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Infrastructure to offset TRAIN job loss

UNEMPLOYMENT should continue to ease in the coming years, as planned infrastructure development absorbs workers laid off by firms seeking to weather higher levies under current tax reforms, the government’s Budget chief told reporters on Wednesday.

Budget Secretary Benjamin E. Diokno said in a briefing that he expects joblessness in the country to maintain its downtrend, supported by the “Build, Build, Build” program of the administration of President Rodrigo R. Duterte that plans to spend more than P8 trillion on major infrastructure until 2022, when he ends his six-year term.

“We can build forever. Look at Singapore,” Mr. Diokno said, citing the “multiplier effect” of infrastructure projects and other initiatives like the jeepney modernization program.

Mr. Diokno made the remark when asked about layoffs announced by a soda producer, who cited organizational “restructuring” in the wake of additional taxes imposed on sugar-sweetened drinks starting January.

Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Act that was signed into law in December last year, imposed an excise rate of P6 per liter on drinks containing caloric or non-caloric sweetener and P12 per liter on drinks containing high-fructose corn syrup. Instant coffee mixes and milk are exempted from this new tax.

All four to five tax reform packages — of which TRAIN is just the first — are projected to contribute about a fourth of the P8.13 trillion needed to make “Build, Build, Build” come true.

Philippine Statistics Authority data show unemployment eased to five percent in October last year from April’s 5.7%, even as the latest level was still worse than October 2016’s 4.7%.

Underemployment — involving those who want an additional job or more work hours — fell to 15.9% in October last year from April’s 16.1% and from October 2016’s 18%, reflecting improvement of job quality as the economy grows.

The Duterte administration is stepping up spending on infrastructure projects in hopes of spurring gross domestic product (GDP) growth to a faster 7-8% annual pace from this year to 2022, from last year’s 6.7%, 2016’s 6.9% and a 6.2% annual average in 2010-2015.

Infrastructure spending, under “Build, Build, Build,” will increase to P1.84 billion in 2022, equivalent to 7.3% of GDP, from a planned P1.098 billion or 6.3% this year.

This strategy is designed to cut unemployment rate to 3-5% by 2022 from 5.5% in 2016 and poverty incidence to 13-15% by 2022 from 21.6% in 2015.

In the same briefing, Mr. Diokno said the government has enough funds to support overseas Filipino workers (OFWs) who flew home from Kuwait. Mr. Duterte on Friday asked OFWs in Kuwait to leave the country “within 72 hours” after the body of a Filipina maid was discovered in a freezer at a house where she used to work. Mr. Diokno said funding for livelihood assistance to returning workers may be sourced from the budgets of the Department of Labor and Employment, the Department of Foreign Affairs and the Department of Social Welfare and Development. — Melissa Luz T. Lopez

Gov’t wants ruling to pay Maynilad ‘set aside’

By Victor V. Saulon
Sub-Editor

THE PHILIPPINES has asked the High Court of Singapore to “set aside” the first partial award granted to Maynilad Water Services, Inc. in July last year relating to the arbitration case between the government and the privately owned water utility, the listed companies holding stakes in the company said on Wednesday.

DMCI Holdings, Inc. and Metro Pacific Investments Corp. separately told the Philippine Stock Exchange that Maynilad received on Tuesday afternoon an e-mail from the Philippines’ Singapore counsel advising about the application at the Singaporean court seeking to set aside the award.

“While it has yet to be served copies of the summons and the Setting Aside Application, Maynilad is confident that there are no valid and meritorious grounds to challenge or set aside the Arbitral Award, and that the Republic’s latest efforts to frustrate and stonewall the enforcement of the Arbitral Award will fail,” DMCI and Metro Pacific said.

“Maynilad has already engaged Singapore counsel to ensure that the Republic’s baseless application is disposed of expeditiously.”

The July 24, 2017 award by the arbitral tribunal ordered the government to compensate the water utility for revenue losses from March 11, 2015 onwards resulting from the refusal of government’s Metropolitan Waterworks and Sewerage System (MWSS) to implement Maynilad’s rebased tariffs. It upheld the validity of Maynilad’s claim — amounting to P3.4 billion in March 2015-August 2016 — against the Philippines’ undertaking letter issued by the Department of Finance.

