Facebook Instagram Linkedin X Youtube
Home Blog Page 11637

‘Green’ JEG Tower to rise in Cebu

JEG Development Corporation is currently developing one of Cebu City’s few “green buildings” — JEG Tower @ One Acacia.
The Grade A office and retail building has already been recognized by Leadership in Energy and Environmental Design (LEED) with a pre-certified Silver rating. It will be turned over by the first quarter of 2020.
Located next to BPI Corporate Center in Ayala Cebu, JEG Tower @ One Acacia will utilize less water, energy, and emit less greenhouse gases. It will have an “enhanced interior space for maximum views and natural lighting” to reduce energy costs.
“We’re happy that going green in our industry has become a global trend. Hearing about the number of projects that are getting certified by LEED assures us that we are heading in the right direction. Through JEG Tower @ One Acacia, we hope to encourage ourselves and other developers to push for a more sustainable approach to architecture and design,” JEG Development Chief Operations Officer Marko Sarmiento was quoted as saying in a statement.
The project is a collaboration among JDC One Acacia Corporation, KMC Savills, Arcadis Philippines, and Casas + Architects.

UnionBank upsizes peso-denominated bond issue

UNIONBANK of the Philippines has increased the issue size of its maiden peso-denominated bond issue to accommodate demand from investors.
In a disclosure to the local bourse Monday, the Aboitiz-led UnionBank said it increased the size of its peso bond issuance to P11 billion from the P10.5 billion set previously.
The total amount that the bank is set to raise is more than double the P5 billion it initially intended to issue.
“To accommodate additional demand from retail investors, UnionBank has decided to further increase the final bond issue size,” the lender said in the disclosure.
The two-year debt papers carry a coupon rate of 7.061% per annum to be paid quarterly.
The fixed-rate bonds were priced at 30 basis points over the two-year PHP Bloomberg Valuation Service government benchmark rates quoted on Nov. 21.
In a disclosure last week, UnionBank Chief Financial Officer Jose Emmanuel U. Hilado said proceeds from the bond issuance “will help support our strategic business expansion plans, while providing a new shorter-dated investment instrument to our institutional and retail clients.”
The offering marks the first tranche of the bank’s P20-billion bond and commercial paper program approved by UnionBank’s board last Aug. 31.
Banks can now raise funds with greater ease through corporate bonds as new central bank regulations do away with having to secure approval from them.
Metropolitan Bank & Trust Co. is looking to raise an additional P5 billion through another tranche of offering after raising P10 billion.
Bank of the Philippine Islands also raised P25 billion through the fixed-income debt papers, marking the first part of its P50-billion program.
UnionBank booked a P6.1-billion net profit in the first nine months, lower than the P6.4 billion recorded a year ago, due to increasing interest rates and its inability to issue credit for teachers.
Shares in UnionBank went down 50 centavos or 0.74% to close Monday’s session at P67.20 apiece. — Karl Angelo N. Vidal

Grab Philippines teams up with IDOOH

GRAB PHILIPPINES is installing interactive tablets in its cars, as part of the deal with IDOOH International.

GRAB PHILIPPINES (MyTaxi.PH, Inc.) said on Monday it is partnering with media technology company IDOOH International for the distribution of in-car display tablets in its vehicles.
The on-demand transport company said in a statement the partnership will support its online-to-offline advertising platform GrabAds.
In the case of its deal with IDOOH, Grab said this will involve interactive 10-inch tablets mounted inside Grab cars. The devices will serve an e-commerce function and will display news, lifestyle, entertainment and other branded content.
Grab has started diversifying its business to transform the ride-hailing platform into an “everyday app.”
“As an everyday app, we always look for ways to improve the experience of both passengers and drivers. Thanks to our partnership with IDOOH, passengers will be able to discover, engage with, and receive deals from quality brands,” Grab Philippines head for business Steven Martin Luchangco said in the statement.
He noted the tablets use technologies such as geo-fencing and day-parting to synchronize the content with external conditions such as speed, location, weather and traffic conditions.
Aside from projected benefits to passengers, Grab said the ad platform is also expected to boost the income of its drivers, as they will earn additional revenue for the number of trips they complete and the length of time the tablet screen was actively running.
“Beyond the commute experience, this partnership opens up a rideshare business ecosystem that will serve as a window for collaboration across other ridesharing services like advertising, delivery, and fulfilment of e-commerce transactions on the move,” IDOOH Group chief executive officer Mark Forsyth was quoted as saying. — Denise A. Valdez

