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Galleria opens digital playground


A GROUP of children in school uniforms face each other as they stand on an underlit floor. Seconds later, they run and scatter — hiding under tables, climbing a rainbow tree, or attempting to camouflage themselves with the dark room’s walls. All of them find a hiding place except one child, who runs around searching for his friends.
Robinsons Land Corp. (RLC) opened PlayLab, a “permanent indoor interactive digital playground that offers physical and technology-based playing aids,” in Robinsons Galleria in Quezon City on Oct. 31 — the second PlayLab branch in the country and the first in Metro Manila.
“It offers kids a new unique bonding destination that is safe, wholesome, and photogenic,” Darwin Renolayan, special projects director for Robinsons malls, said in his presentation after the launch on Oct. 30.
The digital playground is meant for children between three and 10 years old. The play area can accommodate 200 children.
“Robinsons Land developed PlayLab to strengthen its positioning as a developer of lifestyle or family-oriented malls,” Mr. Renolayan said. It was built with the idea for children to have fun, interact with others, and learn.
“While our kids are immersed in technology, we’d like them to engage in active physical playtime, at the same time, be able to interact with [other] children,” Arlene Magtibay, senior vice-president and general manager of the commercial centers division of RLC, said in a speech prior to a tour of the playground.
The digital playground has 14 installations which were developed in consultation with media artists from Russia, China, Singapore, and the Philippines.
WHAT’S IN STORE
Upon entrance, children navigate through the Infinity Pool — a room with floors glowing with circles that light up and change color as they move around. The room is equipped with mirrors to give the illusion that it is larger than it is.
One area features The Digital Painter, a projector-based technology from Russia where giant crayons are used to color white illustrations onscreen. “We encourage kids to do this as a team because when you color the environment there’s a special animation that comes out,” Mr. Renolayan said, referring to a nursery rhyme which will play only when the entire picture is fully colored.
One room is filled with screens on which children can try different activities.
The Doodle Aquarium and Live Dreams require kids to color on paper and have image scanned before the illustrations come alive onscreen. In Doodle Aquarium, kids may draw any sea creature; In Live Dreams, illustrations of unicorns, fairies, gingerbread men, and rocket ships are able to move and interact when their images are tapped onscreen.
“For kids, coloring is a very good pastime. That’s why we require a lot drawing and coloring inside PlayLab. Every time they have [their drawings] scanned, there is always a ‘wow’ moment,” Mr. Renolayan said.
Meanwhile, the Fantasy Slope shifts from projecting an underwater- to outer spaced-themed slide with special effects. Planet Defense is a wall climbing area where children are given a mission to destroy invading aliens as they ascend to the top of the wall.
Another Land projects an underwater setting and creates a silhouette of the player who gets to play with orbs found on the bottom.
Creativity is stimulated with the colorful creations in Butterfly World. A child can have fun coloring a butterfly and a flower. Upon tapping the “bloom” or “fly” options, the creations are projected onscreen where the flowers bloom on a tree and the butterflies flutter around it.
In Ball Strike, the player is tasked to protect the toys by throwing balls at targets as aliens try to steal them.
Evolution of Stars is a floor that lights up and can detect a maximum of nine people. As a person lingers on a spot, the floor projects the names of stars — from protostar to neutron star. “This is specifically target for the toddlers who just want to walk around the area… It’s both purposive and eye candy for the toddlers,” Mr. Renolayan said.
Rainbow Tree is both a resting area and an obstacle course. Swings and couches are scattered around the tree where guests may rest. A hole is found in the tree trunk which gives children access to the top of the tree. There they find a colorful trampoline where they can play or insert themselves in deep circular pockets.
The Fantasy Water Flow mimics the flow of water. There are objects such as wheels, buckets, and umbrellas with which players can use to design their own paths for the water to reach a plant.
The Tap Tap Wall is a giant lightboard with circles that turn on and off depending on the pattern the guests create.
In The Giant, the player’s image is magnified and points are accumulated as they navigate in the changing environment. A photo is taken onscreen and printed after the visit.
“We intend to have a different roster of attractions per branch. We will reproduce the attraction if it is a hit with the kids,” Mr. Renolayan said.
Two additional branches will open in Metro Manila in 2019.
PlayLab is open from Sundays to Thursdays, 10 a.m. to 9 p.m., and Fridays and Saturdays, 10 a.m. to 10 p.m. Tickets are at P450/head for two hours of play. Discounts are applicable for senior citizens and PWDs. It is advised that children under six be accompanied by a guardian. PlayLab is located at the 4/F Robinsons Galleria, EDSA cor. Ortigas Ave., Quezon City. — Michelle Anne P. Soliman

