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Tawi-Tawi town gets P20 million from PRDP for seaweed project

DAVAO CITY — The Philippine Rural Development Project (PRDP) has allocated about P20 million for the development of the marine industry in a town in the island province of Tawi-Tawi.
PRDP, in a statement last week, said the funds will help set up four post-harvest facilities in Tandubas, a key producer of seaweed and fish products as well as cassava and coconuts.
The facilities are three warehouses with solar driers that will benefit 881 households, and a fish landing that will help 258 members of the village.
Local government officials said they decided to submit a marine-related proposal to the PRDP rather than one involving farming as the seaweed industry is expected to have a more significant impact on the communities.
Tandubas Mayor Hija Rahiema A. Salih said the facilities will help seaweed producers reduce post-harvest losses and improve income.
“We must all be in step with the goals and aspirations we have set in order to contribute to local and national development, not only for ourselves, but also for generations to come,” said Ms. Salih.
Danilo T. Alesna, PRDP deputy project director for Mindanao, noted “the strong leadership of the municipal officials and support from the province of Tawi-tawi.”
Mr. Alesna said the PRDP’s implementing agency, the Department of Agriculture, is also “very much supportive.”
Based on the PRDP guidelines, proposals need to be backed by value chain analysis and a Provincial Commodity Investment Plan. — Carmelito Q. Francisco

Platform firms, online marketplaces biggest competition faced by lenders


By Melissa Luz T. Lopez, Senior Reporter
PLATFORM COMPANIES and online marketplaces are the biggest competition faced by banks, an industry expert from IBM said, noting players need to look beyond banking to keep profits afloat.
Likhit Wagle, IBM’s general manager for Global Banking and Financial Markets for Asia Pacific, said the likes of Alibaba and Lazada stand as the biggest disruptors in financial services as they could potentially box out banks for payments.
“The really significant issue the banking industry is facing is it is going through substantial disruption is mainly due to what I would call the platform companies. It’s not so much the [financial technology firms]…which are engines for innovation,” Mr. Wagle said in an interview with BusinessWorld during his visit to Manila last week.
“The problem though is not fintech but platform companies… If you look at Alibaba and Tencent, they have substantial financial services businesses,” Mr. Wagle added, referring to Chinese tech giants.
Billionaire Jack Ma’s Alibaba Group has rolled out its Alipay platform, with its asset base already bigger than global banks like New York’s Goldman Sachs.
More than seeing financial technology companies as the threat, the industry expert said banks should take the chance to tap their digital solutions and collaborate to innovate banking products.
Still, he stopped short of pushing lenders to acquire fintech firms to plug the gap, saying that they run the risk of obtaining technology which could become “dated” rapidly.
Platform companies are actually the bigger competition for banks, Mr. Wagle said, as he pointed out that e-commerce has been gutting out the need for the services offered by banks as platform firms now offer their own mobile wallets to process payments and shipments.
The edge of these online companies is offering “instant fulfillment” to its customers, particularly as they are able to meet a wide array of needs and services sought by a consumer.
“If you take somebody like Alibaba, when you get up in the morning, you do not turn around and say I want to use my credit card. You get up and you might have to buy a pair of shoes or pay something. What platforms like Alibaba are able to do is satisfy all of those needs in a single platform, including the financial services element,” Mr. Wagle said, noting that this could be a “Kodak moment” for traditional firms.
“If they are able to do that, customers will not come off their platform and onto their bank. This is not just business that’s going to disappear from the banks — this could actually take away all of their business.”
To keep up, banks should consider embracing artificial intelligence to improve cross-selling and offer ancillary products to clients, which can be tailor-fit to the needs of a consumer through data analytics.
Tapping cloud computing and blockchain could also cut by as much as 40% of information technology costs for banks, while also improving security and efficiency.
Mr. Wagle said the Philippines is very much ready to pursue this track given a rapidly-growing economy, wide Internet usage, and a tech-savvy population armed with smartphones.
“It has to happen very fast,” he said, or else the country runs the risk of lagging behind its peers in the region. Digitizing government payments as well as offering a national ID system would boost efforts to bring more transactions online.

