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Mayors in Mindanao’s 3 major cities running for re-election


INCUMBENT MAYORS in three of Mindanao’s major cities — Cagayan de Oro, General Santos (GenSan), and Davao — have filed their respective Certificates of Candidacy (CoC) for another term in office. Last Monday, GenSan Mayor Ronnel C. Rivera made his bid for a third and last term under the local party People’s Champ Movement Gensan (PCM GenSAn). Davao’s Sara Duterte-Carpio also filed on Oct. 15 under the regional Hugpong ng Pagbabago party, which she founded and was accredited by the Commission on Elections earlier this year. She is gunning for a second term. In Cagayan de Oro, Mayor Oscar S. Moreno filed his CoC yesterday, the last day of filing. Mr. Moreno, now on his second term, is a member of the ruling national PDP-Laban party. Under the country’s 2018 competitiveness index, these three ranked the highest among highly urbanized cities in Mindanao with Davao in 4th place, Cagayan de Oro in 6th, and GenSan, 14th.

Last Day

The Commission on Elections (Comelec) officially ends the filling of Certificates of Candidacy (CoC) for senatorial party-list at exactly 5 p.m. on Wednesday, Oct. 17.

Nation at a Glance — (10/18/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Four tips for keeping safe online as a career freelancer

The global workforce has seen a sharp rise in independent workers turning to full-time freelancing. These entrepreneurial minds leverage the latest digital tools to turn a dwindling job market into lucrative careers.
But while freelancing has its benefits, the hazards of working online have skyrocketed in recent years. Freelancers are often forced to communicate with strangers online, exchanging files and personal details as part of their daily work. This reliance on virtually anonymous correspondence has made this growing sector the latest target for malicious cybercriminals.
Here are four digital safety tips for freelancers, from the global cybersecurity experts at Kaspersky Lab.

  1. Don’t trust clients that ask you to install suspicious software. If you really must use a third-party program, be sure to run the executable file (.exe) through a web antivirus engine. Also, double check to make sure that this file doesn’t give the client remote access to your computer.
  2. Make sure to disable macros on your Microsoft Office documents. Word docs, Excel sheets, PowerPoint presentations — these can very easily be turned into vehicles for malware through macros. These are essentially executable files in themselves, hidden in seemingly harmless documents you otherwise wouldn’t think twice about downloading. As an extra layer of caution, consider using cloud-based services to edit your documents instead.
  3. Be mindful of phishing schemes. Keep an eye out for sneaky typos in URLs and make sure that websites requesting any login details are secure. Oftentimes scammers will attempt to dupe you into sending them personal information by parading as trusted sources like your Gmail or your bank. Does that URL say ‘metrobank’ or ‘rnetrobank’? Triple check to be sure.
  4. Speaking of banks, when being paid directly, never send photos of your debit or credit cards. There is a whole slew of ways to make secure payments online or on mobile, using nothing but your account number, so there really is no reason for clients to need this information. If they ask for the CVC/CVV or expiration date on your card, they are most surely up to no good.

Boracay rehabilitation efforts to continue past reopening date

Days before the world-famous island’s public reopening, Environment Secretary Roy A. Cimatu calls on government and stakeholder groups to “not be complacent” in continuing rehabilitation efforts. — DENR PHOTO

THERE is still a lot more rehabilitation work left to accomplish in Boracay before its looming public reopening next week, Environment Secretary Roy A. Cimatu said.In a statement on Wednesday, Mr. Cimatu, who also heads the Boracay interagency task force, welcomed Aklanon guests as the first to partake in a “better Boracay.
At the closing of the first day of Boracay’s 11-day dry run, he said both the government and island stakeholders should not be complacent as they are still in the first phase of the rehabilitation.
“While much has been gained already, still a lot remains to be done and we still ask for your extended patience, support, and understanding,” he said, announcing that all projects will continue well past the island’s Oct. 26 soft opening.
Due to the successive typhoons that have passed through the country these past few months, the Environment chief said that they have “lost about 30 to 40 days of work.”
“[B]ut we will be able to compensate for this and finish the drainage system,” he said.
Calling the tourist destination a “cesspool”, President Rodrigo R. Duterte ordered Boracay closed for six months last April 26 to allow government and stakeholder forces to rehabilitate it.
Aside from housing far too many people within the island, several business establishments were found violating environmental laws such as directly dumping untreated waste water into the sea and building their establishments on protected areas.

