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Prepayments climb at end-Sept.

By Melissa Luz T. Lopez,
Senior Reporter

EARLY PAYMENTS for foreign loans surged as of end-September as Filipinos and local corporates took advantage of low interest rates as they hold more cash than usual, latest central bank data showed.

Prepayments for foreign obligations reached $2 billion as of September, nearly double the $1.1 billion settled during the comparable nine-month period in 2016, according to the Bangko Sentral ng Pilipinas (BSP).

Excluding refinancing arrangements, total prepayments still logged higher at $1.4 billion.

The government, local businesses, and individual borrowers can choose to front-load their payments ahead of import deliveries or loan maturities, especially when market conditions appear favorable.

Rosabel B. Guerrero, director of the BSP’s Department of Economic Statistics, said the early payments included the settlement of funds borrowed from foreign sources as well as bonds issued to non-residents.

“Residents are prepaying and repaying their foreign debts. Prepayment of debt increased because residents have excess cash available, some borrowers refinance existing loans to take advantage of lower interest rates for new loans, while some shifted preference from foreign to domestic financing,” Ms. Guerrero said during a recent press briefing.

For the third quarter alone, total prepayments amounted to $809.2 million, surging from the $23.2 million settled during the comparable period in 2016.

Money supply growth remained robust at 14.5% in September to reach P10.146 trillion, maintaining a double-digit expansion observed in recent months.

The third quarter likewise saw the peso trading above the P51 mark versus the dollar, making it costlier to pay loans incurred in foreign currencies. Ms. Guerrero said some borrowers may have opted to settle their dollar debts and instead converted their obligations from local sources in order to cap trading losses.

The country’s external debt stood at $72.368 billion as of end-September, down by 5.6% from the $76.622 billion tallied a year ago. The figure also inched lower from the $72.493-billion balance tallied as of end-June.

The debt stock accounted for just 23.4% of the Philippine economy — a “comfortable” level for the central bank, as the share slipped from 25.4% a year ago.

Around 61.5% of the outstanding foreign loans are expressed in the US dollar, while yen-denominated debts accounted for 13%.

Seda on track to reach 3,500 rooms by 2019

AYALALAND Hotels and Resort Corp. (AHRC) looks to meet the growing demand for hotel accommodations in Metro Manila and the Cebu-Mactan area as it continues to expand its homegrown hotel brand Seda.

Citing figures from the Department of Tourism, AHRC said Metro Manila will have a room gap of 69,185 by 2022, while the Cebu-Mactan area would be unable the demand for 14,931 more hotel rooms in the same period. This follows the surge of both foreign and local tourists in key destinations in the country.

With this, Seda hopes to bridge the gap by adding over 2,000 rooms across seven hotels until 2019, concentrated in central business districts in the metro as well as in Cebu.

The new Seda hotels will rise in El Nido, Palawan, ALI’s Circuit estate in Makati City, Arca South in Taguig, Ayala North Exchange in Makati, the Bay Area in Parañaque, Cebu Business Park, and the Cebu IT Park. The company will also be expanding its flagship branch, Seda Bonifacio Global City in Taguig, with the addition of 342 more rooms.

By 2019, the Seda hotel chain’s total capacity will reach 3,500, from its current count of 1,409. AHRC earlier announced it has committed to spend P15 billion for this expansion program.

“Being a wholly owned Filipino company, we have a deep understanding of opportunities in the market. We were the first to bridge the gap between the luxury and budget hotels by offering a modern facility with efficient service at competitive rates. Solid demand for our hotels continues to steadily grow,” AHRC Senior Group General Manager Andrea Mastellone said in a statement.

From starting with only 179 rooms in 2012, AHRC has managed to grow the Seda brand to its current capacity by offering new formats. The company noted it has started constructing bigger hotels with at least 250 rooms. Seda Vertis North in Quezon City for instance is its largest so far, with a capacity of 438.

Seda is also working on improving its services by tapping institutions such as the American Hotel and Lodging Educational Institute to train its managers. This complements the hotel’s in-house courses.

“Once a new employee has embraced our culture, we then proceed with the technical training to improve skills. Training and development have been key to our success and we will continue to invest resources in this area so staff are empowered to create memorable guest experiences,” Mr. Mastellone said.

