Del Monte unit tries more sales channels in the US

September 13, 2022 | 12:04 am

A UNIT of Del Monte Pacific Ltd. (DMPL) will venture into other sales channels as it recognized strong growth in the said areas coupled with e-commerce, the Singapore- and Philippine-listed firm said.

“DMFI (Del Monte Foods, Inc.) is now penetrating into other sales channels in the US where it had not sold to, such as club stores, dollar and value stores, convenience stores, drug stores and foodservice establishments,” DMFI Chief Executive Officer Gregory N. Longstreet said in a statement.

“Management is bullish about future growth through these channels and platforms,” Mr. Longstreet added.

The company official said that he expects to grow the business over the next five years by executing similar strategies.

These strategies include rejuvenating the brand, investing more in marketing, innovation, renovation, and customization of its branded portfolio.

Mr. Longstreet said: “DMFI is having a great success executing its playbook around product leadership, branded growth and innovation and much more to come.”

Meanwhile, he reported that the company’s stock and broth segment is profitable and is one of its strongest margin businesses.

As part of the company’s brand expansion, it recently acquired the intellectual property of the Kitchen Basics brand.

“Kitchen Basics is a national brand which could allow DMFI to unlock 75% of the US market,” Mr. Longstreet said.

In the first quarter, DMFI registered $302.4 million in net sales, a 1.5% increase from last year, driven by retail branded sales of canned vegetable, tomato, broth and Joyba bubble tea.

“The newly launched Joyba Bubble Tea line of products would soon reach $60 million in new sales,” Mr. Longstreet said.

However, the company registered a net loss of $45.1 million in the first quarter after its one-off redemption cost of $50 million.

DMFI redeemed its 11.875% senior secured notes to secure a much lower interest rate, before this, DMFI’s net profit rose by 67% to $8 million.

The company’s fiscal year starts in the month of May. — Justine Irish D. Tabile

Bria Homes develops project in CamSur

September 13, 2022 | 12:04 am

BRIA Homes is developing a residential community in Iriga, Camarines Sur (CamSur), as part of its nationwide expansion.

Bria Homes, a unit of Villar-led Golden MV Holdings, offers house-and-lot units with the Bettina, Alecza, and Thalia models.

It also offers the recently launched Elyana xE from Bria’s xE series of upgraded homes, which have their own gates and fences, as well as front pavement.

Bria Homes Iriga is only 10 minutes away from the city proper, which has several public and private schools, hospitals and other medical facilities.

“Bria’s fine reputation for offering high-value properties in high-growth cities like Iriga is unmatched in the industry… We are confident that Filipino property investors that place their money in BRIA Homes Iriga will watch their money grow through the years, which in turn will further propel economic growth for the local government,” Arnaldo Lumague, Bria Homes Camarines Sur Division head, said in a statement.

Marvel antiheroes steal the show at Disney’s D23 fan convention

September 13, 2022 | 12:03 am

A SCENE from Avatar: The Way of Water.

THE ANTIHEROES stepped into the spotlight Saturday at Walt Disney Co.’s Expo fan convention, as Marvel Entertainment announced casting for Thunderbolts.

Marvel Studios chief Kevin Feige announced that actors Florence Pugh, Sebastian Stan, David Harbour and Julia Louis Dreyfus will join the cast of the new film, whose team of villains is akin to DC Comics’ Suicide Squad. The movie is scheduled to be released in July 2024.

Thunderbolts was one of some 20 forthcoming Star Wars and Marvel films and series that Disney showcased in a three-hour presentation that leaned heavily on celebrity, screenings, and even a Broadway-styled musical performance of Rogers: The Musical, in which Captain America and the other Avengers characters assembled on stage.

James Cameron appeared via video from New Zealand to introduce several scenes from Avatar: The Way of Water, the long-awaited sequel to the one of the highest grossing films of all time, Avatar. The director talked about the “pretty hectic” production cycle of working on the second, third, and fourth installments of the science-fiction series over a five-year span.

