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Managing solvency risk from boom of PHL real estate sector

By Dr. Wei Sun
THE Philippine economy has been experiencing a boom in the real estate sector in the last several years which has contributed to the robust growth of the economy. In the past five years, the real estate sector has contributed about 12 percent to the country’s GDP, and taken up more than 18 percent of bank loans. Not surprisingly, the boom has invited many discussions in the media about risk that it pose to the financial system.
The boom in the real estate sector has been fueled largely by foreign investment. Global manufacturers take space in industrial parks, outsourcing services companies occupy office buildings, and expats demand accommodation close to their work places. In Metro Manila, the Business Process Outsourcing industry takes up 42 percent of the office space over the first three quarters of 2018, and the Philippine Offshore Gaming Operators (POGO) contribute another 25 percent. Developers sell 20 to 40 percent of their condominium units to foreigners according to anecdotal evidence. In the Manila Bay area, where many of the POGO are headquartered, rentals rose by as much as 62 percent in the first half of 2018.
Real estate developers have good reasons to feel happy about this foreign–investment-fueled demand, but that is not without risk going forward. Foreign direct investment (FDI) flows into the country have shown signs of moderating, as their approvals in recent years have slowed down considerably. If this situation continues in the next few years, then it is likely, according to AMRO’s 2018 Annual Consultation Report on the Philippines, that the demand for commercial and residential properties may soften, causing their vacancy rates to rise and prices to fall, ultimately affecting developers’ cash flows and repayment ability.
An AMRO model presented in the same report indicates that the 34 publicly-listed real estate companies in the country currently have an average probability of default, or the likelihood of not paying off their debt obligations, equivalent to an S&P A-rating, which implies an adequate repayment ability. However, if FDI flows were to decline sharply to $1.2 billion in September 2019, a magnitude resembling that during the 2008 global financial crisis, the creditworthiness of the real estate companies will deteriorate to BBB+, along with a credit loss of P2.4 billion, enough to wipe out a quarter of the total asset of a median-sized developer.
Figure 1. Probability of Default (PD) for the Philippine Real Estate Sector under prescribed scenarios
AMRO estimates suggest that the real estate sector will remain resilient even in an adverse scenario, thanks to their currently benign leverage ratios and liquidity positions. However, spots of vulnerabilities do exist. Developers have been borrowing more aggressively over time, and their financial leverage, or total liabilities as a ratio of net assets, has exceeded 1, or doubled the 2010 level. They have been reducing excess cash on the book, as their short-term assets are more than enough to cover their short-term liabilities, but that has not translated into a higher level of profitability, or a productive use of cash.
Uncertainties surrounding the tax reform, trade tensions, and the POGO industry continue to abound, dampening the longer-term prospect of foreign investment and in turn the real estate sector. The ongoing tax reform may invite scrutiny on the competitiveness of the Philippines as an attractive foreign investment destination. Trade tensions and a global growth slow-down may further weigh on the investment momentum in the country. POGO, relying on overseas demand for online gaming, may be subject to disruption if foreign governments begin regulating the players and facilities or even restricting capital flows into this business. More directly, if the large number of foreign workers in POGO and other sectors are prohibited from working in the Philippines, then the residential property market would lose a significant pool of clients.
These potential risks call for vigilance. Real estate developers should find ways to diversify their sources of revenues, while rationalizing their borrowing from the banking system. Supervisors, aside from regularly monitoring and testing bank exposures to the real estate sector, may want to keep an eye on the risks surrounding the foreign demand and factor them in their models.
 
About the author:
Dr. Wei Sun joined the ASEAN+3 Macroeconomic Research Office (AMRO) in June 2018. Currently, she supports AMRO’s efforts in conducting macroeconomic and financial surveillance on several regional economies. She also develops analytical toolkits for monitoring financial sector risks.
She previously worked with the Credit Research Initiative of the National University of Singapore. In that capacity, she managed a credit analytics platform and advised financial institutions, Fintech companies and international organizations to develop their risk assessment frameworks and stress testing capabilities.
She graduated from University of California at Santa Barbara with a Ph.D. in Economics.

