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CLI shifts unused FOO proceeds to project dev’t

LISTED property developer Cebu Landmasters, Inc.’s (CLI) board approved a move to reallocate the unused proceeds from its recent follow-on offering (FOO) to project development as part of the company’s expansion efforts.

The FOO proceeds, valued at P3.66 billion, will now be used for land acquisitions, project development expenditures, and general corporate expenses, CLI said in a regulatory filing on Thursday.

Of the total, P1.91 billion will be used for land acquisitions, P1.35 billion for project development expenses, and P395.46 million for general corporate expenses.

“These opportunities have emerged as critical components of the company’s expansion strategy. The original allocation of these proceeds was intended for specific projects that have since secured committed financing through approved term loans or are in the advanced stages of obtaining such financing,” CLI said.

According to CLI, the re-allocation allows the company to “leverage its financial flexibility to seize high-priority growth opportunities that align with its long-term objectives.”

“This reallocation is consistent with CLI’s ongoing commitment to prudent financial management and its strategic focus on maximizing shareholder value,” it said.

In April, CLI raised P4.28 billion from its FOO, which consisted of four-year Series A-1 shares and seven-year Series A-2 shares. Series A-1 shares had a dividend rate of 7.585% per annum, whereas Series A-2 shares were priced at 8.25% per annum.

The shares are listed on the Philippine Stock Exchange.

For the first half, CLI recorded a 24% jump in its attributable net income to P1.7 billion as revenue increased by 24% to P11.31 billion.

The company’s net income grew through ongoing construction progress, a substantial rise in hotel and leasing revenues, an increase in new units qualifying for revenue recognition, and a one-off lot sale.

CLI is a property developer in Visayas and Mindanao. Its portfolio includes residences, offices, hotels, resorts, mixed-use developments, and townships.

On Thursday, CLI shares were unchanged, ending at P2.60. — Revin Mikhael D. Ochave

Lean hiring

I read your article on the shortlisting of the top three job applicants. Does it apply only to management jobs or all kinds of jobs? What’s the best procedure? — Wind Blown

Creating a shortlist of candidates is not easy or simple. It’s not about identifying the top three candidates and going through another vetting round. It’s more than that. First and foremost, you must come up with a game plan for hiring the best possible candidates for the job in the shortest possible time.

The key is process improvement. That’s the reason why I’ve been promoting the application of kaizen to everything we do, including all support functions like human resources (HR), marketing, accounting, and many more.

Kaizen and lean thinking are two important management principles that should not be monopolized by manufacturing. One such solution is lean hiring.

Lean hiring is the proactive search for recurring issues and eliminating all non-value-adding things to ensure the effective and efficient delivery of services to employees and job applicants. It’s a holistic approach. Think of how each work step is performed. Understand the logic of each work step. Then eliminate the steps with no value.

This applies to all positions, regardless of rank, with certain exceptions for executive posts that are difficult to fill.

LEAN HIRING
An ideal recruitment plan includes a policy and procedure that will help HR do its job in searching, vetting, choosing, and onboarding to ensure that a candidate becomes suited, motivated, and dedicated to the organization. However, such a plan must be well-studied to ensure that every work step is efficient and effective. Consider the following points:

One, define the job and ideal candidate’s attributes. This means preparing the job description, its performance standards, and the qualifications of the person who will be assigned to perform it. It also includes the pay grade, job title, and responsibilities.

Two, hire people from within the organization. A promotion from within policy is the most effective and efficient way to fill a vacancy. Applicants can also be sourced from affiliates and sub-contractors. Preference should be given to internal candidates, who are easier, faster, and more cost-efficient to onboard compared with external candidates.

Three, announce the vacancy to attract external candidates. You can only do this if there are no qualified internal applicants or if they are not interested. This happens when a certain job requires certain mental and physical attributes, like having an extrovert personality, energy, and persuasiveness for a sales position.

Four, choose the right media announcement channel. Today, the fastest and most cost-efficient way to advertise vacancies is through social media. For executive, confidential, and highly-sensitive management positions, the search may be done with the help of headhunters, and print advertising in business papers, if not by word of mouth.

Five, manage the applicant responses. If you’re expecting a large volume of applicants, it is best to state the salary range and insert a footnote in the ad stating that only qualified applicants will be contacted for an interview. Don’t accept walk-in applicants as they can wreak havoc on your schedule.

