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Singer Zsa Zsa Padilla marks a major milestone


TO celebrate having spent 35 years in show business, singer Zsa Zsa Padilla is set to stage a concert titled The Best Day of My Life, on May 11. The concert will also be held in celebration of Mother’s Day — which falls on May 13 — and Ms. Padilla’s upcoming birthday on May 28.
“We want to make it special. We feel that 35 years is worth celebrating,” Ms. Padilla said.
Paolo Valenciano, the concert’s director, said at a press conference on April 12 that the show’s repertoire is built around what Ms. Padilla wants to communicate to her fans.
“I just felt that if we could build on the things that she told us (at meetings), I feel that it is something that would communicate and entertain her fans a lot,” he said.
The concert’s repertoire will highlight old hits popularized by the singer.
The multi-awarded singer/songwriter began her career as a member of the “Manila Sound” band Hotdog in the mid-1970s. She then pursued a solo career in 1982.
Ms. Padilla’s notable works include the gold-platinum album Ikaw Lamang (1985), the quadruple platinum album Zsa Zsa (1998), the platinum album Sentiments (1999), and gold album Unchanging Love (2009).
Ms. Padilla will be sharing the stage with her daughters Zia Quizon (her daughter with her long-time partner, the late comedian Rodolfo “Dolphy” Vera Quizon, Sr.) and Karylle Tatlonghari-Yuzon (her daughter with her former husband Modesto Tatlonghari), while long-time industry friends Homer Flores and Noel Ferrer will be working with the singer off-stage as musical director and writer, respectively. The concert’s guests include Sponge Cola vocalist Yael Yuzon and Robin Nievera.
“Not a lot of people get the chance to work with their parents, and not a lot of singers get to sing with their parents. I’d like to consider myself lucky. It’s an interesting experience. In life, I learn a lot from her, seeing how she does it (performing) through example,” Ms. Quizon said of performing with her mother.
Asked about her further plans as a performer, Ms. Padillla said: “At this point in my life, I’m already just looking to celebrate a few milestones, and be more at ease with my career because I’m happier where I am,” she told BusinessWorld.
Zsa Zsa Padilla: The Best Day of My Life, presented by RWM in cooperation with Ultimate Shows, Inc., will be held on May 11, 8 p.m., at the Newport Performing Arts Theater, Resorts World Manila, Newport Blvd., Newport City, Pasay City. Tickets are now available at the RWM box office, ground floor of the Newport Mall in RWM, and all TicketWorld outlets. — Michelle Anne P. Soliman

PLDT starts unloading Rocket stake

PLDT, Inc. has started unloading its shares in German e-commerce investor Rocket Internet AG, as part of its plan to fund its massive capital expenditure program this year.
In a statement, PLDT said its indirect subsidiary PLDT Online Investments Pte. Ltd. has committed sell at least 6.8 million Rocket Internet shares back to the German company. This represents around 67.4% of the Rocket shares held by PLDT Online.
Rocket Internet earlier announced the buyback of up to 15.47 million shares through a public share purchase offer at €24 per share.
PLDT stands to get around €163.2 million or around P10.51 billion from the deal.
“The final number of PLDT Online tendered shares accepted by Rocket will be determined after the offer period which is expected to end on 2nd May 2018. If greater than 15,472,912 Rocket shares are tendered, the Rocket shares to be sold by PLDT Online will be reduced proportionally,” PLDT said in a statement.
In February, PLDT Chairman, President, and CEO Manuel V. Pangilinan said the company may sell its position in Rocket to fund its capex, which is expected to stay above P50 billion for this year.
To recall, PLDT invested €333 million (around $362 million) for a 10% stake in Rocket in August 2014. In October 2014, Rocket Internet went public, which effectively diluted PLDT’s stake, which now stands at 6.1%.
However, the Rocket investment proved disappointing, as its startups recorded heavy losses.
PLDT is set to expand its fixed and mobile networks as part of its five-year P260-billion capital expenditure (capex) program.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
Shares in PLDT were down 2.04% or P30 to close at P1,440 apiece on Monday. — Patrizia Paola C. Marcelo

