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Hanjin Philippines set to lay off over 3,000 workers

By Janina C. Lim, Reporter
OLONGAPO — With over 3,000 workers set to be laid off next week, Hanjin Heavy Industries and Construction Philippines Inc. (HHIC-Phil) is facing a total shutdown due to the lack of working capital.
HHIC-Phil’s rehabilitation receiver Stefani C. Saño on Friday said the company’s hopes of staying afloat is pinned on securing additional loans.
During the initial hearing at the Olongapo Regional Trial Court Branch 72, HHIC-Phil said claims from banks, suppliers and other service providers reached over P48 billion as of Feb. 1.
However, the amount does not include those from least two more companies that filed claims beyond the said date, and a few more that have not determined the full amount of their claims, according Mr. Saño.
Mr. Saño said HHIC-Phil’s on-going negotiations with creditor-banks are aimed at securing additional loans to be used for the completion of four more ships which will generate cash flow and payment to Hanjin’s obligations.
“Whether or not the vessel will be constructed, we’re still undergoing negotiations with banks,” Pocholo L. Poso, HHIC-Phil’s in-house legal counsel, said during the hearing.
Asked how this will affect workers, Mr. Saño said: “Malalayoff actually sa (Feb.) 15. Mahigit 3,000 malalayoff. Matitira 300 (They will be laid off on Feb. 15. Over 3,000 will be laid off. Only 300 will remain).”
With only 300 workers left, Mr. Saño noted HHIC-Phil will “definitely not” be able to build a ship.
“Ang isang possibility pa niyan, ibang bangko outside of the creditor-banks. Ang suggestion ko kasi per ship ang financing and then may kasulatan na ang iba-bayad ng buyer sa bank pupunta tapos siya magremit kay Hanjin to build another ship (One possibility is for a bank outside of the creditor-banks to extend a loan. My suggestion is to provide funds per ship, then there will be an agreement that the buyer will pay the bank directly. Then the bank will remit the funds to Hanjin to build another ship),” he said.
Mr. Saño remains as rehabilitation receiver pending the appointment of a new one by the court. He resigned last week over opposition from creditor-banks.
HHIC-Phil’s five creditor-banks have pushed for the appointment of their own nominee, a certified lawyer, to be the rehabilitation receiver.
During the hearing, the lawyers of the five banks said they will nominate lawyer Rosario S. Bernaldo, managing director of RS Bernaldo & Associates, as receiver.
“(Ms. Bernaldo) is really experienced in rehab,” Charlemagne Rae P. Chavez, who represented Metropolitan Bank Trust & Co. which filed opposition to Mr. Saño’s appointment, told BusinessWorld.
Should HHIC-Phil discontinue operations, its rehabilitation program will be rendered useless.
“Wala nang usap-usap if stopped na operations (There will be no more talks if it stopped operations),” Mr. Saño said.
During the brief watch of Mr. Saño, HHIC-Phil saw its $412 million debt to local creditors trimmed with the remittance of $45 million from Korea Development Bank for the payment of two vessels.
Some $32 million covered the security for the loan granted by Metrobank to HHIC-Phil, while the remaining amount will be used by HHIC-Phil for administrative expenses.
This brings HHIC-Phil’s debt to Metrobank to $38 million from the $70 million before the rehabilitation procedure.
HHIC-Phil’s debts to others are unchanged: Rizal Commercial Banking Corp. at $145 million; Land Bank of the Philippines, reported at $85 million; BDO Unibank, Inc. at $60 million; and the Bank of the Philippine Islands at $52 million.

