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BDO, Keppel Land bullish on PHL property market as The Podium opens

By Zsarlene B. Chua, Reporter

BDO Unibank, Inc. and Singapore’s Keppel Land Ltd., on Tuesday formally opened the office and retail mixed-use development The Podium in Ortigas business district, Mandaluyong City.

The Podium spans 140,000 square meters (sq.m.) in leasable area — 50,000 sq.m. of retail space and about 90,000 sq.m. of office space. The Podium mall first opened in 2002, while the second phase of the mall began operations in 2017. The 48-storey Podium West Tower was completed in May this year.

The mall serves as a podium for both the East Tower and the BDO Corporate Center Ortigas that opened in 2015.

Keppel Land, the property arm of Keppel Corp., holds a 40% stake in the development, while BDO and an associate company own the remaining stake. BDO is the banking unit of the SM Group.

The Podium’s grand opening was attended by Singaporean President Halimah Yacob who is currently on a five-day state visit.

“I would say that this is probably the biggest [investment in the Philippines] that we have but hopefully we can do more,” Tan Swee Yiow, chief executive officer of Keppel Land, told reporters on the sidelines of The Podium’s opening on Tuesday.

When asked why it took 17 years for the development to be completed, Mr. Tan said it was due to market conditions.

“We were talking about having this project 20 years ago, we were probably ahead of the market and we may not be able to find a good demand. So I think we timed the entry in such a way that the economy developed [to a] stage that is able to take such demands,” Mr. Tan explained.

The Podium was developed to make it look like a mixed-use development in Singapore because the developers wanted to “create a piece of Singapore here in the Philippines,” Teresita Sy-Coson, chairperson of BDO, said in her opening speech.

“This development is significant because it is here where we hope to connect the Singapore and Philippine companies, whether it’s through retail collaborations in the mall or looking for local-owned or representative office spaces… We would like to make things easier for Singaporean companies,” she said, before adding that more Singaporean companies are expressing interest in entering the country.

The Podium has a 2,000-sq.m. garden wall that has over 6,500 plants — described as the biggest vertical green wall in the country. It was awarded the LEED Gold Mark (Core & Shell) pre-certification by the US Green Building Council and received the Green Mark Gold Award by the Building and Construction Authority of Singapore.

Aside from the Podium, Mr. Tan expressed interest in doing more mixed-use developments in the country.

“We are very strong in mixed-use developments and I find [that because] of the traffic conditions here, this is probably the one thing we can try to scale more. Of course we can also do a bit of residential and so on, but I think mixed-use is something we can experiment with a bit more,” he said.

He added that they plan on focusing on Metro Manila first before branching out elsewhere in the Philippines.

“[There’s no specific location] yet because to get a large-scale [plot of land] like this is not easy…we will continue to look for such opportunities,” he said.

In celebration of the 50th anniversary of diplomatic relations between Singapore and the Philippines, Enterprise Singapore (a statutory board under the Ministry of Trade and Industry supporting small and medium enterprises) is staging Singaporium, a lifestyle and food pop-up fair at the mall’s atrium until Sept. 15.

Veterans join original cast members in the restaging of Himala: Isang Musikal

“NA-PARALYZE AKO (I was paralyzed).”

That was actress Sheila Francisco recalling her experience as an audience member watching Himala: Isang Musikal in 2018. “The truth of Himala was so real to me, that I could not stop sobbing,” she said.

“I think what Himala does is hit you in the face with what is real and what is happening. We are so desperate for answers. Then somebody just convinces us that this might be the way… ’Yun na kaagad ang pinanghahawakan natin. Nawala na yung questioning and looking for other possibilities (That’s what we hold on to right away. We miss out on questioning and looking for other possibilities),” she added.

This year, Ms. Francisco joins the cast as Nanay Saling, Elsa’s mother, in The Sandbox Collective’s collaboration with sister company 9 Works Theatrical’s restaging of Himala: Isang Musikal this month.

