ramadan.
22:43.2
here's a quick look
22:44.2
at the other stories
22:46.2
in the newsroom today.
22:47.2
Happening within this hour,
22:50.2
the ceremonial turnover
22:51.2
of the Balanga City
22:52.2
Low-Rise Housing Project
22:54.2
of the National Housing Authority.
22:56.2
That's happening in Bataan.
22:58.2
Well, at 11 a.m.,
22:59.2
the President will head over
23:01.2
to visit the Veterans Memorial
23:04.2
Now, also on deck today,
23:06.2
progressive groups
23:07.2
will hold a protest action
23:09.2
against China's aggression
23:11.2
West Philippine Sea.
23:16.2
We are stepping aside
23:17.2
for a quick break now.
23:18.2
Next, the local boards
23:19.2
may be on holiday break
23:23.2
of China Bank Capital
23:24.2
joins us to assess
23:25.2
the holiday short
23:27.2
and to help you set up
23:29.2
for the next weeks.
23:32.2
will be right back.
23:48.2
You're still watching
23:55.2
trilateral summit
23:56.2
between the U.S.,
24:04.2
on the West Philippine Sea issue.
24:12.2
with Israel setting a date
24:18.2
We're on a two-day
24:25.2
off by just four points
24:28.2
as investors anticipated
24:32.2
by the Philippine
24:36.2
with two trading days
24:37.2
left in the week?
24:40.2
joining us this morning
24:41.2
for more on the markets
24:43.2
He's Managing Director
24:44.2
at China Bank Capital.
24:46.2
Thank you so much
24:51.2
and it's a pleasure
24:54.2
today for this interview?
25:01.2
when you're talking
25:02.2
about the market.
25:04.2
about your big picture
25:05.2
view of the Philippine
25:07.2
because there seems
25:13.2
from a second month
25:14.2
of inflation uptick,
25:17.2
including the BSP.
25:29.2
for another market
26:04.2
a large part of it
26:26.2
is an opportunity
26:31.2
is the opportunity
26:40.2
the immediate support
26:45.2
that the 6-7 level
26:46.2
although there is
26:49.2
be weakness ahead.
26:52.2
more at the support
27:22.2
I was also thinking
27:23.2
it's quite too early
27:24.2
to hit that target
27:30.2
target this year.
27:39.2
because we did close
27:48.2
of negative yields
27:49.2
for those who invested
27:57.2
just for this week,
28:01.2
trade and industrial
28:02.2
production numbers
28:03.2
for the Philippines.
28:04.2
Are you expecting
28:07.2
whether you expect
28:16.2
corporate earnings
28:17.2
starts to roll in?
28:18.2
They're gonna come in
28:19.2
in the next couple
28:32.2
March manufacturing
28:40.2
still in expansion
28:47.2
corporate earnings
28:50.2
We are optimistic
29:23.2
elevated interest
29:34.2
But then of course
30:24.2
banking executives
30:31.2
rates we're going
34:21.2
their livelihood.
35:33.2
Now here's a quick look at the flash business headlines from overseas. The U.S. plans to award Taiwan Semiconductor Manufacturing, or TSMC, a $6.6 billion grant and as much as $5 billion in loans to help the world's top chipmaker build factories in Arizona. This expands President Joe Biden's efforts to boost domestic production of critical chip technology. And with this, TSMC will be constructing a third factory in Phoenix on top of the two facilities in the U.S.
36:02.2
They're expected to begin production next year and by 2028. In total, the package will support more than $65 billion in investments at the three plants by TSMC, the go-to chipmaker for companies such as Apple and Nvidia. Meanwhile, the Biden administration is set to announce by next week it is awarding between $6 to $7 billion to South Korea's Samsung to expand its chip output in Taylor, Texas. That subsidy will go towards construction of four facilities in Taylor, Texas.
