Meeting pressing demands

July 26, 2019 | 9:00 am

The petroleum industry in the country continues to grow as it keeps on meeting pressing demands. According to the Philippine Energy Situationer published by the Department of Energy (DoE) last 2017, petroleum products accounted for a hefty 48.3% share in the country’s total final energy consumption. The consumption of petroleum products increased by 6%, from 2016’s 15.4 million tons of oil equivalent (MTOE) to 16.3 MTOE in 2017.

“The steady behavior of domestic oil prices in 2017 encouraged consumption of gasoline and diesel, as levels went up by 8.8% and 6.5%, respectively, bringing in a combined share of 79.5% to total petroleum consumption,” the situationer read.

Furthermore, in DoE’s oil supply/demand report for full year (FY) 2018 published on the department’s Web site showed increases in oil supply.

“As of end-month December 2018, actual crudes and petroleum products inventory closed at 23,502 thousand barrels (MB) or 50-day supply equivalent; 44 days for crude oil and products in country stocks and 6 days in-transit. This was higher by 15.4% from December 2017’s 20,362 MB,” the report explained.

Crude oil import amounted to 85,753 MB, up by 10.4% from 2017’s 77,641 MB. Middle East accounted for the majority of the Philippines’ crude oil imports, with an 86.9% share, while 4.5% originated from the ASEAN region and 0.1% from local production.

Petroleum product imports totaled 97,573 MB for FY 2018, a slight increase by 0.2% from 97,415 MB the previous year. Within this category, diesel oil is at the top, albeit dropping by 3.3% from the previous year’s level. Fuel oil imports were down by 24.2%. Gasoline import was up by 10.7%. Liquefied petroleum gas (LPG) and kerosene/avturbo imports increased by 9.4% and 3.8%, respectively.

Meanwhile, demand for petroleum products increased by 1.4%, from 166,539 MB in 2017 to 168,805 MB in 2018. “This can be translated to an average daily requirement of 462.5 MB compared with [2017’s] level of 456.3 MB,” the report added.

Demand for diesel oil was at 41.8%; gasoline at 24%; LPG at 12.1%; kerosene/avturbo at 10.7%; fuel oil at 5.5%; and other products at 5.9%.

Petroleum products exports totaled 17,043 MB, increasing by 16.7% from 14,600 MB of FY 2017. Condensate is the top exported product, with 23.2% share (increasing by 9.8%). Gasoline and naphtha exports increased; while fuel oil, pygas and mixed xylene exports decreased.

With the apparently constant demand for petroleum, the DoE aims to develop petroleum exploration and to make the industry more globally competitive. Last November, it launched the Philippine Conventional Energy Contracting Program (PCECP), DoE’s revised petroleum service contract mechanism wherein potential investors may bid for exploration projects.

The PCECP has offered 14 pre-determined areas for exploration located in Cagayan (one area), East Palawan (three areas), Sulu Sea (three areas), Agusan-Davao (two areas), Cotabato (one area), and West Luzon (four areas). Interested applicants could also nominate their areas of interest.

“[W]e deem it our priority for local exploration to flourish as we are driven to make sure that the demand for energy is met,” Energy Secretary Alfonso G. Cusi was quoted as saying during the launch of the PCECP. “We see that the program will offer positive contributions to our economy as a direct result of exploration-related investment.”

Prior to PCECP, petroleum exploration initially advanced when President Rodrigo R. Duterte signed the service contract for petroleum exploration covering Area 4 of Eastern Palawan, which is awarded to Israeli firm Ratio Petroleum Ltd.

“We are currently experiencing how our dependence on importation has left us at the mercy of price movements in the global oil markets. We need to boost the exploration and development of our own energy resources and the awarding of the petroleum service contract to Ratio Petroleum is a step in the right direction,” Mr. Cusi said in a statement.

BSP board member: ‘no rush’ to cut rates

July 26, 2019 | 12:34 am

THE BANGKO SENTRAL ng Pilipinas (BSP) can wait for more economic data before easing monetary policy again, a member of the policy-setting Monetary Board said.

“In my view, there’s no rush” to cut interest rates and reduce the reserve requirement ratio for banks, V. Bruce J. Tolentino, one of three economists on the seven-member board, said in an interview on Wednesday.

“The data will tell the story moving forward.”

