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BSP still has room for one more rate increase

Bangko Sentral ng Pilipinas main office in Manila. — BW FILE PHOTO

THE PHILIPPINE central bank still has room for one more rate hike as the pace of disinflation is expected to slow in the next few months, according to Fitch Solutions unit BMI.

On the other hand, HSBC Global Research expects the BSP to keep rates steady for a “prolonged period of time.”

In a commentary released on Monday, BMI said the Bangko Sentral ng Pilipinas (BSP) decision to leave its key policy rate untouched at 6.25% at its May 18 meeting is only a “pause, rather than an end to the monetary tightening cycle.”

“For now, we are holding on to our forecast for the policy rate to be hiked at least once more by 25 bps to a terminal rate of 6.5%,” it said.

BMI expects the Monetary Board to hike rates again at its June 22 meeting.

“While we think that inflation will remain on a broad downward trend through end-2023, the pace of disinflation will likely slow,” it said.

Inflation has been on a downtrend since the peak of 8.7% in January. In April, inflation eased to 6.6% from 7.6% in March. This brought the four-month average to 7.9%, well above the central bank’s 2-4% target.

Last week, the BSP cut its inflation rate projections to 5.5% this year from 6% previously.

BMI said inflation would only likely subside by the fourth quarter of this year.

“On the downside, if inflation remains on a downward trend and the US Federal Reserve pauses its rate hiking cycle, the BSP may decide to keep rates on hold for the rest of the year,” it said.

BMI also flagged growing upside risks to inflation, such as the looming El Niño weather event that may disrupt food supply and push prices higher.

The state weather bureau forecasts that the El Niño weather pattern has a high likelihood of occurring in the next three months and will persist until the first quarter of next year.

“Furthermore, currency weakness induced by the US Federal Reserve’s aggressive tightening cycle partially drove the BSP towards steep rate hikes in 2022 to safeguard currency stability, and we think that this concern may resurface again in the near term,” BMI said.

The Fitch Solutions unit expects the Fed to deliver a 25-bp rate hike at its June 13-14 meeting, bringing its policy rate to 5.5%.

BMI said slower economic growth could “set the stage for the policy rate to be left on hold.”

It projects the Philippine economy to grow by 5.9% this year, slower than 7.6% in 2022 and below the government’s 6-7% target.

“We think the economic slowdown will be driven by lackluster global demand and the lagged impact of domestic monetary tightening,” it added.

PROLONGED PAUSE
In a report, HSBC economist for ASEAN Aris Dacanay said the BSP would “only begin cutting rates after keeping monetary policy steady for a year.”

“More specifically, we expect the BSP to cut the policy rate by 25 bps to 6% in the third quarter of 2024 and by another 25 bps to 5.75% in the fourth quarter of 2024,” he added.

Last week, BSP Governor Felipe M. Medalla signaled a long, extended pause on interest rates, saying the pressure to cut “is not so high.”

“Furthermore, the pause seems to be a hawkish one. Although Mr. Medalla said that the BSP will ‘unlikely cut or raise rates’ in the next two to three meetings, the BSP also said in the official press release that it stands ready to tighten monetary policy further if threats to inflation emerge,” Mr. Dacanay added.

He said the BSP is unlikely to cut rates earlier than the Fed because this might “put downward pressure on the peso and in turn, fuel inflationary pressures.”

“The national saving rate has not yet normalized. As previously argued, the saving rate has not yet recovered to pre-pandemic levels. Keeping a tight monetary stance for a prolonged period of time should help incentivize saving, which in turn could bring back domestic and external balance,” he added.

HSBC also expects the BSP to cut banks’ reserve requirement ratio by 200 bps to 10% in July.

Mr. Medalla earlier said the BSP is considering cutting banks’ reserve ratios within the year to help loosen monetary conditions.

The BSP is targeting to bring down the ratio for big banks to single digits this year. 

