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PHL to fast-track implementation of China-funded projects

THE Philippine government assured China on the speedy rollout of grant-funded projects during their meeting in Beijing this week, with the focus on two major railways in Luzon.
Finance Secretary Carlos G. Dominguez III said work on projects to be implemented by the Philippines in cooperation with China “have already been moving quite fast ahead.”
“Our visit to Beijing was extremely productive. We are confident we can henceforth move forward at a faster pace on the projects we are implementing in cooperation with China,” Mr. Dominguez said on Twitter on Thursday night.
Mr. Dominguez led the Philippine delegation composed of Cabinet secretaries for high-level meetings with Chinese officials from Aug. 22-24.
In a statement sent on Friday, Mr. Dominguez said Manila has affirmed its commitment to fast-track the implementation of projects funded via official development assistance before China’s State Councilor and Foreign Affairs Minister Wang Yi.
In particular, the Finance chief said the South Long Haul Manila-Bicol Railway and the Clark-Subic Railway projects have been moving rapidly, in line with the Philippine government’s push to accelerate infrastructure spending.
The loan has been signed for the P4.37-billion Chico River Pump Irrigation Project, with an interest rate of two percent per annum with a maturity period of 20 years with a seven-year grace period. Work on the project started last month as carried out by China CAMC Engineering Co. Ltd.
A P4.13-billion grant has also been forged between Manila and Beijing for the Binondo-Intramuros and Estrella-Pantaleon bridges which are now under construction.
Officials from the two countries met to discuss progress on the set of China-funded projects. Included in the “first basket” of projects up for funding are the New Centennial Water Source-Kaliwa Dam Project, and the Davao-Samal Bridge Construction Project.
Others on the “second basket” of public works to be financed by China loans are the Ambal-Simuay River and Rio Grande de Mindanao River Flood Control Projects, Pasig-Marikina River and Manggahan Floodway Bridges Construction Project, Safe Philippines Project Phase 1, and the Rehabilitation of the Agus-Pulangi Hydroelectric Power Plants Project.
Chinese money will also support the Davao City Expressway Project, the provision of radio and broadcasting equipment to the Presidential Communications Operations Office, and the Philippine-Sino Center for Agricultural Technology-Technical Cooperation Program Phase 3.
Mr. Dominguez said the two countries have grown “very close” since the Duterte administration reopened the Philippines’ ties with China. Beijing’s Minister Wang also noted that bilateral ties “entered a fast track of development” under this government.
Other officials who took part in the discussions were Budget Secretary Benjamin E. Diokno, Socioeconomic Planning Secretary Ernesto M. Pernia, Transportation Secretary Arthur P. Tugade, Public Works and Highways Secretary Mark A. Villar; Vivencio B. Dizon, president and chief executive officer of the Bases Conversion and Development Authority, Foreign Affairs Secretary Alan Peter S. Cayetano and Philippine Ambassador to China Jose Santiago Sta. Romana. — Melissa Luz T. Lopez

No changes to Boracay business clearance processing — DoT

THE DEPARTMENT of Tourism (DoT) will not make any changes to the processing of business permits in Boracay amid concerns that tighter rules caused delays in their reaccreditation.
DoT spokesperson Benito C. Bengzon, Jr. on Friday said the government is simply ensuring the island does not experience any more problems after it is opened to tourists again.
“When [these businesses] said that the rules are too severe, it’s their opinion. The most important thing they have to keep in mind that it was closed because of a problem. We want it to be a better Boracay,” he said.
“People have to understand that we’re coming up with all these guidelines to ensure we can avoid the problems of the past. When it opens, what we want to offer is a high-value kind of tourism experience,” Mr. Bengzon explained.
The DoT is the last government agency to assess the qualifications of an establishment to continue business in Boracay after it is cleared by the local government unit and the Department of Environment and Natural Resources (DENR).
If the establishment is found compliant with the local ordinances and the DENR’s guidelines, “[o]nly then we will determine who are compliant and more important, how many rooms will be eventually open by Oct. 26,” Mr. Bengzon said.
A limit to the number of tourists to be allowed to enter the island at a time will be based on the study on the carrying capacity of the island, he said. Likewise, both DENR and the Department of Interior and Local Government will be in charge of limiting the entry of tourists.
The government will conduct a dry run of the reopening of Boracay island starting Oct. 15 to ease the island into reaching full operations by Oct. 26. On Oct. 15, the first 1,000 rooms will be open to local tourists, with Aklan natives as the priority during the pre-opening.
The DoT will be in charge or scheduling and choosing accredited establishments for the dry run.
When asked about proposed policies that will prohibit parties and other recreational activities which might dirty the island’s beaches, Mr. Bengzon said DoT is in favor of such rules.
“We have to maintain the serenity of the shoreline which is really the centerpiece,” he said. — A.G.A. Mogato

