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Filinvest-JG consortium inks O&M deal for Clark

Clark_airport
A NEW passenger terminal is being built at Clark International Airport in Pampanga.

THE North Luzon Airport Consortium (NLAC), which includes companies owned by the Gokongwei and Gotianun families, on Tuesday signed concession agreement to operate and maintain the Clark International Airport for 25 years.
In separate disclosures, Filinvest Development Corp. and JG Summit Holdings, Inc. said NLAC inked the deal with the Bases Conversion and Development Authority (BCDA) at the Shangri-La at The Fort in Bonifacio Global City, Taguig City.
Aside from Filinvest and JG Summit, NLAC also includes Philippine Airport Ground Support Solutions, Inc.; (PAGSSI) and Changi Airports Philippines (I) Pte. Ltd., a wholly owned subsidiary of Singapore’s Changi Airports International (CAI).
Under the contract, the consortium will “develop the commercial assets, operate and maintain project facilities and fit-out the new terminal in Clark.”
NLAC was named the winner of the O&M (operations and maintenance) auction conducted by the BCDA on Dec. 20, after its bid was the only one that qualified. The consortium committed in its financial bid to give 18.25% share of the annual gross revenue from the airport to the government, well above the required minimum of 10%.
BCDA Special Bids and Awards Committee (SBAC) Chairperson Joshua M. Bingcang said in November he wants the winning O&M contractor to start taking over before the new passenger terminal finishes construction, which is being built by Megawide Construction Corp. and GMR Infrastructure Ltd. It is scheduled to be completed in 2020.
“We don’t want the building to be completed and then the incoming operator will say that’s not what we want. So we want them to be part of the construction stage,” he said then.
Aside from NLAC, another group initially joined the O&M bidding — the X-Droid Consortium comprised of Indonesia’s Angkasa Pura II; Michael L. Romero’s Globalport 900, Inc.; Alfredo M. Yao’s Mazy’s Capital, Inc.; and Desco, Inc.
Mr. Bingcang said X-Droid Consortium failed to advance in the bidding after BCDA found deficiencies in its qualification documents, leaving NLAC as the sole bidder.
Filinvest and JG Summit also submitted a separate P839-billion unsolicited proposal for the Clark International Airport early last year. This was rejected because of the government’s intention to hold an auction for the O&M contract instead. — Denise A. Valdez

Pianist Raul Sunico takes on Rachmaninoff

RAUL M. SUNICO has been spending six hours a day rehearsing four piano concertos by one of his favorite composers, Sergei Rachmaninoff, the Russian pianist, conductor, and composer of the Romantic period, in preparation for a concert on Jan. 26. Mr. Sunico, together with the Philippine Philharmonic Orchestra (PPO), will be performing pieces by the Russian pianist at the Cultural Center of the Philippines (CCP) for the first time since 2003.
A concerto is “a large piece for solo instrument or orchestra, designed to showcase the soloist’s skills” as defined in The Classical Music Book by DK Penguin Random House. Rachmaninoff’s concertos are certainly a showcase.
A Rach Concert will feature the following Rachmaninoff piano concertos — No. 1 in F-sharp minor, Op. 1; No. 2 in C minor, Op. 18; No. 3 in D minor, Op. 30; and, No. 4 in G minor, Op. 40. The PPO’s principal and resident conductors Yoshikazu Fukumura and Herminigildo Ranera will take turns conducting the orchestra.
“In music, if you don’t play the piece for quite some time, you [will] forget it,” Mr. Sunico said at last week’s press conference at the CCP, which he once headed.
“New pieces, before they are seasoned, sometimes you are not aware of the musical possibilities of a piece. You are only aware of the technical challenges. Those are the first things that your try to hurdle,” he said as he explained the process.
“When you already have solved the technical challenges, then you have more opportunities to interpret the work as your own in stylistic conformity with the composer’s intentions.”
He chose to perform the concertos “to project Rachmaninoff as one of the greatest composers of all time,” adding that the four piano concertos are not equally popular and that he “wanted for the public to understand and appreciate Rach’s less popular works.”
“He’s a romantic composer, very passionate, very dynamic, technically challenging,” he told BusinessWorld of the composer’s musical style, shortly after the press conference.
“I’m inspired by the kind of piece[s] he has. [They are] very soulful. He’s also a nationalistic composer. Nationalistic to Russia, of course.”
The concert will be held for the benefit of the Sunico Foundation for Arts and Technology Inc. (SFATI) which helps young gifted scholars in the field of arts and technology.
Mr. Sunico is now chair of the doctoral program in music of St. Paul University in Manila and a faculty member at the UST Conservatory of Music where he was the former dean.
For tickets, visit TicketWorld (www.ticketworld.com.ph, 891-9999) or call the CCP box office (832-3704). — Michelle Anne P. Soliman

