State-of-the-art damper system at The Seasons

May 7, 2019 | 12:06 am

AFTER the recent earthquake in various parts of the country, there has been renewed focus on whether or not buildings can withstand the so-called “Big One.”

The Philippines should look to Japan, where buildings and infrastructure are adapted to withstand natural disasters, as a model. One of the biggest innovations is the earthquake vibration control technology — the Visco-elastic dampers (VCDs).

As defined, dampers are huge concrete blocks or steel bodies mounted in skyscrapers of other structures, and move in opposition to the resonance frequency oscillations of the structure through springs, fluid or pendulums.

The VCDs are used by some of the world’s tallest buildings such as Tokyo Skytree and Taipei 101.

In the Philippines, The Seasons Residences at Grand Central Park, the residential project being developed by Federal Land and Japanese conglomerates Nomura Real Estate Development Co., Ltd. and Isetan Mitsukoshi Holdings Ltd., is also employing this state-of-the-art technology.

“The mixed-use, lifestyle center features the marriage of Japanese innovation and design with the Philippines’ unique brand of community… One of the features highlighted was the use of the VCD system which acts as shock absorbers to ensure that residents are safe and comfortable during earthquakes and typhoons,” the developer said in a statement.

The Seasons Residences also adheres to the National Building Code to further ensure an earthquake-resistant structure.

The Japanese-inspired residential project will have four towers, namely Haru (Spring), Natsu (Summer), Aki (Autumn), and Fuyu (Winter). It is located on 8^th Avenue corner 36^th Street, Grand Central Park in North Bonifacio Global City, Taguig.

Condo units will also employ Japanese technology in other aspects like in storage solutions to maximize the available space.

This project will also house the first Mitsukoshi Mall, set to open by 2021. This will have a mix of Japanese and international brands. — V.M.P.Galang

Cement firms’ Q1 income up on higher prices

May 7, 2019 | 12:06 am

CEMENT manufacturers reported stronger earnings in the first three months of 2019, thanks to higher average selling prices of cement for the period.

In a regulatory filing, Eagle Cement Corp. (ECC) said its net income grew by 49% to P1.59 billion in the first quarter, after net sales also jumped 34% to P5.37 billion.

The listed firm led by businessman Ramon S. Ang attributed the increase to a double-digit uptick in sales volume alongside an improvement in the average selling price of cement. It added that the strong domestic demand was primarily driven by private consumption.

ECC saw cost of goods sold rise by 44% during the period, as it had to increase its consumption of coal as well as the use of imported clinker due to operational requirements. Operating expenses also went up by 27% to P522.7 million after freight costs jumped 31% and manpower costs also surged by 89%.

The company said it spent a total of P228.22 million in capital expenditures during the period, out of its full-year allocation of P3.28 billion. Its capital spending will support the expansion of its Bulacan facility by 1.5 million metric tons (MT) annually, resulting to an annual capacity of 8.6 million MT by 2020.

ECC is also developing its fourth production line in Cebu with a projected capacity of two million MT. The facility is scheduled to be completed in 2021.

Meanwhile, Cemex Holdings Philippines Corp. (CHP) recorded a consolidated net income of P169 million in the January to March period, 145% higher than the P69 million it booked in the same period a year ago. Net sales also improved by six percent to P6.24 billion.

CHP said the increase was “mainly due to lower foreign exchange losses and higher operating earnings.” The company also noted that domestic cement prices were up by seven percent due to price adjustments implemented last year.

The company saw strong demand from the residential segment, and is seen to continue with the development of more residential projects in Central Luzon and Calabarzon due to upcoming infrastructure projects in the area.

CHP is currently expanding Solid Cement, with investments of up to $235 million. The new facility is expected to come online in the first quarter of 2020. — Arra B. Francia

Viva joins Lionsgate’s international film group

May 7, 2019 | 12:06 am

GLOBALGATE Entertainment, the local-language film consortium of American entertainment company Lionsgate, has added the Philippines’ Viva Communications, Inc. to its 13-country entertainment network which signal’s Viva’s strengthening efforts to make its productions available to the international market.