Alsons on track to complete 3 power plants by 2022

By Arra B. Francia, Reporter
ALSONS Consolidated Resources, Inc. (ACR) said it remains on track to complete three power plants through 2022, which is expected to add 225.1 additional megawatts (MW) to its portfolio.
In a statement issued Friday, the Alcantara-led company said the projects include the second section of the 210 MW Sarangani Energy Corp. (SEC) baseload coal-fired power plant with a capacity of 105 MW, the 15.1-MW run-of river hydroelectric power plant in Sarangani province, and the 105-MW baseload coal-fired power plant by San Ramon Power, Inc. (SRPI) in Zamboanga City.
ACR said SEC Section 2 is now 80% complete, with commercial operations scheduled to start within the first quarter of 2019. The company will start commissioning the facility’s 105MW capacity by the fourth quarter of this year, which is expected to service three million residents of South Cotabato, Davao del Sur, Zamboanga del Norte, Zamboanga del Sur, Cagayan de Oro City, and other areas in Mindanao.
The first section of the Sarangani power plant began operating back in 2016, and currently delivers power to over three million people in the General Santos-Sarangani area.
The company will also start construction for the SRPI baseload plant in the first half of 2019, with commercial operations by 2022.
ACR Chief Finance Officer Robert F. Yenko noted that more than 80% of the combined capacity of SEC Section 2 and SRPI have been contracted, given that it has secured power sales agreements (PSAs) with key customers prior to the start of construction.
“Securing those PSAs long before many of the new baseload plants even began construction was a key components of our strategy and has helped us in coping with the current power surplus in Mindanao which has become the new normal in the island,” Mr. Yenko said in a statement.
Meanwhile, the hydroelectric plant at the Siguil River basin in Maasim, Sarangani Province will start operating by the first half of 2020. The P3.7-billion plant is the company’s first in the renewable energy sector, and will supply power to Sarangani province, General Santos City, and key municipalities of South Cotabato.
Aside from the three projects in Mindanao, ACR said it is currently on the lookout for opportunities in the Visayas region.
“Demand for power in the Visayas is likely to grow particularly in light of the economic recovery in Leyte and Samar. We are seriously looking at the Visayas region as a potential market particularly for our diesel capacity,” Mr. Yenko said.
The company is also looking at more run-of-river hydroelectric power projects in Negros Occidental, Sarangani, Davao Oriental, Zamboanga del Norte, Agusan, and Surigao del Sur that will add more than 200MW to its capacity.
ACR recorded a net loss attributable to owners of the parent amounting to P76 million in the second quarter of 2018, as revenues went down 6.2% to P1.81 billion. This brought the company’s attributable loss to P95.75 million in the first semester, with revenues down by 2.5% to P3.48 billion.
Shares in ACR went up by four centavos or 3.28% to close at P1.26 each at the stock exchange on Friday.

