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Central bank chief Espenilla passes away

BANGKO SENTRAL ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr. passed away on Saturday, Feb. 23. He was 60.
The central bank’s Corporate Affairs Office said late Saturday night that it was preparing an official statement.
Mr. Espenilla was battling tongue cancer since late 2017. He had been on intermittent medical leaves since, after undergoing surgery and radiation therapy.
Mr. Espenilla was to serve a six-year term until July 2023, after President Rodrigo R. Duterte appointed him to the post in May 2017.
He pledged a “Continuity Plus Plus” reform agenda, which meant building on the gains of his predecessor, former BSP Governor Amando M. Tetangco, Jr.
The central bank under his watch last year saw banks’ reserve requirement ratio cut by two percentage points to 18% and benchmark interest rates rise by a total of 175 basis points to 4.25-5.25%.
A measure amending the BSP Charter, a key reform pending for two decades that was designed to strengthen the monetary authority, was signed into law just last week.

Fiscal deficit remains ‘manageable’ — Dominguez

By Melissa Luz T. Lopez, Senior Reporter
THE wider-than-programmed budget deficit last year should not be a cause for concern, with authorities pointing out that infrastructure outlays as well as revenue effort are on the rise.
Finance Secretary Carlos G. Dominguez III said the P558.3-billion fiscal deficit remains “manageable,” following the release of official data from the Bureau of the Treasury on Friday.
The deficit was substantially wider than the P350.6-billion shortfall in 2017, and settled above the P523.7 billion programmed for the entire year.
The wider fiscal gap came as state disbursements reached P3.408 trillion, higher than the P3.37-trillion target for the year and spelling a 20.7% increase from the P2.824 trillion spent in 2017.
Economic growth reached a three-year low of 6.2% in 2018 despite the hefty spending, with officials pinning the blame on elevated inflation.
Meanwhile, total revenues amounted to P2.85 trillion to also settle a tad above the P2.846-trillion goal for the year. The amount likewise grew by 15.2% from the previous year’s collections worth P2.473 trillion, which came after the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law.
2019 DEFICIT
Despite the deficit breach, Mr. Dominguez said they expect to remain within the programmed fiscal gap for 2019 at P624.4 billion, equivalent to 3.2% of GDP.
“We’re confident of keeping within the target,” Mr. Dominguez said in a Viber message to reporters. “The delay in the approval of the budget is regrettable but we will strive to catch up during the rest of the year.”
Mr. Dominguez earlier said that the delayed passage of the P3.757-trillion spending plan meant pushing back P46 billion which should have been already spent by the national government in the first quarter.
For its part, the UnionBank Economic Research Unit (ERU) said the 2018 fiscal balance is “not alarming” thus far, but flagged that public spending will need to continue doing the heavy lifting for economic growth this year.
“With uncertainties from the external environment, ERU sees the government to continue to prop up the economy through continued spending and a welcome buoy to growth prospects is declining inflation,” said UnionBank chief economist Ruben Carlo O. Asuncion.
Mr. Asuncion, however, noted that the budget delays will affect public finances through the first semester, unless the Duterte administration succeeds in securing exemptions for a 45-day ban on public works ahead of the May 13 midterm polls.
GAINS MADE
Latest Treasury data also revealed that the state’s revenue effort rose to 16.4% in 2018, improving from 15.6% the previous year as collections matched the target.
The revenue effort also beat the 16.3% target for the year, and is the highest since 2007.
Broken down, tax effort also improved to 14.7% to mark its best showing in 20 years.
The share of expenditures to gross domestic product (GDP) also surged to 19.6% from 17.9% in 2017, well above the 19.3% target. Meanwhile, the interest payments burden went down to 10.2% from 11% previously.
“In sum, the quality of government spending has improved,” the Treasury said.
In a separate statement, the Budget department noted that infrastructure outlays in 2018 likely clocked in at 6.2% of GDP, lower than 2017’s 6.3% share but is seen on track to hit the 7% goal by 2022.
“This means that the country’s borrowings are financing worthwhile infrastructure investments that the Filipino people can look forward to enjoying,” Budget Secretary Benjamin E. Diokno said.
“Filipinos may really look forward to better roads, comfortable mass transport systems like trains and modern public utility vehicles (PUV), among other infrastructure initiatives. The data support the eye test, with so many construction projects going on around the country.”