The ratio for big banks is 12%, one of the highest in the region. Reserve requirements for thrift and rural lenders are 3% and 2%, respectively. — Luisa Maria Jacinta C. Jocson

Marcos vows to make gov’t infrastructure projects climate-proof

President Ferdinand R. Marcos, Jr. talks to Asian Development Bank (ADB) President Masatsugu Asakawa during his visit to the ADB headquarters in Mandaluyong City, May 22, 2023. — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE PHILIPPINES would ensure that all phases of its ambitious “Build, Better, More” infrastructure program are sustainable, climate resilient and disaster-proof, President Ferdinand R. Marcos, Jr. told the Asian Development Bank (ADB) on Monday.

“As we ramp up annual public infrastructure spending to 6% of GDP (gross domestic product) consistent with the ‘Build, Better, More’ program, we will incorporate the elements of sustainability, climate resilience and disaster proofing in all phases of societal and infrastructural planning, design, construction up to operation and maintenance,” he said in a speech during his visit to the ADB headquarters in Mandaluyong City.

Mr. Marcos said this would be implemented in projects involving water supply, sanitation, energy, transportation, agriculture and other essential areas.

The Marcos administration aims to sustain infrastructure annual spending at 5-6% of GDP through 2028. In 2022, infrastructure spending was equivalent to 5.8% of GDP.

Mr. Marcos said climate change continues to pose a threat to the Philippines, along with the El Niño phenomenon and a possible major earthquake.

The Philippines had the highest disaster risk, followed by India and Indonesia, according to the World Risk Index 2022.

“If we don’t act, climate change can, will and already is unleashing nature’s fury upon our communities and our people… Climate change will be the lodestar for our integral national policies and investment decisions,” the president said.

Mr. Marcos said that in his nine-month tenure so far, there have been three strategic programs signed with the ADB, with more in the pipeline.

The government signed three ADB loans worth $1.1 billion in the first nine months of the Marcos administration.

He said the Philippine government is awaiting the release of ADB’s Country Partnership Strategy for 2024-2029, which will spell out the regional bank’s recommended medium-term development agenda for the Philippines.

The strategy’s theme, “Investing in Climate, Filipinos and the Future,” is in line with the Philippine Development Plan, Mr. Marcos said. 

He said the government is looking at the ADB as a key partner in rolling out climate-related projects.

The Philippine Development Plan identified 3,770 infrastructure priority programs and projects with an indicative total investment requirement of P17.3 trillion through 2028.

Meanwhile, Mr. Marcos said the government has sought ADB funding assistance for the proposed food stamp program of the Department of Social Welfare and Development (DSWD).

“One of the things that is in the pipeline, that is being developed, that is going to be of great assistance to our people is the proposal by the DSWD for a food stamp program, which I’m surprised that we have never had, but it is something that we can see that has been effective in other countries,” Mr. Marcos told reporters when asked about his meeting with ADB President President Masatsugu Asakawa and other senior officials.

In February, Social Welfare Secretary Rexlon T. Gatchalian said his leadership is considering reviving the food stamp program.

Mr. Marcos said he also discussed possible partnerships on digitalization between the ADB and government agencies such as the Technical Education and Skills Development Authority and the Civil Service Commission.

“Now the scope of the ODA (official development assistance) that we get through ADB has now increased and we are now talking about agriculture, re-skilling and retraining, and climate change and its mitigation and adaptation,” he said.

In 2022, the ADB was the Philippines’ top source of active ODA among 20 development partners. Its annual loan financing for the Philippines averaged at $1.4 billion from 2010 to 2022. — Kyle Aristophere T. Atienza

EU business groups optimistic of more investments in PHL

The Rizal monument is lit in the colors of the European Union flag as part of the Europe Day celebration in Manila, May 7, 2023. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Philippines is expected to attract more European investments, as the Regional Comprehensive Economic Partnership (RCEP) enters into force next month.

