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PhilWeb narrows down losses in Q2

PHILWEB Corp. trimmed its net loss attributable to equity holders of the parent by 76% in the second quarter of 2018, after its revenues jumped by 143% for the period.
In a regulatory filing, the gaming firm said net loss attributable to the parent went down to P16.44 million from April to June, lower than the P68.93 million in the same period a year ago. Revenues meanwhile went up P95.06 million, against the P38.9 million in the second quarter of 2017.
This brought the company’s attributable loss to P45.3 million in the first six months of the year, versus the P141.25-million loss in the same period a year ago. PhilWeb’s revenues reached P172.6 million, 165% higher than the P65.05 million generated in the first half of 2017.
PhilWeb President Dennis O. Valdes attributed the positive performance to the higher number of outlets using its electronic gaming systems (EGS) for the period. The company is an accredited provider of electronic gaming outlets to the Philippine Amusement and Gaming Corp. (PAGCOR). It currently operates 54 EGS sites, with two outlets dedicated to e-Bingo.
The company also launched a new set of games using the Habanero software, which spurred an increase in its overall gross gaming revenue. The newly launched software also supported the performance of an existing suite of games by PhilWeb using RealTimeGaming software.
“We are pleasantly surprised that the combination of two gaming softwares has not resulted in one cannibalizing the other, but instead, has resulted in growth for both sets of games. We intend to use this learning to continue to introduce new gaming software to our pool of customers, so that we can continue to attract new players to our e-Games outlets,” Mr. Valdes said in a statement.
The company also noted that it managed to generate positive earnings before interest, taxation, depreciation, and amortization (EBITDA) for the first time since 2016. EBITDA for the second quarter hit P6.8 million, bringing its second half EBITDA to P2.4 million.
“I am deeply committed to getting PhilWeb back to its former profitability levels, during which times we were able to pay out high dividends to stockholders and generate significant share price increases as well,” PhilWeb Chairman Gregorio Ma. Araneta III said in a statement.
Mr. Araneta took over as PhilWeb’s chairman after buying out tycoon Roberto V. Ongpin’s 53.76% shares in the company for P2 billion in 2016. The share sale came after PAGCOR’s rejection of the company’s license renewal at the time, causing the shut down of 286 operating e-gaming cafés.
Mr. Ongpin sold his stake in the firm after then-newly elected President Rodrigo R. Duterte singled him out as an “oligarch.”
“We believe those times will come back soon, as operators gain more trust in our service quality and PAGCOR sees the consistently increasing remittances that we deliver to them for their various charitable programs,” he added.
Shares in PhilWeb rose 5.44% or 28 centavos to close at P5.43 apiece on Friday. — Arra B. Francia

Duterte appoints frat brother to Comelec

PRESIDENT Rodrigo R. Duterte has appointed former Department of Justice (DoJ) undersecretary Antonio T. Kho, Jr. as new Commission on Elections (Comelec) commissioner, Malacañang said on Friday.
In a text message to reporters on July 13, Special Assistant to the President (SAP) Christopher “Bong” T. Go said the Palace released the appointment paper of Mr. Kho last Thursday, July 12. Mssrs. Kho, Duterte, and former DoJ secretary Vitaliano N. Aguirre II are fraternity brothers at Lex Talionis in San Beda College of Law.
The new Comelec official is taking over the position of Sheriff M. Abas who has been appointed as chairman of the commission.
“Pursuant to the provisions of Section 16, Article VII of the 1987 Constitution and existing laws, you are hereby appointed ad interim commissioner, Commission on Elections, for a term expiring on 02 February 2020, vice Sheriff M. Abas,” the appointment letter read in part.
Mr. Kho served as justice undersecretary during the tenure of former justice secretary Vitaliano N. Aguirre II who resigned last April while the DoJ was under fire for its dismissal of the criminal case against several high profile drug personalities and for alleged pork barrel mastermind Janet L. Napoles’ provisional entry into its Witness Protection Program (WPP.)
Also last April, new DoJ Secretary Menardo I. Guevarra directed all of Mr. Aguirre’s assistant secretaries and undersecretaries, including Mr. Kho, to tender their unqualified courtesy resignations to the Office of the President. — Arjay L. Balinbin

Philippine Seven Q2 earnings jump

THE local licensee of the 7-Eleven convenience store chain saw its net income jump by 18.9% in the second quarter of 2018, driven by higher sales and more operating stores for the period.
In a disclosure to the stock exchange on Friday, Philippine Seven Corp. (PSC) said it generated a net income of P342.7 million from April to June 2018, higher than the P288.3 million posted in the same period last year.
System-wide sales jumped 19.2% to P11.55 billion for the period, benefiting from a 6.3% increase in same-store sales.
This brought PSC’s net income to P533.2 million in the first half of 2018, 19.4% higher than the same period a year ago. System-wide sales also picked up 22.7% to P22.17 billion for the first six months of the year.
Same-store sales hit 9.2% on a six-month basis.
The company added a total of 114 stores while closing 14 during the first half, for a total of 2,386 stores in its portfolio by end June, or 14.3% more than the number of stores by the end of 2017’s first half. Of the store count, 1,866 are in Luzon — 906 of which are in Metro Manila —, 331 are in the Visayas, while 189 are in Mindanao.
PSC cited the favorable impact of the Tax Reform for Acceleration and Inclusion law’s implementation at the start of the year, which effectively increased its customers and average basket size. Among the features of the tax reform law was lowering personal income taxes and increase the excise tax for sugar-sweetened beverages, thereby increasing their prices.
“The lower personal income tax strengthened the purchasing power of the middle class and the excise tax on sugar-sweetened beverages increased selling price but no significant decline in volume occurred,” the company noted.
This year, PSC has scheduled to spend at least P3.5 billion to support its store expansion program, which includes investing in new store openings, store renovations, and equipment acquisitions. The company said it remains on track in following this strategy.
“The focus of the organization going forward will be on increasing sales per store. There are various programs lined up covering expanding merchandise assortment and launching of new food and beverage items to serve as differentiation compared with other channels,” PSC said.
The company further looks to take advantage of its customers’ need for convenience through its e-commerce business.
Shares in PSC jumped 3.98% or P4.80 to close at P125.30 each at the stock exchange on Friday. — Arra B. Francia

Villar spouse, new appointees expected to stamp out corruption in DoJ

JUSTICE Secretary Menardo I. Guevarra on Friday told BusinessWorld he expected President Rodrigo R. Duterte’s new high ranking appointees in the Department of Justice (DoJ) to have “excellent work output” and “to stamp out corrupt practices in the department.”
Mr. Guevarra was referring to DIWA party list Representative Emmeline Aglipay-Villar and lawyers Adrian F. Sugay, and Mark L. Perete who were appointed as undersecretaries, as well as lawyer Neal Vincent M. Bainto who was appointed assistant secretary last Wednesday, July 11.
According to Mr. Guevarra, Messrs. Sugay, Perete, and Bainto will take their post “immediately after taking their oath on Monday (July 16.)”
Meanwhile, Ms. Aglipay-Villar — a lawyer and the wife of Department of Public Works and Highways Secretary Mark A. Villar — will start “in early August” as Mr. Guevarra explained she was “winding up her congressional responsibilities.”
All four replaced former undersecretaries Raymund L. Mecate, Erickson H. Balmes, and Reynante B. Orceo, as well as assistant secretary Juvy R. Manwong.
BusinessWorld reported on Wednesday that Mr. Guevarra cited trust and confidence as the factors which prompted him to recommend the four to Mr. Duterte. — Dane Angelo M. Enerio

SC upholds gold miner in environmental case

THE Supreme Court (SC) upheld the Court of Appeals’ resolution favoring gold miner Filminera Resources Corp. in a case filed by Ang Aroroy ay Alagaan, Inc. against it for allegedly harming the environment. The group had petitioned for an environmental protection order of Writ of Kalikasan against Filminera.
A statement released by Filminera on Thursday evening said that the SC’s en banc decision upheld the Court of Appeals’ finding that Ang Aroroy failed to provide sufficient evidence that Filminera’s operations in Arroyo and Baleno, Masbate contaminated water in the area.
Filminera president Cris G. Acosta in the same statement said the company has “always upheld best practices in environmental stewardship in all our mining operations.”
“We will continue to do so as part of our commitment to our host communities and the people of Aroroy,” he added.
“There was no proof that [Filminera] violated any law […] which would violate or threaten to violate the constitutional right to a balanced and healthful ecology that involves or will lead to an environmental damage,” the statement quoted the SC resolution as saying.
Ang Aroroy had accused Filminera of contaminating water that lead to an increase in the cadmium, cyanide, lead and mercury levels in milkfish and shrimp. However, the Court of Appeals found that the levels of these elements were lower than the minimum detection limit. Studies also noted that the “mercury in the water was already present before Filminera commenced operations.” The death of crabs and shrimps that had been pinned on Filminera turned out to have been caused by white spot syndrome virus, according to the statement.
Witnesses presented by Ang Aroroy admitted to have used cyanide and mercury in their small-scale mining operations.
“The test of the water and sediment samples clearly pointed to the small-scale miners, and not the mining firm [Filminera],” the Appellate Court was quoted as saying in the firm’s statement.
The court also found the mining firm’s Environmental Clearance Certificate was valid.
The SC En Banc issued the resolution on April 24.

BoI, JICA sign deal with Jobstreet, TIP on automotive industry

THE Board of Investments (BoI) and Japan International Cooperation Agency (JICA) have signed a memorandum of agreement (MoA) with the Technological Institute of the Philippines (TIP) and Jobstreet Philippines to improve linkages between higher education and the automotive industry.
In a statement on Friday, the investments arm of the Department of Trade and Industry (DTI) said the MOA will ensure a strong automotive manufacturing sector as well as sufficient human resources to support the industry.
BoI Executive Director and concurrent BoI-JICA Project Manager Ma. Corazon H. Dichosa said the MoA signed last July 6 also includes the launch of a Philippine Auto Industry-Academia Congress on Sept. 6 at the TIP Campus in Quezon City.
“It focuses on the human resource development, local suppliers development and investment promotion. The upcoming Congress will allow for greater collaboration between the government and the academe,” Ms. Dichosa said. “As schools improve its curricula, it will also allow students to consider the job opportunities offered by the automotive industry.”
Through the Auto-Academe congress, BoI said it expects to increase job opportunities in the car manufacturing industry amid the government’s implementation of the Comprehensive Automotive Resurgence Strategy (CARS) and the Public Utility Vehicle Modernization (PUV) Programs.
The CARS program seeks to bring in foreign firms to invest and locate their car assembly and car parts manufacturing plants in the Philippines while the PUV Program aims to phase out the old jeepneys in favor of more environmentally-friendly models.
Citing a JICA study, BoI said automotive sales are expected to reach 1.2 million units by 2027.
TIP senior Vice President Angelo Q. Lahoz for his part said they will be focusing on space education, one of the sub-sectors in the industry DTI has been looking to develop.
“We make sure our curriculum is attuned to the needs of the industries. So this opens up more job opportunities for our students once they graduate,” he added.
Under the MoA, Jobstreet Philippines Country Manager Philip A. Gioca said the firm will commit to connect the “best of the best among schools and in providing the best job opportunities”.
Jobstreet will likewise provide the platform for internship opportunities.
Mr. Gioca previously said JobStreet is looking to improve its tie-ups with the government after their study found an increasing number of job applicants expressing interest in joining government service. — A.G.A. Mogato

Comelec reminds political parties of 2019 poll deadlines

THE Commission on Elections (Comelec) reiterated on Friday the deadlines for filing of petitions of registrations of political parties for next year’s National and Local elections.
In a press statement, the Comelec said that it has set “[t]he last day of the registration of political parties on July 15, 2018 and the registration of the coalition of political parties on August 31, 2018, pursuant to Resolution No. 10395.”
Comelec added “However, since the deadline falls on a Sunday, submissions of petitions for political parties will be entertained until 5:00 PM of July 16, 2018, Monday.”
Comelec said that petitions for registration will be submitted to the Clerk of the Commission and will be required to pay a fee of P10,100.
The Omnibus Election Code’s Article VIII, Section 61 stated that “Any organized group of persons seeking registration as a national or regional political party may file with the Commission a verified petition attaching thereto its constitution and by-laws, platform or program of government and such other relevant information as may be required by the Commission. The Commission shall, after due notice and hearing, resolve the petition within ten days from the date it is submitted for decision.”
The same section also stressed, “No religious sect shall be registered as a political party and no political party which seeks to achieve its goal through violence shall be entitled to accreditation.” — Gillian M. Cortez

BSP asks NBI’s help in search for fake money peddlers

THE BANGKO SENTRAL ng Pilipinas (BSP) has tapped the National Bureau of Investigation (NBI) for a crackdown on peddlers of fake money on social media.
In a statement, the central bank said it sought support from the NBI “to search for individuals or groups that have been maliciously posting photos of defaced Philippine currencies” online.
It can be recalled that pictures of peso bills with edited designs as well as fictitious denominations made the rounds on social media, causing confusion among the public.
“The NBI has also been requested to look into the identities of those who have initiated the circulation of ‘fake news’ to deceive the public or generate entertainment from manipulated images of Philippine banknotes and coins on social media or any website on the internet,” the BSP said on Friday.
In June, the BSP issued an advisory to deny that they are printing bills with a face value of P10,000, contrary to a Facebook post which went viral. The fake bill supposedly carries the face of former President Ramon F. Magsaysay and the Mount Pinatubo printed on the reverse side.
Under Republic Act 7653 or the New Central Bank Act, the BSP is given the sole power to issue currency used in the Philippines.
“The BSP is likewise vested with police authority to investigate, make arrests, and conduct searches and seizures in accordance with law, for the purpose of maintaining the integrity of the currency,” the central bank said.
The BSP prints bills and mints coins at its Security Plant Complex along East Avenue in Quezon City. New coins with the same nickel-plated steel look come in denominations of P10, P5, P1, 25 centavos, five centavos, and one centavo have been in circulation since March 26 this year.
The central bank also has also issued bills worth P20, P50, P100, P200, P500, and P1,000 since 2010. — Melissa Luz T. Lopez

AirAsia opens Clark-Taipei route

PHILIPPINES AirAsia, Inc. said it now has international flights flying out of from Clark, Pampanga with Taipei as its first destination.
In a statement released on Friday, the budget airline said its first Clark-Taipei flight landed at 7:30 p.m. on Thursday.
“We are officially painting the skies of Clark airport with AirAsia’s iconic color. Our return to international skies via Clark hub reaffirms our commitment to travelers in Central and Northern Luzon and Metro Manila who truly deserve nothing but only the best quality service, affordable airfare and efficient connectivity,” Philippines AirAsia president and chief executive officer Dexter M. Comendador said in the statement.
He added, “It feels so good to be back where we started. From two planes in Clark in 2012 to 20 jets as of today and we expect our fleet to grow to 70 planes in the next 10 years, we are thrilled to be here again and begin another journey to serve, empower and enable every traveler to dream big and connect across ASEAN, Asia and the world.”
Philippines AirAsia will operate two Clark-Taipei flights every Tuesday, Thursday, and Saturday. Aside from Taipei, AirAsia’s hub in Pampanga also flies to local destinations, namely Iloilo, Caticlan, Davao, Cebu, and Tacloban.
In May, Mr. Comendador told reporters that they were looking to develop hubs outside of Manila to decongest the Ninoy Aquino International Airport. — Denise A. Valdez