Six, use a hybrid interview process. All curriculum vitae (CV) must be sent via the HR’s e-mail address. There’s no need for applicants to submit other documents. Do a paper review of the CVs. Then, conduct an online interview for those who pass the review. Next, schedule those with the highest chance of being selected for in-person interviews.

Seven, prepare a shortlist of the top three candidates. Inform the candidates that they are on the shortlist without informing them of their “podium” standing. This is the time to request soft copies of documents like transcripts, diplomas, employment certificates, government licenses, and training certificates, among others.

Eight, choose the number one candidate. Invite the candidate to visit your office to personally fill the company’s application for employment, which should include their consent to your conducting a background verification, subject to compliance with data privacy laws. Maximize the time by explaining the job offer and preparing the person for the onboarding process.

Nine, get the candidate to sign the contract. This includes the starting pay and benefit package, the start date, and tenure of the contract, whether it is for a fixed, project employment or regular position that may require passing a probationary period. It could also mention the possible pay increase should the candidate pass probation.

Lean hiring is a key strategic activity that can spell the difference between the success and failure of an organization. The idea is to hire the best people in the shortest possible time using a robust system that eliminates repetitive and wasteful procedures.

 

Bring Rey Elbo’s Kaizen Blitz Workshop to your organization and solve problems with tried and tested low-cost solutions under local context. Contact him on Facebook, LinkedIn, X, or e-mail elbonomics@gmail.com or via https://reyelbo.com.

How much did each commodity group contribute to August inflation?

INFLATION SLOWED, as expected, to a seven-month low in August due to a moderate rise in food and a decline in transport costs, making the case for the Philippine central bank to deliver more interest rate cuts next quarter to boost economic growth. Read the fulll story.

How much did each commodity group contribute to August inflation?

The Right to Food: Asia’s path to ensuring a sustainable future

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE right to food is a fundamental human right recognized internationally. It ensures that every individual has access to adequate food that is nutritious and safe, enabling a healthy and active life. This right is not merely about ensuring enough food to avoid hunger but extends to providing sustainable access to diverse, culturally appropriate, and nutritious food sources. Promoting the right to food is essential for achieving broader social, economic, and political stability, particularly in regions like Asia and the Pacific, where food insecurity and malnutrition remain pressing issues.

In Asia, the situation of food insecurity is alarming. According to recent reports by the Food and Agriculture Organization of the United Nations (FAO), around 418 million people in Asia are undernourished, with significant numbers of children suffering from stunted growth due to chronic malnutrition. The FAO has been at the forefront of efforts to promote and protect the right to food, highlighting its importance as the theme for World Food Day in 2024. This year marks the 20th anniversary of the Voluntary Guidelines to support the progressive realization of the right to adequate food in the context of national food security, adopted by nearly all countries in the Asia-Pacific region. These guidelines provide a comprehensive framework for governments to ensure that food systems are sustainable, inclusive, and resilient.

Several countries in the Asia-Pacific region have taken significant legal and policy measures to promote and protect the right to food and reduce these alarming numbers. India, for example, has strengthened its food security measures by introducing the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) in 2020, providing free food grains to millions of families affected by the COVID-19 pandemic.

In the Philippines, the “Zero Hunger” program, launched in 2020, includes a mix of direct interventions, such as school feeding programs, improving agricultural productivity, and ensuring food supply chains are resilient to shocks. The government also passed the “Community-Based Monitoring System Act,” to better track and address food insecurity and poverty at the local level.

Bangladesh has also made strides in ensuring food security through its National Social Security Strategy, updated in 2020, which incorporates various social safety net programs aimed at reducing hunger and malnutrition among the poorest households.

Vietnam has adopted the National Action Plan on Zero Hunger, initiated in 2021, focused on improving nutrition among children, and enhancing food security through sustainable agricultural practices and increased investment in rural development.

These initiatives demonstrate tangible positive impacts, including improved health outcomes, reduced child malnutrition rates, and increased food security among vulnerable populations. They underscore the importance of legal frameworks and policies that prioritize food access and nutrition.

