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Britain’s Starmer condemns ‘far-right thuggery’ as unrest flares again

REUTERS

 – British Prime Minister Keir Starmer on Sunday condemned what he described as “far-right thuggery” and said perpetrators would face the full force of the law after days of violent anti-immigration protests culminated in hotels being targeted.

Violent protests have erupted in towns and cities across Britain after three girls were killed in a knife attack at a children’s dance class in Southport in northwest England last week.

The murders were seized on by anti-immigrant and anti-Muslim groups as misinformation spread that the suspected attacker was an immigrant and a radical Islamist. Police have said the suspect was born in Britain and are not treating it as a terrorist incident.

The protests have spread through cities across the country, including in Liverpool, Bristol and Manchester on Saturday, resulting in dozens of arrests as shops and businesses were vandalized and looted and several police officers were injured.

On Sunday, hundreds of anti-immigration protesters gathered by a hotel near Rotherham, northern England, which Britain’s interior minister said was housing asylum seekers.

The protesters, many wearing masks or balaclavas, threw bricks at police and broke several hotel windows, a Reuters witness said, before setting a large bin close to the hotel on fire.

“I utterly condemn the far-right thuggery we’ve seen this weekend,” Mr. Starmer said in a statement, adding it was criminal violence and not legitimate protest.

“Be in no doubt, those that have participated in this violence will face the full force of the law.”

The National Police Chiefs’ Council said 147 people had been arrested since Saturday evening and more would follow in the coming days.

Mr. Starmer, who took office a month ago after his Labor Party won a decisive election victory over the long-ruling Conservatives, said residents were in “absolute fear” from the “marauding gangs” in Rotherham.

Local police said 10 officers were injured in Rotherham during confrontations with the crowd of 700 people, some of whom threw planks of wood and sprayed officers with fire extinguishers before smashing hotel windows.

One officer was knocked unconscious and others had suspected broken or fractured bones, police said.

“The mindless actions of those today have achieved nothing other than sheer destruction and leaving members of the public and the wider community in fear,” said Lindsey Butterfield, Assistant Chief Constable at South Yorkshire Police.

Sunday’s disorder was based in smaller towns than on Saturday, including the northwest towns of Lancaster and Bolton as well as Aldershot, southern England.

Police said they arrested 14 people after a march through Middlesbrough in the northeast resulted in “mindless violence” and a public warning to avoid the town center.

The interior ministry said mosques would be offered extra security under new arrangements after threats against them, including in Middlesbrough.

Members of the public were also urged to avoid the area around a hotel in Tamworth, central England, by local police who said “a large group of individuals are in the area and have been throwing projectiles, smashing windows, starting fires and targeting police. One officer has been injured.”

The last time violent protests erupted across Britain was in 2011 when thousands of people took to the streets after police shot dead a Black man in London. Mr. Starmer was the country’s chief prosecutor at that time.

Community leaders and families of the victims of the murders in Southport, near Liverpool, have criticized the unrest.

“Since Monday, too many people have sought to use the tragedy to create division and hate,” a group of faith leaders from Liverpool said in a joint statement.

“It can – and has – left communities in fear and has put people in danger.” – Reuters

PayMongo partners with YelloX to strengthen supply chain enterprises

Photo shows (from left) Ken Miguel, YelloX Business Development Officer; Marcus Francisco, YelloX ECommerce Division Manager; Roderick Chua, YelloX COO; Jojo Malolos, PayMongo CEO & President; Jordan Jacinto, PayMongo Head of Growth; and Ryan Tongson, Chief Commercial Officer.

PayMongo, a leading digital financial services company, partnered recently with YelloX, a renowned platform for end-to-end supply chain management, to streamline payment processing and fund management for supply chain enterprises.

PayMongo Founder and Chairperson Luis Sia underscored the strategic importance of the collaboration in utilizing the fintech company’s expansion from payments to financial services.

