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Megaworld eyes P10-B sales from 4th condo in Uptown Bonifacio

UPTOWN ARTS Residences is expected to be completed by 2024.

MEGAWORLD Corp. expects to generate P10 billion in sales from its fourth residential condominium in Uptown Bonifacio, banking on its prime location in the growing financial district in Taguig.
The listed property developer unveiled on Monday Uptown Arts Residence, a 45-storey condominium along 9th Avenue in the northern part of Fort Bonifacio.
Uptown Arts Residence will rise beside the Skytrain, the proposed monorail project of Megaworld’s sister firm, Infracorp Development, Inc. The Skytrain is set to connect Fort Bonifacio to the Guadalupe Station of the Metro Rail Transit Line 3.
The project will likewise be situated near the Kalayaan Station of the proposed Mega Manila Subway project, a 30-kilometer subway system connecting Quezon City to the Ninoy Aquino International Airport.
Uptown Arts Residence will also benefit from the construction of a bridge over Pasig River connecting Fort Bonifacio to Ortigas. This will cut travel time from Uptown Bonifacio to Ortigas to less than 10 minutes.
“Uptown Arts Residence boasts of its strategic location in the entire Fort Bonifacio. It has the fastest access to the new transport infrastructure projects, and it stands right next to Uptown’s own array of dining, shopping and entertainment establishments,” Megaworld Senior Vice-President for Sales and Marketing Noli D. Hernandez said in a statement.
Units will range from studio (up to 41.5 square meters), one-bedroom (up to 66 sq.m.), one-bedroom loft (up to 117 sq.m.), two-bedroom (up to 98.5 sq.m.), three bedroom (up to 125 sq.m.), and three-bedroom loft (up to 168 sq.m.). Each unit will have its own balcony.
All the executive and loft-type one bedroom, two-bedroom, and three-bedroom units will include a maid’s room with toilet. Meanwhile, three-bedroom units will feature bath tubs in their master bedrooms.
Amenities include an infinity pool with pool deck, outdoor lounge, a day care and children’s play area, fitness center, and function room. There will be nine storeys reserved for parking across basement and podium floors.
Megaworld expects to complete Uptown Arts Residences in 2024. It will be the fourth residential building in the company’s 15.4-hectare township. The first three are One Uptown Residence, Uptown Ritz, and Uptown Parksuites.
The company booked P7.25 billion in net income attributable to the parent during the first six months of 2018, 13% higher year-on-year, as revenues also jumped 10% to P26.8 billion.
Megaworld is the property unit of tycoon Andrew L. Tan’s holding firm, Alliance Global Group, Inc. Shares in Megaworld gained 1.69% or seven centavos to close at P4.19 each at the stock exchange on Monday. — Arra B. Francia

Nicole Kidman radically transforms for new drama Destroyer

LONDON — Hollywood star Nicole Kidman undergoes a dramatic makeover for new drama Destroyer, playing a tired-looking and worn out police detective with a painful history.
The Oscar winner swaps her blonde locks for a short bob and rugged style to play Erin Bell, a detective whose past continues to haunt her years after infiltrating a criminal gang undercover in an operation with devastating consequences.
“I just felt her and I felt sadness and I felt pain for her,” Kidman said at the BFI London Film Festival on Sunday.
“I thought there was a restlessness and a complexity to her anger which I thought I had never seen on screen, particularly in the form of a female.”
The 51-year-old is no stranger to changing her looks for roles, such as when she played Virginia Woolf in The Hours, for which she won an Oscar.
Critics have praised her performance in Destroyer and described her appearance as “almost unrecognizable.”
“The way I look and behave in the film is the result of a lot of trauma,” Kidman said. “That’s the beauty of cinema, you use the image, you don’t always have to have the words.”
Director Karyn Kusama described Bell as a “really complicated human” dealing with regret, guilt and shame. A team of hairdressers and makeup artists worked together to transform Kidman’s looks.
“We talked a lot about sun damage and lack of sleep and drinking too much and not eating well and we landed at a very extreme version of all of that lack of self-care,” Kusama said. — Reuters