Davao designer collaborates with Mindanao’s artisans


By Maya M. Padillo ,Correspondent
DAVAO CITY-based designer first worked with indigenous crafts in 2016, when won the first Stellar Young Designers Competition in 2016, organized by the Davao fashion Design Council (DFDC) and Abreeza Ayala Mall, for gender-bending pieces which featured the embroidery of the T’boli indigenous group.
But it was during a later visit to the home of Bagobo Tagabawa weaver Vivencia Mamites in Bansalan, Davao del Sur, and artisan Bae Arlyne Salazar from the same tribe that he was awakened to the beauty and potential of their crafts.
“It was at that moment I realized the rich culture of Mindanao and the possibilities it gave me with the direction of Philippine fashion,” Mr. Limon said in an interview with BusinessWorld as he launched his first solo trunk show, dubbed NIñOFRANCO’s, at the Marco Polo Hotel Davao.
The show, one of the hotel’s highlights for this year’s Kadayawan sa Davao celebration, featured the artisanal works of various indigenous peoples (IP) such as the Bagobo Tagabawa, T’boli, B’laan, and Tagakaolo.
Members of these groups do the embroidery and beading for Mr. Limon’s clothing line.
“I send the materials to them and dictate the color also. I don’t want to seem like that I am the designer because these are traditional patterns — they (IPs) own it, they are the artisanal designers. I brand myself as ‘creative director,’” he said.
In turn, he considers his contribution to their craft as the mainstreaming of traditional designs into practical, wearable clothes.
“I am leaning more on contemporary ethnic design that is something that can be worn everyday because when you buy directly from them (the artisans), it’s costumes,” he said.
The young designer-entrepreneur said he is also happy knowing that he is helping IPs with their livelihood.
Among those he works with are the Sarangani-based Tagakaolo community headed by Biya Narcisa Galgo Celestino, and the B’laans under the leadership of Rebecca Ayao and Maribeth Ditan.
“We also got to experience the Gaginaway Festival in Malita, Davao Occidental and we met the Tagakaolo artisans Ma’am Lita Labis and Imelda,” he said.
“This artisanal journey made me learn the importance of proper education on how to appropriate our culture on contemporary design. It is important to know the story of these ethno-linguistic groups in order to sync with your own artistic touch, in turn creating a successful collaboration,” said Mr. Limon, a graduate of the Philippine Women’s College in Davao.
His brand NIñOFRANCO accepts made-to-order requests and these designs are not replicated.
He said he is proud that his collection has been noticed by showbiz folk such as Marian Rivera and Boy Abunda, as well as Tourism Secretary Bernadette Romulo-Puyat.
The NIñOFRANCO line is among those featured at the Marco Polo Davao’s 4th Fashion and Fusion show at the hotel’s lobby, alongside the accessories of Maan Chua, photography and visual arts of Jowe Posadas, floral arrangements from Happy Succulents, fixtures from T’nalak Homes, and the antique collection of architect Jose Racho.
As part of the fashion show, Philippine Eagle stuffed toys dressed in limited NIñOFRANCO Tangkulo-inspired scarves were auctioned off. The proceeds from the auction will go to the Philippine Eagle Foundation, which is supported by the Wharf Hotels together with the Marco Polo Hotels and Niccolo Hotels through various fund-raising projects and other initiatives.

