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BSP likely to keep policy stance tight

The main office of the Bangko Sentral ng Pilipinas in Manila. — BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) is still likely to keep its policy settings tight even as inflation settled within the target for a sixth straight month in May.

“The BSP will likely keep its monetary policy restrictive in the first half of the year as inflation risks (are) seen to persist in the near term,” Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said in a statement.

Policy easing may only be considered once inflation stabilizes within the 2-4% target in the third or fourth quarter, he added.

“We continue to note the possibility of rate cut delay, given that the Philippine economy maintains a healthy pace of growth,” Citi Economist for the Philippines Nalin Chutchotitham said.

The central bank could cut rates as early as August, BSP Governor Eli M. Remolona, Jr. previously said.

At its May meeting, the Monetary Board kept the benchmark rate steady at a 17-year high of 6.5%. Its next policy review is on June 27.

The central bank raised borrowing costs by 450 basis points (bps) from May 2022 to October 2023 to tame inflation.

“Looking ahead, although we think upward momentum may persist in the next two months given unfavorable base effects, weaker peso and lingering food supply issues, we are still on track to achieve sub-4% as early as August,” Mr. Neri said.

This is in line with the BSP’s expectation that inflation could breach the 2-4% target band until July amid base effects.

Headline inflation quickened to 3.9% in May from 3.8% in April, its fastest print in six months or since 4.1% in November. May also marked the sixth straight month that inflation settled within the 2-4% target range.

“Some upside risks to inflation remain, from potential adjustments of excise taxes and minimum wages. Hence, we continue to expect the BSP to start cutting policy rates only in August, once inflation has peaked around July,” Ms. Chutchotitham said.

The recent peso weakness may also delay the BSP’s easing cycle, Ms. Chutchotitham said.

“Additionally, we think in the event of high FX (foreign exchange) volatility, the BSP might also opt for delayed rate cuts to support the peso, especially if the Fed begins cutting later than July,” she said.

Mr. Neri said the timing and magnitude of the BSP’s rate cuts would depend on the Fed. “If local inflation conditions are right, the BSP will likely respond immediately with rate cuts once the Fed begins its easing cycle,” he said.

Nearly two-thirds of economists are now predicting the Fed will cut interest rates in September, according to Reuters’ May 31-June 5 poll, offsetting recent bearish supply news, Reuters reported.

“If the BSP reduces its policy rate ahead of the Federal Reserve, a narrowed interest rate differential increases the risk of currency depreciation, which could outweigh recent deceleration in food prices,” Mr. Neri said.

Mr. Neri said the peso may appreciate in the second half of the year, when the Fed is expected to begin easing.

“However, while a Fed cut might lead to peso appreciation, its gains are likely to be smaller compared to other emerging market currencies given the substantial current account deficit of the country,” he added.

Mr. Remolona earlier said that the BSP does not need to “wait” for the Fed to cut before starting its own easing.

Meanwhile, Citi expects 25-bp rate cuts by the BSP in August, October and December, followed by 25-bp rate cuts in February, May and August 2025.

“Our forecasts are based on the assumption that the BSP would adjust policy stance to ensure that it is not too tight to support economic momentum,” Ms. Chutchotitham said.

However, Mr. Neri said he expects the central bank to reduce rates by 50 bps this year.

“We now expect a rate cut of around 50 bps this year, assuming the Federal Open Market Committee (FOMC) eases sometime in the second semester,” he added.

Meanwhile, Nomura Global Markets Research said it expects the BSP to only begin cutting rates in October, when inflation is “more entrenched within its 2-4% target.”

“Importantly, amid an improving inflation outlook, we still think BSP is unlikely to start easing before the Fed (our US team expects a first cut in September), in order to avoid adding to recent FX pressures under BSP’s flexible market-determined FX regime, which we believe BSP is clearly still sticking to.”

Nomura expects a total of 50 bps of rate cuts this year and another 100 bps for next year, bringing the key rate to 5%.

Two million Filipino children living in severe food poverty — UNICEF

AROUND TWO MILLION Filipino children under five years old are living in severe food poverty, United Nations Children’s Fund (UNICEF) said. — PHILIPPINE STAR/EDD GUMBAN

AROUND TWO MILLION Filipino children are living in severe food poverty, putting them at risk of malnutrition, according to a new report by the United Nations Children’s Fund (UNICEF).

