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Ready Player One more-than-ready atop box office

LOS ANGELES — Steven Spielberg’s latest blockbuster topped the domestic box office over the four-day holiday weekend.
Warner Bros.’ Ready Player One debuted in line with recent projections of $53 million from 4,324 locations. The film opened Thursday, getting a head start over its fellow weekend releases, Tyler Perry’s Acrimony and God’s Not Dead: A Light in Darkness.
The virtual reality fantasy, which currently holds an A- CinemaScore and 76% on Rotten Tomatoes, released internationally with $128 million since it opened on Tuesday, bringing its worldwide total up to a solid $181.2 million. The film based on Ernest Cline’s novel stars Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance, Simon Pegg and T.J. Miller.
Critics have suggested that Ready Player One — in which Wade encounters 1980s pop culture icons including Freddy Krueger — is something of a cinematic autobiography for Spielberg, the veteran director of a number of successes including E.T. and Jaws.
Tyler Perry’s Acrimony — Tyler Perry’s 19th collaboration with Lionsgate — secured second place with $17 million in 2,006 locations. The film stars Taraji P. Henson as a vengeful wife.
Meanwhile, the third installment of the God’s Not Dead franchise premiered with $2.6 million in 1,693 locations.
Marvel’s Black Panther remains a powerhouse in the No. 3 slot, taking in $11 million in 2,988 locations. The Marvel smash hit, starring Chadwick Boseman, Michael B. Jordan and Lupita Nyong’o, had already overtaken The Avengers (2012) as the highest-grossing superhero film in US history. Telling the story of Wakanda’s King T’Challa, Black Panther was also the first film since Avatar (2009) to notch five consecutive top spots. The blockbuster crossed the $650-million mark at the North American box office, making it the fifth-highest release in the US of all time. It looks to shortly become the fourth-highest release after it passes Jurassic World, which made $652 million. Currently, Titanic is at No. 3 with $659 million.
Over the Easter weekend, the Christian drama I Can Only Imagine stayed strong in fourth place with $10.5 million in 2,648 locations, totaling $55.3 million in its three weeks of release. Another faith-based film, Paul, Apostle of Christ saw $3.5 million at 1,473 locations. In two weeks, the film has made $11.5 million.
Rounding out the top five is Universal’s Pacific Rim Uprising with $9.2 million in 3,708 locations. The sci-fi actioner, which held the top spot last weekend, has taken in $45.6 million domestically. On par with its first weekend, the sequel to 2013’s Pacific Rim had an impressive international turnout with $22.2 million in 63 markets, bringing its international total up to $96.6 million.
Continuing its limited release, Wes Anderson’s Isle of Dogs made $2.9 million for a per screen average of $17,420 after expanding to 165 locations. Fox Searchlight Pictures’ stop-motion animation has grossed $5.9 million and looks to cross the $6 million mark in the upcoming week. Next weekend, Isle of Dogs will spread to between 450 and 500 locations.
In total, the box office is down 21.2% compared to the same weekend last year, while the 2018 North American box office is down 3.8% from 2017.
However, Paul Dergarabedian, a media analyst at comScore, says Ready Player One looks to have promising playability at the box office ahead of the debuts of Blockers and A Quiet Place next week and Avengers Infinity War at the end of April.
“After a rough month of March at the box office, down 24.1% vs. last year, Ready Player One will hopefully portend bigger and better things to come at the April box office,” he said.
Rounding out the top 10 were: Sherlock Gnomes ($7 million); Love, Simon ($4.8 million); Tomb Raider ($4.7 million); A Wrinkle in Time ($4.7 million); and, Paul, Apostle of Christ ($3.5 million). — Reuters/AFP

