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MPIC readies more unsolicited proposals for gov’t

By Krista A. M. Montealegre,
National Correspondent

METRO PACIFIC Investments Corp. (MPIC) is readying more unsolicited infrastructure proposals after sustaining a double-digit growth in core net profit despite continuing regulatory uncertainty.

In a briefing in Makati on Thursday, MPIC President Jose Ma. K. Lim said the local unit of Hong Kong-based First Pacific Co. Ltd. has new proposals in the works covering waste-to-energy facilities and water supply projects.

With President Rodrigo R. Duterte more welcoming of unsolicited proposals compared to the previous administration, MPIC has submitted offers covering three toll road projects cumulatively worth P140 billion, one P15-billion waste-to-energy facility, and four to five water supply deals.

Aside from these projects, MPIC is also part of a “super consortium” that has submitted a P350-billion offer to rehabilitate the Ninoy Aquino International Airport.

Likewise, the conglomerate also made an offer to upgrade the Metro Rail Transit Line-3 even as state-run lenders Development Bank of the Philippines and Land Bank of the Philippines were reportedly considering unloading their stake in the dilapidated railway.

“We’re not prepared to buy those shares unless we have the concession,” Mr. Lim said.

MPIC’s group-wide capital expenditures reached P38 billion last year on top of the P38.9 billion invested to deepen its participation in the power sector and expand into new markets including Indonesia. The company continues to look at possible opportunities for tollway projects in Thailand, Vietnam and Indonesia as well as water projects in Vietnam and Indonesia, officials said.

The hospital group is also keen on acquiring more hospitals. MPIC participated in the process of buying Ayala Land, Inc.’s stake in the hospital chain QualiMed, but indicated it was only interested in specific assets such as hospitals in Iloilo and Batangas as well as an outpatient center in the Philippine General Hospital, Metro Pacific Hospital Holdings, Inc. President Augusto P. Palisoc, Jr. said.

In the same briefing, MPIC Chief Finance Officer David Nicol said the conglomerate may push through with a bond issuance in the fourth quarter to finance requirements next year. The company has opened P30 billion in new credit lines sufficient to finance this year’s capital expenditure program.

However, Mr. Nicol said it was too early to provide a guidance on earnings and capex for the full year 2018 as both are related to continuing regulatory frustrations. Metro Pacific Tollways Corp. (MPTC) and Maynilad Water Services, Inc. have been struggling to obtain contractual tariff increases from their respective regulators.

Last month, the Philippine government unexpectedly applied to the High Court in Singapore to have the award in Maynilad’s favor vacated. The appeal process may take a maximum of six months, with MPIC having a “strong belief” of a favorable ruling.

Tariff delays and the arbitration proceedings have also contributed to the delay in MPIC’s plan to sell a portion of its stake in Maynilad to an Asian investor, Mr. Nicol said.

“We are doing our best to support the ‘Build, Build Build’ agenda of the government. However, our investors (many of whom are hardworking Filipino savers and pensioners by the way) and our creditors need confidence that our various concession and franchise agreements will be observed,” MPIC Chairman Manuel V. Pangilinan was quoted in the statement as saying.

“We are working hard to resolve these matters. It is our hope that our partners in government could come along with us in the spirit of partnership in which our various projects were conceived,” Mr. Pangilinan said.

Notwithstanding the delays in tariff hikes, MPIC reported a 17% rise in consolidated core net income to P14.1 billion last year from P12.1 billion in 2016.

MPIC’s earnings got a boost from an expanded power portfolio following further investment in Beacon Electric Asset Holdings, Inc., significant traffic growth on all roads held by MPTC and continuing growth in the hospital group.

In terms of contribution to the company’s net operating income, power accounted for 52%; toll roads contributed P3.9 billion contributed 22%; water added 21%; hospital provided 4%; and rail, logistics and systems group delivered 1%.

MPIC is one of three Philippine units of Hong Kong-based First Pacific, along with PLDT, Inc. and Philex Mining. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls.

MPIC shares closed flat at P5.63 apiece on Thursday.

Phinma Energy consolidated income falls 75% to P347 million

PHINMA ENERGY Corp. recorded a 75% fall in consolidated net income to P347 million last year from P472 million a year earlier — when its bottom line included non-recurring income from the sale of an energy assets.

“Margins in the electricity supply business were challenged by continued low market prices due to the competitive supply environment,” the company told the stock exchange on Thursday.

