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Ortigas eyes P6.6-B sales from new office tower

By Arra B. Francia, Reporter

ORTIGAS & CO. unveiled on Wednesday the first office tower in Ortigas East, which is expected to generate P6.6 billion in sales as the property developer banks on the demand from the traditional office market.

The Glaston Tower is the first building to rise in the company’s 16-hectare development. It   will offer a total of 349 office units with a gross leasable area of around 30,000 square meters (sq.m.).

Located along C-5, Ortigas Avenue, and Julia Vargas, Ortigas East is touted as the natural extension of the Ortigas central business district.

“We believe there is a big market for office spaces in the Ortigas business district. In terms of vacancy, Ortigas is among the lowest, and there hasn’t been a new development that has been introduced, a new product that the market requires,” Ortigas President and Chief Executive Officer Jaime E. Ysmael said in a press conference in Pasig City yesterday.

Mr. Ysmael said they are targeting traditional offices such as professional firms, law firms, accounting firms, and medical offices, citing industry reports that the traditional market accounted for 30% of the total office take-up in 2017.

“It’s not designed as a BPO (business process outsourcing) building, because the building is not designed to accommodate huge volumes of people, (so our market is) the traditional office market,” Mr. Ysmael told reporters after the press conference.

The Glaston will have a total of 34 floors, with 25 for offices and 10 for parking or an equivalent of 600 parking slots. Unit sizes range from 76.88 sq.m. to 141.88 sq.m., which each sq.m. priced at an average of P171,000.

The ground floor will house seven retail units covering a leasable area of around 400 sq.m. Ortigas will offer the spaces to both local and international brands, as the company targets to cater to the lifestyle needs of office tenants and residents in the area.

The company expects to complete The Glaston within three to four years.

The Glaston forms part of the first phase of the P50-billion redevelopment of the property formerly known as Frontera Verde. Ortigas is pouring in P18 billion for the first phase of the estate set to run until 2025, which will include residential, retail, and office components.

The second phase will see the development of a park and more residential components, while the third phase will complete Ortigas East’s offering with office, retail, and hotel projects.

The company has tapped international firm Callison RTKL for master planning, and Langan for seismic analysis within the estate. Ortigas is also planning to create a six-lane boulevard for vehicles and bikes.

Mr. Ysmael noted that the capital expenditure budget may increase moving forward.

Ortigas East is one of four growth centers the company is currently developing, with the other three being Greenhills in San Juan, Capitol Commons in Pasig, and Circulo Verde in Quezon City.

“Our intent is to capitalize on the opportunities presented by the real estate market, and the unique location and attributes of that particular estate to the extent the market can accommodate,” Mr. Ysmael said.

Gaisano group taps Megawide for P2.5-billion Cebu project

INFRASTRUCTURE and engineering giant Megawide Construction Corp. is undertaking its first project for the Gaisano Group — a mixed-use building in Cebu City.

In a statement, Megawide said it signed a P2.5-billion contract with Gaisano-led Midland Development Corporation last month to develop Taft East Gate Phase 1.

Megawide is constructing the 43-storey building, located on a 82,816 square-meter property along Cardinal Rosales Ave. corner Pope John Paul II Ave. in Cebu City. Taft East Gate Phase 1 will have two office levels, 31 residential floors, and retail areas.

“This is our first project with the Gaisano Group. We are committed to delivering the highest quality of work Megawide is known for in this project, and we look forward to a successful partnership with them,” Megawide Executive Vice-President and Construction Group Head Ronald Paulo was quoted as saying in a statement.

Jack Gaisano, Midland Development chairman and president, said the company develops premium housing communities for Cebu residents, with its “microtownship” and “Comfort by Design” concepts.

Megawide has a significant presence in Cebu City, having built the Philam Life Cebu Tower, One Manchester Place, and Tower One Plaza Magellan.

Megawide and its partner Bangalore-based GMR Infrastructure Ltd. operate the Mactan-Cebu International Airport (MCIA). With the opening of the MCIA Terminal 2 in June this year and the launch of new flights from and to Cebu, GMR Megawide Cebu Airport Corp. projects passenger traffic to rise 12% to 11.5 million passengers this year.

Shares in Megawide were unchanged at P20.35 each on Wednesday.

San Miguel Pure Foods earns P6.9B in 2017

SAN MIGUEL Pure Foods Company, Inc. (SMPFC) booked a double-digit increase in earnings in 2017, boosted by the strong performance of its poultry, fresh meats, and branded business segments.

