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Rebisco marks its 55th anniversary by going artistic with its cookie tin packaging

ROEL OBEMIO’s design for one of the four special edition Rebisco tins marking the company’s 55th anniversary.

JUST ABOUT every Filipino is introduced to Rebisco products at a young age — from finding the snacks in their school lunch bag to receiving a can of assorted biscuits from relatives during special occasions. This year, the company marks its 55th year with the launch of special edition designer biscuit tins.
In 1963, Republic Biscuit Corp. (Rebisco) began in a neighborhood bakeshop in old San Juan as the England Biscuit Factory. It came with brands such as Crema (cream biscuits) and Sodatine (plain soda crackers). It was in 1972, after it moved to a bigger factory in Quezon city, that it became to be known as Rebisco.
“Every Pinoy family has a story to tell and through the years, we make these stories come to life through our products. Rebisco’s Special Edition Designer Cans support local not only through taste, but through art,” Lulu dela Peña, marketing communications head of Rebisco, said in a press release. “We at Rebisco believe that life is a constant journey of growing and refining who we are. Thus, we find a new twist to an old product to rekindle interest for it while continuing our tradition to let the tin can serve as an art canvas that tells the stories and values of Filipino families.”
These cans have a life in a household long after the cookies have been consumed. “Sometimes, even when the contents [of the can] are finished, we see it in the household [used] as rice containers and flower pots. It has taken an important part in our life,” Ms. Dela Peña told BusinessWorld at last week’s launch in Wack Wack Golf and Country Club.
The food company collaborated with four artists — Migs Villanueva, Aris Bagtas, Roel Obemio, and Joseph Bañez — for the designs of the special edition cans.
All the artworks depict family-themed images. Villanueva’s artwork depicts togetherness through a family storytelling session; Bagtas’ work focuses on a family get together); Obemio’s signature chubby characters are engaged in outdoor activities; and Bañez’s work features Filipino games.
“We put so much value on family. We put the consumers right in the center of what we do,” Ms. Dela Peña said.
The special edition cans contain an assortment of nine Rebisco cookies, crackers, and wafers including the Rebisco lemon sandwich, Rebisco crackers, Choco Mucho cookies, and Hansel crackers.
The Rebisco special edition designer cans are available nationwide at Robinsons, Puregold, Waltermart, Rustan’s, and Shopwise supermarkets for P175. They will be available for order online at www.honestbee.ph starting Nov. 15. — Michelle Anne P. Soliman

