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The Favourite rules BAFTAs with most wins; Roma takes top prize

LONDON — Costume romp The Favourite was the biggest winner at the BAFTAs on Sunday, taking seven awards, but Netflix black and white film Roma picked up the Best Film prize, as well as Director, at Britain’s top movie honors.
Alfonso Cuaron’s semi-autobiographical film, about a domestic worker in 1970s Mexico, has won a string of prizes this awards season, further cementing its path to potential Oscar success.
On Sunday, the critically acclaimed movie had four wins, including Cinematography and Film Not In The English Language.
“To see a film about an indigenous domestic worker embraced this way in an age when fear and anger propose to divide us means the world to me,” Mr. Cuaron said as he accepted the Best Film prize.
“Reverting back to a world of separation and isolation is not a solution to anything,” Mr. Cuaron added, at a time when US President Donald Trump is demanding a wall be built on the US border with Mexico.
Mr. Cuaron thanked Netflix for getting behind the film, which is in Spanish and has garnered 10 Oscar nominations, including for Best Picture, a major recognition for the streaming service.
“If they do good movies, they should be recognized…I’m very happy that they’re embracing diversity… in a time in which the theatrical experience had become so gentrified,” Mr. Cuaron said on the red carpet about Netflix.
“I just hope that this opens up the game. And what is very needed is a balance between the two economic models — the theaters and the (streaming) platforms, because that’s only going to be good for cinema.”
Period drama The Favourite, in which Olivia Colman stars as Britain’s 18th century Queen Anne, won seven BAFTAs, including Outstanding British film, Original Screenplay, Production Design, Costume Design, and Make Up and Hair.
Ms. Colman, who portrays the monarch as frail and tempestuous, won the Leading Actress category, a victory that had been expected by many. Her co-star Rachel Weisz scooped up the Supporting Actress prize, an award for which fellow The Favourite star Emma Stone was also nominated.
“We’re having an amazing night aren’t we. We’re going to get so (drunk) later,” Ms. Colman told her fellow The Favourite nominees as she picked up the award to loud cheers.
“As far as I’m concerned, all three of us are the same and should be the lead… This is for all three of us. It’s got my name on it, but we can scratch in some other names.”
Rami Malek took the Leading Actor prize for his portrayal of late Queen frontman Freddie Mercury in Bohemian Rhapsody, adding to his Golden Globe and Screen Actors Guild Award wins for the role. He paid tribute to Mercury in his acceptance speech.
Cooper picked up the Original Music prize for A Star Is Born, while Adapted Screenplay went to Spike Lee’s BlacKkKlansman.
Mahershala Ali took the Supporting Actor prize for his role in Green Book, set in the segregated US South in the early 1960s. — Reuters

Bloomberry units ink P40-B loan deal for Quezon City casino-resort

UNITS of Bloomberry Resorts Corp. have signed a P40-billion loan agreement with several banks to finance the company’s integrated resort and casino project in Quezon City.
In a disclosure to the stock exchange on Monday, the Razon-led firm said its units Sureste Properties, Inc. (SPI) and Bloomberry Resorts and Hotels, Inc. (BRHI) have signed an omnibus loan and security agreement for a 10-year combined loan facility.
The lenders include Philippine National Bank, BDO Unibank, Inc., Metropolitan Bank & Trust Company, Union Bank of the Philippines, Bank of Commerce, China Banking Corp., and Robinsons Bank Corp.
BDO Trust and Investments Group acted as the security trustee, facility agent, and paying agent for the loan, while BDO Capital & Investment Corp. was its lead arranger and sole bookrunner.
“The proceeds of the loan will be used by SPI and BRHI to partially finance the design, construction and development of an integrated hotel and gaming resort located at the Vertis North Complex in Quezon City, Metro Manila,” the company said.
Bloomberry earlier said it will start the construction of its integrated resort and casino project in Quezon City by the middle of 2019, with target completion by 2022.
The project will carry the Solaire Resorts and Casino brand, and will be the listed firm’s second in the country.
The first Solaire, located in Entertainment City, Parañaque City, opened in 2013. BRHI is the license holder and operates the casino, while Sureste operates the hotel and other non-gaming business.
For the January to September period last year, Bloomberry’s attributable profit went up by 8.45% to P6.47 billion, after revenues improved by 14% to P31.91 billion. — Arra B. Francia

