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Groups set to check Wawa dam viability

By Victor V. Saulon
Sub-Editor
THE AYALA and the Razon groups are set to sign within the week an initial agreement to look into the viability of jointly developing the Wawa dam in Rizal as part of Manila Water Company, Inc.’s new water sources.
“Okay na, I think by Wednesday or Thursday magpipirmahan na ng initial memorandum of understanding to i-proceed nila ang project (It is okay. I think by Wednesday or Thursday they will sign the initial memorandum of understanding to proceed with the project),” Metropolitan Waterworks and Sewerage System (MWSS) Administrator Reynaldo V. Velasco told reporters after a press conference at the agency’s office in Quezon City on Monday.
Mr. Velasco was speaking in his capacity as head of the agency that had pushed the two groups to jointly develop the project. MWSS is tasked to look for new water sources for distribution of Metro Manila’s two water concessionaires.
Separately, Ferdinand M. Dela Cruz, Manila Water president and chief executive officer, said discussions on the Wawa dam project would lead to the formation of a technical working group to study the feasibility of the project.
He said the project would have to secure regulatory approvals.
“Kailangang i-defend ‘yan kay (before) Chief Regulator [Patrick Lester N. Ty],” he said in an interview after the press conference.
Mr. Dela Cruz said the project is among the options being considered by Manila Water for approval by the regulator in fixing the base water rate in 2022, or the end of the fourth rate-rebasing period. Capital expenditure projects of the water concessionaire need the approval of the regulator as these are to be recovered from customers.
He was referring to the new base rate for Manila Water’s concession covering the city’s east zone that ranged from P6.22 to P6.50 per cubic meter from 2018 to 2022. The staggered rate hike will be P1.46 on Oct. 15, 2018; P2.00 on Jan. 1, 2020 and another P2.00 on Jan. 1, 2021; and between P0.76 and P1.04 on Jan. 1, 2022.
“The Wawa dam option is factored in that with certain assumptions,” Mr. Dela Cruz said, citing the water delivery point and the raw water price.
“Siya (Wawa dam) is the upper range,” he added, referring to the P1.04/cu.m. in 2022.
“I think what needs to happen is we have to accelerate that discussion. And there are other options, which Gen. Velasco is proposing.”
KALIWA DAM ALTERNATIVE
At the same time, MWSS has questioned reports that a Japanese firm has revived a plan to build what it claims to be a cheaper and environment-friendly alternative to the Kaliwa dam project being implemented by the state water agency with a Chinese partner.
“The Kaliwa dam is already a done deal,” MWSS’s Mr. Velasco said in a press conference on Monday at the agency’s head office in Quezon City.
“We have already signed the contract,” he said, adding that the awarding of the project was done through proper bidding.
Earlier on Monday, Global Utility Development Corp. Ltd. (GUDC) presented its case in a press conference on Monday in Quezon City with the hope of gaining government support to its project, involving an intake weir along the Kaliwa River in Tanay, Rizal under a 25-year build-operate-transfer scheme.
“… NEDA decided to fund it (Kaliwa dam) through ODA (official development assistance). NEDA is a multi-agency chaired by the President,” he said, referring to the National Economic and Development Authority.
“Wala na ‘yan, approved na nga ng President (That alternative has no chance since the Kaliwa dam project has already been approved by the President). Do you think the President will change his decision? Na-bid na ‘yan, approved by the highest level at the NEDA.”
In December last year, Mr. Velasco said the Philippines and China had signed a loan agreement for the project on Nov. 20. The dam will be built by China Energy Engineering Co. Ltd. starting next year with 2023 as target completion date. The project’s P12.2-billion cost will be funded 85% by China and 15% by MWSS.
Toshikazu Nomura, GUDC chief executive officer, said on Monday his company’s proposal was first presented to the government in 2009 to address Metro Manila’s future water requirement. He claims a memorandum of understanding (MoU) had been inked with the MWSS under then President Gloria Macapagal-Arroyo, who is now House Speaker.
“We propose to build a water source that not only meets the capacities needed by the [MWSS], but also utilizes a long-term, sustainable approach in consideration of communities and livelihoods in the area,” he said.