Metrobank Q3 income up on core business’ strength

METROPOLITAN Bank & Trust Co. (Metrobank) saw its net income grow in the third quarter on the back of the strong performance of its core businesses.
In a regulatory filing on Wednesday, the Ty-led Metrobank said it posted P5.7 billion in net earnings in the July-September period, 55% higher than the P3.7 billion recorded in the same period last year.
This brought Metrobank’s nine-month income to P16.8 billion, up 27% year-on-year.
The bank attributed the robust growth to the “solid performance of the core business” as margins were lifted higher by the double-digit growth in loans and current and savings account (CASA) ratio, while keeping the increase in operating expenses at a manageable level.
Metrobank’s net interest income was at P51 billion in the first nine months of the year, accounting for bulk of the bank’s total revenue of P68.4 billion.
Its loan portfolio stood at P1.3 trillion as of end-September, growing by 15% from the year-ago level. This was led by the commercial segment at 17%, driven by the “consistent” performance by its corporate accounts, middle market and small business segments.
“Demand continues to be positive in the manufacturing, wholesale and retail trade and real estate sectors,” according the bank’s disclosure to the local bourse.
On the funding side, total deposits grew to P1.5 trillion as of end-September, inching up by 5%. Meanwhile, the bank’s CASA ratio was maintained at 62%.
Meanwhile, non-interest income rose 4% to P17.4 billion, supported mainly by the P10.2 billion in service fees and commissions as well as income from trust operations, up 11%.
Net trading and foreign exchange gains as well as miscellaneous income also contributed to Metrobank’s non-interest income at P2.1 billion and P5.1 billion, respectively.
“Fee-related revenues benefitted from steady customer-driven flows and boosted by the large corporate deals that were booked in the early part of the year,” Metrobank noted.
Operating expenses was kept within the bank’s guidance at P33 billion, up 10%. Manpower-related costs grew 12% to P16 billion, while the balance was spent for Metrobank’s continuous efforts to improve its system and processes.
Meanwhile, expenses for taxes and licenses stood at P6.3 billion, which included the new requirements under the new tax regime implemented this year.
Asset quality metrics remained healthy and above industry average, as Metrobank’s non-performing loans (NPL) ratio was “relatively flat” at 1.2% from 1.1% in the previous quarter, with NPL cover maintained at 110%.
The bank also set aside P5.2 billion in provisions for credit and impairment losses due to the impact of Philippine Financial Reporting Standards 9 adopted this year.
Metrobank’s net interest margin for the nine-month period stood at 3.88%, higher by nine basis points than the year-ago level. It was also higher than the 3.77% recorded in the first half of the year.
The bank’s assets totalled P2.1 trillion, with equity at P277.5 billion. Total capital adequacy ratio was at 17.8%, while its common equity Tier 1 ratio at 15.2%.
In the statement, Metrobank Chairman Arthur V. Ty said the lender’s strong performance during the nine-month period is “very encouraging” amid inflation concerns and rising interest rates.
“Credit demand remains healthy and the bank continues to grow cautiously its consumer, business and infrastructure-related loan portfolio without incurring unnecessary risks to asset quality and profitability,” Mr. Ty was quoted as saying. “We will continue to be a key player in the country’s economic development, anchored on our long-term strategy of growth, good governance and sustainability.”
Last week, the bank raised P10 billion in fresh funds through fixed-rate bonds, which is part of its P100-billion bond and commercial paper program.
The issuance, which carry an interest rate of 7.15% and a two-year tenor, was the first by a local bank since the monetary authority allowed lenders to tap the capital market as a funding source without having to secure its approval.
Metrobank shares closed Wednesday’s session at P67 apiece, up P2.20 or 3.4%. — Karl Angelo N. Vidal

Ripple aiming to overtake SWIFT banking network

RIPPLE LABS INC., the blockchain startup whose digital money is often used as a proxy for other cryptocurrency payments, is gaining new customers because financial firms are seeking faster, more up-to-date technology than the SWIFT banking network, Chief Executive Officer Brad Garlinghouse said.
The SWIFT, an acronym for the Society for Worldwide Interbank Financial Telecommunication, and IBAN (International Bank Account Number) systems have long been used by banks, individuals and businesses to send and receive money. Ripple was in the headlines in September when XRP, its cryptocurrency commonly referred to as Ripple, rallied briefly before declining again.
Blockchain technology can eliminate the need for a central standardized system, because it works as a public ledger, enabling the digital transfer of money without the need to route it through accounts at banks and financial institutions.
“The technologies that banks use today that SWIFT developed decades ago really hasn’t evolved or kept up with the market,” Garlinghouse said in an interview with Bloomberg TV on the sidelines of an event in Singapore. “SWIFT said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”
Ripple Labs says it has more than 100 banks and payment providers on its RippleNet network, including Japan’s Mitsubishi UFJ Financial Group Inc. and Standard Chartered Plc, according to its website. Garlinghouse also said that speculation within the blockchain industry of a potential link-up between Ripple and SWIFT wasn’t true.
“What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT,” he said. — Bloomberg

Lecture and book launch


THE AUTHOR James Hamilton-Paterson will give a talk on “The Writer As Misanthropist,” followed by a conversation with Jessica Zafra, at the launch of the 30th anniversary reprint of his book Playing With Water: Passion and Solitude on a Philippine Island, published by the ADMU Press, this afternoon from 5 to 7 p.m., at the 2nd floor Art Wing of the new Arete complex (just inside Gate 3), Ateneo de Manila University, Quezon City. Playing With Water will be available after its launch at the ADMU Press Bookstore, Popular Bookstore and Solidaridad, and can be ordered online from Ateneo and Shopee.