Beyonce throws Coachella homecoming with Destiny’s Child reunion

INDIO, UNITED STATES — Beyonce returned spectacularly to the stage Saturday with a joyous, homecoming-themed party at the Coachella festival where she delighted fans with a rare reunion of her former trio Destiny’s Child.
Before a sea of some 100,000 people in the southern California desert, the pop superstar headlined the second night of the premier global music festival, ending a year-long hiatus from live music as she gave birth to twins.
Beyonce showed no sign of slowing down after her maternity leave, singing and strutting her stuff with little break for two hours as she led around 100 back-up dancers and musicians.
Her husband, rap mogul Jay-Z, popped up on stage toward the end of her set to join in their song “Deja Vu.” But he turned out to be only a preview of a less routine guest appearance.
With an audio recording of novelist Chimamanda Ngozi Adichie’s essay “We Should All Be Feminists” allowing Beyonce a moment to prepare, she re-emerged being elevated to the stage in an unmistakable silhouette of three figures.
Fellow Destiny’s Child members Kelly Rowland and Michelle Williams joined Beyonce for three of the trio’s songs, including “Say My Name.”
It was their first reunion since Beyonce’s Super Bowl halftime show in 2013. The group propelled Beyonce to stardom but was also beset by internal friction.
On Saturday, Beyonce referred to her bandmates as her “sisters” — and was also joined on stage by her real sister, Solange Knowles.
Beyonce made clear from the start that Coachella was about reuniting, with an announcer starting the show by welcoming guests to her “homecoming.”
A school’s worth of brass and string players played from stadium-style stands as Beyonce entered to a New Orleans-style march. She sported an all-American outfit of tight jean shorts and a collegiate sweatshirt — the Greek letters, of course, starting with “B.”
After revving up the crowd with fireworks and the boisterous “Crazy in Love,” Beyonce offered a take on “Lift Every Voice and Sing,” the unofficial African American national anthem.
Beyonce voiced pride that she was the first black woman to headline Coachella. She is one of the few women to top the bill of any major festival, a sign of lingering male dominance of the music industry.
Coachella takes place over two consecutive weekends with identical lineups.
Next weekend, Beyonce may want to check her shoes — after changing into a racier bodysuit, she appeared to hold herself back at moments for fear of dancing her feet out of her boots.
PROTEST BY BYRNE
While Beyonce went light on the politics, New Wave pioneer David Byrne of Talking Heads fame delivered a forceful statement against racism as he covered Janelle Monae’s protest anthem “Hell You Talmbout.”
Set only to percussion, Byrne updated the song about African Americans fatally shot by police or in other racially charged incidents.
Reciting each name, from Emmett Till who was lynched in 1955 to Stephon Clark who was shot dead by police last month in California’s state capital Sacramento when holding his cell phone, Byrne’s band implored the crowd, “Say his name!”
The track belied the tone of Byrne’s set, which was infused with his signature sly irony. Barefoot in a gray suit, Byrne opened sitting in a school desk and holding a brain, which he serenaded with “Here,” a track about neuroscience off his new album American Utopia.
Byrne, in what he has described as his most ambitious stage project since Talking Heads, designed a strikingly sleek space with chain curtains delineating a clear floor and his 11-piece band, dressed identically to him, all wireless.
Dancing first with mime-like body thrusts, with Byrne throwing his hands forward as if off-kilter on the Talking Heads classic “Same As It Ever Was,” the band took the shape of a campfire party as the sun set on the palm trees behind them.
The band took turns playing solos that showed the scope of Byrne’s global influences, from Latin-inspired bongo drums to a Middle Eastern-tinged whammy bar session on guitar by Byrne himself. — AFP

