SMC allots P1 billion for Tullahan River cleanup

March 5, 2019 | 12:02 am

DIVERSIFIED conglomerate San Miguel Corp. (SMC) is pouring in P1 billion to support the government’s cleanup efforts of the Tullahan River system.
SMC President and Chief Operating Officer Ramon S. Ang on Monday signed a five-year agreement with Department of Environment and Natural Resources (DENR) Secretary Roy A. Cimatu for the implementation of a comprehensive dredging and clean-up program for the 59.24-kilometer river.
The cleanup will start from the La Mesa Reservoir, and will pass through the cities of Valenzuela and Malabon before reaching the Manila Bay through Navotas City. This forms part of the DENR’s Manila Bay rehabilitation program.
“We are proud to partner with the DENR on this project. In the last couple of months, we have seen what can be done when our government has both political will and a clear understanding of what can be done to make a difference,” Mr. Ang said in a statement.
SMC has committed to implement a dredging and cleanup plan provided by the DENR to reduce solid waste and floating debris. The company will also lend equipment, manpower, and fund the equipment operations, including fuel and logistics cost.
The listed firm further vowed to assist in the DENR’s community mobilization activities.
SMC has previously launched efforts to clean up the Tullahan River since it operates its oldest brewery near a portion of the river in Polo, Valenzuela. In 2010, the company also partnered with the DENR to clean up for the Valenzuela part of the river that runs 1.7 kilometers.
Mr. Ang said the Tullahan River cleanup will change people’s perception of that it is a “dead river, an eyesore, and a health hazard.”
SMC has been ramping up its sustainability efforts over the years. Last month, it announced that it beat its target of reducing water consumption by a fifth in 2020, after being able to cut operational water use by 23% across its businesses last year.
SMC is also planning to revive about 12,000 hectares of coastal fishing areas in Bulacan, where it has proposed to build the New Manila International Airport. The airport proposal has already been approved by the National Economic and Development Authority, and is now set to be subjected to a Swiss challenge.
The conglomerate’s net income attributable to the parent slipped five percent to P19.86 billion in the first nine months of 2018, as gross revenues jumped 28% to P761.17 billion in the same period.
Shares in SMC climbed 0.7% or P1.20 to close at P169.50 each at the stock exchange on Monday. — Arra B. Francia

Pag-IBIG financing for Amaia project

March 5, 2019 | 12:02 am

AMAIA LAND Corp. is offering flexible payment options, including Pag-IBIG financing, to prospective homeowners at Amaia Scapes Capas in Tarlac.
Located along the MacArthur Highway in Brgy. Estrada, Amaia Scapes Capas is currently has 114 available units, ranging from Twin Homes and Bungalow Pods to Twin Pods and Multi Pods. Lots are also available.
Homeowners can make a minimum 5% downpayment, spread over six months, with the 95% balance to be settled through Pag-IBIG financing (based on prevailing interest rates).
To avail of Pag-IBIG financing, locally employed applicants must provide a certificate of Employment and compensation (original and notarized once for application); latest one-month pay slip; most recent Income Tax Returns; latest proof of billing address; birth certificate/marriage contracts; 2 valid IDs (spouses); Pag-IBIG ID/Pag-IBIG Loyalty Card/Members Data Form (online application); and 3 pieces of 1×1 ID photos.
For overseas Filipino workers, applicants have to present a valid employment contract; latest one-month pay slip; valid passport; valid ID of SPA; Special Power of Attorney (Pag-IBIG format); latest proof of billing address; birth certificate/marriage contracts; Pag-IBIG ID/Pag-IBIG Loyalty Card/Members Data Form (online application); and 3 pieces 1×1 ID photos.