Megaworld planning offshore bond issuance

MEGAWORLD CORP. is planning to tap the offshore bond market, announcing on Monday a series of road shows in Singapore and Hong Kong.
In a disclosure to the stock exchange, the Andrew L. Tan-led firm said it has engaged American investment bank and financial services firm J.P. Morgan as sole book runner “to arrange a series of fixed income investors meetings” in Singapore and Hong Kong. The road shows will start today (April 3).
The listed property developer is looking to issue Regulation S dollar-denominated securities after the road shows.
“A proposed Regulation S USD denominated securities offering may follow, subject to market conditions,” Megaworld said.
Regulation S refers to securities that are not required to be registered under the United States Securities Act, and may be offered in the Eurobond market. The securities may not be offered or sold in the US.
This offering will mark Megaworld’s return to the offshore bond market after five years. The company had raised $250 million from an offshore bond sale in 2013. The 10-year bonds had a coupon rate of 4.25% per annum, and were listed at the Singapore Exchange Securities Trading Ltd.
Prior to this, Megaworld also raised $200 million worth of seven-year bonds in the offshore bond market in 2011. The issuance had an interest rate of 6.75% per annum.
The company has committed to spend P60 billion in capital expenditures this year, the bulk of which will go to the development of more residential, office, and commercial projects inside its townships.
Megaworld currently has 23 integrated estates across the Philippines, including the Maple Grove in General Trias, Cavite, Capital Town in San Fernando, Pampanga, and McKinley Hill, McKinley West, Uptown Bonifacio, and Forbes Town all in Taguig City.
Residential sales account for 70% of Megaworld’s revenues, while the rest are from office and commercial leasing, and the leisure segment.
By 2020, the firm targets to book P20 billion in annual rental income, split between offices and commercial space leasing. To achieve this, Megaworld is ramping up the development of lifestyle malls to bring its total network to 28 from the current 15 in the next two years.
Megaworld delivered a 12.7% increase in its net income attributable to the parent to P12.8 billion in 2017, on the back of a 7.7% climb in revenues to P50.4 billion. The firm is the property arm of Alliance Global Group, Inc., which also has core interests in liquor, gaming, and quick service restaurant.
Shares in Megaworld climbed 10 centavos or 2.13% to close at P4.79 apiece at the Philippine Stock Exchange on Monday. — Arra B. Francia

Gov’t partially awards Treasury bill offer

THE GOVERNMENT made a partial award of the Treasury bills (T-bill) it planned to raise on Monday, rejecting all bids for the longer tenors, as investors expect faster inflation print in March.
The Bureau of the Treasury’s auction yesterday was met with tenders worth P13.63 billion, which left the total P15-billion offering undersubscribed.
Broken down, the government borrowed just P3.265 billion in 91-day bills, below the programmed P5 billion even as total bids reached P8.725 billion. The paper fetched an average yield of 3.191%, up from the 2.995% quoted at last week’s auction.
However, the Treasury rejected all the bids put up for the 182-day tenor which totalled P2.663 billion, also short of its P4-billion offer.
The government likewise rejected all bids for the 364-day T-bills as the offer attracted only P2.243 billion in demand, below the programmed borrowing of P6 billion.
At the secondary market before the auction, the three-month papers were quoted at 3.3332%, while the six-month tenor fetched 3.4614%. The yield on the one-year T-bill was at 4.1329%.
As trading closed, the 91- and 182-day tenors saw their yields inch down to 3.0554% and 3.169%, respectively, while the rate of the 364-day T-bill finished steady.
National Treasurer Rosalia V. De Leon told reporters shortly after the auction that the government decided to reject bids for the three-month and six-month papers as investors priced in their expectations for the March inflation print scheduled to be released on Thursday.
A BusinessWorld poll of nine economists showed that inflation likely quickened to 4.2% last month. This compares to the 3.9% rate logged in February and the adjusted 3.1% for March 2017.
If realized, this would settle above the 2-4% target range set by the Bangko Sentral ng Pilipinas (BSP), but will fall within the 3.8-4.6% forecast given late last week.
“[With the] median forecast of 4.2%, they’re expecting the next policy rate from the BSP will move,” Ms. De Leon said, adding that investors also priced in the volume to be offered by the central bank under its term deposit facility this week.
Meanwhile, a bond trader said by phone that the Treasury rejected bids for the six-month and one-year papers because of its “very good cash position.”
“[T]hat has been supported by the tax reform law. They essentially have the flexibility to look at the auctions and pick out which is the optimal rate and volume for them,” the trader said.
“On the other end, the reason why investors asked for higher rates is that they’re trying to find the proper price for the additional supply, especially for the short date. And of course, we still have concerns about inflation. — Karl Angelo N. Vidal

