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Musk’s X delays access to content on Reuters, NY Times, social media rivals

TWITTER.COM/ELONMUSK

Social media company X, formerly known as Twitter, delayed access to links to content on the Reuters and New York Times websites as well as rivals like Bluesky, Facebook and Instagram, according to a Washington Post report on Tuesday.

Clicking a link on X to one of the affected websites resulted in a delay of about five seconds before the webpage loaded, the Washington Post reported, citing tests it conducted on Tuesday. Reuters also saw a similar delay in tests it ran.

By late Tuesday afternoon, X appeared to have eliminated the delay. When contacted for comment, X confirmed the delay was removed but did not elaborate.

Billionaire Elon Musk, who bought Twitter in October, has previously lashed out at news organizations and journalists who have reported critically on his companies, which include Tesla and SpaceX. Twitter has previously prevented users from posting links to competing social media platforms.

Reuters could not establish the precise time when X began delaying links to some websites.

A user on Hacker News, a tech forum, posted about the delay earlier on Tuesday and wrote that X began delaying links to the New York Times on Aug. 4. 

On that day, Musk criticized the publication’s coverage of South Africa and accused it of supporting calls for genocide. Reuters has no evidence that the two events are related.

A spokesperson for the New York Times said it has not received an explanation from X about the link delay.

“While we don’t know the rationale behind the application of this time delay, we would be concerned by targeted pressure applied to any news organization for unclear reasons,” the spokesperson said on Tuesday.

A Reuters spokesperson said: “We are aware of the report in the Washington Post of a delay in opening links to Reuters stories on X. We are looking into the matter.”

Bluesky, an X rival that has Twitter co-founder Jack Dorsey on its board, did not reply to a request for comment.

Meta, which owns Facebook and Instagram, did not immediately respond to a request for comment. — Reuters

JPMorgan, US Virgin Islands trade accusations over Epstein

REUTERS

NEW YORK — JPMorgan Chase and the U.S. Virgin Islands traded new accusations this week in legal filings over their relationships with the late disgraced financier Jeffrey Epstein.

The largest U.S. bank detailed how Epstein allegedly funneled hundreds of thousands of dollars in payments and loans to a former U.S. Virgin Islands governor and his wife.

The territory in a separate filing cited a 2011 email from a senior JPMorgan executive about suspicious cash withdrawals by Epstein.

JPMorgan made its allegations in a filing of more than 610 pages in Manhattan federal court. The filing containing the U.S. Virgin Islands accusations was more than 680 pages.

The territory is seeking at least $190 million from JPMorgan over the bank’s work for Epstein from 1998 to 2013.

While the documents had been previously submitted to the court, the latest filings contain fewer redactions. A trial is scheduled for Oct. 23.

JPMorgan said former U.S. Virgin Islands Governor John de Jongh and his wife Cecile had an extensive relationship with Epstein that included the receipt of political donations, employment for Cecile, and a $200,000 loan to the family.

The territory, where Epstein owned two neighboring islands, is seeking damages for Epstein’s abuse victims.

JPMorgan in its filing said the territory failed to show why it deserves “victim damages” when “actual victims” of Epstein will receive money from previously announced settlements.

The U.S. Virgin Islands also failed to show that the bank committed obstruction, JPMorgan said.

The territory in response quoted a 2011 email from John Duffy, who led JPMorgan’s private bank at the time, about Epstein’s alleged withdrawals to pay victims.

“JE and I spoke about his pattern of cash withdrawals,” Duffy wrote. “His answer was ‘fuel payments in foreign countries.’” Duffy allegedly asked Epstein to use a separate account rather than his personal account for the payments.

The territory also quoted an email exchange the prior month between Epstein and Mary Erdoes, who now leads JPMorgan’s asset and wealth management business.

“Let’s move on, and make some real money,” Epstein wrote.

“Onwards and upwards, on so many fronts,” Erdoes replied.

The de Jonghs, Duffy and Erdoes are not parties to the lawsuit. Epstein died by suicide in August 2019 in a Manhattan jail while awaiting trial for sex trafficking. 

“Rather than account for its own failures to investigate and monitor this criminal under its jurisdiction, USVI blames a bank that did not have USVI’s authority to enforce any law,” JPMorgan said in a statement responding to the territory’s filing.

The bank regretted its association with Epstein, but said it did not aid in his crimes and would not have kept him as a client had it thought he was engaged in sex trafficking.

Regarding the loan to the de Jonghs, the U.S. Virgin Islands maintained there was no evidence it gave Epstein favored treatment in exchange for political donations, and said the loan was made “after the former governor left office.” — Reuters

Google to train 20,000 Nigerians in digital skills

REUTERS

ABUJA — Google plans to train 20,000 Nigerian women and youth in digital skills and provide a grant of 1.2 billion naira ($1.6 million) to help the government’s create one million digital jobs in the country, its Africa executives said on Tuesday.

Nigeria plans to create digital jobs for its teeming youth population, Vice President Kashim Shettima told Google Africa executives during a meeting in Abuja. Shettima did not provide a timeline for creating the jobs.

Google Africa executives said a grant from its philanthropic arm in partnership with Data Science Nigeria and the Creative Industry Initiative for Africa will facilitate the program.

Shettima said Google’s initiative aligned with the government’s commitment to increase youth participation in the digital economy. The government is also working with the country’s banks on the project, Shettima added.

Google director for West Africa Olumide Balogun said the company would commit funds and provide digital skills to women and young people in Nigeria and also enable startups to grow, which will create jobs.

Google is committed to investing in digital infrastructure across Africa, Charles Murito, Google Africa’s director of government relations and public policy, said during the meeting, adding that digital transformation can be a job enabler. — Reuters

PHL recommends 500,000 MT rice imports to cover El Niño-related crop losses

PHILSTAR FILE PHOTO

The Philippines’ Department of Agriculture is recommending additional rice importation of about 500,000 metric tons to cover potential crop losses from the El Niño dry weather condition, a senior official said on Wednesday.

The additional importation by one of the world’s biggest buyers of the staple grain, which should be brought in by private traders, must arrive between November and January next year, Agriculture Undersecretary Mercedita A. Sombilla told a congressional hearing.

The recommended volume is on top of the additional approved rice purchases by private traders this year, of which 300,000 metric tons were supposed to arrive later this month, and another 300,000 metric tons in September.

Ms. Sombilla said 89% of the Philippines’ rice imports so far this year came from Vietnam, with the rest from Myanmar, Thailand, Pakistan and India, among others.

Retail prices for imported and locally produced rice in the Philippines rose further this month by as much as 14%, based on government data, as global and domestic farmgate prices soared, adding pressure on food inflation.

The government expects the impact of El Niño weather pattern on agricultural output to be felt between the last quarter until the first three months of 2024. — Reuters

June remittances hit 6-month high

Cash remittances rose to a six-month high in June. — REUTERS

By Keisha B. Ta-asan, Reporter

MONEY SENT by overseas Filipino workers (OFWs) rose to a six-month high in June, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Cash remittances coursed through banks rose by 2.1% to $2.81 billion in June, from $2.75 billion in the same month in 2022.

The June cash remittance inflows are at the highest level since the $3.16 billion in December 2022.

However, the 2.1% annual growth in cash remittances was the slowest in 13 months or since the 1.8% rise seen in May 2022.

“The expansion in cash remittances in June 2023 was due to the growth in receipts from land- and sea-based workers,” the BSP said.

Remittances from land-based workers jumped by 2.1% year on year to $2.29 billion in June, while money sent by sea-based workers increased by 1.9% to $524 million.

For the first six months of 2023, cash remittances rose by 2.9% to $15.79 billion, from $15.35 billion in the comparable period last year.

Security Bank Corp. Chief Economist Robert Dan J. Roces said improved economic conditions in host countries led to more job opportunities and better wages for OFWs.

“Increased demand for labor in host countries boosted OFW employment and remittances… Positive fluctuations in exchange rates increased remittance values in Philippine peso terms,” he said.

The peso closed at P55.20 against the dollar on June 30, appreciating by 95 centavos or 1.7% from its P56.15 close on May 31.

However, the slower growth rate in June may be attributed to base effects, with a high-remittance month in the previous year made growth seem slower, Mr. Roces said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said OFWs may have sent more money back home to support their families amid rising prices.

Headline inflation eased to 5.4% in June from 6.1% both in May 2023 and June 2022, the slowest in 14 months. Still, it marked the 15th straight month of inflation exceeding the BSP’s 2-4% target band.

BSP data showed cash remittances in the January-to-June period were driven mainly by higher inflows from the United States, Singapore, and United Arab Emirates (UAE). 

By country, the US accounted for the biggest share (41.1%) of total remittances during the six-month period.

The US, along with Singapore, Saudi Arabia, Japan, the United Kingdom, the UAE, Canada, Korea, Qatar, and Taiwan, accounted for 79.7% of total cash remittances in the first semester.

Meanwhile, BSP data showed personal remittances, which included inflows in kind, rose by 2.2% to $3.13 billion in June from the $3.06 billion posted in the same month last year.

This brought personal remittances 3% higher to $17.59 billion in the first half of the year from $17.09 billion a year ago.

“The outlook remains uncertain due to evolving global conditions and offshore market movements which affect the peso,” Mr. Roces said. “However, economic recovery and stability in host countries will influence remittance trends.”

Mr. Ricafort said he expects OFWs to continue sending more cash to their families, especially as school reopens.

“Risk of an economic slowdown in the US partly due to aggressive Fed rate hikes… would still be a drag for OFW remittances especially if there would be job losses,” Mr. Ricafort said, but added this may be offset by the economic reopening in China.

The central bank expects remittances to grow by 3% this year.

House panel approves bill seeking to reform military pension system

The government is pushing to reform the pension system for military and uniformed personnel. — PHILIPPINE STAR/EDD GUMBAN

A HOUSE of Representatives ad hoc committee approved on Tuesday a consolidated bill that seeks to reform the military and uniformed personnel (MUP) pension system.

Albay Rep. Jose Maria Clemente S. Salceda, who is the chairman of the ad hoc committee on the MUP pension system, said the committee members agreed in principle on a substitute bill that is “amenable” to economic managers and the military and uniformed personnel.

“This is a win-win solution, because we are removing the risks of sudden spikes in pension liabilities while also ensuring that salaries and pensions increase at manageable levels,” he said.

Economic managers earlier warned the current MUP pension system is unsustainable and may trigger a “fiscal collapse.”

A copy of the approved bill was not made available as of press time.

Mr. Salceda in a statement said the measure would guarantee salary increases, pension indexation and funding sources for the MUP pension system.

Under the measure, all MUP would now be required to contribute to the pension fund. For active personnel, they would contribute 5% for the first three years, 7% for the following three years, and 9% thereafter. For new entrants, they would have to contribute 9% immediately, but “a larger government counterpart to complete 21% contribution,” Mr. Salceda said.

All MUP will also be guaranteed a 3% salary increase under the measure.

“For the past 25 years, the salaries have only increased for nine years, so this is also a win for the active personnel, who will get a salary increase every year for the next 10 years,” he said.

The retirement age for all MUP will now be fixed at 57, or after completing 30 years of satisfactory service.

Another key provision is the 90% maximum retirement package based on the base pay of all MUP, raising by 5% the previous package for Armed Forces of the Philippines (AFP) personnel.

The measure also includes Philippine National Police (PNP) personnel who leave with less than 20 years’ service in the list of those eligible for a lump sum separation pay.

Mr. Salceda said the bill will retain the indexation of pensions, which means MUP pensioners would be guaranteed an increase in pensions for 10 years. However, this would be capped at 50% of the salary increase.

The current policy where an MUP will be promoted to one rank higher upon retirement will also be maintained.

