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PXP Energy, Uy’s Dennison to close deal by March

PXP ENERGY Corp. said on Thursday that it had advanced the date for Dennison Holdings Corp. to subscribe to the listed firm’s shares at a total price of P4.029 billion, amending the terms they had agreed on about two months ago.
The upstream oil and gas company told the stock exchange that the parties had agreed on Dec. 26, 2018 “to reschedule and accelerate the full payment” by Dennison of the subscription price to the 340 million PXP Energy common shares to not later than March 31, 2019.
PXP Energy’s disclosure amends its announcement on Oct. 26, 2018 on the subscription agreement forged on the same date between the company chaired by Manuel V. Pangilinan and Davao-based businessman Dennis A. Uy’s Dennison.
Under the new terms, Dennison will also pay in cash a downpayment equivalent to 1% or P40.29 million of the total subscription price on or before Jan. 7, 2019.
In the event Dennison fails to pay the entire subscription price by March 31, the entire amount of the downpayment will be forfeited in favor of Mr. Pangilinan’s company and the subscription agreement will be terminated at the option of PXP Energy.
After the subscription to the shares and full payment of the subscription price, Dennison will be entitled to at least one seat in the PXP Energy board, as well as to nominate the board’s vice-chairman. Mr. Uy’s firm is also entitled to all other rights of a shareholder.
PXP Energy directly and indirectly owns oil and gas exploration and production assets in the Philippines, and indirectly owns an exploration asset located in offshore Peru.
The amendment comes after PXP Energy disclosed on Dec. 21 that Forum (GSEC 101) Ltd., or Forum GSEC, had sent a letter of request on the same date to the Department of Energy (DoE) to lift the force majeure imposed on Service Contract (SC) 72 on Recto Bank.
Forum Energy Ltd., in which PXP Energy holds a direct and indirect interest of 78.98%, has a 70% participating interest in SC 72 located in Northwest Palawan, through its wholly owned subsidiary Forum GSEC.
PXP Energy has a total economic interest of 53.1% in SC 72.
SC 72 is covered by the decision handed down by the Permanent Court of Arbitration in The Hague in the Netherlands on July 12, 2016. The court ruled that Reed Bank or Recto Bank, where SC 72 lies, is within the Philippines’ exclusive economic zone as defined under United Nations Convention on the Law of the Sea.
On March 2, 2015, the DoE placed SC 72 under force majeure because the contract area falls within the disputed area, which was the subject of the arbitration process.
Under the terms of the force majeure, exploration work at SC 72 has been suspended from Dec. 15, 2014 until the DoE notifies Forum Energy that it may continue drilling.
In its disclosure on Thursday, PXP Energy also said that Philex Mining Corp. had paid its 25% downpayment or P770.25 million of its subscription to the former’s 260 million common shares at P11.85 each. The total consideration of the deal is at P3.081 billion.
On the same day, shares in PXP Energy slipped by 1.30% to close at P15.20 each. Philex Mining shares jumped 4.29% to P2.92 each. — Victor V. Saulon