The revived proposal comes as MWSS is finalizing the required documents before construction starts on Kaliwa dam.
In a hearing at the House of Representatives on Monday, Mr. Velasco said he expects Kaliwa dam’s environmental compliance certificate to be ready by May ahead of a target start of construction in July or August.
The schedule gives Mr. Nomura’s company a narrow window to get the project considered by the government. He declined to say whether legal action is an option as he claims to have a valid MoU with the government.
“Only one [project] has to be considered,” he said, adding that if his company is able to start in June 2019, the weir could be completed within the term of the current administration or by 2022.
Had the project been started in 2009, some areas in Metro Manila would not have experienced the water shortage in the past two weeks, he said.
George B. Campos, GUDC vice-president for business development, said the future requirement of the city calls for only 550 million liters per day (MLD), a need that can be delivered by an intake weir, which shores up water in an area along the river without submerging ancestral lands in water like the proposed Kaliwa dam.
Mr. Campos said the company had submitted its unsolicited proposal to the Office of the President in February. He said the submission was also addressed to MWSS. The two offices had not responded to a request for verification as of late Monday afternoon.
He said with the presentation of its project to the public, the company was hoping to send “very good signals” to the President, prompt him to look closely at the alternative water source, “and give a favorable decision.”
The GUDC officials described a weir as a low head dam that serves as barrier across the horizontal width of a river that alters the flow characteristics of water and results in a change in the height of the river level.
Mr. Nomura said the 7-meter Kaliwa intake weir would be at no cost to the government nor require sovereign guarantees. The facility will require a 16-kilometer tunnel with a diameter of 3.3 meters.
The project cost at a preliminary estimate of $410 million includes the construction of a water treatment plant within the vicinity. In all, the construction period is expected within 36 months. This compares with the cost of Kaliwa dam, or New Centennial Water Source-Kaliwa Dam Project, which GUDC placed at about $800 million for 600 MLD.
Mr. Nomura said he expects Kaliwa dam to cost even more as the expenditure for a water treatment plant has not been factored in.
Mr. Nomura said the GUDC project’s design and plan are more economical and efficient as the height of the intake weir is way below Kaliwa dam’s 73-meter concrete face rockfill. The length of the water diversion tunnel is also shorter than the dam’s 22.5 kilometers with a 4-meter diameter.
He said in the dam and tunnel portion of the project, the intake weir’s cost is 30% cheaper, while 50% cheaper when taken together with the project’s other components such as the water treatment plant.
He also said with the shorter height of the weir, it will not change the natural flow of the Kaliwa River, and will not cause inundation of any residents and natural part in the area.
GUDC is proposing a 100% private finance for its project, including the water treatment plant. The government does not need to bear any financial burden.
COMMITMENTS
Manila Water has committed to improve water supply in Metro Manila’s east zone by the end of the month and targets normalization by end-May.
“They will do their best na mag-increase ng supply ng water for the next one month and they have committed na ‘yung service daw ng water ay magi-improve nitong April at pagdating ng May eh, magno-normalize na,” House Metro Manila Development committee chair Winston T. Castelo of Quezon City’s 2nd district said in an interview, Monday.
The panel was tackling the recent water shortage in Metro Manila after Manila Water suffered a supply deficit due to a decline in the water level of La Mesa Dam and a missed deadline in a major project that was supposed to have increased supply by end-2018.
Manila Water’s Mr. dela Cruz said by end of May, water supply will return to its pre-crisis operation. “End of May, for the same experience as March 5. Pre-crisis po ‘yun. ‘Yun po ‘yung 20 psi (pounds per square inch), 24/7 (service),” he told the panel.
Manila Water also targets further increasing water availability for eight to 12 hours at ground level to 99% of its service coverage by end of March. — with Charmaine A. Tadalan