The measure will also create two separate pension management systems — one for the AFP and another for civilian uniformed personnel.

As part of the reform, there will be a periodic review of pension benefits and a possible increase of up to 1.5% per year, although this may depend on economic conditions and actuarial life of the pension fund.

Finance Secretary Benjamin E. Diokno said in a statement that the creation of the MUP trust funds is one of the key reform proposals. These will be funded through MUP contributions, with a corresponding government share, and supplemented by the proceeds from the sale or lease of MUP assets, he added.

“At the core of our reform package is the creation of separate pension funds that recognize the unique nature of military service, and provide retirement benefits that reflect the sacrifices by the military and uniformed personnel,” Mr. Diokno said.

Mr. Salceda said the government contribution to the MUP fund may reach up to P70 billion.

“If we think about it, the government will contribute more to MUPs, with a counterpart of almost P70 billion. Every P1 that the MUPs will provide, the government will contribute P150,” he said in Filipino.

During the committee hearing on Tuesday, Deputy Treasurer Erwin D. Sta. Ana said the MUP pension system’s dependence on full government funding makes it “highly vulnerable to economic and fiscal downturns, leading to an unstable and an unreliable benefits system.”

The MUP pension reform bill is on the Legislative-Executive Development Advisory Council’s list of 20 priority measures that are targeted for approval by December. — Keisha B. Ta-asan

High inflation fails to dampen vehicle sales in July

TRAFFIC builds up along EDSA during morning rush hour, Feb. 2, 2023. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE PHILIPPINE auto industry recorded a 33% increase in vehicle sales in July, even as elevated inflation dampens overall consumer spending.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed new vehicle sales rose to 37,086 units in July from 27,813 units in the same month a year ago.

“The auto industry is sustaining its positive growth trend as sales of new motor vehicles recorded a continued year-on-year growth for the past 17 consecutive months — since March 2022. The industry hopes to maintain this trend for the year,” CAMPI President Rommel R. Gutierrez said in a statement.

Month on month, auto sales went up by 2.1% from 36,311 units in June.

In July, passenger car sales accelerated by an annual 49.8% to 9,509 units from 6,346 units a year ago. Month on month, sales of passenger cars rose by 5.82% from 8,986 units in June. 

Meanwhile, sales of commercial vehicles jumped by 28.5% to 27,577 units in July from 21,467 in the same month last year. Month on month, commercial vehicle sales inched up by 0.9%.

Asian utility vehicle sales in July grew by an annual 14.1% to 4,990, while sales of light commercial vehicles climbed by 32.7% to 21,627. Sales of light trucks inched up by 0.2% to 466.

For the first seven months of the year, CAMPI-TMA members sold 239,501 units, up by 31.1% from 182,687 a year ago.

The bulk of sales came from commercial vehicles, which rose by 30.4% to 179,144 units. Passenger car sales jumped by 33% to 60,357 in the January-July period.

“The auto industry is notably going strong despite the consumer spending slowdown attributed to the risks of inflation,” Mr. Gutierrez said.

The Philippine economy grew by a slower-than-expected 4.3% in the second quarter, as consumer demand was dented by rising prices. Household spending growth slowed to 5.5% in the April-June period, from 8.5% a year earlier.

Headline inflation cooled to a 16-month low of 4.7% in July from 5.4% in June, and 6.4% in the same month in 2022. For the seven-month period, inflation averaged 6.8%, still higher than the 5.4% forecast by the central bank.

Toyota Motor Philippines Corp. (TMP) remained the market leader with a 45.99% market share as seven-month sales jumped by 17.2% to 110,158.

Mitsubishi Motors Philippines Corp. is in second spot with a 70% surge in sales to 43,831 in the January-to-July period.

In third place is Ford Motor Company Phils. Inc., whose sales rose by 54.5% to 16,611 units in the period ending July.

Nissan Philippines, Inc.’s sales increased by 21.6% to 15,674 units, while Suzuki Phils., Inc. posted a 10.9% drop in sales to 10,174 units.

