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Faith, farming, and eco-tourism

AT first glance, Leyte’s Baybay City does not seem to be a sight-seeing destination. But a closer look reveals that it is emerging as Eastern Visayas’ hub for faith, farm, and eco-tourism — with a bit of a push by the Department of Tourism (DoT).
Declared a component city of Leyte in June 2007, Baybay has been quietly attracting visitors because of the unique convergence of these three tourism sectors.
FAITH TOURISM
Baybay is the home to the Diocesan Shrine of San Antonio de Padua, which draws hordes of pilgrims to venerate the century-old image of the saint which is believed to be miraculous.
Located in the coastal barangay of Pomponan, the shrine draws Catholics from around the country who venerate the saint every 13th day of the month, although the devotion actually starts the day before. A traditional religious dance called sirong is performed during the saint’s feast day on June 13, two days before Baybay’s cityhood anniversary.
The church, which receives over 300,000 devotees a year, constantly ranks as the top cultural attraction in Region 8. This number is part of the more than 647,045 day visitors who swing by annually in Baybay, the highest in the region based on data from DoT-8.
Another religious spot in the city is the Our Lady of the Immaculate Conception church, a classic example of a baroque structure whose construction was started in 1852 by Spanish friar Vicente Cronado and continued by Maestro Proceso.
Gutted by fire in 1866 — although the Holy Cross Chapel survived — the rebuilding of the church was completed in 1870. Sculptor and painter Capitan Mateo Espinoso applied the finishing touches to the house of worship.
The church is in the heart of the city’s “heritage lane” — an area full of well-preserved Spanish and American-era ancestral houses, several of which serve as living museums.
The parish celebrates its patron’s feast day on Dec. 27 and the city government started the Binaybayon Festival on that day to showcase the city’s rich cultural heritage.
FARM TOURISM
Baybay was showcasing its agriculture potential long before Republic Act 10816 — also known as the Farm Tourism Development Act 2016 — was signed into law.
This is thanks to the Visayas State University (VSU), which has been at the forefront of agricultural education and research and development. Formerly the Visayas State College of Agriculture, this sprawling school has been quietly sowing the seeds of farm tourism for decades with its vast gardens and demo farms.
Sandwiched between the Pangasugan mountain range and the Camotes Sea, this 1,479-hectare university houses the National Abaca Research Center, National Coconut Research Center-Visayas, the Philippine Root Crops Research and Training Center, and regional centers of agencies on agriculture and environment sciences.
The campus is conducive to learning thanks to its back-to-nature atmosphere and greenery which bring out the proverbial green thumb in every student and visitor.
Baybay is also the home of a 13,820-hectare coconut plantation, the biggest in Eastern Visayas, which attracted big agro-industries SC Global Coco Products, Inc. and SC Global Food Products, Inc. the world’s largest producer of organic coconut oil.
The city is also host to Ching Bee Trading Corp., the world’s biggest trader of abaca fiber, and Specialty Pulp Manufacturing, Inc., Asia’s biggest abaca pulp mill. These factories form the core of a specialized industrial tourism circuit for bench-marking of best practices and technologies.
ECO-TOURISM
The city has the longest coastline in Leyte, so it is not surprising to learn that its name literally means “beach.” It goes without saying that among its top tourist draws is its coast, bissected by rivers and streams emanating from the Pangasugan mountain range, which has remarkable flora and fauna.
Lintaon Peak, the highest point in the mountain range, offers a commanding view of the Camotes sea and the islands across the channel. As part of 10th cityhood day last year, Baybay opened the 16,000 Blossoms Park, adorned by 16,000 LED lights, which brighten the mountain at night. The park is filled with white and red rose bushes in a grassy meadow whose arrangement forms the phrase “I Love Baybay.” The park will be developed into the Lintaon Ecotourism Zone, which will include an information center, view deck, pavilion, picnic areas, and tourist facilities.
The construction of a large statue of the Immaculate Conception is also being planned to make it a pilgrimage site to supplement the San Antonio de Padua Shrine.
Meanwhile, adventurers can explore the nearby Lintaon Cave, scale Mt. Pangasugan which served as a refuge of Filipino World War 2 guerillas, or dip at the rejuvenating waters of Bakwitan River and Falls.