Bring a hankie — heartwarming Dumbo movie may also bring tears

LONDON — Bring a hankie to the new movie version of Disney’s flying elephant tale Dumbo because it may be a little dark for some people.
The movie, a live-action remake of the 1941 animated Disney classic, is centered on a circus baby elephant who is ridiculed for having huge ears and, whose mother, like in the original, is forcibly removed.
“That is still very much the launching point for our story,” actor Colin Farrell, who plays the father of two children who adopt Dumbo, told reporters on Thursday at the London premiere of the film.
“They both deal with topics and issues that children and families and grown-ups face in the world every day — loss, grief, guilt, shame, all those things. But at the same time, it’s done in the context of making it accessible to children, and not too much to bear,” Mr. Farrell added.
Danny DeVito, who plays circus owner Max Medici, warned that the film was a tearjerker.
“You look at that baby (elephant) and it’s just… you melt. When you see this movie, bring a Kleenex. But it’s a good movie, it’s funny and happy,” he said.
Dumbo, directed by Tim Burton, arrives in movie theaters worldwide starting Wednesday. — Reuters

Shiptek helps freight forwarders go digital

By Denise A. Valdez, Reporter
A FILIPINO technology solutions firm is helping the logistics industry’s digital shift, not by trying to eliminate traditional freight forwarders, but by incorporating digital technologies in the established systems in containerized shipping.
After the soft launch of its first product XLOG late last year, Shiptek Solutions Corp. said it wants to make the manual labor-oriented industry of logistics more adaptive to 21st century technology.
“What our approach is we want to work with freight forwarders. Instead of competing with them, we want to empower these freight forwarders by allowing traditional freight forwarders to become digital freight forwarders,” Nico Martin R. Gonzales, chief marketing officer of Shiptek, said in an interview on Mar. 13.
Compared to digital forwarders that are using new technologies to challenge traditional competitors, Mr. Gonzales said XLOG offers an end-to-end digital platform as a solution for these traditional firms.
“This is a market that’s constantly growing, and that (digital freight forwarding) business model tries to compete with a market that’s really thriving… We don’t think that these traditional freight forwarders are going to disappear, and we want to help them be ready for this whole digital age,” he said.
He pointed out that traditional freight forwarders have an edge in the industry that no new digital firm can replicate in an instant, such as strong relationships with importers, exporters, and service providers.
“People are looking for more transparency, for flexibility, for speed, for efficiency. The opportunity that digital forwarders saw is that they know the traditional forwarders can’t just become digital overnight… Instead of making them have to worry about creating their own digital platform, we created XLOG,” Mr. Gonzales said.
“Our approach is to partner with these traditional freight forwarders, give them our ready-to-use, plug-and-play platform that they can just sign on to, and all of a sudden they get all the benefits of a digital platform,” he added.
XLOG is an online platform that streamlines the process of interconnecting different players in the containerized cargo shipment aspect of logistics. Mr. Gonzales said this includes truckers, shipping lines, customs brokers and warehouse facilities, which currently operate in silos.
The idea is a product of Shiptek President and Chief Executive Officer Eugenio Ynion, Jr. who has been in the logistics industry for about 26 years.
“It always started with the experience of my dad (Mr. Ynion) as a logistics person for 26 years. He knows the problems, and we sort of started to check out one by one what we can fix through this platform,” Mr. Gonzales said.
Mr. Gonzales said the platform was developed for four years by a team of around 20 Filipino developers. It is envisioned to be a leading platform for freight forwarders all over the world, starting with Singapore later this year.
“There’s nothing wrong with the current way of things being done. Aside from inefficiencies, that is normal, but it works. Freight forwarders work. Importers and exporters are happy to work with traditional freight forwarders. It’s just that now, it’s being slightly disrupted by this whole new trend of using digital to improve efficiency. And that’s what we’re trying to give them,” he said.

