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Chelsea Parkplace brings NYC feel to Pampanga township

By Mark Louis F. Ferrolino
Special Features Writer
MEGAWORLD Corp. has officially launched Chelsea Parkplace, its first residential project within its Pampanga township, as part of the company’s plan to bring the live-work-play lifestyle to northern Luzon.
The 12-storey Chelsea Parkplace is a condominium development inspired by the distinctive Chelsea neighborhood in Manhattan, New York City.
The residential project is set to rise on a 1,858-square-meter (sq.m) lot in Capital Town — Megaworld’s 35.6-hectare integrated urban township in San Fernando City.
Eugene Em Lozano, Megaworld Pampanga’s first vice-president for sales and marketing, said Chelsea Parkplace will be ideally located in the center of the township.
“As a future resident of Chelsea Parkplace, one has the front row seat advantage of seeing the growth and development in this area,” Mr. Lozano said in a press briefing last week.
The condominium has a total of 193 units, all designed with a balcony to give residents a view of the township. At present, nearly 30% of the units have been sold.
Studio units are sized from 29 sq.m to 31 sq.m, while one-bedroom units range from 41 sq.m to 45.5 sq.m, and two-bedroom units span from 67 sq.m to 88 sq.m. The rate per square meter is at P140,000.
Amenities include a retail area on the upper ground floor, swimming pool, events hall, daycare, and fitness center. It will also have a first-of-its-kind speakeasy bar, “The Other Room,” which will serve as an ideal venue for residents to celebrate special occasions.
The Andrew L. Tan-led company is targeting working professionals in their mid-30s to mid-40s as the primary market for this residential project.
“Most of them are based in Makati but they have roots in Pampanga, and also those who live within the Pampanga but wanted to explore different kind of lifestyle. We are bringing a unique lifestyle concept that is not available yet in Central Luzon,” Mr. Lozano said.
“I think we are offering something unique du’n sa mga anak ng mga families na nandu’n sa Pampanga, so they might consider staying there other than living abroad or working in Metro Manila,” he added.

Chelsea Park Place 2
An artist’s rendering of a condo unit at Chelsea Parkplace. — MEGAWORLD CORP.

Megaworld expects to complete the project by 2022. The company might launch another tower next year, depending on the market’s demand.
Mr. Lozano said that living in Chelsea Parkplace, located within Capital Town, will bring the convenience of having well-suited amenities, recreational spaces, unique dining destinations, world-class retail establishments, prime working hubs, and an overall safe and dynamic neighborhood within reach.
Across the condominium will rise the Central Square, where the Casa de Emperador and BPO offices will be located.
A few blocks down will be the Shophouse District, a six-hectare retail space set to become the center of the city’s entrepreneurial ventures.
Megaworld started selling shophouse lots a year ago, and has already sold 99%, according to Mr. Lozano.
“The lots are set to be turned over next year. And we expect the property prices to soar even higher once we are near the completion of the Shophouse District,” Mr. Lozano said.
Events trade hall, outdoor amphitheater, museum, mall, cinema complex, and transportation hub are also set to rise within the township.
Anticipating Capital Town to be a busy township, a 30-meter wide San Fernando Boulevard will be built. This main township road will be equivalent to six lanes, traversing Capitol Boulevard all the way to Jose Abad Santos Avenue (Olongapo-Gapan Road).
Mr. Lozano said that land developments within Capital Town already started last year and construction is already in full swing.
Last year, Megaworld said that it will be investing around P30 billion over the next 10 years to develop the township.

