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Say ‘yes’ to the dress

JOHN HERRERA, the Filipino designer who was named Britain’s Top Designer in 2017, has just opened his eponymous flagship store at Edsa Shangri-La Plaza. There, 10 to 15 pieces of his off-the-rack bridal gowns and evening dresses are available.
“There is a market for ready-to-wear (RTW),” Mr. Herrera said during his store’s opening on July 10.
After long relying on couturiers to supply its formal clothes needs, Manila has, of late, welcomed international labels that sell RTW gowns. Mr. Herrera is aware of this, and he gladly joins in the party.
“I am brave enough to come up with off-the-rack because I know it can compete with Rosa Clara or Vera Wang, which are here now.”
He noted that in London, brides-to-be have many RTW choices and they prefer the convenience of buying RTW. He said he wants the same for Filipinas.
“I think the Filipinos are starting to be ready for it. I am proud of the collection because of how forward they are. In London, every bridal store in is tangible. We are trying to get rid of the drama of preparing for a wedding. I want stressed-free brides,” he said as the reason behind his store.
In 2015, Mr. Herrera joined the International Fashion Showcase produced by the British Fashion Council where he won the London Emerging Designer Award. He launched his own brand in London after that. That same year, he flew to Tokyo, Japan for the Fashion Week and wowed his audience.
Mr. Herrera’s designs are influenced by Filipino cultural images like the aswang (ghoul) and agila (Philippine eagle). His designs are structured, edgy, and definitely high fashion.
To see his work, visit www.johnherrera.com.ph.
The bridal gowns at his store are tame and traditional by his standards.
“I am thinking of a lot of women, in their 20s to 40s when I was doing the designs. I don’t think even the matron brides are not going wear our dresses. It fits demographics: size, shape, silhouette. We have a broad spectrum,” he said of his shop’s offerings.
His sewing and embelishment techniques are modern, but the silhouettes — ballgown, mermaid, straight — are classic.
“I was taught in the traditional way of making clothes so quality is important to me. I am addicted to sewing. The inner part of the gowns are machine-made because that’s how you create an accurate seam, but the embroidery and the beading are handmade. I am also addicted to hand-stitching, embroidery, and beading — anything that makes a dress stand out because of its uniqueness, I am all for it,” he said.
His bridal gowns are in traditional white on nude and were inspired by the Antiquity collections that he saw at his favorite museums, The Louvre Museum in Paris and the Victoria and Albert Museum in London where “they love to highlight the white parts of whatever architectural masterpiece the masons have done by staining or putting them against a darker stone.”
It follows that his designs undergo the same process. “So what I do with my bridal gowns, the ones that I really truly love, are nude palettes under the white beading or whatever. If you look at it from afar, it looks like the bride is naked, and the beadings look like they are sewn on the body of the bride. I am not claiming that I am an original — I’ve seen these things being done by other great designers here and abroad — but I love the idea and I hope more brides will try the nudes [dresses] besides the white ones,” he said.
Nude, in fact, works with different body types including full-figured ones, he said.
“A pure white gown is unforgiving. When you have a nude (fabric) under, especially if it is matte, it recedes and you make more contours in the body. Whereas in white, it brings everything forward, making you look bigger,” he said, while suggesting that taupe, nude, and tan work best for the full-figured woman. — Nickky Faustine P. de Guzman