Why luxury condo prices continue to soar in PHL

PLANNING to get a luxury condominium anytime soon?
Better snap it up quick, as surging demand for posh digs in central business districts is pushing prices higher and higher.
“Property prices all-time high and you see that from Bonifacio all the way to El Nido [Palawan],” David Leechiu, chief executive officer of Leechiu Property Consultants (LPC) noted during the company’s media briefing in Makati City on March 18.
In general, Mr. Leechiu noted prices for the residential sector have risen 20% to 25% from 12 months ago.
As of first quarter of 2019, residential condominiums are commanding prices as high as P540,000 per square meter (sq.m.) in the case of Horizon Homes at Shangri-La at the Fort in Taguig, and P533,000 per sq.m. for The Estate Makati
Developed by Shang Properties, Horizon Homes is a collection of 98 luxury units within the Shangri-La at the Fort complex. The Estate Makati, on the other hand, is a ultra-luxury residential condo project being built by SM Development Corp. and Federal Land.
Demand for these high-end condos is being driven not just by wealthy Filipinos, but also Chinese buyers and investors, according to Mr. Leechiu.
Broken down, investors account for 35% of the demand, followed by professionals at 30%, overseas Filipino workers (OFW) at 20%, while foreigners at 15% of the demand.
Of the foreign buyers, the Chinese market accounted for 35% of the demand.
“There is a surge in Mainland Chinese buyers in the residential condominium sector and we anticipate for this to continue for the long term especially with rekindled ties between Philippines and China,” LPC said in its report.
Mr. Leechiu also noted that three property developers, namely DMCI Homes, Ayala Land, Inc. and SM Development Corp., have said that a chunk of their residential sales are attributed to Mainland Chinese buyers.
This trend is seen to continue this year pushing prices even higher.
“It will just keep driving prices higher… We anticipate new records to be broken this year and next year,” Mr. Leechiu said.
But he believes the rising prices will not necessarily hurt local buyers.
“Yes, we look at how expensive it is now but remember how many millionaires, billionaires are being created because of China investing here. I know so many people who have been trying to sell their property for year they couldn’t sell, then all of a sudden the Chinese nationals come here, increase the value of the property and all of a sudden they went from very poor to being millionaires overnight,” Mr. Leechiu told BusinessWorld.
Meanwhile, land values also saw an increase during the first quarter of 2019 with the highest rate at Bonifacio Global City at P1.3 million per sq.m.
“This is a direct result of the Philippines opening up to foreign direct investments abroad,” Mr. Leechiu noted during the briefing.
Specifically, the demand is mainly driven by Information Technology and Business Process Management (IT-BPM) companies returning to the Philippines.
According to LPC, the IT-BPM sector accounted for 432,000 sq.m. of the total 1.2 sq.m. office space in 2018, up from 358,000 sq.m. of the 775,000 sq.m. for 2017. As of first quarter of 2019, the IT-BPM companies occupy 102,000 sq.m. of the 187,000 sq.m. available.
In the regions, the sector also accounted for the biggest demand for office space at 78% or 13,000 sq.m. of the 17,000 sq.m. available, which are mostly in Davao (6,000 sq.m.).
“Philippines office supply will grow by 34% in the next five years. The unprecedented level of developments outside of Metro Manila is expected to add 1.23 million sq.m. to its current supply of 2.08 million,” LPC noted in the report.
Although, this growth may be challenged by the delays in Philippines Economic Zone Authority (PEZA) approvals for 387,958 sq.m. of space. IT-BPM firms prefer to open offices in PEZA-accredited buildings to secure incentives.
Currently, there are only 216,000 sq.m. of PEZA accredited spaces in the Metro Manila versus the perceived demand from the IT-BPM companies at 450,000 sq.m.
“PEZA spaces would be more scarce, therefore prices would climb faster. If we are anticipating non-PEZA spaces to grow 15%, maybe they will grow 20% in the PEZA buildings,” Mr. Leechiu said. — Vincent Mariel P. Galang