“The Arbitral Award upheld the validity of Maynilad’s claim against the Undertaking Letter issued by the Republic, through the Department of Finance, and ordered the Republic to compensate Maynilad for its revenue losses, commencing on 11 March 2015 onwards, resulting from the refusal of the [MWSS] to implement Maynilad’s relevant tariffs,” the companies said.

Sought for comment, the Office of the Solicitor General (OSG) declined to disclose details of the case, citing confidentiality of the proceedings. Erik S. Dy, spokesperson of the OSG, said the first partial award was granted by the Singapore International Arbitration Center. “We are requesting to have the order set aside,” he said, adding that the filing with Singapore’s high court was made on Feb. 9, 2018 through the OSG’s foreign counsel.

“Of course we will oppose kasi (because) we don’t see any reason that they can cite para ma-set aside ‘yun (to set aside the partial award),” Randolf T. Estrellado, Maynilad chief operating officer, told reporters on the sidelines of MWSS’s 140th anniversary celebration on Wednesday.

“In fact they even have an issue on the timing because they only have three months to set aside the ruling. The original ruling came out in July.”

Mr. Estrellado said the OSG took as opportunity a correction in November of the awarded amount, which was reduced by about less than a P100 million.

“Nagkamali lang ng one month (There was an error for one month). Kinapitan nila (They held on to that interpretation). They used the November correction as the starting point for the three months,” he explained.

In the arbitral court’s ruling in July last year, the Philippine government was ordered to reimburse Maynilad a total of P3,424,690,000 for losses from March 11, 2015 to Aug. 31, 2016, but without prejudice to rights that the company may seek against MWSS for losses incurred from Jan. 1, 2013 to March 10, 2015.

The same tribunal also ruled that Maynilad is entitled to recover from the Philippines its losses from Sept. 1, 2016 onwards. It said in case a disagreement on the amount of such losses arises, Maynilad may revert to the tribunal for further determination.

Wednesday saw the stock price of DMCI gain 2.19% to close P14 apiece while that of Metro Pacific dropped 8.65% to finish P5.60 each, making it one of the biggest losers on Wednesday.

Maynilad holds the exclusive concession granted by the MWSS, on behalf of the government, to provide water and sewerage services in the west service area of Metro Manila. Metro Pacific owns 52.8% of Maynilad, while DMCI has a 25% indirect economic interest in the utility.

Metro Pacific Investments Corp., which has majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.

Manila, Beijing work out how to tap oil, gas in South China Sea areas they both claim

THE PHILIPPINES and China have agreed to set up a special panel to work out how they can jointly explore oil and gas in part of the South China Sea that both sides lay claim without having to address the explosive issue of sovereignty.

China claims most of the South China Sea, where $3 billion in sea-borne trade pass every year, and has competing claims in various parts of it with Brunei, Malaysia, Taiwan, Vietnam and the Philippines.

“It’s just the start of a process,” Philippine ambassador to China, Jose Santiago “Chito” L. Sta. Romana, told reporters late on Tuesday after diplomats from both sides met for the second time under a bilateral mechanism aimed at defusing long-standing maritime tensions.

He said the decision to form a working group on cooperating on energy was a “breakthrough.”

Forming an agreement for a joint project would be extremely complex and sensitive as both countries claim jurisdiction of the site of the oil and gas reserves, so sharing them could be deemed legitimizing the other side’s claim, or even ceding sovereign territory.

The idea of joint development was first hatched in 1986, but disputes and the sovereignty issue have stopped it from materializing.

But time is of the essence for the Philippines, which relies heavily on energy imports to fuel its fast-growing economy. That is complicated by estimates that its only domestic natural gas source, the offshore Malampaya field, will be depleted by 2024.

Mr. Sta. Romana said a second coordinating group was formed to address sovereignty issues and “to prevent any crisis from escalating.”

The Philippines in 2011 accused Chinese ships of harassing a survey vessel hired by Forum Energy Technologies, which won a contract to explore oil and gas in the Reed Bank, near the Spratly.