“Viva has a rich and diverse pool of creative talent and a massive catalogue of original content. It is now the right time to show the world what Filipinos are capable of and I believe that Globalgate Entertainment is the right partner to bring this into fruition,” Viva Communications, Inc. Chairman and CEO Vicente R. del Rosario, Jr., said in a company press release.

Viva currently has almost four decades of experience as a multimedia distributor of Hollywood and local-language content in the country. Its affiliated labels include Viva Films, Viva International Pictures, Viva Live, Viva Networks, Viva Records, and Vicor Records.

Among the films produced by Viva in recent years were Kita Kita (2017), Sid & Aya (2018), Aurora (2018), and Never Not Love You (2018).

Established in 2016, Globalgate — headed by its principals Clifford Werber, William Pfeiffer, and Paul Presburger — was created to produce and distribute local language films from around the world resulting in “mainstream, wide release local language films in key international territories,” the company’s website says.

“As Hollywood studios reduce film output and increasingly rely on high-budget, so-called ‘tent-pole’ films to which they retain worldwide distribution rights, content-deprived independent, international distributors are increasingly focused on local-language films produced for mainstream audiences. International audiences are responding with local-language films now commandeering the weekly ‘Top 10’ film charts in key territories,” the website added.

It added that the company which “sources and curates intellectual properties and remakes” currently has a library of over 20,000 titles from its consortium partners

Among Globalgate’s current partners are Televisa (Latin America), Gaumont (France), Nordisk (Scandinavia), Kadokawa (Japan), Lotte (South Korea), Tobis (Germany), and Rai (Italy). The company also has partners in Turkey, Belgium, Colombia, and Brazil while Lionsgate covers the US, UK, and Canada.

“Viva Communications, a closely knit, world-class content production and distribution company, is a perfect fit for Globalgate’s consortium. Together with Vic and the entire Viva family, we’ll focus on production of mainstream Filipino films while augmenting Globalgate’s formidable inventory of commercial intellectual property sourced from our consortium partners around the world,” Globalgate said in the release. — Zsarlene B. Chua

Art-led hotels offer a stylish stay in New Zealand

May 7, 2019 | 12:05 am

LOOKING for a stylish place to stay when in New Zealand? Not to worry, since the country boasts of several art and design-led hotels, including a luxury lodge in the southern Alps and a stylish Auckland city hotel by a Kiwi fashion designer.

Opening its doors last November, The Lindis is a luxury lodge described as a “architectural tour-de-force featuring a roofline that follows the natural undulations of its South Island high country resting place.” Guests can also enjoy outdoor activities such as hiking, fishing and stargazing while in the Ahuriri Valley, located in central South Island near Omarama.

QT Wellington Hotel, once owned by art collector and entrepreneur Chris Parkin, has been included in Yahoo’s list of the “Best Hotels in the World with Magnificent Artwork.” The hotel recently opened Gallery 4, which features 25 suites on level 4. Throughout the hotel, original artworks from local and international artists can be found, including a life-size bull made from corned beef cans by New Zealand artist Michel Tuffery.

In Auckland, there are several artsy hotels you can choose from.

The So/Auckland is a five-star, 130-room hotel designed by Kiwi fashion designer World. The hotel takes inspiration from the city’s volcanic origins and the heritage building’s former life housing gold reserves. It claims to offer “a hypnotic experience where the outside world is left behind.”

Auckland is also home to the Hotel Grand Windsor, a 10-storey heritage-listed building that was once the city’s first skyscraper. Inspired by the art deco style, the Hotel Grand Windsor MGallery by Sofitel opened in 2016 with 79 elegantly designed rooms and suites. It has been named the Best New Hotel (in the world) and won the titles of Australasia’s Most Inspired Hotel Design, and Best New Hotel in Australasia at the 2018 Boutique Hotel Awards in London.

The Lodge at Kinloch, located on a 254-hectare golf course on the shores of Lake Taupo, is described as a “white modernist building complete with turrets that is intended as a modern interpretation of a Victorian-era castle.” The building was designed by award-winning New Zealand architect Andrew Patterson, while the lodge interiors were done by interior designer Virginia Fisher.

