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New shipping line ready to ply BIMP-EAGA sea route

A NEW PLAYER in the BIMP-EAGA sub-regional cooperation shipping service started its trial sail of the Davao-General Santos-Bitung (DGB) sea route early this week, the Mindanao Development Authority (MinDA) said in a statement on Wednesday. According to the statement, Manila-based company Reefer Pilipinas Express Line will be utilizing a conventional type vessel with load capacity up of to 290 TEU containers, and 10,000 loose cargoes. BIMP-EAGA stands for Brunei Darussalam-Indonesia-Malaysia Philippines-East ASEAN Growth Area, a sub-regional cooperation formed in 1994 among the said member-countries. “We found the right model to support the BIMP-EAGA trade, and are now expanding it to the larger ASEAN with the inclusion of Ho Chi Minh city to our route plan,” said Felix Ishizuka, Reefer Filipinas CEO, adding that their primary goal is to “help create more trading activities in the sub-region by providing the right service.” For his part, MinDA Deputy Executive Director Romeo Montenegro said, “It can be recalled that the first vessel used for the route was too large at 500 Twenty-foot Equivalent Unit (TEU) capacity. We had to look for a more smaller vessel to continue the operation of the DGB route.” Malou Monteverde, former president of Davao City Chamber of Commerce and Industry (DCCCII) and one of the primary proponents of the sea route, said, “We look forward to the upcoming resurgence of the DGB route. This will strengthen our Philippines and Indonesia trading blocs especially with the support of the BIMP-EAGA and ASEAN.”

Terror suspect nabbed

A PAKISTANI national alleged to be a member of the Dawlah Islamiya terrorist group was arrested by the Bureau of Immigration (BI) on Tuesday and will undergo deportation proceedings. In a press release, BI Commissioner Jaime H. Morente identified the foreigner as Waqar Ahmad, 36, who was arrested following his monitoring by operatives of the BI’s Mindanao Intelligence Task Force Group and the Philippine National Police. Mr. Morente said Mr. Ahmad’s ties to Dawlah Islamiyah was established in various international intelligence reports. He was also suspected to be plotting suicide bombings with a leader of the Abu Sayaff group.

Nation at a Glance — (06/20/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Nation at a Glance — (06/20/19)

Faster review of some M&As allowed

By Janina C. Lim
Reporter

THE PHILIPPINE Competition Commission (PCC) is allowing faster review of certain merger and acquisition (M&A) deals that are “less likely to substantially prevent, lessen, or restrict competition” in the market.

The antitrust body on Tuesday said it issued the resolution covering the rules for the expedited merger review process, which would cut the Phase 1 assessment process for qualified transactions to 15 working days from the 30 calendar days recommended by the Philippine Competition Act.

The new rules will take effect on July 2.

The PCC identified several transactions that may qualify for the faster review process, such as those that have no overlaps, global transactions, and joint ventures for real estate projects.

For instance, the PCC may hasten the review of global mergers wherein the acquiring or acquired companies are foreign entities whose Philippine subsidiaries are merely manufacturers or assemblers of products exported abroad.

Another type of deal that may qualify for the expedited review is a global transaction wherein the acquiring and acquired entities have “negligible or limited presence” in the Philippines.

Joint ventures created for the development of residential and commercial real estate projects may also be eligible for the accelerated review process.

In a separate text message, PCC Chair Arsenio M. Balisacan said the Commission’s three years of experience in reviewing mergers and acquisitions showed that these are the types of transactions less likely to pose competition concerns.

“As such, efficiency dictates we dispose them quickly for the benefit of the parties and also for PCC’s use of resources,” Mr. Balisacan said.

The competition watchdog said the new rules were crafted in response to the passage last year of Republic Act No. 11032 or the Ease of Doing Business (EODB) Act of 2018, which mandates all government agencies to work on a uniform turnaround time of three, seven and 20 days respectively for simple, complex and highly technical transactions.

While the EODB law’s implementing rules and regulations have yet to be issued, the government has been encouraging agencies to implement the rules and the public to report violations of the law.

Agencies with quasi-judicial functions earlier raised concerns on implementing the law which was initially meant merely for the releasing of certain business permits or certificates released over frontline transactions.

