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Wilcon nets P484M on double-digit sales growth

EARNINGS of Wilcon Depot, Inc. jumped 18.2% in the first three months of the year, boosted by a double-digit increase in sales alongside steady margin expansion.

In a regulatory filing, the listed home improvement and construction supplies retailer said net income reached P484 million following a 21.9% uptick in net sales to P5.73 billion in the first quarter.

“The increase is attributed mainly to a strong net sales growth and healthy gross profit margin expansion,” the company said in a statement.

Depot format stores, which accounted for 96.1% of total net sales, saw revenues grow 22.5%, driven by same-store sales growth of 8%. New stores also contributed to topline growth as the company opened its second depot in Davao City during the quarter.

Wilcon’s smaller format, Home Essentials, contributed 2.8% of net sales which stood at P161 million. Home Essentials recorded a same-store sales growth of 4.5%.

The balance of net sales came from project sales, or those made to large property developers, which firmed up 4.9% to P65 million.

The company also noted that gross profit margin improved to 32%, against the 31.3% it booked in the same period a year ago.

“The improvement was brought about mainly by the rising contribution of higher margin in-house and exclusive products to total net sales, which accounted for 48.8% this period,” the company said.

Wilcon closed the quarter with 53 stores, bringing it closer to its target of 59 outlets by the end of the year. — Arra B. Francia

The Carol Burnett Show’s Tim Conway, 85

EMMY-WINNING actor Tim Conway, who brought an endearing, free-wheeling goofiness to skits on The Carol Burnett Show that cracked up his cast mates as well as the audience, died on Tuesday at the age of 85, his publicist said.

Publicist Howard Bragman said Conway died in the Los Angeles area on Tuesday morning. Prior to his death, he had suffered complications from normal pressure hydrocephalus (NPH) and had no signs of dementia or Alzheimer’s, Mr. Bragman said.

Mr. Conway won three Emmy awards for acting on the Burnett show and a fourth as a writer in the 1960s and ’70s. He also won guest actor Emmys for a 1996 appearance on Coach and another in 2008 for 30 Rock.

Ms. Burnett said on Tuesday she was “heartbroken” at Mr. Conway’s death.

“He was one in a million, not only as a brilliant comedian but as a loving human being. I cherish the times we had together both on the screen and off. He’ll be in my heart forever,” she said in a statement.

Vicki Lawrence, who co-starred on The Carol Burnett Show, called Ms. Conway “hysterical, crazy, bold, fearless, humble, kind, adorable… The angels are laughing out loud tonight,” the actress wrote on Tuesday in an Instagram posting.

Ms. Conway first found television fame on the 1960s comedy McHale’s Navy playing Ensign Parker, a befuddled by-the-book officer in a group of unconventional sailors in the Pacific during World War II.

He would find greater success in the comedy sketches on Ms. Burnett’s show starting in 1968. He was at his best with characters that were a little naive, clumsy or slow-witted, and especially when teamed with straight man Harvey Korman and given the chance to show off his improvisational and slapstick skills.

“Nobody could be with Tim and keep a straight face once he got on a roll,” Ms. Burnett said in a 2003 interview with the Television Academy Foundation.

She said Mr. Conway would stick with a sketch’s script through dress rehearsal but once it was time to tape the performance for a broadcast, he began freelancing. His improvised antics often reduced his co-stars — especially his close friend Korman — to tears of laughter.

“I think Conway’s goal in life was to destroy Harvey,” Burnett told the Television Academy Foundation.

In one popular skit, Mr. Conway’s portrayal of an inept dentist who accidentally injects himself with painkiller resulted in Korman, who was playing the patient, laughing so hard that he wet his pants, Ms. Burnett said.

Mr. Conway’s other most memorable recurring characters included an elderly man whose shuffling pace always caused trouble and Mr. Tudball, a businessman plagued by an indifferent and inept secretary played by Ms. Burnett.

“People have often asked me, ‘If you weren’t in show business, what would you be doing?’” Mr. Conway wrote in his memoir What’s So Funny?: My Hilarious Life. “The truth is I don’t think there’s anything else I could be doing so the answer would have to be, nothing… I guess you could say I’m in the only business I could be in.”

