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Buried treasure: Domicillo’s beautiful rooms lie below the ground

By Joseph L. Garcia

A SQUAT hyper-modern concrete house rising above the Emilio Aguinaldo Highway in Tagaytay turns out to be Domicillo Design Hotel. While it looks like many of the newer structures around the hills overlooking Taal lake and volcano island, the hotel, with the rest of its structure located below the ground, is a veritable jewel in the rough, with its interiors and furnishings provided by leading Filipino architects, designers, and artists.

Last month, BusinessWorld toured the hotel, beginning at its viewing deck which the hotel plans to dress up as a wedding venue. The viewing deck offers a stunning view of Taal Volcano, while the surrounding hills and the lakeshore provide a pleasant accompaniment to the view.

The hotel only has eight rooms, each designed by a well-known designer such as Budji Layug, Milo Naval, and Tes Pasola.

The name, Domicillo, is a remnant from manager Marianito Alcala’s past as a designer himself; Domicillo being the name of his former furniture and handicrafts store. His talent and the friendships he forged as a designer working alongside the Department of Trade and Industry’s Center for International Trade Expositions and Missions (CITEM) was what roped in the big names who did the rooms.

Low lighting and the rough concrete interiors envisioned by Mr. Layug give the feeling of a slow descent into a cave as guests are led to the Superior Rooms (numbering two, offering a view of the lake as well as a veranda and a pocket garden). Wood lattice elements are evident here, while in the Premiere Rooms (also offering a view of the lake, but at a lower vantage point) heavier, more solid wood accents are employed, designed by Mr. Naval. As for the Deluxe Rooms (offering a view of the garden), what they lack in the view is more than made up for by the stunning furnishings from Domicillo and Tes Pasola: for example, the bedframe features tiles made of hundreds upon hundreds of processed newspaper strips. All around the hotel are pieces made by Domicillo, designed by Mr. Alcala, such as stunning mirrors framed in nacreous shells, or else cabinets inlaid with the same shells, in the style of antique Japanese wardrobes.

The whole effect, moving in a gradient from the masculine to the monastic, is relaxing. Being set below ground offers guests a meditative silence away from the whir of the car engines gunning by the roadside, which makes the hotel favored by quiet types: Mr. Alcala said that some guests just hole up in the rooms, to finish writing or reading books.

Not all guests are low key — you might see celebrities from showbiz or the world of industry popping in and out, as the hotel has been used for meetings by television networks and multinational companies.

Government close to signing ODA pacts with China

THE GOVERNMENT expects to sign three loan agreements with China this year, with interested parties already lining up to bid for project contracts, the Department of Finance (DoF) said.

Finance Assistant Secretary Maria Edita Z. Tan said in a press briefing on Thursday that the Philippines could secure its first official development assistance (ODA) from Beijing in the “second to third quarter of 2018.”

The planned first ODA agreement will cover the P2.7-billion Chico River Pump Irrigation project, which will provide water to farms in Cagayan and Kalinga. Ms. Tan, who heads the DoF’s International Finance Group, added that ODA for the P10.9-billion New Centennial Water Source-Kaliwa Dam Project and the P151.3-billion Philippine National Railway South Commuter Line is also set to be signed in the third or fourth quarter.

The state is relying on a mix of foreign borrowings, budgetary allocations and private funding for its massive infrastructure spending plan that is expected to reach beyond P8 trillion by 2022.

Although details of the ODA arrangements are still being finalized, Socioeconomic Planning Secretary Ernesto M. Pernia has said that the Philippines can tap Chinese funding with interest rates of 2-3% per annum “at best,” compared to 0.25-0.75% for Japanese ODA.

Mr. Pernia has pointed out that, while more costly than those of Japan, China’s rates are still lower than those commanded by commercial banks.

The administration of President Rodrigo R. Duterte has been marked by, among others, a political shift towards Beijing after he announced in a speech before businessmen during a visit to Beijing in October 2016 his “separation from the United States.”

But critics have said Manila’s conciliatory approach to Beijing — especially over their maritime dispute in the South China Sea — has so far yielded little in terms of economic benefits nearly halfway into Mr. Duterte’s term.

Manila expects work to start this year on about $2 billion worth of ODA-funded projects, forming part of $9 billion worth of funds committed by China and Japan over the next five years.

Ms. Tan said China will choose three contractors to vie for each of the Philippine projects. “For the Chico River and Kaliwa Dam, they already submitted three (contractors) each,” Ms. Tan said.