JBC submits CJ shortlist to Duterte

THE Judicial Bar and Council (JBC) has submitted its shortlist for the post of Chief Justice, even as its nominees may soon be facing impeachment.
The highest magistrate position was declared vacant after former Chief Justice Maria Lourdes P.A. Sereno was ousted through quo warranto on May 11 and her ouster affirmed on June 19 after the Supreme Court (SC) denied her motion for reconsideration.
The JBC said in a statement on Friday that it had already submitted the list — made up of SC Associate Justices Teresita J. Leonardo-De Castro, Diosdado M. Peralta, and Lucas P. Bersamin — to President Rodrigo R. Duterte “for his consideration in filling the vacancy in the Office of the Chief Justice.”
The members of the JBC are Department of Justice Secretary Menardo I. Guevarra, Blue Ribbon Committee Chair Senator Richard Gordon, retired SC Justice Jose C. Mendoza, retired judge Toribio E. Ilao, Jr., and lawyer Maria Milagros N. Fernan-Cayosa. SC Acting Chief Justice Antonio T. Carpio is the ex-officio chairperson of the JBC.
Ms. Leonardo-De Castro and Mr. Peralta garnered six votes each from the JBC members. Mr. Bersamin received five votes.
Fellow Chief Justice Nominee Andres B. Reyes, Jr. received only three votes from the JBC, one vote less than the minimum of four votes needed to be included in the shortlist.
The only non-SC nominee, Davao Regional Trial Judge Virginia Tejano-Ang, was disqualified. In a message to reporters on Friday, Mr. Guevarra said Ms. Tejano-Ang was disqualified “because of an adverse finding and recommendation in her administrative case.”
During the JBC interviews on August 16, Ms. Tejano-Ang was questioned over pending cases that are still in the investigative level which she failed to disclose in her application.
The Justice Secretary added that there is an unwritten rule saying judges “cannot apply for a judicial position two levels higher, i.e., from MTC (Metropolitan Trial Court) to CA (Court of Appeals) or from RTC (Regional Trial Court) to SC.”
The three shortlisted candidates, along with four of their fellow Supreme Court Associate Justices — Francis H. Jardeleza, Noel G. Tijam, Andres B. Reyes, and Alexander G. Gesmundo — have had an impeachment complaint filed against them by Magdalo Rep. Gary C. Alejano, Ifugao Rep. Teddy B. Baguilat, Jr., Albay Representative Edcel C. Lagman, and Akbayan Rep. Tomasito S. Villarin.
The complaint states that the Associate Justices mentioned should be impeached for ousting former Chief Justice Sereno via quo warranto and for betrayal of public trust.
The JBC’s shortlist earned the ire of Mr. Lagman who said in a statement released Friday afternoon, that the JBC “acted with indecent alacrity in shortlisting on Friday morning.”
He noted that the shortlist “was finalized by the JBC in less than 24 hours after the aforenamed justices were charged with culpable violation of the Constitution and betrayal of public trust,” and said that the “JBC should have considered with requisite deliberation the disqualification of the justices in view of the pendency of the impeachment cases which are akin to or even more serious than an administrative case whose pendency bars the appointment of any applicant to a judicial position.”
He said that “The rationalization that the impeachment complaints have not matured to a pending case is flawed because upon filing of the said impeachment complaints and before they are dismissed, said impeachment complaints are deemed pending just like unresolved criminal and administrative cases.”
He called on the JBC to “withdraw momentarily the shortlist and re-open the filing of applications for the position of chief justice.”
Also on Friday, a private citizen who identified herself as Rhia Ceralde wrote an opposition to the JBC regarding the nominations of the four associate justices to the Chief Justice vacancy.
She explained that the JBC “has established that one of the grounds for disqualifying candidates is the pendency of administrative or criminal cases against them.”
She added, “The filing of the complaint and endorsement of the Congressmen already bars their nomination.”
But Mr. Guevarra, who is a member of JBC, said “Mere filing of the impeachment complaint (is) not enough to disqualify. It is not yet an impeachment case until it is affirmatively acted upon by the appropriate house commitment.”