Congress ratifies 2019 budget; rejects cash-based budgeting system

CONGRESS on Friday finally ratified the proposed P3.757 trillion national budget for 2019.
THE House of Representatives and the Senate ratified the spending bill on the last session day before both chambers go on a break from Feb. 9-May 19. The House conducted a voice vote (viva voce), while at the Senate, 15 senators voted in favor of the ratification of the bicam report, while five voted against.
The 2019 budget bill will then be forwarded to Malacañang for President Rodrigo R. Duterte’s signature.
The bicameral panel, led by Senate Finance committee chair Loren B. Legarda and House Appropriations chair Rolando G. Andaya, Jr., on Friday afternoon signed the report which reconciled the conflicting provisions of the 2019 budget.
“We are proud to have a budget today on the last day of session, which we call socially-inclusive, pro-poor and pro-people,” Ms. Legarda said during the bicameral meeting.
The bicameral conference committee also rejected the implementation of the cash-based budgeting system that was supposed to start this year.
Mr. Andaya said the Senate and House panels agreed to not adopt the cash-based budgeting system in the 2019 national budget and revert to the obligations-based system.
“I would like to confirm that we are in agreement that the cash-based budgeting system is already abandoned. That was our agreement two meetings ago. So I would like to reconfirm that there’s no objection from both sides,” Mr. Andaya told reporters.
The approval of the budget had been delayed over criticism of the shift to a cash-based appropriations scheme from a two-year obligation-based system, as well as alleged illegal “insertions” that favored certain districts and families.
Mr. Andaya said the House of Representatives expects Mr. Duterte to veto some of the provisions of the national budget.
“We eagerly await the veto message and we will take it from there,” he said, without elaborating.
Senate Minority Leader Franklin M. Drilon, a member of the bicam panel, expressed his dissenting vote and did not sign the bicam report.
Senator Risa N. Hontiveros-Baraquel, who voted against the bicam report’s ratification, noted “the brazen display of political bullying by a House that refuses to budge and explain the allocation of unconscionable amounts to certain favored geographic units without going through the usual evidence-based planning and budgeting process.”
“Despite efforts to remove these anomalies, these remain in the budget. This budget confirms the democratic deficit in our process that still allowed the old system of patronage and the lack of transparency in the budgeting process,” she said in a statement.
The final version of the budget bill, according to Ms. Legarda, included the additional funding for the Department of Health’s (DoH) health facilities program, additional allowances for teachers, as well as new funding for landmark measures, such as the school-based feeding program, the Bangsamoro Organic Law, and the rice tariffication bill. — C.A.Aguinaldo

Andaya says Diokno offered P40-B for lawmakers to ignore ‘insertions’

HOUSE Appropriations committee chair Rolando G. Andaya on Friday accused Budget Secretary Benjamin E. Diokno of offering money to lawmakers to keep silent about the alleged “insertions” in the P3.757 trillion national budget for 2019, which the Cabinet official denied.
“I told him (Mr. Diokno) that we have a problem. I repeated the problem, told him the red flags, told him the problems we’re encountering. He then, Secretary Diokno, tries to buy our cooperation. He offered the House P40 billion for us to shut up about the P75 billion insertion,” Mr. Andaya said during the House hearing on the budget practices of the Department of Budget and Management (DBM) on Friday.
He said Mr. Diokno offered the money during a meeting with him, Budget Undersecretary Amenah F. Pangandaman, and another person Mr. Andaya did not name.
“Now I have the 2019 budget in my hand. I do not see any P40 billion there. He told me, ‘I will get it from the savings in the 2018.’ That is the reason why I’m asking for documents on the 2018 savings,” he added.
Sought for comment, Mr. Diokno said the lawmaker’s claims against him were “another wild and baseless allegation.”
“Absolutely false. It is again one of his wild and baseless accusations. If I were trying to silence the Committee, why would I even bother to submit to them the 2017 and 2018 savings for their review?,” he said in a text message to BusinessWorld.
The Budget Secretary did not attend the congressional hearing on Friday despite being issued a subpoena by the House committee on appropriations.
Mr. Diokno was ordered to appear at the hearing to account for the large amount of government savings in 2017 and 2018, as well as to answer the controversial insertion of P75 billion in the Department of Public Works and Highways (DPWH) budget under the 2019 national budget.
A statement issued by the DBM said that Mr. Diokno sought for a reset of the hearing in a letter addressed to House Speaker Gloria M. Arroyo and invoked the DBM officials and staff’s right to proper notice and a fair and just hearing. He cited a House of Representatives’ rule which requires subpoenas to be issued to a witness at least three days before a scheduled hearing.
“Whatever is the real purpose of the House in calling me, I will appear in Congress. However, I take my duty to the people very seriously,” Mr. Diokno said.
“It is only right that we prepare in order to give the Filipino people a complete and clear picture of the matter, and avoid giving information that only suits a specific agenda. We are definitely cooperating but it is imperative that we be given the proper amount of time to prepare,” he added.
In a separate statement released after the hearing, the DBM reiterated that the agency “has done its part in ensuring the concerned officials were consulted regarding changes in the proposed budget throughout the budget preparation phase.”
The DBM also cited the statements of DPWH Undersecretary Catalina E. Cabral that the P75 billion in question was just an adjustment, which underwent the proper process with DBM and the DPWH.
“This is all part of the budget process,” the agency stated.
For his part, Mr. Andaya said he would continue to hold hearings into the issue despite the fact that Congress will be on break from Feb. 9 to May 19. He also called on Mr. Diokno to appear in the next hearing.
“I appeal to you, one more time, in the next hearing, even in the middle of the (election) campaign, let’s meet again. Explain it properly,” he said. — Camille A. Aquinaldo