8990 targets to reach P20-B revenues by 2020

8990 HOLDINGS, Inc. aims to generate P20 billion in revenues by 2020, driven by the completion of its mid-rise condominium project in Ortigas Extension.
The listed mass housing developer said it should grow revenues by an average of 25-30% in the next two years to reach this target.
“For revenues, we’re aiming for P11.5 billion now, next year we’ll have P13 billion, and then P20 billion after,” 8990 Holdings Investors Relations Officer Tracy G. Ilagan said in a media briefing in Makati City yesterday.
“So really the ramp up would be in 2020 because we don’t do percentage of completion. That’s why you would expect it at the tailend once the buildings are delivered.”
If realized, this would be double the company’s P10.2-billion revenues in 2017.
8990 Holdings Chief Financial Officer Roan Buenaventura-Torregoza said growth will depend on sales of its P30-billion condominium complex in Ortigas Extension, which will be launched early next year.
Urban Deca Homes Ortigas consists of 22 buildings with around 19,000 units on a 13-hectare property. Units will range from 27 square meters (sq.m.) to less than 40 sq.m. each, with prices starting at P1.6 million. This is the company’s largest project to date.
“Ortigas will launch early next year, and from there it will take 18 to 24 months to complete the first buildings which we project to take out in 2020,” Ms. Buenaventura-Torregoza said.
For the first nine months of 2018, 8990 Holdings delivered a 38% increase in net income to P3.41 billion, versus the P2.45 billion it booked in the same period a year ago.
Revenues went up 41% to P8.6 billion, indicating a net profit margin of 40%, higher than the company’s 38% forecast at the start of the year.
Sales reservations meanwhile stood at P7.27 billion, flat from year-ago figures of P7.17 billion.
The company noted it has P588 million in unrealized sales that will be recognized in the fourth quarter, which is expected to boost revenues.
8990 Holdings ended September with around 540 hectares in its land bank, which it noted could generate some P154 billion in sales over the next 10 years. Of this, 246.9 hectares are located in Visayas, 150.9 hectares in Luzon, and 142.1 hectares in Mindanao.
The company said it latest land acquisition is located in Siquijor, where they plans to launch a new brand for its hospitality business.
Majority of the sales to be realized from the projects are located in Luzon at P107 billion, followed by Visayas at P39 billion, and Mindanao at P8 billion.
Shares in 8990 slipped 0.54% or four centavos to close at P7.34 each at the stock exchange on Thursday. — Arra B. Francia