Treasury makes partial award of T-bills amid lukewarm demand

THE GOVERNMENT partially awarded the Treasury bills (T-bill) it offered on Monday, rejecting all bids for the shortest tenor amid lukewarm demand, as the market continues to price in the local inflation print for September.
The Bureau of the Treasury (BTr) opted to make a partial award of the short-dated securities, raising just P7.001 billion out of the P15 billion it intended to borrow yesterday.
Market players offered P17.86 billion in bids, lower than the P20.1-billion worth of bids logged a week ago but still above the planned borrowing.
Broken down, the Treasury rejected all bids for the 91-day tenor even as tenders from banks amounted to P5.16 billion, slightly above the P5 billion the government offered yesterday.
Had the government proceeded with a full award, the three-month debt papers would have fetched an average rate of 5.067%, 66.3 basis points (bp) higher than the 4.404% logged the previous auction.
Meanwhile, the government awarded P3.652 billion in the 182-day securities, below the P5-billion program. This, even as the offer was oversubscribed, with tenders reaching P6.752 billion. Still, the average yield climbed 21 bps to 5.894% from the 5.684% quoted at the auction last week.
The 364-day papers were also partially awarded as the Treasury borrowed just P3.349 billion out of the P6-billion program. Bids by banks stood at P5.949 billion. The average rate for the papers went up 37.3 bps to 6.256% from the 5.883% posted last week.
At the secondary market before the auction, the three-month papers were quoted at 5.0857% while the six-month tenor fetched 5.575%. The yield on the one-year T-bill, on the other hand, was at 6.3696%.
At the market’s close, yields on the 91-day and 182-day T-bills climbed to 5.0964% and 5.5805%, respectively. Meanwhile, the 364-day papers rallied to fetch a lower rate of 6.0285%.
Following the auction, Deputy Treasurer Erwin D. Sta. Ana said the government decided to partially award the T-bills yesterday as bids from investors came in higher than expected.
“Based on our feedback from the surveys that we did and the central bank did to our [eligible dealers], they are still factoring in inflation,” Mr. Sta. Ana told reporters on Monday, saying expectations of future policy tightening by the US Federal Reserve were also considered.
Inflation picked up to 6.7% in September from the 6.4% print in August and 3% in the same month a year ago, as typhoon Ompong (international name: Mangkhut) worsened supply issues for rice and other crops.
However, last month’s result still fell below the 6.8% estimate by the Bangko Sentral ng Pilipinas (BSP) and median in a BusinessWorld poll.
The market is still pricing in inflation, with players noting the BSP may need to hike interest rates further to keep local yields competitive and quell inflation expectations.
The central bank has raised key rates by a cumulative 150 bps since May. It will hold its seventh rate-setting meeting on Nov. 15.
“There’s also some consideration on the rate hike trajectory of the Fed, as it is expected to hike again once this year and three times more next year,” Mr. Sta. Ana added.
He also noted that the BTr does not see much demand even at the shortest tenor of the curve.
“If you look at the bids, they hardly breached the amount on offer, so just about the offer side. We don’t see much demand, really — we are talking about the shortest possible [government securities],” he said.
Sought for comments, a bond trader said the auction result was expected as investors opted to stay on the sidelines.
“On the demand side, given that there’s some difficulty in terms of liquidity, we can expect [tepid demand] until the yearend,” the trader said in a phone interview.
“Unless we see a correction in the dollar-peso trading, meaning more inflows towards the peso, maybe we might not see that much demand for the T-bills.”
The Treasury is raising P270 billion form the domestic market this year through auctions of securities, offering P180 billion in T-bills and another P90 billion in Treasury bonds.
The government plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit, which is capped at 3% of the country’s gross domestic — Karl Angelo N. Vidal