The right to food encompasses more than just access to food. It involves non-discrimination, ensuring that marginalized groups have equal access to food resources. It also includes the participation of people in decision-making processes regarding food policies, empowering them to influence the policies that affect their lives directly, and encourages the consumption of nutritious and culturally appropriate food.

Ensuring the right to food means placing people at the center of agriculture and food systems policies and programs. It requires governments to create enabling environments where everyone can achieve food security and improve their quality of life.

Asia, home to more than half of the world’s population, plays a crucial role in shaping the future of global food security. Ensuring the right to food is not only a moral obligation but a necessity for sustainable development. By adopting inclusive policies and strategies that address the root causes of food insecurity, Asian countries can pave the way for a more equitable and sustainable future.

 

Juan Echanove is the Right to Food Lead of the Food and Agriculture Organization of the United Nations.

Next-gen leaders: Shaping the future of business

SharePHIL’s annual summit with the theme “Next-Gen Reshaping the Future of Business” was held recently at Dusit Hotel. The speakers were Dennis Zamora, president of Nickel Asia Corp. (NAC); Pammy Olivares-Vital, president of Ovialand; and Francis Consunji-Gotianun, SVP at Filinvest Hospitality Corp. Union Bank of the Philippines, Inc.’s EVP and incoming president Anna Aboitiz-Delgado was a panelist, with Doris Dumlao-Abadilla of the Philippine Daily Inquirer as a reactor.

Dennis spoke on the topic of “Pioneering Responsible Mining,” Dennis said NAC’s history started with a “mistake” or “a blessing in disguise” as in the 60s, Atty. Manny Zamora, Dennis’ dad, sent a geologist instead of a forester to check on denuded Rio Tuba, Palawan, who then discovered a vast deposit of nickel ore. Today, NAC is the largest nickel producer in the Philippines and one of the largest in the world. NAC is Asiamoney’s Most Outstanding Company in the Philippines in the Materials Sector and FinanceAsia’s Best Basic Materials Company.

NAC has always been about people, said Dennis, and is led by a team of distinguished experts from different industries known for their integrity, citing former NAC Chairman Jerry Brimo and its new chairman, former Secretary of Finance and Energy Lito Camacho. For his part, Dennis took over as NAC president during the pandemic. He ensured constant communication with the staff to know if they were safe and assured them that their needs would be attended to.

The mining industry deals with finite resources, so the challenge, said Dennis, is to ensure that their operations and communities they operate in remain sustainable. To further contribute to sustainable growth, NAC is into renewable energy. NAC considers itself a problem solver by addressing the transition to electric vehicle use and the transition to clean energy in the Philippines. NAC is serious about its commitment to responsible mining and sustainable practices. Sustainability is an integral part of the business and is the right thing to do. And Dennis is open to tell NAC’s story as a responsible mining and sustainable company. He said: “There is no monopoly when it comes to sustainable practices; that’s why we are always open for collaboration. It’s this openness that helps us improve the standards of our operations.”

Pammy, representing the real estate sector, spoke on the “Innovative Approach to Home Building and Effective Leadership.” She said, “every home served is a symbol of the Filipino fortitude, and we are grateful to be able to serve them in one of their milestones: our own contribution to nation-building, one home at a time.” Her happy childhood in their own home inspired her to have the mission of providing affordable and comfortable homes. Conglomerates that do strategic planning in five-star hotels was her model — for Ovialand, it’s in Chowking! She values and invests in people. Recently, she brought her whole staff to Hong Kong to broaden their horizons and help them become better leaders.

Francis talked about “Tourism’s Vital Impact on Nation building.” He said, “relevance is achieved by consistently delivering topnotch service, offering thoughtful products, knowing the current and emerging trends with changing Filipino demographics, and creating memorable experiences that truly delight our guests.” Well-educated and experienced, Francis is fit where he is as a Filinvest executive. Someone remarked that he could have chosen any Consunji company, too.

Representing the banking industry, Ana said that “the business landscape now is very different. A company should not only focus on improving its product but also package itself as an employer. Communicate your purpose. What are you trying to achieve and why should other people be part of this journey? It’s about co-creating a meaningful solution.” She actually questioned her being in the family company, so she left and worked in Citibank where she was promoted twice and realized she can make strides on her own.