In a statement issued after the stock market’s close on Wednesday, SMPFC said its consolidated net income jumped 16% to P6.9 billion in 2017, following a 5% increase in revenues to P117 billion. Consolidated operating income accordingly increased by 11% to P9.9 billion, which the company attributed to improved operational efficiencies.

The food company reported consolidated revenues from the feeds, poultry, and fresh meats segment climbed 6%, due to better sales complemented by favorable prices of chicken and fresh meat products.

The branded value-added segment also saw a 6% increase in revenues for the year, amid the company’s launch of new products which accompanied the performance of processed meats.

In contrast, SMPFC said revenues from the milling business dropped by 3%, pulled down by the general decline in global wheat prices. The company noted, however, that the segment remained profitable for the period.

“Moving forward, as we strive to further strengthen our market leadership, we will continue to grow our product offerings. We’re very much encouraged by the positive response that our new products have received from consumers,” Mr. Ang, who sits as SMPFC’s vice-chairman, was quoted as saying in a statement.

Brands under SMPFC’s portfolio include Magnolia for chicken, ice cream and dairy products, Monterey for fresh and marinated meats, Purefoods for refrigerated processed meats, and canned meats, Star and Dari Creme for margarine, San Mig Coffee for coffee, B-Meg for animal feeds, and La Pacita for biscuit and flour-based snacks.

Mr. Ang added the company will continue to expand its capacities in order to meet its long-term growth prospects.

“Apart from that, we will continue to execute on our capacity expansion program in order for us to meet our long-term growth targets and continuously provide for the growing and evolving needs of our customers,” Mr. Ang said.

SMPFC earlier said it will be spending P56 billion to P60 billion in capital expenditures in the next three years. This will allow the food business to account for 21% of parent San Miguel Corp.’s (SMC) total revenues by 2020, against its revenue contribution of 16% back in 2016.

SMC is currently in the process of merging Ginebra San Miguel, Inc., and San Miguel Brewery, Inc. with SMPFC. The new entity will then be renamed San Miguel Food and Beverage, Inc. (SMFBI).

Upon the consolidation, SMFBI will have a public float of 4.3%, prompting the group to conduct a follow-on offering (FOO) in order to comply with the minimum public ownership rule of 15%.

SMPFC looks to conduct the FOO by the second quarter of this year.

Shares in SMPFC gained P2.50 or 0.40% to close at P625.50 each at the stock exchange on Wednesday. — Arra B. Francia

Acudeen to raise $35 million from ACU tokens

FINANCIAL technology firm Acudeen Technologies is joining the roster of companies tapping the cryptocurrency market to raise capital, announcing its plan to sell $35 million worth of tokens to fund its expansion.

In a statement issued Wednesday, Acudeen said it is already conducting the private sale of the so-called ACU tokens. The public sale of the tokens will take place from April 9 to 30.

“The ACU tokens serve as our answer to the growing demand for our services outside of our current consumer market. The purpose of our token sale is to accelerate more businesses with our services in the coming years through this revolutionary technology,” Acudeen Chairman Januario Jesus G. Atencio III was quoted as saying in a statement.

The issuance involves three main factors, namely the AssetChain Platform, or a permissioned blockchain that stores transaction data; CryptoFIAT, which the firm described as a “solution to completing invoice purchases using cryptocurrency,” and the ACU tokens.

“Using a permissioned blockchain, data may only be shared to participants involved in the transaction. This helps protect their sensitive information both to possible competitors and to the public,” Acudeen said.

The system is integrated with blockchain-based ledger and database Stellar, which facilitates transactions while charging minimal fees.

“The company views this as a unique opportunity to both adopt modern technology and to rapidly scale towards their company’s mission… To support and generate financial inclusion amongst small business owners and to give them the opportunity they otherwise won’t have being tied to current bureaucracies and archaic systems,” Acudeen said.

The offering was issued from Acudeen’s recently established regional office in Singapore, as the Philippines has yet to issue guidelines on coin offerings. Acudeen said the Singapore office will also serve as its springboard to expanding into other emerging markets in Southeast Asia.

Established in 2016, Acudeen aims to help micro to small and medium enterprises access to capital by inviting investors to purchase their invoices ahead of maturity date.