36:32.1
Including one $17 billion chipmaking plant that Samsung announced back in 2021. Another factory will be an advanced packaging facility and a research and development center. After two years of decline, the global traditional PC market has returned to growth in the first quarter of this year with 59.8 million shipments, growing 1.5% year on year. This is according to preliminary results from the International Data Corporation or IDC's quarterly personal computing device tracker.
37:02.1
The growth was largely achieved due to a low base effect coming from a market decline of about 29% during the first quarter of last year, which was, for context, the lowest point in PC history.
37:14.2
In other news, the U.S., U.K. and Australia are reportedly planning to bring Japan into their flagship defense pact. Word out just days before Japan's Prime Minister visits Washington and the countries look to project a united front as China boosts its military ambitions.
37:29.7
The three say they'd consider working...
37:32.1
...working with Japan on the AUKUS Alliances Pillar 2, which covers advanced technologies such as hypersonic weapons, AI, and quantum computing.
37:41.6
And finally, for those planning to send their kids to Ivy League schools, the sticker price is expected to stretch to more than $90,000 starting next year.
37:49.6
At the University of Pennsylvania or UPenn, for example, the annual cost of attendance is now well above the median household income, with tuition, fees, housing, and other expenses totaling an estimated $92,000.
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Cornell University will run more than $92,000, while the price is higher than $91,000 at Dartmouth and Brown.
38:11.2
With families paying full price for an Ivy League school facing a bill of more than...
38:15.8
Well, this is for four years!
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About 12-15 million pesos.
38:24.3
Now, we turn the spotlight to a Filipino pride in the creative scene.
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A painter in Bohol is set to receive the prestigious Leonardo da Vinci Award.
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International Art Prize on April 14th
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Vitor's winning piece is a hyper-surreal
38:38.5
portrait of fellow Boholano artist
38:40.6
and environmentalist Pedro Anco Jr.
38:42.9
We have with us now Elvin
38:44.5
Vitor, the award-winning artist to talk
38:46.5
about his struggles and triumphs and how
38:48.3
both inspire his art.
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Elvin, welcome to Market Edge. Hi!
38:54.6
Thank you so much.
38:55.5
Thank you so much, Puan. Good morning, Pa.
38:57.3
Thank you so much, Pa.
38:58.4
Good morning, Elvin. So, Elvin,
39:00.3
I think we have photos of the actual
39:02.8
winning work, if we could just
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flash them. What did you want to say
39:07.2
with this masterpiece?
39:08.9
What was the message?
39:18.3
winning a competition
39:21.9
a body of curator
39:24.1
so that this will not
39:26.1
be misleading to other artists
39:28.1
because some are questioning
39:30.0
me that I am a winner
39:33.2
joining a competition. I am just
39:35.8
recognized by the museum
39:37.6
curator or the body of curator.
39:40.4
So, this is all about
39:45.9
surreal portrait.
39:47.7
So, this is like the first
39:49.8
one of the series of Boholano
39:51.7
Bolawanong Bolanan series
39:53.4
and then I am just like
39:56.0
putting some elements
39:57.8
kumbaga paunti-unti
40:00.0
po siyang nilagay ko na
40:01.3
parang surreal elements, symbolic elements
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to promote surrealism because
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notice my series, there are three
40:11.1
Bolawanong Bolananong
40:17.2
So, inuunti ko po siyang
40:21.2
hyper surreal because
40:26.7
hyper realism approach which
40:30.9
hyper realism portraits
40:32.9
but I wanted to include
40:35.9
conceptual elements
40:37.3
of hyper surreal portraits.
40:43.0
series ko ngayon na ginagawa.
40:45.5
What is the inspiration? I mean,
40:49.7
Why did you choose this subject?
40:51.5
Aside from the form.
41:00.0
affects my identity
41:03.2
and then as an artist
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because most of my friends are
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old people and then
41:13.1
I was in love with
41:15.4
their character because
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when I have the conversation
41:19.4
of the old people, they
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really give me good wisdom
41:23.5
and knowledge. So,
41:25.3
that's why most of my friends are
41:27.4
old. That's why I love to connect
41:29.2
or I love to connect with them.
