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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

Taylor Swift’s concert film headed to movie theaters

TAYLOR SWIFT: The Eras Tour

LOS ANGELES — After crushing records with her billion-dollar concert tour, pop superstar Taylor Swift is set to light up the big screen with a documentary about the event that dominated the music scene this summer.

Taylor Swift: The Eras Tour will play in cinemas in North America starting Oct. 13, the “Anti-Hero” singer announced on X, formerly Twitter, on Thursday.

“The Eras Tour has been the most meaningful, electric experience of my life so far and I’m overjoyed to tell you that it’ll be coming to the big screen soon,” Ms. Swift said.

“Eras attire, friendship bracelets, singing and dancing encouraged,” she added.

The move by Ms. Swift provides movie theater chains such as AMC Entertainment, Cineplex, and Cinemark with a high-profile title to help fill gaps caused by the actors and writers strikes in Hollywood.

Warner Bros., for example, recently delayed the highly anticipated November release of Dune: Part Two until the spring because striking actors will not promote the sci-fi sequel.

Adult tickets for Ms. Swift’s documentary cost $19.89 each, a nod to Swift’s 1989 album, and children’s tickets will cost $13.13. — Reuters

A smart way to force banks to pass on higher interest rates

FREEPIK

WHEN official interest rates rise, as they have relentlessly during the past year, borrowers are typically punished much more quickly than savers are rewarded. This leads to accusations of profiteering by banks when their net interest margins balloon. For once, governments have come up with a way of using market forces rather than the blunt instrument of regulation to force financial institutions to increase their savings rates.

National Savings & Investments (NS&I), the UK state-owned savings bank, is offering one-year retail savings bonds paying 6.2%, the highest interest rate available since the institution took over government-backed savings programs in 2008. Not only is this more than the 6% currently available from some smaller commercial lenders, it’s also government guaranteed. By offering nearly a full percentage point more than the current Bank of England rate, it doesn’t get much better for income-starved savers who don’t require instant access.

Belgium has also sold longer-term retail savings bonds this year, with its Prime Minister Alexander De Croo stating that the nation’s banks will be forced to “fight again” for savers. Italy has long offered a wide range of attractively priced government bonds targeting retail investors with tax benefits. Muscling into the savings marketplace by governments with burgeoning borrowing needs might just catch on, employing competitive carrots rather than regulatory sticks.

The UK annual savings ratio, which measures the amount households retain of their disposable income after consumption, soared to more than 20% during the pandemic. It’s still at an elevated level compared with the long years when official rates were stuck close to zero. The Office for National Statistics estimates Britons accumulated £200 billion ($250 billion) of excess savings during lockdowns. While that will be reduced during the current cost-of-living crisis, it’s clear there is plenty of money kicking about. The question is who gets to it first?

Retail savings in private financial institutions are only assured by the UK deposit guarantee program up to £85,000. These latest NS&I offerings are available from a minimum of £500 up to £1 million — so it’s aimed squarely at bread-and-butter savers. It’s a bold move that steps right on the toes of recalcitrant banks and building societies (the UK equivalent of savings and loans companies). The only catch is likely to be reduced allocations, NS&I will undoubtedly have to cap this deal as it will be hugely oversubscribed. It might prove easier to get Taylor Swift tickets than park a million pounds risk-free and earn more than 6%. But that’s a good thing: There ought to be limits on how much of the savings pool the state can capture from the marketplace, to prevent crowding out by unfair competition.

Typically, NS&I is careful to position its offerings in the middle of the pack to not compete too directly with mainstream lenders, but facing the largest government financing needs on record, the UK Treasury is keen to pursue all options. This rate on this latest bond is more than 100 basis points above its prior offer. NS&I has a target of raising £7.5 billion this year, though it will likely exceed this as it did last year. It has also increased rates for existing longer-term savers, which reduces the reinvestment risk of potentially lower rates when current deals expire. The message is: Invest with the state and you’ll get preferential rates for longer. Parking government tanks on the banking sector’s lawn will undoubtedly cause some gnashing of teeth in the finance industry.

Nonetheless, with inflation running at 6.8%, the offer remains shy of a positive real return. Furthermore, for higher-rate taxpayers a more efficient strategy is buying UK government bonds that trade below their face value. But for most savers, this is a welcome respite from the long years of nugatory interest income on savings.

How to encourage banks to act fairly — when consumers are struggling with much higher prices — is troubling all around Europe. Italy recently adopted a windfall tax on its banks’ excess profits, in line with several other nations. The UK has long had a banking surcharge rate, which was reduced to 3% from 8% in April. The Bank of England pays interest on the reserves that commercial banks have to leave with it at the official rate of 5.25%. In an alternative approach, the European Central Bank will no longer pay interest on those reserves from Sept. 20, after a decade of subsidizing banks heavily. So there are many differences in how banks are taxed, regulated, and able to compete; it’s the overall mix that matters.

