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PHL shares return to 7300 level

By Arra B. Francia, Reporter
SHARES ended the week on a positive note, with foreign investors returning to the local bourse as US markets were closed for the Thanksgiving holiday.
The benchmark Philippine Stock Exchange index found itself back to the 7,300 level on Friday, after advancing 0.99% or 71.80 points to close at 7,340.18. The broader all shares index likewise gained 0.78% or 33.95 points to 4,409.23.
“Investors took advantage of minimal developments from the US to buy up the index constituents and end the week on a rather positive note. This was despite rather slow news from other markets,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message.
Financial markets were closed in the United States for the Thanksgiving holiday.
Asian indices ended mixed, weighed down by the trade war between the US and China. Chinese officials said on Friday that mutual respect will be key when US President Donald J. Trump and Chinese President Xi Jinping meet at the G20 Summit in Argentina, adding that they look forward to the meeting “being held smoothly.”
Meanwhile, P2P Trade Online Sales Associate Gabriel Jose F. Perez attributed the stock market’s positive performance to higher net foreign selling figure of P9.48 billion, including the P9-billion block sale in Robinsons Retail Holdings, Inc. (RRHI).
The block sale in RRHI was due to the completion of its P18-billion share swap transaction to acquire 100% of Rustan Supercenters, Inc from Mulgrave Corporation B.V. (MCBV). MCBV is a wholly-owned unit of Dairy Farm International Holdings, Ltd. Group of Companies.
The acquisition is in line with RRHI’s plan to partner with Dairy Farm to establish a food retail business.
Without RRHI’s block sale, net foreign inflows would have stood at P437 million, according to Mr. Perez, still higher than the previous session’s P224.06 million net purchases.
“With the index’s strong close today, it’s effectively broken out of its recent sideways channel,” Mr. Perez said in an email.
All sectoral indices moved to green territory locally, with the property counter logging the most gains at 2.36% or 82.25 points to 3,574.16. Mining and oil surged 1.83% or 150.68 points to 8,372.96, followed by financials which rose 1.75% or 29.91 points to 1,739.19. Industrial climbed 0.62% or 66.88 points to 10,783.64; services went up 0.45% or 6.19 points to 1,398.47; while holding firms added 0.008% or 0.57 points to 7,149.59.
Some 920.71 million issues switched hands valued at P14.77 billion, swelling from the previous session’s P5.4 billion.
Advancers trumped decliners, 108 to 74, while 46 names remained unchanged.

From the Front Page: Local economy back on track to lead region

With inflation finally easing, the Philippines remains on track to maintain its lead as one of the fastest-growing economies in the region, a new report from Moody’s Analytics finds. Provided that overheating risks are contained, the nation’s gross domestic product is projected to grow at a strong 6 to 7 percent in the coming years.
The banking sector is also projected to remain “stable” over the coming year, with an ample capital base and strong loan growth. Despite shifting economic environments over the years, the industry has maintained a “stable” outlook from Moody’s Investors Service since 2015.
The Philippines ranked fourth among 55 nations in terms of financial inclusion, leading Asia and trailing only three other countries in the world. The 2018 Global Microscope of the Economist Intelligence Unit (EIU) cited recent BSP reforms that have allowed non-banks to offer more financial services, opening up more avenues for money transfers and payments.
Meanwhile, the House of Representatives approved a general tax amnesty act designed to expand the country’s tax base by bringing more tax delinquents into the fold. This is expected to add P114.8 billion in revenues to the nation’s coffers. The House Ways and Means Committee also approved a tax reform proposal to raise the excise tax of various alcohol products.
The Philippines returns to the renminbi-denominated Chinese debt market with the signing of a memorandum of understanding on “panda” bond issuance by Finance Secretary Carlos G. Dominguez III and Bank of China (BoC) chairman Chen Siqing. This was among the 29 agreements signed during the first day of China President Xi Jinping’s two-day state visit to Manila on Tuesday.