Peso slips amid lack of leads

By Melissa Luz T. Lopez, Senior Reporter
THE PESO traded sideways versus the dollar on Friday, moving in sync with regional currencies due to a lack of leads.
The local unit closed at P53.51 against the greenback, slightly weaker than its P53.50 finish on Thursday. The peso opened stronger at P53.435 per dollar and even touched P53.40 as its strongest point within the day. It hit an intraday low of P53.53 before settling at the closing rate.
Two traders interviewed by phone said the peso mirrored movements of regional currencies during the session.
“Asian currencies weakened versus the dollar and traded sideways overnight,” one trader said when sought for comment, noting that market players still view a stronger dollar and did not take large positions ahead of the weekend.
Dollars traded on Friday reached $397 million, down from the $595.3 million which exchanged hands the previous day.
“When the dollar moves lower, dollar-Asia including the peso follow suit… There is no driver for it to break out of the recent range,” a second trader pointed out.
The peso also traded flat during Thursday’s session, which traders attributed to upbeat producer price data in the United States coupled with renewed trade tensions involving China.
Reuters reported that the US slapped an additional 10% tariffs on $200 billion worth of Chinese products this week following the import duties on $34 billion worth of goods introduced on July 6.
Beijing has vowed to retaliate with equal fervor, Chinese Vice Minister of Commerce Wang Shouwen said before the World Trade Organization.
Back home, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo said the trade war between US and China is seen to have a “negligible” impact on the Philippines as of now, but warned that it could dampen overall trade should the tariff war escalate further and pull down growth prospects in the world’s biggest economies.

PSEi ends week on a high note

By Arra B. Francia, Reporter
LOCAL stocks rallied on Friday, missing the 7,400-mark by a hair as China remained silent on the United States’ latest move on their trade spat.
The bellweather Philippine Stock Exchange index (PSEi) extended its winning streak to four days, after climbing 0.66% or 48.60 points to 7,399.18. The broader all-shares index likewise gained 0.44% or 19.69 points to 4,474.89.
“Philippine stocks ended on a high note, right at the 7,400 resistance level, with no further news over retaliation from China over the recent new tariffs, which was deemed good for investors,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
China showed no signs of retaliating to the additional tariffs on $200-billion worth of Chinese goods announced by US President Donald J. Trump earlier this week.
Wall Street welcomed China’s silence on the trade spat as well, with the Dow Jones Industrial Average jumping 0.91% or 224.44 points to 24,924.89. The S&P 500 index gained 0.87% or 24.27 points to 2,798.29, while the Nasdaq Composite index soared 1.39% or 107.31 points to 7,823.92.
Most Asian indices also ended in positive territory as uncertainties over the trade war started to ease.
Back home, services was the lone counter that ended with a loss, albeit minimal at only 0.08% or 1.07 points to 1,431.91.
Property led advancers with an increase of 0.86% or 30.84 points to 3,612.92, followed by holding firms which accelerated 0.78% or 56.15 points to 7,304.95. The industrial sub-index jumped 0.55% or 57.43 points to 10,447.73; mining and oil went up 0.4% or 39.07 points to 9,720.13, while financials added 0.09% or 1.66 points to 1,825.74.
Some 1.49 billion issues switched hands, valued at P5.46 billion, slightly down from Thursday’s P5.53 billion.
Advancers outnumbered decliners, 103 to 91, while 46 names ended flat.
Net foreign outflows thinned to P37.78 million, lower than the P262.82 million in net sales in the previous session.
“The weak net foreign selling figure of only P37.8 million, the lowest level for the week, may have also contributed to the index’s gain today,” Papa Securites Corp. Trader Gabriel Jose F. Perez said in an email.
Mr. Perez noted that in terms of technical analysis, the index is already overbought.
“With the index’s close of only a few points shy of the 7,400 level, we anticipate if it will continue its upward move next week. We therefore look forward to how US markets will perform (Friday) and should also remain vigilant on further trade war developments,” he said.

Customs shreds ukay-ukay worth P800,000

The Bureau of Customs-Port of Subic destroyed P800,000 worth of used clothing, locally known as ukay-ukay, on Friday, July 13 in Guiguinto, Bulacan.
The said contraband was shredded and disposed of at the facility of EPY-ECO Auction and Waste Disposal Services — the accredited service provider of the Port of Subic for the condemnation of contrabands and expired goods.
The destruction of the seized goods was led by the District Collector of the Port of Subic, Segundo Sigmundfreud Z. Barte, who said that while the commercial proliferation of ukay-ukay is popular, Republic Act 4653 prohibits the importation thereof, to safeguard public health.
Under Commissioner Isidro S. Lapena’s orders, the bureau has been making public the condemnation of seized goods as part of its transparency efforts.

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