Repairs on Pag-asa Island to continue — DND

THE Department of National Defense (DND) announced that the repair and improvements of facilities in the disputed Pag-asa Island, also known as Thitu, will continue and are expected to be finished within the first few months of 2019, amid reports of increased Chinese presence in the area.
In a statement on Friday, DND Secretary Delfin N. Lorenzana said “The presence of militia on the Chinese man-made structures is no surprise to us as they have been there since 2012.”
He added, “Improving the safety, welfare, livelihood, and personal security of Filipinos in the Municipality of Kalayaan, a distinct and separate town under the province of Palawan, is the government’s Constitutional mandate.”
On Thursday, the Asia Maritime Transparency Initiative (AMTI) reported that the Chinese government sent a paramilitary force to the area in December last year in response to the ongoing construction in Pag-asa. Mr. Lorenzana also said last year that Chinese government has made efforts in the past to stop the rehabilitation of the island.
Barangay Pag-Asa is the largest island of the municipality of Kalayaan. The Kalayaan municipality is part of the Spratlys group of islands located in the disputed West Philippine Sea.
Mr. Lorenzana said that the plans of the local government to improve facilities on the island are legal and within the Philippines’ sovereign rights. The Philippines, which won an arbitral ruling in an international court on the disputed waters, claims Pag-asa as part of the West Philippine Sea.
“Having undergone careful planning and consideration, with full respect to international law and rules-based order governing civilized states, implementing these improvements is a legitimate undertaking, and well within our rights as a sovereign nation,” Mr. Lorenzana stressed.
Facilities in Pag-asa that are being worked on according to Mr. Lorenzana are the “air strip (Rancudo Airfield), better barracks for soldiers, desalination facilities, sewage disposal system, conventional and renewable power generators, lighthouses, shelters and storage facilities for fishermen” which he added will be completed by the first quarter of the year. — Gillian M. Cortez

MMDA rerouting traffic at NLEX to make way for Skyway construction

THE Metropolitan Manila Development Authority (MMDA) is rolling out a traffic rerouting plan for areas affected by the construction of the Skyway Stage 3 inside the North Luzon Expressway (NLEX).
During a press conference on Feb. 8, MMDA officials announced that the traffic plan will be implemented starting 11 p.m. on Feb. 9, Saturday.
“We are appealing for the patience and understanding of the public, but we are also assuring them that MMDA, NLEX, and Skyway teams will exert all efforts to minimize travel delays despite the ongoing construction,” Jose Arturo S. Garcia, Jr., general manager of MMDA, said in a statement.
The rerouting is needed to avoid delays in the construction of the Skyway which is meant to serve as a substitute for the overloaded EDSA. Generally, the re-routing will affect traffic in Balintawak Cloverleaf, Camachile, and Bagong Barrio, as well as the east and west service roads.
Those coming from NLEX going to Quezon City may use the existing Smart Connect Interchange going to Mindanao Ave.
Private cars, vans, and public utility jeepneys (PUJ) coming from Quirino Highway heading towards EDSA through Camachile will now have to pass by the Camachile Flyover, turn right to the west service road, and then right again to EDSA. PUJs should make a U-turn at Biglang Awa, then turn right at Cloverleaf to A. Bonifacio going to Blumentritt, or take the southeast loop to go back to Novaliches.
Trucks from Quirino highway bound to A. Bonifacio and trucks from Congressional going to A. Bonifacio/Port Area shall now take Mindanao Ave., then turn left to NLEX Mindanao heading to the Smart Connect Interchange going to NLEX southbound.
For private cars and vans from EDSA Muñoz going to the Port Area, they should head to Monumento, crossing Balintawak Cloverleaf, turn left at De Jesus St., then go straight to the C3 intersection. From there, they should turn right to the Port Area.
The middle lanes along NLEX Balintawak will be closed, as well as the ramp from EDSA northbound to A. Bonifacio, but lanes will be added to maintain the four lanes along NLEX.
A number of areas shall all be cleared of any obstructions like illegally parked vehicles and stalls along the road, since they will serve as alternate routes. These are A. Bonifacio (south bound), BWK southwest ramp (St. Joseph), BWK southeast ramp, the terminal at the southeast ramp, the west service road, and Progreso St., Bagong Barrio,
Mr. Garcia noted that around 33,000 south-bound motorists passing this area will be affected by the rerouting. This traffic plan will be implemented until December when the project is targeted to be completed.
On the part of San Miguel Corp., whose Citra Central Expressway Corp. is undertaking the project, Alex T. Solomon, deputy project manager for Skyway Stage 3, said that the company is very optimistic that it will be completed by the end of the year.
“Yes, optimistic kami [we are optimistic]. We’ll finish it by [the end of] 2019,” Mr. Solomon told reporters after the press conference.
“Nagdagdag kami ng mga tao ngayon [We have added manpower] to augment the completion… Siguro naman kung may [If there will be a] delay, one, two, three months in 2020,” he said. — Bamba Galang