We are family, I got all my sisters with me

By Joseph L. Garcia, Reporter
Movie Review
Mary, Marry Me
Directed by RC delos Reyes
NO sisterhood is ever perfect, but Mary, Marry Me makes it look so fun. I guess that’s how I would describe the rest of Mary, Marry Me: imperfect, but at least a good romp.
The movie, directed by RC delos Reyes, stars real-life sisters Toni and Alex Gonzaga. The young actresses playing younger versions of their characters are funny too. After the intro ends, a slamming and noisy title sequence sets the rest of the movie’s tone: noisy.
The sisters, both named Mary (Anne and Jane), were separated by fate and economics (a wealthy aunt from the US adopted Alex Gonzaga’s character after their parents’ tragic deaths). This leads to a bitterness that simmers for many years, well-concealed by the funny Alex Gonzaga (Mary Anne). The movie finds her returning to the Philippines with her perfect aspirational husband, Pete (played by Sam Milby). Toni Gonzaga, playing Mary Jane, a glowing and chicly dressed wedding planner, volunteers to help her sister plan the wedding (she is also maid of honor). But there’s a twist! It seems that Mary Jane was once almost engaged to this same man, and it’s no secret to either sister. This is revealed in a series of montages explaining how each sister met Pete. Whatever sadness this stamps onto me is immediately defeated by a loud cameo by Ruffa Mae Quinto.
Everyone’s characters look put on, like the camp diva that Alex Gonzaga plays. Melai Cantiveros plays Mary Anne’s best friend, but she seems unnecessary and piles on the interactions meant for just the Gonzaga sisters. Meanwhile, Ms. Toni plays her role naturally, as if she is the straight woman to everybody.
Mary Anne, knowing the past her fiance and her sister share, acts like a brat throughout the planning and dangles her fiance over her sister. No wonder Mary Anne’s character is so jealous: the chemistry between Pete and Mary Jane feels so infectious, and I want to be a part of it. Meanwhile, the Gonzaga girls’ sisterhood shines through the screen so sincerely, and makes me want to have a sister, if only for the laughs. The jokes are a mix of sex puns, a possibly offensive Bisaya stereotype, and references to pop culture (like a dress designer named Michael Cuatro, modelled after Michael Cinco), including Toni Gonzaga’s own movies. The jokes are bouncing all over the place, and not in a good way, though the sisters handle that mess so deftly, and make it look like improv.
The movie’s funny enough, but as for the plot, really? The whole movie’s problem would have been solved if everybody just sat down together. Besides, I’m wondering how nobody pointed out to Pete that he’s dating siblings. There are several other plotholes besides, but I choose to ignore them for a few cheap laughs.
In the film’s climax, at Mary Jane’s Frozen-themed bridal shower (the reference to the Disney movie about sisterhood is not lost), the sisters come to a head, finally, after the younger sister (Mary Anne) catches her sister and Pete in a compromising position. Alex Gonzaga manages to make it funny, even after she beats up her sister with her fists and words (trust me, it all looked painful, in every sense of the word).
The denouement finds the two women in familiar ground, where they hash out their differences. The scene is a bit contrived, and emotionally manipulative, and out of place, and nothing in the film prepares the audience for this. A credit to the filmmaker though: if this scene had been a standalone short, it serves as a wonderful and touching portrait of sisterhood.
(Warning: Spoiler ahead!)
The film ends on a note that’s too clean and convenient: Pete is at the altar, leading the audience to believe that he has finally chosen one sister over the other, only for all of us to discover that it’s actually their best friends getting married. The rest of the problems between this man and those sisters have been completely swept away, but you and I did not watch this movie for the plot; we’re here for the quick laughs.
MTRCB Rating: PG