Ayala’s Christmas light show gets Disneyfied

IT’S TIME once again to brave the heavy traffic of the Metro and watch the annual Festival of Lights at the Ayala Triangle Gardens, now on its 10th year. This year’s lights show will be accompanied by the music from the Walt Disney Co. in a show titled Reimagine The Magic: A Festival of Lights.
Expect to hear hits such as “Let it Go” from Frozen (2013), “When You Wish Upon A Star” from Pinocchio (1940) and the titular “Beauty and the Beast” from the 1991 film among other classics from the Mickey Mouse music vault such as the “Mickey Mouse Club March” from the eponymous TV show from the 1950s and even the theme from Mickey Mouse’s first feature, Steamboat Willie in 1928.
The music was arranged by the former musical director of Hong Kong Disneyland, Rony Fortich, while the lights are handled by Voltaire de Jesus, who has arranged the lighting for the event since its launch in 2008.
“Right before I arrange the lights for the festival, I usually go to Hong Kong Disneyland to get inspiration,” Mr. De Jesus said during a press conference on Oct. 30 at the Holiday Inn and Suites in Makati City.
He added that he dreamt of “having to light up music from Disney.” In much the same way, Mr. Fortich said that whenever he comes home to the Philippines during Christmas, he and his family always make time to watch the lights and music show and he similarly admired Mr. De Jesus’ work.
This year’s festival, which starts on Nov. 9, will have three Disney medleys and a nod towards classic Filipino Christmas songs such as “Pasko Na Naman.”
Aside from the songs, the Ayala Triangle Gardens will also be accented by a large Mickey Mouse statue, just in case the audience forgets this year’s theme.
Other Ayala Land Inc. (ALI) properties will also mount their own lights and music shows including Nuvali in Sta. Rosa, Laguna, Centrio in Cagayan de Oro, Bonifacio Global City in Taguig, Ayala Cebu, and Vertis North in Quezon City. All the properties will also have their own Mickey Mouse statues.
Each medley will be roughly six minutes long and will play every 30 minutes starting 6 p.m. and ending at 10 p.m.
“I think what’s best about the show is that its growth is really organic — if you look at social media, we don’t even invest in it a lot because people [on their own volition] go,” Cathy Bengzon, ALI’s head of marketing for corporate brand and strategic landbank management group, who organizes the show told BusinessWorld shortly after the program.
“I think collectively, last year we [had about] five million [people visiting] across all the estates,” she said before noting that Nuvali alone welcomed two million people while Makati had about 1.2 million.
“This is already a Christmas tradition,” Ms. Bengzon said.
Reimagine the Magic: A Festival of Lights starts on Nov. 9 at Makati and Centrio, Nov. 10 at Ayala Cebu, Nov. 15 at Bonifacio Global City, Nov. 24 at Nuvali, and Nov. 29 at Vertis North.
The light show in Makati will be on view until Jan. 8, 2019. — Zsarlene B. Chua

SEC tightens scrutiny of non-profit organizations with new guidelines

THE Securities and Exchange Commission (SEC) has issued guidelines to prevent registered non-profit organizations (NPO) from being used as vehicles for money laundering or terrorist financing.
Memorandum Circular No. 15 Series 2018 covers non-stock corporations registered with the commission, defined as groups that engage in “raising or disbursing funds for purposes such as charitable, religious, cultural, educational, social, or fraternal purposes, or for the purpose of carrying out other types of good works.”
The SEC seeks to ensure that NPOs will not be used by terrorist organizations in the guise of legitimate entities, or be exploited for terrorist financing including escaping asset freezing measures.
Based on Section 2.1 of the guidelines, the SEC will adopt a risk-based approach to address these concerns. It will identify threats of terrorist financing based on the Anti-Money Laundering Council’s national risk assessment. It will also look at vulnerabilities in NPOs based on their types and characteristics, as well as the consequences of such threats.
“In the event that the commission identifies certain NPOs as being at risk, it shall adopt enhanced monitoring and supervision measures and require NPOs the enhanced compliance requirements under Section 3.1 of these guidelines,” according to Section 2.4 of the guidelines.
Depending on the level of risks among NPOs, the SEC will require the submission of an NPO’s General Information Sheet and Annual Financial Statement.
Those classified with Medium Risk must subject their financial statement to an external auditing body accredited by the Board of Accountancy, a Sworn Statement of Sources, Amount and Application of Funds, and activity planned or accomplished, among others.
Should an NPO be rated as High Risk, the SEC will conduct a mandatory background check of its officers and trustees, as well as a mandatory audit of the entire NPO.
An NPO can also be blacklisted, in which case they will outrightly be denied registration. “If the non-stock corporation or NPO is blacklisted subsequent to its registration, the process of revocation will be initiated and publicized, subject to notification and grace period for compliance granted by the commission to the relevant non-stock corporation or NPO.”
SEC-registered NPOs will also be required to submit within the next six months details of their operations, such as the objectives and purpose of their stated activities; identify the people who own, control, or direct their activities; the nature of operations or projects; and the actual raising or disbursing of funds, among others.
To ensure that the funds raised by NPOs are not used for money laundering or terrorist financing, the SEC has also directed them to “establish and record the true and full identity of their donors/ sources of funds identified as PEPs (politically exposed persons)…”
The commission will also implement a good governance system to promote the NPO’s accountability, integrity, and public confidence for their management.
The rules will take effect on Nov. 23, or 15 days after the memorandum circular was published. — Arra B. Francia