Sponge Cola launching 6th album with ‘intimate’ one-night concert

ONE OF the most popular rock bands in the country, Sponge Cola, is set to launch its sixth studio album, Sea of Lights, via an intimate one-night concert on March 29, 7 p.m., at the Power Mac Spotlight, Circuit Makati.
The concert will bring to the stage not only the new songs off of the album but also the songs that the 16-year-old band is known for including “Nakapagtataka,” “Bitiw,” “Tuliro,” “Tambay,” “Gemini” and so many more.
“[The term ‘Sea of Lights’] was first coined by Rakista Radio [because] there’s this thing we do when we play live,” the band’s vocalist, Ysmael “Yael” Yuzon, said during a March 18 press conference in Luxent Hotel in Quezon City.
The band — composed of Mr. Yuzon on vocals, Erwin “Armo” Armovit on guitars, Reynaldo “Gosh” Dilay on bass and Ted Mark Cruz on drums — usually asks the audience to turn on their phones’ flashlights and wave while they are performing certain songs like “Jeepney,” which they performed in the 2017 Dinagyang Festival in Iloilo.
“We just claimed the term and made it the title of the album,” he said.
The album is said to “celebrate the sound and musical style” the band is known for while also “experimenting with new sounds into the mix.”
The band has already released some songs from the album: “Phantoms,” “Paliyabin Na Ang Lahat,” “Meron Ba?,” and “Promises (featuring Karylle).”
“The song [“Promises”] was the instrumental [Mr. Armovit] played during my wedding,” Mr. Yuzon said.
Mr. Yuzon married singer Karylle (Ana Karylle Padilla Tatlonghari-Yuzon, the daughter of singer Zsa Zsa Padilla) in 2014.
During the press conference, it was remarked that the band has been in the business for almost two decades and now that another decade is ending, Mr. Yuzon said that this makes him feel nervous playing the concert.
The band was formed in 2003 after Mr. Yuzon and Mr. Dilay met in Ateneo de Manila High School as members of the school’s theater guild, Teatre Baguntao. They initially got their start by playing in high school band competitions and earned modest popularity in other campuses.
They were then joined by Mr. Armovit and drummer Christopher “Chris” Cantada who left the group in 2008 due to health problems. Mr. Cantada then went on to have a successful YouTube career.
Mr. Cruz joined the band as its drummer in 2009.
They wanted to name the group Sponge after Robert Smith Surtees’ 1853 novel, Mr. Sponge’s Sporting Tour but heard of a Detroit-based grunge group already named Sponge so they decided to add “Cola” to their name to make it easy to remember.
The group’s first self-titled EP was released in 2003, which included five original songs including “Jeepney.” The songs, including their cover of Madonna’s “Crazy for You,” helped the band enter the mainstream, getting radio airplay.
Sponge Cola’s first album, Palabas, was released in 2004 and the title was a homage to their roots in theater.
“We just want to create a show people will enjoy. It’s a party with people we’ve been with for so long,” Mr. Yuzon said of the concert.
The intimate concert venue, he said, works in their favor as they will be able to see people even if they’re situated at the back.
“It’s a good venue, even if you’re behind we can see you,” he said, noting that this will lend to more interactions with the audience.
Aside from Sponge Cola, the concert will also feature performance by Leanne & Naara, Gloc-9, Karylle, and I Belong to the Zoo.
The Sponge Cola Sea of Lights concert will be held on March 29, 7 p.m., at the PowerMac Spotlight, Circuit Makati. Ticket cost P2,250 and include a physical copy of the album. Tickets are available via www.smtickets.com. — Zsarlene B. Chua

Cebu Pacific to mount Cebu-Shanghai flights

CEBU PACIFIC said it is offering a new flight linking Cebu to Shanghai in China as it sees growing demand for the route.
In a statement on Monday, the budget carrier said the new service will open on Apr. 15 and will have six weekly flights from Monday to Saturday.
“We want to provide more international connections from other hubs in the Philippines and by connecting our Cebu hub to Shanghai, we offer travelers from the Visayas and Mindanao a compelling and easy option to access another top vacation destination,” Cebu Pacific Vice-President for Marketing Candice Jennifer A. Iyog was quoted as saying.
The Gokongwei-led firm had earlier said it wants to increase the capacity of its Cebu hub by 20% by the end of 2019. It is currently offering direct flights from the city to Hong Kong, Macau, Narita, Incheon and Singapore.
Last year, Cebu Pacific President Lance Y. Gokongwei said the new planes that the carrier is scheduled to receive this year may likely be used for new routes to China, connecting to secondary cities such as Chengdu and Xi An.
The company is expecting to take delivery of six Airbus A321neos, five A320neos and one ATR 72-600 within the year. Cebu Pacific posted a net income of P3.9 billion in 2018, down 50% on high fuel prices and volatile Philippine peso. — Denise A. Valdez

PHirst Park Homes sees strong demand for affordable housing

By Vincent Mariel P. Galang
Reporter
PHIRST PARK Homes, Inc. continues to see robust demand for affordable housing projects, as it recently launched a new community in San Pablo, Laguna.
“The study says right now (demand is) about six million and it’s going to grow. With the pace we’re going now, it’s going to grow to 12 million by 2030,” Ricky M. Celis, president and chief executive officer of PHirst Park Homes, told reporters, citing a study by the Housing and Urban Development Coordinating Council (HUDCC).
The joint venture company of Century Properties Group, Inc. (CPG) and Mitsubishi Corp. launched its third affordable housing community — PHirst Park Homes San Pablo which will have 1,640 units on an 18.5-hectare property.
The first two PHirst Park Homes are located in Tanza, Cavite, and Lipa City, Batangas.
The affordable housing brand generally caters to families with monthly household income of between P40,000 to P100,000. Generally, homeowners are a mix of the locals and families of overseas Filipino worker (OFW).
Mr. Celis said these groups are greatly underserved which is why the company wants to focus on them.
Unit prices range from P1.3-P1.9 million for a 40-square meter (sq.m.) two-storey unit to P2.7-P3.3 million for a 54 sq.m. two-storey single detached unit.
The houses can be expanded depending on the total lot area.
For PHirst Park Homes San Pablo, the community promotes health and fitness through facilities such as monkey bars, cross trainers, domical bars, foot reflexology area, and pull up bars.
There will also be a clubhouse, swimming pool, water play area, playground, outdoor cinema, and a basketball court. There will also be a shuttle that will allow homeowners to go around the community.
PHirst Park Homes San Pablo is located along Maharlika Highway, Brgy. San Ignacio, and can be accessed through South Luzon Expressway via Santo Tomas Exit. It is also just a few minutes away from SM City San Pablo.
HOUSING TARGET
PHirst Park Homes is aiming to launch 15 communities with about 33,000 housing units within five years.
To achieve this, Mr. Celis said the company is set to launch this year two more communities in Laguna and Bulacan, respectively,
He said two to three more communities will also be introduced in 2020.
“The 15 were actually chosen based on the criteria… where do we want to establish projects is where demand is, where people can afford, and where there are opportunities including transport, either existing or there is a planned infrastructure,” Mr. Celis noted.
These infrastructure projects include the Metro Rail Transit (MRT) Line 7 which will connect Metro Manila and Bulacan, as well as the Bulacan International Airport, Philippine National Railway North 2, and the Cavite Laguna Expressway.
Although there are developers are ramping up their projects in the provinces, Mr. Celis said the challenge now is to ensure their projects will stand out.
“It’s a question of how do you stand out… The arena right now is very simple. There is big demand and it’s a question of how do you stand out and stand out on a sustained basis,” he noted.

