POLICE confirmed that Daraga, Albay Mayor Carlwyn G. Baldo, the main suspect in the killing of Ako Bicol party-list Representative Rodel M. Batocabe and his security escort, surrendered on Friday morning to the authorities.
Criminal Investigation Division Group — Region 5 director Col. Arnold Ardiente told BusinessWorld that the mayor surrendered directly to the court at 8:30 a.m. and is now in the BJMP District Jail.
Accompanied by his family, Mr. Baldo voluntarily surrendered to Judge Ma. Therese San Juan-Loquillo of the Regional Trial Court 10 in Legazpi City, Albay.
Last month, the Department of Justice indicted Mr. Baldo and six others for the killing of Mr. Batocabe. The Daraga mayor is facing two counts of murder and six counts of attempted murder.
On Jan. 3, the Philippine National Police (PNP) tagged Mr. Baldo as the mastermind behind the assassination.
Christopher C. Naval, Mr. Baldo’s aide, surrendered to the police on Dec. 30 last year while Emmanuel Rosello was arrested on Jan. 3. The PNP said on Jan. 4 that the alleged main gunman, Henry Yuzon, surrendered to the authorities but was also arrested for a pending rape case. Jaywin Babor, the alleged driver of one of the getaway motorcycles, also surrendered to the authorities that day.
Mr. Batocabe, who had announced that he would run for mayor in the midterm elections, and his police escort SPO2 Orlando Diaz were killed during a gift-giving activity in Daraga on Dec. 22. — Vince Angelo C. Ferreras
THE Philippine National Police’s Criminal Investigation and Detection Group (CIDG) arrested three suspected members of the Islamic State (ISIS) — Daulah Islamiyah Ranao in separate operations at Parañaque City and Rizal province on Friday.
Norodin Abolkhair Manalinding and Cairo Gen Manatao Abolkhair, natives of Madaya Dilod in Marawi City, were nabbed during a surveillance operation at 3:30 a.m. in Baclaran, Parañaque City for violating RA 10591 or the Comprehensive Law on Firearms and Ammunition Regulation Act, RA 7166 or an Act Providing for Synchronized National and Local Elections and for Electoral Reforms, and RA 9516 or the Law on Explosives.
“Initial investigation revealed that Norodin Abolkhair Manalinding is allegedly the finance facilitator and recruiter of the said group,” said Lt. Col. Arnold C. Ibay, CIDG-National Capital Region director, at a press conference on May 10.
Authorities were able to seize the following from the two suspects: one 9mm pistol which had no serial number; one magazine; nine bullets; one fragmentation grenade; one .45 caliber pistol; one .45 magazine; six .45 caliber bullets; and one black tactical bag.
Arrested in another operation was Tagoranao Dimaro Sarip Jr. He was arrested at 6 a.m. at Cainta, Rizal through search warrants for violation of RA 10591 and RA 9516.
“Allegedly, Tagoranao is a propagandist and member of the media cell of ISIS responsible in spreading propaganda for the group,” said Mr. Ibay.
Seized from him were: one .45 caliber Colt pistol which had no serial number; one magazine for a .45 caliber pistol; four .45 caliber bullets; one hand grenade; one plastic box; one black flag; and one black sling bag. — Vince Angelo C. Ferreras
A CRIMINAL complaint of estafa was filed against Peter Joemel Advincula — the man who claims to be “Bikoy,” the man behind the viral “Ang Totoong Narcolist” videos — for organizing a beauty pageant and later disappearing without giving the prizes to the winners.
In a three-page complaint, Arven E. Valmores of Ardeur World Marketing said Mr. Advincula used his corporate name and logo for the promotion of the beauty pageant in 2018 without his consent.
Mr. Valmores noted in his complaint that Mr. Advincula did not attend the coronation night and became unreachable after leaving the winners and the production staff unpaid.
“Being nowhere to be found, all the pageants big winners and production staff started to communicate with the complainant and sought redress of the grievances and unpaid prizes and wages,” the complaint read.
Feeling the pressure and the possible negative impact on his business, Mr. Valmores said he was forced to shell out P304,422 to pay the winners and staff.
“Respondent became untraceable and efforts to locate him to answer for his misrepresentation remained until recently where he resurfaced in a press conference at the Integrated Bar of the Philippines offices last May 6, 2019,” the complaint noted.