Excited Spice Girls say reunion tour will feel strange without Posh

LONDON — British pop band the Spice Girls joked on Wednesday about their plans for a new album after announcing they would reunite for a UK tour next year but said it would feel strange performing without “Posh Spice” Victoria Beckham.
Fashion designer Beckham posted on Instagram on Monday that she wouldn’t join the other four Spice Girls on stage again, but wished Geri Horner (Ginger Spice), Melanie Brown (Scary Spice), Melanie Chisholm (Sporty Spice), and Emma Bunton (Baby Spice) well for their six-date tour next year.
“She’s very excited for us… It’s going to be strange, you know, because none of us can watch the Spice Girls on stage but she will be able to,” Chisholm said of Beckham during an interview for Heart Radio.
Brown said the quartet would begin recording a new album next week only for Chisholm to dismiss the idea and say her band mate was “fibbing.”
The six-date tour, announced on Monday, is the latest reunion for one of Britain’s biggest girl bands, who were formed in 1994 and sold tens of millions of albums with hit singles including “Wannabe” and “Say You’ll Be There.”
Horner quit the band in 1998 and the remaining members went their separate ways two years later after releasing the album Forever.
The group got back together for a tour in 2007-2008 and also performed at the London Olympics closing ceremony in 2012. Reuters

Major union calls on gov’t to revisit P500 worker subsidy

TRADE UNION Congress of the Philippines (TUCP) Party-list Representative Raymond C. Mendoza said the government needs to revisit the union’s proposal for a P500 monthly subsidy for minimum-wage workers as a temporary cushion for the rising prices of goods.
In a statement on Thursday, the legislator said the subsidy is needed since increase in minimum wages is inadequate.
“We insist that government revisit our proposal that government provide a P500 subsidy for 4 million minimum wage earners registered with the Social Security System. This can be made a temporary emergency measure until inflation is brought down to a manageable 4%,” he said.
The Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) proposed the P500 subsidy for minimum wage earners when the labor coalition met with President Rodrigo R. Duterte earlier this year.
In 2018, 16 regions issued daily minimum wage hikes of between P8 and P56. The most recent wage increases were from the National Capital Region (NCR) at P25; Cagayan Valley (Region II) at P10; and MIMAROPA (Region IV-B consisting of Mindoro, Marinduque, Romblon, and Palawan) at P12 to P20.
Mr. Mendoza said the wage increases are not enough to secure workers amid rising inflation, which was at 6.7% in October.
“Regional minimum wages cannot even buy the daily food requirements for a family of five. It is apparent that the regional wage boards are insensitive to the real hardships of workers and their families as their approved increases in basic pay and allowance will not be enough even for the basic food requirements of workers and their families, “ said the TUCP representative.
Mr. Mendoza filed House Bill 7805 or the proposed “Living Wage Act of 2018” in June which called for a P320 across-the-board wage increase for all regions.
Mr. Mendoza said granting a subsidy for minimum wage earners is one of the ways that the government can help prevent “industrial unrest and instability” since wage increases in the regions are too meager.
The TUCP Representative said, “Workers (get) no adequate compensation for what their income lost in value and no increase recognizing their valuable contribution to economic productivity and GDP growth.”
He also cited data from the World Bank which states labor productivity in the Philippines “increased at 3.5% annually from 2004 to 2014.”
According to the Philippine Statistics Authority (PSA), the 2017 rate for labor productivity was the highest in eight years at 8.4%.
Labor Secretary Silvestre H. Bello has said that he has recommended to the President a subsidy program for minimum wage earners which will span three years.
The subsidy proposal, which will be in partnership with the Department of Finance (DoF) and the Department of Social Welfare, has yet to be approved by the President. In the program, 4.1 million minimum wage earners will receive a P200/month subsidy from the government or P2,400 per year. — Gillian M. Cortez