BTr makes partial award for T-bills

By Melissa Luz T. Lopez, Senior Reporter
THE GOVERNMENT made a partial award for Treasury bills (T-bills) on offer yesterday, rejecting bids for three-month papers as demand shifts towards longer tenors.
The Bureau of the Treasury (BTr) raised P17.455 billion out of the P20 billion programmed for Monday’s T-bills auction as yields saw mixed movements.
The state accepted P3.455 billion out of the P6.605 billion tenders for the 91-day papers, just half the P6 billion which the Treasury wanted to raise this week.
The rejection came as the state had to cap accepted yields at 5.85% after some banks wanted returns as high as 6.1%. As a result, the three-month notes fetched an average rate of 5.787%, barely changed from the 5.786% yield fetched during the March 18 offering.
On the other hand, the bureau was able to maximize their planned fund raising via the 182-day and 364-day papers.
The 182-day IOUs received P11.76 billion worth of bids, which allowed the BTr to raise its P6-billion target this week. It also fetched a lower rate of 5.927%, six basis points (bp) lower than last week’s 5.987% return.
The government also shored up P8 billion from the one-year debt notes, with demand reaching P12.818 billion. The average yield also slid to 6.044% from 6.051% previously.
Deputy Treasurer Erwin D. Sta. Ana said the latest T-bill auction results reflect the shifting market appetite towards longer tenors.
“The demand really is coming now from the long end,” Mr. Sta. Ana told reporters. “[I]t looks like it’s going to follow the inflation trajectory. So the interest rates may behave that way, assuming there are no other shocks that are involved. We may see that following the inflation path.”
Inflation has been on a downward path since hitting a nine-year peak of 6.7% in September and October last year. February’s 3.8% reading also marked the first time in a year when inflation returned to the 2-4% target range set by the Bangko Sentral ng Pilipinas (BSP).
BSP Deputy Governor Diwa C. Guinigundo said last week that the Philippines may be “out of the woods” already in terms of inflation, with the downtrend seen sustained until later this year. However, the central bank chose to stay prudent and kept benchmark interest rates unchanged last Thursday.
The BSP scaled down their inflation forecast to three percent this year from 3.1% previously, which would mean a sharp drop from 2018’s 5.2% average.
Sought for comment, a bond trader said demand for bonds are currently skewed towards tenors longer than five years, amid fears of a global recession which has started to bite financial markets.
“The yield curve of US Treasuries have inverted — that’s a sign of recession. But actually, a recession is good for bonds because they are considered safe haven (investments),” the trader said by phone.
He added that for T-bills, yields will “slowly but surely decline” to track the trend for consumer prices.
Mr. Sta. Ana added that they are due to release the borrowing program for the second quarter “within the week.” He declined to give specific details, but noted that they will “follow the demand” for longer-termed papers.
Delays in enacting the P3.757-trillion national budget — which has been the subject of a Congressional row for three months now — will not affect the BTr’s fund-raising plans just yet.
“We look at the financing requirement in general for the entire whole year. So we assume that requirement will be met so regardless of the timing of the approval of the budget, we would need to operate as if it’s the 2019 funding requirement that we are funding,” Mr. Sta. Ana added.
“Of course, the biggest factor is market conditions so if we see it’s conducive to borrow, we will seize the opportunity.”
The Treasury is looking to borrow P360 billion during the first three months of this year through a mix of short and long-term papers. The state also raised P235.935 billion from the sale of five-year retail Treasury bonds earlier this month, which are meant to support the state’s spending plans for 2019.