“We are now seeing positive developments from the economic team under President Marcos Jr. that will surely improve the standing of the country as a destination for foreign direct investments (FDIs) from Europe. Being part of the RCEP will be significant benefit to the country,” European Union-ASEAN Business Council (EU-ABC) Executive Director Chris Humphrey said during a press conference in Makati City on Monday.   

He noted the Philippines has one of the fastest gross domestic product (GDP) growth rates in the region, as well as recent economic reforms conducive to foreign investments.

The Philippine government is targeting 6-7% GDP growth for 2023.

The RCEP trade deal is expected to take effect for the Philippines on June 2. The RCEP participating countries include the 10 members of the Association of Southeast Asian Nations (ASEAN), Australia, China, Japan, New Zealand, and South Korea.

“We see, at the council, huge potential for growing FDI into the Philippines from Europe, and for increasing trade relations,” Mr. Humphrey said.   

Lars Wittig, European Chamber of Commerce of the Philippines (ECCP) president, said that the Philippines should further leverage its status as the only ASEAN country beneficiary of the Generalized Scheme of Preferences Plus (GSP+) trade scheme.

“Certainly, there is much opportunity for Europe and the Philippines to strengthen their economic ties, especially in line with their longstanding trade and investment relations,” Mr. Wittig said.   

The GSP+, set to end by the end of the year, is an incentive arrangement that allows the Philippines to avail zero tariffs on 6,274 products or 66% of all EU tariff lines.

However, participating countries should commit to 27 international conventions related to human rights, labor, good governance, and environment in order to avail of the GSP+ benefits.   

The ECCP also supports the push for a free trade agreement (FTA) between the EU and the Philippines, which is “crucial for the Philippines to become a magnet for European investments,” Mr. Wittig added.

The last round of negotiations for the Philippines — EU FTA happened in 2017 after talks officially began in 2016.   

Meanwhile, Trade Secretary Alfredo E. Pascual said the Philippines is keen on restarting the FTA negotiations with the EU.   

The ECCP and the EU-ABC will hold the 2023 European-Philippine Business Dialogue on May 25 at Dusit Thani Manila. — Revin Mikhael D. Ochave

House of Investments sells more shares in EEI 

THE BOARD of directors of Yuchengco-led House of Investments, Inc. has approved the sale of 14.346% of EEI Corp.’s common shares to Industry Holdings and Development Corp. (IHDC).

“IHDC’s entry as a strategic partner is deemed beneficial to EEI’s growth plans and restructuring efforts,” the listed holding firm said in a regulatory filing on Monday.

“Aside from having a partner that will improve the performance of EEI, the proceeds will be used to increase the capitalization of a subsidiary by subscribing to preferred shares in ATYC, Inc.,” it added.

The company said the move is part of efforts to review its business interests and to consolidate other businesses from the Yuchengco group of companies into House of Investments. Its board approved the block sale of 148.66-million common shares at P7.23 each for about P1.08 billion.

The transaction comes after the company announced the sale of its 20% stake in EEI to the Romualdez family-led firm RYM Business Management Corp. for P1.25 billion at P6.03 each of the 207.26 million common shares.

As a result of both sell-downs, the Yuchengcos will now own about 20.9% of EEI, which will remain as a portfolio investment of the company. EEI is one of the largest construction and contracting firms in the Philippines.

IHDC is owned by a group headed by Francis Chua, a construction engineer with established business interests in construction supply including pre-cast concrete structures, cement and aggregates, as well as investments in the logistics and real estate sectors.

Its subsidiaries include Concrete Stone Corp., which primarily manufactures pre-cast concrete and trades cement products and aggregates, and Industry Movers Corp., a company engaged in freight handling and multiple vessel operations.

To date, no agreement between the two companies has been signed.

Meanwhile, House of Investment’s board approved the acquisition of preferred shares in its wholly owned subsidiary ATYC amounting to P1 billion in exchange for 10 million preferred shares priced at P100 apiece.