Smart home tech at The Albany


THE Albany, Megaworld Corp.’s “ultra high-end” residential condominium at McKinley West, is bringing urban living to a new level by incorporating smart home technology.
Each unit at The Albany will feature a full home automation system, activated through a smart home display panel at the entrance and through a mobile app.
With the technology, residents can open, close or adjust the lighting in various parts of the house, as well as adjust the thermostat to control the ventilation and air-conditioning systems.
“This is part of our vision to integrate smart technology into all our developments. With this, we are not just able to provide a place where people can live and thrive, but we also empower future residents in our deve-lopments to enjoy other things that matter to them,” Rachelle Peñaflorida, Megaworld Vice President for Sales and Marketing, was quoted as saying in a statement.
The smart home technology can also contribute to improved energy efficiency and privacy.
The Albany’s residents will have their own private key card with access to an elevator opening directly to their foyer. Units also have their own built-in video intercom that connects to the lobby area. For the hands-free lighting system, each unit will be installed with motion sensors, particularly at the foyer and toilet.
Designed by UK-based architectural firm Broadway Malyan, The Albany is furnished with global brands like Germany’s Leicht for kitchen systems; Bosch and Gaggenau for kitchen and cooking tops; Duravit’s Philippe Starck Collection for toilet and bathroom fixtures; and Hansgrohe Axor Starck and Grohe for the luxurious toilet and bath.
A low-density, low-rise residential tower, The Albany only has 64 units with private balconies. Units range from two-bedroom (123 square meters) to four-bedroom suites (up to 349 sq. m.).
The Albany also offers three-level penthouse suites that have four bedrooms in the first two levels, a maid’s room with its own toilet and bath, five toilet and bathrooms including the master’s bedrooms with its own bathtubs, a powder room, walk-in closets, and a dining area with a 7.4-meter ceiling height.
The penthouse suites also have a roof terrace with a private pool, relaxation deck, and a grilling garden.
The Albany will have a two-level amenity deck with a wellness spa, sauna, fitness center, entertainment and game room, infinity pool with submerged lounge deck, kids’ play park, cabanas, function halls, and complimentary WiFi connectivity.It will also have four levels of parking exclusive for the residents.

Now steps up word war vs DICT

By Denise A. Valdez, Reporter
LISTED Now Corp. threatened to file a case against Department of Information and Communications Technology (DICT) Acting Secretary Eliseo M. Rio Jr., blaming him for the drop in the company’s share price last week.
However, several stock analysts noted investors sold their Now shares mainly because of the case filed by its affiliate Now Telecom against the National Telecommunications Commission (NTC) over the terms of reference for the third telco player bidding.
In a statement on Monday, Now Corp. Head of Investor Relations Juan Miguel M. Honorico-Lopez said the company has asked its lawyers to study the “damages of the reckless statements (by Mr. Rio) and the immediate filing of cases.”
“(Mr. Rio) short of accused that Now Corp. — which he claimed as the mother company of Now Telecom — has no capacity to provide financial assistance. He also insinuated that the so-called lack of funding was the reason why Now Telecom filed a case in the Manila Regional Trial Court. These are outright lies,” he said.
Now Telecom sued the NTC last Monday over alleged new requirements in the final terms of reference, describing them as ”onerous, confiscatory and potentially extortionary.” The Manila court, however, dismissed its petition for a temporary restraining order (TRO).
Sought for comment, Mr. Rio said he could not possibly be the cause for the decline in Now shares last week, considering he only commented on the court case late afternoon of Oct. 9, when the stock market already closed.
“We will answer whatever accusation that they will have. But they must not forget the timeline. Oct. 8, Monday, they bought bid documents. But immediately after that they brought us to court, which is Oct. 8. (Then) Oct. 9, when the public knew about their case, their stocks went down. Wala kaming imik noon [We haven’t said anything yet],” Mr. Rio said on Monday.
Now Corp. took offense after Mr. Rio said on Oct. 9 that “the participation fee of P1 million it paid may have significantly cost Now Telecom’s mother company, Now Corp.’s of its operational income which only stood at P6.3 million in 2017.”
Mr. Lopez claimed that Mr. Rio’s statements questioning Now Corp.’s financial capability, “damaged the value of Now Corp. shares in the market and caused the loss of about P7 billion in market capitalization.”
The Velarde-led company said its shares plunged to P5.15 each on Oct. 10 from P7.49 each on Oct. 9. On Monday, Now shares jumped 4.81% or 27 centavos to P5.88 apiece.
Mr. Lopez also clarified that Now Telecom is only an affiliate of Now Corp., who owns only 19% in the company.
Diversified Securities, Inc. equities trader Aniceto K. Pangan said the drop in Now’s share price cannot be attributed solely on Mr. Rio’s statements.
“Mainly, it’s their aggressive opposition stance on the DICT new Terms of Reference which they referred as barriers to entry. This may manifest their weakness to comply to certain provisions,” Mr. Pangan said in a mobile text message.
Aristotle D. Reyes, Jr., equities trader at UPCC Securities Corp., also said investors were disappointed with Now Telecom’s decision to file a case against the NTC.
“I think more than the comment of the Secretary is the move by Now to file a case against NTC. I think that’s where the disappointment of the investors came from. If you are an investor, you don’t want your company you invested to sue the government. Instead, you want to see that now is more than capable among others, especially financially,” Mr. Reyes said via text message.
Meanwhile, Mr. Rio said President Rodrigo R. Duterte told him to “just do what is right” when he informed him of the court case against the NTC.
“Why are they including the name of the President, when the President already said, ‘I don’t want any transaction, any papers to go up to me. Dapat ‘yan ma-resolve ng department [That should be resolved by the department in charge],’” he said.
Mr. Rio was reacting to Now. Corp. President Mel V. Velarde saying it would be best if Mr. Duterte took over the selection of the third telco.
“The rules and regulations that took us almost one year to formulate with all the inputs from the different stakeholders, including consumer groups, all down the drain because of one na gusto niya dalhin sa Presidente [because of one who wants to bring it to the President]? What does that mean, malakas ba siya sa Presidente that he can do that [is he favored by the President that he could do that]?” he added.

