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Metrobank founder George Ty passes away

Metrobank founder George S.K. Ty — WWW.GTCAPITAL.COM.PH

TYCOON and Metropolitan Bank & Trust Co. (Metrobank) founder George S.K. Ty passed away on Friday, Nov. 23. He was 86.
“It is with deep sadness that we announce the peaceful passing of our beloved Founder and Group Chairman Dr. George S.K.Ty. He was surrounded by family and loved ones at the time,” Metrobank said in a statement.
Mr. Ty, the country’s ninth-richest man, founded Metrobank in 1962 and spent decades expanding its reach at home and abroad. Metrobank is now the second-biggest bank in the country.
Forbes Asia magazine pegged Mr. Ty’s net worth at $2.75 billion in its latest rich list published in September.
Beyond banking, Mr. Ty also diversified his business interests by venturing into insurance, leasing, and car distribution. This has since grown into GT Capital Holdings, Inc., which is one of the biggest conglomerates listed at the Philippine Stock Exchange.
Among the group’s subsidiaries are Toyota Motors Philippines Corp., the Philippine Savings Bank, investment banking arm First Metro Investment Corp., property firm Federal Land, Inc., and the Philippine AXA Life Insurance Corp.
Mr. Ty has been serving as chairman emeritus of the Metrobank Group since 2008, with his sons Arthur and Alfred taking his place. He was also the chairman emeritus of listed GT Capital.
Earlier this month, Mr. Ty was conferred the 2018 MVP Bossing Lifetime Achievement Award by PLDT Inc., in recognition of his successful career in business.
Memorial services will start on Sunday, Nov. 25 at the Heritage Park in Taguig, Metrobank said.
In lieu of flowers, Metrobank said donations to the Philippine National Red Cross, CBCP Caritas Filipinas Foundation and Philippine Disaster Resilience Foundation “will honor his spirit of generosity and memory.” — Melissa Luz T. Lopez

Credit gap in agriculture seen over P360B — BSP

Chuchi Fonacier
BSP Deputy Governor Chuchi G. Fonacier — Photo by Asia Microfinance Forum

BANK financing remains out of reach for most agricultural firms, with the central bank noting that the credit gap worth over P360 billion as lenders skirt lending quotas under the law.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said on Friday that banks have remained stingy towards farmers, fisherfolk and other agribusinesses, amid perceptions that lending to the industry would be “risky and unprofitable.”
This leaves at least P367 billion in unmet funding needs for the sector, which has likewise capped growth and productivity.
“Our figures as of present reveal that the gross domestic product (GDP) contribution of agriculture sits only at 9%. The percentage of loans for production and economic activity for agriculture, along with fisheries and forestry, is a paltry 2.9%, while the credit gap currently sits at P367 billion,” Ms. Fonacier said in a speech during the Agriculture Value Chain Financing forum held at the BSP headquarters in Manila.
Members of the Philippine Chamber of Food & Agriculture, Inc. (PCAFI) even see a wider gap, saying that banks should allot as much as P1.1 trillion for agro-industrial activities.
Passed in 2010, Republic Act 10000 or the Agri-Agra Reform Credit Act mandates banks to allot at least 10% of its total loanable funds to agrarian reform beneficiaries and 15% for farmers and fisherfolk.
Despite this, banks choose to pay fines rather than lend to the sector. Philippine banks only extended P629.98 billion loans to the agriculture sector as of end-June, or just 54.7% of the P1.151 trillion they should have lent out to beneficiaries during that period, according to BSP data.
Compliance has remained dismal even after the value chain framework was introduced in 2016.
Under the scheme, farm sector borrowers are evaluated as part of a bigger and organized “value chain” or a linked sequence of product processing from raw materials to final consumer goods. This should boost their chances in securing loans, as the BSP said that lenders may use accounts receivable and confirmed client orders as basis for checking if they are credit-worthy.
To carry out this reform, the PCAFI said during the forum that banks should devote credit officers to assess agriculture-related loan applications.
“I’m asking that the banks create an agri-banking department for agriculture. They (should) hire people who are knowledgeable in agriculture and the dynamics of agriculture, those will be their loan officers,” PCAFI president Danilo V. Fausto told reporters.
“Look at my business opportunities, rather than my collateral.”
He noted that this entity should be separate from loan officers granting real estate mortgages, and should use a different model in assessing farm sector borrowings.
GDP growth eased to 6.1% in the third quarter, with agriculture posting a 0.4% contraction year-on-year as farm output reeled from typhoons which barrelled the country during the period, according to the Philippine Statistics Authority. — Melissa Luz T. Lopez

