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SM Prime to set up own online platform


By Arra B. Francia, Reporter
SM PRIME Holdings, Inc. will be launching its own online platform within the year, in a bid to capture a slice of the booming e-commerce market.
The country’s largest mall operator said it is currently setting up a platform or a website to be used by its tenants through what it calls a “click and collect” strategy.
“We’re gonna formalize the set up of the platform within the year. We will come up with a legal entity for that,” SM Prime Chief Finance Officer John Nai Peng C. Ong told reporters after the company’s annual shareholders’ meeting in Pasay City last week.
Mr. Ong explained that the website will allow customers to choose what items they want to buy from any of their tenants. They will then collect the purchased items from SM Prime’s shopping malls. With this, the company hopes the e-commerce platform would still drive foot traffic to SM malls.
Asked whether the company will offer deliveries soon, Mr. Ong said they have yet to work toward this strategy.
“We have yet to work toward delivery. Potential din yun because we have affiliate companies that can deliver. But our work is toward click and collect sa malls. So we’re trying to set up specific areas in the malls,” the SM Prime executive said.
Amid the launch of the e-commerce platform, Mr. Ong said initial numbers may not be significant to the business.
“Intent talaga natin is to address, di naman (considered as a) threat the e-commerce. Just address that, but not really focusing,” Mr. Ong said.
SM Prime currently has 67 malls in the Philippines, with a gross floor area (GFA) of more than eight million square meters. The Sy-led firm also has seven malls in China spanning 1.3 million sq.m.
This year, the company will continue expanding its shopping mall empire with the addition of up to six malls in the country, namely SM Center Imus in Cavite, SM City Urdaneta Central in Pangasinan, SM City Legazpi in Albay, SM City Ormoc, and SM City Dagupan.
All of the malls to be opened this year are located in the provinces, as SM Prime pushes development outside of Metro Manila to take advantage of more growth areas in the country.
By the end of 2018, SM Prime’s combined GFA is expected to reach 9.7 million sq.m. across 73 malls in the Philippines and seven in China.
To support the expansion of its malls, SM Prime has allocated P80 billion in capital expenditures this year, 70% of which will be used for property development and 30% for land banking opportunities.
SM Prime grew its net income attributable to the parent by 16% to P27.6 billion in 2017, following a 21% climb in consolidated revenues to P125.6 billion during the year.

Viva Europa showcases Europe’s culture, music, sports, and arts

ARTS AND culture know no boundaries: political, social, or otherwise. In the efforts to link our shared literature and culture, and also our highlight differences, the European Union bookmarks the months of May and June for its “Viva Europa” celebration, a showcase of European dance, film, literature, music, sports, and visual arts for the Filipino audience.
“The branding ‘Viva Europa’ signifies the historic ties of the Philippines with the EU and to highlight the importance of the Philippines as a cultural partner of the European Union,” said European Union Ambassador Franz Jessen in his speech at the event’s launch.
The goal of the festivities is to “strengthen people-to-people links.”
“The Philippines has 7,107 islands — it is not like you have more than 7,000 communities that are completely distinct and in isolation. We are all affected by each other. In Europe, we learn about Philippine culture because there are 800,000 Filipinos in Europe. Of course, we learn from them and take some of their best cultures and take them forward. I think that’s the way it should be,” he added.
The Embassies of Belgium, France, the Czech Republic, Germany, and Spain, and Alliance Francaise de Manille, Goethe Institut, and EUNIC each have their own activities scheduled for the festival.
Here are some of the activities:
German Photography: An exhibit of works by Barbara Klemm, one of Germany’s most distinguished photographers, Seeing Light and Darkness through Barbara Klemm, will go on view starting June 21 at the Ninoy Aquino Library and Resource Center and the Polytechnic University of the Philippines in Sta. Mesa, Manila. The exhibit will showcase photographs taken before and after the unification of East and West Germany. Following the exhibit opening at each venues, there will be a lecture called “Documentary Photography in Germany” by Dr. Ursula Zeller, the show’s curator.
Children’s Festival: Children take center stage in this year’s Lakbayin Natin ang EU on May 12 at the Museong Pambata. Underprivileged children will participate in the activity and learn more about connections, and the EU’s culture, literature, and art. The celebration will include cultural presentations, games, arts activities, and country displays from the participating EU members.
French Film Festival: While there are no details yet on which films will be included, it has been announced that the annual French film festival will start on June 6, and will make stops in Metro Manila, Cebu, and Davao.
Spanish Flamenco show: Instituto de Cervantes de Manila presents Delicatessen, described as a sophisticated and delicate flamenco dance paired with musical creations, and a marriage of Spanish’ flamenco and Mindanaoan dances. The performance, headlined by the Anabel Veloso dance company, will be held on May 25.
• Music: The annual FEUropa, a nationwide choir competition, will mark its 10th anniversary with a concert at Far Eastern University in Manila on May 26 and 27. — Nickky Faustine P. de Guzman

Meralco unsure of future energy mix

MANILA ELECTRIC Co. (Meralco) is unsure about the mix of its future energy sourcing, its chairman said, pointing to uncertainties including pricing and government regulation.
“There’s so much uncertainty out there,” Meralco Chairman Manuel V. Pangilinan told reporters.
“Our tentative inclination is to let the market drive our fuel source because obviously even Meralco is looking for the least cost sourcing of power,” he added.
Mr. Pangilinan was reacting to a recent pronouncement from the Department of Energy (DoE) that it was looking at tweaking its energy mix policy to 50% baseload, or mostly coal-fired power plants, and 50% flexible plants such as gas-fired plants.
The DoE previously said that the energy system requires sourcing power from 70% baseload plants, 20% mid-merit plants and 10% peaking plants such as solar farms.
“You have two broad choices. One is a pre-determined mix of energy sources and the question is whether that is a wise thing to do given the uncertainty of prices of crude oil, of gas, of solar etc., and the technological advances that will impact on the price of these fuel sources,” Mr. Pangilinan said.
“The other option is to just let the market drive your optimum sources of fuel. We don’t know, that’s really the dilemma because there’s so much uncertainty out there,” he added.
Mr. Pangilinan said it is a given that coal remains the least costly power source, that is why the group and its units are building several coal-fired power plants.
“I think the cost is very reasonable. It’s very environment-friendly,” he said.
He also said there is “scope” for more solar farms and solar rooftops. “So we’re looking at that very seriously.”
“The question mark is gas. Is it viable if you have to import the gas and therefore have to build the gas terminal? You have to look at it as a pipeline, right? Or is it more viable if we can discover gas in a SC (Service Contract) 72 or in other concession area in the Philippines?” he said.
Mr. Pangilinan also said sourcing power from gas would also depend on the position of the government.
“What is the price of the gas, let’s say indigenous gas, that will be sold to the gas plants here. Again, we don’t know what the requirements are,” he said. — Victor V. Saulon

Cathay Pacific to launch Hong Kong-Davao direct flight by Oct.

THE CATHAY Pacific Group is launching a direct flight linking Davao City and Hong Kong starting Oct. 28.
In a statement, Cathay Pacific said its regional airline Cathay Dragon will fly four times a week from Hong Kong to Davao City, using an Airbus A320.
Davao City will be the Cathay Pacific Group’s fourth destination in the country, after Manila, Cebu and Clark.
The Cathay Dragon flight departs Hong Kong at 12:35 p.m. and arrives in Davao City at 3:50 p.m. every Tuesday, Wednesday, Friday and Sunday. The flight leaves Davao at 4:50 p.m. and arrives in Hong Kong at 8 p.m. on the same day.
Cathay Pacific Country Manager Robin Bradshaw, was quoted as saying customers are assured a “premium experience” flying with Cathay Pacific. “Through the efficient and passenger friendly Hong Kong hub, the world is now one step closer to our customers in Mindanao,” he said.
Local and international airlines have recently increased flights to and from Davao City.
Philippine Airlines earlier said it is planning to boost flights from Clark to Davao to daily this year. The flag carrier currently flies to six domestic points from Davao.
Cebu Pacific last year opened new domestic routes, such as Davao-Dumaguete, and Davao-Tacloban. — D. A. Valdez

What’s good, Poblacion?


LATELY, Poblacion in Makati City has become one of the hippest and coolest places to see and be seen in. Declared as a heritage zone in 2012, Poblacion has attracted a new surge of enthusiasm from entrepreneurs who were encouraged to put up their spaces in the area. Now Poblacion is dotted with bars, cafés, restaurants, boutique hotels, and is also home to the art space called Pineapple Lab. But there’s more to see and discover in this hip part of town than nightlife, and through the mobile application called “iDiscover Poblacion,” anyone can now explore the little gems that are waiting to be discovered and re-discovered.
Developed by Urban Discovery and Pineapple Lab, a performance and interdisciplinary space that produces the Fringe Manila, and with support from the British Council and Makati City, the free phone app is an interactive walking tour that helps users discover Poblacion’s creative hubs and cultural spots.
“This acts as a beautiful snapshot of the magic in Poblacion. At the rate things are moving, not only are we connecting the dots between our cultural sites, we’re charting a path of Poblacion’s history alongside its economic and artistic growth,” said Jodinand Aguillon, Pineapple Lab’s executive director.
The iDiscover Poblacion app highlights the stories of the places and the people behind them. The curatorial process — done by residents and business owners — has been a genuine community effort that aims to share what makes the place special, and unlock little-known neighborhood secrets by selecting 30 sites that showcase the heart and soul of the Makati City neighborhood.
“It is important that we get to know our local creative hubs and cultural sites as they are key to building a city’s identity and sense of place,” said Malaya del Rosario, head of Arts and Creative Industries of the British Council.
So where will the map bring its users?
The virtual map will lead people to celebrated heritage sites such as Museo ng Makati, which was the city’s first ever municipal hall and has since become an alternative space for arts-related events and performances. Then there’s also the oldest church in Makati City, Saints Peter and Paul Parish Church, which also celebrates the roots of the district’s vibrant past.
Besides heritage landmarks, iDiscover Poblacion also showcases other establishments like KAPWA Studio, which is an artist-run salon and culture shop along P. Burgos St., and COMMUNE, which is a coffee shop and bar that is home to the city’s major improv comedy groups like SPIT and Third World Improv. This corner café at Polaris St. boasts of a full program that ranges from coffee art workshops, bullet journaling courses, and entrepreneurial talks, alongside the performances.
The brainchild of Urban Discovery, a Hong Kong-based social enterprise, the iDiscovery app offers curated neighborhood walks in several Asian cities, showing locals and visitors the spirit of a place through colorful anecdotes, insiders’ secrets, and community activities.
IDiscover Poblacion is available free for download for iOS and Android or one can also download a free map at www.i-discoverasia.com. — Nickky Faustine P. de Guzman