In a report entitled “Child Food Poverty: Nutrition deprivation in early childhood,” UNICEF said 18% of Filipino children under five years old, equivalent to two million, are considered severely food poor since they consume two or fewer of the eight major food groups a day.

The eight food groups include breastmilk, grains and roots, pulses and nuts, dairy products, meat, poultry and fish, eggs, Vitamin A-rich fruits and vegetables, and other fruits and vegetables.

“Four out of five children in this situation are fed only breastmilk/milk and/or a starchy staple, such as rice, corn, or wheat. Less than 10% of these children are fed fruits and vegetables. And less than 5% are fed nutrient-dense foods such as eggs, fish, poultry, or meat,” it said.

At the same time, 35% of Filipino children under five are living in “moderate food poverty” which means they consume three to four food groups a day.

“Children living in severe food poverty are children living on the brink. This can have an irreversible negative impact on their survival, growth, and brain development. Children who consume just rice and some vegetable soup a day are up to 50% more likely to experience severe forms of malnutrition,” UNICEF Representative to Philippines Oyunsaikhan Dendevnorov said in a statement.

UNICEF said there are 440 million children under five years old that are living in food poverty around the world. Of this total, 181 million children are living in severe food poverty.

The Philippines is one of 20 countries that account for 65% of the children living in severe food poverty globally, it said.

“Almost two-thirds of the total number of children living in severe child food poverty are concentrated in just 20 of these countries: Afghanistan, Bangladesh, China, Cte d’Ivoire, the Democratic Republic of the Congo, Egypt, Ethiopia, Ghana, India, Indonesia, Myanmar, the Niger, Nigeria, Pakistan, the Philippines, Somalia, South Africa, Uganda, the United Republic of Tanzania and Yemen,” it said.

Severe food poverty is not just driven by the inability to buy nutritious food, but also the failure to sustain positive feeding practices.

“Nearly half (46%) of all cases of severe child food poverty are among poor households where income poverty is likely to be a major driver, while 54% — or 97 million children — live in relatively wealthier households, among whom poor food environments and feeding practices are the main drivers of food poverty in early childhood,” it said.

An “alarming” proportion of children in severe food poverty are consuming more “cheap, nutrient-poor” ultra-processed foods and sugar-sweetened beverages, UNICEF said.

“Consumption of unhealthy products was particularly high in Egypt, Kenya, Kyrgyzstan, Lebanon, Nepal and the Philippines, where more than one in five children consumed an unhealthy food and/or sweet beverage — despite these children consuming two or fewer food groups per day,” it said.

To address food poverty, UNICEF urged the government to ensure the availability of affordable food products and to use health systems to deliver nutrition services to prevent and treat malnutrition in early childhood.

The government should also provide cash, food or voucher subsidies to support poorer households, UNICEF said. — B.M.D.Cruz

PEZA says it approved P6.87 billion worth of projects in May

THE PHILIPPINE Economic Zone Authority (PEZA) approved 22 new and expansion projects worth P6.87 billion in May, with the value dropping 54% from a year ago.

In a statement on Thursday, the investment promotion agency (IPA) said the approved investments last month are expected to generate $100.81 million in exports and create 4,616 jobs.

However, it was 54% lower than the P14.93 billion worth of investments approved in May last year.

“The approvals reflect an increase of 10% in new and expansion projects from 20 approved in May 2023 and a 3.04% increase in direct employment from 4,438 recorded in the same month last year,” PEZA said.

The 22 approved investments comprise 10 export manufacturing projects, nine information technology and business process management (IT-BPM) projects, two domestic projects, and one facility development project.

“One Japanese enterprise registered a whopping P3.9-billion big-ticket project into the manufacturing of semiconductor devices and other electronic components in Cebu,” the IPA said.

In terms of location, 12 projects will be in Calabarzon, three in the National Capital Region, three in Central Visayas, two in Western Visayas, one in Central Luzon, and one in the Davao Region.

According to the IPA, the approved activities range from high-tech manufacturing to IT-BPM facilities.

“This variety not only provides robust employment opportunities but also enhances the overall resilience of the Philippine economy, making it less susceptible to sector-specific downturns,” it added.

The projects approved last month brought PEZA’s approved investments for the year to P36.83 billion, a 19.16% decline from the P48.03-billion approved investments in the same period last year.