The company hopes to expand its presence in the Southeast Asian region, with a goal of reaching six countries with a combined addressable market of more than $400 billion. This year, Acudeen said it will launch full-scale operations in Vietnam and Indonesia, as well as a remote location in Myanmar.

“Like the Philippines, small business owners in these countries face the same perils with regard to mobility due to inaccessible and expensive financing options,” Acudeen Chief Executive Officer Mario Jordan Fetalino III said in a statement. — Arra B. Francia

Goût de France: A feast for the senses

ENJOYING a few baguette slices, then a plate of boeuf bourguignon, followed by a plateau de fromage and crêpes suzette, accompanied with occasional sips of wine, may not sound like an ordinary, frugal lunch or dinner. Yet what may seem as a fancy meal will be made accessible around the country on a specific day.

This is thanks to Goût de France (Good France), the biggest dinner in the world, which celebrates French gastronomy on March 21.

The Ministry of Foreign Affairs of France and celebrated French chef Alain Ducasse launched the annual event in 2015, and it is organized by French diplomatic missions in their host countries as a way to make French cuisine accessible.

French Ambassador Nicolas Galey noted in his speech during the event launch in BGC, Taguig City that the wealth of French cuisine was included in UNESCO’s List of Intangible Cultural Heritage in 2010.

“As Filipinos, many people can be intimidated by French food. It is often perceived as classy, complicated, elitist, or, inevitably, costly. As if French people’s everyday meals were only made of sophisticated cuisine — expensive and difficult to make. As if everyone in France had a fortune each day to prepare his/her lunch or dinner. Of course, it is not the case,” Mr. Galey said.

The goal of Goût de France is “to give more access of French cuisine to more people when many people think that the French meal is expensive,” Mr. Galey told members of the media.

Each year, an international committee led by Mr. Ducasse select 3,000 chefs from 150 countries to serve a traditional French dinner in their own establishments on the same day. This year, 18 chefs from the Philippines were chosen. The chefs have each prepared a complete French menu following the sequence of a traditional French meal (aperitif with finger food, starter, one or two main courses, cheese platter, and dessert), accompanied by French wines, which they will serve in their respective restaurants.

The participating restaurants in Metro Manila are: Lemuria and Gourmet Bar at Novotel in Quezon City; Le Bistro d’ Agathe, Chef Jessie Rockwell Club, CDP Global Table, Elbert’s Steak Room, Maria Luisa’s Garden Room, Paris Delice, and Le Petit Souffle in Makati City; Vatel Restaurant in Manila; Spiral Manila at Sofitel in Pasay City; L’Entrecote, La Mere Poulard, Restaurant 101, and Sagana Epicerie and Bistro in Taguig City. In Tagaytay, chef Jonathan Bouthiaux will serve a five-course meal at Samira. In Cebu, the French menu prepared by chef Richard Amado will be served in La Vie Parisienne, while chef David Virrey will be serving a set menu to guests at Eiffel Kubo in Bukidnon.

The restaurants’ respective menus were reviewed and approved by the selection committee presided by Mr. Ducasse.

“Daily food can be easy to make — simple, light, affordable, but tasty and surprising,” Mr. Galey said.

To know more about the menus to be served and to make a reservation, contact the participating Goût de France/Good France. — Michelle Anne P. Soliman

Nickel Asia net income up 41% on improved prices

NICKEL ASIA Corp. on Wednesday said that its net income went up by nearly 41% to P2.77 billion in 2017, driven by improved nickel and cobalt prices.

In a disclosure to the stock exchange, Nickel Asia said its earnings included a P198-million share of equity from the profit of Taganito HPAL Nickel Corp. and Coral Bay Nickel Corp.   This was a turnaround from the P413.7-million equity loss recorded in 2016.

Shipment volumes fell to 17.7 million wet metric tons (WMT) of nickel ore in 2017, from 19.3 million WMT in the previous year.

“The drop in shipment volumes was mainly the result of a prolonged rainy season in the south of the country, where three of the Company’s mines are located, and a change in the ore mix to higher value ore,” Nickel Asia said.

However, the company said higher prices for the ore, as well as a favorable peso-dollar exchange rate helped pushed revenues 11.4% higher to P15.74 billion in 2017.

NickelAsia said it realized an average of $4.67 per pound of payable nickel on its shipments of ore, compared to the average price of $4.39 per pound of payable nickel sold in 2016.