Cebu Pacific looks at other hubs for Japan route expansion

By Denise A. Valdez, Reporter
NAGOYA — Gokongwei-led Cebu Pacific is looking at launching a direct flight to Japan from Clark, as well as expanding routes from Cebu to address the slot shortage in the Ninoy Aquino International Airport (NAIA).
Tomohiko Matsumoto, the country manager of the budget carrier in Japan, told reporters over the weekend they are looking to utilize other international airports in the Philippines to cater to the growing demand for flights to and from Japan.
“I think (in) Cebu, Japan is one of the favorite destinations… Right now Narita to Cebu is the only route that we have with Cebu and Japan, direct route, but we may have the routes too from other points to Cebu,” he said.
“I think another one is maybe Clark. That is also another international point… and other international routes are also flying directly (from Clark),” he added.
Cebu Pacific currently has direct flights from Manila to Osaka, Narita, Nagoya and Fukuoka, as well as a direct flight from Cebu to Narita.
“Because Manila is too full, we need to develop (our other hubs)… To grow more, we need to have more hub points to fly in,” Mr. Matsumoto said.
He noted there has been an increasing for flights between the two countries. In 2018, he noted there was a total passenger volume of about 1.1 million to and from the Philippines and Japan.
Data from the Department of Tourism likewise showed Japan is among the country’s top five visitors in terms of volume in 2018, with a total year-to-date tourist arrivals of 485,121 as of September.
“For 2019, the target arrivals from Japan is about 800,000 visitors,” Tourism Secretary Bernadette Romulo-Puyat said in a text message on Monday.
Mr. Matsumoto said the Japanese government would also like to increase its tourism volume from the Philippines.
“I think it’s doable with our capacity increase and… of course other carriers are also increasing their capacity because they see the market growing,” he said.
Of Cebu Pacific’s international operations, Japan contributes 3% of the total passenger volume, making it the third largest after Hong Kong and Singapore.

Gambino’s ‘This is America’ wins big at Grammys

LOS ANGELES — Country artist Kacey Musgraves won album of the year for Golden Hour, while “This is America” by Childish Gambino won both record and song of the year at the 61st Grammy Awards on Sunday in a breakthrough for rap at the most prestigious honors in the music business.
British pop singer Dua Lipa was named best new artist and popular rapper Cardi B won her first Grammy, taking best rap album for Invasion of Privacy.
Gambino’s searing “This is America,” about police brutality and racism, became the first hip-hop track to win record and song of the year Grammys, while Drake made a surprise appearance to accept the Grammy for best rap song for “God’s Plan.”
“This is America” also took Grammys for best music video and best rap performance.
Before Sunday the Grammys had frequently shut out hip-hop artists from its top prizes, despite rap’s dominance as the biggest music genre in the US.
Only two albums by hip-hop artists have ever won the album of the year Grammy — Lauryn Hill’s The Miseducation of Lauryn Hill in 1999, and Outkast’s Speakerboxxx/The Love Below in 2004.
Gambino, alter ego of actor Donald Glover, as well as Canadian rapper Drake and Kendrick Lamar, were among several influential stars who were no shows at the biggest night in music.
Their absence was seen as a snub of an awards show that has often shut hip-hop artists out of its top prizes, despite rap’s dominance as the biggest music genre in the US.
Ms. Musgraves also won for best country album, song, and country solo performance.
Lady Gaga’s hit song “Shallow” from the movie A Star is Born won two Grammys, while the musician-turned actress took a third Grammy home for her “Joanne (Where Do You Think You’re Going),” which won for pop solo performance.
An absent Ariana Grande, who pulled out of the show last week after a dispute with producers, won her first Grammy, best pop vocal album for Sweetener.
“This is wild and beautiful. Thank you so much,” Ms. Grande tweeted.
Grammy organizers this year expanded the top four categories — album, record, song of the year, and best new artist — to eight nominees from five in a bid to diversify the contest.
This year’s Grammy nominees were dominated by women and the awards show, hosted by Alicia Keys, reflected that with rousing performances by Lady Gaga, Cardi B, Jennifer Lopez, Diana Ross, Dolly Parton, Miley Cyrus, Janelle Monae, Katy Perry, and Musgraves.
The Grammys sprung a surprise by including Obama in an opening segment that also featured Lady Gaga, Jennifer Lopez, actress Jada Pinkett Smith and host Alicia Keys talking about the power of music. — Reuters