His popularity on the Burnett program led to his own shows — a sitcom in 1970 and a variety show in 1980 — and they lasted about a year each. He said they failed because he was not comfortable being the star.

Before Korman’s death in 2008 he and Mr. Conway toured with an act that featured stand-up comedy, recreations of their better-known skits and question-and-answer sessions with the audience.

His movie work included The World’s Greatest Athlete in 1973, The Apple Dumpling Gang in 1975, The Shaggy D.A. in 1976, The Prize Fighter in 1979, and Private Eyes in 1980.

Mr. Conway also starred in the Dorf series of short videos as a sawed-off golf instructor, borrowing the accent his Mr. Tudball character used. He said Dorf was one of his favorite characters.

Mr. Conway, who was born on Dec. 15, 1933, grew up near Cleveland and after serving in the Army worked in Cleveland radio and developed comedy routines. — Reuters

RCBC to issue P5 billion in sustainability bonds

RIZAL COMMERCIAL Banking Corp. (RCBC) is set to issue at least P5 billion in two-year peso-denominated sustainability bonds, the first of its kind in the country, with the proceeds to fund environmental and social projects.

In a disclosure to the local bourse on Wednesday, the Yuchengco-led lender announced it will offer a Peso ASEAN Sustainability Bond amounting to P5 billion, with an option to upsize.

The sustainability bonds carry a coupon of 6.15% per annum, and will be offered to the public from May 14 to 28, unless adjusted by the bank. They will be listed on the Philippine Dealing & Exchange Corp. on or around June 4.

“The bank is proud to pioneer another first in the Philippine capital markers after its issuance of green bonds earlier this year,” RCBC Senior Executive Vice- President and Treasurer Horacio E. Cebrero III was quoted as saying in the disclosure.

The fund-raising activity comes after RCBC announced last week the establishment of its Sustainable Finance Network, which serves as a guideline for sustainable financing instruments to fund loans and projects that have environmental and social benefits.

This will be the first debt note in the country to be issued under the Association of Southeast Asian Nations (ASEAN) Sustainability Bond Standards 2018.

“Proceeds from the ASEAN Sustainability Bond will go towards strengthening RCBC’s commitment to the sustainable initiatives of its customers,” Mr. Cebrero added.

In particular, the bank will use the bonds’ proceeds to fund the following projects: renewable energy, green buildings, clean transportation, energy efficiency, pollution prevention and control, sustainable water management, environmentally sustainable management of living natural resources and land use, affordable basic infrastructure, access to essential services, employment generation, affordable housing and socioeconomic advancement and empowerment.

“The bonds provide investors with a means to channel their investible funds towards projects with positive environmental and social impacts,” RCBC said.

The bank mandated ING Bank N.V.-Manila branch as the sole arrange for the issuance and sustainable structuring adviser for its sustainable finance framework.

In January, it raised P15 billion worth of 1.5-year green bonds under its green finance framework. Proceeds will be used to support RCBC’s expansion and initiatives in the green space.

The bank added that the sustainable bonds to be raised this month are in support of the Securities and Exchange Commission’s (SEC) thrust to develop the sustainable financing in the domestic market.

The SEC approved the guidelines for the issuance of social and sustainability bonds late last month under the ASEAN Social Bond Standards.

RCBC posted a P1.3-billion net income in the first quarter, up 15% from P1.1 billion booked in the same period in 2018.

Shares in RCBC closed unchanged at P26.20 apiece yesterday. — Karl Angelo N. Vidal

Tencent’s PUBG replacement ‘Game for Peace’ rakes in $14M in 72 hours

BEIJING — Tencent Holdings Ltd.’s alternative to its video game “PlayerUnknown’s Battlegrounds” (PUBG) in China became the world’s top-grossing mobile battle royale title on Apple’s iOS app store in the first 72 hours of its launch, research showed.

US app analytics firm Sensor Tower said on Friday that China’s App Store users had spent more than $14 million on “Game for Peace” through in-app purchases.

The Chinese video gaming leader shut down its test version of global blockbuster PUBG in China last week and shifted users to the similar, more patriotic video game that, unlike PUBG, has regulatory approval to generate revenue.