The company said last year’s income figure included the P472 million non-recurring income from the sale of its 5% share in South Luzon Thermal Energy Corp. to Axia Power Holdings Philippines Corp.

It added that last year’s figure included the sale of transmission lines in Guimaras and La Union to grid operator National Grid Corporation of the Philippines, and around P830 million in non-recurring income from electricity supply and income generated from independent power producers.

Phinma Energy also said last year’s income included P81 million in financial and other income.

The company said despite the lower margins, it ended the year as the second-largest single electricity supplier with a 12.2% share of the market.

On Thursday, shares in Phinma Energy slipped 0.65% to P1.53 each. — Victor V. Saulon

What to see at the Art Fair

In an extreme example of the “I can do that/Yeah, but you didn’t” dichotomy of contemporary art, Nilo Ilarde filled one booth at the ongoing Art Fair Philippines with 24,124 diecast toy cars with a little help from Hot Wheels.

[Watch a clip of Art Fair Philippines: Scenes from the vernissage of Art Fair Philippines 2018]

Called The Art Fair is Full of Objects, More or Less Interesting; I Wish to Add 24,124 More, Mr. Ilarde’s installation riffs on a statement written by American conceptual artist Douglas Huebler: “The world is full of objects, more or less interesting. I do not wish to add any more.” Mr. Ilarde’s 24,124 toy cars do add a considerable number of objects to the many others in the art fair — now on its 6th year — which are often less interesting, and occasionally interesting enough to make the time spent at The Link car park at the Ayala Center worth it.

A new section allocated to photography, ArtFairPH/Photo, deserves a visit. Presented by Swiss private banking group Julius Baer, ArtFairPH/Photo includes an exhibition of archival photographs of Luzon’s mountain tribes taken by Eduardo Masferré organized by 1335Mabini, a harrowing exhibition on extrajudicial killings called Everyday Impunity: Ang Walang Pangalan, and a group show curated by Neal Oshima and Angel Velasco Shaw titled Provocations: Philippine Documentary Photography. The latter gathers emerging and established photographers who show a wide and wild range of images — from Nana Buxani’s prison images to Geloy Concepcion’s portraits of elderly transgender women, Jose Enrique Soriano’s scenes from a mental hospital to Kawayan de Guia’s dreamlike images of Baguio. Read High Life’s story on Neal Oshima’s exhibit: Translucent, transcendent

The images are intriguing, and demand a lingering look, time spent to ponder both subject and style, but during the vernissage on Tuesday, the crowd often just glanced at them then hurried on to the next booth.

Can’t really blame the visitors though — after all, there are 51 galleries filled with artworks arranged throughout several floors totaling 13,000 square meters of space.

That makes for an awful lot of objects.

Here are some of the galleries and their works that will catch your eye. — NFPDM and AAH

Leon Gallery

Paying homage to “110 years of the Filipino artists elsewhere,” the gallery highlights Philippine artists who made it big here and abroad including National Artist Benedicto “Bencab” Cabrera who is represented by a 1973 work called A Manila Gentleman.

Salcedo Private View

It is not surprising that one of the country’s top auction houses focuses on one of the country’s top artists, Arturo Luz. What is surprising is that it chose to show a series of large-scale drawings by the master done in the 1960s, rather than the paintings that he is best known for (those are found at the Crucible Gallery’s booth). Filled with erasures and often featuring lines so deeply etched into the butcher paper that it is torn, the drawings seem like the early versions of later works done with paint on canvas.

Avellana Art Gallery

Among the various examples of works by the artists that the gallery represents are those of Ryan Rubio — deceptively tough stone sculptures that are in their way oddly delicate like his Stone and metal Family Tree (below).

Art Lab

The entire Syjuco family — six members — turned their corner of the car park into an album of their own works. The Syjucos’ Art Lab is full to bursting with installations by father Cesare, and pretty paintings of fallen angels in pastel colors by daughter Maxine (below right). The family’s children dabble in video installation, performance art, accessory design so it is not surprising to find tucked away in an alcove a music booth lab that features music and its accompanying video by siblings Julian and Maxine (below left).

Triad

One of several ArtFairPH/Projects, this exhibition features the social realist triumvirate of Pablo Baen Santos, Renato Habulan, and Antipas Delotavo who dwell on the current state of affairs. Mr. Santos’s Estetiko ng Murahan (Aesthetic of Profanity) is a brightly colored 35-foot-long canvas laced with profanity (below right). The vulgar utterances should be familiar thanks to a president who likes to swear and make promises he cannot keep. The highlight of the exhibition is easily Mr. Delotavo’s Corpus Delecti, tomb-like installation made of law books stabbed by a giant sword-cum-scales of justice which, as is often the case in this benighted country, are rigged (below left and center).