“I know everyone’s been waiting a long time,” Mr. Cameron said. “Hopefully, we’ll show something today and you can decide if it’s been worth it.”

The film will reach theaters in December.

Disney also offered an “exclusive look” at footage from the Black Panther sequel, Black Panther: Wakanda Forever, which reaches theaters on Nov. 11. One of the movie’s stars, Angela Bassett, paid homage to the late Chadwick Boseman, who received wide acclaim for his portrayal of the title character, T’Challa.

“Chadwick was with us every step of the way,” she said.

Harrison Ford received a rousing reception from the audience for reprising his role of the adventurous archeologist Indiana Jones. The actor appeared emotional as he took the stage, saying, “I’m proud to say that this one is fantastic, and this is one of the reasons,” gesturing to co-star Phoebe Waller-Bridge.

Indiana Jones 5, due out in June, may well mark Mr. Ford’s final appearance in the franchise.

“This is it,” Mr. Ford said. “I will not fall down for you again.” — Reuters

BTr partially awards T-bills as rates rise

September 13, 2022 | 12:03 am

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it auctioned off on Monday as investors wanted higher yields on expectations of elevated US inflation, which would prompt continued aggressive hikes from the US Federal Reserve.

The Bureau of the Treasury (BTr) raised just P5 billion from the T-bills it auctioned off on Monday, well below the P15-billion program, even as bids reached P19.481 billion, as it only awarded six-month papers.

The Treasury borrowed P5 billion as planned via the 182-day securities on Monday, with bids reaching P9.975 billion. The average rate of the tenor went up by 14.9 basis points (bps) to 3.634% from the 3.485% fetched last week. Accepted rates ranged from 3.498% to 3.8%.

Meanwhile, the government rejected all bids for 91-day T-bills on Monday, with tenders for the tenor at just P4.65 billion, below the P5-billion program. Had they been awarded, the average rate of the three-month paper would have gone up by 103.1 bps to 3.349% from the 2.318% fetched last week.

The BTr also refused to award 364-day debt papers, with demand only reaching P4.856 billion versus the P5 billion on the auction block. Had the government accepted all bids, the debt paper’s average rate would have climbed by 61 bps to 4.392% from 3.782% fetched for the tenor on Aug. 22, which was the last successful award.

At the secondary market before Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 2.461%, 3.2%, and 3.977%, respectively, based on the PHP Bloomberg Valuation Reference Rates data provided by the Treasury.

National Treasurer Rosalia V. de Leon told reporters in a Viber message after Monday’s auction that the government made a partial award as investors sought higher yields.

“Markets are on wait-and-see mode ahead of the release of US consumer price index (CPI) data for August but remain cautious, with continuous Fed statements on the need to be restrictive to finish the job and conquer inflation,” Ms. De Leon said.

The first trader said investors want increased returns as global central banks continue to hike rates.

“We are in the middle of a monetary tightening cycle and rates are still expected to trend higher in the coming months. Dealers and investors continue to price in this development — that’s why bids submitted are much too high versus expectations,” the first trader said.

The second trader said there was less demand for the T-bills as some papers in the secondary market offer higher yields for the same investment duration, citing the retail Treasury bond 5-11 maturing on Dec. 4, which is trading at 4.325%.

The August US CPI report will be released on Tuesday. In July, consumer inflation in the US slowed to 8.5% from an over 40-year high of 9.1% in June.

Fed Chair Jerome H. Powell on Thursday said the central bank is “strongly committed” to fighting inflation and needs to continue acting strongly to bring prices down.

The US central bank will meet to review policy on Sept. 20-21, where markets expect another aggressive hike. It has raised rates by 225 bps so far since March, including back-to-back 75-bp hikes in June and July.

At home, the Bangko Sentral ng Pilipinas (BSP) is also in the middle of tightening its policy settings to rein in rising inflation and has raised benchmark rates by 175 bps since May. The Monetary Board’s next meeting is on Sept. 22.

BSP Governor Felipe M. Medalla earlier said the central bank may need to respond if the Fed remains hawkish, as its spillover effects on the market, especially the peso, could affect prices.