Meanwhile, the Philippine National Police said that manhunt for Mr. Advincula has been underway since May 8.
“The manhunt operation is underway to find him and to serve the pending warrants of arrest against Advincula and his cohorts for estafa issued by Judge Leody M. Opolinto of the Municipal Trial Court of La Trinidad, Benguet on Sept 26, 2007, and for Large Scale Illegal Recruitment issued by Regional Trial Court Third Branch of Baguio City on Aug. 10, 2007,” said PNP chief Gen. Oscar D. Albayalde in a statement on Friday.
“It appears that Advincula has been using different names to hide his real identity such as R.B. Santos, John Paul Rafael Benedict Santos, Arcangel de Leon or Archie Santos, Lory Camba, and Jaime Gaupo, Jr.,” he added. — Vince Angelo C. Ferreras
DAVAO CITY — Secretary Abul Khayr D. Alonto, the first Muslim to head the Mindanao Development Authority (MinDA), died on the evening of May 9.
He was 73.
“A life dedicated to advance the lives of all Mindanaoans, Secretary Alonto selflessly and relentlessly fought for Mindanao until the end, a true warrior for development and advocate of peace,” MinDA said in a statement.
The Marawi City-born Mr. Alonto — one of the sons of the first Lanao del Sur governor and ambassador Abdul Ghaffur Madki Alangadi Alonto, and Bai Hajja Rasmia Indol Dangcal — was a rebel leader in his youth.
He headed the Lam Alif group, whose members and he would later become leaders of the Moro National Liberation Front (MNLF).
“Secretary Alonto, in an unprecedented margin was elected as Vice-Mayor of Marawi City in 1972 and was subsequently awarded as the youngest city executive of the country during that year. As Acting City Mayor of Marawi in 1974, before being sworn in as the city’s chief executive, he joined his MNLF comrades and went ‘underground’ to fight against the abuses committed during the Martial Law regime,” reads his profile on the MinDA site.
By 1979, following the signing of the Philippine government-MNLF Tripoli Agreement in 1976, he participated in the institutionalization of the autonomous region in Mindanao.
He was appointed MinDA chair in September 2016 by President Rodrigo R. Duterte, his schoolmate at San Beda College.
Romeo M. Montenegro, MinDA’s deputy executive director, posted on his social media account that it was his honor to have shared Mr. Alonto’s vision and passion for Mindanao.
“You taught us to challenge our limits and to emulate your audacity to bring forth action. Mindanao has lost a fighter, and MinDA lost a leader,” Mr. Montenegro wrote.
In a text message to BusinessWorld, Davao City Chamber of Commerce and Industries, Inc. President Arturo M. Milan said Mr. Alonto “will be remembered for his unwavering support for the chamber and the business community in Mindanao.”
As head of MinDA, Mr. Alonto pushed for key infrastructure projects and a more equitable share of the national budget for Mindanao.
One of the projects he was particularly excited about was the railway system, which he envisioned as a uniting tool for Mindanao.
In a forum in November 2017, Mr. Alonto said: “If a person can have his breakfast in Zamboanga, eat his lunch in Iligan, then dinner in Davao, that is the one, connected and united Mindanao we envision. That is home.” — Carmelito Q. Francisco
THE COUNTRY’S economic outlook and the peso’s stability will be the key deciding factors for the Bangko Sentral ng Pilipinas (BSP) in further cutting its policy rates and reducing banks’ reserve requirement, think tank Fitch Solutions said in an analysis.
The central bank’s Monetary Board on Thursday cut benchmark interest rates by 25 basis points (bps) in its third policy review for the year, hours after the Philippine Statistics Authority (PSA) reported that the economy grew at the slowest clip in four years last quarter and two days after the PSA said inflation eased to the slowest pace in 16 months in April.
“With trade-related risks still a threat…, the Philippines government and the BSP will look to loosen policy further if growth shows limited signs of recovering,” Fitch Solutions said.
“We at Fitch Solutions will be reviewing our monetary policy forecast over the coming days, following the BSP’s cut. Key to the BSP’s decision to ease further will be the stability of the Philippine peso over the coming months and the outlook for growth,” it added.
Philippine gross domestic product (GDP) grew by 5.6% in the first quarter, its worst performance in four years, the PSA reported on Thursday. The first-quarter outcome was lower than the 6.3% in the preceding quarter and 6.5% in the same period in 2018.
“The slowdown in growth reflects the external headwinds faced by the Philippines economy but also the limited domestic fiscal support and the impact of tighter monetary policy in Q1,” the think tank said.
Fitch Solutions said the economy will likely benefit from stronger government consumption in the coming months following the approval of the 2019 spending plan.
“The BSP may also seek to ease reserve requirements or its policy rate even further, given that inflationary pressures have now receded to within its target band,” it said.
BSP Governor Benjamin E. Diokno said on Thursday the Monetary Board will discuss a potential reserve requirement cut at its weekly meeting next week.
Fitch Solutions sees the economy growing by 6.1% this year, down from the 6.2% print in 2018.
Malacañang on Friday said it expects higher GDP growth in the next quarters despite the 5.6% outcome in the first three months of the year.
“We expect higher growth in the next few quarters as the Build Build Build Infrastructure Program starts to gather steam and domestic consumption, as a result of deflation, starts to pick up,” Presidential Spokesperson Salvador S. Panelo said in a statement on Friday.
“The delay in our infrastructure program because of the budget deadlock during the first quarter is now a thing of the past. Soaring inflation has been decisively addressed. We expect higher growth in the next few quarters as the Build Build Build Infrastructure Program starts to gather steam and domestic consumption, as a result of deflation, starts to pick up,” Mr. Panelo said. — RJNIandALB
AFTER filing a petition earlier this week before the Central Visayas wage board for a P386 minimum wage increase, the Trade Union Congress of the Philippines (TUCP) has demanded more pay hikes in three different regions.
The TUCP said in a statement on Friday that it filed three different wage petitions before the Regional Tripartite Wages and Productivity Boards (RTWPBs) of Region 3 (Central Luzon), Region 4-A (CALABARZON covering Cavite, Laguna, Batangas, Rizal and Quezon), and Region 10 (Northern Mindanao), “emphasizing urgent attention to prevalence of nutrition deficiency among Filipino workers and their families due to severely diminished take home pay.”
A P768 across-the-board wage increase for private sector minimum wage earners was petitioned before the Central Luzon and CALABARZON wage boards, while P782 was demanded in the Northern Mindanao RTWPB.
Daily minimum wages in each of the regions are at P284-P400 for Central Luzon; P303-P400 for CALABARZON; and P331-365 for Northern Mindanao.
The labor group used the Pinggang Pinoy model as one of their basis for the wage hike petition. The Pinggang Pinoy model is a framework that provides the prescribed nutrition needed for Filipinos daily.
“Using DOST’s Pinggang Pinoy model and the March 2019 PSA (Philippine Statistics Authority) Media Service Market Price of Selected Commodities, Ateneo Policy Center calculates daily food requirement in the amount of P734.00 for a family of four or P61.17/meal/person. A family of five would then require a daily right food budget of P917.50,” the petitions said.
“If we continue to ignore the fact that workers and their families subsist on nutritionally deficient meals for a long period, we will all definitely have bigger problems if we have vast army of undernourished Filipino workers which is detrimental to the country that prided itself with skilled, dynamic and perceptive workers not to mention the cost of healthcare,” TUCP President Raymond C. Mendoza said in a statement.
Late last month, TUCP filed for a wage hike petition of P710 for Metro Manila private sector minimum wage earners on top of the P500-P537 daily salary.
The labor group said the petition was denied by the NCR RTWPB this week, but the Metro Manila wage board has yet to issue a statement on the matter.
Under the law, wage hike petitions can only be entertained after at least 12 months since an issuance of a region’s wage order unless there is a supervening condition observed by the wage board which is subject to approval of the National Wages and Productivity Commission.
Central Luzon issued their last wage order on Aug. 1, while Northern Mindanao’s wage order took effect last Nov. 1, both under the prescribed 12-month period before a wage board issues an increase.
Meanwhile, CALABARZON’s last wage order already had its anniversary last April 28. — G.M. Cortez
THE PHILIPPINES and Mexico are set to conclude negotiations for agreements on air services, disaster risk management, and the establishment of a Joint Economic Committee (JEC), according to the Department of Foreign Affairs (DFA).
The DFA also announced on Friday that the two countries have agreed to work on the “full implementation” of signed agreements on tourism and counter-narcotics efforts.
