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BIR sets higher income tax, VAT collection goals for 2024

PHILIPPINE STAR/RUSSELL PALMA

THE BUREAU of Internal Revenue (BIR) is aiming to increase income tax and value-added tax (VAT) collections this year amid the government’s efforts to improve tax administration and efficiency.

Data from the BIR showed that more than half or P1.65 trillion of the agency’s P3.055-trillion target this year will come from taxes on net income and profits.

This is 25% higher than the P1.32-trillion target it set for this tax type in 2023, and 18% more than the P1.4-trillion actual collection.

The agency is also targeting to collect P599.2 billion in VAT, which is 11% higher than the P538.1-billion goal for 2023.

Meanwhile, excise tax collections are also expected to reach P326.2 billion this year. This is 2.9% lower than the P336.1-billion target last year, but 11% higher than the P292.981 billion in actual excise tax collection.

The agency is also targeting to collect P163.2 billion in percentage taxes, up by 31% from its P124.6-billion goal last year.

It is also aiming to raise P229.2 billion in other taxes this year under BIR operations.

Under non-BIR operations, the agency is seeking to raise P72.1 billion from net income and profit taxes and P15.9 billion from other taxes.

By implementing office, the BIR is expected to collect P1.84 trillion through the Large Taxpayer Service.

In 2023, BIR collections rose by 7.76% year on year to P2.52 trillion but fell short of its P2.64-trillion target. This was primarily attributed to the change in the schedule of VAT return filings from monthly to quarterly.

The agency collects about 70% of government revenue. — Luisa Maria Jacinta C. Jocson

Converge eyes P17B-19B capex spend in 2024

LISTED fiber internet service provider Converge ICT Solutions, Inc. announced on Monday a plan to allocate P17-19 billion for capital expenditure (capex) budget this year.

“Due to upcoming international subsea cable payments, the inclusion of capital outlays for data centers, and delays in supplier invoices earmarked for 2023 payment, the company now looks to spend P17 billion to P19 billion in cash capex this 2024,” Converge said in a stock exchange disclosure.

For 2024, the majority of the company’s capex budget is allocated to investments in two international subsea cable systems, namely the Bifrost Cable System and the Asia Pacific South-East Asia Hainan-Hongkong Express (SEA-H2X) Submarine Cable System, Converge Chief Executive Officer Dennis Anthony H. Uy said during a briefing.

“The Bifrost cable… our landing stations are ready. They are laying cable now from Singapore to Davao. Hopefully by the end of the year, it is up. We are preparing the payment for that. The other one is the ongoing construction from Hong Kong branching to Philippines going to Singapore. This is inter-Asia,” Mr. Uy said.

“But traditionally, we still keep some for upgrade and network resiliency. Majority is still on the two deep-sea cables,” he added.

Bifrost is a transpacific cable system connecting Singapore, Indonesia, the Philippines, Guam, and the west coast of the United States, while SEA-H2X is a submarine cable system connecting Hong Kong SAR China, Hainan China, the Philippines, Thailand, Malaysia, and Singapore.

Last year, the company’s capex stood at P9 billion, Converge Deputy Chief Finance Officer Christine Renee R. Blabagno said during a virtual briefing. Most of this budget was allocated to outside plant, inside plant, and customer premise equipment, she added.

Some P3 billion worth of capex in 2023 was also carried over to 2024 “due to late invoices received from submarine cable contractors and delays in construction for some assets.”

For 2023, Converge posted a 22.3% growth in its net income to P9.1 billion as consolidated revenues surged by 5% to P35.4 billion.

Residential revenues rose by 3% to P30.28 billion from P29.46 billion in 2022 as full-year net additional subscribers rose 35% to 250,691.

“In 2023, we have consistently upheld momentum for our newly launched products Surf2Sawa and BIDA Fiber, supported by the consistent growth in our flagship brand FiberX, especially in the fourth quarter,” Mr. Uy said.