It had waited in vain for more than a year for approval to earn money on PUBG via in-app purchases, having given the gory, South Korean-made game a socialist makeover to meet stringent government rules.

Tencent did not immediately respond to requests for comment on Monday.

Sensor Tower also said the sum earned by “Game for Peace” over the first three days was approximately six times the total spent by users on PUBG in other countries where it is available to play. — Reuters

1950s, ’60s Hollywood star Doris Day, 97

ACTRESS Doris Day, who became one of the greatest box-office attractions of her time as the cheery, freckle-faced personification of wholesomeness, died on Monday at the age of 97, her foundation said on Monday.

Ms. Day, who co-starred with 1950s and ’60s superstars such as Rock Hudson and Cary Grant, died at her Carmel, California home after a bout with pneumonia, the Doris Day Animal Foundation said on its website.

Her shiny girl-next-door image was built on a series of innocent romantic comedies, including Pillow Talk, for which Ms. Day received an Oscar nomination, That Touch of Mink and The Thrill of It All.

Ms. Day also had hit records, most notably “Que Sera, Sera” from the movie The Man Who Knew Too Much. It became her theme song, even though she had initially been reluctant to record it.

Ms. Day’s life was not always as sunny as her movie roles. She married four times, was divorced three times and widowed once, suffered a nervous breakdown and had severe financial trouble after one husband squandered her money.

“My public image is unshakably that of America’s wholesome virgin, the girl next door, carefree and brimming with happiness,” she said in a memoir, “an image, I can assure you, more make-believe than any film part I ever played. But I am Miss Chastity Belt and that’s all there is to it.”

“She’s the girl every guy should marry,” a critic wrote in the Saturday Review. “Marilyn Monroe, Elizabeth Taylor, Kim Novak? They’d all be trouble. Doris Day would be true blue, understanding, direct, honest, and even a little sexy.”

Tributes to her memory poured in from fellow entertainment giants.

Former Beatle Paul McCartney said Ms. Day was a “true star” who had “a heart of gold.”

“I will miss her but will always remember her twinkling smile and infectious laugh,” Mr. McCartney said on his website.

“She was a wonderful friend to us and a lovely and very talented lady,” singer Tony Bennett said on Twitter. “We will miss her beautiful smile.”

Ms. Day was born Doris von Kappelhoff on April 3, 1922, in Cincinnati and headed to California at age 14 to be a dancer. She abandoned that dream after her right leg was broken in an auto accident.

Ms. Day concentrated on singing and at 16 had a job with Les Brown, one of the top orchestra leaders of the day, and recorded her first hit, “Sentimental Journey,” with him. She changed her surname at the suggestion of a band leader who heard her sing “Day by Day.”

At 17, Ms. Day married Al Jorden, a trombone player who she later claimed beat her. Her only child, son Terry, was born in 1942, and the couple divorced the following year.

Ms. Day’s movie debut, Romance on the High Seas in 1948, was a hit.

A series of musicals followed with Ms. Day often playing a singer trying to break into the entertainment world: My Dream Is Yours in 1949, It’s a Great Feeling in 1949 and Tea for Two in 1950.

In 1953, she landed the title role in Calamity Jane, and success continued in 1955 as she teamed with Frank Sinatra for the musical Young at Heart and with James Cagney for the drama Love Me or Leave Me. She expanded her range again in Alfred Hitchcock’s remake of his own The Man Who Knew Too Much, which co-starred Jimmy Stewart.

Ms. Day returned to light comedy in 1957 with The Pajama Game and two years later first joined forces with Hudson for Pillow Talk, her most popular movie and the one that earned her an Oscar nomination.

She and Mr. Hudson made some of the most popular — and profitable — movies of the early 1960s, including Lover Come Back, Move Over Darling, and Send Me No Flowers.

In 1951 Ms. Day married agent Martin Melcher and after his 1968 death, she found he had left her nearly penniless. She had a nervous breakdown in 1974 and then won $22 million in damages from Mr. Melcher’s attorney and other associates who had mismanaged her money.

New success came, however, with The Doris Day Show on TV, which ran for four seasons. Day did not learn until after Mr. Melcher’s death that he had committed her to do the show and she was initially reluctant to do it.