BSP: Philippine banks ready for stricter global standards

By Melissa Luz T. Lopez
Senior Reporter
BANKS in the country are more than ready to comply with global standards on capital and liquidity buffers due in January, a central bank official said, with latest data showing they are well above the required levels.
Universal and commercial banks have more than enough funds to meet the requirements under the Basel III framework, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said, months before these are imposed on Jan. 1, 2019.
“… [L]ocal lenders can comply with the international standards, not only of the Basel accord, but other standards set forth by international standard setting bodies. The Philippine banking system’s relative position of strength also enables it to fully comply with international standards,” Ms. Fonacier said in a recent e-mailed response to queries.
“Based on our monitoring of the BSP’s roll out of the Basel III reforms, we have noted excess compliance with the minimum standard requirements in general.”
All four standards — the risk-based capital adequacy ratio (CAR), common equity tier (CET) 1 ratio, leverage ratio framework, and liquidity coverage ratio (LCR) — are well above the minimum levels set by Basel III.
“Most of the big banks have undergone a series of capital raising as early as last year and this year,” Edwin R. Bautista, president and chief executive officer of the Union Bank of the Philippines, replied when sought for comment.
Banks in the country have embarked on fund-raising this year to raise fresh capital in anticipation of the implementation of the Basel III requirements as well as to support business growth.
“As of June 2018, most of the top 10 publicly listed banks’ CAR… and CET1 ratio remain well above regulatory minimum. CAR… of listed banks range from 13% to 18%, while CET1 range from 11% to 16%,” Mr. Bautista noted.
“Hence, there is sufficient buffer over the regulatory minimum even if the full HLA (higher loss absorbency) is implemented for those classified as ‘too-big-to-fail’ banks.”
The international Basel III framework is a set of prudential measures designed to improve risk management among banks.
Such measures are meant to help guarantee that banks will not fold in the face of excessive financial stress, drawing lessons from the 2008 Global Financial Crisis.
Latest available data show that big banks maintained a risk-based CAR of 15.87% as of end-June, which is substantially higher than the 10% requirement set by the central bank since 2014.
The CET 1 ratio, which focuses on high-quality capital buffers, stood at 14.2% versus the six percent minimum.
The leverage ratio — which checks “excessive” accumulation of assets by limiting banks’ loan exposure — amounted to 9.59% of banks’ total funds as of June versus the five percent standard that took effect in July.
Banks in the country are also prepared to adopt the LCR, which requires big banks to hold high-quality, readily convertible assets to cover net cash outflows for a 30-day period. Lenders had already set aside buffers equivalent to 164.44% of their projected needs as of June, which is well above the 90% coverage prescribed this year and the 100% set for 2019.
Philippine banks are “generally comparable” with regional and global peers in terms of Basel III compliance, Ms. Fonacier said, noting that compliance in the country has been generally within the middle of the pack versus other banking systems.
“In view of Philippine banks’ focus on domestic market, their competitive advantage lies not only in their ability to comply with the Basel reforms but also in their familiarity with the market and established relationships with their clients,” the central bank official added.
“Exposure to external shocks are manageable.”

PLDT: 3rd player not a threat yet

PLDT, Inc. said on Thursday it does not expect an immediate significant impact from the entry of a new major telecommunications player, as it would take several years for the latter to establish its network.
“I would like to think that in the first year the impact (of the third telco player) would not be significant. Most likely, the third player would be a mobile player, so on our part the significant portion of our revenues are in fixed. We think the impact on the fixed line revenue would be modest,” PLDT chairman Manuel V. Pangilinan said in a media briefing on Thursday.
On Wednesday, the Mislatel Consortium, composed of China Telecommunications Corp. and companies controlled by Dennis A. Uy, was provisionally named winner of the Philippines’ third telecoms license.
PLDT Chief Corporate Services Officer Ray C. Espinosa said the third telco is unlikely to achieve its commitment of minimum average broadband speed of 27 megabits per second (Mbps) and 37% annual population coverage all in the first year, because “it would take several years before they can put that network in place and become operational.”
In a regulatory filing, the telecommunications giant on Thursday said its third quarter net income attributable to equity holders fell 16% to P4.5 billion.
For the first nine months of 2018, PLDT’s attributable income dropped 26% to P16.27 billion from P21.87 billion a year ago due to accelerated depreciation of P4.5 billion related to its network assets.
Third quarter revenues went up 2% to P40.91 billion, bringing the nine-month figure 3% higher at P123.15 billion, “primarily due to higher revenues from data services in the fixed line business, as well as higher non-service revenues from wireless and fixed line businesses.” However, lower revenues from mobile and home broadband services, as well as continued drop in voice revenues from its fixed line business weighed on the top line.
By business segment, PLDT reported wireless revenues dropped 4% to P67.67 billion during the nine-month period, “mainly as a result of lower revenues from mobile, home broadband, and digital platforms and mobile financial services, (but) partially offset by higher revenues from MVNO and other services.”
Revenues from its fixed-line business increased 9% to P63.33 billion during the January to September period, as higher revenues from its data services offset lower voice service revenues.
Commenting on PLDT’s third quarter earnings, PNB Securities, Inc. President Manuel Antonio G. Lisbona said the weaker earnings “reflect the effects of its competition with Globe.”
“In one of PNB Securities’ recent reports, we note that PLDT’s retained earnings have been decreasing since 2012 and could incur a deficit if it continues to pay dividends at the current pace,” he said in a mobile message.
Meanwhile, Mr. Pangilinan said PLDT expects to close this month the deal selling a stake in Voyager to investment firm Kohlberg Kravis Roberts & Co. (KKR), Chinese tech company Tencent Holdings Ltd. and World Bank sister organization International Finance Corp. (IFC).
“The last remaining investor we’re waiting final approval from is IFC. They’re likely to increase their investment size… I think once we get final approval for their upsized investment, that closes the books… We should expect the transaction to complete on or before the end of November,” he said.
PLDT said last month it already signed an agreement with KKR and Tencent for $175-million worth of shares in Voyager.
When the deal is done, Mr. Pangilinan said PLDT’s stake in Voyager would be reduced to approximately 48%.
PLDT also said on Thursday it is investing P2.15 billion in information and IT solutions provider Multisys Technologies Corp. to aid the company in software development capabilities.
The deal will be coursed through its subsidiary PLDT Global Investments Holdings, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

