PHirst Park Homes plans 15 communities in 5 years

October 30, 2018 | 12:03 am

PHIRST PARK Homes Inc. is planning to launch 15 master planned communities in Central Luzon and Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) within the next five years.
In a statement, the affordable housing unit of Century Properties Group, Inc. (CPG) said it is focused on acquiring land in areas where the government is undertaking flagship infrastructure projects.
“This is a top criterion in our area selection process as it ensures ease of access for our future residents. It also opens more employment and livelihood opportunities for them as major infrastructure sites spur economic growth,” Ricky M. Celis, president of PHirst Park Homes, was quoted as saying in a statement.
PHirst Park Homes is planning to launch new projects in the provinces of Laguna, Bulacan, and Cavite in the near term. This would allow the property firm to take advantage of the growth in the areas where there are several infrastructure projects.
Among these projects are the Skyway Stage 3, the 23-kilometer Manila Metro Rail Transit System Line 7, Bulacan International Airport, Philippine National Railway North 2, the Bulacan Bulk Water Project, and the Cavite Laguna Expressway.
“Such projects are a boon to families who wish to enjoy the lower cost of living in the provinces while maintaining their jobs or businesses in the city centers of Metro Manila,” said Loren Sales, vice president for customer management of PHirst Park Homes.
PHirst Park Homes is the joint venture firm of CPG and Mitsubushi Corporation that caters first home buyers. Currently, it has communities in Tanza, Cavite, and Lipa City, Batangas.
PHirst Park Homes Lipa offers around 1,800 units on a 20-hectare property. It will be developed in three phases, with the first phase to include about half of the total housing units.
Among its amenities are a village clubhouse, swimming pools for adults and children, an open-air cinema, and playgrounds. This is in keeping with CPG’s concept of a home-in-a-park experience for PHirst Park Homes Lipa. — Vincent Mariel P. Galang

Album, mall shows to reignite interest in children’s games, music

October 30, 2018 | 12:03 am

IN THE days before television and video games, children played outdoors — patintero, tagu-taguan (hide and seek), and tumbang preso. Those who preferred to stay indoors, could spend time with a game of jackstones, sungka, and joining clapping games with siblings or neighbors.
It was with the notion of reintroducing traditional songs and Filipino games to the youth that lead to Ayala Malls’ launch of Awit at Laro, a project celebrating music and culture, on Oct. 25 at The Gallery in Greenbelt 5.
The project, led by singer Gary Valenciano and interior designer Bambi Mañosa, aims to raise funds for the United Nations Children’s Fund (UNICEF), the Tukod Foundation, an organization that supports the advancement of Filipino art and design; and the Shining Light Foundation, Inc., a non-stock, nonprofit corporation that provides resources pastors, church workers, and the underprivileged.
In 2015, interior designer Bambi Mañosa mounted LARO, an art exhibit for the Creative Kids Studio. According to Ms. Mañosa’s statement on the official Awit at Laro website, “The kids were taught how to play patintero, piko, jolens, and tumbang preso, so they could understand the art and designs they had to create. Not only were they able to create beautiful pieces, but they actually enjoyed playing the games of their parents’ youth.”
It was the suggestion of Ms. Mañosa’s father, newly awarded National Artist for Architecture Francisco Mañosa, to add music to the art exhibit turned fund-raising campaign.
This year, various artists, including UNICEF national ambassador Gary Valenciano, recorded an album with 20 tracks — 10 traditional Filipino songs and 10 songs about children’s games.
To get a free download of the album, one must first get a copy of the accompanying songbook (P899) which has a QR code which leads to the redemption of the digital song pack.
The songbooks will be available at a series of Awit at Laro concerts which will tour 21 Ayala malls throughout the country from Nov. 3 to Dec. 22.
Directed by Paolo Valenciano, the shows will feature his father Gary Valenciano, Steps Dance Studio, and artists who contributed to the album, including Kiana Valenciano, Jona, Gab V, Yeng Constantino, and Joey Ayala.
“The concerts in the malls, that’s anything goes. It will be the singing of the songs of Awit at Laro. [I think] there will be games that will be played also to make people experience it whether they know it or not,” Gary Valenciano told members of the press shortly after the launch.
For more information on the album, songbook, and mall tour, visit www.awitatlaro.com. — Michelle Anne P. Soliman

UnionBank books decline in net income at end-Sept.

