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DILG told to crack down on LGUs that allow building in hazard areas

By Melissa Luz T. Lopez, Senior Reporter
THE Finance department has asked the Department of the Interior and Local Government (DILG) to crack down on towns and provinces that fail to keep residents from building homes in mining and quarrying areas.
In the latest Mining Industry Coordinating Council (MICC) meeting, Finance Secretary Carlos G. Dominguez III told the DILG to flag local government officials that are found “remiss in their duties” when it comes to keeping mining and quarrying sites free from houses and similar buildings.
The Mines and Geosciences Bureau (MGB) is also covered by the directive, which involves implementing zoning rules for “geohazard” areas.
“We should put another special item there to work with the MGB (and) to work with DILG on zoning rules basically to prevent housing or any construction in quarry areas, and mining areas that have been determined to be in a geohazard area,” Mr. Dominguez was quoted as saying in a statement.
He added that this should be among the priorities of the MICC for this year.
Previously, the Finance chief also sought the DILG’s help in apprehending local executives who are found supporting manufacturers of illicit cigarettes.
This comes as the inter-agency MICC is working on the second round of auditing of mining sites. The audit covers 15 mining companies and is expected to be completed by June.
Covered by the audit are the legal, technical, environmental, social, and economic aspects of mining sites, which are then judged through an environmental score card to check whether their performance is acceptable or not.
The MICC announced last December that the moratorium on new mining permits will stay pending the passage of a new revenue-sharing law for mining profits. The ban has been in place since 2012, as imposed by then-President Benigno S.C. Aquino III.
A version of the bill has already cleared the House of Representatives, but still awaits counterpart hearings and approval by the Senate.
The Tax Reform for Acceleration and Inclusion (TRAIN) law which took effect in 2018 raised the excise tax on mineral products to 4% from 2% previously. However, this is not taken as the new fiscal regime for mining, as it does not provide for how royalties, profits, and windfall revenues will be treated.

Dutch shipbuilding firm eyes PHL investment

THE government said a Dutch shipbuilding company is taking an interest in investing in the Philippines, and among the options it is looking into is working with the Philippine Navy and taking over the facility of Hanjin Hanjin Heavy Industries and Construction Philippines, Inc. (HHIC-Philippines) in Subic, Zambales.
In a statement released on Friday, the Department of Trade and Industry (DTI) said the Damen Shipyards Group met with Trade Secretary Ramon M. Lopez on March 4 to discuss opportunities for investment in the country.
“Shipbuilding is one of our priority industries not just in Subic, but also in many locations in our archipelagic country. We have the required manpower and skill set for new shipbuilders. As a market ourselves, the country is also in need of smaller vessels like the roll-on-roll-Off (RORO) ships,” Mr. Lopez was quoted as saying.
The DTI said Damen may possibly partner with the Philippine Navy to provide defense vessels, but Mr. Lopez also presented the Hanjin facility as another option.
It noted that unlike HHIC-Philippines which builds large container ships, Damen is focused on smaller vessels such as yachts, cruise ships, navy vessels, and tugboats. The company’s website lists a wide variety of vessel types that it handles including ferries, dredging equipment, pontoons and barges, fishing vessels, offshore vessels, and highspeed craft, naval and patrol vessels, interceptors and rigid hull inflatable boats, modular constructions like modular jetties and multi cats, aquaculture support vessels, research vessels, yachts, and shipping vessels including container vessels and oil tankers.
“The company’s chairman Kommer Damen said this puts them in a good position because they’re not affected by the overcapacity in the cargo ship market that caused Hanjin to scale down their operations,” the DTI said in the release.
The agency said the Damen technical team already checked the Hanjin facility and is reviewing how it will fit in their current plans.
HHIC-Philippines filed for corporate rehabilitation in January for debts from its operations of its Hanjin facility in Subic. Should Damen consider investing in Hanjin, this would scale up their presence in the Philippines, which is currently limited to its partnership with local firm Propmech Global Technologies and a contract with Philippine Airlines.
Aside from the Dutch company, the Board of Investments (BoI) also said a shipbuilding firm from Australia and one from Mindanao were presented with similar opportunities as Damen was, and are investing in the Visayas and in Mindanao respectively.
“(Mr.) Damen said this is a good scenario to have with more shipbuilders in an area due to greater industry support and better education for employees,” the DTI said. — Denise A. Valdez