L’Oréal Philippines relaunches grant for Filipino women in science

This November, L’Oréal Philippines and UNESCO once again opens nominations for its For Women in Science program to PhD holders among the Filipino women researcher and scientist communities. Nominations will be accepted this month up until the end of March 2019. A grant of P400,000 will be given to the National Fellow to be awarded on June 2019.
Established in 1998, FWIS aims to support and recognize women researchers who have dedicated their work in finding solutions to the some of the world’s most pressing challenges, as well as encourage young women to take the first step in changing the world through their exceptional ability in the field of science and technology.
“We want to ensure that research in every field takes full advantage of the intelligence, creativity, and passion of women,” said Carmel Valencia, L’Oréal Philippines’ corporate communications manager. “Our fundamental belief is that the world needs science and science needs women, because women in science have the power to change the world.”
Over the last 20 years, the program:

  • granted fellowships to 3,022 talented young women to pursue research projects
  • honored 102 laureates, including three eventual Nobel Prize winners
  • established 53 national and regional fellowships in 117 countries
  • partnered with over 50 scientific institutions and 400 scientists worldwide

L’Oréal Philippines celebrated the return of the program in the country last June 5 through the awarding of the newest FWIS National Fellow for the Philippines: chemical oceanographer Dr. Charissa Ferrera. Her work focuses on educating and advocating for water quality improvement and more sustainable practices in the waters of Anda and Bolinao. Five months after winning the program, Ferrera continues to work alongside science communicators, social scientists, and local government units to improve the fisherfolks’ environment and their livelihood.
“The program provided me with a truly great opportunity to take my research, apply it in communities where it will be most useful in, and create social impact – something that I have always strived to do as a scientist,” Ferrera said. “It was also a chance to raise awareness and inspire more individuals to pursue careers in science.”
L’Oréal Philippines and UNESCO both believe that continuing the conversation and shedding light on roadblocks for women in this field are essential to truly move the needle towards closing the gender gap in the sciences.
“In 2018, we embarked on this journey with L’Oréal Philippines to provide Filipino women researchers and scientists a platform to overcome the challenges they face in the field,” said Prof. Shahbaz Khan, director and representative of UNESCO Jakarta. “In 2019, we want to continue the journey and include more stakeholders in the conversation to be able to inspire development and purposive action towards enabling women to be leaders in science.”

Fitch Solutions: Duterte’s pivot has risks

MANILA’s warming ties with Beijing will likely yield economic benefits “in the near term,” but risks lurk behind such pivot especially if executed to the exclusion of the Philippines’ traditional economic partners in the West, Fitch Solutions said in a Nov. 21 note e-mailed to journalists on Thursday.
“We at Fitch Solutions expect bilateral ties and economic cooperation between China and the Philippines to deepen further over the coming years,” the note read, citing the government’s P8-trillion “Build, Build, Build” infrastructure development program as well as export of goods and services as China shifts towards a consumption-driven economy as sources of benefits for the Philippines.
President Rodrigo R. Duterte touted his “separation” from Washington in a speech during his visit to Beijing in October 2016 and has railed against the European Union for its criticism of his bloody war on the narcotics trade.
His administration has refused to remind China of the Philippines’ July 2016 legal victory in The Hague, involving an arbitration ruling that invalidated Beijing’s vaguely defined “nine-dash line” used to back up its claim to much of the South China Sea.
Administration critics have said that the Philippines has since been short-changed for its conciliatory approach to China.
Among others, while Mr. Duterte in October 2016 received from China pledges for some $24 billion in investments and $9 billion worth of official development assistance, only a small percentage of these pledges has so far materialized nearly halfway through the president’s six-year term that ends in mid-2022.
Loan agreements which the Duterte government has so far signed with China include $62.09 million for the Chico River Pump Irrigation Project in northern Luzon and $232.5 million for the New Centennial Water Source Kaliwa Dam Project in Rizal which is designed to add to Metro Manila’s water supply.
Chinese President Xi Jinping’s Nov. 20-21 state visit to the Philippines seemed designed to make up for the slow progress in these pledges, as it was highlighted by the signing of 29 bilateral deals — most of which turned out to be in broad strokes.
“… [T]here is little to show for the Philippines’ conciliatory approach as out of 38 Philippine projects earmarked for Chinese involvement two years ago, only four were among the commitments made on Nov. 20,” Fitch noted.
It went further by warning of dangers ahead should the Philippines become overdependent on China.
“… [W]e caution that while Beijing’s economic largesse would be supportive of the Philippines’ economic growth in the near term, the Chinese economy is also struggling to sustain its growth momentum amid rising trade tensions with the US,” Fitch Solutions said further.
“A pivot towards Beijing at the expense of a relationship with the West poses downside risks to growth sustainability in the event that Chinese financing dries up,” it warned.
“In addition, a flare-up of tensions between both sides would damage economic cooperation and could see China pull out of infrastructure investments in the Philippines.”
In a separate Nov. 21 note, Fitch Solutions described the selection on Nov. 20 of a consortium formed by China Telecom, Dennis A. Uy’s Udenna Corp. and Chelsea Logistics Holdings Corp., as well as franchise holder Mindanao Islamic Telephone Company, Inc. (Mislatel) as the Philippines third major telecommunications service provider as “a clear sign of Duterte’s warming posture towards China.”
“The selection of China Telecom, which follows the almost immediate disqualification of the other two bidders, hints at the government’s bias towards Chinese involvement in the telecoms sector and is a clear sign of Duterte’s warming posture towards China,” Fitch Solutions said.
Mr. Duterte in December last year ordered state telecommunication authorities to speed up the entry of China Telecom to challenge incumbents PLDT, Inc. and Globe Telecom, Inc.
The Mislatel consortium won after its only two contenders were disqualified — Philippine Telegraph and Telephone Corp., over lack of proof for technical capability; and Sear Telecommunications, Inc., over the lack of a participation security worth P700 million.
But while “China Telecom would have been, from a technical perspective, the most feasible” choice as third major telecommunications provider “as the state-owned telco has the experience, scale and financial capability needed to disrupt the Philippines telecoms sector that is otherwise lacking in other contenders”, Fitch Solutions said the new industry player faces daunting barriers to entry.
“The lack of existing fiber assets gives the new telco an uphill task in a market that has maneuvered for years to keep new entrants out and has continuously undermined the supervisory power of the telecoms regulator,” the note read, adding that “it will have to offer very competitive pricing to grasp market share.” — E. J. C. Tubayan and D. A. Valdez