October 30, 2018 | 12:03 am

UNIONBANK of the Philippines, Inc. reported lower net income in the first nine months of the year due to increasing interest rates and its inability to issue credit for teachers.
In a regulatory filing on Monday, the Aboitiz-led UnionBank said it booked a P6.1-billion net profit in the January-September period, down 4.7% from the P6.4 billion tallied a year ago.
Jose Emmanuel U. Hilado, UnionBank Treasurer and Chief Financial Officer, said the rise in interest rates and the absence of new loan releases to teachers affected the bank’s margins.
Earlier this year, the Department of Education (DepEd) suspended its automatic payroll deduction system for loans and insurance payments until June as it worked on new guidelines, making CitySavings Bank, the thrift banking arm of UnionBank, unable to issue loans for teachers.
“We expect margins to improve as assets reprice and now that CitySavings’ access to DepEd’s automatic payroll deduction system has been resolved,” Mr. Hilado was quoted as saying in the statement.
Despite booking lower net income in the first nine months, UnionBank saw sustained double-digit growth in its customer businesses.
UnionBank saw its total loans surged 18.6% year-on-year to P315.3 billion, with retail lending accounting for 33% of its total portfolio.
Deposits, on the other hand, stood at P441.4 billion.
The bank’s earning performance translated to an annualized return on equity at 11% and a return on assets at 1.3%.
Net revenues grew 3.3% to P18.9 billion from last year’s P18.3 billion.
Overall, its total assets were at P643 billion, up 17% from the P549.4 billion recorded a year ago.
“We remain confident in sustaining our robust earning asset growth which shall be supported by our successful P10-billion rights offering,” Mr. Hilado added.
Last month, the bank issued 158.8 million common shares through a stock rights offer priced at P62.97 apiece to support expansion.
The bank is set to raise another P20 billion through issuance of bonds or commercial papers which can be done in multiple tranches.
UnionBank shares ended Monday’s session at P66.95 each, gaining P1.15 or 1.75%. — Karl Angelo N. Vidal

Puregold’s remittance unit gets SEC approval

October 30, 2018 | 12:03 am

PUREGOLD Price Club, Inc. has secured clearance from the Securities and Exchange Commission (SEC) to incorporate a new subsidiary that will handle its remittance business.
In a disclosure to the stock market on Monday, the Lucio L. Co-led firm said the SEC has approved the incorporation of PurePadala, Inc.
“In partnership with banks, financial institutions, and other financial technology entities, PurePadala is intended to operate a cash remittance business for the benefit of the customers and shoppers of Puregold Group of Companies,” the company said.
Puregold launched its PurePadala services back in 2014, catered toward overseas Filipino workers (OFWs) who would like to send remittances to relatives in the country.
Under PurePadala, OFWs can specify how much of the amount sent will be used for grocery shopping at any Puregold store, how much can be for the payment of utility bills, and how much can be encashed.
“This is Puregold’s commitment in making sure that OFWs and all remittance senders’ sacrifices are worth it — one transaction at a time,” the company said in its website.
The service is also available for local remittances.
The listed supermarket operator grew its consolidated net income by 24% to P3.08 billion in the first six months of 2018, from the P2.48 billion it posted in the same period a year ago. This followed a 13.2% jump in consolidated net sales to P64.03 billion.
Puregold ended June 30 with a total of 393 stores, 341 of which are Puregold, 16 are S&R membership shopping warehouses, and 36 are S&R New York Style quick service restaurants.
Shares in Puregold slipped 0.95% or 40 centavos to close at P41.60 each at the stock exchange on Monday. — Arra B. Francia