Shop to support disadvantaged children

YOU CAN Shop for a cause on Oct. 17 as Unilever and Lazada launch their “Shop2Give” promotion which is meant to raise funds “to support disadvantaged children through UNICEF,” according to a press release.
“Since everyone is moving online, we thought it was time to [do a campaign] online,” Benjie Yap, chairman and CEO of Unilever Philippines, told BusinessWorld shortly after the press launch on Oct. 12 at Manila House in Bonifacio Global City.
The United Nations Children’s Fund or UNICEF is a United Nations agency which provides humanitarian and developmental assistance to children and mothers in developing countries.
For one day, all Unilever products available on the e-commerce platform will be on sale for up to 80% off and every time a person buys a product, Unilever and Lazada match the product’s discount and the value will be given to UNICEF.
Among the brands under Unilever which will be giving discounts are Ponds, Tresemme, Simple, CreamSilk, and Domex, among others.
“We at Unilever stand with UNICEF in their mission to save and improve children’s lives. Through the participation of all our leading brands, we aim to make a significant contribution in their programs that improve children’s health, provide access to clean and safe water and enhance sanitation and hygiene,” Mr. Yap said in the release.
Mr. Yap didn’t disclose their donation target but said they are open to repeating this initiative if the Oct. 17 sale is successful.
“People now have a good reason to shop, no one will complain because they’ll be helping kids through UNICEF,” joked Mr. Yap.
The Unilever and Lazada’s “Shop2Give” campaign page can be accessed via lzd.co/shop2give. — ZBC

MBC Music Show Champion returns to Manila


MBC Music Show Champion — a Korean music chart program with live performances and special segments — will have another special show in the Philippines on Oct. 28 at the Mall of Asia Arena. In 2016, MBC Music Show Music Champion was held in the Philippines to mark its 200th episode. This year’s star-studded lineup is spearheaded by EXO, along with MXM, Weki Meki, The Boyz, Hyeongseop x Euiwoong. Regular host Kim Shin-Young will also join the Manila show. Tickets, which are available at SM Tickets, range in price from P2,120 (Silver) to P10,600 (SVIP Standing and Seated). Tickets may be bundled with perks such as sound check, photo opportunity, red carpet and press conference passes. MBC Music Show Champion is presented by MBC with Lumos E&M and All Access Productions (AAP). For more inquiries on tickets and fan perks, visit http://www.allaccessproduction.ph/ and the social media accounts of AAP.