PLDT, Smart on track to meet data service targets

PLDT, Inc. and wireless subsidiary Smart Communications, Inc. said the group is on track to meet its 2018 targets for the expansion of fixed and wireless networks in the country.
In a statement over the weekend, the telecommunications giant said it has already put up 12,600 Long-Term Evolution (LTE) base stations all over the Philippines and has reached 1.86 million ports for its fiber-power fixed broadband network.
PLDT is targeting to deliver high-speed wireless data services to over 90% of the country, and to increase its fixed broadband network capacity to 2.2 million ports — both by end-2018.
“As of end-June, Smart has installed more than 3,900 LTE base stations, increasing the total count by 45% to over 12,600, and enabling Smart to improve its Long Term Evolution (LTE) coverage, as well as to activate LTE-Advanced (LTE-A), which offers even higher data speeds and capacity,” it said.
It added the same period also saw the company expand to 5.07 million homes the coverage of its fiber-power fixed broadband network, “(boosting) its capacity to 1.86 million ports, nearing its full-year target of 2.2 million ports.”
The company said the roll-out of its fiber optic transmission and distribution network was instrumental in the expansion of its fixed and wireless networks. In the six-month period, PLDT said its fiber footprint has increased to 204,000 kilometers after mounting more than 29,000 kilometers of fiber cable.
“These expansion projects greatly enhance Smart’s mobile network by providing high-capacity fiber connections for LTE base stations,” it said.
The company noted the continuous expansion of its data business is the main driver of its revenues during the first half of the year, growing 4% to P82.2 billion.
“Moving forward, our task is to accelerate our digital pivot by pursuing whenever possible converged digital initiatives across our business segments — Home, Individual Wireless, and Enterprise,” PLDT Chief Revenue Officer Ernesto R. Alberto said in the statement.
PLDT said P31.5 billion of the company’s P58-billion capex for 2018 is allotted for the wireless network, while P26.5 billion is set for the fixed line network.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

US seed sellers push for limits on Monsanto, BASF weed killer

CHICAGO — America’s two biggest independent seed sellers, Beck’s Hybrids and Stine Seed, told Reuters they are pushing US environmental regulators to bar farmers from spraying dicamba weed killer during upcoming summers in a potential blow to Bayer AG’s Monsanto Co.
Limiting spraying of the chemical to the spring season, before crops are planted, would prevent farmers from using the herbicide on dicamba-resistant soybeans that Monsanto engineered. The seeds are sold by companies including Beck’s and Stine.
Last summer, after farmers planted Monsanto’s dicamba-resistant soy seeds en masse, the herbicide drifted onto nearby farms and damaged an estimated 3.6 million acres of non-resistant soybeans, or 4% of all US plantings.
Problems have not gone away. As of July 15, the University of Missouri estimated that more than a million acres of non-resistant soybeans were hurt by dicamba. Homeowners who live near farms have also complained of damage to their trees and flowers.
The US Environmental Protection Agency (EPA) is now weighing such complaints as part of a high-stakes decision on the herbicide’s future.
Bayer bought Monsanto and its portfolio of dicamba-resistant Xtend brand soy seeds for $63 billion this year in a deal that created the world’s largest seed and pesticides maker.
St. Louis-based Monsanto sells dicamba herbicide, along with rivals BASF SE and DowDuPont, Inc. Monsanto and BASF said farmers need dicamba to kill tough weeds and that the chemical can be used safely. DowDuPont declined to comment.
Monsanto is banking on Xtend soybean seeds to dominate soy production in the United States, the world’s biggest producer. They are seen as a replacement for the company’s Roundup Ready line of seeds, engineered to tolerate the weed killer glyphosate, which has lost effectiveness as weeds develop their own tolerance to the chemical.
EPA approval for dicamba to be sprayed on resistant crops expires this autumn. The agency could extend its approval, with or without new restrictions on use, or take dicamba off the market. Seed companies expect a decision in the coming weeks.
Most complaints about dicamba drifting would stop if the EPA restricted its use to killing weeds in fields before crops are planted, Beck’s Hybrids told the agency in a July 27 letter seen by Reuters.
“Anybody that sprays it, you have issues with the volatilization,” CEO Sonny Beck said in an interview on Wednesday, referring to the chemical vaporizing and drifting.
Though his company profited from selling more than a million bags of Xtend soybean seeds this year, Beck said he worried that continued problems with the chemical could give the agriculture sector a bad reputation among consumers. — Reuters