Palace deploys more troops to Samar, Negros, Bicol

PRESIDENT Rodrigo R. Duterte has ordered the immediate deployment of more troops to “suppress lawless violence and acts of terror” in the provinces of Samar, Negros, and the Bicol Region.
Executive Secretary Salvador C. Medialdea, by order of the President, signed Memorandum Order No. 32 on Nov. 22 directing the Department of National Defense (DND) and the Department of the Interior and Local Government (DILG) to coordinate the immediate deployment of additional forces of the Philippine National Police (PNP) and the Armed Forces of the Philippines (AFP) to the provinces of Samar, Negros Oriental, Negros Occidental, and the Bicol Region.
The memorandum noted that “a number of sporadic acts of violence have occurred recently” in the said areas, “which appear to have been committed by lawless groups.”
“There is a need to reinforce the directive of the President in order to prevent further loss of innocent lives and destruction of property and bring the whole country back to a state of complete normalcy as quick as possible,” the memorandum stated.
“At all times, the constitutional rights of every individual shall be respected and given due regard” by the AFP and the PNP, it added.
“No civil or political rights are suspended during the existence of a state of national emergency on account of lawless violence. In particular, the AFP and the PNP are enjoined to observe existing rules and jurisprudence in instances that may justify the implementation of warrantless arrests, searches and seizures, as well as ensure compliance with guidelines for police/military checkpoints and stop-and-frisk situations,” the memorandum said.
In a statement, Presidential Spokesperson Salvador S. Panelo cited the “wave of lawless violence” in Samar, Negros, and Bicol.
Mr. Panelo cited incidents in Samar that involved the ambush of soldiers who were providing relief to victims of a typhoon, an armed attack at a police station, an ambush attack against the 63rd Infantry Battalion, and assault on the former mayor of San Jose de Buan.
In the province of Negros Oriental, Mr. Panelo said there were “torching of heavy equipment in Manjuyod, strafing of the house of the barangay chairman, attack of police detachments, and the killing of a police chief in separate occasions in Guihulngan.”
He also mentioned the attack against the 62nd Infantry Battalion while they were conducting clearing and combat operations in preparation for the barangay and Sangguniang Kabataan elections in Kabankalan and the massacre of nine farmers in Sagay in Negros Occidental.
“The Bicol Region has also suffered from a series of instances of lawless violence which include the ambush of the convoy of Food and Drug Administration (FDA) Director-General Nela Charade Puno in Camarines Sur, firefights in Lagonoy, and clash in Bato, among others,” Mr. Panelo added. — Arjay L. Balinbin

5 justices in JBC short list for chief justice

THE Judicial and Bar Council (JBC) released its short list for the next Supreme Court Chief Justice, which include Acting Chief Justice Antonio T. Carpio and Associate Justices Lucas P. Bersamin, Diosdado M. Peralta, Estela Perlas-Bernabe, and Andres B. Reyes Jr.
“All five (are) in the shortlist for CJ after closed-door panel interview,” Justice Secretary and JBC Ex-Officio Member Menardo I. Guevarra said in a message to reporters on Friday evening.
The JBC conducted the closed-door panel interview of all the candidates on Friday afternoon.
Ms. Perlas-Bernabe and Messrs. Bersamin, Carpio, and Peralta received six votes from the JBC, while Mr. Reyes got five votes.
Mr. Guevarra said the list will be sent to President Rodrigo R. Duterte before the end of Friday. Under the Constitution, Mr. Duterte should name a new chief justice within 90 days of the vacancy. Chief Justice Teresita Leonardo-de Castro retired last Oct. 10, 2018. — Gillian M. Cortez

