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Balance-of-payments gap nearly halved in March

THE Philippines’ external payments position saw a smaller deficit in March, but first-quarter gap was still bigger than a year ago, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.
The country’s balance of payments (BoP) position settled at a $266-million deficit last month, improving from a $429-million deficit in February and a $550-million shortfall in March 2017.
March’s outflows sustained a deficit for the third straight month, but is the smallest since a $917-million surplus posted in December.
The BoP measures the country’s transactions with the rest of the world at a given time. A deficit means more funds fled the economy than what went in, while a surplus shows that more money entered the Philippines.
In a statement, the BSP said the outflows came as the central bank maintained a steady presence in the foreign exchange market. The monetary authority intervenes in the daily peso-dollar trading in order to temper sharp swings of the currency.
The peso averaged P52.0676 versus the greenback last month, compared to P51.7856 in February and P50.2752 a year ago, according to BSP data.
The deficit incurred last month also reflects payments made by the national government to settle foreign debt, the BSP said.
On the other hand, net foreign currency deposits held by the state as well as a steady stream of income from the BSP’s offshore investments helped offset these outflows.
The March BoP brought the first-quarter balance to a $1.227-billion deficit, bigger than the $994-million gap posted during the same period in 2017.
“The higher cumulative BoP deficit for the first quarter of the year may be attributed partly to the widening merchandise (trade) deficit for the first two months of the year,” the central bank said.
The country posted a $6.229-billion trade deficit as of end-February — 47% more than the $4.238 billion recorded in 2017’s first two months — as imports surged by 14.7% while exports edged up by a percent in the same comparative two-month periods, according to the Philippine Statistics Authority.
Analysts have flagged the widening deficit as a source of concern among investors since it weakens the peso further against the dollar.
However, central bank officials have said that the deficit is something to be expected from a growing economy, and should actually be regarded as positive since it is fueled by importation of capital goods and raw materials needed by businesses to expand.
The BSP expects the full-year BoP to settle at a $1-billion deficit for 2018, slightly wider than last year’s $863-million deficit but somewhat steady compared to the upward-revised $1.038-billion gap posted in 2016.
“We continue to expect the overall BoP position for the year to be very manageable,” the central bank added, noting that the Philippines has more than enough dollar reserves to cushion the impact of external shocks.
Gross international reserves reached $80.511 billion as of end-March, enough to cover 7.9 months’ worth of import payments. — Melissa Luz T. Lopez

Palace issues memorandum on monitoring labor-only contracting

By Camille A. Aguinaldo
MALACAÑANG on Friday ordered a crackdown on labor-only contracting as it directed Labor Secretary Silvestre H. Bello III to submit a list of companies engaged or suspected to be engaged in the illegal labor practice.
In a memorandum issued on April 17 and released to the media on Friday, President Rodrigo R. Duterte gave Mr. Bello 30 days to submit an inventory of erring companies and a “comprehensive report” on the implementation of the Labor Department’s policies on contractualization.
“The Department of Labor and Employment (DoLE) Secretary is hereby directed to submit to the Office of the President within thirty (30) days from issuance herof, a comprehensive report on the implementation of DOLE Department Order Nos. 174 and 183 (s. 2017), including violations thereof, and a list of companies engaged and/or suspected to be engaged in labor-only contracting,” the memorandum stated.
The National Labor Relations Commission was also ordered to coordinate with Mr. Bello and submit cases of erring companies involved in labor-only contracting.
The memorandum was released after Malacañang and Mr. Bello announced on Thursday that the President would no longer sign an executive order on contractualization, but would instead certify the Senate’s Security of Tenure bill as a priority.
During Friday’s briefing, presidential spokesperson Harry L. Roque, Jr. said the President’s orders to DoLE was meant to go after erring companies committing illegal labor practices, such as 555 (an arrangement where a contract is terminated and renewed every five months) and cabo (which refers to a group disguised as a labor organization or a cooperative).
“The promise of the President is that while not all forms of contractualization are not yet banned, he will ensure that there will no longer be 555 or cabo — 30 days,” he said.
He also called the memorandum as “Tokhang Laban sa Cabo,” a similar wording to the Philippine National Police’s anti-drug campaign called Oplan Tokhang where cops visit drug suspects at their homes. The “tokhang” campaign has drawn international concern following its rising fatalities.
“This is just a directive, so this needs to be implemented. Let’s call this as Tokhang Laban sa Cabo. In other words, in this 30 days, it’s not just for the list. It’s to tell them comply, otherwise the President will have you closed,” he said.
Labor-only contracting refers to the arrangement where the contractor or subcontractor merely recruits, supplies or places workers to perform a job for a principal. Under this practice, the contractor does not have substantial capital nor investments while employees are recruited to perform activities directly related to the business of the principal.
DoLE’s Department Order 174 issued March of last year placed absolute prohibition on labor-only contracting but also provided permissible contractualization arrangements.