The firm said that the additional investment will be used to pay the loans of ATYC, which was incorporated in 2022 and owns the A.T. Yuchengco Centre in BGC, Taguig.

“This will reduce interest payment and exposure to market risk,” it added.

Also on Monday, House of Investments reported an attributed net loss of P8.02 million in the first quarter of the year, a reversal of its P373.88-million net income a year earlier.

It incurred a quarterly loss despite revenues growing 27.1% to P6.71 billion from P5.28 billion in the same period last year. General and administrative expenses increased during the first quarter, along with interest and finance charges.

On Monday, House of Investment shares fell by 2.1% or P0.10 to close at P4.66 apiece. EEI shares declined by 1.67% or P0.10 to P5.90 each. — Adrian H. Halili

Repower Energy targets to build additional 1 GW

EVENING_TAO-FREEPIK

REPOWER ENERGY Development Corp. is planning to expand its installed energy capacity by 1 gigawatt (GW) in the next five years, with its portfolio mainly focused on hydropower projects.

Eric Peter Y. Roxas, president of Repower Energy, said the company’s hydropower plants have been operating for the past seven years and have an efficiency capacity factor of around 72%.

“We have a very high plant factor and good hydrology. We’re very happy with the performance of the power plants,” he said in a media release on Monday.

Mr. Roxas said that compared to other technologies, such as solar and wind, hydropower offers way higher efficiency compared with solar at 12.7% and wind at 33%.

The company said it is setting its sights on growing its capacity by another 1,000 megawatts and concentrating on hydropower projects, “possibly upstream and downstream of existing power plants.” It is also considering seawater pumped storage.

Mr. Roxas noted that while hydropower plants require huge capital investments for construction, the return on investments can be huge and recurring income can extend beyond 100 years.

“There’s a lot of nature involved [like] passing through mountains [and] building headrace canals. It’s not for the faint of heart. But once you build it, the continuous flow of the rivers will keep it running for the next 25 to 50 years,” he said.

To date, Repower Energy has six operating power plants in Laguna, Quezon, and Camarines Sur provinces. Two more power plants are expected to come online by June this year which will increase the company’s operational capacity by more than 60%.

Meanwhile, Mr. Roxas is optimistic about the company’s performance in 2023, projecting the company’s net income to reach P300 million this year from P168 million last year.

The energy company, which is a subsidiary of Pure Energy Holdings Corp., is looking to raise about P1.15 billion through an initial public offering (IPO).

Repower Energy secured clearance from the Philippine Stock Exchange on May 15 for its IPO plan. It is set to offer 200-million primary common shares at a maximum offer price of P5 apiece, with an over-allotment option of up to 30 million shares.

The company said proceeds from the IPO will fund expansion plans, including its mini hydroelectric power plants in Pulanai, Bukidnon, and Piapi, Quezon, as well as the development of its other renewable energy projects. — Ashley Erika O. Jose

SEC warns of new penalties under a law that aims to protect consumers

THE SECURITIES and Exchange Commission (SEC) on Monday warned illegal lending companies of the new penalties under Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act (FCPA), as it took down another illegal lending operation.

In a media release, the regulator said entities engaged in abusive debt collection practices may now be criminally prosecuted for violating Section 8(d) of FCPA.

Under the FCPA rules and regulations, financial service providers as well as their collections agents and representatives are prohibited from using abusive collection or debt recovery practices against their consumers.

Additionally, violators of the law will be penalized with a maximum fine of P2 million or up to five years of imprisonment, or both.

“Financial services providers, including entities engaged in lending and financing, are required to respect the privacy and protect the data of their financial consumers,” the SEC said.

“Such entities are required to inform financial consumers if their data will be shared to third parties,” it added. The warning comes after a joint operation of the SEC Enforcement and Investor Protection Department and the Philippine National Police Anti-Cybercrime Group last week that resulted in the arrest of eight individuals identified as operators, managers, employees, and agents of Realm Shifters BPO Services/FESL BPO Services in Pasig City.