Peso likely to strengthen

THE PESO will likely strengthen on Monday, with the dollar seen to depreciate as risk appetite improves following positive developments in the trade relations between the United States and China.
The local unit closed at P53.425 versus the greenback on Friday, a tad stronger than the P53.44-per-dollar finish on Thursday, as the announcement of trade talks between US and China encouraged some risk-on sentiment in the market.
Week on week, the peso declined from its P53.135-per-dollar finish on Aug. 10.
Guian Angelo S. Dumalagan, Land Bank of the Philippines market economist, said the dollar could trim some of its gains on Monday.
“The dollar may initially depreciate on Monday following news last week that the US and China are intent to settle disagreements over trade before planned meetings in November 2018,” Mr. Dumalagan said in an e-mail on Saturday.
Reuters reported on Friday that Beijing and Washington will hold lower-level talks this month, offering hope of a possible resolution to the escalating trade war.
The talks in Washington will take place on Aug. 21-22, just before new tariffs on Chinese goods as well as retaliatory levies on US products take effect.
This will pave the way for a bilateral talk between Chinese President Xi Jinping and his US counterpart Donald J. Trump in the G20 Summit in Argentina in November.
“The improvement in risk appetite as a result of this positive development may reduce the dollar’s appeal, reinforcing the impact of last Friday’s weaker-than-expected US consumer sentiment,” Mr. Dumalagan said.
He added that the dollar’s decline might be tempered by “lingering concerns about the Turkish lira.”
Last week, Mr. Trump threatened to impose more sanctions on Turkey if Ankara does not release Andrew Brunson, a pastor accused of participating in a failed coup two years ago.
“We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!” Mr. Trump said in a tweet early Friday.
“I’m looking at how the trade negotiations between US and China if something starts…” UnionBank of the Philippines chief economist Ruben Carlo O. Asuncion said in a text message on Friday.
He added that the peso might move sideways today ahead of the non-working holiday on Tuesday.
Local financial markets are closed on Tuesday in observance of Ninoy Aquino Day and Eid al-Adha.
For Monday, Mr. Asuncion said the peso will move between P53.20 and P53.50 versus the dollar, while a foreign exchange trader gave a P53.25-P53.45 range.
On the other hand, Mr. Dumalagan expects the pair to trade between P52.80 and P53.60 this week. — Karl Angelo N. Vidal

Kadayawan’s beauty pageant focuses on Davao City’s ethno-linguistic groups

DAVAO CITY — What would a Philippine festival, or even a small-town fiesta, be without a beauty pageant?
Davao’s version is the Hiyas ng Kadayawan, which features 11 candidates, each representing the different Mindanao ethno-linguistic groups present in the city — the Ata, Bagobo Klata, Bagobo Tagabawa, Iranun, Kagan, Maguindanawon, Maranao, Matigsalug, Obu Manuvu, Sama, and Tausug.
Instead of the typical casual-swimwear-gown runway show, the Hiyas contestants don their colorful traditional clothing, complete with headpiece and other accessories.
The usual “talent portion” has also been tweaked into a cultural presentation, where the women lead a show of their respective arts and values.
This year, the coronation ceremony was moved to the start of the main week of the month-long Kadayawan festival so that the winners can grace the major events wearing their crowns.
“This year’s Hiyas ng Kadayawan crown is grander and more functional,” said Dan Salvaña, Jr., Hiyas ng Kadayawan events director.
City Tourism Operations Office (CTOO) Head Gene Rose D. Tecson said the crown — designed by Tres Roldan Cartera who was inspires by the waling-waling (vanda sanderiana) orchid, an icon of the festival — has evolved from being big and heavy into something “simpler but more elegant.”
Nes-Ann Naraga of the Kagan tribe was crowned Hiyas ng Kadayawan 2018, while Maranao Sittie Aisha Salim is Hiyas sa Panaghiusa, and Bagobo Klata Karen Joy Dowing is Hiyas sa Kalambuan.
At the celebration’s opening held at the tribal village in Magsaysay Park, Festival Director Renato Gatchalian, Jr. stressed that the Kadayawan is “a thanksgiving for nature’s gifts, bountiful harvest, and the essence of this festival is celebrating unity in diversity, paying respect to our 11 tribes of Davao.” — Maya M. Padillo and Carmencita A. Carillo

Maynilad spends P14B for wastewater projects

MAYNILAD Water Services, Inc. allocated P1.7 billion for wastewater projects this year.