Art Cube Gallery

Sculptor Daniel dela Cruz is always an Art Fair favorite since he guarantees to present a spectacle. This year he welcomes art lovers to his Imaginarium, where the assigned spot in the car park has been turned into a magical space reminiscent of the movie The Greatest Showman. The immersive exhibit (below) — a black and white floor, multiple mirrors, shelves and tables filled with hippopotami and rhinoceri, candelabras, supersized insects, octopus light fixtures, a giant revolving ferris wheel with mystical, almost hypnotic background music — is another example of the curious and playful imagination of this artist who has in the past presented wild takes on the Catholic Church and Alice in Wonderland.

Art Verite

Emmanuel Garibay’s Lansangan (below) plays on the Filipino word for “street,” with overstuffed paintings juxtaposing mundane street scenes with references to the EDSA Revolution.

Galerie Anna

The gallery presents Anatomies of Struggle, a curated collection of paintings and sculptures illustrating the yin and yang found in man, tackling the questions “Are we good or bad?” Among the most striking works is Gerry Joquico’s Homage to Luna: La Conclusion de Asunto, which includes an image of that epitome of human evil, Adolf Hitler (below).

Paseo Art Gallery

Giant bald men in chiaroscuro loom over viewers at Paseo Art Gallery which opted to focus on Rey Aurelio’s large format oil paintings on paper.

The touring production of Lion King gets Filipino touches

TWENTY years since it first opened on Broadway in 1997, The Lion King is finally coming to Manila for the first time, and for its production here, it will have a Filipino touch.

“We have a few local references or a few lines in the local language,” assistant director Anthony Lyn told BusinessWorld in a recent press conference about the production which is currently touring Asia.

“[A] few of the jokes will be updated with the local references. I hope the people appreciate and laugh at [them],” he said.

Asked for a sample, he declined, smiling, saying he would not want to preempt the show.

“You strike a fine balance when you mount a show like Lion King. You want to try and do, and tip your hat in the local culture, but at the same time, you want to make sure you don’t change the show so much,” he added.

Presented by Michael Cassel Group and Concertus Manila in association with Disney Theatrical Productions, The Lion King has another Filipino touch — six Filipino children (three boys and three girls) who will play as the young Nala and Simba. (For a number of reasons, touring productions tend to cast the child characters in the cities where the show will be performed.)

The Lion King is not only an international production, but multinational as well, with 18 nationalities represented in the company. In keeping with the show’s spirit, 45 of the 51 members in the cast come from South Africa.

FROM SCREEN TO STAGE
This Disney movie follows the adventures of the young lion Simba, heir to the throne of his father, King Mufasa. Simba’s ambitious and wicked uncle, Scar, attempts to kill father and son in order to take the throne himself. But while Mufasa is killed in a stampede of wildebeests, the cub Simba escapes and goes into exile. The adult Simba eventually returns to redeem his heritage from Scar and take his rightful place in the Circle of Life.

Mr. Lyn said the biggest challenge in The Lion King is how to make a believable and relatable transition from screen animation to the stage as a live performance. The solution they found was the costumes. The actors do not wear animal onesies as if they were mascots, instead, the cast members wear masks, makeup, and costumes in what the production calls as the “double event.”

The “double event” aims to show the humans in the animals, a concept developed by The Lion King’s original Broadway director Julie Taymor — she is the first woman to win the Tony Award for directing a musical, and also won a Tony Award for Original Costume Design for this show.

“It’s simple but genius: the human remains visible in the costume in order to see their emotions,” said Mr. Lyn.

The characters wear masks but these stay on top of their heads. They are controllable so they can go up and down, depending on what the scene requires. For example, in a fight scene between prides, the lions’ masks will be in front of the actors’ faces.

The men playing Timon and Zazu though, have to learn how to move around as if they are puppeteers and ventriloquists.

The ensemble is responsible for manipulating the more than 200 puppets of 25 kinds of animals, birds, insects, and fish. For example, ensemble members playing the giraffes have to learn how to walk on stilts.

How will the animals dance and move? “The vocabulary of the lion movements are inspired from the Javanese dances,” said Mr. Lyn, explaining that Ms. Taymor stayed in Indonesia for four years where she had a theater company and imbibed the local culture.