In 1976, Ms. Day married restaurant owner Barry Comden but they also divorced.

After retiring from performing, Ms. Day worked mainly with the Doris Day Animal Foundation, helping abused animals. Her home in Carmel, California, was usually full of dogs and cats, mostly adopted strays.

She stayed away from entertainment circles for more than 20 years after accepting a lifetime achievement honor from Golden Globe organizers in 1989 but released a CD in 2011. Proceeds from the recording went to her animal foundation. — Reuters

Melco Philippines set to be delisted in June

MELCO Resorts and Entertainment (Philippines) Corp. (MRP) stands to get delisted from the local bourse by June should it fail to meet the minimum public ownership (MPO) requirement.

In a memorandum dated May 14, the Philippine Stock Exchange, Inc. (PSE) said that MRP will be automatically removed from the roster of listed companies on June 11, as it has been non-compliant with the MPO rule of 10% since December 2018.

MRP’s public float dropped to 2.06% after its largest shareholder, MCO (Philippines) Investments Limited (MCO Investments), conducted a tender offer to minority stockholders late last year. Trading of shares in MRP has been suspended since, in order to give the company time to increase its public ownership.

The company earlier tried to exit the PSE through voluntary delisting, citing its inability to raise funds through share issuances despite efforts to maintain its listed status. Its mandatory tender offer price of P7.25 each at the time, however, was met with opposition from market participants questioning the low valuation.

MRP then withdrew its voluntary delisting plan, but MCO Investments went ahead with its no longer mandatory tender offer. This led to the drop in public ownership. — Arra B. Francia

Cultural Center to pay tribute to National Artists today

THE SEVEN individuals who were conferred the National Artist Awards in 2018 will be given a tribute today at 6 p.m. at the Tanghalang Nicanor Abelardo of the Cultural Center of the Philippines.

The event is open to the public.

The seven are cartoonist Lauro “Larry” Alcala, theater advocate Amelia Lapeña- Bonifacio, composer Raymund “Ryan” Cayabyab, filmmaker Kidlat Tahimik, architect Francisco Mañosa, writers Resil Mojares and Ramon L. Muzones.

The program, which is directed by Cris Villongco, will be filled with iconic representations of the works of the seven artists.

EastWest Bank earnings rise 36% in first quarter

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EAST WEST Banking Corp. booked a higher net income in the first quarter. — BW FILE PHOTO

EAST WEST Banking Corp. (EastWest Bank) booked a 36% increase in net income in the first quarter on the back of improved lending and trading gains.

In a disclosure to the Philippine Stock Exchange on Wednesday, EastWest Bank said its net profit grew 36% year-on-year to P1.3 billion in the first quarter from P945 million in the same period last year.

The bank’s first quarter income translated to a return on equity of 12%.

EastWest Bank attributed the increase in its income to “the resumption of its rural bank subsidiary’s DepEd (Department of Education) loan program, improved trading income, and lower credit costs.”

The lender’s revenues rose by 13.3% to P6.6 billion in the first quarter from P5.8 billion in the same period last year, primarily driven by fees and commissions growing by 29% to P1.3 billion. Securities and foreign exchange trading gains stood at P525.1 million, a reversal of the loss worth P136.5 million in the comparable year-ago period.

Interest income increased by 19% to P7 billion. EastWest Bank said around 50% or P516.1 million of the increase in interest income was accounted for by the rise in consumer loans.

Total gross loans grew 12% to P249 billion on the back of strong performances from both consumer and business loans.

EastWest Bank said consumer lending, which made up 71% of its loan portfolio, grew by 10% to P177.5 billion in the first three months from P161.3 billion last year.

Corporate or middle-market business loans also increased by 19% to P71.6 billion from P60.2 billion in the same period a year ago.

Interest expense, on the other hand, more than doubled to P2.3 billion from P1 billion last year. This caused its net interest income to fall by by 3% to P4.69 billion to translate to a net interest margin of 6.4%.

On the funding side, total deposits grew 12% to P286.2 billion in the quarter. The bank’s low-cost deposits increased by 4% year-on-year to P143.1 billion from P137.4 billion.

