Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 12789

United Coconut Planters Bank posts higher net income at end-September

UNITED COCONUT Planters Bank (UCPB) saw its net income rise in the first nine months of the year on the back of sustained growth in its consumer loan portfolio and the upbeat performance of its bancassurance business.

In a statement sent to reporters on Tuesday, the state-led UCPB said it booked a net income of P3.03 billion in the nine months ended September, climbing 5% from the P2.88 billion recorded in the same period a year ago. This was coming from a P2.01-billion net income booked in the first half of the year.

Net interest income for the January to September period rose 15% to P8.3 billion.

On the other hand, UCPB’s non-interest income dropped 23% to P1.86 billion due to “lower trading opportunities.”

The bank’s total loan portfolio stood at P157.57 billion as of end-September, up from P135.97 billion in the first nine months of 2016. UCBP’s consumer loans contributed 16% to the growth, driven by “growing consumer spending confidence and investment appetite.”

Deposits also grew 11% to P277.96 billion versus the same period last year.

Meanwhile, UCBP’s bancassurance business, launched in April, posted a P38 million income.

Operational expenses were kept at bay, posting a 9% increase year-on-year.

“All of our business segments contributed strongly to our record performance this quarter, notably consumer and corporate loans on the back of steady economic growth,” UCBP President and Chief Executive Officer Higinio O. Macadaeg Jr. said in the statement.

In October, the twelfth largest bank in asset terms completed its transition of upgrading its automated teller machines and bank cards to the Europay, MasterCard and Visa technology, months ahead of the central bank’s deadline of June 30, 2018.

UCPB has also implemented a one-day check clearing system as mandated by the central bank, giving its clients faster access to their funds at 12 noon the next banking day.

“As the year draws to a close, UCPB will be relentless in continuing to achieve operational efficiencies and raising productivity. Judging from our performance these past nine months, we look forward to an even better year in 2018 for UCPB,” Mr. Macadaeg added. — K.A.N. Vidal

Office rents in BGC seen to continue rising in 2018 — Santos Knight Frank

By Arra B. Francia, Reporter

MORE THAN three quarters of the total office supply projected to come online in 2018 are located in Bonifacio Global Center (BGC), as investors continue to flock to the central business district despite rising leasing rates, according to Santos Knight Frank, Inc.

The real estate services firm said on Wednesday it expects 946,782 square meters (sq.m.) of leasable office space to be added to the current office supply in 2018. Of this number, 76% or 409,377 sq.m. will be located in BGC.

Santos Knight Frank noted rental rates in BGC already breached the P1,000 per sq.m. mark as of the third quarter. At P1,027.27 per sq.m., BGC is the second most expensive place to rent office spaces after Makati central business district (CBD), where rental rates stood at P1,263.15 per sq.m.

“Rental growth in Metro Manila over the last 12 months have been the highest across Asia, due to the strong, continued demand in the office market. One thing is very clear, BPO (business process outsourcing) is sustainable,” Santos Knight Frank President and Chief Executive Officer Rick Santos said in a press briefing in Parañaque on Wednesday.

Leasing rates in the Bay Area, which covers the reclaimed land on Manila Bay, are also starting to pick up. As of the third quarter of 2017, rental rates in the Bay Area is the fourth highest at P725.43 per sq.m., next to Makati CBD, BGC, and Quezon City.

“We are seeing an emergence of the Bay Area, that’s being led by both BPO take-up and also the emerging online gaming industry,” Morgan McGilvray, director for occupier services and commercial agency at Santos Knight Frank, said.

By the end of 2017, the company expects more than 600,000 sq.m. of office space to be taken up, still driven by BPOs, which account for around 60% to 70% of the take-up. However, Santos Knight Frank noted this is a slightly lower share compared to previous years, as demand from gaming firms spiked to around 30% of the total take-up.

With this, Santos Knight Frank Senior Director for Research and Consultancy Jan Custodio noted  gaming firms would be something to watch in the property sector in the following years.

“Because they have the flexibility of occupying any kind of space. So it’s just a matter of them fitting that space to their requirements. We’ve heard of gaming companies occupying old office spaces that are really antiquated,” Mr. Custodio said in an interview.