“We are thrilled to embark on this transformative journey with YelloX. Together, we aim to revolutionize the financial landscape of supply chain businesses, driving efficiency and growth in this dynamic sector,” Mr. Sia said.

The integration of PayMongo’s robust financial infrastructure into the YelloX platform marks a significant leap forward in facilitating seamless financial transactions within the supply chain ecosystem.

“By leveraging digital wallets and advanced payment solutions, YelloX users can now experience enhanced financial management capabilities, propelling operational efficiency to new heights,” Mr. Sia added.

PayMongo CEO Jojo Malolos said that the integration of PayMongo’s robust financial infrastructure into the YelloX platform marks a significant leap forward in facilitating seamless financial transactions within the supply chain ecosystem.

“This partnership represents a commitment to augmenting the  ability of YelloX to empower its SME customers with the tools they need to thrive in today’s competitive market,” Mr. Malolos said.

Mr. Malolos revealed that YelloX users can now experience enhanced financial management capabilities by leveraging digital wallets and advanced payment solutions, propelling operational efficiency to new heights.

“By simplifying payment processes and offering integrated financial solutions to YelloX, we are paving the way for accelerated growth and success in the supply chain industry as these cater to the needs of SMEs in successfully growing their businesses,” Mr. Malolos added.

Mr. Sia said that as supply chain organizations embrace the enhanced financial operations facilitated by this collaboration, they can expect improved cash flow management, better control over finances, and increased operational focus.

“The synergistic blend of PayMongo’s payment processing expertise and YelloX’s innovative supply chain solutions promises to redefine financial management practices and drive business expansion,” Mr. Sia said.

During its 5th anniversary celebration last March, PayMongo announced its transformation from a payment solutions provider into a digital financial services company.

 


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[B-SIDE Podcast] Why do employees leave their company?

Follow us on Spotify BusinessWorld B-Side

In 2023, the Philippine attrition rate and voluntary turnover increased to 15.9% from 14.2% the previous year, according to a study from a risk and employment consultancy company. This means that more employees are leaving their companies for better salaries and growth opportunities.
From a company perspective, this is a potential indicator of dysfunctionality, which could lead to further problems. To address this issue, Kshitij Kohli, Head of Operations at Sun Life Global Solutions, has shared his insights about the reasons and impacts of high attrition rates for companies. He also discussed strategies that companies can use to control their attrition rates and how they can adjust to the shifting workplace demographics.

Interview by Edg Adrian A. Eva
Audio editing by Jayson John D. Mariñas

Follow us on Spotify BusinessWorld B-Side

Yulo wins men’s vault to scoop second gold in Paris

CARLOS YULO — REUTERS

PARIS – Carlos Edriel Yulo of the Philippines won his second gold medal in as many days after he soared to the top of the podium in men’s vault at the Paris Olympics on Sunday.

Twenty four hours after he became the first Filipino to capture an Olympic gymnastics title with victory in the floor exercise final, Yulo doubled his Olympic gold medal haul by eclipsing Artur Davtyan. The Armenian won silver, while Britain’s Harry Hepworth took the bronze at the Bercy Arena.

Yulo nailed his opening Dragulescu vault in the tuck position, taking just a small step backwards and was rewarded by the judges with a huge score of 15.433 points.

His second vault earned him 14.800, giving him an average of 15.116 and after the event’s final results were announced, Yulo put his hands on his head and exhaled in disbelief, bowing in gratitude before the crowd.

“Winning yesterday took away all of my stress,” the elated Filipino told reporters.

“Today I was more chilled and relaxed. It helped me give it all because there was nothing to lose anymore. And that’s what happened. It’s so crazy, I don’t know what to feel right now.”

“The first vault was really good. I was so shocked that I landed it.”

The amiable Yulo said he was bracing himself for the hero’s welcome he will undoubtedly receive when he returns home.

“I’m really excited but I know it’s also going to be tough for me because it’s kind of outside gymnastics,” he said.

“Lots of interviews, lot of media but I’m really excited to do that.

“I’m really blessed and grateful.”

