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Aboitiz Equity Ventures income rises 3% in Q1

ABOITIZ Equity Ventures, Inc. (AEV) reported a 3% increase in first quarter consolidated net income to P4.8 billion despite its power business, the biggest contributor to the holding firm, reporting lower profit during the period.
AEV told the stock exchange the modest income growth came after lower one-off losses representing net unrealized foreign exchange losses.
“Our diversified portfolio gives us the resilience to sail through varying business cycles. The underlying strength of our core operations and a vibrant economy keep us optimistic on our long-term fundamentals,” said Erramon I. Aboitiz, AEV president and chief executive officer, in a statement.
Of AEV’s businesses, power accounted for 64% of total income, with banking and financial services contributing the second biggest at 30%, followed by land at 1%. Infrastructure had a negative 2% impact on the first quarter results, the company said.
During the period, Aboitiz Power Corp. reported a 9% drop in consolidated net income to P4 billion because of one-off losses.
“Despite the one-off adjustments we have to incur in the quarter, we continue to see modest growth of the group in both our generation and distribution business. On the positive note, we continue to see improvements in plant reliability and availability which has resulted to significant financial contributions,” Antonio R. Moraza, AboitizPower president and chief operating officer, said in a statement.
He said AboitizPower, the holding firm of the Aboitizes’ power business, continues to post growth in its distribution utility (DU) business “thanks to growing regional economies.”
The company recognized non-recurring foreign exchange losses on the revaluation of its dollar-denominated liabilities amounting to P1.2 billion, bigger than the previous year’s P577 million.
Without the one-off adjustments, AboitizPower said its core net income rose by 4% to P5.2 billion. The company also recorded an 11% growth in consolidated earnings before interest, tax, depreciation and amortization (EBITDA) to P11.9 billion.
“We look forward to further improving the operation of our power plants, while investing in technology to improve the services in the DUs. We are also looking forward to completing several power plant projects this year which will give us opportunities to contract and contribute to the growing economy,” Mr. Moraza said.
AEV’s banking business Union Bank of the Philippines contributed P1.4 billion to the holding firm’s profit or higher by 32% compared with its share in the previous year.
Pilmico Foods Corp. and its subsidiaries recorded a net income of P264 million, 10% lower than the level in the previous year because of higher cost of raw materials and operating expenses.
Aboitiz Land, Inc. and other the subsidiaries posted a combined net income of P59 million, down 18% after an increase in borrowing expenses to fund development projects.
The share of Republic Cement and Building Materials, Inc. swung to a P82-million loss, reversing the previous year’s net income contribution of P202 million due to higher energy input costs.
On Thursday, shares in AEV fell by 6.94% to P63 each, while shares in AboitizPower slipped by 2.84% to P37.60 each. — Victor V. Saulon

MPIC posts ‘better-than-expected’ Q1 earnings

By Krista A.M. Montealegre, National Correspondent
METRO PACIFIC Investments Corp. (MPIC) grew first-quarter earnings by 16% on the back of better-than-expected volume growth in its business units, as the infrastructure conglomerate remains hopeful of reaching an acceptable agreement with the government on its long-pending tariff issues.
In a disclosure to the stock exchange on Thursday, MPIC chalked up a 16% growth in consolidated core net income to P3.6 billion in the January to March period from P3.1 billion in the prior year.
The strong growth was attributed to the increased investment in the power industry through Beacon Electric Asset Holdings, Inc. last year, robust traffic growth on all domestic roads, and steady volume growth coupled with the inflationary tariff increase implemented by Maynilad Water Services, Inc.
Consolidated reported net income attributable to owners of the parent company rose 27% to P3.8 billion during the period from P3 billion a year ago.
In terms of contribution to the net operating income, power accounted for P2.4 billion or 54% of the aggregate contribution; toll roads contributed P1.1 billion or 24%; water added P800 million or 17%; the hospital group provided P190 million or 4%; and the rail, logistics and systems group delivered P35 million or the remaining 1%.
MPIC managed to outperform initial expectations in the first quarter, putting the company on track to exceed last year’s income levels despite the regulatory overhang at Maynilad and Metro Pacific Tollways Corp.
“We remain hopeful that there will be eventually an agreement with government in terms of the tariff structure,” MPIC Chairman Manuel V. Pangilinan said in a briefing in Makati City.
“You’ve seen the first quarter numbers, it turned out to be better than expected partly because the volume of the businesses has grown, driven in large part by the continuing robust economic growth. At the same time, our numbers have been helped by operating efficiency and cost containment,” Mr. Pangilinan said.
Foregone revenues have reached P12 billion for Maynilad and P10 billion for MPTC pending the resolution of the tariff issues, MPIC Chief Financial Officer David Nicol said.
“In this regard, the best way forward is for us to accept that we take the accumulated revenue backlog and apply it to the tariff over the remaining concession life together with a gradual increase in the next two to three years to bring the tariff to contracted levels,” MPIC President Jose Ma. K. Lim said, referring to a proposed solution with the Toll Regulatory Board.
Mr. Pangilinan voiced his support for the government’s infrastructure program and expressed optimism that the economy will “continue to be strong” despite headwinds, including rising inflation, softer remittances, and higher interest rates.
“Despite those (challenges), the volumes we’ve seen for April are still on the high side,” he said.
MPIC is one of three key Philippine units of Hong-Kong based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
Shares in MPIC lost 22 centavos or 4.23% to close at P4.98 apiece.

