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Phoenix Petroleum names new chief finance officer

PHOENIX PETROLEUM Philippines, Inc. has announced appointments to key finance positions, days after it disclosed amendments to its incorporation papers to include provisions that will allow the company to charge service fees to subsidiaries.

In a disclosure to the stock exchange on Monday, Phoenix has named Ma. Concepcion F. de Claro as its new chief finance officer to replace Joseph John L. Ong, who will move to his new role as treasurer and head of corporate finance.

“The appointments are effective May 1, 2018, and were made in view of the company’s aggressive growth plans,” the company said.

Dennis A. Uy, Phoenix president and chief executive officer, said he was pleased to take in Ms. De Claro, saying her “extensive experience in financial, operational, and strategic management will be valuable as we move into a new phase of growth in support of our vision of indispensable partnerships.”

Ms. De Claro’s 36 years of “extensive experience in financial management and corporate planning” came mainly in the energy and oil industry.   She is a certified public accountant from Colegio de San Juan de Letran.

She joined Phoenix’s parent firm Udenna Corp. in 2015 as director of mergers and acquisitions after working as chief operating officer of Alsons Corp., director of Alsons Prime Investments Corp. and Alsons Power Holdings Corp.

Ms. De Claro’s previous postings were vice-president for corporate planning at Petron Corp., where she was connected for 18 years, and Philippine National Oil Co., where she worked for 10 years.

Mr. Ong joined Phoenix in 2010, when the company began expanding outside Mindanao. The company said he “led many firsts in equity and debt-raising activities.”

In 2017, the company raised more capital to fund its expansion of stations and support assets as well as the acquisition of Petronas Energy Philippines, Inc. and investment in its PNX Petroleum Singapore Pte Ltd. trading office.

This year, on top of capital expenditure for the organic growth of its existing fuel business, the company will be funding its acquisition of Philippine FamilyMart and its investment in Phoenix Asphalt.

As treasurer and head of corporate finance, Mr. Ong will be responsible for raising capital and for managing the company’s capital structure, and will work closely with the CFO, the company said. — Victor V. Saulon

How an Ilonggo indie film cottage industry grew and grew

By Menchu Aquino Sarmiento

RIGHT UNDER Imperial Manila’s cultural radar, the Bantayan Film Festival in Guimbal, Iloilo is now on its 14th year, making it even older than the Cultural Center of the Philippines’ Cinemalaya by at least a year. True, the Bantayan output are all short films, budgeted in the low five figures. But it’s all part of the kasadyahan (merry-making) to celebrate the town’s Bantayan Festival. The festival itself began in 1998, a five year build-up to Guimbal’s tricentennial in 2003. It’s called Bantayan because of a centuries-old tradition of watching out for seafaring marauders along the Guimbal coastline. Sentries would sound the alarm by pounding on the guimbal: a hollowed out coconut tree trunk with a deer skin drumhead held fast with maguey vines.

Towards the end of Guimbal’s tricentennial year, in December 2003, then mayor Oscar “Richard” Garin, Jr. (now Iloilo 1st District Congressman) was watching the Metro-Manila Film Festival awards on TV, and had a eureka moment. He decided that their town, a 4th class municipality with 33,000 people, should make movies too. Serendipitously, Guimbalanon Cirio Ray “Rayboy” Defante Gibraltar, a Mowelfund (Movie Workers Welfare Foundation) alumnus, was on the mayor’s staff. Mr. Gibraltar had sought a respite in his hometown, being burned out from toxic production work in Manila.

After the holidays, Mr. Gibraltar started a search for participants for the 2004 Bantayan Film Festival, looking for home-grown films on bravery and heroism. Teachers from each of the four high schools (Camangahan, Igbaras Particion, Nalundan and the National High School in the Poblacion) with high school students in tow, were conscripted to participate in an introductory film production workshop conducted gratis by Philippine cinema luminaries such as Bacoleño directors Peque Gallaga and Khryss Adalia, and cinematographer Ogi Sugatan. But all the attendees wanted to be in front of the camera, acting. No one wanted to direct or to shoot, so the mayor directed the teachers to get behind the camera themselves.

“We knew nothing about filmmaking, or even about films outside of Hollywood or the local mainstream,” recalls Margie Bisnar, a Filipino teacher at the Particion High School.

“Each of the teacher-led high school teams had to come up with several short film concepts. We chose the best four to get made,” Gibraltar relates.

They had barely two months to prepare. The mayor gave each team P5,000 as their total movie production budget.

“The only camera in town belonged to an OFW family. That Sony Handicam Hi8 was passed around among the four teams,” laughs Malu Nalupano, a language arts teacher from Camangahan, who had herself spent seven years working as a domestic helper in Hong Kong.

Shooting took place outside of the few remaining “uncompromised school days” when no absences were allowed. The newbie filmmakers, their family and friends, also acted in each other’s productions and sponsored meals.

Mr. Gibraltar had to edit all their footage on a PC in the LGU office, with software donated by E.J. Salcedo who owned a production house in Manila. The first-time directors hovered over Mr. Gibraltar’s shoulder, or napped on the wooden floor as they awaited their turn.

That first Bantayan Film Festival in 2004, held on a balmy evening in the town plaza, was encouraging. The winners got trophies by rank, but the same modest P1,000 prize. By 2005, residents who were not from the high school, like seaman Remuel Gellegani, had joined. His documentary, Salome, about an abandoned wife who overcomes the many challenges life has thrown her way, won first prize in St. La Salle’s Piaya Film Festival. Bubon by Skim Guevarra, who is the current president of the Guimbal Film Society, got 3rd place.

By 2007, there were six Guimbalanon film production teams. The LGU bought its own mini-DV camera. In 2008, each high school got a digital camera for its SPA (Special Program for the Arts). The budget had grown to P10,000 per production team and the National Commission for Culture and the Arts (NCCA) gave another P150,000 as part of the Cinema Rehiyon program spearheaded by Teddy Co, who now heads the NCCA Sub-Commission on the Arts. Mr. Co considers Cinema Rehiyon a mere aggregator of all these very varied films coming from various nooks and crannies of the Philippines. The Bantayan Film Festival remains nativist and indigenous to Guimbal. The dialogue is in Kinaray-a, with English or Filipino subtitles.

By 2008, the Guimbal Film Society settled on four genres: horror, action-thriller, family comedy, and, of course, rom-com. From the initially clueless bunch of high school students and teachers, a crop of young Guimbalanon professionals whose backgrounds had some connection to communication or media arts were making films. It was timely, as Rayboy Gibraltar had just received a Cinema One Originals grant. He moved back to Manila to make Wanted: Border, which won first prizes for both the screenplay and direction in 2009.

Now, there were new filmmakers like Arnold Casas, owner of the town’s portrait photography studio, who had started out just helping his neighbors with the videography. In 2006, he took a workshop and made his first short, Regalo, in 2007. Audy Guerrero, a call center agent, had some theater experience at the Central Philippine University. After a workshop in 2010, he got hooked on film. He started in 2011, as part of the production team of Abroad by Timay Villarta. Then he directed Transferee (2015; about school bullying) and Perdubal (2016; about delinquent teens). His 2016 film Hinulsol (Regret) won 3rd Best Picture and the Best Director prize for him in Cinekasimanwa, the Western Visayas film festival.

There are even those whose livelihood and educational backgrounds are so far-removed from the world of indie films, that only passion must drive them. Louis Gargarita, a waiter at a local resort, started his own production company made up of his fellow wait staff, cooks, and gardeners.

Now there are over a dozen Guimbalanon film production teams. The LGU-sponsored workshops in directing, cinematography, production design, editing, screenplay writing, and acting continue at the start of each year. Generous souls like Oskie Nava, John Iremil Teodoro, Ned Trespeces, Cesar Hernando, Elvert Bañares, Nick Deocampo, Moira Lang, Tara Illenberger, T.M. Malones, Bebs Gohetia, Topel Lee, Hector Macaso, Menchie Robles, and Sunshine Teodoro keep on sharing their expertise.

After their Bantayan premieres, the little films may get shown at the Iloilo Cinematheque and in other Western Visayas venues through the Cinekasimanwa directed by Mr. Banares. In 2016, NCCA’s Co curated a Cinema Rehiyon Western Visayas program at Quezon City’s TriNoma which showcased Eden Gilpo’s Lumon (surreal horror; Ms. Gilpo is now with the Iloilo Division of City Schools as a coordinator) and Timay Villarta’s Kagat (2012; a fanboy homage to The Walking Dead).

In 2017, the spotlight shown unusually bright on the 13th Bantayan Film Festival with the attendance of VIPs like Film Development Council of the Philippines (FDCP) Chair Liza Diño-Seguerra and FDCP Executive Director Wilfredo Manalang, and Quezon City Film Development Commission Executive Director Ed Lejano, Jr. (whose roots are also in Iloilo). Ms. Diño-Seguerra marveled at how Guimbal had realized her vision for Philippine local cinema. Writer-actor-producer Moira Lang, who had once facilitated a workshop there, was blown away by how far they had come.

“To the Guimbal Film Society,” she posted. “Wala kayong katulad. (There is no one quite like you.) Seeing your homegrown films, works of pure love and imagination, and witnessing your whole town ooh and ahh and shriek and roar and clap at them, may just have saved me.”

For no matter how terrible things may seem for in the Philippines, art may yet save us, even from ourselves.

The 14th Bantayan Film Festival of Guimbal, Iloilo is from April 2 to 5.

T-bills partially awarded by gov’t

THE GOVERNMENT made a partial award of the Treasury bills (T-bill) it planned to raise on Monday, with yields ending mixed as investors flocked to the shorter tenor.

The Bureau of the Treasury’s offer yesterday was met with tenders of P26.93 billion, slightly above the P20 billion it placed on the auction block, but only accepted P13.36 billion worth of bids.

Broken down, the government fully awarded the P9 billion in 91-day notes it offered, with bids soaring to P16.12 billion. The paper fetched a 2.995% average yield, down from the 3.024% quoted in the previous auction.

For the 182-day tenor, only P3.584 billion of the P5.834 billion banks and financial firms wanted to lend was accepted, about half the P6 billion the Treasury wanted to raise. The average yield rose to 3.206% from 3.165% previously.

Meanwhile, the government borrowed only P3.779 billion via the 364-day T-bills even as tenders reached about twice as much at P4.979 billion, slightly below the P5-billion offer. Yields fetched likewise rose for the one-year paper at 3.434% from the 3.311% in the previous auction.

At the secondary market before the auction, the three-month, six-month and one-year papers were quoted at 3.2768%, 3.2904% and 4.1396%, respectively.

As trading closed, the yield on the 91-day T-bill was steady, while the 182-day paper’s rate rose to 3.3082%. The 364-day tenor, meanwhile, saw its yield inch down to 4.1389%.

After the auction, National Treasurer Rosalia V. De Leon said investors have already started to digest the inflation expectations of the Bangko Sentral ng Pilipinas.

“The market is continuing to digest the inflation path as already conveyed by the that 2019 will trend back to the inflation target of 2-4% and what we’re having right now is transitory,” Ms. De Leon told reporters.

Last week, the BSP decided to keep their monetary policy rates steady as they noted that the inflation path is unlikely to change.

“The [Monetary Board] also decided for a stay in policy rates so they don’t see really any inflationary expectations rising so the setting continues to be appropriate,” the national treasurer said.

Ms. De Leon noted that the market also considered the decision of the US Federal Reserve to raise its borrowing rates as well as the protectionist move of President Donald J. Trump against China.

Last week, the Fed hiked its interest rates, putting the new benchmark overnight lending rate from 1.5% to 1.75%.

Fed Chair Jerome H. Powell attributed the hike to the “more stimulative” fiscal policy brought by the tax reform law passed last year.

Also last week, Mr. Trump slapped new tariffs on Chinese goods worth about $50 billion following a seven-month investigation into alleged intellectual property theft.

In response, Liu He, China’s top economic leader, warned US Treasury Secretary Steven Mnuchin in a phone call on Saturday that they are ready to defend its national interest.

Meanwhile, a trader said the results of yesterday’s auction were within expectations.

“As expected, [yesterday’s] auction received demand from the shorter end which is the 91-day [bills],” the trader said by phone, adding that the Treasury was prompted to reject some bids for the three-month and six-month papers “given the higher bids and the longer tenor.” — Karl Angelo N. Vidal

Hotel offers investment opportunities

By Mark Louis F. Ferrolino
Special Features Writer

Hotel 101
Hotel 101-Fort is being built on a 1,224-square
meter property in Fort Bonifacio, Taguig City.

DOUBLEDRAGON Properties Corp. is developing a 606-room hotel on a prime 1,224-square-meter (sq.m.) lot in Fort Bonifacio, Taguig City, as part of the developer’s plan to ramp up its hotel portfolio to 5,000 rooms by 2020.

The towering 33-storey Hotel 101-Fort is the second Hotel 101 branch to be launched in the Philippines by DoubleDragon’s subsidiary Hotel of Asia, Inc. The first branch is located at the Mall of Asia Complex.

Hotel 101-Fort will be offering the same type of rooms used in Hotel 101-Manila in terms of size and design. It will house a three-level podium dedicated to specialty retail shops and dining outlets, and a full-amenity floor.

Once completed in 2020, it is envisioned to be a premier business and leisure hotel.

“For business and leisure, the room rate really [gives] value for money. And, it’s also within the proximity of both of the business district and shopping district, so it’s a great location for anyone visiting this area,” DoubleDragon Chief Investment Officer Hannah M. Yulo told BusinessWorld on the sidelines of the project launch last week.

To offer customers with utmost comfort and convenience, the hotel will be equipped with side door entrance, spacious main lobby with a revolving door, and four high-speed elevators.

Keeping in mind the persons with disabilities, the property will be incorporating barrier-free design consideration for ramps, handrails and toilets.

Hotel 101-Fort generates revenues not just through the actual hotel operations, but also through pre-selling of units. As a “condotel,” Hotel 101 offers condominium units with access to hotel facilities.

“We’re actually selling condominium titles — similar to buying any residential unit — except that the condominium [units] will be managed by the hotel management company, which is our wholly owned subsidiary,” Ms. Yulo said.

The pre-selling of Hotel 101-Fort units, priced at P4.95 million, started last Wednesday. Investors, regardless of whether or not their rooms will be used, will get 30% of the total gross room revenues (excluding taxes).

The remaining 70% will go to the hotel management company for taking in charge of the operation expenses, unit repairs and maintenance.

“This is the alternative to that type of investment — that you are holding the same condominium title which you can resell, you can mortgage it like any other property investment — and you get to participate not only in the appreciation of property prices in the area, but you also get to participate in the growth of tourism in the Philippines because it’s a hotel investment,” Ms. Yulo shared.

Aside from this hotel project in Taguig, DoubleDragon is also constructing Hotel 101 branches in Davao City and Boracay in Aklan.

In a statement, DoubleDragon Chairman Edgar J. Sia II said Hotel 101 is poised to become the largest and most recognized hotel chain in the Philippines.

The company also targets to build a portfolio of 1.2 million sq.m. of leasable space by 2020, with 700,000 sq.m. dedicated for community malls, 300,000 sq.m. for Metro Manila office projects, 100,000 sq.m. for its hotel projects and another 100,000 sq.m. for industrial hubs.

AboitizPower implements reorganization plan

THE reorganization at Aboitiz Power Corp. has left its president giving up his previously concurrent position as chief operating officer, while other officers have been given either a bigger role or an expanded one.

“On March 24, 2018, [AboitizPower] approved a reorganization plan, which involves assigning key officers in new roles, or expanding the existing roles of some key officers,” it told the stock exchange on Monday.

Emmanuel V. Rubio will become the company’s new chief operating officer starting on June 1. At present, he is the executive vice-president (EVP) and the president and chief operating officer of the power generation group.

Antonio R. Moraza will remain as president of AboitizPower.

Luis Miguel O. Aboitiz, currently the executive vice president and chief operating officer of the corporate business group, will assume a new role as chief strategy officer effective on June 1.

Robert McGregor, currently AboitizPower’s executive director for business development, will take on a new function — as the company’s executive director-chief investment officer — also starting on June 1.

Christopher B. Sangster will take on an expanded role as executive director for business development and project development and execution effective on May 1.

Beverly B. Tolentino, AboitizPower’s first vice-president and chief finance officer for the power generation group, will be transferring to parent firm Aboitiz Equity Ventures, Inc. effective April 1, assuming the position of first vice-president-CSU finance planning and projects.

AboitizPower also appointed Felino M. Bernardo as the chief operating officer for the generation business group, and Ma. Racquel J. Bustamante as first vice-president and chief finance officer for the same group.

Shares in AboitizPower were unchanged on Monday at P38.80 each. — Victor V. Saulon

Resorts World Manila operator says revenues hit P21B in 2017

THE OWNER and operator of Resorts World Manila (RWM) generated P21.1 billion in revenues in 2017, noting that gaming activities in the casino have picked up since the shooting incident that prompted the closure of an entire gaming floor in June last year.

In a statement, Travellers International Hotel Group, Inc. said revenues translated to an EBITDA (earnings before interest, taxation, depreciation, and amortization) of P3.5 billion.

The 2017 revenues are 23% lower than the P27.49 billion the company reported in   2016.

Travellers International has yet to submit its annual financial report to regulators.

The company was forced to close its casino area for 27 days in June 2017 after an arson attack that left 38 people dead. It suffered around P60 million in lost gaming revenue for each day of closure.

The Resorts World Manila operator said gross gaming revenues in the fourth quarter alone increased by 22% against the quarter before.

“We are pleased to see continuous improvements in our quarterly results and expect to sustain this upward trend, especially with the partial opening of Phase 3 development’s gaming area in the near future. This new facility will be called Grand Wing while the original facility will be called Garden Wing,” Travellers International President and Chief Executive Officer Kingson U. Sian said.

The non-gaming segment grew its revenues by 5% to P4 billion in 2017, driven by hotel and MICE (meetings, incentives, conventions, and events) operations.

The company said the number of people visiting the RWM complex have improved, with foot traffic averaging at 27,000 per day in the fourth quarter, 17% up from the 23,000 average daily visitors in the third quarter.

The average occupancy rate in RWM’s three hotels stayed above 80% during the period, with Holiday Inn Express — formerly called Remington Hotel — almost 90% occupied. The other hotels in the complex are Maxims Manila Hotel and Marriott Hotel Manila.

Travellers International will be adding 940 rooms across three new luxury hotels in the RWM complex this year. The hotels are Hilton Manila, Sheraton Manila Hotel, and Hotel Okura Manila, which will also house gaming and retail spaces, as well as six basement parking decks.

The listed company is a joint venture partnership between billionaire Andrew L. Tan’s Alliance Global Group, Inc. and Genting Hong Kong Limited.

Shares in Travellers International gained eight centavos or 2.02% to close at P4.05 apiece at the Philippine Stock Exchange on Monday. — Arra B. Francia

The Filipinos on 5th season of Sony’s The Apartment

THE FIFTH season of the interior design reality competition, The Apartment: Passion for Design, returns to Sony Channel featuring stylist and interior designer Catherine Arambulo-Antonio as the only Filipino judge of the competition.

“Initially, I was applying to become a contestant. After a while, I hadn’t heard from [the showrunners] but a month or so before the competition, they contacted me and asked me to be one of the judges,” Ms. Arambulo-Antonio told the press shortly before the media preview on March 14 at Century City Mall in Makati City.

The show started airing on March 22 (Thursday), 9 p.m., on Sony Channel.

Used to working behind-the-scenes as a stylist for actresses like Ehra Madrigal, Ms. Arambulo-Antonio admitted that doing the show is an entirely new challenge for her, but is a challenge she is very willing to do.

“When I’m judging, I like to see a person’s personality in their works because that’s what’s going to set them apart from others. I’m looking for their personality to shine,” she said.

Ms. Arambulo-Antonio is joined by New York-based interior designer Tyler Wisler and British interior designer Laurence Llewelyn-Bowen as the show’s judges. The show is hosted by award-winning designer and author Jamie Durie.

There are other Filipinos in the fifth season of The Apartment — Fil-Kiwi model and beauty queen Stephanie Dods, interior decorator Jesy Cruz, and interior designer Eugene del Rosario are competing and trying to follow the third season’s Filipino winners Deankie Latonio and Tiara Sison. The three Filipinos will be competing with nine others for the show’s “biggest award yet,” a deed to a luxurious UMLand apartment at D’Lagoon in Iskandar, Malaysia.

“Filipinos are renowned for their exceptional talent and tend to do really well in reality series where their creativity and survival skills are put to the test under high pressure situations. The Amazing Race Asia and Asia’s Got Talent on AXN are two wonderful examples of Filipinos making the country proud. Now with The Apartment: Passion for Design on Sony Channel, the Philippines will show that the country can also excel in interior design,” said Armi Malaluan, director and business head of Sony Television Networks Asia, in a company release.

The Apartment: Passion for Design airs every Thursday, 9 p.m., on Sony Channel (Cablelink Channel 39, Cignal Channel 120, Destiny Cable Channel 35, G Sat Channel 48, and SkyCable Channel 35.) — Z. B. Chua

Finance department asks BSP to aid Overseas Filipino Bank’s digital shift

THE FINANCE department has asked the Bangko Sentral ng Pilipinas (BSP) to pave the way for the shift to a digital banking system for the Overseas Filipino Bank (OFB).

“We asked Deputy Governor [Maria Almasara] Cyd N. Amador to better check all the regulations in the central bank, and everything that chokes this kind of business to take these out,” Finance Secretary Carlos G. Dominguez III said in a statement yesterday, referring to financial regulations concerning electronic commerce.

Mr. Dominguez said he wants to put up a mobile payment technology system for overseas Filipinos who regularly remit money to the Philippines via the OFB.

“A bank can be operated without any branches. You just operate it through your smartphones. You can open an account for 10 million OFWs (overseas Filipino workers) without them having to go to a branch and opening one up,” said Mr. Dominguez.

“We have already have a good size of potential OFWs abroad and that’s already 10 million, LANDBANK has five million account holders, so why can’t we deal with them through smartphones?” he added.

This comes after Mr. Domingez led a delegation of government officials for a three-day workshop on digital solutions in Alibaba Business School in Hangzhou, China last month.

Mr. Dominguez said the Philippines could emulate the payment system of Alibaba’s financial technology affiliate, Ant Financial, that has over 200 million account holders with combined deposits of $250 billion and has zero physical branches.

“Among the takeaways we had as a group there was that the Philippines has the opportunity of leapfrogging a lot of (digital) applications because we are not too much computerized yet, unlike other countries that have hard investments in hardware which is fast becoming obsolete but they still hang on to them because they invested so much money in them,” said Mr. Dominguez.

OFB, a subsidiary of LANDBANK, was launched in January to provide financial products and services tailored to the requirement of overseas Filipinos such as efficient foreign remittance services.

However, the Finance chief noted supplemental measures to help boost the development of the digital economy in the country, such as the national ID system and a third telecommunications firm.

Digital innovations that have already begun in the country including the BSP’s National Retail Payment System (NRPS) launched in December 2015 to create a safe, efficient and reliable electronic retail payment system in the country.

In November last year, the central bank launched the PESO Net electronic fund transfer payment scheme for individuals and large businesses, which is the first automated clearing house under the NRPS. The BSP is also set to launch this year another automated clearing house called InstaPay, which will enable 24/7, low-value electronic fund transfers. — Elijah Joseph C. Tubayan

Ortigas East to emerge as new lifestyle and business hub

By Francis Anthony T. Valentin
Special Features Assistant Editor

ORTIGAS Center is as dynamic an office property submarket as ever, and it still has plenty of room for growth. Last year, it accounted for 66,900 square meters (sq. m.) of the 852,600 sq. m. office supply in Metro Manila, the “highest annual supply historically” for the region according to property consultancy Colliers International Philippines.

Colliers projects Ortigas Center will add 98,000 sq. m. of gross leasable area (GLA) to the regional stock this year, 23,700 sq. m. next year, and a staggering 421,600 sq. m. in 2020.

“In the long run, Ortigas has the potential to re-emerge as a key business district given the planned buildings due for completion in 2020,” the firm said. “Approximately 44% of total supply for the same year will come from Ortigas CBD (central business district).”

Anticipation is building for nearby projects, including the P50-billion redevelopment project of Ortigas & Company, called Ortigas East (formerly Frontera Verde) in Pasig City, bounded by Ortigas Ave., C-5 and Dona Julia Vargas Ave. Touted as the “natural extension” of Ortigas Center, this mixed-use property occupies roughly 16 hectares of land, just about as big as Greenhills Shopping Center in San Juan, which Ortigas & Company also developed.

“Ortigas East is designed to bring connected living in a progressive urban neighborhood. Complemented by an improved road network and transportation access, Ortigas East is going to be metro east’s prime residential, business, lifestyle, and entertainment hub,” Jaime E. Ysmael, president and chief executive officer of Ortigas & Company, said in a statement.

The development will be built in three phases. The first phase will see the construction of office, retail and residential properties; the second a park and more residences; and the third some more office and retail structures, as well as a hotel.

In a press conference held last March 15, Mr. Ysmael revealed that 40% of the total area will be reserved for open spaces.

The Glaston Tower, a 34-storey office building, will be the first to be built in Ortigas East. The 349 units to be made available, with sizes ranging from 76.88 sq. m. to 141.88 sq. m., are aimed at traditional offices and start-ups.

“It is appropriate to introduce a new product that we believe the market requires,” Mr. Ysmael said, noting that they had been hearing clamor for new office space. He added that they are pursuing a Leadership in Energy and Environmental Design certification for the tower, whose construction may take three to four years to finish.

A planned regional mall in the development will have a GLA of 104,000 sq. m. and house a mixture of global and local brands. Mr. Ysmael said once the office tower is completed, work on the mall and the residential component will commence. The first phase of the Ortigas East development, estimated to cost around P18 billion, is expected to continue through 2025.

Considered an adult comedy format, this stand-up show is meant for the children

FILIPINOS love to laugh — whether at themselves or at others — and it’s a trait that is cultivated since they are very young. Young Filipinos, specifically those ages four to 10 years old, will have a chance to laugh when Scottish comedian Chris Henry performs in a show that is specifically tailored to them.

Mr. Henry will be performing Balloonatics — an interactive stand-up comedy show for children (and their adult companions) — on April 7, 3 p.m., at Johnny B. Good in Glorietta 3, Makati City.

“It’s one hour of balloon tomfoolery for the whole family and there’s a lot of jokes for the adults as well,” said Mr. Henry in a video message posted on the Prime i Events Facebook page.

Mr. Henry, who has been a comedian since he was 18, is known for two shows: Balloonatics, which was inspired by his brother’s kids, and Fuck Tinder, which chronicles his hilarious experiences using the infamous dating app.

“I wanted to create a show [my brother’s kids] would want to go to,” he said.

Described as a “man who enjoys tackling issues you ordinarily wouldn’t discuss with your Gran around the dinner-table,” Mr. Henry is renowned for his exuberant brand of mischievous humor.

“We are always on the lookout for new and interesting ideas and concepts to bring in. This allows kids to enjoy their time, appreciate and experience entertainment that is unique to them,” Saira Budhrani, co-owner of Prime i Events, said in a press release.

She explained that Mr. Henry was introduced to them by Eleanor Conway, who headlined in the company’s previous production, Walk of Shame.

“Eleanor just raved about him and we liked what we saw and felt kids would have a lot of fun watching his show, so we want to give this a shot,” she said.

The show is also a good way to bond with one’s family, said Dilip Budhrani, co-owner of Prime i Events.

“We all are so busy with various things in our daily lives, work is both challenging and stressful and time is never enough, but we all need to give quality time to our family and keep them and ourselves away from gadgets. Look around you, people are so hooked on all the technology and this is the new drug that is creeping into society,” he said.

Anticipating that this show would be a hit, Ms. Budhrani said they are preparing for more family friendly comedy shows in the near future as they “strive to provide entertainment for all segments of the market,” she told BusinessWorld in an e-mail on March 20.

Aside from Balloonatics, children will also have several activities including a live story-telling of The Little Prince presented by Make Believe Productions.

The doors at Johnny B. Good (formerly Hard Rock Cafe), Glorietta 3 open at 3 p.m. for activities, while Balloonatics commences at 4 p.m.​

Tickets cost P1,500 for the children (including meals and activities) and P1,000 for adults. The show is limited to 60 kids only. For tickets and other inquiries, call 0920-971-7055 and 0917-570-3057. — Zsarlene B. Chua

ECB acts to ensure glitch-free ride to bond-buying conclusion

THE EUROPEAN Central Bank (ECB) is making sure its bond-buying program doesn’t run into any problems in Germany in the final stretch.

Six months before purchases are currently set to expire, the ECB added seven German regional development agencies to the list of institutions whose debt is eligible for quantitative easing (QE). The expansion was done at the request of the Bundesbank, which under rules linking QE to the size of national economies is responsible for the largest share of the euro area’s purchases.

The decision suggests that while ECB President Mario Draghi repeatedly says QE isn’t running into shortages, there may well be risks unless tweaks are made. Monetary officials are scouring the market for €30 billion ($37 billion) a month under the program — a core plank of stimulus measures to revive inflation — and holdings will top more than €2.5 trillion by September. With price pressures still weak, the scheme might yet be extended again.

“The ECB can always play with numbers and parameters to make QE last a little longer,” said Frederik Ducrozet, an economist at Pictet Wealth Management in Geneva. “What they did, can at least at the margin help them to postpone the binding constraints — the day when they see those constraints kicking in.”

One of those limitations is a self-imposed commitment to hold less than 33% of a single country’s outstanding debt. That’s primarily aimed at shielding the ECB from accusations it’s financing governments, but also at maintaining a functioning market for QE-eligible securities.

Germany’s economic size, the government’s commitment to not issue new debt and the role of its bond-market as a haven for banks seeking quality assets makes the country a particular concern. ECB Executive Board member Benoit Coeure said last month that less than 10% of the outstanding stock of German bunds might currently be in the hands of private investors.

Rising bond prices in the past two months have pushed yields on 5-year German debt back below zero. The 10-year has dropped to around 0.5% from 0.8% over the same period.

Another sign that the Bundesbank is operating in a tight market comes from the failure of so-called reverse auctions. Since March, the German central bank invited sellers to offer bonds with the intent of buying as much as €450 million, but €8 million worth of assets eventually traded hands as price expectations diverged.

The additional wiggle room the Bundesbank gained with the expansion of the pool of assets will probably be small, said Pictet’s Ducrozet.

“It’s not a game changer — it’s not enough for them to extend QE in any meaningful way into 2019,” he said. “But it could help at the margins to smooth the collateral damage, and the market impact from the end of the program when they will come closer to those constraints.” — Bloomberg

Supreme Court affirms CA’s 2006 ruling upholding PAL retrenchment program

THE SUPREME COURT en banc voted 7-2 to favor Philippine Airlines (PAL) in its 20-year dispute with the Flight Attendants and Stewards Association of the Philippines (FASAP) over the flag carrier’s retrenchment program.

In a 55-page resolution penned by Associate Justice Lucas P. Bersamin, the SC affirmed an Aug. 23, 2006 Court of Appeals (CA) ruling that upheld the airline’s retrenchment program in 1998.

The High Court also denied the motion for reconsideration filed by the FASAP in 2012, and set aside the resolutions in 2008 and 2009 issued by SC divisions, which favored FASAP and directed the flag carrier to reinstate the laid-off employees.

The Supreme Court en banc said PAL implemented a valid retrenchment program, after establishing it had incurred serious financial losses.

“After having been placed under corporate rehabilitation and its rehabilitation plan having been approved by the SEC on June 23, 2008, PAL’s dire financial predicament could not be doubted,” it said.

The court said it used fair and reasonable criteria in selecting the employees to be retrenched, as provided for under the collective bargaining agreement.

“We hold that for as long as PAL followed a rational criteria defined or set by the CBA and existing laws and jurisprudence in determining who should be included in the retrenchment program, it sufficiently met the standards of fairness and reason in its implementation of its retrenchment program,” the decision read.

The SC also ruled that the release and quitclaim signed by the affected PAL employees had satisfied the basic contents of valid and effective quitclaims and waivers.

“A quitclaim is invalid or contrary to public policy only: (1) where there is clear proof that the waiver was wrangled from an unsuspecting or gullible person; or (2) where the terms of settlement are unconscionable on their face. Based on these standards, we uphold the release and quitclaims signed by the retrenched employees herein,” it said.

To recall, FASAP claimed the airline illegally dismissed around 5,000 employees, of which 1,400 were cabin crew personnel in 1998.

PAL, for its part, argued the retrenchment program was necessary to ensure the airline’s survival following financial difficulties in the aftermath of the 1997 Asian crisis.

Seven justices concurred, including Mr. Bersamin, Diosdado M. Peralta, Estela M. Perlas-Bernabe, Samuel R. Martires, Noel Gimenez Tijam, Alfredo S. Caguioa, and Alexander G. Gesmundo.

Only justices Marvic F. Leonen and Andres B. Reyes, Jr. dissented.

In his dissenting opinion, Mr. Leonen said: “This (was) an extraordinary case… Like in the Book of Revelation, it involves a miraculous resurrection of the dead; in this case, a dead case.”

Five justices inhibited themselves from the case, namely Antonio T. Carpio, Presbitero J. Velasco, Jr., Teresita J. Leonardo-De Castro, Mariano C. Del Castillo and Francis H. Jardeleza.

Chief Justice Maria Lourdes P.A. Sereno, who is on indefinite leave, was unable to take part. — DAME