NFA defends debt as part of food security mandate

THE National Food Authority (NFA) defended its total debt of P140.5 billion by end-2018 as the “cost of government’s commitment and policy to make rice available, affordable and accessible to the poor and marginalized sectors, and to stabilize palay and rice supply and prices at the farm and consumer levels.”
In a statement released on Friday, the NFA said it has been paying an average of P6 billion every year for its debts, which stood at a high of P165.6 billion in 2010.
“Because NFA exercises a social responsibility function of government, the agency’s viability or efficiency should not be assessed based on whether it profits or loses from its operations,” it said.
“‘Buy high, sell low’ is a policy of the government to ensure food security and stabilize the supply and price of rice, which are the mandates of the NFA. Although the NFA is a government corporation, this policy makes it impossible for the agency to profit from its mandated activities,” it added.
The NFA said it kept taking out loans since 1973 to fund its operations and fulfill its mandate of making rice accessible and affordable by selling it to the public at a cheaper price.
Its financial records reflect loans worth P459.8 million made from 1973 to 1985, P4.9 billion from 1986 to 1991, and P5.7 billion from 1992 to 1998. No loans were made from 1998 to 2001 and from 2010 to the present. The administration of former President Gloria M. Arroyo took out the most loans from 2001 to 2010 for a total of P165.6 billion.
According to the release, the NFA had been spending an average of P6 billion annually to pay off its “legacy” debts, which is 200% more than the agency’s operational expenses.
“The NFA’s debts ballooned to as high as P165.6 billion in 2010. But prudent financial management has cut it down to P140.5 billion by end of 2018. NFA’s fulfillment of its mandate is also influenced by the priorities and direction given by the incumbent government administration,” it said.
The agency also flagged another problem, which is its low subsidy from the government at an average of P4.25 billion annually. It noted this has gone as low as zero in some years. “It was only in 2018 and 2019 that NFA was given a higher subsidy at P7 billion, respectively, solely for palay buying,” it said.
For the first two months of 2019, the NFA bought a total of 232,447 bags of palay, a huge increase from the 10,960 bags purchased in the same period last year.
The NFA targets to purchase at least 7,780,000 bags of palay from local farmers during the year.
“With the implementation of the Rice Trade Liberalization Law signed by the President [Rodrigo R. Duterte] last Feb. 14, NFA is expected to have a higher market participation now in palay procurement as farmers will also take advantage of the bigger incentives offered by the government,” NFA Officer-in-Charge Administrator Tomas R. Escarez was quoted as saying in a statement released earlier this week.
“Buying palay at a high support price and distributing rice at a low, uniform price across the country are not intended for profit but to operationalize the government’s basic social responsibility of food security and stabilization,” the NFA said. — Denise A. Valdez

El Niño causes P6-M rice loss in Negros Occidental; other Western Visayas areas being assessed

THE province of Negros Occidental has suffered P6.11 million worth of damage to its rice crop due to the dry spell brought about by the weak El Niño weather phenomenon, according to the Regional Disaster Risk Reduction and Management Council-Western Visayas (RDRRMC-6).
As of March 5, seven barangays in Cauayan town, which have 143 hectares of rice farms tilled by 253 farmers, have been affected.
The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) recently reported that the El Niño-Southern Oscillation (ENSO) was expected to hit the country between March to August this year.
The RDRRMC-6 report also said that Negros Occidental Governor Alfredo G. Marañon, Jr., who chairs the Provincial Disaster Risk Reduction and Management Council (PDRRMC), already requested that Department of Agriculture-Western Visayas (DA-6) Regional Executive Director Remelyn R. Recoter conduct cloud seeding.
The PDRRMC has allocated funds for logistical support to the cloud seeding, as well as for the procurement of water pumps to mitigate the effects of the dry spell.
Meanwhile, the DA-6 is currently assessing the damage in other affected areas.
DA-6 Operations Division head Rene B. Famoso said reports from local government units will be validated.
“As of now, we are still conducting damage assessment and we are still validating the data that they have fed us,” he said.
Apart from Negros, the dry spell also hit areas in southern Iloilo and Antique.
The DA-6 has been conducting an information campaign on El Niño since the second half of 2018, through meetings with local government agriculturists and other stakeholders.
“We advised them to plant other crops rather than rice that needs more water,” Mr. Famoso said.
The DA assured that it has enough buffer stocks of rice, corn, and high-value commercial crops positioned in different provinces and these are ready for distribution to farmers who will be affected by the dry spell.
“Farmers can always visit the nearest municipal agriculture’s office because we have allocations for high value crop, corn, and even rice,” he said. — Emme Rose Santiagudo