Changi Airport may use facial recognition systems to locate late passengers

SINGAPORE — Ever been delayed on a flight because of straggling fellow passengers?
That might be an annoyance of the past at Singapore’s Changi airport which is testing facial recognition systems that could, in future, help locate lost travelers or those spending a little too much time in the duty-free shops.
Changi Airport, ranked the world’s best for six years straight in a survey by air travel consultancy Skytrax, is looking at how it can use the latest technologies to solve many problems — from cutting taxiing times on the runway to quicker predictions of flight arrivals.
It comes as the island state embarks on a ‘smart nation’ initiative to utilize technology to improve lives, create economic opportunity and build community ties. However, the proposed use of cameras mounted on lampposts that are linked to facial recognition software has raised privacy concerns.
Steve Lee, Changi Airport Group’s chief information officer, told Reuters that the airport’s experiments are not from a “big brother” perspective but solve real problems.
“We have lots of reports of lost passengers… so one possible use case we can think of is, we need to detect and find people who are on the flight. Of course, with permission from the airlines,” said Lee.
Facial recognition technology typically allows users to match the faces of people picked up on cameras with those in databases.
Lee said they have tested technology that could allow for this, and are working with various businesses, adding that they should have some capability to do this in a year’s time.
While he declined to provide names of the firms involved, France’s Idemia, previously known as OT-Morpho, has previously provided some facial recognition technology to Changi.
Chinese firm Yitu, which recently opened its first international office in Singapore, told Reuters it was in discussions with Changi Airport Group. Yitu says its facial recognition platform is capable of identifying more than 1.8 billion faces in less than 3 seconds.
PASSPORT FREE
Changi’s newest terminal, T4, already uses facial recognition technology to offer self-service options at check-in, bag drop, immigration and boarding.
The technology means there are fewer queues and fewer visible airport or security staff.
Luggage is dropped at unmanned booths that take your photo and match it against your passport. You are snapped again at an automated security gate at immigration — a picture that is used to verify your identity at the boarding gate.
Changi is exploring how facial recognition can be implemented in its three older terminals for automated bag drop and immigration.
The airport sees T4 as a test bed for its fifth terminal, which will be up and running in about a decade.
“Today you take passport, you show your face and you show your boarding pass,” said Lee, adding it may, however, be possible to use biometrics instead.
“Then actually in future, you just take your face. You don’t need your passport,” he said.
Other technology trials underway at the airport use sensors to measure when an aircraft pushes back from the gate and when it takes off, data that has improved decision making and shaved about 90 seconds off of aircraft taxiing time per flight during peak hours, said Lee.
Another program uses artificial intelligence that gathers wind, weather and landing direction to learn to better predict flight arrival times.
With such technology, the airport is now able to estimate a flight’s landing time when it’s two hours away having previously only been able to make an accurate estimate 30 minutes to an hour ahead.
Lee said this helps create efficiencies in everything from gate planning to arrival queues.
He said a smart nation strategy begins at a country’s airport. “You can’t say you are a smart nation when you come to the airport and it’s not so smart.” Reuters

French museum’s collection mostly fake, but is it the only one?

VISITORS look at the painting Le clocher de Ria (The bell tower of Ria) at the museum dedicated to French painter Etienne Terrus, in Elne, on April 28. It was a sad inauguration on April 27 for the museum dedicated to Etienne Terrus, in Elne, in the Pyrenees-Orientales, which saw its collection amputated by 60%, when it was found that 82 paintings of 140 were counterfeit. — AFP

ELNE, France — Over decades, the small museum of Elne in southern France built up a collection of works by local painter Etienne Terrus, mostly oil and watercolors of the region’s distinctive landscapes and buildings.
But what was once a source of pride has turned to embarrassment after 60% were found to be fakes, providing a lesson about the dangers of buying art without expert skills and the ubiquity of counterfeit canvases.
“Etienne Terrus was Elne’s great painter. He was part of the community, he was our painter,” lamented mayor Yves Barniol on Friday as he reopened the museum and its exhibition of Terrus paintings — minus the forgeries.
“Knowing that people have visited the museum and seen a collection most of which is fake, that’s bad. It’s a catastrophe for the municipality,” he added.
Terrus (1857-1922) was born and died in Elne near the city of Perpignan where he painted the sun-baked Mediterranean coastline as well as the misty foothills of the Pyrenees mountains and local red-tiled homes.
While once a friend of Henri Matisse, Terrus never reached the heights of fame achieved by his contemporary, but he earned a following in art circles and regionally with his Impressionist- and Fauvist-influenced production.
The Terrus Museum in Elne began collecting his work in the 1990s and went on a spending splurge over the last five years, acquiring 80 new canvases often thanks to local fund-raising drives.
Devastated locals who helped with the effort now regret being so naive, having handed over tens of thousands of euros to local art dealers and private collectors.
Out of 140 works owned by the museum, 82 were judged to be fakes by a panel of experts, causing an estimated loss to the town of €160,000 ($200,000).
A GLOBAL PROBLEM
But art-testing expert Yan Walther says fake art being exhibited publicly is a problem worldwide and the case of Elne, though extreme, is not unique.
“The fact that there are fakes and misattributed works in museum collections is something absolutely clear and nobody with an understanding of the field has any illusions about this,” Walther told AFP.
“There are misattributed works in the Louvre (in Paris) in the National Gallery (in London), all museums in the world, but it is not in a proportion like 60%,” he added.
A state museum in the Belgian city of Ghent was accused of exhibiting fakes in January after it put 26 works supposedly by Russian avant-garde artists such as Kazimir Malevich and Wassily Kandinsky on display.
Many experts questioned how the paintings — the private collection of Russian businessman Igor Toporovski — could have been amassed in secret and the museum had to cancel the show amid a police investigation.
Walther’s company, Swiss-based SGS Art Services, is a world leader in using scientific methods such as X-rays and carbon-dating to help authenticate art works.
SGS mostly tests high-end paintings worth between 50,000 and sometimes tens of millions of euros and Walther says on average a staggering 70-90% are found to be fake or misattributed.
Misattribution can mean, for example, that a painting was produced by the workshop or assistant to an artist.
“When you acquire real estate or a car, there are a certain number of steps everyone would take: a technical assessment, background checks on the seller,” he said.
“For art work, very strangely it is still not in people’s minds. You can buy a an artwork for $2 million and people hardly check anything. But it is starting to change.”
CRUDE FAKES
The fraud in Elne was discovered by local art historian Eric Forcada who said he had seen the problems immediately, with some of the paintings crude counterfeits.
“On one painting, the ink signature was wiped away when I passed my white glove over it,” he said.
In another painting, there was a building that was completed in the 1950s — 30 years after Terrus’s death — while some of the canvases did not match those used by the original painter.
Forcada alerted the region’s top cultural expert and requested a meeting of a panel of experts to confirm his findings.
A police investigation is now set to focus on local art dealers who were the source of many of the paintings.
“The whole of the local art market is rotten, from the unofficial street vendors who pitch to local private collectors up to the art dealers and the auction houses,” Forcada said.
Prior to the scandal, paintings by Terrus could fetch up to €15,000 ($18,200) and drawings and watercolors would sell for up to €2,000, he said. — AFP