“The PCC recognizes that a strong and vibrant economy stimulates firms’ appetite for business consolidation, corporate takeovers, and market expansion. The expedited merger review is a testament of PCC’s commitment to be efficient in the review of transactions deemed less likely to pose competition concerns,” Mr. Balisacan was quoted as saying in the statement.

“Every merger review employs different levels of technical expertise and resources. The expedited review of mergers that are less likely to pose competition issues will lead to more efficient use of Commission resources towards the implementation of a holistic merger control regime,” he added.

The PCC noted that the regular 30-calendar day period for merger review is among the shortest review periods in the world.

The watchdog added it offers free pre-notification consultation to parties, including if transactions may qualify for the expedited process.

To date, the PCC has received 184 notifications. Of this total, 174 were approved and one was blocked, totalling P2.87 trillion in accumulated transaction value.

The top five most active sectors for mergers and acquisitions are manufacturing; finance and insurance; real estate; electricity and gas; and transportation and storage.

ADB to work closely with WB on PHL projects

THE Asian Development Bank (ADB) will work closely with the World Bank (WB) in developing projects for the Philippines and other countries in the Asia and Pacific region, responding to a call made by the Department of Finance (DoF) earlier.

“ADB is responding to the Philippine Finance Secretary Mr. Carlos G. Dominguez III’s call for us to become more efficient, responsive, and better coordinated with the World Bank and other multilateral development banks to meet the changing needs of our client countries,” ADB President Takehiko Nakao said in a statement late Monday.

“In the Philippines, ADB is already collaborating with the World Bank on the implementation of the government’s conditional cash transfer program and the rehabilitation and recovery efforts in Marawi, among others. We can do better, and will take concrete steps to further improve the process,” he added.

The ADB said Messrs. Nakao and Dominguez have had several discussions on the matter in the past years.

Mr. Dominguez said during the ADB’s 50th Annual Meeting in Yokohama in 2017 that there is a need for ADB to “reinvent itself.” The Finance chief also recently wrote the ADB president a letter asking the ADB to expand its collaboration with the World Bank.

Mr. Nakao said on Monday that the ADB and the World Bank are exploring new joint initiatives to reduce transaction costs for developing member-countries.

“The two institutions are exchanging views on how to work more closely in areas such as programming support, procurement, project implementation review, and social and environmental safeguards,” the ADB said.

In April, the World Bank Group said it has started working on a coordinated country program for the Philippines with the ADB to help eliminate project redundancies.

The DoF said World Bank Group President David Malpass had said he spoke with the ADB chief on how to reduce overhead and facilitate coordinated development efforts. Mr. Malpass said the World Bank and the ADB should form a subgroup that will focus on specific areas of assistance such as infrastructure, avoid redundancy and ensure that these projects are implemented efficiently.

Meanwhile, beyond the Philippines, the ADB said it is already cofinancing several projects in the Pacific with the World Bank under a common procurement arrangement, which alleviates the administrative burden in small island countries.

“In addition, ADB and the World Bank, along with other development partners, are working to develop a shared approach to the management of environmental and social risks that will take into consideration factors such as fragility, community engagement, and land ownership,” the multilateral lender said.

The Philippines has been an ADB member since 1966 and has 2.377% subscribed capital stock and 2.200% voting power. The ADB’s annual lending to Manila has increased to $2.5 billion in 2019–2021 from just $1.4 billion in 2018. — RJNI

Local property mart ready for REITs

THE Philippine property market is well-prepared for the introduction of real estate investment trusts (REITs), as demand for more office spaces, residential projects, and commercial centers complements regulatory authorities’ willingness to amend rules that initially hampered its implementation.

At the third Asia Pacific REIT Investment Summit yesterday, industry executives discussed how regulations for REITs have come a long way in the Philippines since they were first crafted by local authorities a decade ago.

“The Philippines is ready, all the fundamental components are there to go: tax authorities and Securities and Exchange Commission (SEC) are working on it,” real estate consultancy firm Santos Knight Frank Chairman and Chief Executive Officer Rick Santos said during the panel discussion.

While the REIT law, or Republic Act No. 9856 was passed in 2009, taxation issues and a higher public float requirement have dissuaded companies from participating in the investment vehicle.