Headline inflation eased to 6.3% in August from 6.4% in July. This brought the eight-month average to 4.9%, higher than the central bank’s 2-4% target but still below its 5.4% forecast for the year.

On Tuesday, the BTr will auction off P35 billion in fresh 10-year Treasury bonds (T-bonds).

The Treasury wants to raise P200 billion from the domestic market this month, or P60 billion through T-bills and P140 billion via T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — Diego Gabriel C. Robles

Phinma locks in gains via sale of treasury shares

September 13, 2022 | 12:03 am

LISTED holding firm Phinma Corp. announced that it sold 13.6 million of its treasury shares through the Philippine Stock Exchange at P19.50 apiece.

“The proceeds from the sale will be used for investments and for general corporate purposes,” the company said in a disclosure on Monday.

The company started selling its treasury shares back on July 19 after its executive committee approved the issuance on May 31.

Phinma was authorized to sell 14.45 million treasury shares with the shareholders approving a one-time denial of preemptive rights.

Unicapital Securities, Inc. Equity Research Analyst Ralph Jonathan B. Fausto said in a Viber message that the sale of treasury sales “is viewed to be the realization of its previous share buyback program.”

“They locked in their gains after the stock price appreciated and reached a price that the company thinks is the fair value of their stock,” Mr. Fausto added.

Michael L. Ricafort, chief economist of Rizal Commercial Banking Corp., said that “the sale of treasury shares would allow greater ownership of shares by the investing public, while allowing the increase of the listed firm’s capital.”

“When the shareholders decide to deny their preemptive rights, it means that the existing shareholders are not given the right of first refusal or their right to exercise the option to have priority to subscribe to the shares, avoiding dilution of their current stake in the company,” Mr. Fausto said.

He added that in the case of Phinma, shareholders will still have the opportunity to acquire treasury shares in the open market to retain their current ownership in the company.

The treasury shares represent 5% shareholding interests and after the transaction, treasury shares of the company are now at 751,279.

Its outstanding shares are now at 285.59 million from 271.99 million before the transaction.

Mr. Fausto said that companies usually buy back their shares and put them in their treasury when their price falls below their expectations.

“Once the share price appreciates and reaches the fair value they consider the stock is worth, this is usually the time when we see companies sell their previously purchased own shares through their buyback programs,” he added.

Meanwhile, Mr. Ricafort said that “companies sell their treasury sales as a way to raise new funding [though] the dilution of existing shareholders may not be that much, as a result.”

On the stock market on Monday, Phinma shares climbed by four centavos or 0.20% to P19.94 apiece. — Justine Irish D. Tabile

RFID installation booth now at Robinsons Galleria

September 13, 2022 | 12:03 am

ROBINSONS Galleria is currently hosting a radio-frequency identification (RFID) installation booth for those who need to get their Autosweep and Easytrip RFID cards and stickers.

An RFID installation booth is open from 11 a.m. to 7 p.m. daily at the lower ground floor (in front of Abenson) of Robinsons Galleria.

“Robinsons Malls always has the convenience and safety of its customer in mind so it rolled out one-stop booths at Robinsons Galleria for you to get your RFID cards and stickers while dining or shopping at the mall,” the company said in a statement.

Registation is open to all Class 1 individual vehicles for a minimum, non-expiring load value of P200 for Easytrip and P500 for Autosweep.

RFID installation services will be available at Robinsons Galleria until Dec. 21 for Easytrip and Sept. 24 for Autosweep.

Easytrip allows contactless and cashless travel at the South Luzon Expressway Sykway, Tarlac-Pangasinan-La Union Expressway, Star Tollway and NAIAX. Autosweep covers North Luzon Expressway, Subic–Clark–Tarlac Expressway, Manila–Cavite Expressway (CAVITEX), C-5 Link and Cavite-Laguna Expressway (CALAX).

Meanwhile, Robinsons Malls will continue to provide sites for the government’s PinasLakas coronavirus disease 2019 (COVID-19) vaccination and booster drive.