In the January-to-May period, the IPA has approved 95 new and expansion projects, which are projected to generate $1 billion worth of exports and 19,000 jobs.

“The rise in the number of approved projects emphasizes PEZA’s pivotal role in catalyzing investment inflow and fostering sustainable employment across various sectors,” said PEZA Director-General Tereso O. Panga.

PEZA also said that the investments approved in the first two months of the second quarter have already surpassed the P14.95-billion approvals in the first quarter. 

From April to May, PEZA approved P21.87 billion worth of investments, representing a 4.63% increase from the approved investments in the January-to-March period.

“The consistent rise in employment rates also suggests a positive trajectory for consumer spending and economic stability, which in turn may attract further foreign direct investments,” PEZA said. — Justine Irish D. Tabile

Ayala Land triumphs at the 14th Asian Excellence Awards

Ayala Land took home six wins at the 14th Asian Excellence Awards including Best Investor Relations Professional, Asia's Best CFO, Best Investor Relations Company in the Philippines, Sustainable Asia Award, Asia's Best CEO, and Asia’s Best CSR Award.

Corporate Governance Asia recognized Ayala Land, Inc. (ALI) in multiple categories in its 14th Asian Excellence Awards, held last May 30, 2024, at JW Marriott Hong Kong.

ALI’s President and CEO, Anna Ma. Margarita B. Dy, was celebrated as Asia’s Best CEO. This recognition affirms the significant strides Ayala Land has made under her stewardship. Dy’s strategic direction and leadership have been pivotal in driving the company’s new growth plans. Meanwhile, Augusto D. Bengzon, the company’s Chief Finance Officer and Chief Compliance Officer, was honored as Asia’s Best CFO. Bengzon’s financial expertise and insight have helped steer ALI’s strategies and ensured sustained financial health and compliance which have been fundamental to the company’s success.

(L-R): Ayala Land Chief Sustainability Officer Robert Lao, President and CEO Anna Ma. Margarita “Meean” Dy, CFO and Chief Compliance Officer Augusto Bengzon, and Investor Relations Head Michael Anthony Garcia

Ayala Land’s dedication to sustainability and corporate responsibility was also accorded with the Sustainable Asia and Asia’s Best CSR awards. These recognitions highlight the company’s ongoing efforts to integrate sustainable practices into its operations and its commitment to positively impacting the communities it serves. Furthermore, ALI was also recognized as the Best Investor Relations Company in the Philippines, and Michael Anthony L. Garcia, Head of Investor Relations, was recognized as the Best Investor Relations Professional.

“We are honored to receive these awards,” said Dy. “They reflect the dedication and hard work of our entire team, who continually strive for excellence in all aspects of our business. These recognitions inspire us to further our commitment to sustainable and responsible business practices.”

Ayala Land’s success at the Asian Excellence Awards not only highlights its leadership in the property sector but also underscores its broader commitment to sustainable development and responsible corporate governance, setting the benchmark in the industry.

 


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Hotels aim to cash in on Taylor Swift phenomenon with ‘gig-tripping’ perks

TAYLOR SWIFT in a scene from the 2023 concert movie Taylor Swift: The Eras Tour.

AS IT becomes clearer that Taylor Swift fans are more than happy to pay top dollar for their concert-going vacations, five-star hotels are starting to court the sequin set.

In London, the plush Four Seasons Hotel London at Park Lane has unveiled its own “gig-tripping package,” ahead of Ms. Swift’s series of eight Eras Tour shows at Wembley Stadium, which begins on June 21. Though it’s best known for its 10th floor spa with spectacular views of London and destination restaurant Pavyllon from star chef Yannick Alléno, it’s significantly turning up the volume this summer.

Among other perks, guests who book the package will find karaoke machines in their rooms — an invitation to belt their hearts out before or after the shows. Besides that, there are glittery welcome drinks, portable phone chargers for the show (also glittery), and friendship bracelet-making kits, an Eras Tour tradition. All this adds £200 ($319) to each booking on top of the standard room rates, which run around £1,000 a night in June — up to a 20% markup, depending on how long you stay.