When managers are forced to do overtime work

I’m a manager of a small manufacturing plant in Cavite. The managers’ regular work schedule is Monday to Friday. My problem is with our CEO who released a new policy requiring all managers to perform overtime work during Saturdays and holidays. All managers are assigned to work alternatively as factory officer-in-charge to supervise our two shifts — 6:00 a.m. to 2:00 p.m. and 2:00 p.m. to 10:00 p.m. The trouble is that we are not being paid any overtime premium or cash allowance as the CEO insists that our salary covers everything. He says the disturbance is not much as the manager’s schedule is rotated every six weeks. Despite this, many managers feel it’s not right to change the rules in the middle of the game. Could you please comment on this? — Feeling Trapped.
Sometime ago, British Rail was reported to be looking for a way to test the best and most durable locomotive windshields when it heard about an unusual test conducted by British Airways. The airline used a cannon to fire dressed chickens to simulate bird strikes on passenger jets to ensure that designs and materials met safety standards.
Performing its own experiment, British Rail bought several supermarket chickens. The test cannon was then loaded, aimed and fired them at the train’s windshield. Unfortunately, the birds smashed through the windshield, broke the engineer’s chair, and made a large dent in the rear wall.
The railway management was disappointed with the result and called an expert from British Airways for assistance. The expert’s advice was, “Next time, when you load chickens in to the cannon, make sure they aren’t frozen.”
Forcing managers to perform overtime could freeze and damage work relationship. If not, it could provoke a silent protest that adversely affects motivation and productivity of managers, among others. But I’m sure all managers who are similarly situated are not chickens. Why not raise the issue again with the CEO?
It appears that the CEO issued the new policy without consulting all managers. And if you attempt to change the policy, you may be positioning the managers against the CEO. Just the same, try to analyze the situation from a sober and objective perspective as it would be difficult for the CEO to recall such new policy.
For one thing, I believe that the CEO objects to the payment of overtime premiums as it means additional expenses on the part of the company. Therefore, the best approach is how to adjust the policy in accordance with the following non-monetary options:
One, propose a flexible work schedule. The scheme should allows Saturday work to be compensable work for any day in the Monday through Friday regular schedule. This means that if a manager performs work on a Saturday, he should be allowed to take one day off in any day on the following week. There should be no two managers who are allowed to take a day off on the same day.
Two, give out additional leave credits. These will go to the manager who worked on Saturday in compensation for the Saturday work. Of course, this involves monetary considerations as well. But can be proposed in lieu of option number one. The leave credit may be applied to either vacation or sick leave.
Three, consider a compressed work schedule for all workers. Try to find out if Saturday work can be eliminated without disrupting service delivery and production schedules. You might think of distributing the Saturday work hours over a week to see if the required output can be achieved in the five regular working days. Imagine the operational expenses (electricity, and other utilities) that the organization might save. However, this requires the approval of the Department of Labor and Employment.
Four, include line supervisors and junior managers in the Saturday OIC rotation schedule. This could stretch the interval to 18 weeks depending on the size of your management team. This also allows other line executives to be trained on the job and be a part of the succession plan.
Last, avoid all forms of overtime work for all workers. Emphasize the advantages of having to work within regular working hours. It’s important to understand that workers and their managers have family obligations as well. At times, non-management workers will want the opportunity to perform overtime work for additional income. If this happens, take the opportunity to probe the most common reasons for overtime work.
Chances are, you’ll discover that what used to be mandatory overtime work had no real purpose. Overtime work is not a permanent solution to overall workload issues or perennial understaffing. That’s why you have to study the systems and procedures to make everything run smoothly without incurring additional costs.
ELBONOMICS: To be the best means you have to do your job within limits.
 
Send feedback or workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting.
Anonymity is guaranteed to those who seek it.

A treasure trove

By Anthony L. Cuaycong
IT’S NO COINCIDENCE that the birth and growth of Shin Nihon Kikaku (SNK) as a video-game developing, publishing, and manufacturing company coincided with the industry’s rise in popularity. The transition to the 1980s saw the proliferation of gaming arcades and the inevitable releases of home-console versions of popular titles, and it was determined not just to take advantage of the boom, but to ensure its sustainability through constant innovation. Soon enough, it became a major player in the coin-operated business, and it astutely leveraged its experience to penetrate the expanding home market.
Needless to say, SNK struck gold with intellectual-property behemoths The King of Fighters and Metal Slug, and it rightly sought to dip into the well as often as it could. Sequels would follow, with the franchises figuring prominently in its Neo Geo and other hardware, and, over time, ported over to modern consoles. Meanwhile, precursors in which the company honed its skills flirted with the possibility of fading into oblivion. Thankfully, Nippon Ichi Software and Digital Eclipse saw fit to embark on a passion project that aimed to both preserve the arcade classics and update them for contemporary gamers to enjoy.
The result is nothing short of remarkable. SNK 40th Anniversary Collection is presented with pride, and the labor of love is evident not just in the choice and number of titles included in the anthology, but in the manner they were restored and offered via emulation. Beginning with 13 upon release last October and adding 11 more earlier this month, it is certainly representative of the Japanese video game hardware and software company’s first decade of existence. NIS America and Digital Eclipse’s intent is evident: pay homage to its growth years by offering longtime fans an group of games that reflected its predilection to push the envelope.
To argue that SNK 40th Anniversary Collection isn’t slipshod would be to understate the obvious. In fact, the compilation is well thought out; to cover all bases, it presents not just the English and Japanese versions of its offerings, but the home-console and arcade iterations as well. There are brawlers, with Street Smart and P.O.W. headlining the list. There are shooters, among them Alpha Mission and The Ikari Warriors Trilogy. There are side-scrolling actioners, Psycho Soldier and Athena included. And there are groundbreakers like Crystalis and Prehistoric Isle. All have been painstakingly restored and lined up to be enjoyed the way they were originally meant.
Whenever practicable, SNK 40th Anniversary Collection enhances its look and interface for the Nintendo Switch. When run in docked mode, it offers several screen options at 1080p resolution, allowing for upscaled video in 4:3 or widescreen formats. And it’s even better on the go, with tabletop settings providing for a vertical orientation that best presents the arcade versions of games. Parenthetically, the sounds have been preserved; gamers will get to experience the same auditory cues as those of their counterparts in the ’80s. Meanwhile, button mapping is outstanding; controls, even for twin-stick options, are intuitive.
True, SNK 40th Anniversary Collection breaks no new ground. Then again, its objective isn’t to remake the original releases or update them for current consumption, the welcome introduction of play-through, quick-save and rewind functions notwithstanding. On the contrary, it seeks to show in pristine form the 24 titles on its list. And even as the gameplay hasn’t aged well for some, there can be no discounting its worth and, concomitantly, its capacity to inform and entertain. In this regard, the Museum mode — which provides an extensive history of SNK — is a decided boon.
All told, SNK 40th Anniversary Collection is a veritable treasure trove that shines the spotlight on the company’s pioneering efforts. Certainly, Digital Eclipse’s extensive experience in putting together restored work with painstaking precision shows; from Vanguard to Beast Busters to Ozma Wars, it rewards NIS America’s trust with output that both protects history and makes it appealing to contemporary gamers. It’s a definite steal at $40.