The Department of Health and Robinsons Malls sealed the partnership last month.

“During the roll out of the vaccines in the middle of last year, we lost no time in offering our malls to the national and local governments as convenient venues to intensify the nationwide effort,” Arlene G. Magtibay, RLC senior vice-president and general manager for Robinsons Malls, said in a statement.

She said nearly four million vaccine doses have been administered in Robinsons Malls all over the country.

Oprah-produced Sidney shows how Poitier ‘redefined’ Hollywood

September 13, 2022 | 12:02 am

Sidney-Poitier-in-Sidney — SIDNEY Poitier in a scene from the documentary Sidney

SIDNEY Poitier in a scene from the documentary Sidney

TORONTO — The late Sidney Poitier forever changed the conception of what a Black man could be on a global stage, Oprah Winfrey and Reginald Hudlin told Reuters ahead of the world premiere of Sidney.

The Apple TV+ documentary, directed by Mr. Hudlin and produced by Ms. Winfrey, celebrates the life of Mr. Poitier, who opened doors for the next generation of Black actors in Hollywood and “redefined what people thought a Black person could be and who Black people were in the world,” Ms. Winfrey said in an interview.

“For many people that was their first relationship with a Black person,” she said of seeing Mr. Poitier on the big screen. “White people did not know Black people other than as maids or servants.”

Rising to the top of Hollywood was no easy feat for a Black man in the 1960s. Mr. Poitier’s portrayals of a doctor, lawyer, and detective broke barriers.

As a detective in the 1967 film In the Heat of the Night, Mr. Poitier’s character, Virgil Tibbs, is questioned by the white police chief in the US South, who disrespectfully asks what they call him back in Philadelphia. Mr. Poitier, standing up for himself, famously and strongly responds “They call me Mr. Tibbs.”

“It was important for him as an artist, and as a Black artist, to only perform roles that were representative of what he believed was the integrity of himself and represented the integrity of his family,” Mr. Winfrey said.

Narrated by Mr. Poitier, the film paints the picture of a family man with tremendous self-respect, emphasized by how his strong upbringing made him the man he was.

“No matter who you are, this movie will speak to an important part of you, and it gives you the opportunity to elevate yourself by following Sidney Poitier’s example,” said Mr. Hudlin.

The film includes interviews with Denzel Washington, Halle Berry, Robert Redford, Lenny Kravitz, Barbra Streisand, Spike Lee, and Harry Belafonte, all of whom share stories of how Mr. Poitier raised the standards of the film industry.

Ms. Winfrey recalls watching Mr. Poitier become the first Black man to win the best actor Oscar in 1964 for Lilies of the Field, saying it gave her hope for what was possible in her own life.

“I remember thinking ‘if he could do that, I wonder what I can do.’” — Reuters

CEOs expect revenue growth in the next 12 months

September 13, 2022 | 12:02 am

CORRUPTION is the biggest risk to the Philippine economy’s recovery from the coronavirus disease 2019 (COVID-19) pandemic, according to a survey of the country’s top chief executive officers (CEOs). Read the full story.

BSP tightens UITF regulations

September 13, 2022 | 12:02 am

THE BANGKO SENTRAL ng Pilipinas (BSP) will now require trust entities (TE) to secure its approval or notify it before creating some kinds of unit investment trust funds (UITFs).

BSP Circular No. 1152, dated Sept. 5 and signed by BSP Deputy Governor Eduardo G. Bobier as officer-in-charge, amends sections and appendices of the Manual of Regulations for Banks and the Manual of Regulations for Non-Bank Financial Institutions on UITFs.

The BSP said the changes cover the licensing framework on the creation of UITFs and amendments to their features; definition of fund classifications; distribution of income for distributing funds; enforcement actions; and other provisions on the administration of UITFs.

Trust entities will be given a year from the effectivity of the circular to make appropriate changes to their plan rules, policies, processes, and procedures to comply with the BSP’s new requirements.