In Queenstown, the historic Hulbert House offers suites with canopy beds, chandelier and antique writing desks. The 130-year old Victorian villa was restored by interior designer Neil McLachlan and is protected by the Historic Places Trust.

The Art Deco Masonic Hotel is touted as the “jewel” of Napier, known as the art deco capital of the world. The waterfront hotel is built of reinforced concrete and emblazoned with the word MASONIC in red leadlight above the entrance.

For those looking to stay close to nature, head to Annandale — a working farm on the edge of the Pacific Ocean near Christchurch. Owner Mark Palmer tapped architect Andrew Patterson to restore the property’s original buildings — an 1884 homestead and an original shepherd’s cottage — and create two additional new luxury retreats.

Annandale’s Seascape is an ultra-modern concrete and glass hideaway, while the award-winning four-bedroom Scrubby Bay House was designed as “a piece of slowly ageing farm driftwood around which stock can graze.”

The King & Queen luxury hotel in New Plymouth shows off its cutting-edge design with an exterior that features a distinctive vertical louvre screen. Inside, the rooms, suites and apartments have art from both local and international artists.

RRHI earnings drop 32% in 1st 3 months

May 7, 2019 | 12:05 am

ROBINSONS Retail Holdings, Inc.’s (RRHI) attributable profit dropped by more than a third in the first quarter of 2019, amid a double-digit topline growth due to the consolidation of Rustan Supercenters, Inc. (RSCI).

In a statement issued Monday, the Gokongwei-led retailer said net income attributable to the parent fell 32% to P827 million, versus the P1.21 billion it realized in the same period a year ago. Excluding RSCI, the company would have booked an eight percent uptick in core net earnings to P1 billion.

RRHI completed the acquisition of the Rustan’s chain in December last year, and is now working on rationalizing its operations.

RSCI also dragged the listed firm’s operating income to P1.2 billion, 6.1% lower year on year. Without RSCI, operating income would have risen by 7.3%.

Net sales, meanwhile, went up by 29% to P37.35 billion, driven by the full quarter contribution of RSCI. This was supported by blended same-store sales growth (SSSG) of 4.1%.

On a stand alone basis, the drugstore business posted the highest SSSG of 13.9% on account of the high incidence of flu, cough, colds, and measles during the period. The supermarket segment, which contributed 55.5% of consolidated sales, booked an SSSG of 5.5%.

RRHI ended the quarter with a total of 1,911 stores, comprised of 253 supermarkets, 50 department stores, 209 do-it-yourself stores, 512 convenience stores, 510 drugstores, and 377 specialty stores. The retailer plans to add 120-150 stores this year, but openings will mostly be held in the second half of the year.

The Gokongwei-led firm also said it spent P650 million in capital expenditures for the quarter, out of its budget of P3.5-5 billion for 2019. — Arra B. Francia

Five years later, sequel to Ang Kwento Nating Dalawa to screen in theaters nationwide

May 7, 2019 | 12:05 am

IF Ang Kwento Nating Dalawa (2015) became a cult favorite because of its “rawness” as described by the film’s director, its sequel — which comes four years after the first — is anything but as Nestor Abrogena wanted to make Tayo sa Huling Buwan ng Taon, which opens in cinemas on May 8, something more than its predecessor.

“While staying true to Ang Kwento Nating Dalawa, we had to be conscious about how structured it is because the first one is really raw… it should be a total opposite of Ang Kwento, a total irony of the first so even the visual language [is different],” Mr. Abrogena told the media during a press conference on April 29 at Kandle Café in Quezon City.

Tayo sa Huling Buwan ng Taon follows the lives of Sam (played by Nicco Manalo), an aspiring filmmaker, and writer Isa (Emmanuelle Vera) five years after the end of Ang Kwento Nating Dalawa.

It also introduces new characters, Anna (Anna Luna), one of Sam’s co-teachers and also his girlfriend, and Frank (Alex Medina), Isa’s childhood friend and boyfriend.

Five years after Isa left for the United States, she returns with Frank to settle down in the Philippines and then meets Sam again. Isa and Sam try to be friends despite their interrupted romance five years ago, but in the process they have to deal with pain and uncertainty as they come to terms with their feelings for each other and everyone around them.

Mr. Abrogena noted that the sequel, which is produced by TBA Studios, is meant to show everything the first film wasn’t able to do as Kwento was initially supposed to be a thesis film which then became an entry to the 2015 World Premieres Film Festival.

The film, after its stint at the festival, made its way to the microcinema of TBA Studios, Cinema ’76, where it ran for multiple weeks with mostly sold-out screenings.

“Unbelievably, it started slow, but more and more people came. The budget for the film was P800,000 because it was a UP thesis film. It played for almost nine weeks with us… there were people who keep coming back to watch it three times, even four,” Vincent “Ting” Nebrida, co-executive producer of the studio, said during the press conference.

He added that during those nine weeks, the film managed to earn P2 million in a 60-seat cinema.

It was then that the studio asked Mr. Abrogena to do a sequel, something he admitted he wasn’t keen to do at first.

“To be honest, I don’t really believe in sequels… I have watched a few sequels of films from other countries [and it doesn’t work]. So I’m really nervous now because I’m doing a sequel… it became a conscious effort to make the film more than what it could have been done five years ago,” he said.

He explained that he spent much time developing the new characters — Anna and Frank — before going back to his main characters. He also consulted with his cast whom he claims know so much about the characters so they could create a story as true to the original as possible.

“We’re very proud of this film,” Eduardo A. Rocha, executive producer, said during his opening message.

“It’s so stunningly shot, you could feel it,” he added.

And how does a self-avowed non-believer of sequels feel about his own sequel? “Game,” Mr. Abrogena said before adding, “I can honestly say — and I can breathe easily now — that it’s more than Ang Kwento Nating Dalawa.”

Tayo sa Huling Buwan ng Taon will screen in cinemas nationwide starting May 8. — Zsarlene B. Chua

Gov’t makes full award of T-bills as rates decline on inflation bets

May 7, 2019 | 12:04 am

By Karl Angelo N. Vidal, Reporter

THE GOVERNMENT made a full award of the Treasury bills it offered yesterday, with rates declining across all tenors as investors expect inflation to continue its downward trajectory, fuelling bets of monetary policy easing.

The Bureau of the Treasury (BTr) borrowed P15 billion as planned at its T-bills auction Monday. The offer was oversubscribed by more than three times as bids from investors soared to P51.2 billion.

Broken down, the Treasury accepted P4 billion as planned for the 91-day papers out of the P15.724 billion offered by banks and other financial institutions. The average rate declined 12.5 basis points (bp) to 5.438% from the 5.563% quoted in the previous offer.

The government also made a full award of the 182-day debt notes it placed on the auction block, borrowing P5 billion as planned versus total offers amounting to P14.893 billion. The average yield also slipped 15.3 bps to 5.825% from last week’s 5.948%.

The Treasury likewise fully awarded the 364-day T-bills, accepting P6 billion out of the total bids worth P20.565 billion. Its average yield went down by 10.8 bps to 5.977% from the 6.085% tallied in the previous auction.

Based on the PHP Bloomberg Valuation Service Reference Rates, the three-month, six-month and one-year papers were quoted at 5.683%, 5.931%, and 6.073% yesterday, respectively.

Following the auction, National Treasurer Rosalia V. De Leon said the rates of the T-bills went down across the board due to slower inflation expectations.

“I think (the rates declined) because of the inflation, the median is 3.1%,” Ms. De Leon told reporters yesterday.

Inflation likely eased further for a sixth straight month in April on the back of a decline in rice prices. A BusinessWorld poll of 10 economists yielded a 3.1% median estimate for last month, which if realized will be slower than the 3.3% rate logged in March.

Apart from this, Ms. De Leon also attributed the decline in rates to S&P Global Ratings’ upgrade of the Philippines’ long-term credit rating to “BBB+” from “BBB” last week.

“That also affected (the rates), but it’s really more that they really see inflation is trending downwards,” Ms. De Leon added.

Sought for demand, Robinsons Bank Corp. trader Kevin S. Palma said yields across all tenors came in lower than expected and even below than secondary market levels prior to the auction.

“Extremely strong demand was evident across the offering as market participants and investors alike continue to cheer the S&P upgrade as well as heightened speculation that the BSP (Bangko Sentral ng Pilipinas) may ease policy rates or reduce the reserve requirement ratio as soon as Thursday,” Mr. Palma said in a phone message.

BSP Governor Benjamin E. Diokno on Friday said he sees room to ease monetary policy at the Monetary Board’s review on Thursday, as the recent credit rating upgrade is “another factor” to “move faster.”

The government plans to borrow P315 billion from the domestic market this quarter, broken down into P195 billion in T-bills and P120 billion in Treasury bonds.

Meanwhile, National Treasurer Rosalia V. De Leon said the Treasury is looking at issuing euro-denominated bonds with a maturity in the “intermediate part of the curve,” after the government round up its investor meetings in Europe.

“During discussions with investors, that’s also their preference, so between seven to 10 years,” she said.

The government plans to issue “benchmark-sized” euro-denominated bonds — meaning at least $500 million (€446.94 million) in size — in a bid to diversify funding sources.

The Philippines hired banks late last month to arrange deal road shows in Zurich, London, Paris, Frankfurt and Milan starting April 26 to draw investor interest.

“(Starting now), we’ll have to just continue closely watching the market, and we’ll make the announcement once we are pulling the trigger,” she added.

Apart from its return to the euro debt market, the government is also preparing to raise 6 billion yuan from the issue of panda bonds, which will be its second such offering.

The government is looking to borrow P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of the country’s gross domestic product.

Laid-back lifestyle at Anantara Square

May 7, 2019 | 12:04 am

CATHAY Land’s latest project Anantara Square offers residents a chance to experience a laid-back lifestyle with open spaces, community retail and restaurant rows, and less congestion.

The first tower of Anantara Square, located along Alabang-Zapote Road in Las Piñas City, features around 700 residential units. The 20-storey mixed use building will have a studio units and one-bedroom suites, as well as bigger units on the penthouse floors.

“We are very happy to be offering a luxurious project in the South of Metro Manila. Through Anantara Square, we will be able to offer that relaxed style of living that the southern suburbs are famous for, while giving our future residents the accessibility to the growing central business district in the Alabang area and even further south,” Cathay Land President Jeffrey Ng said in a statement.

Amenities include the Aquatrium which will have a pool deck, a lap pool and kiddie pool; open-air courtyards, and pocket gardens. Anantara Square will also have a study lounge and social hall for private functions and gatherings.

PHL competition watchdog expands review of GSK-Pfizer deal

May 7, 2019 | 12:04 am

THE Philippine Competition Commission (PCC) said it will look further into GlaxoSmithKline (GSK) Consumer Healthcare Holdings, Ltd.’s proposed acquisition of Pfizer Inc.’s global consumer health care business to determine if the deal will reduce competition in certain pharmaceutical drug markets.

In a Monday statement, the anti-trust agency said its Mergers and Acquisitions Office (MAO) has launched a Phase II review of the deal between the two global pharmaceutical giants, after the 30-day preliminary review ended April 22.

“The commencement of Phase II Review of the Transaction does not mean that MAO has made a definitive finding of a substantial lessening of competition or has prejudged the result of the review. This only signifies that a more detailed analysis of the Transaction is required using additional information from the Notifying Parties, other market participants, and third parties,” the PCC said.

Under the proposed deal, GSK Consumer Healthcare will acquire Pfizer’s global health care business.

“A more detailed inquiry will be conducted to determine whether the transaction is likely to lead to a substantial lessening of competition in the following markets: (i) pediatric and (ii) adult antitussives and expectorants; (iii) pediatric analgesics; (iv) nutritive health or multivitamins,” the PCC said.

GSK and Pfizer both offer similar products such as cold and flu treatments, and pain relief treatments. GSK produces Sinecod, Calpol, and Scott’s, while Pfizer’s products include Robitussin, Advil, and Clusivol.

In the Philippines, GSK is present through Duncan Pharmaceuticals Philippines, Inc. and GlaxoSmithKline Philippines, Inc., which are both responsible for its prescription and vaccine products. GSK’s local consumer health care business is handled by other susbsidaries, namely Duncan Consumer Healthcare Philippines, Inc., and GlaxoSmithKline Consumer Healthcare Philippines, Inc.

Meanwhile, its locally based SmithKline Beecham Research Ltd. is dedicated to both prescription and consumer health care activities.

On the other hand, Pfizer is engaged in pharmaceutical business and produces medicines for ailments in different fields, including cardiovascular health, metabolism, oncology, inflammation and immunology. In the country, the consumer health care business is conducted by Pfizer, Inc. (Philippines).

As of April 15, the PCC approved 169 out of 179 merger transactions by local and international companies. The approved transactions have registered a combined worth of P2.83 trillion in terms of transaction value. — Janina C. Lim

WWII documentary wins ‘Best Pitch’ at FDCP and MPA pitching showcase

May 7, 2019 | 12:04 am

A DOCUMENTARY about Filipina spies of World War II won “Best Pitch” at the recently concluded pitching showcase conducted by the Film Development Council of the Philippines (FDCP) and the Motion Picture Association (MPA) in celebration of the World Intellectual Property Day.

Looter by Jayson Bernard Santos bested 21 Filipino feature and documentary projects which were presented during the two-day forum/pitching showcase held on April 26 to 27 at the Novotel Manila Araneta Center in Quezon City.

Mr. Santos won a $5,000 grant from the MPA and will have the chance to participate in a four-day Film and Television Immersion Course in Los Angeles, California.

Looter, a documentary which combines “archival footage, interviews and dramatized sequences,” according to a FDCP press release, tells the story of Naomi Flores, a covert operative who, along with Lorenza Amusategui (and her husband Ramon) and Filomena Guerrero, among others, worked against the Japanese during the Second World War.

Keith Sicat’s Unos, a full-length feature and sequel to his sci-fi film, Alimuom, which was an entry to the 2018 TOFARM Film Festival, left the pitching showcase a runner-up.

“Our films hold a lot of promise and potential to compete in the global market. Having events like these pitching showcase and lecture series is a huge help to our filmmakers for them to learn more about tapping into the international audience and have better chances in penetrating world cinema. They will also be empowered to bring more exceptional stories to the world, especially now that they have a deeper understanding of IP rights,” said FDCP Chairperson and CEO Mary Liza B. Diño-Seguerra in the press release.

Preceding the pitching showcase was a forum celebrating World Intellectual Property Day with topics ranging from Film Distribution and Intellectual Property Rights, to Pitching Essentials.

IMPORTANCE OF SALES AGENTS
During one session, Martin Gallery — head of international sales and distribution of Australia’s Odin’s Eye Entertainment — stressed the importance of getting film sales agents early in the pre-production of films, especially independents.

“If the film is already made and there’s no sales agent representing them, it might mean there’s a problem with the film — that’s how it usually looks,” Mr. Gallery said.

Film sales agents specialize in segmenting and selling rights to individual territories.

“I don’t want your films to only be shown in your countries,” he said before explaining that the film industry is an international market and thus filmmakers should set their sights on getting releases in foreign territories, a thought echoed by Ms. Diño-Seguerra during her opening speech.

“The film industry is a global industry… now the Philippines is opening up to the world,” Ms. Diño-Seguerra said before adding that the lecture series was meant to help filmmakers know about their intellectual property rights and help them move beyond Philippine shores, especially in a film industry which has been “domestic and insular” for the longest time.

Film scripts including a cast list (“there should at least be someone internationally recognized even if it’s a supporting role”), interviews with the director and producers explaining the film, and pegs are among the bare minimum of things sales agents require to consider if a film is worth representing, according to Mr. Gallery.

Getting a sales agent early on, before the shooting starts, can also be used as leverage when trying to get investors to fund the film, he said. — Zsarlene B. Chua

Bria Homes to address mass housing backlog

May 7, 2019 | 12:03 am

BRIA Homes is launching more than 50 housing developments to help reduce the country’s mass housing backlog.

“Bria Homes’ philosophy is simple: To offer high-quality homes to all aspiring Filipino homeowners without the prohibitive costs and the complicated processes,” the affordable housing unit of Bria Holdings, Inc. said in a statement.

