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Turnover of Sierra Valley’s first 2 towers eyed for 2025

RLC RESIDENCES said it expects the turnover of the first two towers of its four-tower Sierra Valley Gardens (SVG) project – Phase 1 in Rizal by 2025.

The Sierra Valley Gardens in Cainta is a high-rise residential project that spans three phases along Ortigas Avenue Extension.

“We expect turnover to begin by mid-2025,” said Robinson Land Corp. Chief Marketing Officer John Richard B. Sotelo in an e-mailed statement on Monday, referring to the first two buildings of Phase 1 launched in 2020.

Mr. Sotelo also said that Buildings 3 and 4 of Phase 1 are “on track as per the original construction schedule” and are almost sold out.

RLC Residences plans to launch Phase 2 and Phase 3 according to market demand and readiness, he added.

In a media release last week, the company said it conducted SVG’s topping-off ceremony for the first two buildings.

The company said the project was its fastest-selling condominium property due to its location inside the Sierra Valley Estate in Cainta, Rizal, minutes away from Ortigas central business district.

“There are so many things to look forward to in this project — the convenience of living in well-designed units that they can call home, where the amenities for leisure, recreation, and wellness are at their fingertips,”  RLC Residence Marketing Head and Chief Integration Officer Karen Cesario said.

Sierra Valley Gardens is described as the first smart suburban community in Cainta, Rizal.

It offers studio to two-bedroom units with balcony options.

The amenities include the clubhouse façade, function room, gym, children’s playroom, jogging trail, adult and children swimming pool, multi-purpose court, and outdoor play area. — Aubrey Rose A. Inosante

UnionBank Q1 profit slides 40% after Citigroup integration

BW FILE PHOTO

UNION BANK of the Philippines, Inc. (UnionBank) booked a net income of P2.011 billion in the first quarter, with expenses related to its integration of Citigroup, Inc.’s local consumer business into its operations affecting its profit, it said on Monday.

The bank’s net income last quarter was down by 39.79% from the P3.34-billion attributable net profit that it booked in the comparable year-ago period, based on its unaudited financial report for the first quarter of 2023.

UnionBank’s latest financial statement was unavailable as of press time.

“The bank allocated resources towards the migration of the acquired Citi consumer business into UnionBank systems. While this temporarily affected our profitability, it was a planned initiative aimed at unlocking long-term benefits and efficiencies,” the lender said in a disclosure to the stock exchange.

UnionBank completed the integration’s final phase on March 24, it said.

“Our first-quarter performance is in line with our expectations. We are even ahead in terms of key metrics that matter for sustainable growth, such as number of retail customers, net interest margins, and fees-to-assets. Now that we have successfully completed the Citi migration, we will no longer bear the one-time costs associated with it starting this month.

We will now focus our efforts to realizing the full gains from cross-selling to our growing customer base,” UnionBank Chief Financial Officer Manuel R. Lozano said in a statement.

The bank’s net interest income grew by 17% year on year to P13.45 billion in the first quarter. Its net interest margin went up by 59 basis points to 5.7%. Meanwhile, other income stood at P4.905 billion.

Its revenues grew by 14% year on year, supported by the growing share of consumer loans in its portfolio, higher margins and income from transaction fees.

“The bank’s consumer loans now account for 59% of total loan portfolio, nearly three times higher than industry average,” UnionBank said.

Meanwhile, its operating expenses went up by 10% to P11.083 billion in the first quarter due to costs related to the migration of Citi’s retail accounts into UnionBank’s systems.

“A one-time integration cost of P1.1 billion was incurred in the first quarter of 2024,” it said.

“Additionally, the bank’s marketing investments resulted in a significant increase in new-to-bank credit card customers, more than doubling last year’s customer acquisition rate. We now have a bigger base of customers who we can offer our other products and services to,” UnionBank added.

The bank’s loans stood at P520.758 billion in the first quarter. On the funding side, its deposits were at P692.114 billion, with its low-cost current account, savings account or CASA deposits at P431 billion.

Total assets stood at P1.146 trillion at end-March. Total capital funds were at P174.589 billion.

UnionBank’s shares declined by P2 or 4.84% to close at P39.35 apiece on Monday. — A.M.C. Sy

How PSEi member stocks performed — April 29, 2024

Here’s a quick glance at how PSEi stocks fared on Monday, April 29, 2024.