PHL takes offense at resolution by European Parliament on GSP+, drug war

THE European Parliament, in a resolution on the Philippines on Wednesday, April 18, flagged anew the government’s drug war on President Rodrigo R. Duterte’s watch, and called for “procedural steps” toward the “temporary withdrawal” of the Generalized Scheme of Preferences (GSP+) status for the Philippines, under which the country has availed itself of as little as zero duties in its exports.
The European Union’s (EU) legislature called attention once more to this remedy “in the absence of substantive improvements” in Mr. Duterte’s drug war, which has raised international concern including by the EU.
The legislature, in its resolution, also “call(ed) on the Government of the Philippines to put an immediate end to the extrajudicial killings” in the drug war, whose fatality count it now pegs at 12,000, and ”reiterate(d) its call to release” Senator Leila M. De Lima. The detained opposition leader, a leading critic of Mr. Duterte’s drug war, found herself slapped with drug charges last year by Mr. Duterte’s government.
“(W)hile the progress in the implementation of the GSP+ conventions is largely positive, strong concerns remain around human rights violations related to the war on drugs,” the European Parliament said in a resolution notable for its many recommendations to the Philippine government and for what Human Rights Watch described as a “forceful message from the EU parliamentarians” to Mr. Duterte.
In response, the Philippines’ Foreign Affairs Secretary Alan Peter S. Cayetano said the EU legislature had “crossed a red line” with its resolution, which he also criticized as “based on biased, incomplete and even wrong information and does not reflect the true situation on the ground.”
For his part, Presidential Spokesperson Harry L. Roque Jr. said in his press briefing on Friday: “We, of course, find it unfortunate that members of the EU Parliament have once again interfered with the affairs of the Philippine state, rehashing issues and baseless claims that have been explained adequately by the Philippine government in several official statements.”
The new Philippine National Police (PNP) chief, Director-General Oscar D. Albayalde, said for his part, “If they can give us the details of those sinasabi nilang (they claim to be) 12,000 (deaths), probably we’ll be able to check kung talagang totoo ‘yung data nilang ‘yon dahil napakalaki no’n (if their data is accurate because the numbers are too big).”
PNP sets the number of deaths from anti-illegal drugs operations at 4,128.
Mr. Duterte also drew international attention anew for the detention this week of Australian nun Patricia Fox, which he said he had ordered because of her “political activities” in the Philippines.
Ms. Fox has been released but the Commission on Human Rights said it will investigate her detention by the Bureau of Immigration.
Sought for comment at his briefing, Mr. Roque said, “Bahala sila kung iyan ang gusto nila.” (It’s up to them if they want to.) — M.N.D.L.Cruz