The current rules state that REITs must have a minimum public ownership level of 40-67%, which the SEC has recently resolved to bring down to 33%. On the other hand, the implementation of the Tax Reform for Acceleration and Inclusion Act has removed the supposed 12% tax on transfer of real properties.

The SEC however has yet to issue the final rules reflecting the promised amendments.

“I understand that the SEC and BIR (Bureau of Internal Revenue) are very close to these amendments. Whether or not they (companies) can do it under existing rules, we want to see the regulators make good on their moves,” ING Bank Country Manager Hans B. Sicat said during the panel discussion.

So far, Ayala Land, Inc. is the only firm that has expressed its interest in conducting a REIT offering under existing rules. The listed property developer wants to raise about P25-26 billion from the offering anchored on its prime office assets in Makati.

“We’ve been waiting for over 10 years, so retail (investors) and certainly institutional investors will look forward to it,” Mr. Sicat said.

Mr. Santos added that the strong demand for office spaces driven by the business process outsourcing sector and Philippine offshore gaming operators is bound to continue in the following years.

“I think there is a lot of momentum and I hope to see the first successful REIT off the ground soon. Office will probable lead the way, then retail will follow. We’re optimistic, we’re hopeful, and we’ve been patient,” Mr. Santos said.

The introduction of the final REIT rules is seen to boost investments in the local property market, which Mr. Sicat said was affected by the slow regulatory environment.

Atchison Consultants Managing Director Ken Atchison said emerging markets in the region, including Vietnam, Thailand, and the Philippines are already drawing investor interest.

“In property investment per se, nominal GDP growth drives property returns. Where is the growth of nominal GDP? It’s in the Philippines, Thailand, Vietnam. That’s where it’s taking place, and that’s where the property returns will come from,” Mr. Atchison said during the same panel discussion.

Mr. Atchison said that investors should watch out for emerging sectors such as student housing, which he noted would be needed in fast-growing cities.

For his part, UBS Investment Bank Global Head of Real Estate Fergus Horrobin cited logistics as one of the trends that are becoming popular in the Asia Pacific region because of the rise of the e-commerce industry.

“(Logistics) has become very intensive and attractive to investors,” Mr. Horrobin said. — Arra B. Francia

Asia equities now on a wobbling foundation

THE PILLARS of Asia’s stock markets are shaking: Sentiment is fragile, valuations are not all that cheap and earnings forecasts continue to decline.

The MSCI Asia Pacific Index’s estimated 12-month forward earnings per share dropped to a 19-month low at the end of May. Analysts covering these companies have cut profit estimates by 5.4% this year. Compare that with their counterparts in the US, who revised their forecasts for S&P 500 Index stocks up by 2.5%, according to Bloomberg data.

The power struggle between the US and China has weighed on trade and companies’ business activities since last year. With US President Donald Trump threatening more tariffs on China and other countries, worries have arisen about corporate profit sustainability and even potential for a recession.

Trade tensions appear to be exacerbating the downward move in Asia’s earnings cycle, according to Societe Generale SA.

Frank Benzimra, head of Asia equity strategy at the firm, said in an interview that the earnings downgrade phase in Asia is still underway, especially in the semiconductor sector, though he expects profit growth for Asia companies to be “marginally positive” in 2019. Semiconductors have been hard-hit amid the trade tensions due to turmoil in the region’s supply chain.

UBS Global Wealth Management cut its Asian 2019 earnings growth prediction to 5% from a previous 6.4%. Hartmut Issel, the firm’s head of APAC equities, wrote in an e-mail that if the negotiations between China and the US break down completely, “we forecast roughly flat or even negative earnings growth in 2019.”

Asia equities started the year strongly before the trade-inspired plunge in May, and the MSCI Asia Pacific Index is still up more than 5%. The gauge gained a second week last week as the Federal Reserve’s dovish comments pushed up expectations for an interest rate cut in the US.

Strategists at Nomura say Asian countries’ monetary easing and policy support may prevent profit growth from falling off a cliff. An earnings recession could be avoided if central banks and government could have ample support, according to a May 24 note written by Chetan Seth.