Rates of T-bills, T-bonds to rise

GOVERNMENT SECURITIES on offer this week will likely fetch higher rates, with demand expected to continue focusing on the shorter tenor amid lingering concerns over domestic inflation.
The Bureau of the Treasury (BTr) is offering P15 billion worth of Treasury bills (T-bills) today. Broken down, the Treasury plans to raise P4 billion and P5 billion through the three-and six-month papers, respectively, and another P6 billion in one-year T-bills.
Tomorrow, the government will also offer P10 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of six years and eight months.
In a phone interview, a trader said yields on the six-month and one-year T-bills could “go up by five to 10 basis points from the previous auction.”
Last week, the Treasury partially awarded the P15-billion T-bills, borrowing only P13.4 billion out of the P30 billion tendered by investors.
The government made a full award in 91- and 182-day papers, although it only accepted just P4.4 billion out of the P6 billion it wanted to raise for the 364-day debt papers. Rates of the six-month and one-year papers picked up to 4.045% and 4.67%, respectively, while the average yield of the three-month paper slid to 3.404%.
“However, we still see demand on the 91-day T-bills so the yield will likely just stay the same on Monday,” the trader said.
Meanwhile, for the seven-year bonds, the rate is expected to climb 10 to 20 basis points from the previous auction, according to the trader.
Another bond trader noted bids for the seven-year papers will climb to the 6.3-6.5% range.
The government made a partial award of the seven-year bonds when they were last offered on June 13, raising just P7.6 billion out of the programmed P10 billion. The papers fetched an average rate of 5.976%, 11.1 basis points higher than the 5.865% fetched the previous auction.
“The demand will not be strong [for the T-bonds] on the back of higher inflation concerns,” the second trader said.
At the secondary market on Friday, the three-month, six-month and one-year T-bills fetched 3.2777%, 4.0085% and 4.6327%, respectively, while the seven-year T-bonds were quoted at 6.349%.
The government reported earlier this month that headline inflation accelerated to a fresh five-year high of 5.2% in June.
The first trader said the market is expecting the monetary authority to raise interest rates anew at its upcoming meeting following the uptick in June inflation print.
The BSP has raised its rates twice this year, with the recent one occurred in June. Its policy setting now stands at a 3-4% range. — Karl Angelo N. Vidal

Concepcion Industrial expects big share from new unit

CONCEPCION Industrial Corp. (CIC) is preparing its newly created research and development unit Cortex Technologies Corp. to become a major contributor to revenues by 2020.
“By our 2020 vision, we expect that this part eventually takes, around 20 to 25% of our business,” CIC Chairman and President Raul Joseph A. Concepcion told reporters after the company’s annual stockholders’ meeting in Makati City last week.
The listed maker of air-conditioners and refrigerators recently unveiled Cortex to the public, which Mr. Concepcion said is their investment in technology.
“It will really hold a large part of investment in new business, new technology. It will also be our new incubation for innovation and that will eventually become a going concern. We’re very excited about it,” the company said.
CIC said last January that it looks to spend P80 million for the development of the unit.
The company said that Cortex will be collaborating with CIC’s air-conditioner maker unit, Concepcion Carrier Air Conditioning Co., to introduce smart air conditioning to the mainstream market. This will allow consumers to monitor their energy consumption and real-time usage through a smart device attached to new window-type Carrier air-conditioning units.
CIC said this will address the cost issue on power consumption from air-conditioners, as consumers will be able to control their usage.
The company earlier said that Cortex has the potential to be a third core business, as it currently operates consumer solutions and business, and industrial solutions.
Incorporated in 1997, CIC is the company behind air-conditioners and refrigerators under the Carrier, Toshiba, Condura, and Kelvinator brands.
Mr. Concepcion said he expects to see a single-digit growth in both earnings and revenues this year, amid the more challenging business environment in 2018 due to higher inflation and the weakening peso.
The company will be spending around P150 million to P200 million to expand capacity in existing plants this year, in order to support the demand for appliances in the coming years.
CIC’s profit after tax after minority interest increased by 12% in the April-to-June period of 2018, after sales grew by 14%. The company has yet to disclose specific figures of the second-quarter performance. — Arra B. Francia

Are you tough enough?


A SOLDIER has to be tough, and Swiss Military Hanowa is built to be as tough as the people who wear them.
The company was founded in 1963 by Hans Noll (which is where the name comes from: HAns NOll WAtches). The watches carry the mark as an official licensed product of the Swiss confederation.
Guests at a bootcamp on July 9 at the UP College of Human Kinetics were made to endure physical challenges such as climbing over ropes, a Burma bridge, a 10-foot pole, and an obstacle course. The themes from Mission: Impossible and other action movies blared out from speakers as the guests swung, climbed, and, yes, tripped, over the obstacle course. They did all of this wearing the brand’s Black Carbon watch, which has a mineral crystal scratch-resistant face and water resistance up to 100 meters, as well as a date display. The watches were able to stand up to the tests, seeing as they were all intact by the time the bootcamp, headed by real soldiers, ended.
We caught up with Rajiv Mehra, Regional Sales and Marketing Director of the brand. While the watches are built to endure, they are not actually used in combat. The watches, according to Mr. Mehra, are usually given to soldiers as a reward for five years of service, or other similar occassions.
He said that in the past few years, the Swiss government allowed everyone to produce Swiss military watches, but since a large bulk of exports led to having too many brands displaying the Swiss Military name, the government cut down the number of licensees to just two, one of them being Hanowa. In addition to the Swiss Armed Forces, the watches can also be found on the wrists of Singaporean soldiers, as per a deal struck by the company.
One of the watch’s selling points is bearing the mark “Swiss-made,” which means 50% of its components and cost (labor and assembly, for example) have to come from Switzerland. “For a normal consumer, he still wants to buy a Swiss-made watch because he think it’s of fantastic quality,” said Mr. Mehra.
Aside from the toughness of the watches, one of the reasons why they’re bought (aside from the price points shooting up to a reasonable P18,500) is the fantasy of being associated with the military life — nothing’s too good for the boys who defend the country.
“The watch is no longer a time-telling instrument. It’s more of a lifestyle statement.”
In the Philippines, the watches are distributed by the Lucerne Group. — Joseph L. Garcia