BDO unit acquires rural bank in Bulacan

ONE Network Bank, Inc. (ONB) is acquiring Rural Bank of Pandi, Inc. (RBPI), which is expected to bolster its presence in Central Luzon.
In a regulatory filing Monday, BDO Unibank, Inc. said its rural banking arm has signed an agreement with the Bulacan-based lender to acquire its business and operations.
“The transaction is seen to provide ONB a stronger presence in the province and fast-track its expansion in Central Luzon, one of the most progressive areas in the country,” BDO said.
The transaction is still subject to closing conditions and regulatory approvals.
According to its website, RBPI was established by the Andres and Santos families in 1967.
RBPI operates 10 branches in Bulacan, including in Sta. Maria, Baliwag, Angat, Balagtas, San Miguel, San Jose del Monte, San Rafael and Bocaue in Bulacan.
It offers savings and time deposit accounts, as well as agricultural, commercial, industrial and other loans.
As of end-June 2018, the rural bank has total assets amounting to P1.31 billion. Total loans were at P775.68 million, while total deposits amounted to P1.05 billion.
In July 2015, BDO completed the acquisition of Davao-based ONB from the Consunji group. ONB operates 120 branches and over 220 automated teller machines, most of which are located in Mindanao.
As of end-June 2018, ONB was the biggest rural bank in the country in asset terms with P27.15 billion, central bank data showed. — Karl Angelo N. Vidal

KPO sector to drive office demand this year — Colliers

TRADITIONAL offices and knowledge process outsourcing (KPO) providers are seen to sustain the demand for office spaces in 2019, although the delay of accreditations by the Philippine Economic Zone Authority continue to pose a threat on their expansion in the country.
This is according to the fourth quarter 2018 Property Market Report of real estate consultancy services firm Colliers International Philippines, which noted that 33% of total net take-up of 1.18 million sq.m. in 2018 came from traditional firms, government agencies, and flexible workspace operators.
Meanwhile, KPO providers accounted for 27% of the net take-up, or around 381,000 square meters (sq.m.).
“Colliers sees the KPO sector driving office demand in the next 12 months. KPOs provide higher-value outsourcing services such as health information management, software engineering, and finance and accounting,” according to Colliers’ report prepared by Research Manager Joey Roi H. Bondoc.
Among the KPO companies that occupied space during the fourth quarter of 2018 are Infosys and AECOM, joining the ranks of Amazon and Google which are already holding office in Metro Manila.
“The entry and expansion of Amazon and Google indicates that Metro Manila is able to successfully compete for major KPO business.”
On the other hand, offshore gaming operators occupied about 303,000 sq.m of office spaces in 2018, or about 21% of total net take-up. This is slower than the sector’s share of 35% to 2017 net take-up.
“It might appear that there was a decline from the offshore gaming from 35% down to 21%, but if you look at the absolute figures, the offshore gaming sector continues to record high occupancy in Metro Manila,” Mr. Bondoc said during a presentation in Makati City on Wednesday, adding that offshore gaming operators have taken up 710,000 sq.m. since 2016.
Demand for more office spaces will likely continue in the next 12 months, with 28% of buildings due for completion this year are already 28% pre-leased, according to Colliers data. Based on pre-commitments, Alabang, Makati Central Business District, Fort Bonifacio, and the Bay Area are set to record the strongest take-up this year.
Colliers’ projected demand of about 1 million sq.m. this year will be able to absorb the 1.2 million sq.m. of new office space set to come online in 2019, leading to a vacancy of five percent by the end of the year.
Mr. Bondoc however pointed out that the main challenge for this year is the sustainability of these growth drivers. PEZA proclamations have been facing delays since 2016, which could hamper outsourcing firms’ interest to expand in the country given the lack of incentives.
The property consultant said that there are 805,000 sq.m. of office space in Metro Manila that are pending PEZA approval from 2016 to 2018, while there are 184,000 sq.m outside the metro.
Since 2016, buildings covering 586,000 sq.m were approved in Metro Manila, with only 62,000 sq.m. in Cebu.
“Colliers encourages the government to expedite the approval of PEZA applications to sustain the outsourcing sector’s growth. In our opinion, stakeholders such as developers and qualified occupants should aggressively call of the proclamation of new PEZA spaces in Metro Manila and provincial areas,” the company said. — Arra B. Francia