As a salute to the culture of South Africa where tribal chiefs are women, Rafiki — the old and wise baboon in the animated feture — is a young woman leader, played by Ntsepa Pitjeng, in the live stage version.

“Your eyes will not come off the stage. There is something for everyone: the set design, the costumes, the props are incredible,” said South African actress Noxolo Dlamini, who plays the adult Nala.

“Just the story in itself is touching and there is so much to look out for. If you’ve seen it three times, you still wouldn’t get bored. I mean, there’s still a lot to see. Everybody can relate with what the characters go through. It’s a human story,”

So can we still be surprised? “The story is the same, but now you feel like you are in it, especially when the song begins. You feel like you are transported to Africa and all the elements, like the Balinese movements. It is the whole world, it is Africa, it is Asia. All these cultures are being put together to create this one story,” said Calvyn Grandling, who plays the adult Simba.

The Lion King will have performances at The Theatre at Solaire from March 18 to May 6. Tickets are available through TicketWorld (www.ticketworld.com.ph). — Nickky Faustine P. de Guzman

DTI warns abolition of contract labor could hurt investment

TRADE Secretary Ramon M. Lopez has reiterated his stance on the legitimacy of some contractual work arrangements, noting that a full ban on the practice will hurt investment, thereby posing bigger problems for the labor sector.

Mr. Lopez issued the statement while attending meetings for the Association of Southeast Asian Nations in Singapore during which he said the future of the country’s contractualization rules have raised concerns.

“We won’t have any permanent jobs or security of tenure if investments drop and we lose many jobs,” Mr. Lopez told reporters in a mobile message on Thursday. “The labor sector could suffer.”

“Heard that a draft EO (executive order) banning contracting is being pushed again by labor sector. We wish to pursue position that legitimate contractualization is allowed by Labor Code. That it is legal, and that an EO cannot change that,” he added.

Department of Labor and Employment estimated in 2016 that 5,150 registered contractors and subcontractors deployed more than 416,000 workers to 26,000 principals.

The rules on subcontracting and contractualization are covered by Department Order 18-A which was issued by the previous administration. Labor groups have been for the cancellation of these arrangements.

Mr. Lopez said many contract arangements are not the same as end-of-contract schemes, also known as “endo”, which has been identified by the government as an abusive practice which it intends to abolish.

“Endo” arrangements fail to provide workers a pathway to permanent employment and benefits because work is terminated short of the six-month probationary period, after which workers are entitled to be permanent employees.

The Department of Trade and Industry, has proposed instead that private firms using contractual arrangements offer those that hurdle probation many of the benefits enjoyed by regular workers and possible permanent status provided by the contractor.

Mr. Lopez said the government should focus on improving human resource development and the boosting productivity of its labor force.

“We should continue to allow legitimate contractualization and permanent status and benefits can be given either directly by employers or by the contractors.” — Janina C. Lim

Oscars’ ‘#MeToo’ dilemma

LOS ANGELES — The Academy Awards, the glitziest night in show business, takes place on Sunday, but the biggest drama may be not on the Dolby Theater stage but behind-the-scenes moves to tackle the sexual misconduct scandal that has rocked the industry.

After moving swiftly to expel Oscar-winning film producer Harvey Weinstein last October after multiple women accused him of sexual misconduct, the Academy of Motion Picture Arts and Sciences has still to take action against other people in its ranks who have been accused of impropriety.

They include actor Kevin Spacey, director Roman Polanski, and comedian Bill Cosby.

Weinstein, who has denied having non-consensual sex with anyone, was only the second person in the academy’s 90-year history to be thrown out.

His expulsion made the publicity-averse Academy, whose 8,000 members vote on the Oscars, the moral guardian in the #MeToo scandal that has led to dozens of Hollywood figures stepping down or being dropped from creative projects.

“The academy has always wanted to be the symbol of Hollywood, the glamour and excitement and creativity. But now this awful stuff is being told about Hollywood and it’s like, you’re going to be the symbol of the downside too,” said Tim Gray, awards editor of Hollywood trade publication Variety.

“This is new territory for them. I think they haven’t quite figured it out,” said Gray.

CHALLENGING, FAIR, METHODICAL
The job of policing accusations against filmmakers, agents and actors among the academy’s members has proved slow and difficult.

The academy issued its first-ever code of conduct in December and set up a task force to handle allegations on a wide range of potential violations. Chief Executive Dawn Hudson told members in a January e-mail that it was “a challenging process that will not be solved overnight.”

