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AFP: Martial Law helped improve Mindanao’s economy

By Vince Angelo C. Ferreras
THE Armed Forces of the Philippines (AFP) said the implementation of martial law in Mindanao has led to growth and development.
“Martial law has led to increased tourist and economic activity in Mindanao, especially in areas previously thought of as inaccessible to visitors from Luzon and Visayas. The improved security situation is so inviting that it is no longer unusual to find tourists exploring Bongao, Tawi-Tawi, Basilan, Davao, Zamboanga City, or island hopping in Jolo, Sulu,” said AFP Chief-of-Staff Carlito G. Galvez Jr. in a press conference on Friday, Nov. 10.
He added, “The development created more jobs and empowered residents to become active players in the peace and security of their communities.”
Mr. Galvez also said, “The economic performance of the ARMM also increased from 4.3 to 7.3 GDP. In particular, Zamboanga which ranked 102nd in 2017 in terms of economic standing jumped to the rank of 41 in 2018.”
The AFP chief further pointed out, “(The) disadvantage is we cannot sustain (the) gains na nakuha natin ngayon (that we have achieved), the pressure, the constriction, the containment.”
“Kasi (Because) we wanted a complete solution of the problem, the terrorism still lurks in the area….We want the victory (to) be completed and the result should be irreversible,” Mr. Galvez said.
Following the Marawi siege and standoff last year, President Rodrigo R. Duterte cited the terror threat in Mindanao as well as the New People’s Army as reasons for seeking the extension of martial law until December 31, 2018.
The AFP chief also said he will discuss with the Philippine National Police this month the recommendation that will help the President decide whether to extend martial law anew.
“Sa ngayon (For now)….magmi-meet pa kami ng PNP (we will meet with the PNP) on that matter. Sa ngayon kinukuha pa lang namin yung data (we are just gathering data for now)[like] what are the sentiments of the different stakeholders,” Mr. Galvez said.

7 CA justices in shortlist for SC associate justice

By Vann Marlo M. Villegas
SEVEN Court of Appeals justices are included in the shortlist for the associate justice post in the Supreme Court vacated by now-retired chief justice Teresita J. Leonardo-Castro, Justice Secretary and Judicial and Bar Council ex-officio member Menardo I. Guevarra said.
Garnering six votes, Court of Appeals (CA) justices Manuel M. Barrios, Japar B. Dimaampao, Ramon D.R. Garcia, Apolinario D. Bruselas, Jr., and Edgardo L. Delos Santos are shortlisted.
CA justices Rosmari D. Carandang and Amy C. Lazaro-Javier were also in the shortlist with five votes.
The five shortlisted nominees were not publicly interviewed last Nov. 18 as their previous public interviews were still valid.
The position was vacated following Ms. De Castro’s appointment as chief justice last Aug. 25.
Other nominees who did not make it to the shortlist are CA Justices Oscar V. Badelles and Stephen C. Cruz, Sandiganbayan Judge Alex D.L. Quiroz, lawyer Rita Linda V. Jimeno, and former Ateneo Law dean Cesar L. Villanueva.
Six applicants are also scheduled for a public interview on Dec. 5 for the position to be vacated by Associate Justice Noel G. Tijam who will retire on Jan. 5, 2019.
Scheduled for that morning are CA justices Ramon A. Cruz, Eduardo B. Peralta, Jr., and Ricardo R. Rosario, and for the afternoon, CA justice Ramon M. Bato, Jr. and Sandiganbayan justices Amparo M. Cabotaje-Tang and Efren N. de la Cruz.
Other candidates whose previous public interviews are still valid are Messrs. Barrios and Bruselas, Ms. Carandang, Messrs. Cruz, Delos Santos, Dimaampao, and Garcia, Mses. Jimeno, and Javier, Messrs. Quiroz and Villanueva, CA justice Mario V. Lopez, SC Court Administrator Jose Midas P. Marquez, and Tagum City judge Virginia D. Tehano-Ang.