SSI merges 2 units to improve efficiencies

SSI GROUP, Inc. will be merging two of its wholly owned units to improve operational efficiencies within the company.
In a disclosure to the stock exchange on Monday, the Tantoco-led firm said its board of directors has approved the merger of Luxury Concepts, Inc. and Casual Clothing Retailers, Inc. (CCRI).
CCRI will be the surviving entity after the merger, which will be subjected to the approval of the Securities and Exchange Commission.
“The merger is being undertaken in order to streamline SSI’s corporate structure and is expected to result in increased efficiencies,” the company said.
SSI noted that the merger will not affect the day-to-day operations of both firms.
The listed firm is currently undertaking a rationalization program that seeks to improve the overall sales quality and operating efficiency of its store network.
International luxury brands under SSI’s portfolio include Hermes, Gucci, Salvatore Ferragamo, Givenchy, Jimmy Choo, Michael Kors, Prada, Ralph Lauren, and Kate Spade.
It also distributes clothing brands such as Lacoste, Zara, Old Navy, Gap and Banana Republic.
SSI dropped 70 stores in 2017, ending the year with a total of 638 stores covering 129,486 square meters. It also gave up eight brands during the period, while adding Estee Lauder and Good Eats, for a total of 108 brands in its portfolio, from 114 brands in 2016.
The company also exited the convenience store business last year, selling its stake in Philippine FamilyMart CVS, Inc. to focus on its core specialty retailing business.
The rationalization program allowed SSI to book a net income of P275 million in 2017, 19% higher than the P232 million it generated in 2016, and a reversal of the 71% profit decline it saw in 2016.
Net sales, meanwhile, were flat at P18.5 billion for the period, which the company said it still better than expected with the presence of a highly competitive environment, the weakening peso against the dollar, and the 6.7% decrease in the company’s total selling area.
In addition to brick and mortar stores, SSI also operates six e-commerce websites, amely payless.ph, lacoste.com.ph, beautybar.com.ph, superga.ph, 158db.com.ph, and ssilife.com.ph.
This serves as the company’s response to the impacts of e-commerce on traditional retailers, as shown by recent store closures and bankruptcy filings by major retailers in the United States.
Shares in SSI went down by a centavo or 0.39% to close at P2.58 each at the Philippine Stock Exchange on Monday. — Arra B. Francia

Bon Jovi, Nina Simone enter Rock and Roll Hall of Fame

NEW YORK — Bon Jovi, the Moody Blues, Dire Straits, the Cars, Nina Simone, and Sister Rosetta Tharpe joined music royalty on Saturday as they were inducted into the Rock and Roll Hall of Fame.
Richie Sambora, the original guitarist for arena-packing rockers Bon Jovi reunited with the band for a rousing set at the Public Auditorium in Cleveland that included hits “You Give Love a Bad Name” and “It’s My Life.”
R&B-infused progressive rockers the Moody Blues took the stage to perform “Your Wildest Dreams,” while New Wave pop songwriters the Cars played “Just What I Needed.”
Soul legend Nina Simone and Sister Rosetta Tharpe, the gospel inspiration for early rockers, both of whom were posthumously inducted, and British rockers Dire Straits rounded out the 2018 Hall of Fame class.
The shrine to rock culture surveyed some 1,000 historians and music industry players to select the new inductees.
Bon Jovi, the hard rockers from New Jersey led by namesake Jon Bon Jovi, came out on top in a survey that drew 6.8 million fans, whose preferences were taken into account to give an extra vote to five acts.
With a string of quickly memorable hits such as “Livin’ on a Prayer” and “Wanted Dead or Alive,” Bon Jovi became kings in the 1980s, packing arenas on their exhaustive tours full of pyrotechnics.
Simone, who won induction on her first nomination, was widely considered one of the most influential singers of the 20th century who brought the sensibilities of classical music to gospel and jazz.
Raised in segregated North Carolina, Simone became a passionate advocate for racial equality, with her best-known song perhaps the civil rights anthem “To Be Young, Gifted and Black.” She died in self-exile in France in 2003.
Tharpe, who died in 1973, was chosen for her early influence on rock.
With her confident stage presence and distortion on her guitar, Tharpe took gospel music to new audiences in the 1930s and 1940s, helping set the stage for rock ‘n’ roll after World War II.
Dire Straits, led by Mark Knopfler, emerged from Britain’s so-called pub rock scene of the 1970s, which emphasized blues roots and no-frills musicianship in an era of angry punks and flamboyant glam bands.
In its citation, the Hall of Fame credited the London band with its revival of Americana, saying, “Dire Straits dragged rock kicking and screaming back to its gritty, country roots using beefy guitar licks and bluesy vocals.”
The Cars, led by Ric Ocasek, went in a different direction, bringing the quirky electronic effects of New Wave to classically structured pop songs, generating a string of hits such as “You Might Think,” “Shake It Up,” and “Drive.”
The Moody Blues started in R&B but shifted gears sharply with 1967’s concept album Days of Future Passed. With its incorporation of classical music, the album helped create progressive rock, with its more ambitious structures. — AFP