Rainbow's Sunset wins big at Metro Manila Film Fest awards

Joel Lamangan’s LGBT-themed family drama, Rainbow’s Sunset, swept the top awards at the Metro Manila Film Festival (MMFF) Gabi ng Parangal held on Dec. 27 at the Theatre at Solaire Resort and Casino in Paranaque City.
The film about an 84-year old man who comes out as gay to his children in order to take care of his dying lover won a total of 11 awards including Best Picture, Best Director for Joel Lamangan, Best Actress for Gloria Romero, a Special Jury Prize for acting for Eduardo “Eddie” Garcia and Max Collins, Best Supporting Actor for Tony Mabesa, Best Supporting Actress for Aiko Melendez, Best Screenplay, the Gatpuno Antonio J. Villegas Cultural Award, and two technical awards: Best Production Design and Best Original Theme Song for “Sa’yo Na.”
“I hope cinemas don’t only consider commerce. They should respect art and the film industry,” Mr. Lamangan said in his acceptance speech for Best Director, lamenting that his film is being shown in fewer theaters than blockbuster draws like Fantastica and Jack Em Popoy: The Puliscredibles.
Following Rainbow Sunset, the MMFF named Yam Laranas’ shipwreck horror film Aurora the Second Best Picture while Eric Quizon’s romance drama, One Great Love, took home the Third Best Picture Award.
Aside from Second Best Picture, Aurora also won two technical awards — Best Visual Effects and Best Sound Design — and a Best Child Performer Award for Phoebe Villamor. One Great Love also went home with the Best Actor Award for Abelardo “Dennis Trillo” Ho and Best Musical Score.
One of the festival’s top-grossers, Jack Em Popoy: The Puliscredibles won Best Float, Best Editing, and the Fernando Poe, Jr. (FPJ) Memorial Award. This is the second FPJ Memorial Award for Rodel “Coco Martin Nacianceno” as director after last year’s Ang Panday. It’s rival as the biggest box office draw, Fantastica by Barry Gonzales, received no awards.
The MMFF runs until January 7, 2019 in theaters nationwide.
Below is the complete list of winners:
Best Picture: Rainbow’s Sunset
Second Best Picture: Aurora
Third Best Picture: One Great Love
Gatpuno Antonio J. Villegas Cultural Award: Rainbow’s Sunset
Best Actress: Gloria Romero for Rainbow’s Sunset
Best Actor: Abelardo “Dennis Trillo” Ho for One Great Love
Special Jury Prize: Eduardo “Eddie” Garcia and Max Collins for Rainbow’s Sunset
Best Supporting Actress: Aiko Melendez for Rainbow’s Sunset
Best Supporting Actor: Tony Mabesa for Rainbow’s Sunset
Fernando Poe, Jr. Memorial Award: Jack Em Popoy: The Puliscredibles
Best Child Performer: Phoebe Villamor for Aurora
Best Screenplay: Rainbow’s Sunset
Best Cinematography: Aurora
Best Editing: Jack Em Popoy: The Puliscredibles
Best Original Theme Song: “Sa’yo Na” from Rainbow’s Sunset
Best Production Design: Rainbow’s Sunset
Best Visual Effects: Aurora
Best Sound Design: Aurora
Best Musical Score: One Great Love
Best Short Student Film: Kasilyas by Leslie Ann Ramirez of Bulacan State University
Best Float: Jack Em Popoy: The Puliscredibles
Stars of the Night: The Girl in the Orange Dress‘s Jericho Rosales and Aurora’s Anne Curtis