These next-generation leaders are well educated, hardworking, grounded, not entitled, and they work doubly harder. Doris said “they embody purpose-driven leadership in a complex environment despite being born into money. Their journey wasn’t easy, and they had to prove themselves. They have the potential to make even more meaningful contributions to the economy.”

SharePHIL trustee Ben Teehankee also commented: “These next-gen have wisdom beyond their age.” His co-SharePHIL trustees Mignon Ramos and Romy David echoed this sentiment. The next-gen leaders give us hope for the future!

The views and opinions expressed above are those of the author and do not necessarily represent the views of FINEX.

 

Flor G. Tarriela is PNB board adviser, independent director of LTG and Nickel Asia. The first Filipina vice-president of Citibank N.A, she was former undersecretary of Finance. An environmentalist, she founded Flor’s Garden in Antipolo, an events destination.

Major book publishers defeat Internet Archive appeal over digital scanning

FREEPIK

NEW YORK — A US appeals court sided with four major book publishers that accused the nonprofit Internet Archive of illegally scanning copyrighted works and lending them to the public online for free and without permission.

The 2nd US Circuit Court of Appeals in Manhattan agreed with Hachette Book Group, HarperCollins Publishers, John Wiley & Sons, and Penguin Random House that the archive’s “large scale” copying and distribution of entire books did not amount to “fair use.”

Publishers accused the nonprofit of infringing copyrights in 127 books from authors like Malcolm Gladwell, C.S. Lewis, Toni Morrison, J.D. Salinger and Elie Wiesel, by making the books freely available through its Free Digital Library.

The archive, which hosts more than 3.2 million copies of copyrighted books on its website, contended that the library was transformative because it made lending more convenient and served the public interest by promoting “access to knowledge.”

But in a 59-page decision on Wednesday, Circuit Judge Beth Robinson said the archive merely supplanted the original books rather than transform them into “something new.”

She said making books available for free harmed publishers and would “undoubtedly negatively impact the public,” by taking away the incentive for many consumers and libraries to pay for books and for many authors to produce new works.

Robinson quoted a declaration from Sandra Cisneros, who wrote the best-selling novel The House on Mango Street, that finding her works available for free online “was like I had gone to a pawn shop and seen my stolen possessions on sale.”

The Internet Archive was appealing a March 2023 ruling from US District Judge John Koeltl in Manhattan.

“We are reviewing the court’s opinion and will continue to defend the rights of libraries to own, lend and preserve books,” said Chris Freeland, the archive’s director of library services.

Maria Pallante, president of the Association of American Publishers, said the decision “reinforced the indispensable role of authors and publishers in society” and was a major victory for authors, publishers and readers.

The Internet Archive limits lending from its Free Digital Library to one “checkout” for each physical book in storage.

It temporarily expanded lending in 2020, allowing checkouts by up to 10,000 users at a time, when the COVID-19 pandemic caused mass closures of schools, libraries and bookstores.

The expansion ended on June 16, 2020, two weeks after the publishers sued. — Reuters

Century Pacific Food boosts coconut processing capacity with Coco Harvest acquisition

LISTED Century Pacific Food, Inc. (CNPF) is acquiring 100% interest in Coco Harvest, Inc. as part of its ongoing expansion of its coconut processing capacity.

The acquisition and investments in facility improvements total about $40 million, CNPF said in a regulatory filing on Thursday.

According to the CNPF, acquisition and facility improvements will be financed through internally generated cash flows.

Coco Harvest owns a coconut processing facility on a six-hectare property in Misamis Occidental.

Built in 2016, the facility is equipped to manufacture high-value coconut-based products such as coconut water, coconut milk, desiccated coconut, and virgin coconut oil.

“This deal is an accretive acquisition. More importantly, it marks a significant milestone for the company. Our coconut business, encompassing both domestic and export, has grown substantially these past few years on the back of burgeoning trends in health and wellness,” CNPF President and Chief Executive Officer Teodoro Alexander T. Po said.

“The additional capacity from Coco Harvest will bolster our capability to serve rising demand, with room for expansion as the business grows,” he added.

Mr. Po said that CNPF plans further investments in expansion as the coconut business is anticipated to outgrow the facility’s current capacity.

“We are encouraged by the long-term growth trajectory of our coconut business. From where we started, it has evolved to become globally competitive in the category through the team’s commitment to excellence and innovation,” he said.

“It’s a platform where we believe we can create more value for the company as well as the local coconut farming industry,” he added.

CNPF said the capacity expansion is expected to generate more than 1,500 manufacturing jobs in Mindanao. It will also spur demand for auxiliary services needed by the plant and provide market access to coconut harvests in the region.

In March, CNPF signed a new, expanded, and long-term agreement with The Vita Coco Company, Inc., a global leader in the coconut water industry. The agreement specifies an increase in Vita Coco volume commitments of approximately 90 million liters over the next five years.

For the first half, CNPF recorded a 14% increase in its attributable net income to P3.63 billion as its consolidated revenue rose by 13% to P37.74 billion.

CNPF shares rose by 2.29% or 85 centavos to P38 per share on Thursday. — Revin Mikhael D. Ochave

How PSEi member stocks performed — September 5, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, September 5, 2024.

DoF: Tapping GOCC funds keeps inflation from new taxes in check

DOF.GOV.PH

THE Department of Finance (DoF) said taking money from the reserves of Government-Owned and -Controlled Corporations (GOCCs) is preferable to imposing new taxes, which it called inflationary.

“The temptation to impose additional taxes is there. But in the face of high inflation in the last two years, we chose other means of revenue generation that will not unduly burden ordinary Filipinos,” Finance Secretary Ralph G. Recto said at a forum on Wednesday.

“Our job at the DoF (is) to raise money for the government in the most cost-effective manner and make sure that it is most judiciously used and spent.”

To support this year’s funding needs, the DoF needs to collect P11.71 billion in revenue daily to support the government’s average daily spending of P15.8 billion, Mr. Recto said. This means the government has to find P4.1 billion a day to make up for the deficit.

In the first seven months, the government collected 61.04% of its P4.27-trillion revenue target for 2024.

Mr. Recto said revenue-generating agencies’ ongoing digitalization will improve collections.

“In addition, we have been inculcating tax obedience by promoting ease of payment not just through digitalization, but by showing that taxes that are efficiently collected are effectively spent,” Mr. Recto said.

The DoF raised the minimum dividend of GOCCs to 75% of their earnings, from 50% previously.

The DoF is also privatizing non-performing and idle government assets to raise additional revenue.

At the end of July, the government generated P368.8 billion in non-tax revenue, or 92% of its target.

Mr. Recto also reiterated the need to approve pending measures expected to generate around P42 billion in revenue.

These include the excise tax on single-use plastic bags, Package 4 of the Comprehensive Tax Reform Program, rationalization of the mining fiscal regime, the motor vehicle user’s charge, and the value-added tax on foreign digital service providers.

Mr. Recto also noted that the transfer of excess funds of the Philippine Health Insurance Corp. (PhilHealth) and the Philippine Deposit Insurance Corp. (PDIC) to the Treasury were approved by their respective boards.

In a DoF circular, PhilHealth and PDIC were asked to remit unused funds worth P89.9 billion and P108.9 billion, respectively.

Funding projects with additional borrowing would increase the country’s deficit-to-gross domestic product (GDP) ratio to 6.4% and push up the debt-to-GDP ratio to 61.4% this year, Mr. Recto said.

This translates to an additional P12.7 billion in interest payments every year, he said.

“In effect, we will fail to hit our Medium-Term Fiscal Program and put at risk our hard-earned investment grade ratings.”

For this year, the National Government projects a deficit-to-GDP ratio of 5.6% and debt-to-GDP ratio of 60.6%. — Beatriz Marie D. Cruz

PCC says 12 onion traders attempted to corner import market

BOC PHOTO

THE Philippine Competition Commission (PCC) said 12 onion traders sought to corner the import market in violation of competition law.

The traders imported 76,555 metric tons of red and yellow onion for a period between 2020 and 2021 by sharing out the import permits, known as sanitary and phytosanitary import clearances (SPSIC), among themselves, PCC Director Christian Loren B. Delos Santos, an enforcement officer at the regulator, said at a briefing.

“Respondents effectively controlled more than 50% of the volume of onions imported into the Philippines during the relevant period,” he added.

Mr. Delos Santos said red onion imports during the period amounted to 28,916 MT, with yellow onion imports totaling 47,639 MT.