Is it really better to claw back windfall bank taxes into the state’s coffers, or to introduce rules that force banks to narrow the gap between savings and borrowing rates? Such government intervention is fraught with unintended consequences. Equally, there are anti-competitive risks if the state crowds out challenger banks and smaller players. There’s no simple solution — but a little bit of healthy competition can go a long way. It’s fair to say that a warning bell has been sounded to institutions managing consumer money: Up your game, or the government will steal your lunch.

BLOOMBERG OPINION

Securities clearing company migrates to shortened settlement cycle 

SECURITIES CLEARING Corp. of the Philippines (SCCP) has migrated to the shortened settlement cycle in a bid to boost the domestic capital market.   

“Aside from aligning the settlement cycle with major international markets, we expect that market participants will soon experience the benefits of operating in a T+2 (transaction plus two days) environment,” SCCP President and Chief Executive Officer  (CEO) Ramon S. Monzon said on Monday.

SCCP secured the approval of the Securities and Exchange Commission on Aug. 10 for its request to migrate to the T+2 settlement cycle on Aug. 24.   

According to the firm, the shift to the T+2 cycle aligns the Philippines with international markets such as the United States, most European Union member states, and the major markets in the Asia-Pacific region.

It added that the T+2 cycle lowers the risks of unsettled trades under a T+3 regime and encourages more efficiencies in the local capital market.    

SCCP is a wholly owned subsidiary of local bourse operator Philippine Stock Exchange, Inc. (PSE). Mr. Monzon concurrently serves as PSE president and CEO.

“On Aug. 29, SCCP settled two batches of trades where Batch 1 comprised of the last T+3 trades executed on Aug. 23 and Batch 2 comprised of the first T+2 trades which were executed on Aug. 24. All transactions were settled before their respective settlement deadlines,” SCCP said.   

“Subsequent settlements until Sept. 4 were done before 1:00 p.m., the extended settlement deadline that is in effect until Sept. 11. Starting Sept. 12, the settlement deadline will revert to the 12:00 noon regular deadline,” it added. — Revin Mikhael D. Ochave

SeekCap’s loans to small firms up by 50% in first half

BW FILE PHOTO

LOANS disbursed by Union Bank of the Philippines, Inc.’s (UnionBank) financial technology (fintech) unit to small businesses through its online marketplace SeekCap surged by 50% in the first half.

SeekCap disbursed a total of P688 million in loans to micro, small and medium enterprises (MSMEs) in the first six months of the year, up from the P459 million in the same period last year, UBX Philippines Corp. said in a statement on Monday.

“Traditionally, MSMEs are the most disadvantaged when it comes to financing, because the stringent requirements of banks for loans are geared against them. A big part of our mission towards financial inclusion involves democratizing loans in their favor to create new opportunities for Filipinos everywhere and to contribute to overall economic development,” UBX President and Chief Executive Officer John Januszczak said.

SeekCap also recorded a 10% increase in loan applications and a 22% rise in lender partners during the period as businesses continued to grow amid the economy’s continued recovery.

“It is important to us in SeekCap to have a wide range of lenders to ascertain the inclusiveness of the platform. Different enterprises have different needs, and we believe we can address this by being agnostic and being open to multiple lenders with different product specialties,” UBX Business Lead for Lending Mario Jordan “Magellan” Fetalino III said.

SeekCap is planning to partner with more MSME ecosystems, e-commerce, franchising, and wholesale players to further its reach, UBX said.

“Financial inclusion is an ongoing endeavor. Most importantly, it’s collaborative. At least 99% of businesses in the Philippines are classified as MSMEs, and by providing them with access to funding is to make a significant impact. We hope to make more opportunities for them in the future by ensuring the success of our lending platform,” Mr. Januszczak said.

Through SeekCap, borrowers have access to loan products provided by partner banks that can be tailored to their needs.

The loans offered on the platform can be processed in 24 hours, compared to the minimum 30-day approval time for most banks, UBX said. 

UBX’s listed parent UnionBank saw its attributable net income decline by 12.87% year on year to P3 billion in the second quarter.

This brought its first-half net income to P6.34 billion.

UnionBank’s shares closed at P70.30 apiece on Monday, up by P2 or 2.93% from Friday’s finish. — AMCS

Phinma Properties launches housing design competition

PHINMA Properties recently launched a housing design competition with the De La Salle-College of Saint Benilde, School of Environment and Design (DLS-CSB-SED).

Architecture students are invited to conceptualize and visualize constructible housing that addresses the needs of middle-class families. The competition is part of a collaboration with the school’s architecture program under the Housing course.

Participants should create schematic proposals for three housing typologies: 50-square meter (sq.m.) lot townhouses, 80-sq.m. single attached homes, and 125- sq.m. single attached homes.

“The PHINMA – Benilde Housing Design Competition provides the opportunity for creativity and knowledge exchange. The industry players have the tested knowledge from professional practice. The students, on the other hand, have the unbridled creativity, as we allow their youthful energy, imaginations and passionate ideals to be explored to create new human-centered design solutions to existing environmental problems,” Dottie Asela Domingo, dean of DLS-CSB-SED, said.