The Philippines went the Permanent Court of Arbitration in the Hague in 2013 to question that, among other bones of contention.

The tribunal’s 2016 ruling, which China refuses to recognize, included clarifying that the Reed Bank was within the 200 nautical mile exclusive economic zone of the Philippines and therefore it had sovereign rights to exploit resources there.

A senior Philippine official also said Southeast Asian countries and China would next month start negotiations on a long-awaited maritime code of conduct.

TROUBLE AT BENHAM RISE
But the Philippines on Wednesday said it would oppose what it said were attempts by Beijing to assign Chinese names to undersea features on part of Manila’s continental shelf on its Pacific Ocean coast.

“We object and do not recognize the Chinese names given to some undersea features in the Philippine Rise,” Presidential Spokesperson Herminio Harry L. Roque, Jr. said in a media briefing at Malacañan Palace, adding that the Philippine embassy in Beijing has already raised the concern with the Chinese government.

Mr. Roque said the issue would be raised with the International Hydrographic Organization that is responsible for assigning names to underwater features.

The area, which the United Nations designated in 2012 as within Philippine jurisdiction, is better known as Benham Rise. It is roughly the size of Greece and believed to be rich in biodiversity and tuna.

Senate Science and Technology committee chairman Senator Paolo Benigno A. Aquino IV said a public hearing on Feb. 26 will tackle this issue. — Reuters with inputs from Arjay L. Balinbin

Kuwait condemns Duterte’s call to evacuate Filipino workers

A TOP Kuwaiti official condemned on Tuesday a call by Philippine President Rodrigo R. Duterte to evacuate his country’s workers from Kuwait, suggesting he could damage ties between the two countries.

Manila on Monday announced a “total ban” on new employment in Kuwait, including Filipinos who had already obtained employment permits but had not yet left for the Gulf country.

The measure came after Mr. Duterte angrily lashed out at Kuwait over reports of Filipino workers suffering abuse and exploitation. On Friday he brandished photos purporting to show a Filipino maid found in a freezer, saying she had been “roasted like a pig.”

Mr. Duterte also alleged Arab employers routinely raped their Filipina workers, forced them to work 21 hours each day and fed them scraps. He asked Kuwait: “Is there something wrong with your culture? Is there something wrong with your values?”

Two planes full of workers arrived in Manila from Kuwait on Monday on flights provided for free by commercial airlines at the President’s request. On Sunday, the Philippine Labor secretary said more than 2,200 Filipinos were ready to take up Mr. Duterte’s offer.

The Philippine Foreign Affairs department said authorities were repatriating 10,000 overstaying Filipinos from Kuwait, taking advantage of an amnesty program arranged with the Kuwaiti government.

For his part, Kuwait’s Minister of Foreign Affairs Sheikh Sabah al-Khalid al-Sabah said: “We are surprised and we condemn statements from the Philippine president, especially as we are in contact with the Philippines on a high level to explain the workers’ conditions in Kuwait.”

He was speaking at a joint news conference with US Secretary of State Rex Tillerson during a meeting in Kuwait of the global coalition against Islamic State.

“Escalation does not serve the ties between Kuwait and the Philippines,” Sheikh Sabah said, adding that 170,000 Filipinos “live a decent life in Kuwait … but separate accidents unfortunately happen, and we are providing our Filipino counterparts with the results of the investigations.”

Authorities say 252,000 Filipinos work in Kuwait, many as maids. They are among over two million employed in the region, whose remittances are a lifeline to the Philippine economy.

Human Rights Watch and other groups have documented widespread abuses, including nonpayment of wages, long working hours with no rest days, physical and sexual assault, and no clear channels for redress. — reports by Reuters and AFP

Investors flock to TDF as BSP dangles new tenor

By Melissa Luz T. Lopez, Senior Reporter

BANKS swarmed the term deposit facility (TDF) yesterday as the central bank started offering a two-week instrument, with the strong demand driving yields lower across all tenors.

Demand for term deposits offered by the Bangko Sentral ng Pilipinas (BSP) reached P150.757 billion, surging from the P140.003 billion received the previous week and hitting nearly double the P80 billion placed on the auction block on Wednesday.

The higher demand came as the central bank introduced a 14-day tenor for the term deposits, starting with a P20-billion offering. The volume was met with P45.46 billion in tenders, which fetched an average yield of 2.8737% as banks wanted returns ranging from 2.7-3%.

Sustained appetite for the week-long and month-long tenors also drove yields down for these instruments.

The P40 billion worth of seven-day deposits saw bids reach P65.362 billion, lower than the P88.573-billion offers received the previous week. Still, the average rate declined to 2.7232% from 2.7278% amid overwhelming demand.

The 28-day term deposits likewise stood oversubscribed yesterday, with banks wanting to place P39.935 billion against the P20-billion on offer. Yields averaged 2.965%, well below the 3.0183% fetched a week ago.

Since June 2016, the TDF has been the central bank’s main tool to capture excess liquidity in the financial system. The window allows banks to park the idle cash they hold under the BSP in exchange for a small margin, which in turn will prompt market rates to inch closer to the three percent benchmark set by the central bank.

Any excess cash which have not been deployed for loans, foreign exchange and debt payments can be parked under the central bank window in order to make small gains, rather than leave these idle inside bank vaults.

Wednesday marked the first time when the BSP introduced the two-week instrument, in response to market preference for shorter-termed instruments.

Sought for comment, BSP Deputy Governor Diwa C. Guinigundo said results of this week’s auction showed that local players continue to hold abundant money supply.

“The oversubscription on all tenors despite the offering of the new 14-day TDF is a clear testimony that the banking system continues to experience substantial liquidity following the sustained return of money to the banks after the holidays and the national government’s RTB (retail Treasury bond) float,” Mr. Guinigundo said in a text message.

“The BSP is also more flexible in considering fast changing liquidity conditions in determining the appropriate volume of liquidity to mop up to help attain price stability while offering more instruments to the capital markets,” the central bank official added.

Mr. Guinigundo has said that banks favor shorter tenors as these lend more “flexibility” in managing funds, versus a month-long lock-in period under the BSP facility.

For next week, the central bank will offer P110-billion worth of term deposits — P50 billion for the seven-day papers, P40 billion for the 14-day tenor, and P20 billion for the 28-day deposits.

INC executive minister named special envoy for OFW concerns

PRESIDENT Rodrigo R. Duterte has appointed Iglesia ni Cristo (INC) Executive Minister Eduardo V. Manalo as his Special Envoy for overseas Filipino workers’ (OFWs) concerns.

Mr. Duterte signed the appointment papers of Mr. Manalo last Tuesday, and Mr. Manalo will be serving in his new capacity until Jan. 29, 2019.

Mr. Manalo is the eldest son of the late Eraño G. Manalo and grandson of Felix Y. Manalo, the founder of the politically influential religious group.

In the 2016 national elections, the INC endorsed Mr. Duterte and Ferdinand “Bongbong” R. Marcos, Jr. for president and vice-president, respectively.

The President also appointed Herman B. Jumilla as Department of Budget and Management (DBM) undersecretary.

Mr. Jumilla assumes the position of Gertrudo A. de Leon whom Mr. Duterte fired in October last year over corruption allegations.

The President signed the appointment papers of Mr. Jumilla last Monday, Feb. 12. — Arjay L. Balinbin

ALI earnings rise 21% as property sales recover

By Arra B. Francia, Reporter

AYALA LAND, Inc. (ALI) reported its attributable profit rose 21% in 2017, driven by the resurgence of property sales and sustained leasing business.

The listed property developer said in a statement on Wednesday that net income attributable to the parent stood at P25.3 billion in 2017, following a 14% uptick in revenues to P142.3 billion.

ALI attributed the higher revenues to the recovery in property sales for the year, inching up 13% to P122 billion, against a modest growth of 3% in 2016.

“We are pleased with our 2017 business results. All major product lines posted strong growth, with property sales coming in at the higher end of our estimates and leasing income increasing in line with our planned asset build up,” ALI President and Chief Executive Officer Bernard Vincent O. Dy said in a statement.

ALI Chief Finance Officer and Treasurer Augusto Cesar D. Bengzon said in a presentation that international sales, or sales to overseas Filipinos and non-Filipinos, accounted for more than a third of total sales, or P41.6 billion. This is 32% higher than the market’s contribution in 2016.