The 24-year-old’s Paris exploits also earned him a new home.

Filipino gold medallists at the Paris Games have been promised a fully furnished, two-bedroom condominium in Taguig City.

Asked if he will now get two houses, one for each gold medal, he said: “I think so but I should really check if that’s true.” — Reuters

GDP growth picked up in Q2 — poll

Government spending may have helped drive economic growth in the second quarter, analysts said. — PHILIPPINE STAR/EDD GUMBAN

By Karis Kasarinlan Paolo D. Mendoza

PHILIPPINE ECONOMIC GROWTH likely picked up in the second quarter as higher government spending may have offset the impact of El Niño on agriculture, analysts said.

A BusinessWorld poll of 19 economists and analysts conducted late last week yielded a median gross domestic product (GDP) year-on-year growth estimate of 6% for the April-to-June period.

If realized, this would be faster than the preliminary 5.7% growth in the first quarter and the 4.3% clip recorded in the second quarter of 2023.

Q2 2024 GDP growth forecast

This would also bring the first-half growth to an average of 5.9%, below the 6-7% growth target for the year.

The Philippine Statistics Authority  will release the second-quarter GDP data on Thursday (Aug. 8).

“The main driver of growth was likely government spending. In contrast to last year’s underspending, the utilization rate of the 2024 budget has significantly improved,” HSBC ASEAN (Association of Southeast Asian Nations) economist Aris D. Dacanay said in an e-mail.

In an e-mail, Sarah Tan, an economist from Moody’s Analytics, said government spending and “robust” goods exports are expected to be the bright spots in the second quarter.

Data from the Bureau of the Treasury (BTr) showed that government spending rose by 14.6% year on year to P2.76 trillion in the second quarter.

Mr. Dacanay said the strong labor market may have also helped sustain household spending despite elevated inflation and high interest rates.

The country’s employment rate reached 95.9% in May, slightly higher than the 95.7% recorded a year ago. The unemployment rate also slipped to 4.1% in June from 4.3% in May 2023.

Victor A. Abola, an economist at the University of Asia and the Pacific, said high employment, “very elevated” government spending, and better-than-expected remittances have also contributed to faster growth.

Overseas remittances in the January-to-May period grew 3% to $13.37 billion from $12.98 billion a year ago.

EL NIñO
Meanwhile, El Niño’s impact on agriculture and slower household consumption may have constrained growth in the second quarter, analysts said.

Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said El Niño was likely a drag on the economy, both demand and supply side, as early as the first quarter.

Ruben Carlo O. Asuncion, chief economist of Union Bank of the Philippines, Inc., said El Niño had a “scalding impact” on farm employment and rural incomes.

“Aside from the severe El Niño-related drought effects that cut down farm production, agricultural jobs and incomes, and contributed to higher food costs, the BSP (Bangko Sentral ng Pilipinas) sentiment that reeked of more pessimism among households and business respondents, likely translated to lackluster spending during the quarter,” he said in an e-mail.

Mr. Asuncion said “price-conscious” households may have postponed purchasing big-ticket consumer items until incomes fully recover.

Headline inflation eased to 3.7% year on year in June. For the first six months of 2024, headline inflation averaged 3.5%, slightly higher than the central bank’s 3.3% full-year forecast.

The BSP kept its key rate steady at 6.5% in June, the highest in over 17 years.

“Private consumption and investment will likely slow from the prior quarter as the high borrowing costs continue to weigh on their budgets and confidence,” Ms. Tan said.

For the rest of the year, analysts expect growth to continue as inflation eases.

“We are hopeful that slower inflation in [the second semester] will help boost consumer confidence further. Slower rice inflation should help free up some of the Filipino consumers’ budget to help boost demand for nonfood consumer items. We also expect midterm elections spending to pick up even faster in the second semester to boost public sector spending,” Mr. Neri said.

BSP Governor Eli M. Remolona, Jr. earlier said that he expects inflation to ease in the second semester with the implementation of lower tariffs on rice.