AC venture unit to target emerging, disruptive technologies

By Krista Angela M. Montealegre, National Correspondent
AYALA Corp. (AC) said its venture unit will take the lead in identifying companies developing emerging and potentially disruptive technologies, with a mandate to invest $250 million by taking minority positions.
AC Chief Financial Officer Jose Teodoro K. Limcaoco said in a briefing that about $150 million has been deployed so far and the remaining $100 million will be disbursed in the next five years by AC Venture Holdings Corp.
AC Ventures was also the Ayala group’s vehicle for investments in Mynt, the fintech arm of Ayala subsidiary Globe Telecom Inc., and e-commerce platform Zalora Philippines.
“One of the objectives of AC Ventures is to look for these investments that can provide insight into new businesses that we can use for our own business units,” Mr. Limcaoco said.
In the last 18 months, AC Ventures has invested in financial technology, Silicon Valley-based firms engaged in artificial intelligence, a company developing new ways of doing business in real estate, a leading e-commerce company in China, and a consumer firm in Indonesia.
Artificial intelligence is an area of interest for the group, AC Chairman Jaime Augusto Zobel de Ayala said at the group’s shareholder meeting. The Ayala management team will visit Silicon Valley and China to learn more about the new technologies.
“It is evolving very fast. It ‘s going to transform the way we work. It is happening a lot faster than people expected. We’re looking at it very carefully. We’re looking at it across all industry groups,” Mr. Zobel said.
He added he is “not a believer in investing in cryptocurrency,” but is looking at the potential of the underlying technology behind the digital currency.
“We do believe, as a group, there is some validity in blockchain technology becoming a new platform to transact,” Mr. Zobel said.
The 183-year-old conglomerate’s business interests include real estate, financial services, telecommunications, water infrastructure development and manufacturing. It has recently entered power generation, transport infrastructure development, healthcare, education and e-commerce to better align the group with the country’s development agenda.
Apart from expanding its business portfolio, Ayala reaffirmed its commitment to grow overseas, with a target to raise the share of its international business to 10% by 2020 from 7% currently, by which time net profit is expected to have doubled to P50 billion.
AC Energy Holdings, Inc., which operates in Indonesia and Thailand, is looking to expand in Vietnam and beyond Southeast Asia as it looks to increase the share of its international operations to as much as 40% from 20%, ACEHI President John Eric T. Francia said.
Manila Water Company, Inc., now the largest foreign investor in Vietnam with a presence in Thailand and Indonesia as well. It aims to triple or quadruple the contribution of the overseas business in the next five years, Manila Water President Ferdinand M. Dela Cruz said. Overseas operations account for 5-6% of net profit.
Integrated Micro-Electronics, Inc. (IMI) is set to expand into Serbia with the opening of its 20th manufacturing plant, IMI CEO Arthur R. Tan said.
Ayala Land, Inc. will use Malaysian firm MCT Bhd. as the platform by which to grow the property firm’s international business, said Anna Maria Margarita B. Dy, ALI group head for strategic land bank management.
The Ayala group continues to invest heavily in the Philippines despite its aggressive expansion program. The conglomerate has invested P898 billion in the last six years, equivalent to half of the value of total foreign direct investment over the same period, Mr. Zobel said.
“To be relevant as an institution in the next 20, 30, 40 years, (AC President) Fernando (Zobel de Ayala) and I believe we have to start becoming comfortable competing in the international setting. What we are proud of is these are not standard operations. We’re beginning to compete in complex (and) competitive industries and that will do well for us here because we will bring those same standards here,” Mr. Zobel said.
Ayala Corp. rose P13 or 1.43% to P919 on Friday.