LT Group profit increases in 2018

LT GROUP, Inc. (LTG) grew its attributable profit by 49% in 2018, as the higher performance of its banking, spirits, and property units offset the weaker year for its tobacco and beverage businesses.
In a statement issued Monday, the holding firm of tycoon Lucio C. Tan, Sr. said net income attributable to the parent reached P16.19 billion last year, compared to P10.83 billion posted in 2017. Revenues also went up by 19% to P75.56 billion.
Fortune Tobacco Corp., the holding firm for LTG’s stake in PMFTC, Inc., accounted for 54% of its income at P8.72 billion. The company noted that volumes in the industry have been declining since the government raised excise taxes on cigarettes.
“PMFTC’s profitability has thus returned to the 2012 level prior to the substantial increase in excise taxes and the massive proliferation of the illicit trade,” LTG said.
Philippine National Bank (PNB) provided 33% of LTG’s net income at P5.47 billion. On a stand-alone basis, the lender’s earnings grew 14% to P9.78 billion thanks to the sale of real and other properties acquired during the period.
Tanduay Distillers, Inc. (TDI) contributed five percent of LTG’s net income at P890 million. On its own, the distilled spirits manufacturer saw its earnings jump by 44% to P909 million, versus the P631 million it delivered in 2017.
TDI also managed to increase its market share to 27.3% by the end of 2018, versus 24.8% in the year before.
LTG’s property unit, Eton Properties Philippines, Inc., generated P479 million or three percent of the parent’s net income.
The property developer booked a net income of P479 million last year, 38% higher year on year, following a 43% uptick in revenues to P3.2 billion. Eton attributed the strong performance to higher leasing revenues and better sales of residential units.
Meanwhile, Asia Brewery, Inc. (ABI) also contributed three percent to LTG’s net income at P421 million. This is 24% lower than the P552 million it posted in 2017.
ABI’s lower net income comes amid a nine percent increase in revenues to P14.13 billion due its packaging, energy drinks, bottled drinks, and soy milk products. It reported that Cobra Energy Drink and Vitamilk Soymilk remained to be market leaders in their categories, while Absolute and Summit bottled water have the second-largest market share.
Victoria’s Milling Company, Inc., where LTG holds a 30.9% stake, accounted for the remaining two percent of the conglomerate’s net income or P247 million.
Shares in LTG jumped 1.75% or 28 centavos to close at P16.28 each at the stock exchange on Monday. — Arra B. Francia

Eagle Cement allots P3.3-B capex for this year

EAGLE CEMENT Corp. has fully commissioned its third production line in Bulacan last December. — EAGLE CEMENT CORP.

By Arra B. Francia, Reporter
EAGLE CEMENT Corp. plans to roll out P3.28 billion in capital expenditures (capex) this year as it continues its expansion program.
In a presentation posted on its website, the listed cement manufacturer said bulk of the capex will be used to finish its fifth mill at P1.5 billion.
About P1.22 billion will be used for maintenance and general capex, while the remaining P565 million will be used to fund a project for the National Grid Corporation of the Philippines (NGCP).
The company said it has fully commissioned its third production line in Bulacan last December, which increased its capacity by two million metric tons (MT) every year. It is currently constructing its Bulacan grinding facility, which will add another 1.5 million MT annually.
The Bulacan plants will bring Eagle Cement’s total annual capacity to 8.6 million metric tons by 2020.
Eagle Cement is also developing its fourth production line in Malabuyoc, Cebu, with an annual capacity of two million MT. The company expects to complete the projects within the first half of 2021.
Earnings of Eagle Cement rose 13% to P4.8 billion in 2018, after net sales also went up by 11% to P16.5 billion. The company noted that earnings before interest, taxation, depreciation, and amortization (EBITDA) went up by nine percent to P6.8 billion, even as the company recorded higher input costs in the second half of the year.
In the fourth quarter alone, the cement manufacturer’s net income stood at P1.3 billion, 36% higher year on year, on the back of a 19% uptick in sales to P4.3 billion. EBITDA for the period also jumped 36% to P1.74 billion.
Eagle Cement President and Chief Executive Officer John Paul L. Ang said he expects their growth momentum to continue, as the company aims to become the leading player in the cement industry in the following years.
Eagle Cement Chairman Ramon S. Ang reportedly submitted a bit earlier this year to buy the local assets of Switzerland-based LafargeHolcim Ltd. to further expand the firm. The group’s Philippine assets are estimated to be valued at about $2.5 billion.
This comes amid reports that Lafarge Holcim is preparing the sale of its Philippine business to further reduce debt by selling non-core assets. The group had earlier sold its Indonesia business as part of a broader strategic review of its Southeast Asia operations.
Shares in Eagle Cement rose 0.64% or 10 centavos to close at P15.80 each at the stock exchange on Monday.