Aquaman is coming to town

AQUAMAN himself is coming to Manila as Warner Bros. and SM Cinema bring the actor playing the role in the new Aquaman movie, Jason Momoa, and his co-star Amber Heard, for the Asian Premier and Fan Event at the SM Mall of Asia (MOA). Fans can get a glimpse of Mr. Momoa, Ms. Heard (who plays Mera), and director James Wan at a fan meet at the SM MOA Music Hall followed by the Asian premier of Aquaman at IMAX MOA. DC Comics and Aquaman fans will have a chance to take home Aquaman premium items from SM Cinema at the SM By the Bay Fountain Area. Fans can take photos with the life-size statues of Aquaman and Mera at the SM MOA and post them online using the hashtag #AquamanAtSMCinema. Aquaman arrives at IMAX theaters and SM Cinema branches nationwide on Dec. 12. It will also be shown at SM MOA’s Event Cinema, a first of its kind venue for exclusive party, corporate and seminar needs.

New restaurants at Eton Centris

NEW retail and dining concepts have opened at Eton Centris, a 12-hectare mixed-use property in Quezon City. Among the new restaurants in the property are Zubuchon, Romantic Baboy, Movie Stars Cafe, Ramen Kuroda, Better Days, and ASSI Fresh Plaza. Baby Mama, a store catering to breastfeeding moms, and Mount Sinai Veterinary Practice, a full service veterinary clinic and pet supplies store, have also opened. Tim Hortons is also setting up shop in the area.

The Garden at Okada Manila

OKADA MANILA recently launched The Garden, a lush open space where guests can enjoy spectacular views of the sunset over Manila Bay.
“The Garden is more than an outdoor space — it’s an integral part of Okada Manila where guests can enjoy life’s best moments under the sky with people they treasure the most,” Ivaylo S. Ivanov, Okada Manila’s Vice President for Hospitality, said in a statement.
At the same time, Okada Manila kicked off its holiday activities with a Christmas tree lighting ceremony. The award-winning Himig Rizalia will perform at the hotel on all weekends of December until the 23rd.
Okada Manila is also hosting a meet-and-greet with Santa Claus at Santa’s Cabin by the Crystal Corridor junction on selected dates until Dec. 25, from 3 to 5 p.m.
Children can enjoy various activities such as Christmas caroling, games and storytelling time with Santa at the Yuletide Kiddie Jam at PLAY every weekend until Dec. 16, and daily from Dec. 21 to 25. Kids who wear Santa outfits can get a complimentary pass for both child and guardian for their next visit, as well as 50% off on a six-month MOON Pass.

ECB ballot hints at tactics for jobs overhaul

ECB Governing Council members voted a new supervisory head last month. — REUTERS

WHEN European Central Bank (ECB) policy makers cast a secret ballot to select a new supervisory head, it was with their future leadership on their minds, according to euro-area officials familiar with the matter.
Governing Council members who voted last month for Italy’s Andrea Enria instead of the supposed frontrunner, Irish Deputy Governor Sharon Donnery, did so aware their choice could have repercussions for other senior appointments in 2019, the people said.
Donnery’s selection could have been an obstacle to her boss, Harvard-educated Governor Philip Lane, getting one of those seats and becoming chief economist, the people said, asking not to be identified because of the confidential nature of the selection process. An ECB spokesman declined to comment.
That’s the first of three of the ECB’s six Executive Board positions that are up for grabs next year. Governments will make those appointments and central bankers are concerned over how the horse-trading will play out, especially after European Parliament elections in May that could see populists gain sway.
None of the officials doubted Enria’s ability to lead the Single Supervisory Mechanism, but by thinking a few moves ahead — despite drawing criticism that they undermined their gender-diversity drive —policy makers acknowledged the risks of the upcoming reshuffle.
Governments have an incentive to appoint candidates based on nationality as much as expertise, and a small country like Ireland would typically struggle to get two senior posts in the horse-trading. The bank-supervision head isn’t on the board but has powerful sway over the region’s biggest lenders.
The chief economist proposes monetary policy, making it one of the most influential posts. It’s especially key because current holder Peter Praet is due to retire in May and his replacement should be selected before the European polls. President Mario Draghi leaves in October and Benoit Coeure, head of markets, at the end of the year.
Finance ministers’ choice this year of Luis de Guindos, formerly one of their own, as ECB vice president has already raised eyebrows at the Frankfurt-based institution because of the possible perception that its independence might be compromised by politics.
Guindos’s only challenger — before dropping out — was Lane, who has a doctorate in economics, a strong academic reputation, and central-banking experience. That battle was an omen for at least one of the officials of what the political appointment process could do to the ECB’s leadership. — Bloomberg