Agriculture Assistant Secretary and spokesman Arnel V. de Mesa said the volumes imported were significant.

“Our typical requirement is 22,000 MT per month for both red and yellow onion. That includes local production and imports. So if it’s at (70,000) plus that’s huge,” Mr. De Mesa told reporters at a separate briefing.

The PCC has charged the 12 traders with violating Republic Act 10667 or the Philippine Competition Act.

Businesses intending to import agricultural products are required to apply for SPSICs from the Bureau of Plant Industry (BPI) for crops.

“They caused significant harm to consumers by engaging in coordinated anti-competitive conduct such as price-fixing, bid-raiding, output restrictions, and market allocation, the last being the case that we filed,” Mr. Delos Santos said.

The PCC recommended a total fine of P2.4 billion for anti-competitive behavior for all 12 importers.

He added that their actions led to lower supply, higher prices, and poorer quality of onions in the market.

Separately, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said that the Department of Agriculture (DA) is looking to blacklist the 12 traders.

“In addition to the fines and legal charges, the DA will explore the possibility of blacklisting and withdrawing the accreditation of cold storage facilities whose owners were complicit in this scheme,” he said in a statement.

Mr. De Mesa added that the importers and traders will be barred from transacting with the BPI. — Adrian H. Halili

Upgrade, expansion proposals for 3 airports moving forward — DoTr

PHILSTAR FILE PHOTO

THE Department of Transportation (DoTr) said it is making progress on proposals to modernize and upgrade three regional airports. 

“For Laguindingan airport, the Swiss Challenge period will end, I think by Sept. 15, so we’ll just wait for that. For the Bohol airport, it is now up for approval by (the National Economic and Development Authority) while Iloilo airport is still being discussed with the proponent,” Transportation Secretary Jaime J. Bautista said on the sidelines of a House committee hearing last week.

For the year, the DoTr is hoping to open the Swiss Challenge on the contract to upgrade and operate Laguindingan International Airport in northern Mindanao, the New Bohol-Panglao International Airport and the Iloilo International Airport.

The timelines represent slippage from its previous Swiss Challenge estimate of August for Laguindingan airport.

The Swiss challenge allows other companies to submit alternative proposals to a project, with the original proponent granted the right to match their proposals.

In February, the DoTr announced that companies were open to challenge the P12.75-billion proposal of Aboitiz InfraCapital, Inc. to operate, maintain, and expand Laguindingan.

The infrastructure arm of the Aboitiz group— Aboitiz InfraCapital — secured original proponent status (OPS) for the Laguindingan contract, which has attracted two possible challengers.

The Aboitiz group also secured in 2018 the OPS for the New Bohol-Panglao International Airport’s operations and maintenance contract, which will feature a 25-year concession period.

In May, Transportation Undersecretary for aviation and airports Roberto C.O. Lim said the government’s negotiations with Prime Asset Ventures, Inc. which secured the OPS for the right to operate, maintain, and upgrade Iloilo International Airport, are expected to be completed by September. The awarding of the contract will likely take place next year. — Ashley Erika O. Jose

Storm damage to infra hits P139.56 million

DPWH

THE Department of Public Works and Highways (DPWH) said damage caused by Tropical Storm Enteng to public infrastructure amounted to P139.56 million. 

In a statement on Thursday, Public Works Secretary Manuel M. Bonoan said the damaged works include national roads, bridges, and flood control structures in the Cordillera Administrative Region (CAR); Cagayan Valley; Bicol; and the Western and Eastern Visayas. 

According to the Bureau of Maintenance of the DPWH, damage to national roads was valued at P84.39 million; flood control structures P42.75 million on; and bridges P12.42 million.

CAR sustained the most damage to infrastructure with P49.43 million; followed by Bicol with P34.85 million; Western Visayas P25.78 million; Eastern Visayas P23.65 million; and Cagayan Valley P9.85 million. 

Separately, the DPWH Disaster and Incident Management Teams said at least 11 road sections affected by the typhoon have reopened to the public. Four roads in CAR and Central Luzon are still classified as limited-access.

These are the Itogon-Dalupirip Road; the Benguet-Nueva Vizcaya Road; the Dantay-Sagada Road; and the Manila North Road in Marilao, Bulacan. — Ashley Erika O. Jose

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