“The Philippines and Mexico successfully held their 2nd Bilateral Consultation Mechanism Meeting (BCM), the first to be held at the Secretariat of Foreign Affairs in Mexico City on 06 May 2019,” the DFA said in a statement.
The meeting was led by Foreign Affairs Undersecretary for Policy Enrique A. Manalo and Mexican Undersecretary of Foreign Affairs Julián Ventura, together with their respective delegations.
Leaders from both sides “agreed to work on the full implementation of signed agreements on combating illicit trafficking of narcotic drugs, and tourism, and committed to conclude negotiations on pending agreements on air services, integral disaster risk management, and the establishment of a Joint Economic Committee (JEC)” which aims to further the bilateral trade and investment.
They discussed “bilateral political, economic, and socio-cultural issues” and other “pressing regional and multilateral issues” as a means to deepen over six decades of diplomatic relations between the Philippines and Mexico.
The DFA said both countries engaged in “open and frank discussions,” identifying specific measures to be undertaken to boost bilateral trade and investments and increase socio-cultural exchanges by implementing cultural and sports cooperation programs.
They also determined specific steps to promote new areas of cooperation in “agriculture and exchange of best practices on consular matters and in the provision of assistance to nationals during the BCM.”
The leaders likewise exchanged views on regional developments in Asia and Latin America, including on the Association of South East Asian Nations, Asia-Pacific Economic Forum, and the Pacific Alliance, the DFA said.
The DFA said Manila will host the next BCM. The exact place and schedule will be “mutually agreed upon at a later date.” — A.L. Balinbin
EARNINGS of Ayala Corp. (AC) increased by five percent in the first quarter of 2019, driven by the strong performance of its property, banking, and telco units, complemented by gains from the merger of its education arm with the Yuchengco group.
In a statement issued Friday, the listed conglomerate said net income attributable to the parent hit P8.03 billion from January to March, as equity earnings contribution of its business units rose seven percent to P9.9 billion.
Globe Telecom, Inc. increased its contribution to the parent by 44%, while Ayala Land, Inc. (ALI) and Bank of the Philippine Islands (BPI) grew their contributions by 15% and five percent, respectively.
“Our first-quarter results show the advantages of a diversified portfolio. The strong performance of Ayala Land, Globe, and BPI offset the challenges from Manila Water’s water supply issues and the market conditions facing AC Industrials,” AC President and Chief Operating Officer Fernando Zobel de Ayala said in a statement.
AC also recognized net accounting gains of P1 billion from AC Education’s merger with iPeople, Inc. It now has a 33.5% stake in the Yuchengco-led company.
Consolidated revenues meanwhile reached P74.34 billion, five percent higher year on year.
ALI expanded its net income by 12% to P7.3 billion for the quarter, on the back of a seven percent in revenues to P39.7 billion. The property developer reported a four percent uptick in revenues from property development to P26.1 billon. The continued strong demand from local and overseas Filipinos also drove sales reservations higher by eight percent to P34.1 billion.
From the commercial leasing side, revenues went up 19% to P9.2 billion after the opening of new malls, offices, hotels, and resorts. The company now has 1.9 million square meters (sq.m.) in total mall gross leasable area (GLA) and 1.1 million sq.m. in office GLA.
BPI’s net income was up eight percent to P6.72 billion, as revenues grew 23.5% to P22.78 billion boosted by the strong performance of its core banking business. Net interest income improved by 29% to P16.1 billion, supported by an 8.8% increase in average asset base.
Globe realized a 44% uptick in net income to P6.7 billion, primarily due to the strong subscriber usage in data-related services from mobile, corporate, and home broadband segments.
Consolidated service revenues of the telco operator added 13% to P36 billion, benefiting from its rollout of its modernized 4G/LTE network which provides customers with faster downloads and web browsing experiences.
Meanwhile, Manila Water’s bottomline was affected by the water shortage in its Manila concession, dropping 27% to P1.2 billion for the quarter. Its operating expenses surged 39% to P2.46 billion due to the penalty imposed by the Metropolitan Waterworks and Sewerage System worth P534 million for “its inability to meet its service obligations to provide 24/7 water supply to its consumers in accordance with the concession agreement.”
