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Atlas Mining income down 65% in 2023

LISTED Atlas Consolidated Mining and Development Corp. announced on Wednesday a net income of P1.12 billion for 2023, down 65% from P3.22 billion a year prior.

In a disclosure, Atlas Mining said that the decline was mainly due to the lower prices of copper in 2023 and a one-time gain on its early payment loans.

“Copper metal price this year averaged at $3.81 per pound, lower by 15% from the previous year’s equivalent of $4.51 per pound,” it said.

The mining firm said that revenues rose 13% to P19.91 billion from P17.68 billion in 2022.

Earnings before interest, taxes, depreciation, and amortization went up by 23% to P6.7 billion from P5.4 billion in 2022.

Meanwhile, the company’s subsidiary Carmen Copper Corp. recorded an increase in gold and copper production and shipments last year.

Its gold production went up by 20% to 26,818 ounces while copper output rose by 13% to 84.1 million pounds.

Carmen Copper saw a 9% jump in copper shipments to 83.57 million pounds.

The subsidiary’s gold shipments likewise increased by 20% to 25,366 ounces.

Carmen Copper is the operator of Atlas Mining’s copper mines in Toledo, Cebu, which produces and exports copper metal in concentrate, and gold and silver as the principal by-products. It exports 100% of the copper to smelters in China and Japan.

At the stock exchange on Wednesday, shares for Atlas Mining fell by 3.22% or 11 centavos to close at P3.31 per share. — Adrian H. Halili

Insurtech Igloo, Lazada team up for online shopping protection

SNOWING-FREEPIK

INSURANCE TECHNOLOGY firm Igloo has partnered with Lazada to introduce online shopping protection plans in response to the increasing number of e-commerce transactions in the Philippines.

“As the number of Filipinos engaging in online purchases continues to rise, it becomes increasingly imperative to provide them with protection throughout their entire shopping journey, extending support even after they’ve received their products,” Igloo Philippines Commercial Lead Roberto S. Vea said in a statement on Monday.

Customers shopping on Lazada’s platform may now assess eligibility for protection plans, review premium costs, and delve into policy specifics during the checkout process.

The insurance offerings on Lazada encompass electronic and gadget protection, merchandise protection, and product liability protection.

Electronic protection and gadget protection plans cover accidental damage, liquid damage, theft, and loss for electronic devices, accompanied by professional repair services at authorized centers.

Merchandise protection, in collaboration with Etiqa Philippines, safeguards non-electronic purchases against accidental damage and theft, enhancing consumer confidence in online transactions.

Igloo plans to introduce a fourth insurance plan in December, focusing on non-electronic products’ accidental and liquid damage protection, diversifying coverage options for shoppers.

Product liability protection, underwritten by Liberty Insurance, addresses adverse reactions from beauty products, ensuring customers have access to medical consultations, reimbursements, and emergency hospitalization if necessary.

According to Mr. Vea, the premiums for these protection plans typically amount to around 5-6% of the product cost, maintaining affordability while delivering comprehensive coverage.

In addition to the Lazada partnership, Igloo previously collaborated with GCash to extend insurance coverage to users for transactions across various online marketplaces, including Lazada, Shopee, Viber, and Facebook.

The surge in e-commerce activity is reflected in the 38.9 million current e-commerce shoppers in the Philippines, projected to reach 55.8 million by 2025, according to Locad.

GlobalData forecasts e-commerce sales to escalate to P968.9 billion ($19 billion) by 2026, highlighting the significant growth potential in the online retail sector. — Aubrey Rose A. Inosante

New Garcia Marquez novel launched 10 years after his death

PENGUINRANDOMHOUSE.COM
PENGUINRANDOMHOUSE.COM

MADRID — Gabriel Garcia Marquez died a decade ago, but a previously unpublished book by the author who popularized the Latin American “magical realism” narrative genre will hit the stores on Wednesday, somewhat despite his wishes.