Parent company Ayala Land, Inc.’s net income jumped 18% to P17.8 billion in the nine months ending September, driven by a 16% hike in revenues to P98.9 billion. — Arra B. Francia

Digital remittance firms looking to expand PHL presence

DIGITAL REMITTANCE companies have set their sights on expanding their presence in the Philippines, with the country being one of their key markets in the region.

In an interview, an official of digital remittance company Remitly said it is high time for the firm to bolster its presence in the country, as they consider the Philippines as their “most mature market.”

“It makes perfect sense for Remitly to bolster operations here,” Karim Meghji, Global chief product officer of Remitly, said.

In an effort to increase its presence in the country, the official said the company has started hiring people to be part of its technology team.

“We actually just started to have a technology team here in the Philippines. We’re starting to track technology talents here that can help us with our expansion goals over the next few years,” Mr. Meghji said.

Remitly recently launched products that cater specifically to needs of Filipino consumers, such as a service by which Filipino seafarers can send money without leaving their ships, saving as much as 8% in remittance costs.

Mr. Meghji added that the Philippine market is a good place to test new products as the country is receptive to innovations.

“This market has shaken a lot of what we have done in our markets. This market helped us to learn what customers wanted,” he said.

He cited Remitly’s service enabling customers to remit to a digital wallet, which eventually failed.

“We thought that digital wallet is the way we’re going to transform the remittance business — that’s why it is very important for us to have that early on in this market,” he noted.

Remitly started its operations here in 2011 as a company that remitted dollars from US to the Philippines using digital means. The company has already handled a total transaction volume worth “less than a billion [dollars].”

Remitly also allows clients to send money here as well as to India, Mexico and some Latin American countries from United States, United Kingdom and Canada. It is also eyeing to set foot in some markets in Southeast Asia and Europe.

WORLDREMIT
Digital remittance system WorldRemit is also looking at expanding its Philippine network following a round of capital raising.

In a statement, WorldRemit said it raised $40 million in its third round of capital raising. The funds will be used in establishing a new regional center in the country, as well as expanding its mobile-first digital service into new markets.

“This new funding will not only allow us to expand our network and service in the Philippines, but also build our regional [center] which will allow us to create more jobs for the country’s economy as well as [to] improve our service to customers globally,” WorldRemit Regional Director for Asia-Pacific Michael Liu was quoted as saying in a statement.

WorldRemit said the Philippines is the company’s largest receiving country, as it sends funds from 50 countries from 148 receiving ends.

According to the World Bank, the Philippines is the third largest remittance receiving countries, trailing behind India and China. 2016 data from the same monetary authority also shows that 10.2% of the country’s gross domestic product came from personal remittances. — Karl Angelo N. Vidal

AP Renewables gets IMS certification

A UNIT of Aboitiz Power Corp. has received its Integrated Management System (IMS) certification with zero non-conformance.

In a statement, AP Renewables, Inc. (APRI) said the certification includes the 2015 versions of ISO 9001 (Quality) and ISO 14001 (Environment), and the 2007 version of OSHAS 18001 (Health and Safety). APRI has been internationally certified since 2015.

TUV Rheinland Philippines, a leading global testing service organization for quality, efficiency, and safety, conducted the certification audit.

APRI President and Chief Operating Officer Felino M. Bernardo said  the certification “underscores APRI’s commitment to achieving world-class operational excellence while mitigating environmental risks.”

“The Integrated Management System guides and challenges us to always look for better ways to further the quality of our operations and services and continually satisfy our customers and stakeholders,” he was quoted as saying in a statement.

APRI, a leading producer of clean and renewable energy in the country, said 44 of its team members attended trainings designed for conducting internal surveillance audit to prepare the organization for external audit.

The Aboitiz unit generates baseload power from its Tiwi-MakBan geothermal facilities located in Tiwi, Albay, and the borders of Bay and Calauan in Laguna and Sto. Tomas, Batangas.

Most Asian currencies hold steady

MOST ASIAN CURRENCIES barely budged in thin holiday trade on Tuesday, with the Chinese yuan briefly rallying to a 3-1/2-month high before retreating on corporate dollar demand.

China’s central bank lifted its official yuan midpoint to the highest level in over three months at 6.5416 per dollar, reflecting a strong spot yuan performance a day earlier.