Given the strong data supporting the “Taylor Effect” — a rise in spending tied to Ms. Swift’s shows — all around the world since the tour start in March 2023, it was only a matter of time before the hotel industry attempted to cash in with add-ons. Last year, the first leg of her US tour contributed $4.3 billion to gross domestic product, according to estimates from Bloomberg Economics. And Four Seasons is not the only hotel brand trying to get in on the fun: Marriott International, Inc. has used Ms. Swift’s popularity to court new loyalty members with sweepstakes packages and hotel events in such cities as Madrid and Stockholm.

Raquel Pirola, Park Lane’s marketing and sales director, says her team came up with the amenity as they saw more guests, particularly Gen Z and millennial travelers, working Four Seasons stays into itineraries that are driven primarily by concerts — not just in London but all around the world. The amenity comes ahead of the Swift tour dates, but it can be personalized around other concerts happening this summer, she says, citing excitement around the British Summer Time festival in neighboring Hyde Park. The lineup includes Kylie Minogue, Stevie Nicks, and SZA.

“In recent years, entertainment and cultural events have started to really drive luxury travel trends,” says Ms. Pirola, adding that she’s seen Americans booking the gig-tripping package. Luxury is the key word: A report from Skyscanner says 44% of US adults are willing to travel short-haul to see their favorite acts live, but only 18% are willing to fly long-haul for the same reason.

Still, the demand is significant enough to fill planes crossing the Atlantic. Data from United Airlines, Inc. shows bookings for US flights to Milan during Swift’s tour dates in July are up 45% compared with the same period last year. Demand for flights to Munich is similarly high, with bookings up 40% during the Eras shows.

The billionaire superstar is also outshining the Olympics, according to data from travel agency Embark Beyond shared exclusively with Bloomberg, which showed Ms. Swift being a bigger driver of demand to Paris for luxury travelers than the upcoming games in Paris. For example, the Shangri-La Paris saw a 120% increase in bookings over Ms. Swift’s travel dates in May, giving the palace hotel a revenue boost before peak summer season, according to data from the hotel shared with Bloomberg. The Shangri-La has launched a concert concierge in response; the hotel’s teams can arrange things like pre-show beauty services to help guests get bejeweled before the gigs.

Ms. Pirola is confident that the story will play out similarly in London, where data from Barclays shows the Eras Tour is likely to provide a £1 billion boost to the UK economy. “Guests will no doubt find a Swiftie or two to exchange friendship bracelets with here at the hotel,” she says.

But there may be signs that hotels are coming into the phenomenon too late. Even as Ms. Swift continues to smash records, demand for concerts is fading, with some mid-tier acts struggling to sell tickets. Bad Bunny and the Black Keys have canceled tour dates this summer, while Jennifer Lopez canceled her entire tour.

For Swifties, getting a chance to sing “London Boy” inside a room at one of London’s top hotels could be a dream come true. But the hotel is aware that it’s not for everyone. Ms. Pirola says that the rooms are soundproofed well enough that guests blasting their hearts out to one of Ms. Swift’s chart-topping hits ahead of the Eras tour won’t keep any of their neighbors up at night. — Bloomberg

RLC to boost REIT unit with P33.9-B asset infusion

ROBINSONS CAINTA — WIKIMEDIA.ORG

By Revin Mikhael D. Ochave, Reporter

GOKONGWEI-LED Robinsons Land Corp. (RLC) will infuse 13 commercial assets into its real estate investment trust (REIT) unit in exchange for P33.9 billion worth of primary common shares under a property-for-share swap deal.

In separate disclosures on Thursday, RLC and RL Commercial REIT, Inc. (RCR) said their respective boards approved a property-for-share swap transaction between the two companies that is seen to bolster the latter’s portfolio.

RLC will subscribe to 4.99 billion RCR primary shares at P6.80 apiece, equivalent to P33.92 billion in exchange for 13 commercial assets covering 347,329 square meters (sq.m.) of gross leasable space (GLA).

The transaction brings RCR’s GLA to 827,808 sq.m. from the previous 480,479 sq.m.

“The assets have been selected based on RCR’s investment criteria of maximizing dividend yield accretion through the infusion of high-quality commercial properties that complement the company’s existing portfolio of sixteen premium assets,” RCR said.

The properties involved in the swap deal include 11 malls totaling 278,526 sq.m. of leasable space namely, Robinsons Novaliches, Robinsons Cainta, Robinsons Luisita, Robinsons Cabanatuan, Robinsons Lipa, Robinsons Sta. Rosa, Robinsons Imus, Robinsons Los Baños, Robinsons Palawan, Robinsons Ormoc, and Cybergate Davao.