Never mind dialysis, I need my facials

YOUR FACE is your own permanent first impression. “Best foot forward” can be so passe; we all know it’s all about putting your best face forward now.
A laser skincare clinic in UP Town Center — Cara Laser Skincare — has seven machines in its stable capable of giving a client not a new face per se, but their old face back, before stress and pollution feasted on it. One machine employs lasers for hair removal, while another uses ultrasound to give one’s face a noninvasive lift. Another uses monopolar radio frequencies (according to Cara Operations Manager Kaycie Cadivida, one of the most powerful in the market) face and body contouring by inducing fat cell death.
One infuses the face with serums, while another does the same to a lesser extent, but also performs tasks like microdermabrasion, cleaning, and lifting.
The treatments can range from P3,000 to P60,000.
One of its advantages of non-invasive tratments such as these is the shortened downtime. According to Ms. Cadivida, a client can pop in during their lunch break, then return to work as if nothing had happened.
Cara has registered nurses as its skincare technicians, plus a supervising dermatologist ready to assist during a treatment.
Irene Cara Gatus, the owner, has a line-free face. Granted, she’s only a year shy of 32, but she already has 10 businesses under her belt, and two kids to boot. Her portfolio includes an HMO service, a diagnostics clinic, and a dialysis clinic.
“I really love going to [skin] clinics,” she said, and also has her own skincare equipment at home. She said, “Ang pangit naman kasi na makikipagusap ka sa tao tapos you look stressed (It doesn’t look nice when you talk to people and you look stressed).”
She opened a skincare clinic because she says that everybody’s into wellness these days, and perhaps as a way to tap into a desire to immediately fix what can be seen: never mind your internal organs, you need smaller pores.
This is not just conjecture: she talked about a client who was buying a dialysis machine from one of her companies who told her, “Ang mga pasyente sa dialysis, namamahalan magbayad ng P3,000, pero sa facials nila, okay lang (Dialysis patients balk at paying P3,000, but they’re fine paying that for a facial).”
Ms. Gatus added, “Whatever your status, it’s important for us to maintain good skin and good health.” — Joseph L. Garcia

China Bank to open 8-10 more branches

CHINA BANKING Corp. (China Bank) is set to open more branches this year amid its digital push and an ongoing rationalization of offices.
China Bank Deputy Group Head of Retail Banking Business Jose L. Osmeña, Jr. said in the text message on Sunday that the Sy-led lender set open eight to 10 more branches this year.
“[We have opened] eight branches so far and we will open eight to 10 branches more this year,” Mr. Osmeña said, adding the lender has allocated P8-10 million per branch.
Mary Ann R. Ducanes, China Bank’s marketing communication department head, said China Bank will be using the branch licenses of the banks they previously acquired.
“Right now, we’re using the licenses of the banks we acquired so we’ll be opening more branches for the rest of the year,” she told in an interview.
China Bank acquired Manila Bank owned by the Puyat family in 2007. It also bought Planters Development Bank, completing the takeover in 2014.
Currently, China Bank has 444 branches, according to Mr. Osmeña.
The lender is also mulling to put up trimmed down banking branches or “branch-lite” units.
“Our branch-lite units are still on the pipeline. We have no number [of branch-lite units we want to open] yet,” Ms. Ducanes added.
“There are areas that do not need a full-blown branch. So if you want to reach other areas in the country, banks are encouraged to open branch-lite units,” Ms. Ducanes said, adding that China Bank will “plan for that next year.”
“This year, we have actually tapered off the branch opening given the fact that we are more concentrating on digital banking drive as well as infrastructure improvement of China Bank,” China Bank Treasurer Benedict L. Chan said.
“We’re are now actually trying to rightsize it given the current market environment. There’s a rationalization that is going on in China Bank.”
Mr. Osmeña said the bank expects a pickup in the usage of its internet and mobile banking platforms following its revamped phone application.
China Bank’s net income went up 2% to P1.5 billion in the first quarter of the year.
Its shares went up 10 centavos or 0.30% to end at P33.30 apiece on Friday. — Karl Angelo N. Vidal

