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Luxury condo offers ‘best’ views of Pico de Loro Cove

FREIA, the latest residential condominium to be launched at Hamilo Coast in Nasugbu, Batangas, offers the “best, most prime views” of Pico de Loro Cove.
With its contemporary tropical architecture, Freia stands out from other developments in Pico de Loro.
“We actually planned this in such a way that we’ve gone through so much in terms of the planning stage, in terms of the layout, even the orientation of the building. The type of architecture for this one is what we call contemporary tropical architecture… It’s a type of architecture wherein the building adapts to the climate of the surroundings, even the landscaping. All in all, it’s very cohesive,” Jose Arlie C. Cruz, an architect and consultant from GF & Partners, said during a press conference last Nov. 16.
The luxury condominium does not block the other buildings in Pico de Loro, as it sits at the highest point of the mountain. The three mid-rise buildings of Freia were also designed at different elevations to align them with the mountain.
“We’ve also maximized the orientation… even the afternoon sun, it actually faces the shorter side, or the wall side. So, majority, the whole length faces the favorable winds,” Mr. Cruz said.
Freia is being developed by SM Prime, Inc.’s unit Costa del Hamilo, Inc. The groundbreaking for the project was held last Aug. 9. The three towers will offer 214 two-bedroom units which will all have balconies facing either the sea view of the West Philippine Sea or the mountain view of the Pico Mountains.
Unit sizes range from 67 square meters (sq.m.) to 146 sq.m., with prices starting at P10 million up to P30 million
Alexis Ortiga, senior assistant vice president for sales at Costa del Hamilo, said that the views are the main selling point of the condominium, noting it has “the best, the most prime views in Pico de Loro Cove.”
Freia’s three towers will have a total of nine penthouse units, which have three bedrooms each. Each bi-level penthouse will also have a 100-sq.m. open area wherein owners can hold gatherings. Penthouse units range from 300 sq.m. to 400 sq.m. with prices ranging from P40 million to P50 million.
As part of Hamilo Coast’s vision of building master-planned communities anchored on sustainable beach resort living, Freia will also use solar panels to power electricity in common areas and use ceiling-to-floor glass windows and doors “to maximize the view…”
“If the resident wants to avail of natural wind or natural breeze, they would just open the sliding glass doors,” Mr. Cruz explained.
A waste management system will also be implemented at Freia, with the goal of reducing the community’s carbon footprint.
Freia is the only condominium development within Pico de Loro Cove that will have its own resort-like amenities such as outdoor pools, a lounge deck, function rooms, and pocket gardens. The Pico de Loro beach is just a 500-meter walk from the condominium.
Unit owners will also get a lifetime membership to the adjacent Pico de Loro Beach and Country Club, giving them access to sports facilities, and other outdoor activities like mountain trekking, kayaking, cove boat tours, or bird watching.
Hamilo Coast is SM Group’s premier beach resort in Nasugbu, Batangas. It is approximately 90 minutes away from Manila via Cavitex and the new Ternate-Nasugbu road. — Vincent Mariel P. Galang

Benedict Cumberbatch gets dastardly in Grinch

By Angela Dawson, Front Row Features
HOLLYWOOD — After more than 50 years of stealing Christmas from the merry residents of Whoville, everyone’s favorite holiday party pooper is at it again in an all-new animated feature The Grinch.
Benedict Cumberbatch (Doctor Strange, Avengers: Infinity War) provides the voice of the green villain in this eighth fully animated feature from Illumination (makers of the Despicable Me movies) and Universal Pictures, in this latest iteration of Dr. Seuss’ beloved holiday story. The holiday comedy is directed by Scott Mosier and Yarrow Cheeney from an adapted screenplay by Michael LeSieur and Tommy Swerdlow.
The popular British actor spoke about getting into character as The Grinch, who lives on a secluded mountaintop high above the village of Whoville, where preparations are under way for the annual holiday celebration. The Grinch, whose sole companion atop Mt. Crumpet is his faithful dog Max, is literally green with envy over the unshakable happiness of the Whos. He plots to dress up as Santa Claus and steal their presents overnight on Christmas Eve. But when he discovers the next morning that they are still filled with the joy and spirit of Christmas, he has a change of heart. Previous iterations of the story by Theodor Geisel (a.k.a. Dr. Seuss) have appeared in a 1966 animated TV movie and a 2000 live-action feature film starring Jim Carrey.
Mr. Cumberbatch’s Grinch is slightly less mean and moviegoers are provided a backstory as to why he became so antisocial. He travels to Whoville to pick up some food for Max, and he isn’t as brutal with his pet as he plots to steal the Whos’ presents. He even manages to include a misfit reindeer in his dastardly plot to ruin Christmas. Mr. Cumberbatch leads an all-star voiceover cast that includes Rashida Jones, Keenan Thompson, Angela Lansbury and Pharrell Williams.
Q: What is your secret to providing the voice for the Grinch?
Cumberbatch: (I had to) find out who the character was and experiment with that a lot and push it around. That was kind of key for me. The writing is pretty blissful. They’re taking a lot from the book as well. That kind of jam, the poetry the riffing of rhyming couplets and the rhythm of that is important to different parts of the story to get who he is. There is a lot of backstory on him in this film so you know what motivates him. You have the usual actor questions about that I guess, even though he is a green fluffy guy who wants to steal Christmas and has a heart that is two sizes too small.
Q: What makes your Grinch different from previous Grinches?
Cumberbatch: A lot of things. One is the revelation that he was an orphan. The idea that he’s somebody who didn’t have family love and care and a home to return to and would naturally feel traumatized by seeing everyone else having that and question why he didn’t have or deserve that. It’s everything that makes him bitter. When he is offered love and forgiveness by Cindy Lou (voiced by Cameron Seely) and the Whos, that disappears. That makes him unique. You understand why he is the way he is but love it when he’s good again and his heart grows.
Q: What is your favorite Grinch character trait?
Cumberbatch: Emotional eating. I’m doing some of it today. I’m far from home and tired and hungry so I share that with the Grinch.
Q: Is there something positive about him?
Cumberbatch: I like that by the end of the film he figures out what the true value of Christmas is and life in general which is love and kindness, the things we need most.
Q: Do you personally love or dread the Christmas holidays?
Cumberbatch: I’m kind of in the middle. I’m not as high as a Who on it but not as grinchy as a Grinch. I don’t dread them, that’s for sure. I seem to put more pressure on myself to get them right than I need to. That’s sort of the materialistic thing creeping in ‘Got to get the presents. Got to get the right thing for the right person’ instead of remembering that people are grateful for you to be there. You have a good time with those you love.
Q: True. What scene was a lot of fun for you to voice?
Cumberbatch: A lot of them. The hunt for the reindeer, getting frozen as he climbs the mountain with Max. It was fun to get into that moment when the Grinch goes full psycho to steal the thing and the end as well, just playing that social misfit who has never experienced belonging before. This guy is out of his comfort zone and learning.
Q: What else makes this new version of the story different?
Cumberbatch: This version is very loyal to the book which is a very thin book but tiny phrases in the book are catapulted into massive set pieces. The amount of energy makes this a very special version of the story, the amount of visual invention, flair and freedom that the animation artists have and the message wraps up in a very wonderful, modern way. There is a lot of comedy and invention.
Q: Why do people like the Grinch so much?
Cumberbatch: I think people get a vicarious thrill out of how the Grinch behaves. How curmudgeonly he is, how the over magnified and overproduced elements of Christmas can be just too much. Also, he’s funny. That will be memorable about this Grinch. He’s very witty and self-aware. There is also a very strong, beating heart to this.

Energy Development Corp. to be delisted on Nov. 29

LOPEZ-LED Energy Development Corp. (EDC) will officially be removed from the Philippine Stock Exchange (PSE) on Thursday, Nov. 29.
In a notice posted late Friday, the PSE said its board of directors has approved EDC’s petition for voluntary delisting.
Prior to the approval, EDC had bought back 2.01 billion common shares at P7.25 each from the public during its tender offer of up to 2.04 billion common shares. This represents about 10.72% of the company’s outstanding voting shares.
The tendered shares were then crossed from the PSE on Nov. 5. With this, only around 0.16% of EDC’s outstanding common shares are held by the public.
EDC first announced its intention to delist from the local bourse in September 2017, as it pursued a corporate strategy that would “require greater flexibility” to support the company’s long-term growth.
Incorporated in 1976, EDC has grown to be the country’s largest renewable energy producer, holding 1,472 megawatts (MW) of capacity from a combination of hydro, solar, and wind power plants. It also has almost 1,200-MW from geothermal energy sources.
The company generated a net income attributable to the parent of P6.07 billion in the first nine months of 2018, 2% higher year-on-year as gross revenues rose 13% to P27.75 billion. — Arra B. Francia

UnionBank raises P10.5 billion from maiden offer of peso bonds

UNIONBANK of the Philippines has priced its peso-denominated bond offer worth P10.5 billion, which will support its expansion plans.
In a statement to the local bourse on Monday, the Aboitiz-led UnionBank said it has more than doubled the issue size of its maiden peso bond issue to P10.5 billion from the originally announced P5 billion.
The two-year debt notes carry a coupon rate of 7.061% per annum to be paid quarterly.
The offer received “overwhelming” investor demand as the issue size was already over twice covered. This prompted UnionBank to shorten the public offer period almost a week earlier than expected.
The fixed-rate bonds were priced at 30 basis points (bp) over the two-year [PHP Bloomberg Valuation Service] government benchmark rates quoted on Nov. 21.
The rate is at the lowest end of the lender’s indicative guidance of 30-50 bps communicated during the bank’s road show in Manila, Cebu and Davao earlier this month.
The bonds will be issued and listed on the Philippine Dealing & Exchange Corp. on Dec. 7.
The offering marks the first tranche of the bank’s P20-billion bond and commercial paper program approved by UnionBank’s board last Aug. 31.
Jose Emmanuel U. Hilado, UnionBank Chief Financial Officer, said the lender is encouraged by the results of its maiden local currency bond issuance.
“The proceeds of the bonds will help support our strategic business expansion plans, while providing a new shorter dated investment instrument to our institutional and retail clients,” Mr. Hilado was quoted as saying in the statement.
HSBC and Standard Chartered Bank served as the joint lead arrangers and bookrunners of the transaction. The lenders were also the selling agents alongside UnionBank.
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.
Metropolitan Bank & Trust Co. is looking to raise an additional P5 billion through another tranche of note offering after it raised P10 billion via fixed-rate bonds, part of its P100-billion program announced last month.
Bank of the Philippine Islands also raised P25 billion through peso-denominated papers, marking the first tranche of its P50-billion program.
UnionBank booked a P6.1-billion net profit in the first nine months, lower than the P6.4 billion tallied a year ago, due to increasing interest rates and its inability to issue credit for teachers.
Shares in UnionBank closed unchanged at P 65.90 apiece yesterday. — Karl Angelo N. Vidal

Amaia Land expands in Bulacan

AMAIA LAND Corp., a unit of Ayala Land Inc., is developing quality but affordable condominiums in the greater Metro Manila area, such as Amaia Steps Altaraza in San Jose Del Monte, Bulacan.
Located on Quirino Avenue corner Governor F. Halili Avenue in Brgy. Tungkong Mangga, Amaia Steps Altaraza is the company’s first affordable mid-rise condo in the 55-hectare township Altaraza Town Center.
“With Ayala Land’s expertise in building communities, Altaraza Town Center is projected to be the next growth complex in northeastern Manila,” the company said.
Amaia Steps Altaraza is located near shopping malls such as SM City San Jose del Monte and The District by Ayala Malls, supermarkets Waltermart and Puregold Tungko; educational institutions like STI College, Colegio de San Agustin, and APEC Schools; and transport hubs like the Metro Rail Transit Line 7, which is currently under construction.
Among the amenities at Amaia Steps Altaraza are a swimming pool, landscaped areas, a children’s play area and a clubhouse.

Animals, food, cars, and more at Discovery Festival

THE Discovery Festival returns to BGC’s Bonifacio High Street on Dec. 8.
Last year’s festival attracted some 100,000 visitors. This year, fans can “certainly look forward to a freshly curated concept” says a press release on the event, as “there will be more brands, more excitement, and so much more to love… showcasing our expanded portfolio — from food, travel, lifestyle, culture to adventure.”
Among the participating celebrities from Animal Planet, TLC, and Asian Food Channel will be are Animal Planet’s Amanda Giese, who will talk on how she rehabilitates and rehomes animals in Amanda To The Rescue. In connection with this, visitors can adopt a pet at the adoption booth done in partnership with PAWS.
TLC star Whitney Thore will hold a dance workout in celebration of female body positivity and self-love; and there will be a cook-off between mother-and-son pair Sherson and Ann Lian, and Anton Amoncio from the Asian Food Channel.
Janet Hsieh returns to team up with gourmet personality Sarah Huang Benjamin to whip up a salted egg dish together on stage.
Discovery Channel will set up the Gas Monkey Garage featuring a line-up of classic vintage cars
Visitors can get a henna tattoo on their arm — but the design is the artist’s choice.
Pet can get a complimentary massage and check-up by a veterinarian at the Animal Planet booth
There will be workshops on latte art and watercolor Christmas card making at the TLC Zone.
HGTV will hold an artisanal Home Bazaar which will include a Christmas wreath workshop.
The Asian Food Channel will be behind a number of food booths.
Admission is free. Details on the event are available on http://www.discoveryfestival.net/.

China among bright spots as Asia outlook darkens, Goldman says

CHINESE stocks should outperform in Asia as a dimming economic outlook forces Beijing to take more aggressive measures to boost growth, according to Goldman Sachs Group, Inc.
While Asian equities have overshot to the downside this year, returns in 2019 will be “fairly subdued,” Goldman Sachs’ chief Asia-Pacific equity strategist Timothy Moe told reporters in Hong Kong. Any rebound in the region’s stocks next year will likely be moderate as estimates on corporate margins were “too optimistic,” Mr. Moe said.
Goldman recommends buying beaten-up Chinese A-shares on the expectation that policy easing measures will start to lift markets in the first or second quarter of next year.
“Given quite a challenging global macro and growth environment we expect policy to be quite supportive and China to ease policy more aggressively in 2019,” said Goldman’s China strategist Kinger Lau.
The bank upgraded its recommendation on the Philippines to overweight and lifted Australia, Thailand and Malaysia to market weight, while cutting Hong Kong, South Korea and Taiwan to underweight.
It expects US-China trade concerns to intensify further, but there’s a good chance of a “pause” in the tariff dispute, Mr. Moe said — Bloomberg

TLDC, Dusit sign management agreement for Dusit Princess hotel in Lipa City

LIPA CITY will soon have its first international hotel chain, when the Dusit Princess Lipa opens by 2021.
Torre Lorenzo Development Corporation (TLDC) and Dusit International signed the professional management agreement for the latter to manage the hotel in Lipa City.
Tomas P. Lorenzo, president and chief executive officer of TLDC, said the Dusit Princess Lipa will cater to the growing tourism market in Batangas.
“Batangas is no longer the province beside Laguna, or the province beside Cavite, or the province near Metro Manila. People really go there and they stay… to visit their relatives or for tourism purposes,” he said during an event at the Dusit Thani hotel in Makati City on Nov. 21.
Suphajee Suthumpun, group chief executive officer of Dusit International, said the project will be the first international brand hotel in the city of Lipa.
“The city of Lipa has so many new to offer… but what is still missing is a city hotel with international standard with all kinds of experience that we can offer,” Ms. Suthumpun told reporters.
Dusit Princess Lipa will have 152 rooms, as well as an all-day dining restaurant, a fully-equipped gym, swimming pool, and function rooms. The hotel is set to be completed by 2021.
“When you add the Filipino to the mix, it come out with a very winning formula because, especially Batangas where people are not used to an international brand hotel opening in their backyard. They finally get what they deserve, which is an upgrade to the standard of hotels of leisure and travel to Batangas province. For them to experience it on their own province, it will really be a game-changer,” Mr. Lorenzo said.
According to the company’s website, the Dusit Princess brand caters to the “no-nonsense traveller who appreciates value and practicality.”
The Dusit Princess Lipa is located within a complex that will also host two residential condominiums.
The first phase of Tierra Lorenzo Lipa will be completed by the first quarter of 2019. Homeowners can also enjoy the hotel amenities.
“We started with our premium university residences, and today, we have really branched out into other kinds of developments including the condominiums in provinces and also we’re now in the leisure market. That’s why our partnership with Dusit has proven to be very timely, especially with growth of Philippine tourism industry Right now, Dusit is the fastest growing hotel brand in the Philippines… We’re really looking for a brand that Filipinos recognize for quality and service, of course,” Mr. Lorenzo explained.
TLDC has previously tapped Dusit Thani for the Dusit Thani Residence Davao and dusitD2 Hotel in Davao in 2014.
The Lipa project marks Dusit Thani’s twelfth project in the Philippines. In total, the company has four brands namely Dusit Thani, dusitD2, Dusit Princess and Dusit Devarana.
On the other hand, TLDC is a real estate developer that pioneered the concept of Premium University Residences. Currently, they have Torre Central in Sampaloc, Manila, 3Torre Lorenzo in Malate, Manila, Torre Sur in Las Piñas, and 2Torre Lorenzo in Taft, Manila to name a few. — V.M.P.Galang

Universal, commercial banks’ NPLs rise in September

SOURED DEBTS held by big banks rose further in September, but its share in their total loans remained modest despite bigger credit lines extended during the period, latest central bank data showed.
Non-performing loans (NPLs) held by universal and commercial banks grew to P112.762 billion as of end-September, up by seven percent from the P105.36 billion problem loans held as of September 2017.
However, the amount declined from P112.936 billion in bad loans held as of August, according to the Bangko Sentral ng Pilipinas (BSP).
NPLs refer to loans left unpaid least 30 days past due date. These are considered as risky assets given a slim chance for borrowers to actually pay for their outstanding balances, which would mean losses for lenders.
Past due loans, which cover all types of loans which missed the payment deadline, surged faster by 28% to hit P159.479 billion. However, restructured debts — or those which were enrolled for a longer repayment period — slipped by 12.5% to P31.151 billion as of September.
The climb in bad debts is modest compared to the 16.5% increase in total lending. Outstanding loans granted by banks reached P8.659 trillion, compared to the P7.436 trillion loan portfolio a year ago.
Still, the share of NPLs in banks’ total loans dropped to 1.3% from 1.42% in September 2017.
Lenders also hiked the allowance they set aside for potential credit losses to P155.904 billion, 8.7% higher than the P143.486 billion of loan loss reserves a year ago.
On the other hand, non-performing assets held by banks was steady at P69.793 billion, representing the value of properties seized from non-paying clients. Lenders can recover the loan principal by forfeiting assets which were posted as collateral from defaulting borrowers.
Banks also saw a sustained rise in total assets in September. Deposits rose by a tenth to hit P11.265 trillion, according to BSP data.
Big banks also enjoyed bigger profits so far this year, as they reported a cumulative net income of P116.074 billion for the first nine months, 9.2% higher than the P106.26 billion which they booked during the comparable year-ago period. — Melissa Luz T. Lopez

How PSEi member stocks performed — November 26, 2018

Here’s a quick glance at how PSEi stocks fared on Monday, November 26, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — November 26, 2018

House hearing bills on P40-P60 per pack increase in cigarette tax

THE HOUSE WAYS and Means Committee on Monday continued deliberations of the bills raising excise taxes on tobacco products to P40 to P60 per pack from P35, which is intended to fund Universal Health Care (UHC).
“We support this important reform to raise tobacco excise taxes so we can do two things: number one, fund the Universal Health Care (act), which is an important upcoming law, which remains underfunded; and second, to prevent the youth and the poor from wasting their lives in the future,” Finance Undersecretary Karl Kendrick T. Chua told the panel.
The Committee was tackling House Bills 4575 and 6648, written by Albay 2nd district Rep. Jose Maria Clemente S. Salceda and Quezon 4th district Rep. Angelina D.L. Tan, M.D., respectively.
House Bill 4575 proposed to increase excise tax to P40 to 60 within five years of implementation and a 5% annual increase thereafter; while House Bill 6648, which embodies the DoF proposal, proposed to increase it to P60 with an annual increase of 9%.
Mr. Salceda’s version calls for 80% of the incremental revenue to be earmarked for the UHC and 20% to provide assistance to farmers.
Ms. Tan proposed to allocate 75% of the revenue for the UHC; with the remaining 25% to be divided between a government program to eliminate tuberculosis, which is to receive 10%; another program to prevent and control HIV/AIDS, receiving 10%; and a third program of health promotion, receiving 5%.
Stakeholders, meanwhile, asked the panel as well as the Finance and Health Departments to reconsider the additional excise taxes on tobacco products, taking into account that enactment of the Tax Reform for Acceleration and Inclusion (TRAIN) Law, which imposed higher taxes on tobacco products.
“The PMFTC (Phillip Morris Fortune Tobacco Corp. Inc.) supports the retention of the current excise tax rates which were passed only last December 2017. We believe before new proposals increasing excise tax rates are entertained the government must give an opportunity to first review the implementation of the existing rates,” Patrick Muttart of PMFTC told the panel.
“We believe that such a review would show an additional increase in excise rates at this time would create a challenge that would have a profound impact on the entire tobacco value chain,” he added.
Universal Leaf Philippines Inc. President Wynston P. Uy said: “I think it’s only fair that the government collects properly from the tobacco but… (we’re) forgetting other sin products that also do have harm to society.” — Charmaine A. Tadalan

NFA expected to survive under rice tariffication regime as keeper of buffer stock

SENATOR Cynthia A. Villar, chair of the committee on food and agriculture, said on Monday that the National Food Authority (NFA) will not be abolished with the implementation of the rice tariffication bill.
Ms. Villar said that only the regulatory and importation functions of the NFA will be removed, but the agency will remain, to solely focus on buffer-stocking with its inventory acquired from domestic farmers.
“There is no provision in the rice tariffication on the abolition of the NFA. We think it will limit its role to buffer-stocking, buying from the local farmers, but no abolition,” Ms. Villar told reporters after the Senate budget hearing for NFA on Monday.
“We want to keep the buffer-stocking except that now the NFA is required to buy it from local farmers, not importing,” Ms. Villar said.
According to Ms. Villar, the budget for the NFA should be pegged at around P7 billion, strictly for the maintenance of a buffer stock to stabilize the rice supply and allow it to sell subsidized rice to the poor and to release emergency supplies during periods of calamity.
Ms. Villar added that with the NFA committed to buying domestic rice at P17 per kilo, with an additional P3 incentive, the price of NFA rice might be P33 per kilo, a level seen sufficient to achieve break-even.
“If it is purchased at P17, the break-even price is P30. If it is purchased at P20, the break-even is P33,” Ms. Villar said.
Ms. Villar said that the senate committee will discuss in plenary session on Monday, Dec. 3, the NFA budget for 2019.
“We go plenary on Monday… There is a prediction that the budget will be re-enacted for one month. I don’t think we can finish the budget from Dec. 3 to Dec. 12, two weeks. I think we’ll finish sometime in January so that means the budget will be re-enacted for one month and then we pass the 2019 budget in January,” Ms. Villar said.
The rice tariffication bill is due for submission to President Rodrigo R. Duterte for enactment into law.
“We will forward it to the President as soon as we ratify the bicameral report,” Ms. Villar said.
The bicameral conference committee approved last week the rice tariffication bill which aims to lift quantitative restrictions on importation of rice, and impose a tariff on importers, to be used for the rice competitiveness enhancement fund. — Reicelene Joy N. Ignacio

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