DOTr clarifies liquid ban on MRT

THE Department of Transportation (DOTr) has clarified what items are exempt from the liquid ban it has imposed on the Metro Rail Transit-3 (MRT3), allowing some liquid products provided these have clearances from security officers and police assigned at the train stations.
These are: baby formula and breast milk in bottles, if the passenger is traveling with a baby or small child; drinking water to be used by the baby or small child; all prescription and over-the-counter medications; liquids including water, juice, or liquid nutrition or gels for passenger with a disability or life condition; life-support and life-sustaining liquids such as bone marrow, blood products, and transplant organs; items used to augment the body and for medical and cosmetics reasons such as mastectomy products, prosthetic breast, bras or shells containing gels, saline solution, or other liquids; and gels or frozen liquids needed to cool disability or medical-related items used by persons with disabilities or medical conditions.
In a Viber message sent to reporters on Friday, DOTr Assistant Secretary Goddes Hope O. Libiran said that lotions and perfumes in quantities less than 100 milliliters (ml) will be allowed but passengers would have to apply these on their skin to show that these are not threats to other passengers.
“Less than 100 mL pwede. May instances na ipapa-try sa ’yo ’yung perfume or lotion to make sure na lotion or perfume talaga iyon (Liquids less than 100 mL would be allowed. There are instances you would have to put them on to make sure these are real lotions or perfumes),” Ms. Libiran said.
“If [the item is] very bulky talaga, security might ask you to leave it provided that you leave your name so you can claim it back when you go home,” Ms. Libiran said.
Passengers have been complaining about the liquid ban as they have been forced to leave their drinking water or juices, perfumes and lotions behind when taking the train due to the strict implementation of the rule, which was imposed following the bombings in Jolo.
The DOTr explained that a liquid bomb is made up of nitroglycerin and, while it can be turned into solid explosives such as dynamite, while in liquid form it is still dangerous and volatile.
“Nitroglycerin is oily and clear so if it is poured in an opaque lotion bottle, no one would know what is inside. Because it is clear and oily, nitroglycerin would be easy to conceal in lotion or shampoo bottles. Nitroglycerin’s inherent instability would make this bottle very dangerous to carry around,” the DOTr said.
The DOTr said that items confiscated in the past few days by MRT-3 security personnel will be returned to passengers upon proper verification of appropriate identification to be made by the station supervisor.
“The DOTr-MRT-3 would like to express our apologies to our passengers for the confusion on the said policy,” the agency said. — Reicelene Joy N. Ignacio

Duterte certifies AFP pension bill as urgent

MALACAÑANG on Friday said that President Rodrigo R. Duterte has certified as urgent the Military and Uniformed Personnel (MUP) Pension Reform Bill.
“We would also like to inform the media that the Military and Uniformed Personnel Pension Reform Bill has been certified as urgent and needs to be enacted soon,” Cabinet Secretary Karlo Alexei B. Nograles said in a press briefing at the Palace on Friday.
Mr. Nograles explained that the enactment of the measure is necessary “because as a result of the absence of an operational pension fund for military and uniformed personnel, their pension costs are fully borne by the government and incorporated in the GAA (General Appropriations Act) as part of the budget of the DND-AFP (Department of National Defense-Armed Forces of the Philippines) and DILG-PNP (Department of the Interior and Local Government-Philippine National Police).”
He said the cost of the MUP pension “rapidly and significantly increases yearly, which results in a fiscal burden with constant claims against the government budget.”
Mr. Nograles noted that last year, “the pension budget requirement for MUP amounted to P75.7 billion without contributions from those in active service, and will increase to around P120 Billion in 2019 to cover the recent increase in salary as provided for by Joint Resolution No. 1 signed by the President on Jan. 1, 2018.”
To address the existing fiscal threat, Mr. Nograles said that “a Unified Pension Reform Bill is being proposed, which involves the rationalization of the pension system of existing personnel. as well as new entrants to the service.”
Presidential Spokesperson Salvador S. Panelo said last Thursday that the MUP Pension Reform Bill is a proposal from the DND. The proposed measure seeks to raise the compulsory retirement age to 60 from 56 and cut the lump sum received upon retirement to 18 months’ pay instead of the current 36 months. — Arjay L. Balinbin