Rental revenues drive GERI income 8% higher in Q3

GLOBAL-ESTATE Resorts, Inc. (GERI) grew its attributable profit by eight percent in the third quarter of 2018, as rental income more than tripled during the period.
In a regulatory filing, the leisure and tourism estate arm of Megaworld Corp. reported a net income attributable to equity holders of the parent of P479.95 million, higher than the P442.74 million it posted in the same period a year ago.
This followed a 12% uptick in revenues to P1.93 billion, as the 322% surge in rental income to P117.42 million offset the flat performance of its real estate sales at P1.25 billion.
On a nine-month basis, GERI’s attributable profit improved by 14% to P1.29 billion, on the back of a seven percent increase in revenues to P5.25 billion.
The residential unit accounted for bulk of GERI’s revenues at P4.43 billion, seven percent higher year-on-year. The company benefited from the renewed interest in Boracay Island following its six-month rehabilitation, as well as its development near Tagaytay.
“We have seen really good take-up in Boracay Newcoast in the last few months, especially after the announcement of the island’s rehabilitation and reopening. We have also seen very keen interest in our Twin Lakes development,” GERI President Monica T. Salomon said in a statement.
The company owns the 150-hectare Boracay Newcoast in the famous tourist destination. It recently opened Savoy Hotel in the area, with Belmont Hotel Boracay and Chancellor Hotel Boracay slated to open in the next two years.
Twin Lakes is GERI’s largest tourism estate, covering around 1,200 hectares of land near Tagaytay.
Meanwhile, the company’s rental income surged by 253% to P294 million, compared to the P83.43 million recorded in the same period a year ago.
“This is another banner year for our leasing operations… We look forward to new commercial spaces in Holland Park and in Southwoods Office Towers 1 & 2, as these will further sustain our momentum in our rental income next year,” Mr. Salomon said.
GERI currently has seven integrated tourism developments in the country. Aside from Boracay Newcoast, Twin Lakes, and Southwoods City in Laguna, Sta. Barbara Heights in Iloilo, Eastland Heights in Antipolo, Rizal, and Hamptons Caliraya in Cavinti, Laguna.
The company is part of the property business of tycoon Andrew L. Tan, who also has investments in liquor through Emperador, Inc., gaming through Travellers Hotel International Group, Inc., and quick service restaurants through Golden Arches Development Corp.
Shares in GERi rose 1.01% or one centavo to close at P1 each at the stock exchange on Thursday. — Arra B. Francia