Manila Water unit seals deal for Pagsanjan

AYALA-LED Manila Water Co., Inc. said one of its units had signed and executed a contractual joint venture agreement with Pagsanjan Water District to handle, among others, the maintenance and upgrade of the town’s water supply and sanitation facilities.
In a disclosure to the stock exchange, Manila Water said Laguna AAAWater Corp. had closed the agreement as the contractor or agent of the water district.
Upon completion of conditions precedents set out in the deal, Laguna Water and the water district will execute the project for a period of 16 years until Sept. 30, 2035 with a full potential billed volume of 9.57 million liters per day.
Under the agreement, the Pagsanjan water district “grants Laguna Water the exclusive right to implement the design, construction, rehabilitation, operation, maintenance, financing, expansion and management of water supply services and sanitation services in the former’s service area,” Manila Water said in a statement.
“Aside from improving the water operations, the joint venture will make sanitation and environmental services, such as septage management, available and accessible to its concessionaires, thus, ensuring protection of the environment and promoting good health and well-being of communities,” it added.
Laguna Water is a unit of Manila Water Philippine Ventures, Inc. (MWPV), a wholly owned subsidiary of the listed firm.
Manila Water quoted MWPV President Virgilio C. Rivera, Jr. as saying that the joint venture is a testament of what can be achieved when the private and the public sectors work together.
“Laguna Water commits to deliver 24/7 water supply that is compliant with the 2017 Philippine National Standards for Drinking Water. The (joint venture agreement) is also seen to reduce water losses and increase water pressure through various network rehabilitation projects. To ensure provision of quality services, Laguna Water will develop additional ground water sources to meet rising demands, expand its water network to cover all communities in Pagsanjan, and implement sanitation programs to comply with various Philippine laws and regulations,” Manila Water said.
On Tuesday, shares in Manila Water rose 0.18% to close at P27.20 each. — Victor V. Saulon

