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Oil prices extend rally

London, United Kingdom — Oil prices rallied further Thursday, reaching fresh 3.5-year highs, as US President Donald Trump’s decision to tear up the Iran nuclear deal risks contributing to a tightening of crude supplies.
While broadly expected, the president’s announcement earlier this week over Iran, a major producer of crude oil, has helped light a fire under the commodity, with both main contracts now sitting at highs not seen since the end of November 2014 and speculation they could go even higher.
“In the aftermath of Donald Trump’s announcement on the Iran nuclear deal, oil has continued to rally on Thursday although the gains the are being made are now slowing,” noted Craig Erlam, senior market analyst at Oanda trading group.
“While it remains unclear what impact the sanctions — which are not backed by the other countries that signed up to the initial agreement — will have on output, the moves we’ve so far seen suggest there is a belief it will be significant.”
Trump’s decision Tuesday meanwhile came as data shows US stockpiles are dwindling, major producer Venezuela is wracked by economic upheaval, and OPEC and Russia press on with an output cap.
On other markets Thursday, stocks diverged and the dollar fell against rivals.
In London, traders awaited updates from the Bank of England due 1100 GMT on UK interest rates and its latest economic forecasts.
Markets now do not expect the BoE to hike it main lending rate in the wake of recent data pointing to slower growth in Britain as the country prepares for Brexit.
“The BoE is due to announce its decision on interest rates… and, following an apparent U-turn in recent weeks, policy makers are widely expected to leave them unchanged for now,” said Erlam. — AFP

Senator files bill aimed at automatically suspending fuel tax when inflation heats up

Senator Paolo Benigno A. Aquino IV on Thursday, May 10, filed a bill amending Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law, which would impose an automatic suspension on the excise tax on fuel when the inflation rate exceeds the target set by the government.
Senate Bill No. 1798 adds the following section under Chapter 1 of the National Internal Revenue Code (NIRC) of 1997 as amended by TRAIN law:
“Section 148-B. Automatic suspension of the excise tax on fuel – The imposition of excise on fuel under RA No. 10963 (TRAIN) shall be automatically suspended when the average inflation rate for a three month period exceeds the annual inflation target range that was set by the Development Budget Coordination Committee (DBCC) and the Bangko Sentral ng Pilipinas (BSP): Provided, however, that the excise tax on fuel prior to the effectivity of RA 10963 (TRAIN) shall remain in force during the period of suspension.” — Camille A. Aguinaldo

ERC approves P1-billion worth of capex applications

The Energy Regulatory Commission (ERC) has approved applications for capital expenditure projects amounting to around P1.15 billion as of April this year, the agency said on Thursday, May 10, citing its report to the President.
“We (the ERC) have achieved meaningful milestones, and we owe it to Pres. Duterte with the continuing guidance and support from his office. The past four (4) months was truly challenging, but we were able to achieve significant accomplishments with the valuable contributions of the Commissioners,” said Agnes T. Devanadera, ERC chairperson and chief executive officer, in a statement. — Victor V. Saulon

PSALM approves P264-million contract to maintain Malaya plant

Power Sector Assets and Liabilities Management Corp. (PSALM) has approved a budget of P264 million for the a one-year contract to operate and maintain the 650-megawatt (MW) Malaya Thermal Power Plant.
PSALM said the operation and maintenance service contract will be conducted through open competitive bidding procedures, and is open to local and foreign bidders, subject to eligibility conditions.
“To date, eight (8) companies have expressed interest, three (3) of which already bought bid documents,” it said in a statement. — Victor V. Saulon

Maynilad to replace old pipes to cut water losses

Maynilad Water Services, Inc. serves certain portions of the cities of Manila, Quezon and Makati, among others. — MAYNILAD WATER SERVICES, INC.

Maynilad Water Services, Inc. will be replacing up to 290 kilometers of old and leaky pipes this year as it upgrades the distribution system under its concession area to cut water losses.
“We still need to invest in our Non-Revenue Water Reduction Program so we can bring down water losses to the optimal level of 20% by 2027,” said Maynilad President and Chief Executive Officer Ramoncito S. Fernandez in a statement.
Once completed, the program will bring the total length of pipes replaced within the west zone concession area to 2,285 kilometers or 56% of the distribution system that the company inherited 11 years ago after the 2007 re-privatization. — Victor V. Saulon

PXP Energy trims net loss in Q1

PXP Energy Corp. has trimmed its net loss to P3.7 million in the first quarter, in part because of the higher petroleum revenues and an improvement in the crude oil prices, the company told the stock exchange on Thursday, May 10.
In the same period last year, the company posted P8.4 million in net loss attributable to equity holders of the parent firm, or more than twice the level in the first three months of 2018.
PXP Energy said recorded slightly higher consolidated petroleum revenues at P30.7 million, up from P26 million a year ago. This resulted from the 24% improvement in crude oil prices, although offset by a 3.4% decline in crude production. — Victor V. Saulon