Aboitiz Equity Ventures books P22-B profit in 2018

Aboitiz Equity Ventures President and Chief Executive Officer Erramon I. Aboitiz

By Arra B. Francia, Reporter
ABOITIZ Equity Ventures, Inc. (AEV) saw its consolidated profit rise by three percent in 2018, as its weaker performance in the fourth quarter tempered its full-year results.
In a disclosure to the stock exchange on Friday, the listed power conglomerate said consolidated net income reached P22.2 billion last year, versus the P21.6 billion posted in 2017.
The company recorded non-recurring losses worth P891 million for the period, significantly lower than the P2.3 billion it recognized in 2017 for net unrealized foreign exchange losses and asset impairment costs.
Excluding one-off losses, AEV’s core net income went down by three percent to P23.1 billion.
For the fourth quarter alone, AEV’s consolidated net income fell 14% to P4.9 billion, with non-recurring losses for the period reaching P484 million. Without this one-time item, core net income for the October to December period receded by 21% to P5.4 billion.
AEV’s power business accounted for 73% of its full-year results, followed by financial services which provided 16%. The food, real estate, and infrastructure segments contributed 7%, 3%, and 1%, respectively.
“We remain confident about the long-term prospects of our businesses in fueling our country’s economic growth, which, in return, generates greater demand for our products and services,” AEV President and Chief Executive Officer Erramon I. Aboitiz said in a statement.
Aboitiz Power Corp. (AboitizPower) delivered P16.7 billion in earnings to the parent, 6% higher year on year.
On its own, AboitizPower’s core profit went up 2% to P23.8 billion for the year, thanks to additional contributions from Pagbilao Energy Corp. and Hedcor Bukidnon, Inc. Its generation and retail electricity supply accounted for bulk of earnings at 83%, while the distribution business provided 18%.
Union Bank of the Philippines saw its net income drop by 13% to P7.3 billion. Its contribution to AEV also slipped by 13% to P3.6 billion for the period.
The high cost of raw materials weighed on AEV’s food businesses, which includes Pilmico Foods Corporation, Pilmico International Pte. Ltd., Gold Coin Management Holdings Limited, Pilmico Animal Nutrition — Joint Stock Company, and Vietnam Feeds. The food group’s net income dipped by 8% to P1.6 billion.
Meanwhile, AboitizLand, Inc clocked in a consolidated net income of P645 million, 13% lower year on year due to the absence of fair valuation gains on investment properties. Revenues however firmed up by 9% to P4 billion, owing to its industrial business.
The infrastructure group composed of Republic Cement and Building Materials, Inc. provided AEV with P213 million, 68% lower than in 2017 due to higher fuel and power costs. The company however noted that its sales volume improved for the year due to the government’s robust infrastructure spending, coupled by stable demand from the private sector.
Shares in AEV rose 0.26% or 15 centavos to close at P58.80 each at the stock exchange on Friday.

