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Céleteque relaunches anti-aging line

CÉLETEQUE relaunched it’s anti-aging skincare line during a party in Pasig City last week, where guests were invited to get to know their skin a little bit more.

The line consists of five products, lead by the Anti-Wrinkle Collagen Gel (P779, 50ml) which contains hydrolyzed collagen that reduces the appearance of fine lines and wrinkles, as well as soya bean protein, that makes skin soft and supple. It is a light textured gel that can be used day and night, and minimizes fine lines and wrinkles by up to 68% within the first two weeks of use, according to tests by the company, according to Céleteque Product Associate Grace Benedicto.

The Advanced Anti-Aging Tightening Pore Serum (P849, 30ml)is a pre-makeup or night serum, and contains niacinamide (Vitamin B3) which is meant to improve skin’s firmness and elasticity, alpha-lipoic acid that reduces oiliness for a more refined smoother-looking visage, and salicylic acid that removes dead skin cells that can clog and stretch pores further.

The Rejuvenating Night Cream (P899, 50ml) contains PhytoCellTec, a proprietary ingredient that is meant to protect the longevity of skin stem cells to combat skin aging, and which uses the company’s unique Aqua-Shuttle technology to deeply penetrate skin to provide intense hydration overnight. This intense nourishing cream is also enriched with sodium hyaluronate and tocopheryl acetate (Vitamin E) that protects the skin from free radicals that prematurely age the skin.

All these creams are meant to give dull and dry skin a nightly makeover.

Aside from these creams, Céleteque has also developed a new Line Reducing Eye Mask (P105) — which it said helps reduce fine lines up to 89% in four weeks as it contains niacinamide that tightens the skin, D-panthenol that rehydrates sensitive skin around the eyes and tocopherol acetate that protects the skin against oxidation that causes wrinkles — and the Rejuvenating Facial Mask (P165) which can be used nightly, and is said to reduce wrinkles up to 84% with continued use in four weeks as it contains Bio-Peptides — amino acids, peptides, and vitamins that rejuvenate and bring back the skin’s glow — and sodium hyaluronate, a tried-and-tested moisturizing agent for the skin.

Speaking about the product’s efficacy, Ms. Benedicto noted that the problem with one-size-fits all solutions is that to do so, makers could dilute the ingredients. “To make our products more effective, each product will resolve a specific skin concern,” she said.

Meanwhile, a guest at the event, Dr. Heidi Chan, a dermatologist, said that after the age of 25, skin begins to sag and shows signs of skin aging. While she advises certain lifestyle changes, such as getting more sleep, drinking a lot of water, reducing exposure to the sun, and eating food rich in vitamin e and other antioxidants, really, it all boils down to “when you have a positive outlook on life, it will show on your face.” — JLG

TADECO opens lab to help fight banana disease

By Carmelito Q. Francisco
Correspondent

CARMEN, DAVAO DEL NORTE — A modern laboratory, operated by Tagum Agricultural Development Company, Inc. (TADECO), has been formally opened to help the banana industry improve the quality of its seedlings and resist Panama disease.

TADECO President Alexander N. Valoria said the facility, which is part of the TADECO AgroTechnical Outreach Program, is intended to provide both corporate growers and smallholders with premium seedlings, particularly those that are tolerant of the Fusarium wilt, better known as Panama disease.

“(This) makes world-class laboratory services that are so critical for our agricultural operations available right here in the middle of Davao del Norte. We made that commitment to many of our fellow bananeros and to government,” Mr. Valoria said during last week’s launch of the facility.

Fusarium wilt, better known as Panama disease, is a soil-borne infection that kills banana plants. An infected farm cannot become productive again unless it is first isolated and treated.

Mr. Valoria said the laboratory can propagate planting materials of Fusarium wilt-tolerant varieties that growers can buy “at a very reasonable price.”

The laboratory, built for about P100 million from the company and a grant from the Dutch government, is capable of checking on soil nutrient status, root health status, diagnose diseases, and analyze fertilizers, among others.

Mr. Valoria said setting up a stronger research and development sector is crucial to the banana industry as it faces stiff competition from Central and South American producers who have been penetrating the Asian and Middle East markets.

He said that between 2011 and 2016, Philippine production dropped by 50 million boxes annually, while those in the Central and South American countries increased by 137 million boxes.