Meanwhile, operating expenses excluding provisions for losses increased by 19% to P4 billion, mainly due to business taxes and other business related expenses. Provisions for losses went down by 22% to P872.6 million from the previous year.

EastWest Bank’s capital rose 10% to P43.9 billion, while total assets stood at P372.8 billion at end-March, growing by 18% from the same period last year.

The bank’s capital adequacy ratio stood at 12.6%, while its common equity Tier 1 ratio stood at 9.9%.

As of March 31, EastWest Bank has a total of 390 stores. Its total automated teller machine network is at 584. Meanwhile, the bank’s subsidiaries have a total of 76 stores.

“For the rest of 2019, East West expects market liquidity situation to improve and interest rates to go lower as the year progresses,” EastWest Bank said in its quarterly report. “This is expected to be felt in the second half of the year. In the first six months of the year, we expect continued challenges on net interest margins as deposit costs is expected to remain high while competition will exert pressure for loan yield adjustments to be subdued.”

EastWest Bank shares closed at P10.98 apiece on Wednesday, up by 0.73%. — RJNI

How does the Philippines compare in Artificial Intelligence (AI) adoption?

How does the Philippines compare in Artificial Intelligence (AI) adoption?

How PSEi member stocks performed — May 15, 2019

Here’s a quick glance at how PSEi stocks fared on Wednesday, May 15, 2019.

 

San Miguel wins fifth straight Philippine Cup title

By Michael Angelo S. Murillo
Senior Reporter

THE stranglehold of the San Miguel Beermen on the prestigious PBA Philippine Cup title continued as they won their fifth straight All-Filipino crown by outlasting the Magnolia Hotshots Pambansang Manok, 72-71, in their Game Seven decider on Wednesday at the Smart Araneta Coliseum.

Struggled in the early goings of the contest, the Beermen fought their way back in the second half, relying on their collective championship experience, to claim another Philippine Basketball Association All-Filipino title and their 26th PBA championship overall.

San Miguel opened the game with a 7-0 blast with June Mar Fajardo and Arwind Santos conspiring to give their team a boost.

After that, however, the Beermen would struggle and saw the Hotshots take advantage of it, racing to a 24-13 blast, led by Ian Sangalang, the rest of the opening quarter to go on top, 24-20.

In the second quarter, things turned for the worse for the Beermen as their offensive woes continued.

Managing to put just five points, San Miguel was buried deeper, 38-25, by the halftime break.

Mark Barroca got the Hotshots to a good start in the third period, firing five straight points to extend their lead to 17 points, 43-26.

But San Miguel would answer with seven straight points to narrow the gap, 43-33, with 8:15 to go in the frame.

The Beermen kept inching their way, coming to within six points, 49-43, with under three minutes to go.

Magnolia, however, found ways to keep San Miguel at bay on its way to a 58-50 lead heading into the final canto.

Down to the last 12 minutes, the Beermen came out charging to begin the fourth period.

Led by the veteran backcourt of Alex Cabagnot and Chris Ross, they overhauled Magnolia’s lead, 62-61, in the first five minutes after a layup from Mr. Santos.

The two teams went back-and-forth after, exchanging big baskets after big baskets.

The score was at 69-68, and the Hotshots on top, at the 3:26 mark.

Magnolia continued to hold sway, 71-70, with two minutes left to play.

Mr. Cabagnot then gave the lead to the Beermen, 72-71, with 57 seconds left off a fadeaway jumper under duress.

The Hotshots tried to reclaim the upper hand after but the short stab at the basket by Mr. Sangalang failed to connect.

A scramble for the ball ensued after that led to an out-of-bounds play. After review, Magnolia got back ball possession with 37 ticks left.

Magnolia set up a play to score but was unsuccessful anew with Jio Jalalon’s jumper not finding the mark.

Mr. Fajardo got the offensive rebound and the Beermen sued for time with 18 seconds remaining.

Off an inbounds play, however, San Miguel lost the ball, sending the possession back to Magnolia with just a second shedding from the game clock.

The Hotshots called timeout to regroup and craft their play.

They went to Paul Lee for the go-ahead basket but the San Miguel defense was ready, forcing the Magnolia guard to drop off to Mr. Jalalon who missed his shot.