Duterte, Abe meet, tackle peace and infrastructure initiatives

By Camille A. Aguinaldo, Reporter
PRESIDENT Rodrigo R. Duterte and Japanese Prime Minister Shinzo Abe held a bilateral meeting on Thursday on the sidelines of the 33rd Association of Southeast Asian Nations (ASEAN) Summit in Singapore and discussed cooperation between the two countries on peace and infrastructure.
In a statement issued on Thursday evening, Malacañang said the two leaders met after the closing ceremony of the ASEAN Summit at the Suntec Convention and Exhibition Center in Singapore.
“The Palace is confident that this ‘golden age’ of the Philippine-Japan relations, which is a result of the Duterte administration’s cautious, pragmatic, diplomatic yet independent foreign policy, would continue to yield great benefits for the country and improve the lives of our people,” said presidential spokesperson Salvador S. Panelo in a separate statement on Friday.
The Palace official said Japan reaffirmed its support for the peace process in Mindanao given the passage of the Bangsamoro Organic Law. Mr. Abe also reaffirmed Japan’s continued contribution to the government’s Build, Build, Build infrastructure program.
In a statement by its Ministry of Foreign Affairs, Japan said it is also preparing for the opening of a Consulate General in Davao City, Mr. Duterte’s hometown.
Japan’s funding in the North South Commuter railway in Metro Manila and the rehabilitation of the MRT-3 were also discussed, according to the Japanese Foreign Ministry.
Mr. Panelo said both leaders also discussed the South China Sea issue, “during which PRRD stressed the Philippines’ commitment to uphold the principles of freedom of navigation and overflight, freedom of commerce and other lawful activities, exercise of self-restraint, and the peaceful resolution of disputes.”

Golden Bria Q3 net profit P318.68 million, up 66.8%

THE Villar-controlled Golden Bria Holdings, Inc. posted a net profit of P318.68 million in the third quarter, up 66.8%, after the company reported strong real estate sales.
In its quarterly report to the stock exchange, the company reported revenue of P1.42 billion, up 65.1% from a year earlier. Real estate sales accounted for P1.38 billion, up 66.2%.
“Being present in every hometown is the goal Golden Bria aims to achieve,” said Golden Bria Chairman Manuel B. Villar, Jr. in a statement on Friday.
“As we work towards becoming the country’s largest mass market housing developer in Bria Homes, and the biggest integrated deathcare company in Golden Haven, we will continue to open more projects in new areas around the Philippines from our over 60 locations to date,” he added.
Golden Bria, which claims to be the country’s “fastest growing mass market housing developer and largest integrated deathcare company,” recorded a 66.1% rise in costs and expenses during the quarter to P983.55 million.
In the nine months to September, the company posted a net profit of P915.04 million, up 79.4% from a year earlier. It said it has sustained the upward trend since its listing in mid-2016.
It said the increase was “driven by significant increases in sales for both memorial lots and residential units,” with consolidated real estate sales growing by 59.1% to P3.93 billion.
The company said its deathcare business, Golden Haven, boosted its chapel services for the year, which grew more than three times to P27.2 million. — Victor V. Saulon
At the end of September, Golden Bria had assets of P18.15 billion, up 37.4% from a year earlier.
To date, the company estimates its combined holdings at more than 750 hectares of property all over the country, with more than 150 hectares set aside for deathcare projects and about 600 hectares allocated for mass market housing.
Golden Bria, through its subsidiary Bria Homes, has more than 40 residential developments, and through Golden Haven, has 26 memorial park projects nationwide. — Victor V. Saulon

Xiamen Air to launch Davao-Fujian flights in Dec.