MAYNILAD WATER SERVICES, Inc. said it has spent nearly P14 billion to expand its sewerage coverage in its west zone concession area since it was re-privatized in 2007, allowing a wider reach despite hurdles.
“It is a challenge for us to facilitate the completion of wastewater projects, given the impact to traffic of laying new conveyance systems. Nonetheless, these projects are important so we can catch harmful effluents before discharge to the environment,” said Maynilad President and Chief Executive Officer Ramoncito S. Fernandez in a statement on Sunday.
“We need the support of local government and the communities to accelerate sewerage coverage expansion,” he added.
Maynilad’s investment went into building 15 new sewage treatment plants (STPs), a sewage and septage treatment plant, and a septage treatment plant. It was also used to rehabilitate existing wastewater facilities, acquire new vacuum trucks for septic tank cleaning, and install 27.5-kilometers of new sewer lines.
It now operates 17 STPs, two sewage and septage treatment plants, and one septage treatment plant with a combined treatment capacity of an estimated 542,000 cubic meters of wastewater daily.
For 2018, Maynilad has set aside almost P1.7 billion for wastewater projects to maintain the reliability of the wastewater network and sustain operations.
Antonio F. Garcia, Maynilad head of wasterwater management, said when the new management took over the west concession, sewerage coverage was only 6% while only two STPs were operating.
“We have since expanded coverage to 16% as of June 2018. Much still needs to be done, and we are doing our best to facilitate completion of our sewerage projects despite right-of-way conflicts, permit issuance delays, and lot acquisition issues.”
Maynilad, which aims to attain 100% sewerage coverage by the end of the concession period in 2037, is building additional STPs Pasay, Parañaque, Valenzuela, Cavite City, and Tunasan and Cupang in Muntinlupa. It will be able to increase sewerage coverage in the west zone to 26% once these projects are completed in 2020.
Areas that are not connected to Maynilad’s sewer network are being provided septic tank cleaning services.
Metro Pacific Investments Corp., which has majority stake in Maynilad, is one of three 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 interest in BusinessWorld through the Philippine Star Group, which it controls. — Victor V. Saulon

PhilMech hoping to bring improved palay dryer to market

THE Philippine Center for Postharvest Development and Mechanization (PhilMech) expects to commercialize its Fluidized Bed Dryer mainly for rice farmers within the year.
In a statement sent over the weekend, PhilMech Executive Director Baldwin G. Jallorina said that the center has managed to increase the dryer’s capacity to one ton of palay per batch from 500 kilograms previously.
“PhilMech researchers and scientists have vastly improved on the Fluidized Bed Dryer prototype that the agency developed in 2015. From the latter part of this year, PhilMech will take steps to commercialize the technology,” he added.
The agency will be selecting farm machinery fabricators to manufacture the dryer, thereby promoting domestically-made farm equipment.
Aside from processing palay (unmilled rice) the Fluidized Bed Dryer can also be used in food processing, chemicals, pharmaceuticals, dairy production, and by the metal and dye industries.
“[T]he local farm machinery industry […] has the potential to employ more people especially in the rural areas, not only in the actual manufacture of the machines but also in the provision of after-sales or maintenance services,” Mr. Jallorina said.
With the commercialization of the dryer, PHilMech expects better-quality rice, especially during the rainy season when smaller farmers who resort to sun drying are at a disadvantage.
The center said rice yields drop to around 50% to 60% if palay is improperly dried.
Access to a dryer means farmers will not need to sell their palay at a lower price to traders who have drying facilities, Mr. Jallorina said. — Anna Gabriela A. Mogato

Happy Skin collaborates with actress Kathryn Bernardo on cosmetics line


FOUR LEVELS of SM Mega Fashion Hall were brimming with fans on Aug. 18 as Happy Skin launched its new line of cosmetics in collaboration with actress Kathryn Bernardo.
The young actress, known best for her romantic pairing in movies and TV with fellow actor Daniel Padilla, worked with Happy Skin on a collection of lipsticks, cheek tints, rouge, mascara, an eyebrow pen, and pressed powder. The line was pre-sold on the brand’s website in anticipation of the launch, where fans greedily snapped up items in the hopes of winning a meet-and-greet with Ms. Bernardo that Saturday.
The collection — mostly safe nudes and dainty pinks — also have some skincare properties, as is the brand’s ethos: some items come infused with sunflower oil, green tea extract, and hops flower extract, all claiming to nourish the skin, or promote healthy brows and lashes.
According to Happy Skin co-founder Rissa Mananquil-Trillo, Ms. Bernardo’s family liked using Happy Skin, and Ms. Bernardo was happy with the brand since she has sensitive skin which would react to harsh foundations and eyeshadows. “She chose every item in the collection, because she didn’t want to include anything that she wouldn’t use,” said Ms. Mananquil- Trillo.
The six-piece Generation Happy Skin collection features simpler packaging and more straightforward product names than the regular Happy Skin Cosmetics. According to a press release, Ms. Bernardo was “highly involved when it came to deciding on the collection’s pastel color palette, and personally wanted the shade names — like Freedom, Courage, and Love — to inspire others to stay true to who they are.”
“Personally, I like being simple. I like doing my makeup, but I don’t like changing my face,” Ms. Bernardo was quoted as saying in the release. “That’s why I want my fans to learn how to also feel and look beautiful without looking too made up.”
“Everyone we collaborate with, it’s important to me that the people we work with [are] not just a pretty face,” Ms. Mananquil-Trillo told BusinessWorld.
The brand has also had collaborations with celebrities Heart Evangelista, Kris Aquino, Liz Uy, and Colleen Garcia.
“It introduces Happy Skin to the people they speak to; the kind of women they speak to,” she said. “They all represent different things that the women they speak to resonate with.”
Ms. Bernardo “always stood out because she has remained authentic even in an era when so many tried to be out of the box just to be different,” said Ms. Mananquil- Trillo. “She has stood out because she has remained constant in her simplicity.”
Ms. Bernardo, onstage said, talking about the several makeup trends and looks she has tried throughout the years. “Mas bagay sa akin iyong nakikita ko pa rin kung sino talaga ako (The look that suits me is the one where I can still see who I really am).”
THE PRODUCTS
Ms. Bernardo, who is described in the press release as a “proud morena” (brown-skinned)was said to have wanted Generation Happy Skin to flatter a wide range of skin tones. “Problem ko before was to find the perfect makeup for me, because I’m morena,” she was quoted as saying. “I’m very proud that with this collaboration with Happy Skin is perfect for different skin tones, including morena girls.”
All the products in the line are priced below P500.
The products are:
• the Stay Fresh Weightless Pressed Powder (P499) in Light Beige, Medium Beige, and Natural Beige (Ms. Bernardo wears Medium Beige);
• My Lips But Better Ultra Matte Lippie (P399) which comes in five shades (the actress’ favorite shade is the peachy Spunk);
• Kiss & Bloom Water Lip & Cheek Tint in four shades (P299)
• Instant Glow Longwear Powder Blush (P399) which comes in two shades;
• Extra Drama Volumizing Mascara (P499); and,
• Perfect Brows Long-Lasting Liquid Pen (P399) which comes in a universal brown and has a sweat-proof formula. — Joseph L. Garcia

