RFM income up 6% in 2017 on strong pasta, ice cream sales

February 13, 2018 | 12:06 am

RFM Corp. reported a 6% profit increase for 2017, boosted by the robust sales of its ice cream and pasta products.

In a statement issued Monday, the listed food and beverage firm said net income increased to P1.064 billion last year, from the P1 billion it generated in 2016.

Sales revenues stood at P12.7 billion, as higher sales of Selecta ice cream and Fiesta pasta during the period helped offset price pressures in the commodity flour business. RFM had earlier noted that it will be ramping up efforts to grow its branded consumer brands to mitigate the effects of increased prices of raw materials.

Ice cream brand Selecta, which RFM developed in partnership with Uniliever Philippines Ltd., saw revenues climb 13% during this period. To support the rising demand for the product, the two companies have earmarked a capital expenditure of P1 billion to grow the ice cream business. Capex will be internally funded by the ice cream joint venture.

“RFM sees continued consumer consumption growth in the coming years and we are investing already to be able to take full advantage of that growth,” RFM President and Chief Executive Officer Jose A. Concepcion III said in a statement.

The company is in the process of upgrading its flour mill using P240 million of internally generated cash. The pasta business also includes the Royal brand, while other products under RFM’s portfolio are Sunkist Orange Pulp, Vitwater, and White King All-Purpose Flour.

“For 2018, we see sustained growth in our ice cream and faster growth in the pasta business. We also plan to push our RTD (ready-to-drink) milk lines for faster growth this year,” Mr. Concepcion added.

The company on Monday also disclosed that it will be giving out cash dividends worth P300 million, which is the first tranche of its 50% dividend payout from its 2017 earnings.

RFM is likewise undertaking a share buyback program worth up to P900 million. As of Feb. 7, the company has already bought back from the open market 102.76 million shares for an aggregate amount of P441.27 million.

Incorporated in 1957 originally as Republic Flour Mills, Inc., RFM’s business is divided into tow segments: the institutional segment for the flour, bakery, and other bakery products to institutional customers, and the consumer segment that manufactures and sells ice cream, milk, juices, pasta, and other rice-based mixes.

Shares in RFM gained four centavos or 0.82% to close at P4.90 apiece at the Philippine Stock Exchange on Monday. —Arra B. Francia

RLC raises P20 billion from stock rights offering

February 13, 2018 | 12:05 am

ROBINSONS LAND Corp. (RLC) has raised P20 billion from the completion of its stock rights offering (SRO) last week.

In a disclosure to the stock exchange Monday, the Gokongwei-led property developer said the SRO, offered from Feb. 2 to 8, was oversubscribed. A total of 1.1 billion shares priced at P18.20 apiece were sold from the issuance, 1.074 billion of which were sold during the first round, while 25.995 million shares were sourced from the oversubscription option.

One rights share was offered for every 3.7217 existing common shares held as of Jan. 31.

The offer brings RLC’s total issued and outstanding shares to 5.194 billion, with 3.871 billion held by local shareholders and 1.322 billion owned by foreign investors.

RLC looks to use the funds raised from the offer to finance land acquisitions that would support the expansion of its commercial, residential, office, and hospitality businesses.

The company booked a single-digit increase in attributable profit in the first nine months of 2017 to P4.56 billion, following flat revenues that stood at P16.64 billion.

Shares in RLC were down by 25 centavos or 1.21% to close at P20.40 apiece at the stock exchange on Monday. — Arra B. Francia

Get Out, Call Me by Your Name win big at Writers Guild Awards

February 13, 2018 | 12:05 am

LOS ANGELES — Get Out and Call Me by Your Name won top prizes at the Writers Guild of America Awards Sunday, three weeks before the Oscars, the glittering climax of Hollywood’s awards season.

Writer-director Jordan Peele picked up the trophy for best original screenplay for Get Out, a dark satire of the African-American experience and liberal white guilt.

“This was a passion project. It was something I put my love into, I put my soul into, so getting this from you means so much,” Peele said as he picked up his trophy.

“I started writing it in 2008 and there were a lot of ups and downs.”

The film, starring Daniel Kaluuya, has already landed Peele best first time feature at the Directors Guild of America Awards and is nominated for four statuettes at the Oscars, to be held on March 4.