Digital transformation trends in 2019 and beyond

THE year 2018 has been marked by disruptions in the global market, evidenced by the growth of e-commerce platforms, fintechs, and start-ups that shake up traditional industries and businesses, especially the retail sector. Toys “R” Us closed its US stores in March, Nine West filed for bankruptcy in April, Sears, once the largest retailer in the world, filed for Chapter 11 bankruptcy protection on October, and a host of others. An all-time high of 16 US retailers have filed for bankruptcy or announced liquidations so far in 2018.
Asia and the Philippines are not spared from the scourge of disruptions. Many local retail brands are experiencing slowdown in business due to the growth of e-commerce. Ikea will be opening its largest store in the world by end of 2020 in the Mall of Asia Complex in Manila, with online sales capabilities and potentially its augmented reality-backed catalogue. This can potentially wipe out most of the local furniture manufacturers which are not keeping abreast with consumer preferences and technological advancements.
That’s why digital transformation as a strategic move is more urgent now than before. Since its entry into mainstream consciousness three years ago, we observed during our consulting work that many chief executives of organizations are still struggling with its meaning and execution. In fact, in our digital maturity study of several large and medium-sized companies indicate low to medium maturity levels, spanning several factors such as leadership and strategy, execution and delivery, customer experience, organization and culture, and digital platforms.
Large organizations in the country are in the middle of digital transformation, while medium-sized companies are starting in 2019 to 2020. Here are 5 trends that we see happening in 2019 and beyond.
1. MAINSTREAM ADOPTION OF CLOUD, AND CLOSING OF DATA CENTERS
Data centers may actually be a thing of the past come 2019, according to a recent DXC Technology report. With workloads shifting to the cloud, may it be public or private, more and more organizations will be move their IT infrastructure to the larger data center operators or to the public cloud like Amazon Web Services, Azure of Microsoft, and Google cloud.
2. ENLIGHTENMENT ON WHAT DATA SCIENCE AND ANALYTICS CAN REALLY DO
This year marked the fashionable mainstream adoption of analytics and data science. In fact in our study, there is close to a thousand professionals, mostly millennial and GenZ, have a job title of data scientist or data analyst. Organizations started to build their analytics capabilities without truly understanding the business potential it can bring. But in 2019 we will witness the enlightenment of many organization on the use of analytics, beyond providing descriptive insights and moving to predictive modelling, which can help them in understanding better its customers and operations.
3. CHATBOTS — FROM GOOD TO GREAT
Chatbots, the simplest form of artificial intelligence, will see its growth starting 2019 across organizations, may it be large or SMEs, primarily for customer service use. In fact a global Oracle research revealed that 80% of businesses want chatbots by 2020. As they become more inexpensive to create and deploy, companies will grow its use in internal employee support activities such as policy inquiries and HR-related concerns.
4. REDESIGN OF CUSTOMER EXPERIENCES AMID DATA PRIVACY RULES
With the National Privacy Commission (NPC) intensifying its monitoring efforts to ensure strict compliance to Republic Act No. 10173 or the Data Privacy Act of 2012, especially in those sectors where personal data gathering and processing are critical, organizations in education, banking, health care, and insurance sectors will start to redesign their customer experience strategies. Such strategies are for managing customer data, and exploring new ways to communicate with customers. If companies redesign the customer experience to include stronger privacy protections, they could then do business globally, attract customers and revenue, and help create customer loyalty, the report found.
5. CULTURE CHANGE AND NEW SKILLS-BUILDING WILL BE TOP PRIORITY
Organizations especially large ones which are in the early to middle stages of their digital transformation journey are discovering how tough it is to change the culture and mindset of the employees to adapt to new ways of working. With cloud technologies getting more cost-effective and easier to procure and deploy, younger generations in the work force easily try and discard them, while older generations take a longer time to adjust due to multiple technology deployments. In addition, organizations need to be nimbler and more innovative in the face of growing pressures from consumers and new entrants. Hence, culture change and transformation as well as new skills building in the areas of digital and soft skills will be top priority among chief executives.
As we usher in the New Year, organizations should be cognizant of these trends already sweeping the developed countries to remain relevant and competitive.
 