GrabFood launched with Crave City

WHILE GrabFood, transport services app Grab’s food delivery system, has been operational for quite a while now — it has been in place since June in select cities, expanded operations in July to cover all of Metro Manila, and in October began beta testing in Cebu and Mandaue — it was launched officially on Nov. 10 in an event called Crave City. Crave City is open to the public until Nov. 10, with customers able to order food via the app (provided onsite) from establishments Mom & Tina’s, El Chupacabra, Señor Pollo, Bawai’s Vietnamese Kitchen, Charlie’s Grind and Grill, Gong Cha, Ersao, Aysee, Sunrise Buckets, Manila Creamery, and Stockpile, which have stalls in BGC’s Globe Amphitheatre.
“Grab is no longer just a transportation technology platform,” said Demi Yu, Regional Head for Philippines, Thailand, and Malaysia for GrabFood in a speech. “We’ve now evolved to become an everyday app for consumers in Southeast Asia.”
In six months, GrabFood, first launched in Indonesia, has spread to Thailand, Singapore, Vietnam, Malaysia, and the Philippines. According to Ms. Yu, the app — including its transport services — serves one in six Southeast Asians.
As for GrabFood in the Philippines, the app currently has 4,000 merchants in its platform (multiple branches of restaurants included). The system works by opening the Grab app and asking a rider to order food for you and have the food delivered to your doorstep, with a fee included in the bill. The system is only available until about 9 p.m., said Brian P. Cu, Grab Philippines country head, because “Right now, we’re still working under the hours of the restaurants. But as we add more riders and add more establishments which have extended hours, we [can] also extend the time.” Payment is still on a cash basis, but he said they are working on introducing GrabPay (cashless transactions on the app) as well as other cashless options.
While the Land Transportation Franchising and Regulatory Board, the regulatory body for transport network companies (TNCs) like Grab, has set a 65,000 cap for vehicles allowed to move around Metro Manila., according to Mr. Cu, this does not affect the status of GrabFood. “Right now, we don’t have a cap on [motorcycle] riders. The cap’s on four wheels. We’re adding more riders everyday.”
Mr. Cu said, “Because we are a bit behind on our transport due to the government regulations, then it’s up to us to find other avenues of growth. GrabFood’s one of them.”
Several other Grab services are available in other markets, which have not yet been rolled out in the Philippines including GrabFamily (cars with child-safe car seats) and GrabFresh (a system for grocery shopping). “It would take a bit of time for us to roll that out here as we have to still be able to manage the supply that we have,” said Mr. Cu.
While it serves as a boon for consumers, GrabFood also provides an avenue for entrepreneurs. During the launch of GrabFood, they awarded their top 10 restaurant partners, which included Gong Cha, Frankie’s, Wing Vibe, 24 Chicken, Uncle Moe’s, Mister Kebab, Rufo’s, Hot Star, Empanada Nation, and Yoshinoya. While most of these have brick and mortar stores, some of them, only have facilities for delivery. “What we enable entrepreneurs to do is to bring their top dishes out into the market without having to run a restaurant,” said Mr. Cu. — Joseph L. Garcia