Grab says Philippine business is slowest growing in the region

GRAB’s operations in the Philippines has become its slowest growing in Southeast Asia as the company remains in a complicated relationship with the government after a P10-million fine and a prohibition on adding new cars, its local official said.
Brian P. Cu, Grab Philippines country head, told reporters on Friday that the government’s “overregulation” of the company is the reason for its struggle to move forward.
“How can we grow, we can’t add cars? You can’t grow if you can’t add cars. So we’re the slowest growth. We’re zero growth,” he said. “Everyone else can add cars. So by virtue of us being able to add supply, we have zero growth.”
The Land Transportation Franchising and Regulatory Board (LTFRB), the regulatory body for transport network companies (TNCs) like Grab, has set a 65,000 cap for vehicles allowed to move around Metro Manila. This has limited Grab’s capability to accept new cars to add to its supply pool.
The LTFRB also suspended in April part of Grab’s charging matrix — the P2-per-minute waiting time component — which the company said significantly hit the income of its drivers. Issues with the charging scheme also led the LTFRB to impose a P10-million fine on the company last week, which Grab plans to appeal.
Mr. Cu noted that even with these problems, the Philippines continues to receive sufficient budget from its regional headquarters to fund its operations.
“Philippines is maybe 6% to 10% of our portfolio. So it’s an important piece of our portfolio,” he said. “But in terms of growth and the prospects, until the pricing is fixed, until supply is allowed to come back in, we’re in a tough spot.”
LTFRB Chairman Martin B. Delgra III was not able to pick up calls for comment on Sunday.
Mr. Cu said despite a jump in income when Grab acquired Uber Technologies, Inc. in March, it immediately flattened because of regulations that limit its success in the country.
“There’s still several [Grab units in other countries that are also struggling], but there are some that are profitable already,” he said.
The company expects to record a loss by the end of the year as it launched new services like GrabFood and GrabAssistant, and soon, GrabPay. Mr. Cu said in June that the losses for the next 12 to 18 months were within forecast.
“Grab has not made any net income for the past years since it entered the Philippine market… We are still in investment mode and are not expecting to make money anytime sooner,” he said.
Amid the challenges, Grab’s regional headquarters continue to grow its business with a plan to acquire another company that will boost its technology.
“We’re in talks with a lot of companies. We’re looking to acquire someone with certain assets, but there’s a lot of people with those assets. We’re just looking at what’s the best for us,” Mr. Cu said.
He said he expects the deal by the end of 2018 or the first quarter of next year, but declined to disclose the company’s name or the industry it is involved in.
He noted, however, that the company is not in the transportation sector and the acquisition is not as big as the Uber buyout. But the deal will surely affect Grab’s operations in the Philippines, he said.
“It’s a back-end provider. There’s several [companies we’re talking to]. There’s one back-end provider, the others we’ve spoken to are front-end providers,” Mr. Cu said.
“You know what we wanna do? We want to open a tech office, if there’s enough talent that we can find here. We have in several [locations already]. We have in Vietnam, Singapore, Seattle, Beijing. We want to be able to expand our technical presence,” he added. — Denise A. Valdez

Ecosystem Technologies targets to partner with urbanized cities for water recycling