DMCI Holdings profit dips in 2018

DMCI Holdings, Inc.’s consolidated net income slid by two percent in 2018, weighed down by its coal mining unit’s prolonged plant shutdown despite the better performance of other business units.
The diversified engineering conglomerate said in a statement on Friday that consolidated net income stood at P14.5 billion last year, lower than the P14.8 billion it generated in 2017. This came amid a three percent increase in revenues to P83 billion.
“Our real estate, construction, off-grid power, mining, and water businesses delivered healthy returns in 2018 but the weaker-than-expected performance of Semirara Mining and Power Corp. (SMPC) tempered our consolidated profits,” DMCI Holdings Chairman and President Isidro A. Consunji said in a statement.
Mr. Consunji noted that SMPC suffered several challenges in 2018, including the nearly eight-month shutdown of Unit 1 of Southwest Luzon Power Generation Corp., unfavorable weather conditions, and China’s soft ban on coal imports.
“The biggest contributor is still Semirara, but its contribution went down from P8 billion in 2017 to P6.8 billion (in 2018) because of one-offs, for accelerated rehab, power plant rehabilitation, so the group was really affected,” DMCI Holdings Vice-President and Senior Finance Officer Brian T. Lim said in a press briefing in Makati City late Thursday.
“We expect a better year this year,” Mr. Lim added.
Without non-recurring items, SMPC’s core income attributable to the parent dropped eight percent to P7.4 billion for the year.
Meanwhile, DMCI Homes saw its net income rise by nine percent to P3.9 billion on higher revenues from the sale of land worth P715 million.
Excluding this one-time gain, core profit fell by 11% due to the higher cost of materials. The company also adopted a new accounting standard that changed the recording of broker’s commissions, prompting the increase in cost of sales.
Construction unit DM Consunji, Inc. delivered P1.2 billion in net income contribution to the parent, 16% higher year on year. The company attributed this to a 12% increase in revenue and recognition of variation orders from projects nearing completion.
DMCI Power Corp. benefited from a 25% increase in energy sales volume for the period, resulting to a 30% uptick in net earnings to P465 million.
For DMCI Mining, net income went up four percent to P117 million following a 22% increase in nickel shipment volume of higher grade nickel.
DMCI Holdings also booked a share of P1.8 billion from affiliate Maynilad Water Services, Inc.’s net earnings, seven percent higher year on year, as the water concessionaire posted a three percent increase in billed volumes.
Shares in DMCI Holdings went down by 0.34% or four centavos to close at P11.56 each at the stock exchange on Friday. — Arra B. Francia

Marubeni-Consunji tandem bags LRT-2 East E&M contract


THE consortium of Japanese firm Marubeni Corp. and engineering and construction firm D.M. Consunji, Inc. secured the $62-million (about P3.24-billion) contract for the Manila Light Rail Transit (LRT) Line 2 East Extension project.
In a disclosure to the stock exchange on Friday, DM Consunji’s parent DMCI Holdings, Inc. said its consortium was awarded the electrical and mechanical (E&M) package for the four-kilometer railway system extension with two additional stations, Emerald and Masinag.
DM Consunji will be in charge of the trackwork procurement and construction, as well as the installation of E&M systems. The company noted that it was also the one responsible for a viaduct and two new stations in the project, which will soon be completed.
For its part, Marubeni will be responsible for the overall administration and procurement of E&M railway systems since it is the consortium leader.
The LRT-2 East Extension project is among the projects funded by a 43.2-billion yen-credit facility by the Japanese government, as part of the “Capacity Enhancement of Mass Transit Systems in Metro Manila Project.”
The extension project is seen to reduce travel time from Manila to Antipolo and vice versa to as fast as 30 minutes from the current three hours.
Marubeni was also the firm that constructed LRT-2 from 2000 to 2004. The 13.8-kilometer elevated metro line connects the eastern and western parts of Metro Manila. The existing train system has a ridership of 250,000 people daily, from Recto Station in Manila to Santolan Station in Pasig City.
The Japanese firm’s other projects in the country include the improvement and modernization of Commuter Line South Project, and the LRT-1 capacity expansion project’s first and second phases.
“Utilizing its vast experiences, as well as know-how acquired through the successful implementation of this Project, Marubeni will further contribute to social and economic growth in the Philippines by participating in more railway and infrastructure projects in the near future,” the company said. — Arra B. Francia

