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Comeback

Considering the quality of tennis Rafa Nadal and Novak Djokovic displayed upon resumption of a postponed semifinal-round match, not a few quarters understandably felt let down by the ensuing Ladies’ Singles Final on Wimbledon’s Centre Court. It wasn’t merely that Angelique Kerber took all of 18 games spread over an hour and five minutes to triumph over Serena Williams; the fifth set of the set-to that preceded theirs had just as many. More tellingly, it was that they contested only 101 points, and yet they were separated by 11 in the end — as clear an indication as any of the lopsided nature of the affair.
Nonetheless, there can be no discounting the legitimacy of Kerber’s claim to the title. She certainly earned the Venus Rosewater Dish, going through a fortnight in which all but one of her contests went the minimum number of sets. Heading into the 2018 Championships, the story that made headlines was Williams’, who needed to convalesce from a variety of injuries and meet the demands of motherhood prior to putting a much-anticipated comeback in high gear. In truth, the narrative that surrounded her own return to the top of the sport was no less compelling.
Indeed, Kerber had a tough year after making her mark in 2016, with successful runs at the Australian and United States Opens sandwiching a runner-up finish at the All-England Club. She saw her world ranking go from Number One to a five-year low in the 20s, prompting her to fire longtime coach Torben Beltz in favor of Wim Fissette. Fortunately, the change, coupled with a renewed focus, worked wonders; it enabled her return to form, culminating in her triumph the other day.
Fittingly, Kerber paid tribute to Williams in her post-victory remarks. All the same, the spotlight was hers. As the 23-time Grand Slam holder noted, “from the first point to the last point, she played unbelievable.” And its to her credit that she cited her travails the year before as crucial to her development. “Without 2017, I couldn’t [have won] this tournament,” she disclosed. “I learned a lot last year.” Enough said.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

France versus Croatia: The battle of the economies

France and Croatia face off at the World Cup final on Sunday, July 15, an unexpected match-up that pairs one of the European Union’s founding nations against the bloc’s newest member.
Print
On the route to the final, France scored 10 goals, conceded four, and held their opponents scoreless in four games. Croatia are ahead on goals, scoring 12, but they let in five and only kept two clean sheets. As the soccer analysts parse those numbers, let’s see how the countries stack up in other ways.
It’s still undecided who’s better at football, but in terms of the economic outlook over the next year, it’s pretty clear who’s winning.
The question is: who’ll win the game? France has a better World Cup record and a bigger pool of young men from which to draw its team, but they’re slightly more partial to a tipple and aren’t as fit as their Croatian counterparts.
That said, the French are a happier bunch, ranking 23rd in the World Happiness Report, compared to Croatia’s 82nd place. Could a first ever World Cup victory for Croatia turn the tables?
France are the bookmakers’ favorite to win. A Goldman Sachs analysis also tips them, with a 63% chance. Before the tournament, the Goldman model (with 1 million simulations) predicted Brazil would be champions, which didn’t work out very well. That said, it should be noted that their second pick at the time was France.
But this weekend is about the beautiful game, not the dismal science. Kick off is at 6 p.m. in Moscow (11 p.m. in Manila) on Sunday. — Bloomberg