Comelec issues guidelines for election gun ban exemption

THE Commission on Elections (Comelec) has issued guidelines for those seeking to apply for a gun ban exemption during next year’s national and local elections.
In a statement on Friday, the Comelec said those seeking exemption from the gun ban during the election period of Jan. 13, 2019 to June 12, 2019 can apply for a Certificate of Authority (CA) pursuant to Comelec Resolution No. 10446.
“Qualified persons and entities may seek exemption to the Gun Ban and other prohibited acts by applying for the appropriate Certificate of Authority (CA) at the COMELEC through the Committee on the Ban on Firearms and Security Personnel (CBFSP),” Comelec said.
Comelec Spokesperson James B. Jimenez said in a social media message that application for the CA “must be submitted to the Gun Ban Committee” located at the CBFSP Office at the COMELEC Main Office.
He added that application period will be “from December 1, 2018 to May 29, 2019.”
Without a CA, carrying and transporting firearms and other deadly weapons during the election period will be prohibited as this is considered an election offense according to the Omnibus Election Code. — GMC

MMDA launches NCR development plan

THE Metropolitan Manila Development Authority (MMDA) has launched the Regional Development Plan for the National Capital Region (NCR) for 2017 to 2022, a development framework designed to transform Metro Manila into a highly competitive East Asian metropolis.
“The 2017-2022 Regional Development Plan targets to address poverty, expand economic opportunities through Trabaho at Negosyo, continuing free basic education and improvement of technical education, implement modern and seamless transportation, and ensure water security,” MMDA said in a statement.
The development plan, which MMDA Chairperson Danilo D. Lim said will serve as the region’s framework for socioeconomic development for the next four years, was patterned after President Rodrigo R. Duterte’s Socioeconomic Agenda.
Mr. Lim will serve as the plan’s chairperson.
“This is a milestone activity for Metro Manila. We celebrate the completion of a regional development plan for NCR, our own contribution in support of the Philippine Development Plan of the current administration of our President,” said Mr. Lim.
“[It] identifies basic baseline and target indicators that will serve as basis for monitoring the planned implementation and consequently measure NCR’s contribution to making an inclusive, connected and a resilient metropolis in support of Ambisyon Natin 2024,” he said.
NCR is ranked 14th among the world’s largest urban cities and 18th among the world’s largest metropolitan areas. It is home to a 12.9-million population. — VACF

DENR, MICC push for lifting of MPSA applications

THE Department of Environment and Natural Resources (DENR) and the Mining Industry Coordinating Council (MICC) are lobbying for the lifting of the moratorium on applications for mineral production sharing agreement (MPSA), which can only be possible with a new fiscal regime, according to an official.
“We are lobbying, timing lang siguro. DENR and MICC are lobbying for the lifting,” Wilfredo G. Moncano, director of the Mines and Geosciences Bureau (MGB), told reporters.
“Yung EO (Executive Order) 79 says that the moratorium on MPSA application can only be lifted if there is a new fiscal regime, meaning taxation. Our argument is there is already the TRAIN (Tax Reform for Acceleration and Inclusion) 1, doubling the excise tax but DoF (Department of Finance) says that they still need to impose the royalty on mining operations outside mineral reservations which is under TRAIN 2,” Mr. Moncano added, clarifying that applications for exploration are still possible.
EO 79 was signed by former President Benigno S. Aquino III on July 6, 2012. It increased the number of sites restricted for mining, and limited small-scale mining operations within a declared Minahang Bayan. The order aims to increase the government’s share in profit made by mining companies.
“Hindi pa napasa ang TRAIN 2, napasa na ng House. Ang position namin ay much lower. We were suggesting at 3% only,” Mr. Moncano said, in reference to the excise tax increase to 4%. There is also a proposal of an imposition of 5% royalty fee for mining companies.
“May mga mining companies na nag-express na nabibigatan sila. They said it will have inflationary effect because ipapatong nila yan sa presyo ng kanilang products,” Mr. Moncano said. — R.J.N. Ignacio