SMPC 9-month profit drops 23%

SEMIRARA Mining and Power Corp. (SMPC) reported a 23.3% fall in consolidated net income to P8.9 billion as of September this year from P11.6 billion a year ago as coal and energy sales both declined during the period.
In a disclosure to the stock exchange on Thursday, the Consunji-led integrated energy company said the nine-month core profit of its coal business increased by 8.8% to P7.4 billion from P6.8 billion although those of its two power generation subsidiaries declined by double digits.
Figures for the third quarter alone were not immediately disclosed by SMPC, a vertically integrated power producer that mines its own fuel source, allowing it to generate affordable baseload power.
Coal production as of September slipped by 10% to 8.9 million metric tons (MT) from 9.9 million MT a year ago.
“Continuous heavy rains in July and August caused slowdown in production in the third quarter to 1.7 million MT from 4.1 million in the first quarter and 3.1 million MT in the second quarter of 2018,” the company said.
“To maximize activities, despite the rains that hampered coal extraction, operations focused on waste stripping in the third quarter,” it added.
The move resulted in an increase in its strip ratio, or the amount of overburden materials over the amount of coal extracted, to 12.4 bank cubic meters (BCM); 1 MT, which compares with last year’s 9.5 BCM:1 mt.
“Advance material stripped during the quarter will benefit future periods as mining activities move closer to coal seams,” the company said.
The lower production resulted in a 15% decrease in coal sales to 8.3 million MT from 9.8 million MT. The decline came amid a 3% rise in domestic demand. Coal export sales fell by 34% because of lower production.
Higher average selling price per ton offset the drop in sales volume, resulting in a rise in coal revenues by 8.6% to P22.8 billion from P21 billion last year.
In the power business, SEM-Calaca Power Corp.’s (SCPC) gross generation dropped by 8.6% to 2,287 gigawatt-hours (GWh) from 2,503 GWh. The power plant’s second unit was on maintenance shutdown for the first three months of the year. Maintenance activities spilled over up to the first week of April, the company said.
The first unit had a continuous run up to the end of the third quarter except for a brief shutdown in March and a four-day shutdown in June.
SCPC’s sales volume slipped 5.9% to 2,359 GWh from 2,508 GWh from the previous year. Still, the company’s revenues increased by 4.3% to P9.8 billion from P9.4 billion because of an 11% improvement in energy prices.
Southwest Luzon Power Generation Corp. (SLPGC) recorded a bigger drop in gross generation at 44% to 773 GWh from 1,380 GWh.
SLPGC’s first unit was shut down on March 6 because of an accident that resulted in a crack in the rotor. The plant resumed normal operations in the last week of September.
SLPGC power plants have machinery breakdown and business interruption insurance cover. Its second unit had a stable run starting on April 16 except for a disruption in June due to transmission line fault and two emergency outages totaling to 19.5 hours in September. It has been generating at a rated capacity of 150 megawatts.
The power company’s composite average price per kilowatt-hour increased by 5.2% to P4.44 from P4.22, partially offsetting the 41% decline in sales volume as a result of the continued shutdown of SLPGC’s first unit until the end of the quarter.
SCPC’s core income dropped 64% to P804 million from P2.22 billion in the same period last year. SLPGC’s core profit registered a 76.9% decrease to P582 million from P2.52 billion.
Net of eliminations, coal, SCPC and SLPGC contributed P4.71 billion, P3.07 billion and P1.16 billion, respectively, for the nine months to September.
On Thursday, shares in SMPC fell 10.03% to close at P26 each. — Victor V. Saulon