Rural bank, thrift bank ordered shut

THE CENTRAL BANK shut down two small lenders last week in keeping with its mandate of policing the financial system to “weed out” weak players.
The Bangko Sentral ng Pilipinas (BSP) decided to shut down the Rural Bank of Luna (Apayao), Inc. and the Malasiqui Progressive Savings and Loan Bank, Inc. last Thursday, bringing the number of shuttered banks this year to 10.
The Monetary Board ordered the bank closures in separate resolutions issued on Aug. 16. The Philippine Deposit Insurance Corp. (PDIC) stepped in as receiver of these banks last Friday.
The Rural Bank of Luna runs five branches across Cagayan province and holds P213.13 million deposits across 10,090 accounts as of June 30. Of the amount, P185.06 million of deposits are insured, according to PDIC data.
On the other hand, the Malasiqui Progressive Savings and Loan Bank is a single-unit thrift lender from Pangasinan. Total deposits amount to P73.5 million held under 1,064 accounts as of end-June. Around P67.5 million is covered by deposit insurance.
The central bank has the authority to shut down banks which are found unfit to remain in business. Meanwhile, the PDIC’s takeover paves the way for the state-run insurer to acquire the bank’s assets and pay liabilities to depositors.
Bank deposits are insured up to P500,000 per depositor, according to the PDIC charter. Funds used to settle valid deposit insurance claims are drawn from the Deposit Insurance Fund managed by the PDIC.
Individual depositors whose accounts carry P100,000 or lower can avail of early payment, provided they do not have unsettled dues or other obligations with the fallen lenders.
The PDIC will also resolve loans from borrowers and disposes of the bank’s remaining assets through its regular public biddings and negotiated sale, which will be used to settle claims beyond the P500,000 limit.
In a speech last week, BSP Governor Nestor A. Espenilla, Jr. said shuttering problem banks form part of the central bank’s duty to ensure stability.
“Financial stability is something that we constantly advocate for our economy… We have also not hesitated to shut down banks that do not do what they are supposed to do in protecting the public,” Mr. Espenilla said, noting that this has proven to be “one of the toughest decisions” as a regulator.
“Still, it is our duty to protect the public from financial institutions that do not protect them. In the end, as a result of these efforts, the banking system has been weeded out of weak elements that create vulnerabilities to our economy.”
Other lenders which have been shuttered by the BSP this year include the Rural Bank of Pagbilao, Inc. in Quezon; the Rural Bank of Sta. Elena, Inc. in Camarines Norte; the Tiaong Rural Bank, Inc., Empire Rural Bank, and Women’s Rural Bank, Inc. in Batangas; Bangko Buena Consolidated, Inc. of Iloilo; the Rural Bank of Initao, Inc. in Misamis Oriental; and the Rural Bank of Loreto, Inc. in Dinagat Islands.
The central bank shut down seven lenders in 2017. — Melissa Luz T. Lopez

Megaworld expands Iloilo condo project

MEGAWORLD CORP. is expanding its residential offerings in Iloilo Business Park in Mandurriao, Iloilo, with the launch of another condominium tower.
In a statement issued over the weekend, the listed property developer said the South Wing of Saint Dominique will have 159 units. The North Wing currently has 152 units.
The South Wing will offer studio units spanning up to 35 square meters (sq.m.), one-bedroom with up to 50 sq.m., two-bedroom with up to 79 sq.m., and loft units with up to 38.5 sq.m.
“The interest in Iloilo Business Park has built up to a level that we have never expected. Since the launch of the two hotels, the Festive Walk Mall and Festive Walk Parade, more people want to live in the township,” Iloilo Business Park Vice President for Sales and Marketing Jennifer Palmares-Fong said in a statement.
Saint Dominique’s amenities include a swimming pool, kiddie pool, pool lounge, Jacuzzi, fitness center, event halls, game room, day care center, children’s playground, and indoor spa.
The company earlier said it targets to book P1.5 billion in sales from Saint Dominique. The condominium is expected to be completed by 2022.
With Saint Dominique’s South Wing, Iloilo Business Park now has 1,819 residential units, around 90% of which has already been taken up.
Megaworld first started selling residential projects in the Iloilo Business Park last 2013. The company said it will launch more residential units in Iloilo Business Park depending on demand.
“Our residential pipeline is always demand-driven. If there will be more people looking for residential properties in the township, then we will continue to offer more residential properties,” Ms. Palmares-Fong said.
Megaworld generated P4.1 billion in net income attributable to the parent in the second quarter of 2018, 14% higher year-on-year, as revenues likewise went up 11% to P13.7 billion.
This brought the company’s first half attributable profit to P7.25 billion, 13% higher from the same period a year ago. Revenues rose 10% to P26.8 billion.
Megaworld is the property unit of tycoon Andrew L. Tan’s Alliance Global Group, Inc., which also has interests in liquor, gaming, and quick serviced restaurants. — Arra B. Francia

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