The BSP paused after cutting interest by 25 basis points in May, taking a gradual approach to lowering borrowing costs at the same time that it brings down banks’ reserve ratio.

BSP Governor Benjamin E. Diokno said this week that the central bank prefers to be patient and prudent on its policy steps, though he’s previously signaled a willingness to cut rates in the second half of the year given the Federal Reserve’s dovish stance.

Mr. Tolentino said there’s a limit to what rate cuts can do for an economy. Banks wouldn’t necessarily lend more to industries with low productivity, like agriculture, even if rates come down.

Government spending on infrastructure is key to spurring those industries, he said.

Additional funds released by lowering banks’ reserve ratio must be used for productive purposes, Mr. Tolentino said, echoing Mr. Diokno.

The central bank reduced the ratio of deposits lenders must hold in reserve by 2 percentage points to 16% so far this year.

“We have to make sure that money isn’t just sitting in accounts,” Mr. Tolentino said.

The BSP will make its fifth rate decision for the year on Aug. 8, hours after the Philippine Statistics Authority reports second-quarter gross domestic product (Q2 GDP) data in the morning.

For ING Bank N.V. Manila senior economist Nicholas Antonio T. Mapa, all bets are off on the next monetary policy review.

“Governor Diokno is on record as saying that ‘we have already decided’ (to cut rates) and that they are simply looking to the proper timing for the rate cuts. The big question now is, when will the BSP follow through on their May rate reduction and secondly by how much,” Mr. Mapa said in a note on Wednesday.

But “[w]ith the Fed all but signaling a rate cut at the end of the month, emerging market central banks have moved to reduce policy rates mainly to boost sagging growth momentum in the face of the protracted trade spat between the US and China,” he added.

“We expect Diokno’s decision point to rest on inflation and more heavily on 2Q GDP in the next few weeks.”

He cited Mr. Tolentino and Felipe M. Medalla as two of the more hawkish Monetary Board (MB) members for being cautious on rate cuts, saying: “… [I]t looks like Dr. Medalla will err on the side of patience and support another ‘prudent pause’ for at least the August meeting.”

Mr. Mapa said that markets will be watching out for hints from the remaining four MB members, namely: Finance Secretary Carlos G. Dominguez III; Juan De Zuniga, Jr.; Peter B. Favila and Antonio S. Abacan, Jr.

“The BSP will likely not focus on contemporaneous and singular data points (2Q GDP and July inflation) but rather we expect the technical secretariat to deliver recommendations based on forward-looking indicators,” Mr. Mapa said. — Bloomberg and Karl Angelo N. Vidal

Tobacco tax increased further

July 26, 2019 | 12:33 am

PRESIDENT Rodrigo R. Duterte has signed Republic Act No. 11346, which further increases the excise tax on tobacco products, bringing to three the tax reforms that have been enacted halfway into his six-year term.

“… [T]he President has signed into law HB (House Bill) no. 8677/ SB (Senate Bill) no. 2233 increasing the excise tax on tabacco products,” Executive Secretary Salvador C. Medialdea said via text on Thursday.

The new law, which increases the cigarette excise tax rate to P60 per pack by 2023 from P35 currently, is projected to raise annually P74 billion, P77.8 billion, P81.2 billion, P84 billion and P85.6 billion from next year to 2024.

The new law follows RA 10963, which cut personal income tax rates but added or raised levies on several goods and services, and RA 11213 or the Tax Amnesty Act of 2019.

Philippines breaks into ranks of ‘innovation achievers’ — report

July 26, 2019 | 12:32 am

THE PHILIPPINES has moved up 19 spots to 54^th out of 129 economies from last year on an annual list that tracks their performance in terms of innovation, with the country breaking into the ranks of 17 others that “outperform” in this regard relative to gross domestic product.

The Global Innovation Index 2019 (GII) — prepared by Cornell University, INSEAD and the World Intellectual Property Organization — said the Philippines improved in almost all the metrics which the report used, namely: in Institutions, Human Capital and Research, Infrastructure, Business Sophistication, Knowledge and Technology Outputs and Creative Outputs.

“In the Business sophistication (32^nd) pillar, the Philippines improves in almost all the indicators related to Innovation linkages and gains top ranks in High-tech imports (5^th) and Research talent (6^th),” the report read.

“In Knowledge and technology outputs (31^st), the data for indicator High-tech net exports became available this year and the country ranks 1^st,” it added.

“Four other indicators rank in the top 10: Firms offering formal training (9^th), productivity growth (10^th), ICT services exports (8^th), and Creative goods exports (8^th).”

At the same time, the Philippines was found weak in terms of ease of starting a business, ease of getting credit, expenditure on education, global R&D companies, scientific and technical articles and new businesses.

“While some changes to the GII model explain a small part of this leap, newly available metrics give a more thorough assessment of the country’s innovation performance, which itself shows some signs of progress,” the report said of the Philippines’ performance this year.

Compared to its regional peers, the report said the Philippines showed “relatively good scores” particularly in trademarks, females employed with advanced degrees, high-tech imports and creative goods exports.

The report noted that, on the whole, the country was one of the most improved on this year’s list, propelling it to break into the “innovation achievers” cluster.

“The Philippines appears for the first time in the group of innovation achievers. It scores above average in all innovation dimensions, with the exception of Market sophistication, relative to its lower middle-income peers,” the report said.

“It has remarkable performance in Knowledge diffusion and Knowledge absorption, not only relative to its income group and geographic region, but also relative to all other economies assessed in the GII.”

Reacting to the report, Trade Secretary Ramon M. Lopez said in a statement: “This is great news for our nation and our innovation ecosystem as a whole. It recognizes the efforts of the various government agencies… in advancing innovation among our people and MSMEs (micro, small, medium enterprises), creating an innovative culture, as well as in building linkages with academe and industry.”

He added that he expects further improvement in the country’s rank after the recent signing of Republic Act (RA) No. 11293 or the Philippine Innovation Act and RA No. 11337 or the Innovative Startup Act.

Malacañang also welcomed results of the latest report, saying in a statement that it commends the departments and agencies that helped achieve the improvement in the country’s global rank. “May this good news further motivate them in creating an environment that nurtures innovation and creates business opportunities as we become one of the fastest growing economies in the globe,” Presidential Spokesperson Salvador S. Panelo was quoted as saying.

The global top 10 consist of, in descending order: Switzerland (also top last year), Sweden (from 3^rd), the United States (from 6^th), the Netherlands (from 2^nd), the United Kingdom (from 4^th), Finland (from 7^th), Denmark (from 8^th), Singapore (8^th from 5^th), Germany (flat from 9^th last year) and Israel (from 11^th).

Seven of the 15 economies in the South East Asia, East Asia and Oceania group rank in the top 25, namely: Singapore, South Korea (11^th), Hong Kong (13^th), China (14^th), Japan (15^th), Australia (22^nd) and New Zealand (25^th).

Besides Singapore (8^th) and the Philippines (54^th), the other Southeast Asian countries on the list performed as follows: Malaysia (35^th), Vietnam (42^nd), Thailand (43^rd), Brunei (71^st), Indonesia (85^th) and Cambodia (98^th).

India, to which the Philippines is frequently compared when it comes to business process outsourcing, placed 52^nd in this year’s report. — Denise A. Valdez

Global innovation index 2019

July 26, 2019 | 12:32 am

Property developer could be 1st to go public this year

July 26, 2019 | 12:31 am

By Arra B. Francia
Senior Reporter

PROPERTY developer Kepwealth Property Philippines, Inc. (KPPI) could be the first company to go public this year, after it bagged final approval to raise up to P384.77 million at the stock exchange.

In a notice on its Web site on Thursday, the Philippine Stock Exchange, Inc. (PSE) said it has approved KPPI’s plan to issue up to 67.032 million common shares priced up to P5.74 each in its initial public offering (IPO).

“It may have taken some time before we had our first IPO but I am pleased that KPPI is embarking on its maiden share sale,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement. “I hope that this move will encourage other companies that pushed back their IPOs to revisit their plans and consider the stock market as an avenue for capital raising.”

The PSE’s approval comes after the Securities and Exchange Commission (SEC) en banc also cleared the company’s application during its meeting last Tuesday, July 23.

KPPI will set the final offer price on Aug. 1, with the offer period scheduled to run from Aug. 5 to 9. The shares will then be listed on Aug. 19 under the ticker “KPPI” on PSE’s small, medium and emerging board.

The company will have a public float of 33.34% upon listing and market capitalization of P1.154 billion.

KPPI expects P363 million in net proceeds from the offer which will be used for acquisition of about 3,500 square meters (sq.m.) of leasable office space. The company will have about 18,121 sq.m. of leasable space after the acquisition.

Office spaces to be acquired are located in Quezon City, Pasig City and Makati City worth P245 million from the first to second quarter of 2020. Office spaces in Davao worth P120 million will also be acquired in 2020’s second quarter. “The company believes these properties will reduce the concentration risk of its current operations in Cebu City and will create additional recurring revenue streams once these assets are leased out to tenants,” KPPI said.

KPPI tapped BDO Capital and Investment Corp. as the transaction’s sole issue manager, underwriter and sole bookrunner.

Incorporated in 2005, KPPI is involved in development and management of office, commercial, agricultural and residential properties, including hotels, inns, resorts and apartments.

The company currently owns 77 office condominiums with 98 leasable spaces in Kepwealth Center, a commercial building in Cebu Business Park, Cebu City.

It also manages commercial, office and residential units in several buildings in Metro Manila, including six units in Oxford Suites, 79 units in Medical Plaza Ortigas, and 91 units in Burgundy Corporate Center.

It also has 59 units in Burgundy West Bay Tower, 43 units in Atrium Mall, 98 units in Icon Macapagal, and 29 units in Vivaldi Residences-Cubao Commercial Space.

Sought for comment on the company’s prospects, Regina Capital Development Corp. President Marita A. Limlingan highlighted the location of most of its properties.

“Kepwealth Property is a player in the office industry in Metro Cebu — which, according to third party property consultants, is currently experiencing record surges in demand from the POGO and BPO industry,” Ms. Limlingan said in a text message, referring to Philippine offshore gaming operators and business process outsourcing.

“All developers based around that area, including Kepwealth, are expected to benefit from the strong performance of the sector overall.”

KPPI may be the first company to go public this year, amid a number of applications that are also lined up at the SEC. Other companies that have intend to conduct an IPO this year are coconut product manufacturer Axelum Resources Corp. (P7.7 billion) and Villar-led All Home Corp. (P20.7 billion).

China, Malaysia restart massive ‘Belt and Road’ project after hiccups

July 26, 2019 | 12:30 am

DUNGUN, MALAYSIA — China and Malaysia resumed construction on a massive “Belt and Road” train project in northern Malaysia on Thursday, after a year-long suspension and following a rare agreement to cut its cost by nearly a third to about $11 billion.

The project was initially canceled by Malaysian Prime Minister Mahathir Mohamad, who came to power after a shock election victory in May last year, as he followed through a pledge to renegotiate or cancel “unfair” Chinese mega-projects approved by his predecessor, Najib Razak.

But in April, the close trade partners agreed to proceed with the East Coast Rail Link (ECRL) at a cost of 44 billion ringgit ($10.7 billion), reducing it from 65.5 billion ringgit.

The 640 kilometer line (398 miles), with China Communications Construction Company Ltd. as the lead contractor, will connect Port Klang on the Straits of Malacca with the city of Kota Bharu in northeast peninsular Malaysia.

The agreement to resume work on the project had immediately boosted confidence in Malaysia among foreign investors, China’s ambassador to Malaysia said at a ceremony in the coastal district of Dungun.

Flanked by cranes and trucks parked near a partly completed section of a tunnel, Ambassador Bai Tian spoke of “a great wave” of potential Chinese investors coming to Malaysia for field studies, and he expected many of them to decide to invest.

China is debt-heavy Malaysia’s biggest trade partner and the countries have close cultural ties too.

Ambassador Bai said the completion of the ECRL, expected by December 2026, could more than double the number of Chinese tourists coming in to Malaysia from 3 million last year.

Malaysia Rail Link, the project’s local partner, said in a statement that up to 70% of the workers will be local and that domestic contractors will get 40% of the civil works.

The Belt and Road Initiative (BRI) has been praised for its potential to speed up economic development in many developing countries but criticised for potentially saddling many of them with unsustainable debt.

Malaysia’s Finance Minister Lim Guan Eng told Reuters on Monday that Beijing had offered them more BRI infrastructure investments and that Kuala Lumpur would consider them “if the pricing is right.”

