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Generika Drugstore targets 1,000 stores by 2025

AYALA HEALTHCARE Holdings, Inc.’s (AC Health) Generika Drugstore is looking at expanding its store network to 1,000 by 2025, from its current network of 750 outlets.

“This will be in Visayas and Mindanao because the need is also as big there. What we are banking on are the franchisors from Visayas and Mindanao. We will try to open where we can,” Generika President Josette Adrienne A. Abarca said in an interview on Friday.

“We try to make sure that around 10% of our store network will be company-owned. So out of the 1,000, around 100 will be company-owned,” she said, adding that most of the new drugstores will be through franchises. 

To date, the drugstore has around 750 stores in its network nationwide, which was just around 521 stores in 2015 before it became part of AC Health.

According to Ms. Abarca, the franchise package of a Generika drugstore costs around P800,000. It is a member of the Philippine Franchising Association.

However, she said drugstores like Generika face a lack of skilled workers to support their network expansion.

“It is a requirement for every drugstore to have one pharmacist. So if you will open more stores, of course, you will need more pharmacists,” she said.

She added the shortage has become a problem as some pharmacy graduates tend to go abroad, just like the Filipino nurses.

“Meanwhile, others who would go to a medical profession do not take pharmacy, so we need to keep up with the demand for pharmacists,” she said.

To address this, Ms. Abarca said the Department of Health has been partnering with companies like AC Health and educational institutions to put up scholarship programs to encourage more students to enroll. — Justine Irish D. Tabile

‘Why is there no sex in movies anymore?’ asks Yorgos Lanthimos

MARK RUFFALO and Emma Stone in a scene from Poor Things.

VENICE — Poor Things, a gothic comedy that feeds off the Frankenstein fable, premiered at the Venice Film Festival on Friday, bringing wit, surrealism, and large dollops of sex to the Lido.

The picture was made by Yorgos Lanthimos and stars Emma Stone as Bella Baxter, a young woman brought back to life after committing suicide in Victorian London.

It chronicles her dramatic voyage of self discovery and liberation, and involves a lot of sex, first with an immoral lawyer, played by Mark Ruffalo, then with a succession of clients in a Paris brothel.

A strike by Hollywood actors meant Stone could not come to Venice to discuss her role, but MR. Lanthimos said he was sorry that most films appeared to veer away from showing sex these days.

“Why is there no sex in movies anymore?” he said.

“It’s a shame Emma can’t be here to speak about it, because it’s weird that all of it will be coming from me,” he added.

He told reporters that the film, based on a novel of the same name by Alasdair Gray, had used intimacy coordinator Elle McAlpine to help actors with the sex scenes.

“She made everything so much easier for everyone,” said Mr. Lanthimos, whose previous credits include The Lobster and The Favorite, which also starred Stone.

“The great thing about myself and Emma is that now we’ve completed like four films together. So you can understand that there is a shorthand,” Mr. Lanthimos said, adding this meant the actor understood why the myriad sex scenes were needed.

“She said, ‘yes, of course I understand. You know, it’s Bella. Like we’ll do what we need to do’.”

Stone also produced Poor Things, which meant she was involved in the decision-making from the word go.

“Emma had to have no shame about her body and the nudity when engaging in those scenes. And she understood that right away,” said Mr. Lanthimos.

Poor Things is one of 23 movies competing for the prestigious Golden Lion award at the Venice Film Festival, which runs until Sept. 9. — Reuters

ICTSI’s Baltic port now linked to South Korea, China

THE BUSINESS unit of International Container Terminal Services, Inc. (ICTSI) at the Port of Gdynia in Poland is now connected to Chinese and South Korean ports as it received the first direct call of Mediterranean Shipping Co.’s (MSC) SWAN service on Aug. 23.   

In a statement on Monday, ICTSI said its Baltic Container Terminal (BCT) received MSC’s first direct call of the SWAN service marked by the arrival of the 318-meter box ship KURE, which discharged 1,320 containers and will take almost 2,000 containers on the return journey.

The SWAN service, restored by MSC in May, connects ports in Europe and the Far East and offers a direct connection to Chinese and Korean ports.   

According to ICTSI, the recently revised port rotation is Qingdao – Busan – Ningbo – Yantian – Tanjung Pelepas – Antwerp – Gdynia – Gdańsk – Klaipėda – Bremerhaven – King Abdullah Port – Singapore – Qingdao, with the addition of Busan allowing a direct connection between the port of Gdynia and South Korea.   

“Further direct calls to Gdynia, in addition to the already existing connections to North America and India, open up new prospects for the development of container transport for customers in Poland and the extension of the intermodal offer to new markets, including Ukraine and other Central European countries,” BCT Chief Executive Officer Wojciech Szymulewicz said.

Meanwhile, ICTSI said MSC DOMNA X, which is also operating the SWAN service and sailing directly from the Far East, also called on BCT on Aug. 28.   

“I would like to congratulate MSC and the Port of Gdynia, for this historic moment in which we inaugurate the first-ever direct container connection with Chinese and Korean ports. This milestone redefines the status of BCT and the entire Port of Gdynia. We are changing its role from the current feeder port to a full-fledged maritime import and export gateway,” Mr. Szymulewicz said. 

In May 2003, ICTSI was awarded a 20-year concession by the Port Authority of Gydnia for the development, operation, and management of the container terminal in Pomerania, Gydnia in Poland. ICTSI bought Baltycki Terminal Kontenerowy Sp. z.o.o., which had held the lease to the terminal.

In December last year, ICTSI and the Port Authority of Gdynia signed a new 30-year lease for the BCT. The new lease will run until 2053.

Shares of ICTSI at the local bourse closed unchanged on Monday at P206 apiece. — Revin Mikhael D. Ochave 

Make-up artist explains thinking behind Bradley Cooper nose

BRADLEY Cooper and Carey Mulligan in Maestro.

VENICE — The make-up artist for Bradley Cooper’s Leonard Bernstein biopic Maestro apologized on Saturday for offending people by giving the lead character a prosthetic nose, but said he only wanted authenticity.

Mr. Bernstein, the son of Jewish immigrants to the United States, was a celebrated US conductor and composer, who wrote classical musical and hit musicals like West Side Story.

Mr. Cooper directed, produced, co-wrote, and stars in Maestro, which received its premiere in Venice on Saturday.

When the first trailer of the film surfaced last month, some critics complained that the nose pandered to Jewish stereotypes.

Mr. Bernstein died in 1990 but his adult children have defended the make-up in the film, saying their father had had a “nice, big nose.”

Mr. Cooper is not in Venice to present his Netflix production because of a Hollywood actors’ strike that prevents promotional work. But his make-up designer Kazu Hiro met the press and said he was surprised by the nose criticism.

“I feel sorry that I hurt some people’s feelings. My goal was, Bradley’s goal was to portray Lenny as authentically as possible, and Lenny had an iconic look that everyone knows. There are so many pictures out there,” he said.

“We wanted to respect and love that look,” he said.

Hiro said it took two hours to fix the nose onto Cooper when he was portraying the younger Bernstein, but up to five hours as the character reached old age.

Bernstein’s daughter, Jamie, said that Cooper had involved the family closely in the development of the film, which focuses on the composer’s relationship with his wife, played by British actor Carey Mulligan, and his bisexuality.

“He chose to tell this very intimate story about our parents and to really include my brother, sister and me in his process. And really, we didn’t expect that,” Jamie Bernstein said.

“We never dreamed that he would go to the lengths that he did to include us in his process and to go to these incredible lengths to maintain authenticity,” she added.

Maestro will play on Netflix from Dec. 20. It is one of 23 movies competing for the Golden Lion award at the Venice Film Festival, which runs until Sept. 9. — Reuters

Global house price downturn fades; markets may rise in 2024

A VIEW of the public housing apartment estate in Singapore Sept. 1, 2021. — REUTERS/EDGAR SU

BENGALURU — The recent downturn in global property prices is mostly over with average home prices in major markets now expected to fall less than anticipated at the start of the year and rise into 2024, according to a Reuters poll of property analysts.

Double-digit price falls that the analysts forecast earlier this year due to rising mortgage rates haven’t materialized in full as higher household savings, tight supply and rising immigration limited declines.

Sharply higher mortgage rates, as a result of more than a year of interest rate rises by key central banks, haven’t affected everyone, either.

Many homeowners who locked in cheap mortgages during a long period of near-zero rates, particularly in the United States, have decided to stay put. That has restricted supply and housing market activity.

But that’s more bad news for aspiring first-time homebuyers left on the sidelines for years by tight supply and priced out during the COVID pandemic when existing homeowners outbid them, pushing up house prices at double-digit annual rates.

The latest poll results — particularly for economies with the fastest house price inflation in recent years such as the US, Canada, New Zealand and Australia — challenge the assumption the next move from most central banks will be to cut rates.

Indeed, much of the optimism around the unexpected early stabilization in these markets has stemmed from speculation interest rates have topped out and that as soon as the first half of next year, they’ll be coming down again.

“Probably over the last two months there has been a little bit too much positive thinking around the impact of a peak rates scenario. I think we haven’t really felt the full impact yet of higher rates. Fixed rate mortgages have meant many owners of property are being kind of shielded from the impacts,” said Liam Bailey, head of research at Knight Frank.

“I think the reality is you’ve got very low supply and house building volumes in most markets because of COVID disruption and supply chain disruption … You’ve also got quite strong demand in most Western markets. The fundamental point is strong demand meets weak supply.”

That was already a serious challenge across global housing markets before the pandemic, which only a few markets like India missed.

The Aug. 14-31 Reuters poll of over 130 housing analysts covering property markets in the US, Britain, Germany, Australia, New Zealand and India showed analysts broadly upgrading their forecasts for this year and next. China is a notable exception to the optimism.

Average US house prices were forecast to stagnate this year and next. In the May and March polls, 2023 values were forecast to fall 2.8% and 4.5%, respectively.

New Zealand and Canadian home prices, which soared 40-50% during the pandemic, were predicted to fall around 5% this year and then rise about 5% and 2%, respectively, in 2024.

Those were upgrades from the 8%-9% drop expected in 2023 and a 2%-3.4% rise next year in the last poll.

In India, which did not have a pandemic boom, home prices are set to rise steadily over the coming years.

Average prices in the German housing market were forecast to fall 5.6% this year and flatline in 2024. UK home prices will drift down a modest 4% this year with no growth next year, according to the poll.

Affordability is set to remain a problem globally.

Overall, a majority of respondents, 55 of 103, who answered a separate question said purchasing affordability for first-time homebuyers would worsen over the coming year. The remaining 48 said it will improve.

“Mortgage rates have continued to rise, and that is putting increased pressure on affordability. Sales volume is low, which obscures exactly how bad the pressure is on home prices,” said Brad Hunter of Hunter Housing Economics.

But with demand for housing outstripping supply, average rents were expected to rise and rental affordability to worsen.

A near two-thirds majority of analysts, 65 of 101, who answered an additional question said rental affordability would worsen over the coming year. The remaining 36 said it will improve. — Reuters

JFC completes acquisition of brand’s Hong Kong franchisee

JOLLIBEE Foods Corp. (JFC) has completed the acquisition of the majority stake in the Jollibee brand’s master franchisee in Hong Kong, which it considers an important market.

In a stock exchange disclosure on Monday, JFC said its Singapore-based unit Golden Plate Pte. Ltd. finalized the deal on Sept. 1 to acquire 60% of master franchisee Meko Holdings Ltd. for $16.08 million.   

Golden Plate is a wholly owned subsidiary of Jollibee Worldwide Pte. Ltd., which is owned by JFC.    

The remaining 40% of Meko’s shares will still be owned by the franchisee’s shareholders.   

JFC announced the acquisition in April, saying that Hong Kong is an important market for the brand. With the finalized transaction, JFC gets 60% ownership in the once 100% franchised market.

In a previous disclosure, the company said Hong Kong is an important part of JFC China’s strategy “to elevate the Jollibee brand in a general population or mainstream market. Hong Kong is renowned for its relationship with a vast variety of food and attracts both a strong base of local consumers and tourists.”   

As of June, the JFC store network increased by 5.1%. The group has 6,617 stores worldwide, with 3,287 stores in the Philippines and 3,330 international stores across various brands. 

On Monday, shares of JFC at the stock exchange dropped P1.20 or 0.5% to finish at P238.80 each. — Revin Mikhael D. Ochave

RLC breaks ground for Le Pont Residences

RESIDENCES in Bridgetowne Destination Estate, Pasig City. From left to right: Advanced Foundation Construction Systems Corp. Managing Director Mario Rossi, RLC Residences Vice-President for Project Management Emmanuel Arce, RLC Residences Senior Vice-President and Business Unit General Manager John Richard Sotelo, RLC Residences Senior Director, Marketing Head and Chief Integration Officer Karen Cesario, and RLC Residences AVP and Business Development and Design Head Stephanie Anne Go.

RLC Residences recently broke ground for the first tower of its premium project Le Pont Residences in Bridgetowne Destination Estate, Pasig City.

“We are excited to start constructing Le Pont Residences and see how this development will unfold. This is RLC Residences’ very own development in the premium category that we designed and thought of from the ground up,” said John Richard B. Sotelo, senior vice-president and business unit general manager of RLC Residences.

The groundbreaking ceremony was attended by executives from Robinsons Land Corp.’s residential division, construction partner Advanced Foundation Construction Systems Corp., and architectural expert W.V. Coscolluela and Associates.

“For Le Pont Residences, we will be installing a diaphragm wall which we brought here in the country in 2012 and is present to different premium developments. This specific technology creates a barrier that provides strong soil and hydraulic support to control and protect the surrounding environment against settlement and water drawdown. It provides more protection against earthquakes and other outside forces because it is between 800 mm to 1200 mm thick,” Advanced Foundation Construction System Managing Director Mario Rossi said.

Mr. Rossi noted that diaphragm walls allow for deeper basements, which means more parking for tenants.

Le Pont Residences offers units ranging from 46 to 380 square meters. This includes one-, two-, and three-bedroom units, as well as bi-level top-floor units with an iconic curved staircase connecting both floors.

The development’s amenities include gyms, indoor and outdoor activity areas, swimming pools, private function rooms, a game room, and a work lounge.

“In designing Le Pont Residences, we took inspiration from the needs and lifestyle of our market. Because for us to provide a place where they can be their best every day, it’s all about incorporating these things in their future home and be made accessible to them whenever they need it,” Mr. Sotelo said.

Protect your business: Emerging strategies for cyber-risk management

FREEPIK

The ever-changing technology in a smart and data-centric digital landscape connects more Filipinos on advanced cyber spaces, making them vulnerable to cyber risks. More than a thousand cybersecurity incidents have happened and continuously pose threats to businesses, organizations, and consumers through SIM card scamming schemes, cloud exploitation, credential theft, and digital fraud attempts.

In an age where cyber threat actors become more advanced, creative, and sophisticated, leaders are expected to ensure that businesses are not only operating efficiently but also prepare for what is yet to come in a digital aspect. This means that employees must continue to validate their identity and credentials, and prove their level of access through a series of regular security checks and verification.

Another alarming problem in cybersecurity is the lack of knowledge on the prosecution side where most imprisoned cyber criminals were released and freely migrate to another illegal organization to harm digital consumers. Aside from this, with the pandemic opening the doors for work-from-home arrangements, it exposes employees to a non-secure home network and data breaches, especially when sites being visited from another device may be vulnerable to cybersecurity attacks.

Enterprises and tech giants, such as Facebook and Google, may have the most advanced network in cybersecurity perimeter of defenses, but a single phishing e-mail or message can access a consumer’s credentials and knock down these gates.

To extensively expand our knowledge, cybersecurity governance and building trust by championing cybersecurity were tackled in an insightful discussion with the Department of Information and Communications Technology (DICT) Secretary Ivan John E. Uy and GCash President and CEO Martha M. Sazon during the Management Association of the Philippines (MAP) – GCash ICT Summit on Aug. 22 at Shangri-La The Fort.

Secretary Uy urged CEOs and managers to adopt cybersecurity strategies and prop up standard security defenses for their companies’ most confidential information and infrastructure as these cyber threats may potentially damage critical data and may impact the economy if compromised.

Another element that plays a crucial role in cybersecurity governance is people. It is imperative that businesses must invest in nurturing and developing a skilled cybersecurity workforce. The DICT seeks to enhance cybersecurity resiliency by maximizing latent talent and skill through education, training, and other capacity-building initiatives.

These skills can go a long way as they will immediately increase the value proposition for locators to come to the Philippines and, eventually, the country may have the potential of becoming the cybersecurity outsourcing center of the world.

The DICT calls for a collaboration between the government and the private sector to form a holistic cybersecurity risk mitigation as the Department jump starts the operationalization of government computer emergency response teams with cyber threat advisories, real-time updates, and cybersecurity best practices.

In line with this, MAP President Dick Du-Baladad said that “a robust and effective cyber risk management strategy will certainly help us avoid substantial financial losses that we may incur from cyber-attacks and ensure that our business processes remain operational, even in the face of cyber threats.”

With fraudsters upgrading their tactics, companies need to be just as innovative with strategies and solutions. As to what GCash’s Marts Sazon has emphasized, “We need to be one step ahead of the bad guys to protect our users.”

Cyber crises will happen, and preparation must be always at close range. As a finance super app, GCash mandates trust and security and commits to the protection of its consumers through building a safe and secure platform, fostering industry partnerships, harnessing data and analytics, and empowering through customer education. These are the steps that GCash takes to protect its users, and which should also be taken as a framework for other companies as well.

Raising awareness is crucial for people to take their own cybersecurity more seriously as this will become a weapon against scammers roaming and infiltrating different media platforms that consumers regularly use. People tend to fall for these scams because of fear and believing in good-to-be-true schemes.

Cyber resiliency is a daunting ability and not an overnight acquired solution; several steps are needed to enhance this, and we all should start by understanding our business landscape through company assessment and knowing our digital assets while calculating the risks that come with it.

To strengthen our cyber resilience, everything should be seen at a national, company, and consumer level. We must ensure that our cyber investments are aligned and keep in mind the best practices we should utilize as digital players. We should leverage automation with precaution, adopt DevOps practices, and prioritize agility to stay one step ahead from these threats to protect our consumers.

The key cybersecurity-related risks that companies should watch out for include the 4Ps (people, process, policies, and protection). Protection tools available in the market should be utilized for us to understand the occurrence of huge risks, especially with cyber-attacks becoming more complex.

Through this, any public and private collaboration is considered as a best practice, for both sectors to exchange notes on the programs being initiated and how it will target the ecosystem that threatens cybersecurity.

There are a lot of points where the government and the private sector can partner up at, such as campaigning on platforms that consumers can tap once cybercrimes arise.

Filipinos do not shy away from technology; we embrace it, but we should also be cautious about what links we click and sites we visit. As consumers, we should assess and secure our digital assets and should not rely solely on the security of the apps we download and use.

Compliance does not equate to resiliency, but with developers putting extra effort in securing our shared information online, we should also do our part and be aware of the cyber risks we may come across in the digital world.

Cybersecurity is a shared responsibility as we can defend against a swarm of attacks if we work as a team. Our identity, information, and infrastructure are the most important assets of our life, let us not allow these cyber criminals steal them from us.

 

Helen P. Macasaet is the chair of the Management Association of the Philippines’ ICT Committee and an ICT consultant.

map@map.org.ph

hpmacasaet@gmail.com

Roald Dahl shouldn’t be touched, director Wes Anderson tells Venice

BENEDICT Cumberbatch in a scene from The Wonderful Story of Henry Sugar.

VENICE — The books of Roald Dahl should not be bowdlerized, US director Wes Anderson said on Friday, as he presented his latest film adaptation of a book by the British author — The Wonderful Story of Henry Sugar.

The publisher of the famed children’s novelist caused a stir earlier this year when it emerged that new editions of his books had removed or changed references to gender, race ,and physical appearance to avoid causing offence.

Looking to quell the outcry, publisher Puffin said it would put out the books again later this year uncensored. Mr. Anderson said all original art should be left unmolested.

“I’m probably the worst person to ask about this because, you know, if you ask me, should Renoir be allowed to touch up one of his pictures and modify it? I would say, no,” he told reporters at the Venice Film Festival.

“Certainly no one who’s not an author should be modifying somebody’s book. He’s dead,” said Mr. Anderson, who has had a busy year having just presented his last film Asteroid City at the Cannes Film Festival.

Henry Sugar is the second Dahl book that Mr. Anderson has brought to the screen, following his hugely successful 2009 stop-motion animated movie Fantastic Mr. Fox.

Unlike that picture, Henry Sugar is not a full-length film, rather a 40-minute feature, and has real-life actors, including Benedict Cumberbatch, Dev Patel, and Ben Kingsley, with Ralph Fiennes playing the part of the author.

It will show on the streamer Netflix, which bought the rights in 2021 to adapt Roald Dahl stories.

“In a way, it’s almost more like a little theatrical presentation that we found a way to film,” said Mr. Anderson, explaining he had taken years to decide how to shoot the story.

He revealed that he had completed several other short versions of Dahl’s stories, including Poison, The Ratcatcher, and The Swan, which stars British actor Rupert Friend.

“They’re all strange, but I don’t really have any other ones in mind,” said Mr. Anderson, adding: “I have some things brewing, but that might be it on Dahl at the moment.” — Reuters

ACEN expects faster RE expansion after raising P25B

AYALA-LED ACEN Corp. expects to hasten its renewable energy (RE) expansion after raising P25 billion by issuing perpetual preferred shares.

“We are very thankful for the exceptional support that we received from investors. The additional capital further strengthens the company’s balance sheet and helps us accelerate our renewables expansion,” ACEN President and Chief Executive Officer Eric T. Francia said in a statement on Monday.

The shares make up the first tranche of the company’s shelf registration of up to 50 million preferred shares, which was cleared by the Securities and Exchange Commission on Aug. 10, 2023.

The first tranche was offered from Aug. 11 to 23 and attracted strong demand from both institutional and retail investors, the company said, allowing it to fully exercise its oversubscription option of up to P12.5 billion on top of the base offer of P12.5 billion.

The shares are traded on the main board of the stock exchange under ACENA for the series A preferred shares and ACENB for the series B preferred shares offering.

According to the company, the series A preferred shares have an initial dividend rate of 7.133% per annum, with a dividend rate re-setting on the 5th anniversary of the listing date.

The series B preferred shares have a fixed dividend rate of 8% per annum with no dividend rate re-setting.

ACEN said it has the option to redeem in whole but not in part the series A and series B preferred shares starting on the 3rd and 7th anniversary of the listing date, respectively, and on every dividend payment date thereafter.

It said the offer shares have cumulative and nonparticipating dividends based on the offer price of P1,000 “payable quarterly in arrear.”

The amount raised will fund the company’s new or existing eligible green projects, which include the refinancing of short-term bridge loans for eligible green projects.

“The issuance is part of the company’s strategy to diversify its sources of funding, and to gain access to a wider base of investors,” ACEN Chief Finance Officer Corazon G. Dizon said.

“Being the first of its kind in the Philippines with the fixed-for-life feature, we are delighted with the strong investor response, which is a testament to the strong alignment with ACEN’s sustainability focus and growth aspirations,” she added.

BDO Capital & Investment Corp., Bank of the Philippine Islands Capital Corp., and China Bank Capital Corp. served as joint managers of the offering.

PNB Capital and Investment Corp., Philippine National Bank Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. were the joint lead underwriters and bookrunners.

At the stock exchange on Monday, ACEN shares went up by four centavos or 0.79% to close at P5.10 apiece. — Sheldeen Joy Talavera 

Gov’t fully awards Treasury bills at lower rates

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday at lower rates before the release of August inflation data.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Monday as total bids reached P47.56 billion, or more than thrice the amount on offer.

Broken down, the Treasury made a full P5-billion award of the 91-day T-bills as tenders for the tenor reached P13.242 billion. The three-month paper was quoted at an average rate of 5.552%, 2.1 basis points (bps) below the 5.573% seen last week, with accepted rates ranging from 5.5% to 5.6%.

The government also raised P5 billion as planned from the 182-day securities as bids for the tenor reached P15.043 billion. The average rate for the six-month T-bill was at 5.966%, down by 2.7 bps from 5.993% seen last week, with accepted rates at 5.948% to 5.985%.

Lastly, the BTr borrowed the programmed P5 billion via the 364-day debt papers as demand for the tenor stood at P19.275 billion. The average rate of the one-year T-bill declined by 9.9 bps to 6.198% from the 6.297% quoted last week. Accepted yields were from 6.17% to 6.22%.

At the secondary market before Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 5.7081%, 5.9878%, and 6.2632%, respectively, based on PHP Bloomberg Valuation Reference Rates data provided by the Treasury.

“The Auction Committee fully awarded bids for Treasury bills (T-bills) at today’s auction. The 91-, 182-, and 364-day T-bills fetched average rates of 5.552%, 5.966% and 6.198%, respectively, all lower than previous auction results and secondary market rates,” the BTr said in a statement on Monday.

“The auction was 3.2 times oversubscribed, attracting P47.6 billion in total tenders. With its decision, the Committee raised the full program of P15 billion for the auction,” it added.

The result of Monday’s auction was in line with expectations as the market awaited the release of August inflation data, a trader said in a phone interview.

August consumer price index data will be released on Tuesday.

A BusinessWorld poll of 18 analysts yielded a median estimate of 4.9% for August inflation, near the lower end of the Bangko Sentral ng Pilipinas’ (BSP) 4.8-5.6% forecast for the month.

If realized, this would be faster than the 4.7% seen in July, but lower than the 6.3% print in August 2022.

It would mark the 17th straight month of inflation exceeding the BSP’s 2-4% target.

T-bill yields tracked the recent decline in rates of US Treasuries amid bets that the US Federal Reserve will not hike rates at its Sept. 19-20 meeting, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Benchmark Treasury yields rebounded on Friday after a US jobs report showed an uptick in unemployment, cementing expectations that the Fed will let interest rates stand at its September meeting, Reuters reported.

US 10-year Treasury yields reversed earlier declines following the employment report, as investors pared positions ahead of the Labor Day weekend.

The Fed in July hiked borrowing costs by 25 bps to the 5.25%-5.5% range. Since March 2022, the US central bank has raised its policy rate by 525 bps.

On Tuesday, the BTr will offer P30 billion in fresh three-year Treasury bonds (T-bonds).

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 to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — AMCS with Reuters

Okada Manila’s amenities to cater to wider audience

INTEGRATED casino hotel Okada Manila is expanding its services and amenities to cater to a wider audience.

Okada Manila recently unveiled its new branding campaign “Come Home to Harmony.”

Victor Galzote, Okada Manila’s director of property marketing and branding, said the hotel has crafted a seamless and integrated experience covering its business units — casino, hotel operations, food and beverage, retail, and spa.

“There will be more collaboration among our business units, cutting across all experiences and showing more synergy,” he said during the brand launch at Okada Manila, Aug. 31.

Okada Manila has 993 hotel rooms, over 500 table games and more than 3,000 electronic gaming machines, a two-hectare dancing fountain, and over 50 luxury brands.

Alvaro Ramos, Okada Manila’s head of retail and leasing, said the property welcomed around 20 to 30 restaurants over the last three years.

“For non-food, we really increased our offerings and pushed for a higher participation of stores in the rewards program,” Mr. Ramos said.

Retail stores at Okada Manila are now integrated into Rewards Circle, a membership rewards program where guests can earn points that can be used for shopping, hotel stays, corporate event packages, and health services within the resort. 

“To serve the rebound of customers, our expanded membership program has rewards not only for the casino but also for entertainment, dining, hotel stays, shopping, and access to privileges,” said Wendy Ni, Okada Manila’s vice-president for strategic marketing.

Okada Manila’s revenues have increased 62% to P24.82 billion in the first six months of the year, driven mainly by the casino business, its operator Tiger Resort Leisure and Entertainment, Inc. said.

“Casinos provide a sense of winning, a feeling of being lucky, and excitement. We have an online casino that gives that to our customers anywhere, anytime,” Ms. Ni said. — B.H.Lacsamana

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