Philippines, Japan line up more projects for funding

MORE INFRASTRUCTURE projects funded by Japan advanced further in the pipeline after top economic officials from the Philippines and Japan exchanged notes during their meeting late Wednesday, while also identifying new prospects.
Philippine and Japanese officials held the 6th meeting of the Philippines-Japan High-Level Joint Committee on Infrastructure Development and Economic Cooperation in Manila on Wednesday evening where both sides signed and exchanged notes for a ¥37.905-billion, or $336.24 million, loan for the Pasig-Marikina River Channel Improvement Project Phase IV and another ¥167.199 billion, or $1.413 billion, for the first tranche of the North-South Commuter Railway (NSCR) Extension Project.
The Pasig-Marikina River Channel Improvement Project involves upgrading works along the stretch of the Upper Marikina River — from downstream of the Manggahan Floodway to the Marikina Bridge — as well as construction of the Marikina Control Gate Structure.
The 109-kilometer NSCR Extension Project, meanwhile, will extend the Malolos, Bulacan-Tutuban, Manila railway to Clark International Airport in the north and to Calamba, Laguna in the south. The system will have 58 eight-car trains, seven of which will be airport express trains, and a double-tracked elevated railway that will connect with other lines in Metro Manila.
The exchange of notes is done before the signing of loan agreements.
Manila and Tokyo also signed and exchanged bilateral documents for a Contract of General Consulting Service for the Metro Manila Subway Project Phase I between the Department of Transportation (DoTr) and a consortium of six Japanese firms and OC Global; and the joint venture agreement among the Bases Conversion and Development Authority (BCDA), Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN), and Surbana Jurong for the New Clark City.
Both sides committed to open the first three stations of the Metro Manila Subway by May 2022, inclusion of the Ninoy Aquino International Airport line extension in the detailed engineering design of the project and establishment of the Philippine Railway Institute by 2021.
Finance Secretary Carlos G. Dominguez III said in a briefing after the meeting that technical working groups will meet regularly to “address challenges for the railway projects.”
“The Japanese side requested the Philippine government to expedite measures such as land acquisition and relocation of utilities.”
Both sides also discussed the possibility of more Japanese ODA financing for “road construction and expansion projects in northern Luzon and Metro Manila, flood management and drainage improvements, and various components of the New Clark City project.”
Loan agreements signed by Japan and the Philippines since the committee met in March last year include: P11 billion for the Mega Manila Subway; P18.76 billion for the Metro Rail Transit-Line 3 (MRT-3) Rehabilitation program, P2.10 billion for the New Bohol Airport Construction and Sustainable Environmental Protection Project Phase 2, and the P4 billion for the Arterial Road Bypass Phase 3 project.
“The Philippines is already at the verge of graduating to the level where we will not qualify anymore for ODA for some countries. Our income per capita is rising, so while we are still here, I think it is best for us to take advantage of the long tenors and the relatively low interest rates because after a few years we will no longer be qualified for that. We will be considered a middle-income country, therefore, we will have to pay higher interest rates. So it makes sense for as to have these projects funded now rather than later,” Mr. Dominguez said.
Aside from Japan, the Philippines has attracted financing support from China, South Korea, Australia, New Zealand, Spain, the United States, the European Union and Canada. — Elijah Joseph C. Tubayan

Forum notes lack of awareness of growing cybersecurity threats

THE GROWING USE of digital technology has not been matched by adequate awareness of attendant threats, according to speakers at BusinessWorld’s first Cybersecurity Forum held at the Dusit Thani Manila in Makati City on Thursday.
National Privacy Commission Chairman Raymund E. Liboro opened the forum with latest official data showing reported data breaches in the Philippines have grown more than threefold to 834 in the 10 months to October period from 221 in full-year 2017.
On Monday, Kaspersky Lab separately reported that the Philippines remained among the top 10 targets of online attacks last quarter, with the number of reported malware incidents jumping more than fourfold to 8.1 million from 1.8 million a year ago.
“The potential now of creating harm… security incidents on individuals is not an exclusive domain of nation states and governments (anymore). Dati ganun eh, kasi sila lang ang may [It used to be that way because they were the only ones that have the] capacity to process data. Now, each of us has the potential to do good with… the data that you process, but you also have the capacity now to harm,” Mr. Liboro said.
He noted that while data breaches could be the result of targeted attacks by cybercriminals, they could also result from system glitches or human error.
“Cybersecurity must take a whole new meaning for everyone, especially since personal data is involved,” Mr. Liboro said.
Genalyn B. Macalinao, policy lead of the Cybersecurity Bureau of the Department of Information and Communications Technology, shared Mr. Liboro’s observation. She said that while automation and digitization do bring big benefits to companies, especially in terms of savings from labor costs, people should remember that increased connectivity comes with risks. “While there is convenience in that… there’s also a risk that comes with it, because anything that’s connected is hackable, anything that’s connected poses a risk,” she said.
Ms. Macalinao noted the government is doing its part to improve data security safeguards, starting with issuance of memorandum circulars that put in operation provisions of the National Cybersecurity Plan. This concern is particularly vital in the fields of banking, telecommunications, business process outsourcing, transportation, media, medical, transportation, water and energy utilities.
Her presentation was followed by Dominic “Doc” Ligot, founder and chief technology officer of CirroLytix Research Services, who discussed the ethical aspect that comes with handling big data. Mr. Ligot said even if companies were compliant with the Data Privacy Act, such laws cannot cover all possible forms of misuse of data.
“Data privacy is not the problem, it’s the symptom. The fundamental problem is the misuse of data,” he said.
“Compliance (with the Data Privacy Act) is a reaction… But ethics is more proactive. We have to create ethical companies.” — D. A. Valdez

Global growth headed for fragile soft landing

PARIS — Trade tensions and higher interest rates are slowing the global economy, though for now there are no signs of a sharp downturn, the OECD said on Wednesday, lowering its outlook for next year.
The Organization for Economic Cooperation and Development (OECD) forecast that global growth would slow from 3.7% this year to 3.5% in 2019 and 2020.
It had previously projected 3.7% for 2019.
The global growth slowdown would be worst in non-OECD countries, with many emerging-market economies likely to see capital outflows as the US Federal Reserve gradually raised interest rates.
The OECD cut its outlook for countries at risk such as Brazil, Russia, Turkey and South Africa.
Rising interest rates could also spur financial markets to reconsider and thus reprice the risks to which investors are exposed, triggering a return to volatility, the OECD said.
“We’re returning to the long-term trend. We’re not expecting a hard landing, however, there’s a lot of risks. A soft landing is always difficult,” OECD chief economist Laurence Boone told Reuters in an interview.
“This time it is more challenging than usual because of the trade tensions and because of capital flows from emerging markets to countries normalizing monetary policy.”
A full-blown trade war and the resulting economic uncertainty could knock as much as 0.8% off global gross domestic product by 2021, the OECD calculated.
Though at the source of the current tensions, the US economy was expected to fare better than most other major economies, albeit because of costly fiscal stimulus.
SOFTER GROWTH IN US, CHINA
The OECD left its forecasts for the United States in 2018 and 2019 unchanged, projecting growth in the world’s biggest economy would slow from nearly three percent this year to slightly more than two percent in 2020 as the impact of tax cuts waned and higher tariffs added to business costs.
Trimming its outlook for China, the OECD forecast the country’s growth would slow from 6.6% to a 30-year low of six percent in 2020 as authorities tried to engineer a soft landing in the face of higher US tariffs.
The outlook for the euro area was also slightly darker than in September, with growth seen slipping from nearly two percent this year to 1.6% in 2020 despite loose monetary policy over the period.
The Italian economy was seen slowing more than previously expected despite the expansionary budget of the populist-led government that has created friction with Brussels.
The OECD forecast Italian growth at only one percent this year, lingering at 0.9% in 2019 and 2020, as stalled job creation and higher inflation eroded the boost from the budget stimulus.
In Britain, the OECD forecast growth would pick up from 1.3% this year to 1.4% in 2019, supported by a looser budget and up from an estimate of 1.2% in September.
However, after the fiscal boost peaked in 2019, growth would fall back to 1.1%, the OECD said, urging the government to be prepared to respond if the economy weakened significantly due to Brexit. — Reuters