Pilipinas Shell sees ‘huge potential’ in non-fuel business

PILIPINAS.SHELL.COM.PH

By Victor V. Saulon, Sub-Editor
PILIPINAS Shell Petroleum Corp. (PSPC) expects its non-fuel business to account for a bigger share of its gross income in the coming years, its president said, as he points to doubling the budget for the segment to about P2 billion.
“Non-fuels retailing is something that continues to be our focus because we believe that this will lead us to our next wave of change,” said Cesar G. Romero, PSPC president and chief executive officer, in a media briefing ahead of the company’s annual stockholders meeting in Makati City on Thursday.
Based on the company’s projection, he said non-fuels show a “huge potential” as its contribution last year was only about 10% of gross income.
“We hope to grow this to anything between 20% and 30% in the next three to five years,” Mr. Romero said.
For non-fuels, the company opened 37 Select stores and 35 lube bays, all located in Shell outlets, last year, he said.
“We normally said before, we invest about a billion [pesos] in the retail business. For 2018, we’d double that. We have allocated P2 billion for our retail business compared to P1 billion in the past,” he said.
“We plan to continue to spend this amount of money at least in the next two to three years,” he added.
Yearly, PSPC usually aspires to open 15 to 20 Select stores, and at least 30 to 50 lube bays. Last year, more stores were opened than usual, while lube bays were less than the usual number.
Anthony Lawrence D. Yam, PSPC vice-president for retail, said the company started “moving” the lube bays in the middle of 2017. This year, he said the opening of such bays would be “robust” and continuous towards December, possibly exceeding 50 units.
Mr. Romero said the company hopes to be able to open 200 to 300 Select stores. PSPC currently has 1,044 retail stations after opening 66 last year.
“We have to scale up because part of the game of convenience store is having the scale,” Mr. Yam said, adding that the strategy would make the supply chain more efficient and less costly.
He said the concentration of the stores would be in urban areas such as Metro Manila, Cebu, Davao, Cagayan de Oro, as well as toll roads.
PSPC previously disclosed a capital expenditure of P4.289 billion for 2018 for its retail as well as its manufacturing and supply businesses. Its target budget for 2019 and 2020 was set at P3.903 billion and P4.196 billion, respectively.
“Capital expenditures for retail principally relate to the planned establishment of new retail service stations,” the company said.
Of the 2018 outlay, up to P2.636 billion has been allocated for retail, and P1.653 billion for manufacturing and supply.
“Capital expenditures for manufacturing and supply principally relate to the refinery’s hydrogen optimization in 2018 and 2019. Additional capital expenditure for manufacturing and supply also relate to the improvement of existing supply and distribution sites,” PSPC said.

