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Artist/activist Carlos Celdran died of cardiac arrest says wife

ARTIST, cultural activist, and tour guide Carlos Celdran died of cardiac respiratory arrest in Madrid and he did not die alone, said his wife, Tesa J. Celdran, in a statement released on Wednesday evening.

“Thank you for your kindness during this terrible time. I have always known that Carlos was an extraordinary individual, and it is comforting to see how many people think so,” she wrote.

“Many of you have asked me about the circumstances of his death. Carlos died of cardiac respiratory arrest in Madrid. He was always surrounded by friends, and he did not die alone. On Oct. 8 I was on the phone to Madrid just as the paramedics were attempting to revive him. They reported no evidence of foul play; they pronounced him dead of natural causes at 4:07 a.m. The full autopsy report will be available in one month,” she said.

“We are grateful to the Philippine Embassy in Spain for helping us to bring Carlos home.”

His passing inspired Albay Representative Edcel Lagman to file House Bill (HB) No. 5170 to repeal the crime of “offending religious feelings,” which Mr. Celdran was the only person found guilty and convicted of since it was put on the books in 1930.

Mr. Celdran was arrested after staging an impromptu protest against the Church’s interference in the efforts to pass the Reproductive Health bill in September 2010 at the Manila Cathedral. He entered the cathedral dressed as Jose Rizal and held up a sign saying “Damaso,” referring to the character of Padre Damaso in Rizal’s novel Noli Me Tangere.

“Carlos used to say he had a big mouth, but he also had a heart that contained so much love and passion for country, for art, and for people. He will not be forgotten, we will make sure of that,” Ms. Celdran’s statement continued.

Mr. Celdran was the force behind Manila Transitio in Intramuros, Manila, “a yearly commemoration defined by a public picnic, an art exhibition, a community ritual, and an open air concert held inside one of the many gardens of Intramuros,” said the Intramuros Administration, held in remembrance of the 100,000 civilians who died in the Battle of Manila in 1945. This year’s commemoration, the 10th, was the only one that Mr. Celdran was not in charge of as he was already in self-exile in Madrid after the Supreme Court upheld his conviction.

He also staged the first Manila Biennale in 2018, which brought together artists, both local and international, and ordinary people like the calesa drivers of Intramuros, for a month of art, performance, and parties in the old walled city.

“He left behind a large body of work in the performing and visual arts, history, and writing, and plans for much more. At present we are assembling his archive to determine how best to proceed. Rest assured that his legacy will be preserved, protected, and continued in the years to come,” said Ms. Celdran.

“Only weeks ago Carlos and I were discussing our next steps. I called it our second act, or maybe the third, and he said only operas have three acts. Whatever comes next, he said, ‘we can’t f*** it up.’ Carlos was a one-man show, and as long as we remember him, that show will go on.” — AAH

DENR recommends ending suspension on Tampakan copper-gold project

MANILA — The Philippine mining regulator has recommended lifting a three-year suspension of the environmental permit for what could be one of the world’s largest copper mines, although other issues are also holding up development of the Tampakan project.

The environmental compliance certificate (ECC) for the Tampakan copper-gold project has been suspended by the environment department since 2016. The project is also held up by a ban on open-pit mining in place since 2010 in South Cotabato province on the southern island of Mindanao.

The Department of Environment and Natural Resources (DENR) issued the permit suspension, at the time under the supervision of a staunch environmentalist — the late Gina Lopez — who had described Tampakan as “a 700-football field open-pit mine on … agricultural lands, affecting four provinces and six rivers.”

Ms. Lopez, who was environment minister from July 2016 until May 2017, strongly opposed open-pit mining and ordered dozens of mines shut or suspended for environmental violations.

Tampakan, the biggest stalled mining project in the Philippines, in which commodities giant Glencore previously had a controlling stake, has estimated resources of 15 million tons of copper and 17.6 million ounces of gold.

Investment to develop the mine has been estimated at $5.9 billion. Philippine miner Sagittarius Mines, Inc, which holds the concession for the Tampakan project, spent at least $500 million on pre-development work prior to the suspension in 2016.