CCP’s Pasinaya festival to be upsized this year

THE largest multi-arts festival in the country is back, but this year, the CCP Pasinaya Open House Festival will be held for a longer period — from Feb. 1 to 3.
Following the theme “Karapatan, Kalayaan, Kultura (Rights, Freedom, Culture),” the Cultural Center of the Philippines (CCP) decided to add an extra day as the open house festival has grown, making it a much longer art journey than just a weekend affair.
The country’s leading art institution will once again open its doors and offer unique artistic experiences with a see-all-you-can-and-pay-what-you-can scheme. On its 15th year, the open house festival continues its two-part program, dubbed “Palihan at Palabas.”
The festival opens on Feb. 1 with Palihan, the “Experience-All-You-Can, Pay-What-You-Can” part of the festival. Registration starts at 6:30 a.m., at the CCP Ramp and Little Theater lobby.
For a suggested donation of P50, participants may go in and out of the different CCP venues to attend the 30-minute workshops in various art disciplines conducted by leading artists, resource persons, and teachers. Visitors can dance in workshops on hiphop, ballroom, folk dance, ballet for kids and adults, modern ballet and creative movement for teachers.
There will also be theater workshops on musical theater, children’s, teens and adult theater, playwriting, improv, storytelling, collaborative theater, and directing space. Then there are music workshops on classical guitar, rondalla, ukulele, percussion and Philippine musical instruments, and workshops on chamber music, solo singing, children and youth choir singing.
There will be two days of Palabas, with more than 3,000 artists from different art fields such as music, theater, dance, spoken word, and visual arts expected to participate.
On Feb. 2, performing groups and artists from Bulacan, Quezon, Boracay, Laguna, Cavite, Tarlac, Batangas, Bicol, Rizal, Pangasinan, and other provinces in the Philippines will take center stage.
The center’s resident companies — namely Ballet Philippines, the Philippine Ballet Theater, the Philippine Madrigal Singers, the Philippine Philharmonic Orchestra, the Ramon Obusan Folkloric Group, Tanghalang Pilipino, the UST Symphony Orchestra, and the National Music Competitions for Young Artists — will preview their season’s offerings on Feb. 3.
Another highlight of the festival is the museum-hopping, featuring the various partner museums around the metro. This year, CCP has new museum partners: CSB Center for Campus Art and Calle Wright.
In partnership with the Museum Foundation, shuttles are provided to enable audiences to visit participating museums and galleries in Pasay and Manila including the Metropolitan Museum, Museo Marino, Museo Pambata, the National Museum’s National Art Gallery, the Museum of the Filipino People, and Museum of Natural History; the Intramuros Administration’s Casa Manila and Fort Santiago, Mono 8, Bahay Tsino, Destilleria Limtuaco, FDCP Cinematheque, Galleria Duemilla, UP Manila’s The Museum of A History of Ideas, Avellana Gallery, 98B Collaboratory, and NCCA Gallery.
There will also be film screenings, visual arts exhibitions in the various CCP galleries, an Arts Market at the Little Theater Lobby, and a bazaar in the South Parking area, among others.
The festival will culminate with a parade featuring the best of the best in the art community and performances of the CCP resident companies and guest artists.
Performances will be held in theaters, lobbies, hallways, promenade areas, the alley beside the Production Design Center. All venues are “zoned” according to the art forms and genres such as music, theater, dance, film, literature, visual arts, children and family, variety and the artists market.
Through the Pasinaya, the CCP aims to provide a platform for the artists to showcase their talents, nurture the public and create new audiences through interactions and performances. Over the years, the Pasinaya has become bigger and better, attracting more than 10,000 people, with approximately 52,000 audience viewership.
For inquiries, call the CCP Marketing Department at 832-3704 or 832-3706. Visit www.culturalcenter.gov.ph for more details.

PSALM incurs additional P40-B cost on forex losses, rising rates

STATE-LED Power Sector Assets and Liabilities Management Corp. (PSALM) placed at nearly P40 billion the additional cost it incurred in 2018 from its debts due to the depreciation of the peso and the rise in interest rate, a company official said.
“It’s P8 billion for every peso [depreciation],” Lourdes S. Alzona, PSALM vice-president for finance, adding that the local currency weakened by P4 to a dollar last year based on the company’s assessment.
“Mga P30 billion ‘yung forex loss namin (Our foreign exchange loss was about P30 billion),” she told reporters after a hearing at the House of Representatives on Tuesday.
She described last year’s peso depreciation as way bigger than the previous year’s — from P49.9 to P54. She said the agency was expecting a big reduction in its interest payments, but the peso depreciation had negated the decrease.
PSALM is the agency mandated to liquidate the financial obligations of the National Power Corp. (Napocor), including the latter’s stranded debts and stranded contract costs, that the government-owned and -controlled corporation incurred when it built power generation projects during the energy crisis in the 1990s.
Republic Act No. 9136, or the Electric Power Industry Reform Act (EPIRA), required PSALM to implement a liability management program to cut Napocor’s financial obligations that resulted from its past domestic and foreign borrowings, obligations under independent power producer (IPP) contracts, and other debts.
At the time of EPIRA’s passage in 2001, PSALM assumed all of Napocor’s liabilities and obligations, which at that time amounted to P830.7 billion.
Aside from the forex losses, Ms. Alzona said PSALM was also hit by the rise in interest rate last year, which she placed at an average of 6.5% from around 5% a year earlier.
She said the rate increase translated into at least P7 billion in additional cost for the agency.
“[That’s] nearly P40 billion [in total] na wala kaming kalaban-laban (that is beyond our control),” Ms. Alzona said.
She said as of end-2018, PSALM was able to cut its total obligations to an estimated P449.49 billion, of which P265.21 billion were debts and P184.73 billion in IPP lease obligations. — Victor V. Saulon