He added that these competitor countries have “stated clearly that they will continue to penetrate the Asian market.”

“We cannot allow them to do that. Together, as the Philippine banana industry, we must meet and defeat that threat to our markets,” Mr. Valoria said.

“We need to regain the ground that we lost in our Asian markets and even threaten their own US and European markets with Philippine bananas,” he added.

Even big companies can take advantage of the laboratory, said Stephen A. Antig, executive director of the Pilipino Banana Growers and Exporters Association, Inc. (PBGEA).

“We have been asking government to help the industry. At least TADECO has partially responded to the challenge,” Mr. Antig told BusinessWorld.

TADECO, the flagship company of the Floirendo-owned Anflo Management and Investment Corp., is a PBGEA member.

Mr. Valoria said the company attained a production record of 39 million boxes in 2017 from its TADECO and Anflo Banana Corp. farms. “The planation average yield was 5,400 boxes per hectare, overall for TADECO.”

“Obviously, such production and quality levels could not have been reached without the advantage of a world class agricultural laboratory and technical personnel. We want to share this advantage with the rest of the banana industry,” he said.

What do analysts see at the March 22 monetary board meeting?

THE Bangko Sentral ng Pilipinas (BSP) could keep policy rates steady at the meeting this week of its Monetary Board, according to a BusinessWorld poll that nevertheless showed nearly half of respondents expecting a hike this time amid quickening inflation. Read the full story.
Economies

Ten-year Treasury bonds to fetch higher rates ahead of Fed review

TREASURY BONDS (T-bonds) on offer tomorrow are seen to fetch higher yields as investors seek higher returns ahead of the policy meetings of the local and US central banks.

The Bureau of the Treasury (BTr) plans to raise as much as P20 billion at Tuesday’s auction of fresh 10-year T-bonds set to mature on March 22, 2028.

A bond trader told BusinessWorld in a phone interview that lenders will likely ask for higher yields at tomorrow’s auction, although demand will be low.

“[I’m] expecting it to be awarded at 6.25%. Not much demand though, especially ahead of the FOMC (Federal Open Market Committee) meeting,” the trader said.

At its last auction of the same tenor, the Treasury rejected all bids for the fresh bonds as banks asked for rates higher than what the government was willing to pay. Had the government accepted all bids at that auction, it would have paid 5.461%.

At the secondary market on Friday, the 10-year bonds were quoted at 6.1865%.

The trader however noted that the supposed rate hike by the US central bank has been priced in already.

The US Federal Reserve is expected to hike its interest rates when it ends a two-day policy review on Wednesday.

However, markets around the world are on the lookout for signals on whether the Fed will uphold its previous forecast of three rate hikes this year or raise it to four.

Guian Angelo S. Dumalagan, market economist of Land Bank of the Philippines, said the Fed will likely tweak its rates and affirm its prior projection of about three rate hikes this year.

Meanwhile, another trader said tomorrow’s auction is seen to receive tepid demand as banks are expected to ask for higher yields.

“I think the bid coverage will be much lower. [Probably] below the P20 billion offer amount,” the trader said.

“Tendered bids would be there, but definitely the bids would be higher.”

The trader noted that given the long tenor of the bonds on offer, investors will likely park their funds in the short-end and more attractive instruments, such as the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas.

“Right now, given the 3% yields for a 28-day TDF, it’s not that bad,” she added.

Last week, banks swarmed the facility, with demand reaching P145.828 billion across three tenors.

Nearly half of the tenders went to the seven-day term deposits which reached P70.838 billion, with a 3.1893% average interest rate.

Meanwhile, yields for the 14- and 28-day term deposits rose to 3.2404% and 3.3274%, respectively.

“If BTr will issue a 10-year bond with an interest rate, say, 5.85%. would that be attractive? Investors can bid for it provided that they will award at a higher yield,” the trader noted, adding that the Treasury might be forced to accept high-yielding bids.

“They need to borrow a lot given that they need to cover with the projects in the pipeline. They will be forced to get it at a higher yield.”

The Philippines borrows from both domestic and external sources to help fund its budget deficit and support a growing economy, particularly to support the ambitious P8.44-trillion infrastructure spending plan.

The Treasury wants to auction off P120 billion worth of Treasury bills and another P120 billion worth of Treasury bonds in the January to March period.