In earlier releases, the SEC has taken down Phil86 Gurunanak Lending and Trading Corp. (Phil86), Dr Verma Lending Corp., and 7 Lions Lending Management Corp., among others, in its efforts to combat illegal lending. — Adrian H. Halili

MJCI to convert P2.43-B shareholder deposits to equity

MJC INVESTMENTS Corp. (MJCI) intends to convert into equity about P2.43 billion in deposits from shareholders to move its owners’ equity into positive territory.

In a regulatory filing, the company said the conversion of the deposits from noncurrent liabilities into equity “would be more than sufficient to cure its negative equity position,” which it said stood at P1.53 billion as of Sept. 20, 2022.

It said the deposits to be converted came from a consortium of Hong Kong-based strategic investors and other shareholders, which amount to P2.11 billion. Around P321.23 million came from Manila Jockey Club, Inc.

MJCI intends to issue the corresponding shares from its authorized capital stocks at a subscription price based on either a discount to the 60-day volume-weighted average price (VWAP) or a premium over its 30-day VWAP per share.

The share price will be approved by the company’s board of directors during a special meeting in the first week of July and may be presented to shareholders at its annual meeting in September.

The subscription price will be offset against the deposits of the participating stockholders.

The company will execute the subscription agreement with participating stockholders within five trading days from the date of its special board meeting.

In a notice last week, the Philippine Stock Exchange, Inc. (PSE) suspended the trading of MJCI for non-filing its annual report for 2022.

“Pursuant to Article VII, Section 17.8 on Sanctions for Non-Compliance with Certain Structured Reportorial Requirements under the Consolidated Listing and Disclosure Rules of the Exchange, the failure of [MJCI] with reportorial requirements will merit the imposition of a trading suspension of its shares starting on May 18,” the PSE said.

MJCI is the property development arm of racetrack operator Manila Jockey Club. The latter started as a racetrack operator for horse racing and eventually expanded into real estate

The company owns and operates the Winford Hotel and Casino within the San Lazaro Tourism and Business Park in Sta. Cruz, Manila. — Adrian H. Halili

Batangas wellness resort promises long healthy life 

Longevity center in Lipa to use AI to slow biological clock

“IT’S all just a natural consequence of aging,” Michael Chan was told by his doctor in 2017, after being prescribed an array of maintenance medicines after he discovered he was pre-diabetic.

As an aesthetician running laser clinics under the Lumiere Skin and Spa, and as a generally healthy eater with an active lifestyle, Mr. Chan thought he was doing well at 40-plus years old.

It was ridiculous that everyone upon reaching that age just had to accept that health problems were due to the “natural consequence of aging,” and that was that, he said at a press briefing.

“After my daughter was born, I committed to reading two research papers and medical lectures a day. With what I learned, I became interested in longevity and enrolled in nutrition classes,” Mr. Chan recalled. “In a matter of two years, I began to reverse the ‘consequences of aging’ — I lowered the fat in my body, my sex life improved, etc.”

Because he wanted to live long enough to see his daughter grow up, and because there was clearly more to the science of longevity, he was motivated to start House of Gaia, a lifespan extension center.

However, although Mr. Chan was no stranger to nutritional, aesthetic, and lifestyle approaches, he admitted he was no expert.

This is where Dr. Evelyne Bischof, a German internal medicine doctor and oncologist based in Shanghai, came in the picture.

HIGH-TECH HEALING
Dr. Bischof has a YouTube channel where she often discusses her research focus on longevity, specifically its intersection with next-generation medical technology. This is where Mr. Chan found her.

As the chief medical officer of the center, she made one thing clear — the complex in Lipa, Batangas, could be a good place to relax like other spa-type wellness resorts, but what House of Gaia must also offer is a science-based, long-term longevity program for its members.