The company’s enterprise revenues also climbed by 20% to P5.1 billion from P4.23 billion in 2022. All of its enterprise segments saw double-digit growth, led by the small and medium enterprise segment with 34.9%, wholesale segment at 14%, and enterprises and corporate at 13%.

The internet provider ended 2023 with a total of 2,128,052 subscribers. This is comprised of 2,013,216 postpaid subscribers and 114,836 prepaid subscribers

 Converge President and Co-Founder Maria Grace Y. Uy said the company is anticipating a “better outlook” in 2024 as it aims to grow revenues by 7-8%.

“We are hoping to grow the revenue. Last year, we only grew by 5%… We are aiming a revenue growth of 7-8% for 2024. We expect the growth in residential businesses…,” she said.

Converge also plans to leverage omnichannel marketing and expand its sales partner coverage to enhance its residential business.

“To provide enterprise clients with a seamless customer experience, the company intends to take a more proactive account management approach and widen its product offering by exploring non-connectivity solutions,” it said.

On Monday, Converge shares rose by 3.02% or 26 centavos to P8.86 apiece. — Revin Mikhael D. Ochave

Solaire Resort in Quezon City to open in May

SOLAIRERESORT.COM

RAZON-LED Bloomberry Resorts Corp. on Monday said its Solaire Resort North project in Quezon City is expected to formally open in late May.

The upcoming resort is a $1-billion investment and will be Bloomberry’s second integrated resort under the Solaire brand, joining Solaire Resort Entertainment City in Parañaque City, the listed company said in a statement.

Solaire Resort North, spanning 1.5 hectares, boasts 38 floors and was designed by architecture firms Aedas and Casas+Architects. Its interiors were crafted by the Habitus Design Group.

Bloomberry said that Solaire Resort North has created 4,200 direct employment opportunities. It is the first five-star destination in the city.

“With Solaire Resort North, we uphold the same mission in the hope that the property’ presence and operation will support Quezon City’s endeavors to enhance and promote tourism, generate employment for Filipinos, and further attract opportunities for economic and social investments,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said.

“At the same time, we anticipate that our presence in Quezon City will positively impact our growth, widen our market footprint, and reinforce our brand’s strength,” he added.

Solaire Resort North has 526 guest rooms and suites, 2,669 electronic gaming machines, and 163 tables across four casino levels. It also houses various signature restaurants including Italian cuisine at Finestra Italian Steakhouse, Japanese delicacies at Yakumi, and Chinese fare at Red Lantern.

The resort will also have casual dining options featuring regional Filipino, Asian, and international flavors, as well as bars and lounges that have a wide selection of spirits and cocktails, the company said.

Solaire Resort North will feature event venues, spa, saunas, plunge pools, gym, pool area for children, an interactive kids club, and a curated art program and display.

“Quezon City is a highly urbanized city with a population largely comprised of locals with a wide range of demographic interests. We saw an opportunity to provide more exclusive experiences not just to our existing Northern clientele but to a larger untapped market,” Bloomberry, Solaire Resort Entertainment City, and Solaire Resort North President and Chief Operating Officer Thomas Arasi said.

“We want to bring the signature Solaire experience closer to our valued guests, and introduce what and who we are as a brand to a larger audience,” he added.

Bloomberry saw an 85% growth in its 2023 net income to P9.5 billion. Consolidated net revenue also rose by 24% to P48.4 billion.

Aside from Solaire Resort North and Solaire Resort Entertainment, Bloomberry also owns and operates Jeju Sun Hotel & Casino in South Korea.

Bloomberry previously confirmed that it is open to selling its stake in Jeju Sun. The company said there is growing interest in the property, but clarified that there is no imminent deal yet with its sale.

On Monday, Bloomberry shares fell by 0.52% or six centavos to P11.50 each. — Revin Mikhael D. Ochave

First Gen expects 400 MW from Nueva Ecija hydro facilities by 2028

LOPEZ-LED First Gen Corp. said it expects a capacity of about 400 megawatts (MW) of renewable energy from its hydropower facilities in Nueva Ecija by 2028.

The capacity will come from the 132-MW Pantabangan-Masiway hydroelectric power plant (HEPP), the 165-MW Casecnan HEPP, and the planned 100-120-MW Aya pumped-storage hydropower project, First Gen Senior Vice-President Dennis P. Gonzales told reporters on Monday.

“The whole complex actually goes up to 400 MW of clean renewable hydro capacity and all that is to help augment the power requirements of the country,“ he said.

Last month, Power Sector Assets and Liabilities Management Corp. (PSALM) and the National Irrigation Administration (NIA) handed over the operations of the Casecnan hydro facilities to First Gen’s subsidiary, Fresh River Lakes Corp. (FRLC).

In May 2023, PSALM secured the highest bid from FRLC with a price of $526 million, higher than the minimum bid price of $227.27 million.

The Casecnan hydro is a run-of-river type of power facility that generates energy by diverting water from the Casecnan and Taan rivers through a 26-kilometer-long tunnel.

Meanwhile, the 132-MW Pantabangan-Masiway HEPP is owned by the First Gen Hydro Power Corp., another subsidiary of the Lopez-led energy company.

The proposed pumped-storage hydropower project is waiting for the go signal from the NIA, Mr. Gonzales said. — Sheldeen Joy Talavera

Looking back at the women of The Flor Contemplacion Story

Author Beverly Siy, actor Julio Diaz, and screenwriters Ricky Lee and Bonifacio Ilagan at a talkback after the screening of The Flor Contemplacion Story starring Nora Aunor. — BRONTË H. LACSAMANA

CCP Cine Icons celebrates anniversary during women’s month

IN the 1995 film The Flor Contemplacion Story, the titular domestic worker Flor, played by Nora Aunor, and her husband’s mistress Neneng, played by Jaclyn Jose, are initially at odds with each other. But they are both victims in the story, having been fooled by one man.

The film later shows Neneng taking up a role at the front lines of the rallies advocating for Flor’s freedom, while Flor herself never stays quiet up until she is put to death for alleged murder.

Ricky Lee and Bonifacio Ilagan, the film’s writers, look back at the story as one which unfortunately mirrors the lives of Filipino women to this day.

“We were very conscious to show that, even if it is a real-life, personal story where the women are victims, all the women involved have a voice,” Mr. Lee said after a March 15 screening at the GSIS Theater in Pasay City, which was part of the Cine Icons program of the Cultural Center of the Philippines (CCP).

Since Cine Icons’ first anniversary coincided with International Women’s Month, The Flor Contemplacion Story was chosen for its feminist themes.

Directed almost 29 years ago by Joel Lamangan, it was based on the true story of a female overseas Filipino worker (OFW) in Singapore who was sentenced to death for allegedly killing a fellow maid and the child under her care.

“The women in the story were victimized by their circumstances, by the people around them, but they never lost their voice, even the mother-in-law and the women rallying,” said Mr. Lee, whose works are being brought back to big screens as a National Artist for Film.

Beverly “Bebang” Siy, an author who also graced the screening and its talkback session, quoted a powerful line that Flor said to her children.

Babalik ako sa Singapore dahil ayoko maging alipin kayong mga anak ko, dahil gusto ko baguhin ang mga buhay ninyo. (I will go back to Singapore because I don’t want you, my children, to be slaves, because I want to change the course of your lives),” she recalled.

This is a sentiment that many women have, not just for their children, but the people around them. It is “evidence of the great sacrifice of women for their families and for their country,” Ms. Siy said.

She also commended Mr. Lee’s work as National Artist, for uplifting the voices of all the characters in his scripts, and, by extension, the women and Filipinos that they represent in society.

Mr. Lee explained that his role as a writer is to be “faithful to the truth,” no matter the gender.

“I attribute the themes in my works to osmosis with other writers, the likes of Bebang Siy or Moira Lang. May nahihigop ako sa mga kapwa ko (I absorb a lot from my peers), which is why I choose the company that I keep,” he said.

Most importantly, the Filipino people as a whole should always be an important character, added political activist Mr. Ilagan, who co-wrote the film.

Napakahirap dati mag-organize ng mga migrante. Dahil sa kaso ni Flor, ang bilis na ng pagka-organisa nila at ng mga pamilya nila dito. (It used to be very difficult to get migrant workers to organize. Because of Flor’s case, they and their families here at home began organizing faster),” he said.

This awakening of the Filipino people to the plight of OFWs marked a triumphant end to the tragic story. Mr. Ilagan noted that many Filipinos are against the labor export policy, though it remains the norm to this day.

The audience at the screening, many younger or about the same age as the film, found the ending sad, but Mr. Lee maintained that it is bittersweet.

“It was the end of Flor Contemplacion, but it was also the beginning of many voices rising against the victimization of women, and of Filipinos,” he said.

For updates on the next films to be shown for Cinema Icons and other film programs, follow the official CCP and CCP Film, Broadcast, and New Media Division social media accounts on Facebook, Twitter, Instagram, TikTok, and YouTube. — Brontë H. Lacsamana

Alternergy taps China firm for Alabat, Tanay wind projects

ALTERNERGY Holdings Corp. announced on Monday that it has awarded the contract for its Alabat and Tanay wind power projects, with a combined capacity of 163 megawatts (MW), to China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd. (GEDI).

Corp. announced on Monday that it has awarded the contract for its Alabat and Tanay wind power projects, with a combined capacity of 163 megawatts (MW), to China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd. (GEDI).

The company has handed over the balance of plant (BOP) engineering, procurement, and construction (EPC) contract to GEDI and its Philippine subsidiary GEDI Construction Development Corp., Alternergy said in a statement.

“The BOP EPC contract entails the design, engineering, supply of civil and electrical works, transport of equipment, construction, and installation of the Alabat and Tanay wind farms,” it said.

GEDI has presence in more than 50 countries with more than 700 EPC projects worldwide.

The construction of the company’s 55-MW Alabat wind project in Quezon province and 86-MW Tanay wind project in Rizal province is targeted to start by the second quarter of 2024.

The projects are slated for completion by the end of 2025.

Altenergy aims to develop up to 1,370 MW of renewable sources such as onshore and offshore wind, solar, and run-of-river hydropower projects.

At the local bourse on Monday, shares of the company closed at P0.79 each. — Sheldeen Joy Talavera

The world needs a soundtrack for the climate crisis

CHRIS MARTIN and his band, Coldplay, are trying to reduce their environmental impact. — REUTERS/MARIO ANZUONI

THE GREAT social movements of history all had soundtracks. The civil rights movement had jazz, the blues, and Nina Simone; its anthem was “We Shall Overcome,” originally a 19th-century hymn. The story of gay liberation is intertwined with disco culture, and some of the greatest pop songs have been written or adopted as LGBTQ+ anthems, from Gloria Gaynor’s “I Will Survive” to “Born This Way” by Lady Gaga. Music brought people together and helped move the dial on public acceptance by introducing ideas to the mainstream.

Now, the planet itself needs a new social movement. Widespread behavioral changes are needed to reduce carbon emissions, along with public support for net-zero policies. We need to create a culture of environmentalism, which values nature, if we’re to defeat the climate crisis and biodiversity collapse. So, many people — including Brian Eno, the champion of ambient music — are asking: Where are our climate anthems?

Musicians may struggle to play the same role in the fight for climate action as they’ve done for other societal changes, given the industry’s carbon footprint and the private planes favored by its superstars.