The total amount the government intends to borrow from the local market is higher than the P200 billion it offered in the last quarter of 2017.

The government borrows from local and foreign sources to fund its budget deficit, which for this year is capped at 3% of the country’s gross domestic product.

The government targets a P888.23 billion gross borrowing plan this year. — Karl Angelo N. Vidal

TV5 eyes more entertainment content after Netflix acquires Amo

TV5 NETWORK, Inc. said it is open to producing more entertainment content after Netflix, Inc. acquired the rights to stream its television series Amo (Boss).

In a statement over the weekend, TV5 said Amo, a 12-episode mini-series directed by Brillante Mendoza, is the first series from the Philippines to be shown on Netflix. It will be available worldwide starting April 9.

Aired on TV5 last August, Amo focuses on the different players in the Duterte government’s drug war, where thousands of suspected drug users and peddlers have been killed.

“TV5’s partnership with Netflix shows that the network is capable of producing high quality programs that can be showcased to a wider audience worldwide,” TV5 First Vice-President — Head of Content & Programming Mellanie Yazon-Tolentino said in a statement.

TV5 President and CEO Vicente “Chot” P. Reyes said Netflix’s acquisition of Amo provides “an additional platform to help share the first-ever Filipino series on Netflix to a worldwide audience.”

Ms. Tolentino said the company is looking at the possibility of producing more entertainment shows, as well as news and sports, to prop up revenues.

“Depending on how Amo will be received by the worldwide audience, TV5 is open to the idea of producing more entertainment content on top of its high rating sports content,” she said.

Earlier, Mr. Reyes said TV5 reduced losses by 43% last year, and is on track to further cut losses by the end of 2018. The company targets to break even by 2019.

TV5 last October partnered with US-based multimedia sports entertainment company ESPN, Inc., part of the Walt Disney Group, to focus on its sports programming, and rebranded its Sports5 segment to ESPN5.

TV5 is a wholly owned subsidiary of MediaQuest Holdings, Inc. Hastings Holdings, Inc., a unit of MediaQuest Holdings, has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo

Mindanao peanut suppliers making inroads with food companies against imports

DAVAO CITY — Two food companies — Peanut Kisses from Bohol and Cheding’s Peanuts of Iligan City — are considering sourcing raw peanuts from Mindanao growers to replace imports.

“Peanut Kisses, based on our initial talks, have 90% of their inputs come from outside of the country… they have a very low supply of peanuts from Bohol so they need to expand the supply base in Mindanao, and the same with Cheding’s,” said Theoffany Joy D. Cabanda, agribusiness and marketing expert of the Mindanao Sustainable Agrarian and Agricultural Development (MinSAAD).

Ms. Cabanda said representatives of the Bohol-based Alturas Group of Companies and Cheding’s Peanuts, Inc. met with Mindanao peanut farmers during last week’s Usapang Kalakalan forum organized by MinSAAD, a program implemented by the Department of Agrarian Reform with funding from the Japan International Cooperation Agency.

“With this encounter with the buyers a peanut farmers will be happy and will be planting more peanuts,” said Alvin S. Obrique, MinSAAD agribusiness and agroforestry component manager.

Mr. Obrique said among the potential suppliers are farmers in Caragan Valley in Compostela Valley province, where peanuts are a traditional crop cultivated by indigenous peoples, and the remote barangay of Ned on Lake Sebu.

The MinSAAD representatives said the matching activity was intended to identify the quality and quantity that the buyers demand as well as what can be offered to the farmers in terms of technology and farm inputs.

The Usapang Kalakalan forum was attended by farmers representing about 20 people’s organizations from the regions of Northern Mindanao, Davao, and Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City).

The event focused on five agricultural commodities: rubber, peanuts, coffee, rice and corn. — Maya M. Padillo

FastCat operator to add 3 ferries

SHIPPING COMPANY Archipelago Philippine Ferries Corp. (APFC) is adding three new FastCat ferries to its fleet, after securing a P1.1-billion loan from Rizal Commercial Banking Corp. (RCBC).

In a statement, APFC said the three new vessels are improved versions of its existing 10 ferries, and will be operational by the first quarter of 2019.

“We are fortunate that RCBC saw our vision, the need to modernize the shipping industry, to connect the Philippines through ‘moving bridges,’ and to ensure safer, more comfortable, and reliable means of sea transport,” APFC Chief Executive Officer Christopher S. Pastrana was quoted as saying in the statement.

APFC, which operates catamaran roll-on, roll-off vessels, is targeting to have 30 FastCats by 2020.

Ahead of the busy summer season, APFC said its fleet will have 12 vessels this month, serving the Jagna (Bohol)-Balbagon (Camiguin)-Opol (Cagayan de Oro) routes.

The company is also set to operate the Bulalacao (Mindoro)-Coron (Palawan)-El Nido (Palawan) routes within the year. Preparations are also underway for a Buliluyan (Palawan)-Kudat (Malaysia) route, its first inter-regional route.

APFC operates the following routes: Batangas to Calapan, Mindoro; Bulalacao, Mindoro to Caticlan, Aklan; Matnog, Sorsogon to San Isidro, Northern Samar; Bacolod to Iloilo; San Carlos, Negros Occidental to Toledo, Cebu; Dumaguete, Negros Oriental to Dapitan in Zamboanga del Norte; Cebu to Tubigon in Bohol; Jagna, Bohol to Balbagon, Camiguin; and Opol, Misamis Oriental to Balbagon. — Patrizia Paola C. Marcelo

Yields on gov’t debt drop

TRADING IN government securities (GS) was muted last week, causing yields to flatten, amid bargain hunting as investors watched developments in the United States and ahead of central banks’ monetary policy meetings this week.

Yields on government debt fell 3.19 basis points (bps) on average, according to Philippine Dealing & Exchange Corp. data as of March 16.

Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, said trading was mostly “muted” last week ahead of the US Federal Reserve and Bangko Sentral ng Pilipinas (BSP) policy meetings scheduled this week.

“However, there were buying interests seen that saw the yields decline during the week that may be a result of bargain hunting by investors,” the economist said.

“The expected policy meetings next week have kept most players cautious on the sidelines with minimal trading,” added Mr. Asuncion.

The Federal Open Market Committee will start a two-day meeting tomorrow, during which the US central bank is expected to raise interest rates for the first time this year.

Meanwhile, the BSP will hold its rate-setting meeting on March 22. The local central bank decided to cut the reserve requirement ratio for big banks during its Feb. 8 meeting, but announced the “operational” move only a week after.

For his part, Guian Angelo S. Dumalagan, market economist at the Land Bank of the Philippines (LANDBANK), said short term yields fell due to “safe haven” buying amid political noise about the plan of US President Donald J. Trump to impose higher tariffs on steel and aluminum imports.

Security Bank Corp. Head of Institutional Sales Carlyn Therese X. Dulay agreed, saying that GS yields were slightly lower due to uncertainties surrounding tariffs and other US policies.

The tariffs of 25% on steel and 10% on aluminium imports, proclaimed by Mr. Trump last March 8, appear to soften what the US president billed as a global, “no-exceptions” move to protect the two industries under a 1962 national security trade law.

Mr. Trump’s sudden push for the tariffs triggered fears of a global trade war and rattled financial markets, according to a Reuters report.

A bond trader said yields for local GS were lower mainly on “client driven deals.”

“A relatively dovish stance by the BSP also forced dealers to come out of the woodwork,” the bond trader added.

At the secondary market, in the short end of the curve, the 91-, and 182-day Treasury bills (T-bill) fell by 46.34 bps and 65.60 bps to yield 2.9756% and 3.0261%, respectively. Meanwhile, the 364-day T-bill inched up by 37.64 bps to yield 4.0393%.

“Yields of shorter tenors also decreased following the unexpected drop in US retail sales. The overall decline, however, was tempered by firm US inflation report, which further supported views of another US rate hike this month,” added Mr. Dumalagan.

The US Commerce Department said retail sales slipped 0.1% last month. January data was revised to show sales dipping 0.1% instead of falling 0.3% as previously reported. It was the first time since April 2012 that retail sales have declined for three straight months.

US consumer price inflation rose in February, well within expectations, the Labor Department reported on March 12.

Excluding food an energy prices, the consumer price index rose 0.2% in February month-on-month for both headline and core gauges, in line with the market consensus.

At the belly, yields on the two-, four-, five-, and seven-year Treasury bonds (T-bond) increased by 2.70 bps (4.3598%), 25.83 bps (5.4338%), 5.29 bps (5.523%) and 12.85 bps (6.7571%). Meanwhile, the rate of the three-year bond dropped 79.64 bps to 4.4%.

Meanwhile, bonds at the long end of the curve saw increases in yields. The 10-, and 20-year T-bonds saw their yields go up by 24.75 bps to 6.1865% and 50.67 bps to 7.1629%, respectively.

LANDBANK’s Mr. Dumalagan said short term yields might rebound this week, tracking the possible increase in the US federal funds rate.

“Investors will definitely scrutinize the policy guidance and economic projections of the US central bank for clues about the future pace of US interest rate normalization. A change in consensus from three rate hikes to four rate hikes could cause a significant jump in yields across the curve.”

“The rise in yields, however, might be tempered by political noise on the protectionist trade policies of the present US administration,” he said.

“Locally, the BSP monetary policy meeting might also affect yield movements, especially if the said gathering echoes on a hawkish tone,” added Mr. Dumalagan.

Security Bank’s Ms. Dulay, for her part, expects yields to stay within range in the coming days, with some upward pressure ahead of the 10-year Treasury bond auction tomorrow.

UnionBank’s Mr. Asuncion sees investors staying on the sidelines ahead of the BSP and Fed policy meetings this week.

“Local bond traders will be watching the central bank meetings in the coming week for direction,” the bond trader said. — L.O. Pilar with Reuters

Crocs shoes lose EU patent in court blow

LUXEMBOURG — An EU court ruled on March 14 that the design of Crocs shoes cannot be patented in Europe in a blow to the US-based maker of the plastic clogs.

Luxembourg-based judges upheld a 2016 decision by the EU’s intellectual property office to cancel the patent because Crocs made the design public before registering it.

Crocs have sold 300 million pairs around the world, according to their manufacturers, attracting devotees because of their comfort and seeming indestructibility, but attracting mockery too for their chunky shape.

“The General Court confirms the cancellation of registration of Crocs’ design because it was made available to the public before its registration,” said the General Court of the European Union, the bloc’s second highest court.

It said Crocs were originally granted a patent in the EU in 2005, but a rival French shoe manufacturer, Gigi Diffusion appealed against the decision in 2013.

The EU patent office agreed, saying that Crocs’ design had already been made public in 2003 on its website and at a boat show in Fort Lauderdale, Florida, and therefore “lacked novelty.”

Under EU regulations any design which has been made public in the 12 months prior to a patent application cannot be given a patent. — AFP

ATISCO eyes 10,000-ha Marawi abaca plantation

DAVAO CITY — Agri-Tech Integrated Services Company (ATISCO), a subsidiary of Yazaki Torres Corp., is planning to develop 10,000 hectares (ha) of abaca farms in Marawi as part of the city’s rehabilitation.

“We are now conceptualizing the rehabilitation of Marawi by providing them livelihood through the rehabilitation of the abaca industry,” ATISCO Operations Manager Dante S. Delima told BusinessWorld in an interview on the sidelines of the Department of Agrarian Reform (DAR)-Mindanao Sustainable Agrarian and Agriculture Development (MinSAAD) Usapang Kalakalan held here on March 13.

MinSAAD is funded by the Japan International Cooperation Agency (JICA).

Mr. Delima, who was formerly an undersecretary of the Department of Agriculture (DA), said abaca farmers in Marawi can be tapped and given assistance for improving production methods.

DAR has started talks with the provincial agriculture office of Lanao del Sur for the establishment of an abaca nursery this year that will supply inputs for the planned abaca plantation.

“We were assured by the provincial agriculturist that they are willing to help,” he said.

The target is to start planting abaca by June next year. After two years, the projected annual income is P75,000 per hectare.

The Philippine Fiber Industry Development Authority (PhilFIDA) estimates that the country supplies 87% of the global requirement for abaca used in the production of cordage, furniture, handicrafts and novelty items.

About 176,549 ha. is planted to abaca, mostly in the Visayas and Mindanao, and 122,758 farmers in the sector.

Mr. Delima said abaca has been seeing a revival in global demand in recent years.

“Abaca fiber is no longer just used as cordage now because it is an important component of paper money, as an insulator, in capacitors, hospital gloves, tea bags and even in kevlar body armor for the military,” he said.