Get Out beat out The Big Sick, I, Tonya, Lady Bird, and The Shape of Water.

The evening was hosted for the third year in a row by Emmy and Grammy-winning actor, writer, and comedian Patton Oswalt, who began by light-heartedly chastising the WGA for bringing him back.

“Given the current atmosphere, maybe get a female host next year. There are hilarious comedians and writers out there,” he said.

James Ivory scooped the prize for best adapted screenplay for his work transforming Andre Aciman’s 2007 novel Call Me by Your Name into the film of the same name, starring Timothee Chalamet.

Luca Guadagnino’s paean to the universal heartbreak of first love, set in 1980s northern Italy, bested highly touted rivals, including The Disaster Artist, Logan, Molly’s Game, and Mudbound.

It is also nominated for four Oscars, including nods for Ivory’s screenplay, best picture, best actor for Chalamet, and best original song.

Best documentary screenplay went to Brett Morgen for Jane, a study of the life and work of celebrated primatologist Jane Goodall, whose groundbreaking chimpanzee research revolutionized people’s understanding of the natural world.

In the television category, Hulu’s The Handmaid’s Tale won both best drama and best new series, while HBO’s Veep took best comedy series.

The WGAs is one of Hollywood’s last major prize-giving ceremonies ahead of the Academy Awards.

It is not considered as reliable a predictor of Oscars glory as the other guilds’ prize-giving nights, however, as members can only shortlist scripts written under WGA guidelines or those of several international partners. — AFP

New-look Cavaliers spoil Pierce’s retirement party

February 13, 2018 | 12:05 am

LOS ANGELES — The Boston crowd came out to celebrate Paul Pierce on Sunday — but LeBron James and his new Cleveland supporting cast had other ideas as the Cavaliers routed the Celtics, 121-99.

James shook off a first quarter leg injury to finish with 24 points, 10 assists and eight rebounds for the Cavaliers who were one of the busiest teams at the NBA trading deadline.

Cleveland acquired four players and dealt away six others as they attempt to make a push for their fourth straight NBA finals.

“We got some players that are pretty smart and they picked it up like they had been here all year,” said James, who played just 28 minutes.

Despite the home team’s loss, the night belonged to Pierce and his family as they got to hear tribute videos from Kobe Bryant and Magic Johnson and see his number 34 raised to the rafters of the Boston Garden arena.

“It definitely gave me chills, especially with LeBron out there,” Pierce said afterwards. “I wanted to be out there.”

Pierce, who retired at the end of last season, watched the game from his sideline seat, waiting for the postgame ceremony. But when the Cavaliers raced to a 27-point lead halfway through the final quarter the crowd couldn’t hold back chanting “We want Paul Pierce.”

James scored 13 of his 24 points in the second quarter. He chipped in eight during a 13-2 burst that turned a one-point deficit into a double-digit lead. The Celtics made it 64-55 on the first basket of the third quarter but never even got close for the rest of the game.

James collided with Aron Baynes with about five minutes left in the first quarter and hobbled to the sidelines. After receiving treatment on his right leg he returned with nine minutes left in the half and immediately picked up where he left off.

In their first appearances since being acquired at the trade deadline, Jordan Clarkson scored 17 points, Rodney Hood had 15, George Hill had 12 and Larry Nance scored five points. The foursome practiced with Cleveland for the first time on Saturday.

“All of our new guys performed and played well,” coach Tyronn Lue said. “So that’s a good sign.”

The Celtics have lost three of four while the Cavaliers have won three straight.

Terry Rozier scored 21 points with nine assists and Kyrie Irving scored 18 against his former teammates before sitting out the final quarter in the loss.

In Charlotte, DeMar DeRozan scored a team-high 25 points and CJ Miles came off the bench to score 24 points as the Raptors notched their fifth straight victory with a 123-103 win over the Charlotte Hornets.

Head coach Dwane Casey became the first coach in franchise history to record 300 wins. — AFP

Reviving Filipino culture in architecture

February 13, 2018 | 12:04 am

WHETHER it’s an American country house or a Balinese villa, homes in a Philippine neighborhood have architectural inspirations that are all over the place.

