Horizon Land fast tracks projects

May 21, 2019 | 12:03 am

FEDERAL LAND, Inc. is fast-tracking developments under its main brand Horizon Land in Pasay, Manila and Cavite, amid continued strong demand for homes.

In a statement, the property unit of GT Capital Holdings, Inc. said construction continues for Palm Beach West, a four-tower resort-inspired project in Bay Area, Macapagal Boulevard, Pasay City.

A concrete pouring ceremony was recently held for Baler, the project’s fourth tower. Set for completion by 2022, Baler offers 236 units, ranging from studio, one bedroom, two bedroom, and three bedroom units.

At the same time, Horizon Land recently broke ground for the last of eight towers at its Peninsula Garden Midtown Homes in Paco, Manila. The Mimosa Tower will have 20 floors with a total of 240 units, and expected to be finished by 2021.

Horizon Land is also developing a Mediterranean-inspired community Florida Sun Estates in General Trias, Cavite. It broke ground for the community’s Orlando Model House Cluster that featured three model houses. It also started construction on the amenity area of the Orland phase of the community.

“All of these developments are master-planned communities ideal for families, young professionals, retirees, business owners, or immigrants — different types of home buyers seeking to settle in a safe and well-designed neighborhood while staying close to the city center where business hubs, educational institutions, medical facilities, as well as commercial and industrial establishments abound,” the company said. — V.M.P.Galang

UnionBank starts P3-B bond offer

May 21, 2019 | 12:02 am

UNIONBANK OF the Philippines, Inc. is offering about P3 billion in three-year peso-denominated bonds to raise fresh funds for expansion.

The Aboitiz-led lender is raising at least P3 billion in senior fixed-rate bonds, with an option to oversubscribe, until May 24 unless adjusted.

Jose Emmanuel U. Hilado, UnionBank senior executive vice president and chief financial officer, told BusinessWorld the proceeds from the fund-raising activity will be used to “lengthen out funding maturity profile.”

The three-year debt papers carry a coupon of six percent per annum to be paid quarterly until May 2022.

The bonds will be issued and listed on the Philippine Dealing and Exchange Corp. on June 3.

The notes will be sold in denominations of P100,000 and in increments of P50,000 thereafter.

The Hongkong and Shanghai Banking Corp. and ING Bank N.V. will serve as the joint lead arrangers and bookrunners of the transaction. The global banks also act as selling agents alongside UnionBank.

The P3-billion offer is part of UnionBank’s P20-billion bond or commercial paper program announced last year.

In December, it issued P11 billion in two-year fixed-rate bonds with a coupon rate of 7.061% per annum, larger than the initial offer size of P5 billion.

Banks can now raise fresh funds through corporate bonds, after the Bangko Sentral ng Pilipinas relaxed its rules by doing away with having to secure approval from them. BDO Unibank, Inc., Metropolitan Bank & Trust Co. and Philippine National Bank have recently issued peso-denominated bonds to diversify funding sources.

The ninth largest bank in the country in asset terms posted a P2.16-billion net income in the first three months of the year, down 26% from P2.93 billion recorded in the same quarter in 2018.

Shares of UnionBank closed at P61.10 apiece on Monday, up P1.10 or 1.83%. — Karl Angelo N. Vidal

NLEX to expand Subic Freeport expressway

May 21, 2019 | 12:02 am

NLEX Corp. is expanding the Subic Freeport Expressway (SFEx) to accommodate more vehicles going to and from the Subic Bay Freeport Zone.

In a statement Monday, the toll road subsidiary of Metro Pacific Tollways Corp. (MPTC) said it signed a P1.6-billion deal with Sta. Clara International Corp. for the SFEx Capacity Expansion Project.

“The project — which involves the construction of two additional expressway lanes, two new bridges at Jadjad and Argonaut, and a tunnel — aims to better accommodate the growing number of vehicles going in and out of the Subic Bay Freeport,” NLEX said.

The company will install LED lights along the SFEx to ensure the safety of motorists, particularly those driving at night.

“The SFEx Capacity Expansion is seen to improve traffic in the area and promote road safety as the new lanes will segregate northbound and southbound motorists along separate carriageways,” NLEX said.