In a class all its own

BlazBlue CentralFiction
Nintendo Switch
CONSIDERING that BlazBlue CentralFiction marks the culmination of an overarching narrative spanning three other releases over a full decade, it’s fair to wonder if Arc System Works and Aksys Games jumped the gun by making it the first title in the series to see appearance on the Nintendo Switch. True, the middle of last year saw BlazBlue: Cross Tag Battle hit store shelves and earn a fair share of followers on the hybrid console. Then again, the latter is more an all-star spectacle that features intellectual properties from prominent franchises and makes use of otherwise-foreign premises.
In contrast, BlazBlue CentralFiction is, well, central to the fiction. It picks up from where BlazBlue: Chrono Phantasma left off and provides a satisfying denouement to the story arc introduced in BlazBlue: Calamity Trigger and further fleshed out in BlazBlue: Continuum Shift. All 28 characters from its immediate past predecessor are back, bringing the aggregate number to a whopping 36, and all are afforded deep, compelling backgrounds that add to the series’ lore. On the flip side, the information is a lot to take in, even for gamers bent on understanding the motivations of protagonists and the manner in which they everything is tied together.
Admittedly, newcomers may well find themselves overwhelmed by the sheer volume of information BlazBlue CentralFiction is able to impart. The operative word is, of course, “able,” with gamers given the option to skip through the half-hour-long recap of the Azure Saga via cutscenes and on-screen text. It is satisfying and extremely well presented, to be sure; the anime art style fits the long-running look of the franchise, and the localization of the original Japanese language tracks are spot-on, making even those leaning toward convenience almost forget the absence of English voiceovers in the otherwise-complete Special Edition version for the Switch.
To be sure, it’s a testament to the strength of BlazBlue CentralFiction’s mechanics that it works absent the depth and breadth of the chronicles of Ragna the Bloodedge. Gamers keen on skipping the elaborate, if confusing, sketch are nonetheless rewarded by an extremely balanced roster of characters unmatched in and by any fighting title on the Switch. With each character boasting of unique combo sets unleashed via properly timed button presses, extensive practice becomes essential even for franchise habitues. That said, those not quite prepared or inclined to put in the requisite hours are offered the “Stylish Type,” which allows for the combos to be pulled off with far less effort.
BlazBlue CentralFiction on the Switch packs a wallop, earning its Special Edition badge by including off the bat every single downloadable content and update hitherto released on other platforms. The menu offerings — from Story to Arcade to VS to Score Attack to Speed Star — are plentiful, and provide a bevy of customization options and, where appropriate, online matchmaking and leaderboards. Of particular interest is the Grim of Abyss mode, which has gamers choose a character and guide it through dungeon after dungeon where hordes of enemies and bosses await. Along the way, they benefit from buffs and upgrades by way of Grimoires.
Parenthetically, BlazBlue CentralFiction leans on a rich combat system that rewards aggressiveness and precision in equal measure. The level of complexity is unmatched and certain to please veterans of the genre, with the various tutorials and supplements proving critical to success. Apart from the fighting-game-staple Training option, there is the Challenge mode catering to the mastery of combos, which, when properly chosen and executed, can deal significant damage and become crucial to advancement.
To be sure, BlazBlue CentralFiction is aided in no small measure by its exquisite aesthetics and sounds. The hand-drawn animations jump out of the display, even with the Switch undocked, bursting into gorgeous blends of colors that serve to further highlight the frenetic pace of fights. Meanwhile, the bombastic music complements the activity on screen but makes sure not to drown out the voice tracks. And, yes, the action remains constant throughout; whether at home or on the go, no discernible frame drops or stutters occur, thereby keeping gamers focused on the tasks at hand.
On the whole, BlazBlue CentralFiction earns its $49.99 price tag. Featuring a myriad of goodies off the grid and online, it presents unparalleled depth and fairness; for all the characters on offer, balance is retained and competitiveness is ensured. And given the replay value, it won’t be a surprise to see gamers invest in a pro controller or arcade stick and subsequently get the most out of their experience. It’s in a class all its own as an exhaustive fighter with sweeping role-playing-game elements. Nothing else comes close.
THE GOOD:
• Fleshed out narrative
• Completes the Azure Saga
• Provides extremely balanced gameplay
• Contains all content previously released in other platforms
• Presents myriad online and offline options
THE BAD:
• Storyline can be convoluted and confusing
• No English dub
• No touchscreen options
• Requires investment of time and effort for maximum returns
RATING: 9/10

Bria Homes ramps up expansion

MASS HOUSING developer Bria Homes is ramping up its expansion throughout the country this year.
A subsidiary of Golden Bria Holdings, Inc., Bria Homes has a portfolio of 50 developments in 40 towns and cities, covering over 700 hectares of land.
In Luzon, Bria has projects in the provinces of 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, 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 is present 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).
“Due to very high demand for our projects, we are looking to expand further and remain committed to our long-term mission of addressing the country’s housing problem and helping thousands of Filipino families achieve the dream home that they deserve,” Rizalito “Red” J. Rosales, president and CEO of Bria Homes, said in a statement.
Bria offers house models such as the Elena, a 22 square meter (sq.m.) unit on a 36 sq.m. lot; Bettina, a 44 sq.m. unit on a 36 sq.m. lot; and Alecza, a 36 sq.m. unit on a 81 sq.m. lot.