Robinsons Retail posts flat Q3 income

ROBINSONS Retail Holdings, Inc. (RRHI) recorded flat earnings for the third quarter of 2018, amid a double-digit growth in sales during the period.
In a disclosure to the stock exchange on Monday, the Gokongwei-led retail operator said net income attributable to equity holders of the parent stood at P1.21 billion for the July to September period, just 0.1% higher than what it generated in the same period a year ago.
The company’s net sales delivered a 13.2% increase to P31.36 billion for the quarter, while operating income rose by 7.9% to P1.63 billion.
On a nine-month basis, RRHI’s attributable profit went up by 9.8% to P3.83 billion, following a 10.2% increase in operating income to P4.66 billion during the period.
The company also improved its net sales by 13.1% to P91.82 billion. RRHI’s supermarket segment accounted for bulk of the consolidated net sales at 46.5%, after recording a same-store sales growth (SSSG) of 8.6%.
It noted that SSSG for the entire group was above target at 6.6% by end-September. The specialty stores segment booked an SSSG of 7.8%, do-it-yourself (DIY) segment at 6.1%, convenience stores at 4.5%, drugstores at 2.9%, and department stores at 2.4%.
SSSG measures the growth of a company’s existing stores, and serves as a guide for investors to make sure that the firm’s growth is not solely driven by the opening of new stores.
RRHI attributed the sales growth to the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law, which in part increased Filipinos’ disposable income.
“High consumption was sustained through the first nine months of 2018, coming from the rise in take-home pay among salaried workers with the TRAIN Law’s implementation at the beginning of the year,” RRHI said.
The company ended the first nine months of the year with a total of 1,778 stores, excluding the franchised branches of The Generics Pharmacy. Of this, 158 were supermarkets, 51 were department stores, 206 were DIY stores, 496 were convenience stores, 499 were drugstores, and 368 were specialty stores.
RRHI’s portfolio includes Robinson’s Supermarket, Robinson’s Department Store, Handyman Do It Best, True Value, Toys R Us, Ministop, Daiso Japan, Costa Coffee, Savers Appliances, and South Star Drug.
The company’s footprint spanned around 1.2 million square meters by end-September, nine percent higher year-on-year.
Shares in RRHI jumped 0.64% or 50 centavos to close at P78.50 each at the stock exchange on Monday. — Arra B. Francia

Hilton Manila highlights sustainable practices

NEWLY-OPENED Hilton Manila is implementing sustainable practices in its operations, as part of the global hospitality company’s commitment to reduce its environmental footprint.
“We are really directed now to reduce our impact on the planet,” Paul Hutton, vice president for operations in South East Asia at Hilton, told reporters at the sidelines of the Hilton Manila’s formal opening last Oct. 24.
To reduce waste, Hilton Manila is limiting the use of plastics in its operations. Instead of plastic straws, the hotel will provide customers with paper straws or metal straws.
Guests are also provided with water in glass bottles, not plastic. The hotel will also have an in-house water facility that will help them promote the reuse of the glass bottles.
Also, the Do-Not-Disturb and Make-Up-Room signs are already electrically installed in each room. Guests would just have to press the switch for either of these.
“There are a lot of usable commodities that we are very conscious of. …We have taken out nearly every piece of plastic that we can… there are glass bottles in the room and certainly are far more recyclable and friendly products… and within weeks we will start bottling our water… This is a pilot program that Hilton is running within the Southeast Asian region to ultimately remove the small plastic amenity,” Simon McGrath, general manager of Hilton Manila, told reporters at the same event.
Hilton Manila still uses some plastic items, such as the Nespresso machine capsules and toiletry items.
Also, Hilton Manila is looking into recycling used hotel soap, in partnership with Don Bosco.
“The soap that we use in hotel rooms that we use once and then we check out… We are about to kick off a program… with Don Bosco… in regards with working with them on soap recycling. Providing them with the used soap, which is then cleaned and repurposed,” Mr. McGrath said.
Hilton Manila, located within Resorts World Manila, formally opened last week, marking the global company’s entry in the Philippines.
The hotel has 357 guest rooms and suites, with sizes ranging from 40 square meter (sq.m.) to the 180 sq.m. suite. Rooms will have Hilton’s signature Serenity bed, and a digital key “direct-to-room” technology that allows guests to use their devices as their room key, exclusive for Hilton Honors members.
Hilton Manila also has three dining outlets, two bars, meetings and events spaces, ballroom, resort-style free-form pool, fitness center, and a kids’ play area.
The said eco-friendly hotel was developed by Travellers International Hotel Group, Inc., a joint venture of Andrew L. Tan’s Alliance Global Group, Inc. and Genting Hong Kong Limited. Travellers International is the owner and operator of Resorts World Manila. — V.M.P. Galang