The deal also includes two office assets totaling 68,803 sq.m. of leasable space, namely Giga Tower in the Bridgetowne Destination Estate, Quezon City, and Cybergate Delta 2 in Davao City.

“The planned asset infusion will diversify our predominantly office asset portfolio with the inclusion of mall assets. This is in line with RCR’s commitment to shareholders to continuously grow the company,” RCR President and Chief Executive Officer Jericho P. Go said in a separate statement.

“Our fund manager, RL Fund Management, Inc., has identified the assets that will maximize the additional value delivered to our shareholders,” he added.

RLC said the transaction is still subject to regulatory approval and will be presented for stockholders’ approval during RCR’s special stockholders’ meeting on July 15, to be completed within the year.

“Revenues shall accrue to RCR starting on April 1, 2024, subject to the approval of the stockholders and pertinent regulatory bodies. The company targets to secure regulatory approvals for the property-for-share swap within the year,” it said.

“After the infusion, RCR will remain as the Philippine REIT with the widest geographical reach, with assets in eighteen key locations,” it added.

Sought for comment, AP Securities, Inc. Research Analyst Jose Antonio B. Cipres said in a Viber message that the transaction bodes positively for RCR.

“We see this as a positive progression for the company especially given the cloudy atmosphere surrounding offices primarily due to the emergence of work-from-home setups. We reiterate our bullishness towards the mall segment on the back of eventual pickup in consumer demand which would in turn boost mall occupancy,” he said.

“This is positive as well as majority of their infusions right now is outside Metro Manila wherein demand is currently shifting,” he added.

Mr. Cipres added that the transaction makes RCR more attractive to investors.

“The infusion is a substantial addition of 72.3% to RCR’s current GLA. It makes RCR all the more attractive not only because of its higher yield versus other REITs but also its diversification strategy,” he said.

For the first quarter, RCR’s net income rose by 4% to P1.12 billion. Its current investment portfolio following the infusion includes about 1.4 million sq.m. of leasable mall spaces, approximately 253,000 sq.m. of remaining leasable office spaces, 26 hotels with a total of 4,243 room keys, and 244,000 sq.m. of leasable logistics facilities.

On Thursday, RCR shares rose by 3.8% or 19 centavos to P5.19 apiece while RLC stocks gained by 0.51% or eight centavos to P15.68 per share.

Assassin’s creed

GLEN POWELL and Adria Arjona in Hit Man (2023)

Movie Review
Hit Man
Directed by Richard Linklater
Now showing on Netflix

RICHARD LINKLATER’S Hit Man — adapted from the Texas Monthly magazine piece of the same name written by Skip Hollandswort — is that rare news article adaptation that takes an interesting premise (ordinary joe poses as an assassin-for-hire for a New Orleans PD sting operation) and pushes it to its logical extreme, or at least as extreme as the director can manage. Glen Powell is Gary Johnson, a philosophy professor who teases his students with questions like “What if your self is a construction?” Linklater wastes no time testing that postulate: one day the operation finds itself without a plainclothes officer to deliver the sting, and Gary’s colleagues coax him to step in instead.

Powell under Linklater’s deft direction sells us the proposition that this guy is a straightshooter that has never pretended to be anything other than himself before, much less in such sketchy circumstances: a half-lit diner, a heavily tattooed bearded man sitting opposite. I remember once agreeing to stand in for my brother at a college org initiation, facing a roomful of seniors eager to grill me over coals — only my brother stepped in at the last minute and (being an identical twin) gave them a Twilight Zone chill; I can imagine Gary experiencing a similarly high-altitude moment only he has to fly solo, without someone in the wings waiting to step in and bail him out.

Gary pulls it off not just once but several times, enough times that the question of a constructed self can only be followed by a qualifying “which one?” Gary slips on selves as easily as an actor slips on costumes; as Ron (his nome de guerre) he’s smarter, funnier, more instinctive, with a long list of victims hanging from his belt. And he gets away with it every time — partly because he’s playing dress-up for a good cause (arresting co-conspirators to attempted murder), partly because he knows he has the police to back him just in case. And Powell, apparently, is this mildly likable actor who finds himself, despite his blandness, assuming this sexier, more confident, more volatile, quick-change persona easily, almost to his surprise and definitely to ours.