WB maintains Philippine growth forecast

By Melissa Luz T. Lopez, Senior Reporter
THE World Bank sees stronger growth during the second half of 2018 on the back of stronger public spending, with the Philippine economy expected to sustain its pace despite global headwinds.
The multilateral lender kept its 6.7% growth estimate for the Philippine economy this year and in 2019, matching the pace logged last year. The robust expansion is seen maintained “despite rising global uncertainty,” the World Bank said in a statement on Friday.
Stronger government spending is expected to keep the momentum upbeat, albeit slower than the 7-8% growth goal set by the Duterte administration.
“Given recent fiscal trends, government consumption growth was revised upwards, while private consumption growth is expected to expand at 5.9% in 2018 and 6.2% in 2019,” the statement read.
The adjustments compare to the World Bank forecasts published in April.
“Investment growth was slightly upgraded due to higher public capital outlays, including increased infrastructure spending,” the World Bank said. “Overall, it is anticipated that real GDP (gross domestic product) growth will increase towards the end of 2018 and into the first half of 2019 with higher election-related public spending.”
The Philippine economy grew by 6.8% during the first quarter fueled by a surge in government spending as well as capital formation, according to the Philippine Statistics Authority. In particular, public construction grew by 25.1% against a 6.8% climb in private sector activity.
Infrastructure spending surged by 42.4% as of end-May and accounts for more than a third of its full-year program, according to the Department of Budget and Management. Under the 2019 cash-based budget, infrastructure allotments are set at P874.8 billion.
“The government’s ability to carry out its investment spending agenda will determine if the Philippines can achieve its growth target of 6.5-7.5% over the medium term,” Birgit Hansl, World Bank Lead Economist for the Philippines, was quoted as saying.
“In addition, higher private investment levels will be critical to sustain the economy’s growth momentum as capacity constraints become more binding.”
Consumption is expected to keep driving economic activity as exports are seen to slow over the coming years amid easing global growth.
The World Bank expects a deceleration in global output at a time of higher interest rates, rising commodity prices and tempering global demand. Global growth is expected to keep steady at 3.1% this year, but will moderate to 3% by 2019 and 2.9% by 2020.
Uncertainties on trade as well as possible policy shocks in major economies also pose risks to the outlook, especially given an escalating tariff war between the United States and China.
The Bangko Sentral ng Pilipinas said they expect minimal first-round effects of the trade war, but warned that the Philippines could reel from its impact should it pull down growth in the world’ biggest economies.

ICTSI is the preferred bidder to operate Sudan port

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said it has been chosen by the government of Sudan to handle the operations and management of the South Port Container Terminal (SPCT).
In a disclosure to the stock exchange on Friday, the Enrique Razon-led company said it has been tapped to manage the operations and development of the Sudan port for 20 years.
“Sea Ports Corporation of Sudan (SPC), the independent state corporation of the Republic of the Sudan that governs, constructs and maintains the country’s ports, harbors and lighthouses, has confirmed ICTSI as the Preferred Bidder to operate and manage the South Port Container Terminal (SPCT) at the port of Port Sudan, Republic of the Sudan, under a 20-year concession,” it said.
The port operator noted it will still have to discuss and negotiate the concession agreement before the official signing and effectivity of the contract.
SPCT was able to record a throughput of 470,000 twenty-foot equivalent units (TEUs) in 2017 with a terminal capacity of 1 million TEUs.
ICTSI said the port has a total land area of 180 hectares and a 1,200-meter quay wall with water depth of up to 16 meters that enables it to handle the largest container vessels.
“It has equipment that includes eight Ship-to-Shore Gantry Cranes and an extensive range of yard handling equipment including more than 20 Rubber-Tired-Gantry Cranes,” it added.
If the deal is successful, SPCT will be the third port in Africa handled by ICTSI. The other two are the Matadi Gateway Terminal at Matadi, Congo; and the Madagascar International Container Terminal Services Ltd. at Toamasina, Madagascar.
ICTSI posted a 15% fall in earnings with $44.1 million during the first quarter from $51.7 million last year. In a regulatory filing, it said this was due to the “continued appreciation of the US dollar relative to other major currencies, particularly the Philippine peso, Brazilian reais, Mexican peso and the euro.” — Denise A. Valdez

Trust, approval ratings for Duterte, Robredo go up, Pulse Asia survey says

By Dane Angelo M. Enerio
THE Philippines’ two highest government officials “enjoy majority approval and trust scores,” a survey report released by Pulse Asia on Friday said.
The nonprofit polling organization’s latest Ulat ng Bayan said President Rodrigo R. Duterte and Vice President Maria Leonor “Leni” G. Robredo received approval ratings of 88% and 62%, respectively.
Both officials saw similar gains in June compared to their previous ratings in March, with Mr. Duterte seeing an 8% increase over his previous 80% rating and Ms. Robredo seeing a 7% increase from her previous 55% rating.
Ms. Robredo’s disapproval rating went down to 14% from 21% in March while Mr. Duterte’s was halved to 3% from 6%.
In comparison, recent poll results from the Social Weather Stations (SWS) showed Mr. Duterte’s satisfaction rating drop to a record low of +45 (good), an 11-point decline from his previous +56 rating (very good). The Pulse Asia survey was conducted between June 15 and 21 while the SWS poll was conducted between June 27 and 30.
In the time between the two surveys, Mr. Duterte had called God “stupid” and has pushed exiled communist leader Jose Maria Sison to give up on having peace talks with the government after saying the President was “difficult to talk with.”
Besides the approval ratings, Pulse Asia also noted both Mr Duterte and Ms. Robredo enjoyed higher trust ratings of 87% (from 78%) and 56% (from 53%), respectively. Public distrust towards the two were steady, with Mr. Duterte’s going down to 2% from 4% and Ms. Robredo seeing a one point dip to 17%.
Former Senate President Aquilino L. Pimentel also saw majority approval ratings of 72%, an 11% increase from his 61% rating in March. His trust rating also saw a similar jump to 64% from 53%.
House Speaker Pantaleon D. Alvarez was the only official in the list not to enjoy majority approval ratings, despite his rating going up to 47% from 41%. Mr. Alvarez’s trust rating dipped to 19% from 22%, as well.
Public approval of the Senate, House of Representatives (HoR), and Supreme Court (SC) also rose, with ratings of 69% (from 60%), 66% (from 56%), and 63% (from 53%), respectively.
A similar pattern emerged for the trust ratings, as the Senate’s rating jumping to 61% from 55%, the HoR’s increasing to 58% from 51%, and the SC’s going up to 54% from 47%.
The gap between the two Pulse Asia surveys saw the ouster of former Chief Justice Maria Lourdes P.A. Sereno by her peers in the high court through Solicitor-General Jose C. Calida’s quo warranto petition.
In the survey, Ms. Sereno’s trust rating dropped to 19% from 22% while her distrust rating increased to 35% from 27%.
Responding to the survey, Presidential Spokesperon Harry L. Roque, Jr. said in a statement “[t]he Palace expresses its gratitude for our people’s continuing vote of confidence for President Rodrigo Roa Duterte who remains the most approved and most trusted top national official today.”
Ms. Robredo’s camp, through lawyer Ibarra “Barry” M. Gutierrez, said in a statement, “[m]alaki ang pasasalamat ng Pangalawang Pangulo sa patuloy na pagtiwala at pagbigay suporta ng ating mga kababayan sa kanya at sa trabahong ginagawa niya (the Vice President is grateful for the continued trust and support coming from our countrymen which are given to her and to her work.)”
“Ang resultang ito ay muling nagpapatunay na ang pagtutok ng Pangalawang Pangulo sa kapakanan ng mga nasa laylayan ay suportado ng maraming Pilipino, at magsisilbi itong inspirasyon sa kanya na ipagpatuloy at lalo pang palawakin ang kanyang programa para sa mahihirap (This result once again proves the Vice President’s focus on the welfare of the needy is supported by many Filipinos, and it serves as an inspiration for her to continue and, more importantly, expand her programs for the poor,)” Mr. Gutierrez added.
Opposition Senator Antonio F. Trillanes IV, for his part, said in a statement the survey was “invalid” as there was “clearly a sampling design error.”
“Pulse Asia, historically, keeps on insisting to use respondent of Davao City to generalize or represent the population for the whole Mindanao,” he said.
He explained, “[t]his is not valid anymore because the respondents of the other regions are clearly not as fanatical to or fearful of Duterte.”
According to Pulse Asia, its survey was conducted using face-to-face interviews with 1,800 registeres voters aged 18-years old and above with a + 2% error margin at the 95% confidence level.

Govt-run oil mills may stop operations after officials quit en masse to oppose new Palace appointee

CIIF.PHTHREE oil mills managed by a government-controlled corporation may stop operations after a dozen of its officials resigned en-masse to oppose the appointment of a new president.
Eddie P. Delima, chair of the Coconut Industry Investment Fund Oil Mills Group (CIIF-OMG) which owns the facilities, also warned that the group’s profitability may also be affected by the change in leadership.
“This will definitely affect [operations] given that we have different priorities,” Mr. Delima told BusinessWorld in a phone interview, referring to the recently-appointed president of the group, Rehan Lao. “The profitability of the company will be affected.”
Mr. Delima, who was among those who quit, reiterated the three oil mills may have to stop operations but only until the vacancies are filled up.
On Thursday afternoon, 12 officials, including Mr. Delima, tendered their irrevocable resignation to Executive Secretary Salvador C. Medialdea after Malacañang held its ground to place Rehan Lao as the new president.
Mr. Lao, a former director of the CIIF-OMG, has been named as the new head last June 28. The resigned officials has been asking for the palace to reconsider since then.
The group has questioned the credibility of Mr. Lao, who has a pending case before the Office of the Ombudsman.
Presidential spokesman Harry L. Roque said that the resigned officials “are just there in holdover capacity,” citing a message that he forwarded to reporters on Friday.
While it “pains” the CIIF-OMG officials to submit their resignation, Mr. Delima added that they remain optimistic that the Palace will open its doors to negotiate.
“Before we left Mr. Medialdea’s office yesterday, he told us to keep our phones open. If they do not call in the next few days, then that’s that,” Mr. Delima said.
Mr. Delima added that if the Palace “takes their preferences into consideration”, they may consider coming back.
“We’ll definitely come back as long as [Mr. Lao] isn’t the president. Anybody but him.”
Known for its Minola brand, the company operates oil mills and refineries around the Philippines since the 1970s.
According to its website, CIIF-OMG’s plants have a total crushing capacity of 370,000 metric tons (MT) of copra per year, around 10% of the total coconut oil milling industry of the Philippines..
In terms of refining capacity, the company can process 240,000 MT of coconut oils.
Just a few months ago, CIIF-OMG sealed its first partnership with an international company, Swedish solutions firm AarhusKarlshamn (AAK). AAK last month broke ground on the CIIF-OMG’s Batangas property where they will be setting up oil and fats mixing facility.
Besides owning oil mills, CIIF also previously owned a block of shares in San Miguel Corporation whose ownership was later transferred to coconut farmers, thanks to a several Supreme Court decisions favorable to them. The shares were later sold and then turned into a fund for the benefit of coconut farmers which is currently being handled by the government.
In the 1970s, at the height of Martial Law, the company collected levies from coconut farmers and later used them to buy assets, including oil mills and more than 20 percent of shares of San Miguel in 1983.
At that time, the company was headed by, among others, Marcos crony Eduardo “Danding” C. Cojuangco Jr. — A. G. A. Mogato

PET to Marcos: We already probed swimming trip

By Dane Angelo M. Enerio
THE Supreme Court (SC), sitting as the Presidential Electoral Tribunal (PET), has dismissed former Senator Ferdinand “Bongbong” R. Marcos, Jr.’s request to probe a swimming trip attended by several PET personnel and a revisor of Vice President Leonor “Leni” G. Robredo.
In a six-page notice released on Friday, the Tribunal said that it “has already commenced and concluded its investigation.”
Mr. Marcos, who lost his vice-presidential bid to Ms. Robredo, claimed in a manifestation submitted on Monday, July 9 the trip was a “conspiracy” used by Ms. Robredo’s camp to “infiltrate” the PET in their ongoing election recount.
Ms. Robredo, however, noted both of their camps were invited to the trip, with Mr. Marcos allegedly sending snacks ahead of the June 22 trip in Pansol, Laguna.
Following Mr. Marcos’s motion, Ms. Robredo last Wednesday, July 11, urged the PET in a counter-manifestation to release CCTV footage to prove her claim.
In response to the PET notice, Ms. Robredo, through lawyer Emil Marañon III, said, “this is precisely why we filed the counter-manifestation. We knew that Marcos knew about what the revisors did. Again, this is part of their PR (public relations) stunt to confuse the Filipino public with lies and hide the truth.”
Lawyer Victor Rodriguez, Mr. Marcos’s spokesperson, said in a statement, “[w]e are completely surprised and quite shocked with the pronouncement of the Presidential Electoral Tribunal that an investigation on the highly improper Pansol outing had already been conducted and concluded.”
COMELEC GIVEN TEN DAYS TO COMMENT ON ROBREDO MOTION
In a separate development, the PET has given the Commission on Elections (Comelec) ten days to comment on Ms. Robredo’s motion to impose a 25% ballot shading threshold in her ongoing vice presidential election recount against Mr. Marcos, the losing candidate.
According to the PET’s Friday notice, the court in a July 10 resolution took note but did not act on Ms. Robredo’s motion to give the Comelec five days to comment following Solicitor-General Jose C. Calida’s decision to drop the election body as its client in the case.
Ms. Robredo’s camp claimed the Office of the Solicitor General (OSG) already had a total of 46 days to prepare submit its comment in behalf of the Comelec before dropping them on July 6.
They added the Comelec can submit their comment within five days because they implemented the 2016 the Automatic Election System used in the 2016 national and local elections.