MPCALA expects DPWH approval for CTBEx by June

MPCALA Holdings, Inc. anticipates it will secure the original proponent status from the Department of Public Works and Highways (DPWH) for its Cavite-Tagaytay-Batangas Expressway (CTBEx) project by next month.
“As far as we are concerned, [we have completed the] required documents that they needed, the required information. So it’s really up to the DPWH,” MPCALA Holdings President Luigi L. Bautista told reporters Monday.
MPCALA Holdings submitted to DPWH in July 2017 an unsolicited proposal to build a 49-kilometer toll road connecting the Cavite-Laguna Expressway (CALAX) at Silang East Interchange to Tagaytay City and Nasugbu, Batangas.
DPWH initially targeted to release the results of its evaluation of CTBEx in November 2017.
Mr. Bautista said the project cost remains P22.43 billion.
Upon securing the original proponent status from DPWH, it would be submitted to the National Economic and Development Authority (NEDA) for review. Once NEDA approves the project, it will be subjected to a Swiss challenge.
Under a Swiss challenge, other companies are invited to make competing offers, while giving the original proponent the right to match them.
The construction of CTBEx is originally scheduled to begin by mid-2019 and completed by mid-2020.
MPCALA Holdings, which is part of Metro Pacific Investments Corp. (MPIC), is the private concessionaire for the CALAX project.
MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