Comelec delivers election source code to BSP

THE Commission on Elections (Comelec) announced that the source code to be used in the automated elections in May was deposited in escrow at the Bangko Sentral ng Pilipinas (BSP) on Friday.
This comes after months of local and international source code review conducted by the Comelec. By law, the readable version of the Automated Elections System (AES) should be available for review by concerned stakeholders.
Depositing the source code with the central bank is in line with Republic Act 9369 or “The Election Automation Law.”
“This is a procedure required by RA 9369 to ensure the preservation of the integrity of the codes running the AES,” Comelec Spokesperson James B. Jimenez said in a social media message.
The election period for this year’s national and Local elections began on Jan. 13. — Gillian M. Cortez

Japan Foreign Minister to visit PHL

THE Department of Foreign Affairs (DFA) on Friday announced that Japanese Foreign Minister Taro Kono will visit the Philippines from Feb. 9 to 11.
“On the invitation of Secretary Teodoro L. Locsin, Jr., H.E. Taro Kono, Foreign Minister of Japan, will undertake an Official Visit to the Philippines from 9 to 11 February 2019,” the DFA said in a statement.
Just like the visit of Chinese Foreign Minister Wang Yi last October, Mr. Kono’s activities will take place in Davao City, the hometown of President Rodrigo R. Duterte, rather than in the nation’s capital.
Japanese Prime Minister Shinzo Abe also made an official visit to Davao City back in 2017.
The DFA said Mr. Kono will meet with Mr. Locsin in Davao City on Feb. 10 to hold bilateral discussions on the political, economic, and people-to-people engagements between the two countries, including Japan’s support for infrastructure development in Mindanao as well as the ratification of the Bangsamoro Organic Law.
Mr. Kono will also have a courtesy call with Mr. Duterte and will meet other Cabinet officials. He will also attend the inauguration of the Japanese Consulate in Davao City.
The signing of bilateral documents is also expected.
“The visit of Foreign Minister Kono is a testament to the strengthened strategic partnership between the Philippines and Japan, and an affirmation of our longstanding bilateral friendship,” the DFA said in a statement.
According to the National Economic and Development Authority, Japan remained the top provider of official development assistance (ODA) to the Philippines as of September 2018. Its loans and grants totalled $5.98 billion to account for 41.2% of the Philippines’ total ODA.
Japan is also among the biggest sources of foreign investment to the Philippines with $183.51 million recorded last October as reported by the Bangko Sentral ng Pilipinas. — Camille A. Aguinaldo

TECHNOLOGY, innovation, and education opportunities for US-Philippines bilateral relationship

TECHNOLOGY, innovation, and education are the three main areas that the Philippines and the United States should explore as partners for positive economic development in the 21st century, according to speakers at “The Future of the US-Philippines Bilateral Relationship” forum held in Makati City on Friday.
Christina Laskowski, president of the Science & Technology Advisory Council Silicon Valley (STAC SV), said there must be a policy that will enable both countries to “facilitate learning development and experience.”
“Consider immigration and employment policies that enable professionals to gain valuable IT and tech experience,” she said, noting that what is lacking among professionals in the business environment nowadays is “experience.”
She added that there must be an opportunity for citizens “to be creative and innovative.”
Ms. Laskowski is an officer and board member of several non-profit and community organizations focused on cultural awareness, empowerment, and entrepreneurship.
For his part, Diosdado Banatao, chairman of the Philippine Development Foundation, said the challenge is to get students to learn. He said investing in “design knowledge” is needed because design practice “is a necessity in the same way as innovation is a necessity in business.”
Mr. Banatao said this discipline should be incorporated in the undergraduate level curriculum. “There is a need for discussions among stakeholders…. I have not seen discussions [on this matter] at universities,” he said.
He stressed that the government, through the Commission on Higher Education, should consider including the design program in the undergraduate education.
Katrina Chan, executive director of QBO Innovation Hub, which is the Philippines’ leading public-private initiative to support startups, said that “experience and financial investments” in the country “must be strengthened.”
“Filipinos engaged in startups must be given a certain level of financial comfort to be able to pursue training and opportunities for growth,” she added.
On the chance of the Philippines to partner with the US in revolutionizing industries such as artificial intelligence, the Internet of Things, and blockchain, Mr. Banatao said: “The fastest way is for Silicon Valley companies to expand their operations here in the Philippines.”
Asked if the Philippines should just play to the success of the Silicon Valley or look at other cities for a model, Ms. Laskowski said: “Silicon Valley is Silicon Valley. The Philippines must recognize its own strengths and leverage on it as much as it can.”
The forum was organized by The Asia Foundation and the Ateneo School of Government, and funded by the US government. — Arjay L. Balinbin