Malaysia is already identifying new joint investment opportunities with China along the ECRL corridor, Malaysian Transport Minister Anthony Loke said at the Dungun event. — Reuters

Game of Thrones prequel in the works

July 26, 2019 | 12:10 am

BEVERLY HILLS — The first episode of a possible prequel series to HBO’s global hit Game of Thrones has completed filming in Belfast, a network executive said on Wednesday.

HBO executives will review the episode before deciding whether to make a full season but Casey Bloys, president of programming at the network owned by AT&T Inc, appeared upbeat about what he had seen so far.

“It looks really good. The cast was amazing,” Bloys said in response to questions at a Television Critics Association event where networks preview upcoming shows.

With Game of Thrones concluding its eight-season run in May, many fans are eager to return to the fictional world of Westeros created by author George R.R. Martin.

The series was a cornerstone of HBO’s primetime offerings, but its final season was divisive, with both fans and critics finding specific plot twists, particularly the handling of one primary character, troubling. Nearly 1.7 million people signed an online petition calling for a rewrite of the final season.

Despite the uproar, Game of Thrones led this year’s Emmy contenders with 32 nominations.

Bloys said the backlash did not change the network’s approach to the prequel, which stars Naomi Watts and is set thousands of years before the events of Game of Thrones.

The petition showed “a lot of enthusiasm and passion for the show,” Bloys said, but “wasn’t something we seriously considered.”

“There are very, very few downsides to having a hugely popular show,” Bloys said. “One I can think of is when you try to end it, many people have opinions on how it should end… I think it just comes with the territory.” — Reuters

From China with love

July 26, 2019 | 12:09 am

By Cecille Santillan-Visto

Fan Meeting
Dylan Wang Fun Meet
July 20
Araneta Coliseum

IF THERE is one export from China that the Philippines is willing to receive with open arms, it’s celebrities. More specifically, Dylan Wang.

The 20-year-old Chinese star, who headlined the 2018 revival of the TV series, Meteor Garden, sparked a frenzy when he held his first ever fan meeting at the Araneta Coliseum in Quezon City over the weekend. The event was part of his promotional blitz as one of the newest image models of the fashion and lifestyle brand, Bench.

In a press conference held shortly before the fan gathering at the Big Dome, Mr. Wang — who played Dao Ming Si in Meteor Garden that is loosely based on Japanese manga, Boys Over Flowers — said he was astonished to learn that he has a huge following in the Philippines.

“I didn’t expect it. When I checked online (through Weibo), only then did I learn that I have a fanbase here,” he said.

“Just like the weather, Filipinos are very warm… I am very happy to be a Bench ambassador,” he added, noting that it was his first visit the country.

Some of the biggest local celebrities already model for the homegrown clothing line but from time to time, Bench also appoints international brand representatives, tagged as “Global Benchsetters.”

The actor-singer-model joins a stable of foreign stars endorsing Bench which includes Liam Hemsworth, Taylor Lautner, and Lee Min Ho, Park Hyungsik, and Park Seo Joon of Korea.

For Bench, the appointment of Mr. Wang as an endorser is considered something of a milestone as Jerry Yan of F4, the original Dao Ming Si, also promoted Bench in 2003.

Although very sporty and appearing to prefer hip-hop fashion, the former flight attendant, who at one time was the representative of all stewards and stewardesses in China, said fashion should not compromise comfort.

“Just wear whatever you want, whatever makes you happy. But personally, I prefer comfortable and loose clothing,” said Mr. Wang, who wore a simple white shirt, black jeans, a red and blue jacket, and rubber shoes.

At the fan meeting, the basketball enthusiast donned a white T-shirt with the words “I love Manila” written in both Chinese and English, jeans, and white high-cuts with red and yellow embellishments.

The “fun meet” itself last little over an hour, including a 30-minute question-and-answer portion and the 15 minutes allocated for an autograph session with 100 lucky fans who qualified after spending at least P20,000 on Bench merchandise.

Ten audience members won onstage passes and the opportunity to play a game with Mr. Wang. They were made to spin a roulette wheel and win the corresponding prize: bouquet of flowers, a selfie with the actor, a mobile phone voice recording, or a signed poster.

A fan who was first to call a designated mobile number was also allowed to ask the actor a question. Special gifts were likewise given to spectators who managed to catch huge balloons during the “zygote game.”

The event also gave thousands of supporters the opportunity to get to know Mr. Wang better. A product of a talent search, Super Idol, and a castmember of The Inn 2, a reality show similar to Big Brother, he said these two programs helped mold him as an entertainer.

For Meteor Garden, considering that it was a remake, he admitted that he was conscious not mirror the portrayal of Mr. Yan.

“I added my own style and flavor to the role of Dao Ming Si. I did my best not to copy (the Jerry Yan version) and interpreted the role as I saw appropriate,” he said.

He acknowledged that he has similarities with his TV character in some aspects, particularly the immaturity and playfulness. While he misses his stint in the airline industry a bit, he said that “doing different things and meeting a lot of people,” which are the best parts of being an actor, compensate.

Although he has no specific dream roles, if given the choice, he wants to play more offbeat parts. He also wants to try various genres from drama to fantasy-action, to complement his love story/romantic comedy experience. He requested the audience wait for his next major project, The National Southwest Associated University and Us, which revolves around the trials and tribulations of students during the Japanese and Chinese War. The TV drama will be released in October.

When not busy with projects, he continues to enjoy playing games and traveling with friends.

Though very young and still establishing his credentials as an actor, Mr. Wang has already caught the fancy of Asian drama addicts the worldwide. Fueled by the emerging “fan economy” in the Philippines, it is safe to say that Bench’s bet on Mr. Wang was well worth the investment.

MPIC unit extends tender offer for MDI shares

July 26, 2019 | 12:08 am

METRO PACIFIC Hospital Holdings, Inc. (MPHHI) has extended its offer to buy P2.261 billion worth of shares in Medical Doctors, Inc. (MDI), in a bid to give shareholders time to think the deal through.

In a notice published in a newspaper Thursday, MPHHI said it has extended the tender offer to Aug. 9 from the original July 26 deadline. It has secured approval from the Securities and Exchange Commission for the extension.

“The offer period is extended to give MDI shareholders more time to consider the offer and clarify some terms, and prepare the necessary documentary requirements,” MPHHI said in the notice.

The company said a total of 17,636 shares have been tendered as of July 24, way below its target of acquiring up to 563,000 outstanding common shares in the operator of Makati Medical Center.

The shares represent about 16.6% of the total outstanding shares of MDI, which if fully tendered will bring MPHHI’s ownership in the hospital to no more than 49.9%. MPHHI currently holds a 33.3% stake in the company.

With the extension of the deadline, MPHHI will also push back the settlement date to within 10 business days after the termination of the tender offer, or depending on when it gets approval from the Philippine Competition Commission.

MPHHI will pay 75% of the total purchase price for the MDI shares on the settlement date, while the balance will be paid within five calendar days from the delivery to the offeror of the original and valid certificates authorizing registration from the relevant revenue district office of the Bureau of Internal Revenue authorizing the transfer of shares.

MPHHI is the hospital unit of conglomerate Metro Pacific Holdings, Inc., which also has core interests in power, water, infrastructure, and logistics.

The company last May shelved its plan to conduct an initial public offering, contrary to its earlier plans to raise about P15 billion to finance its expansion.

MPIC then said it will divest some of its shareholdings in MPHHI, which is seen to be valued at about $2 billion.

Shares in MPIC went up by a centavo or 0.21% to close at P4.80 each at the stock exchange on Thursday.

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arra B. Francia

Singing at the LRT

July 26, 2019 | 12:08 am

MORE THAN 70 musical performances, ranging from busking to full-on gigs — at various locations including LRT stations are what this year’s Linggo ng Musikang Pilipino (Philippine Music Week) is featuring until the end of July.

The annual event has been held on the last week of July since 2015 and is organized by the Organisasyon ng Pilipinong Mang-aawit (OPM) and the National Commission for Culture and the Arts (NCCA). The weeklong festival aims to “promote the awareness and appreciation of all forms of Filipino music” through a variety of on-site and online performances in a number of cities including Baguio and Davao City, according to a press release.

The event was created after President Rodrigo R. Duterte signed Presidential Proclamation 933 which declared the last week of July as Philippine Music Week.

Touted as “what may possibly be its biggest and most diverse festival lineup yet,” the festival events include the seventh restaging of Rak of Aegis on July 27 and 28 at the PETA Theater in Quezon City.

“[Linggo] has always shown consistency in terms of championing top-notch Filipino music,” Herminio Jose “Ogie” Alcasid Jr., president of OPM, was quoted as saying in the release.

A themed musical showcase from 1990s icons such as Barbie Almalbis, Wency Cornejo, Dong Abay, and Cooky Chua is set on July 31 at Historia Boutique Bar and Restaurant in Quezon City.

Ms. Chua will also perform on July 28 with the Manila String Machine at the Power Plant mall in Makati City. Laira Maigue, Noel Cabangon, and Aikee will perform at Lucky Chinatown mall in Manila on the same day.

Other themed showcases are scheduled within the week in bars across Metro Manila.

The festival is also bringing live music to LRT stations, events called “Railway Jams.” The remaining performances will be on July 26 at the Doroteo station (with performances by Maxine Marie, Ace Dyamante, Kian Dionisio, and Miss Ramonne) and July 27 at the Monumento station (Vanessa Mendoza, Calde, Vanz Bonaobra, and Jai Barrientos). Performances are at 4 p.m.

Busking sessions are scheduled until Sept. 20 at the PETA Theater Center in Quezon City.

There will also be performances in provinces including in Ayala Malls Legazpi, Albay on July 28 which will feature bands like Upbeat Ska and Green Leafy Vegetable.

“The celebration is an assertion to inject in the consciousness of the Filipinos that we have our own treasure trove, local and regional, written in national and local languages, of songs that reflect our culture,” Noel Cabangon, OPM board member was quoted as saying in the release.

“We Filipinos should have the consciousness to support it. We are on our 5^th year since the Presidential Proclamation 933 was signed in 2014. It is very young. And it is a struggle. But it is very important that we have this mandate from the government. At least now we’re gaining grounds. Hopefully we’ll get more support in the years to come.”

The full schedule of performances can be viewed on the OPM’s official Facebook page, facebook.com/PinoySingers. — ZBC

AirAsia Philippines says Q2 load factor hits 91%

July 26, 2019 | 12:07 am

PHILIPPINES AirAsia, Inc. flew 2.2 million passengers during the second quarter of 2019. — *FILE PHOTO REUTERS*

PHILIPPINES AirAsia, Inc. reported its load factor rose to 91% during the second quarter as it ferried 2.2 million passengers.

The Philippine unit of AirAsia Group Berhad said in a preliminary operating statistics report that it booked a load factor of 91% in the second quarter, growing from 87% in the same period last year.

Load factor is the measure used by airlines on how much an aircraft’s carrying capacity is utilized.

“AirAsia Philippines added an additional 18% capacity in (the second quarter of 2019) on increased frequencies of domestic routes,” said the report posted on the company’s website.

The increased capacity allowed AirAsia Philippines to record a 22% increase in the number of passengers flown during the three-month period to 2.2 million, from 1.8 million in the same period last year.

AirAsia Philippines President and Chief Executive Officer Dexter M. Comendador said in a chance interview last month the company performed “as good as the first quarter” in the April to June period.

“We increased our capacity, added aircraft. And travel is talagang booming sa Philippines kasi gumaganda ’yung economy natin [Travel is really booming in the Philippines because of our improving economy]. Since we’re offering the lowest fares, talagang ’yung mga bagong angat ng estado [those who are starting to earn more] are enabled to travel,” he said then.

The local unit of AirAsia Berhad posted a 12% growth in profit in the first quarter at P424.5 million, on the back of a 27% increase in revenues at P6.68 billion.

It is targeting to swing to profit by the end of 2019 from a loss of P2.11 billion last year. It also set its revenue target at P30 billion this year and about P50 billion in the next three years.

Meanwhile, AirAsia Philippines recently entered a partnership with flight school Omni Aviation Corp. for a cadet pilot training program.

The company said in a statement the program will offer up to two years of technical and leadership training to aspiring AirAsia cadets.

The carrier will shoulder the costs for its employees, and subsidize for those that are not part of the company, which the cadets will reimburse upon completion of the program.

“We’ve partnered with Omni Aviation, a leading Filipino training provider, to offer ten cadetships in the initial batches and the opportunity to embark on a new career with (AirAsia),” Mr. Comendador was quoted as saying. — Denise A. Valdez

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