PSE says broker ownership rises to 26.44%

THE Philippine Stock Exchange, Inc. (PSE) has prohibited brokers from buying the company’s shares, after new data showed that broker ownership in the exchange was higher than the limit set by the Securities Regulation Code (SRC).
The bourse operator said in a disclosure Monday that actual broker ownership stood at 26.44% out of 84,997,899 outstanding shares as of Feb. 28. This is higher than the 20% industry limit set by the SRC.
“Upon review of the data submitted by brokers, the certificates revealed that approximately 7.26% of outstanding shares, including 3.38% acquired under PSE’s stock rights offering, were held by brokers’ principal shareholders and related parties in omnibus client accounts,” the PSE said.
The exchange said that since these were not included in broker’s proprietary accounts, they were not accounted for in the broker ownership report it previously submitted.
PSE Chief Operating Officer Roel A. Refran said earlier this year that broker ownership had already been lowered to less than 20%.
Item C of Section 33.2 of the SRC states that “no person may beneficially own or control, directly or indirectly, more than five percent (5%) of the voting rights of the Exchange and no industry or business group may beneficially own or control, directly or indirectly, more than twenty percent (20%) of the voting rights of the Exchange.”
The PSE has implemented a real-time broker ownership monitoring through the trading system last January, as part of its efforts to bring down the industry’s stake in the exchange. The system automatically prevents trading participants from placing a buy order for PSE shares should their accounts exceed the limit.
Bringing down broker ownership was one of the necessary requirements to get the Securities and Exchange Commission’s approval for the PSE’s proposed acquisition of the Philippine Dealing System Holdings Corp. (PDSHC).
The PSE-PDSHC merger, however, is not likely to push through as the state-run Land Bank of the Philippines also intends to purchase the fixed-income exchange with the backing of the Department of Finance. — Arra B. Francia

Tourism boom drives investments in Philippine hospitality sector

By Arra B. Francia
Reporter
THE booming tourism industry in the Philippines is prompting more investments in the hospitality sector, with almost 9,000 rooms in hotels and serviced apartments seen to be completed until 2021.
This is according to real estate consultancy firm JLL Philippines, which noted that homegrown hotel developments such as Seda Hotels by the Ayala group and Hotel 101 by Hotel of Asia, Inc. drove the hotel industry last year.
Most of the hotels to completed in the next three years are located in Parañaque City, including Okada Manila (Phase 2), The Westin Hotel Manila Bayshore, Seda Bay Area, Kingsford Hotel, and Hotel Okura.
There are 2,100 rooms scheduled to be completed in Makati City, namely Aruga by Rockwell (Phase 3), Seda Circuit Makati, Seda Gateway Makati, Mandarin Oriental Manila, Somerset Valero, Somerset Salcedo, and Seda Ayala North Exchange.
A total of 1,600 are set to be finished in Taguig City: Seda Hotel BGC (expansion), Red Planet The Fort, Hotel 101 Fort, Dusit D2 The Fort, and Seda Arca South.
Meanwhile, Pasay City will see the opening of 1,200 rooms within the period, consisting of Ascott-DD Meridian Park, Kabayan Hotel, Hilton Manila City, Hotel Okura Manila, Ritz-Carlton, and Red Planet Entertainment City.
Quezon City will also complete about 1,000 rooms by then, namely Red Planet Quezon Avenue, Red Planet Quezon North Avenue, Canvas Hotel Activa, and Movenpick Hotel & Residences.
JLL Philippines said hotels in the Bay Area are expected to command the highest rates due to the presence of resort-casino complexes, which continue to attract tourists from South Korea and Mainland China. Central business districts are also seen to have high room rates.
The development of more hotels in the country comes alongside the government’s efforts to improve infrastructure, such as the proposed rehabilitation of the Ninoy Aquino International Airport, the expansion of Clark International Airport, as well as the Mactan-Cebu International Airport Terminal 2 expansion.
The National Economic and Development Authority is also assessing the proposed New Manila International Airport in Bulakan, Bulacan.
“Apart from infrastructure, another major tourism endeavour is the continuous rehabilitation of Boracay and Manila Bay led by various national agencies working together to make sure that environmental compliance in tourism destinations all over the Philippines is maintained and monitored,” according to JLL Philippines.
Higher hospitality investments in the Philippines is in line with the growth in hotel transaction volumes in the region, with an estimated growth of 15% to $9.5 billion this year.
“Building on 2018, investment momentum is expected to accelerate as investors look to sell assets and ride the anticipated tourist boom. JLL expects that the most notable buyers in 2019 will be Pan-Asian private equity funds that raised capital last year but have yet to deploy it,” JLL Philippines said.