Del Monte Pacific returns to profit in Q3

DEL MONTE Pacific Limited (DMPL) swung back to profitability in the third quarter ending January, even as sales slipped in the same period.
In a statement issued Friday, the listed canned fruit manufacturer said it booked a net income of $2.6 million in the three months ending January, reversing a loss of $38.4 million recorded in the same period a year ago.
The company booked a loss in the November to January 2018 period, after it wrote off $39.8 million worth of deferred tax assets for the North American business, Del Monte Foods, Inc. (DMFI). This is due to changes in the federal income tax to 21% from 35%.
Sales for the period stood at $528.7 million, 12% lower year on year, following the company’s divestment of the Sager Creek vegetable business, lower sales in the United States, as well as a decline in exports of processed pineapple products.
Excluding the Sager Creek divestment, DMPL’s sales were still lower by six percent.
The company noted that its business in the Americas recorded a drop in volume across all categories, while also feeling the negative impact of lower prices for pineapple juice concentrate.
In the Asia-Pacific region, Philippine sales also declined in the general trade and mixed fruit category. In contrast, the food service unit continued to grow.
On a nine-month basis, DMPL’s net income reached $14 million, versus a net loss of $40.4 million in the same period a year ago. at the same time, sales slipped by 10% to $1.5 billion.
The company looks to sustain its profitability this year, as it focuses on responding to consumer trends to strengthen its core business.
“The group also continues to review its manufacturing and distribution footprint in the US to improve operational efficiency, further reduce costs and increase margins. It is committed to improve cash flow, further strengthen the balance sheet, and reduce leverage and interest expense,” the company said.
Shares in DMPL jumped 1.17% or seven centavos to close at P6.07 each at the stock exchange on Friday. — Arra B. Francia

Cease and desist orders issued vs fast food chains in Calapan

THE Department of Environment and Natural Resources (DENR) on Friday said it ordered the shutdown of three fast food restaurants in Calapan City, Oriental Mindoro for violation of its standards on waste discharge.
In a statement on Friday, the agency said it issued cease and desist orders to Chowing Foods Corp. (Calapan) and Jollibee Foods Corp. (Calapan I and II) for “continuously (releasing) wastewater without a discharge permit.”
Republic Act No. 9275 or The Philippine Clean Water Act of 2004 requires owners and operators of facilities to secure a permit from the government allowing them to discharge liquid waste.
The DENR said the wastewater from the Chowking and Jollibee outlets “not only threaten but ‘in fact contributed to the failing quality of the receiving body of water, in this case, the Calapan River, which is an established Water Quality Management Area.’”
Citing in part the contents of the cease and desist orders, the DENR said the water quality guideline of 7 milligram per liter for Biochemical Oxygen Demand in the Calapan River has already been exceeded.
The Biochemical Oxygen Demand is a measure of pollution that pertains to the required dissolved oxygen in water that enables it to decompose organic matter.
“The (order) was immediately implemented by sealing the restaurants’ water facilities from their kitchens to the comfort rooms (faucets, kitchen sinks, lavatory, sewer lines, outlet pipes,etc); and by posting a notice of their violations to the public,” the DENR said.
Aside from the closure, the outlets face fines ranging from P10,000 to P200,000 per day of violation in accordance with RA 9275 and its implementing rules and regulations.
Jollibee Foods Corp., which operates the Jollibee and Chowking brands, did not reply when sought for comment.
The agency said it will continuously review the compliance of establishments to government regulations as part of its efforts to clean up tourist destinations.
“We are constantly monitoring the compliance of establishments with existing policies so we can immediately perform necessary actions should they fail to abide by the law,” Mary June F. Maypa, officer in charge for Provincial Environment and Natural Resources Office in Oriental Mindoro, was quoted as saying. — Denise A. Valdez

Majorel eyes double-digit growth in Philippines

CUSTOMER experience business Majorel is looking to grow by double-digits in the Philippines this year.
Majorel is the newly launched brand composed of the Bertelsmann and Saham groups’ customer relationship management (CRM) businesses, namely Arvato CRM Solutions, Phone Group, Ecco Outsourcing, and Pioneers Outsourcing.
“In a rapidly changing landscape, the Philippines has proven itself as a strong partner in creating an enhanced customer experience. The contact center industry is one of the fastest growing in the country due to the level of education and the strong familiarity with U.S. and European cultures,” Fara Haron, regional chief executive officer for North America, Ireland, and Southeast Asia of Majorel, said in a statement.
“We look forward to bringing valued job opportunities to the Philippines as we continue to provide our advanced digital and technical capabilities to clients looking for high- quality and cost-effective solutions for their customer engagement programs,” she added.
Majorel currently has four locations in the Philippines, namely in Eastwood, Quezon City; Clark, Pampanga; and two in Alabang, Muntinlupa. As Arvato CRM, the company said it saw its Philippine operations grow by 50% annually.
Including the Philippines, Majorel is present in 28 countries across Europe, Middle East, Africa, Asia, and the Americas.
Majorel aims to be the leader in the customer experience industry in every major market by investing in its regional network and digital customer engagement capabilities.
The company said it plans to spend “several hundred million US dollars over the course of the coming years in geographical expansion and in digital capabilities and solutions including analytics, artificial intelligence (AI) and automation.”
“We will see rapid growth and change in the customer experience industry over the course of the next decade. To meet the challenges and opportunities this brings, you need to find the perfect combination of people, technology and global reach,” Thomas Mackenbrock, chief executive officer of Majorel, said. — Vincent Mariel P. Galang