Reynaldo C. Lugtu, Jr. is President & CEO of Hungry Workhorse Consulting, a digital and culture transformation firm. He is the Chairman of the Information and Communications Technology Committee of the Financial Executives Institute of the Philippines. He teaches strategic management in the MBA Program of De La Salle University. The author may be emailed at
rey.lugtu@hungryworkhorse.com

Your Weekend Guide (December 28, 2018)

The Executives New Year

BUTCH SILVERIO, the musical director and trumpet player of The Executives Band and Hector Sanvictores, the band’s saxophonist. The band will be having its Christmas/New Year concert at the Shangri-La Plaza Mall on Saturday. — THE EXECUTIVES BAND (OF RAUL S MANGLAPUS) FACEBOOK PAGE

THE Executives Band (of Raul S Manglapus) will be filling the Grand Atrium Shangri-La Plaza Mall with the sound of big band music on Dec. 29, 7 p.m. While they will be performing Christmas carols like “Feliz Navidad” and “Have Yourself a Merry Christmas,” the band will also be performing a wide range of non-holiday music including “Stompin’ at the Savoy,” “The Way You Look Tonight,” “La Mer,” “Pink Panther Theme,” “Big Spender,”and “Bohemian Rhapsody.” The band’s leader is the son of the late Senator Raul Manglapus, Francis.

MADZ concert

THE Philippine Madrigal Singers on its 55th Anniversary will hold a concert called To Our Dearest Ma’am OA, on Dec. 30, 6:30 p.m., at the Ayala Museum , Makati Ave. cor. de La Rosa St., Makati City. The concert will feature Madz Alumni and students of Prof. Andrea O. Veneracion, on the celebration of her 90th birthday and commemoration of her 5th death anniversary. Also performing are tenor Edward Granadosin and pianist Jesper Colleen Mercado. Tickets are P1,000 and P700.

Year-End Concert

THE Winford Manila Resort & Casino presents Yeng Constantino: Year-End Concert on Dec. 30, 6:30 p.m., at the Ballroom of the Winford Manila Resort & Casino in Sta. Cruz, Manila. The show incudes a special performance by Tuko delos Reyes. Tickets, which are available through TicketWorld, range in price from P2,500 to P3,500.

Magic on Ice

THE show, which mixes magic with skating and acrobatics, has ongoing performances until Jan. 2 at the Smart Araneta Coliseum in the Araneta Center, Cubao, Quezon City. Tickets, available through TicketNet, range in price from P190 to P2,335.

Year End Party

M MUSIC LIVE presents Khel Pangilinan-M Music Live Year End Party 2018 on Dec. 30, 8 p.m., at the New Frontier Theater in Cubao, Quezon City. Tickets, available through TicketNet, range in price from P1,378 to P3,869.

Festival of Lights

THE annual Festival of Lights is ongoing at the Ayala Triangle Gardens. The show, titled Reimagine The Magic: A Festival of Lights, has three Disney medleys and a nod towards the classic Filipino Christmas songs. Other ALI properties have mounted their own lights and music shows including Nuvali in Sta. Rosa Laguna, Centrio in Cagayan de Oro, Bonifacio Global City in Taguig, Ayala Cebu, and Vertis North in Quezon City. Each medley is roughly six minutes long and will play every 30 minutes from 6 to 10 p.m. every evening until Jan. 15.

Christmas at KidZania

KIDZANIA MANILA helps the family bond with its #YuleBeTogether themed activities this Christmas. There is the Christmas Family Challenge which include delivering gifts, sorting letters, and arranging logs (daily until Jan. 1). Then there is the Play, Learn, and Let Go challenges with their parents in featured Nido establishments until Dec. 31. For details, visit manila.kidzania.com.

