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Jordan Brand NBA All-Star uniforms out

WEEKS BEFORE the National Basketball Association Midseason Classic All-Star Game, specially made Jordan Brand uniforms to mark the event were released.

It will mark the first time that the iconic Jumpman will be seen on the chests of the game’s biggest stars as they take part in the festivities set for Feb. 17 to 19 (Manila time).

The uniforms were unveiled in the “Future of Flight” event held recently in Los Angeles, home of the NBA All-Star Game for 2018.

In addition to the uniforms, the brand also highlighted four product priorities in Jordan Sportswear, Jordan Women’s, Russell Westbrook’s Why Not Zero.1, and the Air Jordan 32.

The Jordan Brand NBA All-Star Edition uniform blends the brand’s style with the latest innovation, adding another element of distinction to this year’s game by utilizing a clean black-and-white color scheme featuring individual team logos and a font inspired by Los Angeles street sign typography. Its elevated aesthetic creates a premium look on and off the court.

The All-Star Edition jerseys are now available in the country at the NBA Stores, Nike stores, and select Titan doors for P4,095.

Among the hot sneakers due to release, meanwhile, is the Air Jordan 3 Black Cement which is set to come out at Titan, Nike stores, the Athlete’s Foot, and Capital stores. The shoe is priced P9,895. — Michael Angelo S. Murillo

North Korea said to make $200 million by dodging United Nations sanctions

NEW YORK — North Korea received almost $200 million between January and September 2017 from exports of coal, iron, steel and other commodities banned under United Nations (UN) Security Council resolutions meant to crack down on Pyongyang’s nuclear ambitions, according to a confidential report.

Coal shipments were delivered to China, Malaysia, South Korea, Russia and Vietnam by ships using combination of “deceptive navigation patterns, signals manipulation, transshipment,” independent United Nations monitors said in the report, which was seen by Bloomberg News.

The report noted that increased sanctions have created lucrative markets for North Korean traders to procure petroleum products and export natural resources, and that more action is needed by countries to stop such oil and coal transfers.

The panel of experts’ report also warned of continuing cooperation on ballistic missile development between North Korea and Myanmar and Syria, which have been providing logistical support, military technicians and intelligence operations and using front companies.

The UN Security Council on Dec. 23 approved new steps tightening the screws on North Korea’s economy following the launch of an intercontinental ballistic missile in November, which North Korean leader Kim Jong UN’s regime said shows it can now target the entire continental United States.

The latest restrictions were meant to slash imports of refined petroleum products, restrict shipping, and impose a deadline for expatriate North Korean workers to be sent home.

In January, the Trump administration announced a new round of sanctions targeting North Korea’s oil industry and shipping companies, as well as individuals or entities in China and Russia, two countries the US says needs to do more to rein in Kim’s nuclear weapons program. — Bloomberg

David deserves another crack at PBA

In one stretch in the third period, Gary “El Granada” David exploded to keep the Bataan Defenders-BaiShipping afloat in their second game in the MPBL-Anta Rajah Cup.

There, Gary David, the former scoring champion in the PBA for several years, was able to put on a shooting clinic. He scored 13 points in the third quarter alone and by the end of the quarter he produced 26 markers.

But not even another explosive night for the 6-foot-2 former Lyceum stalwart could carry the Defenders to victory as the team absorbed its second straight loss in as many games.

David has embraced the role not only as go-to-guy of the Defenders but also as the ambassador of this fledgling league that has drawn attention throughout the country.

He has become the face of the league as every player in the MPBL emulates the way he plays and takes the opportunity of playing either against him or with him.

But I won’t be surprised if David would only stay in the MPBL in a short time as he would attract attention from several PBA ball clubs, especially with the kind of performance he displayed.

He finished with 22 in the team’s first loss to Quezon City then spewed fire anew Saturday night as he erupted for 32 in a loss to host Batangas City Athletics-Tanduay.

David is not closing the doors for a possible PBA return, thus using the MPBL as a platform in his potential return for a bigger stage.

It would be exciting to see David torching the hoops, but it would be more interesting if his squad could provide the sensational veteran swingman all the support he needed.

David doesn’t have many more chances left and it’s not ideal if El Granada would carry the firepower alone for the Defenders.

This is not the Gary David of 2012, the one we’ve seen in Powerade, which burned the then no. 1 seed B-Meg Llamados being coached by Tim Cone in his first conference, and helped the Tigers make a Cinderella Run.

We’re seeing a David, who needs to be paced and preserved for the crucial stretch in order for him to be more productive.

David definitely needs a lot of help.

We’ve seen greatness in display in the MPBL and David is one bright star out there.

And he’s just warming up.

 

Rey Joble has been has been covering the PBA games for more than a decade. He is a member of the PBA Press Corps and Philippine Sportswriters Association.

reyjoble09@gmail.com

PLDT to ramp up expansion of fixed, mobile networks

PLDT, Inc. is ramping up the expansion of its fixed and mobile networks as part of its five-year P260-billion capital expenditure (capex) program.

In a statement, the telecommunications giant said it has earmarked over P50 billion for this year’s capex. The company’s capital spending is expected to stay at the same level in the next two years. PLDT said this is separate from the P175 billion or $3.4 billion of capex that it invested in network building in the previous five-year period (2011 to 2015).

“What this means is that for every P1 of service revenue, we reinvest between P0.30-0.35 in the business to super-charge our networks and advance our digital transformation program. This is a massive effort to turn our networks into powerful, pervasive and resilient platforms for delivering relevant digital services and solutions that our people can use to improve their daily lives, as well as enable the country to compete and thrive in this digital age,” PLDT President, Chairman and CEO Manuel V. Pangilinan said in a statement. 

For its fixed line business, PLDT said it aiming to double its fiber and hybrid fiber broadband capacity to over 2.2 million ports, with about 650,000 of the additional ports for fiber and another 550,000 for hybrid fiber broadband. The company said by 2019, virtually all of PLDT’s 1.2 million copper-based digital subscriber line (DSL) subscribers will enjoy fiber-fast Internet. Within the next five-year cycle of network development (2021-2025), PLDT could have as many as 10 million homes passed with fiber-to-the-home (FTTH).

For mobile, PLDT’s wireless unit Smart Communications, Inc. is targeting to double the number of long-term evolution (LTE) base stations to about 17,700 and increase the number of LTE-equipped cell sites to over 6,800. The number of 3G base stations will be over 12,400, while cell sites equipped with new 3G base stations will be over 8,000. Most of the new 4G and 3G base stations will be using frequencies acquired from San Miguel Corporation’s telecommunications unit.

PLDT said its total fiber footprint grew 45% from about 120,000 kilometers as of end-2015 to over 174,000 kilometers by end-2017.  For this year, PLDT will add another 33,000 kilometers of fiber cables and raise the total to nearly 210,000 kilometers by yearend.

Total capacity of its international fiber network is expected to jump 80% to 8.92 Terabits per second (Tbps) by end-2019, of which 8.11 Tbps will terminate in the Philippines. This will be boosted by its P7-billion investment in the new Trans-Pacific undersea cable system called Jupiter, which will boost the capacity and resiliency of its direct undersea fiber links to the West Coast of the United States and Japan. Jupiter will be built by a consortium of global companies which include Amazon, Facebook, SoftBank, PCCW Global and NTT Communications.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo

British chamber of commerce to lead trade mission to Iloilo

THE British Chamber of Commerce Philippines (BCCP) will sponsor a trade mission to Iloilo next month, with the aim of attracting more investment from British small and medium-sized enterprises (SME) to the Visayas.

BCCP Chairman Chris Nelson on Friday said the delegation will be about 50 strong and will include SMEs and large enterprises.

Mr. Nelson said he expects the two-day trade mission to attract more than 100 participants overall when local businessmen join the proceedings.

“If you look at the [British] companies that tend to have shown interest in the Philippines based on former records, we have consultancy companies, food and beverages – that’s still a strong sector — retail, [and] ICT,” he added.

“I imagine possibly some linked in manufacturing because of course there is an interest obviously in the infrastructure programs in general in the Philippines.”

Mr. Nelson said that British companies are interested in providing engineering services in the transportation sector such as roads and ports, after having participated in the development of Mactan-Cebu International Airport.

Companies involved in energy and financial service industries are also expected to join the delegation.

“In the last four years, we’ve dealt with 1,682 inquiries [from British companies through the Overseas Partner Delivery]. I must say these are small to medium enterprises and we’ve had success particularly in the environmental sector, beverages and so forth,” he added.

BCCP chose the Visayas as the next area for investment promotion following the success of a trade mission last year to Davao which resulted to the establishment of two businesses shortly after.

These two companies are marine asset protection company SeaGard Ltd. and YLF Contracts and Costs Solutions, a company involved in construction and engineering.

Mr. Nelson said the BCCP chose Iloilo particularly due to its potential in the agribusiness, tourism, manufacturing and ICT sectors.

“We’re not excluding anything but we’re focusing on this particular moment this particular mission in Iloilo and the Visayas to provide opportunity to another part of the country,” Mr. Nelson said. — Anna Gabriela A. Mogato

James talks

First off, let’s be clear about one thing: LeBron James will never join the Warriors. Doing so, even in anticipation of multiple championships that may yet move his tally past Michael Jordan’s, would be tantamount to betraying his convictions. It’s not what he has been about, not what competition is in his mind, and not what he wants his legacy to look like. He’s no fool; he understands the difference between building a super team with him at the forefront and joining one with him as a spare tire.

Taken in this context, therefore, the ESPN.com story that sent social media abuzz late last week should not be viewed as anything but pure speculation. Culled from unnamed sources and peppered with such words as “if” and “could,” the article tries to cover its shaky ground by noting as early as in the second paragraph that the Warriors have given “no indication” of its intentions to pursue him in free agency later this year. Instead of providing clarity, however, all it did was paint him as an opportunist.

Little wonder, then, that James felt compelled to respond emphatically. Speaking to members of the media, he went on an uninterrupted three-minute spiel that underscored his commitment to this season’s cause. And he’s right; he already has too much on his mind given the Cavaliers’ seeming implosion to even think of what will happen in four months. There’s still work after the All-Star break and, hopefully, through the playoffs and into an eighth consecutive Finals appearance to worry about.

Not surprisingly, rhyme and reason have failed to stop critics from pillorying James in the aftermath of the story’s publication. Never mind that all and sundry go through the circus every year since “The Decision” in 2010, and especially after he returned to the Cavaliers in 2014. The flip side is that he’s used to the negative feedback. It no longer bothers him; in fact, it fuels him. Which is why the news — or, rather, the gossip that is being passed off for news — may yet work in his favor. All things considered, he certainly needs all the help he can get.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

Four products to start the new year looking pretty

By Zsarlene B. Chua
Reporter

IN KEEPING with the “New Year, New Me” cliché, this writer decided to dedicate the entire month of January to trying new skincare and beauty products to up her game. The main objective of this beauty journey was to moisturize my dry skin (and retain the moisturization) which is made even drier with the hot/cold weather we’re currently having.

And I’m happy to report that I have four products (three skincare and one beauty) that got me closer to my ideal soft-as-a-baby’s bottom skin. So, without further ado, here are my January beauty favorites.

(Do note that all the products I’m reviewing that worked for me may not necessarily work for you, so please exercise caution when trying out new products and stop when irritation or anything untoward occurs.)

Because of my dry skin — which is especially bad on my forehead area and around my nose — face masks have become an indispensable part of my skincare routine. On a regular basis, I use a face mask (usually a Tony Moly Aloe Vera mask) twice a week but I have upped my face mask game by using one every other day because of the hot/cold weather which is wreaking havoc on my skin.

1. Last December, I was sent two packages of Dermairis 4-in-1 face mask, a Korean-made product distributed by JW Healthcare Philippines. The product is touted to have 10 ingredients including Hyaluronic acid (a humectant, it keeps moisture in the skin) and Ceramide (which also keeps in moisture) meant to give the skin improved elasticity, moisturization, wrinkle improvement, and whitening.

It comes in two variants: a blue “Air Pocket” sheet mask for “better skin absorption” (P70) and a pink “Microfiber” sheet mask for maximized moisturization and which “prevents skin irritation (P150).

These are bold claims and I admit I was a bit skeptical when I put them on my face, but after using the blue mask for the first time, the changes weren’t crazy but my skin did feel a little plumper and brighter. After finishing my entire routine for the night, I woke up with a well-hydrated skin.

After looking over the ingredients in both products, the only thing that differs which may account for the difference in price is the material of the mask itself: the blue one is the usual thin paper-like mask while the pink one is smoother.

I preferred the blue variant, because not only is it cheaper, it’s much easier to use as the pink is so smooth and slippery it was hard to put it on my face without making a mess and ripping it. And the blue is so much cheaper but I do understand that people with sensitive skin might prefer the pink variant.

The Dermairis mask is a nice sheet mask which promises long-term skincare benefits at a quite affordable price. So it really is worth a try.

2. The Watsons Collagen White Regeneration Instant Finishing Cream (such a mouthful) was brought to my attention via an article from the Project Vanity blog. The blog sang this product’s praises to such high heavens that I just had to buy it for myself to see if it really was going to impart a glow to my face.

I bought it at the Watsons Fisher Mall branch in Quezon City for a promo price of P399 for 50 gm (regular price is P499). Price-wise, it was affordable but please do note that this kind of cream is an optional step to one’s skincare routine — if your moisturizer is giving all the hydration you need, I don’t see the need to add another layer of product on your face.

But I digress — the cream basically functions as an illuminating primer and serves as a barrier between makeup and skincare. One of the major ingredients as listed on the box is Dimethicone which improves skin texture and fills in pores, so the product is supposed to be pore-filling and illuminating at the same time.

The product comes in a hefty glass jar which makes it seem more premium than it actually is. It’s a nice touch. And the product has some sort of whipped consistency so it glides on the skin easily.

A little does go a long way and while, again, the effects are not as miraculous as they claim, it does impart the skin with a natural, healthy glow, the Korean chok-chok glow (the term is used for skin that is dewy and well-hydrated), if you will.

While not an absolute necessity, the finishing cream is a nice indulgence when you want to make your skin look better than it actually is.

3. Ask anyone who knows me, and they’ll tell you how much I love sunblock and sunscreens. And for the longest time, I’ve been looking for a makeup product that has strong enough SPF — I like the ones that are 50 PA++++ and above — yet is not too costly.

I’ve always been loyal to my Biore sunblocks but they are quite pricey and come in small packages. Imagine my delight when I came across the Belo Sunexpert Tinted Sunscreen which retails for P450 for 50 ml. I got mine during a Watsons event in January.

The product claims to have a “tone-adapt technology” and the only variant available is the “medium to deep” one but I still grabbed in and I was pleasantly surprised that it suited my fair skin. The packaging is misleading though, as it isn’t just for the medium to deep crowd, though I wonder how it works for those with deeper skin tones.

But what I do like about the product is its lightweight texture. I hardly ever use foundation because I’ve always felt it to be too heavy and considering all the skincare products I put on my face on a daily basis, it felt like another gloppy layer.

Therefore, I’ve been on a hunt for a lightweight BB cream or tinted moisturizer with enough SPF to make me happy. And Belo tinted sunscreen makes me happy. It’s lightweight like my Biore yet gives me some sort of color-correcting coverage. It’s not sticky and a little goes a long way.

(Do note that my skin is usually blemish-free, but dry, so those who need extra coverage might have to use foundation.)

I fell in love with this product and have been using it every day. It is perfect for those who want to SPF it up but have found many products to be sticky and to impart a white cast.

4. For my final discovery, well, it has been in the market for quite a while but it’s the first time I’ve ever used it so it merits space in this piece. It’s the Maybelline Instant Age Rewind Concealer.

Many have sung this concealer’s praises and before the Tarte Shape Tape came into the market, many beauty gurus (on Youtube and on blogs) always had this drugstore product as their go-to blemish hider.

And after using it for a week after buying it for P399 for 6 ml in Landmark Trinoma, I wondered why I hadn’t tried it before. I took the shade Light, which is their lightest shade. They have two other shades: Honey for deeper tones and Medium.

It really does erase your dark undereye circles and stays the entire day without falling apart or creasing. I once had this concealer on for a solid 10 hours and it has not let me down.

Again, a little goes a long way, and if you’re like me who got a bit excited in twisting product into the sponge-tip applicator, you’ll realize how full the coverage this product imparts is and how a single twist can last you at least four applications. So twist with care and enjoy looking like you’ve never burned the midnight oil your entire life.

It’s perfect for those who are dying inside but still want to look absolutely fab. But do remember to set it with loose powder — it might be mighty but setting it with powder makes it mightier.

China, Vatican ready deal on bishops

VATICAN CITY — A framework accord between the Vatican and China on the appointment of bishops is ready and could be signed in a few months in what would be an historic breakthrough in relations, a senior Vatican source said.

Even a partial resolution of the thorny issue of who gets to appoint bishops could open the way for resumption of diplomatic relations nearly 70 years after they were cut during the Communist takeover of China.

Full relations would give the Church a legal framework to look after all of China’s estimated 12 million Catholics and move on to focus on Catholic growth in a country where Protestant churches are growing fast. Catholics in China are split between those in “underground” communities that recognise the pope and those belonging to a state-controlled Catholic Patriotic Association where bishops are appointed by the government in collaboration with local Church communities.

Under the deal, the Vatican will have a say in negotiations for the appointment of future bishops, the source said, declining to provide details.

“It is not a great agreement but we don’t know what the situation will be like in 10 or 20 years. It could even be worse,” the source said on Thursday.

“Afterwards we will still be like a bird in a cage but the cage will be bigger,” he added.

“It is not easy. Suffering will continue. We will have to fight for every centimeter to increase the size of the cage.”

The source rejected recent accusations by a senior cardinal that the Vatican was prepared to “sell out” the Church in China and media suggestions that Pope Francis was out of the loop on China negotiations.

He said the pope followed the China dossier very closely and had backed an offer made to two Chinese bishops loyal to the Vatican in which they would take on different positions in their dioceses in order to facilitate an overall accord with government-backed bishops.

Five out of seven very complex situations regarding “illegitimate bishops,” those with government backing, had been resolved. They have asked for a pardon from Pope Francis and to be made legitimate in the eyes of the Church.

The Chinese Foreign Ministry said in a statement provided to Reuters on Friday that China had always been sincere in its efforts to improve China-Vatican relations.

“We are willing to, in accordance with relevant principles, continue to engage in constructive dialogue with the Vatican side and push forward the improvement of bilateral ties.”

Last December, with papal backing, a Vatican delegation went to China to make an offer relating to two Vatican-recognized bishops.

One, an 87-year-old prelate, would retire to make way for a state-backed bishop to succeed him. Under the scenario, the government would officially recognize the Vatican-backed prelate as “bishop emeritus,”

Another Vatican-recognized bishop would become an auxiliary, or assistant, to one who had been appointed by the government. Though he would effectively take on a lesser role, the government would grant him official recognition as part of the deal.

The source said both Vatican-backed prelates recognized they would be making sacrifices for the greater good of the Church.

There currently was what the source called “a gentleman’s agreement” on seven government-backed bishops who would be made legitimate after seeking a papal pardon but this still had to be formalized.

Dossiers have to be prepared for the pope in order to make the case for legitimizing them.

Last week, Cardinal Joseph Zen, 86, the outspoken former bishop of Hong Kong, caused a stir with a Facebook post highly critical of the Vatican’s recent overtures to China. Cardinal Zen wrote: “So, do I think that the Vatican is selling out the Catholic Church in China? Yes, definitely, if they go in the direction which is obvious from all they are doing in recent years and months”.

In a sharply worded statement following the post, the Vatican said it was surprising and regrettable that some people in the Church were “fostering confusion and controversy”.