Last month, President Ferdinand R. Marcos, Jr. signed Executive Order No. 62 which slashed tariffs on rice imports to 15%, helping tame rice prices.

“We do expect year-on-year growth to ease in [the second semester] as favorable base effects ease. Nonetheless, we expect sequential growth to still be punchy, most especially when rice prices begin to drop, freeing up a big portion of household budgets and boosting private consumption,” Mr. Dacanay said.

However, Ms. Tan sees full-year economic growth to be below the government’s target of 6-7%.

“Across 2024, the Philippine economy is expected to grow 5.9%, outperforming many of its regional peers. An acceleration in exports from 2023 will bring this to fruition while private consumption will be the weakest link resulting in the economy missing the government’s growth target of 6-7% for the year. Still, a relatively tight labor market and a healthy inflow of remittances will cushion some of that pain,” she said.

Agricultural output likely shrank in Q2 due to El Niño

Dry soil is seen on a field in San Jose, Occidental Mindoro, March 1, 2024. — PHILIPPINE STAR/EDD GUMBAN

By Adrian H. Halili, Reporter

THE PHILIPPINES’ overall agricultural output may have declined in the second quarter after crop production likely bore the brunt of droughts caused by the El Niño weather phenomenon, analysts said.

University of Asia and the Pacific (UA&P) Center for Food and Agribusiness Executive Director Marie Annette Galvez-Dacul said in a Viber message that farm production likely fell by 1.5% to 2.5% in the April-to-June period due to El Niño.

If realized, this would be worse than the 1.3% decline in the value of production in agriculture and fisheries seen in the second quarter of 2023. It would also be a reversal of the 0.05% growth in the first quarter of 2024.

El Niño, which began in June 2023, brought below-normal rainfall conditions, dry spells and droughts that affected crop production.

In early June, the state weather bureau declared the end of the El Niño although dry spells persisted in some parts of the country.

“I am expecting a drop due to the lingering effects of El Niño during the second quarter. Some of the crops may have survived, but output and productivity would have been affected due to water stress,” Federation of Free Farmers National Manager Raul Q. Montemayor said in a Viber message.

The Philippine Statistics Authority is set to release second-quarter data on farm output on Aug. 7 (Wednesday). The agriculture sector contributes about a tenth of the country’s gross domestic product (GDP) and provides around a quarter of all jobs.

UA&P’s Ms. Dacul said she expected a decline in crops and fisheries output in the second quarter due to the unseasonably warm weather brought by El Niño.

The crop subsector contributes more than half to the country’s overall agricultural production. As of the first quarter, rice contributed about 20% to the total, while corn accounted for 8%.

On the other hand, Philippine Chamber of Agriculture and Food, Inc. President Danilo V. Fausto said farm growth for the second quarter was likely flat.

“(El Niño) didn’t hit too hard but there was still an effect. So, whatever we are expecting to have an increase in yield, in output, it might be dampened because of the El Niño,” Mr. Fausto said in a phone call.

Farm damage due to El Niño totaled P15.3 billion, with rice and corn being the most affected crops, according to the Department of Agriculture’s (DA) final bulletin issued on Aug. 2.

The DA reported that total crop damage was at 784,344 metric tons covering 270,855 hectares of farmland, of which 68% or 184,182 hectares were deemed recoverable. It had affected 333,195 farmers and fisherfolks.

Ms. Dacul said that the poultry sector likely posted an increase in output in the second quarter, while livestock production may have been flat.

LA NIÑA
This year, the DA is targeting 1-2% agricultural growth, accounting for the effects of the El Niño and La Niña weather events.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said last month that the DA’s target would be achievable if no major typhoons hit the country during the second half of the year.

“For the second half, we are challenged because of La Niña. So, the agriculture sector really will be (impacted by it),” Mr. Fausto said.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration said that there is a 70% likelihood of La Niña occurring during the months of August, September, and October. It would increase the likelihood of tropical cyclone activity in the coming months.