Raphael B. Felix, president and chief executive officer of PHINMA Properties, said participants should aim to create designs that “renew the urban landscape, promote sustainability, and forge stronger bonds among communities.”

“We embrace this collaboration with De La Salle College of St. Benilde and share the excitement over showcasing the genius of the youth in creating designs that renew our landscapes and build communities. Fresh eyes bring fresh ideas, and we expect to see some of the best architectural concepts that will potentially shape our future projects,” Mr. Felix said.

Teams will be shortlisted by a panel of experts and professionals from PHINMA Properties based on their compliance with class conditions, innovation, buildability, ecological and sustainability impact, and functional aesthetics. Nine winners will be chosen.

Jimmy Buffett, ‘Margaritaville’ singer, 76

JIMMYBUFFETT.COM

JIMMY Buffett, the American singer-songwriter who went from Key West beach bum to billionaire behind the always-on-vacation Margaritaville commercial empire, has died at the age of 76.

“Jimmy passed away peacefully on the night of September 1st surrounded by his family, friends, music and dogs. He lived his life like a song till the very last breath and will be missed beyond measure by so many,” a statement on his website said on Saturday. It did not give a cause of death. In recent months Mr. Buffett had canceled shows due to health issues.

Mr. Buffett, nominated for two Grammy awards and winner of numerous Country Music Awards, built his name touring his folk-country songs around the United States in the 1970s.

His breakthrough hit was “Margaritaville,” a melodic track with a tropical lilt that soon became a mainstay of resort musicians and a vacation favorite of still vaguely hedonistic baby boomers, with its lyrics about “wastin’ away” and “nothing to show but this brand new tattoo.”

Other popular songs — all on a similar sun- and cocktail-drenched theme — included “It’s 5 O’Clock Somewhere,” “Cheeseburger in Paradise,” and “Changes in Latitudes, Changes in Attitudes.”

US President Joseph R. Biden issued a statement on Saturday on Mr. Buffett’s passing, calling him a “poet of paradise.” It said: “Jimmy reminded us how much the simple things in life matter — the people we love, the places we’re from, the hopes we have on the horizon.”

Mr. Buffett released over two dozen albums and played countless concerts over six decades, while the “Margaritaville” concept exploded into a lifestyle brand that eventually included everything from hotels and restaurants to pool floats and frozen shrimp dishes.

For aging fans — known as “Parrotheads” — who could not get enough, the first Latitude Margaritaville retirement community opened in Florida in 2018, and others soon followed, promising “food, fun, music and escapism” for the over-55s.

The idea for the Margaritaville brand began in the mid-1980s when Mr. Buffett noticed people walking around Key West wearing T-shirts with his (misspelled) name on; he responded by opening up a T-shirt store and then added a cafe.

He told Forbes in 1994 that “if you’re an artist, if you want to have control of your life … then you gotta be a businessman, like it or not.”

In 2023, Mr. Buffett — who had a 28% stake in the Margaritaville Holdings firm — made the Forbes list of billionaires. He was friends with mega-rich investor Warren Buffett (no relation) and he owned and flew several private jets.

But he always said that he was at his happiest touring — playing barefoot to crowds large or small and plucking at his guitar. Wearing his trademark Hawaiian shirt, he would often appear on stage with other musicians to do surprise performances.

KEY WEST CALLS
James William Buffett was born on Dec. 25, 1946, in Pascagoula, Mississippi, and grew up in Mobile, Alabama, the son of a well-traveled army engineer and the grandson of a seafaring man who he would later say gave him a lifelong love of the ocean and yearning for adventure. He studied journalism at university and went to Nashville, Tennessee, to work for Billboard Magazine.

As a student he had begun playing guitar and busking and in Nashville, the home of country music, he released his first record in 1970.

But it was in 1971 when he discovered Key West that he found his calling. An island at the far tip of Florida, closer to Cuba than the US mainland, Key West has long had a reputation as a place for artists, misfits, and heavy drinkers. Author Ernest Hemingway lived there in the 1930s.

“Key West will always be a part of me,” Mr. Buffett said in an interview with the Miami Herald in 2022. “I really found myself I think as a writer down there… I’m just glad that I was able to utilize it and it did for me as much as I did for them.”

Mr. Buffett’s folksy calypso music that channeled the Key West mode of life quickly made him popular.

“Come Monday” was his first hit in 1974, although it was 1977’s “Margaritaville” that really took off. Beyond Florida, his songs hit a nerve with those who didn’t care too much about their jobs, who smoked pot and drank tequila and lived for their beach vacations.

Over his career, Mr. Buffett released 27 studio albums, wrote a Broadway jukebox musical (Escape to Margaritaville) and a number of books (most notably 1989’s Tales from Margaritaville). He established a record label, Mailboat Records, in 1999.

He was married twice. He had three children with his second wife, Jane Slagsvol, who he met in Key West in the 1970s. — Reuters

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