AirAsia named world’s best low-cost carrier

AIRASIA Group said it won its sixth consecutive title as the world’s leading low-cost airline at the World Travel Awards (WTA) Grand Final 2018.
The budget carrier said in a statement on Monday it bested 11 other airlines in the low-cost airline category, namely United Arab Emirates’ Air Arabia, Britain’s easyJet and fastjet, Dubai’s flydubai, Saudi Arabia’s flynas, America’s JetBlue and Southwest Airlines, Australia’s Jetstar Airways, Norway’s Norwegian Air, Ireland’s Ryanair and China’s West Air.
“Over the past year, we have worked hard to improve customer experience to make travel more convenient and fun, while also personalizing the end-to-end journey, and it’s incredibly rewarding to see our work pay off like this,” AirAsia Deputy Group CEO (Airlines) Bo Lingam said in the statement.
AirAsia said it also won world’s leading low-cost airline cabin crew this year, making it its second time in a row.
“[W]e remain guest-obsessed as we evolve from an airline into a travel technology company. Our guests will always be at the core of everything we do, and we believe the various travel and lifestyle ventures we are working on now — from deals and e-commerce to fintech and logistics — will only serve to further enhance the overall AirAsia experience for them,” Mr. Lingam added.
The WTA titles are awarded to the nominee with the highest number of votes from executives in the travel and tourism industry and consumer travelers. — D.A.Valdez

It’s Christmas Time In The City (12/4/18)

Grand Christmas Parade

ONE of the floats at the Venice Grand Canal’s Grand Christmas Parade in 2017.

THE Venice Grand Canal’s Grand Christmas Parade will take off on Dec. 8, a spectacle of giant character balloons, floats, marching bands, street dancers, musical performances and appearances by some of the biggest stars in Philippine entertainment including Jessy Mendiola and Jericho Rosales. Set to traverse the streets of McKinley Hill, the 3.5-km parade is inspired by the world-famous Macy’s Thanksgiving Day Parade in New York City. It will features a lineup of 12 floats, larger-than-life character balloons, over 50 mascots, and over 800 marching bands, dancers, and performers including Venetian mimes and dancers, cosplayers, dragon and lion dancers, Korean cultural dancers, St. Louis LED performers, Zumba performers and more. There will be celebrity appearances, mascot meet and greet, Holiday-themed live performances at the Venice Piazza, and a grand fireworks display to cap off the celebrations in spectacular fashion. For details, call the Concierge at 624-1971, 0917-512-9934 or visit veniceconcierge@megaworld-lifestyle.com.

Christmas at Shangri-La Plaza

THE DECORATIONS at the Grand Atrium of the Shangri-La Plaza mall.

