AS OF this month, counting only athletes and officials, nearly 11,000 application for accreditation from various sports have been received with barely three months to go before the opening ceremonies of the SEAG.
Alona Quintos, the director of accreditation and uniforms, on Thursday said at least 35,000 people are expected to sign up for the Games as the Sept. 30 accreditation deadline scheduled by the Philippine Southeast Asian Games Organizing Committee draws near.
According to Quintos, 9,552 have been screened while 8,213 personnel have been granted access to the 11-nation sportsfest to be held at New Clark City in Tarlac, Subic and Metro Manila from Nov. 30–Dec. 11.
“We are closely coordinating with the security department to ensure that everyone who gets accredited have cleared all security protocols,” said Quintos.
She explained that the printing of pre-valid accreditation cards (PVAC) of the 11 national Olympic committees would commence end of September.
Quintos likewise announced that around 1,500 journalists, photo journalists, videographers and broadcast personnel will comprise the covering media during the entire duration of the Games.
“We have set up a specific lane for every client group such as media, athletes and officials, etc. We want to make the experience of getting an accreditation as easy and comfortable as possible,” said Quintos.
The World Trade Center in Pasay City will be the Main Accreditation Center set to cater sports to be played in Manila and Southern Luzon while the ASEAN Convention Center will serve both clusters in Clark and Subic.
The Main Accreditation Center will begin operations on November 20.
THE PHILIPPINE women’s national volleyball team clinched a bronze medal after escaping with a thrilling 25-21, 22-25, 25-21, 15-25, 15-12 win against Vietnam to end its campaign on a high note in the inaugural 2019 ASEAN Grand Prix at the Nakhon Ratchasima in Thailand.
Veteran hitter Mylene Paat topscored with 22 points on 14 attacks to assure the Nationals that they’re not going empty-handed in this four-nation tournament also serving as a build-up to the country’s 30th Southeast Asian Games (SEAG) hosting this November.
Kalei Mau (16), Ces Molina (14) and Majoy Baron (13) stepped up big time to provide solid help for Paat as the national women’s volleyball squad dodged a winless finish in this first-ever invitational volleyball tournament in the SEA region.
Learning their lessons from close losses against powerhouses Indonesia and Thailand, the Pinay spikers got off to a rousing start this time, stunning the Vietnamese with a 25-21 opening frame win. The Philippines also won the third set with the same score, 25-21.
But Vietnam, the bronze medalist in the 2017 Kuala Lumpur SEAG, owned two of the next three sets to force a deciding fifth set where the Nationals proved as the steadier team this time with a strong stand in the clincher.
The Pinay spikers got off to a hot start in the decider, leading 6-3 before Vietnam capitalized on the Nationals’ errors to make it a tight contest at 12-all.
The reigning Philippine SuperLiga MVP Mau, however, took matter into her own hands as she nailed three consecutive kills to seal the deal for the Filipinas.
Thi Thanh Thuy Tran and Thi Kim Thanh piled up 25 and 16 markers, respectively, for the Vietnamese who got blanked in three games in the first leg of this first-ever ASEAN Grand Prix after earlier defeats to Thailand and Indonesia.
The second leg is slated in Sta. Rosa, Laguna on Oct. 4 to 6 that also serves as a test event for the volleyball competition in the SEA Games slated Nov. 30 – Dec. 11 here.
ENGLISH football legend and AIA global ambassador David Beckham is due in the country next month as he takes part in the AIA Philam Life Live Better Expo.
Set for Oct. 13 at the Enderun Tent in Taguig City, the expo is a wellness and protection summit by the insurance group.
Mr. Beckham will participate in the summit and talk about having a healthy and active lifestyle, in line with AIA’s push to promote such thrust with its line of products.
Joining Mr. Beckham are Philam Life brand ambassadors Nico Bolzico, Solenn Heusaff, Raymond Gutierrez and Wil Dasovich.
“We are thrilled to have David Beckham join us and share his daily wellness journey at the Live Better Expo,” said Philam Life Chief Marketing Officer Leo Tan.
“His healthy and active lifestyle best exemplifies what our brand promise of living a Healthier, Longer and Better Life means. We are happy to have him in Manila and inspire Filipinos to also embrace and bring to life our brand promise,” he added.