Critics say India heritage scheme means Taj Mahal privatization

NEW DELHI — Heritage activists Sunday accused the Indian government of trying to privatize historic relics such as the Taj Mahal after it launched a controversial scheme allowing companies to “adopt” dozens of monuments.
Opposition politicians accused Prime Minister Narendra Modi’s government of “leasing out” monuments under the “Adopt a Heritage” plan that will see 95 historic sites taken over by private entities.
India’s tourism ministry on Saturday announced a five-year contract worth 250 million rupees ($3.7 million) with the Dalmia Bharat conglomerate for the iconic 17th century Red Fort in Delhi and another fort in the southern Andhra Pradesh state.
Other monuments on the list include the Taj Mahal — which two conglomerates are competing for — and the 12th century UNESCO-listed Qutub Minar complex in Delhi.
The Red Fort — built by Mughal emperor Shah Jahan in 1639 and also on the UNESCO list — is where India’s prime minister makes an annual independence day speech.
The government says contracts awarded under the program will only cover development, operations, and maintenance of amenities around the Red Fort.
Dalmia Bharat will be allowed to put up some advertising, set ticket prices, and earn money from their sales, under government supervision.
All proceeds must go into improvements of the monument, according to government officials who insist companies will not be allowed to profit from the scheme.
Critics said, however, the auctions were a virtual privatization of the relics.
The opposition Congress Party slammed the program and called for more government funds to run the facilities instead.
“Why should it be leased out? Sad and dark day in our history,” Mamata Banerjee, chief minister of West Bengal state and a vocal Modi critic, said on Twitter.
Delhi-based historian and heritage activist Rana Safvi said it remained unclear how corporate management of these sites will be monitored.
“There is no clarity on how much money corporates will spend on the facilities but they are certainly going to generate more funds from tickets than the contract amount,” she told AFP.
Under the scheme, the companies that will manage the sites will also produce historical guides.
Many monuments on the list are from the era of Muslim rulers, and their history has been a source of controversy for some right-wing Hindu nationalists, including from Modi’s ruling Bharatiya Janata Party (BJP).
They have claimed, for example, that the Taj Mahal was built on a Hindu temple.
“We are not sure which historic sources (the companies) will use in audio-video guides. That remains an area of concern,” Safvi said.
India has nearly 3,700 historic monuments, including 31 UNESCO world heritage sites.
Major historic “monuments are a nation’s crown jewels. They should not be played around with,” historian William Dalrymple said on Twitter. — AFP

Straddling two cultures in Binondo: A Tsinoy Musical

A STORY that hinges on romance, but also tackles dilemmas on self-identity faced by second-generation Chinese who grew up in the Philippines is what one can expect to see in Binondo: A Tsinoy Musical.
At a time when both tensions and rapport between the two countries are at their height, it is a timely and timeless piece on romance, race, and culture which will go on view at The Theatre in Solaire starting on June 29.
The production team behind the musical are creatives who are either Tsinoy themselves or have extensive experience with Chinese culture. The director is Joel Lamangan who has worked on the Mano Po movie series (namely Mano Po 1, 3, 4, 5, and 6). The musical’s producer is Dr. Rebecca Shangkuan Chuaunsu, and she also came up with the story, which went on to be articulated by playwright Ricky Lee, who is also a second-generation Chinese-Filipino.
“It is close to my heart, and in a way it is easier to write because it is my story,” said Mr. Lee whose Chinese parents migrated to the Philippines where he was born and raised.
Mr. Lee worked with Gershom Chua and Eljay Deldoc in writing the play.
“As a second-generation Chinese, we’ve always been asked of our identity. Are we Chinese or are we Filipino? The play hopes to see the positivities of the two cultures and tries to bridge the gap between Chinese and Filipinos,” said Ms. Chuaunsu, who is the president and CEO of Rebecca Chuaunsu Film Production.
Binondo: a Tsinoy Musical tells the story of Lily, a Filipina night club singer who meets Ah Tiong, a Chinese scholar, during a Mid-Autumn festival in Manila’s Chinatown.
Their love story will span two decades (from the pre-martial law era to EDSA People Power) and two countries while exploring themes on political and social turmoil, racial prejudice, family, and romantic love.
The role of Lily will be played by Shiela Valderamma and Carla Guevara-Laforteza alternately, while Ah Tiong will be tackled by Arman Ferrer and David Ezra.
There is also a love triangle when Carlos, a local childhood Chinese friend of Lily, confesses his feelings for her. (The role alternatively played by Floyd Tena and Noel Rayos.)
The play’s composer Von de Guzman said the challenge was to harmonize the elements of Philippine and Chinese music without one overpowering the other.
Douglas Nierras, meanwhile, is the musical’s choreographer.
Also in the cast are Yela Laurel, Ashlee Factor, Ima Castro, Ana Feleo, Jennifer Villegas, Kay Balajadia, Dondin Ong, Russell Magno, Elizabeth Chua, Jim Pebanco, Khalil Kaimo, Ellrica Laguardia, Rhapsody, Tuesday Vargas, Jonel Mojica, Philip Deles, and Ivana Billanueva.
Binondo: A Tsinoy Musical will have performances at Solaire on June 29 and 30, July 1, 6, and 7. — Nickky Faustine P. de Guzman

ATI declares P900-M cash dividend

ASIAN Terminals Inc. (ATI) declared a P900-million cash dividend, equivalent to 45 centavos per share, following a “solid” performance last year.
The company reported a 14.6% increase in revenue to P10.6 billion in 2017 from P9.2 billion the previous year. ATI’s net income surged 31% to P2.5 billion due to robust cash flow from its port business.
“2017 was a significant period of growth for ATI with its Manila South Harbor and Batangas Port handling its highest consolidated container throughput at over 1.3 million TEUs (twenty-foot equivalent units). This represented an 8% volume growth over 2016,” ATI said in a statement.
The port operator said stockholders on record as of May 22 this year will start receiving their dividends on June 18.
“We thank our customers, the Philippine Ports Authority, the Bureau of Customs and other industry partners for all these accomplishments as we look forward to delivering even greater value-added services to port users in the years ahead, in continued partnership with our stakeholders,” ATI Chairman Andrew R. Hoad was quoted as saying in a statement.
ATI recently took delivery of two new ship-to-shore (STS) cranes, which are expected to enhance Manila South Harbor’s capability to handle more ships.
In 2017, Manila South Harbor handled over 1.1 million TEUs, setting a new record volume, nearly 6% up from 2016.
ATI operates the Manila South Harbor, the Port of Batangas, the Batangas Container Terminal, and off-dock yards in Sta. Mesa, Manila and Calamba, Laguna. — D. A. Valdez

Peso may weaken against dollar due to strong US economic data

THE PESO is seen to weaken against the dollar today following likely strong US reports, although this might be tempered by expectations of a rate hike from the local central bank.
On Monday, the peso rose to a near three-month high against the greenback, closing the session at P51.74 following the upgraded credit outlook for the Philippines.
Debt watcher S&P Global Ratings upgraded its credit outlook for the Philippines to “positive” from “stable” last week, hinting on better chances of a rating upgrade.
The Philippines currently holds a “BBB” rating from S&P, a notch above minimum investment grade. The rating was on a “stable” outlook since April 2015 prior to this revision.
Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines (LANDBANK), said the local currency might weaken today following likely upbeat data in the US.
“When trading resumes on Wednesday, the dollar is expected to appreciate, as Philippine investors process all upbeat US economic reports released during the one-day hiatus,” Mr. Dumalagan said in an e-mail on Sunday.
“The appreciation of the dollar due to likely strong US economic data on manufacturing, PCE (personal consumption expenditure) inflation, personal spending, and personal income is expected to persist until Thursday, during which the US Federal Reserve is seen to affirm its hawkish stance on monetary policy.”
However, Mr. Dumalagan said on Monday that the dollar’s upward potential might be capped by continued speculations of a possible rate hike from the Bangko Sentral ng Pilipinas (BSP) following increasingly hawkish hints.
“The market is expecting a hike in the next meeting. We’re seeing the offshore market trying to sell dollar-peso right now,” a trader said on Monday.
By Friday, LANDBANK’s market economist said the peso “might recover” on the back of “upbeat” inflation reports from the Philippines as well as in the Eurozone.
“On Friday or perhaps late Thursday, the dollar is expected to shed some of its initial strength, as likely upbeat inflation reports from the Philippines and Eurozone could support views that the BSP and the ECB (European Central Bank) remain on track to hiking their policy rates this year.”
According to a BusinessWorld poll of 11 economists, headline inflation likely accelerated in April to a 4.5% median forecast, which if realized will be higher than the 4.3% booked in March using 2012 as the base year.
For today, Mr. Dumalagan expects the peso to move within the P51.70-P51.90 range.
Meanwhile, Michael L. Ricafort, economist at Rizal Commercial Banking Corp., sees the peso trading between P51.50 and P51.80.
“[Dollar-peso] exchange rate could range P51.50-P51.80 for the rest of the week, especially if the [Philippine Stock Exchange Index] continues to correct higher (investment gains in both the local stock market and the peso, especially from the point of view of foreign investors),” Mr. Ricafort said in a text message on Tuesday.
Yesterday, the dollar rose 0.1% against a basket of currencies to 91.964.
Markets are also focused on Friday’s April US non-farm payrolls report, which could provide further signs of strength in the world’s biggest economy. — Karl Angelo N. Vidal with Reuters