An unforgettable city

Text and photos by Cathy Rose A. Garcia
Associate Editor

“STOP MASS TOURISM.” The bright red letters were stencilled on a tourist map sign near the Roman Wall ruins in Barcelona’s Ciutat Vella (Old Town).
It’s not difficult to see why some Barcelona residents are not too welcoming of tourists. Catalonia’s capital city of 1.6 million permanent residents received around 32 million tourists in 2017, and it often feels as though Barcelona is bursting at the seams.
Once the cruise ships dock, a tsunami of tourists descend on La Rambla, a picturesque pedestrian street that runs from Port Vell to Placa de Catalunya.
Lined with trees and tacky souvenir shops, La Rambla is sadly what most tourists think Barcelona is all about — giant mugs of sangria, overpriced and bland paella, and, unfortunately, pickpockets and scam artists.
The crush of tourists can also make it impossible to take a decent photo of the giant Joan Miro circle mosaic on the pavement, or get a sip of water from the Font de Canaletes.
An inscription on the floor next to the Font de Canaletes suggests that anyone who drinks from the fountain will return to Barcelona. (I was a bit skeptical when I did it the first time, but I guess since I did return to Barcelona this year, there must be some truth to it. And, no, I did not get sick from drinking the water.)
Mercat de Sant Josep de la Boqueria or simply La Boqueria is another top tourist draw, with its entrance along La Rambla. It’s best to visit when it just opens at around 9 a.m. so you can take a close look at the offerings — from fresh seafood and fruits to olives, jamon Iberico, and cheese.
La Boqueria is also a good place to have breakfast, since some bars like El Pinotxo and Quim open at 7 a.m. on some days. Avoid going here around lunchtime, since you’ll probably end up frustrated at not getting a seat at the popular bars.
A lesser known food market is Mercat de Santa Caterina, which is built on the former site of the Convent of Santa Caterina. Despite its colorful curvy rooftop and Instagrammable food stalls, the market isn’t quite on the radar of most tourists (yet).
One good thing about La Rambla is if you turn into one of the side streets, you’re sure to find something interesting.
In my case, I found myself in the middle of Placa de la Seu. The plaza is dominated by the Barcelona Catheral (Cathedral of the Holy Cross and Saint Eulalia). It has an impressive Gothic facade, but is mostly overlooked as more tourists flock to the Sagrada Familia.
Unlike the Sagrada though, entrance to Barcelona Cathedral is free. The 15th century cathedral is dedicated to the Barcelona’s co-patron saint — Eulalia, who was martyred when she was 13 years old after she refused to deny that Jesus was the son of God. Her body lies inside the cathedral’s crypt.
The cathedral’s 14th century cloister courtyard offers an oasis from the crowds outside. Thirteen white geese mill about the courtyard with a fountain and a statue of Barcelona’s co-patron saint St. George. The number of geese represents St. Eulalia’s age.
GAUDI
A trip to Barcelona would not be complete without a visit to at least one — or maybe four — of architect Antoni Gaudi’s creations.
His most famous work is the Basilica de la Sagrada Familia, which attracted 4.52 million tourists in 2017. Work on the cathedral started in 1883, but was stalled in 1926 when Gaudi died after being hit by a trolley.
Construction on the cathedral continues, and our Sagrada Familia tour guide claimed it will be completed by 2026.
Park Güell is the second most-visited attraction in Barcelona, with 3.12 million tourists flocking here in 2017. Businessman Eusebi Güell, who owned the property, tapped Gaudi to create a private housing estate or a “garden city.” While it never became the residential community Güell envisioned, Park Güell was opened to the public by the Barcelona City Council in 1926.
A UNESCO World Heritage Site, Park Güell’s most popular site is the Nature Square where visitors can sit on curved benches covered in mosaic tiles and enjoy the view of the city. Some parts of the square, however, are currently undergoing restoration.
Because of the extreme popularity of Sagrada Familia and Park Güell, it is best to book tickets in advance since these are almost always sold out.
There are several Gaudi-designed buildings throughout Barcelona, such as Casa Batllo, Casa Mila (La Pedrera), Palau Güell, Casa Vinces, and Casa Calvet.
Casa Batllo is hard to miss in Passeig de Gracia with its mosaic-covered, skeleton-inspired facade. Gaudi had worked on the house for businessman Josep Batllo Casanovas. He created balconies that resemble masks and covered it with colored glass windows.
Inside Casa Batllo, the rooms are empty but this allows visitors to pay close attention to the details like the mushroom-shaped fireplace nook, cantenary arches, wavy ceiling, and the building well decorated with tiles in five shades of blue.
Casa Batllo’s roof terrace is quite small, but there is no shortage of camera-toting tourists here. According to a tour guide, the small turret symbolizes the sword of St. George (Barcelona’s patron) plunged into the back of the dragon represented by the colorful arched roof.
Just a short walk away is Casa Mila (La Pedrera), which has a curvy limestone facade. La Pedrera is often described as the perfect example of how Gaudi was inspired by nature.
The attic has been converted into a museum dedicated to Gaudi’s works, but it’s hard to pay attention when the 270 parabolic arches make you feel slightly claustrophobic. On the fourth floor of Casa Mila, visitors can walk through an apartment that shows how a well-to-do family lived in Barcelona in the early 20th century.
Casa Mila also has a roof terrace with spectacular views of the city, as well as 28 chimneys that look like beefy ancient warriors.
Just off La Rambla, Gaudi fans can also find lamp posts designed by the Spanish architect in Placa Reial.
EL BORN DISTRICT
If you’re sick of Gaudi, escape to the El Born district. This is a charming neighborhood where you can easily get lost but find unique shops and cozy bars along the way.
Of course, there’s the Picasso Museum, tucked away in a narrow alley. A must-see for fans of Spain’s greatest artist, the museum has over 4,000 works by Pablo Picasso, who was born in Malaga but spent much of his adolescence in Barcelona.
The El Born Cultural and Memorial Center was once the location of the local market, but excavation work revealed the archaeological remains of a Barcelona district in 1700s. The building is inspired by the cast iron architecture of the 19th century.
But the place to get away from it all is Parc de la Ciutadella. The highlight is the Cascada, designed by Josep Fontsere and his then-student Gaudi. Echoing Rome’s Trevi Fountain, here the fountain’s center features a statue of Venus, while on top, a Aurora and her chariot is seen.
Here you can find a bench or a spot under a tree, sit back and just soak it all in. Barcelona, despite the hordes of tourists, is still one unforgettable city.