Rainbow bright

By Menchu Aquino Sarmiento
Movie Review
Billie and Emma
Directed by Samantha Lee
HOW refreshing it is to encounter a coming of age film without the usual adolescent angst and anger! More so when the teen protagonists, both high school seniors, are one committed butch lesbian (Isabelle C. Santos, aka Billie, played by Zar Donato) and the bi-curious, and very accomplished flirt Emma (Gabby Padilla) who cope with their respective personal crisis with humor and grace.
Billie has been exiled to provincial San Isidro, until the minor scandal of her carrying on openly with a classmate in her old school in Manila, and her father’s subsequent rejection of her, blow over. She is temporarily under the care of her maternal aunt Kate Castro (Cielo Aquino), the religion teacher at St. Gerard’s, an exclusive girls’ school where Billie is now a transferee. This creates the opportunity for snarkily pointed classroom exchanges, more like a gay rights debate, between the aunt and her headstrong niece about Gospel teachings on homosexuality and the like.
Apart from the occasionally heavy-handed propaganda for gay rights, there are many light-heartedly delightful scenes of innocent high school fun: playing F.L.A.M.E.S. and Chinese jackstones, making an alphabetical list of the pogi-est boys locally available, learning responsible parenthood by having the girls take care of a raw egg “baby” with a drawn-on human face, and the small town talent show.
Filmmaker Samantha Lee wears her queer advocacy with pride. A copy of Rubyfruit Jungle, the 45-year-old seminal lesbian text by Rita Mae Brown, is a prominent prop in several scenes. The maverick Billie with her butch bob haircut and Doc Martens boots, keeps the book by her bedside, reading it constantly like the Holy Bible. Her closeted aunt gets intrigued and reads it too. She has an epiphany about acknowledging her own queerness, and her niece’s as well, which deepens their familial bond. Immediate family members’ gentle, non-judgmental responses to queerness are the preferred alternative to the conventionally expected harsh hysterics, violent degradation, even rejection with eviction, which usually stem from denial, shame and fear. But even her classmates’ anxiety over Billie’s lesbianism being contagious is only annoying, even amusing, rather than threatening.
Lee may also be acknowledging Rubyfruit Jungle’s inspiration on her film’s plot. In the novel, the protagonist Molly loses her college scholarship when she is outed and expelled for “moral reasons.” These parallel Billie’s exile, and Emma’s losing any chance that her conservative Catholic school will endorse her for a college scholarship when her pregnancy is revealed.
The book-smart Emma and her feckless teenage boyfriend Miguel (Ryle Santiago) were too dumb to use condoms, the most easily available contraceptive device, or even to practice natural contraception. For the last 45 years, exclusive Catholic girls’ schools (in Manila at least) have taught students in the intermediate grades and high school, how to plot one’s menstrual cycle and how to use the Billings Method as part of health education. The honor student Emma never even considered researching on these in the school library (the film is set in 1990s) for her own protection until it’s too late. She herself was the only child of a teenage mother (Beauty Gonzales) who cares more about using her daughter to sell lip gloss than about preparing her so that she doesn’t make the same mistakes.
If this is the film’s way of conveying the message that becoming a teenage mother is plain stupid, then this mother and daughter tandem succeed. Geneticists have found that intelligence predominantly passes through the mother. When Emma goes to the barangay health center for a pregnancy test, her mom decides she’d rather stand outside preening for passers-by along the street, rather than support her daughter during her first OB-GYN exam. Pre-natal care never comes into the picture. Then the mother has the “brilliant” idea of subjecting her young daughter, already past her first trimester, to the dubious pampa-regla (abortifacient) herbal remedies available in Quiapo. The film ends with them on a bus bound for Manila.
Given the film’s worthy advocacy of the right to determine one’s own sexuality and to be left in peace, it is unfortunate that the opportunity was not taken to present a much needed, sobering view of the very real problems which it also depicts, of teen pregnancy, and unprotected sex — both matters which have definitely unfunny consequences. The predominantly youthful theater audience was audibly thrilled every time Billie and Emma made out — just as though they were any other hetero-normative love team. After the film, clumps of young people were overheard in the cinema’s lobby, excitedly wondering what it might be like to be gay. Also, weren’t both actors just so, so cute.
MTRCB Rating: R-13