Halloween scares away box office competition

October 30, 2018 | 12:02 am

LOS ANGELES — Halloween easily stayed No. 1 at the domestic box office in its second weekend as the spooky holiday nears.
Universal and Blumhouse’s slasher film starring Jamie Lee Curtis picked up another $32 million, marking a 58% decline from its impressive debut. Directed by David Gordon Green, Halloween crossed $100 million on Friday. The movie pocketed $25 million overseas for a total of $172 million worldwide.
Holdovers A Star Is Born and Venom also remained in the top five. Warner Bros.’ A Star Is Born landed in second place with $14 million, dropping just 26% in its fourth outing. Lady Gaga and Bradley’s musical drama has earned $148 million. The acclaimed movie hit $100 million at the international box office for a global total of $253.2 million. Meanwhile, Venom, Sony’s dark superhero film with Tom Hardy, came in third with $10.8 million. That brings its domestic tally to $187 million for a worldwide total of $508.4 million.
Otherwise, studios generally steered clear of the pre-Halloween frame. Lionsgate and Summit’s Hunter Killer, a high-stakes thriller starring Gerard Butler and Gary Oldman, was the only wide release. It wasn’t able to beat Goosebumps 2: Haunted Halloween as Sony’s family friendly flick came in fourth place with $7.5 million.
Hunter Killer was, at least, able to round out the top five with $6.65 million when it opened in 2,720 locations. The audience, which was predominately male and over the age of 25, gave the film an A- CinemaScore. Critics were far less generous with a Rotten Tomatoes average of 36%.
Elsewhere, Universal’s Johnny English Strikes Again pocketed a meager $1.6 million from 544 screens. An underwhelming performance in the States might not matter considering the movie is virtually engineered for international audiences. The third installment in the Rowan Atkinson-led British spy series launched earlier this month overseas, where it has already earned $107 million.
Does the strong pre-holiday showing mean studios should reconsider sitting out the Halloween weekend? A lot depends on the product, and the Halloween sequel hit all the right elements for success — a timely theme, a beloved property and solid execution.
“It is quite appropriate that a movie called Halloween would deliver a sweet box office treat to the industry that typically suffers a slowdown on this particular weekend,” said Paul Dergarabedian, a senior media analyst with comScore. “Universal picked a perfect release date, inspiring nostalgia and excitement among moviegoers looking for the perfect film to complement their Halloween weekend plans.”
This weekend was up 37.6% over the same frame last year when Jigsaw led the domestic box office, according to comScore. As the month winds to a close, October officially hit a new record in North America. The month was up over 50% from the same frame in 2017. This year’s period brought in $789 million, which was enough to top the benchmark previously set by 2014 with $757 million. — Reuters

BDO earnings climb in Q3

October 30, 2018 | 12:02 am

BDO Unibank, Inc. booked a higher net income in the third quarter.