Seven ways businesses are cloud-powering their workflows

So you know what cloud computing is and why businesses worldwide are clamoring to utilize it. But how is it being used, exactly?
According to the latest IDC report on global cloud IT infrastructures, total worldwide spending on cloud IT infrastructure is expected to reach $62.2 billion in 2018, clocking in a year-over-year growth of 31.1%.
But with some firms are apprehensive about uploading their entire systems onto the public cloud, on-premise private cloud systems are becoming popular as gradual approach to transforming an organization’s capacities. With these platforms, firms benefit from a decentralized computing system, while still maintaining control over its sensitive data, says Robin Hernandez, director of IBM Private Cloud Offering Management.
Less than year since IBM launched its AI-powered, on-premise platform, IBM Cloud Private (ICP), hundreds of enterprises worldwide have already jumped onboard. Now, with the wealth of case studies from across various industries available, prospective techpreneurs have a number of ways to get inspired.
Here are seven ways businesses are powering their workflows with the cloud:

Integrating AI into enterprises

Singaporean AI company Sentient.io used ICP to host the country’s first AI-as-a-Service platform, which equips organizations with AI capabilities such as self-learning and problem-solving. In turn, these upgrades help users meet strict data security and privacy requirements and manage the lifecycle of their digital assets, among other benefits.

Designing and developing containers (software containers, that is)

Five9 Vietnam and SK Holdings C&C South Korea have been developing containers, or bundled application platforms holding a software’s complete runtime environment. Through containerization, a piece of software can run across different computing environments regardless of factors like IT infrastructure.

Improving communication among the police

Combining ICP and Kubernetes containers, the New Zealand Police has been developing a mobile-based communications system for their officers, along with other new services. And these same tools are helping them retrofit their existing systems.

Global coordination made easy

Automotive glass manufacturer Fuyao Group China, which supplies to top firms like Toyota, Audi, and Bentley, uses ICP to coordinate enterprise applications across its global manufacturing and administrative operations. This allows for a free flow of information across the organization’s various firms, allowing for a smarter, more agile, and more flexible corporate structure.

Optimizing operations of insurance companies

Aflac Insurance Japan and Ilmarinen Finland use cloud computing to ehance their digital services and IT infrastructure, making their operations speedier and more efficient. In Germany, TechnikerKrankenkasse (TK) developed a new cloud-powered service called TK-Safe which enables customers to access their health insurance data via mobile anytime and anywhere.

Streamlining financial processes

Brazil’s Fidelity National Information Services and Macedonia’s KlirinskiInterbankarskiSistemi AD Skopje are using cloud computing to streamline processes like checking transaction chargebacks and payment-clearing. Meanwhile, KrediKayıtBürosu (KKB), the cloud provider of Turkey’s finance industry, is consolidating and localizing the banking systems of more than 150 banks and financial services companies into one private platform.

Educating outside the classroom

Mangalore University in India is creating a learning platform that can be accessed remotely by any student. With this technology, students at any of its affiliate colleges can “attend” emerging tech courses outside the four corners of their classrooms.
“The cloud has evolved in a very short time from being a way to cut costs to a platform for business transformation and innovation,” Mr. Hernandez said.

The global competitiveness index 2018 ranking

THE PHILIPPINES placed fifth among the nine economies of the Association of Southeast Asian Nations (ASEAN) covered by the Global Competitiveness Report 2018-2019, which measures a country’s standing using a set of criteria that determine level of productivity, and 56th globally among 140 economies on the list. Read the full story.