Roehlano M. Briones, a senior research fellow at the Philippine Institute for Development Studies, said that agricultural growth would likely be at 1% for the full year if the livestock, poultry and aquaculture subsectors recovered.

“The start of rains in July would have helped farmers recover, but the recent typhoon shows how unpredictable the weather can be and how vulnerable agriculture is to natural calamities,” Mr. Montemayor said.

However, former Agriculture Undersecretary Fermin D. Adriano said in a Viber message that it is unlikely that the agricultural output would hit the DA’s target for the year.

“Now with incoming La Niña, further crop damage will be experienced. Assuming the optimistic projection is true, where will growth come from?” he asked.

PSE to submit formal PDS buyout offer this week

THE BANKERS Association of the Philippines (BAP) expects the Philippine Stock Exchange (PSE) to submit this week a formal offer to acquire the Philippine Dealing System Holdings Corp. (PDS Group).

“I think we’re expecting a formal offer from PSE, so we expect that maybe (this) week, a formal offer.  Then the board will take it up and study. We don’t know how much or anything,” BAP President Jose Teodoro K. Limcaoco told reporters.

“We have an internal valuation as I’m sure they have also, and I’m sure they’ll be far apart. But I’m sure we can come to an agreement. I’m sure price is not an issue or shouldn’t be a stumbling block.”

The PSE is eyeing the acquisition of up to 100% of the PDS, the operator of the Philippine Dealing & Exchange Corp. (PDEx), which caters to the fixed-income market by providing trading infrastructure.

The PSE currently has a 20.98% stake of the issued and outstanding capital stock of the PDS Group, while BAP members and institutions have a 21% stake.

If the sale pushes through, the PDS will be owned by the PSE.

“You’ll have the depository owned by the PSE and then PDEx, which is another exchange. Whether that remains a separate bond exchange or whether they fold that bond exchange into a bond and stock exchange, we’ll see,” Mr. Limcaoco said.

PSE President and Chief Executive Officer Ramon S. Monzon earlier said they are eyeing to finalize the takeover of PDS within the year.

In 2017, the PSE almost completed its takeover of PDS. However, the Securities and Exchange Commission blocked the transaction as it would breach the individual ownership limit provided under the law.

CHANGES TO BVAL?
Meanwhile, Mr. Limcaoco said the Philippine BVAL (Bloomberg Valuation Service) can be improved but does not see the need to change it anytime soon.

“Any index should, first of all, be transparent, which means people can see where it comes from and how it’s calculated. An index also should be something that’s fairly liquid… and it should be something that’s reflective of the market, which means people can deal around it,” he said.

“Now, is BVAL that? It’s not perfect, but as long as market participants accept it and trade off it, then it’s an index. Can we come up with a better index today? I don’t think there’s one.”

The BVAL is administered by the BAP to be used as the Philippine peso government securities benchmark.

The BVAL reference rates are solely calculated by Bloomberg Finance Singapore L.P. and its affiliates, under an agreement with the BAP.

“I don’t think the current index is inappropriate today but like all indices, it can always be improved,” Mr. Limcaoco said.

“Because you need to deepen the markets, you need to deepen specific maturities… Can we have a very liquid five-year benchmark? Yes, but then we would have to make sure that we have a consistent and liquid five-year instrument. So that means some work both from the capital markets or with the National Treasury,” he added.

The BSP chief has been pushing for initiatives to deepen the capital markets. Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr. earlier said that the BVAL is a “choppy yield curve,” noting the “lack of liquidity” in the curve. He proposed the potential use of swaps curve.

“If we have a swaps curve, maybe you need to make markets, perhaps in just one maturity, the five-year. Maybe that will be good enough. Somehow, this has not happened; the short end still seems problematic. We do not have a good repo [repurchase] market to tie down the short end,” Mr. Remolona earlier said.

