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LRMC to push through with Cavite extension despite fare hike delay

LIGHT RAIL MANILA Consortium is seeking to raise fares at the Light Rail Transit Line 1. — PHILSTAR/EDD GUMBAN

By Denise A. Valdez
THE LIGHT RAIL Manila Corp. (LRMC) said it will push through with the construction of the Light Rail Transit Line 1 (LRT-1) Cavite extension project despite possible delays in the implementation of a fare hike.
“We are already committed to building the Cavite Extension. We have already issued the Notice to Proceed to the EPC (engineering, procurement and construction) contractors Bouygues and Alstom,” LRMC President Juan F. Alfonso told BusinessWorld in a text message on Thursday.
“We have completed the clearing operations for the pre-cast yard to give way to the plant where we will be fabricating the viaduct beams,” he added.
This comes after Transportation Secretary Arthur P. Tugade told reporters on Tuesday that he hopes the private concessionaire for the LRT-1 wouldn’t let construction of the Cavite extension rely on the approval of its fare hike.
“Dapat ‘wag nilang sabihin na yung extension sa LRT-1 depende sa rate increase [They shouldn’t say that the LRT-1 extension will depend on the rate increase],” Mr. Tugade said.
In July, the LRT-1 operator said the fare hike “will assure the construction of (the train’s) extension to Sucat, Las Piñas and Bacoor,” as banks would be more open to lend funds for the company if it can recover its investment.
But Mr. Alfonso noted its concession agreement indicates the government should allow a 5% increase in LRT-1 fares every two years.
LRMC filed an application to the Department of Transportation (DoTr) in March for a P5 to P7 hike in LRT-1 fares. It was supposed to be implemented within August, but Mr. Tugade said no public hearing has been conducted yet.
“Pinag-uusapan pa po yan, may public hearing pa po yan. Pagkatapos ng public hearing may publication, and then the decision making [It’s still under discussion, there will be a hearing. After the public hearing, it will be published, then the decision making],” Mr. Tugade said.
The Transportation secretary also said the government is not open to subsidizing any LRT-1 fare increase.
“Kasi hindi kami naniniwala sa subsidiya. Kung ikaw mag-nenegosyo sa gobyerno, dapat walang guarantee, walang subsidiya, walang contractual commitment [We don’t believe in subsidies. If you’re doing business with the government, they should be no guarantee, no subsidies, no contractual commitment],” Mr. Tugade said.
For his part, Mr. Alfonso said, “As far as fare hike is concerned, we are still applying and hoping to secure approval within the year.”
Metro Pacific Investment Corp. is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in BusinessWorld through the Philippine Star Group.

The veterans on the set

VETERAN performers Nora Aunor and Cherie Gil play grandmothers in the GMA drama Onanay. While this is not a new role for Ms. Aunor who essayed the role of Kris Bernal’s grandmother in another teleserye, Little Nanay, and is a grandmother in real life, this is all new for Ms. Gil.
“Playing Helena opposite Nora Aunor as Nelia and being directed by Gina Alajar is what makes this project special and unique,” said Ms. Gil. “Though I play the antagonist once again” — Ms. Gil is best know for her contrabida (villain) roles — “it touches on the deep love of a mother. Through the story I have the opportunity to express my character in a more human way though feisty. As any mother would probably be to protect her children at any cost,” Ms. Gil told BusinessWorld in an online interview.
“The big difference, I think, is that I am basically the grandmother to Natalie. This is a first for me. I don’t even have grandchildren in real life! Though as the story flows, that fact becomes a blur since Natalie recognizes me as her mother who raised her.”
CHEERFUL SET
Working in television is gruelling, with long hours spent waiting between takes. It is the company that can make all the difference in a happy set.
“We always look forward to seeing her on the set,” said Onanay’s Senior Program Manager Helen Sese about Ms. Aunor. “She is respectful towards the cast and crew, and is always a source of joy on the set. Sometimes, she would initiate a game, say by giving a quiz to the crew, then she would give a prize. She’s fun to be with.”
“Mababait at masaya ang mga kasama ko, kaya enjoy kami dito,” the superstar told BusinessWorld during a break on the show’s set.
“Magaling ang mga artista. Si Onay, magaling na artista. Magaling si direk Gina [Alajar] at si direk Aya [Topacio, 2nd unit director] (The staff and crew are nice and cheerful, we enjoy ourselves on the set. The actors are good. Onay [Jo Berry], is a good actress. We have skilled directors on set, both Gina and Aya).”
“Masaya ako na na naisipan nila akong kunin uli sa teleserye (I’m happy that they thought of tapping me for another teleserye),” said Ms. Aunor. — S.C. Agbayani