Xurpas profit plunges 61% to P103M

XURPAS, INC. posted a 61% drop in net income in 2017, amid record revenues that breached the P2-billion mark in the same period.
In a regulatory filing, the listed technology firm said it booked a net income of P102.57 million last year, falling from the P264.84 million recorded in 2016.
The decline in earnings was primarily due to slower revenues from Art of Click Pte. Ltd. (AOC), as the company noted that the unit’s clients were mostly venture-capital funded firms that had no regular full-year advertising campaign.
Xurpas also posted P121.7 million in impairment losses from AOC, coming from bad accounts and “adverse” digital advertising marketing conditions. The firm said it will be implementing a recovery plan that seeks to improve AOC’s client mix in the future.
“Our focus for the year 2018 is to move forward from the setbacks of last year, by strengthening our top-line growth while rebuilding profitability,” Xurpas Chairman and Chief Executive Officer Nico Jose S. Nolledo said in a statement.
Xurpas reported revenues gained 8% to P2.1 billion, the bulk of which came from the mobile consumer services segment. The unit recorded P1.44 billion in revenues in 2017, up 16% year on year.
“The increase was attributed to the growth from the mobile games business and the accretive value of the acquisition of AOC in 2017,” the company said.
Revenues from mobile platform solutions to corporate and government clients, among others, meanwhile, declined by 13% to P566 million for the year.
The company’s other services, which includes those related to its proprietary platform called Flex Benefits System and Ace, recorded an 84% revenue increase for the year. Xurpas explained that these platforms allow employees to convert their employee benefits to other benefits, such as sale of goods.
“We remain committed to building our consumer and HR technology platforms since we believe these hold the keys to our sustained growth,” Mr. Nolledo said.
Xurpas’ HR technologies service currently has a user base of around 68,000 client employees. The company seeks to further grow this segment through its existing platforms, complemented by a new employee communications platform co-developed with its Hong Kong-based HR technologies affiliate MicroBenefits.
Shares in Xurpas gained 11 centavos or 3.23% to close at P3.52 each at the Philippine Stock Exchange on Monday. — Arra B. Francia

Century Properties Group’s profit drops by 11%

CENTURY Properties Group, Inc. (CPG) saw its profit fall by 10.59% in 2017, in line with its diversification into the affordable housing market in recent years.
The Antonio-led property developer reported a P649.9-million net income last year, lower than the P726.9 million it delivered in 2016, according to a regulatory filing on Monday.
“Our financial results came in as an expected consequence of the early stages of our diversification plan. It was, however, a critical strategy to minimize risk and generate growth moving forward,” CPG Director for Investor Relations Kristina Lowella I. Garcia said in a statement.
The listed firm known for its development of high-rise luxury projects ventured into the affordable housing market last year, as it aimed to meet the housing backlog in the country amid a growing middle class.
CPG then partnered with Mitsubishi Corp. for the development of PHirst Park Homes Tanza in Tanza, Cavite, a 26-hectare project offering 3,000 units priced between P1 million to P3 million each. The company expects to complete 420 of these housing units by the end of this year.
This diversification program further allowed the company to enter into leisure and tourism developments and into leasing properties.
“It has been our top priority to drive growth through the diversification of our business. Our strategic decision to invest in allied real estate segments with potential high return opportunities has positioned us well for the coming years,” Ms. Garcia said.
With this, revenues grew by 7.66% to P6.04 billion, following the increase in real estate sales, higher leasing revenues, and property management fees.
Real estate sales accounted for majority of CPG’s revenues, which stood at P5.35 billion, higher by 7.6% year on year.
“The increase in real estate sales is attributable to the increase in selling price of the units among projects and additional projects with recognized revenue in both condominium and affordable projects during the year,” the company said.
The company’s leasing revenues picked up 1.13% to P341.17 million last year. CPG credited the increase to the 96.3% occupancy rate in Century City Mall in 2017, compared to 95.5% in 2016.
CPG expects revenues from leasing units to increase five-fold to P1.5 billion by 2020, as it expands its gross floor area to 302,000 square meters (sq.m.) from the current 133,000 sq.m.
Property management feels likewise rose 16.84% to P353 million, as the company managed additional properties.
CPG said it spent a total of P6.76 billion in capital expenditures last year.
Shares in CPG went down by a centavo or 2% to close at 49 centavos apiece at the stock exchange on Monday. — Arra B. Francia

A fun time was had by all

By Susan Claire Agbayani
Concert
Under the Glow
of the Satellite
featuring <S>andwich
April 13
Metrotent, Metrowalk
Commercial Complex,
Meralco Ave., Pasig City

<S>ANDWICH — the band — may have entered a bit late into what is perhaps the second golden age in the music scene, but that’s fine, as it may have worked to the band’s advantage. Definitely, the members — Myrene Academia, bass; Mike Dizon, drums; Raimund Marasigan, Diego Castillo and Marc Abaya (who was later replaced by Mong Alcaraz), guitarists — have learned many lessons from their respective bands, both previous and current.

The band’s first big hit was “Butterfly Carnival,” made at that time when Mr. Abaya was still the vocalist. Somewhere along the way, Abaya dropped out and Mr. Marasigan — one of the band’s guitarists, and co-vocalist — stepped up and brought the band to even greater heights with hits like “DVDX,” “Betamax,” and “Sugod” among others.
Long-time friends of the band members as well as its fans highly anticipated the band’s 20th anniversary concert, Under the Glow of the Satellite, at the Metrotent of Metrowalk. One of them was Teeth bassist Pedz Narvaja, who also is a childhood friend of Mr. Dizon.
“I’ve known Mike since we were kids and have been band mates (at Teeth) for more than 20 years. Same goes for Diego and the rest of Sandwich, whom I have known since the 1990s. I have made it a point to see them live from time to time, and I was very excited to see what they had planned for their anniversary concert. I’d been looking forward to it since I heard about its inception,” Mr. Narvaja said via Facebook Messenger.
“I was lucky to have been in a very good spot (center stage, near the front; with this writer) when Sandwich dramatically started the show,” said fashion designer and musician Kate Torralba, who has been based in London as a performer for many years now.
Among those who performed as front acts during the concert were She’s Only Sixteen, Ciudad, and Autotelic.
Stereodeal frontman Adrian Arcega, who is also a music video director (Itchyworms’ “Sisikat Muli Ang Araw”), was at Sandwich’s very first gig at the Gonzaga Auditorium of Ateneo in February 1998, and at the anniversary show.
“From the very beginning, it was a good show, with the lights, with the graphics.” said Mr. Arcega of the anniversary concert. Speaking in a mix of Filipino and English he said: “[It’s as though they were saying] this is Sandwich, it’s gonna be an awesome show. I like the fact there was a dual stage setup. People thought it was just a big stage. It turns out that their encore was at… the stage used by the front acts. The audience was closer to the band. Basically you are going back to your roots. And you’re one with the people now.
“I spoke with Direk Juno (Oebanda) after the show. It turned out that that was the idea. It worked. That was so good. Although it was lounder, the sound was clearer at the main stage, compared with small stage at the back,” Mr. Arcega told BusinessWorld at Route 196, a day after the concert.
Couple Ayer and Jane Arguelles left their two children at home for what to them was an ideal “date.”
“Bawat gig nila — Saguijo man ’yan o UP Fair, o mall show — laging 115% as Raimund puts it (Every gig they do, whether at Saguijo or the UP Fair or a mall show, they always give it 115% as Raimund puts it). And that’s one of the things that I love about them. Laging (it is always) performance level par excellence,” Mr. Arguelles — a poet and a Literature professor at De La Salle University — said at Starbucks Metrowalk after the show. Another couple who had a date at the concert were freelance illustrator/graphic designer Cynthia Bauzon-Arre and her husband Arnold.
“The show took me back to 1998/1999. I loved that they played songs from the first two albums (which aren’t on Spotify yet!). It felt nostalgic hearing them again, singing along, and it’s wonderful to see the new generation of musicians and listeners appreciating their music. They have such a distinct sound which is a sum of their experiences; can’t really find anyone that comes close. They’ve evolved yet they remain fresh and relevant!” Ms. Arre remarked via Facebook Messenger.
“Raims (Marasigan) for me, is ever the seducer: when he sings ‘lahat ng hinahanap nyo, lahat ay nandito,’ (everything you are looking for, everything is here) he’s asking me to let go, let loose, and join them in the music, in their intensity, and, yes, joy. Because I always see it in their performances: their joy in playing their music in the stage, with and for the crowd. And when they work their magic on you, you’ll feel this: ‘unti-unting bumibilis, mga kamay namamawis. Nauubusan ng lakas, paano kaya maliligtas?’ (slowly it is getting faster, hands get sweaty, losing strength, how will he be saved?) But [there is] no saving from falling for their spell. At least for me,” Ms. Arguelles, a senior sales manager at Savoy Hotel Manila, added.
The anniversary concert was quite long. But nobody minded. Mr. Arcega noted the diversity of the song choices, how there was a song from every era of Sandwich.
“Arnold and I had fun singing along to fave songs ‘Procrastinator,’ ‘Sunburn,’ ‘Masilungan’; was nostalgic hearing ‘Sakyan’ and ‘Freestyle Analog” and of course, we enjoyed seeing Raym’s stage dive!,” said Ms. Arre.
“I’m (a) superfan of Sandwich. Sandwich doesn’t disappoint; never disappoints,” Mr. Arguelles said.
Perhaps, there’s nothing like affirmation from fellow musicians, and this is what they had to say:

“I must say that they’ve exceeded all my expectations. What I witnessed last April 13 was one for the books. Looking forward to what <S> will come up with next!” remarked Mr. Narvaja.

“That was definitely a dream concert: for the band, the concert director, and the fans. It was emotional, glorious, euphoric. I felt so lucky to be there. So proud of my talented friends!!!” said Ms. Torralba.
Arcega noted that the band performed the concert continuously, and then “’Nung natapos na. Tapos na. Walang big big goodbye. So everybody was saying, whatttt? Tapos na? Kaya sabi ng iba, bitin, (When it ended, it ended. There was no big big goodbye… It’s over? That is why some said it left them hanging),” a sentiment Ms. Arguelles shares.
“Bitin ako sa concert only because I didn’t realize that two hours had already passed. And that it was already an encore when they moved to the ‘underground’ stage for another set,” said Ms. Arguelles.
“Sayang lang (It’s a pity) Marc didn’t guest. That would have been real fun.”
Yeah.

CLI reservation sales hit P2.7B in 1st quarter amid strong demand

CEBU Landmasters, Inc. (CLI) said reservation sales jumped 24% in the first quarter, keeping the property developer on track to hit its P7-billion target this year.
In a statement, CLI said it sold P2.7 billion worth of projects in the Visayas and Mindanao, which represent 38% of the full-year target. This is also the company’s highest quarterly reservation sales.
“This validates that our Visayas and Mindanao expansion has been well-received by the market, and we still see several opportunities to expand in these key VisMin cities,” Jose R. Soberano III, CLI chief executive officer, was quoted as saying in a statement.
CLI attributed the robust sales to demand for its new projects, such as the MesaVirre Garden Residences in Bacolod City. The first building, which offered 294 units, was sold out within a month of its launch. This prompted CLI to launch MesaVirre Garden Residences Building B with 442 units.
The company is bullish on the property sector in the Visayas and Mindanao region, as it plans to launch 20 new projects this year.
CLI said it expects sustained sales this year “as several big-ticket infrastructure projects in the VisMin region will provide growth opportunities for the real estate industry.”
Among these projects include the Mactan Cebu International Airport’s Terminal 2, a third bridge connecting Cebu and Mactan, the Bacolod Economic Highway, and the Mindanao Railway System that will connect Davao del Sur and Davao del Norte with Davao City.
The property firm earlier announced it is allocating P8.8 billion for its capital expenditure program this year. The funds will be used for project development and land acquisitions, as it plans to expand in General Santos City, Butuan City, Ormoc City, and Roxas City.
This year’s capex is almost twice the P4.8 billion the company spent in 2017.
In 2017, CLI’s net income surged 66% to P1.294 billion, as revenues likewise climbed by 66% to P3.929 billion.
Real estate sales accounted for bulk of the company’s revenues at P3.869 billion, which was attributed to the construction and sales of different projects in the Visayas and Mindanao region. This includes Casa Mira Towers Labangon, MesaVerte Residences in Cagayan de Oro, Baseline Center 1 in Cebu City, and Casa Mira South Cebu.
The leasing segment, meanwhile, contributed P45.6 million in 2017, 17% up from P38.87 million year on year.