Gov’t moves to fast-track land-use conversion applications

THE GOVERNMENT is preparing to issue a memorandum circular mandating concerned agencies to fast-track the processing of land-use conversion applications, Malacañang said on Friday.
Cabinet Secretary Karlo Alexei B. Nograles said in a press briefing at the Palace that various agencies are currently working together to “streamline the process involved in land conversion.”
He said the Department of Agrarian Reform (DAR) reported to the Cabinet last Wednesday that “there is an urgent need to streamline the current process for land conversion to address pending applications and to fast-track the approval and/or disapproval of new applications.”
To do this, Mr. Nograles said “different departments, namely the DAR, DILG (Department of the Interior and Local Government), DENR (Department of Environment and Natural Resources), DOE (Department of Energy), HUDCC (Housing and Urban Development Coordinating Council), NCIP (National Commission on Indigenous Peoples), NHA (National Housing Authority), LRA (Land Registration Authority), and HLURB (Housing and Land Use Regulatory Board), [among others,] have decided to work together to draft a Joint Memorandum Circular that will streamline the process of approval/disapproval of land conversion applications, from the 24-36 months, to 30 days.”
This memorandum circular, he said, will be finalized and presented to President Rodrigo R. Duterte for his approval “within 30 days or on or before the next Cabinet meeting.”
Last Thursday, Presidential Spokesperson Salvador S. Panelo said Mr. Duterte, during the Cabinet meeting, expressed his exasperation over the slow processing of land-use conversion applications.
“The President was so frustrated, he spent I think half an hour saying that he was so frustrated about the requirements… He was dismayed (about an instance) that took two years without making progress on conversion,” Mr. Panelo said in a briefing.
Sought for comment on Friday, Mr. Nograles said DAR Secretary John R. Castriciones, despite the issue, still enjoys Mr. Duterte’s trust and confidence. — Arjay L. Balinbin

ADB raises P5.22B via peso bonds for PHL projects

THE ASIAN Development Bank (ADB) raised over P5 billion in local currency bonds offered to foreign investors, with the funds meant to support projects in the Philippines.
In a statement, the multilateral lender said its recent bond float yielded P5.22 billion ($100 million) through the issuance of four-year currency-linked debt papers.
These bonds carry a fixed interest rate of 5.25%, and are denominated in the peso but will be settled using US dollars.
“The proceeds of the bonds will support ADB’s growing local currency operations in the Philippines and help to reduce foreign exchange risk for ADB’s borrowers,” the lender said on Friday.
The Manila-based development firm said investors from Asia, Europe and the Americas grabbed hold of the bonds, with global bank JP Morgan serving as sole lead manager.
ADB Treasurer Pierre Van Peteghem added that the multilateral lender has been issuing local currency bonds across ADB member-countries. Prior to this offering, the ADB previously floated bonds in the local capital market in 2005 and 2007.
The ADB raised over $23.5 billion from the capital markets through several bond issuances in 2018. In January, the Japan-led regional lender marked their maiden issuance of domestic bonds in Kazakhstan.
Last week, the ADB also bought $20-million worth of green bonds floated by Ayala Corp.’s AC Energy, Inc., which will support the firm’s renewable energy projects in the Philippines.
Headquartered in Mandaluyong City, the ADB lent $1.38 billion in 2018 to support two policy-based loans on public-private partnerships in infrastructure and financial inclusion, the Mindanao growth corridors roads project, and the emergency loans and grants to support recovery for Marawi City.
This year, ADB is looking to extend $2.5 billion to the Philippines, as part of a $7.14-billion lending program until 2021. Among the projects in the pipeline include the Malolos-Clark railway project, the EDSA Greenways project, Angat water transmission improvement project, the secondary education support project, policy-based loans on local governance, youth employment and capital markets, and a capacity-building project to foster competition, according to the ADB website. — Melissa Luz T. Lopez

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