Based on the screenplay by Ricky Lee for the film directed by Ishmael Bernal which was released in 1982, Himala follows the story of a young woman named Elsa, who seems to develop miraculous healing powers after claiming to have seen the Virgin Mary, becoming in the process the savior of the people of the impoverished Barrio Cupang.

Directed by Ed Lacson, Jr. (who also designed the set), with music and lyrics by Vincent A. de Jesus, Himala: Isang Musikal won eight Philstage Gawad Buhay awards last March, including Outstanding Production of Existing Material for a Musical, Outstanding Stage Direction for a Musical (Ed Lacson, Jr.), and Female Lead Performance in a Musical (Aicelle Santos).

AN OLDIE BUT GOODIE
Director Ed Lacson, Jr. admitted that he was one of the last people to be convinced to do a rerun. He prefers to call this restaging “a rediscovery.”

Mr. Lacson noted that the idea of blind faith is what makes the story continue to resonate with audiences.

“I think that’s still happening now — believing that one entity will solve all of our problems, when in fact, there is no easy solution to the problems we are facing,” he said at a press conference at the Privato Hotel in Quezon City on Aug. 27.

Screenplay writer Ricky Lee never expected the material to still be relevant today. “When I was writing it [for the film], I was not thinking about that. But it is reassuring and reaffirming to see that it has survived different governments and various generations,” Mr. Lee told BusinessWorld after the press conference.

“And at the same time, how sad, that the same problems are still here, and so we keep responding to the same problems up to now,” he added.

According to Mr. Lee, the story is based on an apparition of the Virgin Mary in Lubang, Occidental Mindoro in 1967, reported by a young lady named Belinda Villas. “She is still alive and she believes it up to now,” Mr. Lee told BusinessWorld.

OLD AND NEW CAST MEMBERS
Fresh from her West End debut as Gigi in Miss Saigon, Aicelle Santos reprises her role as Elsa. Philstage Gawad Buhay nominees, Kakki Teodoro and Neomi Gonzales both return to their roles of Nimia (a prostitute who is Elsa’s childhood friend) and Chayong (Elsa’s friend), respectively. David Ezra reprises his role as the troubled filmmaker, Orly, who documents the tale. Gawad Buhay and Aliw Award nominee Floyd Tena also reprises his role as the priest. Soprano and Ryan Cayabyab Singers (RCS) member Celine Fabie joins the cast and takes on the role of Elsa, alternating with Ms. Santos.

Returning to Barrio Cupang is actress and singer May Bayot-De Castro (who played Elsa in the 2003 original non-musical stage adaptation by Tanghalang Pilipino) in the role of Nanay Saling, Elsa’s adoptive mother, alternating with Sheila Francisco. Vic Robinson joins the cast in the role of Pilo, a suitor, alternating with Sandino Martin.

Joining the ensemble are Jon Abella (Eto Na! Musikal nAPO!), Pamela Imperial (Dani Girl), Red Nuestro (Ang Huling El Bimbo, All Out of Love), and Sean Inocencio (Miong).

Mr. Lee said that it is “exhilarating” for him as a writer to have witnessed the story undergo various adaptations. “Habang pinapanood ko (While I watch it) through its various permutations onstage, the characters stay the same. And at the same time, they are different every time,” Mr. Lee said about the approaches to the portrayal of his characters.

Himala: Isang Musikal runs on Sept. 20 to Oct. 20 at the Power MAC Center Spotlight in Circuit Makati. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999) and at The Sandbox Collective (0956-200-4909, 0917-554-5560, and 586-7105). — Michelle Anne P. Soliman

Axelum warns revenues may dip this year

AXELUM Resources Corp. expects sales volume of coconut water to increase this year, although overall revenues may slump due to lower global prices for coconut oil.

“The volume is increasing. We sold about 25 million liters of coconut water in 2018. We’ll have about 27-28 million liters this year,” Axelum President and Chief Operating Officer Henry J. Raperoga told reporters on the sidelines of an investors’ briefing in Makati yesterday.