Of this percentage, 49.4% were Chinese, followed by Americans at 15.2%. Other nationalities such as Singaporeans, Taiwanese, Hong Kong, Japanese, and South Koreans accounted for the remaining portion.

“We see what happened with the warming of relations with China. There are a lot more Chinese tourists, we’re also seeing it now in the property sector,” Mr. Dy said in a press briefing in Makati City on Wednesday.

The leasing business contributed P31 billion to the company’s top-line, 10% up year on year from the completion of more malls, offices, hotels, and resorts.

In terms of project launches, ALI brought into the market P88.8 billion worth of residential and office developments.

For 2017, the company’s actual spending reached P91.4 billion, 48% of which poured into residential developments, 29% for commercial leasing projects, and 23% for land acquisition and estates.

For the mall segment, revenues came in at P17.7 billion, 10% higher year on year. Last year, ALI added five malls to its portfolio, with a combined gross leasable area (GLA) of 189,000 square meters (sq.m.). The malls are Ayala Malls The 30th, Ayala Malls Vertis North, Ayala Malls Cloverleaf, Ayala Malls Marikina, and Ayala Malls Feliz. 

This brought the company’s GLA from shopping centers to 1.8 million sq.m.

Under office leasing spaces, ALI posted revenues of P6.7 billion, higher by 12% from 2016 figures. The company opened six office buildings last year with a GLA of 185,000 sq.m., for a total of 1.02 million sq.m. under the segment.

Meanwhile, the hospitality business added six new facilities, including Seda Vertis North, pushing the number of rooms under the company’s portfolio to 2,583 rooms. With this, revenues from the hospitality segment grew 12% to P6.6 billion for the year.

The company ended the year with a total of 25 estates, with the opening of Evo City in Kawit, Cavite; Azuela Cove in Lanang, Davao; and Seagrove in Mactan, Cebu. This brought ALI’s total land area for estates at 275 hectares.

“Further, we continue to expand our estates and land bank around the country — putting us in a good position to continue to benefit from the strong performance of our economy,” Mr. Dy said.

Shares in ALI gained P1.40 or 3.2% to close at P45.10 apiece at the stock exchange on Wednesday. 

SM Prime opens 6th Cavite mall

THE shopping mall empire of country’s richest man Henry Sy, Sr. continues its provincial expansion with the opening of SM Center Imus in Cavite.

In a statement issued Wednesday, SM Prime Holdings, Inc. (SM Prime) said it will be opening the mall on Friday (Feb. 16) with 90% of its leasing space already awarded.

Located along NIA Road, Barangay Bukandala in Imus, Cavite, the mall has a gross floor area (GFA) of 13,000 square meters (sq.m.). It will house staple tenants of other SM malls, such as SM Supermarket, SM Appliance Center, ACE Hardware, Miniso, Watsons, and BDO Unibank, Inc.

“The opening of SM Center Imus marks another milestone of SM Prime. This mall is located right at the heart of Imus City to provide more convenience to the residents as well as guests of this historic city,” SM Prime President Jeffrey C. Lim was quoted as saying in a statement.

SM Center Imus will be the company’s sixth mall in the Cavite area, after SM City Bacoor, SM City Dasmariñas, SM City Molino, SM City Rosario, and SM City Trece Martires.

In 2017, SM Prime had a total of 67 malls in the country with a total GFA of 8.03 million sq.m.

Aside from SM Center Imus, SM Prime is planning to build 21 new malls, located mostly in the provinces, within the next three years.

This year, the company is set to complete SM City Urdaneta Central, SM City Telebastagan, SM City Legaspi, SM City Ormoc, and SM City Dagupan.

In 2019, SM Prime will be complete SM Daet, SM Butuan, SM Olongapo Central, SM Balanga Bataan, SM Sorsogon, SM Tagum, SM City Tuguegarao, SM Mindoro, and SM Grand Central.

Seven more will be opened by 2020: SM City Roxas, SM Calamba Turbina, SM Tanza, SM San Fernando in La Union, SM Laoag, SM Zamboanga, and SM Malolos.

To finance the construction of these malls, SM Prime will be issuing fixed rate bonds with a base size of P15 billion, with an oversubscription option of P5 billion. The bonds have maturities of five and seven years.

Local debt watcher assigned the issuance the highest credit rating of Prs Aaa, indicating SM Prime’s ability to meet its financial obligation.

The issuance will be the third tranche of the company’s P60-billion shelf registration program with the Securities and Exchange Commission.

SM Prime booked a net income attributable to the parent of P20.05 billion in the nine months ending September 2017, 14.9% higher year on year, as revenues grew 11% to P64.7 billion during the same period.

Shares in SM Prime lost five centavos or 0.14% to end at P36.10 each at the Philippine Stock Exchange on Wednesday. — Arra B. Francia

CitySavings plans branch-lite units, acquisitions

CITYSAVINGS Bank, Inc., the thrift banking arm of the Aboitiz-led UnionBank of the Philippines, is leveraging on the simplified bank branch concept as well as more acquisitions to reach more unbanked Filipinos.

In an event organized by UnionBank in their new “concept branch” named The ARK in Makati City, CitySavings Chairman Eugene S. Acevedo said they will be converting their micro-focused banking offices and other banking offices (OBO) into “branch-lite” units.

“What’s going to happen first is all our micro-focused banking offices and OBOs will be converted into branch-lite. That’s going to happen soon,” Mr. Acevedo told reporters on Tuesday.

In December, the Bangko Sentral ng Pilipinas approved the option for banks to set up branch-lite units, a smaller and simplified version of a brick-and-mortar bank branch which can be placed in towns and cities which are unbanked or underserved.

“Probably within the next three months, we should have 35 branch-lite offices,” Mr. Acevedo said, adding that the bank is looking at adding another 20 lite branches.

Aside from converting CitySavings Bank’s OBOs into branch-lite units, UnionBank President and Chief Executive Officer Edwin R. Bautista said the thrift bank is in talks to acquire other rural banks.

“Our strategy is to pursue expansion in City Savings through acquisitions. Yes, we’re in talks with rural banks kasi ang kulang na lang (because what is lacking) is the penetration in the rural areas,” Mr. Bautista said.

Mr. Acevedo confirmed this, adding that there are many microfinance-focused thrift banks and rural banks that are thinking of being acquired.

“Given our record of consecutive acquisitions, [it is] likely to continue,” Mr. Acevedo said.

Last month, CitySavings announced the signing of a share purchase agreement with the Ropali group to fully acquire the Isabela-based PR Savings Bank.

PR Savings is focused on motorcycle, agri-machinery and teachers’ salary loans, serving over 131,000 borrowers, mostly from the mass market segment.

Aside from this, CitySavings also announced this week its acquisition of PETNET, Inc., also known by its retail name PERA HUB.

On Monday, it said CitySavings, together with Union Properties, Inc., is set to acquire the 51% stake of transaction network PETNET.

PERA HUB, with over 2,800 branches, has the largest network of Western Union outlets in the country. It offers a variety of cash-based financial services which include remittance, currency exchange and bills payment.

With the acquisition of PETNET, Mr. Bautista said CitySavings can also use the PETNET’s branch network as a distribution channel for loans.

“[We could also] use PETNET as a distribution channel for loans. Kung hindi kami magse-set up ng (if we will not set up a) branch in that place, they’re always there,” Mr. Bautista said, referring to the central Mindanao region, which he said where the bank “needs to improve on.”

Asked if the branch network of PETNET can be converted into branch-lite units, Mr. Bautista said: “Actually, yes and no.”

“[What’s important] is you have presence of at least one branch in a province. The rest can be supplemented by PETNET.”

As of September 2017, CitySavings was the sixth largest thrift bank in the country in asset terms with P71.7 billion, central bank data showed. — Karl Angelo N. Vidal

DoubleDragon plans CentralHub in Iloilo

DOUBLEDRAGON Properties Corp. has acquired a 3.9-hectare property in Iloilo to be developed by its industrial unit, as it looks to develop manufacturing facilities across the country.

In a statement on Wednesday, the listed firm said Iloilo will be the site of the second complex under CentralHub Industrial Centers, Inc.

Located along Iloilo R3 road, CentralHub Industrial Centers will be constructing standardized multi-use warehouses suited for commissaries, cold storage, light manufacturing, and logistics distribution centers. The site is located three kilometers away from the Iloilo International Airport, and around 10 kilometers away from Iloilo City Proper.

Once fully developed, the facility will offer 22,000 square meters (sq.m.) of leasable space. This will bring DoubleDragon’s industrial leasing portfolio to 54,000 sq.m., as the company is also developing CentralHub Tarlac with a total leasable space of 32,000 sq.m.

“We believe the industrial leasing segment presents significant growth opportunities for DoubleDragon as the current market supply is very traditional and fragmented,” DoubleDragon Chairman Edgar J. Sia II said in a statement.

By 2020, CentralHub is targeting to have 100,000 sq.m. of leasable space from eight industrial properties covering a total land area of 100 hectares. The company looks to scatter its footprint to two developments in North Luzon, two in South Luzon, two in Visayas, and two in Mindanao.

The company is banking on e-commerce businesses as well as tenants of its community malls segment to push up demand for industrial spaces in the future. DoubleDragon is also currently undertaking the expansion of CityMalls, where it expects to have 700,000 sq.m. of leasable space by 2020.

DoubleDragon’s entry into the industrial property sector forms part of its vision to become a leader in a space that has yet to be dominated by the country’s largest players in real estate.

“As a new player in an already mature real estate industry which has been dominated by large established players for decades, we are focused in segments within the real estate space where we still have an opportunity to organically dominate, such as industrial leasing, provincial community mall leasing and hospitality,” Mr. Sia said.

Aside from expanding its industrial and community malls businesses, DoubleDragon is also ramping up its office leasing and hospitality segments under its 2020 vision. By then, the firm looks to have 5,000 rooms from under Hotel 101 and Jinjiang Inn brands.

The completion of Jollibee Tower in Ortigas Center and DD Meridian Park will add another 300,000 sq.m. of office spaces under its portfolio, for a total leasable space of 1.2 million sq.m. under DoubleDragon.

The company targets to book earnings of P5.5 billion upon the completion of these projects in 2020.

DoubleDragon’s attributable profit for the first three quarters of 2017 rose 8.4% to P812 million, as revenues jumped 108% to P4.08 billion.

Shares in DoubleDragon gained 40 centavos or 1.11% to finish at P36.50 each at the stock exchange on Wednesday. — Arra B. Francia

Speaker cites bills up for passage before break

HOUSE SPEAKER Pantaleon D. Alvarez said the House of Representatives aims to pass the bills on Dissolution of Marriage and on Civil Partnership, as well as the proposed Bangsamoro Basic Law (BBL) before it goes on its seven-week congressional break in March.

In a press briefing on Wednesday, Feb. 14, Mr. Alvarez cited social media messages supporting the passage of the Dissolution of Marriage bill.

“Kaya dito sa akin, tapusin ko na iyan (Dissolution of Marriage), tapusin ko na ’yung Civil Union, tapusin ko na rin ’yung BBL para bago naman kami mag-break, may ma-i-report tayo sa taong bayan na iyan ha, ang dami naming ginawa,” Mr. Alvarez said. (For me, I’ll finish that Dissolution of Marriage, the Civil Union, the BBL, so that before we go on a break, it can be reported to the people that we have accomplished much.)

The Dissolution of Marriage bill seeks easier access to legal processes to terminate marriages based on irreconcilable differences or severe unhappiness of the couple.

The bill is currently being deliberated by the House committee on population and family relations chaired by Laguna Representative Sol Aragones. The committee recently organized a technical working group (TWG), headed by Albay Representative Edcel C. Lagman, to consolidate House Bills (HBs) 116, 1062, 2380, and 6027.

“Huwag po kayong mag-alala at ’yun pong committee na may hawak niyan ay sabi ko, bilis-bilisan niyo na iyan, ang haba na rin ng mga committee hearings na ginawa ninyo hindi lang dito sa Pilipinas kundi pati na sa ibang bansa,” Mr. Alvarez said. (Do not worry because I told the committee that handles the bills to expedite this as the committee hearings here and abroad are already taking so long.)