BDO UNIBANK, Inc. saw its earnings climb in the third quarter on the back of the robust expansion of its key businesses.
In a regulatory filing on Monday, the Sy-led BDO said it booked a net profit of P8.4 billion in the July-September period, 18.6% higher than the P7.08 billion logged a year ago.
This brought BDO’s income in the nine months ended September to P21.5 billion, up 6% from the P20.4 billion in a comparable year-ago period.
Excluding BDO Life, which was impacted by mark to market on its investment portfolio brought by Philippine Financial Reporting Standards 9, as well as its ongoing investment in the micro, small and medium enterprise lending business, BDO said its year-to-date income would have registered a 13% growth from a year ago.
The bank attributed the earnings growth to the “solid expansion from its core lending and deposit-taking, life insurance and fee-based businesses.”
BDO’s net interest income stood at P71.5 billion in the first nine months of the year, higher by 20% from a year ago.
Its lending business grew 17% to almost P2 trillion at end-September, driven by the middle market and consumer segments.
Deposits stood at P2.3 trillion, up 12% from a year ago, with low-cost current account, savings account (CASA) ratio stable at 70%.
The bank’s net interest margin also increased year-on-year and quarter-on-quarter due to “upward loan re-pricing and managed funding costs given a large low-cost CASA base.”
On the other hand, non-interest income grew to P35.8 billion in the nine months ended September, supported by insurance premiums and fee-based earnings, which grew by 21% and 7% respectively.
However, these were offset by the 71% decline in trading and foreign exchange gains brought by the continuing volatility in the capital markets.
Overall, gross operating income grew to P107.3 billion in the third quarter, higher by 13%.
Likewise, operating expenses grew 13% to P71.7 billion in the nine months ending September, as business and branch expansion were sustained. The higher documentary stamp tax on time deposits, which doubled due to the government’s tax reform program implemented this year.
Volume-related operating expenses, comprising 41% of the total operating expenses, grew 14%.
The bank set aside P5.5 billion in provisions, even as its gross non-performing loan (NPL) ratio dropped to 1.1% in the third quarter versus 1.2% in the previous quarter as well as the 1.3% a year ago.
NPL cover likewise increased to 175% from the 158% booked in the second quarter and 136% last year.
BDO’s total capital increased to P311.8 billion, with both its common equity Tier 1 and capital adequacy ratios well above the minimum regulatory requirements at 12.3% and 13.9%, respectively.
“With the positive performance in the first nine months this year, the bank believes that the 2018 full-year earnings guidance of P31 billion remains within reach given the seasonally stronger fourth quarter, combined with encouraging results from the bank’s strategic initiatives expanding across underserved segments and growth areas,” the bank said.
Last month, BDO, the country’s biggest bank in asset terms, has established a peso-denominated bond program of up to P100 billion, even as it said it has no definite timeline yet for an issuance.
BDO shares closed at P118.30 apiece on Monday, up P2.30 or 1.98%. — Karl Angelo N. Vidal

Developers urged to use renewable energy in projects

October 30, 2018 | 12:02 am

REAL estate developers should adopt sustainable practices in their projects, including the use of renewable energy, in response to increasing demand from home buyers.
Imperial Homes Corp. (IHC) President and CEO Emma M. Imperial said there is strong demand for housing that incorporates renewable energy. The company has incorporated solar panels in housing units at its Via Verde project in Sto. Tomas, Batangas, allowing residents access to renewable energy.
“The people living there are able to earn income from the solar electricity because now they can do it because it’s cheaper,” Ms. Imperial told reporters on the sidelines of a Lamudi media roundtable last Oct. 18.
She noted some residents even use the “extra energy” in their homes for side businesses selling meals to workers at nearby factories.
“It empowers the housewives… They start learning how to use the solar (power) by making businesses. They make… home-cooked meals and they deliver it to factories. They start even making iced candies. They can make P3,000 a month because of iced candies. For home cooked meals, some of them earn as much as P6,000 to P9,000 a month.. and they are only paying, for the houses, P7,500 a month, so they make money,” Ms. Imperial said.
With the solar panels, residents also save on their electricity bills. Ms. Imperial noted residents pay between P11 to P100 a month with 1.2-kilowatts of solar energy, which is enough to power light bulbs, a washing machine, an iron, and three electric fans.
Recently, Ms. Imperial noted residents using solar power are also installing air conditioners in their homes.
“The know-how is now being experienced by them and they are even better than us now… It’s more discovery as we build this solar-powered community, so I tell everyone, it provides inclusive growth.. This is the thing that provides inclusive growth to the low-cost housing community,” she said. — V.M.P. Galang

ATI secures new ISO certification

October 30, 2018 | 12:02 am

ASIAN Terminals, Inc. (ATI) on Monday said it is now ISO 45001:2018 certified, making it the first international port operator in the Philippines to receive the top-tier certification in occupational health and safety.
It was also recertified as compliant in areas of Environment Management (ISO 14001:2005), Quality Management (ISO 9001:2015) and Supply Chain Security Management (ISO 28000:2007).
“We are very pleased to be the first international terminal operator in the Philippines to have secured the ISO 45001:2018 and be recertified for our Integrated Management System. These achievements further attest that ATI’s processes are at par with world-best practices,” ATI executive vice-president William Khoury said in the statement.
The certifications were made by independent auditing firm TUV Rheinland Philippines.
“As a responsible port organization, it is our conscious commitment to implement the highest standards on health, safety, quality, security and environment, which collectively contribute to safer, better and more efficient port services for the Philippine supply chain,” Mr. Khoury added.
The certifications are developed by the International Organization for Standardization (ISO), an organization that forms international standards often used as metric for a company’s products, services or systems. These are conferred by third party certification bodies.
During the first half, ATI posted an 18.22% increase in its attributable net income to P1.4 billion on the back of record-high volumes. — Denise A. Valdez