Coconut water accounts for about 20% to 30% of the company’s business.

The integrated coconut product manufacturer is banking on the rising market for coconut water to support its growth in the following years. Citing a study by the University of Asia and the Pacific (UA&P), Axelum said coconut water is expected to grow between 12-20% from 2019 to 2023, driven by new product developments.

Axelum supplies coconut water products to a number of global brands such as Vita Coco, Kirkland, and Fiesta.

The same UA&P study showed that desiccated coconut, which accounts for about 30-40% of Axelum’s sales, is forecast to grow by 8.6% during the same period, fueled by increasing health consciousness of consumers.

Despite the volume growth, Mr. Raperoga said they may see a slight dip in revenues in 2019, compared to P5.88 billion in sales last year.

“I think it will be a little bit lower than that because of the lower prices (for coconut oil), but the volume should grow,” Mr. Raperoga said.

“It’s because of the global market. The desiccated coconut is a traditional product, and the price of that is affected by the global oil prices, where coconut oil is actually benchmarked, so pag bumabagsak, nasasama siya (so when that declines, it is affected).”

The Axelum executive, however, noted that only desiccated coconut is affected by movements in the global market.

Axelum is also working on expanding its distribution network by entering new markets both locally and internationally.

“In the Philippines, we are only selling products in Metro Manila and parts of Luzon. We plan to expand to the Visayas and Mindanao by appointing distribution partners in key cities,” Mr. Raperoga said.

Overseas, Mr. Raperoga said they are planning to set up a distribution hub in Portland, similar to their facilities in Atlanta and Melbourne, to reach the West Coast, Canada, South America, and Europe.

The top executive also said there are opportunities to acquire companies that would expand Axelum’s footprint, noting that they have been approached by a firm in Vietnam and two in the Philippines for potential deals.

Axelum is in the process of conducting its initial public offering, where it will offer up to 1.13 billion shares to the public priced at up to P6.81 each. The company could raise a maximum of P7.695 billion from the offering, which it plans to use for further expansion.

The company will release the final offer price by Sept. 20, with the offer period to run from Sept. 24 to 30. Its shares will then be listed on the main board of the stock exchange by Oct. 7. — Arra B. Francia

Watch a CCP Gala show for P50, P100

WHAT can P100 or P50 get you? How about tickets to Balcony 1 or Balcony II for the People’s Gala, Bulawan: CCP 50th Anniversary Concert, on Sept. 21, 8 p.m., at the Cultural Center of the Philippines’ Tanghalang Nicanor Abelardo?

As a way of giving back to the Filipino people who have supported the Cultural Center of the Philippines (CCP) through the past 50 years, Balcony 1 and Balcony II tickets of the People’s Gala have been made affordable.

Performing at the gala are theater actress Joanna Ampil; pianist Raul Sunico; Ballet Philippine alumnus Candice Adea along with her fellow dancer from West Australian Ballet Julio Blanes; soprano Rachelle Gerodias; contemporary artists Poppert Bernadas, Gian Magdangal, and Lara Maigue; and veteran actors Celeste Legaspi, Nonie Buencamino, Shamaine Buencamino, Audie Gemora, Monique Wilson.

With composer-director Jerrold Tarrog and editor Chuck Gutierrez, there will be a Cinemalaya segment paying homage to the golden years of Philippine cinema.

Directed by Loy Arcenas, the People’s Gala features artists who have been part of the CCP over the last 50 years, including its resident companies: Ballet Philippines, the Philippine Ballet Theater, the Philippine Philharmonic Orchestra, Tanghalang Pilipino, the Bayanihan Philippine National Folk Dance Company, the Ramon Obusan Folkloric Group, the UST Symphony Orchestra, NAMCYA, and the Philippine Madrigal Singers.

The Bulawan concert kicks off the year-long celebration for the CCP’s golden anniversary. There will be special activities and other events from September 2019 to September 2020 offered at affordable prices or even for free.