DICT wants MoU with telcos for towers

THE Department of Information and Communications Technology (DICT) said it wants to partner with telecommunications firms for its common tower initiative through the signing of a memorandum of understanding (MoU) that will also include the National Telecommunications Commission (NTC).
In a statement on Monday, the agency said the MoU will be part of the government’s target of installing 50,000 common towers all over the country over the next seven years.
“In the said MOU, the DICT and NTC will identify sites where common towers are recommended to be built, with a target of 3,000 sites on Year 1 and gradually increasing it to 10,000 sites from Year 5 to Year 7. Telcos will also coordinate with the two parties in the identification of priority sites,” it said.
It also noted the MoU will have provisions that would “avoid tower duplication, as well as connect more missionary areas through a possible government subsidy.”
The DICT is still crafting a revised common tower policy, which is targeted to be released within the month.
“Telcos will be the end-user of these common towers so we fully need their cooperation to improve our overall telecommunication landscape,” DICT Acting Secretary Eliseo M. Rio, Jr. said in the statement.
Smart Communications, Inc.; Globe Telecom, Inc. and incoming third telco Mislatel consortium have all said earlier they are supportive of the common tower initiative of the government.
As of last week, the DICT had signed MoUs with 15 common tower providers, all aiming to receive orders for common towers from the telcos. Their MoUs with the DICT state the government will only help them in securing regulatory permits once they have signed deals with telcos. — Denise A. Valdez

Who’s next? Daltrey, Townshend set for ‘full throttle’ tour, album

LONDON — “I hope I die before I get old,” The Who sang in their 1965 hit “My Generation.”
But more than 50 years on, the veteran rock band’s two surviving original members are set for a new tour named Moving On! and the release of their first album of new music in 13 years.
Singer Roger Daltrey and guitarist/songwriter Pete Townshend, now in their 70s, will take the stage in May as part of The Who’s current six-member lineup and backed by an orchestra to play venues in the United States and Canada as well as London’s Wembley Stadium in July.
After tours of past hits, namely the hugely influential rock operas Tommy and Quadrophenia, Daltrey, who performed with an orchestra last year, said it was time to do something “that reflects where we are in our lives at the moment.”
“We’re old men now… we can’t go out there and pretend it’s going to be anywhere like we were 40, 50 years ago,” he told Reuters in an interview at Wembley.
“Adding the orchestra… can elevate the music into a place where it feels kind of grown up… (but) people mustn’t think just because there’s an orchestra with The Who that it’s going to be watered down. We’ll be playing exactly full throttle like we usually do.”
Emerging in 1960s London, The Who, which included the late drummer Keith Moon and bass player John Entwistle, have sold more than 100 million records worldwide, with hits like “Won’t Get Fooled Again” and “I Can See For Miles.”
“We could never have imagined it (the group’s ongoing success,” Daltrey said.
“I was coming to (Wembley) Stadium today and taking the same journey I used to take every night in the group van… All the memories come back.”
Townshend, the band’s principal songwriter and famed for thrashing his guitar on stage, said he felt “grateful” they could still perform.
“Roger and I are very lucky to be alive,” he said. “We’re lucky to be reasonably healthy. We’re lucky that we can still play the music that we grew up with.”
The Who this year are also planning to release their first album of new music since 2006’s Endless Wire.
“We went through so many different phases so now really the challenge is just writing music which is good music which suits Roger and I,” Townshend said.
“I’m a real, real hard taskmaster when it comes to what I sing and whether, whether it’s a good song or not. And I’ll tell you he’s still got it,” Daltrey said.
The singer has said Moving On! is not a farewell tour, but acknowledged the duo’s advancing years.
“One of them’s gonna be (a farewell tour), we might not make the end of this one,” he joked. “Every time you hit the stage there’s a possibility of game over at our age.” — Reuters

