Home Blog Page 2243

RLC’s real estate investment trust seen to have room to expand its portfolio

By Revin Mikhael D. Ochave, Reporter

THE REAL ESTATE investment trust (REIT) of Gokongwei-led property developer Robinsons Land Corp. (RLC) is now in a better position to absorb assets from the latter and expand its portfolio, according to analysts.

This after RLC sold P8.5 billion worth of RL Commercial REIT Corp. (RCR) shares last Friday, a move the property giant said would “fuel the growth of RCR by infusing yield-accretive and high-quality assets.”

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message that the sale of RCR shares is intended to boost its public float in preparation for “a massive asset infusion from RLC.”

“With its public ownership now close to 50%, there is a lot of room for RCR to execute asset-for-share swaps, so that RLC can transfer mature properties to RCR in exchange for shares in the Gokongwei Group’s listed REIT vehicle,” Mr. Colet said.

“Once the infusion is completed, the public float is expected to revert close to the pre-placement level.”

RLC sold 1.73 billion common shares in RCR to “high-quality long-only institutional investors” at P4.92 apiece. This raised RCR’s public float to 49.95% from the previous 33.86%.

“The increased float is one of the considerations that would be favorable for the investing public in terms of increased market liquidity. Global and local market conditions already improved recently to time the said block sale,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said the transaction is priced “at a discount to the market.”

“They emphasized the increase in public float in their disclosure, so I would speculate that they are gearing up for an asset infusion via asset-for-share swap,” Mr. Garcia said in a Viber message.

“They have one of the best dividend yields, and possibly the most geographically diversified portfolio of assets,” he added.

According to Mr. Colet, the recent move will be beneficial to RCR shareholders.

“This bodes well for RCR shareholders as the infusion of yield-accretive assets will boost their total return from increased dividends and capital appreciation. Moreover, they will benefit from a significant diversification of the REIT’s portfolio beyond offices to include retail, hospitality, and logistics assets,” Mr. Colet said.

“This type of diversification can make RCR more resilient to economic cycles,” he added.

For RLC’s part, Mr. Colet said the move allows the property developer to raise capital for its expansion plans.

“The deal is also very positive for RLC as it raises fresh capital to support a strong project pipeline that will sustain the company’s growth. This creates a virtuous circle since the new leasing projects of RLC are likely to become candidates for future infusions into RCR,” Mr. Colet said.

“Furthermore, the placement transaction shows that RLC can rely on RCR as an effective avenue of capital recycling,” he added.

RLC is eyeing to infuse about P25 billion worth of assets and hike RCR’s total gross leasable area (GLA) by approximately 60% this year. The property developer also plans to infuse other assets such as malls, hotels, and warehouses into RCR’s portfolio.

The Gokongwei-led property developer’s investment portfolio consists of 1.6 million square meters (sq.m.) of leasable mall spaces, 270,000 sq.m. of remaining leasable office spaces, 26 hotels with 4,243 room keys, and 227,000 sq.m. of leasable logistics facilities.

RCR has 16 assets in 10 major cities with 480,000 sq.m. of gross leasable space.

Pursue progressive tax reforms, gov’t urged

THE BUREAU of Internal Revenue (BIR) is urging the public to file annual income tax returns earlier than the April 15 deadline. — PHILIPPINE STAR/EDD GUMBAN

THE MARCOS administration should find new sources of revenue and reconsider the bill that seeks to further lower taxes imposed on domestic and foreign companies, economists said.

This as the government raised its budget deficit ceiling for the next five years to pursue flagship infrastructure projects.

“Increasing the deficit is not the only way to support an increasing budget which is necessary when growth is declining,” former Finance Secretary Cielo D. Magno said in a Facebook Messenger chat. 

The Development Budget Coordination Committee (DBCC) last week lowered the gross domestic product (GDP) target for this year to 6-7% from the 6.5-7.5% estimate given in December.

It also raised this year’s deficit ceiling to P1.48 trillion, slightly bigger than the previous P1.39-trillion ceiling. It expects the deficit as a share of gross domestic product (GDP) to settle at -5.6% this year from -5.1% previously.

The deficit ceiling for 2025 was also revised to P1.49 trillion from P1.23-trillion previously. The target for the deficit-to-GDP ratio was raised to -5.2% for 2025 from -4.1% previously.

Ms. Magno said the government can create new sources of revenue by raising taxes on mining, alcohol, and tobacco.