Worth an hour of your life a week

March 5, 2019 | 12:02 am

TV Review
Whiskey Cavalier
Thursdays, 9 p.m.
Warner TV
LET’S face it, Whiskey Cavalier isn’t the most imposing code name for a special agent, in fact, the moment this writer heard the name I thought, “that’s an awfully romantically cheesy name for an FBI special agent” and then after I watched the pilot, I realized that his code name fits him to an absolute T and it’s hilarious.
The action “dramedy” Whiskey Cavalier, which premiered in the Philippines on Feb. 28 on Warner TV, is about an FBI agent and a CIA operative fighting bad guys while also fighting their attraction for each other. But what makes the show funny is how Will Chase (played by Scott Foley, most recently of Scandal) — Whiskey Cavalier of the title — is such a romantic and is so in tune with his emotions that it often makes him an ineffective agent, but his protagonist halo still lets him save the day.
The way he acts and deals with his missions are so unlike the legendary fictional special agents of yore like James Bond — an aloof, almost sociopathic agent with limited emotional attachments. In fact, the first time we see our cavalier, he’s moping around in his sweats in a rented Paris apartment eating junk food because his fiance broke up with him a few days before.
This is a special agent who gets distracted by a couple getting engaged and gets shot during a chase scene. It was amazing.
In contrast, we have Frankie Trowbridge or Fiery Tribune (played by Lauren Cohan formerly of The Walking Dead) who exemplifies the James Bond shtick — tough-as-nails and hates emotional connections of any kind.
People who watch NBC’s Brooklyn 99, one of the best police procedural comedies around, would see that show’s Rosa Diaz (Stephanie Beatriz) and Frankie Trowbridge would absolutely be best friends as they are cut from the same cloth: smart, with a take-no-prisoners attitudes.
The hour-long pilot episode of Whiskey Cavalier sets up the premise perfectly and gives viewers insights about each character’s hang-ups as they go on solving a bio-weapon case. And since it’s a show that pokes fun on the usual spy genre tropes, the tongue-in-cheek comedy lands just right — although there is a tendency to repeat punchlines too much.
But it’s still a show worth watching, especially if it remains consistent throughout the season. It might not be groundbreaking but it still is enjoyable and worth one hour of your life every week.
Whiskey Cavalier airs every Thursday, 9 p.m., on Warner TV (SKY Cable channel 34 and Cignal channel 235). — Zsarlene B. Chua

Australia’s credit squeeze creates policy conundrum

March 5, 2019 | 12:01 am

THE MOST likely course of action for the Reserve Bank of Australia is to do nothing. — *REUTERS*

AUSTRALIANS are borrowing and spending less at the same time as firms are hiring and investing more, creating a conundrum for policy makers trying to ascertain just what the economy requires.
Does it need a dose of stimulus to put more cash into consumers’ wallets and get them spending? Or should they stand on the sidelines and wait for expanding firms to spur higher salaries and ultimately stronger inflation? For now, the most likely course of action for Reserve Bank of Australia (RBA) chief Philip Lowe on Tuesday — as with every meeting in the past 2 1/2 years — is to do nothing.
At the heart of the matter is tumbling property prices that are casting a pall over sentiment, compounded by a crackdown on banks that’s discouraging them from lending to Australians already nervous about taking on more debt. The global backdrop of a slowdown in China, which buys one-third of Australian exports, also means there’s less certainty offshore.
For the RBA, one factor in the housing slump matters most: whether the paper losses on property prompts a deeper retrenchment in household spending — which accounts for almost 60% of total spending in the economy.
“The wealth effect is going to kick in sometime soon, if it hasn’t already started,” said Cameron Kusher a research analyst at Corelogic Inc., a property data and analysis firm. “I think that the ongoing declines in the housing market are going to start to be more of a headache for the Reserve Bank.”
Sydney home values have slumped 13.2% from their peak in mid-2017, when prices reached eye-watering levels, discouraging buyers just as a new wave of housing supply came online. On top of that, a government banking inquiry that uncovered widespread misconduct has resulted in a sharp tightening of lending standards.
That’s seen mortgage growth slow to just 0.2% in January, the weakest monthly reading since 1984 when Australia was undertaking a sweeping deregulation program to revive the moribund economy. At the same time, credit for personal purchases dropped 2.8% from a year earlier — the worst annual figure since October 2009.
The RBA meets a day before the release of fourth-quarter gross domestic product data that will provide another reading on consumption. A weak result three months ago combined with poor subsequent data prompted Lowe last month to drop a tightening bias in favor of a neutral policy stance.
Data out Monday suggested the final quarter of 2018 may have been a bit lackluster: company profits rose just 0.8% compared with an expected 3%, while inventories unexpectedly dropped. A report from Australia & New Zealand Banking Group Ltd. showed that job advertisements slid 0.9% in February for a fourth monthly decline.
Economists predict Australia’s economy expanded 0.5% from the third quarter and 2.7% from a year earlier — in line with Treasury’s estimated 2.75% speed limit. — Bloomberg

CPG completes 250 units at Tanza community

March 5, 2019 | 12:01 am

CENTURY PROPERTIES Group’s (CPG) affordable housing brand has completed more than 250 out of the 1,000 units at PHirst Park Homes Tanza in Cavite.
In a statement, PHirst Park Homes Inc. said it has received a 100% unit acceptance rate from buyers after turning over the first 100 homes.
“We thank our first 100 PHirst Park Homes customers for putting their trust in us. Their 100% acceptance of units upon first inspection is a strong testament to the quality we have put into the project as we elevate the standards of the first-home market category,” Loren B. Sales, vice-president for customer management of PHirst Park Homes, said in a statement.
As of end-2018, 1,566 units worth P2.2 billion have been sold at PHirst Park Homes Tanza.
The company said the community’s basketball court has been completed, while the clubhouse, which will have a swimming pool, a kid’s pool, function rooms, multi-purpose hall, a videoke room, and a water play area, is under construction.
Other amenities include an open air cinema, picnic lawn, skate park, a Linear Park and dog park.
PHirst Park Homes is a joint venture firm of CPG and Mitsubishi Corp. — Vincent Mariel P. Galang