Named after the nurturing Greek goddess of the earth, it will be an exclusive longevity science and wellness center that provides artificial intelligence (AI)-driven solutions for healthy aging.

“Using wearable trackers and getting a series of diagnostic lab tests done regularly will allow a patient to provide us gigabytes of personalized data, which we put through AI platforms,” she explained.

AI is what helps a longevity expert collect the data from constant monitoring and draft a protocol to give to the patient, for them to live a longer and healthier life. In the Philippines, this will be a pioneer effort.

Longevity medicine is relatively new, Dr. Bischof told BusinessWorld. It emerged because of all the technology and all the AI now available, and is unfortunately associated with spam from hocus pocus wellness interventions.

“It’s not what people assume — the anti-aging, life coaching, or whatever. Longevity science is an actual new discipline, and every physician must learn these innovations,” she said.

EXCLUSIVE FOR NOW
House of Gaia chief executive officer Mr. Chan is confident that, with Dr. Bischof’s guidance and the use of the latest technologies, Filipinos can “live longer, healthier, and better lives to a strong 100 years.”

“You can live 20 years more than today’s average lifespan of 70 to 80 years old thanks to longevity science. Aging is malleable, just by turning an average human into an optimal human,” said Mr. Chan.

Aside from the length of a lifespan, the bigger priority is a healthy lifestyle, with marginal decay in the last 10 years of life. This is why “sick care is the base, with longevity care on top of that,” Dr. Bischof clarified.

The optimal age is 20 to 30 years old, so ideally people can start on a longevity program that early to maintain that biological age.

“Age reversal is not yet here, but it’s coming,” she said.

For now, since longevity science is new, House of Gaia is expensive, costing P3 million for a 20-year membership. Its clientele, limited to 400 members, will be high net-worth businesspeople and politicians.

Mr. Chan said that he put up the resort in the Philippines for his countrymen to learn about longevity, in hopes that it will gain traction and become the norm and therefore be more affordable in the future.

The center is 80% complete, with a target opening in July or August. — Brontë H. Lacsamana

Shares in Century Pacific Food sold for around P2.8B

CENTURY PACIFIC FOOD, INC. said its majority shareholder had approved the sale of shares equivalent to a 3% stake in the listed food products maker via a private placement.

In a regulatory filing on Monday, the company said the shares were sold at a price of P26.60 apiece for a total of about P2.8 billion. The sale proceeds will be settled three trading days after the crossing of the shares.

Century Pacific Food said the shares to be sold in the secondary block trade are all owned by Century Pacific Group, Inc. (CPG), and will not dilute the shareholdings of existing public investors.

“We are seeing opportunities at the holding company level and will be deploying proceeds across various investments,” said CPG Chairman Christopher T. Po.

Century Pacific Food said the transaction is expected to increase its public float to 34% from 31%, which could improve “trading liquidity and allow for greater investor participation in the stock.”

Mr. Po said that after the transaction, CPG will continue to hold a majority stake in Century Pacific Food with 66% and that any sale of shares is not expected “for the foreseeable future.”

Century Pacific Food said the transaction was oversubscribed, “anchored by high-quality long-only international and domestic institutional investors.” It added that the 114 million shares sold were priced “at a tight discount” of 5.2% to their last closing price.

On Monday, shares in the company fell by 3.66% or P0.95 to close at P25 each.

Aliwan Fiesta returns to in-person festivities in 2023

ALIWAN FIESTA, an annual event that gathers festive traditions from the different regions in the Philippines, returns to the streets of Manila and Pasay on July 13 to 15.

But this year the parade route will limited to the Cultural Center of the Philippines Complex due to road repairs along Roxas Blvd. in the City of Manila.

The event had been on hold since 2019 due to the COVID-19 pandemic.