Vista Land signs P7.7-B corporate note facility

VISTA Land & Lifescapes, Inc. (VLL) has secured corporate note facilities totaling P7.7 billion to fund its capital expenditures this year.
In a disclosure to the stock exchange on Friday, the Villar-led firm said it signed a corporate note facility consisting of seven-year corporate notes worth P1.7 billion with a coupon rate of 7.4913% per year, and 10-year corporate notes worth P6 billion with a fixed interest of 7.7083% per annum.
With this, VLL entered into a corporate notes facility agreement with China Banking Corp., China Bank Savings, Inc., and Security Bank Corp., which will act as note holders.
Meanwhile, China Bank Capital Corp. and SB Capital Investment Corp. were tapped as joint lead underwriters, with the former as sole issue manager and sole bookrunner.
China Banking Corp.-Trust and Asset Management Group is the issuance’s facility agent, while VLL’s subsidiaries Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Starmalls, Inc. are the subsidiary guarantors.
“The proceeds of the corporate notes facility will be used to fund the Company’s 2018 capital expenditures for commercial property projects, and to fund other general corporate purposes,” the company said.
The listed property developer has committed to spend P50 billion in capital expenditures this year, ramping up spending from the P37.4 billion it spent in 2017.
The 2018 capex is intended to expand VLL’s leasable space to 1.4 million square meters (sq.m.) by the end of the year, from 1.06 million sq.m. the year before. This includes increasing its shopping mall footprint to 30 by the end of 2018, from 22 at the end of 2017.
VLL is currently present in 141 cities and municipalities across 47 provinces. This year, the company said it is looking to develop 23 projects into what it calls “communicities,” or integrated urban developments that combine lifestyle retail, office, university town, healthcare, residential, and leisure components.
The company’s net income jumped by 13% to P2.6 billion in the first quarter of 2018, supported by a 12% uptick in revenues to P10.1 billion during the same period.
VLL targets to breach the P10-billion mark in terms of net income this year, around 10% higher than the P9.1 billion it generated in 2017. Reservation sales are also expected to hit P72 billion for the year.
Shares in VLL dropped by 0.82% or five centavos to close at P6.05 each at the Philippine Stock Exchange on Friday. — Arra B. Francia

Group under CBCP opposes Charter change, citing lack of transparency

AN ORGANIZATION under the Catholic Bishops’ Conference of the Philippines has expressed its opposition to charter change, saying it is untimely and not transparent.
The CBCP’s lay sector, Sangguniang Laiko ng Pilipinas (LAIKO), said in a statement on Thursday that “ in unity with all Filipinos who are freedom-loving and defenders of truth, we strongly oppose the Charter Change.”
“We do not believe in the timeliness of the process and its lack of transparency because we are witnesses to a House of Representatives that acts as puppets of a totalitarian executive,” LAIKO added.
“Based on the March 2018 Pulse Asia Survey the number of Filipinos opposed to Charter change went up from 44 percent in July 2016 to 64 % in March 2018, and the opposition to federalism went the same way, except by a larger margin from 33 percent to 66 percent,” the organization explained.
LAIKO urged the local government to stop charter change and consider to “craft enabling laws that will fully implement the provisions of the 1987 Constitution especially on the Freedom of Information and the Anti-Dynasty Law.”
They also insist that incumbent politicians should, “Make the wider consultation process in the country for the Filipinos to fully understand the effects of tampering with the 1987 Constitution”
LAIKO also emphasized that the government should “call for a constitutional convention wherein the different sectors of society are represented and in a democratic venue express their stand without being afraid for their life.”
“We do not believe in the proposal to adopt a federal form of government that would apparently guarantee a fairer distribution of resources among the regions, more participation in the political process and a better life for all, yet giving vast powers to President Duterte between 2019-2022, and impose more taxes on the people to support new structures and officials,” the group said.
On the other hand, The Consultative Committee to Review the 1987 Constitution’s (ConCom) draft charter assured in Section 3 of Article XIII that “The Federal Government and the Federated Regions shall ensure that taxation shall be uniform, equitable, and progressive. No double taxation shall be allowed.”
It was also reported earlier this week that president Rodrigo R. Duterte asked the ConCom to revise its Transitory Provisions, saying he wants to be barred from running in the 2022 General Elections and wants a “Transition leader” to hold office after the ratification of the Constitution.
Despite the ConCom being tasked to revise the 1987 Constitution according to an Executive Order 10 issued by the president back in 2016, it is up to the Congress to legislate the Federal government.
LAIKO said the legislative body “acts as puppets of a totalitarian executive.” — Gillian M. Cortez

PhilWeb narrows down losses in Q2

PHILWEB Corp. trimmed its net loss attributable to equity holders of the parent by 76% in the second quarter of 2018, after its revenues jumped by 143% for the period.
In a regulatory filing, the gaming firm said net loss attributable to the parent went down to P16.44 million from April to June, lower than the P68.93 million in the same period a year ago. Revenues meanwhile went up P95.06 million, against the P38.9 million in the second quarter of 2017.
This brought the company’s attributable loss to P45.3 million in the first six months of the year, versus the P141.25-million loss in the same period a year ago. PhilWeb’s revenues reached P172.6 million, 165% higher than the P65.05 million generated in the first half of 2017.
PhilWeb President Dennis O. Valdes attributed the positive performance to the higher number of outlets using its electronic gaming systems (EGS) for the period. The company is an accredited provider of electronic gaming outlets to the Philippine Amusement and Gaming Corp. (PAGCOR). It currently operates 54 EGS sites, with two outlets dedicated to e-Bingo.
The company also launched a new set of games using the Habanero software, which spurred an increase in its overall gross gaming revenue. The newly launched software also supported the performance of an existing suite of games by PhilWeb using RealTimeGaming software.
“We are pleasantly surprised that the combination of two gaming softwares has not resulted in one cannibalizing the other, but instead, has resulted in growth for both sets of games. We intend to use this learning to continue to introduce new gaming software to our pool of customers, so that we can continue to attract new players to our e-Games outlets,” Mr. Valdes said in a statement.
The company also noted that it managed to generate positive earnings before interest, taxation, depreciation, and amortization (EBITDA) for the first time since 2016. EBITDA for the second quarter hit P6.8 million, bringing its second half EBITDA to P2.4 million.
“I am deeply committed to getting PhilWeb back to its former profitability levels, during which times we were able to pay out high dividends to stockholders and generate significant share price increases as well,” PhilWeb Chairman Gregorio Ma. Araneta III said in a statement.
Mr. Araneta took over as PhilWeb’s chairman after buying out tycoon Roberto V. Ongpin’s 53.76% shares in the company for P2 billion in 2016. The share sale came after PAGCOR’s rejection of the company’s license renewal at the time, causing the shut down of 286 operating e-gaming cafés.
Mr. Ongpin sold his stake in the firm after then-newly elected President Rodrigo R. Duterte singled him out as an “oligarch.”
“We believe those times will come back soon, as operators gain more trust in our service quality and PAGCOR sees the consistently increasing remittances that we deliver to them for their various charitable programs,” he added.
Shares in PhilWeb rose 5.44% or 28 centavos to close at P5.43 apiece on Friday. — Arra B. Francia