Philippines moves up in state and governance indexes

The Philippines improved in the 2024 edition of the biennial Bertelsmann Stiftung Transformation Index (BTI). The country inched up by a notch to 59th out of 137 countries in the Status Index, while it rose four spots to 83rd place in the Governance Index. The index evaluates a country’s progress towards democracy and market economy, as well as the quality of governance on a scale of 1-10, with 10 being the highest.

 

Philippines moves up in state and governance index

PHL told to adjust school year amid record heat

PHILSTAR FILE PHOTO

THE PHILIPPINE Senate president on Monday urged education officials to return to a June to March academic calendar instead of August as the state weather bureau warned that 36 areas faced dangerous heat levels of 42-47ºC.

“Aside from exposing our students and teachers to the dangers of extreme heat, I honestly believe that the prevailing weather conditions during summer are not conducive to learning,” Senate President Juan Miguel F. Zubiri said in a statement. “The August calendar has proven to be disruptive to our education system, and even dangerous to the health of our children and school staff.”

The Philippine Atmospheric, Geophysical and Astronomical Services Administration or PAGASA said Dagupan City in Pangasinan was expected to experience 46C-47ºC in the next two days. In Metro Manila, Pasay City was expected to post a heat index of 43-44ºC.

Heat cramps and exhaustion are likely, while heat stroke was probable with continued exposure to temperatures of 42-51ºC — considered dangerous — the agency said on its website.

Iba, Zambales in northern Philippines posted the highest temperature of 53ºC on April 28 after four straight days of registering a heat index of 42-43ºC. Its temperature was expected to drop back to 42ºC on Monday.

PAGASA said Laoag City, Tuguegarao City and Baler in Aurora province were expected to post a 45ºC heat index on Monday. Casiguran in Aurora, Sinait in Ilocos Sur, Dumangas in Iloilo, Aborlan in Palawan, San Jose in Occidental Mindoro and Coron in Palawan were expected to experience temperatures of as much as 44ºC.

Mr. Zubiri told reporters he had withdrawn a bill he filed in 2022 seeking to synchronize the country’s academic school calendar to August. “In an ideal world, we do want to be in sync with international school calendars to give our students a better chance at getting into programs abroad,” he said.

The Department of Education suspended face-to-face classes in all public schools nationwide on April 29 and 30 due to extreme heat caused by the El Niño weather event.

The Senate basic education committee is set to look into the dangers of extreme heat on students this week, Senator Sherwin T. Gatchalian, who heads the body, said in a separate statement. He said a remote learning setup might make it difficult for students who do not have internet access at home.

“There are parents who are not in favor of online or blended learning since their children do not learn and the parents themselves answer textbooks or workbooks for them,” Mr. Gatchalian said in Filipino. “It seems that parents are more in favor of face-to-face classes. All of these we will balance.”

Mr. Zubiri also called on the Agriculture and Science and Technology departments to look into cloud seeding as rivers dried up due to extreme heat and drought.

“Our appeal to the Department of Agriculture is to continuously monitor the situation especially livestock production, not just the crops,” he said. “We’re hoping that the entry of the rainy season comes sooner rather than later because many of our farmers are suffering.”

Farm damage caused by El Niño had reached P4.39 billion as of April 23. — John Victor D. Ordoñez and Norman P. Aquino

Jeepneys file SC pleading in last-ditch effort to stop modernization program

PHILSTAR

By Chloe Mari A. Hufana

A TRANSPORT group on Monday filed an amended petition before the Supreme Court (SC), asking it to halt the government’s modernization program for the sector, including an April 30 consolidation deadline for jeepney operators and drivers.

“Jeepney drivers have a simple request and that is can we have a temporary restraining order for now until the Supreme Court decides?” Neri J. Colmenares, lawyer for the Pagkakaisa ng mga Samahan ng Tsuper at Operator Nationwide (PISTON), told a news briefing after filing the pleading.

“If franchises get canceled [on April 30], even if we win our petition, can you bring [these] back?”

He also said the Dec. 29 order of the Land Transportation Franchising and Regulatory Board (LTFRB) had prompted them to file a new petition since the agency required jeepney drivers and operators to join cooperatives. PISTON filed its original lawsuit on Dec. 20.

“That’s why we’re asking the Supreme Court to grant the temporary restraining order,” Mr. Colmenares said. “Is there a major injury for the government if they postpone the implementation of the modernization?”

Jeepney drivers who have not joined cooperatives bewailed the cost of joining one.

Edwin A. Oreña, a jeepney driver and PISTON Camanava spokesman, said a driver must shell out at least P30,000 to be able to join a cooperative.