Gov’t fully awards fresh 20-year bonds

By Karl Angelo N. Vidal, Reporter
THE GOVERNMENT raised P20 billion via fresh 20-year Treasury bonds (T-bond) it auctioned off on Tuesday due to strong demand as investors continue to park their funds in longer-dated securities amid easing inflation expectations at home and economic developments abroad.
The Bureau of the Treasury (BTr) yesterday made a full award of the 20-year debt papers it auctioned off on Tuesday, receiving bids amounting to P50.921 billion, more than twice the amount the government wanted to raise.
The debt notes fetched a coupon of 6.75% with an average rate of 6.716%, 26.3 basis points lower than the 6.979% fetched when the 20-year bonds were last issued on June 19, 2018.
To take advantage of yesterday’s strong demand, after the auction, the Treasury decided to open its tap and over-the-counter (OTC) facilities from 2 to 4 p.m.
The tap facility aimed to raise another P10 billion in 20-year papers carrying the same rate, which were offered to 10 financial institutions who have been named as market makers.
The Treasury also opened the OTC sale of the 20-year bonds to tax-exempt government-owned and -controlled corporations.
Based on the PHP Bloomberg Valuation Service Reference Rates, the 20-year IOUs were quoted at 6.83% yesterday.
Following the auction, National Treasurer Rosalia V. De Leon said the BTr is seeing good results in its auctions since the start of the year as investor appetite is flocking to the longer end of the curve.
“We are also seeing the shift of appetite towards the long end because investors are trying to maximize their yields, given that yields would be on a downhill. Even inflation is expected to trend downwards to the target,” Ms. De Leon told reporters yesterday.
Based on latest data, headline inflation eased to 5.1% in December from the 6% tallied the prior month as prices of food and transportation grew at a slower pace.
For 2018, inflation averaged 5.2% — faster than the central bank’s 2-4% target range and the highest since 2008’s 8.2%.
The Bangko Sentral ng Pilipinas is expecting inflation to return to “below four percent by around the end of Q1 2019,” well within its target band.
“At the same time, [we’re also seeing that] the Fed (US Federal Reserve) are going to be very patient and be on the sidelines watching for data,” Ms. De Leon added, noting that market players also factored in the International Monetary Fund’s (IMF) downgrade of its global growth outlook.
The IMF cut its growth forecast for 2019 by 0.2 percentage points to 3.5%, mainly due to the unsettled trade spat between the United States and China, as well the possible exit of the United Kingdom from the European Union without a deal.
Sought for comment, a bond trader said in a text message that the auction was “pretty good” as market participants are growing more confident about the domestic inflation picture.
The government plans to raise P360 billion this quarter through domestic means, broken down into P240 billion through 12 weekly Treasury bill auctions as well as P120 billion through six fortnightly T-bonds auctions.
The state wants to borrow P1.189 trillion in 2019 to fund its spending plans. Of the amount, 75% will be sourced domestically while the remainder will be from foreign creditors.
However, the 2019 national budget has yet to be passed by Congress and signed into law, leaving the fiscal program hanging so far.
FUND-RAISING OPPORTUNITIES
Meanwhile, Ms. De Leon said the Treasury is “watchful of opportunities” to offer foreign currency-denominated instruments and is already preparing in order to easily conduct any issuance if such a window opens.
“We have to be nimble. For example, if there is a compelling reason for us to go again to the market, like for example in dollar from the second to third quarter given where the rates are, then we have to also assess for opportunities,” she said.
The National Treasurer said a yuan-denominated or “panda” bond issuance is already “on the table” as part of the government’s move to diversify its funding sources.
“Bank of China, siya ‘yung sa (will be the) lead [issuer], so eventually magkakaroon naman ng (there will be) selling banks,” Ms. De Leon said.
Meanwhile, the BTr is also “doing some market sounding” from five banks before going into the Japanese market to offer yen-denominated or “samurai” bonds.
The Finance department previously said that the government intends to return to offshore bond markets 12-18 months following its issuance of panda bonds last March as well as yen-denominated bonds last August.