Coming soon: Pacquiao-designed condominiums

REVOLUTION Precrafted Properties, Ltd. is expanding its design partnership with boxing icon and senator Emmanuel “Manny” D. Pacquiao to include “high quality and affordable” condominiums.
“We are going to do Pacquiao condominiums. We are going to launch them in one of the three master plans. Lakeshore has expressed interest in one or two condos that we want to do there,” Jose Roberto R. Antonio, founder and CEO of Revolution Precrafted, said during the launch of the Pacquiao-designed affordable homes at the Manila Peninsula last Oct. 11.
Revolution Precrafted earlier this year signed a deal with Lakeshore developer Central Country Estate, Inc. (CCEI) for the construction of 7,100 prefabricated homes in the community located in Mexico, Pampanga.
At the launch event last week, the company unveiled Mr. Pacquiao’s designs for the affordable and “limited edition” homes, as well as a sports facility. The affordable row houses, sized at 45 square meters, will be priced at P999,999.
“We believe that every human being needs to have a house. Being a Philippine company, we start here… We hope that with these homes. We now hope that with these homes, many will have a chance to make their dreams come true. The partnership with our Champion Revolutionary, we will continue to explore opportunities to offer even more affordable homes in the future to ensure that Filipinos will have their chances of having decent homes,” Mr. Antonio said in a speech at the event.
Recalling his experience being homeless and living in the streets, Mr. Pacquiao said: “The Filipino people deserve to have a dream house… My first priority, to help, is giving shelter.”
Mr. Antonio said 440 Pacquiao-designed row houses and sports facility will be available at the Batulao Artscapes project in Nasugbu, Batangas. Another 200 Pacquiao-designed homes will be available at Lakeshore.
Century Properties Group, Inc. (CPG), where Mr. Antonio is managing director, is developing the Batulao Artscapes. For the project, Revolution Precrafted is also supplying homes designed by Filipino and international designers and architects.
At the same time, Mr. Pacquiao designed “limited edition, curated” homes and a multi-purpose sports facility at the Revolution Hills community in San Mateo, Rizal.
Revolution Precrafted said model units will be built before the end of 2018, and the assembled houses will be ready for occupancy early next year.
Mr. Pacquiao, in a statement, said he is considering launching a “Buy a Home, Get a Lot Free” scheme where he will give lots from his personal property in Saranggani for Filipinos who want to have their own homes. The lots will only be awarded to those who will use it to build a home, not to sell it afterwards.
“We want to plan it well, because as I have said we want to come up with a campaign… It’s part of philanthropic efforts… at Revolution and with Senator Pacquiao, we want the ‘Buy a house, get a lot for free,’” Mr. Antonio said.
Revolution Precrafted brings together architects, artists, and designers to create prefabricated livable spaces.
The startup is now present in 17 markets worldwide, having forged deals with international companies in the past six months, including a $52-million project in Spain, a $1.2-billion project in Myanmar, and $3.2-billion project in Dubai.
Revolution Precrafted has also partnered with companies in the Caribbean nations of Trinidad, Guyana, Jamaica, and the Bahamas, as well as in Japan, Puerto Rico, Ecuador, Brazil, and Cyprus. — Vincent Mariel P. Galang

HSBC appoints new president and CEO for PHL

THE HONGKONG and Shanghai Banking Corp. on Monday named a new president and CEO for its Philippine operations after its former chief left the bank to head a local lender.
In a statement sent to reporters on Monday, the global bank said it has appointed Graham FitzGerald as the new president and chief executive officer of HSBC Philippines, with the effective date subject to approval.
Mr. FitzGerald is currently the senior executive of International, a unit that has oversight over HSBC Group’s 10 network markets in Asia.
In 2016, he took over as CEO of HSBC Brunei in 2016 until mid-2018.
Prior to this, he also worked in several roles for HSBC in countries like New Zealand, United Kingdom and Hong Kong. Mr. FitzGerald was HSBC’s regional chief operating officer in the United Arab Emirates and was also regional banking head for HSBC’s commercial banking business in the Middle East North Africa region.
Peter Wong, HSBC Deputy Chairman and Chief Executive for Asia Pacific, said Mr. FitzGerald’s international banking experience and strong expertise in client relationship management will be invaluable to the bank.
“The Philippines is a key country for us, important as part of the (HSBC) Group’s much valued international network and for its place within the ASEAN bloc,” Mr. Wong was quoted as saying in the statement.
Mr. FitzGerald will replace Jose Arnulfo “Wick” A. Veloso who stepped down from his post in August to serve as the new president and CEO of the Tan-controlled Philippine National Bank (PNB) effective Nov. 16.
Mr. Veloso, the first Filipino who held HSBC Philippines’ presidency, was hired by PNB after its current chief Reynaldo A. Maclang decided to retire from his post. Mr. Maclang will continue to serve as a board advisor of PNB.
“We wish to thank Wick for his 24 years with the Group and for his leadership in the Philippines since 2012,” Mr. Wong added.
HSBC has been in the Philippines for 143 years and is a leading international bank in the country. Currently, it has 10 branches in the country located in Metro Manila, Cebu and Davao, including three locally incorporated HSBC Savings Bank offices. — K.A.N. Vidal

BIR confirms San Miguel share swap transaction is tax-free

DIVERSIFIED conglomerate San Miguel Corp. (SMC) has received clearance from the Bureau of Internal Revenue (BIR) for the tax-free transfer of its common shares to its newly consolidated food and beverage unit.
In a disclosure to the stock exchange on Monday, SMC said the BIR issued last Friday BIR Rule No. 010-2018, confirming the tax-free transfer of its common shares in San Miguel Brewery, Inc. (SMB) and Ginebra San Miguel, Inc. (GSMI) to San Miguel Food and Beverage, Inc. (SMFB).
The share swap transaction includes the transfer of 7.86 billion shares in SMB and 216.97 million shares in GSMI to SMFB, in exchange for 4.24 billion new common shares in SMFB to be issued to SMC out of its capital increase. The transaction is valued at P336.35 billion.
With the tax exemption, SMC said it will apply for a certificate authorizing registration of SMFB’s ownership over the SMB and GSMI shares in the stock and transfer books of the two companies.
The transaction forms part of SMC’s consolidation of its traditional businesses under SMFB, which now holds its liquor, brewery, and food and beverage units. Following the share swap, SMFB now holds 51.16% and 78.26% in SMB and GSMI, respectively. SMC will also increase its stake in SMFB to 95.87% from 85.37%.
The consolidation intends to create a “significant consumer food and beverage vertical market under SMC,” while also aiming to enhance its trading liquidity.
SMFB is now looking to raise up to P142 billion in a follow-on offering to comply with the minimum public ownership rule of 10%, as its public float fell to 4.12% after the share swap.
The company has already secured approval from the Securities and Exchange Commission to proceed with the share sale, consisting of a base size of 887 million shares and an over-allotment option of 133.05 million shares priced up to P140 each. Funds raised from the offering will be used to fund SMC’s infrastructure projects.
The share sale is currently awaiting approval from the Philippine Stock Exchange.
As per its latest prospectus, SMFB targets to price the offering by Oct. 19, with the offering to run from Oct. 23 to 29. The shares will then be crossed at the exchange by Nov. 6.
SMFB’s net income expanded by 20% to P15.4 billion in the first six months of 2018, following the 15% increase in consolidated revenues to P137.4 billion.
Shares in SMFB went up by 1.12% or a peso to close at P90.50 each at the stock exchange on Monday. — Arra B. Francia

Searching for Dean

POPULAR dark fantasy series Supernatural returns to AXN with the premiere of Season 14 on Oct. 17, 10:35 p.m. With Dean possessed by the archangel Michael in the finale episode of Season 13, this new installment begins with Sam enlisting everyone’s help to track down Dean, who can literally be anywhere. “It’s challenging to write episodes without Dean Winchester in them because he’s such a fundamental part of the show,” said showrunner Andrew Dabb. “But it’s also exciting.” The show will air Wednesdays, 10:35 p.m., on AXN.

China Bank, AF Payments ink deal for Beep reloading

CHINA BANKING Corp. (China Bank) said its automated teller machines (ATM) can now be used by its cardholders to top up their “Beep” cards.
In a statement on Monday, the Sy-led China Bank said it has partnered with AF Payments, Inc., allowing cardholders to reload their Beep card via select ATMs.
The service will initially be offered in 100 machines near train stations as well as point-to-point bus terminals.
China Bank cardholders can top up a minimum of P100 up to P10,000, in multiples of P100. The load amount will be debited from their account.
Each reload carries a transaction fee of P10, which will be waived on the fifth transaction within the month.
Beep cards are used to pay for fare at elevated trains, select public transportation and toll roads, as well as for purchases in select retail outlets. Currently, there are over five million Beep cards in the market.
China Bank Vice-President for Alternative Channels Marie Carolina Chua said the bank has been “conscious of harnessing available technology,” especially in the self-service space, to serve its clients.
“Co-creating with like-minded technology partners to deliver efficient and reliable value added service such as this, not only differentiates us in the market; it is consistent with our value of being the right partner for our customers,” Ms. Chua was quoted as saying in the statement.
Meanwhile, AF Payments President and CEO Peter Maher said the tie-up allows the firm to use China Bank’s ATM facility to expand its multi-channel reloading platform.
“Having a reloading facility that is instant, widely available and easy to use supports our expansion efforts,” Mr. Maher said.
China Bank booked a net income of P3.6 billion in the first half of the year, unchanged from the same period a year ago, even as recurring income grew amid lower fee-based revenues.
Shares in China Bank closed at P28.55 apiece on Monday, down 55 centavos or 1.89%. — KANV

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