He added that jeepney drivers frown at cooperatives because they won’t be able to “enjoy what they own” — they must surrender their jeepneys and franchises to their cooperatives.

Mr. Oreña urged the government to expand their options when it comes to joining cooperatives instead of telling them to develop new skills under the Technical Education and Skills Development Authority in case they lose their job as drivers.

“Joining a cooperative means additional expenses for jeepney drivers,” PISTON legal counsel Maria Kristina C. Conti said in Filipino. “Commuters will also bear the brunt of these incurred expenses.”

The minimum fare for a modern jeepney is P15.

The transport group also criticized the government for allegedly failing to discuss these issues with the sector.

Jeepney drivers and operators have until April 30 to join or set up their own cooperatives as part of consolidation efforts.

Jeepney drivers at Monday’s briefing said they plan to continue plying their original routes even at the risk of getting apprehended.

LTFRB on its website said 76% of jeepneys nationwide had yet to consolidate.

PISTON Deputy Secretary-General Ruben G. Baylon said 200,000 drivers and operators would be affected, while 28 million Filipino commuters would suffer as the consolidated franchise take effect.

The transport group is holding a transport strike that started on Monday to fight the modernization program.

PCG says Chinese vessel spotted near southern Luzon waters

PHILIPPINE COAST GUARD PHOTO

THE PHILIPPINE Coast Guard (PCG) on Monday said a Chinese research vessel had passed though the country’s northernmost province of Batanes before lingering in the waters off southern Luzon.

The Chinese vessel Shen Kuo passed through Itbayat and Basco in Batanes before “loitering” in waters off Catanduanes province, PCG spokesman Jay Tristan Tarriela told reporters in a group message.

“It then proceeded southward, coming within 11 nautical miles of the coast of Mapanas, Northern Samar on April 25,” he said. “After that, it traveled north again until it reached the waters off Catanduanes, where it was monitored by the Armed Forces of the Philippines (AFP).”

The Chinese Embassy in Manila did not immediately reply to a Viber message seeking comment.

Batanes is just a few kilometers away from Taiwan, a United States ally that China considers as a renegade province. The northernmost province is among the key sites of the US-Philippines military drills that started on April 24 and will end on May 8.

The Philippine military on Sunday said the Chinese vessel was spotted off Viga town in Catanduanes on Saturday.

It said Shen Kuo was spotted 60.9 nautical miles east of Rapu-Rapu Island in Albay on Thursday.

The vessel had no personnel on the main deck, it said, citing an April 29 patrol.

There were attempts to contact the vessel through regular radio channels, but it did not respond, according to the military.

“The AFP remains vigilant, monitoring any unauthorized research vessel in our maritime domain,” it said. “We have already tasked nearby vessels for enhanced surveillance and reporting.”

This was the second time a Chinese research vessel was seen loitering in the Philippines’ eastern section near Benham Rise, a 24-million-hectare underwater feature within the country’s continental shelf.

“The presence of the Chinese research vessels in the Luzon Strait down to the Philippine Rise in the East Sea can be construed as a scientific way of surveying the maritime domains of the Philippines, which is primarily located in the first island chain,” Chester B. Cabalza, founder of Manila-based International Development and Security Cooperation (IDSC), said in a Facebook Messenger chat.

“Research vessels are the safest way to legitimize espionage measures.”

Mr. Cabalza said the presence of the Chinese research vessel could also be linked to the Balikatan (shoulder-to-shoulder) drills between the Philippines and the US, noting that the activities, which are observed by more than a dozen countries, are also focused on Batanes and Ilocos coastlines.

Two Chinese People’s Liberation Army Navy (PLAN) vessels were seen tailing Filipino, American and French warships taking part in a maritime exercise under this year’s Balikatan at about 9 a.m. on April 29, the state-run Philippine News Agency said, citing the military’s Western Command.

The warships were expected to hold gunnery exercises, cross-deck operations and photo exercises later in the day.

The Philippine military on Sunday said a Chinese Navy ship was spotted about 7 to 8 nautical miles from the US and Philippine vessels holding Balikatan exercises near northern Palawan. Another PLAN ship was spotted on Saturday.

The PCG, which is participating in the Balikatan drills for the first time, said the presence of Chinese Navy vessels would not prevent Manila and its allies “from carrying out these kinds of exercises.”

“China’s only intention is to make their presence known,” Mr. Tarriela told Radyo630. “They want to say that they are in the area. Definitely, we will not stop our drills because they are there.”