PNB’s Maclang to retire

By Melissa Luz T. Lopez, Senior Reporter

PHILIPPINE National Bank (PNB) President Reynaldo A. Maclang — WWW.ABA.ORG.TW

PHILIPPINE National Bank (PNB) President Reynaldo A. Maclang will retire from his post mid-November, to be replaced by a bank executive from a global bank.
In a disclosure on Friday, the listed lender announced that its board of directors, in a meeting on Friday, approved the retirement of Mr. Maclang as bank president, chief executive officer (CEO) and director effective Nov. 15. However, he will continue to serve as board advisor.
“The Board also approved a resolution to express its sincerest gratitude to Mr. Maclang for his untiring service and valuable contribution to the bank,” the bank owned by tycoon Lucio C. Tan said.
In turn, PNB has also confirmed that Jose Arnulfo “Wick” A. Veloso will replace Mr. Maclang by Nov. 16, as approved by the bank’s board on the same meeting.
Mr. Veloso announced his resignation as president and CEO of the Hong Kong and Shanghai Banking Corp. (HSBC) Philippines last Monday. The London-based bank said it will announce who their next top official will be “in due course.”
Sources have flagged Mr. Veloso’s transfer to the global bank but PNB only made the announcement after the board gave its formal approval Friday morning.
Mr. Veloso has been HSBC’s bank president since December 2012 and was the first Filipino to be take the post. He is also vice chair of the Open Market Committee of the Bankers Association of the Philippines.
FUNDRAISING
In a related development, PNB will also issue up to P20 billion in peso-denominated bonds as part of efforts to raise fresh capital.
The country’s fifth-biggest lender said it will issue debt notes “in one or more tranches.”
PNB raised $300 million by floating medium-term notes to foreign investors back in April, marking its maiden drawdown from the bank’s $1-billion programme. The instruments are priced 4.25% with a tenor of five years and a day.
The Bangko Sentral ng Pilipinas has simplified rules that allow banks to issue corporate bonds with greater ease, as it removed the need to secure “prior approval” from the central bank for lenders to tap the capital markets.
Currently, banks prefer issuing long-term negotiable certificates of deposit to raise additional funding. However, these entail bigger costs compared to soliciting actual investment pledges, as these are actually time deposits and come with a higher reserve requirement rate.
In contrast, bond offerings come with a lower 6% reserve standard.
The bank reported a P5.4 billion net income during the first semester, double the P2.7 billion booked during the same period in 2017. This was driven by a 27% increase in net interest income alongside a surge in service fees and commissions.
PNB shares closed at P47.25 each on Friday, up 70 centavos or 1.50% from the previous day.

Impeachment process against anti-Sereno justices to be expedited — GMA

THE House of Representatives (HoR) to “expedite” the impeachment process against the seven Supreme Court associate justices who ruled in favor of the quo warranto case that ousted former chief justice Maria Lourdes P. A. Sereno, according to House Speaker Gloria Macapagal-Arroyo.
“The most important thing is to expedite it, one way or another, so that it does not really disturb the legislative agenda,” Ms. Arroyo told reporters on Friday, Aug. 24, after the distribution of relief goods to the Aeta community in Sitio Pasbul, Brgy. Camias, Porac, Pampanga.
She added: “I checked with the Secretary General this morning on my way here. He has already transmitted the impeachment charge to my office, and then they will send me the transmittal for my signature later here in Pampanga so that I can transmit it also today to the Rules Committee.”
Ms. Arroyo said the Rules Committee “can have [the complaint] read out on Tuesday.”
For his part, Presidential Spokesperson Harry L. Roque, Jr. said the Palace is confident that the impeachment complaint filed against the seven justices will be dismissed for lack of merit.
In an interview with radion station DZRH, Mr. Roque said: “Well, naniniwala po kami na walang merito iyan at inaasahan namin na mababasura kaagad iyan ng Committee on Justice. Eh kasi, whether be it on form or substance nakita po natin na nasa hurisdiksyon ng Korte Suprema iyong desisyon nila kay dating Chief Justice Sereno.”
(Well, we believe it has no merit, and we expect the Committee on Justice to junk it; because whether be it on form or substance, the Supreme Court has jurisdiction over the decision on former Chief Sereno.)
He explained: “Ang sabi po ng Saligang Batas, merong hurisdiksyon ang Korte Suprema pagdating sa mga petisyon para sa quo warranto. So, hindi ko po maintindihan, kung bakit naging impeachable offense iyan.”
(According to the Constitution, the Supreme Court has jurisdiction when it comes to quo warranto petitions. So, I do not understand what makes this an impeachable offense.)
For his part, Solicitor General Jose C. Calida said in a statement on Friday that the impeachment complaints against the associate justices “will not see the light of day.”
He added, “If the opposition legislators’ logic will be followed, then all Justices, whose constitutional interpretation differ from them, can be impeached. Worst, following also this logic, Justices who dissented from the majority view in constitutional cases, can also be impeached. This will reduce impeachment to a mere vengeance mechanism, far from which it is intended for.”
Citing “culpable violation of the Constitution and betrayal of public trust,” Albay Representative Edcel C. Lagman, Magdalo Rep. Gary C. Alejano, Ifugao Rep. Teddy B. Baguilat, Jr., and Akbayan Rep. Tomasito S. Villarin filed an impeachment complaint last Thursday against Justices Teresita L. de Castro, Diosdado M. Peralta, Lucas P. Bersamin, Andres B. Reyes, Francis H. Jardeleza, Noel G. Tijam, and Alexander G. Gesmundo.
The opposition lawmakers said the “petition for quo warranto or any other mode of removal is anathema to the unequivocal mandate of the Constitution that the power to impeach is solely vested with the Congress.” — Arjay L. Balinbin with Gillian M. Cortez