“With respect to export sales, the Company achieved an average price of $24.42 per WMT compared to $20.77 realized in the prior year. On a combined basis, the average price received for sales of both saprolite and limonite ore in 2017 was $16.17 per WMT, 11% higher than the prior year’s $14.51 per WMT,” it said.

“Despite the relaxation of Indonesia’s ore export ban in 2017, we saw nickel prices improving, mainly on the back of stronger demand and a second year of a global supply deficit. While ore supply from Indonesia will be the biggest challenge in 2018, we anticipate continuing strong demand for the metal, in part due to the growth taking place in the battery sector,” Nickel Asia President and CEO Gerard H. Brimo was quoted as saying in a statement.

Shares in Nickel Asia rose 11 centavos or 1.75% to P6.40 each on Wednesday. — AGAM

Yields on BSP’s term deposits climb as banks crowd offering

By Melissa Luz T. Lopez
Senior Reporter

BANKS again swarmed the central bank’s term deposit facility (TDF) yesterday, although yields continued to climb as players sought higher yields amid some uncertainties in the market.

Demand for the three tenors reached P145.828 billion during this week’s auction, shooting beyond the P110 billion the Bangko Sentral ng Pilipinas (BSP) placed on the auction block. Total bids, however, slipped by a tad from the previous week’s P146.856 billion, although all instruments remained oversubscribed.

Nearly half of the tenders went to the seven-day term deposits which reached P70.838 billion, against last week’s P80.026-billion demand and the BSP’s P50-billion offering.

Despite the clamor, the average interest rate sought by banks rose to 3.1893% from 3.1767% previously. Banks sought for returns ranging from 3-3.2298%.

Meanwhile, bets climbed under the 14-day tenor to hit P52.255 billion, well beyond the P40-billion auction offering and last week’s bids worth P43.31 billion.

Yields for the two-week instruments picked up to 3.2404% from 3.1674% a week ago, marking a sustained rise since the new tenor was introduced in February.

Bids for the 28-day term deposits stood steady at P22.735 billion from P23.52 billion, just above the P20 billion which the central bank wanted to sell. The month-long tenor also saw the biggest increase in rates, with the average yield climbing to 3.3274% compared to 3.2627% last week.

The TDF serves as the central bank’s primary tool in mopping up excess funds in the financial system, especially after the regulator introduced a reduction in the reserve requirement ratio (RRR) imposed on universal and commercial banks.

The adjustment, which took effect March 2, is said to be operational as it seeks to reduce market distortions created by the “ultra-high” RRR regime that makes borrowings more expensive.

Central bank officials have said the RRR cut was timed as the central bank can now rely better on the weekly term deposit auctions to influence market rates, with the view that they can deploy other macroprudential and targeted risk management measures to contain its potential impact on inflation and credit growth.

BSP Deputy Director Dennis D. Lapid said on Tuesday that the central bank will continue to employ a “gradualist” approach in proceeding with further reserve cuts, but noted that it remains a live discussion in the Monetary Board.

He added that the recent pickup in TDF yields in recent weeks despite strong demand was likely “the effect of market uncertainty,” especially following the release of faster-than-expected February inflation rate which clocked in at 4.5% using the 2006 base year and 3.9% under the 2012 base. This is fastest pace recorded since October 2014.

The BSP will hold its next rate-setting meeting on March 22. The central bank decided to cut the RRR during its Feb. 8 meeting, but announced the “operational” move only a week after.

Next week, the central bank will again offer a total of P110 billion in term deposits. Broken down, it will offer P50 billion of the seven-day term, P40 billion for the 14-day, and P20 billion for the 28-day term deposits.

Mexican regional cuisine drives booming food scene

MEXICO CITY — Sure, every foodie loves tacos and enchiladas.

But what about lesser-known Mexican classics like cochinita pibil, the impossibly flavorful, slow-roasted pork dish from the Yucatan peninsula? Or escamoles, the ant larvae from central Mexico known as “insect caviar?” Or empanadas de mole, pastries filled with the savory chocolate sauce of the Oaxaca region?

Mexico has always been a major player on the world food scene. But increasingly, top chefs are embracing and promoting the country’s richly varied regional cuisine, driving the Mexican gastronomic experience to a whole new level.

One of the poster boys for the trend is Alejandro Ruiz, whose Mexico City restaurant Guzina Oaxaca drew a rave review in The New York Times with its “chic interpretations of traditional classics.”