Apart from the expo proper, Mr. Beckham, who was last in the country in 2011 as part of the visiting Los Angeles Galaxy from Major League Soccer, will take part in a football clinic and exhibition game led by Philam Life 7s Football League Commissioner Anton Del Rosario.
For more information on the football clinic and the Philam Life Live Better Expo, visit www.facebook.com/PhilamLifeAIA. — Michael Angelo S. Murillo
WHILE admitting that what they do is anything but easy work, still World Wrestling Entertainment superstars are at it because of the many satisfactions they draw from it, including the genuine appreciation by fans over what they do in the ring.
And such is highlighted when they do shows in places they never get to go often like the Philippines.
Back in the country after three years, WWE did not disappoint anew as it put up a show that local fans cheered over and had a kick from right from the opening match all the way to the end of the nine-fight WWE Live Manila offering on Sept. 20.
For WWE superstar Kevin Owens, to see such kind of reception from Filipino fans makes what they do all worth it and provides a motor for them to keep going.
“Places that we don’t go to much tend to be excited to have us obviously. It’s great to go to places we don’t go all the time [like the Philippines] because we feel the people’s excitement genuinely. And that’s a good feeling for us. The enthusiasm is different as opposed to places where we always go to,” said Owens, in a roundtable session with local media on Friday at the Marco Polo Hotel in Pasig City.
“It’s great to come here and to other countries where we don’t go all the time… we get to perform for people who are really thrilled to have us there, so how would that not be a great experience for us?” he added.
It is the same sentiment that another WWE superstar, Ali, has.
“For me it’s a bit different because I’m kind of new with international events after some time doing independent events. I appreciate the excitement and how we are being received. You can it see right from the airport all the way to the event itself,” said Ali, who is having a banner year in the WWE and joined the group in 2016.
Both Owens and Ali also admitted that there are some drawbacks in the career path they have chosen, including privacy issues and spending time away from their families, but the benefits surely outweigh them.
WWE LIVE MANILA 2019
For WWE Live Manila 2019 at the Smart Araneta Coliseum last Friday, the first event of the group here since 2016, the WWE brought the SmackDown brand.
The crowd steadily grew as the night progressed en route to a good-sized number of spectators who enjoyed the three-hour live show.
Opening the proceedings was the battle between Kevin Owens and Andrade, which did a great job and setting the tone for the night.
Owens defeated Andrade.
Next came the clash of Chad Gable and EC3, which was ushered in by 24/7 champion R-Truth who played ring announcer.
EC3 drew jeers and laughs from the crowd when he opened the fight by blurting “Hello, Thailand!”
Gable beat EC3 but latter managed to snatch the 24/7 title from R-Truth in an unexpected turn of events after. It was short-lived, however, as R-Truth reclaimed the title from EC3 moments later to the delight of the fans.
Next came the showdown between Carmella and Mandy Rose which the former won and the Intercontinental match between champion Shinsuke Nakamura and Ali with the Nakamura getting to retain the belt in the end.
The “surprise” match between Roman Reigns and Sami Zayn followed with the former emerging on top.
An intermission ensued, after which three title matches came next.
Reigning women’s champion Bayley beat Charlotte Flair to retain her title but Flair had the last laugh as she was able powerbomb Bayley onto a table after the match.
In the SmackDown tag team championship The Revival bested The New Day to keep the title.
Capping off the night was the WWE championship match between champion Kofi Kingston and Daniel Bryan.
Bryan punished Kingston with a number of technical moves but in the end it was Kingston who emerged victorious.
NEW ENGLAND — “A few teams” have reached out to express interest in free agent Antonio Brown since his release Friday by the New England patriots, according to the wide receiver’s agent, Drew Rosenhaus.
Rosenhaus told ESPN on Saturday he’s been in touch with a few teams, who “want information regarding (Brown’s) legal situation and the NFL investigation” into accusations against Brown of sexual assault and sending intimidating text messages.
ESPN reports that people around the league don’t expect any team to sign Brown until the league’s investigation is resolved.
The Patriots cut the controversial wideout on Friday afternoon, five days after Brown caught four passes for 56 yards and scored a touchdown in his debut with the team.
The NFL released a statement hours later in response to questions about Brown’s status.
“Our office is presently investigating multiple allegations, some of which are the subject of pending litigation,” the statement read, in part. “We have as yet made no findings regarding these issues. The investigation is ongoing and will be pursued vigorously and expeditiously.
“As long as Mr. Brown is a free agent, placement on the Commissioner’s exempt list is not appropriate. If he is signed by a club, such placement may become appropriate at any time depending on the status of the investigation. Upon the conclusion of the investigation, he may also be subject to discipline if the investigation finds that he has violated the law or league policies.”
Britney Taylor, Brown’s former trainer, filed a civil suit last week accusing him of three incidents of sexual assault or rape over a two-year period from 2017-18. According to multiple reports, the league met with Taylor for 10 hours on Monday, and a meeting with Brown was expected at some point.
On Thursday, Sports Illustrated reported that a female artist — who leveled claims earlier this week that Brown made unwanted sexual advances before firing her — contacted the NFL claiming the 31-year-old wide receiver sent her “intimidating and threatening” texts. On Friday, the woman’s attorney said the league had agreed to investigate the situation, and that the league had contacted the Patriots, who told Brown not to contact the woman any further.
In 10 NFL seasons (the first nine with Pittsburgh), Brown has 841 catches for 11,263 yards and 75 touchdowns. He is a seven-time Pro Bowl selection and four-time All-Pro. — Reuters
CHICAGO — Yadier Molina and Paul DeJong hit back-to-back homers off of hard-throwing closer Craig Kimbrel in the top of the ninth inning, and the visiting St. Louis Cardinals stunned the Chicago Cubs with a 9-8 win on Saturday afternoon.
St. Louis (88-67) moved six games ahead of Chicago (82-73) in the National League Central with only seven games to go. The Cubs also fell three games behind the Milwaukee Brewers for the NL’s second wild-card spot after the Brewers beat the Pirates later Saturday.
Marcell Ozuna also homered for St. Louis, which won its fourth straight. Paul Goldschmidt and Dexter Fowler had two RBIs apiece.
With the wind blowing out toward center field, the teams combined for 17 runs on 23 hits. There were seven lead changes.
Ian Happ, Nico Hoerner and Tony Kemp homered for Chicago, which has lost five in a row with its postseason chances on the line. The Cubs’ bullpen has absorbed each of the last four losses, including two late meltdowns by Kimbrel (0-4).
Cardinals right-hander John Gant (11-1) got credit for the win after recording the final out of the eighth. He was one of eight relievers to follow starter Dakota Hudson, who gave up three runs in three innings.
Molina evened the score at 8 on Kimbrel’s first pitch of the game. He clubbed a high fastball over the wall in left-center field for his ninth homer of the season and 155th of his career.
On Kimbrel’s second pitch, DeJong put the Cardinals on top 9-8. He hammered another fastball an estimated 440 feet to center for his 28th homer, which added to his career high.
Cardinals closer Carlos Martinez pitched around a leadoff walk to secure his 23rd save. He struck out Javier Baez to end the game.
The Cubs led 8-7 entering the ninth thanks to a pinch-hit, two-run homer by Kemp in the seventh. It was his first homer in 39 games with Chicago.
Kemp’s homer erased a 7-6 Cardinals’ lead that was created by a two-run shot by Ozuna — — his 29th of the season — in the seventh. — Reuters
MISSISSIPPI — Colombian Sebastian Muñoz gave his bid for a maiden PGA Tour victory a boost as he birdied his penultimate hole to earn a one-shot lead after the third round of the Sanderson Farms Championship in Mississippi on Saturday.
Muñoz enjoyed a bogey-free trip around the Country Club of Jackson with a nine-under-63 that left him at 16-under 200 for the week, one shot clear of Mexico’s Carlos Ortiz (65).
The Colombian, who last week finished in a share of seventh place at West Virginia, got off to a red-hot start as he opened with three birdies and added another pair before the turn.
Muñoz then carded four birdies during a seven-hole stretch on the back-nine, including at the par-four 17th where he sank a 14-foot putt to grab the outright lead.
Considering Muñoz had just three top-10 finishes in 26 events last season, he has gotten the current campaign off to a glorious start.
South Korean An Byeong-hun (70) began the third round with a two-shot lead but finished the day two shots back of Munoz after mixing five birdies with three bogeys, including at the 16th and 17th holes.
Twice major winner Zach Johnson (68) was six back of Muñoz and in a share of 10th place while former British Open champion Stewart Cink (71) and former FedExCup champion Brandt Snedeker (71) were nine back.
The third round was played in threesomes off both tees after inclement weather forced second round action to spill into Saturday. — Reuters
Clippers head coach Doc Rivers didn’t really reveal anything new in his interview with the Los Angeles Times early last week. Certainly, he was forthright and candid as he recounted to columnist Arash Markazi details behind Kawhi Leonard’s decision to head to “the other tenant” of Staples Center last July. Then again, he disclosed nothing of substance. Even casual observers knew the season-long courtship that occurred between franchise and primary target, and to a point, he said, where “we were warned that no more Clippers players, coaches, or employees could go to games in Toronto. We were sending guys to go sit in the stands.”
True, Leonard kept the entire National Basketball Association guessing until the end of the first week of free agency. Was he going to the Lakers or staying with the Raptors? Then again, it didn’t take long before all and sundry understood the extent of his desire to latch on to the Clippers — so much so that he even got Paul George to leave the Thunder. That said, Rivers succeeded in shining the light on one thing: the reigning Finals Most Valuable Player’s ruthless determination to carve his own destiny. He knew what he wanted, and did everything he could to get it.
Under the circumstances, it’s fair to argue that Rivers engaged in embellishment for effect. All the same, Leonard’s capacity to negotiate from a position of strength was clear. Quiet and reticent on the outside, but completely unreserved and unrestrained in private. “He said, ‘I want to play for you’ and he pointed at me. He said, ‘Mr. [Steve] Ballmer (Clippers owner), I love the things you do and what you stand for, but your team is not good enough and if you don’t change your team, I’m not coming.’” Which got them around to talking about his ideal partner: “We just showed him guys that we thought would match him and when he saw Paul George’s name he said, ‘I want to play with him.’”
In any case, Rivers is right. Winning Leonard over was one thing. Winning the championship is another. If nothing else, though, they’re favorites to emerge with the Larry O’Brien Trophy for a reason: They have the three-time All-Star leading their cause — on paper for at least the next two years, in reality until he doesn’t want to anymore. The stage is set, the spotlight’s on him, and time will tell if the fifth franchise whose future he has directly altered will be all the better as a result.
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.
THE HOUSE of Representatives on Friday evening approved the proposed P4.1-trillion national budget for 2020 on third and final reading, two weeks ahead of its Oct. 4 deadline.
With 257 affirmative votes and six negative votes, the chamber passed House Bill No. 4228, or the proposed General Appropriations Act for Fiscal Year 2020 the same day it was passed on second reading. It initially planned to have it approved by Oct. 4, with the House and the Senate targeting submitting it to the Office of the President by Dec. 15 for signing into law.
Lawmakers usually reserve Thursdays and Fridays for work in their districts.
The chamber also formed a committee that will make amendments to the budget on Monday, even as Section 58 of Rule 10 of the House provides that “On the Third Reading of a bill or joint resolution, no amendment thereto shall be allowed.”
The committee, chaired by Davao City-3rd district Rep. Isidro T. Ungab, will consist of Batangas-1st district Rep. Elenita Milagros Ermita-Buhain, Albay-2nd district Rep. Jose Ma. Clemente S. Salceda, Quirino-1st district Rep. Junie E. Cua, Negros Oriental-1st district Rep. Jocelyn Sy Limkaichong, Quezon City-5th district Rep. Alfred D. Vargas, Camarines Sur-2nd district Rep. Luis Raymund F. Villafuerte, Jr., Mandaluyong Rep. Neptali M. Gonzales, Leyte-1st district Rep. Ferdinand Martin G. Romualdez, Cavite-7th district Rep. Jesus Crispin C. Remulla, Manila-6th district Bienvenido M. Abante Jr., Iloilo-1st district Rep. Janette L. Garin, and Albay-1st district Rep. Edcel C. Lagman.
President Rodrigo R. Duterte on Sept. 17 certified the proposed national budget as urgent, allowing the chamber to do away with the prescribed three-day interval between second- and third-reading approval.
The government is keen on preventing a recurrence of late budget approval, which this year deprived new projects of funds for much of last semester. That resulted in a disappointing 5.5% gross domestic product growth against an official 6-7% target for full-year 2019.
Mr. Duterte had signed the 2019 national budget on April 15 due to a months-long row between the House of Representatives and the Department of Budget and Management on the adoption of a stricter budget framework, and later with the Senate on irregular fund insertions. He vetoed some P95.3 billion appropriations, reducing the 2019 budget to P3.662 trillion.
The delay also prompted the Development Budget Coordination Committee in a March 13 meeting to slash its GDP growth target for 2019 to 6-7% from 7-8% originally.
Appropriations Committee Vice-Chairman Jose Ma. Clemente S. Salceda earlier said that each congressman will receive P100 million for projects for their constituents.
Cabinet Secretary Karlo Alexi B. Nograles, himself formerly House appropriations committee chair who had a row with the Budget department, said Mr. Salceda needs to clarify his statement. “Tingin ko kailangan klaruhin ‘yan (I think that has to be clarified) with Rep. Joey Salceda; pero (but) I heard some of his interview also sa (in) media and sabi naman nya hindi naman daw (he said that is not) ‘pork’ ‘yan kasi (at all because) those were itemized budget,” Mr. Nograles said in a televised briefing, on Friday.
“If it’s itemized and identified siguro ang sinasabi niya lang hindi naman maiiwasan (maybe all he’s saying is that it cannot be helped) that the representatives of Congress would appeal for budgets that would benefit their districts, their sector or their constituents.”
BANGKO SENTRAL ng Pilipinas Governor Benjamin E. Diokno, seen in a video grab here at a press conference following the March 21 policy review, is widely known for his pro-growth policy bias.
STATEMENTS by Bangko Sentral ng Pilpinas (BSP) Governor Benjamin E. Diokno that another 25 basis point reduction in benchmark interest rates will be considered at the Monetary Board’s sixth policy review for the year on Sept. 26 — Thursday next week — has led private sector economists to expect more moves soon to unravel last year’s tightening.
The BSP has reduced benchmark interest rates by a total of 50 bps so far this year — at its MB’s May 9 and Aug. 8 meetings — slashing rates for overnight reverse repurchase, overnight deposit and overnight lending to 4.25%, 3.75% and 4.75%, respectively.
But that only partially unwinds a 175bp cumulative increase fired off last year in the face of successive multi-year-high headline inflation rates that peaked at a nine-year-high 6.7% in September and October, with the full-year average settling at a decade-high 5.2%.
Inflation has since been on a downtrend, partly after the government liberalized importation of rice — which contributes a tenth to the theoretical basket of goods an average Filipino household consumes, clocking in at a three-year-low 1.7% in August that took the year-to-date pace to three percent, at the midpoint of the BSP’s 2-4% target range for 2019.
“Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno has made it clear that he sees at least another 25bp cut to the policy rate by year-end,” HSBC Global Research economist Noelan Arbis said in a Sept. 19 note, titled: “Philippine Central Bank Watch: On to normalizing rates”, adding that “[t]his is broadly in line with our view.”
“However, he also suggested recently that a rate cut could come ‘before November’, despite the recent rise in global oil prices and cases of African swine fever that could lift food prices domestically,” Mr. Arbis noted.
“This prompts us to move our policy rate cut forecast earlier from 4Q, but our trajectory remains the same. We now expect the BSP to cut its policy rate by 25bp on 26 September and still forecast another 25bp cut in 1Q20, leaving the reverse repo rate at 3.75% by end-2020.”
Also weighing on state economic officials is the need to find the right policy mix to spur economic growth from last semester’s disappointing 5.5% that made it more difficult to hit the government’s 6-7% full-year target for 2019.
Mr. Arbis said “that the BSP is unlikely to reduce rates to ‘accommodative” levels to support growth for now.”
“In our view, leaving the policy rate at around 3.75% provides enough real rate buffer, assuming inflation averages around three percent — midpoint of the BSP’s 2-4% target range — to limit financial stability risks and a build-up in demand-driven inflation,” he explained.
“Meanwhile, it also leaves enough policy space to cut rates further in case of an economic slowdown.”
The central bank chief has also signalled a looming 100 bp cut in banks’ reserve ratio requirement (RRR) that adds to the 200 bp phased cut the was completed at end-July and cuts of the same magnitude last year. While changes in benchmark interest rates can be made only during policy reviews, RRR cuts can take place in any of the BSP’s weekly meetings, Mr. Diokno has said.
“It’s also important to remember that the BSP is engaging in additional easing in the form of RRR cuts, which reduces the need for more aggressive policy rate cuts,” Mr. Arbis said.
“We expect RRR cuts to continue even beyond our outlook for rate cuts in the years ahead. Indeed, the BSP may announce a 100bp RRR cut in 4Q as soon as the 26 September meeting, which may be implemented in a staggered manner.”