The Finance official, however, said such pacts will still have to secure the approval of the central bank’s Monetary Board and Mr. Duterte himself. — M. L. T. Lopez

Memorial trail retraces WW2 Death March

ON April 9, 1942, more than 78,000 Filipino and American USAFFE (United States Armed Forces in the Far East) soldiers surrendered in Bataan to the Japanese Imperial Army after a gallant last stand.

The prisoners of war were gathered in Mariveles and Pilar towns from which they started out on the infamous Death March, where they were forced to walk 88 kilometers (kms) to San Fernando, Pampanga under the sun’s sweltering heat. From there, they were loaded onto jampacked freight trains to Capas, Tarlac.

From the Capas train station, they were forced to walk another seven kilometers to Camp O’Donell where they were imprisoned until 1945. Only 54,000 men reached the concentration camp — some 10,000 died or were killed along the way in what is regarded as among the worst war crimes of the Second World War. Thousands more subsequently died due to hunger, disease, and poor sanitation.

To honor the country’s fallen defenders, several groups have joined hands to commemorate the event in a unique run-ride-march for a cause.

Dubbed the Mariveles-San Fernando-Capas Freedom Trail — which will be held on March 24 to 26 — the commemorative march integrates three previously independent events — the Bataan Death March Freedom Trail Relay, the Freedom Ride, and the Capas Freedom March.

The Freedom Trail is among the highlights of the Philippine Veterans Week observance which culminates with the 76th Araw ng Kagitingan rites on April 9. Themed “March for a Veteran,” the event also provides a seamless connection among the provinces of Bataan, Pampanga, and Tarlac where the Death March passed through.

The Bataan Death March Freedom Trail Relay is an eight-man ultra run relay, while Freedom Ride is a big bike tour. Both commence at the Death March Kilometer Zero in Mariveles on March 24.

Some of the participants will carry 10-pound rucksacks containing useful food items and relief goods for victims of calamities.

Both events will converge on March 26 at the Capas People’s Park for the final leg — the Capas Freedom March (CFM), an 11-km walk spearheaded by the Automobile Association Philippines (AAP) and the Philippine Veterans Affairs Office.

Co-presented by the Department of Tourism and the Tourism Promotion Board in partnership with the Province of Tarlac and the Municipality of Capas, the CFM will end at the Capas National Shrine for a commemorative program with former president Fidel V. Ramos as guest of honor.

According to project director Mina Gabor, the March is AAP’s way of promoting domestic tourism through motoring by visiting historic spots to help Filipinos appreciate their rich history and culture.

Last year’s event gathered some 3,500 participants including personnel from the Armed Forces of the Philippines, the Philippine National Police, the Philippine Coast Guard, the Boy Scouts, the Girl Scouts, local governments, and civil society groups, as well as descendants of war veterans.

Proceeds of the CFM will go to the construction of the Capas Concentration Camp Replica.

For details, call 705-3333, e-mail capasfreedommarch@gmail.com or visit the Capas Freedom March Facebook page.

Central bankers weigh in on trade war threat

CENTRAL BANKERS around the world are grappling with the prospect of a global trade war sparked by US President Donald Trump’s plan to slap tariffs of 25% on steel imports and 10% on aluminum.

Here are extracts of some of the recent comments by central bank officials:

THE PHILIPPINES
Central bank Governor Nestor A. Espenilla, Jr. said a trade war may result in slower global growth, which could hurt inflows from the more than 10 million Filipino workers who live and work abroad. Remittances amount to about 10% of gross domestic product and are key source of foreign income in the Southeast Asian nation.

“The risk of trade wars is the negative impact on the growth prospects of the global economy itself, affecting everyone, including those who start it,” Mr. Espenilla said in a mobile-phone message.

“The currency angle is but a small piece of the larger picture where there is less economic prosperity for all.”

US
Federal Reserve Bank of Dallas President Robert Kaplan, speaking with reporters on the sidelines of an energy conference in Houston, said it’s too soon to comment on the potential economic impact of the tariffs.

“Global trade is good for the US economy, and our trading relationships with Canada and Mexico we believe are very critical to US competitiveness,” he said.

Federal Reserve Governor Lael Brainard, one of the central bank’s most ardent doves, said on Tuesday it was too early to say if the possibility of a trade war could disrupt her outlook.