The government should reconsider proposed policies that may erode the tax base, and those that may create additional tax leakages, she added.

Ms. Magno mentioned the bill seeking to amend the pandemic-era Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. The CREATE MORE (Maximize Opportunities for Reinvigorating the Economy) bill proposes to lower the corporate income tax to 20% under an enhanced deduction regime and streamlining the tax refund system for corporations.

Ms. Magno lamented that there has been an increase in discretionary spending like the confidential and intelligence funds, and insertions in the 2024 national budget that were not part of the national expenditure program like items lodged under the Public Works department that have no program of work.

“Aside from fixing tax administration, the government should rationalize spending, improve the targeting efficiency of social programs and plug corruption in government,” she added.

The government is seeking a 7.5% increase in the proposed 2025 national budget to P6.2 trillion from this year’s P5.76 trillion.

Emy Ruth Gianan, who teaches economics at the Polytechnic University of the Philippines, said the administration should also consider a wealth tax as it pushes for a 7.5% increase in the national budget.

“It would be a difficult route, politically arduous too, but I believe it would be a significant and highly beneficial reform,” she said in a Facebook Messenger chat.

Diwa C. Guinigundo, a former central bank deputy governor who is now a Philippine analyst at the GlobalSource Partners, said the government should ensure that the budget is spent well and should implement new taxes that are progressive and previously untapped “with minimal social cost.”

The government should “minimize unnecessary fiscal drag,” he said in a Viber message. “That is how one could attain fiscal sustainability while promoting economic growth.”

The DBCC said the administration also aims to achieve its fiscal targets by pushing for the passage of the proposed value-added tax (VAT) on nonresident digital service providers and excise tax on single-use plastics. These two measures were among the 20 bills targeted for June passage by both Houses of Congress.

The DBCC also cited package 4 of the Comprehensive Tax Reform Program, the proposed rationalization of the mining fiscal regime and reform on the motor vehicle users’ charge.

“If the government is keen on increasing its base, it has to be more proactive in opening up more sources of revenue,” Ms. Gianan said. — Kyle Aristophere T. Atienza

DTI unveils finalists of ADVanCE for Creatives

The Department of Trade and Industry (DTI) has officially announced the top five startup finalists for the Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) for Creatives Program last March 21 at the Launchgarage Innovation Hub in Quezon City.

Selected from an initial pool of eight growth-stage startups, the top five finalists underwent assessments focused on organizational capacity, business maturity, and readiness levels. In these sessions, DTI and Launchgarage evaluated each startup based on its product status, team dynamics, future objectives, and challenges, concentrating on how the program could support its growth. This ensured that the chosen finalists were not only well-prepared to navigate forthcoming challenges but were also positioned to make a significant impact on the creative sector through their innovative and scalable solutions.

The top five finalists are AniMattify, a startup transforming print ads into animations; KikoMonster Creative Studio, providing creative solutions from Zamboanga; Bihasa, merging instructional design with production for learning videos; ROC.PH Digital Marketing Services, assisting businesses and professionals through Web3site management, digital marketing consultation, creative design, and strategy implementation; and Bentamo, a tech startup showcasing creative Filipino brands. The finalists will undergo intensive training based on the specific interventions identified during the needs assessment.

The ADVanCE for Creatives program, launched last Dec. 5, 2023, aligns with the visions outlined in the Innovative Startup Act (ISA) and the Philippine Creative Industries Development Act (PCIDA). This initiative underscores DTI’s commitment to fostering entrepreneurship and economic growth in the Philippines.

DTI Undersecretary for Competitiveness and Innovation Group Rafaelita M. Aldaba commended the selected startups, emphasizing DTI’s dedication to supporting their growth.

“We extend our heartfelt congratulations to the top five startup finalists of the ADVanCE for Creatives program,” Ms. Aldaba said. “DTI is proud to support the development of these promising startups as they contribute to the advancement of the Philippine Creative Industries.”

The finalists will benefit from comprehensive training through a series of learning workshops, mentorship from industry experts, and customized business matching and acceleration programs. The program will culminate in a demo day in April, providing an opportunity for the startups to showcase their progress and attract potential partners and investors.

In addition to ADVanCE, DTI previously unveiled ten select creative startups and enterprises for the Incubation, Development, and Entrepreneurial Assistance (IDEA) program, further bolstering the Philippine Creative Industries. The selected startups for IDEA are Wika, 7×7 Development Corp., MVRK Simulations, Pamitisan Shoe Shop, Transcend Studios Inc., Kwentoon, Carisle Media Corp., Produkto PH, DND Denim N’ Denim, and Brave Story.