SC denies again De Lima’s request to attend oral arguments on ICC

THE High Court dismissed detained Senator Leila De Lima’s motion for reconsideration regarding her petition to attend the oral arguments of the Philippines’ exit from the International Criminal Court (ICC). This as minority solons have petitioned for the incarcerated senator to argue via audio feed.
The Supreme Court (SC) said in a statement on Friday that it has “denied the pending Motion for Reconsideration” of Ms. De Lima.
“The Court, in denying petitioner’s motion for reconsideration, found that no new argument had been presented to warrant a reconsideration of its earlier resolution,” the SC said.
In its en banc session on Aug. 7, yhe High Court denied Ms. De Lima’s Manifestion with Motion to attend the oral arguments. The detained senator filed her Motion for Reconsideration two weeks later.
Ms. De Lima and other minority senators — Francis N. Pangilinan, Paolo Benigno A. Aquino IV, Risa Hontiveros-Baraquel, and Antonio F. Trillanes IV — filed a case in the SC which questioned the validity of President Rodrigo R. Duterte’s pulling the Philippines out of the ICC.
In a statement on Friday, Mr. Pangilinan said that the opposition senators had filed another motion for reconsideration for Ms. De Lima to take part in the oral arguments via live video or audio feed.
The motion, dated Aug. 23, reads: “To demonstrate to the Honorable Court that Senator De Lima’s motion to personally appear during oral arguments is not a ploy to escape detention, Senator De Lima is willing to argue while in detention through a live video and/or audio feed.”
The minority bloc added, “It would be the height of irony to prohibit Senator De Lima to argue on a constitutional issue of paramount national importance, given that the Honorable Court has allowed furloughs to persons charged with non-bailable offenses.” — Gillian M. Cortez

BGC one-way traffic scheme kicks off next month

BONIFACIO Global City (BGC) is set to implement a one-way traffic scheme in select roads next month to address the worsening traffic situation in the business district.
The traffic policy will be implemented starting Sept. 17.
In the new traffic scheme, a one-way loop will go from 30th Street, left to Rizal Drive, then left to 28th Street, and left again to 11th Avenue.
A second one-way loop will go from 9th Ave., then left on 34th St., left to 8th Ave. and into 7th Ave., then left into Federation Drive linking back to 9th Ave. Drivers at 7th Ave. can also exit at the McKinley Parkway.
“A one-way traffic flow is the most efficient traffic circulation scheme for BGC’s street grid network because it maximizes the width of the street that is available for traffic, reduces the conflicts between vehicles and pedestrians at intersections, and minimizes the time that vehicles and pedestrians are stopped at traffic signals. Overall, BGC should become less congested and faster to travel in with a one-way traffic scheme,” Bonifacio Estate Services Corp. General Manager Jun Galvez was quoted as saying in a statement released by BGC on Friday.
The statement noted that a similar scheme was implemented in the Makati central business district “which reduced traffic congestion and improved travel time in the area.”
It is expected that using the Makati CBD’s strategy in BGC’s streets with produce the same results.
Thanks to rapid development within BGC plus pass-through traffic between C-5, EDSA, and Makati, rush hour traffic at BGC has worsened.
“To make sure that the new one-way scheme will become effective, BGC will continue its existing wheel clamping and towing operations to curb illegal street parking and keep its major streets free of obstructions,” the statement said.