ICTSI mulls turning Hanjin’s Subic property into multipurpose facility

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) is looking at the possible acquisition of Hanjin Heavy Industries and Construction Philippines’ (HHIC-Philippines) assets to turn it into a multipurpose facility.
“Still working, trying to put the team together because we are not just looking at that as a port. We are looking at that as a multipurpose facility — power, steel, ship repair, multipurpose, automotive, crane,” ICTSI Global Corporate Head Christian R. Gonzalez told reporters in Manila on Friday.
However, Mr. Gonzalez noted the port giant is not interested in the shipbuilding business.
“Our intention is not shipbuilding at all. It’s to utilize the site for other critical type of support infrastructure like automotive terminal, steel, power,” he said.
Last month, ICTSI Chairman Enrique K. Razon, Jr. expressed interest in the bankrupt shipbuilder, which has facilities in the Subic Bay Freeport Zone.
“It is a good site from a maritime point of view. The problem is its very bad side from a road infrastructure point of view. The potential is good as a domestic transhipment…definitely not containers. Now that potential grows when we see better infrastructure connecting Hanjin to SCTEX (Subic-Clark-Tarlac Expressway),” Mr. Gonzalez said.
Meanwhile, ICTSI on Monday said it gained the approval of the Philippine Competition Commission (PCC) in its acquisition of new shares in the Manila North Harbor Port, Inc. (MNHPI), which raises its stake in the company to 50%.
Last September, ICTSI announced it signed a share purchase agreement with Harbour Centre Port Terminal, Inc. (HCPTI) to buy 4.55 million shares in MNHPI at P200 each, or a total of P910 million for 15.17% of the firm.
MNHPI is the private concessionaire in charge of the operations, management and maintenance of the North Harbor for 25 years starting November 2009.
Also, the subsidiary of ICTSI in Papua New Guinea said it recently received its order of three hybrid rubber tyred gantries (RTG) for the Port of Lae, which are scheduled for deployment this month.
The RTGs acquired by South Pacific International Container Terminal Ltd. (SPICT) are part of the more than PGK15.6 million (approximately P243.6 million) investment of the company in the terminal.
“We are very proud of this order. It is the result of our commitment to innovation and proven performance around the world, and it will further strengthen our presence in Papua New Guinea,” ICTSI South Pacific Chief Executive Officer Anil Singh said in the statement. — Reicelene Joy N. Ignacio and Denise A. Valdez