Poet quits Swedish Academy after being found to leak Nobel winner names

STOCKHOLM — The scandal-plagued Swedish body that awards the Nobel Prize for literature said on Friday that one of its members would leave after an investigation determined she had leaked the names of winners.
The poet Katarina Frostenson and her photographer husband Jean-Claude Arnault, who was jailed last year for rape, have been at the center of turmoil at the Swedish Academy, which led to it awarding no Nobel Prize in literature last year. Two prize winners will be picked this year.
The Academy said it would pay Ms. Frostenson, who denied breaching secrecy rules, a monthly pension worth around $1,400 and rent subsidies in a settlement.
“Katarina Frostenson now chooses to leave the Swedish Academy,” it said in a statement.
The Academy, founded in the 18th century to safeguard the Swedish language, picks the winner of the Nobel Prize only in the field of literature. Prizes in science, medicine, and economics are awarded by other Swedish bodies and the peace prize winner is selected by a Norwegian committee.
Last year, Ms. Frostenson’s husband Mr. Arnault was convicted of two counts of rape and sentenced to 2-1/2 years in prison.
Mr. Arnault, who ran a culture institute that had dealings with the Academy, was also accused of having leaked the names of the winners of the Nobel prize on several occasions after learning of them from his wife. He denied the accusation.
Several members of the Academy left in the wake of the scandal. The Academy has since appointed several new members and set up a new prize committee, aiming to restore public confidence and retain the right to pick the winners of the world’s most prestigious literary award. — Reuters

Globe to be 100% on the cloud by midyear

By Denise A. Valdez, Reporter
GLOBE Telecom, Inc. said it is looking to complete its migration to the cloud by the middle of the year as it records close to $5 million in savings from the digital transformation that started in 2014.
Pebbles L. Sy-Manalang, Globe’s chief information officer, said in a recent interview the telecommunications giant is eager to become a cloud-native company in the coming months.
“Right now all new requirements go to the cloud. But we still have legacy that we’re trying to finish. But the target is… by midyear (2019), we would be done, everything would be in the cloud,” she said.
Ms. Sy-Manalang noted that in 2017, Globe was able to record $1-2 million in savings since the company moved to the cloud.
“The expectation is when you go to the cloud, at the minimum you’ll save 30% to 40%, and that’s just on infrastructure. But if you start developing your applications na (as) cloud-ready, you actually can save more,” she said.
Cloud migration is done by organizations and enterprises to move their data, information technology services, applications and other digital resources to a cloud-computing platform from a server.
Globe started using the public cloud of Amazon Web Services, Inc. (AWS) in 2014 with the goal of hastening its internal business processes.
Since then, Ms. Sy-Manalang said Globe is now down to the last 100 servers left for migration from close to 2,000 servers when it started its cloud journey.
“The reason really to go to the cloud is speed. Like time to market, cost efficiency. These are the main reasons why you would go into the cloud,” Ms. Sy-Manalang said.
The Globe information chief added even with the massive progress in the digital transformation over the past years, she expects Globe to continue seeing further savings from optimizing and developing cloud-native applications.
“Once an application is in the cloud, you become more flexible. Kasi if wala ka sa [Because if you’re not in the] cloud and you have to grow that application or that system, you have to buy servers. It takes time,” Ms. Sy-Manalang said.
She noted that for businesses intending to move to the cloud, top-down support from the company is imperative to its success.
“In 2014, it was actually our CEO who said ‘cloud first.’… Even if you’re just buying one server, we made it more difficult. Since people didn’t want to justify to the CEO why they’re buying a server, it really helped us in our journey,” Ms. Sy-Manalang said.
Globe posted an attributable net income of P15.15 billion in the first three quarters of 2018, up 17% from in the same period last year on 9% higher consolidated service revenues at P103.3 billion.