AC Energy’s net income also plunged to 99.6% to P2.5 million, against P593 million seen in the same period a year ago. The decline was due to higher interest expenses from its green bond issuance, a lower wind regime, and the scheduled outage of a thermal plant.
The industrial unit was likewise weighed down by general market conditions and recorded a net loss of P332 million.
“The ongoing global market slowdown, startup losses from its newly acquired businesses, and weaker sales of its automotive retail distribution segment pulled AC Industrials’ performance,” the company said.
Shares in AC added 0.11% or P1 to close at P890 each at the stock exchange on Friday.
DIVERSIFIED conglomerate San Miguel Corp. (SMC) will have to conduct a tender offer to minority shareholders of Holcim Philippines, Inc. (HPI) in relation to its $2.15-billion acquisition of the listed cement manufacturer.
SMC disclosed on Friday that it will acquire 5.531 million common shares in HPI, representing 85.73% of the company’s total outstanding and issued capital stock.
The acquisition will be made through First Stronghold Cement Industries, Inc., a wholly-owned unit of SMC’s subsidiary San Miguel Equity Investments, Inc.
“As a result of the Transaction, the Purchaser is required to conduct a tender offer of the shares of HPI held by its minority shareholders who hold 14.27% of the total issued and outstanding capital stock of HPI,” SMC said.
SMC said it plans to request for exemptive relief with the Securities and Exchange Commission (SEC) to allow the tender offer to be conducted after the final purchase price has been determined and paid.
The company said the purchase price was negotiated and determined based on the valuation of HPI’s business through a discounted cash flow method, “as well as other methodologies customary for transactions of this nature.”
The $2.15-billion purchase price is also inclusive of fees for transitional service arrangements.
In a separate statement, HPI’s parent LafargeHolcim said it expects to close the transaction by the fourth quarter of 2019 and is seen to improve its debt ratio by around 0.3 times.
The group’s sale of its Philippine assets follows its divestment from Indonesia, Malaysia, and Singapore, worth a total enterprise value of $4.9 billion.
“With the divestment of our activities in the Philippines, we are completing our exit from the increasingly hyper competitive arena in South East Asia. While this decision is based on our strategic portfolio review, we have reached very attractive valuations allowing us to achieve a new level of financial strength,” LafargeHolcim Chief Executive Officer Jan Jenisch said in a statement.
The transaction also require the approval of the Philippine Competition Commission (PCC), as it exceeded the transaction value of mergers and acquisitions that should be reported.
“The PCC has not yet received the notification by San Miguel Corp or Holcim / LaFarge Philippines for mandatory review. The parties have 30 days after signing of their definitive agreement to submit the notification,” PCC Chairman Arsenio M. Balisacan said in a text message on Friday.
“The transaction shall be treated as a separate review given our ongoing enforcement case in the cement industry.”
Shares in SMC dropped 2.81% or P5.50 to close at P190 each at the stock exchange on Friday, while shares in HPI jumped 6.10% or 88 centavos to close at P15.30 apiece. — Arra B. Franciawith input fromJanina C. Lim
LT Group, Inc. (LTG) generated a 22% attributable profit increase in the three months ending March, following a double-digit profit growth in its banking, tobacco, liquor, and real estate businesses.
The holding firm of tycoon Lucio Tan, Sr said in a statement Friday that net income attributable to the parent stood at P4.42 billion as of end-March, higher than the P3.63 billion it posted in the same period a year ago.
The tobacco business accounted for 64% of LTG’s total earnings, followed by the banking segment through Philippine National Bank (PNB) which contributed 24%. Contributions from Tanduay Distillers, Inc. (TDI), Eton Properties Philippines, Inc., Asia Brewery, Inc. (ABI), and Victorias Milling Company, Inc. were at 5%, 3%, 2%, and 2%, respectively.
LTG’s equity in net earnings from its 49.6% stake in PMFTC, Inc. stood at P2.69 billion, 18% higher year on year. The company attributed this to improved volume mix and the price increases implemented last December.
The company however said that the passage of higher excise taxes on tobacco products may slow down volumes. It noted that the industry’s volume has declined by 33% to about 73 billion sticks in 2018 over the last six years.
For PNB, net income under the pooling method jumped 30% to P1.95 billion. The listed lender grew its assets by 21% to P1.03 trillion by end-March, against P854 billion from the same period a year ago.
TDI’s net income surged 73% to P234 million, on the back of a five percent increase in volume. Its bioethanol sales also improved during the period. The liquor manufacturer said its nationwide market share is now at 28.1%, against 26.1% in March last year.
Eton Properties also delivered a 54% jump in earnings to P149 million, as revenues increased by 11% thanks to higher leasing income and residential sales. The property unit’s recent projects include Eton Square Ortigas, a pocket retail development in Ortigas Avenue, San Juan City completed in 2018, that is now fully leased out.
The property developer also looks to complete the retail and office components of Eton WestEnd Square in Makati by the end of the year.
Meanwhile, ABI’s net income dropped by 45% to P82 million, despite a 13% increase in revenues to P3.86 billion.
“The lower income was largely due to higher PET (polyethylene terephthalate) packaging costs and as the Company spent more on advertising and promotions,” LT Group said.
Shares in LTG added 0.24% or four centavos to close at P16.92 each at the stock exchange on Friday.
EARNINGS of Chelsea Logistics and Infrastructure Holdings Corp. jumped by 21% in the first three months of the year, driven by robust revenues from its logistics business.
The Dennis A. Uy-led company said in a statement Friday its net income stood at P139 million in the first quarter, as revenues rose 33% to P1.6 billion.
The bulk or 90% of revenues came from the shipping segment which saw a 32% increase to P1.5 billion.
The logistics segment also contributed P118 million, more than double the P58 million it posted last year.
“We are thrilled with the remarkable partial results of our logistics expansion program in terms of top and bottomline, and this is just the beginning. We are continuously expanding and optimizing our logistics assets and seizing opportunities to extend our reach,” Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy was quoted as saying.
The company said its shipping revenues were boosted by a 36% rise in passage revenues to P296 million, a 35% increase in tankers and tugs revenues to P663 million, and a 28% growth in freight revenues to P522 million.
Costs and services grew 33%, operating expenses increased 21% and other charges up 128% due to the new vessels acquired by the company, namely the M/V Stella del Mar, M/V Salve Regina and M/V Trans-Asia which were all operating in the January to March period. — Denise A. Valdez
JG Summit Holdings, Inc. is diving further into the digital space, pouring $50 million into a unit that will invest in digital ventures and emerging technologies in Southeast Asia.
The Gokongwei-led conglomerate said in a statement Friday that it established JG Digital Equity Ventures (JG DEV), which will deploy capital to early stage startups and successful portfolio companies raising funding at later stages.
The listed firm said JG DEV’s investments will be within the new media, consumer sector, retail and financial services verticals. It will also look at technology platforms that could power future industries such as digital health, data, and logistics.
The aim is to invest in startups that can either augment or disrupt JG Summit’s core businesses, which cover air transport, real estate, banking, telco, power generation, agro-industrial and commodities, and petrochemicals.
“Digital is a key pillar to JG Summit’s future. There is no shortage of ideas in the digital space, so we must focus on a few big bets that generate the most value,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said in a statement.
JG Summit has already invested at least $40 million in technology startups in the past. This includes SEA Limited, the firm behind online marketplace Shopee, as well as digital lender Oriente which operates in Indonesia, Vietnam, and the Philippines.
“JG is known to have very strong offline businesses. Our group is behind the pack in this digital journey, so our challenge is to leapfrog from where we are,” JG DEV Chief Executive Officer Bach Johann M. Sebastian was quoted as saying.
So far, JG DEV’s portfolio already includes Cashalo, a mobile app that allows users online and offline financing using their smartphones; Growsari, a retail startup that gives sari-sari stores direct access to suppliers; and Snapcart, which provides analytics services to brands by processing offline date like grocery receipts.
JG DEV will also be tasked to build digital businesses in-house and enter into joint ventures that will help its parent firm’s other subsidiaries, such as Cebu Pacific, Robinsons Retail Holdings, Inc., Universal Robina Corp., and Robinsons Land Corp.
“Given the unique combination of the JG’s extensive ecosystem, massive customer base and its forward-thinking leadership, I’m confident that JG DEV will emerge as a digital leader in Asia,” JG DEV Chief Operating Officer Ian Estrada said in a statement.
Shares in JG Summit firmed up 1.32% or 80 centavos to close at P61.50 each at the stock exchange on Friday. — Arra B. Francia