Ayala to expand Cloverleaf mall

By Arra B. Francia, Reporter
AYALA LAND, Inc. (ALI) is expanding the mall inside its mixed use estate Cloverleaf in Balintawak, Quezon City, as it looks to cater to the needs of commuters traversing the area.
The listed property developer said it targets to open phase 2 of Ayala Malls Cloverleaf by 2022, offering a gross leasable area (GLA) of around 40,000 square meters (sq.m.).
“Because of the success of phase 1, we will have Ayala Malls phase 2, but unlike the first one this is more targeted to the commuter sector of Quezon City or Balintawak in particular because of its connection to the LRT station,” AyalaLand Estates, Inc. Project Development Senior Associate Paula Eimreh Joy Cagampan said in a press briefing in Makati on Tuesday.
Construction on the Cloverleaf mall is set to start in January.
“This is envisioned to become the Market! Market! of the north,” Ms. Cagampan said, referring to the company’s mall in Taguig located near a transport terminal.
Ayala Malls Cloverleaf phase 1 currently caters to the mid-income market. Opened in October 2017, the mall covers about 38,000 sq.m. in GLA spread out across four levels. It features six cinemas and various retail shops targeted toward millennials.
“As of October, almost occupied na ‘yung spaces natin in that area,” Ms. Cagampan said.
Also set to rise in Cloverleaf is a residential tower by ALI’s upscale market brand, Alveo. The project will have three residential towers, with the first to be launched by the third quarter of 2019.
Cloverleaf is ALI’s 11-hectare master planned development in Quezon City. The estate is accessible through EDSA and A. Bonifacio, which the company noted makes for a highly strategic space for retail business and for a place of residence.
The company has allocated to spend P15 billion to develop phase 1 of Cloverleaf, out of the total P23-billion budget for the estate. Since its launch in 2015, the company has already completed about 42% of the developable area.
Cloverleaf is one of 26 estates across the country under ALI’s portfolio. Its most recent one is called Habini Bay, a 526-hectare property located in the municipalities of Alubijid and Laguindingan, Misamis Oriental. It will house an industrial park to be managed by Laguna Technopark, Inc.
Habini Bay will be ALI’s fourth estate in Mindanao, following Abreeza in Davao, Alegria Hills in Cagayan de Oro, and Azuela Cove in Davao.
Earnings of ALI climbed 15% to P7.2 billion in the third quarter of 2018, after revenues improved by 14% to P39.3 billion. On a nine-month basis, the company’s net income went up by 17% to P20.78 billion, while revenues stood at P119.7 billion, 21% higher year-on-year.
Shares in ALI ended flat at P40 each at the stock exchange on Thursday.

Decision on CNOOC-Phoenix proposal out in 2 weeks — DoE

THE Department of Energy (DoE) said it would issue within the next two weeks the outcome of its evaluation of the proposal of businessman Dennis A. Uy and China National Offshore Oil Corp. (CNOOC), in a move that could result in the lone proponent so far of an integrated liquefied natural gas (LNG) import terminal receiving a “notice to proceed” with its project.
“Give me 10 days to study the proposal,” DoE Undersecretary Donato D. Marcos told reporters after the launch of the Philippine Conventional Energy Contracting Program on Thursday in Taguig City.
He said of the 23 entities that had held pre-application conference with the agency, only Mr. Uy through his company Phoenix Petroleum Philippines, Inc. and CNOOC had submitted a proposal with details on technical, financial and legal qualifications.
“What was requested was NTP, notice to proceed,” he said.
Mr. Marcos said the proposal would require an investment of between $1 billion and $2 billion for the LNG terminal, which excludes the capital outlay for a gas-fired power plant. The facilities are planned to be built in Batangas province.
He declined to disclose the capacity of the proposed power plant but he confirmed that it is at least 1,000 megawatts (MW).
The DoE official said one other company submitted a proposal, but only for a gas-fired power plant — Limay LNG Power Corp., which reportedly also has a Chinese partner.
He said the company previously said that it would trade LNG with Glencore PLC but that move would require an import facility for its own use.
“We don’t issue own-use permit,” Mr. Marcos said, adding that Limay LNG Power is now more keen on just dealing with the winning proponent. “They will talk to whoever wins and make a gas-supply agreement.”
The Phoenix Petroleum and CNOOC consortium has also gained an upper hand after state-led Philippine National Oil Co. (PNOC) announced that it had “postponed until further notice” its process of selecting a partner for its own LNG terminal project.
In a notice posted on its website dated Nov. 21, PNOC said it had postponed the pre-eligibility that was supposed to be on Dec. 4. It has also postponed the submission date of eligibility documents.
Mr. Marcos said he had learned “informally” from the agency’s top official Reuben S. Lista that the DoE’s corporate arm has “toned down” its project and might just invest with the proponent chosen by the DoE.
The DoE has been trying to encourage proponents of an LNG import terminal ahead of the expected depletion of the Malampaya gas-to-power project starting in 2024.
Five gas-fired power plants in Batangas province, with a combined capacity of 3,211 MW, are the main customers of the fuel source, which is expected to be depleted by 2022 to 2024. That capacity is close to a third of Luzon’s peak power demand. — Victor V. Saulon