The global competitiveness index 2018 ranking

Economic execs turn cautious on targets

By Elijah Joseph C. Tubayan
Reporter
THE DEVELOPMENT Budget Coordination Committee (DBCC) on Tuesday slashed economic growth and fiscal goals and raised inflation forecasts in the face of tighter credit conditions, rising oil prices and a worsening Sino-US trade row.
The DBCC cut the gross domestic product (GDP) growth target for 2018 to 6.5-6.9%, from 7-8% in its July meeting, but maintained the 2019-2022 target at 7-8%.
It also raised inflation forecasts to 4.8-5.2% for this year and 3-4% in 2019, from 4-4.5% and 2-4%, respectively, while keeping the 2-4% target range for 2020-2022.
“We have agreed to revise the medium-term macroeconomic assumptions to reflect the developments in national and local level, high global prices, tightening monetary policy, higher domestic inflation,” Budget Secretary Benjamin E. Diokno said in a press conference at the Bangko Sentral ng Pilipinas Complex after the 174th meeting of the DBCC, which he chairs.
“We have tempered our optimism with prudence and good judgement in terms of the reality. We feel we can still achieve up to 6.9%,” Socioeconomic Planning Secretary Ernesto M. Pernia said in the same briefing.
GDP grew 6.3% last semester against 6.6% in 2017’s first half.
“We have to all realize that we are living in a very different world now. Six months ago there were only rumors of a trade war starting. In May the trade war actually began and has escalated, adding the large measure of uncertainty into the world economic picture,” said Finance Secretary Carlos G. Dominguez III.
“Therefore, prices of oil have risen very steeply, interest rates which factor in risks have increased and the US normalization of interest rate policy has continued and looks like will continue in the future, driving interest rates up. The world starting in May has been difficult and I think our estimates and projections just reflect these,” he added.
Headline inflation averaged five percent in the nine months to September against the central bank’s 2-4% target range for full-year 2018.
Mr. Diokno said state economic managers are “optimistic that the administration has taken enough measures to tame inflation in the last quarter of 2018 and the full year of 2019,” citing President Rodrigo R. Duterte’s orders last month to boost supply and streamline distribution of farm goods, as well as the impending replacement of rice import quotas with a regular tariff scheme that is expected to slash retail prices of the staple by P7 per kilogram. Rice carries one of the heaviest weights in the theoretical basket of widely used goods at 9.6%.
The Bangko Sentral ng Pilipinas has raised benchmark interest rates by a cumulative 150 basis points since May in an effort to douse inflation expectations.
The DBCC also now expects the foreign exchange rate to average P52.5-53 per dollar in 2018 and P52-55 for 2019 until 2022, from P50-53 previously.
They also see Dubai crude averaging $70-75 per barrel (/bbl) this year, rising further to $75-85/bbl in 2019, and then easing to $70-80/bbl in 2020 and P65-75/bbl in 2021-2022. Previously, the body programmed $55-70 in 2018 and $50-65 from 2019 to 2022.
Malacañan Palace on Monday announced the suspension of a P2 per liter excise tax hike for oil scheduled in January, in the face of projections that the price of Dubai crude — Asia’s benchmark — will average more than the $80/bbl trigger set under the tax reform law for such deferment in the remaining three months of the year.
INFRASTRUCTURE DRIVE
Mr. Diokno said that the DBCC will form a task force “to look into the different items in the budget that can be postponed or outright cut” in order to temper the fiscal impact of some P41 billion in foregone revenues expected from the oil tax hike suspension.
Saying that infrastructure spending “will be exempted” from cuts, he said the DBCC team will consider cuts in government vehicle purchases, personnel benefits for unfilled positions as well as some maintenance and other operating expenses.
Mr. Diokno also said that the DBCC slashed projected revenues this year to P2.820 trillion from P2.846 trillion initially “with the deferred implementation of E-receipts and fuel marking” under Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion Act — the first of up to five tax reform packages that took effect in January.
State expenditures are now programmed to hit P3.346 trillion this year from P3.370 trillion previously.
But the programmed fiscal deficit is unchanged at equivalent to three percent of GDP this year and 3.2% in 2019 on a planned spike in infrastructure spending, and three percent in 2020-2022.
“The strong momentum of public spending will be sustained as the government transitions to an annual cash-based budgeting system. In this scheme, all government programs and projects budgeted for the fiscal year should be implemented and delivered in the same fiscal year. This will address underspending, a perennial problem of the bureaucracy, while ensuring the prompt delivery and completion of economic and social services of the government,” said Mr. Diokno.
The DBCC also raised assumptions for the 364-day Treasury bill rate to 4.4-4.6% this year and to 4.5-5.5% in 2019-2022 from 3-4.5%.
Projected growth of goods exports was cut to two percent this year and six percent for 2019-2022, from nine percent previously.
Projected growth of goods imports was likewise reduced to nine percent in 2018 and 2019, and to eight percent for 2020-2022, from 10% across the board previously.
“We are fortunate we are not a trading nation [hence] our effect is not as bad as other countries,” said Mr. Dominguez.
“The source of domestic growth is our increase in domestic demand that’s because we are going into large infrastructure projects.”
BSP Monetary Board Member Felipe M. Medalla said: “This is not unique to the Philippines, but [is true of] all emerging markets.”
“To the extent coal, steel, aluminum prices fall, the impact of the standard of living of Filipinos may be much less relative to GDP numbers.”
Service exports are expected to grow nine percent this year and 11% in 2019-2022, as previously projected.
Service imports are projected at three percent this year, five percent in 2019, six percent in 2020, and seven percent in 2021-2022, from 10% across the board previously.