Rep’s Rapunzel

REPERTORY’s Theater for Young Audiences presents Rapunzel: A Very Hairy Fairy Tale until Jan. 27 at Onstage Theater in Greenbelt 1, Makati. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

SFA Semicon Philippines installs new chairman, CEO

SFA SEMICON Philippines Corp. (SSP) has elected Joon Sang Kang to be the firm’s new chairman, president, and chief executive officer, the company told the stock exchange on Thursday.
SSP said Mr. Kang’s appointment will take effect on Jan. 1, 2019. He will replace incumbent President and CEO Byunggil Go, who will be appointed as manufacturing director for SSP’s parent firm, SFA Semicon Co. Ltd. of South Korea (SSK).
Mr. Kang said he will “commit to making the company perform better for the benefit of all stockholders.”
Prior to his promotion to chief executive, Mr. Kang served as SSP’s production team head for six years, back when the firm was still called Phoenix Semiconductor Philippines (PSPC). He was elected to the company’s board of directors last February.
Mr. Kang was also one of the original engineering team members that designed and implemented the first phase of the semiconductor assembly and packaging system under a production agreement with tech giant Samsung Electronics. The project was implemented by its parent SSK, which was then called STS Semiconductor and Telecommunications Co. Ltd.
At the same time, Mr. Kang will serve as the chairman of the board nominations committee. The board also elected utility team head Minhun Seo as director.
Incorporated in 2010, SSP’s core business is to manufacture, assemble, test, and storage of semiconductor and memory devices and applications and other related products. The company supplies its products to Samsung through a business transaction agreement that will expire on May 2019, but is renewable for another year.
SSP posted an attributable loss of $657,739 in the first nine months of 2018, compared to an attributable profit of $761,619 in the same period a year ago. This came amid gross revenues of $154.39 million, only one percent higher year-on-year.
Shares in SSP dipped 1.41% or two centavos to close at P1.40 each at the stock exchange on Thursday. — Arra B. Francia

How PSEi member stocks performed — December 27, 2018

Here’s a quick glance at how PSEi stocks fared on Thursday, December 27, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — December 27, 2018

DoLE, ECoP working on regularization settlement

LABOR SECRETARY Silvestre H. Bello III said Thursday that the Employers Confederation of the Philippines (ECoP) has committed to a program of extending regular status to its employees.
In a briefing at Malacañang Palace, Mr. Bello said ECoP will start with the initial regularization of 40% of member-companies’ employees.
“We received a communication from the ECoP… It is an offer by the ECoP, representing big employers, a commitment to regularize all the employees of the members of ECoP,” Mr. Bello said.
“This is a big development in the labor sector. No less than the employers are offering to regularize all their employees and they’re starting with 40% of their employees,” he added.
Mr. Bello said the labor department will also ask ECoP for a timetable to offer permanent employment to the remainder of the eligible work force.
Asked for confirmation, ECoP Acting President Sergio R. Ortiz-Luis, Jr. said that the business group and the Department of Labor and Employment (DoLE) are in the process of drafting such an agreement.
“It is true that we’re talking about it. We have a draft MoU (memorandum of understanding)… It’s regarding the inspection and regularization of those who have violations… There are still some items to be threshed out,” he said in a phone interview with BusinessWorld.
Mr. Ortiz-Luis added the proposed agreement came about after companies which were inspected by the DoLE were suspected of engaging of labor-only contracting and were charged with violating labor law.
“So we will try to help them regularize and see if there are really violations… some of them are employed by service providers, which is acceptable, it is legal,” he said.
Mr. Bello said DoLE will declare a moratorium on labor inspections once the two parties come up with a regularization plan, unless complaints emerge during the period.
“In short we offered that in the moment, we can agree on the regularization plan as initiated by them, we will declare a moratorium on inspections. In order words, they will not be bothered by the inspectors, unless of course there are complaints,” he said during the press briefing.
DoLE said over 400,000 contractual workers were regularized as of Dec. 3. In May, the department released a list of companies suspected of being engaged in labor-only contracting.
Asked for updates on the list of companies, Mr. Bello said some companies have taken steps to comply with the department’s orders, while others have taken to the courts. He said they will continue issuing compliance orders to companies to regularize its employees. — Camille A. Aguinaldo