Hudson’s e-mail said the Academy’s goal was “not to be an investigative body but rather ensure that when a grievance is made, it will go through a fair and methodical process.”

The academy is developing an online form for submitting claims of misconduct that go beyond sexual behavior to include abuses in matters of gender, sexual orientation, race, age, and religion.

According to the guidelines, claimants must supply evidence of alleged behavior and an accused person has 10 days to respond before the academy’s membership committee reviews the matter. Only the board of governors can make a decision whether to suspend or expel a member.

“Traditionally it’s up to the employer to monitor bad behavior — in this case the studios, TV networks, and the agencies,” said Gray. “It’s a slippery slope to get into that. Where do you draw the line?”

The membership list of the invitation-only academy has never been published but the academy said that Spacey, Polanski and Cosby are still members.

Double Oscar-winner Spacey has been accused of sexual misconduct by more than 30 men. He apologized to the first accuser and has retreated from public life.

Polanski won an Oscar in 2003 despite being wanted in the United States to serve time for his 1977 admission of the rape of a minor. Cosby faces retrial in Pennsylvania in April on a charge of sexual assault and has been accused of sexual misconduct by more than 60 other women. He denies the allegations.

Director and actor Woody Allen, who won Oscars for Annie Hall and Midnight in Paris, has repeatedly denied a resurfaced 1992 accusation that he molested his stepdaughter when she was a child. Allen has never been a member of the academy, it said.

Dave Karger, special correspondent for entertainment Web site IMDB.com, says he doesn’t expect any quick action.

“My sense with the academy is that they act judiciously, carefully and deliberately. I can see them making moves to expel certain members, but I see that happening as a multistep process,” Karger said. — Reuters

Happy 90th birthday, Oscar. You must remember this?

LOS ANGELES — The Oscars, the highest honors in the movie business, celebrate their 90th anniversary on Sunday.

Since 1929, the glamorous event has captured the imaginations of film fans around the world. The 90th Academy Awards, given out by the Academy of Motion Picture Arts and Sciences, will be held in Hollywood.

Following are some highlights of the last 90 years.

1929 — The first Oscars ceremony is held on May 16, 1929, at the Roosevelt Hotel in Hollywood and hosted by actor Douglas Fairbanks, Sr. It is the only time a film from the silent era won best picture, with the award going to World War One romance Wings.

1939 — The academy officially begins using the nickname “Oscar” for its awards. Though unconfirmed, the popular tale behind the origin of the name holds that academy librarian Margaret Herrick said the statuette looked like her Uncle Oscar.

1940 — Hattie McDaniel becomes the first black performer to win an Oscar for acting, picking up the supporting actress prize for Gone with the Wind. She is required to sit at a segregated table at the ceremony. It would be 51 years before another black woman would receive an acting Oscar, when Whoopi Goldberg won for Ghost.

1953 — The Oscars are televised for the first time. Host Bob Hope marks the occasion by saying, “Isn’t it exciting to know that a lot of these glamorous stars are going to be in your homes tonight? All over America housewives are turning to their husbands and saying: ‘Put on your shirt, Joan Crawford is coming.’”

1963 — Sidney Poitier becomes the first black man to win an Oscar for acting, for Lilies of the Field.

1968 — The Oscars awards ceremony is postponed for two days because of the assassination of Martin Luther King, Jr. on April 4.

1969 — The Oscars produce their only tie ever in the best actress category. Katharine Hepburn wins for The Lion in Winter and Barbra Streisand won for Funny Girl. Hepburn does not attend the ceremony.

1973 — Marlon Brando wins a best actor award for his performance as Vito Corleone in The Godfather, but boycotts the ceremony to protest how Native Americans are portrayed in movies and television. Sacheen Littlefeather, an Indian activist, appears onstage in traditional Apache dress in Brando’s place but declines the statuette.

2002 — Halle Berry becomes the first, and still the only black woman, to receive a best actress Oscar for her work on Monster’s Ball, dedicating her award to “every nameless, faceless woman of color that now has a chance because this door tonight has been opened.”

2003 — The Lord of the Rings: The Return of the King pulls off the largest awards sweep in Oscar history, winning in every category for which it was nominated. It is the third film ever to win 11 awards, tying with Titanic in 1997 and Ben-Hur in 1959.