“As the highest manifestation of community life in the country, fiestas have inspired some of the greatest and more enduring creations in Philippine arts, cuisine, and even attire,” said Fred J. Elizalde, chairman of the FJE Group of Companies in a statement. “They also manifest our resilience and emit that ray of hope that has helped Filipinos to survive amid trials and adversities.”

“Aliwan Fiesta… has grown to massive proportions, surpassing all expectations, and now playing a lead role in bridging regional differences while manifesting our culture of peace,” he said in the foreword of the new book, Aliwan Fiesta: Cultural Heritage in Motion.

The event was conceived in 2003 by Manila Broadcasting Company, owned by the FJE Group of Companies, and the Cultural Center of the Philippines (CCP), in cooperation with the cities of Manila and Pasay.

The event brings together the winning performance groups from the multitude of fiestas held throughout the country. These groups then showcase their winning form in parades. The groups vie for a large cash prize.

About 5,000 people take part each year, with an estimated triple that number attending the nightly festivities along Sotto St., outside Star City and Aliw Theater.

Aside from the street dancing parades, there are flea markets featuring products from the different regions, and entertainment care of local musicians.

There is also a beauty pageant, as well as competitions in float design and street dance.

Aliwan Fiesta officials encourage participants to incorporate local folklore, religious devotion, and facets of day-to-day living in their costumes, props, and concepts. Thus, the inclusion of epics like Biag ni Lam-ang, and reenactments such as farmers in thanksgiving for nature’s bounty that have been themes in the street dancing and floats.

“An inherent part of the Filipino spirit is the joy of life. We easily find reasons to celebrate even in the very mundane things of everyday living,” said Ruperto S. Nicdao, Jr., president of the Manila Broadcasting Company, in the introduction of the same book.

“The festivals that take part in Aliwan Fiesta every year enable audiences to catch a kaleidoscopic glimpse of how these [cultural celebrations] are celebrated in various parts of the country — all in one convergent whole, without the expense of traveling from island to island, and reducing them to a single time capsule,” he said. — Patricia B. Mirasol

Cirtek income slips

CIRTEK HOLDINGS Philippines Corp. posted an 11.3% decline in its attributable net income to $1.57 million in the first quarter from $1.77 million last year.

The decline came about after it recorded a 13.4% decrease in its top line to $17.11 million in the first three months, from the $19.76 million it booked in the same period in 2022.

“The decrease accounted for was mainly due to the decrease in revenue from radio wave, microwave, millimeter wave (RF/MW/mmW) and semiconductor business,” the company said.

Revenues from RF/MW/mmW and antenna manufacturing business amounted to $2 million, a 61% decline from the $55 million a year ago. The semiconductor business accounted for $8.8 million, a 17% decrease from $10.64 million.

Revenues from the Quintel group, which makes antenna solutions for wireless cellular networks, grew 55% to $6.3 million from $4.1 million previously.

Meanwhile, the cost of sales amounted to $12.42 million, down 10.8% from $13.93 million in the previous year. The decrease was mainly due to lower prices of raw materials, a decrease in depreciation and amortization, lower salaries, and inward freight and duties.

Operating expenses and finance costs were also lower at $2.65 million and $450,818, lower by 13.3% and 55% versus last year’s showing, respectively.

On Monday shares in the company closed unchanged at P2.96 each. — Justine Irish D. Tabile

EntertainmentNews (05/23/23)

SB19

Jessica Sanchez live in Salon De Ning

JESSICA Sanchez, the Filipina-American singer-songwriter who rose to prominence following her finish as first runner-up on the 11th season of American Idol is set to debut in Salon de Ning of The Peninsula Manila on May 25 at 8:30 p.m. The California-raised Ms. Sanchez has released one album and numerous singles, performed for former United States president Barack Obama and his family at the White House, and guest starred in the hit comedy-drama TV series Glee. Her Salon de Ning show, entitled Jessica Sanchez Live in Salon de Ning, will be a night of the music and stories that shaped her. She will be singing the hits of Whitney Houston, Alicia Keys, Roberta Flack, and her original compositions. She will be accompanied by her musical director Adonis Tabanda and the band Day One. Tickets are priced at P3,500 (inclusive of taxes) and inclusive of a two-hour-long open bar. The doors of Salon de Ning will open at 8 p.m. For inquiries or further information on the concert call The Pen at 8887-2888 (trunk line), extension 6691 and 6694 (Restaurant Reservations), e-mail Dining PMN@peninsula.com, or visit the website peninsula.com/manila.