Property firms post double-digit income growth

LISTED property companies showed double-digit earnings growth in the first nine months of September, benefiting from their expansion strategies.
DoubleDragon Properties, Corp., Cebu Landmasters, Inc. (CLI) and Century Properties Group, Inc. (CPG) reported in separate disclosures to the stock exchange that their net income grew by 10%, 27%, and 23%, respectively.
DOUBLEDRAGON
DoubleDragon’s consolidated earnings went up 10% to P1.54 billion in the nine-month period, on the back of a 15.5% increase in revenues to P4.72 billion.
The revenue increase comes amid the company’s shift toward expanding its recurring income portfolio, which now accounts for 43.1% of total revenues versus a 19% contribution in the same period a year ago. It aims to further increase recurring revenue up to 90% by 2020.
DoubleDragon’s rental income jumped by 270% to P1.66 billion, thanks to higher mall occupancy which stood at 96% and office buildings being fully leased out.
As of October, DoubleDragon had 36 community malls, keeping it on track to have 50 malls by end-2018.
Hotel revenues from its Hotel 101 and Jinjiang Inn branches also gained 19.6% to P377.8 million.
No third quarter figures were immediately available for DoubleDragon.
CEBU LANDMASTERS
Cebu Landmasters, Inc. (CLI) delivered a 29% increase in earnings for the three months ending September to P395.52 million, following revenues of P1.07 billion, 12% higher year-on-year.
With this, the Cebu-based property developer boosted nine-month earnings by 27%to P1.22 billion. This can be attributed to the strong sales of residential properties, complemented by the progress of projects being constructed in Cebu and Cagayan de Oro.
Revenues from January to September surged by 33% to P3.7 billion, which CLI Chairman and Chief Executive Officer Jose Soberano II noted still does not include P2 billion worth of investments financed by its initial public offering last year.
“Once these projects start contributing to our revenues, we expect CLI’s performance to achieve new levels… We will sustain growth by aggressively addressing the needs of underserved markets,” Mr. Soberano said in a statement.
CENTURY PROPERTIES
For Antonio-led CPG, net income climbed to P660.96 million in the first nine months, against P538.74 million in the same period a year ago. At the same time, P7.5 billion worth of revenues were realized, 45% higher year-on-year.
CPG registered 84% higher earnings to P171.11 million in the third quarter alone, while revenues picked up 55% to P2.81 billion.
The company attributed the profit growth to higher sales of condominium units, accompanied by price increases implemented in the third quarter. Its in-city developments such Azure South Projects Boracay and Bahamas projects drove sales for the period, while projects in the affordable also contributed P752.05 million.
Property companies who earlier disclosed their nine-month performance also showed double-digit growth. Ayala Land, Inc. grew its net income by 17% to P20.78 billion, after revenues jumped 21% to P119.7 billion.
Sy-led SM Prime Holdings, Inc. also generated higher earnings to P26.2 billion, 10% higher year-on-year following 10% revenue growth to P307.4 billion.
Robinsons Land Corp. delivered P6.55 billion worth of earnings, 43% higher from the same period a year ago. The Gokongwei-led firm saw a 31% uptick in revenues to P21.8 billion as well. — Arra B. Francia