There’s a temptation to dismiss art and culture’s role in climate communication. Isn’t this a science issue? Shouldn’t musicians just shut up and sing? Scientists and their research have been, and will always be, crucial in raising the alarm on fossil fuels and humanity’s damage to the planet. Rapid weather-attribution studies help make climate change visible and present; the development of low-carbon technologies are helping slash emissions.

But who’s more influential to the masses: an atmospheric physicist, or a pop star? Musicians are able to reach far more people — and an entirely different demographic — than scientists or politicians. Nobody needs to hear what musicians think of, say, electricity market reform, but they can be advocates for sustainable lifestyle changes (perhaps “Thrift Shop” by Macklemore and Ryan Lewis ought to be considered a green tune), raise awareness and compel us to reflect on environmental issues.

Plus, debating whether musicians should use their platforms to talk about the climate crisis ignores how art works. Artists make music about Black rights and queer liberation because these issues affect them, or the people around them, personally. Nina Simone’s “Mississippi Goddam” came from a place of real rage, as did “Strange Fruit,” sung by Billie Holiday. In 1985, a supergroup including Bob Dylan, Keith Richards, and Pat Benatar recorded Steve Van Zandt’s “Sun City” under the collective name Artists United Against Apartheid to protest the South African government’s policies. Australian band Midnight Oil had a worldwide hit with 1987’s “Beds are Burning” after witnessing the land-rights abuses suffered by Aboriginal communities.

People adopt songs as anthems because the music speaks to themes they can relate to. The same will happen with climate change: as more of us start to feel the impacts of unabated fossil fuel burning, the more open we’ll become to art exploring climate themes. It’s no surprise that one of the recent topical tunes, “All the Good Girls Go to Hell,” references the wildfires that ripped through her home state of California.

Those who doubt whether artists can rouse actual political change ought to be introduced to Taylor Swift. With one Instagram post, today’s most powerful cultural figure inspired more than 35,000 people to register to vote through Vote.org, a nonpartisan nonprofit organization, on a single September day. The number of 18-year-olds registered to vote doubled over the previous year.

But here’s where it gets challenging. Music insiders tell me that artists don’t feel like they can speak up about climate change like they can on other issues, for fear of being accused of hypocrisy.

It’s unlikely that Swift, for instance, will speak out on the environment given there’s entire series of memes around her private jet use. When I wrote about Swift’s Eras tour confronting the climate crisis in Brazil, I received plenty of e-mails pointing out the carbon footprint of doing 152 shows on five continents. Imagine the criticism Swift receives.

Some musicians have tried facing the allegations head-on. A group of artists including Eno, Radiohead’s Thom Yorke, and Mel B (a.k.a. Scary Spice) signed an open letter in 2019 which began:

“Dear journalists who have called us hypocrites, you’re right. We live high carbon lives and the industries that we are part of have huge carbon footprints. Like you — and everyone else — we are stuck in this fossil-fuel economy and without systemic change, our lifestyles will keep on causing climate and ecological harm.”

Others are challenging themselves to make the industry greener. Coldplay has partnered with Deutsche Post AG’s DHL to do the logistics of the band’s current world tour while cutting CO2 emissions by at least 50% compared with their 2016-17 run. That means using biofuels, electric vehicles, and powering the show with rechargeable batteries. It’s an impressive effort, but one which only a group as successful as Coldplay could undertake at the moment.

So where are our anthems? I’ve created, with help from my Opinion colleagues, a playlist of contenders, but none of them fit the bill. Anthems have meme-able lyrics — memorable, easy to chant, and catchy — and they’re imbued with hope. Too many songs about global warming are currently laced with anxiety. If art reflects how we see the world, what does that say about the state of climate action?

BLOOMBERG OPINION

Ramon Ang drops Pasig River Expressway project

SAN MIGUEL Corp. (SMC) said it will no longer pursue its proposed Pasig River Expressway (PAREX) project.