Pia Wurtzbach and Iza Calzado: Definitely worth it

L’OREAL Philippines campaign ambassadors (L-R): Belle Rodolfo, Pia Wurtzbach, Iza Calzado, and Deng Garcia.

L’OREAL Philippines has launched a new campaign putting a spin on their decades-old tagline “Because I’m Worth It,” coupling it with the Filipino phrase “sayang ka” (“you are a waste”). With the harmful connotations of such a loaded two-word phrase, former Miss Universe Pia Wurtzbach and actress Iza Calzado opened up about their own struggles with making it and feeling their own worth during an event in Intramuros, Manila on March 25.

The two celebrities were joined in the campaign by magazine beauty editor Belle Rodolfo, and her partner, Deng Garcia, both onstage and in a video commercial.

“As a young child, it breaks your heart,” said Ms. Calzado about being told that she was sayang (a waste). Ms. Calzado has been open about her struggles with previously being overweight, being diagnosed with childhood depression, her own mother’s mental health struggles and suicide, and everything else that comes with being a female celebrity. “You really felt like the words are so true. It takes away any belief you may have from yourself.

“I’m a work in progress. The words are deeply ingrained,” she said in a speech. “All these years, it just makes me want to prove na hindi ako sayang (I am not a waste).”

WHAT HAPPENS NEXT?
Ms. Wurtzbach, meanwhile, said that her chief fear was that winning Miss Universe would be the peak of her career, especially after all the years she spent working towards that goal.

She recalled joining, and losing, the Bb. Pilipinas pageant twice before winning the third time she joined, to qualify for the global pageant, then winning it.

“After I won Miss Universe, I got the recognition, I got the work. It was a big celebration in the Philippines, but there’s always that question of what’s next,” she said.

This was a concern for her, as she was frequently told that a beauty queen’s “shelf life” had a maximum of three years. She added the struggle of making it in showbiz in the first place: she was often told that she was too tall, and that her accent was noticeably provincial.

“After I won Miss Universe, I thought that it would be the bandage (for) all of my childhood trauma, and all of the rejection. But it didn’t (help). It amplified it. I thought, ‘Oh my God… I found my purpose. I won Miss Universe, and this is it.’ But every day, I felt that I had to keep proving why I deserved to be there, especially because of how I was announced as a winner.” If it could be recalled, back in 2015, host Steve Harvey had named Miss Colombia as the winner, before appearing again onstage to fix his mistake, announcing Ms. Wurtzbach as the winner instead.

“It’s been nine years now, and what I’ve learned is that my worth isn’t measured by a crown, or a title, or the number of likes I get on each post… these things are fleeting,” she said. “I have decided that my worth is based on the lasting impact that I can hopefully continue to share with people who still look at my journey.”

BEAUTY AND PRIVILEGE
Backstage, the ladies told a few gathered media guests about the products they were using — but also about the trap of beauty and privilege.

Ms. Calzado uses the Infallible foundation, the lipsticks (which she uses for her eyes and cheeks as well), the mascara, and a day cream from L’Oreal. Ms. Wurtzbach said that she uses L’Oreal’s Revitalift Eye Serum, as well as their other serums and cleansers.

Speaking during the last days of International Women’s Month in March, Ms. Calzado and Ms. Wurtzbach, both blessed with beauty, discussed the dark power of how it grants privilege, and how they are affected by it.

Ms. Calzado remembered telling her stylist once how nice people were. Her stylist shot back, “That’s easy for you to say, because you’re Iza Calzado. People are nice to you.”

“But ako kasi (for me), I’d like to believe that the heart of every human is good,” she said. “To this day, medyo hirap akong tanggapin iyon (I have a hard time accepting that). But maybe it’s true. Maybe people are nicer to me because of that, because they see me on stage, or in films.

“But there are a lot of privileges. Being successful, you have more money. You have ‘more power,’” she said, gesturing air quotes. “Because of that, there’s more responsibility. May kapalit rin siya (it has a price). I have to use it beyond myself, what serves me. That’s why I use it: the stories, the struggles, the privilege, and the power to further empower those who may need it.”

Speaking of her own beauty and the privilege it grants, Ms. Wurtzbach said, “I’m not going to deny that.