Galleria opens digital playground


A GROUP of children in school uniforms face each other as they stand on an underlit floor. Seconds later, they run and scatter — hiding under tables, climbing a rainbow tree, or attempting to camouflage themselves with the dark room’s walls. All of them find a hiding place except one child, who runs around searching for his friends.
Robinsons Land Corp. (RLC) opened PlayLab, a “permanent indoor interactive digital playground that offers physical and technology-based playing aids,” in Robinsons Galleria in Quezon City on Oct. 31 — the second PlayLab branch in the country and the first in Metro Manila.
“It offers kids a new unique bonding destination that is safe, wholesome, and photogenic,” Darwin Renolayan, special projects director for Robinsons malls, said in his presentation after the launch on Oct. 30.
The digital playground is meant for children between three and 10 years old. The play area can accommodate 200 children.
“Robinsons Land developed PlayLab to strengthen its positioning as a developer of lifestyle or family-oriented malls,” Mr. Renolayan said. It was built with the idea for children to have fun, interact with others, and learn.
“While our kids are immersed in technology, we’d like them to engage in active physical playtime, at the same time, be able to interact with [other] children,” Arlene Magtibay, senior vice-president and general manager of the commercial centers division of RLC, said in a speech prior to a tour of the playground.
The digital playground has 14 installations which were developed in consultation with media artists from Russia, China, Singapore, and the Philippines.
WHAT’S IN STORE
Upon entrance, children navigate through the Infinity Pool — a room with floors glowing with circles that light up and change color as they move around. The room is equipped with mirrors to give the illusion that it is larger than it is.
One area features The Digital Painter, a projector-based technology from Russia where giant crayons are used to color white illustrations onscreen. “We encourage kids to do this as a team because when you color the environment there’s a special animation that comes out,” Mr. Renolayan said, referring to a nursery rhyme which will play only when the entire picture is fully colored.
One room is filled with screens on which children can try different activities.
The Doodle Aquarium and Live Dreams require kids to color on paper and have image scanned before the illustrations come alive onscreen. In Doodle Aquarium, kids may draw any sea creature; In Live Dreams, illustrations of unicorns, fairies, gingerbread men, and rocket ships are able to move and interact when their images are tapped onscreen.
“For kids, coloring is a very good pastime. That’s why we require a lot drawing and coloring inside PlayLab. Every time they have [their drawings] scanned, there is always a ‘wow’ moment,” Mr. Renolayan said.
Meanwhile, the Fantasy Slope shifts from projecting an underwater- to outer spaced-themed slide with special effects. Planet Defense is a wall climbing area where children are given a mission to destroy invading aliens as they ascend to the top of the wall.
Another Land projects an underwater setting and creates a silhouette of the player who gets to play with orbs found on the bottom.
Creativity is stimulated with the colorful creations in Butterfly World. A child can have fun coloring a butterfly and a flower. Upon tapping the “bloom” or “fly” options, the creations are projected onscreen where the flowers bloom on a tree and the butterflies flutter around it.
In Ball Strike, the player is tasked to protect the toys by throwing balls at targets as aliens try to steal them.
Evolution of Stars is a floor that lights up and can detect a maximum of nine people. As a person lingers on a spot, the floor projects the names of stars — from protostar to neutron star. “This is specifically target for the toddlers who just want to walk around the area… It’s both purposive and eye candy for the toddlers,” Mr. Renolayan said.
Rainbow Tree is both a resting area and an obstacle course. Swings and couches are scattered around the tree where guests may rest. A hole is found in the tree trunk which gives children access to the top of the tree. There they find a colorful trampoline where they can play or insert themselves in deep circular pockets.
The Fantasy Water Flow mimics the flow of water. There are objects such as wheels, buckets, and umbrellas with which players can use to design their own paths for the water to reach a plant.
The Tap Tap Wall is a giant lightboard with circles that turn on and off depending on the pattern the guests create.
In The Giant, the player’s image is magnified and points are accumulated as they navigate in the changing environment. A photo is taken onscreen and printed after the visit.
“We intend to have a different roster of attractions per branch. We will reproduce the attraction if it is a hit with the kids,” Mr. Renolayan said.
Two additional branches will open in Metro Manila in 2019.
PlayLab is open from Sundays to Thursdays, 10 a.m. to 9 p.m., and Fridays and Saturdays, 10 a.m. to 10 p.m. Tickets are at P450/head for two hours of play. Discounts are applicable for senior citizens and PWDs. It is advised that children under six be accompanied by a guardian. PlayLab is located at the 4/F Robinsons Galleria, EDSA cor. Ortigas Ave., Quezon City. — Michelle Anne P. Soliman