GSIS recommends to Duterte P1,000 hike in month pensions

By Melissa Luz T. Lopez, Senior Reporter
THE Government Service Insurance System (GSIS) has recommended a P1,000 increase in the monthly pensions paid to retirees, it announced Friday.
In a statement, the state-run pension fund for government employees said it proposed to President Rodrigo R. Duterte to hike basic pensions for retired and persons with disability (PWD) members to P6,000 from the present P5,000 minimum rate.
GSIS President and General Manager Jesus Clint O. Aranas said its board of trustees has already approved the proposal which will cover 67,201 pensioners, but will not require higher member contributions.
“It should be noted that GSIS is recommending a pension hike that will not necessitate an increase in the monthly contribution of our members nor bring about adverse effects in the actuarial life of the pension fund,” Mr. Aranas was quoted as saying.
This is in contrast to the Social Security System (SSS), which is awaiting the implementation of higher contribution rates for its members to prolong its fund life. The pension firm for private sector employees recently secured the authority to raise the rate every other year to 12% this year and 15% by 2025 from 11% currently, as provided under the newly-signed Social Security Act of 2018.
The SSS is counting on these higher contributions to extend the fund life to 2038, six years longer than the current 2032, following the P1,000 across-the-board increase in monthly pensions which took effect in 2017. Another P1,000 increase is on deck, although resigned SSS president Emmanuel F. Dooc said they want to see a longer fund life before they implement this pension hike.
Meanwhile, GSIS sees its fund life lasting until 2051.
If approved, this would follow the 1.5% pension increase for GSIS beneficiaries that took effect in January, which is annual raise provided by their charter. Monthly pension rates may be adjusted through the recommendation of the GSIS head and as approved by the President of the Philippines.
The pension hike is proposed to take effect February, and will be paid retroactively.
Mr. Aranas clarified that those receiving GSIS pensions on behalf of members who have passed away will not be entitled to the pension hike.
Average monthly pensions now stand at P12,560, the GSIS said.

Peso drops to two-week low on weak global growth prospects

THE PESO slipped to two-week low versus the dollar on Friday, reeling from negative market sentiment following a dimmer global outlook from the European Central Bank (ECB).
The local unit ended the week at P52.25 against the greenback, 10 centavos weaker than Thursday’s P52.15 finish.
This is the peso’s weakest showing since Feb. 18 at P52.33.
The peso traded generally weaker as it opened at P52.30, even touching an intraday low of P52.385 to $1 during the session. It briefly touched P52.23 as its best showing for the day before settling at the closing rate.
Two traders attributed the peso’s move to market caution following the ECB’s dovish remarks.
“The peso weakened today on dollar safe-haven demand on anticipations of strong US labor data tonight and after the European Central Bank revised down its inflation and growth outlook for the Eurozone and initiated a new stimulus program for financial institutions to avert any anticipated future credit crunches,” one trader said when sought for comment.
Reuters reported that ECB President Mario Draghi said the European economy is in a “period of continued weakness and pervasive uncertainty,” offering cheap credit for banks rather than delivering on its planned rate hikes.
Another trader noted that this triggered a “risk-off” sentiment among investors, with the paler growth outlook for Europe boosting the dollar and creating what appears to be a modest “contagion” effect for other currencies.
Still, dollars traded on Friday rose to $1.233 billion, higher than the $1.079 billion which exchanged hands the previous day.
The second trader noted that these currency trades may be due to some flows for retail Treasury bond purchases, as well as interbank trading within the day.
The currency saw a big depreciation earlier this week as markets reacted to the appointment of Budget Secretary Benjamin E. Diokno as new governor of the Bangko Sentral ng Pilipinas, who is viewed to be dovish.
“He is more dovish, which means there’s a lower interest rate scenario that will lead to a weaker peso,” the trader added. — Melissa Luz T. Lopez

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