Meanwhile, Senator Francis N. Tolentino pushed a bill setting a fine of as much as P10 million against vessels that fail to help ships and people in distress within Philippine waters, citing the need to protect poor Filipino fishermen.

“What we are trying to do here is to merge international law with domestic legislation and I see this as a gap considering that we have fishermen going out there during the typhoon season and there is really a need to provide penalties for those who fail to render assistance,” he told a foreign relations committee hearing.

Under Senate Bill No. 1388, vessels that fail to help a person or another ship in distress will be fined P5 million to P10 million. 

At the same hearing, Senator Maria Imelda “Imee” R. Marcos cited the need to classify vessels liable for the penalties. — Kyle Aristophere T. Atienza and John Victor D. Ordoñez

Agencies sign updated rules on gov’t workers’ right to organize

VARIOUS government agencies signed on Monday the updated Implementing Rules and Regulations (IRR) of Executive Order (EO) No. 180, which allows government employees to form labor unions.

The IRR, signed at the Department of Justice (DoJ) main office in Manila, includes a provision for the Registration of National Employee Organizations, which are coalitions of registered employee organizations within an agency for Collective Negotiation Agreements.

Prior to the 2024 IRR, the guidelines for EO 180, issued in 1987, were last amended in 2004.

“Government employees are the engine of our bureaucracy, the unseen hands that guide the ship of state. They translate policy into action, rights into realities, and service into progress. Their ability to organize is pivotal to a responsive and resilient government,” Justice Secretary Jesus Crispin C. Remulla wrote in his welcome remarks read by Justice Undersecretary Fredderick A. Vida.

It also provides clearer qualifications and criteria for personnel eligibility to join employee organizations, allows for electronic filing of pleadings/documents and online platforms, and integrates new council policies, employee elections, and other important guidelines.

“This is a welcome development, but we need a Magna Carta for public sector workers like the Labor Code for private sector workers,” said Federation of Free Workers president Jose Sonny G. Matula in a Viber message to BusinessWorld.

Apart from the DoJ, other government agencies that sent representatives to the signing of the 2024 IRR for EO 180 were the Civil Service Commission (CSC), the Department of Labor and Employment (DoLE), the Department of Finance (DoF), and the Department of Budget and Management (DBM). — Chloe Mari A. Hufana

House to probe ‘Duterte-Xi deal’

PRESIDENTIAL PHOTO/TOTO LOZANO, PHILSTAR FILE PHOTO

THE HOUSE of Representatives will conduct an inquiry on the supposed “gentleman’s agreement” between former Philippine president Rodrigo R. Duterte and Chinese President Xi Jinping, House Speaker Ferdinand Martin G. Romualdez said on Monday.

Filed by Zambales Rep. Jefferson F. Khonghun, the resolution seeks to look into the two state leaders’ alleged status quo agreement over Second Thomas Shoal (Ayungin Shoal), which prevents Manila from resupplying materials to fortify a grounded World War II-era naval ship that serves as a security outpost to the Philippines’ territorial claim in the South China Sea.

“In the exercise of our oversight powers, we will direct the appropriate House Committee to conduct an inquiry… to determine the adverse impact of such agreement on our… sovereignty, sovereign rights, and territorial integrity,” Mr. Romualdez said at the plenary.

A House resolution was filed earlier this month seeking an investigation into Mr. Duterte’s alleged deal with China.

“There is a necessity to look into such agreement to check if the same is true since it has been used as China’s justification of its harassment of Filipino resupply boats — including the use of water cannons on them,” House Resolution No. 1684 read.

“We can start with past officials because they are the ones who would execute the agreement,” Mr. Romualdez, speaking in Filipino, said in a media briefing.

He added that previous government officials who spoke on the supposed agreement, as well as those who belied its veracity, would be invited to the House hearing. — Kenneth Christiane L. Basilio

DMW chief set for talks in Saudi

DEPARTMENT of Migrant Workers (DMW) Secretary Hans Leo J. Cacdac said on Monday that he will be visiting the Kingdom of Saudi Arabia (KSA) next month to follow up on unpaid monetary claims of thousands of overseas Filipino workers (OFWs).

In November 2022, Philippine President Ferdinand R. Marcos, Jr.’s meeting with Saudi Arabian Crown Prince Mohammad bin Salman paved the way for the allotment of 2 billion Saudi riyals for the claims, allowing some 1,500 OFWs to receive their checks from the Saudi Alinma Bank between November and December last year.