For tickets, call the CCP Box Office at 832-3704. For other details visit www.culturalcenter.gov.ph, or follow the CCP official Facebook and Instagram accounts.

Petron may sell back Limay plant to SMC Global Power unit

PETRON Corp. looks to sell back the 140-megawatt (MW) solid fuel-fired power plant in Bataan it acquired from a unit of SMC Global Power Holdings Corp. three years ago.

In a statement issued Tuesday, the listed oil company said it has signed a memorandum of understanding with SMC Powergen, Inc. for the sale of the plant in Limay, Bataan.

The power plant, which previously had a capacity of 70 MW, was originally owned by Petron until it was acquired by SMC Powergen in September 2013.

SMC Powergen doubled the plant’s capacity to 140 MW in 2014, before being acquired by Petron again in December 2016 for P20.03 billion, in a bid to lower its power and steam costs.

After Petron’s acquisition, the plant was used to supply the power requirements of the company’s Bataan refinery that produces 180,000 barrels per day. The facility was previously used for the SMC Powergen’s production of power and steam.

SMC Global Power will be conducting a preliminary review of the power plant and its operations over a six-month period to determine whether it is good for acquisition.

Petron and SMC Global Power are both part of diversified conglomerate San Miguel Corp., which also has core interests in beverage, food and packaging, and infrastructure.

Earlier this year, Petron President and Chief Executive Officer Ramon S. Ang said it will hold off expansion efforts due to fluctuating global crude oil prices. The company had committed to spend $1 billion to upgrade its refinery and expand its retail network over three years. Of this, about $600 would have been spent for its Limay, Bataan refinery.

Meanwhile, SMC Global Power wants to expand its renewable energy portfolio while developing clean coal power plants.

Petron’s net income attributable to the parent fell 75% to P2.23 billion in the first half of 2019, amid a six percent decline in gross revenues to P254.81 billion.

Shares in Petron dropped 0.39% or two centavos to close at P5.11 each at the stock exchange on Tuesday. — Arra B. Francia

Treasury makes partial award of 7-year bonds

THE GOVERNMENT made a partial award of reissued seven-year Treasury bonds (T-bonds) offered yesterday ahead of the US Federal Reserve’s policy meeting this month and developments in the US-China trade war.

The Bureau of the Treasury raised just P10.399 billion via the seven-year bonds yesterday out of the programmed P20-billion offering even as total bids reached P22.149 billion.

The debt papers fetched an average rate of 4.503%, lower than the 4.845% quoted during the July 16 auction. The bonds’ coupon is at 6.25%.

Had the government made a full award of the offer, the average rate would have ended at 4.569%.

The last time the Treasury made a partial award of government securities was on April 24 when it raised just P4.26 billion out of a planned P10-billion issuance of reissued 20-year T-bonds.

At the secondary market on Tuesday, the seven-year debt papers were quoted at 4.561%, according to the PHP Bloomberg Valuation Service Reference Rates.

Deputy Treasurer Erwin D. Sta Ana said the lower-than-expected tenders and higher rates seen yesterday reflect the market’s “wait and see” attitude ahead of the two-day rate-setting meeting of the Federal Open Market Committee (FOMC) next week.

“It’s basically a reflection of a wait and see attitude from the participants because you know, FOMC is around the corner, US Treasuries are increasing — overnight, you can see some increases in the 10-year [US Treasury], so that actually brought about the results. Less ‘yung tenders (The tenders were lower than usual) then the rates spiked up a bit,” Mr. Sta Ana told reporters after Tuesday’s auction.

A bond trader said the auction result was expected amid expected improvements in the trade relations between the United States and China.

“This was kinda expected due to recent sell-off in US Treasuries as risk sentiment temporarily improved given developments on trade talks or, say, lack of bad news,” the bond trader said in a phone message yesterday.

The US Federal Reserves policy-making FOMC will hold a rate-setting meeting on Sept. 17-18.

The Fed reduced interest rates by 25 basis points in July, its first rate cut since 2008.