Transportation dep’t to shift general aviation to Sangley airport by late 2019

THE Department of Transportation (DoTr) said it go ahead with its plan to transfer general aviation flights Sangley airport by the third quarter of 2019, amid a lack of progress in the Cavite government’s plan to develop the airfield there, which is currently an Air Force base.
Transportation Undersecretary for Aviation Manuel Antonio L. Tamayo told reporters on Friday last week that the government is almost done with its plan to develop Danilo Atienza Air Base for commercial operations targeted at general aviation.
When asked for an update on the Cavite provincial government’s Sangley airport proposal, he said, “We are losing patience, as is NEDA (the National Economic Development Authority), why is it taking so long. But the DoTr is working on its own plans for Sangley. Regardless of whether Cavite proceeds or not, Sangley will be used by general aviation.
“We expect to… get it operational by third quarter of next year,” he added.
Mr. Tamayo noted once the Sangley airport opens for use by the general aviation sector, business jets operating in Manila may relocate out of Ninoy Aquino International Airport (NAIA) into Sangley.
He said the airfield at Sangley will be upgraded to a 2,300-meter runway, with only 400 meters left to build. Other structures like a new tower, which is needed for the airport to be rated for night operations, will take time.
The move “will definitely reduce the traffic in (NAIA) just in case none of the airport proposals goes ahead,” he said.
The DoTr is evaluating two proposals for the Sangley airport — the P552.018-billion proposal of the Cavite government to operate, manage and expand the gateway; and the $12-billion unsolicited proposal of the private sector to build an airport hub at Sangley.
Mr. Tamayo said although the department can reject the pitch of the Cavite government, it “cannot be rejected right away.”
“No matter what you say, it’s a local government,” he said, noting the alternative option is the one from Sangley Airport Infrastructure Group, Inc. (SAIG).
SAIG is a consortium formed by Solar Group’s Wilson Y. Tieng and SM Group’s Henry T. Sy, Sr., which proposes to build a regional airport hub on the 2,500-hectare site in Sangley Point, including reclamation, for a 50-year concession period. The proposal was set aside by the DoTr to prioritize the government-to-government deal.
Mr. Tamayo said there has been no update from the Cavite government on its airport proposal, which the DoTr said lacks some documentary requirements. — Denise A. Valdez

DoF to target major government contractors who pay bribes

THE DEPARTMENT of Finance (DoF) said it will target as part of its anti-corruption efforts major contractors who pay bribes to secure government projects.
In a statement, the DoF said it ordered its agencies to work with the Presidential Anti-Corruption Commission (PACC) to catch “big fish” contractors that secure favorable contracts by paying bribes.
“Just focus on the big ones and try to really catch them. We have limited amount of time. I’m not saying we should not go after the small ones, but you know, if you only have so much time, we’d better go after the big ones first because catching them will have a major impact on the economy,” Finance Secretary Carlos G. Dominguez III said.
“Those guys who bribe people to look the other way to give them nice contracts, to give them concessions for many, many years, to let them make money for no risk. That’s a big, big corruption crime. But you have to be really be very smart, you have to be smarter than them to catch them because it’s white-collar crime,” he added.
Mr. Dominguez said that catching the big fishes would send a strong message to small-time crooks that the government means business in the Duterte administration’s campaign against corruption.
Mr. Dominguez said that corruption occurs during tax collection, the disbursement of public funds, and in the approval of projects that are not advantageous to the government.
He said that the DoF’s Revenue Integrity Protection Service (RIPS) along with other auditing offices in its various agencies will work with the PACC.
In the first eight months of the year, RIPS has dismissed from public office five Customs personnel for failing lifestyle checks, while suspending more officials from other DoF agencies.
Mr. Dominguez said that the DoF has caught the biggest fish on tax evasion so far, after cigarette maker Mighty Corp. settled P30 billion tax obligations last year, the largest tax settlement on record.
The PACC, which is under the Office of the President, was created by President Rodrigo R. Duterte in 2017 through Executive Order No. 43. It has the power to conduct lifestyle checks, look into suspected corrupt activities, and recommend punishment ranging from suspension to removal from office.
It may refer any case for appropriate action to the Office of the Ombudsman, or deputize any other office, including government-owned or -controlled corporations (GOCCs), for assistance. — Elijah Joseph C. Tubayan

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