BSP mulls floating debt notes

By Melissa Luz T. Lopez, Senior Reporter
THE central bank will consider floating debt notes at a time of a significant surplus in the financial market, noting that future issuances will have to be coordinated with the national government to avoid crowding out Treasury papers.
The newly-enacted Republic Act (RA) 11211 updates the New Central Bank Act and brings back the authority of the Bangko Sentral ng Pilipinas (BSP) to issue “negotiable evidences of indebtedness.”
BSP Deputy Governor Maria Almasara Cyd N. Tuaño-Amador said authorities are looking for an appropriate window to issue debt notes.
“The central bank wants to have an expanded toolkit, a policy instrument, an arsenal of policy instruments that can be used to fine-tune monetary aggregates in the economy… [I]t’s a structural surplus liquidity absorption tool,” Ms. Tuaño-Amador said in a press chat on Friday. “So as to when it will be used, it will be dictated by the times.”
“[W]hen we have significant structural liquidity surplus, then we can start thinking about using the central bank debt papers,” she added.
Prior to this, the BSP official noted that such authority is reserved for episodes of “extraordinary” financial conditions, which is said to ring alarm and disruption if availed. She added that the central bank would like to tap the option to float notes “in both normal and non-normal situations.”
BSP Senior Assistant Governor Ma. Ramona Gertrudes D.T. Santiago noted that they will have to set up a formal agreement with the Department of Finance (DoF) for the central bank’s foray into local debt issuances, as they transition into offering market-based and negotiable notes.
“The operational details of the issuance of the central bank debt papers will be carefully coordinated with the national government, particularly in terms of tenor,” Ms. Tuaño-Amador added, noting that this will ensure that there will be “no competition” between the two state-run offices.
The Bureau of the Treasury, an attached agency of the DoF, is mainly in the business of offering debt papers ranging from a 91-day to a 20-year tenor. Meanwhile, the BSP’s weekly term deposit offerings range from the seven to 21-day maturities.
Another key feature of the new law is the P200-billion capital for the BSP, which will be sourced from the central bank’s dividend payments to the government. BSP General Counsel Elmore O. Capule said the process entails that the dividends remitted to the state — which is equivalent to half their net income each year — will be returned to them as additional capital subscriptions.
Ms. Tuaño-Amador said they will secure these supposed dividend payments until they collect the additional P150 billion capital provided by the law.
Updates to the BSP charter will officially take effect on March 5.
Mr. Capule added that implementing rules for the wide array of changes will be carried out via separate BSP circulars, as well as memoranda of agreement with other agencies like the DoF and the Bureau of Internal Revenue for tax exemptions.

MILF’s Murad Ebrahim appointed Chief Minister of Bangsamoro Transition Authority as members take their oaths

PRESIDENT Rodrigo R. Duterte on Friday, Feb. 22, administered the oath of office to the newly appointed 80 members of the Bangsamoro Transition Authority (BTA).
Mr. Duterte also led the “ceremonial confirmation” of the Bangsamoro Organic Law (BOL) plebiscite canvass results.
During the ceremony, Mr. Duterte announced his appointment of Moro Islamic Liberation Front (MILF) Chairman Al-Hajj Murad Ebrahim as interim Chief Minister of the BTA.
“The road to peace may be long and rough but I am glad we have finally reached its endpoint. My only hope is that we put to rest the bitter memories of the past so we can build a new region,” the President said in his remarks.
“Always embody the dreams and aspirations of the great men and women who came before you and fought for the recognition of your right to determine your future,” he added.
The Organic Law for the Bangsamoro Autonomous Region in Muslim Mindanao, which the President signed on July 27 last year, was “deemed ratified” when approved by a majority of the votes cast in the plebiscite held on Jan. 21 and Feb. 6.
The law states that upon its ratification, the transition period for the establishment of the Bangsamoro Autonomous Region “shall commence” through the creation of the BTA, which will serve as the region’s interim government during the three-year transition period until June 30, 2022.
The Organic Law states that the MILF shall lead the BTA, “without prejudice to the participation of the Moro National Liberation Front (MNLF) in its membership.”
The BTA is composed of 80 members who are appointed by the President. The law says that the elected officials of the Autonomous Regional Government in Muslim Mindanao become automatic members of the BTA, and they will serve until June 30 of 2019.
During the transition period, executive authority will be exercised by the interim Chief Minister, who is also appointed by the President, while the legislative authority will be exercised by the BTA.
Moreover, all powers and functions of the Bangsamoro Government, as provided in the Organic Law, are vested in the BTA during the transition period.
The BTA’s functions and priorities include the enactment of priority legislation such as the Bangsamoro’s administrative code, revenue code, electoral code, local government code, and education code. Until such laws are enacted, the Muslim Mindanao Autonomy Act No. 25 or the Autonomous Region in Muslim Mindanao Local Government Code and existing laws on elections and other electoral matters will be applied in the new Bangsamoro Autonomous Region. — Arjay L. Balinbin