Mr. Santos, meanwhile, noted the demand for BPOs will continue despite concerns on the rise of artificial intelligence (AI) taking over most BPO jobs in the next few years. A 2013 study by Oxford University, for instance, noted that 47% of all jobs are at risk in the next 50 years due to computerization.

In the Philippines, however, Mr. Custodio said the effects of AI has been very minimal so far, and would unlikely make any significant changes in the near future.

“For one thing we don’t have the infrastructure for that yet. Internet connection, we all know the state here is not that good yet. And AI is reliant on that kind of connectivity. So that being said, not really that much unless something drastic happens. But not in the near future,” Mr. Custodio said.

Q3 poll shows hunger up 11.8% after record-low 9.5% last June

THE Social Weather Stations (SWS) in its Third Quarter 2017 Social Weather Survey found “11.8% or an estimated 2.7 million families experiencing involuntary hunger at least once in the past three months.”

SWS said this is 2.3 points above the 9.5% or an estimated 2.2 million families as of its June poll who said they experienced hunger at least once in the past three months.

The June survey showed then this reading was the lowest since the 7.4% of March, 2004.

The latest reading is similar to the 11.9% (est. 2.7 million families) quarterly Hunger in March this year, SWS said.

The survey was conducted Sept. 23-27, with face-to-face interviews of 1,500 adults nationwide (600 in Balance Luzon, and 300 each in Metro Manila, Visayas, and Mindanao) and sampling error margins of ±2.5% for national percentages, ±4% for Balance Luzon, and ±6% each for the other areas.

MODERATE, SEVERE HUNGER UP
“The 11.8% quarterly Hunger in September 2017 is the sum of 9.6% (est. 2.2 million families) who experienced Moderate Hunger and 2.1% (est. 493,000 families) who experienced Severe Hunger,” SWS said.

The polling group said moderate hunger refers to those who experienced hunger “only once” or “a few times” in the last three months, whereas severe hunger refers to those who experienced it “often” or “always” in the last three months. The few who did not indicate their “frequency of hunger” were classified under moderate hunger, SWS noted.

Both moderate hunger and severe hunger, which had been steadily declining since December 2016, increased between June and September 2017 — moderate hunger by 1.8 points to 9.6%, from 7.9% in June, and severe hunger rose by 0.5 points to 2.1%, from 1.6% in June.

EXCEPT MINDANAO
It was only in Mindanao where quarterly hunger fell, by 1.7 points from 11.3% (est. 523,000 families) to 9.7% in September. Moderate hunger in Mindanao fell by 2.3 points (from 10.0% in June to 7.7% in September), but severe hunger rose by 0.7 points (from 1.3% in June to 2.0% in September).

Quarterly hunger rose by 1 point in the Visayas, from 8.7% (est. 324,000 families) in June to 9.7% in September. Moderate hunger rose by 1.3 points (from 7.3% in June to 8.7% in September), but severe hunger fell by 0.3 points (from to 1.3% in June to 1.0% in September).

In Metro Manila, quarterly hunger rose by 0.4 points, from 11.3% (est. 353,000 families) in June 2017 to 11.7% in September 2017. Moderate hunger fell by 0.7 points (from 10.0% in June to 9.3% in September), but severe hunger rose by 1 point (from 1.3% in June to 2.3% in September).

Quarterly hunger rose by a considerable 5.5 points in Balance Luzon, from 8.3% (est. 645,000 families) in June to 13.8% in September. Moderate hunger rose by 4.8 points (from 6.3% in June to 11.2% in September), and severe hunger also rose by 0.7 points (from 2.0% in June to 2.7% in September).

“The 2.3-point rise in quarterly Hunger rate amid the 3-point increase in Self-Rated Poor and the steady Self-Rated Food-Poor proportions between June 2017 and September 2017 was due to an increase in the incidence of Hunger among both the Self-Rated Poor and Self-Rated Non- Poor, as well as among both the Self-Rated Food Poor and Self-Rated Food Non-Poor,” SWS said, adding:

“From June 2017 to September 2017, quarterly Hunger…rose by 3.1 points among the Self-Rated Poor, from 13.6% in June to 16.7% in September. It also rose by 1.1 points among the Non-poor (Not Poor plus Borderline) over the same period, going from 6.3% to 7.4%.”