Ruiz comes from the village of La Raya in the southern state of Oaxaca, where he grew up grinding corn and cooking for his family to help his mother, who worked full-time washing clothes.

His restaurant, which opened in 2014, is a celebration of his home state, a mountainous region known for its huge diversity of ingredients and deep culinary traditions.

“Where I come from, the kitchen is the most important part of the home,” Ruiz told AFP.

“What I do (in the kitchen) is who I am, it’s where I was born, it’s my mother’s milk. It’s in my DNA. What’s my identity? Oaxaca.”

‘WHOLE OTHER LEVEL OF FLAVOR’
Oaxaca isn’t the only region whose traditional cuisine has been elevated to new levels of chic.

Mexico stretches from the deserts of the northern border to the tropical forests of the south, with long Caribbean and Pacific coastlines in between, giving it immense biodiversity and a sprawling palette of ingredients.

Its flavors are also shaped by its complex history, blending influences from its many indigenous groups, the Spanish conquistadors, European elites, slaves from Africa, immigrants from all over and the ever-present United States.

Laura Siciliano-Rosen, cofounder of the food blog Eat Your World, loses count listing her culinary adventures in Mexico’s myriad regions and sub-regions.

Dining in Mexico, she says, one minute you can be eating sinfully delicious tacos. Then, a few hours by bus — or a few Mexico City blocks or market stands away — “suddenly you’re eating turkey and hardboiled eggs and these really rich pastes, ‘recados,’ from the Yucatan peninsula, which is just a whole other level of flavor that only exists there.”

Mexican food’s strength is its “regionality,” she says — something that is only just starting to be exported abroad.

“The more people are learning about the regionality of the cuisine and how distinct and complex it is, the more they’re blown away, like ‘Wow, this is real Mexican food,’” she says.

PERUVIAN FUSION, MEXICAN DIVERSITY
William Drew, of the prestigious World’s 50 Best Restaurants list, says this is exactly what has propelled Mexican restaurants onto the closely watched ranking.

“The diversity is extraordinary,” he says.

“If you think you know what Mexican cuisine is, then you probably haven’t experienced enough of it.”

Mexico has two restaurants in the current top 50, which remains dominated by Europe: Enrique Olvera’s Pujol and Jorge Vallejo’s Quintonil, both in Mexico City.

But Mexico’s top chefs are nervously eying their colleagues to south, in Peru — whose fusion-fueled cuisine makes it a rival contender for the title of Latin America’s hottest food destination.

Peru’s mix of Andean, European and Asian influences — symbolized in recipes like “ceviche,” a refreshing dish of raw fish marinated in lime — has made its cuisine all the rage.

In fact, Peru has two spots on Restaurant’s current top 10: Virgilio Martinez’s Central at number five, and Mitsuharu Tsumura’s Maido at number eight.

The top Mexican restaurant, Pujol, comes in at 20.

STREET FOOD
That is making some people in Mexico nervous.

Mauricio Avila works at the Mexican culture ministry, and his job is to compile and preserve Mexico’s gastronomic heritage.

“Mexicans love food, and we’re proud of our food, but we don’t advertise it. We’ve always believed it wasn’t fancy enough for foreigners,” he says.

His office is actively encouraging the trend of celebrating Mexico’s traditional regional cuisines.

The government has released a 78-volume collection on Indigenous and Popular Cuisine — each dedicated to a place, an ingredient or an ethnic group. It is also working on an index of ingredients.

Sasha Correa, a Venezuelan gastronomy expert at Spain’s renowned Basque Culinary Center, says Mexico has an allure all its own.

“In a short time, Mexico has not only joined the phenomenon (of high-end dining in Latin America), it has done it with force, personality and a lot of distinctive elements,” she says.

And pity the misguided foodie who travels to Mexico City and only eats in trendy restaurants, when it is bursting with amazing food at nearly every street corner.

“An ideal trip to Mexico City is doing a mix” of the two, says blogger Siciliano-Rosen.

“But if you can’t do the high-end, just do the low-end 100%, because there’s so much variety, it’s so accessible, and you can try anything and it’s all going to be good.” — AFP

Google’s Larry Page tests flying taxis in New Zealand

WELLINGTON, NEW ZEALAND — Self-piloted flying taxis are being tested in New Zealand as part of a project backed by Google cofounder Larry Page that supporters say will revolutionize personal transport.