OSG wants High Court to dismiss PT&T petition

THE Office of the Solicitor General (OSG) asked the Supreme Court (SC) to dismiss the petition of Philippine Telegraph & Telephone Corp. (PT&T) that sought to reverse its disqualification from the third telco selection process and the declaration of Mislatel consortium as the provisional new major player.
In its 38-page comment filed on Jan. 21, Solicitor General Jose C. Calida disputed the argument of PT&T that the New Major Player-Selection Committee (NMP-SC) committed grave abuse of discretion when it declared Mislatel as the provisional new major player, claiming that Mislatel’s congressional franchise had been revoked.
“Based on the Document Verification Report and the Supplemental Document Verification Report submitted to the NMP-SC, the submitted Selection Documents of Mislatel group is found to be complete, valid and duly executed,” Mr. Calida said.
The OSG also cited a Nov. 13, 2018 letter from the House of Representatives committee on legislative franchises, which indicated it had not received any notice that any judicial or quasi-judicial body revoked or canceled Mislatel’s franchise.
Mr. Calida also noted the NMP-SC did not commit grave abuse of discretion when it disqualified PT&T in the selection process since the company failed to submit a certification of technical capability.
The PT&T filed its petition before the High Court on Nov. 12.
The OSG said the petition should be dismissed since PT&T did not exhaust the available administrative remedies and violated the hierarchy of courts.
It said PT&T should have filed a petition with the National Telecommunications Commission en banc when its motion for reconsideration was denied instead of going straight to the SC.
“It is settled that, before a party is allowed to seek the intervention of the courts, it is pre-condition that he avail himself of all administrative remedy within the administrative processes afforded him,” Mr. Calida said.
Mislatel consortium is composed of Mindanao Islamic Telephone Co., Inc., Udenna Corp., Chelsea Logistics Holdings, Corp. and China Telecom Corp. Ltd. — V.M.Villegas

SSS aims to collect P13 billion from OFWs’ mandatory contributions

By Karl Angelo N. Vidal, Reporter
THE SOCIAL SECURITY System (SSS) expects to collect P13 billion during the first two years of the implementation of the mandatory contributions from overseas Filipino workers (OFW).
In a press conference at its main office in Quezon City on Monday, officials said the state pension fund is looking to collect P13 billion worth of contributions from OFWs during the first two years of implementation of the compulsory coverage, which will be implemented starting June.
This is higher than the P6.35 billion collected from OFWs last year under its voluntary program.
Republic Act No. 11199 or the Social Security Act of 2018 was signed by President Rodrigo R. Duterte last month, repealing its charter signed into law in 1997. The amended charter requires the pension fund to provide coverage for land-based and sea-based OFWs.
“In a span of two years, we’re looking at possible four million possible OFWs who will be mandatory covered by the SSS,” SSS Senior Vice-President and Head of International Operations Division Joy A. Villacorta said.
The SSS, along with the Department of Labor and Employment (DoLE) as well as the Department of Foreign Affairs (DFA), will seek to negotiate with various countries to secure bilateral labor agreements that would allow overseas employers to shoulder their share of the OFW’s SSS contribution.
Under the amended charter, 8% of the 12% rate will be shouldered by the employer and 4% by the employee starting in April, from the current 7.37%-3.63% split.
However, land-based OFWs will be covered in the same manner as self-employed individuals for now, meaning that they will have to shoulder both employer’s and employee’s share.
“All land-based OFWs are now covered in the same manner as self-employed individuals. Being considered as such, they will shoulder both. But in the meantime, they may have the option to contribute only at the minimum salary credit of P2,000,” SSS Senior Vice- President and Chief Legal Counsel Voltaire P. Agas said.
“We are trying to negotiate now memorandum of agreement and undertaking with DoLE, particularly the POEA (Philippine Overseas Employment Administration), for the collection of the SSS contribution,” he added.
Meanwhile, sea-based OFWs are already considered covered as the employer’s share are being shouldered already by their manning agencies.
Ms. Villacorta added that the previous bilateral agreements between the SSS and other counties do not cover the new provisions under the amended charter.
“It’s only under the new law that the requirement on negotiating bilateral labor agreements are mandated as an undertaking of DoLE, DFA and SSS,” she said.

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