Moody’s Investors Service affirms credit ratings for BDO, Metrobank


By Melissa Luz T. Lopez, Senior Reporter
MOODY’S INVESTORS Service kept its credit ratings for BDO Unibank, Inc. and Metropolitan Bank & Trust Co. (Metrobank), vouching for their sound footing despite loan defaults from an embattled Korean shipbuilder.
In a statement sent yesterday, Moody’s affirmed its “baa2” rating with “stable” outlook for local and foreign currency deposit ratings of the two biggest banks in the Philippines.
This credit score is one notch above minimum investment grade, which assures foreign investors that these lenders are on good financial footing. In turn, this would allow the lenders to borrow or raise fresh funding at cheaper borrowing costs.
The ratings also match the “Baa2” sovereign rating given to the Philippine government, last affirmed in July 2018.
The bank ratings stood unchanged given the debt watcher’s expectation of a “very high probability” for the banks to receive systemic support from the Philippine government “in times of need,” such as a bailout when things go south.
Hanjin Heavy Industries and Construction Philippines, the biggest investor in Subic Bay Freeport, is currently under receivership after the South Korean shipbuilder filed for corporate rehabilitation on Jan. 8. This leaves $412 million debts from five local banks in limbo, which includes $70 million owed to Metrobank and $60 million from BDO.
In a previous report, Moody’s said these Hanjin loan defaults will be “credit negative” for banks, especially for smaller lenders as it would likely reduce profits as they cover the possible defaults.
However, Moody’s said BDO still enjoys a sound position drawn from its “domestically focused” and growing franchise, stable asset quality and loan loss buffers, above-minimum capital buffers, stable profits with gradual increases in interest margins, and a robust funding and liquidity profile.
On the other hand, the rating also considers downside risks drawn from an “unseasoned loan book” and “high concentration risk.”
BDO reported a P21.5-billion net income as of end-September, while problem loans stood at a measly 1.1% share of total credit lines during the period. Meanwhile, Metrobank’s nine-month income totalled P16.8 billion, with problem debts at 1.2%.
Moody’s also kept its credit rating for Metrobank, citing the Ty-owned lender’s robust capital and liquidity, strong presence in both corporate and retail segments, and stable asset quality. In contrast, a “relatively high” borrower concentration puts the bank to “single-name” credit risks, the debt watcher added.
Looking ahead, Moody’s said they are unlikely to bump up the two banks’ credit ratings unless the Philippines’ credit ratings rise further.
For BDO, the debt watcher said the bank should keep growing while keeping loan quality and profits stable. A “consistent decrease” in Metrobank’s non-performing assets and soured loans may also trigger a credit rating upgrade in the future.

Banksy’s ‘snow’ pollution mural sold for over $130,000

LONDON — A mural by elusive British street artist Banksy depicting a child enjoying falling snow that is in fact pollution from a burning bin has been sold for over £100,000 ($130,000) to a British art dealer.
From one side, the Season’s Greetings mural on a concrete block garage in Wales shows a small boy with his tongue out to catch snow that, when viewed from another side, turns out to be ash from an industrial bin.
“I bought it and it cost me a six-figure sum,” John Brandler of Brandler Galleries, told Reuters by telephone.
“I am lending it to Port Talbot for a minimum of two or three years. I want to use it as a center for an art hub that would bring in internationally famous artists to Port Talbot.”
The mural appeared last month in the town on the edge of Swansea Bay, home to one of the biggest steelworks in the world.
Brandler, 63, said the entire mural — on the corner of a garage — had to be moved in one piece. He declined to give a specific price for the piece.
When asked how he could afford such luxuries, he said: “I am an art dealer. I own several Banksies, I also own (John) Constable, (Thomas) Gainsborough, (Joseph Mallord William) Turner, I’ve got (urban artist) Pure Evil — I’ve got all sorts of art.”
“My hobby is my business. The last time I went to work was when I was 18,” Brandler said.
Banksy, who keeps his real name private, has become the most famous street artist in the world by poking fun at the excesses of modern capitalism and lampooning hollow icons, slogans and opinions.
Previous works include Mobile Lovers which shows an embrace between lovers who stare over each other’s shoulders at their mobile phones and an abrupt warning near Canary Wharf in London that reads “Sorry! The lifestyle you ordered is currently out of stock.” — Reuters