Jackson’s ‘Bad’ tour jacket up for auction

October 30, 2018 | 12:01 am

LOS ANGELES — Michael Jackson’s black “Bad” jacket that the singer wore on his first solo tour is going up for auction in November and could fetch up to $100,000.
Julien’s Auctions said on Friday that the jacket, which Jackson signed on the back with a silver permanent marker, was worn throughout the singer’s “Bad” world concert tour from 1987-89.
The jacket, with multiple zippers, straps and buckles, is one of the late singer’s most iconic costume pieces alongside his red and black leather “Thriller” music video jacket that sold for $1.8 million at auction in 2011.
Jackson has become one of the most collectible celebrities since his sudden death in 2009 in Los Angeles at age 50 from an accidental overdose of an anesthetic he was using as a sleep aid.
The “Bad” jacket is being sold by Texas businessman and philanthropist Milton Verret along with almost 100 other items from his large rock ‘n roll memorabilia collection.
Verret also owns the “Thriller” jacket, which he takes around children’s hospitals, but is not putting that item up for auction.
The Nov. 10 auction at the Hard Rock Café in Times Square, New York, will also feature electric guitars played by Bob Dylan, Paul McCartney, Eric Clapton, and U2 band members The Edge and Bono. The various guitars are expected to fetch between $20,000 — $50,000 apiece.
Part of the auction proceeds will go to the MusicCares charity arm of Grammy Award organizers the Recording Academy that provides health and other services to musicians. — Reuters

Designer lighting brand Faro launched in Philippines

October 30, 2018 | 12:01 am

By Vincent Mariel P. Galang
LANDLITE Philippines Corporation (LPC) recently introduced Faro Barcelona, a Spanish brand for lamps and ceiling fans, in the Philippine market.
The LPC recently opened the showroom for Faro Barcelona products at Lux Decor in Park West Residences, Bonifacio Global City.
Ms. Jocelyn Johanna S. Li, general manager of LPC, told BusinessWorld, the company decided to carry Faro Barcelona to introduce a designer lighting brand in the local market.
The Faro Barcelona offers a wide array of lighting products, such as Niko (a wall lamp with wireless charging), Lula (a designer lamp), Jellyfish (an indoor floor lamp), Retro (a set of designer lamps), Hoshi (a table lamp), and Mine (a lamp with a wooden structure). Prices range from P2,000 to P20,000.
Faro Barcelona also has ceiling fans, which have a winter/summer function.
“You only have to see the showroom that we have… .It’s one of the most beautiful showrooms that we have all around the world. I think they know how to show what we want to show as a brand,” Jordi Prat, junior sales representative at Faro Barcelona, told BusinessWorld.
LPC is looking to take advantage of the new condominiums and hotels, as it targets both residential and commercial customers for Faro Barcelona products.
“It is a very good opportunity for us to enter the market. There are a lot of condominiums in here, and a lot of these condominiums they would like more functional lighting. Actually the price of Faro is not that expensive compared to the really branded ones in Europe. With the same functionality and design, it perfect for the middle market… And hotels because there are a lot of hotels being built here in the Philippines. Faro has a series of products that are for hotels,” Ms. Li said.
Faro Barcelona products cater to the mid to high-end markets, which are keen on “fashionable and decorative” lighting products at a reasonable price.
“They are very fashionable and usable. Not just aesthetically beautiful, but it’s usable… Aside from lighting, their functionality. They are more into a day-to-day stuff that you will need in a house,” said Ms. Li.
Asked about opening other showrooms in the future, Ms. Li said: “We hope so. If the market demand arises then we will open more showrooms by then.”

PSBank posts higher profit

October 30, 2018 | 12:01 am

PHILIPPINE Savings Bank (PSBank) saw its net income grow to P2.03 billion as of September, supported by sustained loan growth and higher fee-based revenues.
In a disclosure published yesterday, the thrift lender said its bottom line rose 8.1% from the P1.878 billion it made during the comparable nine-month period in 2017, driven by the strong growth of its core businesses.
Net interest income went up by 5.6% year-on-year to reach P8.7 billion. This came on the back of an 8.1% increase in the bank’s loan portfolio now worth P153.9 billion.
The Ty-led lender’s deposit base likewise expanded by 7.2% to hit P197.7 billion, according to the regulatory filing to the Philippine Stock Exchange. As a result, PSBank’s total assets amounted to P231.091 billion.
This led to a return on equity ratio of 11.7%, while return on assets stood at 1.2%.
According to the bank’s quarterly report, PSBank booked P677.089 million net profit from July-September, three percent lower than the P698.368 million it made during the same period last year.
Gross revenues hit P4.863 billion in the third quarter, up by 6.1% from the P4.568 billion raked in a year ago. These gains were offset by higher operating expenses worth P4.114 billion, nearly a tenth higher than the P3.757 billion costs incurred previously.
Still, the bank posted a capital adequacy ratio at 13.8%, which is well above the 10% requirement set by the Bangko Sentral ng Pilipinas.
The bank operates 250 branches and over 580 automated teller machines nationwide.
In a statement, PSBank President Jose Vicente L. Alde attributed the robust credit growth to the lender’s push towards innovation, which they said allowed them to “provide excellent customer service” and “maintain growth despite industry challenges.”
The listed lender said they were first to offer a one-day credit decision for property loans to purchase brand-new homes or condominium units from accredited developers.
PSBank is the thrift lending arm of the Metropolitan Bank & Trust Co. Earlier this month, the bank announced its plan to raise roughly P8 billion via a stock rights offering in the first three months of 2019.
Mr. Alde said the fresh capital will be used to “support the projected growth of the bank,” particularly the consumer loans segment.
This follows the plan to offer P10 billion worth of medium-term notes and long-term negotiable certificates of time deposits worth P5.08 billion issued in August.
PSBank shares closed at P78.35 each yesterday, up P7.05 or 9.89% from P71.30 last Friday. — Melissa Luz T. Lopez

PhilRealty 9-month earnings soar despite Q3 drop

October 30, 2018 | 12:01 am

EARNINGS of Philippine Realty & Holdings Corp. (RLT) soared in the first nine months of the year, even as profits slowed during the third quarter.
In a regulatory filing, the property firm said net income attributable to the parent dropped by 78% to P13.83 million in the July to September period, slipping from the P64.63 million posted in the same period a year ago.
Revenues for the quarter also went down by 12.24% to P379.88 million.
Despite the overall drop in the company’s financials for the third quarter, attributable profit for the nine-month period climbed by 1,664% to P45.49 million. The company’s revenues also surged to P1 billion, 55% higher than the P647.37 million recorded in the same period a year ago.
The company attributed the higher real estate sales — which grew by 56% to P895.77 million for the first three quarters — to its luxury residential properties in Metro Manila, namely SkyVillas and SkyLine Towers in Quezon City and the Icon Plaza in Bonifacio Global City.
“The increase in sales in 2018 is due to the aggressive sales and market efforts of the parent company,” RLT said in a filing.
Rental income also expanded by 220%, rising to P68.1 million during the nine-month period, due to additional leasing agreements entered into by the company.
“We are very hopeful that the awareness and the momentum generated by our sales group will spill over to the fourth quarter,” RLT Chief Financial Officer and Treasurer Edmundo C. Medrano said in a statement.
With the positive reception for its products, RLT said it is preparing new projects in the pipeline.
“We are happy with how our basic products are selling at this point. However, we are bound to surprise the market with the exciting projects that we will be doing in the next few months and years,” RLT President and Chief Executive Officer Alfredo S. del Rosario, Jr. said in a statement.
Shares in RLT rose by 4.88% or two centavos to close at 43 centavos each at the stock exchange on Monday. — Arra B. Francia