And of course, the ultimate obstacle is the trade spats. If the G-20 meeting could serve as an opportunity for leaders of both side to step back and return to the negotiation table with mutual respect, sentiment will improve, CMC Markets Singapore’s strategist Margaret Yang said in an e-mail.

But for now, earnings in Asia look set to struggle.

“It’s a downtrend,” SocGen’s Mr. Benzimra said. “Maybe a little bit of stabilization, but nothing really exciting” like re-acceleration or signals to re-enter emerging markets. — Bloomberg

Aboitiz plans to issue more bonds in next 2 years

By Arra B. Francia, Senior Reporter

ABOITIZ Equity Ventures, Inc. (AEV) plans to issue more bonds once it locks in acquisition prospects in the next two years, following the completion of its P5-billion fixed rate bond offering yesterday.

AEV Chief Finance Officer Manuel R. Lozano said they may conduct another bond offering “sooner than later,” depending on the growth opportunities they see for the conglomerate’s various subsidiaries.

“We don’t have a specific plan yet. We believe there are a lot of growth opportunities that will require us to use the full shelf of P30 billion,” Mr. Lozano told reporters during the listing of AEV’s P5-billion bonds at the Philippine Dealing and Exchange Corp. on Tuesday.

Mr. Lozano said they see potential for food and agribusiness unit, Pilmico Foods Corp. after it recently acquired Singapore-based agribusiness firm Gold Coin Management Holdings Ltd. He also cited the expansion of the infrastructure and property development businesses.

“We have a lot of infra projects and even Aboitiz Land is also growing. We will be discussing soon when the next tranche will be. We have P25 billion to go, but we still have a couple of years,” Mr. Lozano said.

The top AEV executive added that they intend to fully exhaust the shelf registration.

“What’s nice about the bond is it gives us a very attractive option and then choose which one fits the opportunity as best as possible, that’s why the shelf gives us a lot of flexibility. When we feel the markets are there, then it gives us a quick opportunity to raise more,” Mr. Lozano explained.

The listed company on Tuesday raised P5 billion from the issuance of Series A bonds with an annual interest rate of 6.0157% due on 2024, as well as Series B bonds due 2029 with a coupon rate of 6.3210% per annum.

The capital raised will be used to partially refinance wholly owned subsidiary AEV International Pte. Ltd.’s medium-term loans.

AEV engaged BDO Capital & Investment Corp. and First Metro Investments Corp. to arrange the offering.

The bonds form part of the company’s P30-billion debt securities program registered with the Securities and Exchange Commission (SEC).

AEV saw its net income attributable to the parent drop by 27% in the first quarter of 2019 to P3.52 billion, weighed down by the weak operations of its power unit. This came amid a 27% uptick in gross revenues to P47.4 billion.

The company earlier said it will spend P81 billion in capital expenditures this year, bulk of which would fund the expansion of its power generation unit.

Shares in AEV jumped 1.76% or 95 centavos to close at P55 each at the stock exchange on Tuesday.

Play says ‘No’ to violence against LGBT

IN RECENT weeks, a photo of the bloodied faces of Melania Gaymonat and her girlfriend Chris went viral online. While on a bus ride in the early hours of May 30 in London, the women were attacked by a group of young men for refusing their demand to kiss each other. “They started beating me, I was bleeding all over — I was really bleeding,” Ms. Gaymonat told BBCWorldatOne. According to a report by The Guardian on June 8, a fifth arrest has been made in connection with the attack.

In the continuing fight for LGBT rights and the legalization of same sex unions, homophobic violence and abuse persists. And it has to stop.

As an examination of hate crimes and their effect on its victims, Positive Space, MusicArtes, and New Voice Company will present Diana Son’s Stop Kiss in July for a limited run at the Power Mac Center Spotlight, Circuit Makati City.

Directed by Gawad Buhay and Aliw Award-winning director and designer Ed Lacson, Jr., the play is set in New York City and follows traffic reporter Callie who is comfortable with her routine at work and occasionally joins her like-minded friends. Callie then meets Sara who has just arrived in the city to teach. The strength of their relationship is challenged after the ladies share their first kiss at NYC’s West Village late one evening and a bystander viciously attacks them.