“So, I would like to revive the swaps market, the IRS [interest rate swaps] market, and insist on the market making at least the five-year maturity — which is the sweet spot for fixed-income securities, corporate bonds, and derivative contracts,” he added. — Luisa Maria Jacinta C. Jocson

National government gross borrowings fall in June

BW FILE PHOTO

THE NATIONAL Government’s (NG) gross borrowings declined by 11% year on year in June as external debt dropped, the Bureau of the Treasury (BTr) reported.

The latest data from the BTr showed that gross borrowings in June fell to P148.18 billion from P166.49 billion in the same month a year ago.

Gross external debt in June slumped by 30.43% to P15.7 billion from P22.57 billion a year ago, BTr said.

This consisted of P5.06 billion in program loans and P10.64 billion in new project loans.

On the other hand, domestic debt, which accounted for 89.4% of total borrowings, declined by 7.95% to P132.48 billion in June from P143.92 billion a year prior.

Gross domestic borrowings included P110.23 billion in fixed-rate Treasury bonds and P22.25 billion in Treasury bills.

In the first half of the year, gross borrowings rose by 12.89% to P1.57 trillion from P1.39 trillion in the same period in 2023.

Gross domestic borrowings stood at P1.3 trillion in the January-to-June period, up by 27.16% from P1.02 trillion a year ago.

Domestic debt in the first half of the year consisted of P584.86 billion in retail Treasury bonds, P609.21 billion in fixed-rate Treasury bonds and P109.07 billion in Treasury bills.

On the other hand, external gross borrowings dropped by 27.02% to P267.41 billion in the period ending June from P366.44 billion a year ago.

This was made up of P100.5 billion in program loans, P51.67 billion in new project loans, and P115.25 billion in global bonds.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the government may not have needed to boost borrowings in June because of higher dividends from government-owned and -controlled corporations (GOCCs).

“More dividends from GOCCs remitted to the National Government (NG) would have helped reduce the need for the NG to borrow to be able to finance the budget deficit,” he said in a Facebook Messenger chat.

GOCCs have remitted P92.15 billion in dividends to the NG as of end-June, the BTr said.

In April, the Department of Finance raised the mandatory dividend remittances of GOCCs to 75% of their annual net earnings in 2023 from 50% previously.

The government may also be waiting for the Philippine and US central banks to ease monetary policy before it could borrow more, Mr. Ricafort said.

“Market expectations of lower Fed and local interest rates could have also provided the NG some leeway to wait for interest rates/borrowing costs to further go down to be able to save on financing costs/debt servicing costs,” he said.

The US Federal Reserve kept its key policy rate at the 5.25-5.5% range last week, but could start easing by September amid its weakening job market.

On the other hand, the Bangko Sentral ng Pilipinas earlier signaled a potential 25-basis-point cut at its Aug. 15 meeting.

The NG’s borrowing plan for this year is set at P2.57 trillion, of which 75% will come from domestic sources and 25% from foreign sources. — B.M.D.Cruz

Ayala, MUFG investments to boost GCash’s planned IPO — analysts

By Ashley Erika O. Jose, Reporter

THE FRESH investments by Ayala Corp. (AC) and Japan’s Mitsubishi UFJ Financial Group (MUFG) in Globe Fintech Innovations, Inc. (Mynt) may help enhance GCash’s operational capabilities and stimulate investor interest in its planned initial public offering (IPO), according to analysts.

“The investments from Ayala Corp. and Japan’s MUFG are expected to propel GCash to new heights by accelerating its growth and innovation, enhancing its service capabilities, and solidifying its position as a leading fintech (financial technology) player in the Philippines’ digital economy,” First Grade Finance, Inc. Managing Director Astro C. del Castillo said in a Viber message on Sunday.

G-Xchange, Inc. is the operator of GCash. The parent firm of GCash, Mynt, is an affiliate of Ayala-led telecommunications company Globe Telecom, Inc.

In a stock disclosure on Friday, Ayala Corp., through its unit AC Venture Holdings Corp., announced it is increasing its ownership in Mynt by acquiring an additional 8%, raising its overall share to 13%, for P286.4 billion.

It also noted that Ayala Corp.’s board of directors approved the transaction on July 30.