Prakash Sakpal, ING’s economist on Asia, in a separate Sept. 20 note said that the “sharp slide in consumer price inflation in August below the central bank’s 2-4% policy target… set another 25bp rate cut in stone…”
“This is one of the two Asian central banks (the other being Bank Indonesia) enjoying significant policy space from 175bp of rate hikes last year,” Mr. Sakpal said.
“We don’t think the BSP will need to use up all that policy leeway unless pent-up government spending fails to revive GDP growth above six percent in the second half of 2019.”
Adding to impetus for another rate cut is the US Federal Reserve’s own second 25 bp cut in Fed funds rate this week which, Michael L. Ricafort of Rizal Commercial Banking Corp.’s Economics & Industry Research Division said in a Sept. 19 e-mail, “sends a strong positive signal about the need to do more cuts in key short-term interest rates as an insurance measure to spur greater economic activities/growth and effectively counter the risks/threats of slower global economic growth/outlook largely due to the lingering US-China trade war”.
“… [T]he latest Fed rate cut effectively reset global monetary policy settings that provide greater flexibility/leeway for other major central banks around the world, including the BSP, to ease their respective monetary policy settings,” Mr. Ricafort said.
“The latest Fed rate cut effectively increases the odds of another 0.25-cut in local policy rates as early as Sept. 16… as primarily justified by the declining trend in inflation and the need to further spur greater economic activities and lead to faster GDP growth…”
He also said that “the slowest growth in universal and commercial bank loans in about 8.5 years and domestic liquidity/M3 growth [that was] among the slowest in seven years would also support further monetary easing by way of a 0.25-cut in local policy rates and/or a cut in the reserve requirement rate of banks as early as September… as any additional peso liquidity infused into the local banking/financial system, as well as lower borrowing/financing rates would increase loans extended by banks for consumers, businesses and other institutions, resulting in faster growth in bank loans, spurring greater economic/business activities and faster… GDP growth”.
Security Bank Corp. Chief Economist Robert Dan R. Roces noted in a separate e-mail that, “[a]s telegraphed by the governor himself, cuts will be meant to pump-prime economic activity for the remainder of the year and for the first quarter of 2020, and we think they’ll be a little less dovish than before given recent geopolitical events”, referring to attacks last Saturday on two Saudi Aramco plants that had cut Saudi Arabia’s oil output by half at 5.7 million barrels a day, slashing a fifth off global production.
Global oil production immediately shot up to hit an intraday peak that was the highest in nearly three decades, before subsequent announcements by Saudi Arabia that it was on track to restoring production eased prices. On Friday, however, Reuters reported that oil prices were on track to jump more than seven percent for the week as a Saudi-led coaling launched an offensive on Yemen’s port city of Hodeidah as the United States worked with Middle East and European allies to build a coalition against Iranian threats after the attack on the Saudi oil processing plants. — withLuz Wendy T. Noble
ALTUS PROPERTY Ventures, Inc., a real estate company that owns and operates a mall in Ilocos Norte, has filed an application to list on the main board of the Philippine Stock Exchange (PSE) at a price of P10.10 per share.
The company plans to list by way introduction at the stock exchange, a mode of listing wherein securities of an unlisted issuer are distributed as property dividends by a listed issuer to its shareholders. The listed issuer is Robinsons Land Corp. (RLC).
RLC is distributing up to 100 million shares as property dividends to all holders of record of its stocks as of Aug. 15, 2019.
Altus and its stockholders will not be offering common shares for subscription or sale in connection with the dividend distribution or the listing. As a result, there will be no proceeds from the exercise.
Based on its prospectus submitted to the Securities and Exchange Commission (SEC), the company owns and operates Robinsons Place Ilocos within the compound of Valdez Center in San Nicolas town of Ilocos Norte.
“The center serves as the biggest commercial and shopping center in Ilocos Norte. The area is generally characterized by a mixture of commercial and mid-rise residential developments,” Altus said.
It described Robinsons Place Ilocos as the first, largest and only full-service mall in the province. The mall is a two-level building that houses a department store, a supermarket, and an appliance store. It also has a hardware store, a toy store and arcade, and a food court.
The land where the mall is built consists of five contiguous lots with a total area of 20,319 square meters. The mall building spans across 20,190 square meters of gross floor area with average occupancy rate of around 100% as of the date of the prospectus.