First staged in the Philippines by New Voice Company in 2003, the play returns with the same lead actors who switch roles this time around.

“I brought up the idea of switching roles,” said Jenny Jamora who plays Sara, at a press conference on June 17 at Pineapple Lab in Makati City. “I [also] wanted to get to know [the character of] Sara and it was an interesting process to come in, knowing nothing again.”

“Sara is so close to my heart,” said Missy Maramara, who now plays Callie, on how she reacted to the idea of switching roles. “When I’m scared of something, that’s when I know I should do it.”

Stop Kiss was first produced off-broadway in 1998 at The Public Theater in New York City. The play won the GLAAD (Gay Lesbian Alliance Against Defamation) Media Award for Best New York Production the following year.

“We are saturated with with scripts that are focused on gay relationships. If you go back two to three years, there are many showcases on gay relationship,” the director, Mr. Lacson, said in a mixture of English and Filipino, of limited representation of lesbian relationships in theater.

“We lack plays like this in the community. I hope there are more writers who would write about this,” he added.

Joining the cast are Gabe Mercado as Sarah’s ex-boyfriend Peter; Robbie Guevara as Detective Cole who is assigned to Callie and Sarah’s case; Jay Valencia-Glorioso as Mrs. Winsley, the lone witness to the attack; and J-mee Katanyag as Sara’s nurse.

“Everyone has a right to just find someone they can love. You’ve [got to] fight for that right. If you feel that you can go out and love someone, then why are you denying anyone else that right?,” said Tarkek El Tayech, who plays George, Callie’s “friend with benefits.”

“This is just another way for this play to show people all sorts of love and it’s all just the same. Love is love,” he said.

As the playwright’s message about writing the story goes: “Because unquestionably the last beat of the play is: love wins.”

Stop Kiss will have performances on July 12 to 14 and July 19 to 21 at the Power Mac Center Spotlight, Circuit Makati City. Tickets available at www.ticket2me.net/e/2445/stop-kiss. For inquiries and show buying, contact Camille Abaya at 0915-835-9210, or e-mail stopkiss2018@gmail.com. — Michelle Anne P. Soliman

Multisys ready to expand overseas

By Denise A. Valdez, Reporter

SOFTWARE development and IT solutions provider Multisys Technologies Corp. is preparing to expand to three countries before the end of the year.

The Filipino company, where PLDT, Inc. has a minority stake (45.73%), said it is eyeing to enter new markets outside the Philippines by the fourth quarter of 2019.

“Actually may expansion kami [we have an expansion] this year for three countries. Not to mention (where exactly) siguro muna [for now], but Asia, Southeast Asia,” Multisys President and Chief Executive Officer (CEO) David L. Almirol, Jr. said in an interview with BusinessWorld last week.

“We will be working remotely. But our partners in those countries, they’ll be the ones to expand our products. Basically just repeating what we have done in the Philippines,” he added, but declined to name the three partners it tapped for the expansion.

Mr. Almirol said the five-year-old Multisys has been expanding exponentially since its formation, and is expecting to generate billions in revenues by end-2019.

“We expect this year, at the end of the year, ’yung growth namin last year, triple. Triple the revenue,” he said.

Grabe ’yung speed ngayon, especially when we launched the Bayad Center mobile app. There are more than 10,000 clients inside that app eh. So if you pay your electricity, if you pay your water, your government, your cable, your telco bills, ang maganda pati ’yung schools nand’yan na rin, ’yung credit cards. ’Yun ’yung medyo malaki ngayon ang operation,” he added, noting Multisys has recurring revenue for every transaction in the software platforms it manages for its clients.

When PLDT first announced its P1.6-billion investment in Multisys last year, Chairman, President and CEO Manuel V. Pangilinan said he saw a big potential in the software company as it provides end-to-end solutions to its clients.

“They’re in a next-stage development, so they need a big brother like us to provide the funding… We’re happy to do that… [Y]ou can work with them in creating bespoke solutions, or bespoke platforms, to specific companies,” he had earlier said.

Mr. Almirol amplified the sentiment of the Mr. Pangilinan, noting there is a growing demand from companies for software development and digital solutions.