Gov’t fully awards T-bills

THE GOVERNMENT made another full award of the Treasury bills (T-bill) it auctioned off on Monday, with rates on the longest tenor slipping as investors expect inflation to start stabilizing.
The Bureau of the Treasury (BTr) borrowed P15 billion as planned at its T-bills auction yesterday. The offer was oversubscribed, with total tenders totalling P26.985 billion, climbing from the P24.51 billion recorded at last week’s offering.
Broken down, the government borrowed P4 billion as planned via the 91-day tenor yesterday as bids by investors amounted to P5.936 billion. The average rate rose just 2.7 basis points (bp) to 4.979% from the 4.952% logged in the previous auction.
The Treasury also made a full award of the 182-day papers as it accepted P5 billion as planned out of offers totalling P7.534 billion. The average yield likewise rose 10 bps to 6.159% from last week’s 6.059%.
For the 364-day T-bills, the BTr borrowed the programmed P6 billion out of the P13.515 billion tendered by banks and other financial institutions. The strong demand caused the average rate to slide 7.9 bps to 6.41% from the 6.489% tallied in the previous offering.
At the secondary market prior to the auction, the three- and six-month papers were quoted at 5.83261% and 6.19367%, respectively, according to the Bankers Association of the Philippines’ new set of benchmarks, the PHP Bloomberg Valuation Service (BVAL) Reference Rates — which replaced the Philippine Dealing System Treasury Reference Rates — while the one-year debt was quoted at 6.5951%, according to the Treasury.
At the close of the trading, the BVAL rates for the 91-day, 182-day and 364-day papers stood at 5.926%, 6.276% and 6.586%, respectively.
National Treasurer Rosalia V. De Leon said it made a full award as bids stabilized yesterday.
“We saw the bids more or less hopefully have stabilized coming from where they were before [at] 30-50 bps increase in the auction submissions,” Ms. De Leon told reporters on Monday. “[It probably came] from the statement that more or less inflation has stabilized last September.”
The Bangko Sentral ng Pilipinas (BSP) earlier indicated that inflation has peaked in the third quarter of the year and is expected to begin moderating.
Monetary Board Member Felipe M. Medalla said the proposed rice tariffication law — which would remove price import quotas set by the government and allow any private firm to source the crop abroad — will shave 0.7 percentage points of the headline inflation print.
Meanwhile, BSP Assistant Governor Francisco G. Dakila, Jr. said the proposal to suspend the scheduled P2 per liter fuel excise tax in 2019 would also reduce inflation by 0.2 percentage points.
Inflation hit a fresh nine-year high of 6.7% in September, bringing the year-to-date print to five percent.
“Going into next year, they see that possibly, inflation is going to be 4.3% on average,” Ms. De Leon said, adding that the rice tariffication as well as the suspension of additional excise tax on fuel would bring the inflation within the target band.
Meanwhile, a bond trader said the results of the T-bills auction were in line with expectations.
“I guess investors are just looking for higher yields, that’s why the demand was on the one-year [tenor],” the trader said in a phone interview.
The Treasury is raising P270 billion from the domestic market this quarter through auctions of securities, offering P180 billion in T-bills and another P90 billion in Treasury bonds.
The government plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit, which is capped at 3% of the country’s gross domestic product.
Meanwhile, Ms. De Leon said the BTr is “closely looking” at the structure of floating-rate notes as it is talking to market makers to monitor the appetite for the instrument.
“We are really interested to be able to issue in the market. We are already talking with our market makers about the appetite, structure, benchmarks and also in terms of the infrastructure in their own systems,” she said.
An FRN or floater is a debt instrument that carries a varying interest rate, depending on a benchmark. However, it yields lower returns compared with fixed-rate papers of the same maturity date.
Ms. De Leon added that the Treasury still does not have any timeline for the issuance, although it is “looking at around two years in terms of the tenor.” — Karl Angelo N. Vidal