DNL Q1 profit driven by non-food business

D&L INDUSTRIES, Inc. (DNL) posted a double-digit growth in earnings in the first three months of the year on the strength of its non-food business units.
The listed food and chemicals manufacturer chalked up a 12.3% rise in net income to P744 million in the first quarter of 2018 from P663 million a year ago, according to a disclosure to the stock exchange on Thursday.
Revenue growth was muted at 2% to P6.4 billion for the three-month period from P6.3 billion in the prior year on the back of the 25% decline in coconut oil prices during the period.
However, the “lower cost and expenses as well as higher other income from foreign exchange gains” helped boost earnings, DNL President and Chief Executive Officer Alvin D. Lao said in a briefing in Makati City.
Two-thirds of earnings now come from the non-food business consisting of oleochemicals, specialty plastics and aerosols, allowing DNL to weather the flat growth in the food ingredients business as a result of lower commodity sales.
“We expect the domestic business to continue to be strong. The indication from customers is malakas pa rin. They plan to open more stores and add more items in their menu. The direction is may growth pa rin,” Mr. Lao said.
“Even if inflation has gone up, 20 years ago we were used to seeing inflation above 10%. Yes, inflation is higher now but at the same time you’re seeing good growth: the economy is growing 6%, our company is growing 12%, return on equity is almost 19%. When you look at things from that perspective, hindi nakakatakot,” Mr. Lao said.
Given the robust domestic sales, exports as percentage of total revenue fell to 22% in the first quarter of 2018 from 24% a year ago. Export revenues dropped 5% to P1.4 billion year on year, normalizing from above-average growth last year.
The high-margin specialty product (HMSP) segment grew volumes by 13% year on year, beating the historical average of 7%. As a result, its revenue contribution improved to 64% from 58% in the entire 2017, providing DNL a steady source of recurring revenues.
The commodity business accounted for the remaining 36% of revenues. Blended commodity margins stood at 6.5% during the period from 3% a year ago, pushing overall gross profit margin by 1.2 percentage points year on year to 17.9%.
Shares in DNL shed 20 centavos or 1.87% to settle at P10.50 per share. — Krista Angela M. Montealegre

PLDT appeal on regularization of contractuals denied

THE Department of Labor and Employment (DoLE) in a statement on Thursday said it has denied a motion for reconsideration by the Philippine Long Distance Telephone Company (PLDT) on the regularization of 7,306 workers in the company.
DoLE issued a resolution dated Jan. 10 directing the company and its contractors to grant the employees regular employment status and monetary benefits amounting to P51.6 million. Labor Secretary Silvestre H. Bello III signed the resolution on April 24.
The statement said an appeal by PLDT and more than 30 its contractors was denied for lack of merit, but the department granted an appeal by five other contractors.
Found to be labor-only contractors by DoLE and ordered to cease and desist from further engaging in contracting activities were Activeone Health, Inc.; Aremay Enterprise; BBS-VPN Allied Services Corp. Philippines; Best Options Assistance, Inc; Comworks, Inc.; Consolidated Management Resources; Curo Teknika, Inc.; and Diar’s Assistance, Inc.
The same directive also applies to El Grande Messengerial Services, Inc.; Fastel Services, Inc.; Goodline Staffers and Allied Services, Inc.; Implicare International Management Resources, Inc.; Information Professionals, Inc.; Iplus Intelligent Network, Inc.; JFM Installation and Telecom Services, Inc.; LBP Service Corp., MD Tambungui Specialists, Inc.; MG Exeo Network, Inc.; Meralco Industrial Engineering Services Corp.; MIROF Resources, Inc.; Proserve Multi Resources Specialists, Inc.; Searchers and Staffers Corp.; Serveflex, Inc.; Sitefel Marketing; Software Laboratories; SPi CRM, Inc.; Tejo Management Services, Inc.; Transbio, Inc.; Trends and Technologies and Service Maintenance; Unison System Computer, Inc.; Upsight Construction, Inc.; and We Support, Inc.
On the other hand, DoLE deemed as legitimate contractors the following: Customer Frontline Solutions, Inc.; Pro Tek Telecoms Support, Inc.; SL Temps; St. Clair Security and Investigation Inc.; and Trigold Security & Investigation Agency, Inc.
DoLE’s regional directors were ordered to initiate the appropriate proceedings against erring contractors based on the issued resolution, the statement said, adding the said companies are prohibited from operating a contracting business.
The DoLE also noted some contractors that have already settled unpaid monetary claims to their employees, such as Digital Solution and Services, Inc.; El Grande Messengerial Services, Inc.; MG Exeo Network, Inc.; MIROF Resources, Inc.; Pointman Placement Specialist; and Searchers and Staffers Corp.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

BPI raises P50 billion from stock rights offering

BANK OF THE Philippine Islands (BPI) has completed its stock rights offer (SRO), raising P50 billion to fund its business operations and expansion.
In a disclosure to the local bourse on Wednesday, the Ayala-led BPI said it has completed its rights offering and sold 558.7 million common shares priced at P89.50 apiece.
Eligible shareholders were entitled to subscribe to a share for every 7.0594 common shares as of record date April 6.
The rights offer was met with “strong support from both domestic and foreign shareholders,” the bank said, which resulted in an oversubscription by 22.3% as of the close of offer on April 25.
BPI’s major shareholders, including Ayala Corp., applied to subscribe for more than their pro-rata entitlements under the terms of the rights offer, the lender added.
“The overwhelming success of our stock rights offer is a testament to our shareholders’ support of our ability to execute on our own strategy,” BPI President and Chief Executive Officer Cezar P. Consing was quoted as saying in the statement.
“The strategy involves increased digitalization, a focus on higher margin products, and greater client inclusion, resulting in the continued delivery of superior risk-adjusted returns.”
BPI said in an earlier disclosure that the proceeds from the capital raising exercise will be used to fund the expansion of its loan portfolio particularly in the consumer, small to medium enterprises and microfinance segments.
The proceeds will also finance the expansion of its delivery infrastructure via investments in digitalization as well as additional branches of BPI, BPI Family Savings Bank and BPI Direct BanKo.
Debt watcher Moody’s Investors Service earlier said the SRO of BPI is credit positive as this will bolster the lender’s capital buffers.
BPI said the rights offer will increase its common equity Tier 1 ratio to 15.63% from 11.84% as of end-December.
The shares from the SRO are scheduled to be listed on the Philippine Stock Exchange on May 4.
BPI Capital Corp. acted as the offer’s sole global coordinator, lead manager, sole domestic manager, domestic bookrunner and underwriter, while Deutsche Bank AG, Hong Kong Branch, Goldman Sachs (Singapore) Pte. and JP Morgan Securities plc. acted as joint international bookrunners and underwriters.
In 2017, BPI booked a net profit of P22.42 billion, up 1.7% from the previous year.
BPI shares closed at P99.95 apiece on Thursday, down P2.05 or 2.01% from the previous day’s finish. — Karl Angelo N. Vidal

SM continues provincial expansion with 2nd mall in Pangasinan

SM PRIME Holdings, Inc. is opening its second mall in Pangasinan today, taking advantage of the strong domestic market and the growing tourism sector in Northern Luzon.
In a disclosure to the stock exchange on Thursday, the property holding firm of the country’s richest man Henry Sy, Sr. said SM City Urdaneta Central will have a gross floor area of 42,000 square meters and will be the real estate developer’s 69th mall in the country.
About 84% of the two-level mall has been leased out, bringing in new shopping, dining and entertainment experiences to the hundred-thousand population of the city and the millions of tourists passing through the province. The shopping center has 706 parking slots located at the basement and open grounds.
SM City Urdaneta Central features the SM Group’s stable of retail brands, including The SM Store, SM Supermarket, Watsons, Ace Hardware, SM Appliance Center, Our Home, Surplus, Miniso, Sports Central, and SM Cyberzone.
Aside from being the third largest province in the Philippines, Pangasinan is prime for commercial developments as it benefits from the influx of tourists heading to north Luzon through the Tarlac-Pangasinan-La Union Expressway for easy access.
“We are excited to be a part of Pangasinan’s growing economy,” SM Prime President Jeffrey C. Lim was quoted in the statement as saying.
“As Pangasinan is at the heartland of the Philippines and the gateway to Northern Luzon, SM is a committed partner in further building on this strategic and dynamic province through SM City Urdaneta Central. This new mall complements the existing offerings of SM City Rosales, which is our first mall in Pangasinan,” he added.
SM Prime is set to open five malls in key cities in the provinces this year. The company has already opened SM Center Imus in Cavite on Feb.16, and is scheduled to open SM City Telabastagan in Pampanga, SM City Legazpi in Albay and SM Center Ormoc in Leyte.
Shares in SM Prime fell 90 centavos or 2.67% to close at P32.80 each on Thursday. — Krista Angela M. Montealegre

IFC looks to issue first peso-denominated green bonds

IFC.ORG
Jingdong Hua, IFC Vice-President and Treasurer — IFC.ORG

INTERNATIONAL Finance Corp. (IFC) is eyeing to issue its first peso-denominated green bonds as it aims to support the local capital market and renewable energy.
“I cannot disclose more details, but hopefully within the couple of weeks, we’ll be able to issue our first peso green bond,” Jingdong Hua, IFC Vice-President and Treasurer said on the sidelines of a seminar sponsored by Official Monetary and Financial Institutions Forum during the annual meeting of Asian Development Bank (ADB) held in Pasig City.
Mr. Hua said the green bonds will be issued “to support renewable energy with one of [IFC’s] Philippine clients” and has already received the necessary approvals.
“Any bond issuance is subject to market conditions. but if the market condition is right, [then] we’re ready to proceed,” he said when asked on the timing.

However, ADB earlier said the local market for green bonds remains unattractive due to cost and demand issues.
“There is no demand from domestic investors, and issuers see it as an unnecessary cost to raise capital,” the ADB said in a report entitled “Promoting Green Local Currency Bonds for Infrastructure Development in ASEAN+3” published last month.
“There is large unmet demand for corporate bonds among domestic institutional investors, so issuers have little interest in incurring the additional costs for green issues when they will be able to place non-green issues without difficulty.”
The country’s maiden green bond issuance was by Aboitiz Power Corp.’s AP Renewables in February 2016. The issuance, for which the ADB provided technical assistance, raised P10.7 billion.
In December, BDO Unibank, Inc. sold $150 million worth of green bonds to the IFC, the sole investor. Proceeds will help the bank expand lending to climate change-mitigation projects.
Mr. Hua noted that there is still room for the local corporate bond market to grow.
“The good news is there is a huge potential to develop local currency capital market to be used to diversify funding of corporate Philippines,” Mr. Hua said, adding that the current model is “bank-centric.”
“Eventually, banks will move to Basel 3, and their Basel 3 long-term financing consumes too much economic capital for banks.”
Mr. Hua said the corporate bond market in the Philippines is “less than 7%” of the country’s economy, compared with 45% in Malaysia and about 20% in Thailand.
“I’m very optimistic the Philippine bond market will follow what has happened in Malaysia and Thailand… Even if it takes a little longer to do your first bond issuance, but on the longer term, once you establish yourself as an equitable bond issuer, then you’ll have more reliable sources of diversified funding source.” — Karl Angelo N. Vidal

ATI sets P8-billion capex for this year

ASIAN Terminals, Inc. (ATI) is earmarking at least P8 billion in capital expenditures for this year, as it boosts capacity at the Manila South Harbor and Batangas Port.
“Aligned with the government’s Build-Build-Build program, ATI is spending a minimum of P8 billion in capital investment this year to deliver better, faster and safer ports and logistics services to the country’s supply-chain,” the company said in a statement.
The port operator said it will soon have more cargo storage spaces, as the construction of Blocks 143 and 145 adjacent to South Harbor’s main container yard is almost completed.
“Completion of the expansion projects, alongside continuous investment in modern systems and technologies, will increase South Harbor’s annual container handling capacity to over 1.4 million TEUs (twenty foot equivalent units) by 2019 from its current yearly throughput of 1.25 million TEUs,” ATI said.
Last month, ATI received two ship-to-shore (STS) cranes which allows South Harbor to expand its cargo capacity.
The company is currently extending the quay length and expanding the container yard at the Batangas Container Terminal. It will also acquire two additional STS cranes and four rubber-tired gantry cranes within the year.
ATI also aims to finish the construction of the multilevel car storage facility for completely built car units (CBU) at the Batangas Port by the third quarter of 2018. This will boost the port’s storage capacity to 13,000 CBUs. — Denise A. Valdez

Investors trim Asian currency positions

INVESTORS trimmed their positions on most emerging Asian currencies in the last two weeks, a Reuters poll showed, following recent strength in the dollar on signs of resilience in the US economy and a rise in Treasury yields.
US debt yields surged over the past two weeks on a sell-off in the bond market, while robust economic data in the United States, pulled the rug out from under riskier asset classes.
The Federal Reserve on Wednesday indicated that inflation was nearing the central bank’s target, and that it remained on track to raise borrowing costs in June.
As such, the dollar gained against a basket of currencies, underpinned by the Fed’s upward path for its benchmark interest rate.
ASIAN CURRENCIES TO RETREAT
A stronger dollar bodes poorly for Asian currencies, as it will lure capital from the region’s volatile markets to relatively safer assets in the United States.
A poll of 12 analysts reflected the shift in portfolios, as positions on most Asian currencies were pulled back.
Bearish bets on the Indian rupee surged to their highest since August 2013, reflecting recent concerns about sustainable growth in the country.
India’s infrastructure growth slowed to a three-year low of 4.2% in the fiscal year ending in March, indicating Prime Minister Narendra Modi faces a tough challenge to boost investment ahead of general elections due early next year.
Bullish bets on the Singapore dollar fell to their lowest since November 2017. The currency shed about 1.1% to the dollar in April, its worst month since November 2016.
The city-state’s fundamentals remain strong, however, with factory output growing more than expected in March while Singapore’s Prime Minister Lee Hsien Loong painted a rosier picture of economic performance for 2018 this week.
Positions on the Taiwan dollar turned bearish after more than nine months, cementing a recent downturn in the currency.
The Taiwan dollar saw April as its worst month in more than two years, and is poised to lose in May as well.
An expected slowdown in global tech demand has also fueled speculation about whether recent strong growth in the technology sector can be sustained, as Taiwan’s GDP growth slowed in the first quarter of 2018.
Bearish bets on Indonesia’s rupiah surged to their highest since November 2016, as it bore the brunt of a yield prompted sell-off. The rupiah is subject to a large amount of foreign exposure, with data from Bank Indonesia showing that foreigners held about 39% of Indonesian government bonds as at the end of March.
Indonesia’s central bank has said it would intervene in the market if volatility in the rupiah got out of hand.
EASING TENSIONS BENEFIT WON
On the other hand, bullish bets on the South Korean won rose, as easing political tensions with its Northern neighbor reaffirmed confidence in the country.
The leaders of North and South Korea signed a declaration last week agreeing to work for the “complete denuclearization of the Korean peninsula,” a pledge of peace following about six decades of conflict.
The news comes as a great relief for South Korean markets, which were rattled by escalated tensions following a barrage of missile tests by North Korea last year.
The Asian currency positioning poll is focused on what analysts and fund managers believe are the current market positions in nine Asian emerging market currencies: the Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and the Thai baht.
The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. A score of plus 3 indicates the market is significantly long US dollars.
The figures include positions held through non-deliverable forwards (NDFs). — Reuters

With 24-hour outrages, Kanye West masters media moment

NEW YORK — Since reemerging last month from a yearlong absence, Kanye West has sparked outrage by throwing his lot with Donald Trump and calling slavery a choice. Yet the rapper has succeeded spectacularly in one key goal — staying at the center of attention.
If West’s newfound politics have baffled some longtime fans, the 40-year-old has clear stylistic affinities with Trump — a bombastic round-the-clock presence on Twitter, with musings that appear to be stream-of-consciousness but manage to commandeer each news cycle.
A self-described Renaissance man with interests in music, fashion and politics who has unironically compared himself to Michelangelo, West had long been given a pass by the entertainment world for his rowdier tendencies such as disrupting award ceremonies as few dispute his talents.
Since breaking through in 2004 with The College Dropout, West has produced lavish hip-hop albums that blend in soul and electroclash. He is tied with Jay-Z as the rapper who has earned the most Grammy Awards with 11.
But whereas West’s early work explored his insecurities, the Chicago native has come to epitomize the Los Angeles celebrity lifestyle and in 2014 married reality television star Kim Kardashian, with whom he has three children.
After the chaotic release of his last album The Life of Pablo, West suffered a mental breakdown and cut short his tour. He reappeared in public in December 2016 when he suddenly walked into Trump Tower in New York to meet the president-elect.
ADMIRING TRUMP’S STYLE
Returning last month to Twitter — where he also announced two upcoming albums and promoted a shoe line — West revealed that he feels “love” for Trump and sported one of his “Make America Great Again” caps.
Trump — who rose to prominence promoting unfounded conspiracy theories on his predecessor Barack Obama’s birthplace — quickly cited West as evidence of rising support among minorities.
West — whose first visible foray into politics came in 2005 when he said president George W. Bush “doesn’t care about black people” after hurricane Katrina ravaged New Orleans — acknowledged he has not followed Trump’s policies closely.
But the rapper said he admired the real estate mogul’s audacity to run — and West himself has indicated, with an unclear level of seriousness, that he plans to seek the White House in 2024.
“When I see an outsider infiltrate, I connect with that,” West told radio host Charlamagne tha God, adding that he was upset Obama invited other rappers to the White House.
But West made bigger headlines during a free-wheeling appearance at TMZ Live, part of the Hollywood gossip site.
“You hear about slavery for 400 years. For 400 years? That sounds like a choice,” West said.
His flippant remarks on America’s original sin drew a quick and harsh reaction on social media and West was taken to task live in the newsroom of TMZ.
“My brother, OUR ancestors did not choose to be stolen from Mother Africa. OUR ancestors did not choose to be ripped of OUR religion, language, culture,” director Spike Lee wrote on Instagram.
In another Trumpian touch, West later took to Twitter to criticize media coverage of his remarks, saying he meant “we can’t be mentally imprisoned for another 400 years.”
NO STIGMA TO MENTAL ILLNESS
Jeffrey Q. McCunes, an associate professor of African American studies at Washington University in St. Louis who is writing a book on West, called the rapper’s remarks a “hiccup” but said he clearly was speaking of “mental slavery.”
“Unless Kanye chooses to have much more staged interview moments, we have to ignore some of the stupidity while paying attention to the moments of genius,” McCunes said.
“We have a Kanye West who is coming back onto the scene and trying to be his most honest self in public. And that honest self is like a fugitive who is trying to be free. But he’s trying to be free in this kind of high-tech, social media, soundbite culture,” he said.
West also for the first time explained his hospitalization. He said he had been suffering stress for factors that included low airplay for The Life of Pablo and the armed robbery of his wife in her Paris hotel room.
Calling his hospitalization a “breakdown — or breakthrough,” West said his experience was “incredible” and that he wanted to draw awareness to mental health issues.
“Best believe, I’m going to take the stigma off the word ‘crazy.’” — AFP

MCWM expects to complete landfill expansion in June

METRO CLARK Waste Management Corp. (MCWM) is set to complete its biggest landfill expansion by next month, following a boost in waste collection the past five years.
Holger Holst, MCWM director for technical services, said the P120-million, five-hectare expansion that began in January will be finished in four weeks, before the rainy season starts.
“We build [the landfill] in phases. In the moment, we have around 17 hectares [of landfill]. In total, we have 70 hectares [allotted for landfill], Mr. Holst said in an interview.
“It’s the seventh time we expanded the landfill. We make all these in phases. This is the biggest. Normally, we have just two to three hectares [per expansion]. We started with three hectares [in 2002]. But this one now is the first time that we are really on the end of the landfill [area],” he added.
MCWM President and Chief Executive Officer Rufo B. Colayco said during a briefing that the 70-hectare landfill, when completed, could fill a hill as high as 120 meters. He expects this scenario to happen in 10 years.
MCWM is a waste management solutions group that has a 100-hectare property in the Clark Special Economic Zone. It caters to the waste of 90 cities and municipalities across Central Luzon. Every day, it collects an average of 1,600 tons of garbage, 89% of which are household waste.
Aside from the landfill expansion, MCWM is also seeking to expand its reed bed before the year ends. The reed bed is a facility that treats residual waste from the garbage that MCWM has collected from its clients that turns leachate into clean water.
The company is also warning of a rapid increase in waste collected in the Philippines. It projects by 2025 there will be 77,765 tons of garbage collected every day, coming only from cities.
Citing data from the National Solid Waste Management Commission as of 2016, it said that currently, the Philippines has 403 open and 108 uncontrolled dumpsites. There are only 118 sanitary landfills which only 15% of local government units have access to.
“The number of sanitary landfills in the Philippines remains small despite the passage of Republic Act No. 9003, which requires for the closure of open and uncontrolled dumpsites, about 17 years ago,” Mr. Colayco said.
He emphasized the need for more engineered sanitary landfills that follow Republic Act No. 9003, or the Ecological Solid Waste Management Act.
MCWM is partly owned by German conglomerates BN Ingenieure GmbH and Heers & Brockstedt Umwelttechnik GmBH. It is looking into waste-to-energy technology as a viable option to address the rising waste production issue, which would be patterned after those in Germany and other European countries.
But Mr. Colayco said it still needs to settle regulatory issues with the government before it comes up with a plan in the next two to three years. — Denise A. Valdez