“I think naging trend ngayon na every company, whether big or small, talagang they would like to have a system to use. Nagsawa na rin ang tao na puro manual eh [I think there’s a trend now that every company, big or small, wants to have a system to use. They grew tired of doing everything manually],” he said.

“They discovered now, akala kasi dati ang [they used to think] system is expense eh, now they discovered that system automation is basically saving money. The more that you automate the process, the more that you expedite the activity,” Mr. Almirol added.

The Multisys founder also noted how it is challenged to beef up its pool of software developers as the demand for such talent overseas is also growing.

Nahihirapan kasi normally lahat ng programmers naga-abroad. Kaya kami mataas ang pasweldo namin. Tsaka we give everything for free [We’re challenged because normally programmers move to work abroad. So we try to provide a huge compensation and we give everything for free],” Mr. Almirol said.

Multisys currently has more than 70 programmers in its team, which the company houses in dorms in its multipurpose office in Parañaque City.

Karamihan kasi sa companies ngayon [Most companies now], they do one programmer, one system. But ang expertise ng Multisys, we’re able to build a team such that in one project, multiple programmers are doing it. Kaya ang bilis gawin [That’s why we work fast],” Mr. Almirol said. He noted this allows Multisys to finish a four-year project in only a couple of weeks.

Mr. Almirol said PLDT’s investment in the company is helping Multisys boost its strengths to improve its operations, as it now handles more than a thousand clients.

“Since the cash infusion is there, medyo na-amplify ngayon ’yung kaya namin. And we’re hiring more people na rin. We can triple our speed as well,” he said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

‘Poor Little Rich Girl,’ fashion icon, heiress Gloria Vanderbilt, 95

By Joseph L. Garcia, Reporter

IS IT possible for anyone to truly have it all? Gloria Laura Vanderbilt; socialite, artist, writer, and designer, died in her Manhattan home in June 17, 2019 aged 95. The life she led sought to answer the question.

Ms. Vanderbilt is remembered by younger generations mostly as the mother of CNN news anchor Anderson Cooper, but in her heyday, she was the news.

The question of having it all was undoubtedly in the minds of the masses in the midst of the Great Depression in the 1930s. For the answer, they looked to heiresses who were usually blessed with a good name, good looks, good education, and good amounts of money: all ingredients for a great life. From this milieu emerged the so-called Poor Little Rich Girls: Doris Duke, Brenda Frazier, Barbara Hutton, and Gloria Vanderbilt. The lives of these women, frequently plastered in the press, seemed to prove that no one could truly have it all: all their money and privilege couldn’t save them from themselves. At least, Ms. Vanderbilt, youngest of this set, and of the same mold, made the effort to save herself, and won. Perhaps therein lies the answer: it isn’t about getting it all, but the steps we take to get there.

Ms. Vanderbilt already had a handicap: her father, wealthy heir Reginald Claypoole Vanderbilt, had died when she was a baby in 1925, and little Gloria lived a peripatetic life with her mother, the fabulous Gloria Morgan Vanderbilt. The young and beautiful Mrs. Vanderbilt was the twin sister of Thelma, Lady Furness, who became a mistress of the future Edward VIII. The unstable life led by Mrs. Vanderbilt, as well as the possible control she would have over Gloria’s eventual inheritance prompted a bitter custody battle between the child’s mother and the child’s paternal aunt, Gertrude Vanderbilt Whitney. The custody trial in 1934 was sensationalized by the press as “The Trial of the Century,” and by the time she was 10, little Gloria’s face was already on newsreels and newspapers (certainly not an easy experience). Mrs. Whitney won custody over her niece, and Gloria was raised in luxury and a measure of loneliness in the family’s properties in New York.

The young Gloria’s talent in the arts would be honed at the home of her aunt, an artist and the founder of the Whitney Museum, and at several schools: the Greenvale School, Miss Porter’s School, the Wheeler School, and at the Art Students League. There would be marriages: she first married at the age of 17 to Hollywood agent Pat DiCicco, whom she alleged had abused her. In 1945, at 21, she married the 63-year-old conductor Leopold Stokowski, with whom she had two children. The marriage ended in divorce, and then she would marry a third time, to film director Sydney Lumet. She married her final husband, Wyatt Emory Cooper, who would father two sons, Carter and Anderson. “I think we should always be in love,” she told her son during an interview.