“The auto industry is truly inspired to expand its product and service offerings to the consumers and businesses alike as seeing this continued growing demand for new motor vehicles is indeed a welcome and significant part of growth development,” Mr. Gutierrez said.

Previously, Mr. Gutierrez said the auto industry set a sales target of 395,000 units for 2023.

In 2022, CAMPI-TMA members sold a total of 352,596 units. — Justine Irish D. Tabile

Megawide swings to net profit as revenues double

MEGAWIDE CONSTRUCTION Corp. booked a second-quarter attributable net income of P370.28 million, a reversal of the P64.93-million loss incurred a year ago, as revenues for the period doubled.

From April to June, the company’s top line reached P6.76 billion, which is nearly twice last year’s P3.47 billion.

“Construction is on its way to recovery and we are starting to see it. We have yet to capitalize on the big-ticket infrastructure projects in our portfolio, such as the Metro Manila Subway Project, which has yet to commence,” Megawide President and Chief Executive Officer Edgar B. Saavedra said in a statement.

“Our landport is also recovering in terms of foot traffic, office occupancy, and commercial sales. All in all, we are confident of sustaining the momentum for the remainder of the year,” he said.

Megawide’s construction operations were still the biggest revenue contributor, accounting for P6.7 billion as it doubled last year’s P3.28 billion.

The construction segment cushioned the 15.7% decline in revenues from landport operations, which amounted to P100.89 million for the April-to-June period from P119.63 million last year.

However, the company said the average daily foot traffic at the Parañaque Integrated Terminal Exchange breached the 100,000 level in June.

It added that it was able to post its highest average passenger spend at P35.4 from the P28.5 seen at the beginning of the year.

The company’s direct costs also doubled in the three months ending in June, totaling P5.83 billion from P2.88 billion in the year prior.

In the first half, the company’s attributable net income reached P363.16 million, a turnaround from the P125.68-million loss seen in the previous year.

Total revenues hit P11.16 billion in the January-to-June period, reflecting a 52.4% increase from the P7.32 billion seen a year ago.

Year-to-date revenues from construction operations reached P10.97 billion, up by 55.1% from the P7.07 billion booked last year.

Landport operations accounted for P191.05 million of the company’s first-half topline, reflecting a 23.7% decline from the P250.4-million revenues registered in 2022.

Direct costs in the first semester amounted to P9.78 billion, an increase of 58.7% from the P6.16 billion seen last year.

As of the end of the second quarter, the company said that its order book of P50 billion remained “very healthy and diverse.”

“More than half of the projects are still in the 0-20% completion stage, providing a significant balance for bookable revenues in the coming periods,” it added.

Mr. Saavedra expects Megawide to gradually reap the benefits from its acquisition of affiliate PH1 World Developers, Inc.

“Aside from generating synergies and providing long-term project visibility, PH1 World’s healthy pipeline will also strengthen our order book quality by de-risking it from contractual and collection issues,” he said.

On Tuesday, shares in the company climbed nine centavos or 2.85% to P3.25 each. — Justine Irish D. Tabile

Sia-led MerryMart, DDMP REIT post higher income

MERRYMART FB PAGE

LISTED COMPANIES led by Edgar J. Sia II reported mixed second-quarter earnings results on Tuesday, with retailer MerryMart Consumer Corp. recording the biggest profit growth amid higher revenues.

MerryMart’s attributable net income for the second quarter of the year climbed by 94.4% to P14.11 million from P7.26 million after a 16.4% rise in revenues to P1.92 billion from P1.65 billion a year ago.

Mr. Sia’s real estate investment trust DDMP REIT, Inc. increased its net income by 8.2% to P539.36 million from P495.06 million in the same period last year. Its revenues for the quarter went up by 11.4% to P663.6 million from P595.47 million a year ago.

In a separate disclosure on Tuesday, DoubleDragon Corp. posted an 8.4% drop in attributable net income to P637.76 million from P696 million previously as costs increased.

The firm’s top line for the period rose by 31.2% to P2.23 billion from about P1.7 billion the prior year, mainly from a 57.4% increase in rentals to P1.13 billion.

Its costs and expenses likewise went up by 15.9% to P1.08 billion from P897.19 million a year ago.

Meanwhile, DoubleDragon’s attributable net income for the first half fell by 18.4% to P805.37 million from P986.77 million the previous year.

Its top line rose by 15.6% to P3.94 billion from P3.41 billion a year earlier. The growth mainly came from rental income, which went up by 20.4% to P1.95 billion from P1.62 billion, as occupancy and rates were higher.

To date, DoubleDragon has 1.29 million square meters of recurring-revenues gross floor area (GFA) portfolio.

The company said the next phase of its vision is to further grow its portfolio, targeting 3 million square meters of recurring-revenue generating GFA portfolio by 2030.

During the six-month period, MerryMart posted a 6.9% drop in attributable net income to P16.95 million from P18.19 million in the same period last year.

The company’s consolidated revenues climbed by 29% to P3.71 billion from P2.87 billion last year, driven by an increase in the sale of goods by new and existing stores. Sales contributed 98.2% of its total revenues.

In a separate filing, MerryMart said that its super app saw “exponential growth” in month-on-month sales since its launch last year. It now has 70,000 registered users.

“MerryMart has set its Vision 2030 with the goal to generate P120 Billion in systemwide recurring consumer sales revenue,” the company said.

Meanwhile, DDMP REIT recorded a 5.7% decline in net income for the first semester to P1 billion from P1.06 billion as costs and expenses hit P216.22 million, 21.7% higher than P177.65 million last year.

The company’s revenues for the period slipped by 0.8% to P1.22 billion from P1.23 billion, as rental income decreased by 15.2% to P966.74 million from P1.14 billion a year prior.

On Tuesday, DoubleDragon rose 0.77% to P7.89 per share. MerryMart shares fell by 1.83% to P1.07 apiece, while DDMP REIT declined by 1.55% to P1.27 a share. — Adrian H. Halili

Globe to defend mobile market lead

GLOBE TELECOM, Inc. aims to defend its mobile market leadership after the results of the subscriber identity module (SIM) registration showed that it still has the highest number of subscribers, its top official said.

“I think it has been some time since we have been leading. We captured leadership in 2016, it is now seven years, and we expect to defend that as well in the coming years,” said Globe President and Chief Executive Officer Ernest L. Cu in an online media briefing on Tuesday.

Data from the National Telecommunications Commission showed a total of 113.97 million SIM registrants or 67.83% of 168.02 million total subscribers.

Globe was able to register a total of 53.73 million subscribers or 61.9% of its 86.75 million total subscribers by the end of the grace period or by July 30.

Meanwhile, Smart Communications, Inc. closed the registration period with 52.5 million or 79.18% of its total users, while DITO Telecommunity Corp. registered a total of 7.74 million users representing 51.72% of its total users.

“We always stated that we want to register close to 100% of our active subscribers or loading subscribers, and we managed to do that because at the 54 million mark our revenues were not affected,” Mr. Cu said.

“Globe has said this many times that we have never really been focused on the number of subscribers we have, it is just a by-product of overall leadership in the industry,” he added.

Darius Delgado, head of Globe’s consumer mobile business, reiterated that the SIM card registration will have no material impact on the network operator’s top line.

“We have seen our top-ups, pickups and acquisitions in the last five weeks and they are still at least 50% higher than how it was pre-SIM registration deadline. And this is because we have already registered 99% of our revenue base,” he said.

Meanwhile, Martha M. Sazon, president and chief executive officer of GCash said that the platform expects a decline in user base after the registration period.

“We are not reporting the registered users now because we are waiting for the cleanup from the SIM registration. Just to let you know, we are expecting a significant decline similar to the telcos in terms of our user base as we are dependent on SIMs registered,” Ms. Sazon said.