Cardinal Zen, who has often criticized the Vatican’s attempt at rapprochement with Beijing, suggested that Vatican diplomats doing the groundwork were keeping the pontiff in the dark or even going against his wishes.

The Vatican statement said there was no “difference of thought and action” between the pope and his aides and the source said the pope had been fully briefed before the delegation left for Beijing in December and after it returned. — Reuters

Bitcoin ban expands across cards

A GROWING NUMBER of big US credit-card issuers are deciding they don’t want to finance a falling knife.

JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesn’t want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said.

Bank of America started declining credit card transactions with known crypto exchanges on Friday. The policy applies to all personal and business credit cards, according to a memo. It doesn’t affect debit cards, said company spokeswoman Betty Riess.

And late Friday, Citigroup said it too will halt purchases of cryptocurrencies on its credit cards. “We will continue to review our policy as this market evolves,” company spokeswoman Jennifer Bombardier said.

Allowing purchases of cryptocurrencies can create big headaches for lenders, which can be left on the hook if a borrower bets wrong and can’t repay. There’s also the risk that thieves will abuse cards that were purloined or based on stolen identities, turning them into crypto hoards. Banks also are required by regulators to monitor customer transactions for signs of money laundering — which isn’t as easy once dollars are converted into digital coins.

Bitcoin has lost more than half its value since Dec. 18, falling below $8,000 on Friday for the first time since November. The drop occurred amid escalating regulatory threats around the world, fear of price manipulation and Facebook Inc.’s ban on ads for cryptocurrencies and initial coin offerings.

Now, cutting off card purchases could exacerbate those pressures by making it more difficult for enthusiasts to buy into the market. Capital One Financial Corp. and Discover Financial Services previously said they aren’t supporting the transactions.

Mastercard Inc. said this week that cross-border volumes on its network — a measure of customer spending abroad — have risen 22% this year, fueled partly by clients using their cards to buy digital currencies. The firm warned that the trend already was beginning to slow as cryptocurrency prices fell.

Discover Chief Executive Officer David Nelms was dismissive of financing cryptocurrency transactions during an interview last month, noting that could change depending on customer demand. For now, “it’s crooks that are trying to get money out of China or wherever,” he said of those trying to use the currencies. — Bloomberg

Stocks to consolidate ahead of BSP policy meet

LOCAL EQUITIES may continue consolidating in the week ahead, with investors setting their eyes on the first policy meeting of the Bangko Sentral ng Pilipinas (BSP) for this year. 

The benchmark Philippine Stock Exchange index (PSEi) capped the week with a gain of 0.82% or 72.03 points to 8,810.75 after a three-day losing streak that saw it fall to as low as the 8,700 level. 

Week on week, the main index dropped 2.55%, with holding firms giving up the most at 3.47% followed by property, that weakened 3.22%.

Major leads in the coming days include the BSP’s meeting on Thursday, where the central bank is expected to keep rates steady in preparation for an eventual hike in March, prompted by the impact of the Tax Reform for Acceleration and Inclusion program on the economy.

“The spotlight will revert to local monetary authorities during their first meeting for 2018. Given hints from officials the peso-dollar rate is still within range and no significant spikes is seen for consumers prices, players are pricing-in for local interest rates to remain firm,” online brokerage firm 2TradeAsia.com said in a weekly market note.

The release of corporate earnings results is also drawing nearer, with Metropolitan Bank & Trust Co. kicking off the season, announcing a 10% growth in core income to P18.2 billion for 2017. With Globe Telecom, Inc. set to release its results on Tuesday, 2TradeAsia said attention could shift to the telco sector.

“Attention for the telco sector should zero in on the impact of the third player’s entry and balancing pricing vs regulatory structure of frequencies.”

Nevertheless, analysts said the market’s losses will help it establish a stronger support level in preparation for the 9,000 mark.

“I think we will continue to see the market consolidate between 8,750 to 8,950 this week. Nothing could be better for the market right now as it builds momentum to break and stay above 9,000,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a research note.

While the index saw a pullback in foreign funds last week, with net foreign selling at P6.7 billion against net inflows of P500 million the week before, Mr. Mangun said foreign investors might start placing their funds back into the PSEi. 

“The Federal Reserve did not raise rates [last] week even though everyone expected it which is why I think we shall see these funds come back into our market in the following weeks,” Mr. Mangun said.

Mr. Mangun placed the market’s support level within the range of 8,575 to 8,750, while resistance is pegged at 8,930 to 9,000.

On Wall Street, worries about the impact of a tightening job market on the prospects for inflation and a surge in bond yields sent investors fleeing equities on Friday, with the Dow Jones Industrials Average swooning almost 666 points, for its biggest daily percentage loss in 20 months. — Arra B. Francia with Reuters

How PSEi member stocks performed — February 2, 2018

Here’s a quick glance at how PSEi stocks fared on Friday, February 2, 2018.

Metrobank’s 2017 core income up 10%

Metropolitan Bank & Trust Company (Metrobank) reported a consolidated net income of P18.2 billion in 2017, up 10% on a core basis. Total resources closed at a new high of P2.1 trillion.

The Bank’s strong performance was driven by robust growth in loans and deposits, which in turn resulted in improved margins as well as better operating leverage.

Metrobank President Fabian S. Dee commented “We are pleased to report positive results in our core business. The strength of our deposit franchise continues to support our loan growth, particularly in the commercial space as we help finance the expansion plans of our customers. Core revenues increased at a healthy rate, while operating expense growth was capped to single-digit.” Dee added that “Our momentum continues to build up, and we are well-positioned to accelerate our growth plans moving forward.”

The Bank ended the year with total deposits of P1.5 trillion, with low cost deposits increasing 12% to P950 billion for a 62% CASA ratio. This provided the stable low cost funding to fuel its healthy loan expansion.

Sustaining the momentum from previous quarters, the loan portfolio expanded by 19% year-on-year to hit P1.3 trillion. The commercial segment, mainly the middle market and SMEs, led the growth with 20% while consumer loans increased by 17%.

Metrobank’s net interest margin has been steadily moving up to 3.75% or 21 basis points higher from last year, mainly driven by improving asset yields. As a result, net interest income increased 16% to P61.4 billion, and accounting for 73% of the Bank’s P83.6 billion total operating income.

Meanwhile, non-interest income reached P22.1 billion, which consist of P12.4 billion in service charges and commissions and income from trust, P3.9 billion from trading and FX gains, and miscellaneous income of P5.9 billion.

With the greater focus on improving efficiency, expenses for Bank-related operations were kept at a reasonable level with recurring cost growth at only 6%. On a consolidated basis, Metrobank ended the year with 952 branches and 2,352 ATMs nationwide. More than half of these branches are located outside Metro Manila, putting the Bank in a good position to gain market share in the country’s high growth areas.

Asset quality continued to be better than industry with non-performing loans ratio at 1.0%. The Bank reported provisions for credit and impairment losses of P7.5 billion, including one-offs.

On a Basel III basis, total capital adequacy ratio was at 14.4% with Common Equity Tier 1 at 11.8%.

Metrobank recently announced that it obtained Board approval for a Stock Rights Offer (SRO) that is expected to boost the Bank’s capital ratios by up to P60 billion. Proceeds from the SRO are expected to enable the Bank to pursue business prospects to sustain the loan growth momentum. A portion of the proceeds will also be used to increase the Bank’s stake in subsidiary Metrobank Card Corporation to 100%. Timing of the SRO is subject to receipt of regulatory approvals as well as market and other conditions.

###

Metrobank is the country’s premier universal bank and has one of the largest domestic networks with over 950 branches and over 2,200 automated teller machines (ATMs) nationwide, and 32 foreign branches, subsidiaries and representative offices. For inquiries, please contact Corporate Communication Department at 857-5526, or Investor Relations Department at 857-9783 and investor.relations@metrobank.com.ph. Or call the Metrobank 24/7 Customer Hotline at 8700-700, or log on to www.metrobank.com.ph. For provincial areas, call toll-free 1-800-1888-5775.

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