Ms. Vanderbilt had the option not to work, but she threw herself into it completely. She dabbled in acting and modeling; painted, wrote, and designed everything from household linens to greeting cards. From her work as a model and muse for some of the world’s most famous photographers and designers, Ms. Vanderbilt would join the other side as a designer herself. In the 1970s, Ms. Vanderbilt designed a line of jeans, moving on to other items of clothing, known for her signature and the golden swan label. While the items were eagerly snapped up by shoppers for bearing her famous name, there was a real aesthetic quality and value to her clothes, which flattered the female wearer immensely.

This would have been a perfect ending to this story. Unfortunately, her husband would die in 1978, and she would lose a son, Carter, to suicide in 1988. She would also face legal battles in the years to come over her finances after she accused her business partners and lawyers of defrauding her.

In time, she would heal. She had kept her patrician good looks all the way to her 90s, and remained young at heart: in her later years, she would see herself publishing several articles and books, including an erotic novel, and continued to create art, even opening exhibits in her 80s. She was active on social media platforms: her Instagram account attracted 207,000 followers, and her last post was dated seven days before her death from cancer.

Time is the greatest luxury of all, and even the greatest fortunes could not buy one second more than what we have been given. Ms. Vanderbilt was fortunate to have reached the grand age of 95, but even then it wasn’t enough. In a poignant seven-minute obituary on CNN from a son to his mother, Mr. Cooper said, “I know she hoped for a little more time, a few days or weeks at least. There were paintings that she wanted to make, more books that she wanted to read, more dreams to dream. But she was ready. She was ready to go.”

As for the other Poor Little Rich Girls, Misses Frazier and Hutton both died just in their 60s, fortunes reduced; fast lives wreaking havoc on their health. Ms. Duke lived up to 80, fortune intact, but her mind and body in a state of confusion. Ms. Vanderbilt outlived them all. As she died on June 17, 2019, she took with her the final glimmer of a world that no longer exists. Mr. Cooper said in his obituary, “I always thought of her as a visitor from another world, a traveler stranded here who’d come from a distant star that burned out long ago.”

Eagle Cement’s Cebu facility faces delays

EAGLE CEMENT Corp. said the opening of its facility in Malabuyoc, Cebu will be delayed, as it encountered problems in getting necessary permits for its construction.

During the company’s annual stockholders’ meeting on Tuesday, Eagle Cement President and Chief Executive Officer John Paul L. Ang said the opening of its fourth cement line will be pushed back more than six months from its original end-2020 target.

“For our intended line for Malabuyoc, Cebu, there were delays in securing permits needed to construct the port. The target completion would have to be moved to 2021,” he said.

“Despite the setback, we are still targeting to sell cement in the Visayas region by end-2020 as promised,” Mr. Ang added.

In a roundtable interview with reporters, Mr. Ang said the company is now aiming to complete the facility in Cebu within the first half of 2021.

Eagle Cement broke ground for the line 4 in Cebu in late 2017, with a target of raising the company’s production capacity to 9.1 million metric tons. The Cebu plant is meant to have a cement capacity of 2 million metric tons, plus port facilities and cement terminals that will cater to Visayas and Mindanao.

Aside from the Cebu plant, Eagle Cement operates three production lines in San Ildefonso, Bulacan.

Mr. Ang said he is hoping the company will raise its sales volume this year to around 5-6 million metric tons, an increase from last year’s volume of 4-5 million metric tons.

Ramon S. Ang, chairman of Eagle Cement, noted the company is staying competitive despite an observed increase in imported cement in the country.

“Imported cement has taken so much of the industry, it’s now 35-40% of the industry consumption,” the Eagle Cement chairman said. “(But) Eagle can compete against imported cement…because Eagle is a very modern and efficient cement plant. So (we’re) not worried.”

The listed cement manufacturer is allotting P3.28 billion for capital expenditures this year to fund its expansion program, a bulk of which will be spent to finish its fifth mill. Net income rose 49% to P1.59 billion in the first quarter, due to higher sales. — Denise A. Valdez