PT&T says it no longer has NTC obligations

PHILIPPINE Telegraph and Telephone Corp. (PT&T) said it has paid all its liabilities with the National Telecommunications Commission (NTC), ahead of its participation in the bidding for a new major telco player next month.
In a statement on Monday, PT&T said it received a certification from the NTC that it has no uncontested obligations to the Commission as of Oct. 1 — a requirement in the bidding’s selection terms.
“PT&T already paid P20.57 million spectrum users’ fee to NTC from 2003 to 2018 and the uncontested P10.27 million SRF (supervision and regulation fee) for 2018,” the listed firm said.
In the final selection terms for the third telco player bidding, the NTC said among the outstanding liabilities that a prospective participant must settle are the SUF and SRF, including penalties, surcharges and interests.
“Since embarking on its revival, PT&T has been clearing the way to meet all the pre-qualification requirements to bid for the New Major Player or the 3rd Telco bid,” PT&T president and chief executive officer James G. Velasquez said in the statement.
“With its long history of providing telecommunications services to the Filipino people across the nation, we believe we can meet all the stringent requirements to participate, this recent certification is another proof point of that,” he added.
However, the listed company still has an ongoing appeal on its almost P500-million fee from the NTC for SRF from 2002 to 2017.
The case is currently with the Court of Appeals, but Mr. Velasquez earlier said it will not affect the company’s participation in the third telco bidding as it is a contested liability.
PT&T is one of nine companies who have purchased the bid documents from the NTC since it was made available on Oct. 8.
Deadline for submission of bids is scheduled on Nov. 7, as the government eyes awarding the third telco player before Christmas. — Denise A. Valdez

PHirst Park Homes plans 15 communities in 5 years

PHIRST PARK Homes Inc. is planning to launch 15 master planned communities in Central Luzon and Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) within the next five years.
In a statement, the affordable housing unit of Century Properties Group, Inc. (CPG) said it is focused on acquiring land in areas where the government is undertaking flagship infrastructure projects.
“This is a top criterion in our area selection process as it ensures ease of access for our future residents. It also opens more employment and livelihood opportunities for them as major infrastructure sites spur economic growth,” Ricky M. Celis, president of PHirst Park Homes, was quoted as saying in a statement.
PHirst Park Homes is planning to launch new projects in the provinces of Laguna, Bulacan, and Cavite in the near term. This would allow the property firm to take advantage of the growth in the areas where there are several infrastructure projects.
Among these projects are the Skyway Stage 3, the 23-kilometer Manila Metro Rail Transit System Line 7, Bulacan International Airport, Philippine National Railway North 2, the Bulacan Bulk Water Project, and the Cavite Laguna Expressway.
“Such projects are a boon to families who wish to enjoy the lower cost of living in the provinces while maintaining their jobs or businesses in the city centers of Metro Manila,” said Loren Sales, vice president for customer management of PHirst Park Homes.
PHirst Park Homes is the joint venture firm of CPG and Mitsubushi Corporation that caters first home buyers. Currently, it has communities in Tanza, Cavite, and Lipa City, Batangas.
PHirst Park Homes Lipa offers around 1,800 units on a 20-hectare property. It will be developed in three phases, with the first phase to include about half of the total housing units.
Among its amenities are a village clubhouse, swimming pools for adults and children, an open-air cinema, and playgrounds. This is in keeping with CPG’s concept of a home-in-a-park experience for PHirst Park Homes Lipa. — Vincent Mariel P. Galang