Seeing HK as the locals do

HONG KONG has always been a favorite out-of-the-country haunt of Filipinos and the numbers prove it: from December to January 2017, 894,489 Filipinos visited “Asia’s World City,” a 13.1% increase from its year-to-date numbers.
The Philippines is the city’s sixth largest market (excluding mainland China) according to the most recent statistics by Hong Kong Tourism Board (HKTB). (In total, Hong Kong welcomed 58.47 million tourists in 2017.)
But beyond its most famous sites — Hong Kong Disneyland and Ocean Park Hong Kong, among others — the HKTB is making a push for tourists to see Hong Kong through the eyes of a local, and that’s what model/blogger Kelly Misa experienced during a trip with her family upon the invitation of HKTB.
“Hong Kong is very much like my second home. That’s why I found it so surprising because even though I’ve lived there for so long, I discovered so much during the trip,” Ms. Misa told BusinessWorld in a phone interview on February.
She worked as a model in Hong Kong and was in and out of the city for much of 2004 until 2010 but she said she didn’t have time to explore the locale as much as she did on this latest trip.
“It’s funny because even though I lived in Hong Kong before, I was still too touristy [then]. I never really got to experience Hong Kong like a local,” she said.
Ms. Misa told how she dined in one of the oldest tea houses in Hong Kong, Lin Heung Tea House which opened in 1962, located in 162 Wellington St. There, she experienced eating dimsum the traditional way — choosing a dimsum from a cart which passes around the store.
But Ms. Misa isn’t the only one seeing Hong Kong through the eyes of the local as the HKTB is making a push towards promoting popular destinations for Hong Kongers in order to “connect better with today’s travelers,” Simon Wong, regional director for Southeast Asia of the HKTB, told BusinessWorld via e-mail in March.
“While Hong Kong continues to be a destination of choice for shopping and entertainment, we also hope to connect better with today’s travelers, who constantly seek local authenticity and new experiences. It is crucial for us to identify and communicate the local uniqueness of Hong Kong. With this in mind, we developed and continue to develop strategies that highlight the different dimensions this remarkable city has to offer,” he explained.
While known for its theme parks and for its singular shopping choices, Mr. Wong said there is so much more to see in the city.
“The city’s vibrant food scene, fascinating cosmopolitan life and efficient infrastructures juxtaposed against the backdrop of its ancient templates and breathtaking natural wonders, offers visitors a delightful contrast of experiences,” he said.
One of the examples of the vibrance of the food scene is Lan Fong Yuen, a cha chaan teng (café) which opened in 1952 located in 2 Gage St. which serves — among others — a traditional Hong Kong breakfast: noodle soup with luncheon meat on top and Yuenyeung tea, a combination of coffee and milk tea. The beverage is called kopi cham in Malaysia.
Another less well-known place (for tourists) that’s worth visiting is the Sai Wan swimming shed in the Hong Kong Harbor. The shed was used mostly in 1960s and ’70s when locals would go down and use the facilities to swim in the harbor. Nowadays, it has become a popular place for photographers although locals living in the area is still use it for swimming.
Mr. Wong said that since the millennial contingent has matured, Hong Kong needed to “engage [this market] through offering authentic experiences in local districts and urging them to discover hidden gems and artsy spots.”
“People may have visited Hong Kong so many times but there’s still so much to see. I never get tired of going there,” said Ms. Misa. — Zsarlene B. Chua

Maynilad to spend P1.7B on wastewater projects

MAYNILAD WATER Services, Inc. has earmarked P1.7 billion for its 2018 wastewater projects, which are aimed at increasing the company’s sewerage coverage while maintaining the reliability of its wastewater network.
“It is a challenge for us to facilitate the completion of wastewater projects, given the impact to traffic of laying new conveyance systems. Nonetheless, these projects are important so we can catch harmful effluents before discharge to the environment,” said Ramoncito S. Fernandez, Maynilad president and chief executive officer, in a statement.
“We need the support of local government and the communities to accelerate sewerage coverage expansion,” he added.
About P1.4 billion of this year’s wastewater budget will be used to lay around 35 kilometers of conveyance systems in Las Piñas and Muntinlupa.
Maynilad said these systems will catch wastewater generated by households and send it to the company’s three sewage treatment plants (STP). The plants in the area have a combined treatment capacity of 148 million liters of wastewater per day and serve about one million residents when fully completed, it added.
The company said P260 million of the 2018 wastewater budget had been allocated for sewer network repairs and installation of new sewer service connections. The remaining P70 million will be spent for the maintenance and operations of wastewater facilities.
This year, the company is scheduled to complete the construction of a new STP in Parañaque. It has recently started commissioning its newest STP in Pasay City.
Maynilad’s wastewater infrastructure network includes three septage treatment plants, 19 sewage treatment plants, 40 pumping stations, 22 lift stations, and more than 500 kilometers of sewer lines.
Maynilad serves certain portions of the cities of Manila, Quezon and Makati. It also covers Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon in Metro Manila.
Outside the Philippine capital, it serves the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite province.
Maynilad, the largest private water concessionaire in the Philippines in terms of customer base, is an agent and contractor of the state agency Metropolitan Waterworks and Sewerage System for the west zone of the greater Manila area.
Metro Pacific Investments Corp., which has majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Victor V. Saulon

Arthaland goes ‘green’ with new BGC building

By Arra B. Francia
Reporter
ARTHALAND CORP. is keeping its commitment to go green by securing the certification of both local and global sustainability rating systems for its Century Pacific Tower in Bonifacio Global City, Taguig.
The listed property developer’s 30-storey building satisfies standards of both Leadership in Energy and Environmental Design (LEED) and Building for Ecologically Responsive Design Excellence (BERDE).
BERDE is awarded by the Philippine Green Building Council, while LEED is from the United States Green Building Council, ensuring the Century Pacific Tower addresses requirements in both the local and global setting.
“By having both, we adhere not just to the global standards, but also to the local requirements in our local setting. So think global, act local,” Arthaland Executive Vice-President and Treasurer Leonardo Arthur T. Po said during the building’s launch last March 22.
Mr. Po explained the LEED certification focuses on the energy modelling of the building. While BERDE also looks at power consumption, it further focuses on the building’s water consumption.
“This will serve as a legacy for the city of Manila and the Philippines. This is our way of honoring our country… no better way of doing that by creating a landmark in BGC but also a sustainable project that will give back in the long term,” Mr. Po said.
Arthaland Assistant Vice-President for Technical Service Edgar V. Sabidong said that aside from getting green certification, the company also works on educating its tenants to maintain sustainability practices inside the building.
“Anti-smoking policy, segregation of waste — these are very important. That is to keep the life cycle of the building. So we need to maintain it. We have a material recovery facility. We encourage segregation, what can be reduced and recycled,” Mr. Sabidong said during a tour of the building’s facilities.
Educating its tenants will allow the building to retain its green certifications, as Mr. Sabidong noted that some developments lose the certification once tenants start moving in.
Mr. Po noted that Arthaland has already leased out 95% of the building to multinational firms, with the remaining 5% allotted for the company’s internal needs. Rental rates in the Century Pacific Tower are comparable with premium rates in the BGC area, with each square meter priced at up to P1,300 per month.
While locating in a green building comes at a premium cost, Mr. Sabidong said this will be offset by the tenants’ savings in operational costs.
“Mas mahal siya, pero ang (It’s more expensive, but the) ultimate operational cost, very significant naman ang saving mo. That is really the benefit of a green building. Health and wellness of the employees also,” Mr. Sabidong said.
The idea of sustainable buildings is in line with Arthaland’s commitment to be one of the best developers in the country, despite not having a large footprint.
“There’s the attention to detail. Because we are relatively small, we are able to be creative about the design, we are able to accept different approaches. We don’t do cookie cutter development, which if you have dozens and dozens of buildings you are relegated to a formula approach, which is never the approach of Arthaland,” Arthaland Vice-Chairman and President Jaime C. Gonzalez said.

Lindsay Lohan loses Grand Theft Auto appeal

NEW YORK — New York State’s highest court on Thursday rejected Lindsay Lohan’s appeal accusing the maker of Grand Theft Auto V of invading her privacy, concluding that video game characters that the actress said were based on her did not resemble her.
By a 6-0 vote, the state Court of Appeals called Take-Two Interactive Software, Inc.’s depictions “nothing more than cultural comment,” and said it owed Lohan no damages.
A spokesman for Lohan declined to comment. Her lawyer Frank Delle Donne was not immediately available for comment. Take-Two, based in New York, did not respond to requests for comment.
Lohan, 31, had objected to an alleged look- and sound-alike character, Lacey Jonas, who called herself “really famous” and an “actress slash singer” as she tried to hide from paparazzi.
She also objected to depiction of a blonde woman, shown in one image being frisked by a police officer, and in another wearing a red bikini and jewelry, taking a selfie with her cellphone and flashing a peace sign.
In Thursday’s decision, Judge Eugene Fahey said a computer image, or avatar, may constitute a “portrait” to support an invasion of privacy claim under New York civil rights law.
But he said Lohan could not prevail because Grand Theft Auto V merely depicted a generic “twenty something” woman, without any suggestion it was her.
“The amended complaint was properly dismissed because the artistic renderings are indistinct, satirical representations of the style, look, and persona of a modern, beach-going young woman that are not reasonably identifiable as plaintiff,” Fahey wrote.
In a separate order, the court dismissed similar claims against Take-Two by Karen Gravano, a star of the reality TV series Mob Wives, over another character.
Lohan’s movies include 1998’s The Parent Trap and 2004’s Mean Girls, but acting roles became harder to find following legal and other problems.
The Grand Theft Auto series has sold more than 275 million units. — Reuters

A Minute with: Lena Waithe as a ‘guy or a chick’ in Spielberg’s Ready Player One

LOS ANGELES — Actress, writer and producer Lena Waithe is enjoying a breakout moment in Hollywood.
The 33-year-old made history last year as the first black woman to win an Emmy for comedy writing for an episode of Netflix series Master of None that was inspired by her own coming-out story. Waithe also created Showtime series The Chi and stars in Steven Spielberg’s Ready Player One, a film about a digital world called the Oasis. In the movie, Waithe portrays a woman named Helen, a part-man, part-machine avatar named Aech, and a larger-than-life robot.
Waithe spoke to Reuters about Ready Player One, virtual reality, and women in Hollywood. The following are edited excerpts.
Q: What was your favorite part about this character?
A: The fact that she is masculine and feminine. I can be a guy and do things that guys do, behave in a way that maybe a guy would, in the Oasis. In the real, live-action world, I’m not that different. I just happen to be a girl. People may look at me and judge me differently, but my personality is pretty much the same. I can be a guy or a chick, but the personality is just as confident.
Q: Are you a fan of virtual reality now?
A: It is really cool. It’s a little scary too. It can be addictive. You can leave that thing on all day. But I definitely think it’s where we’re going.
Q: What will people learn about VR from this movie?
A: At the beginning of the film, everybody has their (VR) visors on. People are just going on about their day, but no one is looking at each other. No one’s talking to each other. It’s a really interesting metaphor for social media. They are communicating with each other, but in a virtual reality, so there is very little hand-on-hand contact. I think as humans we need that. We need to look at each other. We need to shake hands. There needs to be a bit of balance.
Q: In Hollywood, TV seems ahead of film in promoting women in front of and behind the camera. Why is that?
A: The movie business is an old one. (In TV), we feel like we can move a little bit faster and we can make changes quicker. If we hear there’s a problem, we can quickly go to set and make sure things are fine. — Reuters

What New Clark City can learn from Putrajaya

By Janina C. Lim
Reporter
PUTRAJAYA, MALAYSIA — More than two decades ago, Kuala Lumpur grappled with traffic congestion, similar to what Metro Manila continues to face today. The Malaysian government had noted traffic was affecting the operations of administrative government offices in the capital, prompting then-Prime Minister Mahathir bin Mohamad to propose the creation of a new city as a solution.
Putrajaya, whose name means “prince of success” in English, is now the federal administrative capital of Malaysia. Formerly the Prang Besar Estate of palm oil and rubber plantation, the planned “green” city spans 4,000 hectares.
“The city is built for the current generation but it will also support the future generation. This is where everything is accessible,” Putrajaya Holdings Sdn Bhd General Manager Mhd Zaini Mohd Mukhtar told Manila-based journalists while on a cruise along Putrajaya’s 650-hectare man-made lake last month.
The conception of the lake, considered Putrajaya’s jewel, has a history.
“When the first proposal was presented to the government at the time, a small lake was presented to the prime minister and cabinet ministers. The prime minister said, ‘No, I want a huge lake. I want to create an island.’ And that created this 38-kilometer waterfront development now,” the official added.
Putrajaya Holdings is a private company created by the Malaysian government to develop the city’s master plan and finance it. In return, the government leases its office buildings for 25 years, and will be transferred under its ownership. The company is also given commercial land in exchange for the development and design of the government infrastructure.
For the development, foreign contractors were tapped to develop areas such as wetlands, since Malaysian companies lacked the expertise to do so at that time.
Today, the wetlands play a big role in Putrjaya as it filters pollutants from the river upstream. Mr. Mukhtar said the filtration system alone cost around $200 million.
LEARNING BY EXAMPLE
Lessons from Putrajaya’s past would be crucial for MTD Capital Berhad, which is looking to replicate its success with its project in Clark Special Economic Zone through its local units AlloyMTD Holdings Philippines, Inc. and MTD Philippines, Inc.
For the firm, establishing a city requires more than allowing just offices and commercial spaces to thrive.
“You build a community around them. You put a park there, school, religious places. Later on, slowly but surely, put up places of interest,” said Patrick Nicholas P. David, president for both AlloyMTD Holdings Philippines and MTD Philippines.
That the Masjid Putra, the planned city’s most popular mosque, was one of the first infrastructure to rise, also speaks of Putrajaya Holdings’ awareness of the community for whom it is building.
In addition, Putrajaya has about 37.4% of its area devoted to parks and green spaces, well above the average 15% to 30% that real estate developers allocate for green spaces.
Mr. David, however, acknowledged that a lot has to be done to encourage people to move to New Clark City. He noted it would be a smart move for the government if it will be done in phases.
“You don’t want to paralyze Metro Manila. It’s like the pack up center for the entire country,” Mr. David said.
He noted the much-anticipated Southeast Asian games in November 2019 will serve as the company’s first effort to market the development.
The internationally certified sports complex will be part of the first phase or Phase1A of the so-called National Government Administrative Center (NGAC) which will span 40 hectares. It will consist of an stadium capable of seating 20,000 people; a hub for athletic and aquatic sports; and a village that can house athletes.
“When you introduce a city, it’s best you introduce it through an international event seen worldwide,” Mr. David added.
For Putrajaya, it took 20 years before it can populate itself with 100,000 residents — a figure which is expected to double within the next five years through the expansion of office spaces and other projects.
“In accelerating and creating more vibrancy of the commercial development, we have identified the area which is opposite the mosque as the new growth area, and the place to be as far as Putrajaya is concerned where we injected mixed development,” Mr. Mukhtar said, adding that it will consist of retail spaces, residential units, restaurants, among others.
“We hope to complete this by 2022, along with MRT station,” he added, referring to the Putrajaya Sentral MRT (Mass Rapid Transit) station.
Nestled about 20 kilometers between the Kuala Lumpur airport and the heart of the capital, Putrajaya’s strategic transport location made it a viable area for the new city.
A similar thinking is behind AlloyMTD Group’s vision for Clark’s NGAC as it complements other big-ticket infrastructure projects such as the expanded Clark International Airport and the Subic Clark Cargo Railway — both intended to provide transport interconnectivity not just in the province but in the whole country.
“Clark is on its way to becoming Asia’s next aerotropolis with the development not only of the airport, but the Clark Freeport as well, and the construction of the first smart, green, and resilient New Clark City (NCC),” Bases Conversion and Development Authority Senior Vice-President for Business Development and Operations Group Joshua M. Bingcang said in a recent statement.
For now, the Philippine company said it will still continue to develop the project “slowly but surely” and in accordance with the government’s master plan for New Clark City.

BSP targets to roll out clearing house for electronic transactions this month

By Melissa Luz T. Lopez
Senior Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) is targeting to roll out a clearing house for real-time payments this month, forming part of an industry-wide push towards electronic transactions.
BSP Deputy Governor Chuchi G. Fonacier said work on Instapay — a new clearing house that will process electronic fund transfers and payments — is in the final stages, with industry players expected to sign cooperation deals within April.
“The Instapay platform is scheduled to be rolled out mid of April 2018 which is within the target timeline,” Ms. Fonacier said in an e-mail interview. “So far, there are no problems encountered that might cause delays in implementation.”
According to the central bank’s plans, Instapay will clear electronic fund transfers (EFT) across banks and e-wallets in real time, focusing on low-value transactions worth below P50,000.
This would be the second clearing house after the Philippine EFT System and Operations Network (PESONet) rolled out in November.
Instapay is expected to be more high-impact in terms of processing money transfers, as it is expected to give a substantial boost for e-commerce. Clearing and settlement is expected to come in real-time, against the batch processing employed under PESONet.
Currently, banks signed up under PESONet carry out one batch run daily, which allows them to credit fund transfers by the end of the banking day to the intended recipient.
BSP Governor Nestor A. Espenilla, Jr. previously said the central bank has been embracing digital platforms for a more efficient financial system, citing the need for industry players to embrace cooperation while remaining competitive.
Last week, the BSP required all banks and financial firms to offer electronic payment channels for all clients which will be ready to process fund transfers within a matter of seconds, as part of the National Retail Payment System (NRPS) project spearheaded by the regulator.
The central bank targets to shift cash-heavy transactions to digital avenues via the NRPS, which they expect to help broaden access to financial services and spur increased economic activity.
The BSP targets to lift the share of digital payments to 20% of total transactions by 2020, coming from a measly 1% recorded in 2013. Offering e-payments is seen as the fastest way towards wider financial inclusion, with more Filipinos owning smartphones than those with access to bank branches nationwide.
Electronic money transactions in the Philippines totalled P1.1 trillion last year, marking an all-time high as more financial firms offered the digital services to consumers.
There were 11.4 million e-money accounts as of end-2017 — a rapid increase compared to 45.3 million Filipinos with bank deposit accounts, according to latest available central bank data.

Global-Estate Resorts profit up 56% in 2017

GLOBAL-ESTATE Resorts, Inc. (GERI) reported its net income attributable to the parent expanded by more than half in 2017, pushed by the development of its tourism estates.
In a regulatory filing, the leisure and tourism arm of Megaworld Corp. said it booked P1.5 billion in attributable profit last year, 56% higher than the P964 million it posted in 2016.
Revenues also grew 12% to P6.45 billion in 2017 against the P5.75 billion it recorded in the year before.
GERI attributed this increase to real estate sales — the largest contributor to revenues at over 70% — which rose 4% to P4.5 billion in 2017. The sales came from the company’s residential projects in Alabang West, Boracay Newcoast, and Twin Lakes in Tagaytay.
The company also noted in a statement that realized gross profits from prior years’ sales jumped by 112% to P819 million, as it completed more residential projects in 2017.
The rental income segment meanwhile grew by 54% to P161 million for the year, following the opening of Southwoods Mall in Southwoods City in Biñan, Laguna. Southwoods Mall is GERI’s first full-scale mall, which has cinemas, a food hall, and a supermarket.
The company plans on pursuing more leisure townships in the coming years to ensure its growth.
“In the next three years, we will be introducing more integrated lifestyle communities where nature becomes the focal point of our developments. Our existing land bank offers abundant nature reserves that we want to further nurture and preserve as part of our communities,” GERI President Monica T. Salomon said in a statement.
The listed firm currently has five tourism estates and two integrated lifestyle communities spanning over 3,000 hectares of land across the country.
Last year, GERI launched its latest integrated lifestyle community called The Hamptons Caliraya in Lumban-Cavinti, Laguna. The 300-hectare estate will house lakeside residential villages and villas, a town center, a shophouse district, and resort hotel district.
Shares in GERI were flat at P1.56 apiece at the stock exchange on Monday. — Arra B. Francia

Federal Land expands into San Juan

FEDERAL LAND, Inc. is expanding in San Juan City with the development of a residential condominium, One Wilson Square.
“San Juan City persistently strives to attain progress and we’re glad to be part of that. We are inspired to work with emerging cities that care for its people and its communities,” Federal Land President Pascual M. Garcia was quoted as saying in a statement.
One Wilson Square offers condominium units with private balconies. The tower’s top floors have as little as four units with at least 55-square meter decks.
Located at the corner of Ortigas Avenue and Wilson Street, residents of One Wilson Square will be near Greenhills Shopping Center, as well as schools and offices.
“Residents have route options to avoid traffic when heading to the areas of Quezon City, Manila, Mandaluyong, Makati and Pasig. Infrastructure developments underway such as the BGC-Ortigas Bridge will likewise make the property and the city more accessible,” Federal Land said.
A member of GT Capital Holdings, Federal Land has 45 years of experience in the real estate sector.
Federal Land, as well as Property Company of Friends, Inc. reported an aggregate net profit of P2.1 billion in 2017 after booking a combined 5% growth in consolidated revenues to P18.2 billion from P17.3 billion in the year prior.

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