8990 targets to reach P20-B revenues by 2020

8990 HOLDINGS, Inc. aims to generate P20 billion in revenues by 2020, driven by the completion of its mid-rise condominium project in Ortigas Extension.
The listed mass housing developer said it should grow revenues by an average of 25-30% in the next two years to reach this target.
“For revenues, we’re aiming for P11.5 billion now, next year we’ll have P13 billion, and then P20 billion after,” 8990 Holdings Investors Relations Officer Tracy G. Ilagan said in a media briefing in Makati City yesterday.
“So really the ramp up would be in 2020 because we don’t do percentage of completion. That’s why you would expect it at the tailend once the buildings are delivered.”
If realized, this would be double the company’s P10.2-billion revenues in 2017.
8990 Holdings Chief Financial Officer Roan Buenaventura-Torregoza said growth will depend on sales of its P30-billion condominium complex in Ortigas Extension, which will be launched early next year.
Urban Deca Homes Ortigas consists of 22 buildings with around 19,000 units on a 13-hectare property. Units will range from 27 square meters (sq.m.) to less than 40 sq.m. each, with prices starting at P1.6 million. This is the company’s largest project to date.
“Ortigas will launch early next year, and from there it will take 18 to 24 months to complete the first buildings which we project to take out in 2020,” Ms. Buenaventura-Torregoza said.
For the first nine months of 2018, 8990 Holdings delivered a 38% increase in net income to P3.41 billion, versus the P2.45 billion it booked in the same period a year ago.
Revenues went up 41% to P8.6 billion, indicating a net profit margin of 40%, higher than the company’s 38% forecast at the start of the year.
Sales reservations meanwhile stood at P7.27 billion, flat from year-ago figures of P7.17 billion.
The company noted it has P588 million in unrealized sales that will be recognized in the fourth quarter, which is expected to boost revenues.
8990 Holdings ended September with around 540 hectares in its land bank, which it noted could generate some P154 billion in sales over the next 10 years. Of this, 246.9 hectares are located in Visayas, 150.9 hectares in Luzon, and 142.1 hectares in Mindanao.
The company said it latest land acquisition is located in Siquijor, where they plans to launch a new brand for its hospitality business.
Majority of the sales to be realized from the projects are located in Luzon at P107 billion, followed by Visayas at P39 billion, and Mindanao at P8 billion.
Shares in 8990 slipped 0.54% or four centavos to close at P7.34 each at the stock exchange on Thursday. — Arra B. Francia