The SFEx expansion is also seen to complement the efforts of the Subic Bay Metropolitan Authority (SBMA) to improve its airport and seaport, widen roads, and build the SBMA Corporate Center.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

MSO plays music from Queen and your favorite video games

May 21, 2019 | 12:02 am

THE Manila Symphony Orchestra (MSO) will help us relive the sweet memories of our youth and childhood as they do repeat performances of “Bohemian Rhapsody in Blue” this weekend at the Ayala Museum’s ground floor. “Bohemian Rhapsody in Blue” will feature the Philippines’ award-winning guitarist Noli Aurillo, regarded by many critics as one of the top guitarists in the country. Together with the MSO, Mr. Aurillo will perform music by Dvorak, Gershwin, and, of course, Freddie Mercury and his unforgettable band, Queen. “Video Game Symphonic” will showcase music from several anime and well-loved video games such as Final Fantasy, Monster Hunter, Pokémon, Super Mario, and Angry Birds. There will also be surprise pieces. “Bohemian Rhapsody” in Blue will be held on May 25, 7 p.m., at the ground floor of Ayala Museum, Makati Avenue corner De La Rosa Street, Greenbelt Park, Ayala Center, Makati City. Video Game Symphonic will be held the next day on May 26, Sunday, 7 p.m., also at the ground floor of Ayala Museum. Tickets are available at www.ticketworld.com.ph or call 891-9999. Tickets are also available at the Ayala Museum.

DMWAI tops off Pixel Residences

May 21, 2019 | 12:02 am

A SUBSIDIARY of D.M. Wenceslao & Associates, Inc. (DMWAI) recently topped off its first residential condominium development in Aseana City, Parañaque City.

Pixel Residences, a project of Aseana Residential Holdings Corp. (ARHC), is a 15-storey residential development with 170 units. It offers studio, one-bedroom, and two-bedroom units with sizes ranging from 36 square meters (sq.m.) to 88 sq.m. Construction started in 2017.

“In less than one year, this low-density residential development swiftly sold out its 170 units, a resounding success amid a highly competitive development landscape,” the company said in a statement.

Designed by CASAS + Architects, the project will have a pixel-patterned façade and naturally ventilated corridors. It will also have retail areas and amenities such as indoor gym, indoor swimming pool, a function hall, and a kid’s play area.

“We want our residents to go home to a peaceful space amidst the busy city living. Pixel Residences is where people can live their life with comfort, safety and security,” Julius M. Guevara, vice president for corporate planning of DMWAI, said in a statement.

Pixel Residences is located within the DWAI’s mixed-use flagship project Aseana City. — V.M.P.Galang

Nordic money managers hoard banks amid scandal

May 21, 2019 | 12:01 am

THE BIGGEST Nordic asset managers are either holding on to, or increasing, stakes in banks dragged down by vast money laundering scandals.

In a region where the concept of ethical investing is regularly held up as a goal, none of the big institutional investors contacted by Bloomberg said they would consider divesting shares of banks under investigation for laundering. A number have taken advantage of share-price declines to add to existing stakes.

At the top of the list is Norway’s $1 trillion sovereign wealth fund, which this month underlined its intention to remain a long-term investor in the Nordic banks caught up in dirty money affairs. The biggest pension funds in Denmark and Sweden have made similar statements. The funds Bloomberg spoke to said it was their intention to stay invested in order to take on a more activist role.

“Of course we take it very seriously,” said Eva Halvarsson, the chief executive officer of one of Sweden’s biggest pension funds, AP2. “We have shares in all the banks and are also cooperating with them in our role as asset managers. We follow the developments closely and have contacts at various levels.”

STAYING ACTIVE
“It’s important that we wait and see how things develop,” she said. “But it’s of course in the cards for us to stay active and have a dialogue. They need to explain what they are doing about it and how they see their future.”

Danske Bank A/S and Swedbank AB are being investigated in Europe and the US amid allegations they handled billions of dollars in dirty money from the former Soviet Union via their Estonian units. Those who reportedly benefited from the transactions include convicted felon Paul Manafort and ousted Ukraine President Viktor Yanukovych, among others. Nordea Bank Abp is also under investigation for laundering, though allegations against it are on a much smaller scale.

Preliminary charges have already been brought against a number of former Danske executives, including its ousted CEO, Thomas Borgen. Swedbank fired its CEO, Birgitte Bonnesen, amid allegations she misled the public about the severity of the bank’s laundering scandal. Bloomberg Intelligence estimates that Danske may be facing a fine of about $1 billion in the US, and as much as $500 million from investor lawsuits against it.

“I have a great understanding for the complexity of it but of course the banks need to take it seriously in order to regain trust,” Halvarsson said.

ESG INVESTING
The pension industry’s commitment to scandal-hit banks may raise questions around the principles of responsible investing based on environmental, social and governance (ESG) concerns. ESG investing guidelines aren’t standardized, making it hard to know what distinctions money managers are making. At the same time, there’s a school of thought that says staying invested in companies involved in unethical behavior is a better way to wield influence than divesting.

John Howchin, the secretary general of the Council on Ethics that sets guidelines for a number of Sweden’s AP pension funds, said “that’s the way we work,” in an interview. “We stay and work together with the companies, as long as we think it gives results.” He said that the ethics council has a global focus, while it’s up to the individual funds to take a stance on local investments.

In Norway, the CEO of the wealth fund, Yngve Slyngstad, says they “have a good dialogue” with the banks under investigation for money laundering. “Even so, we will remain long-term investors and it goes without saying that, as an investor in these banks, we have an expectation that the board will address these issues.”

BUYING BANKS
Some of the biggest funds in the Nordic region are adding to their stakes in the banks. ATP and PFA, Denmark’s two biggest pension firms with a combined portfolio of about $210 billion, have both bought up shares of Danske Bank since the scandal broke. Allan Polack, the CEO of PFA, points to the bank’s ability to make money as a key consideration. He says PFA is “very pleased” with Danske’s commitment to its dividend.

Analysts seem to agree. By far the majority of analysts covering Danske are advising clients to buy or hold on to the stock. Most recently, Barclays upgraded its recommendation on Danske to overweight.

Finland’s Varma Mutual Pension Insurance Co., which manages more than $50 billion, sold its Danske shares in 2018 but tripled its Swedbank stake. Ilmarinen Mutual Pension Insurance Co., another big Finnish fund, also added to its Swedbank holding.

Institutional investors have mostly stuck around as others have fled. Danske’s share price plunged almost 50% last year, while Swedbank is this year’s worst-performing financial stock in Europe, having lost roughly a quarter of its value. Nordea fell about 25% last year, broadly in line with the European financial stocks on average.

The declines have forced Danske and Swedbank to the bottom of the ladder when measuring market values of the six biggest Nordic banks. Nordea remains the region’s biggest. But DNB ASA of Norway, which has largely steered clear of laundering scandals, is now the second-biggest Nordic lender.

Sampo Oyj, Nordea’s biggest investor, says it’s time to look past the allegations, declaring that the “era of large scandals is over.” Sampo Chairman Bjorn Wahlroos, who also used to run the board of Nordea, said earlier this month he’s satisfied that the bank has in the meantime allocated as many resources to its anti-money laundering work “as is physically possible.” — Bloomberg

PhilRealty capital stock hike gets SEC approval

May 21, 2019 | 12:01 am

PHILIPPINE Realty and Holdings Corp. (PhilRealty) has secured regulatory approval to increase its authorized capital stock to P8 billion, as it looks to acquire more property assets from different firms.

In a disclosure to the stock exchange on Monday, PhilRealty said the Securities and Exchange Commission (SEC) approved amendments to its articles of incorporation that will bring its authorized capital stock to P8 billion composed of 16 billion shares with a par value of 50 centavos apiece.

Its previous authorized capital stock stood at P4 billion divided into eight billion shares at 50 centavos each.

The listed property developer earlier said that the increase will allow it to issue new primary shares to Greenhills Properties, Inc. (GPI) and Meridian Assurance Corp. (MAC), in exchange for several prime real properties.

GPI will be transferring two vacant lots in Bonifacio Global City covering a total of 3,200 square meters (sq.m.) to PhilRealty.

Meanwhile, MAC will hand over three office condominium units and six parking units in the Philippine Stock Exchange Center, formerly called the Tektite Building, in Ortigas Center. These properties span 699 sq.m. in total floor area. The company will also contribute two commercial condominium units and two parking units covering a total of 223 sq.m. in BGC’s Icon Plaza.

PhilRealty’s net income attributable to the parent jumped by 72% to P18.49 million in the first quarter of 2019, despite a nine percent decline in gross revenues to P233.40 million.

The company noted in a regulatory filing that lower costs offset the three percent decline in sales of real estate for the period. Rental income also grew by 16% due to more leasable spaces owned by PhilRealty at the time.

Shares in PhilRealty climbed 3.57% or 1.50 centavos to close at 43.50 centavos each at the stock exchange on Monday. — Arra B. Francia

Mariwasa offers Luxurio tiles

May 21, 2019 | 12:01 am

MARIWASA Siam Ceramics, Inc. introduced porcelain tile brand Luxurio, which combines durability with design.

Luxurio offers a wide range of timeless, modern and minimalist tile designs for different requirements and applications. The tiles are easy to clean and maintain, and durable enough to withstand heavy foot traffic, even in commercial areas.