Filinvest City eyes LEED-ND certification

March 5, 2019 | 12:01 am

FILINVEST CITY is aiming for Leadership in Energy and Environmental Design for Neighborhood Development (LEED-ND) Plan Version Four certification from the United States Green Building Council (USGBC).
“We want Filinvest City to be an experiential CBD (central business district), for residents and workers to experience the city at a ground level-that their daily lives won’t end at their offices or homes, but rather extend to the parks and other play components provided for them,” Don Ubaldo, vice president for townships of Filinvest Alabang, Inc. said in a statement.
LEED-ND recognizes large-scale townships that are able to protect and enhance health, natural environment and quality of life. It looks into sustainability of the development through a set of growth, urbanization, and green construction principles.
Filinvest City is a 244-hectare masterplanned development located in Muntinlupa City. Its residential communities include Vivant Flats, La Vie Flats, and Bristol at Parkway Place.
Botanika Nature Residences has already received the certification as a Building for Ecologically Responsive Design Excellence (BERDE). — V.M.P.Galang

K-Pop Watch (03/05/19)

March 5, 2019 | 12:01 am

2019 K-Pop Friendship Concert

TO MARK the 70^th anniversary of the establishment of diplomatic ties between the Republic of Korea and the Republic of the Philippines, the Korean Ministry of Culture, Sports and Tourism presents the 2019 K-Pop Friendship Concert in Manila, “a cultural celebration through music shared by the two nations.” The concert will be held on March 7, 6 p.m., at the Mall of Asia Arena in Pasay City, and will shocase both Filipino and Korean artists. Hosted by Kring Kim and Ryan Bang, and the concert will feature a wide range of acts including up-and-coming K-Pop boy group NOIR, K-Pop girl group April, NCT Dream, which is a sub-unit of NCT and will be performing for the first time in Manila. Representing the Philippines are rock band Silent Sanctuary and dance trio VinSuriChan. Tickets to the show are free. For details about the event and how to get tickets, visit the 2019 K-POP Friendship Concert in Manila Facebook page: facebook.com/2019kpopfcm.

So Ji Sub visits Manila

MANILA is the final stop in Korean actor So Ji Sub’s Asia fan meet tour.

PULP Live World presents the So Ji Sub Asia Tour “Hello” Manila performance on March 16, 7 p.m., at the New Frontier Theater (formerly the Kia Theater), in Cubao, QC. Manila will be the last stop in the actor’s (Sorry, I Love You, Cain and Abel, Rough Cut, Master’s Sun) fan-meeting Asia tour. Tickets to the show are available at Ticketnet outlets and online (www.ticketnet.com.ph), and range in price from P2,500 to P7,500. For more show information, visit www.pulp.ph.

Metallic mineral production value rises 10.42% in 2018

March 5, 2019 | 12:00 am

How PSEi member stocks performed — March 4, 2019

March 5, 2019 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, March 4, 2019.

Philippine Stock Exchange’s most active stocks by value turnover — March 4, 2019.

Cavite extension of LRT-1 to begin construction next month

March 4, 2019 | 10:23 pm

THE construction of the Light Rail Transit Line 1 (LRT-1) extension to Cavite is scheduled to begin next month, the Department of Transportation (DoTr) said.
“We are starting in April the actual construction of LRT-1 Cavite Extension connecting Baclaran and Bacoor, Cavite,” the DoTr said in a statement on Monday.
It said the target is to complete the project by the fourth quarter of 2021. Once the extension is up and running, passenger traffic on LRT-1 is expected to increase to 800,000 from the current 300,000.
The construction of the 11.7-kilometer LRT-1 Cavite extension is part of the government’s concession agreement with Light Rail Manila Corp. (LRMC), which has been operating the train line since September 2015.
LRMC is a joint venture of Ayala Corp., Metro Pacific Light Rail Corp. and Macquarie Infrastructure Holdings (Philippines) Pte. Ltd. Aside from the Cavite extension, its P65-billion, 32-year agreement with the government also involves the rehabilitation of the 21-kilometer LRT-1 line from Roosevelt, Quezon City to Baclaran, Parañaque City.
The Cavite extension will cover eight new stations from Baclaran: Redemptorist, NAIA Avenue, Asia World, Ninoy Aquino, Dr. Santos, Las Piñas, Zapote and Niog.
Metro Pacific Investments Corp. is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in BusinessWorld through the Philippine Star Group. — Denise A. Valdez

NEDA final hurdle for Mindanao railway before China ODA

March 4, 2019 | 10:22 pm

THE DEPARTMENT of Transportation (DoTr) said it expects to make significant progress in securing official development assistance (ODA) from China for the Mindanao Railway Project this month.