DAVAO CITY — China’s Xiamen Airlines is launching direct flights between its base, Jinjiang City in Fujian Province, and Davao City in December following this week’s signing of a sister city agreement between the two destinations.
Davao City Tourism Operations Office (CTOO) Chief Generose D. Tecson said alongside the Sister City Agreement signed on Nov. 13 in Jinjiang was a Tourism Exchange Agreement.
The private sector agreement expresses support for the Davao-Jinjiang direct flights.
Xiamen Airlines, which is majority-owned by China Southern Airlines, has yet to determine the frequency of the service and schedule details.
The agreement “will bring the people of our two cities closer, strengthening the bilateral ties between our two nations even further,” Davao City Mayor Sara Z. Duterte said in a speech during the signing.
The City Information Office said the sister city agreement seeks to establish cooperation in tourism and culture, trade and commerce, health and wellness, and education, science and technology.
Ms. Tecson said the city is preparing for the anticipated increase in Chinese tourists by developing a bigger pool of tour guides who are fluent in the Chinese language.
“We only have two accredited Mandarin-speaking guides (right now),” she said.
Aside from the Tourism Exchange Agreement, businesses from both cities also signed several other memoranda of understanding, including one for the establishment of a Confucius Institute at the Ateneo de Davao University.
Representatives of the Jinjiang government, led by Executive Vice Mayor Li Zili, visited Davao City in February to present their interest in expanding ties.
Davao City also has a sister city agreement with another city, Nanning, in the Guangxi Zhuang Autonomous Region in southern China.
A Chinese consulate opened in Davao on Oct. 28. — Carmencita A. Carillo

Manila Water signs JV deal for Isabela water project

MANILA Water Co., Inc. said on Friday that its consortium with a wholly-owned subsidiary signed a joint venture agreement with the water district of Ilagan City, Isabela for a bulk water supply project, which includes water system expansion and septage management.
In a disclosure to the stock exchange, the Ayala-controlled water company said the consortium Filipinas Water Holdings, Corp. with its unit Manila Water Philippine Ventures, Inc. (MWPV) executed the deal with the City of Ilagan Water District (CIWD).
The joint venture agreement (JVA) calls for the incorporation of a joint venture company (JVC) that will implement the development, construction, operation and maintenance of the project in the city within Isabela province.
Under the agreement, the consortium and CIWD will own 90% and 10%, respectively, of the joint venture company’s outstanding capital stock.
“Upon completion of conditions precedents set out in the JVA, the JVC will then enter into a Bulk Water Supply and Purchase Agreement and a Septage Management Agreement with the CIWD for the implementation of the Project for 25 years from the commencement date as defined in the JVA,” Manila Water said.
The joint venture partner’s subscription will be P22.5 million in cash and the paid-up amount will be P5.625 million. The water district will subscribe for P2.5 million, with P625,000 in paid-up capital. In total, the amount subscribed for is P25 million, with P6.25 million in paid-up capital.
Separately, Manila Water disclosed on Friday that subsidiary MWPV had signed and executed a joint venture agreement with Tubig Pilipinas Group, Inc. to handle the setting up of water supply facilities in Malasiqui, Pangasinan.
The agreement calls for the two companies to incorporate a joint venture company that will establish, construct, operate, manage, repair and maintain the facilities in the municipality.
The project was awarded to the joint venture through a grant of franchise under a municipal ordinance. The companies will own 50% and 50%, respectively, of the JVC’s outstanding capital stock with an initial subscribed capital of P35 million and paid-up capital of P8.75 million.
Upon completion of conditions precedent set out in the deal, the joint venture will execute the project for 25 years from the start date as defined in the agreement.
On Friday, shares in Manila Water rose 0.78% to P25.70 during mid-day trading. — Victor V. Saulon

Pryce board approves P500-M share buyback

PRYCE Corp. said its board of directors approved on Friday a buy-back program of the company’s common shares for a worth of up to P500 million.
In a disclosure to the stock exchange, the Mindanao-focused importer and distributor of liquefied petroleum gas (LPG) said the buy-back program is for a term of 24 months starting on Nov. 20, 2018 and ending on Nov. 19, 2020.
Before the program, the capital structure of the company was at P2.098 billion authorized capital stock, all of which were common shares, and P2.0245 billion issued and outstanding. It does not hold treasury shares.
“The buy-back program shall be executed in the open market through the trading facility of the Philippine Stock Exchange,” it said. “Repurchased shares shall be booked as treasury shares.”
Pryce said the buy-back program will be implemented in an orderly manner and should not adversely affect the company’s and its subsidiaries’ prospective and existing projects.
Shares in the company were up 6.65% at P5.45 after it disclosed the program.
Aside from its LPG business, Pryce owns and operates memorial parks in Mindanao cities such as Cagayan de Oro, Iligan City, Ozamiz, Polanco near Dipolog City, Zamboanga City and Davao City.
Its scope includes smaller-sized memorial parks suited for the southern island’s secondary cities or major municipalities.
Pryce subsidiary Pryce Gases, Inc. is engaged in the importation and distribution of LPG under the “PryceGas” brand. It also produces and sells industrial gases.
Another unit. Pryce Pharmaceuticals, Inc. is a wholesaler and distributor of private branded multi-vitamins and some over-the-counter generic durgs. — Victor V. Saulon

A Brown Q3 net profit falls 5.8%

A BROWN Co., Inc. reported a 5.8% drop in third-quarter net profit to P82.85 million despite double-digit growth in its revenue for the period.
In a disclosure to the stock exchange, the Cagayan de Oro City-based real estate developer and dealer in agricultural products said revenue during the quarter hit P333.07 million, up 33.6% from a year earlier.
In a review of its quarterly operations, the company said it had sold 11 socialized, 20 economic and 78 high-end units or a total of 109 lots, and house and lot units.
A Brown also said crude palm oil sales were up 91% or P7.9 million during the quarter and 486% or P49.1 million at the end of September “due to the increase in quantity processed and sold.”
The company said sales by its water services business rose by 20%, while those of palm olein fell 77%. Also down were sales of kernel nuts and fertilizer, palm acid oil, palm stearin, and palm fatty acid distillate.
Costs and expenses during the period grew at around the same pace at P32.7% to P227.60 million from P171.56 million.
In the nine months to September, net profit fell 7.3% to P256.91 million.
Revenue during the nine months rose 34.4% to P913.33 million. This was widely outpaced by the 49.3% rise in cost and expenses to P631.51 million.
A Brown’s real estate development projects are in Cagayan de Oro City and Initao in Misamis Oriental; Cainta, Rizal; and Valencia City, Bukidnon; and Butuan City, Agusan del Norte.
The company also has ventures in oil palm nursery and seedlings distribution, palm oil milling, operation of hotels, real estate brokerage, power generation, and investment in gold mining assets.
On Friday, A Brown rose 2.67% to P0.77. — Victor V. Saulon

IP E-Game partly divests from non-core business DPI

IP E-Game Ventures, Inc. said on Friday that its executive committee decided to partly divest from non-core business Digital Paradise, Inc. (DPI), which has not contributed income to the listed company.
The committee derives its authority board decision on Oct. 25, 2012 to authorize and direct the executive committee to evaluate the potential sale or divestment of its non-core assets.
“DPI has been considered a non-core asset of the Issuer. It has not contributed income to the Issuer. The business of DPI is not in the core business of the Issuer,” IP E-Game Ventures said.
It said at the time of the divestment, the divested shares worth nearly P63 million represented 1.86% of the company’s total assets of about P3.17 billion.
The listed company said the decision to divest comes after the rationalization of its operations.
It said a deed of assignment was executed in favor of Y-Fi Business Solutions, Inc., covering 62,928,454 DPI shares at the par value of P1.00 per share. — Victor V. Saulon

BPI board approves expanded first bond tranche of P25 billion

BANK of the Philippine Islands (BPI) is planning to issue the first tranche of its P50-billion peso bond and commercial paper program amounting to P25 billion.
In a regulatory filing Friday, the Ayala-led bank said its board increased the approved maximum size of the initial bond issuance to P25 billion from the P15 billion announced last Oct. 17.
In a Sept. 20 disclosure, the bank announced it is establishing a peso-denominated bond and commercial paper program of up to P50 billion as approved by its board.
Lenders can now raise fresh funds through corporate bonds with greater ease as new rules do away with having to secure approval from the Bangko Sentral ng Pilipinas.
Last week, Metropolitan Bank & Trust Co. (Metrobank) raised P10 billion via fixed-rate bonds, part of its P100-billion bond and commercial paper program announced last month.
This was the first ever bond issue by a bank since the central bank liberalized rules on their fundraising activities.
BDO Unibank, Inc., Philippine National Bank as well as UnionBank of the Philippines have also set up their own peso bond programs of up to P100 billion, P20 billion and P20 billion, respectively.
A number of banks have been conducting various fund-raising activities ahead of tighter risk management requirement by the central bank which will take effect next year under the international Basel 3 standards.
In May, BPI completed a P50-billion rights offer, with the proveeds funding its business operations and expansion.
The bank also raised $600 million in August through a drawdown from its $2-billion medium-term note program, the largest issuance by a bank in the offshore debt market.
BPI reported a P5.98-billion net profit in the third quarter on the back of the double-digit expansion in net interest income.
BPI shares were up 5.21% at P88.90 on Thursday. — Karl Angelo N. Vidal

AEON PHL raises P1-B from fixed-rate note issue

AEON Credit Service (Philippines), Inc. said it raised P1 billion from an issue of fixed-rate notes, with the proceeds intended to support the company’s operations.
At the listing ceremony on Friday at the Philippine Dealing and Exchange Corp. (PDEx) in Makati City on Friday, the consumer finance firm enrolled P1 billion worth of peso-denominated paper with tenors of three and five years.
AEON Philippines listed P900 million in notes, which carry an interest rate of 7.299% to be paid semi-annually until 2021.
The remaining P100 million in notes was priced at 7.695%, paid out twice a year until 2023.
The fixed-rate paper carry guarantees from the Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank.
The lending company’s notes are the first in the country under the ASEAN+3 Multi-Currency Bond Issuance Framework, which allows companies to issue local-currency bonds in multiple countries within the region.
In an interview, AEON Philippines President and Chief Executive Officer Takayuki Araki said the additional capital raised will be used to match the duration of its liabilities and receivables and fund its loan programs.
“The tenor of our receivables is getting longer and longer. We have been actually seeking for the longer tenor to avoid the mismatching of the duration of our liabilities and receivables,” Mr. Araki told BusinessWorld on the sidelines of the listing ceremony.
“That’s why this time we have [issued] this type of note which tenors are three and five years, which exactly matches our receivables.”
In his speech, Mr. Araki added that funds raised will be used to “primarily fund the operations of its tricycle and four-wheeler loans.”
Established in the Philippines in 2013, AEON Philippines, a subsidiary of AEON Financial Service Co., Ltd. in Japan, started offering installment loans for the purchase of consumer products such as home appliances, furniture and electronic goods, focusing on unbanked and underserved clients.
The firm then ventured into tricycle and four-wheel vehicle loans “in support of the Philippine government’s goal of financial inclusion.”
AEON Philippines tapped Metropolitan Bank & Trust Co. as the market maker for its notes program, while First Meto Investment Corp. served as arranger and underwriter.
Mizuho Securities Asia Ltd. acted as the firm’s financial adviser.
The notes listing brings the total volume of outstanding securities at the PDEx to P977.27 billion, floated by 50 companies. — Karl Angelo N. Vidal

Peso continues higher after central bank raises rates

THE peso continued its ascent against the dollar on Friday as market participants reacted to further monetary tightening by the central bank.
The peso ended the week at P52.715 against the dollar on Friday, up from the P52.805 finish yesterday.
The peso was stronger the whole day, opening the session at P52.65. It hit a high of P52.625, while the low was P52.74.
Trading volume slipped to $756.6 million from $799.3 million the previous day.
“The peso continued to improve as a reaction to the BSP (Bangko Sentral ng Pilipinas) action yesterday,” a foreign exchange trader said in a phone interview Friday.
The Monetary Board raised policy rates by 25 basis points (bp) yesterday, marking the fifth consecutive tightening move this year, as it saw the need for preemptive action amid global uncertainty.
Benchmark rates now range from 4.25-5.25%, with the key policy rate now at 4.75%, the highest since March 2009.
“Probably they still expect higher inflation in the coming months, and probably that is the reason why they hiked once again,” the trader said.
He added that some analysts are still expecting the monetary authority to raise rates again by the first quarter of the year.
Meanwhile, another trader said the 25bp rate hike helped boost sentiment in the peso.
“The proactive nature of the decision yesterday boosted market sentiment in the peso,” the trader said in an e-mail. — Karl Angelo N. Vidal

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