“AC’s strategic priority is to rationalize its portfolio and reallocate capital to clear business winners. The increased stake in Mynt allows AC to further benefit from GCash’s success and strong long-term growth potential,” Ayala Corp. said.

Separately, Mynt said it has also secured funding from Japan’s MUFG, more than doubling its valuation to $5 billion from its $2-billion valuation in the 2021 funding round.

“This strategic move underscores confidence in GCash’s business model and highlights the increasing importance of fintech solutions in promoting financial inclusion in the region,” Mr. Del Castillo said.

Mynt said MUFG, through its unit MUFG Bank, Ltd., has also entered into a binding agreement to invest in Mynt, acquiring an 8% stake in the company.

“We are thrilled to welcome MUFG as a new strategic partner. With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially to the underserved,” Mynt President and Chief Executive Officer Martha Sazon said.

The new investments signify confidence in the growth trajectory of GCash, Chinabank Capital Corp. Managing Director Juan Paolo E. Colet said.

In January, the electronic wallet platform said it is working to be ready for its IPO target.

“The entry of MUFG has a halo effect on Mynt that could boost its future IPO. The expectation is that the IPO will be priced higher than the latest valuation of $5 billion,” Mr. Colet said.

He said that these investments could enhance investor interest, potentially positioning GCash’s planned IPO as the largest in the Philippines.

“Assuming they decide to list in the local market. However, the higher valuation also bolsters the view that it might make more sense for Mynt to list in a major stock market abroad where there is better liquidity and appreciation for high-growth fintech companies,” Mr. Colet said.

Mr. Del Castillo said the move is a strategic investment that could bolster market appetite and drive confidence in GCash’s plans to list on the stock exchange.

“The strategic investments in GCash by both companies are likely to significantly enhance investor confidence in the company’s potential for a successful IPO by bolstering its credibility, financial strength, growth prospects, and overall market perception,” he said.

At the local bourse on Friday, shares in Globe climbed P56, or 2.59%, to end at P2,218 apiece.

Megaworld enters partnership for P12-B Batangas wellness township

THEFARMATSANBENITO.COM

LISTED property developer Megaworld Corp. has partnered with the owner and operator of The Farm at San Benito wellness resort to develop a P12-billion “wellness township” in Lipa City, Batangas.

The planned 25-hectare integrated active wellness township, called San Benito Private Estate, will be Megaworld’s 33rd township development in the country, the property developer said in an e-mailed statement over the weekend.

“Megaworld is allocating P12-billion to develop the wellness township in the next five to seven years,” the company said.

San Benito Private Estate will offer residential village lots, low-rise residential condominiums, an international brand hotel, a sports and leisure hub, an active adult center, community gardens, commercial shops within an expansive nature park, and nature walk trails.

The property, located about 20 minutes from Lipa City, will feature views of the Malarayat Mountains and is surrounded by lush forests and natural waterways.

Around 50% of the township will be allocated to green and open spaces, including natural parks, reserves, and terrains.

“Part of our company’s direction is to be able to build sustainable communities that integrate holistic health and wellness, as well as longevity to everyone who will live there, stay there, or visit there. This is where our business philosophy aligns seamlessly with that of The Farm,” Megaworld President Lourdes T. Gutierrez-Alfonso said.

The planned township will be directly connected to The Farm at San Benito. Future residents and visitors will have access to the resort’s wellness facilities and amenities.

“This is a shared vision of connecting a very high quality, top-of-the-line real estate business to The Farm. The combination of The Farm and Megaworld can open many new opportunities,” said Binod Chaudhary, chairman of Chaudhary Group, one of the resort’s owners.

The Farm at San Benito offers health programs planned and conducted by integrative medicine doctors specializing in preventive, lifestyle, functional, naturopathic, and holistic medicine.

The resort has received more than 100 international awards, including the “Best Medical Wellness Resort in the World” by SENSES Germany.