41:30.0
To feature in my painting,
41:32.2
to immortalize their
41:33.7
feature in my painting because
41:35.9
I really love the dynamic character
41:37.9
of the face. I really love
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the wrinkles because
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the wrinkles expresses or
41:44.0
shows us that we will
41:45.7
be aged like them.
41:47.9
So, through the experience,
41:49.9
you can see the wrinkles. So,
41:51.5
parang makikita kung ano yung
41:53.7
experience na isang tao
41:55.6
and then yet, there is a
42:00.5
joy that you can see in every
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old man's face. So, yun po yung
42:05.1
gusto kong i-impose in my
42:06.6
creating this kind of
42:08.8
approach and then also
42:10.4
including Puhulano elements
42:12.6
and then including also my
42:14.6
identity as an artist
42:16.4
because I live in
42:24.0
junk shop business. So, that's
42:26.5
why most of my background in
42:28.5
my series, Bulawanong Bulaanong
42:29.8
series uh i included like rust effect because i
42:34.0
really love watching the uh
42:37.8
the process of uh oxidizing the the metal irons
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that is like a chemical reaction of the iron so
42:45.4
that's why i i wanted to to create that kind of
42:48.6
impression that uh uh the rusty effect because
42:52.8
uh it's it's my identity and then i included
42:57.3
is scripture and then badly scripture in in valuing our our our cultures of
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wallano here in bohol so uh some elements like
43:07.0
the guerrilla notes of paul because i believe
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bolano guerrillas are one of the iconic collectibles during the war world
43:18.0
war ii and then um yeah the tamburin so
43:23.0
most of the younger generation don't know about that so that's why i wanted
43:27.3
that kind of approach in order for the next
43:30.6
future generation will appreciate that kind of culture or that kind of
43:35.3
collectibles so in the form of a painting
43:39.0
um elvin just very quickly how long have you been a professional painter
43:43.9
you do sell your artworks right
43:52.1
i sell my painting go ahead um 20 30
43:57.3
2013 i started uh joining an exhibition
44:01.4
and selling my painting so uh yeah and then 2013 and then
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uh i graduated fine arts 2018 so after 2018 i still a constant joining
44:14.3
an exhibition in inside the hall outside and then uh outside the country as well
44:19.8
so uh last time we exhibited in borobudur indonesia and then uh my paintings are also recognized by the
44:27.1
media in crosses and then uh it was also uh in
44:31.8
like in the in the headline or the head
44:34.7
head of the of the media so um yeah and then
44:38.5
joining um our exhibition of and
44:42.3
a spanish artist during 2019 in galicia spain
44:48.7
elvin how is it becoming or how is it to be
44:52.5
a Filipino painter
44:54.4
in this day and age.
44:56.1
There are so many factors.
44:58.0
there's artificial intelligence.
45:06.3
in coming up with masterpieces.
45:09.6
I also spoke to another
45:11.1
famous Filipino painter
45:13.0
introduced by a former colleague
45:16.6
very well known in France.
45:19.1
And they're saying,
45:20.2
kailangan sikat ka sa ibang bansa
45:21.8
bago kakilalanin dito.
45:24.4
Parang that's the dream
45:25.5
of Filipino artists daw
45:27.4
kasi walang appreciation dito.
45:29.7
How do you feel about that?
45:32.8
Me, living here in Bohol,
45:39.9
There are two kinds of factor
45:42.9
because if you wanted
45:44.8
to inspire other artists,
45:48.6
then you can also
45:49.5
grab that opportunity.
45:52.7
with the mindset of
45:54.3
a business mindset
45:56.0
that you are just producing art
45:57.5
in order to earn money.
45:59.9
Me, I'm not that kind of person
46:02.2
because I use art
46:03.4
in order to inspire others.