Album, mall shows to reignite interest in children’s games, music

IN THE days before television and video games, children played outdoors — patintero, tagu-taguan (hide and seek), and tumbang preso. Those who preferred to stay indoors, could spend time with a game of jackstones, sungka, and joining clapping games with siblings or neighbors.
It was with the notion of reintroducing traditional songs and Filipino games to the youth that lead to Ayala Malls’ launch of Awit at Laro, a project celebrating music and culture, on Oct. 25 at The Gallery in Greenbelt 5.
The project, led by singer Gary Valenciano and interior designer Bambi Mañosa, aims to raise funds for the United Nations Children’s Fund (UNICEF), the Tukod Foundation, an organization that supports the advancement of Filipino art and design; and the Shining Light Foundation, Inc., a non-stock, nonprofit corporation that provides resources pastors, church workers, and the underprivileged.
In 2015, interior designer Bambi Mañosa mounted LARO, an art exhibit for the Creative Kids Studio. According to Ms. Mañosa’s statement on the official Awit at Laro website, “The kids were taught how to play patintero, piko, jolens, and tumbang preso, so they could understand the art and designs they had to create. Not only were they able to create beautiful pieces, but they actually enjoyed playing the games of their parents’ youth.”
It was the suggestion of Ms. Mañosa’s father, newly awarded National Artist for Architecture Francisco Mañosa, to add music to the art exhibit turned fund-raising campaign.
This year, various artists, including UNICEF national ambassador Gary Valenciano, recorded an album with 20 tracks — 10 traditional Filipino songs and 10 songs about children’s games.
To get a free download of the album, one must first get a copy of the accompanying songbook (P899) which has a QR code which leads to the redemption of the digital song pack.
The songbooks will be available at a series of Awit at Laro concerts which will tour 21 Ayala malls throughout the country from Nov. 3 to Dec. 22.
Directed by Paolo Valenciano, the shows will feature his father Gary Valenciano, Steps Dance Studio, and artists who contributed to the album, including Kiana Valenciano, Jona, Gab V, Yeng Constantino, and Joey Ayala.
“The concerts in the malls, that’s anything goes. It will be the singing of the songs of Awit at Laro. [I think] there will be games that will be played also to make people experience it whether they know it or not,” Gary Valenciano told members of the press shortly after the launch.
For more information on the album, songbook, and mall tour, visit www.awitatlaro.com. — Michelle Anne P. Soliman

UnionBank books decline in net income at end-Sept.

UNIONBANK of the Philippines, Inc. reported lower net income in the first nine months of the year due to increasing interest rates and its inability to issue credit for teachers.
In a regulatory filing on Monday, the Aboitiz-led UnionBank said it booked a P6.1-billion net profit in the January-September period, down 4.7% from the P6.4 billion tallied a year ago.
Jose Emmanuel U. Hilado, UnionBank Treasurer and Chief Financial Officer, said the rise in interest rates and the absence of new loan releases to teachers affected the bank’s margins.
Earlier this year, the Department of Education (DepEd) suspended its automatic payroll deduction system for loans and insurance payments until June as it worked on new guidelines, making CitySavings Bank, the thrift banking arm of UnionBank, unable to issue loans for teachers.
“We expect margins to improve as assets reprice and now that CitySavings’ access to DepEd’s automatic payroll deduction system has been resolved,” Mr. Hilado was quoted as saying in the statement.
Despite booking lower net income in the first nine months, UnionBank saw sustained double-digit growth in its customer businesses.
UnionBank saw its total loans surged 18.6% year-on-year to P315.3 billion, with retail lending accounting for 33% of its total portfolio.
Deposits, on the other hand, stood at P441.4 billion.
The bank’s earning performance translated to an annualized return on equity at 11% and a return on assets at 1.3%.
Net revenues grew 3.3% to P18.9 billion from last year’s P18.3 billion.
Overall, its total assets were at P643 billion, up 17% from the P549.4 billion recorded a year ago.
“We remain confident in sustaining our robust earning asset growth which shall be supported by our successful P10-billion rights offering,” Mr. Hilado added.
Last month, the bank issued 158.8 million common shares through a stock rights offer priced at P62.97 apiece to support expansion.
The bank is set to raise another P20 billion through issuance of bonds or commercial papers which can be done in multiple tranches.
UnionBank shares ended Monday’s session at P66.95 each, gaining P1.15 or 1.75%. — Karl Angelo N. Vidal

Puregold’s remittance unit gets SEC approval

PUREGOLD Price Club, Inc. has secured clearance from the Securities and Exchange Commission (SEC) to incorporate a new subsidiary that will handle its remittance business.
In a disclosure to the stock market on Monday, the Lucio L. Co-led firm said the SEC has approved the incorporation of PurePadala, Inc.
“In partnership with banks, financial institutions, and other financial technology entities, PurePadala is intended to operate a cash remittance business for the benefit of the customers and shoppers of Puregold Group of Companies,” the company said.
Puregold launched its PurePadala services back in 2014, catered toward overseas Filipino workers (OFWs) who would like to send remittances to relatives in the country.
Under PurePadala, OFWs can specify how much of the amount sent will be used for grocery shopping at any Puregold store, how much can be for the payment of utility bills, and how much can be encashed.
“This is Puregold’s commitment in making sure that OFWs and all remittance senders’ sacrifices are worth it — one transaction at a time,” the company said in its website.
The service is also available for local remittances.
The listed supermarket operator grew its consolidated net income by 24% to P3.08 billion in the first six months of 2018, from the P2.48 billion it posted in the same period a year ago. This followed a 13.2% jump in consolidated net sales to P64.03 billion.
Puregold ended June 30 with a total of 393 stores, 341 of which are Puregold, 16 are S&R membership shopping warehouses, and 36 are S&R New York Style quick service restaurants.
Shares in Puregold slipped 0.95% or 40 centavos to close at P41.60 each at the stock exchange on Monday. — Arra B. Francia

Halloween scares away box office competition

LOS ANGELES — Halloween easily stayed No. 1 at the domestic box office in its second weekend as the spooky holiday nears.
Universal and Blumhouse’s slasher film starring Jamie Lee Curtis picked up another $32 million, marking a 58% decline from its impressive debut. Directed by David Gordon Green, Halloween crossed $100 million on Friday. The movie pocketed $25 million overseas for a total of $172 million worldwide.
Holdovers A Star Is Born and Venom also remained in the top five. Warner Bros.’ A Star Is Born landed in second place with $14 million, dropping just 26% in its fourth outing. Lady Gaga and Bradley’s musical drama has earned $148 million. The acclaimed movie hit $100 million at the international box office for a global total of $253.2 million. Meanwhile, Venom, Sony’s dark superhero film with Tom Hardy, came in third with $10.8 million. That brings its domestic tally to $187 million for a worldwide total of $508.4 million.
Otherwise, studios generally steered clear of the pre-Halloween frame. Lionsgate and Summit’s Hunter Killer, a high-stakes thriller starring Gerard Butler and Gary Oldman, was the only wide release. It wasn’t able to beat Goosebumps 2: Haunted Halloween as Sony’s family friendly flick came in fourth place with $7.5 million.
Hunter Killer was, at least, able to round out the top five with $6.65 million when it opened in 2,720 locations. The audience, which was predominately male and over the age of 25, gave the film an A- CinemaScore. Critics were far less generous with a Rotten Tomatoes average of 36%.
Elsewhere, Universal’s Johnny English Strikes Again pocketed a meager $1.6 million from 544 screens. An underwhelming performance in the States might not matter considering the movie is virtually engineered for international audiences. The third installment in the Rowan Atkinson-led British spy series launched earlier this month overseas, where it has already earned $107 million.
Does the strong pre-holiday showing mean studios should reconsider sitting out the Halloween weekend? A lot depends on the product, and the Halloween sequel hit all the right elements for success — a timely theme, a beloved property and solid execution.
“It is quite appropriate that a movie called Halloween would deliver a sweet box office treat to the industry that typically suffers a slowdown on this particular weekend,” said Paul Dergarabedian, a senior media analyst with comScore. “Universal picked a perfect release date, inspiring nostalgia and excitement among moviegoers looking for the perfect film to complement their Halloween weekend plans.”
This weekend was up 37.6% over the same frame last year when Jigsaw led the domestic box office, according to comScore. As the month winds to a close, October officially hit a new record in North America. The month was up over 50% from the same frame in 2017. This year’s period brought in $789 million, which was enough to top the benchmark previously set by 2014 with $757 million. — Reuters