New Zealand regulators on Tuesday approved plans for Zephyr Airworks, a subsidiary of Page’s company Kitty Hawk, to develop and test the futuristic air taxis.

Known as Cora, the electric aircraft has a dozen lift fans on its wings, making it capable of vertical take-off and landing like a helicopter.

But developers say it is much quieter, meaning it could transport passengers in urban areas using rooftops and car parks as landing pads.

“We are offering a pollution free, emission free vehicle that flies dependably, we think this is the logical next step in the evolution of transportation,” Zephyr chief executive Fred Reid said.

The Cora prototype being tested in New Zealand’s South Island uses three on-board computers to calculate its flight path and is capable of carrying two passengers.

It has a range of 100 kilometers (62 miles) and can fly at 150 kmh at an altitude of up to 900 meters (3,000 feet).

Zephyr said using the air taxi would be a simple experience for passengers, similar to taking a ride-share in a car.

“You wouldn’t have to know anything about flying a plane. Cora could fly for you,” it said in a promotional video.

“And it would be all-electric, helping to build a sustainable world.”

It said Cora took eight years to design but then developers needed a suitable environment to safely test the new technology.

They settled on New Zealand because of its uncongested airspace and rigorous regulatory environment, with Reid saying local officials had embraced the idea.

“We had no idea what to expect,” he said.

“They could have laughed us out of the room. We were pitching something that sounded like science fiction.”

Cora has been given an experimental airworthiness certificate from the New Zealand Civil Aviation Authority.

Trialling the flying taxi service will reportedly take six years, with operations based around the city of Christchurch.

“This aircraft represents the evolution of the transport eco system to one that responds to a global challenge around traffic and congestion, and is kinder to the planet,” Christchurch Mayor Lianne Dalziel said. — AFP

Metrobank sets final terms for P60-B stock rights offer

METROPOLITAN BANK & Trust Co. (Metrobank) has set the final terms for its stock rights offering (SRO), through which it looks to raise P60 billion to fund its business operations and expansion.

In a disclosure to the local bourse on Wednesday, the Ty-led Metrobank said it will offer 799.8 million common shares priced at P75 apiece.

Eligible shareholders are entitled to subscribe to a share for every 3.976 common shares held as of March 21.

The offering will be conducted from March 22 to April 4.

“The capital raising exercise is expected to enable the bank to pursue these business prospects to sustain the loan growth momentum, leveraging on the bank’s sales and distribution network that has rapidly expanded in the preceding years,” Metrobank said in a previous disclosure.

Aside from this, Metrobank said the fresh capital will also be used to fund the acquisition of the remaining 20% stake of ANZ Funds Pty. Ltd. (ANZ) in credit card provider Metrobank Card Corp. (MCC), thereby fully owning the credit card issuer.

MCC is a joint venture between Metrobank and ANZ formed in 2003, with the local lender holding the majority 60% stake.

Late last year, the lender bought a 20% stake in MCC from ANZ worth P7.4 billion, according to receipt of central bank approval obtained Dec. 29.

In January, GT Capital Holdings, Inc., Metrobank’s majority stakeholder, said it intends to subscribe to at least its full rights entitlement in Metrobank’s stock rights offer.

UBS AG, Hong Kong Branch is acting as joint global coordinator, joint bookrunner and international underwriter of the offer, while Metrobank’s First Metro Investment Corp. will serve as joint global coordinator, joint bookrunner, issue manager and domestic lead underwriter. DBS Bank Ltd. will also act as co-manager and co-underwriter.

Aside from Metrobank, other banks have also announced plans to conduct SROs.

Bank of the Philippine Islands said it will hold a rights offering expected to raise up to P50 billion. The capital will be used “to support the growth and strategic initiatives of the bank.”

Meanwhile, Rizal Commercial Banking Corp. plans to raise P15 billion from an SRO. Proceeds will be used to expand its loan business as well as strengthen their capital ratio under the Basel 3 standards.

Last year, Metrobank posted a P18.2-billion core net income in 2017, up by 10% from the same period in 2016, on the back of robust growth in its loans and deposits.

Metrobank shares closed at P96.50 apiece on Wednesday, gaining 50 centavos or 0.52% from the previous day’s finish. — Karl Angelo N. Vidal

Smart ramps up rollout of LTE-Advanced

SMART Communications, Inc. is ramping up the deployment of LTE-Advanced (LTE-A) and carrier aggregation technology, as it seeks to improve mobile data services to its subscribers.