RLC ventures into flexible workspaces

By Vincent Mariel P. Galang
ROBINSONS Land Corp. (RLC) is entering the flexible workspace segment with the launch of its own brand work.able.
In a statement on Tuesday, the Gokongwei-led property developer said its first flexible workspace, which spans 1,100 square meters (sq.m.), is located at Cyberscape Gamma building in Ortigas Center, Pasig.
The first work.able facility had its soft opening in December 2018, but RLC is already planning to launch two to three hubs every year.
With its Scandinavian and industrial design elements, RLC expects its shared working space to attract start-ups, freelancers, and firms looking for extra space.
Kaye Sanchez, vice-president for business development and marketing — office buildings division of RLC, said work.able’s edge over competitors is its location on the ground floor of Cyberscape Gamma building.
“Location! We are the first to locate in a ground floor space right in the heart of Ortigas central business district, while our private offices are at the penthouse of the prime office building,” Ms. Sanchez told BusinessWorld via e-mail.
The private offices, which include up to 6-desk suites, are located on the 37th floor of the Cyberscape Gamma. The private office space has a total capacity of 131 seats.
Rates at work.able start at P250 for half a day up to P11,000 a month. The rate includes unlimited coffee and infused water, and free Wi-Fi.
For those who will lease a private office space for at least 30 days, there are additional perks such as mail and package handling service, the use of a business address, meeting room hour credits plus printing, photocopying and scanning credits, among others.
The work.able hub also has a 200-sq.m. common area, a self-service bar with coffee machines and infused water, four meeting rooms and an events space that can accommodate up to 40 people.
“At work.able, a dedicated Community Manager and Community Associate are also around to help you connect with people who might give your business a boost, or vice versa. Work.able members have the opportunity to attend events, talks, and seminars where they can socialize, establish connections, and plan collaborations with other members,” the company said.
Operating hours are from 8 a.m. to 7 p.m. from Monday to Friday.

RCBC raises P15 billion from green bond offering

RIZAL Commercial Banking Corp. raised P15 billion in green bonds.

RIZAL COMMERCIAL Banking Corp. (RCBC) has completed the public offering of its local currency green bonds, raising P15 billion to support environmental and climate projects.
In a statement to the local bourse on Tuesday, the Yuchengco-led lender said it shortened the public offer period of its peso-denominated green bonds by three days to Jan. 22, 12 p.m.
The 1.5-year bonds, which will be issued on Feb. 1 at the Philippine Dealing & Exchange Corp., were originally scheduled to be offered to the public from Jan. 21-25.
In a previous statement, RCBC Senior Executive Vice-President and Treasurer Horacio E. Cebrero III said the green bond issuance was upsized to P15 billion from the P5 billion planned initially, supported by “overwhelming” support from its institutional investors, with the order books being more than thrice subscribed.
Proceeds from the issue will be used to support RCBC’s expansion and initiatives in the green space.
In particular, the additional capital will be allocated to fund and refinance loans issued for renewable energy, green buildings, clean transportation, energy efficiency as well as pollution prevention and control.
The bonds will be issued in line with the newly-established green finance framework of RCBC, which was put up to support future fund-raising activities for environment-related projects.
The finance framework is first in the Philippines to be aligned with the Association of Southeast Asian Nations (ASEAN) Green Bond Standards 2018 by the ASEAN Capital Markets Forum, the bank said.
RCBC Chief Executive Officer Gil A. Buenaventura said in a previous disclosure that the bank affirms its commitment to support environmental sustainability through its operations through the initiative.
Domestic banks have been slowly venturing into the green financing market. In previous years, BDO Unibank, Inc. and China Banking Corp. raised $150 million each by issuing green bonds to sole investor International Finance Corp.
Bank of the Philippine Islands, on the other hand, said it is mulling to return to the offshore bond market this year, as it is “contemplating” issuing green bonds.
RCBC posted a P3.2-billion net profit in the first nine months of 2018, down 5.9% from a year earlier.
RCBC shares closed at P27 apiece on Tuesday, up 30 centavos or 1.12% from its previous finish. — Karl Angelo N. Vidal

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