However, she also said that the decline will not impact GCash’s revenues significantly as it will be shifting focus on the quality of its users.

OUTLOOK
For the second half of the year, Globe is expecting lower spending due to the slowdown of the economy which could affect the business, according to Mr. Cu.

“I have to say that in the coming quarter, there could be some headwinds primarily [due] to the slowdown of the economy,” he said.

In the second quarter, the country’s gross domestic product expanded by 4.3%, or slower than the 6.4% economic growth in the first quarter and the 7.5% last year.

“But there is also talk that inflation may be tapering off already. We are hoping that the (central bank) will hold on to the interest rates and not increase rates once again,” he said.

Nonetheless, Mr. Cu said that he was very pleased with Globe’s first-half results and that the team is “optimistic that it can continue for the balance of the year.”

Globe Chief Commercial Officer Maria Louisa Guevarra-Cabreira said that the optimism also comes from the improvement of average revenue per unit as mobility increases.

“This is despite the headwinds that we are actually anticipating in the second half, perhaps driven also by the back to school and the economic activity that has returned to the country,” she said.

Globe’s net income for the first semester declined 27.1% to P14.33 billion from P19.65 billion a year ago, despite a 2.5% increase in its top line to P89.52 billion from P87.32 billion last year.

At the stock exchange on Tuesday, shares in Globe closed higher by P65 or 3.51% to P1,915 each. — Justine Irish D. Tabile

Business units drive FDC’s nearly 33% income growth

FILINVEST Development Corp. (FDC) on Tuesday reported 32.6% higher attributable net income for the second quarter to P1.79 billion from P1.35 billion, due to gains from its business segments.

In its financial statement, the company booked a top line of P19.73 billion, 21.5% higher than P16.24 billion in the same period last year.

“We are very encouraged by the continued recovery of our businesses. We look forward to sustaining our growth momentum for the balance of the year. We are working to make the businesses and the entire organization even stronger under the leadership of newly appointed executives,” said FDC President and Chief Executive Officer Chiqui A. Huang.

FDC’s banking and financial services unit East West Banking Corp. contributed the bulk of revenues for the quarter, increasing by 32.2% to P8.33 billion from P6.3 billion the previous year.

The company’s real estate segments Filinvest Land, Inc. and Filinvest Alabang, Inc. saw a combined top line contribution of P3.46 billion, a 6.1% rise from a year ago’s P3.25 billion.

FDC’s power and utility operation, FDC Utilities, Inc., accounted for P3.93 billion, an increase of 23.6% from P3.18 billion. Hospitality operations led by Filinvest Hospitality Corp. saw a 19.2% increase to P645.22 million.

Sugar operations contributed P1.55 billion to FDC’s top line for the period, 15.7% higher than P1.34 billion the prior year.

In the first semester, the company’s attributable net income reached P3.9 billion, higher by 77% than P2.2 billion a year earlier and driven by a 29% increase in revenues to P42.5 billion from P33.1 billion.

FDC said that its banking and financial service business more than doubled its net income to P3.18 billion primarily through sustained lending momentum.

Filinvest Land saw a 15% increase in attributable net income to P1.39 billion after its revenues rose by 8% to P9.92 billion as its residential and rental business segments posted growth.

Its residential revenues grew 4% to P6.06 billion on the back of faster construction progress and the strong performance of its housing projects.

Reservation sales likewise rose by 21% to P11 billion. It launched P4.56 billion worth of residential projects in Rizal, Laguna, Davao, Pangasinan, South Cotabato, and Zamboanga.

Its mall business saw a 64% growth to P1.15 billion, while office revenues went up by 1% to P2.29 billion.

The company’s power unit went up by 3.9% for the first semester to P1.11 billion from 1.07 billion the prior year. Its revenues rose by 24.5% P7.32 billion from P1.44 billion due to power rate hikes.

Profit for FDC’s hospitality segment surged by 84%, while its revenues increased by 61.4% to P1.37 billion due to improvements in occupancy, room rates, and average food and beverage revenues. — Adrian H. Halili

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