COMELEC’s next target: candidates’s commercial endorsements

FOLLOWING its crackdown on illegal campaign materials, the Commission on Elections (COMELEC) said that advertisments featuring commercial endorsements of a product by candidates for the midterm elections will be also taken down.
COMELEC Spokesperson James B. Jimenez said that product advertisements featuring candidates are also considered illegal campaign materials.
“Lahat ng mga kontrata sa Pilipinas, dapat sumusunod sa batas ng Pilipinas. So dapat alam ng mga kumpanya na magkakaroon sila ng ganyang issue…. So kahit ’yung mga ganyang material, ’yung mga commercial endorsements, ayan po ay masasama sa pagbabaklas after due notice (All contracts in the Philippines should follow the law of the country. So these companies should be aware that they will encounter that kind of issue…. So even those kind of materials, the commercial endorsements, will be also taken down after due notice.),” said Mr. Jimenez in a joint press conference with the Metropolitan Manila Development Authority (MMDA), the Philippine National Police (PNP), and the Department of Public Works and Highways (DPWH) on Friday, Feb. 22.
Mr. Jimenez added that the COMELEC will issue notices to candidates regarding their illegally placed product advertisements.
“Bibigyan natin sila ng pagkakataon na tanggalin ’yung kanilang mga materials on their own, especially ’yung mga may commercials, baka gamitin nila ’yan after the elections kung kailan pwede na,” he said. (We will give them a chance to remove these materials on their own, especially those who have commercials, because they might be able to use them after the elections.)”
Under COMELEC Resolution 10488, campaign materials should be put up only in common poster areas such as plazas, markets, and barangay centers. Further, there are strict rules on the sizes of posters and tarpaulins.
“‘Yung pagbibigay natin ng notice is for the purpose of establishing liability…. Kapag malinaw na mayroon silang [mga kandidato na] liability, kakasuhan natin sila, maari silang mauwi sa disqualification (The purpose of issuing notices is for the purpose of establishing liability… If it is clear that these candidates have liability, we will file a case against them and they could be disqualified.),” said Mr. Jimenez.
Further, COMELEC said that only campaign materials that measure two by three feet can be placed in public utility vehicles.
“Bawal maglagay ng political ad kahit nasa tamang sukat, sa bintana, sa mga side windows… [Pwede] ’yung back windshield, specifically sa bus, pero hindi dapat lalagpas sa two feet by three feet (It is prohibited to place campaign materials on the windows, on the side windows, even if they are of the right size… They can be placed on the back windshield of buses but these should not be more than two feet by three feet.),” said Mr. Jimenez.
COMELEC along with the MMDA, the PNP, and the DPWH created a task force against illegal campaign materials. — Vince Angelo C. Ferreras

Rebellion case vs Trillanes set to continue

MAKATI Regional Trial Court (RTC) Branch 150 is set to resume hearing the case against Senator Antonio Trillanes IV for the same rebellion charges which were dismissed by the same court back in 2011.
In its Order dated Feb. 22, the Makati RTC “hereby sets the continuation of the presentation of prosecution evidence on March 20, 2019.”
The senator was charged with Rebellion following his role in the Manila Peninsula “siege” in 2007. The same court dismissed the charges after then President Benigno C. Aquino III granted him amnesty in 2011.
But President Rodrigo R. Duterte then issued Proclamation No. 572 in September last year, which revoked the amnesty given to Mr. Trillanes for his rebellion case in Makati RTC Branch 150. It also revoked his amnesty regarding coup d’ etat charges before the Makati Branch 148 in connection with the Oakwood mutiny in 2003.
Makati RTC Branch 150 originally meant to set the presentation of the prosecution’ evidence back in Nov. 21, 2018 but was cancelled due to the pendency of Mr. Trillanes’ Omnibus Motion for Reconsideration regarding the court order
That motion was denied by the court which said that Mr. Trillanes failed to provide sufficient proof to reverse the Makati RTC’s earlier arrest order following the issuance of Proclamation 572. The Court said that Mr. Trillanes was unable to show an “original” version of his amnesty application forms which he had submitted to the Department of National Defense and which subsequently disappeared.

Former AFP head Villanueva acquitted in PhilPost graft case

THE Sandiganbayan acquitted former Armed Forces of the Philippines (AFP) chief Diomedio P. Villanueva of graft charges for prosecution’s failure to prove his role in anomalous transactions worth P53 million. He is also free of civil liabilities.
In the anti-graft court’s decision released on Friday, the Sandiganbayan said “(F)or failure of the prosecution to prove the guilt of the accused beyond reasonable doubt, accused Diomedio Villanueva is hereby acquitted.”
“Considering the absence of fact from which civil liability may arise, no civil liability is adjudged against accused Villanueva,” the decision, signed by Associate Justice Efren N. De la Cruz, added.
Mr. Villanueva was accused for gross negligence in approving a $1,031,936.04 (P53 million) refund to Philpost USA when he sat as Philippine Postal Corp. (PPC) Postmaster General and CEO in 2003. The refund was supposed to cover terminal dues paid by PhilPost USA to PPC for mail dispatched to the United Kingdom Postal Administration.
The recommendation was made by PPC Assistant Postmaster-General Antonio R. Siapno, whom Mr. Villanueva sought advice from. Mr. Siapno is still at large.
The Sandiganbayan decision stated that Mr. Villanueva acted in good faith when approving the refund and there were no corrupt motivations behind it.
“(T)here was no showing that accused Villanueva stood to gain anything should a refund be effected. Similarly, bad faith cannot be ascribed to his actions as the records are wanting that he was motivated by a dishonest purpose or ill will in seeking Siapno’s recommendation and eventually, in approving the refund,”” the decision said.
“Mistakes committed by a public officer are not actionable absent any clear showing that they were motivated by malice or gross negligence amounting to bad faith,” the Sandiganbayan also noted.
The hold departure order issued against the former AFP Chief was lifted by the anti-graft court and it directed the release of his bail bond. — Gillian M. Cortez

Palace pushes for rescue of Indonesians, Malaysian taken hostage by Abu Sayyaf

AS MALACAÑANG on Friday said authorities have been directed to rescue three hostages, one from Malaysia and two from Indonesia, being held by the Abu Sayyaf (a Philippine-based fundamentalist Islamic group), it reiterated that the government has a policy against paying ransom.
“We are doing our best to secure the release of hostages from the evil hands of the Abu Sayyaf Group (ASG) but we stand firm on our no ransom policy,” Presidential Spokesperson Salvador S. Panelo said in a statement.
Mr. Panelo added that “to give in to the demands of terrorists and other lawless groups would embolden them to engage in more abductions that would allow them to conduct extremist and other criminal activities as they could buy more arms and weapons.”
He said that the ASG “continues to be on the run” as a result of the order of President Rodrigo R. Duterte to the military “to crush them.”
“Our security forces are hunting them in the wild forests of Mindanao to unleash their might and blow them to kingdom come,” said the spokesman.
Early this month, at least five members of the ASG surrendered to authorities. They are believed to be behind the bombing of a Catholic church in Jolo, where 23 persons died and 95 others were wounded.
Philippine National Police (PNP) Director General Oscar D. Albayalde said the suspects belong to a group of 22 Abu Sayyafs led by Hatib Hajan Sawadjaan.
Mr. Duterte declared an “all-out war” against the ASG and other enemies of the state last month following the attacks in Jolo.
In a press briefing on Jan. 29, Mr. Panelo said, “When you say against the ‘enemies of the state,’ [we refer to] those who use violence against the state. Those who want to destroy the democratic institutions of this country.
“Those who kill, who sow terror, who bomb civilians, soldiers, and policemen. These are the enemies of the state that the President is referring to, not the critics,” he clarified. — Arjay L. Balinbin

Inflation for low-income households eases further in January

INFLATION, as experienced by low-income households, was lower in January as prices of food and utilities eased further, the Philippine Statistics Authority (PSA) reported on Friday.
The January inflation turnout for goods and services used by households at the bottom 30% income segment stood at 5.9%, slower than the year-on-year price increase of 7.2% in December 2018.
The consumer price index (CPI) for the bottom 30% income segment has a heavier weighting for the food, beverages and tobacco subindex, seen to more accurately represent the spending patterns of the poor.
The food, beverages and tobacco subindex rose 6.7% year on year from 8.1% in December 2018. Food alone logged a 5.8% growth versus the previous month’s 7.1%.
Slower upticks were noted in the following food groups in January: rice at 6.8% in January from 7.8% the previous month; fish (8.7% from 10.5%); fruits and vegetables (5.7% from 8.7%); miscellaneous foods (5.5% from 5.9%); meat (4.8% from 5.6%), eggs (2.6% from 3%), cereal preparations (4% from 4.1%), and dairy products (3.7% from 3.8%). Meanwhile, the price of corn went down 0.7% from last year’s 1.2% growth.
The cost of utilities, consisting of fuel, light and water, decelerated to 3.4% from December’s 5.3%. Lower increases were also recorded in housing and repairs (4.6% from 5.5%), and services (3.5% from 3.6%).
Meanwhile, the clothing and “miscellaneous” subindices were steady at 3.1% and 2.4%, respectively.
Inflation experienced by poor households in the National Capital Region (NCR) was recorded at 4%, slower than the 4.8% posted in December. A similar case was observed for those living outside of Metro Manila, which recorded slower inflation at 5.9% from 7.3%.
“The downtrend in inflation bodes well for economic growth and the lives of Filipinos as this will restore lost purchasing power in 2019, aiding overall household consumption,” Nicholas Antonio T. Mapa, senior economist at ING N.V.-Manila branch, said in an email.
“The deceleration in the print moves in line with the current path of inflation now that supply conditions have eased. This can be expected from inflation that had been primarily driven by cost-push pressures: inflation comes down very quickly once supply bottlenecks have been addressed,” he said.
“Lastly, we note the 4.6% inflation in housing repairs in areas outside NCR, in particular the north, reflecting possible ongoing repairs after severe storm damage seen in these areas towards the end of 2018.” — Marissa Mae M. Ramos

Japan pledges 3.2-B yen in loans for Mindanao projects

JAPAN has pledged additional grants for the Philippines following a joint meeting held in Osaka this week, which include funding for train simulators as well as projects for healthcare and peace efforts in Mindanao.
In a statement, the Department of Finance (DoF) said the seventh leg of the Japan-Philippines Joint Committee on Infrastructure Development and Economic Cooperation held on Thursday yielded new loans and financial aid for the country.
Japanese officials have pledged a fresh 3.2 billion yen grant for peace and development projects in Mindanao, which came after the ratification of the proposed creation of the Bangsamoro region.
The fresh assistance will cover the following:
• 1.8 billion yen for the construction of Technical Education and Skills Development Authority training centers in the damaged city of Marawi, and the provinces of Basilan and Sultan Kudarat;
• 560 million yen for the provision of well-drilling machines and underground water detecting machines under the Economic and Social Development Programme;
• 200 million yen for the provision of livelihood assistance in agriculture and for fishers through the Food and Agriculture Organization;
• 300 million yen for the development of water facilities in the Bangsamoro region through the International Labor Organization; and
• 340 million yen for the provision of vehicles and equipment through the United Nations Development Programme.
This is on top of the $202-million loan for the Road Network Development Project in Conflict-Affected Areas in Mindanao, which is due to be signed soon after the two nations already exchanged notes for the credit line earlier this month.
Separately, Philippine Ambassador to Japan Jose Laurel and Japanese Ambassador to the Philippines Koji Haneda also signed the exchange of notes for a 1.2-billion yen assistance for train simulators to support the proposed Philippine Railway Institute. This is projected to train workers who will man the upcoming rail systems under the “Build, Build, Build” program.
Also discussed are feasibility studies for the Circumferential Road 3 Missing Link Project in Metro Manila and the Dalton Pass East Alignment Alternative Road Project. The Japanese leaders also said that they are considering a “possible supplemental loan” for the Davao City Bypass Construction Project, as requested by the Philippine government.
The two officials also signed a memorandum of cooperation for healthcare, as they look to set up facilities for universal health coverage, elderly care, disease prevention, maternal and child health services and sanitation.
President Rodrigo R. Duterte recently signed the universal healthcare law, which made all Filipinos mandatory members of the state-run Philippine Health Insurance Corp.
Mr. Dominguez said the joint meetings stand to improve cooperation and “facilitate project implementation,” with Japan currently the biggest donor to the Philippines via official development assistance.
“Our two countries have entered a golden age of our strategic partnership. In addition to government-to-government relationships, I hope the relationship between our private sectors would also be good,” Hiroto Izumi, Special Advisor to Prime Minister Shinzo Abe and leader of the Japanese contingent, was quoted as saying.
The Mr. Izumi said they will closely watch out for developments in the Bangsamoro Transition Authority, which will kick off the signing of grant agreements involving the new region in Mindanao.
Japan has so far extended P189.92 billion (398.82 billion yen) for local projects since June 2016. Nine loan agreements have been signed so far, which include phase two of the New Bohol Airport Construction and Sustainable Environment Protection Project, the Metro Rail Transit Line 3 Rehabilitation Project; the first tranche of the North-South Commuter Railway Extension Project, and the first phase of the Metro Manila Subway Project. — Melissa Luz T. Lopez