Meet Maddy Masters (Adria Arjona); unlike most of Gary’s would-be clients, she’s no rich housewife seeking to inherit her husband’s fortune or disgruntled gun nut wishing to pay back a grudge, but a young woman terrified of her physically abusive, pathologically jealous boyfriend. Maddy comes to the table where Gary as Ron sits and asks, “Is that good pie?” “All pie is good pie,” Ron replies unblinking. There’s palpable chemistry in the air; you feel electricity crackling between them. As Ron gets up to go, he pushes the envelope of money back to her and suggests she uses that cash to get herself a new life instead.

Reading Skip Hollandsworth’s source article one finds a lightly amusing story with an undercurrent of sadness running throughout as Gary — not the most sociable of beings himself — talks to these mildly eccentric varied folks so unhappy with their lives they want to deprive someone of his, and Linklater captures both tone and undercurrent precisely. What the director brings to the party though, through casting and writing and camerawork, is this effortless erotic charge that sparks up proceedings. Not that the clients haven’t come on to Ron before; some slide their hands up his thigh to his crotch; others bat come-hither lashes and suggest all kinds of side benefits if he pulls the job off.

Maddy’s different; she’s subdued, a little scared, and such a heartstoppingly unaffected beauty Ron can’t help lean forward where he usually leans away, and his gently pushing that envelope back feels like a natural gesture, even inevitable.

And everything proceeds from there: Maddy’s furtive next text (“Can we meet?”), their shy wellness checks on each other, their next actual date are the cautious pas de deux of two attractive people finding themselves drawn towards each other, and we’re caught in their mutual electrostatic field. When things go pear-shape and start spiraling out of control, you can’t help hoping they’ll come out all right, no matter what they do.

Suddenly we’re into Double Indemnity territory and while I’d never dare suggest Linklater writes dialogue as sparkling witty as Billy Wilder or Raymond Chandler or James M. Cain, Linklater’s Gary does come up with a handful of inventive subterfuges to stay ahead of both Maddy’s boyfriend and the police (that cellphone scene for one — but Linklater, who throughout his career has shown a love of actors and their performances, must be familiar with the thrills of on-the-spot improv).

Not that the film is perfect, and excuse me a moment while I use Double Indemnity to bash a few dents into the film’s side panels (please skip the next two paragraphs if you haven’t seen the picture).

It beggars the imagination that when Gary learns Maddy did shoot her boyfriend he’d still trust her so, or that he’d continue to trust her moving forward, to the point that he’d have a life and a few kids for her. Gary in Hollandsworth’s article is a loner three times divorced; he’s admitted that the job has given him a dim view of humanity and I can’t imagine him having an easy time trusting Maddy.

Maddy, in turn, cries out to be a classic femme fatale of the Barbara Stanwyck variety, and that she’d turn out to be only mildly homicidal (her confession to Gary is treated more like a comedy skit than a dark reveal) is a keen disappointment. When Stanwyck was done backbiting her husband, there was an even better sport to be had watching her and Fred McMurray turn on each other. Some things in noir shouldn’t be tampered with, I think; I’d cite the scene in Lady From Shanghai where Orson Welles tells his story about sharks — Rita Hayworth and Everett Sloane are, I submit, an even more vicious version of Stanwyck and McMurray, rendered venomous by years of curdled companionship. One might argue Linklater was going for something different from classic noir; I’m of the opinion he didn’t go far enough.

But that’s my chief complaint; otherwise this may be Linklater’s most sheerly pleasurable work to date, and that there’s something to Powell’s comic chops. And Ms. Arjona, if life is at all to have any sense of justice, should become a major star.

ACEN bolsters Palauig project via P8.7-B subsidiary subscription

AYALA-LED ACEN Corp. has subscribed to additional shares in its subsidiary Giga Ace 8, Inc. worth P8.7 billion to fund a proposed 300-megawatt (MW) solar project in Palauig, Zambales.

“The subscription will provide additional funding for the proposed 300.011 MW-peak/237 MW AC Palauig Solar 2 Project,” ACEN said in a statement on Thursday.

The subscription involves 26.09 million common A shares, 234.89 million redeemable preferred A shares, and 60.9 million redeemable preferred C shares.

Giga Ace 8 is a special purpose vehicle (SPV) for developing renewable energy projects in the Philippines.