US companies team up with hospitals to reduce maternity costs

NEW YORK — General Electric Co and other large companies are trying to chip away at rising childbirth costs for U.S. employees, working directly with hospitals to reduce cesarean sections and related complications.
The efforts are in very early stages, with few details on their impact outside of cost savings of a few million dollars so far. But they illustrate yet another path companies are taking to bring down U.S. medical costs by working with doctors and hospitals to set health goals.
GE’s maternity strategy is designed to steer its employees to hospitals that are believed to provide better care and less likely to recommend unnecessary and costly interventions, company officials told Reuters.
U.S. employer spending on maternity care rose 50 percent in the last decade, fueled by a jump in C-section rates despite years of efforts to curb the practice, according to research firm Truven Health Analytics.
“Maternity is one of the main drivers of high cost claims,” for employers, said Ellen Kelsay, chief strategy officer at the National Business Group on Health. Avoiding unnecessary C-sections and minimizing complications “decreases turnover in the workforce following the birth of a child,” she said.
General Motors Co said it has included maternity goals, including reducing C-sections, in a new contract with a Detroit-area hospital. Dow Chemical demanded explanations from hospitals that care for its employees when its C-section rate hit 44 percent several years ago. Now part of the merged company DowDuPont Inc, it is working on new payment agreements with doctors and administrators.
“We went to them and said how do you explain this?” said Steve Morgenstern, Dow Chemical’s North American Health and Insurance Plan Leader, who called the rate “unacceptable.”
GE launched its Maternity Care Select Program in Cincinnati, Ohio, home to its aviation business, where nearly 300 babies are born to employee families every year.
Local hospital system TriHealth agreed to a single “bundled” payment rate to care for low and moderate-risk mothers from the start of pregnancy until 90 days after the baby is born, rather than charge for each visit and delivery separately. That typically removes the financial upside for C-sections, which cost nearly 60 percent more, on average, than a regular delivery.
Adam Malinoski, GE’s manager of health services, said none of the company’s health insurers offered bundled payments on maternity care when it designed its program, so it decided to work directly with providers.
GE pays the out-of-pocket costs for women who enroll, saving them up to several thousand dollars. TriHealth and GE would not disclose the bundled payment rates or how they compare with other hospital rates.
New deliveries under GE’s program began in 2016, when only 78 pregnant women enrolled. In 2017, 136 women enrolled, TriHealth told Reuters. C-section rates for first-time, low-risk deliveries, which represent a small group within the program, dropped to about 6 percent in 2017 from 24 percent in 2016. That comes in well below the U.S. rate of 26 percent for low-risk births.
TriHealth would not disclose the C-section rate for the total group.
GE expanded the program to hospitals in Wisconsin, South Carolina and Massachusetts in 2017 and announced a fifth location in New York in August, but says it is too early to provide data for other locations.
GE executives said the program so far has saved the company nearly $2 million because of lower negotiated fees for maternity care. It represents a fraction of its spending on the 113,000 employees and family members enrolled in the GE health insurance plan, but a step in the right direction, they added.
The rise of C-sections has been fueled in part by fears about malpractice litigation, as well as expecting mothers with health issues or who are older, which raise the risk of complications.
Hospitals say that makes them reluctant to set maternity goals. The Stanford Health Care medical system works directly with employers on health targets, such as diabetes care, but has so far refused to set specific goals on C-sections.
In such higher risk cases, “it’s entirely appropriate and (there’s) no way to determine upfront” who will need a cesarean, said John Jackson, who handles corporate health partnerships at Stanford Health Care.
Suzanne Delbanco, executive director of the nonprofit Catalyst for Payment Reform, has worked with large employers seeking to reduce C-section rates. But some companies “are still leery about wading in too much,” she said. “They don’t want to alienate people, they don’t want to be accused of being Big Brother.”
GM is taking its own shot at lowering costs and improving care with a new health program, announced in August, that was created directly with Henry Ford Health System in Michigan . Three of the program’s 19 health metrics involve maternity care such as lowering C-section rates, the company told Reuters.
The automaker’s total C-section rates vary widely, from about 40 percent in the Dallas/Fort Worth area to 30 percent or lower in Detroit.
“We were shocked,” said Sheila Savageau, U.S. health care leader for GM. “We have to change the system.” — Reuters

China Bank posts lower income at end-Sept. as revenues drop

CHINA BANKING Corp. (China Bank) saw its net income slip as of end-September, bogged down by lower non-interest revenues despite higher loans booked during the period.
In a disclosure, the Sy-owned bank reported a P5.56-billion bottom line for the first nine months, 2.1% lower than the P5.68 billion net profit during the comparable period in 2017.
China Bank saw its consolidated operating income pick up to P20.72 billion, up by eight percent year-on-year as core businesses continued to grow.
This was driven by a 16% increase in loans, which reached P507.83 billion as of September. In particular, loans granted to the retail segment surged at a faster 19% climb.
Earnings from loans and investments also pushed China Bank’s net interest income by a fifth to hit P17.08 billion. Year-to-date net interest margin likewise improved to 3.17%, which came at a time of rising interest rates.
Despite brisker lending activity, the bank saw a lower share of problem loans at just 1.23% of its portfolio compared to a 1.76% share a year ago.
On the other hand, non-interest revenues dropped by 26% to settle at P3.64 billion. These cover service fees and commissions, as well as trading and one-off gains.
Gross profits were partly offset by operating costs, which amounted to P13.11 billion.
Still, bank assets expanded to P816.2 billion led by a 20% increase in deposits. More than half of China Bank’s P691.66 billion deposit base came from low-cost accounts, which grew at a faster 29% pace, the lender said in the disclosure.
China Bank said it has enough buffers against a funding crunch, with a total capital adequacy ratio of 13.02%, high-quality tier 1 capital at 12.29%, and loan loss coverage at 121%.
China Bank is the seventh-biggest lender in the Philippines as of June, according to the Bangko Sentral ng Pilipinas. The bank, together with its thrift banking unit China Bank Savings, runs 616 branches and 949 automated teller machines nationwide.
The lender recently teamed up with the International Finance Corp. to float up to $150 million worth of green bonds, which will fund environment-friendly projects.
Shares in China Bank closed at P28 each on Thursday, up 15 centavos or 0.54%. — Melissa Luz T. Lopez

Wilcon earnings jump 24% in 9 months

EARNINGS of Wilcon Depot, Inc. rose by 24% in the first nine months of 2018, lifted by its store expansion complemented by strong same-store sales.
In a statement issued Thursday, the listed firm booked a net income of P1.39 billion from January to September, following a 17.9% uptick in net sales to P15.36 billion.
Net income reached P475 million during the third quarter alone, after a 17.8% increase at the top line to P5.36 billion.
The company opened seven new Wilcon branches and two home essential stores in the first nine months of the year, contributing P521 million in net sales for the quarter. Meanwhile, same-store sales growth stood at 8.6% from July to September.
It plans to open four more depots in the fourth quarter, for a total of 51 stores this year.
“Because of the continued healthy sales growth in the third quarter and anticipating the continued contribution of newly opened stores in the fourth quarter, Wilcon is looking to exceed its mid-teens 2018 net income growth target despite the expected continuing inflationary cost pressures,” Wilcon Chief Finance Officer Mark Andrew Y. Belo said in a statement. — Arra B. Francia

MRC Allied to build solar PV system for milling plants

MRC ALLIED, Inc. said on Wednesday that it had executed a memorandum of agreement (MoA) to build a solar photovoltaic rooftop system for two rice milling plants with a capacity of at least 550 kilowatt-peak (kWp).
The company did not disclose the other parties to the deal except to say that the development, design, construction and installation of the solar energy systems are for milling plants in northern Luzon.
Under the MoA, the company will be the project developer and owner of the solar facility, while a “private entity” that owns and operates the milling plants will be the off-taker of the produced power.
MRC Allied said the total investment cost for the project is estimated at P34 million. It said the MoA would become effective upon the issuance of the acceptance certificate by the power off-taker to the listed company “after successful completion of actual performance testing and interconnection.”
The cooperation period of the parties under the MoA will be for 20 years from the issuance of the certificate.
MRC Allied described the signing of the memorandum as “a significant milestone” for the company, and will kick off its pilot project in its current solar photovoltaic pipeline. The company aims to develop at least 4 megawatts of solar energy projects within the pilot project area, it added.
The MoA comes after the company last month announced a reorganization that consolidates under MRC Allied all its assets and portfolio while its operating subsidiaries will be implementing the projects.
As part of the reorganization, it announced the appointment of Augusto M. Cosio, Jr. as president and chief executive officer and the resignation of Gladys N. Nalda in those positions. The moves were unanimously approved by the board.
Ms. Nalda also resigned from MRC Allied’s board of directors, while Mr. Cosio was named as a new member. Both actions will take effect on Oct. 16, 2018. The new composition of the board committees are also to take effect on that date.
“The Company will continue to pursue renewable energy projects thru Menlo Renewable Energy Corp. (MREN) and Ms. Nalda will be appointed as its new President & CEO,” MRC Allied had said. — Victor V. Saulon