Under PSE listing rules, a company that applies to list by way of introduction is subject to lock-up requirements prescribed by the exchange. Hence, stockholders who own an equivalent of at least 10% of the issued and outstanding shares of stock cannot sell, assign or dispose of their shares within a period to be determined based on the company’s track record.
Altus said the indicative reference opening price of its common shares at P10.10 apiece was based on the valuation and fairness opinion issued by Navarro Amper & Co., an affiliate of Deloitte Southeast Asia Ltd. An independent advisor’s opinion is required under PSE rules.
AXELUM SETS OFFER PRICE
Meanwhile, Axelum Resources Corp. announced on Friday that it has set the offer price for its initial public offering (IPO) at P5.00 per share.
The offer period of the integrated coconut product manufacturer and exporter will run from Sept. 24 to Sept. 30, with the target listing date on Oct. 7. Axelum will carry the trading symbol AXLM on the main board of the PSE.
The company plans to sell 700 million primary shares and 100 million secondary shares for a P4-billion stock market debut. Market capitalization is estimated to reach P20 billion upon listing.
“The net proceeds from the primary offer will be used to fund the company’s strategic acquisitions, expand its domestic and international distribution networks, install new manufacturing facilities for new products, and improve and expand the company’s existing manufacturing facilities,” the company said.
“A portion of the proceeds will also be utilized to retire the company’s loans, reduce payables, and for other capital expenditure requirements.”
THE MAIN INDEX fell for the fourth straight day, below the 7,900 line, to mark its lowest point in 12 sessions, as investors kept watch of the Financial Times Stock Exchange (FTSE) rebalancing that takes effect on Monday and anticipated another interest rate cut when the Bangko Sentral ng Pilipinas (BSP) conducts its sixth policy review for the year next Thursday, Sept. 26.
The benchmark Philippine Stock Exchange index (PSEi) shed 40.21 points or 0.51% to close at 7,871.11 — down 1.517% from the week-ago 7,992.32 — while the broader all-shares index similarly gave up 10.61 points or 0.22% to end at 4,772.35.
“The market sold down to align with the latest FTSE rebalancing… In addition, investors were still assessing after the second interest rate cut of 2019 by the Federal Reserve,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.
The Federal Open Market Committee announced on Thursday morning, Philippine time, that it was cutting interest rates by 25 basis points — its second interest rate cut since July — as it cited the continuing need to prop up the US economy.
Timson Securities, Inc. Trader Jervin S. De Celis also cited the FTSE rebalancing as the main driver of the stock market on Friday, saying in a text message: “Our index closed in the negative territory today as investors sold positions due to FTSE rebalancing. Volume is also thin during the morning session due to lack of fresh catalyst to push the index above 8,000.”
“Next week’s event such as BSP meeting may keep investors on the sideline as they wait for the anticipated rate cut.”
Four of the six sectoral indices ended with losses: property by 73.77 points or 1.81% to finish 3,985.76, financials by 13.54 points or 0.75% to 1,786.58, industrials by 41.31 points or 0.37% to 10,938.94, as well as mining & oil by 20.01 points or 0.21% to 9,375.03.
The two sub-indices that gained were holding firms (21.76 points or 0.27% to 7,849.1) and services (3.21 points or 0.2% to 1,588.84).
Friday’s list of 20 most active stocks saw only five that gained: JG Summit Holdings, Inc. by 3.86% to P75.30 apiece; International Container Terminal Services, Inc. by 1.4% to P131.40; Aboitiz Equity Ventures, Inc. by 1.28% to P55.60; Aboitiz Power Corp. by 1.14% to P39.95 and BDO Unibank, Inc. by 0.14% to P140.40 each.
Those that lost included Pilipinas Shell Petroleum Corp. (down 2.64% to P33.15 apiece), Bank of the Philippine Islands (down 2.25% to P91.10 apiece) and Ayala Land, Inc. (down 2.24% to P47.90 each).
Stocks that declined narrowly edged out those that gained 94 to 91, while 62 others ended flat.
Friday saw 2.693 billion shares worth P10.167 billion switch hands, compared to Thursday’s 453.905 million shares worth P4.117 billion.
Investors abroad remained predominantly bearish for the fourth straight day, with net foreign selling more than doubling to P1.065 billion from Thursday’s P398.839 million, the biggest outflow in that period. — Denise A. Valdez