At a presentation in Madrid on Tuesday, his sons, Gonzalo and Rodrigo Garcia Barcha, unveiled the 120-page novel Until August written by the Colombian-born Nobel Prize winner in 2004.

It will be released in Spanish on Wednesday, which is Garcia Marquez’s birthday, and on March 12 in English, according to publisher Penguin Random House.

Before his death in 2014 aged 87, Garcia Marquez said the book was useless and should be “destroyed,” but his sons and his agents reviewed the various manuscripts and considered them to have a literary value that may not have been perceived by the author in the last few years of his life, marked by memory loss.

“For me it means that all of Gabo’s work has been published, that nothing is still pending and that in that sense he has closed a cycle,” Gonzalo Garcia Barcha told a news conference, using the name Garcia Marquez affectionately went by across Latin America.

Garcia Marquez was best known for One Hundred Years of Solitude, a dream-like, dynastic epic that helped him win the Nobel Prize for Literature in 1982.

The new book tells the story of Ana Magdalena Bach who every August takes a ferry to an island to visit her mother’s grave, and there takes a new lover for one night.

His family considers that the book, although left unpolished by Gabo, still carries the author’s recognizable beautiful prose and his deep knowledge of the human being. — Reuters

Cisco, BAP partners for cybersecurity program

REUTERS

CISCO Philippines has partnered with the Bankers Association of the Philippines (BAP) to train employees in the banking industry on cybersecurity.

Nineteen employees from the first batch have completed the course, Cisco Philippines Managing Director Zaza Soriano-Nicart said at the awarding ceremonies on Wednesday.

The workers came from 13 member-banks, she said.

“We developed a curriculum through our Cisco networking academy, one of the world’s longest-running IT skills-to-job program to equip both IT and non-IT professionals in the banking industry with fundamental cybersecurity skills,” Ms. Nicart said.

The beginners’ program, which is self-paced and requires 36 hours, must be completed in four months. The specialized course is a more rigorous training program for managers with technical roles.

Ms. Nicart said Cisco is accepting its second batch of applications for the program, which will start in April.

The next phase will be updated with an ethical hacker course and will offer insights on offensive security to detect cyberthreats. — Aaron Michael C. Sy

The surprise chain

LINUS NYLUND-UNSPLASH

THERE are unexpected and unplanned events like plane crashes, typhoons, earthquakes, and the early split-up of a political alliance. But corporate surprises are usually planned. The hierarchy of an organization is divided into two camps, the surprisers (those who make the decisions) and those who are surprised (those affected by the decisions).

The surprise chain begins with the surprisers who throw the pebble to create the ripples. The first part involves those at the top who make the decisions. (Sometimes, even the top can be surprised by the board or outside developments.) One informal link in the chain consists of those who surround the surprisers. They feed the grapevine with hearsay and speculations based on informal access and overheard conversations.

Chronology (when did you know?) determines one’s position in the hierarchy. The surprise chain includes information on events that have already happened but are not yet widely known. The rumor mill fans the flames with speculation and possible scenarios of events that are not yet known and can go in various directions depending on the reactions to the unknown.

Rumors (with a few variations on the sources) can assume a life of their own, disseminated and embellished by online postings. The “word-of-thumb” spreads swiftly like a virus. The ease of forwarding posts to many addressees at once speeds up the ripple effect and stokes the suspense — yes, I got that text last night.

The surprise chain ends only with an official announcement in a memo or public disclosure for a listed company. An official spokesperson (who may even be among the surprised) distributes the news to the media. (Are there any questions?)

Speculations on possible replacements of an announced “resignation for more time with the family,” unconfirmed job offers, and a major reorganization (involving a new hire) follow the official announcement.

Can one take an all-knowing stance, like claiming knowledge of the event even before the surprisers? The surprised ones are often clueless and disbelieving of even the possibility of an unpleasant surprise. (I just had a pleasant lunch with the CEO last week, so how could he possibly fire me?) To paraphrase Rudyard Kipling’s maxim — “If you can keep your head when all around you are losing theirs — maybe you haven’t heard the news.”

A surprise should be evaluated on its effect on individuals. An event, no matter how surprising, may be simply interesting, if it has no adverse effect on any person, like a change of the corporate logo.

The shock of surprise depends on the individual affected, like one who loses a high-visibility position. (Can I keep my security contingent?) Adding to the consternation is the realization that one did not even have any defenders at the top. Nobody even organized a despedida party, with a video of the departing one’s achievements… if any.

While one cannot anticipate surprise, he can control his reaction to it. Showing shock at the news indicates the following: a.) The rumors about his exit were not baseless; b.) He could not stop the decision from being finalized; and, c.) He was at the tail of the surprise chain and had no control of the runaway events, except maybe his exit package. (Can he keep the golf club share?)

The word “surprise” comes from French — sur prendre, to take over. There is therefore an element of being taken over and overwhelmed by unexpected developments.

When surprise incapacitates action and abandons self-esteem, the consequences are even worse.

Containing one’s surprise works best. It does no good to look around and check who was not at all surprised by what happened. Surely, a few knew ahead of time, maybe were even part of the group of surprisers. (I was just as surprised as you.)

One form of surprise is disappointment (which can also be unanticipated). When a development seems to have already been approved and the barriers to its completion cleared, it can be disappointing to see nothing further going on. (We will give more details when the closing conditions have been ironed out.)

The best reaction is to remain calm and pretend that the unexpected turn of events was all for the best. Maybe, moving on from some unpleasant news can bring the surprising relief… that it could have been worse.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

LRT-1 operator says Cavite extension nears completion

PHILIPPINE STAR/EDD GUMBAN

LIGHT Rail Manila Corp. (LRMC) is on track to launch the first phase of the Light Rail Transit Line 1 (LRT-1) Cavite extension by yearend, the operator of LRT-1 said on Wednesday.

The first phase of the Cavite line extension is now 97% complete, LRMC said in a statement.

“We are optimistic about the progress achieved in the LRT-1 Cavite Extension Phase 1 project,” LRMC President and Chief Executive Officer Juan F. Alfonso said.

LRMC said the five new stations to be completed are Redemptorist Station at 93.3%, MIA Station at 93.5%, Asia World Station at 83%, Ninoy Aquino Station at 88%, and Dr. Santos Station at 94.1%.

LRMC is also conducting test runs of various generations of LRT-1 trains. the company said.

“The LRT-1 Cavite Extension Project is poised to significantly contribute to the nation’s economic growth and development by fostering improved connectivity between individuals and communities,” Mr. Alfonso said.

Once finished, the first phase of the LRT-1 Cavite extension will add a total of 6.2-kilometer line, connecting Baclaran Station in Pasay City to Dr. Santos Station in Parañaque City.

The LRT-1 Cavite Extension Phase 1 is expected to serve about 600,000 passengers daily.

LRMC is the joint venture of Ayala Corp., Metro Pacific Light Rail Corp., and Macquarie Infrastructure Holdings (Philippines) Pte. Ltd. Metro Pacific Light Rail is a unit of Metro Pacific Investments Corp., which is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT Inc. and Philex Mining Corp.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Viber introduces customizable chat folder feature in Philippines

MESSAGING PLATFORM Viber unveiled on Wednesday its customizable chat folder feature in the Philippines to streamline chat organization.

“In today’s fast-paced digital world where messaging apps play a paramount role in people’s everyday lives, Rakuten Viber steps in with folders,” Rakuten Viber Chief Executive Officer Ofir Eyal said in an e-mailed statement.

“Our latest feature is here to elevate conversations and preserve meaningful connections by unlocking time-saving potential and embracing the advantage of simplicity.”

This feature allows users to create up to five custom folders apart from the “All” tab section, which includes all other chats.

The company also said that chats can be assigned to multiple folders and folders can contain or add an unlimited number of chats.

Folders can be renamed or marked as “read” for easier browsing of all chats within the folders.

“The unread badge with a number on top of each folder indicates the number of unread chats within that folder,” it said.

However, certain exclusions apply, as hidden chats, messages from businesses, and customer interactions cannot be included in these folders, it added. 

Viber said folders are gradually being launched globally and are set to become available to all users with Rakuten Viber version 22.0 and above in the next “couple of months.” — Aubrey Rose A. Inosante

Dining In/Out (03/07/24)


Benefit dinner for food writer announced

RESTAURANT industry leaders are raising funds for food writer and blogger Spanky Enriquez through “Back to the ’80s,” a benefit dinner. The dinner will be held on March 18 at the Demo Kitchen in Center for Culinary Arts — Manila’s (CCA) BGC Campus. Featured chefs include Sau del Rosario, Ed Bugia, Dedet de la Fuente (of stuffed lechon fame), Sharwin Tee, Nathaniel Uy, Stevie Villacin, Pearl de Guzman, and restaurants Gino’s Pizza and Cello’s Doughnuts. Drinks will be provided by GoldLeaf and Destileria Limtuaco. There will be a minimum donation amount of P3,750, as well as a raffle draw. To reserve a seat, contact Rache at 0917-531-8949.


Pancake House marks 50th year

PANCAKE House is celebrating its 50th year with several promos. The “Choose Any 2 Bestsellers” promo offers combinations with Spaghetti or Creamy Carbonara and a choice of Classic or Spicy Best Taco in Town, or three Mini Classic Pancakes and a choice of Classic or Spicy Chicken Nuggets with gravy, Classic Pancake & Waffle Duo and a choice of Classic or Spicy Chicken Fillet with gravy, Classic Baked Mac and a choice of Classic or Spicy Best Taco in Town. These are paired with a Brownie Bite and a choice of iced tea, orange juice, or bottled water. To honor loyal Pancake House lovers, they are reintroducing a classic favorite, the Adobo Sulipan. With a choice of pork and chicken or just chicken that’s loosely shredded and served with generous chunks, this dish comes with a side of sliced hard-boiled egg, cucumber and tomato salad, and steamed rice. Pancake House also introduces the “All-You-Can Weekend” promotion, featuring Classic Pancakes and the Best Taco in Town. Available every Friday to Sunday until April 28, patrons can indulge in Three Classic Pancakes and Three Chicken Nuggets with gravy, or the Best Taco in Town and Spaghetti. These both come with bottomless iced tea or coffee.


Mang Inasal offers free delivery

MANG INASAL continues to offer free delivery for a minimum purchase of P600 until the end of March for orders placed via the Mang Inasal Delivery App or https://manginasaldelivery.com.ph. The treat began in January. Mang Inasal will give away gift certificates this March through the Ihaw Everywhere Challenge that runs on Facebook and TikTok from March 1 to 31. Promo details can be found on https://fb.com/manginasalph.


Jollibee’s Kung Fu Panda 4 promo

STARTING March 4, kids can get their own Kung Fu Panda 4 figures paired with Jollibee favorites for the new “Jollibee Kids Meal” promo. This new line of toys features Kung Fu Panda characters in cool poses. Toys include Po, Master Shifu, Zhen, Chameleon, and Tai Lung. Each collectible figure is available with every purchase of a Yumburger with Drink (P120), Yumburger Solo (P95), Jolly Spaghetti with Drink (P140), and Jolly Spaghetti Solo (P115), one piece Burger Steak with Drink (P140), one piece Burger Steak (P115.00), one piece Chickenjoy with Drink (P162), and one piece Chickenjoy Solo (P137). The promo is available until April 30. The Jollibee Kids Meals are available at Jollibee branches and can be delivered through the Jollibee App, calling the #8700 hotline, foodpanda, or Grab.