“We would take into account developments if they proved to be material to the outlook,” she said.

“It’s early to tell what the broader implications could be, so I see it as an uncertainty, but not something that would materially change my outlook, today.”

ECB
European Central Bank (ECB) policy makers were already in a quiet period ahead of next week’s rate meeting when Mr. Trump announced his plans, but they have made their views clear before.

“Geopolitical uncertainties and uncertainty regarding the policy outlook in some major economies, including the risk of an increase in trade protectionism, continued to constitute downside risks,” the bank said in January.

THAILAND
Don Nakornthab, a senior director at the Bank of Thailand, said a trade war is now the biggest risk for the central bank.

Exports of goods and services make up about 70% of the Southeast Asian economy.

“Trade politics is the most important risk for our economy as it can evolve into trade war,” Mr. Don said in an interview in Bangkok on Tuesday.

“If there’s an external shock in the near future, our economy may face a difficult time.”

Thailand’s trade surplus with the US exceeded $20 billion last year. The economy is in the early stages of an upswing and has been lucky to be able to “rely on external demand while we wait for local demand to gain more strength,” he said.

MALAYSIA
The central bank noted in its monetary policy statement on Wednesday that trade tensions have risen recently, but “at this point, risks to the global growth outlook remain balanced, pointing towards continuity in global economic expansion.”

AUSTRALIA
Reserve Bank of Australia Governor Philip Lowe, whose economy is the most China-dependent in the developed world, said on Wednesday that Mr. Trump’s move was “highly regrettable and bad policy.”

“If it’s just confined to the current higher tariffs on steel and aluminum, then I think it’s manageable for the world economy. It’s not a positive, but it’s manageable,” Mr. Lowe said.

“This could turn very badly though if it escalates. If we see retaliation and a counter retaliation, this could turn into a very big shock for the global economy,” he added.

“History’s very clear here: protectionism is costly. It’s costly to the country that implements the protectionism, it’s costly to everyone else. It’s just not the right thing to do,” Mr. Lowe noted.

“So the best thing for everyone to do, perhaps even the hardest thing to do, but the best thing to do is just to sit still and do nothing, to not respond and to continue advocating for open trade.”

CANADA
The Bank of Canada kept borrowing costs on hold Wednesday, citing recent developments in trade policy that have become “an important and growing source of uncertainty” for the global and Canadian economic outlooks.

While the central bank has been highlighting risks to the North American Free Trade Agreement (NAFTA) for months, the latest language suggests those concerns have evolved. Wednesday’s statement didn’t even mention NAFTA.

SWEDEN
Riskbank Governor Stefan Ingves said it’s too early now to say what it would mean for the central bank’s forecast.

“It’s one thing to discuss higher tariffs on steel and aluminum, but if it turns into a general discussion around how different countries try to protect themselves, then it can never be good for the global economy and it would definitely not be good for the Swedish economy,” Mr. Ingves said on Tuesday in Stockholm.

HUNGARY
National Bank of Hungary Governor Gyorgy Matolcsy said the country needs to prepare for a sharp turn in global economic conditions, including the end of the cheap money era.

There’s a “bellicose scenario” emerging in trade, exchange rates and the interest-rate environment, he said at a conference in Budapest on Tuesday. — Bloomberg

PLDT expects recurring core profit to hit P24 billion in 2018

By Krista A. M. Montealegre,
National Correspondent

PLDT, Inc. expects a better year after earnings took a hit in 2017 from accelerated depreciation costs, with the dominant telco mulling the sale of its stake in German start-up Rocket Internet AG to finance its record capital expenditure (capex) program.

In a briefing in Makati City on Thursday, PLDT Chairman Manuel V. Pangilinan said recurring core income will grow to as much as P24 billion this year from the P22.3 billion registered last year, slightly ahead of its P22-billion target for the entire 2017.

The profit guidance is supported by an anticipated 4% growth in service revenues that will reverse the 3% drop seen in 2017, Mr. Pangilinan said, anchored on the double-digit expansion of the home and enterprise segments and the “flattish if not slight improvement” in the wireless business.

Shares in PLDT added P35 or 2.3% to end at P1,560 apiece on Thursday, bucking the 0.27% slide in the Philippine Stock Exchange index.

PLDT Chief Revenue Officer Ernesto R. Alberto said the telco has arrested the decline in service revenues through 2017, posting three quarters of modest sequential increases starting in the second quarter.

“Things are beginning to look up for the group. I am not saying we are completely out of the woods, but we are getting there,” Mr. Pangilinan said.

PLDT has enjoyed favorable financial performance in the first quarter of 2018. January revenues rose 3% and profits were up “quite well, while February sales were “quite good” and March sales came in “better than February,” Mr. Pangilinan said.

PLDT is embarking on a historic capex program this year to support its network transformation program amid mounting criticism on slow Internet speed, with the 2017 budget expected to hit a record P58 billion this year — up from the P40 billion spent last year, Chief Financial Officer Anabelle L. Chua said.

UNLOADING ROCKET
Aside from using its operating cashflow and proceeds from the sale of receivables arising from the sale of its stake in Beacon Electric Asset Holdings, Inc. to Metro Pacific Investment Corp., PLDT may sell its position in German start-up Rocket Internet AG to fund the capex commitment, Mr. Pangilinan said.

Unloading shares in Rocket Internet is subject to certain parameters and market conditions, Ms. Chua said.

For the first time, the fixed network business will get the lion’s share of the capex allocation at 53%, reflecting the telco’s more aggressive roll-out of its fiber broadband service, which also supports the stepped-up deployment of its mobile network.

The capex for 2019-2020 will mirror spending levels in 2018, bringing the total five-year program since 2016 — when the telco kicked off its network transformation program — to nearly P260 billion.

“It is, in may respects, a statement capex. We just want to demonstrate that we are very serious in the rapid and effective build-out of both our fixed and wireless networks,“ Mr. Pangilinan said.

Consolidated core income — the basis for divided declaration — fell 1% to P27.7 billion last year from P27.9 billion a year ago after taking into account the gain from asset sales, manpower reduction program expenses, accelerated depreciation, and earnings before interest, taxes, depreciation and amortization adjustments.

Subject to the finalization the 2017 audited financial statement later this month, PLDT will declare 60% of the earnings as regular dividends.

Reported net income fell by a third to P13.4 billion last year from P20 billion in 2016 due to non-core capex-related expenses of P16.7 billion as a result of its aggressive network upgrade.

PLDT swung to a net loss of P8.5 billion in the October to December period, from the net income of P4.1 billion a year ago, after booking an accelerated depreciation of P12.4 billion in connection with the swap put of network equipment in the National Capital Region and the non-current asset impairment of Smart and Digitel assets of P4.3 billion.

Consolidated service revenues slid 3% year-on-year to P143.5 billion last year after the wireless business fell 11% to P58.9 billion though the decline leveled off and stabilized as the year progressed.

The home and enterprise segments grew 13% and 11%, respectively. Their combined service revenues accounted for 47% of total consolidated revenues, surpassing the 41% contribution of the wireless consumer group.

On the search for the company’s next chief executive officer, Mr. Pangilinan said he’s “ready to go” once the telco sustains its growth momentum.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls.

Jollibee to refinance Smashburger’s $80-M loan

HOMEGROWN fastfood giant Jollibee Foods Corp. (JFC) is planning to refinance Smashburger Master LLC’s $80-million loan as it focuses on ensuring the long-term growth prospects of the Denver-based burger chain.

In a disclosure to the stock exchange on Thursday, JFC said it has signed a commitment letter with Smashburger’s parent SJBF LLC for the payment of loan, which is set to mature on May 15.

JFC said it will then switch to long-term financing for the loan, with lower costs and more lenient terms, noting its plan to borrow from banks or issue loan guarantees on Smashburger’s behalf.

“A much lower cost long-term financing, made possible by JFC’s strong balance sheet will significantly improve the net income of Smashburger immediately. It will also enable Smashburger to make more meaningful investments for healthier and faster growth,” JFC Chief Finance Officer Ysmael V. Baysa said in a statement.

SJBF posted a net loss attributable to the parent of $29.56 million in its fiscal year ending Jan. 1, 2017, with total revenues of $216.12 million for the period, according to financial statements disclosed by JFC.

“Smashburger has positive EBITDA. We look forward to the business making positive net income contribution to JFC‘s profit in the medium term and significant profit contribution in the long term,” Mr. Baysa said.

At the same time, JFC also disclosed its wholly owned unit Bee Good! Inc. (BGI) signed on Thursday the share purchase agreement to acquire a 45% stake in Smashburger. With this, JFC’s ownership in the firm will now stand at 85%, from 40% previously.

The $100-million deal is expected to be completed in the next one to two months.

The transaction will increase the US operations’ contribution to JFC’s worldwide sales to 15% from 5%. International businesses will then account for 30% of the firm’s worldwide systemwide sales from   20% currently.

In terms of store network, this increases JFC’s coverage by 9.6%, as Smashburger’s 365 outlets will bring JFC’s worldwide portfolio to 4,162 stores. The acquisition further expands JFC’s business to 21 countries, adding Costa Rica, Egypt, El Salvador, the United Kingdom (England and Scotland), and Panama.

JFC’s attributable profit jumped 15% to P7.089 billion in 2017, driven by a 15.6% increase in revenues to P131.57 billion as the company saw a record number of store openings during the period.

The fastfood giant ended last year with a total of 3,797 stores, 16.5% higher than what it had in 2016. This year, JFC looks to continue its global store expansion as it accelerates capital spending to P12 billion, from its actual spending of P8.8 billion in 2017.

Shares in JFC lost P9 or 2.96% to close at P295 apiece at the Philippine Stock Exchange on Thursday. — Arra B. Francia

LBC Express snaps up 4 US-based cargo, remittance firms

LBC EXPRESS Holdings, Inc. acquired United States-based cargo and remittance companies from its affiliate for $8.5 million to boost revenues from international markets.

The logistics and money services firm, in a disclosure to the stock exchange on Thursday, said its board of directors approved the purchase of LBC Mundial Corp., LBC Mabuhay Saipan, Inc., LBC Mabuhay Hawaii Corp. and LBC Mabuhay North America Corp.

“The acquisition is expected to benefit the company by contributing to its global revenue stream,” LBC Express said.

The biggest component of the acquisition was LBC Mundial, which operates as a cargo and remittance company in California. The purchase price amounted to $6.86 million.

The Philippine Stock Exchange, Inc. suspended the trading of LBC shares on Thursday, noting the transactions are covered by the bourse’s rules on disclosure for substantial acquisitions and reverse takeovers.

Trading of LBC shares will remain suspended pending the company’s compliance with the disclosure requirements under the above-mentioned rule. Its shares were last traded at P15 apiece on March 7.

In the nine months ending September 2017, LBC grew its net income by nearly a fifth to P733.5 million from P620.5 million a year ago buoyed by the double-digit growth in service revenues.

The company had said it may exceed its initial core net income target of P985 million for full-year 2017 by 3-5%.

LBC is banking on the growth of the country’s logistics sector especially with the rise of the e-commerce industry and small to medium enterprises.

In June, the Araneta-led firm secured board approval to issue $50 million in secured convertible notes to private equity firm CP Briks Pte. Ltd.

Regulators had rejected the company’s application for a P1.2-billion follow-on offering due to pending cases filed by the Philippine Depository Insurance Corp. against its owners for the supposed unsound management of the now defunct-LBC Development Bank, Inc. — Krista Angela M. Montealegre

Actor Bernardo Bernardo, 73

VETERAN THEATER and screen actor Bernardo Bernardo passed away at the age of 73 on Thursday morning.

News of his passing was confirmed by his niece Susan Vecina Santos on Facebook but no cause of death was indicated. In January, through a Facebook post on his official page, Mr. Bernardo revealed that he had a tumor in the pancreas.

Mr. Bernardo’s wake is being held at St. Peter’s Chapel in Quezon City, Ms. Santos told DZMM’s Ahwel Paz.

Born on Jan. 28, 1945 in Santa Ana, Manila, Mr. Bernardo worked with a multitude of theater groups in the 1970s and ’80s, both American and Filipino, catching the audience’s attention for his work in a production of The Boys in the Band in 1977, and the Rocky Horror Show (as Frank N. Furter) in 1983.

He worked in numerous plays by Repertory Philippines from 1973 to 1989, notably playing Zaza, the motherly drag queen in La Cage Aux Folles in 1989. He also undertook many roles for Tanghalang Pilipino productions including that of Simoun in its 1998 production of El Filibusterismo. He also played the father of Katy dela Cruz in the original 1988 production of the landmark musical Katy! directed by Nestor Torre.

Mr. Bernardo honed his craft by attending and graduating from the University of California, where he earned a Master of Arts degree, and the London Academy of Music and Dramatic Arts.

On the silver screen, Mr. Bernardo’s role Manay Sharon in Ishmael Bernal’s Manila by Night, City After Dark (1980) won him a Gawad Urian for Best Actor.

BERNARDO BERNARDO (L), seen here with fellow performers Dulce and Jaime Fabregas at a 2015 High Life fashion shoot connected with the film Larawan, passed away on March 8.

He won another Gawad Urian, this time for Best Supporting Actor, for his work in Lawrence Fajardo’s Imbisibol (2015).

Mr. Bernardo is perhaps best-known for his role as Steve Carpio in the ABS-CBN sitcom Home Along Da Riles which ran from 1992 to 2003.

His most recent film works include Loy Arcenas’ film Ang Larawan, which won Best Picture at last year’s Metro Manila Film Festival, and Joel Lamangan’s The Significant Other (2018). He also starred in Lav Diaz’s Hele Sa Hiwagang Hapis (2016).

“Rest In Peace, Bernardo Bernardo. This has been heavy news to hear. Tito Bernie was my very first leading man in the very first show I ever did, The King and I (he played the King of Siam and I was one of his daughters). Kind, funny, ebullient, brilliant, big hearted. Sigh,” actress and singer Lea Salonga, said in a Twitter post.

Mr. Bernardo and Ms. Salonga both starred in the 1978 Repertory Philippines’ production of The King and I.

“When I was a kid, I couldn’t wait to watch Home Along Da Riles because of Bernardo Bernardo. Rest in peace, sir,” actress Assunta de Rossi-Ledesma, likewise said on Twitter.

“Goodbye Bernardo Bernardo. Rest well in the arms of our Father,” said director/writer Jose Javier Reyes on Twitter. — Zsarlene B. Chua

PHL 9th best economy for female entrepreneurs

THE PHILIPPINES was rated 9th in a global study of conditions conducive for the development of female entrepreneurs, MasterCard said in a statement.

It cited the results of its MasterCard Index of Women Entrepreneurs, which gave the Philippines a score of 68.0 on a scale of 100. The index measured the “top 10 markets with the strongest supporting conditions and opportunities for women to thrive as entrepreneurs.”

New Zealand was considered the top country on the list with a score of 74.2, followed by Sweden (71.3), Canada (70.9), the US (70.8), Singapore (69.2), Portugal (69.1), Australia (68.9) and Belgium (68.7). Rounding out the top 10 behind the Philippines was the UK with a score of 67.9.

The statement said “ budding and established women entrepreneurs around the world continue to progress despite gender-related cultural biases that can create significant roadblocks hindering them from advancing their businesses.”

“Women entrepreneurs have made remarkable strides as business owners around the world, even as they work to achieve their full potential. We believe that by drawing attention to their efforts, we can further support and empower women in their drive to run successful businesses and lead richer, more fulfilling lives,” Martina Hund-Mejean, Chief Financial Officer of MasterCard, was quoted as saying.

MasterCard said many of the top 10 are developed countries, although even in New Zealand “society is less receptive towards female entrepreneurs. Despite these circumstances, women business owners in New Zealand have risen above the challenge, pulling their market to the top — and for the second year running.”

MasterCard’s study of female business ownership also showed that Ghana had the highest percentage of female owners at 46.4%, followed by Russia (34.6%), Uganda (33.8%), New Zealand (33.0%), Australia (32.1%), Vietnam (31.3%), Poland (30.3%), Spain (29.4%), Romania (28.9%), and Portugal (28.7%).

MasterCard found that key conditions were critical for the development of female entrepreneurship, including access to financial services, ease of doing business, strong support for small firms and quality of governance.

Key hurdles to female entrepreneurship were gender bias, lack of self-belief, and lack of access to venture capital, MasterCard said.

The study evaluated 57 economies representing 78.6% of the world’s female labor force.

GERI says 90% of Alabang West Village lots sold

GLOBAL-ESTATE RESORTS, Inc. (GERI) continues to see robust take-up of residential lots in its Alabang West Village township, riding on the positive prospects for developments south of Metro Manila.

In a statement issued Thursday, the leisure arm of Megaworld Corp. said it has sold about 90% of the 788 residential lots inside the estate, valued at around P14 billion. Alabang West Village is the company’s integrated community in Muntinlupa City.

The company noted property values in the 62-hectare township have surged to P70,868 per square meter (sq.m.) from P47,000 per sq.m. at its launch in 2014.

“We see property values in Alabang West to even double within five years as we witness this side of Alabang to be growing rapidly,” Megaworld Global-Estate, Inc. Vice-President for sales and marketing Mary Rachelle I. Peñaflorida said in a statement.

The company cited a study by independent research firm Cuervo Far East which showed property prices in the Southern Manila West Growth Area will register an average annual appreciation of 10-15%.

The Andrew L. Tan-led firm is now turning over residential lots, and has also started construction on the 12.3-hectare commercial area inside the township. Part of Alabang West Village’s commercial properties will be a 1.2-kilometer stretch to be called Rodeo Drive, which will feature rows of commercial and retail establishments.

“Our vision is to make this area to be the new, exciting side of Alabang. The master plan shows that the commercial area, which will take inspiration from LA’s Beverly Hills, will further enhance Alabang’s shopping, dining, and leisure experience,” Megaworld Senior Vice-President Kevin Andrew L. Tan was quoted as saying in a statement.

A Landers Superstore covering two hectares of land is expected to open by the first half of the year.

GERI almost doubled its attributable profit in the first nine months of 2017 to P1.13 billion, against the P666 million it realized in the same period in 2016. Revenues increased by 11% to P4.89 billion during the nine-month period.

Meanwhile, Megaworld’s attributable profit was up 11% in the January to September period to P9.98 billion, boosted by the positive performance of both its residential and office developments. Revenues for the period stood at P35.4 billion.

Shares in GERI climbed four centavos or 3.01% to end at P1.37 apiece, while shares in Megaworld added six centavos or 1.27% to close at P4.80 each at the Philippine Stock Exchange on Thursday. — Arra B. Francia

Cranberries to release album despite lead singer’s death

NEW YORK — Irish rockers The Cranberries said Wednesday they would go ahead with a new album despite the sudden death of singer Dolores O’Riordan in January.

The surviving three members of The Cranberries said that O’Riordan had already recorded vocals for a new album, which the band now hopes to finish and release in early 2019.

The Cranberries said that they also would move forward with a 25th anniversary reissue this year of their debut album, Everyone Else is Doing it, So Why Can’t We?, after putting work on hold following O’Riordan’s death.

“After much consideration we have decided to finish what we started,” the band wrote on Facebook.

“We thought about it and decided that as this is something that we started as a band, with Dolores, we should push ahead and finish it.”

The 1993 album proved to be an international success led by “Linger,” a wistful song about a first kiss.

The reissued edition will be remastered and feature previously unreleased material from the era, the band said.

O’Riordan was found dead in a London hotel on Jan. 15 at age 46. A full inquest into her death is set for April 3, although authorities are not treating her death as suspicious.

With a voice that merged florid traditional Celtic singing with the ferocity of punk rock, O’Riordan defined the sound of The Cranberries whose major hits also included the politically charged “Zombie.”

The Cranberries last released an album of new material, Roses, in 2012 after a gap of more than a decade. — AFP

China Bank to raise up to P50B

CHINA BANKING Corp. (China Bank) is set to conduct fund-raising activities to expand its business.

In a disclosure to the local bourse on Thursday, the Sy-led China Bank said its board of directors approved a funding program of up to P50 billion through a combination of long-term negotiable certificate of deposit (LTNCD), retail bonds and/or commercial papers.

Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”

China Bank said the peso-denominated program will be used to fund the bank’s initiatives and expansion, particularly its lending business.

“This program will be used to fund the bank’s strategic initiatives and expansion, specifically in relation to the expected growth in the lending business,” China Bank’s disclosure to the bourse read.

“This is in line with bank’s intention to be an active participant in the ongoing economic expansion of the country and the government’s infrastructure initiatives.”

Recently, local banks have been conducting various fund-raising activities to expand their operations and beef up their capital buffers.

Earlier this week, Rizal Commercial Banking Corp. said it expanded its medium-term note program to $2 billion from the previous $1 billion to raise additional capital.

Last month, UnionBank of the Philippines raised P3 billion from the first tranche of its P20-billion LTNCD program.

China Bank ended 2017 with a P7.4-billion bottom line, 15% higher than the P6.5 billion the lender recorded in 2016, on the back of sustained growth in its core and fee-based businesses.

Latest data from the central bank showed China Bank was the seventh largest bank in the Philippines in asset terms as of September 2017.

Shares in China Bank finished unchanged at P35.10 apiece on Thursday. — Karl Angelo N. Vidal

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