While this “hodgepodge” of themes is being patronized as stylish and trendy, the disjoint does not seem to reflect who the Filipino is and his collective identity.

That’s according to Filipino architect Jason Buensalido whose company is behind projects like Sofia Townhomes in Taguig, the Aqua Boracay Beach Village in Aklan and the nipa hut-inspired Project Smarthome in Marikina.

“It just so happens that most of our projects are in the Philippines, and we found that we’re stuck in terms of where we are in architecture,” Mr. Buensalido, an alumni of the University Santo Tomas, said in an interview with BusinessWorld on the sidelines of the Artkitektura Festival of Architecture and the Arts held last Feb. 3 at the Ateneo de Manila University.

“We found this as an opportunity for positive change. That is why we feel like it is high time for a cultural revival in architecture.”

Instead of passively adapting trends, Mr. Buensalido and his team at Buensalido + Architects infuse Filipino sensibilities — specifically the element of the iconic bahay kubo (nipa hut) — into their designs, together with some global influence.

“If we look back, it all started with the bahay kubo,” Mr. Buensalido said, citing the architectural characteristics of the humble hut that remains relevant in designing contemporary and progressive structures of today.

Although it does not exactly resemble the typical structure and material of a nipa hut, Project SmartHome in Marikina took its cue from that design principle.

The CIIT building facade incorporates various Philippine weaving patterns.

Given the challenge of being located in a flood-prone zone heavily damaged by Typhoon Ketsana in 2009, the homes, built in 2016, were designed to be supported by stilts above the area’s flood level to avoid potential flood damage.

“It’s not a literal copy paste of a bahay kubo. It’s not literally using affordable and cheap materials like bamboo or nipa or anahaw, but to extract the principles of bahay kubo like the open plan, natural ventilation, storage, efficient use of space, and then sustainable living by harvesting in your own backyard,” Mr. Buensalido explained.

Apart from taking inspiration from the architectural design of the bahay kubo, Mr. Buensalido also incorporates different types of Philippine weaves into his designs.

“We love being connected to our families, and this weaving is also the idea of intertwining, of coming together. What we try to do with this gesture of coming together is we try to apply it in our architecture,” he shared.

This is exemplified in his project, the CIIT. As a school that values heritage and art, CIIT has a façade that integrates different Philippine weaving patterns.

Through architecture, Mr. Buensalido is trying to start the conversation about the country’s cultural identity.

“What we try to do as a firm is before we come up with any architectural proposition, we take time to research and understand our collective identity as a culture,” he said.

“We’re not saying that this is what should be done. This is by no means prescriptive; this is just sharing what we try to do with our practice. Perhaps you can follow some, or develop some, or even add some to help us have this conversation on what Filipino architecture is.” — Romsanne R. Ortiguero

Cebu Pacific to mount flights to Batanes in March

February 13, 2018 | 12:04 am

CEBU PACIFIC is set to launch direct flights from Manila to Batanes in late March, in time for start of the summer season.

In a statement, the Gokongwei-led budget carrier said subsidiary Cebgo will fly daily to Basco, Batanes starting March 25 to Oct. 27, 2018.

The flight departs from Ninoy Aquino International Airport Terminal 4 in Manila at 6:20 a.m., while the return flight from Basco leaves at 9:15 a.m.

Cebgo will use its ATR aircraft for the Manila-Batanes route.

“What makes this route more special is that netizens were actively engaged in the selection of our new destination — our customers were part of the process,” Cebgo President and CEO Alexander G. Lao was quoted as saying in a statement.

Batanes was the most requested destination in a social media campaign launched last year. Netizens were asked which local destination they would want Cebu Pacific to fly next. Aside from Batanes, other destinations that received votes were Daet, Camarines Norte; Mati, Davao Oriental; Bantayan Island, Cebu; San Vicente, Palawan, and Siquijor.

“The top picks were then assessed in terms of readiness for commercial flights, with criteria that included airport,” the budget airline said.

Cebu Pacific flies to 37 domestic and 25 international destinations. It operates out of seven hubs in the Philippines: Manila, Clark, Cebu, Davao, Cagayan de Oro, Kalibo and Iloilo.

NU Lady Bulldogs’ Jaja Santiago is week’s best

February 13, 2018 | 12:04 am

FOR the scintillating performance and leadership he has been showing for the University Athletic Association of the Philippines (UAAP) Season 80-leading National University (NU) Lady Bulldogs, middle blocker and team captain Jaja Santiago was adjudged UAAP player of the week.

In two games last week for NU (3-0), the 6’5” Santiago took front and center with explosive numbers to help her team stay unblemished in the current season of UAAP women’s volleyball play.

Santiago, who is in her final year of playing in college, erupted for 26 points, 20 off kills, four blocks and two service aces, to lead the Lady Bulldogs in staving off the Ateneo Lady Eagles in five sets, 25-19, 25-19, 20-25, 12-25 and 15-7, last Wednesday.

She then followed it up with a 23-point outing at the weekend to carry NU to its third straight win at the expense of the University of the East Lady Warriors, 25-15, 18-25, 25-22 and 25-19, on Sunday.

The significance of the solid play of the national player is not lost to the NU team, saying it has been a big help in its bid to winning the title in Season 80.

“As the captain Jaja is responding right on the dot on what the situation is asking from her. The team has been following her lead and it bodes well for us,” said NU coach Babes Castillo of Santiago, who is no. 1 in the spiking department with a total of 49 kills and second in blocking with 0.92 average by set.

Santiago is also the second best scorer to date, averaging 21.7 points in three games, behind University of Santo Tomas’ Sisi Rondina (23.3 points).

In winning the weekly award, given by sports media covering the UAAP, Santiago beat out Rondina, Jema Galanza of Adamson and Michelle Cobb of De La Salle.

Santiago and the Lady Bulldogs trek back to the floor on Sunday, Feb. 18, against the two-time defending champions De La Salle Lady Spikers at the FilOil Flying V Centre in San Juan City. — Michael Angelo S. Murillo

New York sues Weinstein Co. and Harvey Weinstein over sexual misconduct

February 13, 2018 | 12:04 am

NEW YORK — New York’s attorney general sued the Weinstein Company and Harvey Weinstein on Sunday alleging years of sexual harassment and misconduct by the movie producer, in a move that could jeopardize talks on a potential sale of the studio.

Weinstein, cofounder of the Miramax studio, was one of Hollywood’s most influential men before more than 70 women accused him of sexual misconduct, including rape. He denies having non-consensual sex with anyone, and his lawyer said many of the latest allegations would turn out to be unmerited.

The civil suit alleges that the company’s executives and board repeatedly failed to protect employees from Weinstein, Attorney General Eric Schneiderman said in a statement. The suit also names Weinstein’s brother Bob, who cofounded the company.

The studio has been in talks to sell itself to a group of investors led by former Obama administration official Maria Contreras-Sweet, but Schneiderman’s lawsuit has put deal negotiations on hold, according to people familiar with the matter.

Schneiderman said he sued the company on Sunday in part because of reports that a sale of the studio could be imminent.

“Any sale of The Weinstein Company must ensure that victims will be compensated, employees will be protected going forward, and that neither perpetrators nor enablers will be unjustly enriched,” Schneiderman said.

The state is seeking an unspecified amount of restitution and damages, plus penalties, for harm to victims.

The lawsuit alleges that Weinstein, 65, sexually harassed employees and abused women for years. It accuses Weinstein Company executives, including his brother and co-CEO Bob, of failing to act despite repeatedly being presented with credible evidence of Weinstein’s sexual harassment and misconduct.

In a statement, Weinstein’s attorney Ben Brafman said a fair investigation by Schneiderman would prove that many of the allegations against his client were without merit.

“While Mr. Weinstein’s behavior was not without fault, there certainly was no criminality, and at the end of the inquiry it will be clear that Harvey Weinstein promoted more women to key executive positions than any other industry leader and there was zero discrimination at either Miramax or TWC,” Brafman said.

“If the purpose of the inquiry is to encourage reform throughout the film industry, Mr. Weinstein will embrace the investigation. If the purpose however is to scapegoat Mr. Weinstein, he will vigorously defend himself,” Brafman said.

Schneiderman said he used his subpoena power in an attempt to get around Non-Disclosure Agreements that Weinstein and the company signed with employees and others in what the attorney general described as an attempt to shield them from scrutiny.

The New York Times first reported in October on multiple allegations of sexual misconduct by Weinstein. Reuters has not been able to independently confirm the allegations.

Since then, similar allegations have been leveled against many powerful men in business, politics and entertainment, and the #MeToo movement has emerged of victims using social media to share their stories of harassment and abuse. — Reuters

From Brooklyn to Beijing: Stephon Marbury bids teary adieu to basketball

February 13, 2018 | 12:03 am

BEIJING — Former NBA player Stephon Marbury ended a trailblazing 22-year basketball career with rhyming couplets and tears after winning his last-ever game Sunday in Beijing, bidding an emotional farewell to his adoring Chinese fans.

The six-time Chinese Basketball Association (CBA) all-star reinvented himself in China after a rocky end to his 13 years with the NBA, becoming one of the first high-profile foreign players to ditch home for the Middle Kingdom in 2010.

He leaves the game just shy of his 41^st birthday as one of the Chinese league’s most beloved stars, honored by Beijing with “honorary citizenship,” a green card, his own museum, statue, postage stamps, and even a musical.

As cheerleaders danced with elegant fans and a yellow dragon mascot fist-bumped, Marbury scored 20 points to lead Beijing Beikong Fly Dragons to a 104-point victory against Jiangsu, who scored 92.

Both sides seemed to step back to let him shine in his final minutes of play, with Marbury grinning as he scored a last three-pointer with seconds to go.

Victory cinched, he sat stunned on the sidelines, tears streaming down his face despite the jostling scrum of cameras around him.

A showreel of career highlights played to the saccharine tune of Wiz Khalifa’s “See You Again” before he took to centre court for a speech, bringing tears even to the beaming cheerleaders.

“Ending my basketball career here in China completes me. This is it — no NBA, no anywhere. This is the way it’s supposed to end, here with you and only you,” he told the overflowing crowd at the Beijing Olympic Sports Center Gymnasium, who yelled themselves hoarse.

ADOPTED AND EMBRACED
There are good reasons for why the Brooklyn-born player has “I [heart] China” tattooed on his arm, next to the Mandarin characters for his Chinese name: “Ma Buli.”

Marbury is the last player to retire from the famed 1996 NBA draft class, considered one of the most talented drafts in history given its roster of champs like Ray Allen and Kobe Bryant.

Yet his career appeared at a dead-end back in 2009, following ugly feuds with coaches on the New York Knicks and ultimately a ban from that team.

Then came a livestreamed breakdown in which he alternately raged and wept at the camera for hours before eating from a tub of Vaseline.

His father had passed away, and his shoe brand was losing steam. “I wanted to die,” Marbury later recalled to HBO’s Real Sports.

But China gave him a second chance. He led the Beijing Shougang Ducks to three championships during six seasons there, before switching over to the Fly Dragons for his final year.

“At one time I had no place for the blood to go, and you opened up a portal to your hearts for me to flow. You let me live when I was dying; I can’t explain how I feel as I’m crying,” he rhymed from centre court as fans kept up a continuous, deafening call-and-response of “Ma Buli! MVP!” — AFP

PLDT to help MSMEs in e-commerce

February 13, 2018 | 12:03 am

PLDT, Inc. and its digital innovations unit Voyager Innovations, Inc partnered with GoNegosyo to assist micro, small, and medium enterprises (MSMEs) in e-commerce.

With the partnership, local businesses can participate in the mentorship program of GoNegosyo, which has been expanded to include training on how to establish and maintain online stores through TackThis, the online store builder of Voyager; access logistics and a nationwide market through Tackatack; and gain access to financial support through Lendr.

The program will also allow MSMEs to accept mobile cashless payments through PayMaya QR.

PLDT said the partnership is in line with the program of the Department of Trade and Industry (DTI) to equip more than 100,000 MSMEs with digital solutions by 2020. GoNegosyo is the advocacy of the NGO Philippine Center for Entrepreneurship (PCE).

“The enablement program covers much of what business owners need to ready themselves in expanding their operations and putting up a presence in the online market space as we’ve all seen how e-commerce has become the new frontier among Filipino consumers,” GoNegosyo President and CEO Jose Ma. A. Concepcion III, also the Presidential Consultant for Entrepreneurship said in a statement.

“We are committed to help SMEs thrive and become more globally competitive through digital services and solutions,” PLDT Chairman, President and CEO Manuel V. Pangilinan said in a statement.

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. — P.P.C. Marcelo

Rediscount facility untapped

February 13, 2018 | 12:03 am

THE REDISCOUNT WINDOW offered by the Bangko Sentral ng Pilipinas (BSP) stood untapped in January amid ample money supply held by banks, just as yields for foreign currency borrowings continued their ascent.

Banks did not avail of rediscount loans from the central bank’s facility last month, coming from the P447 million they borrowed in December. No rediscount loans were also recorded in January 2017, BSP data showed.

As a practice, banks may borrow from the BSP’s rediscount window in order to meet short-term funding if their usual supply of cash falls short of client demand. This also allows the central bank to fulfill its duty as lender of last resort.

The facility lets banks submit promissory notes from outstanding debts as collateral to acquire fresh money supply. The cash — which may come in the peso, dollar or yen — can then be used to grant more loans or service withdrawals.

All rediscount loans are charged a uniform rate after the BSP shut down the special window for thrift, rural and cooperative banks in July last year. The central bank removed preferential rates imposed on small lenders due to low availments, with the monetary authority seeing that these players do not need to rely on the facility in order to remain liquid.

Two rates are imposed for short-term peso borrowings secured by banks. Loans maturing in 90 days are charged a 3.5625% rate, while 180-day credit lines carry a 3.625% spread. These are computed based on the BSP’s overnight lending rate at 3.5%, plus term premia.

For February, rates for dollar loans rose further to 3.77777% for 90-day loans; 3.84027% for 91- to 180-day loans; and 3.90277% for 181- to 360-day loans. These track movements in global financial markets, following a fresh interest rate hike introduced in the United States back in December.

On the other hand, margins for yen-denominated borrowings slipped anew to 1.95933% for one to 90-day loans, 2.02183% for 91- to 180-day loans, and 2.08433% for 181- to 360-day loans.

The central bank’s rediscount window for foreign currencies still stood unused in January, as it had been throughout 2017. In particular, the facility for dollar-denominated debts has been untapped since June 2015.

Central bank officials have said that there remains abundant liquidity in the financial system, leaving local lenders with enough cash to service day-to-day transactions.

Domestic liquidity expanded by 11.9% in December, bringing total funds in the local economy to reach P10.6 trillion, according to latest available central bank data. — Melissa Luz T. Lopez

Tensions between Sex and the City stars burst in the open

February 13, 2018 | 12:03 am

NEW YORK — After years of reported behind-the-scenes friction, tensions between two Sex and the City stars erupted into public view Saturday.

The star of the popular HBO series, Sarah Jessica Parker, had long been known to have a difficult relationship with one of her three co-stars, Kim Cattrall.

There were reports, regularly denied by Cattrall, that she was the one holding up plans for a possible second sequel to the original movie version of Sex and the City.

When the TV series began in 1998, Parker was already friends with Cynthia Nixon, who played one of her three “best friends” as they bounced through their Manhattan adventures. She later drew close to the fourth star, Kristin Davis.

Relations with Cattrall were another matter.

Early Saturday, Cattrall posted on Instagram, “I don’t need your love or support at this tragic time @sarahjeessicaparker.”

“My Mom asked me today, ‘When will that @sarahjessicaparker, that hypocrite, leave you alone?’ Your continuous reaching out is a painful reminder of how cruel you really were then and now,” Cattrall added.

She included a link to a New York Post article titled “Inside the mean-girls culture that destroyed Sex and the City.”

In the reference to tragedy, Cattrall appeared to be reacting to a social media post from Parker in which she expressed her “love and condolences” to Cattrall over the death of her brother Chris Cattrall, who was found dead at his property in Canada last week.

Cattrall’s Instagram post continued: “You are not my friend. So I’m writing to tell you one last time to stop exploiting our tragedy in order to restore your ‘nice girl’ persona.” — AFP