Philex Mining net income drops on lower production

Philex Mining Corp. reported a 24% drop in its first quarter core net income to P346 million from P458 million from the same period last year, caused by lower production and stronger outflow of money.
In a disclosure to the stock market on Thursday, May 10, its reported net income likewise dropped from P432 million to P303 million.
The company’s consolidated revenues were also lower at P2.373 billion from first quarter 2017’s P2.542 billion.
“The results were attributed to lower metal production, caused by low ore grades, higher non-cash chargers, and increased taxes arising from doubling of excise tax rates under the Tax Reform for Acceleration and Inclusion (TRAIN) law,” the company said. — Anna Gabriela A. Mogato

BPOs remain bullish despite TRAIN 2 passage — Colliers

Business process outsourcing (BPO) firms remain bullish on expanding in the Philippines despite the removal of tax perks under the proposed second package of the Tax Reform for Acceleration and Inclusion (TRAIN), according to real estate consulting services Colliers International Philippines.
Colliers Senior Research Manager Randwil Dinbo U. Macaranas said that BPO firms take into account different factors other than cost-efficiencies when locating in the country.
“They do recognize that tax reform has a significant impact, but there are lots of other factors that come into play such as culture affinity, skills, comfortability, how well established they already are in the local market,” Mr. Macaranas told reporters after the company’s first quarter property market briefing in Makati City yesterday. — Arra B. Francia

Vista Land profit up by 13% in first quarter

Vista Land and Lifescapes, Inc. (VLL)’s attributable profit grew by 13% in the first three months of 2018, supported by its residential business alongside the ramp up of the commercial leasing segment.
The Villar-led property developer generated P2.54 billion in net income attributable to equity holders of the parent for the first quarter, higher than the P2.26 billion it booked in the same period a year ago.
“We are pleased to have been able to achieve solid growth over the past years and it should be the same this year as we take advantage of the various synergies that we have unlocked among our businesses,” VLL Chairman Manuel B. Villar was quoted in a statement as saying. — Arra B. Francia

GT Capital implementing masterplan for Bay Area project

GT Capital Holdings, Inc. is now implementing the masterplan for its 40-hectare mixed-use estate in the Bay Area called Metro Park, where it recently opened a new office building for the business process outsourcing (BPO) sector.
“The land area in the reclaimed [land] is 40 hectares, so they’re now doing the masterplan for the full development,” GT Capital President Carmelo Maria L. Bautista told reporters after the company’s annual shareholders’ meeting in Makati City on Thursday, May 10.
Metro Park is being developed by Federal Land, Inc., GT Capital’s property arm. The company has so far opened one office building called iMet in the mixed use project. iMet is registered with the Philippine Economic Zone Authority and has a total of 10 office floors with a floor plate of 2,029 square meters each.
Mr. Bautista noted that there are also six towers and a retail mall being developed in the area. — Arra B. Francia

BTr may tweak volume of one-year T-bills amid lukewarm demand

The Bureau of the Treasury (BTr) said it will “revisit” the volume of the Treasury bill’s one-year tenor amid lukewarm demand for the said security.
Deputy Treasurer Erwin D. Sta. Ana said the BTr might tweak the volume of one-year paper following two successive rejections from the said tenor.
“For this quarter, we don’t have plans of changing it, but for the third quarter, we will revisit it,” Mr. Sta. Ana told reporters following the Treasury bond auction Tuesday.
Earlier this week, the Treasury rejected all bids for the 364-day security during the Treasury bill auction as offers only reached P4.58, below the P6 billion planned borrowing.
The government also rejected all bids for the tenor during the April 30 auction. The tenor received tepid demand from investors amounting P2.98 billion, also undersubscribed from the intended borrowing. — Karl Angelo N. Vidal

Ceres takes two-goal advantage vs Yangon

By Michael Angelo S. Murillo
Senior Reporter
PLAYING with more sense of urgency than its previous game, Ceres-Negros FC came out on top of visiting Yangon United FC, 4-2, in the first leg of their AFC Cup knockout match on Wednesday night in Bacolod City, moving one step away from the ASEAN Zonal finals.
The reigning ASEAN winner in the tournament, Ceres was towed to the victory over Yangon by the brace of team leading scorer Bienvenido Marañon and goals each from Patrick Reichelt and Super.
The win was a bounce back for the “Busmen,” who nearly missed the ride to the knockout stages after losing in their final game in group play against Home United FC of Singapore, 2-0, in the process having group leadership slip from their hands.
Ceres was able to book a ticket by finishing with the best runner-up record of four wins, a draw and a loss with 13 points.
Mr. Marañon got the scoring for Ceres on Wednesday in the 29th minute after racing on to a throughball from teammate Manny Ott.
It was followed up on to by Mr. Reichelt four minutes later off a rebound from a blocked shot, helping Ceres to a 2-nil lead.
Spaniard Marañon further buried the visitors with another goal as the opening half drew to a close, scoring in the 44th minute to make it 3-0.
Yangon was able to break through 10 minutes after the start of the second half, with Sekou Sylla, who used to play for Global Cebu FC, on the scoring end.
The hosts though were quick to check any momentum that Yangon was trying to build with a 63rd-minute goal from Super setting the visitors back anew.
Yangon tried to claw its way back but could only come within two points with Mr. Sylla providing another point in the 83rd minute.
With the victory, Ceres takes a two-goal advantage heading into the next leg in Myanmar on May 16.
Worth noting, however, are the two away goals that Yangon scored in Bacolod and that Ceres has to do a good job negating it come the next encounter.

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