“Prior to this, both values had been declining since December 2016,” SWS noted.

“It (Hunger) rose by 2.7 points among the Self-Rated Food-Poor, from 17.1% in June to 19.8% in September. It rose by 2.1 points among the Not Food-Poor/Food-Borderline, from 5.9% to 8.0%,” the polling group also said, adding:

“At any one point in time, quarterly Hunger among the Self-Rated Food-Poor is always greater than Hunger among the Self-Rated Poor.”

Cebu Landmasters taps Ascott for 3rd serviced residence project

CEBU LANDMASTERS, Inc. (CLI) is boosting its presence in the hospitality sector with the development of its third project in partnership with international serviced residences operator The Ascott Limited.

The Cebu-based property developer said on Wednesday it inked its third serviced residence management agreement with Ascott for “lyf Cebu City.” The 153-room serviced residence is under “lyf,” Ascott’s brand that targets millennial travelers.

“The growth potential offered by tourism is very promising and we are happy to be teaming up for the third time with The Ascott Limited in this project set to introduce new industry benchmarks,” CLI Chairman and CEO Jose R. Soberano III was quoted as saying in a statement.

Lyf Cebu City will be the third tower in CLI’s Base Line Center. It will offer rooms sized 16 to 60 square meters, and have communal spaces and co-working areas, which CLI said would fit the needs of technopreneurs, those working in start-ups, and people from the media and fashion industry.

Prior to lyf Cebu City, CLI has already partnered with Ascott for two developments under the Citadines brand. The company targets to complete the 180-room Citadines Cebu City by 2018, while Citadines Riverside Davao offering 250 rooms is slated for completion in 2021.

“The Ascott Limited partners with Cebu Landmasters for its credibility. They have a deep understanding and knowledge of the real estate industry and a strong foothold in the Visayas and Mindanao. Partnering with CLI strengthens our brand,” Ascott General Manager Arthur G. Gindap said in a statement.

Mr. Soberano, meanwhile, noted the company is ramping up development in the hospitality sector to take advantage of the growing number of tourists in the Visayas and Mindanao regions. CLI cited a study by the Department of Tourism stating that Cebu-Mactan will have a room gap of 14,931 by 2022.

CLI said the completion of the Mactan Cebu International Airport will further increase tourist arrivals in Cebu, which already saw a 25% increase in tourist arrivals in 2016 to 4.17 million visitors.

“Our hotel properties will maximize opportunities offered by the country’s growing tourism momentum while ensuring the full development of our mixed-use projects in strategic VisMin areas,” Mr. Soberano said. 

This new development will help support CLI’s growth plans in the future. In 2018, the company has already projected a net income of P1.7 billion, 42% higher than its P1.2-billion income target for 2017.

In the nine months ending September, CLI managed to grow earnings by 77% to P959 million, riding on the robust sales of residential properties.

Shares in CLI were up by three centavos or 0.63% to close at P4.79 each at the Philippine Stock Exchange on Wednesday. — Arra B. Francia

Peso extends decline vs dollar

THE PESO plunged against the dollar on Wednesday due to upbeat sentiment on the US tax package and cautiousness over US employment data.

The local currency ended Wednesday’s session at P50.71, eight centavos weaker than its P50.63-per-dollar finish on Tuesday.

The peso opened weaker at P50.71 against the greenback. Its worst showing for the day was seen at P50.74, while its intraday peak stood at P50.63-per-dollar.

Dollars traded dropped to $599.2 million from the $668.1 million that changed hands in the previous session.

A trader said the dollar market is still in a positive mode following the passage of the US tax package in the Senate on Saturday.

“The market is still bullish since they saw positive effects brought by the US tax reform,” the trader said in an e-mail.

She added that market players were cautious on the US economic data on employment which was released yesterday.

“We’re looking at the ADP employment data, so the players remained cautious on the upside. We’re expecting the data to be weak.”

Another trader noted that there was consolidation when the peso breached the P50.46-per-dollar level.

“Overall, I would say we’re just seeing mild upticks and it would still be considered as trading in consolidation phase,” the trader said, adding that the local trading is in line with the foreign exchange trading in the region.

Back home, market players are looking at the bicameral meetings for the passage of the first tax reform package of the government.