GMA to invest P1B for network digitization

By Denise A. Valdez, Reporter
GMA Network, Inc. said it is earmarking more than P1 billion for the second phase of its efforts to digitize its operations.
In a statement on Friday, the media giant said part of the investment will be used to fund its digital terrestrial transmitters (DTT), which are devices used to air GMA shows on digital TV.
“The second phase encompasses the production, post-production, content management and distribution of GMA and GMA News TV’s programs, starting with the commissioning of the DTT that now provide superior digital TV signal reach, enabling the viewership of Kapuso programs through digital-enabled TV sets and set-top boxes,” the company said.
GMA said enhancements to media asset management and broadcast automation systems are now complete, while the upgrade of its electronic field production capabilities and post production equipment and software are underway.
The projects are expected to elevate the quality of GMA’s image capture to Full 2K/4K High Definition and its capability to process in these formats.
GMA said it is also investing in a new News Automation System (NAS) that will improve its speed in news and information delivery through eight shows: Unang Hirit, 24 Oras, 24 Oras Weekend, Saksi, News To Go, Balitanghali, Quick Response Team, and State of the Nation with Jessica Soho.
“All these state-of-the-art upgrades are part of GMA Network’s ongoing digitization project to bring world class programming to our viewers here and abroad,” GMA Network Chairman and Chief Executive Officer Felipe L. Gozon said in the statement.
“We are excited to unveil more innovative offerings that will…revolutionize the TV viewing experience in the Philippines,” he added.
Last month, GMA’s New Media, Inc. (NMI) signed a technology, content and distribution agreement with PLDT, Inc. and wireless unit Smart Communications, Inc. for the network’s digitization project.

BHI to unload condo units

BOULEVARD Holdings, Inc. (BHI) will be selling its portfolio of condominiums in Metro Manila worth about P77 million, as it plans to focus on its resort business in key tourist destinations.
In a letter to its shareholders on Friday, the Panlilio-led firm said its management has decided to sell its entire portfolio of condominiums that are valued at P21.5 million on the company’s books, but have since appreciated to at least P77 million.
The properties include mini-penthouse units near the Enterprise Tower in Makati, a penthouse in an Ortigas building, as well as several office condominium units in Makati. The values of the properties were based on the latest fair market appraisal by accounting firm SGV’s affiliate, EY International.
“Given the good prospects of property in Manila at this time, BHI would rather sell and raise some cash to concentrate on our core businesses of resort hotel development and operations in Boracay Island, Puerto Galera and Cebu, as well as in resort property development, in Ternate, Cavite and Cebu,” BHI Chairman and Chief Executive Officer Jose Marcel E. Panlilio said.
BHI also said this move will help it focus on the remaining assets it has valued at about P1.8 billion, without considering their accretive value over the last two decades.
The company’s core business is in the operation of resort developments. Its subsidiary, Friday’s Holdings, Inc., owns and operates Friday’s Boracay Beach Resort in Boracay Island. It also owns Friday’s Puerto Galera, Inc., which operates Friday’s Puerto Galera Beach Resort in Boquete Island, Sto. Nino, Puerta Galera.
The firm was among those affected by the government’s six-month rehabilitation efforts in Boracay Island, as the Department of Environment and Natural Resources ordered shut all resorts and establishments from April to October.
BHI booked a net loss attributable to the parent of P37.82 million in its fiscal year ending May 31, 2018, slightly cutting its attributable loss from P39.2 million in the previous year. Revenues meanwhile grew by 3% to P100.72 million.
Shares in BHI jumped 4.41% or 0.30 centavos to close at 7.10 centavos each at the stock exchange on Friday. — Arra B. Francia

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