SHANGRI-LA Plaza is all decked out in holiday trimmings inspired by the circus, with revolving carousels at the entrances, and acrobats, hot air balloons, and balls and banners suspended in the Grand Atrium. The East Atrium beckons with twinkling lights, gold tinsel and tassels; while the 50-ft Christmas tree at the Main Wing serves as a backdrop for selfies to post on social media. Santa’s Corner has been set up at the hallway by Rocky Mountain at Mid-Level 2/3 East Wing. A line-up of musical performances is all set for December, including the ABS-CBN Philharmonic Orchestra with the Ateneo Chamber Singers, indie folk band Ben&Ben, the Philippine Madrigal Singers, songstress Karylle, and various choirs. As Christmas is the Season of Giving, mallgoers have the opportunity to help less fortunate children through Grant a Holiday Wish. They can purchase Christmas angels handcrafted by local artisans from CCAP for P200. Proceeds will go to the Unang Hakbang Foundation. The mall will also hold the Rev Up Your Style raffle, with a 2018 Mini three-door Hatch Cooper, a 2018 Mini Convertible Cooper S, and six 2018 Vespa S125s up for grab. To join the raffle, shop and dine at the mall and get one raffle coupon for every P2,500 single receipt purchase. Purchases made between from Nov. 16 to Jan. 6, 2019 will be included in the first raffle draw, while those made from Jan. 7 to Feb. 17, 2019 can join the second raffle draw. For inquiries, call 370-2597/98 or visit www.facebook.com/shangrilaplazaofficial.

Magic of Christmas at Vertis North

FOR the metropolis’ northerners, Vertis North unveils an array of activities to mark the holidays. A lights and sound show, Reimagine the Magic: A Festival of Lights, will be held all Sundays through the holidays until Jan. 15. A collaboration between Ayala Land Inc. and the Walt Disney Co. Philippines, the show features thousands of lights dancing rhythmically to the tune of Disney songs and Filipino Christmas carols. Meanwhile, Laro Interactives features traditional Filipino games such as piko, limbo rock, and dama played in various areas of Vertis North Mall’s The Garden until Jan. 7. Sundays at Vertis North will see performances of Christmas Symphonies, featuring the Lighter Side Movement on Dec. 9, Schola Cantorum Scholars on Dec. 16, Voces Manila on Dec. 23, and Song Weavers Philippines on Dec. 30. In the spirit of Christmas giving there is Laruang Aguinaldo, where Toys ‘R’ Us and Long Live Play PH sell toys that customers can purchase and donate to UNICEF and Kids for Kids. Vertis North will also host Simbang Gabi masses nightly at 7 p.m. from Dec. 15 to 23, at Level 2 of the mall. Over at the ABS-CBN Vertis Tent a series of events will be held this month including the Manila 2018 Throwdown Team Edition Finals on Dec. 9 and the Urban Sale of the Vans Group from Dec. 16 to 19.

How PSEi member stocks performed — December 3, 2018

Here’s a quick glance at how PSEi stocks fared on Monday, December 3, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — December 3, 2018

House passes three tax measures on 3rd reading

THE House of Representatives on Monday approved on third and final reading measures increasing excise tax on alcohol and tobacco products and simplifying taxes on financial products.
With 187 affirmative votes, seven negative votes and one abstention, House Bill No. 8677 which proposed to increase excise tax on tobacco products anew to raise revenue as well as discourage consumption, was passed by the chamber.
The bill proposed to increase excise tax on tobacco products by P2.50 annually until it reaches P45 per pack in 2022, and by 4% annually thereafter. It was provided that excise tax on cigarettes will increase to P37.50 from P35 in July 2019; P40 in July 2022; P42.50 in July 2021; and P45 in July 2022.
The Tax Reform for Acceleration and Inclusion (TRAIN) law had increased the excise tax on cigarettes to P32.50 from P30 in January.
The measure is intended to “raise additional revenue to fund the Universal Health Care (UHC) program of the government,” as stated in the bill’s Committee Report. Its counterpart measures, Senate Bills 1599 and 1605, meanwhile, remain pending at the committee level.
Also on Monday, the chamber voted 189-7 to approve on third reading the measure increasing excise tax imposed on alcohol products.
The tax measures on alcohol and tobacco products form part of the Package 2 plus of the comprehensive tax reform program (CTRP).
House Bill No. 8618 proposed to increase excise tax on distilled spirits to 22% from 20% ad valorem tax on the net retail price (NRP) per proof and a specific tax rate of P30 per liter from P23.40 in 2019. The specific tax rate will then be increased by P5 every year, until it reaches P45 in 2022, to increase by 7% annually beginning 2023.
The measure will also levy on sparkling wines a 15% ad valorem tax per liter, which is not imposed in the present system; in addition to a P650 specific tax per liter in 2019, which shall increase by 7% year annually. Currently, sparkling wines are taxed according to price: P316 per liter on sparkling wines costing P500 or less per 750 ml bottle; and P885.7 per liter on bottles costing over P500.
Still wines and carbonated wines with more than 14% alcohol will be taxed at P80 per liter in 2019 with an annual 7% increase thereafter. Currently, taxes on still wines with more than 14% alcohol are as follows:

• P75.9 per liter in 2019 for still wines with 14% to 25% alcohol per liter.

• P23.4 per liter in 2019 for fortified wines or still wines with more than 25% alcohol per liter.

For fermented liquors, the excise tax will increase to P28 per liter from P25.40 in 2019. The specific tax rate will increase to P32 in 2020; P34 in 2021; and P36 in 2022, and will increase by 7% every year beginning 2023.
House Bill No. 8645, or the proposed Passive Income and Financial Intermediary Taxation Act, likewise passed on final reading with a vote of 190-7.
House Bill No. 8645, among others proposed to impose a unified 15% income tax rate on interest, dividend, and capital gains from the current zero to 30% range.
The measure also provides for the following:

• a 5% tax rate on gross receipts from the current 0-7%, removing distinctions according to the security type, nature and maturity;

• standardizes at 0.75% the documentary stamp tax (DST) rate from the current 0-1% on the sale of original issue shares of stock, bonds, debentures, certificates of stock or certificates of indebtedness issued in any foreign country;

• removes DST on sales, agreement to sell, memoranda of sales, delivery or transfer of shares or certificates of stock. — Charmaine A. Tadalan

SRA considering sugar SRP of P50/kg

THE Sugar Regulatory Administration (SRA) will seek the suggested retail price (SRP) on sugar of around P50 per kilo.
In a briefing in Manila, Emiliano Bernardino L. Yulo, said: “We’re being unfairly blamed for prices. We keep hearing the producers keep on making a lot of money.”
“We are calling on the DTI (Department of Trade and Industry). If we need to consult DA (Department of Agriculture), we’ll make the necessary representations,” Mr. Yulo said.
According to Mr. Yulo, consultations will help determine an ideal SRP.
“I think the sugar industry would have its own initiative. We’re bringing down the price of sugar to around P50 level in a few days,” Mr. Yulo said, noting that P50 per kilo is a reasonable price for consumers.
Sugar prices are currently at around P60 to P65 per kilo in supermarkets.
Roberto C. Amores, president of the Philippine Food Processors and Exporters Organization Inc (Philfoodex) and chair of the Philippine Chamber of Commerce and Industry (PCCI) agriculture committee, said that P50 is very far from the 50-kilo bag price of about P1,400.
“The SRA’s proposed SRP of P50 per kilo at retail is wrong,” he said, noting that the 50-kilo bag price is P1,400, or about P28 per kilo.
Mr. Amores added during the Tapatan sa Aristocrat Forum that the shortfall in 2019 is projected at one million metric tons (MT). Philfoodex and PCCI have jointly asked the SRA to allow the importation of 100,000 MT of sugar for food processing.
“If the 100,000 MT import request for food processing is denied, all the products using sugar will become more expensive,” Mr. Amores said.
Mr. Amores said that Philfoodex and PCCI requested letter sent to SRA for the request for importation was around a month and a half ago, of which they were not able to receive any response.
“We’re waiting for the technical study that would justify the need to be competitive. As soon as the technical study is out, we will use it as the basis in compelling SRA and the government in particular to allow the importation of this very important commodity. If not, we cannot really be competitive,” Mr. Amores said.
According to him, the technical study being conducted by Philfoodex and PCCI covers the needs of the sugar industry, including support for farmers, and the impact on prices in the absence of imports.
“(Production) is expected to fall further by another 5.6% in 2019 and because of this shortfall… prices will increase,” Mr. Amores said. — Reicelene Joy N. Ignacio

1...11,63611,63711,638...14,244Page 11,637 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube