ABOITIZ InfraCapital, Inc. (AIC) has launched a fleet of electric vehicles (EVs) for the locators and visitors within its LIMA Estate in Malvar, Batangas that it plans to replicate in its other economic estates by next year.
“The way we look at things is we wanted the same types of initiatives across all our projects. Typically, we’ll start in LIMA because it’s the most advanced and the largest,” Rafael P. Fernandez de Mesa, head of AIC Economic Estates and president of LIMA Land, Inc., told reporters during the “Red Link and Red Pass” launch on Tuesday.
The company partnered with EV manufacturer Global Electric Transport for the deployment of the fleet.
Under the Red Link system, the company rolled out an initial seven EVs that are deployed within seven routes in LIMA Estate.
Each electric minibus has a seating capacity of 18 but has a maximum capacity of up to 30. Overall, the system has an initial capacity of 2,500 passengers per day.
Mr. de Mesa said the company is assessing the number of electric minibuses to add as the population within the estate is expected to grow.
“Today we have 66,000 employees working inside. There’s also 25 ongoing construction [projects], so the population is expected to grow probably a hundred thousand within the next five years or so,” he said.
The 800-hectare LIMA Estate is a registered ecozone with the Philippine Economic Zone Authority. It has more than 160 locators.
Mr. de Mesa said the company is seeking to implement the EV fleet system in other economic estates.
“For other estates, we’re now studying it, so realistically [we will roll out] probably sometime next year,” he said.
AIC, the infrastructure arm of the Aboitiz group, also has economic estates in Cebu province, namely: the Mactan Economic Zone 2 Estate in Lapu-Lapu and the West Cebu Estate in Balamban.
“Our expectation is to improve the lifestyle and the user experience for the users to continue to stay. As you can see here, it’s a comfortable ride,” Mr. de Mesa said, citing the EVs’ air conditioning and Wi-Fi.
“It’s ultimately meant to better serve our customers and to contribute to our goal of moving in the direction of [our] net zero target,” he said. — Sheldeen Joy Talavera
THE GOVERNMENT made a partial award of the new three-year Treasury bonds (T-bonds) it offered on Tuesday at a coupon rate higher than secondary market levels after inflation accelerated for the first time in seven months in August.
The Bureau of the Treasury (BTr) raised just P21.187 billion via the fresh three-year bonds it auctioned off on Tuesday versus the P30-billion program, as the offer was undersubscribed, with total bids at just P28.987 billion.
The bonds were awarded at a coupon rate of 6.25%. Accepted yields ranged from 6.11% to 6.373% for an average of 6.222%.
The coupon fetched for the tenor was 4.6 basis points (bps) higher than the 6.204% quoted for the three-year bond at the secondary market before the auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.
The bonds fetched higher yields following the release of data showing that inflation picked up in August, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
The coupon rate fetched for the papers was at the “higher end of market expectations” due to faster-than-expected inflation last month, a trader likewise said in a phone interview.
Headline inflation picked up to a two-month high of 5.3% in August from 4.7% in July, data released by the Philippine Statistics Authority on Tuesday showed.
August was the first time headline inflation quickened year on year in seven months, or since it quickened to 8.7% in January from 8.1% in December 2022.
Still, this was below the 6.3% print in August 2022, and was within the 4.8-5.6% forecast of the Bangko Sentral ng Pilipinas (BSP) for the month.
However, this was above the 4.9% median estimate in a BusinessWorld poll of 18 analysts conducted last week.
August also marked the 17th consecutive month that the consumer price index (CPI) was above the BSP’s 2-4% target for the year.
For the first seven months, inflation averaged 6.6%, well above the central bank’s 5.6% forecast for the year.
The BSP expects inflation to return to its target range by the end of the year, but its chief said policy easing remains far off amid lingering price risks.
Following the release of inflation data, the central bank said it “stands ready to adjust the monetary policy stance as necessary to prevent the further broadening of price pressures as well as the emergence of additional second round effects.”
The BSP last month kept benchmark interest rates steady for the third straight meeting in a “hawkish pause.”
The BTr wants to raise P180 billion from the domestic market this month, or P60 billion via T-bills and P120 billion via T-bonds.
The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — AMCS
The unprecedented growth in e-commerce has necessitated the crafting of regulatory framework to govern the sector. In December 2022, the proposed Internet Transactions Act (ITA) was passed in the lower house and is now pending in the Senate. The aim of the ITA is to regulate the sector, protect consumer rights, and promote intellectual property rights, among other objectives.
The ITA bill is a top legislative priority in response to the country’s fast adoption of e-commerce, which enabled a bustling online marketplace that created both benefits and risks — mostly from transactional issues that have flooded government regulators with complaints from both buyers and sellers being victimized by fraud, scams, cybercrime, and data privacy rights violations.
With the accelerating pace of digital innovation, governments are confronted with unique regulatory challenges. The sheer pace of technological change itself fundamentally challenges regulation. Governments and regulators play a major role in encouraging digital innovation and in incentivizing the development of these technologies for the benefit of society. However, regulatory frameworks often lack the agility to accommodate the increasing pace of technological developments. Digital technologies also challenge deeply the manual and bureaucratic way governments regulate.
As the country quickly shifted to e-commerce to survive the pandemic, there was an irreversible trend towards a global digital economic system that is blurring the traditional definition of markets, challenging enforcement, and an urgency for systemic digital transformation that transcends administrative boundaries domestically and internationally.
The e-commerce ecosystem in the Philippines is booming and has become the fastest growing economic engine in the country. Filipino consumers have embraced online shopping, making it their preferred mode of purchasing. Virtually anything can be ordered and delivered directly to your doorstep through online marketplace platforms. These platforms rely on a robust logistics system, which has become an essential industry in the supply chain.
The ease and speed at which Filipinos adapted to e-commerce platforms resulted in significant growth. According to a US International Trade Administration Report, in 2021, the total market sales reached $17 billion, largely due to the impact of the COVID-19 pandemic. The US Department of Commerce predicts that by 2025, total sales will reach $24 billion.
The sectors that will potentially reap the greatest benefit are Micro, Small and Medium Enterprises (MSMEs) because of the low capital and easy access to the online marketplace. There are many platforms available like Lazada and Shopee, and also social media platforms where buyers and sellers are able to deal directly.
As the dynamics and disruptive nature of e-commerce technologies need a different mindset from the traditional bureaucratic concepts (that are often incompatible), there is a need to work closely with the stakeholders, especially the industry players whose global scope in terms of experience and expertise should be harnessed. However, large e-commerce platforms and MSMEs have expressed concerns about the current version of the proposed ITA pending in the Senate.
One of the concerns is the establishment of an online dispute resolution system for civil and administrative complaints filed by online consumers which can have both positive and negative impacts. Though this can help prevent scams, overly broad regulation could harm small players. The current definitions of violations, liabilities, and other terms are so broad that MSMEs could face numerous legal cases and high fines that they cannot afford. Unlike the well-established platforms that have their own legal departments to take on these issues, e-commerce-based MSMEs don’t have such capacity.
The proposed bill introduces additional administrative requirements or more red tape. It requires the registration of both platforms and merchants with the e-commerce bureau for transparency and legitimacy purposes. The information required for registration will be made public, which may violate data privacy rights.
Additionally, the bill outlines an extensive range of obligations for all online sellers such as detailed guidelines on marketing, on selling, how to issue invoices and receipts and invoices, and so on. MSMEs have very limited human resources and should not be burdened by too many guidelines. The ITA should align with the spirit of the Ease of Doing Business Law.
Instead of being able to engage the online marketplace with a few clicks and keystrokes with minimal information in the e-commerce platforms, imposing additional registration costs and requirements will be adding barriers to market entry, rather than fostering accelerated and inclusive growth that our economy needs to recover. This could turn off MSMEs and may lead to many MSMEs exiting the market. It is important to consider the potential impact of these regulations on MSMEs and their ability to thrive in the e-commerce sector.
In the Organization for Economic Co-operation and Development paper on “Regulatory Reform and Innovation,” it states that in the interest of economic efficiency and innovation, regulations should seek to remove duplicative, onerous, and inefficient regulations, particularly to aid small- and medium-sized enterprises.
The paper’s conclusions on “how to realize positive regulatory effects on innovation, while taking care not to jeopardize the original regulatory objectives” offer good guidance for our government legislators and regulators. It recommends understanding regulation-technology linkages, introducing competition, streamlining regulations, use technology-driving approaches, and harmonize internationally.
While the proposed Internet Transactions Act aims to provide much-needed consumer protection, it is important for the government to strike a balance between regulation and supporting the growth of MSMEs. Careful consideration must be given to ensure that the regulations do not create barriers to entry into the growing e-commerce space.
Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.
JERUSALEM — An almost three millennia-old network of hewn-rock ducts unearthed in Jerusalem has baffled archaeologists, given the lack of comparable biblical finds, or obvious links to an ancient Jewish temple and palace that once stood nearby.
The knee-deep channels, dating back 2,800 years, are located outside Jerusalem’s walled Old City. They stand in two clusters, which were discovered 10 meters apart.
Forensic testing of the channels found no blood, the Israel Antiquities Authority said — potentially ruling out a role in animal slaughter for banquets or religious sacrifice.
The ducts also do not appear to have engineered a flow in a single direction, or debouched into any basin, suggesting they were not used to sluice out sewage or rainfall, added the authority, whose research partner is Tel Aviv University.
“We looked at the installation and realized that we had stumbled on something unique,” said archaeologist Yiftah Shalev in a joint statement, dubbing the discovery a “mystery.”
The channels may have been used to prepare a commodity “connected to the economy of the temple or palace,” said archaeologist Yuval Gadot in the statement.
“The production of linen, for example, requires soaking the flax for a long time to soften it. Another possibility is that the channels held dates that were left out to be heated by the sun to produce silan (date honey),” Gadot said.
The find, part of Israel’s City of David National Park, will go on public display, the statement said.
HEADLINE INFLATION accelerated for the first time in seven months in August, amid a spike in the prices of rice, vegetables and fuel, the Philippine Statistics Authority (PSA) said on Tuesday. Read the full story.
AYALA LAND, Inc. (ALI) has appointed Anna Ma. Margarita “Meean” B. Dy as the listed property developer’s new president and chief executive after the retirement of her predecessor.
In a stock exchange disclosure on Tuesday, ALI said Ms. Dy had been elected by the board during a special meeting. The move is set to take effect on Oct. 1.
In a separate statement, the company said that Ms. Dy is the company’s first female chief executive officer (CEO), replacing Bernard Vincent O. Dy who retired after being with the company for 26 years, nine of which as president and CEO.
Mr. Dy will become senior advisor to ALI Chairman Jaime Augusto Zobel de Ayala starting Oct. 1.
Ms. Dy has since been included in the regular meetings of the Ayala group’s management committee and has been involved in key decisions since her appointment as ALI’s executive vice-president and chief operating officer.
“As Ayala practices deliberate and effective succession planning across its business units, next-generation leaders are given exposure to the entire Ayala ecosystem,” ALI said.
In a letter sent to employees, Mr. Zobel expressed his trust and confidence in ALI’s newly appointed president.
“Meean’s extensive experience encompasses pivotal leadership roles within the Strategic Landbank Management Group. She played a key role in launching critical projects in our portfolio, such as BGC, Nuvali, Vertis, and Arca South. Her journey continued as she led the Residential Business Group and, more recently, assumed leadership over the Malls, Offices, and the Hotels and Resorts Group,” Mr. Zobel said.
“With Meean at the helm, I am confident that Ayala Land will continue to have meaningful impact in all the lives and communities we touch,” he added.
According to ALI, Ms. Dy graduated magna cum laude from Ateneo De Manila University’s Economics Honors Program in 1990. She earned her Master’s degree in Economics from the London School of Economics and Political Science in 1991, and her Master of Business Administration at Harvard Graduate School of Business Administration in 1996.
Meanwhile, Mr. Zobel said the outgoing Mr. Dy helped ALI maintain a strong balance sheet that allowed the company to recover from the challenges brought about by the pandemic.
“During the pandemic years, Bobby guaranteed the health and safety of our employees, and supported our merchants, suppliers, and the local communities we operated in. He was at the forefront of our sustainability initiatives as he boldly implemented a five-year plan to achieve carbon neutrality for our commercial properties, which we achieved one year ahead of the target,” Mr. Zobel said.
On Tuesday, shares of ALI at the local market closed unchanged at P28.60 each. — Revin Mikhael D. Ochave
THE TOTAL ASSETS of the Philippine banking sector rose in the first half of the year compared with a year ago, reflecting the continued recovery of the economy from the impact of the coronavirus pandemic.
Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed banks’ assets rose by 9.03% to P23.28 trillion as of end-June, from P21.35 trillion in the same period a year ago.
Deposits, loans, and investments mainly support banks’ assets.
The banking industry’s total loans inclusive of interbank loans receivable (IBL) and reverse repurchase (RRP) reached P12.29 trillion as of end-June, 8.6% higher than the P11.31 trillion in the same period in 2022.
Net investments climbed by 9.7% to P6.77 trillion from P6.17 trillion a year ago. These are financial assets and equity investments in subsidiaries.
Cash and due from banks inched up by 0.7% to P2.87 trillion in the first half of 2023 against the P2.85 trillion last year.
Net real and other properties acquired (ROPA) also increased by 1.9% to P101.58 billion from P99.67 billion in the same period in 2022.
Other assets amounted to P1.25 trillion, 36.5% higher than the P916.63 billion last year.
Meanwhile, the total liabilities of the banking system grew by 8.7% to P20.42 trillion in the first semester, from P18.77 trillion in the comparable year-ago period.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the continued growth in banks’ assets and overall business reflect the continued reopening of the economy following the pandemic, even though bank lending slowed due to high prices and borrowing costs.
“Nevertheless, continued growth in overall business/revenues and earnings of banks would further bolster capitalization, amid improved asset quality in terms of relatively lower NPLs (nonperforming loans) amid the economic reopening narrative,” Mr. Ricafort said.
The banking industry recorded a higher net profit in the first half of the year amid increased net interest income and loan growth, separate BSP data showed.
The cumulative net income of the banking system grew by 24.7% to P178.51 billion as of June from P143.12 billion in the same period in 2022.
Meanwhile, the gross NPL ratio of the Philippine banking industry slid to 3.42% in June, from 3.46% in May and 3.6% a year ago. It was the lowest since 3.41% in April. — Keisha B. Ta-asan
INTEGRATING personalization and innovation into business strategies stands as a paramount move for micro, small and medium enterprises (MSMEs) looking to tap into the heightened consumer engagement and increased spending during the “ber” months, according to an expert.
The Philippines is known for its unique and extended holiday celebrations, which run from September through December.
This extended period of festivities results in heightened consumer activity and increased spending, making it a prime time for businesses to connect with their target market, said Armando “Butz” O. Bartolome, a business mentor and founder/president of GMB Franchise Developers.
“Opportunities are around, except that people would really need to identify which opportunities are there,” he said in an interview withBusinessWorld.
By customizing their offerings and embracing innovative approaches, MSMEs can effectively engage with consumers and make the most of the extended festive period, he noted.
Customization involves tailoring products and services to closely align with consumer preferences during the festive season, he noted.
“Innovation is very, very important here,” Mr. Bartolome said, highlighting the creativity underpinning products such as personalized gift hampers or refrigerator magnets with sensors.
“Offer samples,” Mr. Bartolome said. Business owners might be put off by the cost, but “sampling is very effective,” he added.
He also advised MSMEs to use online platforms to market or sell their products.
Collaborating with established e-commerce platforms, like Lazada and Shopee, provides MSMEs with a wider customer base, he noted.
Both platforms have a history of above-average numbers of orders during the season. This is buoyed by their 9.9, 10.10, 11.11, and 12.12 sales days.
Lazada, for one, reported that electronics sales surged 230 times during its 11.11 sale in 2022.Makeup and fragrance purchases were also up seven and six times, respectively, as compared to normal days.
Shopee, meanwhile, noted that orders from Shopee Mall, a by-invite-only premium retail space reserved for brand owners and authorized distributors, surged “14 times” from an average day in its 12.12 sale in 2021.
Sellers can entice customers through promotions, which may or may not necessarily mean discounts, Mr. Bartolome said.
He said that they can bundle products so that buyers who want to upgrade can have the second product at 50% off.
“That’s promoting your brand,” Mr. Bartolome noted. “Another way is to provide a coupon for a product they can buy even after the Christmas season… People will say, ‘Ok. I have a coupon from this store. I’ll probably redeem this coupon.’”
“You don’t have to give a massive discount because your profitability will be affected. It cannot be a do-or-die,” he added. “Know where your bottom line is.”
He said that it is also crucial to set up a realistic budget that accounts for logistics, manpower, and expenses such as participation fees in pop-up stores and bazaars.
Attentiveness to customer feedback, he also said, can differentiate a business from competitors. The success story of Coffee Buddy, a coffee business in Quezon City, showcases how customer focus can lead to growth and expansion, he added.
“The husband-and-wife owners are very attentive to customers. That’s one of the things I saw,” he said. “[Second of all,] they get testimonials from people who love their coffee.”
“There was a time during the season when they could hardly walk in their shop because of all the packages they had to prepare for pickup for all the food delivery platforms,” he noted. Even with the proliferation of competitors, it is still possible to “establish your unique selling proposition… if you put all your efforts in it.”
Mr. Bartolome also advised MSMEs against overstocking their inventories.
“Make sure you can move your goods. Make sure the people who are selling with you know how to move the products,” he said.
Those who end up understocking, meanwhile, can capitalize on the circumstance by turning it into a relationship-building exercise with consumers.
Instead of saying, “‘Sorry, this item is no longer available,’… have that clincher,” Mr. Bartolome suggested. “Say, ‘Give me your number. I will have this product delivered to you within the next two weeks,’ so then you have that promise you will never want to compromise.”
Don’t be afraid to start a business, Mr. Bartolome stressed.
“Be personal. You may have products that other sellers are also selling online, but you [can be] different because you have this personal approach. Start with whatever you want to sell but put your heart and soul into what you’re selling.”
MEMBERS of the Bureau of Customs-Customs Intelligence Investigation Service inspect various counterfeit shirts, perfumes and other luxury goods at a warehouse in Las Piñas City. — PHILIPPINE STAR/MIGUEL DE GUZMAN
Last month, representatives from the Enforcement Office of the Intellectual Property Office of the Philippines (IPOPHL) met with representatives of the Korea Trade-Investment Promotion Agency, a trade and investment promotion organization funded and operated by the South Korean government. The parties discussed possible collaboration in the field of intellectual property (IP) protection and enforcement for Korean products and services in the Philippines.
This is just one of the activities the IPOPHL, as Vice-Chair of the National Committee on Intellectual Property Rights (NCIPR), an inter-agency body composed of 15 members coordinating efforts against piracy and counterfeiting, has undertaken in its efforts to uphold IP rights in the country.
With the recent publication of the United States (US) Trade Representative’s 2023 Special 301 Report, which lists countries where the US has IP protection and enforcement concerns, it is worthy to note that the Philippines has remained out of the US’ piracy watch list for 10 consecutive years already, after 20 years of being on the list. The Report even highlighted, as an illustrative best practice, the IP awareness and education campaign conducted by the IPOPHL, namely the “Raise the Economy by Acquiring Protection of the IP of your Community” or REAP IP Program, which engaged over 160 local government units on IP awareness.
Even with these developments, the seriousness and importance of addressing counterfeiting cannot be overstated. The failure to address the issue has broad effects on the economy. Weak protection for IP (like trademarks, design rights, and patents) limits product development and the entry of firms. In general, adequate and enforceable IP rights help reward risk-taking among enterprises and provide protection for firms undertaking costs. Counterfeit products, which are generally of lower quality, can damage the reputation of a legitimate enterprise, and may even force an enterprise to close or abandon its IP. This most definitely does not make any country attractive to potential foreign investors, to the detriment of its economy. It stands not only to lose direct foreign investment but also miss out on foreign know-how. Moreover, if products, including genuine ones, gain a reputation of being of poor quality, this will cause export losses which in turn implies both job losses and loss of foreign exchange.
Certainly, the battle against counterfeiting is a national one. In this fight, there are various authorities in the Philippines from which aggrieved parties can seek redress. The IPOPHL’s Enforcement Office can receive, evaluate, and act on complaints for IP violations. The Enforcement Office may visit establishments dealing in counterfeits, request them to cease and desist from engaging in infringing conduct, or recommend the filing of cases against them.
Law enforcement agencies like the Philippine National Police (PNP), National Bureau of Investigation (NBI), and the Bureau of Customs (BoC), all of which are members of the NCIPR are also ready to help IP owners. Complaints may be filed with the PNP and the NBI. The PNP has a dedicated IP Section, which has the primary duty of enforcing IP rights, in its Criminal Investigation and Detection Group’s Anti-Fraud and Commercial Crimes Division. On the other hand, the NBI, specifically its IP Rights Division, also conducts investigations, arrests, and implementation of search warrants for crimes involving infringement of IP rights. Lastly, an IP rights holder may record its rights with the BoC in order to help the latter in effectively monitoring and evaluating infringing goods at the border. On the basis of the recordation, the BoC monitors and inspects, on its own initiative, suspect imports to determine whether or not they are liable to seizure and forfeiture for violating IP rights.
The active presence of these various offices and agencies is certainly a step in the right direction. But more importantly, stakeholders must be encouraged to enforce their IP rights. It is only through cooperation between stakeholders and the government that the country will be able to have in place “an effective intellectual and industrial property system” that is “vital to the development of domestic and creative activity, facilitates transfer of technology, attracts foreign investments, and ensures market access for our products.” [IP Code, Sec. 2].
This article is for general informational and educational purposes only and is not offered as, and does not constitute, legal advice or legal opinion.
Nepomuceno M. Mendoza III is an associate of the Intellectual Property Department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW).
CAILEE Spaeny and Jacob Elordi in Priscilla. —IMDB.COM
VENICE — Elvis Presley’s former wife Priscilla said the legendary rock star had been the love of her life, despite eventually leaving him, as a film about their turbulent relationship hit the Venice Film Festival.
Priscilla, directed by Sofia Coppola, is based on her 1985 autobiography, Elvis and Me, depicting her roller-coaster life with one of the most famous figures of the 20th century.
“It wasn’t that I didn’t love him. He was the love of my life, but it was the lifestyle that was so difficult for me,” Priscilla told reporters in Venice ahead of the world premiere of the movie, which stars Cailee Spaeny and Jacob Elordi.
Priscilla Beaulieu met Elvis Presley in 1959 when she was just 14 and he was deeply homesick, stationed with the US army in West Germany.
“Elvis poured his heart out to me in Germany, his fears and his hopes, the loss of his mother, which he never ever got over,” Priscilla said. “People think it was the sex. Not at all. I never had sex with him. He was very kind, very loving, but he respected the fact that I was only 14 years old.”
Elvis returned to the United States shortly after, but the two remained in touch and in 1963 he invited her to come and live with him in Memphis, where she finished school.
They got married in 1967, had a baby daughter, Lisa Marie, in 1968, and divorced in 1973, four years before Elvis died of heart failure, aged just 42. “We still remained very, very close,” Priscilla said.
The film offers perhaps the darkest screen portrayal yet of Elvis as he relentlessly manipulates Priscilla, verbally abusing her and at times threatening her before seeking to make amends.
“It is very difficult to sit and watch a film about you and about your life and about your love,” said Priscilla, 78, pausing a while as she struggled to overcome her emotions. “I think Sophia did an amazing job. She did her homework.”
Ms. Coppola said she had leaned heavily on Priscilla as she put the film together. “I really tried to make the film from her point of view so we could go along on the journey with her,” she told reporters.
Ms. Spaeny said she had also turned to Priscilla for help as she prepared to bring the often vulnerable character alive on the big screen.
“She was very generous with her time and she was very kind to me and supportive. And I think if I didn’t have that, I would have had a much harder time,” the US actress said.
Priscilla is one of 23 movies competing for the Golden Lion award at the Venice festival, which runs until Sept. 9. — Reuters
HEADLINE INFLATION accelerated for the first time in seven months in August, amid a spike in the prices of rice, vegetables and fuel, the Philippine Statistics Authority (PSA) said on Tuesday. Read the full story.
IPEOPLE, Inc. has secured the approval of the Securities and Exchange Commission (SEC) for the planned merger of the listed education holding firm’s two subsidiary schools.
In a stock exchange disclosure on Tuesday, iPeople said the SEC issued on Aug. 30 the certificate of filing of the articles and plan of merger of its subsidiaries National Teachers College (NTC) and Affordable Private Education Center, Inc. (APEC) Schools. The merger will take effect five business days after the certificate’s issuance.
According to iPeople, NTC will become the surviving corporation after the merger with APEC.
In December last year, iPeople disclosed that the stockholders of the two schools had approved the planned merger.
NTC and APEC President Alfredo Antonio I. Ayala said the merger will be beneficial for the students of both schools since it will combine NTC’s track record with APEC’s teaching methods.
“The planned merger will allow us to better achieve our goal of transforming lives through innovative education and at affordable prices,” Mr. Ayala said in a previous statement.
Established in 1928, NTC was the first to offer collegiate programs devoted to teacher education.
On the other hand, the APEC was formed in 2013 with the aim of affordable private education for high school students.
iPeople is an education company under Ayala Corp. and House of Investments, with shareholdings of 33.5% and 51%, respectively.
The company owns seven educational institutions. These are NTC, APEC, Malayan Education System, Inc. operating as Mapúa University, Mapúa Malayan Colleges Laguna, Mapúa Malayan Colleges Mindanao, Malayan High School of Science in Manila, and University of Nueva Caceres in Bicol.
On Tuesday, shares of iPeople at the stock exchange fell four centavos or 0.53% to finish at P7.47 apiece. — Revin Mikhael D. Ochave