BPI books higher net profit in the third quarter

BANK OF THE Philippine Islands (BPI) reported a higher net profit in the third quarter on the back of double-digit net interest income growth.
In a disclosure to the local bourse on Wednesday, the Ayala-led bank said its net income ended at P5.98 billion in the July-September period, 12% higher than the P5.36 billion logged a year ago.
This brought BPI’s net earnings for the first nine months to P17.01 billion, flat from last year.
The lender’s revenues grew by 7.3% to P56.89 billion in the nine months ended September, driven by the 15.1% year-on-year increase in its net interest income, which stood at P40.88 billion.
Meanwhile, BPI’s net interest income in the third quarter grew 21% from a year ago.
Interest income from loans grew 24.2% year-on-year, as the yield on its interest-earning assets improved by 37 basis points (bp).
However, this was partially offset by a 24-bp increase in funding costs due to higher time deposit rates and documentary stamp taxes on deposits following the implementation of the first tranche of the Tax Reform for Acceleration and Inclusion Act this year.
Total loans stood at P1.27 trillion, up 12.9% in a comparable year-ago period, on the back of strong growth in corporate and credit card lending at 13.7% and 22%, respectively.
Total deposits on the other hand was at P1.54 trillion, 2.5% higher from a year ago, with current and savings accounts (CASA) booking a 6.4% growth.
BPI’s CASA ratio was at 74%, while its loan-to-deposit ratio stood at 82.2%.
The bank’s net interest margin (NIM) stood at 3.24% in the third quarter, higher than the 3.1% in the second quarter and 2.91% in the first quarter, due to “favorable” loan repricing following the policy rate hikes implemented by the central bank since May.
“This trend is reflective of the bank’s proactive balance sheet and funding strategies in response to changes in the interest rate environment,” BPI added.
On the other hand, BPI’s non-interest income stood at P16.01 billion, declining 8.7% from the P17.54 billion logged in the same period last year, due to lower securities trading gains, trust and investment management fees, insurance income and asset sales. However, the bank registered higher fee-based income from its credit card, deposit and rental businesses.
Meanwhile, the bank set aside P2.84 billion in provisions for loan losses in the first nine months, 21.2% lower year-on-year.
BPI’s non-performing loan ratio increased slightly to 1.82% as of end-September from the 1.8% recorded last June, with a reserve cover ratio of 95.7%.
Operating expenses amounted to P32.08 billion year-to-date, up 15.2% from a year ago, due to the accelerated spending of the bank to support its digitalization strategy and the expansion of its small and medium business lending arm BPI Direct BanKo.
Return on equity was 10.4%, 2.7 percentage points lower from last year, while return on assets also declined by 0.12 percentage point to 1.2%.
Cost-to-income ratio was at 56.4% as of September, up from 52.5% the previous year.
Overall, the bank’s assets stood at P1.96 trillion as of end-September, up 8.9%, while total capital was at P245.93 billion, higher by 37.4% driven by its P50-billion stock rights offer in May.
Capital adequacy ratio was at P16.99%, while its common equity Tier 1 ratio stood at 16.09%.
BPI raised $600 million in the international bond market in August through a drawdown from its $2-billion medium-term note program. The five-year senior unsecured fixed rate S notes, which carry 4.25% coupon rate, was listed on the Singapore Stock Exchange with a “Baa2” rating assigned by Moody’s Investor Service, a notch above the minimum investment grade.
The bank is also set to raise P50 billion through peso-denominated bonds or commercial papers as approved during its Sept. 19 board meeting.
BPI shares gained P2.80 or 3.51% to close at P82.60 each on Wednesday. — Karl Angelo N. Vidal

GoBear, CredoLab partner on credit scorecard app

SINGAPORE-BASED GoBear and CredoLab have partnered on an app that aims to reach the 16.8-million underbanked Filipino people.
In a statement, the companies said the Easy Apply app will utilize CredoLab’s artificial intelligence-based proprietary algorithms that extract and analyze data from applicants’ smartphones called “digital footprints.” These will then be turned into scorecards to be used in their credit card, loan, or insurance applications.
“More than 77% of Filipinos remain unbanked; less than 2% own a credit card. We strongly believe that through our partnership with CredoLab, we can drastically improve those numbers, and more importantly, provide further opportunities to the vast majority of Filipinos who deserve competitive credit services and yet have very limited access to them. We are very excited to bring this technology to our partners and help them reach a previously untapped audience,” Maria Java, country director of GoBear Philippines, was quoted as saying in the statement.
Users will need to go through GoBear’s Easy Choices, which will them understand what products suit their profile, before downloading and installing Easy Apply.
Easy Apply will also be launched in other countries, such as Indonesia, Thailand, and Vietnam.
“We are excited to be partnering with GoBear to help banks profitably serve their customers including the underbanked. Since our launch in 2016, through our use of non-traditional alternative data points, we have seen a significant drop in cost of risk, helped reduced the time-to-yes to a few seconds, and achieved almost 45% increase in approval rates,” Peter Barcak, co-founder and chief executive officer of CredoLab, said in the same statement. “I am optimistic that we can achieve similar results through this partnership.” — VMPG