Fed Chair Jerome Powell said Friday in Zurich that the US Federal Reserve will continue to act “as appropriate” to sustain the economic expansion in the world’s biggest economy, sticking to a phrase that financial markets have read as signaling further interest-rate reductions ahead.

Mr. Powell said policy makers will be closely watching geopolitical risks, financial conditions, and other incoming economic data as they weigh what to do.

Meanwhile, US Treasury yields rose to three-week highs on Monday, in line with gains in the European bond market, as risk appetite improved amid easing US-China trade tensions and expectations of less-aggressive action from the European Central Bank this week.

In afternoon trading, US benchmark 10-year Treasury note yields rose to 1.63% from 1.55% late on Friday. Early in the session, 10-year yields hit a three-week high of 1.635%.

Since the beginning of the year, 10-year yields have fallen more than 100 basis points.

On the other hand, China and the United States last week agreed to hold high-level talks in early October in Washington, cheering investors hoping for a trade war thaw as new US tariffs on Chinese consumer goods chip away at global growth.

The government is set to borrow P230 billion from the domestic market this quarter through Treasury bills and T-bonds.

It is looking to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — Beatrice M. Laforga with Reuters

Rizal’s tampipi on sale at León Gallery auction

AMONG the lots at León Gallery’s The Magnificent September Auction 2018 ares a pair of tampipi, or woven rattan cases, wherein the National Hero Jose Rizal inconspicuously carried his manuscript of the Filipino classic novel Noli Me Tangere. The two cases are prized family heirlooms, having survived the revolution along with WWI and II. Lots include the Murillo Velarde Map of 1734; a first edition volume of Sucesos de Las Islas Filipinas, The Events of the Philippine Islands by Antonio de Morga with annotations by Rizal; hard-bound first editions of Jose Rizal’s El Filibusterismo and Noli Me Tangere; ceremonial medallions worn by the KKK Supreme Council — Dr. Pio de Valenzuela, General Emilio Jacinto, and Andres Bonifacio — for their Masonic meetings. The auction, which features works of Philippine fine art, antiques, and furniture, will be on Sept. 14, 2 p.m., at Eurovilla 1, Legaspi Street corner Rufino Street, Legazpi Village, Makati City. The preview is ongoing until Sept. 13 at León Gallery.

GCash introduces new cash-in technology at Puregold

GLOBE Fintech Innovations, Inc. (Mynt) is introducing a new technology allowing GCash users to top-up their mobile wallets by scanning a barcode at Puregold Price Club, Inc.’s stores.

Ernest L. Cu, president and chief executive officer of Globe Telecom, Inc., said the partnership completes the “ultimate experience in a store” that GCash is promoting with its technology.

“This is the first company, Puregold, that has both (cashless payment and top-up) experiences integrated into one. That’s a milestone for GCash, especially when it’s a major retailer that has thousands of stores around the country,” Mr. Cu said at the program.

The technology allows GCash users to deposit cash into their mobile wallets by scanning the bar code at the payment counter. It will be deployed in 368 Puregold branches across the country.

GCash Chief Commercial Officer Frederic Levy told reporters on the sidelines of the launch that the company is also partnering with LBC Express Holdings, Inc. to allow “cash-in” in LBC branches.

“LBC will start to accept GCash tomorrow for cash-in. That’s 1,400 branches… We will test first the standard system,” he said yesterday. — Denise A. Valdez

Metrobank looking to raise P5B from bonds

METROPOLITAN Bank & Trust Co. (Metrobank) is looking to raise P5 billion via peso-denominated bonds to support its lending business and expand its funding sources.

In a stock exchange filing on Tuesday, the Ty-led lender said it will issue P5 billion worth bonds, with the option to upsize.

The bank said the issue will have a tenor of at least three-and-a-half years “to be priced using the applicable interpolated PHP BVAL (Bloomberg Valuation Service) Reference Rate benchmark.”

Metrobank said the final issue size, terms and the timetable will be based on market conditions.

The bonds to be issued are part of its P100-billion bond and commercial program.

“The proceeds of the issue are intended to be used to support the bank’s lending activities and diversify funding sources,” Metrobank said in an email yesterday.

“This also gives our clients an opportunity to invest in higher-yielding high quality assets. Bonds have been granted by the BSP (Bangko Sentral ng Pilipinas) a lower reserve requirement compared to deposits,” the bank said.

Metrobank has mandated ING Bank N.V.’s Manila Branch and Standard Chartered Bank as joint lead arrangers for this planned issuance.

The lender said it has raised some P56.75 billion via peso-dominated bonds since November 2018.

Metrobank raised P11.25 billion in fresh funds via two-year bonds in July, more than twice than the programmed P5-billion offering amid strong demand from investors. The notes carry a coupon rate of 5.5%. This was also part of its P100-billion bond program.

In April, Metrobank raised P17.5 billion via three-year bonds carrying a coupon rate of 6.3%. In November last year, the bank likewise raised P10 billion through two-year fixed-rate bonds with an interest rate of 7.15%. This issuance was reopened in December for another P18 billion offering.

Metrobank’s net income in the second quarter rose 15.5% to P6.48 billion from a year earlier, buoyed by sustained loan and margin growth as well as fee-based profit.

This brought the bank’s second-quarter earnings to P13 billion, 18% higher than a year earlier.

Shares in Metrobank declined 20 centavos or 0.29% to close at P69.95 apiece on Tuesday. — Beatrice M. Laforga

BDO to issue P5 billion in LTNCDs

BDO UNIBANK, Inc. is set to issue P5 billion worth of long-term negotiable certificates of deposit (LTNCD) to diversify its funding sources and fund its expansion plans.

In a statement released on Tuesday, the Sy-led bank said the notes have a term of five-and-a-half years and will be sold for a minimum investment of P100,000 with increments of P50,000 thereafter.

The LTNCDs have an indicative rate of 3.75%. The lender said it will set the final coupon rate at the end of the offer period which runs from Sept. 10 to Sept. 20. The interest will be paid quarterly.

The debt papers are set to be issued on Sept. 27.

The bank said it can change the offer period or increase the issue size based on market demand.

BDO’s latest offer of LTNCDs is “part of the bank’s efforts to diversify the maturity profile of its funding sources and support business expansion plans,” the lender said in the statement.

The transaction’s sole arranger will be ING Bank N.V.’s Manila branch, which will also act as a selling agent along with BDO and BDO Private Bank.

Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”

In April, the Sy-led lender also issued 5.5-year LTNCDs worth P7.32 billion with an interest rate of 5.375%. Strong demand from investors allowed the bank to expand the issue volume from the original P5 billion.

In the same month last year, the bank also raised P8.2 billion via 5.5-year LTNCDs with a rate of 4.375% per annum.

BDO’s net income in second quarter jumped by 43.4% P10.393 billion, bringing its first semester bottom line to P20.140 billion, an 53.6% increase year on year.

It was the largest bank in the country in terms of total assets, deposits and trust funds as of June 30.

Shares in BDO went up 50 centavos or 0.35% to close at P143 apiece on Tuesday. — B.M. Laforga

Arts & Culture (09/11/19)

Mo_Space


BLESS US ANYWAY, an exhibit of works by Geraldine Javier, opens on Sept. 14 at the Mo_Space Gallery, alongside Rocelie V. Delfin’s Isla. Delfin’s exhibit features nostalgic drawings of unnamed islands seen from the distance. Both exhibits run until Oct. 13. The gallery is at the 3rd level of MOs Design, B2 Bonifacio High Street, BGC, Taguig.

PPO opening concert

PIANIST Noriko Ogawa

THE Philippine Philharmonic Orchestra’s 37th Concert Season at Cultural Center of the Philippines’ Main Theater will open on Sept. 13, 8 p.m., with guest soloist Japanese pianist Noriko Ogawa under the baton of Yoshikazu Fukumura. The program for the concert includes Mozart’s Don Giovanni Overture, Prokofiev’s Piano Concerto No. 3, and Antonin Dvorak’s Symphony No. 7. Ticket prices range from P400 to P1,500, with discounts available to students, senior citizens and groups. For inquiries, call the CCP Box Office at 832-3704.

Kulay Diwa

A NUMBER of exhibits are ongoing at the Kulay Diwa Gallery of Philippine Contemporary Art. These include Step-in, a group show featuring the works of Azriel Domingo, Deano Ocampo, Eugene Dominguez, Jerline Sunga, John Lloyd Benz De Leon, and Jonas Miguel Arlegui; and JR Ledesma’s Hidden Grief. There are also two online exhibits ongoing at the Online Viewing Room (www.kulay-diwa.com): The Art of Chris Boyd by Chris Boyd, and The Hermit’s Way of Looking at Life II by Michael Vincent Manalo. All the exhibits are on view until Oct. 7. The gallery is at 25 Lopez Ave., Lopez Village, Sucat, Parañaque City.

Robinsons Galleria

THE BLIND ELEPHANT and the 7 Children by Sheena Ira Tan

ONGOING UNTIL Sept. 15 at the Level 3 Veranda of Robinsons Galleria is Sheena Ira Tan’s one-woman called Pisara featuring her chalkboard art. Her pieces tell of fairy tales, myths, legends, and stories that carry universal archetypes that cut across all cultures. As part of the exhibit, there will be Storytelling Time with the artist and Sisidlan Institute teachers on Sept. 14, 2 p.m. The artworks are up for sale with part of the proceeds to be donated to Sisidlan Institute Inc., a Waldorf community where the artist teaches. Pisara will run until Sept. 15. Meanwhile, works by artist Marco Polo “MarPolo” Cabrera will be on view at the same venue from Oct. 1-15 in the exhibit Taking Chances which will show his acrylic and mixed media works.

ISOC, Malaysia’s edotco form JV to build cell towers

THE tandem of Malaysia-based edotco Group Sdn Bhd and Filipino firm ISOC Infrastructure, Inc. has formed a joint venture (JV) to solidify its partnership as a telecommunications tower provider in the Philippines.

The two companies announced yesterday the incorporation of ISOC edotco Towers, Inc., a 50-50 joint venture with an initial investment of $10 million.

“It’s an equal partnership between ISOC and edotco. The initial equity we’re putting in is $10 million combined,” ISOC Chairman Michael C. Cosiquien said at a briefing in Makati City.

“The plan is…to invest up to $100 million over the next few years. So roughly that should be the first 1,000 or so towers. That’s the first phase,” edotco Chief Executive Officer Suresh Sidhu added.

The joint venture aims to put up 400 to 500 shareable towers within its first year of operations. So far, it has been tapped by both Globe Telecom, Inc. and Smart Communications, Inc. to build common towers in pre-determined locations.

Mr. Cosiquien said the company is also talking to new major telco player Dito Telecommunity Corp. for requests to build out towers.

ISOC edotco Towers is gunning to become a key player in the Philippines’ emerging telco tower industry. Department of Information and Communications Technology (DICT) Undersecretary Eliseo M. Rio, Jr. noted this is the first time common towers are being done in the Philippines.

“For us, this is a memorable event, and we encourage it,” he said.

The DICT has been pushing for telcos to share infrastructure since 2017, saying every tower in the country serves more than 7,000 subscribers, as opposed to the ideal of having 1,000 subscribers per tower, and the usual 2,000 subscribers per tower in countries with faster internet.

“With this collaboration, we are confident that we will be able to play a part in transforming the Philippines’ telecoms sector, and help lay the right foundation for the country’s digital rebirth,” Mr. Sidhu said.

Aside from the two companies, 21 other tower providers are seeking to enter the country. The government is hoping 50,000 shareable towers will be built within the next seven to 10 years to keep up with the tower density in neighboring countries. A common tower policy is also in the works to guide new players. — Denise A. Valdez

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