Key winners at the Grammys

LOS ANGELES — The Grammy Awards, the music industry’s highest honors, were handed out at a live ceremony in Los Angeles on Sunday hosted by R&B singer Alicia Keys.
The following is a list of winners in key categories:
• Album of the Year: Golden Hour, Kacey Musgraves
• Record of the Year: “This Is America,” Childish Gambino
• Song of the Year: “This Is America,” songwriters Donald Glover and Ludwig Goransson
• Best New Artist: Dua Lipa
• Best Pop Solo Performance: “Joanne (Where Do You Think You’re Goin’?),” Lady Gaga
• Best Pop Vocal Album: Sweetener, Ariana Grande
• Best Rap Album: Invasion of Privacy, Cardi B
• Best Country Album: Golden Hour, Kacey Musgraves
• Best Rock Album: From the Fires, Greta Van Fleet
• Best Music Video: “This is America,” Childish Gambino — Reuters

AAA Equities to launch online trading platform

AAA Southeast Equities, Inc. looks to attract more retail investors into the stock market with the launch of its online trading platform next month.
The local stock brokerage will be unveiling AAA Equities on March 1, where it will introduce standard online trading features with the additional option of being able to automatically execute trading strategies such as cut-losses and buying on breakouts.
“These are two fundamental strategies of any successful trader, and right now it’s very hard for anyone to do it because to do it you have to be physically at your computer at the exact moment that your stock hits the price when you’re cutting losses or buying the breakout,” AAA Equities President William Matthew M. Cabangon said in a press briefing in Makati on Monday.
Mr. Cabangon said that a trigger mechanism for such processes is currently unavailable at other brokerage firms, noting that this automated setup will allow investors to be prepared for the market’s movements.
The company’s online platform will also offer “off-hours orders,” where investors can set their strategies before the market opens. Orders will then be automatically sent to the exchange when the market opens.
AAA Equities is targeting retail investors for the online platform, since its traditional business currently caters to institutional investors.
“The target market really is online retail…(but not necessarily young investors) because the functionality is such a fundamental strategy for any investor that we think any investor online should be on this platform,” Mr. Cabangon explained.
The company highlighted the importance of encouraging more Filipinos to invest in the stock market, given its strong performance this year.
“We’re the second best performing stock market in the world in 2019, but if you ask the average person, they don’t really feel the effects. It’s in the best interest of Filipinos to be invested in the market, to take part in the growth that we’re experiencing,” Mr. Cabangon said.
AAA Equities projects the market to reach the 8,900 level by the end of the year, supported by easing local inflation, the US Federal Reserve’s decision to stop hiking interest rates, the easing of trade tensions between the US and China, as well as the consistent buying momentum of foreign investors in the local market.
“This year if everything goes well, I can see the PSEi going back to 8,900. This is a very reasonable target…So I think those three factors combined, along with the Philippines’ easing inflation will be a huge tailwind to our economy,” Mr. Cabangon said.
With the launch of its online trading platform, AAA Equities will join the roster of about 20 brokerage firms with an automated stock trading system. The company requires a minimum investment of P20,000 upon signing up. — Arra B. Francia

How pineapples inspired the design of RLC’s newest mall

By Zsarlene B. Chua
Reporter
ROBINSONS Land Corp. (RLC) ended 2018 by opening its 51st mall — the 80,000 square meter Robinsons Place Valencia in Valencia City, Bukidnon, a second-class city with a population of more than 20,000 people.
“Malaybalay might be the capital [of Bukidnon] but Valencia is the economic center,” Arlene G. Magtibay, general manager, commercial centers division of RLC, told BusinessWorld during the opening in December.
The mall was a long time coming, said Ms. Magtibay, as it took them a long time before finding a property suitable to build a mall in Valencia.
“Sometimes, even if we want to go to a certain city, the right property isn’t available — such was the case here,” she explained.
The wait was worth it as the mall, designed by Pasig-based Lichauco Guilas+Villanueva (LG+V) Architects, focused on creating open spaces, taking advantage of natural light and of course, paying homage to one of the province’s main produce — pineapple.
(It was in 1926 that American company Del Monte opened its first pineapple plantation in Asia which resulted in the 5,000-hectare plantation located in Manolo Fortich, Bukidnon, roughly two hours away from Valencia).
Valencia City is located almost three hours away from Malaybalay and has a climate similar to Baguio City due to its higher elevation — an average of 300 meters above sea level, although some parts reach as high as a kilometer above sea level.
The new mall’s facade features yellow accents with a pattern suggesting the skin of a pineapple, and because of the city’s cool weather, Robinsons Place Valencia features an open-air Skypark overlooking the Pantaron mountain range — which is said to offer a beautiful view of the golden rice fields during harvest season — and a koi pond.
The interiors also feature pineapple-inspired pillars while a sculpture by Manila-based artist Sam Penaso decorates the mall’s atrium. The work, titled Seven Tribes, celebrates the diversity and unity of ethnic tribal groups of Bukidnon: the Higaonon, Matigsalug, Manobo, Talaandig, Tigwahanon, and Umayamnon.
Dining options abound at the mall including Gerry’s Grill, Choobi Choobi, and Bigby’s, alongside Valencia City favorites including Hinam-Is, a cafe known for its homemade and Bukidnon-sourced desserts.
The mall also includes Robinsons’ anchor tenants including the supermarket, department store, Tom’s World, and Daiso Japan.
Ms. Magtibay also noted that they put six cinemas inside the mall — with one 3D cinema — so residents don’t need to travel for hours just to watch the newest releases.
In 2018, RLC opened four malls — Pavia in Iloilo, Ormoc in Leyte, Tuguegarao in Cagayan Valley, and Valencia in Bukidnon — bringing its total leasable area to 1.508 million square meters.
This year, the company is poised to open malls in San Pedro and Antipolo while expanding Robinsons Magnolia in Quezon City.

Asia’s Got Talent returns to AXN


A JAPANESE electronic music dancer, an Indonesian comb musician, and a 16-year-old contortionist from India each took their turn onstage. Their entrance and short introduction sparked curiosity, but when the music played, they all astounded the audience.
The third season of Asia’s Got Talent returns to AXN featuring talent from 17 countries. Returning as the show’s judges are 16-time Grammy award winner and music producer David Foster, French-Indonesian singer Anggun, and Korean multi-platinum recording artist Jay Park.
During a media preview of the third season’s first episode, three Filipino acts advanced to the next round: HK Sisters, a duo who sang their rendition of “Think of Me” from The Phantom of the Opera; Zeexhie, a father-daughter dance duo who performed with impressive stunts; and the 15-member dance crew Junior Good Vibes who wowed the judges with their synchronized routine.
Since the first season, the show has been a platform for Filipinos to showcase their talents to a wider audience. “It serves as a good platform for aspiring performers to be seen. Asia’s Got Talent serves as the opportunity for them to realize their dream. Just to be able to perform is already a win or success for them,” Armi Malaluan, Sony Pictures Philippines director and business head, told BusinessWorld shortly after last week’s preview in Shangri-La The Fort in BGC, Taguig City.
As in the first episode of the second season, Jay Park was the first judge to reward his golden buzzer. TK Jiang, a digital magician from Singapore, scored his chance at a slot in the semifinals after performing a magic trick where images of round fruits appear in 3D from a black tube after projecting them from a tablet.
“Asia’s Got Talent continues to be the region’s favorite entertainment reality series on TV and in the social sphere. It provides a powerful platform for aspiring performers to launch their careers, and we’re thrilled that many previous contestants have toured internationally as a result of Asia’s Got Talent, including season one winner, El Gamma Penumbra and last season’s winner, The Sacred Riana,” Virginia Lim, senior vice-president and general manager of Sony Pictures Television Networks Asia was quoted as saying in a press release.
“Asia’s Got Talent isn’t just about performing, it’s about the storytelling of diverse cultures that all unite on the region’s biggest stage in pursuit of one dream,” she added.
The show’s champion will win $100,000.
Asia’s Got Talent airs every Thursday at 8:30 p.m. on AXN. — Michelle Anne P. Soliman

SCG Philippines sees slower growth this year

THE Philippine unit of Thai conglomerate Siam Cement Group (SCG) expects sales growth to slow this year, amid continued uncertainties in the global market
“But I think we’re [still] gonna be in the double-digit area, around 10%… top and bottom line,” SCG Philippines Country Director Anuvat Chalermchai said in a press briefing in Makati City.
In 2018, SCG Philippines reported a 26% increase in sales to P18.54 billion, with the cement and buildings unit as the key driver.
Mr. Chalermchai said the SCG group’s business was dampened by high oil prices and the United States-China trade spat last year.
Parent firm SCG Public Co. Ltd.’s net income fell by 19% year on year to P72.865 billion in 2018.
“Uncertainty in the global landscapes continue to exists,” Mr. Chalermchai added.
Nevertheless, the SCG Philippines executive expressed confidence in the country’s economic growth, targeted to reach 7-8% this year.
He cited the May elections and the government’s ongoing infrastructure program as drivers for sales growth this year.
“This year, there’ll be a mid-year election so there’s some extra flow of spending to be injected to the economic environment, and the ‘Build, Build, Build’ is still going forward,” Mr. Chalermchai said.
Meanwhile, SCG Philippines said its unit Mariwasa Ceramics, Inc. will be launching high-quality bathroom sanitary wares under the brand name Fiona.
As for its cement business, Mr. Chalermchai downplayed the impact of the Trade department’s imposition of a provisional safeguard duty on its cement imports, noting SCG’s shipments to the Philippines are “very small” — 200,000 to 300,000 tons compared to the 32 million tons produced across the Southeast Asian region.
SCG is comprised of three core business units namely, SCG Cement-Building Materials, SCG Chemicals and SCG Packaging.
The company has been present in the country since 1993 through its seven subsidiaries namely United Pulp and Paper Company, Inc., SCG Trading Philippines, Inc., Green Siam Resources, Inc., Green Alternative Technology Specialist, Inc., SCG Marketing Philippines, Inc., and Mariwasa Siam Ceramics, Inc. — Janina C. Lim

Gov’t makes full award of T-bills

By Karl Angelo N. Vidal, Reporter
THE GOVERNMENT once again made a full award of the Treasury bills it offered on Monday, amid robust demand following the decision of the local and US central banks to keep interest rates steady.
The Bureau of the Treasury (BTr) raised P20 billion as planned at its auction on Monday, as tenders received amounted to P30.316 billion, well above the amount it wanted to raise, although slightly lower than the P33.657 billion in offers received a week ago.
Broken down, the Treasury accepted P6 billion as planned for the 91-day papers, out of the P7.344 billion offered by banks and other financial institutions. The average rate climbed by 6.6 basis points (bp) to 5.55% from the 5.3484% quoted in the previous offer.
The government also made a full award of the 182-day debt notes it placed on the auction block, borrowing P6 billion as planned versus total offers amounting to P11.569 billion. The average yield also rose 6.6 basis points to 5.933% from last week’s 5.867%.
The BTr likewise fully awarded the 364-day bills, accepting P8 billion out of the total bids at P11.403 billion. Its average yield climbed 5.9 bps to 5.983% from the 5.924% tallied in the previous auction.
To maximize the strong demand seen during Monday’s auction, the Treasury reopened the over-the-counter sale of the 91-, 182- and 364-day instruments. This was made available to tax-exempt government-owned and -controlled corporations from 2 to 4 p.m. yesterday.
Based on the PHP Bloomberg Valuation Service Reference Rates, the three-month, six-month and one-year papers were quoted at 5.467%, 5.821%, and 5.962%, respectively.
Following the auction, National Treasurer Rosalia V. De Leon said the BTr saw a “very strong demand,” even as yields across all tenors inched up.
“We hope this would continue, this kind of auction, given the very dovish remarks coming from the Fed (US Federal Reserve), and of course the BSP (Bangko Sentral ng Pilipinas) put on hold the rates during their first policy meeting last Thursday,” Ms. De Leon told reporters on Monday.
Last month, the Fed opted to keep its borrowing costs stable, saying it will be more patient in raising interest rates amid conflicting signals on the US economy’s outlook.
On the local front, the BSP also kept its benchmark rates steady as widely expected, amid signs that inflation is on a sustained decline and with price increases to return to target soon.
Meanwhile, the national treasurer attributed the slight pickup in yields to the news that the BTr will soon sell retail Treasury bonds (RTB).
“That’s (the RTB sale) anticipated by the market given that we have a P70-billion maturity on Feb. 19. But for now, given that we still have a very strong cash position, that’s still is something that we still have to confirm whether to move ahead,” Ms. De Leon said.
She added that the Treasury will have to take into consideration a slew of factors such as market appetite, the passage of the 2019 national budget and the possible cut in bank reserve requirements, before proceeding with the sale.
Sought for comments, a trader said the rates were within expectations given that the market was being cautious on the possible RTB sale.
“The average rates were still within expectations. However, the highest bids slightly exceeded the market expectations,” the trader said.
For the first quarter, the government is planning to borrow P360 billion. Some P240 billion will be borrowed this quarter through 12 weekly T-bill auctions. On the other hand, P120 billion worth of T-bonds will also be issued through six fortnightly auctions.

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