Cavite barge terminal seen reducing road traffic

THE NEWLY inaugurated Cavite Gateway Terminal (CGT) is expected to reduce road traffic by up to two kilometers of trucks every day, or 140,000 fewer truck trips every year, the Department of Transportation (DoTr) said in a statement on Friday.
After the barge terminal was inaugurated on Thursday, the DoTr said decongestion of roads is expected to follow soon.
“By moving cargo and people out of the roads and into the waterways, the CGT is expected to decongest traffic in major roads and offer a faster, more cost-effective access to the Cavite market,” it said.
The CGT, a privately funded project by the International Container Terminal Services Inc., is the first barge terminal in the Philippines located in Tanza, Cavite with an annual capacity of 115,000 twenty-foot equivalent units.
Included in its facilities are a a roll-on, roll-off (RoRo) wharf, storage for dry laden and empty containers, project cargo, and ISO tanks.
“CGT will also offer RoRo barge berthing, container storage/yard leasing, empty container maintenance and repair: dry and reefer, container weighing, and other container related services,” it said. — Denise A. Valdez

PHL online hiring up 3% in Q3: Monster.com

ONLINE HIRING in the Philippines rose 3% in the July to September period on the back of expectations that the country’s gross domestic product (GDP) would maintain a steady growth next year, a report by job hunt website Monster.com said.
In its Monster Employment Index report releaed on Friday, the hiring firm said the per-month annual increase in hiring activity in July was at 18%, in August at 18% and in September at 17%.
“With the Philippines’ GDP growth expected to remain steady at 6.7% in 2019, according to a report by the OECD (Organisation for Economic Co-operation and Development), as well as increased government spending and public investments, there are positive signs of economic growth in the country,” it said.
The report showed that hiring activities among freelancers in the country saw the biggest growth in the engineering and production sector at 41% month-on-month increase, followed by customer service at 7% and marketing and communications at 5%.
Monster.com flagged, however, that the general elections next year may cause an adverse effect to the country’s economic performance. Citing a report by S&P Global Ratings, it said “a political shift in the Philippines could create uncertainties for already planned infrastructure projects….”
“Although economic prospects are set on a slight but steady upward trend, the outcome of next year’s general election could put a hold on the Build, Build, Build programme initiated the Duterte government and change this trajectory, as the past has shown that newly elected presidents have often delayed their predecessors’ projects,” it said.
The job listing firm also called for the government to keep looking at market opportunities in the region that would help keep its growth momentum, such as the rising e-commerce business in Southeast Asia. It said it is important to keep investing on infrastructure that would improve mobile and internet connectivity “to ensure their internet economies remain on positive trajectory.” — Denise A. Valdez

CLI bets big on Davao with P12.6-B worth of projects

By Arra B. Francia, Reporter
MATINA, DAVAO CITY — Cebu Landmasters, Inc. (CLI) has unveiled P12.6 billion worth of projects in Davao City, strengthening its presence in the country’s second fastest growing economy.
The listed property developer broke ground for the 22-hectare Davao Global Township (DGT) here on Friday, in partnership with the Villa-Abrille family through YHEST Realty & Development Corp.
The Villa-Abrille group previously used the property as a golf course, until it decided to partner with CLI for the land’s development into a mixed-use estate over the next 15 years.
At the same time, CLI also launched The Paragon Davao, a 1.9-hectare mixed use property in partnership with Davao Filandia Realty Corp. and Yuson Strategic Holdings, Inc.
“This is in line really with the Build, Build, Build campaign under the President Duterte. That’s exactly the thrust of this particular project, which would like to embrace this particular endeavor of promoting ecotourism, and at the same time knowing the enhancement that we could provide to the community,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said in a speech during the groundbreaking ceremony at the project site on Friday.
DGT — seen as Mindanao’s answer to Metro Manila’s Bonifacio Global City — will be developed in three phases, with the first to include road developments, an office tower, two residential towers, retail buildings, and a convention center.
CLI will pour P10 billion for phase 1, which is set to deliver 93,000 square meters in gross floor area by 2022.
“Before summer is start of land development, utilities, drainage. Towards the end of next year, we hope to start with the retail village and park. That’s similar to what they have in the Fort Strip in BGC, in the next two years,” CLI Chief Operating Officer Jose Franco B. Soberano said in a briefing after the groundbreaking ceremony.
Phase 2 will see the development of a mall, a hotel, more residential towers and offices for business process outsourcing (BPO) companies. The third phase will include the rest of residential projects and retail areas.
Overall, DGT will have more than 20 residential towers, 10 office buildings, one to two hotels, a one-hectare public park, a mall, a civic center, a hospital, and a school in partnership with the De La Salle University.
Meanwhile, CLI also launched on Friday The Paragon Davao, set to house a 26-storey residential tower called One Paragon Place, a 263-room Citadines Paragon Davao managed by serviced residence operator The Ascott Limited, a convention center, and a lifestyle mall.
“The project is expected to help pump-prime economic activity in southeastern Davao City, where Davao Global Township is also located,” the company said.
The company will be spending P2.6 billion for the first phase of The Paragon Davao. The entire property is scheduled to be completed by 2022.
DGT is CLI’s second project in Davao City, following residential tower MesaTierra Garden Residences. The condominium with more than 600 units is now 96% sold.
CLI’s attributable profit slipped 3% to P932.73 million in the first nine months of 2018, amid a 33% jump in gross revenues to P3.69 billion.