An initial payment of P2.17 billion has been made by ACEN. Full payment is pending the necessary approvals from the Securities and Exchange Commission to increase the SPV’s authorized capital stock.

The 300-MW Palauig Solar project has an estimated cost of P16 billion, which includes the construction of a 1,200 MW transmission line.

This project is near ACEN’s existing 63 MW Palauig 1 Solar project, which began supplying energy to the Luzon grid in 2021.

“With Palauig 2 Solar being a crucial addition to ACEN’s renewable energy expansion, the company aims to be a top partner in energy security in the Philippines, harnessing renewable energy resources to help achieve a 35% renewable energy share in the power generation mix by 2030,” ACEN stated in January last year.

Currently, ACEN has approximately 4,700 MW of attributable capacity across the Philippines, Vietnam, Indonesia, India, and Australia.

On Thursday, ACEN shares rose by P0.13 or 2.83%, closing at P4.72 each on the stock exchange. — Sheldeen Joy Talavera

Jollibee Foods Corporation to conduct Annual Stockholders’ Meeting virtually on June 28 at 2 p.m.

Deadline to register to vote in absentia is on June 18, 5 p.m., while deadline to vote in absentia is on June 21, 12 p.m.

 

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

NOTICE IS HEREBY GIVEN that the annual meeting of the stockholders of Jollibee Foods Corporation (the “Corporation”) shall be held on Friday, June 28, 2024 at 2:00 in the afternoon.

The agenda for the meeting shall be as follows: 

  1. Call to Order;
  2. Certification by the Corporate Secretary on Notice and Quorum;
  3. Reading and approval of the minutes of the last Annual Stockholders’ Meeting;
  4. Management’s Report;
  5. Approval of the 2023 Audited Financial Statements and Annual Report;
  6. Ratification of Actions by the Board of Directors and Officers of the Corporation;
  7. Approval of Amendments to the Secondary Purposes of the Corporation in Article Two of the Articles of Incorporation, to remove land from among the real properties that may be acquired, mortgaged or encumbered by the Corporation;
  8. Election of Directors;
  9. Appointment of External Auditors;
  10. Other matters; and
  11. Adjournment.

Only stockholders of record as of May 28, 2024 are entitled to notice of, and to vote at, this meeting.

In the interest of public health and safety, there will be no physical meeting. The Corporation shall conduct the meeting virtually and the stockholders may attend and participate via remote communication and by voting in absentia or by appointing the Chairman of the meeting as their proxy.

The procedures for participating in the meeting through remote communication and for voting in absentia are set forth in the Information Statement and shall also be published in the Corporation’s website at https://asm.jollibeegroup.com/. The deadline for registration to vote in absentia shall be until 12:00 P.M. of June 21, 2024.

Stockholders who will join by proxy shall download and complete the proxy form found in the Corporation’s website at http://www.jollibeegroup.com and submit the duly accomplished proxy forms by email to corporatesecretary@jollibee.com.ph no later than 5:00 p.m. of June 18, 2024. Proxies received thereafter shall not be recognized for the meeting.  We are not soliciting your proxy.

 

Pasig City, June 5, 2024.

 

WILLIAM TAN UNTIONG

Corporate Secretary

 


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The Ransom Collective’s Muri explores the dips and peaks of a solo music career in Europe

A LOT of things have been changing for singer-songwriter-violinist Muri (full name: Muriel Gonzales) since the pandemic started. She had moved to Europe to further her studies and began to embark on a solo music career at the same time.

“My experience has been in a band and in the context of the Philippines. It was really fun because things happen relatively smoothly. That’s why, with going solo, I didn’t know what to expect,” Ms. Gonzales said in an interview with BusinessWorld via Zoom on May 30.

“I guess the reality of being a solo newcomer was very challenging since you’re starting over from scratch,” she added.

The Ransom Collective, the indie folk band where she has been a violinist since 2013, has had to rethink their trajectory with each member finding themselves in different places. In 2022, they released “3 A.M.,” their first single since the pandemic. Meanwhile, Muri released the nostalgic, reflective tunes “Lately” and “Letters,” recorded in Paris.

Being somewhere else has naturally led her down her own path. “In a new country I feel like it’s a blank canvas. It’s challenging and interesting being able to write music from abroad,” she said.

Because personal experience informs Muri’s songwriting, listeners can expect to hear about the “dips and peaks of her experience in another country,” she said.

“The next few songs will take on this whole experience. It’s me being open about the things I go through.”

“Afternoon” is the title of her new track, the beginning of many more exploring this stage of Muri’s career, which will culminate in a solo EP. There are also plans to perform the new material in Europe and Asia within the year. 

Her classical violin training blends with jazz and soul influences, though The Ransom Collective fans may be able to pinpoint “an indie band vibe with how the instruments come together.”

Muri told BusinessWorld that the song’s main difference from her past work would be that it has a more synth-oriented indie songwriting style.

“There’s something unique about crafting a song in an intimate setting by yourself or with one or two others. It’s a bit more intentional,” she said.

As for how she transcends borders with audiences and listeners in Paris, London, and Manila, the key would be social media. “I see it as an important avenue for reaching and connecting with the right people,” she said.

“Afternoon” is out now on all digital music streaming platforms. — Brontë H. Lacsamana

Meralco to power upcoming Robinsons Land projects

PHILSTAR FILE PHOTO

MANILA Electric Co. (Meralco) announced on Thursday a partnership with Robinsons Land Corp. (RLC) to energize the latter’s two upcoming real estate developments set to be operational by 2026.

Meralco will provide power support for Sierra Valley in Rizal province and The Jewel in Mandaluyong City, the company said in a statement.

“This partnership will enable us to provide our customers and residents with energy-efficient solutions that are both environmentally friendly and economically viable,” RLC President and Chief Executive Officer Lance Y. Gokongwei said.

Over the past five years, Meralco has collaborated with RLC on various initiatives, including the installation of solar photovoltaic systems for Nustar Resort and Casino through its solar company, MSpectrum.

The property developer also tapped Meralco’s sustainable mobility arm Movem for the installation of the electric vehicle charging stations in several Robinsons Malls in 2022.

Meralco said that 10 Robinsons Malls are part of the government’s Interruptible Load Program within its franchise area, helping to unload 31 megawatts during periods of insufficient power supply in Luzon.

The power distributor has committed to investing in projects that “contribute to ensuring that the infrastructure to support the government’s nation-building efforts are in place.”

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Fintech Elevate gets $5M for Philippine expansion

FREEPIK

LONDON and Dubai-based financial technology (fintech) company Elevate has raised $5 million in financing for a platform that will offer dollar accounts to Filipinos as it targets the growing freelancing community in the country.

“We are thrilled to bring our innovative financial solutions to the Philippines, a market with a burgeoning freelance community. Our goal is to empower freelancers by providing them with secure, efficient services and the best USD-peso foreign exchange (FX) rates that address their unique needs,” Elevate Chief Executive Officer Khalid Keenan said in a statement on Friday.

Elevate is sponsored by Bangor Savings Bank, a 172-year-old institution in Maine, USA, with over $7 billion in assets, which makes Elevate accounts Federal Deposit Insurance Corp. (FDIC)-insured up to $250,000.

“The introduction of FDIC-insured accounts through our sponsor bank, Bangor Savings Bank, is set to revolutionize the financial landscape for Filipino freelancers, offering them unprecedented security and convenience in managing their international earnings,” Mr. Keenan said.

Elevate’s platform will allow Filipino freelancers to receive payments in US dollars. It supports free and fast deposits from US and international employers and platforms like Upwork, Fiverr, PayPal, Deel, and Toptal.

The product aims to serve the 1.5 million Filipinos registered on online international freelancing platforms and an additional 1.3 million working in business process outsourcing companies.

“The Asia-Pacific region, including the Philippines, has been the fastest-growing area for remote work, alongside Europe, Middle East, and Africa,” Elevate said.

It also expects strong demand from workforces in Indonesia, Malaysia, Vietnam, and Thailand amid continued opportunities from remote work.

The company will partner with multiple global FX providers integrated in Philippine banks to offer competitive rates for those transferring assets from dollar accounts to Philippine-based banks.

Elevate also offers a Mastercard debit card for online spending.

The company plans to expand its customer support, content, and compliance teams in the Philippines sometime in the second half of the year.

Elevate has over 150,000 users globally.

Since 2021, the company has raised a total of $10 million in equity and debt from investors, including Y Combinator, Goodwater, Global Founders Capital and VSQ. — A.M.C. Sy