Transportation Undersecretary for Railways Timothy John R. Batan told reporters last week that the government is now reviewing the revised specifications and scope of work for the railway project before turnover to China, which will compile a shortlist of contractors for the project.
“We’re in the process of finalizing the approvals then we should be done. Our target is approval on the Philippine side by March,” he said Wednesday after the Metro Manila Subway groundbreaking ceremony, noting that the key approvals are from the National Economic and Development Authority (NEDA) Investment Coordination Committee (ICC).
“As soon as we get that approval, the process starts for China ODA loans (begins with a) request a shortlist of three qualified contractors. Then once we receive the shortlist, we may start the bidding because the bid documents are done,” Mr. Batan added.
The Mindanao Railway Project consists of circumferential and spur lines connecting Tagum to Surigao and other areas of the island. Last year, the DoTr approved changing the specifications and scope of work of the project from diesel single track to electric double track.
Last month, the DoTr also started studying the realignment request of a homeowners’ group to avoid inconveniencing some property owners.
Mr. Batan said because of the changes, the cost of the project is still uncertain at this point. “That’s part of what’s being reviewed by the ICC. So as soon as we get the approval, that’s when we will have a definite total project cost for the upgraded system,” he said.
Right of way acquisition for the train line has started, with Mr. Batan saying the DoTr wants to conduct the groundbreaking within the year, or by the third quarter at the earliest.
“Land acquisition is ongoing. So everything, what we call the advanced works (and) pre-construction surveys, they are ongoing in Mindanao,” he said.
The Mindanao Railway Project is expected to become the country’s first train system outside Luzon, which is targeted for completion by 2022, when President Rodrigo R. Duterte steps down. — Denise A. Valdez

Jan. government debt rises 2.8% vs Dec.

March 4, 2019 | 10:19 pm

OUTSTANDING government debt rose in January to record levels after increased domestic and foreign debt, tempered by a stronger peso, the Bureau of the Treasury (BTr) said.
National government debt was at a record P7.494 trillion at the end of January, up 2.8% or from December. The debt stock was also higher from the P6.726 trillion posted a year earlier.
The bulk of the loans were from domestic sources at P4.91 trillion in January, up 2.8% from the P4.777 trillion in the previous month.
The Treasury attributed this to the net issuance of government securities in January at P133.18 billion, tempered by downward valuation of domestic dollar bonds at P200 million, after the peso strengthened.
During that month, the peso averaged P52.4679 against the dollar in January, compared with a P52.7691 average the previous month.
On the other hand, funds raised from foreign sources accounted for P2.584 trillion, up 2.7% from the end of December. The rise in overseas debt was mainly due to higher foreign loan availments worth P83.29 billion during that month.
The government returned to the international capital markets in January, selling $1.5 billion worth of dollar bonds.
The 10-year securities, at a coupon of 3.75%, were priced 110 basis points (bp) above benchmark US Treasuries, narrower than the initial 130 bps guidance.
The rise in foreign debt in January was offset by the P14.61 billion revaluation impact of the peso, with the weaker dollar decreasing the value of dollar-denominated debt by P19.24 billion. This however was tempered by the increase in value of third currency debt by P4.63 billion.
Meanwhile, guaranteed obligations stood at P487.29 billion in January, down 0.1% or P301 million month-on-month.
“Peso appreciation which lowered the local currency value of external guarantees by P2.22 billion and net repayment on domestic guarantees of P0.52 billion underpinned the decline,” the BTr said.
However, this was partly offset by net availments on external guarantees of P1.40 billion and an upward revaluation of third currency-denominated guarantees by P1.04 billion.
The government plans to borrow up to P1.189 trillion in 2019 to help finance its spending plan, 33.85% more than the P888.23 billion initially programmed for this year.
Of this year’s total, 891.7 billion will be sourced domestically and P297.2 billion from overseas. The Development Budget Coordination Committee adjusted the borrowing ratio in favor of domestic sources to 75-25 for 2019, from the previous year’s 65-35 ratio.
The government is offering retail Treasury bonds to the general investing public, which can be bought in denominations of P5,000 until March 6.
National Treasurer Rosalia V. De Leon said demand for the RTBs could reach as high as P200 billion by the end of the public offer period, although the government may not accept all the bids.
Apart from the retail bond sale, the Treasury is also studying an offer of renminbi-denominated “panda” bonds next quarter as well as yen-denominated “samurai” bonds in the following quarter, in accordance with the government’s 12-month cycle of overseas bond offers. — Karl Angelo N. Vidal