Local SMEs plan to increase exports outside Asia Pacific

TWO out of three small and medium enterprises (SMEs) in the Philippines are planning to continue or increase their export activities beyond Asia Pacific within the next 12 months, according to a study commissioned by FedEx Express.
The study “Global is the New Local,” which focused on the changing international trade patterns of small businesses in Asia Pacific, was based on interviews with senior executives of more than 4,500 SMEs (including 500 from the Philippines) between March and April 2018.
Based on the report, majority or 67% of SMEs in the Philippines aim to increase their exports outside Asia Pacific for the next 12 months, while 56% say they will raise exports within the region.
The FedEx Express study showed exports accounted for the bulk (89%) of the SMEs’ total annual revenues with a combined value of $1.4 billion, above the Asia Pacific average of 71%.
Majority of SMEs surveyed (69%) currently export within Asia Pacific, particularly China, Singapore and Hong Kong. More than half of the SMEs (53%) export outside Asia Pacific, with India and the United States the top markets.
The report also showed SMEs source 41% of supplies abroad, with some respondents noting the higher quality of imported materials.
Around 55% of SMEs surveyed anticipate the value of their imports to rise further in the coming year.
However, the FedEx Express study cited local SMEs’ most common challenges are — customs procedures (66%) and logistics issues (53%) in both exports and imports.
E-COMMERCE
At the same time, the study showed 96% of SMEs in the Philippines use e-commerce, which generate 52% of their total revenues.
Majority (73%) of Philippine SMEs expect their e-commerce business to increase in the next year. The study also showed 89% of the SMEs are using mobile commerce, with 74% saying they see higher mobile commerce revenues in the next 12 months.
Social media is likewise being used as a tool by 95% of SMEs surveyed, which they say account for 48% of their revenues.
“When I look at the results from the survey, it says that over 90% of SMEs are using either e-commerce, mobile commerce or social commerce,” FedEx Express Managing Director for the Philippines John D. Peterson said in a media briefing in Makati City on Thursday.
“The SMEs in the Philippines are now competing against SMEs in France, SMEs in Vietnam. So you want to make sure that the platforms they have are competitive so they can continue to compete,” he added.
Mr. Peterson noted mobile commerce is important in helping SMEs, particularly in the Philippines where government data shows 77.4% don’t have access to bank accounts.
“These mobile payments are allowing young entrepreneurs that don’t have bank accounts to be able to access market that they normally wouldn’t be able to reach. So what I would say is, what the study has found is SMEs in the Philippines are embracing the new technologies at a very high rate,” he said.
“The Philippine SMEs are embracing the technology. It’s giving them now a level playing field…. It’s breaking down the borders and allowing the cross border trade from the Philippines,” Mr. Peterson added. — D.A.Valdez

Security Bank sets up $1-B note facility

SECURITY BANK Corp. is looking to tap international debt markets. — AFP

SECURITY BANK Corp. has set up a medium-term note (MTN) facility of up to $1 billion as it seeks to tap offshore capital markets for financing.
In a regulatory filing on Thursday, the listed lender said it has established an MTN program worth $1 billion or its equivalent in other currencies. The program is expected to be listed on the Singapore Stock Exchange.
Security Bank has mandated Citigroup, CLSA, MUFG and UBS as joint lead arrangers for the program.
With the establishment of the note facility, the lender said it will “gain the flexibility to tap the international debt capital markets” which is subject to market conditions.
The MTN program will broaden the base of Security Bank for fund raising. The notes are offered on a continuing basis until the ceiling is reached.
Global debt watcher Moody’s Investors Service has assigned a (P)Baa2 long-term foreign currency senior unsecured rating to Security Bank’s note issuance, matching the debt rating of the Philippine government and a notch above the minimum investment grade.
Moody’s said the rating reflects the baa3 baseline credit assessment of the bank, underpinned by its “above-industry-average asset quality and strong capital buffers, boosted by a capital infusion from its new strategic partner, MUFG Bank, Ltd.”
In April 2016, Security Bank received additional capital of P36.9 billion from the Japanese lender.
In turn, the local bank issued the foreign lender 150.7 million common shares and 200 million preferred shares, representing MUFG Bank’s 20% ownership of the bank.
Recently, local banks have been conducting various fundraising activities to expand their networks and beef up their capital buffers.
On Wednesday, Bank of the Philippine Islands raised $600 million through a drawdown from its $2-billion MTN program, which fetched a 4.25% coupon.
Philippine National Bank and Rizal Commercial Banking Corp. have also tapped the foreign debt market recently, raising $300 million and $150 million, respectively, from their own medium-term note facilities.
Security Bank booked a net income of P4.3 billion in the first semester, down 18% from the year-ago level primarily due to a continued decline in trading gains.
Shares in Security Bank closed unchanged at P199.90 apiece on Thursday. — Karl Angelo N. Vidal

Facebook takes its Watch video service international

LONDON — Facebook is rolling out its Watch video service globally one year after it launched in the United States with original entertainment news and sports content to compete with platforms like Alphabet Inc.’s YouTube.
Facebook’s Head of Video Fidji Simo said Watch was gaining real momentum in a crowded marketplace because it was built on the notion that watching videos could be a social activity.
“Every month more than 50 million people in the US come to watch videos for at least a minute on Watch, and total time spent watching video on Facebook Watch has increased by 14 times since the start of 2018,” she told reporters.
“With Watch … you can have a two-way conversation about the content with friends, other fans or even the creatives themselves.”
Facebook said eligible creators would be able to make money from their videos using its Ad Breaks service in Britain, Ireland, Australia and New Zealand as well as the United States from Thursday, with many more countries set to follow.
Simo said publishers were making “meaningful revenues” from its automated video advertising system on the platform, which has featured shows such as beauty mogul Huda Kattan’s Huda Boss and live Major League Baseball games.
“We know it’s been a long road but we’ve worked hard to ensure that the Ad Breaks experience is a good one for both our partners and our community,” she said.
Ad revenue will be split 55% for the content creator and 45% for Facebook, the same ratio as in the United States, Simo said.
Publishers need to have created three-minute videos that have generated more than 30,000 one-minute views in total over the past two months and must have 10,000 followers to participate in Ad Breaks, Facebook said.
Simo said Facebook was working on a variety of other options for creators to make money, such as branded content and the ability for fans to directly support their favorite creators through subscriptions.
“(Fan subscription) is something that is rolled out to a few creators now, but we are planning on expanding that program soon,” she said. — Reuters

Property firm gets P2-B loan from BDO

ISOC Holdings, Inc. has secured a P2-billion loan facility from BDO Unibank, Inc., which will be used for its property unit’s mixed-use project in the Bay Area.
In a statement issued Thursday, BDO said it has signed a loan agreement with ISOC Land, Inc. on Aug. 28, opening the loan facility for the company’s development of the iLand Bay Plaza.
The 12-storey mixed used project located along Macapagal Boulevard in Pasay City will offer 23,541 square meters (sq.m.) of commercial office and retail space. The company is targeting business process outsourcing and knowledge process outsourcing firms to locate in the building, banking on the demand for office spaces in the Bay Area.
The company is designing iLand Bay Plaza to be a green office building, with an intelligent building management system and 24/7 back-up power supply, suited for the demands of outsourcing firms.
ISOC Land started construction on the P2-billion project last April, with completion targeted by February 2021.
The iLand Bay Plaza marks ISOC Holdings’ foray into the property sector. The company also holds interests in logistics through ORCA Cold Chian Solutions, power, and infrastructure.
ISOC Holdings is chaired by businessman Michael C. Cosiquien, who is one of the founders of listed construction conglomerate Megawide Construction Corp. Mr. Cosiquien left his post as Megawide’s chairman last December to focus on his family’s cold storage business. Mr. Cosiquien remains to be a director of Megawide.
The company’s infrastructure unit ISOC Infrastructures, Inc. last July submitted an unsolicited proposal to the Department of Information and Communications Technology to build 25,000 common cell towers for P100 billion in a span of seven years. ISOC Infrastructure pegged the initial investment at P20 billion in the first three years.
The infra unit appointed OCK Vietnam Pte. Ltd. as the technical tower for the project.
In December 2017, ISOC Holdings acquired a 175.4 million common shares in listed firm AG Finance, Inc. for P380 million. This gave the company a 67% stake in AG Finance.
ISOC Holdings has since changed AG Finance’s name to Ferronoux Holdings, Inc., as well as its primary purpose to that of a holding firm with a secondary purpose of mining and smelting operations. The company was reported to be used for a potential backdoor listing, in line with the company’s plan to diversify and expand the business.
AG Finance previously operated as a financing company which provides short-term, unsecured credit facilities to permanent rank and file employees of medium-sized companies. The company has stopped all lending activities after ISOC Holdings took over. — Arra B. Francia

Employers signal acceptability of service incentive leave bill

THE Employers Confederation of the Philippines (ECOP) said a bill doubling the service incentive leave (SIL) of regular employees to 10 days is “tolerable” for its membership because the measure represents a non-cash benefit that will not worsen inflation.
“An additional five days of leave is more tolerable. The reason is it is not inflationary and does not involve additional cash out. If ever it’s equivalent to declaring additional holidays,” ECOP chairman Sergio R. Ortiz-Luis, Jr. told BusinessWorld in a phone interview Thursday.
His remarks follow the third-reading approval of House Bill 6770, which increases the SIL to 10 days, amending Article 95 of Presidential Decree No. 442, or the Labor Code of the Philippines.
He said that in general, ECOP does not favor Congressional intervention in the labor market, such as bills seeking to increase minimum wage, or to impose 14th-month pay.
“(Legislators) think it’s benefitting the most number of workers. They cherry pick, especially sectoral representatives, (from labor practices in) other countries and they try to put it here, driving our costs higher,” Mr. Ortiz-Luis said.
He said additional costs for employers ultimately hurt minimum wage earners.
Labor groups, meanwhile, welcomed the passage of the bill, with the Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) expressing hope it will be enacted by year-end.
“The SIL is one of the non-wage benefits given by employers to employees as a form of gratitude for the years of service rendered to make the company or business grow and thrive,” ALU-TUCP Spokesperson Alan A. Tanjusay told BusinessWorld in a phone message.
“Once it is enacted, it will motivate workers to be more productive in their work and remain loyal to the company,” he also said.
Another labor group, the Kilusang Mayo Uno, said the measure lacks a “clear mechanism” for its implementation.
“Any positive proposition to improve the workers’ lot is a welcome development,” KMU national chairman Elmer C. Labog said in a phone message. “On the other hand, there should be a clear mechanism to implement such positive decisions for workers.”
The bill, if enacted, will entitle employees with at least one year of service to 10 days of paid SIL every year.
The bill does not affect employees already enjoying 10 days of paid vacation leave, or workers in establishments operating with less than 10 employees. — Charmaine A. Tadalan

Citi among nine banks winning dismissal of bond-rigging suit

NINE OF THE biggest banks won dismissal of a lawsuit claiming they rigged the market for bonds issued by government entities and institutions like the World Bank, after a judge said the investors who sued didn’t show how the alleged collusion caused them to pay higher prices for the securities.
Investors in the market for supranational, sub-sovereign and agency debt — often called SSA bonds — sued almost a dozen banks in 2016, alleging they fixed prices that were quoted to clients, steered business to one another and shared confidential information with each other. The market could range from $9 trillion to $15 trillion, according to data compiled by Bloomberg.
US District Judge Edgardo Ramos in New York tossed out the suit against the banks still remaining in the case — Barclays Bank Plc, Credit Agricole SA, Citigroup Inc., Credit Suisse Group AG, HSBC Holdings Plc, Nomura Holdings Inc., Royal Bank of Canada, Toronto-Dominion Bank and BNP Paribas SA. In a ruling posted Tuesday, Ramos said the investors had failed to show how any specific transaction had harmed them.
The plaintiffs presented Ramos with evidence of about 150 chats allegedly in which bankers and unknown counterparties allegedly discussed manipulating transactions, and asked the judge to infer that the transactions were tainted.
“This, by itself, is insufficient for the court to reasonably draw such an inference,” Ramos said.
It’s possible the suit may eventually survive, however. The judge said the plaintiffs could file a new complaint with more specific allegations — something that Dan Brockett, the plaintiffs’ lawyer, said they would do.
Bloomberg Intelligence analysts Jennifer Rie and Elliott Stein said the plaintiffs have a good chance of fixing the errors that were highlighted by Ramos in an amended complaint and defeating the next round of motions to dismiss the suit.
The banks either declined to comment on the decision or didn’t respond to messages seeking a response.
The claims in the suits resemble those made against banks over alleged manipulation of other markets, including currencies, interest-rate derivatives and precious metals, some of which have led to multibillion-dollar settlements, penalties and criminal prosecutions. Bloomberg has previously reported that the US Justice Department is conducting a criminal probe into whether the SSA market was rigged, and that regulators in the UK and Europe were also looking into the matter. At least three banks have disclosed receiving inquires on it from regulators.
SSA bonds are mostly illiquid and trade privately between banks and customers, which gives the financial firms an advantage when pricing them. The bonds have higher ratings due to guarantees they carry, and investors like them because they are perceived as higher-quality assets similar to government debt.
The judge didn’t rule on the merits of the case and said only that the investors had failed to file a sufficiently detailed complaint. Bank of America Corp. and Deutsche Bank AG previously agreed to pay a combined total of $65.5 million to settle the claims.
The case is In Re SSA Bonds Antitrust Litigation, 16-cv-3711, US District Court, Southern District of New York (Manhattan). — Bloomberg

Soap opera tackles mental disability and fatherhood

KEN CHAN plays a man with mild autism who suddenly becomes a father in My Special Tatay.

STARTING Sept. 3, GMA Network will be airing an afternoon series featuring a man with an intellectual disability who suddenly becomes a father.
Titled My Special Tatay, the series stars Ken Chan as Boyet, a man with a mild intellectual disability with mild Autism Spectrum Disorder whose mental age stopped at the age of 12 and who must now face his newfound responsibilities as a father to a son he had with a childhood friend.
Joining Mr. Chan in the show are Jestoni Alarcon as Edgar, Boyet’s father; Teresa Loyzaga as Olivia, Edgar’s legal wife; Maria Luz “Lilet” Jodloman-Esteban as Isay, Boyet’s mother; Arra San Agustin as Carol, Boyet’s best friend; and Rita Daniela Iringan as Audrey, Boyet’s childhood friend whom he gets pregnant.
Also in the cast are Carmen Soriano, Candy Pangilinan, Matt Evans, Empress Schuck, Valeen Montenegro, Jillian Ward, Bruno Gabriel, JK Giducos, and Ashley Rivera.
The network had previously aired a similar series on prime time in 2015 called Little Nanay featuring Kris Bernal as a girl with intellectual disability who gets pregnant by a childhood friend.
While both series have the same premise — even My Special Tatay’s director, Lord Alvin “LA” Madridejos, acknowledged that both series are similar — My Special Tatay departs from Little Nanay based on the severity of the conditions of the characters (Ms. Bernal’s was on the severe side of the autism spectrum while Mr. Chan’s is on the mild side).
Mr. Madridejos also worked on the set of Little Nanay which he said probably led to why he was chosen to helm this project.
But despite having worked on a similar series previously, Mr. Madridejos acknowledged that doing a show like this is challenging and requires a lot of fine-tuning.
“Unlike other soap operas where one can cry whenever the scene asks for it, there’s a limit to the kinds of emotions Ken can show because of his character’s condition,” he said in vernacular, adding that during the early days of shooting, they had to do four versions of a single scene featuring Mr. Chan’s character
“It’s time-consuming (and difficult for Mr. Chan) but it’s the bitter pill we have to take — we’d rather do it meticulously than spot the errors only when the episode is aired,” he explained.
The show has a psychiatrist consultant present during creative meetings to ensure proper representation of the special character.
“We have to do what’s right because otherwise, we might misrepresent [the people with intellectual disabilities],” Mr. Madridejos said.
My Special Tatay starts airing on Sept. 3 on GMA’s Afternoon Prime block. — Zsarlene B. Chua

Emerging market equities hover near bear territory

MOST EMERGING equity markets are hovering near bear territory after sharp declines since hitting highs in January, and appear set for fresh lows as the simmering US-Sino trade war and rising US yields undermine them.
Twenty out of 23 emerging market stock indexes are trading below their 200-day moving average, a technical analysis showed, suggesting further downside risks to these markets.
China has the worst ratio, with 88% of its companies trading below the 200-day moving average, followed by the Philippines and Poland.
Analysts consider the percentage of stocks trading above or below 200-day moving average as an indicator of strength or weakness of the underlying market.
Another signal that analysts look to confirm a bear market is whether stocks have declined 20% from their year-highs.
Turkey’s 100 share index has fallen about 25% after reaching its year-high in January, while China’s Shanghai Composite index is down 23% from its high.
MSCI’s widely tracked emerging market index has fallen 18% from its January high, based on Monday’s close. — Reuters

China considers measures curbing work harassment

BEIJING — China is considering introducing measures to tackle sexual harassment in the workplace in a civil code draft submitted to the country’s top legislature on Monday, state news agency Xinhua reported.
In recent weeks, the #MeToo movement has escalated in China with accusations of sexual assault spreading across social media in a country where such problems regularly have been brushed under the carpet.
The draft code put forward “clear rules” focused on the “intense problem of sexual harassment” reflected throughout society, Xinhua said on Tuesday.
Victims can demand perpetrators “assume civil liability” according to law for committing sexual harassment through words or actions, or by exploiting someone’s subordinate relationship, Xinhua said, citing the draft rules.
The measures would also require employers to take reasonable measures to prevent, stop, and deal with complaints about sexual harassment, the report added.
The news agency cited a state legal scholar as saying the rules would hold employers responsible to victims if they did not establish mechanisms to prevent sexual harassment, but it did not give more details.
The draft, which is part of a wider civil code, was presented to the National People’s Congress (NPC) Standing Committee, which is expected to run until Friday, according to Xinhua.
The formulation of this part of China’s civil code is expected to run until 2020, the report said, citing Shen Chunyao, who heads the Legislative Affairs Commission under the NPC Standing Committee, meaning the rules, pending revisions, would not become law for more than a year.
The catalyst for a Chinese #MeToo-style movement came in December last year when a U.S.-based Chinese software engineer published a blog post accusing a professor at a Beijing university of sexual harassment.
The fledging movement in China speaks to a changing mindset among the country’s younger generation, and millions of social media users have ensured that any news, scandals and grievances spread quickly, stoking heated online debate about sexual misconduct and what constitutes consensual sex or rape.
Accusations about prominent Chinese figures also present a challenge for the government, which has censored some but not all of the social media posts. — Reuters

Insurance Commission junks PGA, Marsh cases

THE INSURANCE Commission (IC) junked the complaints filed by Prudential Guarantee and Assurance, Inc. (PGA) and Marsh Philippines, Inc. against each other for allegedly breaching insurance laws.
In a statement on Thursday, Insurance Commissioner Dennis B. Funa signed an order dated Aug. 29 dismissing the complaints filed by non-life insurer PGA against the Marsh Group and the one filed by reinsurance broker Marsh Philippines against PGA following a joint motion to withdraw complaints filed by both parties before the IC.
Based on the joint motion, PGA and the Marsh Group said the allegations against each other stemmed from “an innocent misunderstanding and misappreciation of facts.”
“According to PGA and the Marsh Group, they have reconciled their differences involving any and all incidents involved in cases pending before the Insurance Commission and have entered into an amicable settlement and resolution,” the IC added.
Mr. Funa welcomes the positive development regarding the issue, saying the administrative proceedings before the commission have been pending for almost a year.
“We are pleased that PGA and the Marsh Group were able to [amicably] resolve this matter in a relatively short…period,” Mr. Funa was quoted in the statement.
In both complaints, the parties were accused of “having committed acts constituting violations of insurance laws, rules and regulations.”
Late last year, PGA counsel Jose A. Bernas urged the IC to investigate the Marsh Group, saying that Marsh offered airline Cebu Pacific of a reinsurance package through a “fronting insurer.”
“Both parties have a good reputation in the insurance industry not only locally but internationally and the settlement of their disputes is a positive development,” Mr. Funa added.
PGA was the third-biggest non-life insurer in the country in asset terms with P13.07 billion as of end-2017, data from the IC showed.
Marsh Philippines is a licensed insurance and reinsurance broker, a wholly-owned subsidiary of Marsh & McLennan Companies, Inc. — K.A.N. Vidal

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