“We’ve built our brand and reputation on delivering uncompromising quality with each product and service. Homeowners, builders, contractors and all our other customers can expect the same with the Luxurio Porcelain Tiles, which combine great aesthetic, durability and easy handling to suit different requirements in residential or commercial applications,” Mariwasa President Jakkrit Suwansilp said.

Customers can avail of after-service support for Luxurio Porcelain Tiles through Tyler the “Professional Tile Installer (tyler@mariwasa.com and 717-6901 loc. 2278).

A technical marvel that’s easily a 40-hour timesink

May 21, 2019 | 12:01 am

Nelke & the Legendary Alchemists:
Ateliers of the New World
Nintendo Switch

FROM the outset, Gust projected Nelke & the Legendary Alchemists: Ateliers of the New World to tread off the beaten path. It was first announced to be in the works during a social-media broadcast on Atelier Lydie & Suelle: The Alchemists and the Mysterious Paintings early last year; in particular, producer Keisuke Kikuchi noted that it would boast of a “festive feeling,” industry parlance for the involvement of an all-star cast. Subsequently, the developer undertook an online character popularity poll to close its yearlong celebration of the series’ twentieth anniversary, with participation rewarded by a teaser on the upcoming game in a “new land.”

Reading between the lines, longtime fans of the Atelier franchise figured the new release to be a spinoff featuring familiar faces. And, following a short turnaround time, they were proven right. Nelke & the Legendary Alchemists: Ateliers of the New World does remain a role-playing game incorporating quite a few elements that have contributed to the series’ popularity. On the other hand, it likewise showcases attributes that set it apart from its predecessors. The most glaring departure from the norm: Stripped down to basics, it’s a title that places as much emphasis on the management of structures on to the populace that resides in them.

Even the treatment of the story is different. Certainly, Nelke & the Legendary Alchemists: Ateliers of the New World sticks to the Atelier franchise’s thematic bias for a youthful central character compelled by turns of events to stand on her (or, occasionally, his) own, with the game essentially being a journey towards self-discovery and independence. That said, it parades a principal protagonist who, unlike its predecessors’ leading characters, possesses no knowledge of the magical tradition of purifying and perfecting particles for practical applications.

Indeed, young noble Nelke von Lestamm is not able to dabble in alchemy in order to fulfill objectives common to previous releases in the Atelier series. Instead, she aims to further collective interests through the efficient employment of those around her. She moves to create a bustling ecosystem by setting up structures through which townsfolk can interact, and that can, hopefully, jump-start a cycle of progress that attracts more inhabitants. En route, she gets to rub elbows and work with a robust roster of franchise favorites enticed by her exertions and, later on, forced to do so as a means to return to their respective milieus.

Considering the simulation-building leanings of Nelke & the Legendary Alchemists: Ateliers of the New World, gamers are not surprisingly treated to a protracted introduction focused on narrative exposition and gameplay tutorial. Nelke’s goal of transforming Westwald into a bustling metropolis involves her tapping disparate characters to generate materials, to turn them into finished goods, and then to sell them by way of building up resources for more structures en route. The interface is wholly menu-driven and turn-based, enabling gamers to dole out assignments and identify which structures to build and where to build them, and likewise to interact with other townsfolk and explore the growing landscape.

Needless to say, there is a learning curve, but the preferential option of Nelke & the Legendary Alchemists: Ateliers of the New World to eschew micromanagement in favor of broad strokes helps move it along. Finding the right mix of resources for exploration, generation, production, and distribution can be a challenge early on, but the trial-and-error phase does reap dividends. Soon enough, gamers will hit their stride and make decisions from an overhanging perspective. At the same time, their work on the ground shifts to building relationships (crucial to the development of novel alchemy recipes), and overseeing battles (integral to the discovery of new sources of material).

Parenthetically, Nelke & the Legendary Alchemists: Ateliers of the New World is a technical marvel. Sharp graphics succeed in presenting series-representative art styles and character models and, at the same time, aid in the navigation of text-heavy material. The sounds are top-notch, offering mood-appropriate music and spot-on Japanese voice acting. And all throughout, the smoothness of gameplay impresses; the pace of the game is leisurely at best, but no visual or aural lags occur even when the screen becomes busy and gets to be a bustle of activity.

For the most part, Nelke & the Legendary Alchemists: Ateliers of the New World does its franchise proud. As a spin-off that branches out to the hitherto-foreign concept of construction simulation, it nonetheless manages to stay true to its Atelier roots. Publisher Koei Tecmo foresees it to be the first in a line of genre-melding offerings, and with reason. Picking it up is a breeze, and while its main story focusing on the discovery and taming of the mystical Granzweit Tree can be finished in the low-double-digit mark, it lays claim to a feast of options that’s easily a 40-hour timesink.

Simply put, Nelke & the Legendary Alchemists: Ateliers of the New World invites gamers to linger. And, in its deft handling of elements from seemingly disparate videogame categories, it succeeds in doing so. As with every other memorable title on store shelves, it underscores that the journey and not the destination is what truly matters.

THE GOOD:

• Immersive storyline

• Character depth

• Top-notch audio-visual presentation

• Ideal mix of city- and relationship-building gameplay

• All-star cast of protagonists from the Atelier franchise

THE BAD:

• Protracted story exposition and gameplay tutorial

• Predetermined exploration paths limit in-game independence

• Relative lack of difficulty in dispatching enemies

RATING: 8/10

POSTSCRIPT:

Masquerada: Songs and Shadows is an excellent tactical RPG that proves the value of crowdfunding in propelling grand ideas of independent developers to fruition. On the strength of a Kickstarter initiative that attracted more than 2,000 backers and raised 125% of target, Witching Hour Studios has come up with an outstanding storyline that follows the return of investigator Cicero Gavar, exiled for crimes against the state, to chaos-driven Citte della Hombre. As he looks into the abduction of diplomat Razitof Azrus, he enlists the help of guildsmen from the Masquerada, whose control of the seat of power is threatened by Contadani rebels from the lower classes.

At the heart of the conflict are Mascherines, ancient masks that provide users with power to summon magic. Gavar & Company use these to cast spells that can be chain-linked via the Elemental Tag System for enhanced status effects. During battles, skill modifiers and superior positioning are likewise crucial to victory. The action unfolds in real time, but gamers are provided the option to issue instructions to other members of the party. Meanwhile, the narrative progresses through both visual-novel-type interaction between characters and information gathered in exploration.

Notwithstanding the wealth of material presented and a liberal dose of combat en route, Masquerada: Songs and Shadows is relatively short on first pass. That said, it provides bang for the buck via its New Game Plus option, which has Gavar in possession of all the requisite skills and buffs from the outset, and which then offers a clearer understanding of the overarching story. A definite home run for Witching Hour Studios, it stands out from the usual dregs in the Nintendo Switch eShop in both intent and implementation. (9/10)

How PSEi member stocks performed — May 20, 2019

May 21, 2019 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, May 20, 2019.

How much would a basic plate of food cost across countries?

May 21, 2019 | 12:00 am

POGOs without valid work permits for foreign workers to be shut down — DoF

May 20, 2019 | 9:49 pm

FINANCE SECRETARY Carlos G. Dominguez said that he will pursue the closure of Philippine Offshore Gaming Operator (POGO) companies employing foreign nationals without work permits, after learning that 12,000 foreigners are currently in the country without the proper authorization.

A statement issued by the Department of Finance (DoF) Monday noted that the Department of Labor and Employment) identified 12,000 foreigners working here without permits, employed across 33 POGOs, out of 148 establishments inspected.

Mr. Dominguez asked the Bureau of Immigration to cooperate with the Philippine Amusement and Gaming Corporation (PAGCOR), the Philippine National Police and the National Bureau of Investigation to resolve the problem of foreign workers who are in the country unlawfully.

“This is a crime. It’s a violation of the law,” Mr. Dominguez who was speaking to the concerned government agencies, was quoted as saying in the statement.

“For the next meeting, we would like to see movement on the assessment, we would like to see inspections and closure of establishments with illegal workers. So we’d like to see progress. And you know, if there are 12,000 that you found, there must be a lot more, a lot more who are floating around,” Mr. Dominguez said.

Earlier, the DoF asked PAGCOR to require all POGOs to register with the Bureau of Internal Revenue (BIR) as a prerequisite for being issued a license to operate.

The DoF also wants PAGCOR, along with the Department of Justice, Department of Trade and Industry, and the Securities and Exchange Commission to compile a database of foreign workers employed by POGOs.

In the same statement, BIR Deputy Commissioner Arnel SD Guballa reported that the initial database of 138,000 persons issued work permits, collated from various offices, was trimmed down to 122,397 foreign workers. The database is still subject to further validation, he added.

Mr. Guballa also said that the BIR has assessed 19 out of 204 PAGCOR-registered POGOs and assessed them final withholding tax amounting to a combined P1.4 billion in 2018. — Reicelene Joy N. Ignacio