“We are very sensitive to the opinion of the public, [so] the project will not push through,” SMC President and Chief Executive Officer Ramon S. Ang told a media briefing on Monday. 

The P95-billion elevated toll road project along Pasig River secured government approval in 2021.

Last year, the Department of Environment and Natural Resources said it would study the project’s environmental impact.

The 19.37-kilometer PAREX has received criticisms from various groups, saying the project may compromise the waterway’s functionality, cause air pollution, and affect heritage structures and sites.

SMC has said that the project would be “safe, reliable, and sustainable.” — Ashley Erika O. Jose

2GO boosts presence in Davao, GenSan

SM Group’s logistics unit 2GO Group, Inc. said on Monday that it expanded operations in Davao and General Santos (GenSan) to bolster the company’s presence in Mindanao.

2GO Group announced its expansion with the addition of MV 2GO Masigla to its fleet.

The vessel embarked on its first operational voyage on Monday, sailing from Davao and General Santos to Iloilo and back to Manila via the Manila-Davao-GenSan-Iloilo-Manila route, the company said in a statement.

Sea travel reservations are available from Manila to Davao or General Santos, and from Davao or General Santos to Iloilo and Manila, starting at P1,140.

“Beyond their immediate surroundings, Davao and General Santos provide logistical and travel support to areas such as Tagum, Digos, Kidapawan, Socksargen, and others. This strategic positioning allows efficient coordination and seamless operations across this extended network,” the 2GO Group said.

“The move is part of 2GO’s commitment to fostering economic growth and facilitating seamless connections in the Mindanao region,” it added. — Revin Mikhael D. Ochave

Road House remake honors Patrick Swayze, says Jake Gyllenhaal

LONDON — Celebrating the legacy of late actor Patrick Swayze was essential in remaking his 1989 hit movie Road House, says the new film’s star Jake Gyllenhaal.

In the 2024 version Mr. Gyllenhaal plays former Ultimate Fighting Championship (UFC) fighter Dalton, who runs into trouble as he takes on a job as a bouncer at a bar in the Florida Keys.

“It was important to me. He originated the character and I wanted to bring it through,” Mr. Gyllenhaal said at the film’s premiere in London on Thursday.

Mr. Swayze, who passed away in 2009, and Mr. Gyllenhaal worked together on Donnie Darko some two decades ago.

“Patrick was always so lovely to me, so supportive at the beginning of my career. I carried with me some of the tattoos, we designed some tattoos in honor of him, just because I really loved him.”

The new Doug Liman-directed movie marks the acting debut for former UFC champion Conor McGregor.

The Irishman, who plays savage contract killer Knox, described the experience as “a learning curve.”

“I went in humble. I went in looking to learn. And I knew my level. I was a white belt and I’m a white belt still. I was blessed with an amazing cast who were patient and very helpful for me,” he said.

Mr. McGregor, 35, said he was not eyeing further Hollywood roles and would refocus on his UFC career once the publicity run for the movie ends.

“Not right now. I’m going to regroup after this work and get back to work for my fighting career. I’ve got more in the Octagon to do. I’m excited to do it. That’s where I’m at,” he said.

Some of Mr. Gyllenhaal’s fighting scenes were filmed in the Octagon in front of a real audience during the UFC 285 event headlined by Jon Jones and Cyril Gane. The 43-year-old actor spent some two months getting in shape for the stunts and action scenes in the movie, shot in the Dominican Republic.

The film also stars Jessica Williams as Frankie, the owner of the roadhouse, Daniela Melchior in the role of local doctor Ellie and Billy Magnussen as crime boss Ben Brandt.

“I hope you don’t compare ours to the original because I think art is not a competition. You got to just celebrate,” said Magnussen.

Road House starts streaming on Prime Video on March 21. — Reuters

Pattie Boyd selling letters, lyrics by exes George Harrison, Eric Clapton

The Rose Garden (George Harrison and Pattie Boyd), 1968, chromogenic print, printed 2024 signed and numbered ‘1/1’ — ONLINEONLY.CHRISTIES.COM

LONDON — Model and photographer Pattie Boyd is selling handwritten lyrics and personal letters that reveal her relationships with late Beatle George Harrison and guitarist and singer Eric Clapton.

Ms. Boyd, who turned 80 on Sunday, was married to both musicians, inspiring songs such as Harrison’s “Something” and Clapton’s “Wonderful Tonight” and “Layla.”

More than 100 lots, including jewelry, clothes, photographs, handwritten lyrics and drawings by Harrison, are for sale in the “The Pattie Boyd Collection,” which runs for auction online at Christie’s until March 22.

“If I had one big treasure chest that explained me and my life, all these items here would be in it … these are all examples of the wonderful life I have been living,” Ms. Boyd told Reuters at a press preview on Thursday.

Lots leading the sale include the original artwork chosen by Mr. Clapton for the cover of Derek and The Dominos 1970 album Layla and Other Assorted Love Songs, with an estimated sale price of £40,000-£60,000 ($51,228-$76,842) and original handwritten lyrics for Mr. Harrison’s 1982 song “Mystical One” (£30,000- £50,000 pounds).

Ms. Boyd met Harrison on the set of 1964 Beatles film A Hard Day’s Night. They married in 1966. Photos of the couple and handwritten postcards from the Beatle are included in the auction.

Mr. Clapton would stay at their countryside house and became enamored with Ms. Boyd, sending her a letter — included in the sale — in 1970 in which he wrote “… what I wish to ask you is if you still love your husband … all these questions are very impertinent, I know, but if there is still a feeling in your heart for me … you must let me know!”

Ms. Boyd eventually split from Mr. Harrison and was married to Mr. Clapton from 1979 to 1989. Photos of the guitarist, including alongside Mr. Harrison and other famous faces, are also being auctioned.

“When I looked at the letters from Eric in particular, it kind of broke my heart because I realized that … I was young, when he wrote them, it was too large to take in, (it) was so emotional and full of deep, deep passion that as a … girl, woman I couldn’t absorb it all too much,” Ms. Boyd said.

“… I want somebody else to sort of feel the pain, feel the love, feel the vibration, the energy.”

The lots are on public display at Christie’s March 15-21. — Reuters

Globe turns over 154 telecom towers to Miescor

GLOBE.COM.PH

MIESCOR Infrastructure Development Corp. (MIDC) said it has acquired 154 more towers from Globe Telecom, Inc. 

With this  development, MIDC has now acquired more than 1,000 towers.

“This announcement reflects another milestone in MIDC’s previously announced P26.2-billion acquisition of a portfolio of telecom towers from Globe,” MIDC said in a statement on Monday.

MIDC is a joint venture between Meralco Industrial Engineering Services Corp., a subsidiary of Manila Electric Co. (Meralco), and alternative investment firm Stonepeak.

“We continue to work with our strategic partner Globe to transfer the remaining balance of SLB towers, whilst working with our fellow independent tower companies to strengthen connectivity nationwide,”  said Ricky Steyn, interim chief executive officer of MIDC.

In a separate stock exchange disclosure, the Ayala-led telecommunications company said it has closed the sale of 154 towers to MIDC for P1.85 billion. In total, Globe has now closed 1,348 out of 2,180 towers to be acquired by MIDC.

“We are pleased to announce the successful culmination of the acquisition of 154 tower sites in Globe’s landmark tower Sale and Leaseback deal with MIDC. This achievement marks a significant milestone, bringing us to 62% completion and further advancing our cost transformation program,” Rizza Maniego-Eala, chief finance officer of Globe, said in a media release.

Globe described the tower sales as a strategic streamlining of its infrastructure ownership, which will allow it to allocate funds in enhancing its network. 

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. — Ashley Erika O. Jose