Duterte appoints frat brother to Comelec

PRESIDENT Rodrigo R. Duterte has appointed former Department of Justice (DoJ) undersecretary Antonio T. Kho, Jr. as new Commission on Elections (Comelec) commissioner, Malacañang said on Friday.
In a text message to reporters on July 13, Special Assistant to the President (SAP) Christopher “Bong” T. Go said the Palace released the appointment paper of Mr. Kho last Thursday, July 12. Mssrs. Kho, Duterte, and former DoJ secretary Vitaliano N. Aguirre II are fraternity brothers at Lex Talionis in San Beda College of Law.
The new Comelec official is taking over the position of Sheriff M. Abas who has been appointed as chairman of the commission.
“Pursuant to the provisions of Section 16, Article VII of the 1987 Constitution and existing laws, you are hereby appointed ad interim commissioner, Commission on Elections, for a term expiring on 02 February 2020, vice Sheriff M. Abas,” the appointment letter read in part.
Mr. Kho served as justice undersecretary during the tenure of former justice secretary Vitaliano N. Aguirre II who resigned last April while the DoJ was under fire for its dismissal of the criminal case against several high profile drug personalities and for alleged pork barrel mastermind Janet L. Napoles’ provisional entry into its Witness Protection Program (WPP.)
Also last April, new DoJ Secretary Menardo I. Guevarra directed all of Mr. Aguirre’s assistant secretaries and undersecretaries, including Mr. Kho, to tender their unqualified courtesy resignations to the Office of the President. — Arjay L. Balinbin

Philippine Seven Q2 earnings jump

THE local licensee of the 7-Eleven convenience store chain saw its net income jump by 18.9% in the second quarter of 2018, driven by higher sales and more operating stores for the period.
In a disclosure to the stock exchange on Friday, Philippine Seven Corp. (PSC) said it generated a net income of P342.7 million from April to June 2018, higher than the P288.3 million posted in the same period last year.
System-wide sales jumped 19.2% to P11.55 billion for the period, benefiting from a 6.3% increase in same-store sales.
This brought PSC’s net income to P533.2 million in the first half of 2018, 19.4% higher than the same period a year ago. System-wide sales also picked up 22.7% to P22.17 billion for the first six months of the year.
Same-store sales hit 9.2% on a six-month basis.
The company added a total of 114 stores while closing 14 during the first half, for a total of 2,386 stores in its portfolio by end June, or 14.3% more than the number of stores by the end of 2017’s first half. Of the store count, 1,866 are in Luzon — 906 of which are in Metro Manila —, 331 are in the Visayas, while 189 are in Mindanao.
PSC cited the favorable impact of the Tax Reform for Acceleration and Inclusion law’s implementation at the start of the year, which effectively increased its customers and average basket size. Among the features of the tax reform law was lowering personal income taxes and increase the excise tax for sugar-sweetened beverages, thereby increasing their prices.
“The lower personal income tax strengthened the purchasing power of the middle class and the excise tax on sugar-sweetened beverages increased selling price but no significant decline in volume occurred,” the company noted.
This year, PSC has scheduled to spend at least P3.5 billion to support its store expansion program, which includes investing in new store openings, store renovations, and equipment acquisitions. The company said it remains on track in following this strategy.
“The focus of the organization going forward will be on increasing sales per store. There are various programs lined up covering expanding merchandise assortment and launching of new food and beverage items to serve as differentiation compared with other channels,” PSC said.
The company further looks to take advantage of its customers’ need for convenience through its e-commerce business.
Shares in PSC jumped 3.98% or P4.80 to close at P125.30 each at the stock exchange on Friday. — Arra B. Francia

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