Industry revenue growth rises 8.9% in Q4 2017

By Jochebed B. Gonzales, Senior Researcher
COMPANY revenues grew faster in the fourth quarter as stronger sales were reported across key industries, the government reported on Friday.
Data from the Philippine Statistics Authority’s (PSA) latest Quarterly Economic Indices report showed that the total gross revenue index — a measure of sales generated by companies — expanded 8.9% in the final three months of the year, slower than the 9.4% recorded in the fourth quarter of 2016 but faster than the 8.6% logged in the third quarter of 2017.
Ruben Carlo O. Asuncion, chief economist at the Union Bank of the Philippines, noted that revenues in 2017 had just come off from a higher base with 2016 being an election year.
“Historically, it is known that the Philippine economy gets an economic growth bump during an election year with a slower economic expansion a year after. However, it is fitting to note that the decline in growth from 2016 to 2017 was fairly smaller compared to previous same periods.”
Expansion was observed across all industries during the period. Leading the way was real estate whose revenues grew 11% in the fourth quarter of 2017 albeit easing from 13.4% in 2016’s comparable three months.
Next in line were growth seen in private services (10.6% from 6.6%); finance (10.2% from 8.9%); trade (9.5% from 9.2%); manufacturing (7.7% from 10.6%); and transportation and communication (5.1% from 8.8%).
On the other hand, employment slowed down during the period, with the total employment index expanding 1.6% in the fourth quarter compared to 1.9% in the fourth quarter of 2016. Sub-sectors posting the greatest growth were real estate (2.9%), transportation and communications (2.6%); manufacturing (2.2%); electricity and water (1.6%); mining and quarrying (0.7%); private services (0.7%); finance (0.5%) and trade (0.2%).
Compensation rose 5.8% during the period but was slower than the 6.5% registered in 2016. Backing this growth were manufacturing (9.5%); transportation and communication (7.7%); real estate (6.4%); trade (4.3%); finance (4.3%); mining and quarrying (4.2%); and private services (3.7%).
On the other hand, compensation in the electricity and water sector declined by 1.8%, a reversal from its 5.8% growth year on year.
Moving forward, the economist sees a “slight slowdown” in company sales in subsequent quarters due to the “immediate shock” brought by the increase in excise taxes from the Tax Reform for Acceleration and Inclusion law, which took effect last January.
“However, I still see that these would be supply-side induced. Thus, it will be temporary,” Mr. Asuncion said.

BDO Q1 net profit flat; sets 2018 guidance at P31-B

By Melissa Luz T. Lopez, Senior Reporter
BDO Unibank, Inc. said net profit was little changed in the first quarter at P5.9 billion, behind the pace on its full-year profit guidance of P31 billion.
The P5.9 billion profit in the three months to March was slightly higher than the P5.8 billion reported a year earlier, the bank said in a disclosure on Friday.
Profit derived from loans rose by a fifth year-on-year to P22.2 billion, the bank said, after an 18% rise in loan volume to P1.8 trillion. Despite the loan growth, the share of bad loans declined to 1.2% from 1.3% a year earlier.
The expansion in credit was accompanied by a 16% rise in total deposits to P2.2 trillion.
However, mark-to-market revaluation of the investment portfolio of its subsidiary BDO Life Assurance Co., Inc. as well as restructuring and expansion costs of rural lender One Network Bank dampened the bank’s performance.
Excluding these factors, BDO said net profit would have risen 16% year-on-year.
The bank also booked additional profit from higher insurance premiums, which grew by a fifth to P2.6 billion. Fee-based income also rose 2%, while gains from foreign exchange trading dropped on the back of a weaker peso.
“Additionally, BDO disclosed its earnings guidance of P31 billion for the full-year 2018, as it leverages on its strong business franchise and expands in underserved markets amid a challenging and competitive operating landscape,” BDO said in a statement.
If realized, 2018 earnings would be a record after the bank earned P28.1 billion in 2017.
The bank said capital buffers were nearly P300 billion, with the capital adequacy ratio at 14.3%, well above the 10% standard set by the central bank.
The country’s biggest bank is also looking to raise P5 billion worth of long-term notes to raise fresh capital to refinance debt and fund expansion.
The listed lender told the Philippine Stock Exchange on Friday that it started offering long-term negotiable certificates of deposit (LNTCDs), which will mature in 5.5 years. The latest tranche of debt was initially priced at 4.5%, with the final coupon to be set when the offer period ends on April 30.
LTNCDs, like regular time deposits, offer higher interest rates but unlike time deposits, cannot be pre-terminated. Being “negotiable” means that these can be sold on the secondary market. Interest will be paid quarterly in arrears, with interest income exempted from withholding tax if the debt is held for at least five years.
BDO last tapped long-term notes in August 2017, when it was able to raise P11.8 billion — double the original P5-billion plan. These notes carry a 3.625% interest rate and will mature on Feb. 18, 2023.
BDO said the fresh capital-raising exercise will help the bank “lengthen the maturity of its funding sources and support business expansion plans.”
Investors can avail of the note offer with a minimum investment of P100,000, plus increments of P50,000. The issue date is May 7.
BDO tapped Deutsche Bank AG’s, Manila Branch and ING Bank N. V.’s Manila Branch as the joint lead arrangers and selling agents for the issuance.
BDO and BDO Private Bank will serve as selling agents.
BDO shares closed at P134, up from P133.60 Thursday.