“This forms part of our goal at Alliance Global Group, Inc. (AGI) to help further boost the country’s tourism industry by partnering with The Farm, a renowned institution that plays a huge role in introducing the country to the world in terms of medical wellness tourism,” AGI President and Chief Executive Officer Kevin Andrew L. Tan said.

Megaworld shares were last traded on Aug. 2, closing at P1.82 per share. — Revin Mikhael D. Ochave

Robinsons Land targets green certifications for new Metro Manila projects

ROBINSONSLAND.COM

ROBINSONS Land Corp. (RLC) said it targets to obtain sustainability certifications for all its new office developments in Metro Manila, aligning with the company’s strategic green initiatives.

“All Metro Manila offices to be erected would be certified,” RLC Head of Corporate Planning, Strategy, and Sustainability Ramon Rivero said on the sidelines of a forum organized by BusinessWorld last week.

He said that RLC has acquired Leadership in Energy and Environmental Design (LEED) or Excellence in Design for Greater Efficiencies (EDGE) certifications for 15 properties.

In April, RLC received the preliminary EDGE Advanced certification for its Le Pont Residences premium development within the Bridgetowne Destination Estate in Pasig City.

Le Pont Residences is designed with various energy and water efficiency measures in place, along with sustainability features.

“Through green building certifications, we are capable of withstanding environmental stressors by integrating resilient features and energy-efficient systems,” Mr. Rivero said.

“In addition, green certification enhances our company’s reputation and attracts environmentally conscious tenants and investors,” he added.

Mr. Rivero said 24 RLC malls are using solar power with a total capacity of 31 megawatts, translating to 182 million kilowatt-hours of clean energy and avoiding 129,000 metric tons of carbon dioxide.

“We are committed to leading the way in this transformation, in our commercial properties, in our hotels, in our residential condominiums, in our logistics and warehouses, and in our destination estates,” Mr. Rivero said.

“We believe in building better and integrating sustainability into every aspect of our operations,” he added.

Last week, RLC launched the second tower of its MIRA condominium complex in Quezon City under Phase 1 of the development. The second tower was launched following the introduction of MIRA’s first tower in April.

The MIRA condominium complex will have four towers. The property offers a range of unit options, including studios, one-bedroom units with balconies, and two-bedroom units with or without balconies.

RLC shares were last traded on Aug. 2, ending at P14.70 per share. — Revin Mikhael D. Ochave

Alsons Power’s first RE project set for September launch

By Sheldeen Joy Talavera, Reporter

ALSONS Power Group, the power arm of the Alcantara Group, said it will commence commercial operations of its P5.5-billion hydropower project in Sarangani province next month.

“Our first renewable energy (RE) project, the 14.5-megawatt (MW) Siguil Hydro Power Plant in Maasim, Sarangani, is scheduled to begin commercial operations this September,” Alsons Power Chief Executive Officer Antonio Miguel B. Alcantara told BusinessWorld last week.

The hydropower project is expected to generate 95,000 megawatt-hours per year and will be capable of powering approximately 41,000 households.

Mr. Alcantara noted that the road network established to support the operation and maintenance of the 23-kilometer water conveyance system of the power station “improved access to and from various indigenous settlements in the area.”

“This facilitates the transport of goods and produce from the hinterlands to the town center, significantly enhancing the incomes of the people around the power plant,” Mr. Alcantara said.

In addition to the Siguil hydropower project, the company is also developing a hydropower project along the Sindangan River in Zamboanga del Norte and Zamboanga del Sur, as well as another hydropower project in Negros Occidental.

These projects are expected to begin construction by early next year.

Mr. Alcantara mentioned that these projects are part of a pipeline of nine hydropower projects which the company aims to complete over the next five years.

“We also plan to start the construction of our first large-scale solar project by the end of 2024, the first of several intended to establish Alsons Power as a major player in solar power generation,” he said.

Currently, Alsons’ power generation facilities are primarily concentrated in Mindanao. In total, Alsons’ portfolio comprises four power facilities with a combined capacity of 468 MW.