“I am aware of my privileges. I am aware that the reason why people listen to me, and why I have a following is because of my achievements, and it’s because of Miss Universe, but the challenge is also there,” she said. She said she didn’t want people to listen to her speak just because she was Miss Universe, which she won for her beauty. “That’s what I’m trying to break. I don’t want to be stuck in a stereotype.

“I think that’s a challenge for most beauty queens — to prove that there is really so much more beyond what you see.”

MEMORABILIA AUCTION
On that note, Ms. Wurtzbach said that later this year, she will auction off her Miss Universe memorabilia, in order to help build a youth center next year, the 10th anniversary of her Miss Universe win. To be auctioned off are the opening dress, shoes, earrings, gowns, notebooks, sashes, and even her tiara. So far, she has collected 30 items from her own home, and will see if she has more Miss Universe-related memorabilia in storage.

“I’m planning to auction these off on World AIDS Day, on Dec. 1,” she said. “I’ll be super-transparent with how much we collect, and where it’s going to go. We’re going to build a youth center in Metro Manila.”

The youth center, built in partnership with Love Yourself, Inc., will be meant to be a test-and-treatment center for HIV-AIDS and other sexually transmitted infections and will also serve as a women’s health center. It will be a place where “people can feel safe; people can feel like they’re welcome,” she said.

“I want to leave something behind that is truly lasting; that will sustain itself. Even if I’m not physically there, I’ve helped build a youth center that is going to help others.” — Joseph L. Garcia

Bulacan State University developers win 3rd iTHINK Hackathon of ISLA Camp

Student developers from Bulacan State University with ICP Hub Philippines officials

Four student developers from Bulacan State University (BSU) have emerged as the winners of the third iTHINK Hackathon organized by the ISLA Camp (ICP HUB Philippines).

Held as part of the International Conference on Innovation, Technology, and Entrepreneurship (IRCITE) 2024, the iTHINK Hackathon concentrates on projects that utilize the Internet Computer Protocol (ICP), a game-changing blockchain technology offering significant advantages over traditional blockchains in terms of scalability, security, and performance.

The competition brought together six teams of talented Web3 developer participants from different universities showcasing groundbreaking solutions to contemporary challenges across various domains.

Team Open Soars, composed of Ryka Gene M. Austria, Mary Queen O. Casaclang, Richard James C. Bagay, and Janniel Andrei D. De Jesus, under the guidance of their coach, Gabriel M. Galang, showcased their Web3 innovation “Communitask,” a digital platform bridging the job market gap by connecting individuals with micro-opportunities.

Team CobraBytes from Central Luzon State University secured second place with their tokenized educational credit system, empowering students to earn tokens for educational achievements and exchange them for materials within the university ecosystem.

Team spcF.coMeLex from Systems Plus College Foundation clinched third with Attend.ly, their innovative blockchain mobile app that incentivizes student engagement and simplifies attendance management.

Participants who excel in iTHINK hackathons will have the opportunity to access additional funding provided by the DFINITY Foundation. As a key contributor to the ICP blockchain, this nonprofit research and development organization has a $20-million grant to support the growth of Web3 and artificial intelligence initiatives in Asia. ISLA Camp then identifies and incubates promising talent discovered through these programs.

“We are shifting the narrative for Filipinos from mere users of technology to active builders shaping the future of Web3. We’re partnering with universities all over the country, reaching out to communities far and wide in rolling out free, hands-on blockchain education. This is more than just teaching people about blockchain; it’s about lighting a spark, inspiring a new generation of Filipinos to innovate and create,” said Nelson Lumbres, co-founder of ISLA Camp.

“The Philippines is a breeding ground for some of the most talented innovators in the world. ISLA Camp (ICP HUB Philippines) recognizes this potential, and our goal is to establish the Philippines as a global hub for Web3 developers, attracting international investment and creating a thriving tech ecosystem,” he added.

To further its mission, the ISLA Camp (ICP HUB Philippines) has announced the next edition of the iTHINK Hackathon, “Push to the Limits,” a nationwide Web3 hackathon that features a prize pool of up to P225,000.

The competition, which will be held online from April 6 to 30, is supported by PDAX, Bitskwela, BIT (Bicol IT Org), and DEVCON, the Philippines’ largest community and tech nonprofit organization.

Filinvest Development sets up to P25-billion capex budget for 2024

GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) has allocated between P20 billion and P25 billion for its capital expenditure (capex) budget this year.

FDC Chief Finance Officer Brian T. Lim said during a briefing last week that 60% of the budget would go to real estate, 15% to renewable energy, another 15% to hospitality, and the remaining 10% to other businesses.

“We will fund this year’s capex through internally generated funds,” he said. FDC invested P13 billion in capex last year, he added.

FDC’s ongoing renewable energy projects include a 20-megawatt (MW) solar energy project in Misamis Oriental and a 12-MW solar energy project in Cebu, FDC President and Chief Executive Officer Rhoda A. Huang said.

“The commercial operations for the solar projects will happen in the next 10 to 12 months,” she said.

Ms. Huang said that FDC’s expansion in the hospitality segment include the ongoing construction of the 200-room hotel in Baguio City under the Grafik brand, which will open in the first quarter of 2025.

FDC is also renovating and expanding its Crimson Mactan Hotel, she added.

“Mactan was hard hit by Typhoon Odette. Then refurbishing happened and then we’re looking at expansion,” Ms. Huang said.

In terms of digitalization projects, FDC Chief Operating Officer Ysmael V. Baysa said the conglomerate has ongoing projects to improve its enterprise resource plan (ERP).

“Right now, we have several ERP systems across the conglomerate. We want to convert into just one. We’re also enhancing our purchasing segment, project management system, and the management report and analysis and planning system…,” he said.

“The (improvement) project started as early as 2021, on the conceptualization. The projects have been ongoing,” he added.

Meanwhile, Ms. Huang said that FDC is securing approval for a preferred shares listing as part of the conglomerate’s fundraising efforts. 

“It will not be early. If ever, it (preferred shares listing) will be late fourth quarter or first quarter of 2025 because we have funding in place for the purposes of the budgeted capex for 2024. We will be opportunistic,” she said.

“It is early. We want to see the developments for the purposes of the capex budget utilization,” she added.

In January, FDC raised P10 billion from the first tranche of its P32 billion three-year bond program.

The net proceeds will be used to partially finance our maturing bond redemption and capital expenditure, including financing for equity investments in renewable energy, water, hospitality, and digitalization projects.

FDC has presence in the real estate sector through Filinvest Land, Inc. and Filinvest Alabang.

The conglomerate is also in the power and hospitality sectors through FDC Utilities, Inc. and Filinvest Hospitality Corp., respectively.

It is also engaged in the banking sector via East West Banking Corp., as well as in the sugar and infrastructure segments.

FDC saw a 58% jump in its 2023 attributable net income to P8.9 billion. The conglomerate’s total revenues and other income increased by 31% to P92.8 billion.

Shares of FDC were last traded on April 5 at P5.50 apiece. — Revin Mikhael D. Ochave

Louis Vuitton totes and Dior micro bag can save luxury

Clockwise from above: THE LV Neverfull, a mini Dior Book Tote with strap, a re-issued quilte leather Little Stam bag from Marc Jacobs, Loewe’s Petal raffia basket bag, and Prada’s robot keychain

By Andrea Felsted

IN 2007, Louis Vuitton introduced a new spacious bag in its trademark monogram. Meant as a seasonal beach carry-all, the Neverfull, as it was known, became an instant hit. Part of the appeal was that it was relatively affordable. I purchased one in 2010, and it cost around £600 ($760). Not cheap for a coated canvas bag, but around a quarter of the price of a classic Chanel.

That was a time when many people — either through rising wealth in China and the US, or diligent saving (like this columnist) — became able to buy into designer names that previously only catered to the very rich. Today, after several years of sharp price increases (a large Neverfull now costs £1,450) and the luxury industry flatlining, brands must once again democratize their customer bases.

The European giants have long been good at this. Take Kering SA’s Gucci for example: It wasn’t just its rejuvenation under former creative director Alessandro Michele eight years ago that turbo-charged sales. It also sold bags well under £1,000 and belts as relatively affordable ways to buy into the new Gucci. This helped it capture first the flourishing Chinese middle class and then young Americans flush with pandemic stimulus checks and crypto gains.

Now Gucci, like its peers, is trying to move upmarket. In one respect, this makes sense. The US aspirational luxury consumer, under pressure from inflation and rising interest rates, has retrenched, while Chinese buyers remain cautious. Meanwhile, sales growth at Hermes International SCA and Brunello Cucinelli SpA, which cater to the 1%, has outpaced rivals. Those more exposed to the middle class, such as Kering and Britain’s Burberry Group Plc, have struggled.

But with every brand courting the rich, luxury groups are leaving the lower echelons to the more premium fast-fashion players, led by Inditex SA’s Zara, as well as a diminishing number of companies still catering to this segment, such as jeweler Pandora A/S and Hugo Boss AG. The bling behemoths must reconnect with the cohort they have priced out — but in a way that doesn’t destroy their desirability.

The most obvious route is through categories such as eyewear, beauty, and fragrance that have long served as entry points. Even Hermes, best known for the Birkin, with a midsize bag costing around £8,000, sells beauty products, fragrance, scarves, ties, and costume jewelry.

Another way to make products more affordable is to simply shrink them. Small leather goods are already becoming a more important part of the range. Mini bags can be sold for less than larger items. Indeed, houses including LVMH’s Dior have produced slightly cheaper “micro” versions of popular models (as well as even less pricey pouches), sparking a raft of TikTok videos on just how much, or little, buyers can fit into them.

More affordable collections, known as secondary or diffusion lines, which were popular in the noughties, are a no-no. But there may be room for some limited-edition capsules. There could be some blurring of brand boundaries in other ways too.

Take Marc Jacobs, owned by LVMH. It has recovered from years of underperformance, thanks to its logo Tote bags, which start at about £200. It has also reissued some of its leather bags, including its best known, the Stam, which sells for the mid-range $1,495, as well as a few styles from its now defunct Marc by Marc Jacobs secondary line. It’s not hard to see it delving further into what it dubs the M(archives), particularly if the Tote becomes ubiquitous.

Another option is offering more unusual products, which don’t feel like trading down. A case in point is Loewe’s raffia baskets. These start at around £400, much less than its leather bags that typically cost between £2,000 and £3,000. The distinctive accessories, which have spawned a raft of high-street imitations, have only made the LVMH-owned brand designed by Jonathan Anderson more coveted. Other novelties, such as Prada’s robot keychains and even Louis Vuitton’s chocolates (on sale in France and recently Singapore), can stretch houses even further.

Companies could even start offering secondhand pieces, following Rolex SA’s lead and certifying pre-owned products for sale on their own websites.

Given that selling secondhand goods requires specialist skills and logistics, they could also partner with resale sites such as The RealReal, Inc. Kering has gone a step further already, investing in rival platform Vestiaire Collective.

Such an approach can prevent customers unable to afford new products from defecting to more affordable brands — such as Tapestry, Inc.’s Coach, which has found success with its Tabby bag. This also establishes relationships with aspiring luxury shoppers, who may be interested and able to buy new items later on.

There were rumors last year that the Neverfull was being discontinued or could only be purchased via a wait list. These proved false, and the bag remains a bestseller. That’s fortunate for me, as it’s still one of my go-tos.

The luxury giants should take note. With LVMH set to generate little sales growth from its fashion-and-leather-goods division in the first quarter, they need styles such as the Neverfull more than ever.  Bloomberg Opinion

Solar Philippines, Indonesian partner sign $14-M loan for Bali solar farm

LEVISTE-LED Solar Philippines Power Project Holdings, Inc. and its partner in Indonesia have signed a $14-million (P792 million) loan deal for a 25-megawatt (MW) solar farm project in East Bali.

PT Medcosolar Bali Timur, Solar Philippines’ joint venture with Indonesian oil and gas firm Medco Energi (Medco), signed the loan agreement with Bank Negara Indonesia (BNI), the company said in a statement over the weekend.

“This project is in line with Medco Power’s mission to create long-term value in renewable energy,” Solar Philippines said.

Medco is the largest independent oil and gas exploration and production company in Indonesia.

The implementation of the solar project began last year. It is estimated to cost $20 million and is funded by a combination of BNI’s credit facility and equity invested by Medco and Solar Philippines.

The two companies formed the joint venture to submit a bid in the first competitive auction for utility-scale solar of Indonesia’s state utility PLN.

Solar Philippines owns 49% of PT Medcosolar Bali Timur. It also owns 49% of PT Medco Solar Bali Barat, which is developing another 25-MW solar farm in West Bali.

This brings the total capacity of the joint venture of Solar Philippines and Medco in Bali to 50 MW.

The joint venture plans to energize the first 25 MW by the end of 2024, while the next 25 MW is scheduled by 2025.

“Indonesia has one of the world’s lowest solar capacity per capita, with an estimated total 500 MW of solar operating in a country of 279 million people,” Solar Philippines said.

“This is due to low power prices, and the scarcity of land in the most populous island of Java, with challenges similar to developing solar in Luzon,” it added. — Sheldeen Joy Talavera

A ‘ruffian’ bag is the star of Givenchy’s collection

A BAG from the Givenchy Voyou Collection, a highlight for Spring Summer 2024.
A BAG from the Givenchy Voyou Collection, a highlight for Spring Summer 2024.

GIVENCHY’s Spring/Summer 2024 line has finally hit stores in the Philippines, after a debut last September in the grounds of L’École Militaire in Paris. The collection was shown to media guests at the Givenchy boutique in Greenbelt on April 3.

Stars of the collection include the Voyou bag (which translates to “ruffian”), slouchy and comfortable. Its new incarnation in the S/S 2024 viewing shows it with sliding chain straps and etched hardware buckles. The bag’s shape echoes throughout clutches and totes.

Meanwhile, the brand has a new 4G buckle (literally four Gs, as in the French brand’s initial, joined together). This is seen on buckles of pumps and sandals, embossed on a sandal, and in various chains seen in other bags.

Another bag that might cause interest is the sharp Cut Out, shaped like a classic hobo but plunging to a deep V in the center. This is also marked with the 4G chain, giving it a sophisticated touch.

The same 4G pattern is also seen making up the heels of pumps.

“For the Spring Summer 2024 Womenswear Collection, Givenchy reflects on a collective comprehension of elegance as shaped by the genetics of its own heritage and a present-day desire for simplicity,” said a statement from the maison. “Elegance is instinctive. An inherent sensibility, it is founded in codes that seduce our shared sense of sophistication: the drape of a chiffon dress, the curve of a sculpted neckline, the grace of a hand-painted flower.”

In the Philippines, Givenchy is exclusively distributed by Stores Specialists, Inc., and is located at Shangri-La Plaza Mall East Wing, Greenbelt 4, and Solaire Resort Entertainment City. — JLG

YGG Pilipinas Roadtrip to visit local communities starting this April

Yield Guild Games (YGG) Pilipinas, a growing community of gamers, creators and traders supporting Web3 adoption in the Philippines, will be going on its annual “Roadtrip” from April to July as part of its efforts to bring Web3 closer to Filipino communities.

Six locations will be visited over four months, beginning in Batangas (April 13 at Aquamarine Recreational Center) and followed by Baguio (April 27 at Baguio Ayala Land Technohub, Camp John Hay), Cebu (May 18 at Ayala Malls Central Bloc), Davao (June 1 at Ayala Malls Abreeza), Bacolod (June 22 at Ayala Malls Capitol Central), and Manila (July 6 at Ayala Malls Manila Bay). Attendees will be able to learn more about Web3, play fun and exciting new Web3 games, and meet other members of the community.

Each leg of the Roadtrip will be jam-packed with meet-and-greets, game demos, show matches, and a live version of the Discord show Crypto Fiesta. Web3 Metaversity, the online learning platform led by YGG Pilipinas, will conduct sessions at the event to educate attendees about cryptocurrency, blockchain, and trading fundamentals. Attendees will receive a quest card to keep track of the booths they will visit in the Experience Zone. Participating exhibitors include Web3 games Arena of Faith (AOF) and Sipher, game developer Delabs Games, game asset manufacturer BreederDAO, crypto exchange Coins.ph, and Web3 mobile infrastructure Jambo. The popular farming game Pixels will also be showcased in a stage demo during the Batangas and Baguio legs of the Roadtrip.

“Web3 gaming has opened many possibilities for people living with low income in the Philippines. Many of our kapwa Filipinos were able to bounce back after the pandemic because of Web3 games, and it was a small barangay in Nueva Ecija that started this now global movement. We want to ensure that every community in the Philippines has an opportunity to participate in this economy. The YGG Pilipinas Roadtrip is one of the ways we can teach new, future-oriented skills to the young, tech-savvy people in our provinces. Anyone, regardless of who they are or where they live, can access Web3. Our kababayan from the provinces could be the next leaders, founders and creators in this emerging industry,” said YGG Pilipinas Country Head Mench Dizon.

The event will be easy to spot, as there will be a YGG Jeep prominently parked at the venue and decked out in YGG Pilipinas themes. The first leg in Batangas will feature YGG Pilipinas Campaign Director John Sedano and YGG Pilipinas Community Lead Spraky in attendance as Web3 Metaversity mentors, along with other community leaders and key opinion leaders. There will be a 45-minute stage program, which will dive deep into the topic “Building Communities and Finding Careers in Web3” with speakers YGG Pilipinas Community Manager Syl, YGG Scholarship Manager and Coordinator Kuya Kevs, and Web3 content creator Munchies.

The Baguio leg will feature Spraky and YGG Lead Game Ambassador Miccolo as Web3 Metaversity mentors. There will be a separate area with two 30-minute sessions focused on the topic “Leading a Community That Matters,” where Spraky will join fellow speakers, YGG Head Coach and Asset Manager Nate and YGG Guild Advancement Program (GAP) Ambassador and Web3 content creator Kookoo. Information on other legs will be posted on YGG Pilipinas’ social media channels in the coming weeks.

The YGG Pilipinas Roadtrip is being held with the support and collaboration of the Department of Information and Communications Technology (DICT). In addition to its national-level partnership with the DICT, the YGG Pilipinas Roadtrip has also partnered with DICT Region IV-A and DICT Cordillera Administrative Region. These industry partnerships will enable more students to participate in the Roadtrip through the mobilization of the DICT’s regional offices. The DICT will also work with LGUs for additional support, including through the Sanggunian ng Kabataan, as well as assist with social media and local promotions.

Coins.ph, one of the leading crypto exchanges in the Philippines, is a platinum sponsor and the official exchange partner for the event, while Ayala Malls is its official venue partner. Other platinum sponsors are Delabs Games and Stables. Gold sponsors are Sipher, Arena of Faith, BreederDAO and Jambo, which is also the event’s official smartphone partner. Carv.io and OP Games are the event’s silver sponsors. Other partners include BitPinas, The Sandbox, and over 20 communities and guilds from different regions of the Philippines.

PAL says passenger volume may soar by up to 20% this year

PHILIPPINE STAR/EDD GUMBAN

FLAG CARRIER Philippine Airlines (PAL) said it expects passenger volume to rise by up to 20% this year.

“We are projecting about 10%-20% growth,” Stanley K. Ng, president and chief operating officer of PAL, said on the sidelines of the company’s media briefing last week. 

Last year, the airline company carried a total of 14.7 million passengers, marking a 58% increase from the 9.3 million passengers recorded in 2022.

“We anticipate to again increase passenger carriage this year,” Cielo C. Villaluna, PAL spokesperson, said in a Viber message. 

Data provided by the company showed that it managed to mount a total of 105,294 flights last year, 35.8% higher than the 77,533 total flights in 2022.

For this year, PAL is working to strengthen its global and local network, the company said, adding that it also plans to upgrade its existing aircraft and add more fleet in the next few years.

PAL operates a total of 78 aircraft and the company expects to add one more, operating a total of 79 aircraft by yearend.

The airline plans to buy at least 22 aircraft, which will be delivered between 2025 and 2029, the company’s  General Counsel Carlos Luis L. Fernandez said. 

PAL is also set to operate nonstop Manila-Seattle flights three times a week beginning Oct. 2.

Aside from Seattle, which the company considers a promising market, PAL is looking to explore more Asian and local destinations. However, some long-haul flights it plans to offer will be on hold for now until the arrival of its aircraft order.

Last year, PAL Holdings, Inc., the listed operator of PAL, saw its attributable net income more than double to P16.81 billion driven by heightened passenger volume and route expansions.

Its 2023 income is considered to be the company’s highest in history, PAL said in a previous media release. 

The company’s passenger revenue increased by 37% to P160 billion in 2023 from P114 billion in 2022, boosting the company’s overall revenues. — Ashley Erika O. Jose

Scenes from #MIAS2024

The confetti starts to fall on organizers, auto executives, and VIP guests as the Manila International Auto Show (MIAS) 2024 opens at its main location at the World Trade Center Metro Manila. — PHOTO BY KAP MACEDA AGUILA

 

The country’s premier annual mobility extravaganza opens its doors at two venues for the first time

The 19th edition of the Manila International Auto Show (MIAS) revved up, for the first time, in two venues last Thursday — its traditional haunt at the World Trade Center Metro Manila, and a new “extension” at the SMX Convention Center. Visitors only needed to pay for admittance once and had access to free shuttles that took them to and back from either venue.

“Velocity” was front and center at both locations, and while we work on a more thorough report for next week, we present you a front-row seat to the sights on opening day. Enjoy! — Kap Maceda Aguila