Bill on Islamic banking framework okayed on 2nd reading

THE HOUSE of Representatives, via voice voting, approved on second reading on Tuesday a bill proposing to establish a regulatory framework for Islamic banks.
House Bill 8281, An Act Providing for the Regulation and Organization of Islamic Banks, mandates the Bangko Sentral ng Pilipinas (BSP) to supervise, license and regulate Islamic banks like universal banks.
“With this imminent new law, there will be more Islamic banks not just for Mindanao but also for the rest of the country,” Leyte-2nd district Rep. Henry C. Ong, who also chairs the House Committee on Banks and Financial Intermediaries, said in a statement.
“The establishment of more Islamic banks, especially those based here in Southeast Asia and in the Middle East, will make available to the Filipino people, especially the over 10 million Filipino Muslims, a vast array of banking, lending, and investment products and services.”
The bill authorizes the establishment of Islamic banks and allows conventional banks to engage in Islamic banking, provided that these lenders put in place a system that will segregate their Islamic banking units from their regular business.
Under the measure, Islamic banks are allowed to perform banking services, such as in accepting or creating current, savings accounts, and investment accounts, accept foreign currency deposits, and act as correspondent banks and institutions among others.
The banks shall also constitute a Shari’ah Advisory Council to render advice and review applications of the Shari’ah principle.
The bill also states that tax treatment between Islamic banking transactions and equivalent conventional banking transactions should remain neutral. — C.A. Tadalan

Smart gives free iPhone Xs Max upgrade to reward loyal customers

SMART COMMUNICATIONS, Inc. rewarded several of its loyal customers with upgraded versions of their preordered units of the latest iPhone Xs Max in its launching event on Oct. 26.
A total of 15 Smart subscribers were given a 512 gigabyte (GB) iPhone Xs Max instead of their preordered 64GB and 156GB models, on top of a personalized MVP Rewards Card loaded with P10,000 worth of points.
“Smart makes it a lot easier for Filipinos to get hold of the latest iPhones, and optimize their breakthrough features powered by Smart LTE…,” PLDT and Smart head of Consumer Business Market Development Oscar A. Reyes said.
Smart said aside from the first customers rewarded during the launch, 85 other customers all over the country were given a surprise upgrade of their orders.
“Apple fans can expect a much bigger digital experience as they can enjoy seamless streaming, real-time sharing, and even lag-free gaming on their Smart-powered iPhones,” PLDT and Smart head for Consumer Marketing Andrew L. Santos said.
Aside from the gifts for selected subscribers, Smart is also offering postpaid plans for the iPhone Xs and iPhone Xs Max.
The iPhone Xs can be purchased at Smart for P3,299 a month for 24 months. This deal includes 15 GB of data, unlimited texts to all networks and 60 minutes of calls to all networks.
For the iPhone Xs Max, Smart offers the same bundle worth P3,599 monthly, also payable within a 24-month period.
Discounts are available for customers renewing old postpaid plans. — Denise A. Valdez