Ayala’s Christmas light show gets Disneyfied

IT’S TIME once again to brave the heavy traffic of the Metro and watch the annual Festival of Lights at the Ayala Triangle Gardens, now on its 10th year. This year’s lights show will be accompanied by the music from the Walt Disney Co. in a show titled Reimagine The Magic: A Festival of Lights.
Expect to hear hits such as “Let it Go” from Frozen (2013), “When You Wish Upon A Star” from Pinocchio (1940) and the titular “Beauty and the Beast” from the 1991 film among other classics from the Mickey Mouse music vault such as the “Mickey Mouse Club March” from the eponymous TV show from the 1950s and even the theme from Mickey Mouse’s first feature, Steamboat Willie in 1928.
The music was arranged by the former musical director of Hong Kong Disneyland, Rony Fortich, while the lights are handled by Voltaire de Jesus, who has arranged the lighting for the event since its launch in 2008.
“Right before I arrange the lights for the festival, I usually go to Hong Kong Disneyland to get inspiration,” Mr. De Jesus said during a press conference on Oct. 30 at the Holiday Inn and Suites in Makati City.
He added that he dreamt of “having to light up music from Disney.” In much the same way, Mr. Fortich said that whenever he comes home to the Philippines during Christmas, he and his family always make time to watch the lights and music show and he similarly admired Mr. De Jesus’ work.
This year’s festival, which starts on Nov. 9, will have three Disney medleys and a nod towards classic Filipino Christmas songs such as “Pasko Na Naman.”
Aside from the songs, the Ayala Triangle Gardens will also be accented by a large Mickey Mouse statue, just in case the audience forgets this year’s theme.
Other Ayala Land Inc. (ALI) properties will also mount their own lights and music shows including Nuvali in Sta. Rosa, Laguna, Centrio in Cagayan de Oro, Bonifacio Global City in Taguig, Ayala Cebu, and Vertis North in Quezon City. All the properties will also have their own Mickey Mouse statues.
Each medley will be roughly six minutes long and will play every 30 minutes starting 6 p.m. and ending at 10 p.m.
“I think what’s best about the show is that its growth is really organic — if you look at social media, we don’t even invest in it a lot because people [on their own volition] go,” Cathy Bengzon, ALI’s head of marketing for corporate brand and strategic landbank management group, who organizes the show told BusinessWorld shortly after the program.
“I think collectively, last year we [had about] five million [people visiting] across all the estates,” she said before noting that Nuvali alone welcomed two million people while Makati had about 1.2 million.
“This is already a Christmas tradition,” Ms. Bengzon said.
Reimagine the Magic: A Festival of Lights starts on Nov. 9 at Makati and Centrio, Nov. 10 at Ayala Cebu, Nov. 15 at Bonifacio Global City, Nov. 24 at Nuvali, and Nov. 29 at Vertis North.
The light show in Makati will be on view until Jan. 8, 2019. — Zsarlene B. Chua

SEC tightens scrutiny of non-profit organizations with new guidelines

THE Securities and Exchange Commission (SEC) has issued guidelines to prevent registered non-profit organizations (NPO) from being used as vehicles for money laundering or terrorist financing.
Memorandum Circular No. 15 Series 2018 covers non-stock corporations registered with the commission, defined as groups that engage in “raising or disbursing funds for purposes such as charitable, religious, cultural, educational, social, or fraternal purposes, or for the purpose of carrying out other types of good works.”
The SEC seeks to ensure that NPOs will not be used by terrorist organizations in the guise of legitimate entities, or be exploited for terrorist financing including escaping asset freezing measures.
Based on Section 2.1 of the guidelines, the SEC will adopt a risk-based approach to address these concerns. It will identify threats of terrorist financing based on the Anti-Money Laundering Council’s national risk assessment. It will also look at vulnerabilities in NPOs based on their types and characteristics, as well as the consequences of such threats.
“In the event that the commission identifies certain NPOs as being at risk, it shall adopt enhanced monitoring and supervision measures and require NPOs the enhanced compliance requirements under Section 3.1 of these guidelines,” according to Section 2.4 of the guidelines.
Depending on the level of risks among NPOs, the SEC will require the submission of an NPO’s General Information Sheet and Annual Financial Statement.
Those classified with Medium Risk must subject their financial statement to an external auditing body accredited by the Board of Accountancy, a Sworn Statement of Sources, Amount and Application of Funds, and activity planned or accomplished, among others.
Should an NPO be rated as High Risk, the SEC will conduct a mandatory background check of its officers and trustees, as well as a mandatory audit of the entire NPO.
An NPO can also be blacklisted, in which case they will outrightly be denied registration. “If the non-stock corporation or NPO is blacklisted subsequent to its registration, the process of revocation will be initiated and publicized, subject to notification and grace period for compliance granted by the commission to the relevant non-stock corporation or NPO.”
SEC-registered NPOs will also be required to submit within the next six months details of their operations, such as the objectives and purpose of their stated activities; identify the people who own, control, or direct their activities; the nature of operations or projects; and the actual raising or disbursing of funds, among others.
To ensure that the funds raised by NPOs are not used for money laundering or terrorist financing, the SEC has also directed them to “establish and record the true and full identity of their donors/ sources of funds identified as PEPs (politically exposed persons)…”
The commission will also implement a good governance system to promote the NPO’s accountability, integrity, and public confidence for their management.
The rules will take effect on Nov. 23, or 15 days after the memorandum circular was published. — Arra B. Francia

Excited Spice Girls say reunion tour will feel strange without Posh

LONDON — British pop band the Spice Girls joked on Wednesday about their plans for a new album after announcing they would reunite for a UK tour next year but said it would feel strange performing without “Posh Spice” Victoria Beckham.
Fashion designer Beckham posted on Instagram on Monday that she wouldn’t join the other four Spice Girls on stage again, but wished Geri Horner (Ginger Spice), Melanie Brown (Scary Spice), Melanie Chisholm (Sporty Spice), and Emma Bunton (Baby Spice) well for their six-date tour next year.
“She’s very excited for us… It’s going to be strange, you know, because none of us can watch the Spice Girls on stage but she will be able to,” Chisholm said of Beckham during an interview for Heart Radio.
Brown said the quartet would begin recording a new album next week only for Chisholm to dismiss the idea and say her band mate was “fibbing.”
The six-date tour, announced on Monday, is the latest reunion for one of Britain’s biggest girl bands, who were formed in 1994 and sold tens of millions of albums with hit singles including “Wannabe” and “Say You’ll Be There.”
Horner quit the band in 1998 and the remaining members went their separate ways two years later after releasing the album Forever.
The group got back together for a tour in 2007-2008 and also performed at the London Olympics closing ceremony in 2012. — Reuters

Major union calls on gov’t to revisit P500 worker subsidy

TRADE UNION Congress of the Philippines (TUCP) Party-list Representative Raymond C. Mendoza said the government needs to revisit the union’s proposal for a P500 monthly subsidy for minimum-wage workers as a temporary cushion for the rising prices of goods.
In a statement on Thursday, the legislator said the subsidy is needed since increase in minimum wages is inadequate.
“We insist that government revisit our proposal that government provide a P500 subsidy for 4 million minimum wage earners registered with the Social Security System. This can be made a temporary emergency measure until inflation is brought down to a manageable 4%,” he said.
The Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) proposed the P500 subsidy for minimum wage earners when the labor coalition met with President Rodrigo R. Duterte earlier this year.
In 2018, 16 regions issued daily minimum wage hikes of between P8 and P56. The most recent wage increases were from the National Capital Region (NCR) at P25; Cagayan Valley (Region II) at P10; and MIMAROPA (Region IV-B consisting of Mindoro, Marinduque, Romblon, and Palawan) at P12 to P20.
Mr. Mendoza said the wage increases are not enough to secure workers amid rising inflation, which was at 6.7% in October.
“Regional minimum wages cannot even buy the daily food requirements for a family of five. It is apparent that the regional wage boards are insensitive to the real hardships of workers and their families as their approved increases in basic pay and allowance will not be enough even for the basic food requirements of workers and their families, “ said the TUCP representative.
Mr. Mendoza filed House Bill 7805 or the proposed “Living Wage Act of 2018” in June which called for a P320 across-the-board wage increase for all regions.
Mr. Mendoza said granting a subsidy for minimum wage earners is one of the ways that the government can help prevent “industrial unrest and instability” since wage increases in the regions are too meager.
The TUCP Representative said, “Workers (get) no adequate compensation for what their income lost in value and no increase recognizing their valuable contribution to economic productivity and GDP growth.”
He also cited data from the World Bank which states labor productivity in the Philippines “increased at 3.5% annually from 2004 to 2014.”
According to the Philippine Statistics Authority (PSA), the 2017 rate for labor productivity was the highest in eight years at 8.4%.
Labor Secretary Silvestre H. Bello has said that he has recommended to the President a subsidy program for minimum wage earners which will span three years.
The subsidy proposal, which will be in partnership with the Department of Finance (DoF) and the Department of Social Welfare, has yet to be approved by the President. In the program, 4.1 million minimum wage earners will receive a P200/month subsidy from the government or P2,400 per year. — Gillian M. Cortez

Rental revenues drive GERI income 8% higher in Q3

GLOBAL-ESTATE Resorts, Inc. (GERI) grew its attributable profit by eight percent in the third quarter of 2018, as rental income more than tripled during the period.
In a regulatory filing, the leisure and tourism estate arm of Megaworld Corp. reported a net income attributable to equity holders of the parent of P479.95 million, higher than the P442.74 million it posted in the same period a year ago.
This followed a 12% uptick in revenues to P1.93 billion, as the 322% surge in rental income to P117.42 million offset the flat performance of its real estate sales at P1.25 billion.
On a nine-month basis, GERI’s attributable profit improved by 14% to P1.29 billion, on the back of a seven percent increase in revenues to P5.25 billion.
The residential unit accounted for bulk of GERI’s revenues at P4.43 billion, seven percent higher year-on-year. The company benefited from the renewed interest in Boracay Island following its six-month rehabilitation, as well as its development near Tagaytay.
“We have seen really good take-up in Boracay Newcoast in the last few months, especially after the announcement of the island’s rehabilitation and reopening. We have also seen very keen interest in our Twin Lakes development,” GERI President Monica T. Salomon said in a statement.
The company owns the 150-hectare Boracay Newcoast in the famous tourist destination. It recently opened Savoy Hotel in the area, with Belmont Hotel Boracay and Chancellor Hotel Boracay slated to open in the next two years.
Twin Lakes is GERI’s largest tourism estate, covering around 1,200 hectares of land near Tagaytay.
Meanwhile, the company’s rental income surged by 253% to P294 million, compared to the P83.43 million recorded in the same period a year ago.
“This is another banner year for our leasing operations… We look forward to new commercial spaces in Holland Park and in Southwoods Office Towers 1 & 2, as these will further sustain our momentum in our rental income next year,” Mr. Salomon said.
GERI currently has seven integrated tourism developments in the country. Aside from Boracay Newcoast, Twin Lakes, and Southwoods City in Laguna, Sta. Barbara Heights in Iloilo, Eastland Heights in Antipolo, Rizal, and Hamptons Caliraya in Cavinti, Laguna.
The company is part of the property business of tycoon Andrew L. Tan, who also has investments in liquor through Emperador, Inc., gaming through Travellers Hotel International Group, Inc., and quick service restaurants through Golden Arches Development Corp.
Shares in GERi rose 1.01% or one centavo to close at P1 each at the stock exchange on Thursday. — Arra B. Francia

GrabFood launched with Crave City

WHILE GrabFood, transport services app Grab’s food delivery system, has been operational for quite a while now — it has been in place since June in select cities, expanded operations in July to cover all of Metro Manila, and in October began beta testing in Cebu and Mandaue — it was launched officially on Nov. 10 in an event called Crave City. Crave City is open to the public until Nov. 10, with customers able to order food via the app (provided onsite) from establishments Mom & Tina’s, El Chupacabra, Señor Pollo, Bawai’s Vietnamese Kitchen, Charlie’s Grind and Grill, Gong Cha, Ersao, Aysee, Sunrise Buckets, Manila Creamery, and Stockpile, which have stalls in BGC’s Globe Amphitheatre.
“Grab is no longer just a transportation technology platform,” said Demi Yu, Regional Head for Philippines, Thailand, and Malaysia for GrabFood in a speech. “We’ve now evolved to become an everyday app for consumers in Southeast Asia.”
In six months, GrabFood, first launched in Indonesia, has spread to Thailand, Singapore, Vietnam, Malaysia, and the Philippines. According to Ms. Yu, the app — including its transport services — serves one in six Southeast Asians.
As for GrabFood in the Philippines, the app currently has 4,000 merchants in its platform (multiple branches of restaurants included). The system works by opening the Grab app and asking a rider to order food for you and have the food delivered to your doorstep, with a fee included in the bill. The system is only available until about 9 p.m., said Brian P. Cu, Grab Philippines country head, because “Right now, we’re still working under the hours of the restaurants. But as we add more riders and add more establishments which have extended hours, we [can] also extend the time.” Payment is still on a cash basis, but he said they are working on introducing GrabPay (cashless transactions on the app) as well as other cashless options.
While the Land Transportation Franchising and Regulatory Board, the regulatory body for transport network companies (TNCs) like Grab, has set a 65,000 cap for vehicles allowed to move around Metro Manila., according to Mr. Cu, this does not affect the status of GrabFood. “Right now, we don’t have a cap on [motorcycle] riders. The cap’s on four wheels. We’re adding more riders everyday.”
Mr. Cu said, “Because we are a bit behind on our transport due to the government regulations, then it’s up to us to find other avenues of growth. GrabFood’s one of them.”
Several other Grab services are available in other markets, which have not yet been rolled out in the Philippines including GrabFamily (cars with child-safe car seats) and GrabFresh (a system for grocery shopping). “It would take a bit of time for us to roll that out here as we have to still be able to manage the supply that we have,” said Mr. Cu.
While it serves as a boon for consumers, GrabFood also provides an avenue for entrepreneurs. During the launch of GrabFood, they awarded their top 10 restaurant partners, which included Gong Cha, Frankie’s, Wing Vibe, 24 Chicken, Uncle Moe’s, Mister Kebab, Rufo’s, Hot Star, Empanada Nation, and Yoshinoya. While most of these have brick and mortar stores, some of them, only have facilities for delivery. “What we enable entrepreneurs to do is to bring their top dishes out into the market without having to run a restaurant,” said Mr. Cu. — Joseph L. Garcia

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