The Mines and Geosciences Bureau (MGB), together with the Environmental Management Bureau (EMB), now see no need to keep the environmental permit suspended.

“The MGB and EMB have recommended to lift the suspension, but there is no timeline,” MGB Director Wilfredo Moncano told Reuters on Thursday.

Sagittarius officials did not immediately respond to Reuters request for comment.

Mining is a contentious issue in the Philippines after past environmental mismanagement by miners. President Rodrigo Duterte, who is against open-pit mining, has repeatedly warned miners to follow tighter environmental rules or shut down. — Reuters

Boeing ousts airliner chief as 737 MAX crisis grows

SEATTLE/WASHINGTON Boeing Co. on Tuesday ousted the top executive of its commercial airplanes division, Kevin McAllister, marking the first high-level departure since two fatal crashes of its 737 MAX jets.

The company named veteran Boeing executive Stan Deal to succeed McAllister effective immediately as president and chief executive of Boeing Commercial Airplanes (BCA). Deal had led Boeing’s recently formed Global Services division.

The world’s largest plane maker faces a growing crisis over the eight-month safety ban on its best-selling single-aisle jet prompted by crashes in Indonesia and Ethiopia that killed 346 people.

Tuesday’s announcement, a day before Boeing was due to report quarterly results, shocked some Boeing employees, with one insider calling McAllister a “scapegoat” and noting he came to the helm of BCA late in the 737 MAX development.

It ends a relatively unusual experiment at Boeing of handing an outsider a prominent position, and places the crucial commercial airplanes division in the hands of a long-serving Boeing insider who has relationships with important customers such as Singapore Airlines.

McAllister, a regular figure at industry conclaves, had championed an analytical, data-based approach forged in his previous position selling services for General Electric.

He was credited in part with boosting Boeing sales as part of a roving double act with sales chief Ihssane Mounir with whom he regularly toured the world clinching deals at the expense of European rival Airbus.

That sales momentum slumped to a record nine-month low after the MAX was grounded in March.

McAllister also struggled to claw back a series of industrial delays or production quality problems including delays to a military tanker and the new 777X, analysts said. McAllister could not be reached for comment.

MAJOR CHALLENGES AHEAD
One person familiar with the matter said McAllister’s departure had been described to staff as a “separation,” a clear indication that he had been fired.

Another person said Boeing had asked McAllister to leave, giving no explanation other than saying it was the right move at the right time for the company’s leadership. He added that the decision was not purely related to the MAX.

Deal joined Boeing in 1986 and in 2017 was tapped to lead the company’s new Boeing Global Services unit, which sells analytics, parts and training services for airline customers. — Reuters

Alveo eyes P9B from new Makati condo

ALVEO Land Corp. is expecting to raise P9 billion with a new high-rise residential condominium in Makati City.

The upscale unit of Ayala Land, Inc. (ALI) launched the Parkford Suites Legazpi project, which has so far garnered P2 billion in sales when it was launched three weeks ago.

The 35-storey building offers 163 units and 330 parking slots within the 2,156-square meter (sq.m.) property located on the corner of Gamboa and Salcedo streets in Legazpi Village and faces Washington Sycip Park and Legazpi Active Park.

“Legazpi Village has transformed into an upscale and social community through the years… Parkford Suites Legazpi offers this rare opportunity to be right in the middle of it all,” Alveo Land Chief Operating Officer Rufino S. Gutierrez said.

The limited units available in the development is intended to create an “exclusive” community within the condominium, which boasts of a hotel-like ambiance with high ceilings, wide hallways and a glass facade.

The building only offers two-bedroom and three-bedroom units with an area of 125-142 sq.m. and 180-181 sq.m, respectively. Average selling price is P55 million per unit or P370,000 per square meter.

Mr. Gutierrez said the buyers so far are either corporate or individual customers, a majority of which already live in Makati and are “probably either (looking for) a second home or something that they want to lease out or let their kids use.”

“Corporate (customers) are those who invest and either lease or let their top executives use it. The individuals, they are basically entrepreneurs or top executives,” he added.

Project turnover is scheduled in late 2026.

Parkford Suites Legazpi will be Alveo Land’s 10th residential project and 17th tower in the Makati central business district in 17 years. Mr. Gutierrez said all of the company’s residential projects have sold out and continues to appreciate, making Makati City a continuously attractive location for the developer. — Denise A. Valdez

No guts no glory

No Greater Glory
Directed by Frank Borzage
Available on Criterion, Criterion Streaming

FRANK BORZAGE’s No Greater Glory is often described as one of the greatest anti-war films ever made — but is it?

The film starts out with scenes from All Quiet on the Western Front: shells bursting, earth churning, men running across a blasted landscape — all to the sounds of a bugle calling them forward (later another bugle or call of some kind will figure in the plot). A man with fist shaking cries out “Patriotism is a loathsome lie! I tell you…”

Cross fade: teacher with fist also raised intones “…there is nothing finer than patriotism; nothing nobler than war in defense of the country we love.” He reprimands a group of boys for passing a note around, learns from quizzing them that they’re electing a new president for their gang The Paul Street Boys, organized to defend a lumberyard turned playground (the story is set in Budapest, though most of the actors speak unselfconscious American). The teacher declares their gang disbanded. The mousiest of the boys, Nemecsek (George Breakston), points out “but you just told us…” The teacher replies: “That is different.” No further explanation, just turns away to change indoor coat for outdoor wear and repeat his command: the gang is disbanded.

Borzage follows the boys — who don’t disband of course — to their lumberyard and here you see one tactic with which Borzage (channeling Ferenc Molnar’s The Paul Street Boys) means to criticize war: by transposing every detail — from preparation for battle to subtleties in discipline to the issue of promotion within ranks — onto childhood play.

The Red Shirts threaten war, so the lumberyard is under strict security (“this GATE must ALWAYS be CLOSED and BOLTED”). Boka (Jimmy Butler) runs against Gereb (Jackie Searl) and wins all except two votes (“Who else voted for Gereb?” “I’ll bet Gereb did!”). Nemecsek, the only private, begs Boka to be promoted but is denied because 1.) they need privates, and, 2.) he’s the smallest. When Nemecsek points out another boy as short or smaller it’s further pointed out that that boy has a bugle. “I can blow calls without a bugle!” Nemecsek responds, putting two fingers to his mouth and puffing out a wobbly warble. Nemecsek’s “whistle” becomes his signature sound that he keeps attempting in moments of great emotion, even when deep in enemy territory; a boy’s earnest stab at grownup play, mocking despite all his efforts the glories of war.

The Red Shirts’ leader Feri Ats (Frankie Darrow) steals the Paul Street flag; Boka stages a daring raid on the Botanical Gardens, where the Red Shirts meet. Nemecsek begs to come along, and Borzage follows the adventure closely, emphasizing the diminutive boy’s incompetence as a soldier and spy: he rings the Garden’s entrance bell, later switches on a greenhouse light; tries several times to whistle; falls into water again and again and catches a cold. Borzage couldn’t make it any clearer: the boy is a disaster as spy or soldier and the last person in the world that should engage in an enterprise as serious as war.

A setup of course: the Red Shirts hold another meeting and seemingly out of nowhere Nemecsek sneezes and drops from an overhead tree limb: he just stole the Paul Street flag back and is waving it defiantly in the Red Shirts’ faces. Feri is impressed: he sums Nemecsek up (“you’re all right”), rules out a beating (“he’s too small”), decides a dunking is in order. Poor Nemecsek, already sniffling and sneezing, is shoved for the umpteenth time into the chilled Botanical water. Feri allows Nemecsek to leave, orders a salute in the wake of the boy’s departure. The moment is one of the funniest (for the tinny parody of military honors on display) but also most unexpectedly moving in the film: nothing is more heartfelt or more extraordinary, as Borzage very well knows, than an adversary’s grudging admiration.

Borzage’s films — at least the ones he’s emotionally invested in — are arguably all romances, and this it turns out is no exception. No Greater Glory is a love triangle between Nemecsek, Boka (who Nemecsek worships), and Feri (who is fond of Nemecsek); it’s also — arguably, arguably — his most homoerotic, though it’s possible to argue that the boys’ real romance is with war itself.

I don’t believe it. Borzage’s other films celebrate the intensity of heteronormative love as incarnated in a series of beautiful men and women — Gary Cooper, Helen Hayes, Charles Farrell, Janet Gaynor, Clark Gable, Joan Crawford, Gail Russell, the incandescent Mary Duncan. The very presence, the physicality of Borzage’s characters — the way Boka strikes a heroic pose, the way Feri gazes at Nemecsek, above all the way Nemecsek is himself presented — upturned face, sadsack often moist eyes, transcendent lighting — makes one pause and say under one’s breath “okaaay.”

But I digress — or do I? Borzage’s films are intensely felt, and this one like Boka musters every element and detail, homoeroticism and all, to whip the drama to a climactic frenzy: startling overhead shots of the Paul Street Boys swarming over and between piles of lumber; long shots of the boys with spears pointed at the gate, the gate opening to reveal arrayed Red Shirts; the various improvised war machines (bombs made from bagged sand, a catapult fashioned out of a cartwheel, a row of sheds converted into holding traps), hilariously yet effectively used in battle.

More than that are the images burned into memory: Boka declaring war with the boys cheering, the lumberyard watch man (Christian Rub) gazing sadly down at his missing left arm; Boka and Rafi looking at each other just before fighting breaks out, the camera falling from Rafi’s face to the fateful flag clutched in one hand; Nemecsek finally falling on Rafi, his hands tangled in the flag’s tattered threads.

You can’t help but think “this is too much, Borzage’s glorifying war not condemning it” — your pulse races when the boys are in pitched battle and, possibly, you found an irritating mote in your eye when Nemecsek’s mother finally catches up with the boy. The film does ends on an ironic note: a giant steam shovel digging up the recently hallowed grounds for a new apartment building — but the detail may feel belated, following as they do scenes of battle that compare in excitement to Kurosawa’s Seven Samurai. The boys suffer, it’s true, but that suffering can arguably be seen as the kind of sacrifice that validates the cause of war. The film did win The National Fascist Party’s cup for Best Foreign Film, ironic considering Borzage’s other anti-fascist efforts (The Mortal Storm, Little Man, What Now?). What was that again about the grudging admiration of adversaries? Couldn’t there have been a skeptic, a wiseguy character commenting on the action, putting it all in perspective? The watchman does his best but his quiet voice and gentle manner can barely compete with all the tumult. Couldn’t Nemecsek or Boka or Rafi have a revelation and renounce all this military crap, renounce the lumberyard in a fit of moral disgust?

Maybe not; maybe it’s too unrealistic to expect something so radical. Maybe Borzage’s exuberant filmmaking is too strong to completely counter, and what’s needed is a less romantic more cynical filmmaker. Maybe a truly effective film against war should take an altogether different approach — Francois Truffaut once said Duck Soup was one of the few real antiwar films because it doesn’t even give war the respect of taking it seriously.

The lumberyard watchman, for all his seeming gentleness, does have some kind of reply — that the boys are playing for more than a plot of land, that this has been going on yesterday, today, tomorrow. Maybe the film is saying war is an incurable condition, but we don’t have to be happy about it — I don’t know. No Greater Glory may be confused, or as confusing as the filmmaker intended; whatever the truth it’s some kind of a great film.

66 OFWs repatriated from Kuwait, DFA says

THE PHILIPPINE Embassy in Kuwait assisted in the repatriation of 66 overseas Filipino workers (OFWs) in distress, the Department of Foreign Affairs (DFA) said.

“Our efforts have brought home some 425 distressed Filipinos from Kuwait to date,” DFA Undersecretary Sarah Lou Y. Arriola was quoted as saying in a statement Thursday.

“Our repatriation program is part of our mandate to protect Filipinos in distress abroad.”

This is the eighth batch of OFWs that availed of the Embassy-Assisted Repatriation Program (EARP).

EARP assists OFWS with expired visas or who have absconded from employers.

The program is funded through the DFA’s P1-billion Assistance to Nationals (ATN) Fund. The Embassy has so far spent a total of P9.2 million for the repatriation of OFWs from Kuwait.

EARP is the flagship program of the Embassy’s ATN unit. Filipinos who avail of the repatriation offer are given free international flight from Kuwait to Manila and a domestic flight from Manila to their respective provinces.

The Embassy also provides $100 in financial assistance while they stay at the Migrant Workers and Other Overseas Filipinos Resource Center before they are sent home.

“We call on our Filipinos to take advantage of the help offered by the Duterte administration and come home,” Ms. Arriola also said. Prior to this batch, the Embassy repatriated 32 OFWS on Oct 5. — Charmaine A. Tadalan

S&P sees two more rate cuts until 2021

THE BANGKO SENTRAL ng Pilipinas is expected to cut policy rates twice within the next two years. — BW FILE PHOTO

THE PHILIPPINES, together with neighbor Indonesia, may cut benchmark rates twice over the next two years, S&P Global Ratings said.

The credit watcher also said it could take up to 2020 for the Bangko Sentral ng Pilipinas’ recent easing moves to translate into higher lending.

“Credit conditions in the Asia-Pacific (APAC) are likely to remain bumpy for the remainder of the year. Falling interest rates may not be enough to soften the ride amid an economic slowdown in China, geopolitical uncertainty, and diminishing corporate revenue and profit prospects,” S&P said in a report released on Wednesday.

While S&P expects two more rate cuts in the Philippines and Indonesia until 2021, it said other countries in the region — namely Australia, India, Japan, South Korea, Malaysia, and Thailand — will likely slash rates just once in this time period or conclude their easing cycles, the debt watcher said.

The BSP has cut benchmark interest rates by 75 basis points (bp) thus far this year, announcing 25-bp reductions in its May 9, Aug. 8, and Sept. 26 Monetary Board meetings.

This partially dialled back the cumulative 175-bp in rate hikes it implemented in 2018 as inflation quickened to multi-year highs.

“In 2018, inflation spiked due to the incidental confluence of increases in consumption tax, food prices due to typhoons, and oil prices. All this was made even more inflationary by the concurrent global emerging market selloff that pushed the peso weaker,” S&P Global Ratings economist Vince Conti told BusinessWorld in an email.

But with inflation easing for four consecutive months since June, S&P said the BSP has room to ease policy further. Data from the Philippine Statistics Authority (PSA) showed headline inflation stood at 0.9% in September, easing from the previous month’s 1.7% print. This was the slowest rate seen since the 0.7% logged in April 2016.

“This year, almost all these one-off inflationary factors have died out. Inflation is very low, while growth is moderating due to external factors as well as the negative fiscal impulse in the first half of the year from the budget delay,” Mr. Conti said.

“That gives the BSP space to undo the tightening that it had to do last year even as it releases liquidity through RRR cuts, as it shifts its focus from preventing high inflation to supporting growth and preventing inflation from undershooting,” he said.

However, Mr. Conti said the BSP’s easing cycle could begin boosting bank lending only starting next year, as the transmission of policy rate cuts is usually lagged.

“It is important to remember that globally, monetary policy moves can only impact the economy at a lag. So it is no surprise that credit has not yet accelerated despite recent BSP cuts. Last year’s tightening is still working through the economy, while this year’s loosening can only be expected to take effect next year and beyond,” Mr. Conti said.

BSP data showed bank lending continued to ease in August due to slower growth in loans for production activities.

Outstanding loans of universal and commercial banks grew 10.5% year-on-year in August, easing from the 11.1% pace seen in July. Inclusive of reverse repurchase agreements, credit growth in August was at 10% compared to 10.7% in July. — L.W.T. Noble

URC earnings decline 6% in third quarter

UNIVERSAL Robina Corp. (URC) reported its earnings slipped during the third quarter due to the depreciation of the Philippine peso against the United States dollar.

The Gokongwei-led company’s net income attributable to equity holders of the parent dipped 6% to P1.87 billion during the three-month period. This was despite a 6% growth in its sales of goods and services to P32.74 billion.

Net foreign exchange loss rose 63% to P673.46 million in the three-month period, largely due to the depreciation of the Philippine peso and the local currencies of the company’s international subsidiaries against the US dollar.

In the nine months to September, URC’s attributable net income climbed 3% to P7 billion, as sales of goods and services jumped 6% to P99.78 billion.

The bulk of the company’s revenues continue to come from its branded consumer foods business, which grew 4% in the nine-month period to P79 billion.

Domestic revenues were 9% higher due to the double-digit growth of its coffee brand Great Taste, noodle brands Nissin and Payless, junk food brand Jack n’ Jill and beverage brand C2. Joint ventures in Danone and Vitasoy also fueled the increase. However, international revenues fell 3% due to the adverse foreign exchange translation.

The agro-industrial & commodities business group added P20.8 billion in revenues to rise 9% from last year. The increase in the agro-industrial side came from the growth in sales of animal feeds and pet foods, and in the commodities side, from the 17% increase in flour sales to offset the 5% decline in sugar and renewables.

“We are pleased that the benefits of our transformation initiatives continue to manifest in our results. A more responsive supply chain, stronger partnerships with distributors and retailers, and product portfolio improvements are driving robust growth across our different categories,” URC President and Chief Executive Officer Irwin C. Lee said in the statement.

“We are ahead of our internal targets; and therefore, we plan to further reinvest in brand building and distribution expansion to finish the year strong,” he added.

URC is one of the core units of Gokongwei-led JG Summit Holdings, Inc. Its business interests span real estate and hotel, air transportation, petrochemicals and banking. — Denise A. Valdez

SM Cinema goes full horror

SM CINEMA’s Sine Sindak Horror Film Festival is back for its second run featuring five movies from Crystalsky Multimedia Inc. — Deadsight, Evil’s Curse, Door Lock, The Only Mom, and Look Away — which are currently showing until Oct. 29 at all SM Cinema branches nationwide.

In Deadsight, a partially blind man and a pregnant officer work together to escape their town, fighting through swarms of the living dead. A holiday romance gone wrong, Evil’s Curse is the story of a young backpacker who falls in love with a girl who is possessed by demons.

Door Lock is about a woman’s escape from a stalker.

In The Only Mom, a family moves into a haunted house and finds their lives turned upside down, while an alienated and awkward high school girl finds her sinister alter-ego in the mirror in Look Away.

Along with the movies, SM Cinema is also holding the Sine Sindak Horror House, in partnership with Asylum Manila, at SM Megamall until Nov. 3.

Moviegoers can avail of Sine Sindak 2’s unlimited all-day pass for P199 or watch a single movie for P120. SM Cinema’s Snack Time is also offering promos exclusive to Sine Sindak 2: festival goers are entitled to a P199 popcorn bucket and large drink combo.

A special promo is also offered via the GrabPay App. Single-movie tickets can be availed through GrabPay for P99.

Movie tickets can be booked through www.smcinema.com or the SM Cinema mobile app.

UPS COO announces retirement

UNITED Parcel Service Inc’s e-commerce fueled quarterly profit beat on Tuesday was overshadowed by news that Jim Barber, widely viewed as the world’s biggest parcel delivery firm’s next leader, would retire at year-end.

Shares in Atlanta-based UPS fell 3 percent to $115.03 on news of the departure of Chief Operating Officer Barber, 59, who oversees the company’s global small package, freight, supply chain, freight forwarding and engineering, and was instrumental in the company’s turnaround.

“Investors assumed he was going to be the next CEO and this caught us by surprise. Unfortunately, the market does not like surprises,” Seaport Global analyst Kevin Sterling said.

Barber’s retirement comes just months after similar news from Chief Financial Officer Richard Peretz, ushering in big changes to the UPS C-suite at a time when cooling economies in Asia and Europe threaten global growth.

“We have a strong bench. Succession planning is something we constantly focus on,” Chief Executive David Abney said on a conference call with analysts.

UPS said Barber and Peretz will guide UPS through the key holiday peak shopping and shipping season, when the company’s daily volumes can double.

Profit was up 16% to $1.75 billion for the third quarter. UPS earned $2.07 per share, excluding items, to top analysts’ average forecast by a penny, according to IBES data from Refinitiv.

The US consumer continues to spend, bolstering online sales that fueled a 24% rise in UPS Next Day Air US delivery volume during the third quarter.

That business ticked up significantly during the summer, after UPS rival FedEx Corp’s breakup with online retailer Amazon.com Inc.

“It’s Amazon, but it’s beyond Amazon,” Abney said in a telephone interview with Reuters.

“Companies are competing on time. Next Day has become the standard. We see it in our Next Day Ground and our Next Day Air,” said Abney.

The company’s multi-billion-dollar investments in network upgrades shaved per-package costs by 2.5% during the third quarter, helping to offset a 10.1% drop in revenue per piece for domestic Next Day Air.

That deterioration in revenue per piece is likely due to the small packages that Amazon is shipping — including single bars of soap or deodorant, said Cathy Morrow Roberson, founder of consulting firm Logistics Trends & Insights.

Investors remain wary that the US-China trade war could further dent global economies and UPS, whose international package group accounts for roughly 35% of operating income. — Reuters

Metrobank raises P13.75B

METROPOLITAN BANK & Trust Co. raised P13.75 billion in fresh funds from its issuance of 3.5-year peso-denominated bonds, it said on Thursday.

The bank said in a disclosure yesterday that the papers carry a coupon rate of 4.5% with quarterly interest payments.

Metrobank upsized the issuance from its original target of P5 billion “[d]ue to the robust demand from both institutional, high net worth and retail clients.”

It also cut short the offer period, which was supposed to run from Oct. 3-16, by one week amid strong investor interest.

The bank issued and listed the bonds on the Philippine Dealing Exchange yesterday. ING Bank N.V.-Manila Branch and Standard Chartered banks were the joint lead arrangers for the issuance.

This latest issue marks the fifth time the bank has raised funds via its approved P100-billion bond and commercial paper program.

Since November 2018, Metrobank has raised P70.5 billion via peso bond offerings.

The Ty-led bank booked a net income of P6.48 billion in the second quarter, up 15.5% from a year ago.

Metrobank’s shares closed at P71 apiece on Thursday, down 0.84% or 60 centavos from the previous day’s finish. — LWTN

RFM profit up 10% in Q3 on pasta, ice cream sales

EARNINGS of RFM Corp. grew 10% in the third quarter on higher sales of its ice cream, milk and pasta brands.

In a regulatory filing yesterday, the Concepcion-led firm said its attributable net income reached P255 million in the July to September period from P232 million a year ago. Net revenues also increased 9% to P3.81 billion during the same three months.

Year to date, the company’s attributable net income stood at P835 million, 10% higher from the same period last year. Net revenues as of end-September was P10.77 billion or 10% up from 2018.

“The drivers of the group’s revenue growth were the flagship brands — Selecta Ice Cream, Selecta Milk, Fiesta Pasta and Royal Pasta. These brands combined posted 9% revenue growth,” it said, referring to figures recorded in the nine-month period.

“Institutional Segment also posted revenue improvement of 13% compared to last year. The higher income of the company is mainly driven by its higher revenues delivering higher absolute gross margins as compared to (the) same period of last year,” it added.

Aside from selling dairy and pasta products, the Concepcion-led company also produces wheat, flour, juices, margarine and other food and beverage products. Among the brands it owns are White King, Sunkist Orange Pulp and Vitwater.

It is also in the business of barging services, leasing of commercial or office spaces, canning services and toll processing through its various subsidiaries. — Denise A. Valdez