Mr. Alvarez also said HB 6595 or the Civil Partnership bill will be considered for second reading in the plenary soon.

This measure aims to allow the union of two consenting adults of the same or opposite sex and grant the couple the same civil rights and benefits granted to married couples.

“Magte-terminate na sila (deliberation of the committee on women and gender equality) and then…final committee report, dadalhin na sa floor for second reading, ’yun… medyo advanced na ’yun, advanced,” the Speaker said. (They are terminating the deliberations and then the final committee report will be taken to the floor for second reading. So it is already in advanced status.)

The House leader said public hearings on the BBL ongoing alongside the drafting of the proposal for Charter change.

“We just have to see to it na ‘yung structure ng BBL ay (that the structure of the BBL is) adaptable later sa (to the) federal setup….” Mr. Alvarez said.

BBL intends to create the Bangsamoro Autonomous Region that will replace the Autonomous Region of Muslim Mindanao (ARMM).

The Speaker also said constitutional amendments should be completed before 2019. — Minde Nyl R. dela Cruz

Ceres-Negros FC in dominant start

By Michael Angelo S. Murillo
Senior Reporter

TOP Philippine football club Ceres-Negros FC got its 2018 AFC Cup bid to a dominant start, routing Group F rival Boeung Ket Angkor of Cambodia, 9-0, at the Panaad Stadium in Bacolod on Tuesday night.

Playing under rainy conditions brought about by Tropical Storm Basyang that is currently traversing Southern Philippines, the “Busmen” showed tremendous focus in front of their hometown fans and sent a resounding message to the rest of the competition that it is bent on reasserting its standing as the defending ASEAN Zone winner in Asia’s secondary club football tournament.

The team, however, recognizes that with the romp in its opener, any “underdog” tag it might have enjoyed in last year’s edition is all but gone and that from here on it is “target” for the rest of the field.

Two goals each from forward Takumi Uesato, midfielders Bienvenido Maranon and OJ Porteria proved to be a big lift for Ceres, the inaugural champion of the Philippines Football League.

Defender Carli de Murga and substitute Manny Ott added a goal each for Ceres with an own goal from Boeung Ket defender Sun Sovanrithy completing the shutout for the Philippine-based side.

“[We’re] not surprised of the outcome. We played an outstanding game as a team and we put a show for the home crowd,” said Ceres midfielder Stephan Schrock in an interview with CNN Philippines immediately after their big victory.

“Every time we enter the game we always aim for the win and that will continue for the rest of the tournament,” he added.

Mr. Schrock further said that after winning the AFC Cup ASEAN Zonal final and their impressive showing in the recent AFC Champions League, they are no longer an underdog in the ongoing tournament.

“We are no longer underdogs in this campaign. Everybody is aware of us and we have to be aware of that and be ready,” he said.

Mr. Uesato started the scoring parade for Ceres against Boeung Ket as he connected from close range in the 15th minute.

Four minutes later, Mr. Maranon struck with a header to give his team an early 2-0 advantage over visiting Boeung Ket.

In the next 10 minutes the duo of Messrs. Uesato and Maranon would conspire for an additional two points to bury their opponents some more, to the delight of the cheering crowd who did not mind the rain pouring at the Panaad Stadium.

Mr. Porteria notched his first goal of the night in the 31st minute with a direct shot from the outside to push Ceres to a commanding 5-0 separation by the halftime break.

Making matters worse for C-League champion Boeung Ket, in the 58th minute Mr. Sovanrithy mistakenly headed Patrick Reichelt’s cross to their own net to give Ceres a 6-0 advantage.

Despite the game already out of the reach Boeung Ket, Ceres continued to take the fight to it, producing three more goals in the 64th minute (De Murga), 81st (Ott) and 85th (Porteria).

The win gave Ceres the full three points and the team joining Home United FC of Singapore as early winners in Group F.

It is hoping to sustain the momentum of the win and end up on top of the grouping after the series of home-and-away matches to automatically advance to the next round.

Ceres next faces Home United on Feb. 27 in Singapore.

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