Under the new rules, the BSP said trust entities issuing UITFs must have “the competence and appropriate processes, systems, and infrastructure to administer and market UITFs and to manage the related risks.”

“The TE shall likewise have in place a sound client suitability assessment process and a system for the adequate disclosure of risks to clients. The administration of UITFs shall be consistently performed in accordance with these guidelines and other applicable laws, rules and regulations,” the central bank said.

The circular provides definitions for additional types of UITFs, namely money market, fixed income, multi-asset, equity, and distributing funds.

The BSP said it will now require trust entities intending to create a fixed-income fund, multi-asset fund, fund-of-funds, feeder fund, multi-class fund, distributing fund or an equity fund for the first time to secure its approval.

Once they secure BSP approval, their subsequent creation and offering of UITFs under the same restricted category will only require notification to the central bank. Amendments to existing UITFs will also need BSP notification.

Those that want to create UITFs that require BSP approval must satisfy existing prudential criteria, implement adequate risk management practices, and demonstrate operational readiness to manage the UITF it wants to offer, the central bank said.

Applications or notifications must be sent to the BSP within 10 days after board approval of authority to create the UITF. There are also additional requirements for fund-of-funds or feeder fund applications.

A processing fee of P25,000 will be charged for each application for UITFs that need BSP approval, except for Personal Equity & Retirement Account UITFs.

For UITFs needing the BSP’s go signal, these must be launched within one year of the trust entity’s receipt of the central bank’s letter of approval.

As for those requiring BSP notification, these UITFs should be rolled out within a year from the central bank’s receipt of the notification letter from the trust entity.

Trust entities must inform the BSP in writing of the launch date of their UITFs.

“Failure to launch a UITF within the prescribed period shall result in either an automatic revocation of the Bangko Sentral approval or the consideration of the notification from the TE as ‘withdrawn,’” the central bank said.

The circular also includes new rules covering the computation of the Net Asset Value per Unit or NAVPU of some UITFs; the plan governing UITFs, or the written trust agreement drawn by the trustee; UITF marketing personnel; UITF participant admission and redemption requirements; and minimum disclosure requirements.

Maynilad allots up to P16B for capex

September 13, 2022 | 12:02 am

MAYNILAD Water Services, Inc. expects to spend around P13 billion to P16 billion on its capital expenditure (capex) projects this year.

In a statement posted on Maynilad’s website on Monday, the west zone water concessionaire said the projects will include the construction of new treatment plants, installation of new pipelines, rehabilitation and upgrading of existing facilities, and reinforcement works for climate change adaptation initiatives.

“Notwithstanding the effects of the pandemic on our operations, we continue to implement the infrastructure projects that create job opportunities, as well as sustain the water services that stimulate the economy,” Maynilad President and Chief Executive Office Ramoncito S. Fernandez said.

Meanwhile, Maynilad said that after its re-privatization in 2007, the company has generated approximately 397,000 jobs.

Since its re-privatization, Maynilad said it had spent P134 billion to replace old pipes and lay new pipes, upgrade water facilities, construct sewage and septage treatment plants, and develop alternate raw water sources which resulted in employing almost 400,000 people.

Maynilad, serves the cities of Manila, except portions of San Andres and Sta. Ana. It operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon. It also serves the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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

DMW unit tops off last building of MidPark Towers

September 13, 2022 | 12:02 am

A UNIT of D.M. Wenceslao & Associates, Inc. (DMW) recently topped off the fourth and final tower of its second residential project, the MidPark Towers.

In a statement, Aseana Residential Holdings said MidPark Towers, located within Aseana City, is on track for completion in 2023.

“We remained all systems go in our expansion projects despite the pandemic. Very soon, the residents of MidPark Towers will be able to enjoy the complete community of Aseana City; from the lush green landscapes and first-rate commercial outlets in Parqal just beside MidPark Towers to all the best-in-class locators in Aseana including the biggest Ayala Mall in the country, the soon-to-rise St. Luke’s Medical Center Aseana City, major warehouse shopping chains, top-grade offices, and major integrated resorts in Entertainment City,” Delfin Angelo Wenceslao, DMW chief executive officer, said in a statement.

MidPark Towers offer studio units (40 square meters) up to three-bedroom units (120 square meters).

DMW is the developer and primary owner of Aseana City.

Entertainment News (09/13/22)

September 13, 2022 | 12:01 am

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PPP features works by National Artists

PISTA NG Pelikulang Pilipino (PPP) returns to the big screen this year, featuring some award-winning classic films of the new National Artists for Film and Broadcast Arts: actress Nora Aunor, screenwriter Ricky Lee, and the late director Marilou Diaz-Abaya. The films will be screened for free at the Trinoma Cinema in Quezon City and in all Cinematheques Centers nationwide (Manila, Iloilo, Negros, Davao, and Nabunturan) from Sept. 9 to 23. In line with the month-long celebration of Philippine Film Industry Month this September, which aims to recognize the invaluable achievements of all the stakeholders and sectors of the industry, this year’s PPP Classics section consists of films of the Aunor, Lee, and Diaz-Abaya. Films written by screenwriter Ricky Lee — Cain at Abel and Gumapang Ka Sa Lusak which were directed by National Artist Lino Brocka — will be screened on Sept. 14. Cain at Abel received the FAMAS Awards Best Picture in 1983, while Gumapang Ka Sa Lusak bagged the Best Picture award in the Gawad Urian in 1988. Feature films Brutal and Karnal from the “trilogy” of multi-awarded director Marilou Diaz-Abaya will have their public screening on Sept. 15. Diaz-Abaya bagged the MMFF Best Director award for Brutal in 1980 and the MMFF Best Picture prize for Karnal in 1983. The annual PPP will also be featuring the finalists from Sine Kabataan Short Film Lab and Festival and Sine Isla: LuzViMinda Short Film Competition. PPP Classics will be screened together with the Sine Kabataan and Sine Isla short films starting Sept. 17 to 24 in all Cinematheques Centres. For more information and updates on PPP 6, follow their official page on Facebook page.

Ricky Lee joins Shout Out Festival as board member

NEWLY CONFERRED National Artist for Film and Broadcast Arts Ricky Lee is one of the Board of Directors for the Shout Out Festival, to be held Sept. 19 to 25. As a culminating program, Shout Out will feature nine film and theater shorts from the enrollees of Mr. Lee’s famed screenwriting workshops as well as Palanca Hall of Fame Awardee Rody Vera’s writing masterclasses. Shout Out: Maghayag at Lumikha is an online film and theater mentoring festival of hybrid shorts organized and hosted by the online multi-arts platform, Pelikulove, with the support of the National Commission for Culture and the Arts. The writers of the featured film and theater shorts are given assistance, from writing to production and evaluation. The festival activities include virtual discussions, talkbacks, and Q&A with the artists and mentors. There will also be an exhibit of other enrollees and partner groups’ short films and recorded plays. Ricky Lee is joined by six other Festival Directors: playwright Rody Vera, film and TV director Jeffrey Jeturian, University of London professor Cristina Martinez-Juan, theater director and actor Issa Manalo Lopez, theater director and actor Raffy Tejada, and filmmaker and videographer Ellen Ongkeko Marfil. Admission to the Shout Out Festival is free. For more information and updates, visit the Pelikulove website (https://shoutoutfest.pelikulove.com/) or follow the Pelikulove official Facebook Page.

Alex Bruce releases new single

R&B SINGER Alex Bruce has released a new song “Ayoko Pa,” produced by frequent collaborator Cursebox. “It’s a song that expresses my stand on not being ready for a commitment,” the 15-year-old singer-rapper said in a statement. “It’s just that I’m too young to enter into a relationship that would easily fizzle out.” The release of “Ayoko Pa” is accompanied by a music video starring rising rapper Benedic Fragata and TikTok personalities Yvon and Achi. “Ayoko Pa” is available on all digital music platforms worldwide via Sony Music Entertainment. Watch the music video at https://www.youtube.com/watch?v=cbIoFxUylOQ.