By Anna Gabriela A. Mogato, Reporter
ECOSYSTEM Technologies International, Inc., a local specialty contractor for water solutions, is eyeing to expand its portfolio from purely commercial partnerships to larger private-public partnership(PPP) deals with local government units (LGU).
Michael C. Rubio, Ecosystem Technologies director for communications and corporate affairs, said in a press briefing on Friday that the company is targeting highly urbanized cities as its initial LGU partners.
“We’re in the city but we’re in the mall of the city, we’re in the estate of the city. We’re not in the city [per se]. We’re in Laguna, but we’re in Nuvali. It’s not Laguna, it’s not Santa Rosa,” he told reporters.
“We want to reach out to them in the next two years. We want to get ourselves in front of them in the next two years. Every major city in the Philippines is someone we want to talk to.”
One of the cities Mr. Rubio mentioned for a possible partnership is Puerto Princesa, having already submitted a proposal to the city officials.
The company also has a proposal to build a sewage treatment system in the island of Boracay, which has been closed for six months for rehabilitation.
Mr. Rubio said the Boracay issue changed the attitudes of potential clients, who saw the establishment of wastewater treatment facilities as a more urgent matter.
“We want to be everywhere. We want to help Cebu, we want to help Zamboanga City, we want to help Boracay, we want to help Puerto Princesa,” he added.
Considered as a technology firm, Ecosystem Technologies deals with sewage water treatment, which is embedded to fit in the design of an establishment. The company also works on water treatment and water reclamation.
The company has so far completed 600 projects, and won 900 projects.
Among its private-sector clients are SM Prime Holdings, Inc., Ortigas & Co., Ayala Land, Inc., Okada Manila, Wyeth Philippines, Inc.
Its locally made technology does not produce flammable by-products during the treatment process, allowing the wastewater treatment system to be placed under the ground of the establishment.
Ecosystem Technologies is a joint venture between Ecosystem Technologies, Inc. and Metro Pacific Investments Corp. (MPIC). MPIC unit Metro Pacific Water owns 65% of the company.
MPIC is one of three Philippine units of Hong Kong-based First Pacific Co., Ltd., along with PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls.

Carlo Benetton, co-creator of ‘United Colors’ brand, 74

MILAN — Carlo Benetton, the youngest of the siblings behind the famed United Colors of Benetton brand, died aged 74, the company said last week.
Benetton, a father of four, died in his home in the northern Italian city of Treviso.
With his brothers Luciano and Gilberto and his sister Giuliana, Carlo Benetton founded United Colors of Benetton in 1965 in Ponzano Veneto, a village in Italy’s northeast.
Their signature soft wool jumpers made in a variety of colors quickly seduced the masses.
The company went from strength to strength especially between 1982 and 2000 — its fame fueled by daring ad campaigns by Italian photographer Oliviero Toscani such as a 1989 poster which featured a black woman breastfeeding a white baby.
But for over a decade the brand has been hit by dwindling sales.
In 2017, following heavy losses, the 83-year-old Luciano Benetton announced he was coming out of retirement to retake the reins of the company.
In an interview in November 2017 with Italian daily La Repubblica, Luciano Benetton said that witnessing the downfall of the United Colors of Benetton was “an intolerable pain.”
He cited straying too far from the company’s signature look as one of the reasons for the company’s woes and vowed to relaunch the brand to its former glory. — AFP

DA to propose letting commercial boats inside 15-kilometer limit

THE Department of Agriculture (DA) and the Bureau of Fisheries and Aquatic Resources (BFAR) said they will propose adjustments to improve fishing yields, including permitting commercial boats to operate in municipal fishing waters.
Agriculture Secretary Emmanuel F. Piñol said that the government agencies will be meeting with fisheries stakeholders soon to discuss the industry’s preferences while presenting their own suggestions.
Mr. Piñol said the catch has not improved due to the 15-kilometer fishing limit that prevents commercial boats from operating closer to shore, in municipal waters.
“It has been established that the reason behind the decline in the catch of our fishermen [is] the 15-kilometer limit,” he said.
While the closed fishing season the DA has imposed has led to a decline in fisheries output in the first quarter, Mr. Piñol said that he expects yields to rise starting with the second quarter.
He said one option is to have local government units (LGU) adjust the definition of municipal waters, as allowed by the law.
Other amendments will be studied by the department’s lawyers.
“LGUs are allowed to modify their municipal waters. For example, in Davao, instead of 15 [km.] , they are now allowing commercial boats to fish between 10.1 [km.] to 15 km. from shore to catch fish,” he added.
BFAR Director Eduardo B. Gongona noted that Republic Act (RA) no. 10654, which amended the Fisheries Code, affected commercial fishermen by preventing them from entering municipal waters.
According to BFAR, there has been 20% to 22% decrease in the catch since RA No. 10654 was implemented. — Anna Gabriela A. Mogato