Wenceslao interested in bidding for Malaya plant

D.M. Wenceslao & Associates, Inc. (DMWAI) is venturing into energy projects, expressing interest in the 650-megawatt Malaya Thermal Power Plant (MTPP) in Pililia, Rizal.
In a disclosure to the stock exchange on Friday, the listed property and construction firm said its board of directors approved the firm’s participation in the efforts to privatize assets of the Power Sector Assets and Liabilities and Management Corp. (PSALM), which includes the MTPP and the land housing the facility.
DMWAI Chief Operating Officer Paolo Vincent C. Wenceslao has been authorized to send a Letter of Intent to PSALM in order to receive the necessary documents and notices such as the Supplemental Bid Bulletin and Asset Purchase Management.
PSALM has scheduled the bidding for MTPP’s privatization for Dec. 14. It noted earlier this month that there are already 10 bidders for the facility.
Prior to its privatization, MTPP was operated as must-run unit that is compelled to provide power as deemed necessary to ensure the reliability of supply in the Luzon grid, especially in times of power shortfall. It also provides a measure of system security and voltage support.
The winning bidder however will not be compelled to operate it as a must-run unit.
DMWAI’s core interest is in property development and construction, with plans to spend P12 billion over the next five years for Aseana City, its mixed use estate in Parañaque City. This will include three residential projects with a total saleable area of 88,000 sq.m. and six commercial developments spanning 280,000 sq.m. of leasable space
The company recorded a 31% drop to P524.73 million in attributable profit during the third quarter of 2018, following a 41% decline in revenues to P583 million.
On a nine-month basis, the company’s attributable profit managed to rise 4% to P1.49 billion, despite revenues falling by a third to P1.78 billion.
Shares in DMWAI slipped 0.13% or a centavo to close at P7.56 each at the stock exchange on Friday. — Arra B. Francia

EEI acquires biotech company

EEI Corp. said on Friday it will buy majority stake in Biotech JP Corp. as part of efforts to diversify its business.
In a disclosure to the stock exchange, the listed construction firm said it will acquire 60% equity stake in the Philippine unit of Niigata-based Biotech Japan Corp.
“This investment is in line with the Corporation’s diversification strategy and contribution to the sustainability goals of the country,” it said, without disclosing the amount of the equity investment.
Biotech JP’s primary business is the production of food products using Japanese patented bacteria biotechnology for the preservation and packaging of rice.
Among the company’s off-the-shelf rice products are protein rice, pre-cooked packed rice, calorie reduced pre-cooked rice, and ready-to-eat rice.
“Biotech also has patented bacteria biotechnology for increasing yields of rice plants while eliminating the use of phosphate based fertilizers which pollute farmlands and bodies of water,” EEI added.
For the first nine months of the year, the Yuchengco-led EEI reported its net income attributable to parent stood at P690.3 million, up 36% from P507.3 million a year ago. This was on the back of 50% rise in consolidated revenues to P15.9 billion, mainly from domestic construction projects.
The Yuchengco group that leads the construction firm also has businesses in real estate (EEI Realty Corp.), energy (PetroEnergy Resources Corp.), manpower services (Gulf Asia Manpower Services, Inc.) and sale of goods (Equipment Engineers, Inc.). — Denise A. Valdez

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