P.A. Alvarez inks 2 new deals with Japan’s HHPC

P.A. Alvarez Properties & Development Corp. (P.A. Properties) is expanding its partnership with Japan’s Hankyu Hanshin Properties Corp. (HHPC) with new projects in Cavite and Batangas.
In a statement, P.A. Properties said it signed its second and third joint venture (JV) agreements with the Osaka-based HHPC worth a combined P2.9 billion.
The second JV includes the expansion of Idesia Dasmariñas in Cavite into a mixed-use development, while the third JV will involve the launch of Idesia Lipa.
Located in Lipa City, Batangas, the 17-hectare mixed-use township Idesia Lipa is set to be launched by June 2019. Sixteen hectares will be allocated for 1,144 housing units, while 0.9 hectares will be for commercial space.
“The joint venture’s location strategy focuses on sites in mature submarkets benefiting from expanding infrastructure and stable economic growth as well as a significant growing, unfulfilled demand for housing in promising neighborhoods,” P.A. Alvarez said.
The new joint venture deals are part of the two firms’ plans to launch between two to three projects annually until 2023.
“We are excited to continue our partnership with P.A. Properties in this endeavor. We have been closely watching the Philippine residential market for quite some time, and are pleased to bring the experience we have acquired in developing high-quality houses across Japan, to this venture,” said Masahiko Toda, overseas business division general manager of HHPC, in a statement.
The first partnership between the two companies was the Phase 1 of the 11-hectare Idesia Dasmariñas last December 2017. — Vincent Mariel P. Galang

Restaurant Row (11/15/18)

Thanksgiving at Diamond


CELEBRATE Thanksgiving at the Diamond Hotel Philippines from Nov. 22-25 at Corniche restaurant. A buffet of traditional dishes like roast turkey with cranberry sauce served with trimmings, hearty stuffing and thick buttery mashed potatoes. The buffet will go for P2,880. Toast to another abundant season made twice as special with a Buy 1 Take 1 offer on a glass or bottle of wine. Save room for a wide selection of desserts. And to mark its 8th year, Corniche, the restaurant is giving an online offer on the lunch and dinner buffet, which can be availed for P888 nett per person from Nov. 19-21. Vouchers can only be purchased via onlineshopping.diamondhotel.com. Meanwhile, at Bar27 (which has a view of the Manila Bay skyline) raise your glass to the good life in the company of friends, with Thanksgiving side dishes to share. Make a reservation and use the code THANKSBAR27 to get a free pica pica. One code per table only. For restaurant reservations, call 528-3000 ext 1121.

Thanksgiving at Crimson

ON Nov. 22, the Crimson Hotel’s Café Eight will be serving a Thanksgiving dinner buffet from 6-10 p.m. The table will feature the classic Thanksgiving menu including roast turkey, honey roasted ham, and baked wrapped whole grouper. The buffet costs P1,600 net per person. Meanwhile, Christmas afternoon tea is being served every afternoon until Dec. 31 at The Lobby Lounge. A holiday-inspired afternoon tea menu inclusive of beef bresaola palmiers, Santa Claus cookies, mini pudding, pistachio macaroon tree, gingerbread caramel, and pear trifle. The rate for two persons is P750 net. Crimson Hotel is at Filinvest City, Alabang, Muntinlupa.

Bottomless Fridays

EASTWOOD RICHMONDE Hotel’s Eastwood Café+Bar marks the end of the week with Bottomless Bar Fridays, featuring unlimited quality bar drinks, and bar chow buffet from 8:30 p.m. to midnight for P600 nett. Presented in partnership with Emperador Distillers, this drink-all-you-can offer features popular bottled drinks that include Smirnoff Mule, Andy Cola, and Raffa Sparkling Wine, and cocktails created from a variety of spirits like Zabana Rum, The Bar Gin, and Whyte & Mackay Whisky. Beer drinkers won’t be left out because they can also down all the local beers they can for P750 nett. And because drinking sprees are more enjoyable with tasty bites, an eat-all-you-can spread consisting of familiar pica-pica items and innovative new dishes is also served. For inquiries and reservations, call 570-7777.

How PSEi member stocks performed — November 14, 2018

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 14, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — November 14, 2018

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