Also in 2003, Roman Polanski wins the best director Oscar for his Holocaust film The Pianist but cannot travel to Los Angeles for the ceremony because he is wanted in the United States to serve time for the rape of a minor in 1977. The audience responds with a standing ovation.

2009 — Kathryn Bigelow becomes the first woman to win a best director Oscar, for The Hurt Locker.

2013 — Jennifer Lawrence trips and falls on her way to accept the best actress award for her role in Silver Linings Playbook. She receives a standing ovation, prompting her to joke that “you’re all only standing because I fell and that was embarrassing.”

2016 — For the second year in a row, all 20 Oscar acting nominees are white, prompting criticism and the social media hashtag #OscarsSoWhite. In response, the academy announces plans to increase the number of women and minority members.

2017 — Moonlight becomes the first film with an all-black cast to win best picture, but in a backstage envelope mixup victory is first handed to musical La La Land. — Reuters

Landbank may pay more for PDS stake

By Melissa Luz T. Lopez
Senior Reporter

LAND BANK of the Philippines (Landbank) is willing to acquire the controlling stake in the country’s fixed-income exchange for a higher purchase price, compared to an earlier offer made by the local bourse operator.

The state-run bank is aggressively pursuing its plan to buy into the Philippine Dealing System Holdings Corp. (PDS), as its board of directors approved on Tuesday to acquire 66.67% of PDS “at P360 per share,” Landbank President and Chief Executive Officer Alex V. Buenaventura said in a text message to reporters.

This compares to the P320-per-share bid made by the Philippine Stock Exchange (PSE) in June 2017 for 1.489 million common shares from the Bankers Association of the Philippines (BAP).

The biggest government-owned bank is pursuing the buyout parallel to similar moves made by the PSE which started in 2013. Currently, Landbank owns 1.56% of PDS through the BAP.

The PDS group operates trading, clearing and settlement for bonds and foreign exchange, namely the Philippine Dealing & Exchange Corp., the Philippine Depository & Trust Corp., Philippine Securities Settlement Corp.

Separately, the local stock market operator PSE is looking to merge the country’s equities and fixed income bourses. Since June last year, the PSE has signed share purchase agreements with the BAP; Whistler Technologies Services, Inc.; Investment House Association of the Philippines; The Philippine American Life and General Insurance Co.; FINEX Research and Development Foundation, Inc.; San Miguel Corp. and Tata Consulting Services Asia-Pacific Pte. Ltd., giving the PSE a 69.03% total stake in PDS.

The Philippine Competition Commission approved the agreements in November, even as the Securities and Exchange Commission (SEC) initially rejected the PSE-PDS merger in 2016.

The SEC imposes a maximum of 20% industry ownership and 5% individual ownership of an exchange, but it may grant exemptions if a bigger control “will not negatively impact on the exchange’s ability to effectively operate in the public interest.”

Landbank will also request for an exemption to this rule, Mr. Buenaventura previously said, as he noted that acquiring the PDS would be a “profitable investment” for the state lender.

H2O Ventures-Udevco deal seen closed by April

THE PROPERTY ARM of businessman Dennis A. Uy looks to complete the acquisition of Philippine H2O Ventures Corp. (H2O) worth P647.86 million by April.

In a disclosure to the stock exchange on Thursday, H2O’s parent, Jolliville Holdings Corp. (JOH), said the closing date for its transaction with Udenna Development Corp. (Udevco) will be on April 6, but may be extended to no later than June 30 of this year.

The deal involves the sale of JOH’s shares in H2O, or 150.82 million common shares equivalent to 62.006% of the outstanding stock of H2O, priced at P327.75 million. Udevco will be buying out KGT Ventures, Inc., Melan Properties Corp., NGTO Resources Corp., OTY Development Corp., Nanette T. Ongcarranceja, Ortrud T. Yao, Kenrick G. Ting, Jolly L. Ting, and Lourdes G. Ting for the deal.

Udevco will also acquire 62.006% of the remaining cash assets of H2O, valued at around P320.11 million.

In line with the transaction, H2O has already started spinning off its water business, handled by its subsidiary Calapan Waterworks Corp. (CWWC). The company announced later in February that its board of directors has approved the sale of its shares in CWWC to Tabuk Water Corp. (Tabuk) for P442 million.

Udevco will then conduct a tender offer for minority shareholders of H2O, in order to take over the remaining shares in the company.

Once the transaction is complete, Udevco will be required to change H2O’s articles of incorporation and principal office address, as well as to seek the Securities and Exchange Commission’s approval to change its corporate name, effectively dropping the term H2O.

Udevco’s purchase of H2O is seen as a move for potential backdoor listing, after its officials earlier stated that it plans to list Mr. Uy’s property business within the year.

Udevco currently operates Lapu-Lapu Land Corp., a Cebu-based firm undertaking the development of the $341-million Lapu-Lapu Leisure Mactan project. The 12.5-hectare property will house a casino, retail complex, and hotels. The company looks to start the casino’s operations as early as 2019, ahead of the development’s target completion in 2022.

Shares in JOH were flat at P5.13 apiece, while shares in H2O lost 10 centavos or 1.57% to P6.25 each at the stock exchange on Thursday. — Arra B. Francia

Workplace injuries fall in 2015 — PSA

By Ranier Olson R. Reusora,
Researcher

REPORTED CASES of occupational injury declined around 13.7% in 2015 compared with the previous survey covering 2013, the Philippine Statistics Authority (PSA) said.

The data on injuries were published in the February 2018 issue of Labstat Updates. The study, “Safety and Health in the Workplace,” found that in 2015, 17,859 cases were reported which resulted in workdays lost at establishments employing 20 or more workers, compared with the 20,702 cases reported in 2013.

Superficial injuries and open wounds were the most common hazard in the workplace nationwide at 10,042 or 56.2% of the total reported cases. The share was down 5.5 percentage points from 61.7% in 2013, where the category of injury was also the most common.

“Specifically, superficial injuries and open wounds were prevalent in the real estate industry (86.4%) in 2015, and in professional, scientific and technical activities (74.8%) in 2013,” according to the report.

Other types of injury were dislocations, sprains and strains (12.6% of the total), fractures (8.8%); burns, corrosive injuries, scalding and frostbite (8.4%), foreign bodies in the eye (6.2%), concussions and internal injuries (4.9%), acute poisoning and infection (1.4%) and traumatic amputations (1.3%).

By industry, manufacturing had the most reported cases of workplace injury accounting for 48.2% of the total or around 8,602. Following were the wholesale and retail trade; the repair of motor vehicles and motorcycles (2,045 or 11.5%) and agriculture, forestry and fishing (1,877 or 10.5%).

The top three factors in occupational injuries were machines and equipment (26.9%), materials and objects (25.7%); and hand tools (19.5%).

“These three agents of occupational injuries were interchangeably the same top three causes of injury in 2013,” PSA said.

Meanwhile, the most injured body parts were the wrist and hand at 39.2% of the total, down from 45.4% in 2013 followed by those in the lower extremities (19.7%, up from 17%) and arms and shoulders (16.7%, up from 15.8%).

“Cases of occupational injuries that affected wrists and hands in 2015 were most common in establishments engaged in repair of computers and personal and household goods and other personal activities for both 2015 (59.3%) and 2013 (75.6%),” the report read.

In 2015, wrists and hands were the most injured in manufacturing (48.1%) and professional, scientific and technical activities (46.3%).

Cases of occupational injury sustained in the lower extremities were most common in establishments engaged in water supply, sewerage, waste management and remediation activities (46.1%); financial and insurance activities (44.9%); and information and communication (40.0%).

Injuries in the arms and shoulders were most common in the information and communication industry at 35.6%.

The leading cause of injury suffered by workers was “stepping on, striking against or being struck by objects, excluding falling objects” at 31.8% of the total. This category of injury was most prevalent in agriculture, forestry and fishing (49.2%); water supply, sewerage, waste management and remediation activities (47%); and construction (46.6%).

In absolute terms, however, manufacturing had the most number of reported cases at 2,158 (25.1%).

Another leading cause according to the report was workers “caught in or between objects” (22.7%) while “exposure to or contact with electric current” accounted for 1.5% of cases.

EastWest Bank books double-digit growth in income as core businesses expand

EAST WEST Banking Corp. (EastWest Bank) booked a double-digit growth in its net income in 2017 on the back of the robust performance of its businesses.

In a disclosure to the local bourse on Thursday, the Gotianun-led EastWest Bank said it posted a P5.1-billion bottom line in 2017, 48% higher than the P3.4 billion logged the previous year.

The growth in the bank’s net income was supported by its main business as core earnings climbed 21% to P24.2 billion from the figure booked in 2016.

“We thank our customers for our best year so far. Their continued patronage allowed us to make progress in improving productivity,” EastWest Bank President Jesus Roberto S. Reyes said in the statement.

Broken down, EastWest Bank said in the statement that its net interest income and fee-based earnings grew 19.8% and 29.2%, respectively. However, its trading income slipped to P760 million by 16.6% from the P911.5 million recorded in 2016.

Total loans reached P220.1 billion, rising by 10.7% year on year. Its consumer loans, which accounted for 71% of the bank’s total loans, grew 17% to P160.3 billion. Deposits rose 7.7% to P258.7 billion, with low-cost deposits rising 11.1%.

Overall, EastWest Bank’s net revenues reached P25.6 billion in 2017, up 17% year on year.

Meanwhile, the lender’s operating expenses stood at P13.9 billion, higher by 19.1% as the bank invested in broadening and deepening its senior management bench, it said on Thursday.

Its assets, on the other hand, grew 8.8%

The bank’s net interest margin came in at 7.8% as of end-2017, the highest in the industry, according to the lender.

The bank’s return on equity was at 13.8%, while return on assets stood at 1.7%. — Karl Angelo N. Vidal

Homegrown artists take the stage at #GlobeWanderland

THIS YEAR’s Wanderland Music and Arts Festival will be a full day of art and music, with a lineup of international acts including Kodaline, Jhene, Aiko, FKJ, Daniel Caesar, Lauv, and Bag Riders, and local artists who are among the country’s best young musicians across different genres.

Wanderland 2018 will be held on March 10 at the Filinvest City Event Grounds in Alabang.

The local acts are:

Jess Connelly, an indie artist who got her start in 2015 by releasing music on SoundCloud, following this up in 2016 with her debut album How I Love, which put her on Spotify’s Artists to Watch for 2017. She became popular thanks to her soulful voice and R&B melodies, which stood out in songs like “Mine” and “Wait.” She has performed around the Philippines and Asia, opening for Macklemore and performing in the Wonderfruit Festival in Thailand.

Jose Villanueva III, popularly known as Quest, is a singer, rapper, and songwriter who’s known for having sung “Sige Lang,” the theme song of the basketball team Gilas Pilipinas in 2012. The song is part of the album Life of a Champion, which was awarded Album of the Year at the Awit Awards. In 2010, Quest also won Best Urban Music Video for “Back to Love” at the MYX Music Awards.

Then there is IV of Spades, known for its color-coordinated and 1970s-inspired look. The band formed in 2014 with members Zild Benitez, Badjao de Castro, Blaster Silonga, and Unique Salonga, and came to the public’s attention the following year thanks to Wanderband, a competition to find independent artists to perform at Wanderland. While it did not win, it went on to release the song “Hey Barbara” and play at the Scout Music Fest. The band is now known for its funky sound as much as its eye-catching style.

Ben&Ben is an indie folk band made up of twin brothers Paolo and Miguel Guico, who started out as started as The Benjamins (they wrote “Tinatangi” which was performed by legendary singers Bayang Barrios and Cooky Chua and was 2nd runner up at the PhilPop Music Festival in 2016) before being joined by Poch Baretto, Jam Villanueva, Agnes Reoma, Patricia Lasaten, Toni Muñoz, Andrew de Pano, and Keifer Cabugao and becoming Ben&Ben. Ben&Ben’s self-titled album was launched at a sold-out concert, with performances from Barrios and Chua, Bullet Dumas, Johnoy Danao, and Noel Cabangon, among others.

Describing itself as an “electronic soul project curated to share head bobbing tunes” is Asch, composed of Asch Catabona, Ben Ayes, Justin Ratilla, and Luke Abadiano. The band’s music is a blend of R&B, jazz, soul, and hip-hop. Known for songs like “IDK,” “Mobius,” and “Ashes to Ashes,” the band will soon launch its debut album Mobius.

Also performing are two Wanderland Wanderbattle winners: Basically Saturday Night and Carousel Casualties.

Basically Saturday Night is made up of Migie Garcia, Junoy Manalo, Faisal Tabusalla, Arvin Dale, and Jairus Paul, who brought a fan club that took over half the venue at the Wanderbattle. Their songs, “El Poder” and “Chemical Love,” are crowd favorites.

During the Wanderbattle finals, Carousel Casualties performed a medley of Khalid songs, getting the audience to sing along to “Location” and “Young, Dumb, and Broke.” The band is also known originals like “San Junipero,” “Safety,” and “Leona.”

For more information about the music festival, visit the Web site at go.globe.com.ph/Wanderland.html.

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