About 10,000 OFWs were displaced in KSA from companies that went bankrupt from 2015 to 2016.

“On our list of topics for discussion with our Saudi counterparts is the continuing disbursement of claims due our workers,” said Mr. Cacdac.

He added that recruitment and employment mechanisms for OFWs in KSA and its request for more OFWs to aid its Vision 2030 development program would also be discussed during his visit. — Chloe Mari A. Hufana

Senator files ConCon resolution

PHOTO HANDOUT

SENATOR Robin C. Padilla has filed a resolution calling for a Constitutional Convention (ConCon) to tackle proposals to amend the 1987 Constitution.

Under Resolution of Both Houses No. 8 which was filed on April 24, a ConCon would be a “participatory and democratic way” of revising the Constitution,” said Mr. Padilla.

Under the resolution, lawmakers from both the House of Representatives and the Senate would vote separately to decide if they would convene in a Constitutional Convention. A two-thirds vote from each chamber would be needed.

“To dispel any doubt that a proposed revision to the 1987 Constitution would only advance the interests of a few, a Constitutional Convention is deemed to be the more appropriate mode of doing said revision,” the senator said in a statement on Monday.

Earlier, he filed Resolution of Both Houses No. 6 which seeks to extend the terms of elected senators to eight-years. It also seeks to increase the number of senators to 54, with 30 being from each legislative region.

The Senate is also set to resume committee debates on a separate measure seeking to ease foreign ownership restrictions in education, public utilities and advertising to boost foreign investment in these sectors. — John Victor D. Ordoñez

Marcos warns vs separatism

PRESIDENT FERDINAND R. MARCOS, JR. — PHILIPPINE STAR/RYAN BALDEMOR

PHILIPPINE President Ferdinand R. Marcos, Jr. on Monday warned against advocates of separatism during his visit to the southern Philippine province of Maguindanao.

“As we defend the gains that we have achieved, we will be vigilant against the enemies of peace. We will bear the full force of the state against terrorist elements, to those who preach the discarded and debunked ideology of dismemberment,” he said in a speech at the 10th anniversary commemoration of a landmark peace deal on the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

“The people will reject your selfish agenda.”

His predecessor Rodrigo R. Duterte and his allies in January bared efforts for a separate Mindanao, a call that has been rejected by many national and local government officials.

Replacing the Autonomous Region in Muslim Mindanao, BARMM was inaugurated in 2019 following a peace negotiation between Moro separatists and the Philippine government in 2014 that paved the way for an organic law in 2018.

The first-ever parliament elections in the region was originally set for May 2022 but was postponed due to the coronavirus pandemic and the failure to come up with an electoral code.

The Bangsamoro Transition Authority in March last year passed an electoral code that paved the way for the creation of political parties in the region with representatives from women, youth, indigenous people, and settler communities.

Mr. Marcos, in his speech, warned against any attempt to derail the parliament elections, despite pleas from local civic groups for another three-year term extension for the transition authority.

Civic groups have been citing unimplemented provisions of the 2014 Comprehensive Agreement for the Bangsamoro, which compelled the Moro Islamic Liberation Front to surrender its firearms and decommission its armed group.

“Let this also serve as a warning to those who may plan to threaten and derail this upcoming election,” Mr. Marcos said. “Don’t think about that anymore because your enemy is the government.”

“Instead, channel your energy to help build productive and thriving communities where citizens are offered wide livelihood opportunities and healthy living spaces,” he added.

The decommissioning program has been hounded by allegations of corruption, an issue that the Government of the Philippines and MILF described as “baseless” in February.

“Contrary to baseless allegations on corruption, especially in the decommissioning, the GPH-MILF Peace Implementing Panels assured the public that proper mechanisms and procedures are in place to guarantee accountability, and trust and confidence in the process,” according to a statement signed by GPH Panel Chair Cesar B. Yano and MILF Panel Chair Mohagher Iqbal.

“Informed by lessons of the past, best practices, and internationally accepted norms on processing combatants and weapons, the Independent Decommissioning Body undertakes stringent verification and validation, among other established safeguards, before MILF combatants and weapons undergo decommissioning,” the parties said.

BARRM recorded a 20% reduction in poverty rate from 2018 to 2021, the Philippine anti-poverty commission said in January, citing the rehabilitation of Marawi City after it was pulverized in 2017 due to a months-long battle between state forces and an Islamic State-inspired group.

Still, BARMM has the highest poverty incidence in the southern island of Mindanao, it said. — Kyle Aristophere T. Atienza

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