“The more widespread deployment of LTE-Advanced with carrier aggregation is the cutting edge of our broader effort to deliver world-class Internet service to our customers. Our ramped-up rollout of LTE-A is boosting Smart mobile data speeds in more areas of the country,” Mario G. Tamayo, PLDT and Smart senior vice-president for network planning and engineering, said in a statement.

PLDT, Inc.’s wireless unit said it is rolling out carrier aggregation, a “feature of LTE-A which enables the combination of two or more radio frequency bands in order to deliver bigger bandwidth and much faster data speeds to mobile phone users.”

Smart said it has activated 3CC CA sites, which combine three frequencies, in Metro Manila and other major cities. These include Baguio; Sta. Rosa, Calamba and Biñan in Laguna; Iloilo, Bacolod, Tagbilaran, Ormoc Cagayan de Oro, Dipolog, and Zamboanga.

“We plan to roll out more sites with carrier aggregation capability in more areas across the country this year. In Metro Manila, we are deploying 4CC starting with Marikina and Quezon City,” Mr. Tamayo said.

This year, Smart is doubling the number of LTE base stations to about 17,700 and increasing the number of LTE-equipped cell sites to more than 6,800. It is also deploying another LTE-A based technology called 4×4 Multiple Input Multiple Output, which raises the radio frequency efficiency by using multiple antennas for sending and receiving data.

PLDT earlier said it will spend as much as about P58 billion this year, a historic amount for the company for massive network infrastructure spending.

PLDT reported a P13.4-billion net income for 2017, lower than P20 billion in 2016.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — PPCM

On auction: ivory, porcelain, and more

DELICATE porcelain and ivory religious items and intricate ornaments highlight Casa de Memoria’s auction on Saturday.

With a bidding price that starts at P600,000, the ivory “Holy Trinity Blessing Niña Maria with Saints Joachim and Anne” (18th-19th century) is the most expensive among the lots.

Why would someone sell something so beautiful, historical, and intricate as this? Casa de Memoria’s research specialist, Gregorio Caliguia III told BusinessWorld that “old people” who have religious pieces such as the Holy Trinity are “scared” that their relatives will not be able to take care of such beauty. So they consign them to auction houses, where they will be bought by another person who will see it as a treasure and not as junk.

Besides, preserving a piece of history can get expensive, so much so that owning one sometimes becomes a liability rather than an asset. Restoration can be expensive, for example — restoring a painting’s colors can start at P10,000 while repairing fractures in fragile pieces can start at P100,000.

Also going under the hammer is another interesting ivory piece called “Infant St. John the Baptist in Ivory with Architectural Retablo,” which starts at P450,000. The staff, which the baby John the Baptist should be holding is, unfortunately, missing. There are also cracks on John’s torso and face — signs of ageing. Mr. Caliguia said ivory should be stored in air-conditioned rooms, but not in a too cold room, as it will cause the ivory to crack.

The European ivory pieces evoke serenity and holiness — an apt reminder of the coming Holy Week. The other ivory items come from China, including a finely carved scroll case, a small carved ball called “Ball of Happiness,” and a boat with intricate details. Each item is a work of love and labor; a showcase of the Chinese’ mastery of the craft.

Aside from the ivory, up for sale are a number of porcelain pieces — jars, jugs, pots, pitchers, and bases, in different shapes and sizes. They are all Chinese exports that travelled the world through the Galleon Trade.

The primary markets of this East-meets-West themed auction are serious and starting collectors, the well-traveled, and the Chinese community.

Mr. Caliguia said Chinese clients are meticulous. They don’t like cracks and defects in porcelain, preferring to buy the flawless ones. Filipino buyers, on the other hand, are okay with small signs of aging. He said Filipinos appreciate defects that add to the charm and character of an item.

“For this collection, the appeal lies in the history of how it came about: A romantic take on the Orient, and of melding different styles of Asian influences that morphed into a style of its own,” said Casa de Memoria marketing manager, Camille Lhuillier.

The auction will be held on March 17, 2 p.m., at Casa de Memoria, 156 Jupiter cor. Comet sts., Bel Air, Makati City. To view the lots, visit http://www.casadememoria.com/auction/auction-0010/Nickky Faustine P. de Guzman