Mr. Fajardo collared the rebound after which he was fouled.

The San Miguel big man missed both his free throws, giving Magnolia a chance to tie or win the game.

Mr. Lee, however, was not able to get a clear path to heave a desperation shot as time expired, sending the Beermen and their supporters to celebration.

Mr. Cabagnot led San Miguel with 18 points with Mr. Fajardo finishing with 17 points and 31 rebounds. Mr. Santos also had 17 points.

For Magnolia, it was Mr. Sangalang who showed the way with 18 points with Mr. Lee and Rafi Reavis adding 11 points each.

“It was extremely difficult. We went back-and forth and Magnolia put up a tough fight. Our camaraderie did it for us. We won it collectively as a group. We are just thankful,” said Mr. Cabagnot, named player of the game.

The latest title is the ninth Philippine Cup title for the Beermen.

March OFW remittances rise 6.6% after end of Kuwait worker ban

REMITTANCES from overseas Filipino workers (OFWs) surged in March after a low base from a year earlier, when money sent home was dampened by the government-imposed ban on deployment to Kuwait.

On Wednesday, the Bangko Sentral ng Pilipinas (BSP) reported that cash remittances rose 6.6% to $2.5 billion in March.

The March increase topped the recent high of 3.9% in December.

According to BSP, much of the growth was from the United States, which accounted for two percentage points of the 6.6% rise, while remittances from Singapore and the UK accounted for 1.7 and 1.2 percentage points, respectively.

Banks accounted for $2.5 billion worth of cash remittances in March, up 6.6% year on year.

In the first quarter, remittances rose 4.2% year on year to $7.3 billion. The US accounted for 35.1% of the total. Rounding out the top sources were Saudi Arabia, Singapore, the United Arab Emirates, the UK, Japan, Canada, Qatar, Hong Kong and Kuwait.

These countries accounted for almost 78% of the total in the first three months, the BSP said.

Meanwhile, personal remittances rose 6.4% to $2.8 billion in March.

In the first quarter, personal remittances — a category that estimates the net earnings of all workers on contracts of less than one year and of all sea-based workers, as well as personal transfers by workers on longer contracts, migrants, and capital transfers from households overseas to their relatives in the Philippines — rose 3.7% year-on-year to $8.1 billion.

Michael L. Ricafort, an economist with the Rizal Commercial Banking Corp., (RCBC), said in a mobile message that OFW remittances started to recover after the Philippine government lifted its worker deployment ban to Kuwait. The ban was imposed amid allegations of mistreatment of domestic workers, highlighted by the discovery in 2018 of a worker who was killed, presumably by her employers, and found in a freezer.

“The faster growth in OFW remittances of 6.6% year on year in March 2019 may have to do with lower base/denominator effects a year ago,” Mr. Ricafort said, noting that remittance growth in the same month last year was minus 9.8%.

“OFW remittances started to pick up again after the brief deployment ban in Kuwait early last year. Seasonal increase in OFW remittances also happen in March to fund increased spending for graduation celebrations, preparations for Holy Week holiday-related spending and also for upcoming tuition payments,” Mr. Ricafort said.

Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion, meanwhile, said that the sudden increase in March remittances is a “one-off” which may be due to the need for OFWs to fund tuition and vacations.

“It may be just a one-off event with the expectation that remittances are beginning to slow down,” Mr. Asuncion said.

Nicholas Antonio T. Mapa, ING Bank N.V. Manila’s senior economist, said in an e-mail to reporters: “Overseas Filipino remittances have chugged along at a slow and almost sure pace of 3%-4% despite volatile oil prices, Saudization and several civil wars and recessions. For the time being, the rapid pace of growth in imports given the nascent investment driven growth will outpace the slow and steady growth of remittances and BPOs (Business Process Outsourcing).”

Saudization is the policy adopted by Saudi Arabia to prioritize its own nationals for employment.

“In the long run, we can expect the slow and steady stream of Overseas Filipino remittances and BPO call center receipts to continue chugging along and eventually yield current account surpluses again, once the flash bang of an import binge peters out and this current investment cycle fades,” Mr. Mapa said. — Reicelene Joy N. Ignacio

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