In Luzon, Bria Homes has projects in Pangasinan (Urdaneta), Tarlac (Paniqui), Pampanga (Magalang and San Fernando), Bataan (Mariveles and Hermosa), Cavite (General Trias, Trece Martires, and Indang), Batangas (Balayan and Lipa), Bulacan (Plaridel, Malolos, Santa Maria, San Jose Del Monte, and Norzagaray), Rizal (Teresa, Binangonan, and Baras), Laguna (Calauan, Calamba, Sta. Cruz, San Pablo, Alaminos, and Bay), and Camarines Sur (Pili and Iriga).

In Visayas and Mindanao, Bria’s projects can be found in Negros Oriental (Dumaguete), Samar (Calbayog), Leyte (Ormoc), Misamis Oriental (Cagayan de Oro, Balingasag, and Gingoog), Bukidnon (Manolo Fortich, Valencia), Davao del Norte (Tagum, Panabo, and Carmen), Davao del Sur (Davao City and Digos), North Cotabato (Kidapawan), and South Cotabato (General Santos City).

Amenities in these communities include covered courts, retail establishments, play areas for children, and special venues for events and recreation.

All of its communities will have access to business and commercial centers and shuttle service will enable residents to commute between any Bria community and nearby destinations with ease and convenience.

Insurance firms’ premium income climbs in 2018

May 7, 2019 | 12:03 am

THE INSURANCE INDUSTRY posted higher premium income in 2018 driven by robust growth across all sectors, the Insurance Commission (IC) reported.

Preliminary data based on unaudited reports submitted by life and non-life insurance firms as well as mutual benefit associations (MBA) to the IC showed the industry’s total premium income grew 11.67% to P290.15 billion as of end-2018 from P259.82 billion posted a year ago.

Broken down, bulk of the industry’s premium income came from the life insurance industry at P228.61 billion as of end-2018, up 12.89% from P202.5 billion the previous year.

According to Insurance Commissioner Dennis B. Funa, 75% of life insurers’ premium income or P170.22 billion was generated from the sale of variable life insurance products, 14.33% higher from P148.88 billion a year ago.

Meanwhile, premiums collected from traditional life products grew 8.91% to P58.4 billion from the P53.62 billion tallied in 2017.

The non-life insurance sector, on the other hand, saw its written net premiums in 2018 at P50.83 billion, 4.63% higher compared with P48.58 billion a year ago.

“[F]ollowing the trend in the past reporting period, the motor car business comprised more than half of the total premium income of the non-life insurance sector,” Mr. Funa said. Premium income from car insurance grew 8.55% year-on-year to P26.9 billion last year from P24.72 billion in 2017.

The MBA sector reported a 22.42% increase in total contributions or premiums to P10.7 billion in 2018 from P8.74 billion the prior year.

Meanwhile, insurers posted an all-time high of P1.58 trillion in assets as of end-2018, up 1.28% from the P1.56 trillion posted a year ago.

“Despite the year-on-year slight decrease in the total assets of the life insurance sector, the industry’s overall assets reached an all-time high,” Mr. Funa said.

The life insurance sector continued to hold the bulk of the industry’s total assets with P1.26 trillion or 79.75% of the total.

Meanwhile, life insurers and MBAs posted assets amounting to P230 billion and P90 billion, respectively.

“For the recent years, the industry posted the highest amount of premiums collected as of yearend 2018,” statement from the IC read.

In terms of net worth, the industry likewise posted a record high of P337.37 billion in 2018, an increase of P17.07 billion from P320.3 billion a year ago.

Life insurers reported a combined net worth of P219.91 billion in 2018, up 8.61% from P202.48 billion in 2017. On the other hand, non-life insurance companies had a net worth totalling P82.33 billion last year, a 5.66% decrease from P87.27 billion in 2017.

The MBA sector’s fund balance grew by 14.99% year-on-year to P35.13 billion from P30.55 billion.

The industry likewise saw growth in net income, posting a combined bottom line of P37.43 billion in 2018 from P36.39 billion in 2017. — K.A.N. Vidal

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