T-bills partially awarded

THE GOVERNMENT made a partial award of the Treasury bills (T-bill) it planned to raise on Monday as investors flocked to the shorter tenors.
The Bureau of the Treasury borrowed P8.82 billion during yesterday’s auction. The P15-billion offering was oversubscribed, attracting tenders worth P18.29 billion.
Broken down, the government fully awarded P5 billion worth of 91-day T-bills, with bids reaching P11.527 billion. The paper fetched an average yield of 3.493%, up from the 3.346% quoted at last week’s auction.
For the 182-day tenor, only P2.08 billion of the P3.33 billion that banks and financial firms wanted to lend was accepted, below the P4 billion the Treasury intended to borrow. The average yield rose to 3.684% from 3.206% last week.
Meanwhile, the government borrowed only P1.735 billion via the 364-day T-bills as tenders reached about P3.435 billion, below the P6-billion offer. Yields fetched likewise rose for the one-year paper at 3.83% from the 3.434% in the last auction.
At the secondary market before the auction, the three-month papers were quoted at 3.6643%, while the six-month tenor fetched 3.8933%. The yield on the one-year T-bill was at 4.2786%.
Yields on the 91-day and 182-day T-bills rose to 3.417% and 3.9017%, respectively, as trading closed, while the rate of the 364-day papers was unchanged.
After the auction, Deputy Treasurer Erwin D. Sta. Ana told reporters that banks preferred to place their funds in the shorter-dated three-month securities amid uncertainties over the US Federal Reserve’s rate path.
“Our GSEDs (government securities eligible dealers) are favoring the shortest [tenor] on issue. Basically, we think that it’s about the hawkish stance of the Fed,” Mr. Sta. Ana said.
Reuters reported that all US Federal Reserve officials felt that the American economy would firm and that inflation would rise in the coming months, minutes of the March meeting of the Federal Open Market Committee released last Thursday showed.
“I think… the three rate hike cycles are still on the table,” Mr. Sta. Ana said.
Expectations for the Fed to hike its interest rates this year heightened after Boston Fed President Eric S. Rosengen suggested that the central bank could end up hiking its benchmark rates more than three times this year on the back of the robust US economy.
Meanwhile, the deputy treasurer added that geopolitical tensions in the Middle East were also factored in by the market.
Last week, the White House announced that American, British and French military forces struck what is believed to be a chemical weapons facility in Damascus, Syria as a retaliatory response to the suspected chemical attack.
In response, Russia vowed to respond to any attack on its ally, adding that the Syrian military had intercepted 71 of the missiles fired.
“There’s a new development in geopolitical perspective in Syria so market is also factoring that, as well as the inflation picture domestically,” the deputy treasurer said.
Mr. Sta. Ana added that the Treasury can still afford to reject bids since it has a healthy cash position.
“We still sit comfortably with our cash position so I think we have some leeway with respect to the bids submitted by our GSEDs,” he said.
Meanwhile, a trader said the auction result is within the expectations “given the market’s outlook for [faster] inflation.
Inflation has been on a steady ascent for four months, hitting a three-year peak at 4.3% in March under the 2012 base year amid rising fuel prices and higher commodity costs due to the tax reform law.
The trader added that the “market is also trying to adjust to the more frequent auctions of the government for additional supply.”
Starting this month, the Treasury will be holding two auctions per week — one for Treasury bonds and another for T-bills — to reflect increased borrowing requirements for the quarter.
The government is set to borrow P325 billion from the domestic market in the second quarter of the year through auctions of securities.
It plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit, which is capped at 3% of the country’s gross domestic product. — Karl Angelo N. Vidal