Fisheries bureau clears galunggong in 3 wet markets

THE Bureau of Fisheries and Aquatic Resources (BFAR) said that there were no traces of formalin in the round scad samples collected in three wet markets last Wednesday.
In a statement, BFAR Director Eduardo B. Gongona said that there was “no formalin introduced” in the samples of round scad, commonly known as galunggong, that the BFAR gathered from the Balintawak Market, Cubao Farmer’s Market, and the Navotas Fish Port.
“It must be noted however, that based on the laboratory analysis, low levels of formaldehyde were detected. Formaldehyde is a chemical compound which naturally develops when the fish dies,” he said.
In a phone interview with BusinessWorld, Mr. Gongona clarified that the galunggong samples tested were from domestic catches.
“[We checked] because people were saying that there were imported galunggong that managed to enter the wet markets so we checked it for contamination. We didn’t say that there was contamination, but there might be chemicals that can affect the health of the consumers,” he added. “We just had to check due to the clamor that there was contaminated fish so we had to react as a government entity.”
With imported round scad set to arrive at local wet markets by the start of September, Mr. Gongona said that it is BFAR’s mandate to check the quality of the fish before it is sold. So far, only round scad can be imported to supplement the supply of fish in the market.
“Any imported fish, before its leaves the customs area, we’d get the sample [to see] if it’s contaminated with any chemicals that can affect our health. We have experts doing that and technicians and other government agencies that is mandated under the food safety act,” he added.
Last week, Agriculture Secretary Emmanuel F. Piñol signed a Certificate of Necessity enabling the importation of up to 17,000 metric tons of round scad. The DA also amended an old Fisheries Administrative Order by allowing fishermen’s groups and sellers, alongside food processors, to import round scad.
Round scad, a staple protein for low-income families and therefore politically sensitive, is so far the only fish allowed for import to help shore up domestic supply.
Mr. Gongona noted that the Certificate of Necessity is only valid for three months. If the government sees that the supply of fish in the market does not meet demand after three months, another certificate can be issued to extend the importation period.
Last Thursday, Mr. Piñol said that the importation can only be carried out during the closed fishing season — which runs from October and ends around February — to give fisherfolk an alternative source of income. — Anna Gabriela A. Mogato

AboitizPower unit expands supply agreement with PGPC

THE renewable energy unit of Aboitiz Power Corp. (AboitizPower) is expanding its agreement with the Philippine Geothermal Production Company, Inc. (PGPC) for the drilling and supply of steam in its Tiwi and Batangas-Laguna power plants.
In a disclosure to the stock exchange, AboitizPower said AP Renewables, Inc. (APRI) has signed a Geothermal Resources Supply and Services Agreement (GRSSA) with PGPC on Friday to ensure the long-term operations of the former’s renewable power plant facilities.
Under the deal, PGPC will be drilling 12 new production wells in six years to increase the steam availability of APRI’s 458-megawatt (MW) MakBan geothermal power plant across Batangas and Laguna as well as the 289-MW Tiwi Geothermal Power Plants in Albay. This will increase the facilities’ steam availability by 20%.
APRI operates the two power plants, while PGPC acts as steamfields operator and geothermal resource provider.
“APRI is committed to deliver reliable and renewable power to our customers. This agreement secures the continued viability of the power plant facilities allowing us to deliver that commitment,” APRI President and Chief Operating Officer Alexander B. Coo said in a statement.
“For three years now, the Philippines has been ranked number 1 in environmental sustainability in the World Energy Council’s (WEC) Energy Trilemma report because we continue to maximize the potential of RE (renewable energy) in the country, we hope to continue that momentum,” Mr. Coo added.
For his part, PGPC President Napoleon L. Saporsantos, Jr. said the agreement will support the country’s long-term energy needs.
“Renewable baseload energy is critical for the Philippines to power its economic growth. The sustainable operation of the geothermal steamfield is our way of supporting the country’s long-term energy needs through the supply of reliable, clean, and indigenous energy resources,” AboitizPower quoted Mr. Saporsantos as saying in a statement.
The Tiwi-MakBan power plant is one of the largest geothermal facilities in the country. It was first commissioned back in 1979, and was operated and managed by the National Power Corp., while the PGPC operated the steamfields.
AboitizPower then took over operations in 2009.
AboitizPower’s net income attributable to equity holders of the parent slipped by 6.2% to P9.1 billion in the first half of 2018, amid a 15% increase in gross revenues to P65.03 billion during the period.
Shares in AboitizPower were unchanged at P36.90 each at the Philippine Stock Exchange on Friday. — Arra B. Francia

CDC unveils new project in Mandaluyong

CITYLAND Development Corp. (CDC) is launching a new mixed-use tower in Mandaluyong City, as it banks on the continued growth of the commercial area.
In a statement issued Friday, the listed property developer said it has unveiled Pioneer Heights, a 24-storey building that consists of office, commercial, and residential components. It is located along Pioneer Street, Barangay Highway Hills in Mandaluyong.
For the residential portion, the project will offer studio units, studio deluxe, one-bedroom deluxe, and three bedroom units.
Pioneer Heights will also feature amenities such as a swimming pool, clubhouse, gym, multipurpose event area, and viewing deck.
The company noted the project is situated near the ongoing construction of the Bonifacio Global City — Ortigas Center Link road project that will effectively shorten travel time across the cities of Pasig, Makati and Mandaluyong.
“Pioneer Street, a famous industrial avenue, is now a booming commercial area where all places of interest are a stone’s throw away,” the company said.
CDC posted a net income attributable to the parent of P96 million in the second quarter of 2018, 24% lower than what it booked in the same period a year ago, amid a 13.5% increase in gross revenues to P503.6 million.
By end-June, CDC’s attributable profit stood at P240 million, six percent higher year-on-year. Revenues meanwhile jumped by a fifth to P1.02 billion.
Incorporated in 1978 originally as Statehouse Land Development Corp., CDC’s core business is in development of land for residential, office, commercial, institutional, and industrial purposes.
The company’s projects are located in Makati, Mandaluyong, Manila, Pasig, Bulacan, and Cavite.
Earlier this month, its board of directors approved the filing of a registration statement with the Securities and Exchange Commission to raise P1.4 billion from the issuance of commercial papers. The funds will be used for the company’s capital requirements.
Shares in CDC gained two centavos or 2.02% to close at P1.01 each at the stock exchange on Friday. — Arra B. Francia

PSEi down on profit-taking

LOCAL STOCKS slipped on Friday as traders took profits after climbing for two consecutive days.
The Philippine Stock Exchange index (PSEi) lost 37.56 points or 0.48% to close at 7,766.47. The broader all-share index was also down by 3.76 points or 0.08% to reach 4,728.82.
“Profit-taking was the name of the game as the index remained weak the entire day, falling by as much as 85 points to its intraday low. It was however bought up at the close to end only 37 points down at 7,766.47,” Gabriel Jose F. Perez, sales associate at Papa Securities Corp. said an email.
For PNB Securities Inc. President Manuel Antonio G. Lisbona, “The market is undergoing a technical correction given the rally yesterday.”
Mr. Lisbona noted the PSEi will continue to move within the range 7,500 and 7,850, as market players “continues to digest and react to both internal factors (rising rates and inflation) and external events (risk of contagion arising from US trade actions against China and Turkey).”
“A possible catalyst to the upside will be a sustained return of foreign funds into the market. However, I think this scenario is unlikely as other markets offer more value at this time,” he added.
Only the holding firms counter went up, rising 0.21% or 15.94 points to close at 7,608.68.
On the other hand, industrials led losers with a 50.10-point decrease or 0.44% to 11,265.81, followed by property which fell 37.16 points or 0.94% to 3,905.10.
The financials sub-index also slipped by 25.97 points or 1.42% to 1,797.06; while services shed 9.30 points or 0.60% to 1,546.34, and mining and oil dropped 2.55 points or 0.03% to 9,836.81.
Value turnover fell to P7.21 billion on Friday, from Thursday’s P7.97 billion as 2.27 billion issues changed hands.
Foreigners dumped shares, with net selling logged at P398.89 million, a reversal from Thursday’s net buying of P514.21 million.
Losers outnumbered advancers, 122 to 76, while 54 issues were unchanged. — V.M.P.Galang

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