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EV leader Audi PHL launches new 100% electric Q8 e-tron

All Audi Q8 e-tron models are provided with seamless charging solutions.

Introduction of latest models part of largest model offensive in Audi’s history

Audi Philippines introduces the flagship of the brand’s SUVs and crossovers — the 100% electric Q8 e-tron models. The launch of the latest models is in line with Audi’s global electrification strategy.

In introducing the new 100% electric Audi Q8 e-tron, Audi Philippines is holding the Audi Driving Experience from Aug. 4 to 6 at the 30th East B Open Parking in Bonifacio Global City. Lined up during the weekend program are a series of driving activities designed to showcase the capabilities and advantages offered by — as well as dispel misconceptions about — Audi’s 100% electric vehicle range.

Audi Philippines’ e-tron range currently provides the domestic market with the widest selection of 100% electric vehicles. As a result, the company has sold the most number of such models locally.

The new Audi Q8 e-tron continues Audi e-tron’s success story as the spearhead of the brand’s 100% electric models. Clearly positioned as the flagship among Audi’s extensive portfolio of electric-powered SUVs and crossovers, the new models are immediately identifiable as fully electric. Aptly serving as a symbol of this is the new two-dimensional design of Audi’s four rings logo that are fitted on these new models. Audi further highlights the vehicles’ fascia with a projection light on the Singleframe grille, as well as a new badge on the B-pillar.

Defining the new 100% electric Audi Q8 e-tron models are a refined design, and improved efficiency and driving range.

Besides receiving a more refined design, the new 100% electric Audi Q8 e-tron models boast of improved efficiency and range. Both battery capacity and charging performance have been increased, allowing for an optimal balance between energy density and charging capacity. On top of these, also improved are the vehicles’ motors, progressive steering, and chassis control systems. As a result, the models fascinate with dynamic driving characteristics that are typically Audi.

Audi’s success in the Philippines forms part of the brand’s sustained upward drive worldwide during the first half of 2023. Audi recorded a significant increase in deliveries during the period, with the biggest growth rate among the company’s product segments coming from sales of 100% electric vehicles.

In the first six months of 2023, Audi’s global deliveries of 100% electric models surged 51.2% from the same period in 2022. This performance represents 75,647 vehicles sold from January to June this year, compared to the 50,033-unit tally during the same six months last year. As a result, the share of 100% electric vehicles in the brand’s total deliveries rose to 8.2%.

The leap in deliveries of Audi’s 100% electric models proves the brand’s successful path to becoming a provider of sustainable premium mobility. Starting in 2026, Audi will only introduce 100% electric cars to the global market and will offer around 20 models by then. In 2027, the brand aims to offer one 100% electric model in each core segment.

 

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Microsoft says Russia-linked hackers behind dozens of Teams phishing attacks

SAN FRANCISCO – A Russian government-linked hacking group took aim at dozens of global organizations with a campaign to steal login credentials by engaging users in Microsoft Teams chats pretending to be from technical support, Microsoft researchers said on Wednesday.

These “highly targeted” social engineering attacks have affected “fewer than 40 unique global organizations” since late May, Microsoft researchers said in a blog, adding that the company was investigating.

The Russian embassy in Washington did not immediately respond to a request for comment.

The hackers set up domains and accounts that looked like technical support and tried to engage Teams users in chats and get them to approve multifactor authentication (MFA) prompts, the researchers said.

“Microsoft has mitigated the actor from using the domains and continues to investigate this activity and work to remediate the impact of the attack,” they added.

Teams is Microsoft’s proprietary business communication platform, with more than 280 million active users, according to the company’s January financial statement.

MFAs are a widely recommended security measure aimed at preventing hacking or stealing of credentials. The Teams targeting suggests hackers are finding new ways to get past it.

The hacking group behind this activity, known in the industry as Midnight Blizzard or APT29, is based in Russia and the UK and US governments have linked it to the country’s foreign intelligence service, the researchers said.

“The organizations targeted in this activity likely indicate specific espionage objectives by Midnight Blizzard directed at government, non-government organizations (NGOs), IT services, technology, discrete manufacturing, and media sectors,” they said, without naming any of the targets.

“This latest attack, combined with past activity, further demonstrates Midnight Blizzard’s ongoing execution of their objectives using both new and common techniques,” the researchers wrote.

Midnight Blizzard has been known to target such organizations, mainly in the US and Europe, going back to 2018, they added.

The hackers used already-compromised Microsoft 365 accounts owned by small businesses to make new domains that appeared to be technical support entities and had the word “microsoft” in them, according to details in the Microsoft blog.

Accounts tied to these domains then sent phishing messages to bait people via Teams, the researchers said. — Reuters

Vietnam to export 2 million swine fever vaccine doses to PHL by Oct.

REUTERS

HANOI – Vietnam will export two million vaccine doses against African swine fever to the Philippines by October, the government said on Wednesday, one week after it approved domestic use of the world’s first commercial vaccines against the disease.

African swine fever has for years disrupted the $250 billion global pork market.

In the worst outbreak in 2018-19, about half the domestic pig population died in China, the world’s biggest producer, causing losses estimated at over $100 billion.

The vaccine to be shipped to the Philippines is produced for commercial use by AVAC Vietnam JSC, the government said in a statement, adding the company has already shipped 300,000 doses to the Philippines since its approval.

The shipment “signaled huge export potential”, the government said.

Vietnam late last month approved domestic commercial use of two African swine fever vaccines – NAVET-ASFVAC and AVAC ASF LIVE – co-developed by Vietnamese companies and researchers from the United States.

More than 650,000 doses of the vaccines had recently been tested on hog herds in 40 provinces throughout the country, with an efficacy rate of 95%, according to the government. — Reuters

OctaFX’s guide to safe trading

In 2021, bank fraud losses in the Philippines reached a staggering $17 million, and credit card fraud surged by 21% since the start of the pandemic. A concerning report projects that cybercrimes might result in a massive $10.5 trillion loss worldwide each year by 2025. Additionally, crypto-related hacks and frauds further compromise trust, with a global total of $428 million in Q3 2022..

With the increasing popularity of online trading, it is essential for traders to be well-informed about the potential risks and best practices to safeguard their investments. Recognizing this need, OctaFX has created a step-by-step guide that covers all aspects of safe trading, empowering traders to make informed decisions and protect their capital.

To avoid scams, follow these steps:

  1. Verify your email addresses
  2.  Download apps from official stores
  3. Avoid granting access to any third party applications
  4. Use VPN
  5. Update your apps
  6. Avoid visiting suspicious URLs
  7. Log into the official website only
  8. Do not grant any app permissions
  9. Not being insatiable
  10. Never share your password, pin, or account credentials with anyone even when it seems like a good idea

Dynati, a crypto and forex trader, in an episode of UsapangFX, shared tips, do’s and don’ts to new traders, “start small, so you can make better decisions. Invest only what you can afford to lose. When trading, you decide not emotionally, but logically.”, among others.

Traders can access OctaFX’s UsapangFX through this link and take the first step towards becoming a more informed and confident trader.

 

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Panel OK’s mining fiscal regime bill

REUTERS

THE HOUSE Ways and Means Committee approved on Wednesday a new substitute bill establishing a fiscal regime for the mining sector, which will impose a margin-based royalty and windfall profits tax on miners.

Under the approved substitute bill, large-scale metallic mining operations within mineral reservations will be subject to a 3% royalty rate of the gross output of minerals or mineral products extracted.

Large-scale metallic mining operations outside mineral reservations will be slapped with a margin-based royalty on income from metallic mining operations.

For instance, miners with margins of 1% up to 10% will be subject to a 1% rate. The royalty rate can go up to as high as 5% for those with margins above 70%.

Under the bill, small-scale mining operations will be imposed a royalty rate equivalent to 1/10 of 1% of gross output of minerals or mineral products extracted or produced pursuant the People’s Small-scale Mining Act of 1991.

A windfall profits tax will also be slapped on metallic mining operations based on their respective margins. Miners with margins of more than 35% up to 40% will be imposed a rate of 1%, while those with margins of more than 80% will be imposed a 10% rate.

Ronald S. Recidoro, executive director of the Chamber of Mines of the Philippines, said its members representing large-scale contractors “feel that further increases (in tax) may not be necessary at this time.”

“Nonetheless, if a new fiscal regime for mining is absolutely needed to help the country’s post-pandemic economic recovery and to show the mining industry’s commitment as the gov’t partner in nation building, the Chamber of Mines manifests its support for the aforementioned House bill,” he told the House Committee on Ways and Means on Wednesday.

Mr. Recidoro said the substitute bill proposes a “rational and progressive fiscal regime that will allow [the] government a fair and increased tax take from mining while at the same time ensuring the competitiveness, attractiveness, and sustainability of the country’s mining industry.”

Mr. Recidoro said the proposed new tax structure would result in a higher tax take from the industry “under a profitable scenario.”

“We are preparing for the bicameral conference meetings when the Senate finishes its versions of these measures,” House Ways and Means Committee Chairman and Albay Rep. Jose Ma. Clemente S. Salceda said in a statement.

The Senate has yet to file a mining fiscal regime bill, despite this being a priority measure listed in President Ferdinand R. Marcos, Jr.’s State of the Nation Address.

The substitute bill approved by the House panel on Wednesday is different from the one approved by the committee in August 2022. The Chamber of Mines of the Philippines last year opposed the bill that sought to raise the effective tax rate on mining to 51% from 38% and impose a 5% royalty on the market value of gross output for large-scale mining operations.

Last month, Finance Secretary Benjamin E. Diokno said Congress needs to promptly pass tax reform legislation for the mining industry, saying foreign investors are likely to find a simplified tax regime more attractive.

He said the goal is to harmonize the tax treatment of mining that takes place in designated reservations with that of operations outside reservations. — Beatriz Marie D. Cruz

DBM submits P5.77-trillion national budget to House

PHILIPPINE STAR/MICHAEL VARCAS

By Beatriz Marie D. Cruz, Reporter

THE MARCOS administration submitted to Congress on Wednesday its proposed P5.768-trillion national budget for 2024, which sought to increase allocations for education, infrastructure, agriculture and defense.

The 2024 National Expenditure Plan (NEP) is 9.5% higher than this year’s budget and is equivalent to 21.7% of the gross domestic product (GDP).

“The proposed budget seeks to provide the necessary funds for the operations of government and for the continuing pursuit of our plan for economic transformation,” President Ferdinand R. Marcos, Jr. said in his budget message.

As mandated by the Constitution, the education sector received the biggest allocation at P924.7 billion, 3.3% higher than this year’s budget. This includes P51.12 billion for the implementation of the Universal Access to Quality Tertiary Education program, P12.04 billion for textbooks and other instructional materials and P11.71 billion for feeding programs in schools.

The Department of Education alone will see a 5.37% increase in its budget to P758.6 billion for 2024, as most public schools are now implementing in-person classes.

“Infrastructure development is one of the key drivers of our continuing economic growth. As such, we will sustain this momentum through the ‘Build, Better, More’ program with P1.42 trillion, equivalent to 5.3% of gross domestic product,” Budget Secretary Amenah F. Pangandaman said during a briefing at the House of Representatives.

She noted the program will prioritize physical connectivity infrastructure such as road networks and railway systems, particularly the North-South Commuter Railway System and the Metro Manila Subway Project Phase 1.

The Department of Public Works and Highways received the biggest allocation among departments with P822.2 billion, but this was 8% lower year on year. Of this, P148.1 billion will go to building or improving roads, while P115.6 billion will be allotted for preventive maintenance of existing roads.

On the other hand, the Department of Transportation (DoTr) saw its proposed 2024 budget double to P214.3 billion from P106 billion this year, as the government sees the need to improve mass transport system and reduce road congestion.

The bulk of the DoTr budget or P163.7 billion will go to the rail transport program.

Meanwhile, the agriculture sector has been allocated P181.4 billion for next year, 4.5% higher than this year’s budget.

Ms. Pangandaman said the NEP continues to support programs that boost the local production of rice, corn and other high-value crops.

For instance, the National Rice Program has been allotted P30.87 billion, while the programs for corn and high-value crops will receive P5.28 billion and P1.94 billion, respectively. The budget also allocated P10 billion for the Rice Competitiveness Enhancement Fund.

The budget also included P17.27 billion to be allotted for farm-to-market roads in key production areas, and P31.18 billion to irrigate farmlands.

Under next year’s budget, the Department of Health will receive P306.1 billion, 2.7% lower than this year’s budget. The Philippine Health Insurance Crop. will get a P101.51-billion budget.

The Department of Social Welfare and Development (DSWD) saw a 5.2% increase in next year’s budget to P209.9 million. 

“In support of the Social Protection Floor Framework, a higher allocation of P112.8 billion will be provided to assist 4.4 million households under the DSWD’s Pantawid Pamilyang Pilipino Program,” Ms. Pangandaman said.

Another P1.89 billion will go to the food stamp program, while the budget for the social pension for indigent citizens was doubled to P49.81 billion.

The budget for the Department of National Defense was also increased by 14.16% to P232.2 billion.

However, the budget for the labor and employment sector dropped by 14% to P40.5 billion. This includes the allocation for the Departments of Labor and Employment and Department of Migrant Workers.

“The budget for social services and protection looks to fall with cuts or only increments in the budgets for social welfare, labor, health and housing. Even the budget for environmental protection is cut. On the other hand, there are hugely disproportionate increases in the budgets for infrastructure, military and police, and debt servicing,” Jose Enrique A. Africa, IBON Foundation executive director, said in a Viber message.

Around 11.6% or P670.5 billion of the 2024 proposed national budget will cover interest payments on the government’s domestic and foreign debt.

Terry L. Ridon, a public investment analyst and convener of thinktank InfraWatch PH, also expressed concern over the increase in the defense budget in “stark contrast to significant cuts in essential agencies, including health and labor and employment.”

“The Marcos Jr. administration has set up a national budget proposal that is largely dysmorphic and full of misprioritization. Congress has a lot of questioning — and correcting — to do,” he said in a Viber chat.

Meanwhile, the Development Budget Coordination Committee will hold a briefing before the House Committee on Appropriations on Aug. 10.

Marikina Rep. Stella A. Quimbo, vice-chairman of the Committee on Appropriations, said the House is targeting to begin plenary debates on the budget on Sept. 18, and approve it on third reading by the end of September.

Outstanding debt seen to hit P15.8-T in 2024

BW FILE PHOTO

THE NATIONAL Government’s (NG) outstanding debt is expected to reach a record P15.84 trillion in 2024, according to the Department of Budget and Management (DBM).

Data from the DBM’s Budget of Expenditures and Sources of Financing showed the debt stock is projected to increase by 8.3% at the end of 2024, from the P14.62-trillion debt level seen by the end of this year.

The government is projecting the NG debt-to-gross domestic product (GDP) ratio to settle at 60% by the end of 2024, and to 51.5% by 2028.

As of end-March, outstanding debt as a share of the GDP stood at 61%, still above the 60% threshold considered manageable by multilateral lenders for developing economies.

The NG’s borrowing plan is set at P2.46 trillion next year, up by 11.5% from this year’s P2.207-trillion program.

Broken down, this is composed of P1.85 trillion in domestic borrowings and P606.85 billion from external sources.

Gross domestic debt will consist of P1.8 trillion in fixed-rate Treasury bonds and P51.05 billion in Treasury bills.

Meanwhile, gross foreign debt will include P295.85 billion in program loans, P36 billion in project loans, and P275 billion in bonds and other inflows.

Meanwhile, the government set its debt servicing program at P1.91 trillion next year, 19% higher than the P1.6 trillion this year.

Broken down, payments for domestic debt are programmed at P1.47 trillion while foreign debt payments are at P437.6 billion.

The DBM submitted on Wednesday the proposed P5.768-trillion National Expenditure Plan (NEP) for 2024 to the House of Representatives.

To address the debt burden, 12% or P699.2 billion of the proposed budget has been allocated for interest payments on domestic and foreign debt and net lending.

“While there has been an increase of P88.2 billion in interest payments, our debt burden for fiscal year 2024 will take up only 2.6% of gross domestic product (GDP) in fulfillment of this administration’s policy to reduce the country’s outstanding debt as a share of GDP,” President Ferdinand R. Marcos, Jr. said in his budget message.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the government may have to consider tax reforms to boost revenues and service its growing debt.

“In view of the streak of record-highs in the government’s outstanding debt in recent months, the intensified tax collection from existing tax laws may not be enough and would need fiscal reform measures in order to curb additional borrowings by the NG,” he said in a Viber message.

Apart from new or higher taxes, Mr. Ricafort also noted the need to rightsize the government and employ other measures to help narrow the NG’s budget deficit and reduce the need for borrowings. — Luisa Maria Jacinta C. Jocson

BIR estimates P370-B revenue losses from ‘ghost receipts’

Bureau of Internal Revenue Commissioner Romeo D. Lumagui, Jr. in June filed charges against some companies that are said to be buying fake receipts. — PHILIPPINE STAR/EDD GUMBAN

AS MUCH AS P370 billion in tax revenue may have been lost to “ghost receipts,” the Bureau of Internal Revenue (BIR) said.

BIR Commissioner Romeo D. Lumagui, Jr. estimated the total value of ghost receipts issued has reached P1.3 trillion.

“We computed the total purchases (of those ghost receipts), we totaled the value-added tax (VAT) and income tax and that (P370 billion) is the revenue loss to date,” Mr. Lumagui told reporters in an interview late on Tuesday.

“There are still many other groups that sell ghost receipts. It’s a challenge to catch them,” he added.

In June, the BIR filed criminal cases against buyers of fake receipts that led to losses worth P17.9 billion.

The agency also filed cases against the sellers of ghost receipts in March. These included four “ghost” corporations that cost the government about P25.5 billion in losses.

“Because of our task force on fake transactions, we have seen that many individuals are coordinating with us and are willing to pay their taxes. We have also heard from business groups that they are complying,” Mr. Lumagui added.

Meanwhile, the BIR said there has been a 11-20% shortfall in excise tax collections in the first half of the year.

“We are hoping to recover that. What we will try to do is run after those that are not paying the excise tax on sugar-sweetened beverages and cigarettes. For vape products, we plan to release regulations on that,” he added.

The BIR collected P1.22 trillion in the first half of the year, up by 7.65% from P1.13 trillion a year ago, data from the Treasury showed.

However, this was 2.57% lower than the agency’s P1.25-trillion program for the period.

The BIR expects to collect P2.64 trillion in revenues this year, 13% higher than the agency’s actual collection of P2.34 trillion in 2022.

Broken down, it is targeting to collect P1.32 trillion from taxes on net income and profits are expected to reach P1.32 trillion. It also aims to collect P538.13 billion from VAT, P336.1 billion from excise taxes, P124.65 billion from percentage taxes and P224.15 billion from other taxes.

The agency collects about 70% of government revenues. — Luisa Maria Jacinta C. Jocson

Recent typhoons unlikely to  dampen economic growth

A woman walks past a flooded market caused by monsoon rains and the recent Typhoon Doksuri in Balagtas, Bulacan province, Philippines, July 29, 2023. — REUTERS/LISA MARIE DAVID

RECENT TYPHOONS are unlikely to dampen overall economic growth, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said.

“I do think that the impact on the overall national economy is not that serious at this point,” he said in a televised interview on ANC on Wednesday.

Typhoon Egay (international name: Doksuri) exited the Philippine area of responsibility on Thursday, leaving an estimated P3.53 billion in infrastructure damage. Around 2.87 million people in 50 provinces were affected by the typhoon.

The Philippines is one of the countries most affected by water-related disasters, with an average of 20 typhoons that bring heavy flooding and cause billions of pesos in damage to infrastructure and agriculture every year.

Also, Mr. Balisacan said the recent typhoon did not “substantially” affect the agriculture sector.

“As I said, the events are still unfolding. The thing is this June, July, and August is not really the harvest season in many parts of the country for basic agricultural products, so I think that the damage is not that substantial,” he added.

Agricultural damage by Typhoon Egay reached P3.17 billion, according to the latest bulletin by the Department of Agriculture.

“We do hope that the impact, especially in agriculture, is not as bad as compared to other episodes of monsoon rains in the past,” Mr. Balisacan added.

Rice was the most affected crop, with damage amounting to P1.34 billion and a volume loss of 38,917 metric tons (MT). This was followed by corn (P1.03 billion), high-value crops (P244.51 million), and livestock and poultry (P34.27 million).

“So far, in the case of basic commodities like rice we have adequate stocks. I think a lot of the imports came in in the first half of the year and that I think allows us to have that buffer,” the NEDA secretary said.

Mr. Balisacan also noted that while rice prices may have increased due to supply chain disruptions globally, it is not a “major issue.”

“If you know well enough (there’s) going to be a shortfall in the near term, you should be able to bring in those supplemental supplies, which obviously come from imports… our response (should) be more balanced, it’s not just about addressing farmers concerns for high prices, but you also have concern of consumers wanting lower prices,” he added.

To address possible supply issues, Agriculture Undersecretary Mercedita A. Sombilla said the government is now preparing the schedule for the importation of 1.3 million MT of rice and encouraged private traders to boost imports. — L.M.J.C.Jocson

Aboitiz, partner offer $1.8B for Coca-Cola in PHL

ABOITIZ Equity Ventures, Inc. (AEV) said on Wednesday that it plans to jointly acquire Coca-Cola Beverages Philippines, Inc. (CCBP), in partnership with Coca-Cola Europacific Partners PLC (CCEP) for $1.8 billion.

“AEV’s proposed acquisition of CCBP, with CCEP, offers a great opportunity to co-acquire an established, well-run business with attractive profitability and growth prospects,” it said in a regulatory filing.

The company said that along with CCEP, it had entered into a non-binding letter of intent with The Coca-Cola Co. to acquire 100% ownership of its local unit.

It added that the proposed acquisition would be at an enterprise value of $1.8 billion on a debt-free cash-free basis, in line with Coca-Cola’s intent to divest its bottling operations.

The company said the proposed transaction would result in CCEP taking majority ownership or 60%, with AEV owning the remaining 40%.

Once completed, the acquisition would build on the company’s diversification goals to enter the branded consumer goods market, it added.

“AEV would be well positioned to support CCBP’s growth ambition given the synergies that can be generated from [the company’s] other businesses,” it said.

The companies are expecting to close the transaction at the end of 2023, subject to the receipt of certain governmental and regulatory approvals, including clearance from the Philippine Competition Commission.

“There is, therefore, no certainty at this stage, that the proposed acquisition of CCBP will be completed, and as such, further updates will be provided in due course,” the company said.

AEV added that the proposed acquisition is also subject to the approval of the companies’ boards of directors, the signing of the definitive agreement, and the completion of the confirmatory due diligence.

During the second quarter, AEV posted an 18% decline in consolidated net income to P6.5 billion due to a P62-million non-recurring loss driven by foreign exchange losses from the revaluation of US dollar cash and liquid financial instruments.

In the first half, the company reported a net income of P10.5 billion, down 11% from P11.8 billion in the same period last year.

CCEP is one of the leading consumer goods companies in the world, serving 600 million consumers. It is listed on Euronext Amsterdam, the NASDAQ Global Select Market, London Stock Exchange, and the Spanish Stock Exchanges, trading under the symbol CCEP.

At the local bourse, AEV shares fell by 4.5% or P2.45 to close at P52.05 apiece on Wednesday. — Adrian H. Halili

San Miguel Brewery posts 26% profit growth

SAN MIGUEL Brewery, Inc. (SMB) recorded a 26% increase in its consolidated net income in the first half to P13.5 billion on the back of strong sales figures. 

In a statement on Wednesday, the brewing unit of San Miguel Corp. (SMC) also said its consolidated operating income rose 12% to P16.4 billion.

“We continue to see strong demand for our beer products. Through solid marketing strategies and a portfolio mix that gives consumers greater choice, we are able to keep our brands relevant and adapt to changing consumer needs and preferences,” SMC President and Chief Executive Officer Ramon S. Ang said.

SMB attributed the profit growth to the positive sales performance of its domestic and international operations, along with a more favorable business environment.

It said consolidated revenues during the period rose 14% to P74.1 billion versus the P65 billion logged a year ago.

SMB’s domestic beer volumes rose 9% due to new brand campaigns and offtake-generating programs, while international operations posted 16% higher sales volume carried by the export business and operations in Hong Kong and Thailand. 

On Wednesday, SMC shares at the local bourse closed unchanged at P109 per share. — Revin Mikhael D. Ochave

Ayala Land posts 41% profit rise, plans project launches

AYALA Land, Inc. (ALI) reported a 41% jump in first-half attributable net income to P11.39 billion, building on its top official’s optimism for the rest of the year.

“Given [our] first-half results, we are highly encouraged in terms of the performance of the company,” ALI President and Chief Executive Officer Bernard Vincent O. Dy said in a briefing on Wednesday. “Moving forward, we are very hopeful especially as some of the [macroeconomic] challenges start getting addressed.”

In the second semester, the listed property developer plans to introduce more projects. He said: “We are going to have more launches and we are going to open new commercial assets in the next six months.”

In the first six months, ALI’s real estate revenues went up by 23% to P64.52 billion from P52.32 billion in the same period last year.

Revenues from property development went up by 13% to P38.73 billion from P34.14 billion due to higher residential project completion, bookings, and sales of commercial and industrial lots and office units.

Residential revenues increased by 14% to P31.25 billion, while office-for-sale revenues rose by 44% to P2.13 billion. The top line for commercial and industrial lots stood at P5.4 billion.

Sales from residential reservations likewise rose to P58.3 billion, up 18% from the same period last year. This was driven by Alveo’s Park East Place in Bonifacio Global City; AyalaLand Premier’s Ciela in Carmona, Cavite; Arcilo in Nuvali, Laguna; Parklinks South Tower in Quezon City; and Avida Towers Makati Southpoint.

Additionally, the company’s commercial leasing revenues increased by 39% to P20.2 billion from P14.58 billion due to higher occupancy and rents.

Broken down, revenues from shopping centers climbed by 49% to P10.24 billion from P6.87 billion, office leasing revenues increased by 8% to P5.8 billion from P5.39 billion, and hotels and resorts went up by 79% to P4.16 billion from P2.32 billion.

“Our notable performance in the first half of 2023 reflects the sustained resilience of the property market and strong consumer activity in the geographic areas where we operate,” Mr. Dy said in a statement.

“Leveraging the positive momentum of the economy, we will capitalize on market opportunities to enhance our diversified portfolio throughout the rest of the year,” he added.

On Wednesday, shares for Ayala Land fell by 1.6% or 45 centavos to close at P27.65 apiece. — Adrian H. Halili

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