What to expect at the new Greenhills mall

GREENHILLS Shopping Center in San Juan City is undergoing a multi-billion redevelopment as it keeps up with the latest global retail trends.
Ortigas & Co. is pouring in P6.3 billion for the new integrated mall, which is expected to open in 2021.
Ortigas Malls General Manager Renee C. Bacani said in a media briefing last week that the new mall is envisioned to be an ultimate shopping destination.
“[It] plays an integral part for the entire Greenhills center. It will serve and position itself as the heart and soul of the community,” Ms. Bacani said.
The new mall will have seven floors with a gross floor area of 100,000 square meters (sq.m.), featuring a retail format that will bring together over 150 global and local lifestyle brands and about 2,000 tiangge stalls.
The popular Greenhills tiangge will occupy five levels of the mall, which will also have different themes for each floor.
Ortigas President Jaime E. Ysmael said in the same briefing that Greenhills will continue its position as an incubator for micro, small and medium enterprises as it retains the tiangge that it is known for.
He said a portion of the mall will be allocated for new entrepreneurs, including students, to showcase their products. This will be done through partnerships with universities.
“We will concentrate them in one section of the mall and make it much more lively, much more modern in terms of ambience, while retaining the old charm of the bargain shopping,” Mr. Ysmael said.
To provide customers with a complete shopping experience, the new mall will open with a budget-friendly food court and an upscale food hall. The mall will also have four prestige and two regular cinemas, and three basement parking levels for up to 1,300 slots.
“We are building on the format that we have now, and making it more attuned to the current trends of global and local retail,” Ms. Bacani said. “The public can expect a new and enhanced overall lifestyle experience in Greenhills with this retail anchor that will feature the biggest names in global and local food and shopping.”
Based on the master plan, the mall includes clinics, gyms, and an activity center for public and big events. It will also feature open spaces and parks that can serve as venues for recreational activities or for the Greenhills night market.
The soon-to-be ultimate shopping destination is designed by global architecture firm CallisonRTKL. The new shopping mall will have a modern design, mostly using glass and steel.
“We provide what the community needs. It’s really into creating and redeveloping a mall into something that they want,” Ms. Bacani said. “It is not the commercial route we’re taking, it’s more of the interaction and social, and for them to stay longer in the mall.”
Mr. Ysmael believes Greenhills has the ingredients for a successful mixed-use development.
“It’s a natural extension of the economic activity which we have within the Ortigas business district,” he added. — Mark Louis F. Ferrolino

Rampage takes box-office lead

LOS ANGELES — Sci-fi action flick Rampage topped North American box offices over the weekend, taking in an estimated $34.5 million to barely beat out horror film A Quiet Place, industry tracker Exhibitor Relations said Sunday. Rampage stars hard-working Dwayne (The Rock) Johnson in a plot perhaps better seen than described: He plays a primatologist who befriends an albino gorilla who grows to enormous size after a rogue experiment and who then teams with Johnson to stop invading monsters. While the three-day take for the new Warner Bros. film was said to be one of the best ever for a video game spin-off, its $120-million budget means the movie “will need to have strong legs to make its money back,” Hollywood Reporter said. Naomie Harris co-stars. A Quiet Place, in its second week, took in a healthy $32.6 million, buoyed by rave reviews. The almost wordless Paramount production stars actor/director John Krasinski and real-life wife Emily Blunt as a couple silently struggling to protect their family from invading aliens who are blind but can track their prey by sound. In third place over the Friday the 13th weekend was yet another horror film, new Universal/Blumhouse release Truth or Dare, which took in $19.1 million — more than five times the movie’s minuscule budget. The supernatural thriller stars Lucy Hale and Tyler Posey as spring breakers caught up in an innocent game that turns deadly. Steven Spielberg’s Ready Player One — a futuristic homage to films of the 1980s — took in an estimated $11.2 million to cling to fourth place in its third week out (its budget was a not-so-minuscule $175 million). The Warner Bros. film tells the story of a teenage gamer (Wade Watts) who finds himself inside an addictive virtual reality world. And in fifth was Blockers, a raunchy comedy from Universal starring John Cena and Leslie Mann, which netted $10.3 million. Rounding out the top 10 were: Black Panther ($5.3 million); Isle of Dogs ($5 million); I Can Only Imagine ($3.8 million); Tyler Perry’s Acrimony ($3.7 million); and, Chappaquiddick ($3 million). — AFP

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