Ending the year with music and laughter

THE YEAR is ending so what better time is there to reminisce than on Dec. 1 at the Theatre at Solaire Resort and Casino as vocal group The CompanY and comedian Jon Santos take the stage for a one-night only shindig celebrating four decades of golden music from the 1960s to the ’90s.
Titled Throwback with The CompanY and Jon Santos, the concert will see the CompanY show how their music, which has so far spanned three decades, has evolved from “singing traditional genres… to a cappella and vocal jazz.”
Influenced by artists and groups like The Manhattan Transfer, The New York Voices, The Carpenters, and Swing Out Sisters, among others, the a cappella group “resists categorization by continually delving into almost all forms of music genres involving vocal harmony,” says their website.
The band is known for its hits such as 1991’s “Everlasting Love” which member Moy Ortiz co-wrote, and the 1992 singles “Muntik na Kitang Minahal” and “Now that I Have You” from the group’s second album, Sixby6.
The CompanY’s current lineup is made up of Mr. Ortiz, Annie Quintos, Sweet Plantado, Cecile Bautista, and OJ Mariano.
Meanwhile, veteran comic Jon Santos will be bringing all the laughs to the concert as the famous impersonator and theater actor will dish out what he does best: “satirical impressions of the country’s most prominent personas complemented by his quick wit,” according to a press release.
Through the years Mr. Santos has transformed himself into the likes of former President Joseph E. Estrada, Sen. Miriam Defensor-Santiago, and actress/politician Vilma Santos-Recto, the last of whom, Mr. Santos said in the release, is his favorite.
Aside from being a comedian, Mr. Santos is also known for his acting chops with theater credits that include the recent Philippine staging of Priscilla: Queen of the Desert in 2014 and the highly successful PETA musical Rak of Aegis.
“This unexpected tandem will highlight another layer of OPM (Original Pilipino Music) that goes beyond the tunes, lyrics and voices. The CompanY and Jon Santos together on one stage merges what the Filipinos love most — good music and witty comedy. [The audience] will witness a new wave of theatrics that’s as exciting but with more spontaneity and humorous reality jabs,” Audie Gemora, Solaire’s director for entertainment, said in the release.
Throwback with The CompanY and Jon Santos will be on Dec. 1, at the Theatre at Solaire Resort and Casino, Parañaque City. Tickets are available at TicketWorld (www.ticketworld.com.ph, 891-9999) and priced from P1,500 to P4,500. — ZBC

DMCI Mining books P110-M net loss in Q3

DMCI Mining Corp. booked a loss of P110 million in the third quarter of 2018, given the absence of nickel shipments during the period.
In a statement issued Thursday, the mining unit of listed conglomerate DMCI Holdings, Inc. attributed the loss to the absence of revenues to cover operating expenses.
Berong Nickel Corp. (BNC) in Palawan failed to make any shipments due to poor weather conditions, while Zambales Diversified Metals Corp. (ZDMC) has yet to secure approval to continue operations.
“Hindi maganda ang market ng nickel. In the coming year, not changing much,” DMCI Mining President Cesar F. Simbulan, Jr. said in a press briefing last Nov. 12.
Despite the lack of activity in the third quarter, nickel shipments for the January to September period went up by one percent to 482,762 wet metric tons (WMT), versus 476,155 WMT in the same period a year ago.
Of this, about 430,000 WMT came from BNC’s old stockpile, while the remaining balance were sourced from ZDMC’s inventory.
Mr. Simbulan said they are working on one more shipment before yearend.
DMCI Mining’s revenues rose 40% to P978 million in the first nine months of 2018, since most of the shipments were of higher grade-ore, translating to higher nickel prices. The company’s net income accordingly rose 94% to P206 million in the same period.
“We hope to ship more in the coming months using old and new inventory. The mining suspension order for BNC has been lifted, and the timing could not be better for our employees and host community in Palawan,” Mr. Simbulan said in a statement.
BNC was the only firm that passed the Department of Environment and Natural Resources’ (DENR) mine review completed earlier this month. Mr. Simbulan said they look to rehire the people they laid off during the mining suspension, noting that they currently have only 200 employees, versus 900 prior to the suspension.
“A lot of them have been in and out of work for nearly two years because of our mining suspension. We plan to rehire our people and subcontractors to normalize our operations,” Mr. Simbulan said.
Meanwhile, ZDMC remains suspended along with 11 other mining companies that appealed their closure or suspension. The DENR has ordered that no transport of ore be allowed unless the companies fully rehabilitate their areas.
“We are still reviewing our options for ZDMC. But we are committed to seeing this through,” Mr. Simbulan said. — Arra B. Francia

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