Poe tops senatorial poll, Sara Duterte, ‘Bato’ Dela Rosa also in

SENATOR Grace Poe-Llamanzares led a list of possible senatorial candidates already in the voting public’s consideration with 70.8% of respondents voting for her, according to a survey last month by Pulse Asia.
Also making it to the top 12 senatorial preferences in the polling group’s March 23-28 survey are Davao mayor and presidential daughter Sara Duterte-Carpio (43.8%), retired chief of the Philippine National Police Ronald “Bato” M. Dela Rosa (33.1%), and broadcast journalist Erwin Tulfo (36.7%).
Rounding up the top 12 are reelectionists Cynthia A. Villar (55.6%), Maria Lourdes Binay-Angeles (45.8%), and current Senate leader Aquilino Martin L. Pimentel III (39.8%), as well as former senators Pia S. Cayetano (53.8%), Jinggoy Estrada (32.8%), Lito Lapid (33.8%), and Sergio dlR. Osmeña III (38%).
At the tailend of that list are reelectionists Paolo Benigno A. Aquino IV (30.5%) and Joseph Victor G. Ejercito (29%), and Ilocos Norte Governor Maria Imelda Josefa R. Marcos (32.2%.
The survey, which polled 1,200 respondents, showed 57% of Filipinos “already have 12 preferred senatorial candidates for the elections of May 2019.”
“Majority figures obtain in virtually all geographic areas and socio-economic groupings (53% to 68% and 59%, respectively), with the exception of Metro Manila and Class ABC (42% and 41%, respectively),” Pulse Asia also noted.
Mr. Aquino, the lone Liberal Party member who made it to the first 15, said the survey shows the need for dissenting voices in the government.
Mr. Ejercito said running with his brother in next year’s election “will definitely be a tough challenge” but expressed hope that “performance, track record and clean, unblemished record as a public official will help pull it through.”
Mr. Pimentel noted that the survey was conducted more than a year ahead and said the results could still change over time.
Of the 20 names included in the temporary senatorial line-up of the ruling PDP-Laban on Thursday, four have yet to make an impression on the voting public: Surigao del Norte Rep. Ace Barbers, Maguindanao Rep. Zajid G. Mangudadatu, singer-songwriter Freddie Aguilar, and journalist Jiggy Manicad.
The survey has a margin of error of +/- 3% at the 95% confidence level while subnational estimates from Metro Manila, the rest of Luzon, Visayas, and Mindanao have a margin of error of +/-6% also at the 95% confidence level. — Minde Nyl R. Dela Cruz