From CEO to comedian

ATUL KHATRI was the CEO of his family-run IT business (Kaytek Computer Services Private Limited) but at the age of 43, boredom and a midlife crisis got to him and he started doing stand-up comedy — initially just to tick it off his bucket list, but he found that he had a real knack for comedy, Then, after 25 years in the company, he chucked it all in favor of making people laugh. Before he knew it, he had gone around the world, performing more than 400 shows.
Now he’s coming to Manila for a one-night show on March 23 at the City Club in Makati City.
“You could also call it midlife crisis. I used to post three to four jokes [on Facebook] every day since 2009. My friends found them very funny and original and some of them suggested I try my hand at stand-up comedy. That was also the time that the stand-up comedy scene in India was just starting. It was a New Year resolution of 2012. So I registered for the first open mic of 2012,” Mr. Khatri was quoted as saying in a press release.
He recalled that in preparation to do his first performance, he wrote a set and didn’t tell anyone what he was about to do except his wife and he took her along for insurance just in case his jokes fell flat.
Two years later, Mr. Khatri performed at the Hong Kong International Comedy Festival, where he was the only Indian comedian. He went on to win the grand prize in the 2016 CEO’s Got Talent television show by Freemantle Media (the company behind everything from The Price is Right and Family Feud to American Idol, The X Factor, and America’s Got Talent).
He was also featured in Netflix’s show Comedians of the World where he talked about being married for 25 years, his thoughts on the Koh-i-Noor Diamond being kept in London instead of India, and why immigration officers don’t smile.
In his episode in the Netflix series, he recounted that whenever he is set to visit London, people back home always ask him to steal the Koh-i-Noor diamond — one of the largest cut diamonds in the world at 105.6 carats and part of the British Crown jewels — and that it’s his duty as an Indian to bring it home.
“No, I won’t get it. It’s safe there. We know where it is. Go to the Tower of London, pay £22, take a photo and come back. If the same Koh-i-noor was in India, we wouldn’t know where it would be. Our politicians will cut it and distribute it among themselves,” he says in his comedy spiel.
WILL TELL JOKES FOR BEER
Hosting the show in Manila will be Singaporean comedian Deepak Chandran, while the opening act will be Hong Kong’s Ben Quinlan who himself got started in stand-up comedy after being broke and desperate enough to make three people laugh for free beer.
A regular of the TakeOut Comedy Club in Hong Kong, Mr. Quinlan might have a full-time job in the financial service industry today, but “for free beer he continuously inflicts upon his audiences his experience as a half-Chinese and half-Australian and observations about life in Hong Kong,” according to his profile in the TakeOut Comedy Club website.
Mr. Quinlan gave his first Tedx Talk in 2018 where he talked about his corporate life and comedy life. He also won the 11th International Hong Kong Comedy Competition in 2017.
(Tedx Talks are independently organized events that focus on local voices for local communities unlike Ted Talks which are focused on a more global approach.)
“We have been bringing in great comics for many years and we are gaining a bigger audience as we work on growing the market for people who appreciate intelligent stand-up comics,” said Saira Budhrani, President of Happy Happenings by Prime I Events, who organized the show, in an e-mail interview with BusinessWorld. “These artists have so [many] laughs to share with their real life stories and poking [at] the fun side of the very serious and stressful lives we have.
“2019 is expected to be a busy year for us in the international comedy scene with [all the] exciting concept shows and amazing talents we are lining up,” she added.
Atul Kahtri in Manila will be held on March 23, 8:30 p.m., at the City Club, Makati. Doors open at 6:30 p.m., and the show will offer a full bar and there will be several Indian and non-Indian concessionaires.
Tickets are priced at P2,000 (for VIP) and standard tickets are P1,500. For tickets and other inquiries contact 0920-971-7055 or 0917-570-3057. — ZBC

How banks can speed up processing of home loans

By Vincent Mariel P. Galang
Reporter
GRANTING home loans can be made easier, faster and more secure through digitization.
Praveen Kumar, general manager of ASG Technologies, said getting a loan in the Philippines would take a maximum of 30 days before the proceeds are disbursed, versus the regional average of seven to 20 days.
“Imagine that you are collecting documents, putting it in the system, putting it through individual paperwork, getting it signed. We noticed many banks in the Philippines, actually take 20 to 30 days to disburse a loan because of this process where they are actually physically sending documents, collecting it, etc.,” he told BusinessWorld.
Florida-based ASG has been operating in the Philippines for about 13 years by providing information management and information technology (IT) system management solutions.
In the Philippines, ASG counts seven of the 10 top banks as its clients. This is because of the Bangko Sentral ng Pilipinas’ (BSP) push for digitization, requiring all banks to submit their roadmap for digitization by April.
Mr. Kumar said the delays in loan processing are costing not just the bank, but also the customer.
“If I can disperse a loan quicker it gives more revenue to the bank, it also helps you buy the house quicker. It also helps the seller make money quicker, and all of this is going to help the economy go faster and bigger. This whole process of digitization will help the economy as much as it helps the bank,” he said.
LAGGING IN DIGITIZATION
Companies in the Philippines continue to lag in terms of digitization.
“The maturity levels of certain companies in the Philippines they are a little behind. However, the pace that they are transforming is very quick so they will actually catch up,” Mr. Kumar said.
“Secondly, it’s never wrong to be behind… at least we believe that when you’re behind you learn from the mistakes that others have done… Sometimes, it’s a bonus to be a little behind because you skip a complete generation of stuff which did not add value,” he added.
ASG has introduced the content services platform Mobius that does not only help streamline and speed up the process, but also add more security to personal information.
Through Mobius, documents are scanned and are stored on a platform which can be accessed by only those who are permitted to access it. Also, passing the document from one to another will not require repetitive scanning of a single document, which eats up internal space. Every modification done on a document will also be noted, allowing for transparency.
“Within the region… we have actually cut short this entire process to seven days,” Mr. Kumar said.
“Not only is the solution making sure that there is no tampering of data… but it also ensures privacy maintained within the system so that not everybody has access to everything that is stored in the bank,” he added.