The ATISCO executive said there are several big processing plants with high demand for abaca, including Newtech Pulp, Inc. in Balo-i, Lanao del Norte, which imports an annual average of 414.54 metric tons of abaca fiber from Ecuador because of the lack of supply in the Philippines.

“The government should provide funding to PhilFIDA so it could rehabilitate the abaca industry because there are now more investors willing to plant abaca,” he added.

He said ATISCO, which is based in Calamba, Laguna, is willing to assist farmers who want to grow abaca as he cited the company’s experience in helping the Mangyan communities in Mindoro.

Aside from providing technical know-how, the company also consolidates the abaca products of the farmers for transport to processors, assuring them of a market.

The company has also established the Abaca Development Fund, which receives P1 for every kilo of abaca sold.

DA Secretary Emmanuel F. Piñol has expressed support to the revival of the abaca industry, providing an initial P100 million for the establishment of an abaca industry in Sogod, Southern Leyte. He also committed to give P50 million for the establishment of a nursery and research center for abaca in Kidapawan City. — Carmencita A. Carillo

New line of Fox Flux helmets launched

TO KEEP up with the steadily growing demand of bike riders to have quality gear to make for seamless and safe rides, Fox Racing continues innovate on its products and recently introduced in the country its latest line of helmets — the Flux 2.0.

An upgraded version of its iconic Flux helmet, which was released over a decade ago and has gone on to be recognized as the original Mountain Bike Trail helmet, the 2.0 keeps the spirit of its predecessor with some of its key features enhanced to maximize its performance and provide more game for the riders.

Flux’s updated features include: a 300 degree retention system which provides for nearly a full wrap around the head for a premium level of fit and comfort; a Varizorb multi-density EPS liner which helps with linear impacts by spreading the force of the blow across a wider surface area; an internal cage built into the EPS liner which provides additional strength to the overall structure of the helmet; and an adjustable visor for easy on-bike adjustment for an individualized setting.

An MIPS or Multi-directional Impact Protection System version is also available for additional performance and comfort features.

Fox Racing officials said the new line of Flux helmets were designed and developed over a two-year period and had been through rigorous testing on trails all over the world.

One of those who came away impressed with the new line of Flux helmets is veteran rider and Cross Country and Epic Ride biker and race organizer Eboy Roselada.

“The outdoors can be unpredictable, so we need gear that will help no matter what the condition is. Flux is an all-around helmet in the market today that has the flexibility to handle different types of ride discipline and terrain,” said Mr. Roselada at the official launch of the Flux 2.0 Helmet last week at the R.O.X. store at the Bonifacio High Street in Taguig City.

“Fox has been a proven brand. Most companies don’t spend much on research to achieve innovation and technological advancement, but Fox does. And they do so with also comfort and style in mind,” he added.

The Fox Flux 2.0 and Flux MIPS helmets are available for P5,990 and P8,990, respectively, at all Fox and R.O.X. stores nationwide. — Michael Angelo S. Murillo

Maynilad continues to expand pipe network

MAYNILAD WATER Services, Inc. said it installed 38 kilometers of new water pipes in 2017, resulting in an expansion of its distribution line to 7,675 kilometers.

“We will continue to expand our pipe network so that more people can have access to surface water, including those in the south which still rely on groundwater for their daily supply needs,” said Ramoncito S. Fernandez, Maynilad president and chief executive officer, said in a statement during the weekend.

Metro Manila’s west zone water concessionaire said its distribution line is now 68% longer than the network in 2007 when the company was re-privatized.

Of Maynilad’s P9-billion capital expenditure budget for this year, about P1.1 billion has been set aside for its expansion into still-unserved or under-served areas.

“This involves the laying of primary, secondary and tertiary lines in Caloocan, Valenzuela, Quezon City, Manila, Parañaque, Las Piñas, and Bacoor, Imus, and Kawit in Cavite,” it said.

“The Maynilad water distribution system is the longest ISO-certified facility of its kind in the Philippines. It stretches from North Caloocan to Cavite Province and delivers over 2,550 million liters of potable water every day to the company’s over 9 million customers,” it added.

Maynilad serves certain portions of the cities of Manila, Quezon and Makati. It also covers Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon in Metro Manila.

Outside the Philippine capital, it serves the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite province.

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. — Victor V. Saulon

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