BDO earnings climb in Q3

BDO
BDO Unibank, Inc. booked a higher net income in the third quarter.

BDO UNIBANK, Inc. saw its earnings climb in the third quarter on the back of the robust expansion of its key businesses.
In a regulatory filing on Monday, the Sy-led BDO said it booked a net profit of P8.4 billion in the July-September period, 18.6% higher than the P7.08 billion logged a year ago.
This brought BDO’s income in the nine months ended September to P21.5 billion, up 6% from the P20.4 billion in a comparable year-ago period.
Excluding BDO Life, which was impacted by mark to market on its investment portfolio brought by Philippine Financial Reporting Standards 9, as well as its ongoing investment in the micro, small and medium enterprise lending business, BDO said its year-to-date income would have registered a 13% growth from a year ago.
The bank attributed the earnings growth to the “solid expansion from its core lending and deposit-taking, life insurance and fee-based businesses.”
BDO’s net interest income stood at P71.5 billion in the first nine months of the year, higher by 20% from a year ago.
Its lending business grew 17% to almost P2 trillion at end-September, driven by the middle market and consumer segments.
Deposits stood at P2.3 trillion, up 12% from a year ago, with low-cost current account, savings account (CASA) ratio stable at 70%.
The bank’s net interest margin also increased year-on-year and quarter-on-quarter due to “upward loan re-pricing and managed funding costs given a large low-cost CASA base.”
On the other hand, non-interest income grew to P35.8 billion in the nine months ended September, supported by insurance premiums and fee-based earnings, which grew by 21% and 7% respectively.
However, these were offset by the 71% decline in trading and foreign exchange gains brought by the continuing volatility in the capital markets.
Overall, gross operating income grew to P107.3 billion in the third quarter, higher by 13%.
Likewise, operating expenses grew 13% to P71.7 billion in the nine months ending September, as business and branch expansion were sustained. The higher documentary stamp tax on time deposits, which doubled due to the government’s tax reform program implemented this year.
Volume-related operating expenses, comprising 41% of the total operating expenses, grew 14%.
The bank set aside P5.5 billion in provisions, even as its gross non-performing loan (NPL) ratio dropped to 1.1% in the third quarter versus 1.2% in the previous quarter as well as the 1.3% a year ago.
NPL cover likewise increased to 175% from the 158% booked in the second quarter and 136% last year.
BDO’s total capital increased to P311.8 billion, with both its common equity Tier 1 and capital adequacy ratios well above the minimum regulatory requirements at 12.3% and 13.9%, respectively.
“With the positive performance in the first nine months this year, the bank believes that the 2018 full-year earnings guidance of P31 billion remains within reach given the seasonally stronger fourth quarter, combined with encouraging results from the bank’s strategic initiatives expanding across underserved segments and growth areas,” the bank said.
Last month, BDO, the country’s biggest bank in asset terms, has established a peso-denominated bond program of up to P100 billion, even as it said it has no definite timeline yet for an issuance.
BDO shares closed at P118.30 apiece on Monday, up P2.30 or 1.98%. — Karl Angelo N. Vidal