NLEX lowers additional flat rate by P1

NLEX Corp. said it is cutting by P1 the additional toll rate at the North Luzon Expressway (NLEx) open system, which will be implemented starting Wednesday, Mar. 20.
In a statement on Monday, the toll road operator said it will raise flat fees by P9, not the P10 authorized by the Toll Regulatory Board, for the NLEx “open system” covering Balintawak, Karuhatan, Paso de Blas, Mindanao Avenue, Meycauayan and Marilao sections.
The adjusted toll fee for the open system of NLEx will now be P54 from the current P45 for Class 1 vehicles, P136 from P114 for Class 2 vehicles and P164 from P136 for Class 3 vehicles.
NLEX Corp. said the decision is meant to help “cushion the impact of the recently approved toll adjustments.”
For the closed system, or the rates in NLEx based on distance traveled, NLEX Corp. said the additional P0.18 per kilometer in toll fee remains.
The toll adjustments are partly from the first tranche of NLEX Corp.’s periodic toll rate increases as guaranteed by its concession agreement with the government. This accounts for the P4 increase in the open system and P0.18 per kilometer for the closed system.
The open system rate also accounts for the P6 add-on toll for the newly opened NLEX Harbor Link Segment 10, which extends the toll road from Karuhatan, Valenzuela City to C3, Caloocan City.
NLEX Corp. is under Metro Pacific Tollways Corp, the tollways unit of Metro Pacific Investments Corp. (MPIC). MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. 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. — Denise A. Valdez

LV pulls Jackson-themed items from collection

PARIS — French fashion house Louis Vuitton (LV) has pulled Michael Jackson-themed items from its 2019 summer menswear collection following a documentary about alleged child abuse by the late pop star.
The collection was shown in January at the Paris Fashion Week and is due to hit stores in June, but a Louis Vuitton spokeswoman said the Jackson-themed items would not be put up for sale.
Louis Vuitton said that at the time of the event, it was not aware of the Leaving Neverland documentary, in which two adult men say they were befriended by Jackson and abused by him in the early 1990s.

ACCORDING to The Guardian, among the pieces which have been dropped by LV are “a pleated shendyt similar to that worn by Jackson in the ‘Remember the Time’ video; a collection of flag-print pieces inspired by ‘We are the World’; a jumper, hoodie and a shirt and trousers with cartoon figures from ‘The Wiz’ (photo), the 1978 all-black musical version that starred Jackson; a T-shirt printed with an image of the singer’s loafers and socks; and a jacket based on the three-zip red version worn by Jackson in the video for ‘Beat It.’” – REUTERS

“I am aware that in light of this documentary, the show has caused emotional reactions. I strictly condemn any form of child abuse, violence or infringement against any human rights,” Louis Vuitton menswear designer Virgil Abloh said in a statement.
Abloh, an American designer who was hired by Vuitton in March 2018, said his intention for this show had been to refer to Jackson as a pop culture artist.
The documentary has caused a backlash against Jackson’s legacy, as some radio stations stopped playing his music and an episode of The Simpsons cartoon show featuring his voice is being pulled from future broadcasts.
Jackson’s family has called the documentary and news coverage of the accusations a “public lynching” and said he was “100% innocent.”
“We find the allegations in the documentary deeply troubling,” Louis Vuitton CEO Michael Burke said, adding that the firm is fully committed to advocating the cause of child welfare.
Louis Vuitton is the world’s biggest luxury brand, with annual sales of more than €10 billion, and is the biggest revenue driver for its parent company, French luxury goods group LVMH.
The menswear unit is a relatively small part of its business and pulling the Jackson-themed items should not have a major impact on the label. — Reuters

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