“That would be monitored closely by the market players and see how it impacts the Philippine economy and definitely, we will probably try to gauge what the sentiments would be,” the trader said.

For Ruben Carlo O. Asuncion, chief economist of UnionBank of the Philippines, the greenback remained steady amid the global market succumbing to the profit-taking trend this week.

“Investors might have taken some profit overall and may have not been open to take new positions at this point,” Mr. Asuncion added.

For today, traders expect the peso to range between P50.45 and P51.10, while the first trader explained: “The initial resistance is at P50.80 so if broken, we’re looking at P50.60 to P50.90.” — KANV

Joint foreign chambers urge Congress to pass traffic bill

THE JOINT Foreign Chambers of the Philippines (JFC) in a statement on Wednesday, Dec. 6, called for Congress “to complete its legislative procedures” on a measure aimed at easing traffic congestion in Metro Manila.

House Bill (HB) 6425 or the proposed Traffic and Congestion Crisis Act is currently pending in the House of Representatives, which is set to adjourn for the holidays. The bill, a priority measure, aims to provide comprehensive solutions on easing traffic in Metro Manila, Metropolitan Cebu, and Metropolitan Davao.

“We urge Congress to complete its legislative procedures and approve the legislation on second and third reading at the earliest possible date, and recommend the (P)resident (Rodrigo R. Duterte) certify the measure as urgent to also speed up its passage,” JFC said in its statement.

“With the completion of the budget and the first tax reform package, the time to pass this important legislation is now,” the group also said, as it noted that the concerned committees in both chambers of Congress have “completed their reports some months ago, and their bills are in line to be discussed and approved in plenary.”

“We are continually reminded of the very difficult traffic situation by the worsening congestion we experience daily during this Christmas month of December,” said JFC, which also cited “an assessment” by ride-app enterprise Uber “that Bangkok, Jakarta, and Manila have the worst traffic in Asia.”

JFC also cited a study by the Boston Consulting Group warning that “at current vehicle growth levels, Tier III cities (Manila) are at risk of reaching standstill levels of congestion (<10km/hour) during peak hours by 2022.” JFC is composed of American, Australian-New Zealand, Canadian, European, Japanese, Korean chambers and PAMURI (Philippine Association of Multinational Companies Regional Headquarters, Inc). — MNRDLC

Abella, Sandra Cam among new appointees

A FORMER jueteng whistle-blower and President Rodrigo R. Duterte’s former spokesperson were among the new presidential appointees who took their oath at Malacañang on Wednesday, Dec. 6.

Former presidential spokesperson Ernesto C. Abella took his oath as Foreign Affairs Undersecretary, and Sandra Cam, for her part, took her oath as a member of the board of directors of the Philippine Charity Sweepstakes Office (PCSO).

Ms. Cam gained prominence more than a decade ago when she implicated the husband and a son of then president Gloria Macapagal-Arroyo to jueteng.

Like Ms. Arroyo, Ms. Cam is a leading supporter of Mr. Duterte, who endorsed her senatorial candidacy in 2016.

“This is not a political position at makikita po niyo (and you’ll see), give me at least three months, I will prove to those detractors that they are wrong,” Ms. Cam in an interview with the media said regarding her appointment.

Manuel C. Suntay, president of the Philippine National Taxi Operators Association, was also appointed to the PCSO board. — RAZ

Closed season: Zamboanga fishing group, DoLE coordinating for alternative livelihoods

By Albert F. Arcilla, Correspondent

ZAMBOANGA CITY — The canning industry here is now closely coordinating with the Department of Labor and Employment (DoLE) for possible alternative livelihoods to the roughly 30,000 workers who will be affected by the implementation of the three-month closed fishing season at the Zamboanga Peninsula beginning Dec. 1.

“We, in the industry, coordinated with DoLE to address the concerns of the affected workers for alternative livelihood,” Roberto A. Baylosis, executive vice- president of the Southern Philippines Deep Sea Fishing Association (SOPHIL) said in an e-mail interview with BusinessWorld.

Mr. Baylosis said the 30,000 affected workers include those who are directly and indirectly related to the industry, such as fishing crew members, cannery workers, dock handlers and those in allied sectors.

Earlier, the Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) issued a statement calling on DoLE to provide safety nets to “some 50,000 fishermen and canning workers” who will be out of work during the closed season, which has been implemented annually since 2011.

“Fishermen and canning workers are one of the very vulnerable workers nowadays because of recurring climate change effects and high demand for fish and fish products,” said Alan Tanjusay, ALU-TUCP spokesperson.

The Department of Agriculture (DA) and the Department of Interior and Local Government (DILG) jointly issued Administrative Order No. 1 series of 2011 (JAO-01s2011) establishing a conservation area in the Zamboanga Peninsula where a closed fishing season will be implemented to allow sardines and other species to spawn and give time to the juveniles to grow.

The no-fishing zone covers an area of 13,987 square kilometers within the East Sulu Sea, Basilan Strait, and Sibuguey Bay.

“It is high time to review the ban and infuse it with an automatic support mechanism to assuage workers and fishermen from the long period of economic shock caused by the commercial fishing ban not only in the Zamboanga region but in other regions as well,” Mr. Tanjusay said.

Mr. Baylosis, meanwhile, said the closed-fishing season is not expected to affect the price of sardines in the market.

“This practice has been observed since the year 2011 and did not have the significant effect on the prices because the favorable effect resulted to the abundance of the species during fishing season, allowing canners to produce sufficient supply to cover during closed fishing,” he said.

Similar closed-fishing seasons are implemented in other parts of the country.

Fisherfolk group renews call against Maynilad’s use of Laguna de Bay

A FISHERFOLK group has renewed calls for the Laguna Lake Development Authority (LLDA) to terminate its deal with Maynilad Water Services, Inc. (MWSI), which allowed the company to tap Laguna de Bay as the main source of its domestic and commercial water service.

“We urge the LLDA to terminate its deal with the Maynilad and bring back the lake’s traditional orientation as fishing ground and not for the use of corporate and vested interests,” Fernando Hicap, chairperson of the militant group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (PAMALAKAYA), said in a statement issued yesterday, Dec. 6.

The group said the 90,000-hectare Laguna de Bay is the primary source of livelihood of more than 14 million fisherfolk and residents around the country’s largest lake.

PAMALAKAYA said MWSI’s corporate activities have gradually degraded the ecological balance and nature of Laguna de Bay, adversely affecting the livelihood of small fisherfolk.”

“Maynilad greedily consumes the water of Laguna de Bay for its super profit at the cost of productive fishing grounds of millions of small fisherfolk and people engaged in fish culture activities,” Mr. Hicap added.

Through its filtration facility located in Putatan, Muntinlupa City, the MWSI has been extracting 150 million liters per day of water from the lake, supplying to more than one million of its customers in the western part of National Capital Region, including the cities of Makati, Pasay, Parañaque, Las Piñas, and Muntinlupa, as well as the towns of Bacoor, Cavite City, Imus, Kawit, Rosario, and Noveleta in Cavite province.

The group said the lake water of Laguna de Bay is categorized as Class-C water, which means it is only suitable for fishing and recreational use and not for domestic purposes.

“No matter how sophisticated (the) filtration machine they use, they can never convert water of Laguna de Bay into safe drinking water because of its natural orientation as fishing grounds, and not for commercial purposes,” Mr. Hicap said.

MWSI was sought for comment but has not replied as of press time. — Janina C. Lim

Ex-Comelec chair Bautista a no-show at hearing

FORMER COMMISSION on Elections (Comelec) chair Andres D. Bautista did not appear at a Senate investigation on his alleged unexplained hidden wealth set on Wednesday, Dec. 6. Senator Francis Joseph G, Escudero, chairman of the Senate committee on banks and financial institutions, confirmed that an invitation was sent to Mr. Bautista, and that the committee will now request Senate President Aquilino L. Pimentel III for an issuance of a subpoena to compel him to attend the next hearing in January. “We will await,” Mr. Escudero said in an ambush interview yesterday. Mr. Escudero noted that Mr. Bautista and his brother have issued statements and “challenges” indicating their willingness to cooperate in the investigation. “Hinihintay namin na panindigan nila yung binitiwan nilang salitang ’yun (We are waiting for them to stand by their words),” Mr. Escudero said. — Arjay L. Balinbin

April Osenio motivated to pursue pro career after earning college degree

FILIPINO standout April Osenio, a Philippine national Wushu champion and a ONE Championship atomweight contender, has added another feather to her cap.

Although it is devoid of martial arts competition, it is a milestone in itself as she has earned a college diploma.

Along with three other Team Lakay colleagues, Osenio graduated with the degree of Bachelor of Criminal Justice Education at the University of Cordilleras in Baguio City last Sept. 1.

According to Osenio, it was an accomplishment on her part to disprove the stereotype that prizefighters do not put a premium on education.

“Pursuing your passion in martial arts is not a hindrance in securing your future through education,” she stated. “It is also a way of breaking the stigma that fighters have in our society. It’s an achievement that I was able to set an example for others to follow.”

Osenio is also aware that being a professional athlete is not a lifetime job and having a college degree will open avenues for her in the future.

“Education is very important because my career as a fighter will not last for long time,” said Osenio who had her first professional bout under the ONE Championship banner in 2015. “By the time I reach 38 or 40 years old, I need to retire and have another job to support my family.”

As Osenio reviews for the Criminologist Licensure Examination in June 2018, she slightly shies away from her books to put her attention on wearing her four-ounce combat gloves again.

Osenio is set to close out 2017 for Team Lakay as she returns to the ONE Championship cage on Saturday, Dec. 9 at the Impact Arena in Bangkok, Thailand.

The 23-year-old Baguio City native is moving up to the strawweight division to face promotion newcomer “The Panda” Xiong Jingnan of China on the undercard of ONE.

WARRIORS OF THE WORLD
Osenio, who has not competed since her submission loss to Jenny “Lady GoGo” Huang in December 2016, knows of the tough challenge that lies ahead of her.

Xiong is an upcoming female strawweight contender in ONE Championship and is known as one of the top three leading female martial arts talents in China.

With a penchant for scoring highlight-reel finishes and executing powerful slams, Xiong holds an impressive professional record of 9-1.

Despite the gigantic opposition that it is in front of her, Osenio promises to give fans her best effort and turn her three-round match with Xiong into a stand-up war

“It has been a while since fans last saw me in the cage. I would say I have not changed a lot, I have just been working on improving my skills,” Osenio explained

“My style is still the same. I focus on my Wushu and really want to test my opponent’s striking abilities. I am excited to show everyone how much better I am this time around,” she added.

When she steps back into the cage at ONE: Warriors of the World, Osenio stressed that she is eager to make a strong statement.

“I have been really working on sharpening my skills and fixing a lot of my weaknesses. This next bout is so important because my opponent is one of China’s best martial artists, and a win will really speak volumes of where I am at as a professional. This is one of the toughest training camps I have ever had so far, and I am ready to showcase the results in Bangkok,” she ended.

For more updates on ONE Championship, please visit www.onefc.com, follow us on Twitter and Instagram @ONEChampionship.

TPLEx Binalonan-Pozorrubio segment opens

THE 10.10-kilometer (km) Binalonan-Pozorrubio segment of the Tarlac-Pangasinan-La Union Toll Expressway (TPLEx) was formally opened yesterday, Dec. 6, which is expected to cut travel time now from Tarlac to Pozorrubio to just 45 minutes from 2.5 hours. The Department of Transportation (DoTr), in a statement, said the Toll Regulatory Board (TRB) issued on Nov. 29 a toll operation permit to concessionaire Private Infra Development Corp. (PIDC). The permit was released after an inspection by the Department of Public Works and Highways (DPWH), TRB technical staff, and PIDC representatives confirmed that the segment is “substantially complete and is safe to be operated commercially.” DPWH Secretary Mark A. Villar said PIDC has committed to finish all the pending work during the Christmas season. The completion of the new segment extends the length of TPLEx to 78.39 kms, connecting the provinces of Tarlac and Pangasinan. Mr. Villar said the last section of TPLEx, a 10.92-km segment from Pozorrubio to Rosario, La Union, is set for completion in June 2019. “Upon full completion, TPLEx would reduce travel time from Tarlac to Rosario, La Union from 3.5 hours to just an hour, benefitting an average of 20,000 vehicles per day,” Mr. Villar said. — Patrizia Paola C. Marcelo

1...12,78812,78912,790...13,707Page 12,789 of 13,707
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube