PhilWeb gets Pagcor nod to operate

December 2, 2017 | 12:03 am

PHILWEB Corp. has received the go-signal from the Philippine Amusement and Gaming Corp. (PAGCOR) to restart operations, the company disclosed to the stock exchange on Friday.

PhilWeb said it has received a letter from Pagcor last Nov. 29, saying it can resume operations as an electronic gaming system service (EGSS) provider to the first 16 PAGCOR-licensed gaming sites for electronic games.

Philweb’s operations will be subjected to further inspection and testing by PAGCOR.

The decision comes less than a month after PAGCOR stopped Philweb from resuming operations, until the agency procures a third party audit service provider for electronic games or Electronic Management Gaming System (EMGS).

To recall, Philweb had announced last October 30 that it received an accreditation from PAGCOR as an EGSS provider for PAGCOR-licensed electronic gaming sites. PAGCOR then had to clarify that the accreditation alone does not grant Philweb permission to conduct operations.

“Philweb, as well as other accredited electronic games providers, have to wait for PAGCOR’s Notice to Proceed before they can commence operations,” PAGCOR said earlier this month.

An EMGS is tasked to oversee the that all gaming service providers comply with existing regulations, while ensuring the accuracy of information provided by licensees and operators.

“With the EGMS in place, PAGCOR can be assured that all its electronic gaming licensees and operators are not only properly regulated but also accurately remit what is due to the government,” PAGCOR said in its earlier statement.

PAGCOR in August last year denied Philweb’s application to renew its license, following President Rodrigo R. Duterte’s sentiments against online gaming at the time, as well as his singling out of its former chairman Roberto V. Ongpin as an “oligarch.”

Mr. Ongpin then chose to divest his stake in the company worth P2 billion in favor of its current chairman, Gregorio Ma. Araneta III in October last year.

Philweb booked a net loss attributable to the parent of P206 million by the end of the third quarter of 2017, still reeling from the loss of its contract with PAGCOR.

Shares in Philweb jumped 1.47% or 13 centavos each to P8.98 at the end of trading on Friday. — Arra B. Francia

Speaker calls on Chief Justice to attend House impeachment hearing

December 2, 2017 | 12:03 am

SPEAKER Pantaleon D. Alvarez called on Chief Justice (CJ) Maria Lourdes P. A Sereno before the House justice committee investigation on her impeachment, instead of defending herself in the media.

Mr. Alvarez made these remarks after the chief magistrate attended public engagements including a mass at the Parish of Holy Sacrifice in Quezon City and a youth forum in the University of the Philippines where she insisted that she had done nothing wrong and that she will not step down from her post.

During the Nov. 29 proceedings in the House of Representatives, Associate Justice Teresita Leonardo De Castro confirmed allegations that Ms. Sereno altered a temporary restraining order (TRO) and created the Judicial Decentralized Office in Region 7 as opposed to the resolution earlier agreed on by the members of the high court.

“This is the reason why she really needs to attend [the House committee hearing] to disprove [these] allegations and the evidence that was presented against her,” Mr. Alvarez said in Filipino.

Meanwhile, Akbayan Rep. Tomasito S. Villarin described Justice De Castro’s appearance in the House investigation as a “charade.”

“She has angsts against CJ Sereno since the latter was appointed chief justice and not her,” Rep. Villarin said.

The lawmaker alleged that the associate justice has “made it her crusade to villify CJ Sereno inside and outside the Court.”

Rep. Villarin added: “Her disposition shows bias and emotion-laden statements. She clearly has an axe to grind against her primus inter pares (senior) in the Supreme Court.”

“I believe that this charade is heading nowhere but to a ‘monumental f*ck up’ that the House should immediately dismiss so we can tackle other important business like the BBL (Bangsamoro Basic Law) and other priority legislation,” the lawmaker said. — Minde Nyl R. Dela Cruz

LRWC subsidiary to obtain P2.5B loan from BDO

December 2, 2017 | 12:02 am

A UNIT of Leisure and Resorts World Corp. (LRWC) will be taking out a P2.5-billion loan from BDO Unibank, Inc. to partially finance its planned resort development.

In a disclosure to the stock exchange on Friday, the listed firm said its wholly-owned subsidiary AB Leisure Global, Inc. has executed an omnibus loan and security agreement (OLSA) with the Sy-led bank.

“The OLSA was executed to fund the acquisition of parcels of land for its planned resort development,” the company said in the disclosure.

LRWC did not include further details about the resort project.

Incorporated in 1957, LRWC and its subsidiaries operate internet and gaming enterprises in the Cagayan Special Economic Zone Free Port. It further develops leisure properties in the country.

LRWC profits declined 59% in the first nine month of 2017 to P362 million, following a 10% year-on-year drop in revenues to P7.3 billion.

Shares in LRWC were down by 2.45% or nine centavos to close at P3.59 apiece on Friday. — Arra B. Francia

Philippines, Singapore team up for aircraft surveillance technology in Palawan

December 2, 2017 | 12:02 am

THE Philippines and Singapore will be unveiling new surveillance technology in Palawan to monitor flights and improve air traffic management.

In a statement released on Friday by the Department of Transportation, the Civil Aviation Authority of the Philippines (CAAP) and the Civil Aviation Authority of Singapore (CAAS) will inaugurate the Automatic Dependent Surveillance Broadcast (ADS-B) on Saturday in Bataraza, Palawan.

The ADS-B collaboration, which tracks aircraft through satellite navigation, will also give CAAS access to ADS-B data among other services. Likewise, the satellite can also provide the right altitude for aircraft to reduce their carbon footprint.

Data received through the satellite, including velocity, altitude, and its identity, are gathered every two seconds and will then be sent to CAAP’s air traffic control center.

“Aside from enhancing the safety and efficiency of air traffic services, ADS-B also improves the ability to perform life-saving search and rescue missions. It can provide more accurate information about last reported positions, minimizing the search period, in such operations,” the statement read. — Anna G. A. Mogato

Operational lapses caused BPI system glitch — BSP

December 2, 2017 | 12:02 am

By Melissa Luz T. Lopez, Senior Reporter

THE CENTRAL BANK has found operational lapses that led to a two-day internal glitch at the Bank of the Philippine Islands (BPI) last June, a senior official said, as the regulator completes its investigation into the incident.

The Bangko Sentral ng Pilipinas (BSP) is still determining whether it would impose sanctions on the lender, Deputy Governor Chuchi G. Fonacier told reporters in an ambush interview.

“The BSP investigation is complete… We’re still having this internal meeting before we elevate [to the Monetary Board],” Ms. Fonacier said, noting that the central bank will release a public statement on their final decision involving the Ayala-led lender.

The Monetary Board is the highest decision-making body in the BSP, which sets regulatory standards and hands out penalties if deemed necessary.

BPI encountered a two-day downtime in its online and automated teller machine platforms after an internal error resulted in incorrect account balances reflected in about 1.5 million customer accounts on June 7-8.

It took the bank around 37 hours to correct the account balances, which saw some P46 million mistakenly withdrawn from bank accounts. BPI officials have dubbed the incident as an “internal data processing error” due to human error, as it dismissed fears that the bank’s systems have been hacked.

BPI is the country’s fourth-biggest bank in asset terms. It reported a P17.05 billion net income as of end-September as loans grew by a fifth to reach P1.12 trillion.

On Tuesday, the BSP announced a set of sanctions imposed on Metropolitan Bank & Trust Co. (Metrobank) over the P1.75-billion internal fraud case unearthed in July. The central bank reprimanded bank directors and officers, and handed 90-day suspensions to top officials including President Fabian S. Dee and Vicente R. Cuna, Jr. of the Philippine Savings Bank, who was previously head of Metrobank’s corporate banking group.

The BSP also asked Metrobank to set aside P4.45 billion in additional capital to cover for “higher operational risk” after internal checks and balances failed to detect the bogus loans in multiple tranches worth P30 million, which reportedly allowed bank vice president Maria Victoria S. Lopez to pocket the money.

The central bank has been raising its standards to manage operational risks, as it seeks to fortify the banking system.

Stocks decline on negative sentiment

December 2, 2017 | 12:01 am

THE MAIN INDEX started December on a negative note, extending its decline as developments on the United States’ tax reform program dampened sentiments locally.

The 30-member bellwether index dropped 1.33% or 110.01 points to end the week at 8,144.02. The broader all-shares index likewise closed 1.25% or 60.77 points lower at 4,785.86 on Friday.

“I guess the local market sentiment was negatively influenced by postponement of the US Senate debate on [US President Donald J.] Trump’s tax reform program,” Timson Securities, Inc. equities trader Jervin S. De Celis said in a mobile phone message.

Mr. De Celis noted that 25 firms in the Philippine Stock Exchange index dropped, with index heavyweights such as Bank of the Philippine Islands, JG Summit Holdings, Inc., SM Prime Holdings, Inc., Aboitiz Equity Ventures, and Ayala Corp. contributing a total of 74.7 points to its decline.

All sectoral indices ended in the red, with the property sector leading the decline after shedding 59 points or 1.53% to 3,808.92. Holding firms followed with a loss of 123.48 points or 1.47% to 8,278.66, while the mining and oil counter slipped 1.4% or 161.83 points to 11,391.84.

The financials sub-index was down by 1.17% or 24.66 points to 2,076.25; industrials closed 0.92% or 99.12 points lower at 10,641.22, while services lost 12.62 points or 0.78% to 1,597.78.

RCBC Securities, Inc. equities trader Jeffrey Lucero noted that the market continues to move within the support level of 8,100.

“We still see a strong support at the 8,100 level. Also, we might receive some boost from window dressing as we near the end of the year,” Mr. Lucero said in a text message, adding that they expect the local bourse to climb to the 8,500 level by the end of 2017.

A total of 1.48 billion issues changed hands on Friday, valued at P9.74 billion.

Decliners trumped advancers, 134 to 59, while 45 stocks were unchanged.

Foreign investors turned sellers, lodging a net outflow or P190 million, against the P1.22 billion inflow recorded last Nov. 29.

Moving forward, analysts are looking at developments on the government’s comprehensive tax reform program which will discussed by member of the Senate and House of Representatives through bicameral conference committee before the holidays. — Arra B. Francia

Grab assures customers amid data breach concerns

December 2, 2017 | 12:01 am

GRAB Philippines on Friday assured customers and drivers of the security of its data systems, amid concerns after its rival Uber admitted it had covered up a massive data breach that occurred last year.

“We take all measures to comply with the Data Privacy Act so our commitment is to fully subscribe to the rules and regulations. And we haven’t experienced any as such to date — [in] the five years we’ve been operating,” Grab country manager Brian P. Cu told reporters at the company’s first customer experience office in Makati City on Friday.

As added measure, Grab is also looking to boost security and transparency features to protect drivers and riders.

“We’re rolling out insurance programs for the drivers, and subsidized GPS for the drivers and we’re also looking at in-app features to make the rider’s identity more transparent,” Mr. Cu said.

Mr. Cu said the only details stored in Grab’s system are the trips and the submitted names of the app users. Credit card details are stored with a third party.

At the same time, the Grab Philippines official said there many not be enough drivers to meet the demand during the holiday season, sine the company has not been able to accept new applications. At present, Grab would need an additional 8,000 to 10,000 cars to keep up with the demand.

As a solution, Mr. Cu encouraged the riders to also make use of the carpooling feature.

”There will be a 30% increase in demand but supply remained the same, except for last year since there were some [people who signed up]. In October, we weren’t able to serve 100% of the demand already,” he said.

“Until now we’re not accepting, so definitely the extra load of 30% increase in demand it will be very, very hard to service them. As a solution, Grab has been trying to get drivers to extend their working hours and encouraging their part-time drivers to go full-time,” he added.

Grab Philippines on Friday opened their first customer experience office, which provides both voice and non-voice customer services 24/7. The office will have a capacity of around 200 employees. — Anna Gabriela A. Mogato

DOTr signs contracts for PNR, LRT-1 extension projects

December 2, 2017 | 12:01 am

THE Department of Transportation (DOTr) and consultants of the NSTRen Consortium signed on Friday a contract for construction of the Philippine National Railway Clark Phase 1, connecting Tutuban and Malolos.

Prior to the contract signing, Japan International Cooperation Agency (JICA) representative Tetsuya Yamada said the PNR Clark Phase 1 or the North-South Commuter Railway (NSCR) project, which it will finance, will be a “game changer” for public transportation.

The project is expected to break ground either by yearend or by January.

Oriental Consultants Global Co., Ltd., Katahira & Engineers International, Tonichi Engineering Consultants, Inc., Pacific Consultants CO., Ltd., Nippon Koei Co., Ltd. serve as the main consultants, while DCCD Engineering Corp., Engineering and Development Corporation of the Philippines, J.F. Cancio & Associates, Schema Konsult, Inc., SMEC Philippines, Inc. and TCGI Engineers are the sub-consultants for the project.

According to the contract signed by DOTr Secretary Arthur Tugade and Oriental Consultants Global, Ltd. Manila office general manager Yuji Asano, the payment for these consultants shall not exceed $52,175,124.00.

DOTr also signed a procurement contract with Mitsubishi Corp. on the same day for an additional 120 Light Rail Vehicles with a minimum capacity of 1,388 passengers, to extend the Light Rail Transit Line 1 to Cavite. This will add 12 more kilometers to LRT-1, which has undergone a lengthy bidding process since October 2016.

“The final contract price is not only within budget, but is also approximately 20% lower than the bid price of the next-ranked bidder,” DOTr assistant secretary Timothy John R. Batan said in a statement.

The Cavite extension project will finally start construction next year and is expected to be completed by 2022.

Four coaches are expected to reach the Philippines by Aug. 31, 2020, while the next 40 LRVs are scheduled to arrive in December that same year. Spanish firm Construcciones y Auxiliar de Ferrocarrile, which serves as the project’s sub-contractor, will complete the delivery by Dec. 31, 2021. — A.G.A. Mogato

Several coastal waters still test positive for shellfish poison, bureau says

December 2, 2017 | 12:01 am

SOME coastal waters still test positive for the paralytic shellfish poison, the Fisheries Bureau said.

In Shellfish Bulletin 39, released on Friday, the bureau said the coastal waters of Irong-Irong Bay, Maqueda Bay, Villareal Bay and coastal waters of Daram Island in Western Samar; Matarinao Bay in Eastern Samar; Carigara Bay in Leyte; Inner Malampaya Sound, Taytay, and Puerto Princesa Bay, Puerto Princesa City in Palawan; and coastal waters of Milagros and Mandaon in Masbate, have all tested positive for the paralytic shellfish toxin.

The rest of the coastal areas in the Philippines are free of the toxic red tides.

The Bureau of Fisheries and Aquatic Resources warned the public that all types of shellfish and alamang in the following areas contain more than the regulatory limit of shellfish poison, making them unfit for harvest, selling, and consumption.

However, several species — including of fish, squids, shrimps, and crabs — are safe to eat provided that they are fresh and washed thoroughly, and internal organs such as gills and intestines are removed before cooking. — Janina C. Lim

Peso drops due to upbeat US data

December 2, 2017 | 12:01 am

THE PESO ended its rally against the dollar on Friday due to upbeat US economic data as well as profit-taking.

The local currency finished at P50.37 against the greenback yesterday, ten centavos weaker from its P50.27 close on Wednesday.

The peso traded weaker the whole day, opening the session at P50.33, while its intraday high was seen at P50.27. Its worst showing for the day was its closing rate.

Dollars traded depleted to $444.70 million on Friday from $728.90 million in the previous session.

Traders attributed the weakening of the peso to upbeat economic data in the US.

“The peso depreciated today, following a string of generally positive US data on [third-quarter] GDP (gross domestic product) growth, PCE (personal consumption expenditures) inflation personal spending and personal income,” Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines, said in an e-mail.

The US economy grew by 3.3% in the third quarter, the fastest in three years.

Meanwhile, another trader noted that the dollar’s ascent was pushed by some profit-taking, as well as the weak performance of the local bourse.

“Peso finally weakened at the start of the month likely due to some profit-taking from short dollar position. We also saw some risk-off sentiment brought about by send-off in local equities, strengthening the dollar,” a trader said.

However, Mr. Dumalagan added that the better performance of the dollar was tempered by the growing concerns on the US tax reform.

“The weakening of the peso was capped by concerns about the US tax bill after the planned US Senate vote was delayed,” Mr. Dumalagan said. — Karl Angelo N. Vidal

CROSS Presents 2017 Star Wars™ Limited-Edition Collection

December 1, 2017 | 12:37 pm

CROSS proudly presents its newest Star Wars collaboration, the Star Wars™ Limited-Edition Collection. This collection commemorates fan favorite characters from the Star Wars saga: Chewbacca, Han Solo, and Boba Fett.

Each writing instrument is crafted with impeccable character detail etched into the finish and topped with a brilliant faceted Swarovski® crystal, bringing the spirit of these characters to life. Showcased in a keepsake luxury gift box containing a character-themed decorative sleeve, Certificate of Authenticity signed by the Cross-design artist and a black acrylic pen stand to prominently showcase the pen.

This striking collection is the epitome of luxury, and with gifting season around the corner, is a must-have for any serious Star Wars™ fan or collector.

Highlights of the Limited-Edition Star Wars™ Collection include:

Cross Townsend featuring Star Wars™ Boba Fett™
Featuring impeccable character detail into the finish and a unique conical top, reminiscent of the character’s weapon. Semi-gloss Army Green lacquer with polished black PVD appointments this writing instrument is perfect for the true fan on your gifting list.

Cross Townsend featuring Star Wars™ Han Solo™
The Han Solo pen is crowned with a brilliant faceted Swarovski® crystal. This writing instrument features Gunmetal Gray PVD plating and polished rhodium plated appointments, making it the perfect bounty for anyone on your gifting list.

Cross Townsend featuring Star Wars™ Chewbacca™
An eternal fan favorite, Cross is proud to pay tribute to the mighty and trustworthy sidekick Wookiee. This pen is highlighted by a Translucent Mahogany Brown lacquer and finished with 23 KT gold-plated appointments. From the die-hard fan to the hip parent, stylish colleague and beyond, this writing instrument will be a sure roar this holiday season.

Each Star Wars pen by Cross is limited to a run of 1,977 units of each writing technology, paying homage to the release year of the original Star Wars™ film, they are available for purchase at select retailers and range in price from Php 35, 190- Php 44, 890.

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About CROSS

The story of the CROSS brand begins in 1846 when artisan Richard Cross, in partnership with his son Alonzo Townsend Cross, revolutionized fine writing instruments. Their early mark of entrepreneurial excellence included tools refined through more than 100 patents and accented by the spoils of the California gold rush. Still positioned to set the bar for what it means to symbolize achievement, human potential and usable luxury, CROSS seeks to provide those possessing extraordinary vision and a strong entrepreneurial spirit with the tools needed to make their mark.

Star Wars™ and related properties are trademarks and/or copyrights, in the United States and other countries, of Lucasfilm Ltd. and/or its affiliates. © & TM Lucasfilm Ltd. In the Philippines, Cross fine writing instruments is exclusively distributed by Newtrends International Corporation.

Available at:

Rustan’s-Makati, Shangri-la, ATC and Cebu / Select National Book Store outlets/ Noteworthy Greenbelt 5 and Podium/ Select Scribe Writing Essentials stores

Follow us:
[icon name=”facebook-official” class=”” unprefixed_class=””] @crossphilippines
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Spotlight is BusinessWorld’s new sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online[at]www.bworldonline.com.

Consumer self‑care packet: Holiday Cheer

December 1, 2017 | 11:07 am

As a special Christmas edition, this consumer self‑care packet celebrates the love and light that the holiday brings. While material things bringing temporary happiness abound, this list highlights things that come at a price, but still carry a heart. After all, we all deserve a little indulgence, at least during the season of Christmas bonuses. Reel in the yuletide cheer with these self‑care suggestions.

Tis the season of carbs, and there is no better month to indulge in pan de sal than December. After a full year of subsisting on avocado toast, embrace the classic Filipino favorite. Pan de Manila is pushing it a notch higher. This year, their limited edition paper bags and gift packs will feature the painting of Antipolo‑based artist Noel Mahilum.

The delicacies of the bread chain, of course, are art forms in themselves. Crisply toasted on the outside and soft and chewy on the inside, the piping hot pan de sal is a bed of wheat that is best appreciated with a thin spread of butter. Dip it in a cup of Caffe Mocha, and you’re bound to hear the angels singing alleluia.

Drop by the nearest Pan de Manila store in your neighborhood and follow Pan de Manila Official on Facebook and Instagram.

St. Ives Apricot Scrub is iconic, and pretty old. Not that old isn’t good. Old is classic. And the scrub has been tried and tested. But here’s a little twist. St. Ives released an update to their legendary scrub. And it’ll stun you.

Say hello to St. Ives Coconut Oil Scrub and St. Ives Apricot Oil Scrub. This new formula combines the exfoliating properties of a scrub with the gentle nourishment of oil. The antioxidant‑rich face scrub uses 100% grapeseed oil mixed with walnut shell powder, a natural exfoliant.

Unlike the previous version, this has a separate set of directions. You scrub a small amount onto dry skin, rubbing and massaging it gently. After some time, you add a little water and massage further until the oil emulsifies into a milky white substance. After that, you rinse and pat your skin dry.

Sold at ₱399 per bottle, St. Ives Apricot and Coconut Oil Scrubs are available in stores nationwide. For more information, visit www.stives.com.

We know you’re counting down the cups of coffee until you get that planner, but hear us out. Nyx just created a Lippe Countdown Advent Calendar that puts any other kind of day‑telling device to shame. Why? Because every day from one to 24 corresponds to a lipstick. Yup. You punch through each number to pick up soft and silky glosses and velvet smooth lip creams. With one lipstick per day until Christmas, you’re gonna be ready to kiss Santa Claus. The Nyx Lippie Countdown Advent Calendar is available at ₱2,900 at www.lazada.com.phand www.beautymnl.com. Gift it to your girlfriend or buy it for yourself. It’s a gift that keeps on giving.