Monetary board member says BSP ready to pause tightening

By Melissa Luz T. Lopez
Senior Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) may pause its tightening moves should month-on-month inflation show deceleration, a member of the policy-making Monetary Board said, noting that the impending removal of rice import quotas should help prod overall price increases back to target in 2019.
Monetary Board Member Felipe M. Medalla said the central bank may “take a pause” should the pace of price increases soften starting this month. But he did not discount the possibility that commodity prices could still pick up faster.
“We are yet to see the data on what we will do the next policy meeting. If there are signs that inflation is already abating, as measured by the month-on-month (reading), then we may take a pause, but that’s too early to tell at this point,” Mr. Medalla said during the press briefing of the Development Budget Coordination Committee (DBCC) yesterday.
The Monetary Board will hold its seventh review for the year on Nov. 15.
Policy makers have raised benchmark interest rates by a cumulative 150 basis points (bp) since May as the central bank sought to rein in inflation expectations at a time that prices of basic goods have been surging beyond the central bank’s 2-4% target band for full-year 2018. The BSP raised rates in four consecutive meetings, including a back-to-back 50bp increase in August and September, as inflation was seen breaching the target range even in 2019.
Inflation hit a fresh nine-year-high 6.7% in September, pushing the year-to-date pace to five percent. The BSP foresees 2018 inflation averaging 5.2% and by 4.3% next year, both piercing the ceiling of the target range.
Mr. Medalla said monetary authorities are watching month-on-month inflation as it shows the “momentum” of price movements. He explained that a month-on-month pace of 0.3% or less would be more in line with the original target, but noted that eight of the past nine months have clocked in a faster pace.
September’s month-on-month seasonally adjusted pace clocked in at 0.8%, coming from 0.9% in August.
The Monetary Board member noted that there may be a chance that inflation could still log faster this month, versus the central bank’s expectation that the prices may have already peaked last month.
“Month-on-month is almost certainly going to be lower, but year-on-year, there is no guarantee that it will be lower,” Mr. Medalla added when pressed further.
Still, he said that October or even November inflation could match last month’s pace.
The implementation of the rice tariffication law — which would replace a minimum quota scheme with a regular duty scheme — will be instrumental in tempering inflation, since it is expected to slash rice retail prices by about P7 per kilogram. “The real big item is rice,” Mr. Medalla said, noting that the measure will bring down inflation by 0.7 percentage points. “Without rice tariffication, average inflation year-on-year will be higher than four percent in all likelihood.”
The measure has been approved by the House of Representatives and which is expected to clear the Senate soon after lawmakers return from their Oct. 14-Nov. 12 break.
The DBCC also expects the peso to average P52-55 to the dollar in 2019, making key imports like oil more expensive.

SE Asia among FDI growth drivers

FOREIGN DIRECT INVESTMENT (FDI) inflows to the Philippines grew faster than the Southeast Asian average last semester, though the country’s volume paled in comparison with those of some of its regional peers.
The latest Investment Trends Monitor of the United Nations Conference on Trade and Development (UNCTAD) said FDI flows to Southeast Asia increased by 18% year-on-year to $73 billion, driven largely by Singapore’s $35 billion, Indonesia’s $9 billion and Thailand’s approximately $7 billion.
In comparison, data from the Bangko Sentral ng Pilipinas (BSP) showed that FDI net inflows to the Philippines rose 42.4% to $5.755 billion last semester from $4.041 billion in 2017’s first half.
The central bank has projected these inflows to hit $9.2 billion for full-year 2018 from the actual $10.049 billion actually received in 2017.
American Chamber of Commerce of the Philippines, Inc. Senior Advisor John D. Forbes said in a mobile phone reply to a request for comment that “… the high level of FDI flowing into developing countries is good for the Philippines, which is increasingly receiving a larger part of this pie than previously”.
BSP data also show the Philippines’ closest Southeast Asian competitors for FDIs, Thailand and Vietnam, growing inflows by 67.08% to $6.912 billion from $4.137 billion and by 11.84% to $6.99 billion from $6.25 billion, respectively.
The UNCTAD report said global FDI inflows fell by 41% to $470 billion last semester from $794 billion in 2017’s first half “mainly due to large repatriations by United States parent companies of accumulated foreign earnings from their affiliates abroad following (US) tax reforms”.
The decline was driven largely by a 69% year-on-year drop to $135 billion in developed economies, while inflows to developing markets slipped by four percent to $310 billion.
Inflows to developing Asia similarly dipped by four percent to $220 billion.
China, which saw inflows grow by six percent to $70 billion, was the biggest global FDI recipient, the report noted.
Britain placed second with $66 billion and the United States followed with $46.5 billion.
“The investment flows are more policy-driven and less economic cycle-driven,” UNCTAD investment chief James Zhan said at a news conference in Geneva, citing the US tax reform and economic liberalization in China.
“Overall, the picture is gloomy and the prospect is not so optimistic.”
FDI, comprising cross-border corporate takeovers, intra-company loans and investments in start-up projects abroad, is a bellwether of globalization and a potential sign of growth of corporate supply chains and future trade ties.
But it can also go into reverse as companies pull out of foreign projects or repatriate earnings.
Such reversals could erode the importance of international supply chains, which became an increasingly important driver of international trade until 2011 and subsequently stagnated, Mr. Zhan said.
“If there’s a lack of FDI for expansion of the value chains then of course it will impact on global value chains and therefore impact on global trade,” he said.
“It’s difficult to tell whether we are at a turning point (in globalization) or if this is only a slowdown.”
Despite the overall slowdown, money going into newly announced start-up projects — so-called “greenfield” investments — increased by 42%, providing a glimmer of hope that more money will follow and drive more spending and trade in future.
Greenfield investments in Asia hit a record, driven by China’s $41-billion crop and a surge of Southeast Asian projects, especially in Indonesia ($28 billion), Vietnam ($18 billion) and the Philippines ($12 billion). — with Janina C. Lim and Reuters

PHL found among most improved in global competitiveness index

By Victor V. Saulon, Sub-Editor
THE PHILIPPINES placed fifth among the nine economies of the Association of Southeast Asian Nations (ASEAN) covered by the Global Competitiveness Report 2018-2019, which measures a country’s standing using a set of criteria that determine level of productivity, and 56th globally among 140 economies on the list.
As reported by the World Economic Forum, the Philippines ranks lower than Singapore — the most competitive in ASEAN and second globally — and other regional neighbors Malaysia (25th globally), Thailand (38th), and Indonesia (45th).
The global competitiveness index 2018 ranking

The latest report qualified that it is not comparable to previous reports, as the Forum has transitioned to a new methodology.
The Forum said in a statement that about 60% of the indicators used in the new index “are brand new, as we increasingly believe factors such as workforce diversity, labor rights, e-government and disruptive businesses are driving competitiveness”.
While the Philippines ranks 56th in this year’s index, applying the new methodology to 2017 yields “a 12-place rise in the ranking, one of the best performances globally”.
The Philippines’ highest score of 90 out of 100, relates to its macroeconomic stability. In the pillars of labor market, financial system, market size and business dynamism it ranks in the top 40 globally. It also ranks 12th worldwide for number of disruptive businesses and 15th for growth of innovative companies.
Its biggest challenge lies in fixing its institutions, ranking 101st, ranking at the bottom worldwide (120th or worse, in the indicators of organized crime, reliability of police services and conflict of interest regulation. Another weakness is actual innovation in the economy where it ranks 67th for innovation, with research and development expenditures (99th) and trademark applications (98th) particular areas of concern. Under the same pillar, however, it scores relatively well in terms of social capital at 21th worldwide.
ASEAN economies covered by the report are Singapore, Malaysia, Thailand, Indonesia, Philippines, Brunei, Vietnam, Cambodia and Lao PDR. Myanmar was not included.
Regionally, the Philippines is third in Labor Market behind Singapore and Malaysia, and also third in Macroeconomic Stability, also behind the two, as well as fourth in Innovation Capability and Financial Systems.
A summary of report findings was also provided in a press release of the Makati Business Club (MBC), the Forum’s partner in the Philippines.
The country placed seventh out of the ASEAN nine and 101st out of the 140 economies in the pillar of Institutions.
It was also seventh regionally in Health and Infrastructure. Its global ranking in the two pillars are 101st and 92nd, respectively. The three pillars are also the country’s weakest, MBC noted.
In a statement, MBC Chairman Edgar O. Chua said that the Philippines’ business dynamism noted in the report was primarily driven by the private sector’s mindset, in finding innovative ways to become more efficient and productive.
“We see companies integrating sustainability and innovation into their business models and harnessing the potential of technology to increase productivity — and this drives the continued growth of the Philippine economy,” he said.
“Hopefully, we will see more business-government-academe linkages to support the growth of priority sectors. This type of dynamic ecosystem has been pursued by other economies which can be improved in the Philippines.”
The Philippines’ competitive advantage or its strong pillars out of 12 in the index are its Market Size, Labor Market, Financial Systems and Business Dynamism.
Top-ranked indicators, or those within the top 10 globally, include rate of change of inflation (tied at #1 with 74 countries), insolvency regulatory framework (eighth out of 140), internal labor mobility (ninth), pay and productivity (10th).
Strong indicators highlight the private sector as a driver for innovation and competitiveness. In terms of companies embracing disruptive ideas, the Philippines ranked 12th globally, as well as 15th each in terms of growth of innovative companies and diversity of workforce.
Under Business Dynamism, time to start a business (115th out of 140), cost of starting a business (97th) and insolvency recovery rates (112th) remain indicators where the Philippines performed poorly.
“While time and cost of starting a business remain problematic factors for the business community, it is worthy to note that the Philippines ranks high in e-participation, or the use of online platforms to link government information to citizens,” Mr. Chua said.
“With the recently passed Ease of Doing Business Act, we remain optimistic that the government will be able to sustain these gains and address the concerns of efficiency in doing business.”
The report noted that in many countries, the root causes of slow growth and inability to leverage new opportunities offered by technology continue to be the “old” developmental issues of institutions, infrastructure and skills.
Two of these are among the Philippines’ three bottom-ranked pillars: Institutions, Infrastructure and Health. In ASEAN, the country consistently ranked seventh out of nine in these three pillars.
Under Institutions, which is the Philippines’ weakest pillar, critical indicators where the country ranked poorly include: terrorism incidence, homicide rate, organized crime, and reliability of police services.
Under Infrastructure, the Philippines lags in road connectivity (129th), exposure to unsafe drinking water (101st), efficiency of train services (100th) and electrification rate (100th).
Among the country’s weakest indicators are under the Institutions pillar, namely: terrorism incidence (136th), reliability of police services (123rd), conflict of interest regulation (121st) and organized crime (120th).
The report cited the Philippines as one of the countries — along with Nigeria, Yemen, South Africa and Pakistan — with problems related to violence, crime or terrorism, and where the police are considered unreliable. Across all countries, the relationship between the prevalence of organized crime and the perceived reliability of the police is strikingly close, it said.
“With WEF’s new competitiveness index, policy-makers and business leaders are guided to focus on long-term development,” Mr. Chua said.
“While we continuously build on our strong pillars, it is equally important to address our weak spots. The business community remains committed to work with the government to address these gaps, especially in our weakest links in ease of doing business, corruption incidence, and infrastructure, particularly in road connectivity.”
The MBC administered the 2018 Executive Opinion Survey, a major component of the Global Competitiveness Report, last Feb. 1-April 31.

DoubleDragon partners with Equicom for clinics at CityMalls

DOUBLEDRAGON Properties Corp. said it has partnered with the operator of MyHealth Clinics to open medical clinics in its community malls.
In a statement issued Tuesday, the listed property developer said its subsidiary CityMall Commercial Centers, Inc. (CMCCI) signed a strategic partnership with Equicom Group for the rollout of the latter’s multi-specialty medical clinics in CityMalls nationwide.
DoubleDragon said the first batch of clinics will be built in 12 CityMalls in the next 12 months, with four each in Luzon, Visayas, and Mindanao.
“These strong alliances further solidifies the relevance of CityMalls in the communities we serve,” DoubleDragon Chairman Edgar J. Sia II said in a statement.
“With the addition of state-of-the-art medical and dental clinics in CityMalls, we will now have the best modern retail brands, the strongest fastfood brands, the leading entertainment cinemas and the foremost medical clinic provider all in one roof,” he added.
MyHealth Clinic is under the Equicom Group and an affiliate of Maxicare Healthcare Corp., touted as the largest health maintenance organization in the country. It operates a network of full-service ambulatory clinics offering outpatient health care products and services.
The Equicom Group is led by businessman and banker Antonio L. Go, who was previously the chairman of Equitable PCI Bank. The bank was considered the third largest in the country in terms of assets until it was acquired by Sy-led BDO Unibank, Inc. in 2007.
CMCCI, the umbrella company for all CityMall projects, is 66% owned by DoubleDragon and 34% owned by SM Investments Corp.
The company is targeting to have 50 CityMalls by end of the year. This month, community malls opened in Iponan in Cagayan de Oro City and Sorsogon City in Bicol. It is set to open in Calapan City, Mindoro; and San Carlos City, Pangasinan next week, and in November, branches in Isulan, SOCCSKARGEN; Roxas Avenue, Capiz; Bulua, Cagayan de Oro City; and Cadiz City, Negros.
DoubleDragon aims to have 100 CityMalls covering 700,000 square meters (sq.m.) by 2020. The malls are mostly located in Tier 2 and 3 cities in the provinces, as the company seeks to position itself as the number one mall operator in those areas.
DoubleDragon’s net income surged 234% to P1.26 billion in the first six months of 2018, on the back of a 123% jump in consolidated revenues to P3.63 billion. Recurring revenues amounted to P1.41 billion during the period, 199% higher year-on-year.
Shares in DoubleDragon jumped 2.44% or 44 centavos to close at P18.46 each at the stock exchange on Tuesday. — ABF

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