BSP wants rural banks to consolidate

PHILIPPINE STAR/ANDY ZAPATA JR.

THE Philippine central bank wants the rural banking industry to consolidate to make it more resilient, according to its governor.

“What we’re trying to do is consolidate the industry and make it more solid, partly with more capital and by allowing… consolidation,” Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr. told a forum on Wednesday.

“This is a troubled industry,” he said. “They don’t really lend to agriculture anymore. They are more into consumer lending. They are not serving the purpose which they were established for.”

In September 2022, the central bank raised the minimum capital requirement for rural banks to P50 million. It covers small lenders with a head office and as many as five branches regardless of location.

Rural banks with six to 10 branches must have a minimum capital of P120 million, while those with more than 10 branches must have a capital of at least P200 million.

The industry has raised concern about the capital hike requirement. Rural banks have until 2027 to meet requirements.

Mr. Remolona said the BSP is studying ways to merge these banks. “We’re trying, we’re looking, we’re analyzing.”

Last month, the Asian Development Bank approved $655,000 worth of grants to nine rural lenders and a rural bank consortium to support their digitalization and capacity-building. — Beatriz Marie D. Cruz

Garden City’s second tower is now preselling

Garden City is an ambitious residential project in Bacoor City that is proving to be a hit with Filipino condo dwellers. Ideated and spearheaded by Golden Bay Landholdings, the 6-tower development is now pre-selling their second tower (Yakal) following the successful launch and pre-sales of the first tower (Molave) last year.

While Molave has two standard units (a studio and a 2-bed), Yakal will have four unit types to cater to condo dwellers in different life stages or budgets. Spacious studio units for the singletons will range from 30-44 square meters. For those who need a bit more breathing room, the 1-bedroom units will be from 46-61 square meters. For young families looking for their first home, the 2-bed is preferred with a spacious 69-93 square meters. A limited number of 3-bedroom units will also be made available measuring 96 square meters and up; for those who truly want to have the complete Garden City experience.

As Golden Bay Landholding’s COO Jardin Wong pointed out last year, the Bacoor area is ready for a property like this and their presales are proving this statement to be true. On top of the location being ripe for the taking, Garden City’s philosophy of sustainable design and purposeful living is a huge selling point that Filipino condo buyers can’t seem to get enough of. The property marries the beauty and benefits of nature with everyday modern living, all while being accessibly priced.

Garden City is the boutique developer’s first foray into the mixed used segment following the success of their pioneering commercial development, Aspire Corporate Plaza by Golden Bay. Despite being in the early stages, Garden City has already bagged international awards for its design and social impact foremost among them the 2020 OPAL Awards for mixed used development awarded by the London based organization. Over 50% of the project is dedicated to green spaces and community anchors where residents can foster a sense of community that overcrowded condos do not offer.  It is a haven for property seekers who value a green and peaceful environment, conveniently located 15-minutes away from the bustle of Metro Manila.

If you want to take a peek at what Garden City has to offer, drop by their sales pavilion that’s open seven days a week. The Garden City Sales Pavilion, located at Las Piñas Talaba, Diversion Road, Brgy. Zapote 3, Bacoor City, is open daily from 8 a.m. to 7 p.m. For more information, contact Garden City at (+63) 0945-612-8249 or (+63) 0999-936-6605, or email them at info@goldenbayland.com.

 


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How minimum wages compared across regions in February

(After accounting for inflation)

In February, inflation-adjusted wages were 16.7% to 23.7% lower than the current daily minimum wages across the region in the country. In peso terms, real wages were lower by around P71.50 to P123.94 from the current daily minimum wages set by the Regional Tripartite Wages and Productivity Board.

How minimum wages compared across regions in February

How PSEi member stocks performed — March 6, 2024

Here’s a quick glance at how PSEi stocks fared on Wednesday, March 6, 2024.


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