DoubleDragon share issue approved by SEC; to raise up to P7.5-B

DOUBLEDRAGON Properties Corp. has received approval from the Securities and Exchange Commission (SEC) for its primary offer of up to 135 million common shares at P50 each, the company told the stock exchange on Friday.
The offering will have an over-allotment option of up to 15 million common shares, which means it can raise up to P7.5 billion.
DoubleDragon Chairman Edgar Sia II has said the offer is an “important step” that will “catapult the company into new levels.” He said during its initial public offering in April 2014 that there was limited opportunity for large institutional investors to participate.
“As we approach the completion of our 2020 targeted portfolio comprising 1.2 million square meters or 120 hectares of prime leasable space, this is a great opportunity for key investors to take part in the hyper growth years of the company,” he said in a statement.
The funds raised from the offer will fund the roll-out of 100,000 square meters of leasable industrial warehouse space across Luzon, the Visayas and Mindanao, as well as support the company’s hospitality arm, the company said.
In its preliminary prospectus in September, DoubleDragon said the increase in its leasable portfolio target includes 700,000 square meters from 100 CityMalls, 300,000 square meters from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 square meters from the planned 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines, and another 100,000 square meters from the company’s latest venture into industrial leasing, CentralHub Industrial Centers Inc.
CentralHub will focus on providing standardized multi-use warehouses suited for commissaries, cold storage and logistic centers, some of which will be built to the specifications of large locators. — Victor V. Saulon

DAR to hold on-site evaluation of Boracay

AGRICULTURAL land in Boracay with an estimated total of four hectares will be assessed by the Department of Agrarian Reform (DAR) ahead of the island closure, the agency said in a press briefing on Friday, April 20.
Agrarian Reform Undersecretary David D. Erro said on Friday Agrarian Reform Secretary John R. Castriciones will conduct an “on-site evaluation” in Boracay on April 24 and 25 to determine if agricultural lands in the island can be subjected to land reform.
Baseline data provided by the Provincial Environment and Natural Resources Office (PENRO) in Aklan reported patches of land in Manoc-Manoc, Balabag and Yapak as agricultural.
Mr. Erro said this was in response to President Rodrigo R. Duterte’s order this month to place the island under land reform.
Proclamation No. 1064, issued in 2006 by then-president Gloria M. Arroyo, classified Boracay “into forestland (protection purposes) and into agricultural land (alienable and disposable).”
According to Mr. Erro, once the department verifies the areas as arable, this can be distributed to farmers within six months.
“On the part of DAR, it can be distributed within six months,” he said. “But the department’s phasing will depend still on the movement of other involved agencies.”
Mr. Erro also said 300 hectares of forestland in Boracay may be entrusted to farmers through a community-based forest management agreement (CBFMA) with the Department of Environment and Natural Resources (DENR).
As basic requirements, according to the Comprehensive Agrarian Reform Program, farmers seeking land entitlement must be at least 15 years old and must be “actually tilling or managing the farm.” At most, a farmer may be entitled to three hectares of land. — Charmaine A. Tadalan

PNB raises $300M from medium-term note issue at 4.25%

THE Philippine National Bank (PNB) raised $300 million from the issue of medium-term notes, which met with strong demand from foreign investors, it said on Friday.
In a disclosure, PNB said it issued $300 million in fixed-rate senior notes under the first tranche of the bank’s Euro medium term note (MTN) programme.
“Proceeds of the Notes will be used for general corporate purposes,” the bank, controlled by Lucio C. Tan, told the Philippine Stock Exchange.
The decision to tap global capital markets broadens the base for fund-raising. The notes are offered on a continuing basis until the ceiling is reached.
Other banks are also raising funds ahead of higher capital and liquidity requirements required by the central bank by 2019 to comply with the Basel 3 rules.
This issue marks the maiden drawdown from PNB’s $1-billion MTN programme announced earlier this month.
The notes were priced at 4.25% with a tenor of five years and a day.
The notes were issued at a minimum of $200,000 plus increments of $1,000, to be settled by April 26. Tenders received amounted to nearly $1.2 billion, or four times the amount which the bank planned to raise.
The bank staged roadshows for Singapore and Hong Kong investors from April 16-18. The notes will mature by April 27, 2023 and will be listed on the Singapore Stock Exchange.
Some 86% of bidders came from within Asia, while 14% were from Europe, the Middle East and Africa, PNB said. Most were asset and fund managers.
Citigroup, MUFG, Standard Chartered Bank and Wells Fargo Securities were joint arrangers, lead managers and bookrunners for the issue.
Moody’s Investors Service has assigned an investment-grade rating to PNB’s note issuance to match the Baa2 rating of the Philippine government.
Moody’s said the rating reflects the assumption that PNB “will receive support from the Government of the Philippines (Baa2 stable) in times of need.”
PNB is the fifth-biggest bank in terms of assets as of 2017. The bank booked an P8.2-billion net profit in 2017, up 14%, supported by strong growth in its core operating income.
PNB closed at P54.10 , up from P53 on Thursday. — Melissa Luz T. Lopez

Sanofi affirms ‘public health value’ of Dengvaxia following WHO meeting

SANOFI Pasteur on Friday issued a statement that sought to explain further its position on its Dengvaxia vaccine, following a meeting by the World Health Organization (WHO) which recommended extra safety measures for the vaccine’s application.
According to a Reuters report, a two-day meeting in Geneva led in part by WHO’s Strategic Advisory Group of Experts (SAGE) on Immunization has recommended that Sanofi’s vaccine be used after testing on individuals to assess whether they have ever been exposed to the infection.
Sanofi for its part said, “The new SAGE recommendation confirms the public health value of Dengvaxia and its potential to reduce the overall burden of dengue in high endemic populations.”
“For dengue-endemic countries that would like to use Dengvaxia as part of their integrated dengue control and prevention strategy, SAGE recommends as a preferred option pre-vaccination screening in which only previously dengue infected individuals are vaccinated,” Sanofi also said, adding:
“As will be made clear in forthcoming published documents from SAGE, current available sero-tests or Rapid Diagnostic Tests (RDT) could be considered in high transmission settings until better tests are available. We maintain our efforts to develop a dengue RDT that can reliably assess prior dengue infection as an aid to vaccination.”
Also here on Friday, additional evidence supporting the Dengvaxia case against former president Benigno S.C. Aquino III were submitted to the Department of Justice.
In compliance with an order by DoJ prosecutors, the Volunteers Against Crime and Corruption (VACC) and the Vanguard of the Philippines Constitution, Inc. (VPCI) also submitted the addresses of the respondents in their complaint, including officials of Sanofi Pasteur, Inc. and Zuellig Pharma Corp.
The submitted documents include as well a certified true copy of stenographic notes from the March 13 joint public hearing of the Senate committees on Accountability of Public and Investigations (Blue Ribbon), on Health and Demography, and on Finance. — Charmaine A. Tadalan

Roxas & Co land, resort units agree to merge

ROXAS and Co., Inc. said two subsidiaries approved their merger after the approval of their respective shareholders, the company told the stock exchange on Friday.
The subsidiaries are Roxaco Land Corp. and Anya Hotels and Resorts Corp. (AHRC). The holding firm said Roxaco will be the surviving company.
“The companies shall file the Application for Merger with the Securities and Exchange Commission,” Roxas and Co. said.
In its information statement submitted to the stock exchange this week, Roxas and Co. said it directly owns 100% of Roxaco. Other companies it wholly owns include Nasugbu Feeds Corp., United Ventures Corp. and Roxas Green Energy Corp. It also holds 81% of the issued and outstanding shares of Roxas Sigma Agriventures, Inc. and 23% of those of Roxas Holdings. Inc.
In November the company subscribed for 4 million common shares of AHRC at a par value of P1.00 per share and paid up P1 million for the subscription, which is on account of an application for increase in the unit’s capital stock.
At the end of 2017, AHRC was awaiting the issuance of the certificate of increase in authorized capital stock from the Securities and Exchange Commission to complete the transaction. Once the capital increase is in effect, Roxas and Co. will own 97.56% of the issued and outstanding shares of AHRC.
On Friday, Roxas and Co. rose 6.95% to P2. — Victor V. Saulon

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