BSP net income surges to P17.55B at end-April

THE CENTRAL BANK saw its net profit surge nearly sixfold in April as it collected bigger interest incomes and trimmed operating costs.
Latest available data showed the Bangko Sentral ng Pilipinas (BSP) made a P17.55-billion net income as of end-April, more than five times the P3.37 billion booked during the same period last year.
Revenues posted a 30.2% rise to hit P25.64 billion, well above the P19.69 billion reported during the first four months of 2017. This came after interest income collections reached P22.96 billion, growing from P17.84 billion last year.
Miscellaneous income drawn from fees and penalties also picked up to hit P2.67 billion from P1.85 billion previously, according to central bank data.
On the other hand, the BSP was able to cut down its expenses to P16.92 billion, a fifth lower than the 21.54 billion in operating costs incurred last year.
Gains from foreign currency trading also bolstered the central bank’s bottom line by P8.84 billion, around 70% higher than the P5.22 billion generated a year ago.
The BSP observes “tactical intervention” during daily peso-dollar trading in keeping with its mandate of price and financial stability. This is to smoothen out any sharp swings may cause a sudden appreciation or depreciation of the peso.
Central bank officials have said that a weaker peso meant gains for the BSP, as a lot of its investments are expressed in dollars.
The peso averaged P52.0986 versus the greenback in May, versus the P49.8626 exchange rate in April 2017.
The central bank appears on track to remain in the black this year, coming after the record P22.85 billion net income posted in 2017. The BSP has recovered from six straight years of a net loss when it posted a P17.81 billion profit in 2016.
The BSP has been lobbying for a proposed law that will infuse P150 billion as additional capital for the central bank in order to boost its operations. The measure has been approved on second reading by the House of Representatives. — Melissa Luz T. Lopez

New malls expand Megaworld retail space portfolio

MEGAWORLD Corp. recently opened three new community malls in Makati City and Alabang, adding 26,500 square meters (sq.m.) of retail spaces to its portfolio.
In a statement issued over the weekend, the listed property developer said San Lorenzo Place and Three Central in Makati City, and The Village Square in Alabang are now operational. The new malls are touted as “neighborhood commercial centers” that supply the needs of residents who live nearby.
“Smaller than the usual full-scale malls, our community malls still bear the signature brand of our Megaworld Lifestyle Malls. They primarily cater to the surrounding communities of each location, providing accessibility to a variety of dining, shopping, wellness and service options,” Megaworld Senior Vice-President and Head of Lifestyle Malls Kevin Andrew L. Tan said in a statement.
San Lorenzo Place, located along EDSA Corner Chino Roces Avenue in Makati City stands two stories tall, and has Shopwise Express as its supermarket operator. The mall also houses National Book Store, The Medical City Clinic, restaurants, coffee shops, health and wellness stores, and laundry shops, among other tenants.
Also located in Makati is Three Central, at the podium area of the Three Central residential condominium along Valero Street in Salcedo Village. The two-storey mall’s locators include the Marketplace by Rustan’s Supermarket, restaurants, coffee shops and health and wellness shops targeted toward residential and office communities within the area.
Meanwhile, The Village Square Alabang houses SM Supermarket, DIY Store, and a number of restaurants and fastfood chains. The two-level mall is connected to a 12-storey business process outsourcing (BPO) office tower and a four-level parking facility.
With the new mall openings, Megaworld now has 17 full-scale and community malls under the Megaworld Lifestyle Malls brand. Its most recent full-scale mall opening was the Festive Walk Mall in Iloilo Business Park. The company’s first full-scale mall outside Luzon spans 90,000 sq.m. of retail and commercial spaces.
The property firm of tycoon Andrew L. Tan targets to end the year with a total of 18 shopping malls, keeping it on track to hit 28 malls by 2020. Megaworld earlier said it plans to put up malls in all its townships, alongside some smaller properties across the country.
This will support Megaworld’s goal of generating P20 billion in recurring income by 2020, by which time total rental space will have reached 2.5 million sq.m.
Megaworld is included under Mr. Tan’s Alliance Global Group, Inc., which also has core interests in liquor, gaming, and quick- service restaurants.
The company’s attributable profit climbed 11% to P3.2 billion in the first quarter of 2018, following a 10% increase in revenues to P13.1 billion for the period. — Arra B. Francia

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