That pushed the onshore yuan to a high of 6.5330 per dollar at one point in early trade, the strongest level since Sept. 13, but it came off in the afternoon to be down on the day. Traders said corporate buying of dollars weighed on the yuan.

The dollar index, which measures the US currency against a basket of six rivals, was down 0.08% at 0446 GMT.

“The (US) dollar may have weakened perhaps due to the month-end factor. Going to the month end, there might be a little bit of rebalancing taking place, and that could have led to the dollar sell-off,” said Sim Moh Siong, foreign exchange strategist at Bank of Singapore.

Among other regional currencies, the South Korean won was up 0.3%, its highest in nearly four weeks, while the Taiwan dollar advanced 0.08%, having risen as much as 0.2% and hitting its highest in more than three months.

Markets in the Philippines and Indonesia were closed for trading.

SINGAPORE DOLLAR
The Singapore dollar was little changed after November inflation and industrial production data didn’t hold any major surprises.

Data showed the city-state’s inflation for last month came in better that forecast, while industrial production lagged expectations.

Mizuho Bank said in a note that both sets of data “are not expected to be catalysts for Singapore dollar swings,” adding that the currency “was impacted by some of the noise and volatility from euro swing.”

The euro was flat after it gave up some ground last week when Catalan separatists won a regional election, deepening Spain’s political crisis. — Reuters

House panel OK’s bill declaring Kalayaan islands ‘alienable’

A BILL seeking to declare as “alienable and disposable” the Kalayaan Group of Islands has passed the committee level at the House of Representatives.

The House committee on natural resources approved House Bill (HB) 5614 authored by Speaker Pantaleon D. Alvarez and Majority Floor Leader Rodolfo C. Fariñas.

Under the bill, the Kalayaan Island Group — defined therein as “composed of islets and reefs with aggregate land area of approximately 79 hectares (ha)” — shall be “declared as alienable and disposable land for agricultural, residential, commercial, and other productive purposes.”

The island group consists of Pagasa (32.7 ha), Likas (18.6 ha), Parda (12.7 ha), Lawak (7.9 ha), Kota (6.45 ha), Patag (0.57 ha), and Parata (0.44 ha), as well as Ayungin Reef, Balagtas Reef, and Rizal Reef.

Also in the bill’s explanatory note, Messrs. Alvarez and Mr. Fariñas said that the municipality of Kalayaan has been “inviting” investors who, however, “are reluctant to invest because the island group is inalienable and non-disposable for agricultural, residential and commercial purposes.”

“Even residents who have been long tilling and developing the parcels of land within the Kalayaan Island Group cannot apply for title for their occupied area,” the bill’s authors noted.

“Thus, there is an urgent need to declare the Kalayaan Island Group as alienable and disposable to promote permanent dwelling and develop a viable source of livelihood for the residents therein. This will also promote the growth of business opportunities and spur the development of trade and industry by attracting investors in the area.”

Once enacted into law, the Department of Environment and Natural Resources will be tasked to promulgate necessary rules and regulation for the act’s implementation.

The bill cited in part Presidential Decree No. 1596 by then-president Ferdinand E. Marcos, declaring Kalayaan — part of the since-contested Spratly Group of Islands — as a municipality in the province of Palawan.

The decree cited in its whereas clause that, “while other states have laid claims to some of these areas, their claims have lapsed by abandonment and cannot prevail over that of the Philippines on legal, historical, and equitable grounds.” — Minde Nyl R. dela Cruz

Israel in touch with PHL, others over embassy moves

ISRAEL is in touch with “at least ten countries,” including the Philippines, over the possible transfer of their embassies to Jerusalem after the United States recognized the city as Israel’s capital, a deputy minister said Monday.

“We are in contact with at least 10 countries, some of them in Europe,” to discuss the move, deputy foreign minister Tzipi Hotovely told public radio.

She spoke a day after Guatemala said it would move its embassy to the city, a move slammed by Palestinian officials as “shameful.”

Ms. Hotovely said US President Donald J. Trump’s statement would “trigger a wave” of such moves.

“So far we have only seen the beginning,” she said.

Ms. Hotovely did not name the countries in question, but public radio cited Israeli diplomatic sources as saying Honduras, the Philippines, Romania and South Sudan are among states considering such a move.

The Philippines’ Department of Foreign Affairs has yet to respond to a request for comment as of press time.

Two-thirds of United Nations member states on Thursday voted for a resolution rejecting Mr. Trump’s controversial move, reaffirming that the status of Jerusalem must be resolved through negotiations.

Several mainly Latin American countries had diplomatic missions in Jerusalem until a 1980 UN Security Council resolution condemning Israel’s attempt to alter the “character and status” of the city, saying it was a barrier to peace.

Mr. Trump’s announcement on Dec. 6 sparked anger in the Palestinian territories and across the Muslim world.

Israelis see the whole of the city as their undivided capital while the Palestinians view the east as the capital of their future state.

No country currently has its embassy in Jerusalem, instead keeping them in the Israeli commercial capital Tel Aviv. — AFP

Firms behind BURI barred from gov’t projects

By Patrizia Paola C. Marcelo
Reporter

THE DEPARTMENT of Transportation (DoTr) on Tuesday, Dec. 26, clarified that companies behind the joint venture Busan Universal Rail, Inc. (BURI) are disqualified from participating in the bidding of government projects due to the termination of the Metro Rail Transit 3 (MRT-3) maintenance contract.

This follows news reports saying that two of the companies forming BURI have qualified for three railway projects.

News reports quoted Puwersa ng Bayaning Atleta Party-list Representative Jericho Jonas B. Nograles, who said two of the companies forming BURI, Busan Transportation Corporation (Busan) and Edison Development and Construction (Edison), were qualified to bid for the rail replacement of the MRT; the restoration of four Light Rail Transit 2 (LRT-2) trains; and the LRT-2 Maintenance Contract.

Other BURI members are Tramat Mercantile Incorporated, TMI Corp. Incorporated and Castan Corporation.

“Under the Uniform Guidelines for Blacklisting of Contractors, after termination of a contract due to the fault of the contractor, the erring contractor shall be barred from participating in the bidding of all government projects,” DoTr said in a statement.

The DoTr last month terminated the MRT-3 maintenance contract with BURI, citing poor performance, and failure to implement a feasible procurement plan for spare parts. BURI questioned the termination and said they did what was stipulated in the contract, adding that the DoTr owed them fees amounting to P176 million.

The DoTr said that while Busan and Edison may have submitted the legal, technical, and financial documents under RA 9184 (Government Procurement Reform Act), the projects are currently in the post-qualification stage which is where qualification of interested companies will be determined.

“Busan and Edison’s submission of a bid for a project does not mean that they are qualified,” the DoTr said.

“All three projects are currently in Post-Qualification stage, and Busan and Edison’s disqualification from all government projects, pursuant to the Uniform Guidelines for Blacklisting of Contractors, will disqualify them from the (three) projects.”

A spokesperson for BURI said he will need to check information before releasing a statement.

Why Meant to Beh should thank last year’s MMFF decision

By Nickky F. P. de Guzman
Reporter

Movie review
Meant to Beh
Directed by Chris Martinez

A HIATUS always leads to clearer perspectives. And Vic Sotto should consider his exclusion from last year’s Metro Manila Film Festival (MMFF) as blessing in disguise because his comeback film, Meant to Beh, is definitely much better than his past Christmas entries — at least the last two movies, My Little Bossings (2014) and My Bebe Love: Kilig Pa More (2015).

Despite its cringe-worthy title, Meant to Beh, is, arguably, Mr. Sotto’s best work in recent years. Criticized last year for the lack of quality of his MMFF submission Enteng Kabisote and the Abangers, which served as the major factor for its rejection as a festival entry, Meant to Beh has seemingly redeemed OctoArts Films’ and its capacity to produce a movie that ought to have — and can follow — a clear storyline.

Meant to Beh has a basic plot: a couple — and their family — is at the brink of separation and disintegration because the core foundation — love — that binds it together is missing. From start to finish, the two-hour film follows this simple premise and stays on track.

The movie tells the story of husband and wife Ron (Mr. Sotto) and Andrea (Dawn Zulueta), who, for 18 years, have been trying to keep their family together despite their lack of affection and common interests. Still, they managed to have three kids, Christian (JC Santos), Alex (Gabbi Garcia), and Riley (Baby Baste). It turns out that theirs was an arranged marriage, which explains the lack of friendship and affection between them. While the couple is temporarily separated, they try dating other people, namely Agatha (Andrea Torres) and Benjo (Daniel Matsunaga). In order to rebuild the family, the children plot ways to stop their parents from successfully entering into new romantic relationships. (Do we even need to mention that the movie ends in a happy ever after?)

Because its story is so basic, Meant to Beh does not have anything new to offer — it only reiterates the tiring role (mis)representations found in classic Filipino movies; e.g. the yaya (nanny) is a Bisaya, a basketball player is always a jerk, and the protagonist’s sidekicks are not as smart and good looking as they are. But it is refreshing in the sense that it does not have any blatant product placements forced to fit in a scene or a cameo by a Filipino superhero character — the banes of MMFF films in recent years. Five-year-old child actor Baby Baste is also a breath of fresh air on screen, thanks to his cute chubby size and still inexperienced acting.

Save for some slapstick skits that aim to elicit giggles and laughter, Meant to Beh is not comedy, but is more of a heartwarming story about and for a Filipino family.

MTRCB Rating: G

Palace cites drug war, budget, TRAIN among achievements

THE TAX reform program as recently passed by Congress, the national budget next year, and the controversial anti-drug campaign are among the highlights of President Rodrigo R. Duterte’s first full year of 2017, according to a year-end report released Tuesday, Dec. 26, by the Presidential Communications Operations Office (PCOO).

“This year-end report highlights the key accomplishments of President Rodrigo Roa Duterte and his administration to give the Filipino people a safe, secure, and comfortable environment through his key platforms of providing law and order, lasting peace, and prosperity for all,” the report said, adding:

“The Duterte administration is committed to eliminate illegal drugs, criminality, and corruption in government. It is, likewise, serious in addressing poverty and inequality across the archipelago.”

In terms of the drug war, the report said, citing the Inter-Agency Committee on Anti-Illegal Drug Secretariat and the Office of the Assistant Secretary for Special Projects, that,” as of January to September 2017, there have been 16,103 drug dependents enrolled at the Department of Health drug rehabilitation program, (and) 2,236 of them have already completed the program.”

Also, “14,046 drug surrenderers have received livelihood and skills training by the Technical Education and Skills Development Authority (TESDA),” the Palace report also noted, in contrast to Mr. Duterte’s remarks against rehabilitation of drug users.

Regarding peace and order, the report cited data by the Philippine National Police (PNP) that there has been an 8.44% decrease in total crime volume from 493,912 in January to October 2016 to 452,204 in the same 10-month period the following year. Decrease in robbery incidents was 23.61%, from 18,259 in January to October 2016 to 13,948 in January to October 2017, the report said.

There was considerable focus in the report on the Department of Foreign Affairs (DFA), amid the limelight of the Philippines’ hosting the 31st ASEAN Summit this year and also in the context of the country’s maritime issues with China.

“This is a milestone for the Department of Finance (DoF), which has worked hard for the bill to come into fruition. This Act seeks to make the country’s tax system simpler, fairer and more efficient,” the report said.

“The country’s preparedness is attributed to its substantial financing opportunities, the government’s tax reform program, rising revenue collections, and the declining debt ratio.” — Arjay L. Balinbin

Meralco and San Miguel shoot for second win

By Michael Angelo S. Murillo
Senior Reporter

WINNERS in their respective PBA Philippine Cup debut, the Meralco Bolts and defending champions San Miguel Beermen look to stay unbeaten and get a share of the early tournament lead when they collide today in the scheduled main game at the Ynares Center in Antipolo City.

The Bolts and Beermen, two teams which had a solid overall Philippine Basketball Association (PBA) campaign last season, shoot to stay in top form in their 7 p.m. encounter. Preceding their contest is that between the Phoenix Petroleum Fuel Masters and Kia Picanto, both sporting 0-1 records.

Meralco enters the contest fresh from its 103-98 victory over the Blackwater Elite on Dec. 22.

Newly acquired player Niño Canaleta was solid in his Bolts debut, finishing with 25 points, going five-of-eight from beyond the arc, to go along with eight rebounds and two blocks to exact payback on his former PBA ball club.

Guard Baser Amer had 17 points and 12 assists while Jared Dillinger and Chris Newsome added 15 and 12 points, respectively, to help Meralco notch its first win.

As expected, Bolts Coach Norman Black expressed satisfaction and delight over the play of Mr. Canaleta, who the team signed along with free agents Mac Baracael and Jason Ballesteros to boost it as injured Ranidel de Ocampo and Cliff Hodge recuperate.

“Special mention goes to KG (Canaleta) in this game for the exceptional showing he had tonight in scoring. He is going to be a very good addition to our team,” said Mr. Black at the postgame press conference following their win.

TITLE DEFENSE
Also looking to set their campaign to a good start are the Beermen, who are gunning for their fourth straight title in the season-opening PBA tournament.

San Miguel got off on the right foot by defeating Phoenix, 104-96, in the season-opener on Dec. 17 on the back of the strong effort by its solid starting five.

Four-time league most valuable June Mar Fajardo led the Beermen to the win with 23 points, 16 rebounds and four blocks while Alex Cabagnot had 22 points and Marcio Lassiter 20.

Chris Ross finished with 16 points and nine assists while Arwind Santos had 14 points and 11 rebounds.

“We really wanted to take the first game because we want to bounce back for the kind of finish we had last conference. Good thing everybody did their job and nobody got hurt,” said Mr. Fajardo, named player of the game, following their win as he spoke of the missed opportunity they had for a rare grand slam after falling short in the Governors’ Cup.

The winner of the game today between Meralco and San Miguel joins the NLEX Road Warriors (2-0) at the top of the heap in the standings.

Mindanao still competitive despite security, issues — NCC

THE National Competitiveness Council (NCC) said that parts of Mindanao remain competitive despite slower economic growth this year, with certain cities in the region maintaining high positions in the Cities and Municipalities Competitiveness Index (CMCI).

NCC Co-chairman Guillermo M. Luz told BusinessWorld that big cities in Mindanao continue to outperform parts of Metro Manila.

“Certain cities in Mindanao… have stepped up and they are among the most competitive cities in the Philippines. I see Davao, I see Tagum and I see Cagayan de Oro City, General Santos City [having high ranks in the index],” he added.

“There are places that are doing well and the towns are doing better. So, it’s a case of getting more and more of them to get competitive among the other cities.”

Mr. Luz said large cities in Mindanao are seeing improvements in educational attainment, better access to water, and a decline in poverty rates, all criteria used to measure local government units in the CMCI.

In rankings released in August, Davao City was the third most competitive highly urbanized area in the Philippines according to the CMCI, inching two notches up from last year’s 5th place and maintaining its position in the top five for four years.

However, none of the other cities in the Davao region made it to the top 10.

Tagum City was in 21st place. In the most competitive provinces category, South Cotabato ranked second.

While pockets of Mindanao are seeing stunted economic growth, Mr. Luz added that President Rodrigo R. Duterte being from the region helps put Mindanao in the spotlight and may cause investment to trickle southwards.

“As far as people are concerned, he came from a metropolitan area so it brings a lot of attention to the place and that’s a good thing,” he added.

The Board of Investments said last month that based on 10-month investment pledges data, south-central Mindanao, the island’s leading region for investment pledges ranked sixth nationwide.

South-central Mindanao includes South Cotabato, Cotabato City, North Cotabato, Sultan Kudarat, Sarangani and General Santos City, which a 31.98% decrease in investment pledges year on year to P14.27 million.

Northern Mindanao was ninth nationwide with P7.06 million worth of investment pledges, down 27.91%, followed by the Davao region at P5.09 million, down 38.34%.

The Caraga and Zamboanga Pensinsula regions were ranked 13th and last nationwide, respectively, with Caraga investment pledges at P1.35 million, with no comparative data available from a year earlier, while Zamboanga Peninsula accounted for zero in the 10 months to October.

The depressed investment climate was blamed on the Marawi siege.

Mr. Luz said that every area has its challenges, with the biggest issues overall being infrastructure and utilities. He also noted that security concerns also affected overall investments due to generalizations about the whole region being unsafe.

“The government wants to help but obviously it has limitations. Credit, for instance. I don’t think that can come from the government but it can come from the banking system,” he added.

“Connectivity, Internet, e-commerce — all those types of things will have to be provided by the private sector. I don’t think the government is in the position to supply everything.” — Anna Gabriela A. Mogato

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