46:05.2
I use art to help other people
46:06.9
because I believe that
46:08.3
this kind of talent
46:09.1
is like a stewardship
46:14.2
in the simplest way
46:16.0
because that's why
46:17.3
my family wanted me
46:21.2
But I don't want to go to Canada.
46:21.4
But I don't want to go to Canada
46:23.3
because I wanted to
46:24.4
share my art here in Bohol.
46:26.5
I don't want to go to Manila.
46:29.8
if there's an opportunity
46:32.0
because there are a lot of galleries
46:33.6
are messaging me right now.
46:36.1
So, if there's opportunity,
46:39.8
I have to base here in Bohol
46:41.8
because I'm a Boholano artist.
46:43.6
That's what I wanted to impose
46:45.7
because nowadays,
46:48.0
scarcity of artists,
46:49.9
there are scarcity of artists now
46:51.3
because there are a lot of artists
46:51.4
because of the AI.
46:53.5
most of the artists
46:54.7
are converting into
46:57.8
because digital arts
47:01.5
in just a short period of time
47:03.1
but produces a good amount
47:05.2
of money, salary.
47:06.8
Me, as an artist,
47:08.4
a traditional artist,
47:10.8
continue the tradition
47:14.5
of being a traditional artist
47:16.9
in a way of brush and paint.
47:20.6
I don't want to go to Canada.
47:23.5
if you wanted to paint,
47:31.1
and then the passion.
47:32.5
if you just wanted
47:35.9
then you go with AI
47:37.1
or you go with graphic design.
47:38.9
So, there's a lot of...
47:40.6
We don't have much time.
47:42.2
I know that you're doing art
47:44.7
It's for passion,
47:45.9
for identity and culture.
47:47.2
But we do have a viewer
47:48.4
who I think likes your work
47:50.8
and is very interested in your work.
47:50.9
So, I'm going to ask you
47:51.1
who is very interested to know
47:52.3
only if you're willing to share
47:53.9
a ballpark figure
47:55.6
for how much your paintings
47:59.9
Maybe of the same size.
48:02.2
Yeah, it's just a bola.
48:06.6
But my price, like,
48:13.1
80 pesos per square inch,
48:23.2
because I have an exhibit
48:24.3
and I have a client in France,
48:26.0
maybe it will increase
48:28.0
Just a little bit.
48:28.7
I don't want it to increase.
48:30.7
And final question.
48:32.8
so you have this line,
48:35.1
You look at old men.
48:37.0
You show their wrinkles.
48:38.4
What is the next line
48:39.7
that you plan to produce?
48:42.3
What is the theme
48:43.1
of your next masterpiece?
48:47.5
produce the series
48:49.0
because it is like
48:50.0
a series of well-painted paintings.
48:52.8
complete that series of 12.
48:54.6
And then after that,
48:55.8
I have another set of
48:57.8
maybe it will also be,
49:00.7
the people will also
49:01.8
be amazed with my next series
49:04.6
And that's a surprise.
49:08.7
we are proud of you.
49:10.9
of what you've achieved.
49:12.7
Thank you so much.
49:13.2
Wherever, you know,
49:14.4
you plant that flag there.
49:16.3
Wherever in the world.
49:17.1
Thank you so much
49:17.8
for sharing your artwork
49:20.1
I just recognize.
49:23.0
We'll see you soon.
49:25.7
Thank you so much, ma'am.
49:31.0
Now, before we go,
49:32.1
for those who tried
49:32.6
to guess your blind item,
49:33.5
this is the pick of J.P. Colette.
49:36.8
If you hold it for two years,
49:39.6
It's a value play, he says.
49:41.8
Do less if you got that.
49:42.7
Do tweet us at ANC Alerts.
49:44.4
that's it for the show.
49:45.4
I'm Michelle Long.
49:46.1
Thank you so much for watching.
49:47.3
Stay safe and stay
49:51.1
Quarantine methods,
49:59.0
and we have allowed
50:00.8
more transportation