Beauty queens, celebs at San Lorenzo Santacruzan

IT WILL be a star-studded Santacruzan as beauty queens and showbiz personalities lead the annual Maytime festival of Barangay San Lorenzo on May 27 at the Glorietta 2 Activity Center, Makati City. Bb. Pilipinas International 2021 Hannah Arnold will portray the Reyna Emperatriz and be escorted by actor, model and singer Joseph Marco. Bb. Pilipinas Globe 2022 Chelsea Fernandez will be the Reyna De Los Flores and will be escorted by actor Derrick Monasterio. Also participating are Bb. Pilipinas Intercontinental 2022 Gabby Basiano, along with 27 pairs of male and female representatives from Barangay San Lorenzo and nearby communities Sagala participants will wear the creations of noted designers, including Ramon Esteban, Gener Gozum, Glenn Lopez, Antonio Garcia, Jr., Stephen de Leon, Ronaldo Arnaldo, Sophia Theres Manimbo, Angelito Perez, Perfecto Diaz, Jose Antonio Martinez, Roseller Morabe, Gerardo Sunga, Albert Fontanilla, Philip Torres, Nicky Jay Martinez, Cora de Jesus Manimbo Fashion House, Rolando Lirio, and Rodolfo Nazareth Ching, with the special participation of Oskar Peralta. The Santacruzan highlights include the presentation of the Sagalas and escorts, and the awarding of three special prizes — Best in Filipiniana Santacruzan ensemble, Best Themed Filipiniana Santacruzan, and Best Sagala and escort. The parade starts at 5 p.m. at the Barangay San Lorenzo covered court, and will pass through Makati Ave., Parkway Drive, West Street, Palm Drive and end at Glorietta 2 for the 7 p.m. show. The festivities will be followed by the Himig Pinoy concert, featuring the popular 1990s OPM band, Neocolours.

‘Flores de Maria’ exhibit opens in Ali Mall

Araneta City has opened to the public the “Flores De Maria” exhibit in Ali Mall, focusing on the Philippine tradition of honoring the Blessed Virgin Mary every month of May. The exhibit features religious-historical images of Mary and her devotion to the Holy Cross. Aptly titled Flores De Maria (or Flowers of Mary), the exhibit features more than 60 religious images and replicas from different parishes, including the Nuestra Señora de Aranzazu de Marikina, Nuestra Señora de la Purisima Concepcion, Nuestra Señora de Guia, and Nuestra Señora Santissima Trinidad.

Kesha releases new album, Gag Order

POP superstar Kesha has released her fifth album, Gag Order. Called “her most daring music yet” by Rolling Stone, the pre-release tracks of Gag Order (produced by Rick Rubin, with Kesha as executive producer), “Eat the Acid” and “Fine Line,” have hinted at the pop star’s artistic reinvention, with The Fader calling the former a “cautionary psychedelic anthem” while Bustle complimented the latter’s lyrics as “a jaw-dropper.” Elsewhere on the album, Kesha ruminates on her struggles with panic attacks on “Living In My Head,” finds peace in the fallout of facing one’s fear on “Happy,” and on “All I Need Is You” shares an ode to unconditional true love (aimed at her beloved cat Mr. Peeps). Kesha has sold more than 14 million total album equivalents worldwide, has approximately 6.9 billion audio streams and 1.7 billion video streams worldwide, and has had nine Top 10 hits on The Billboard Hot 100, including four No. 1 singles at Top 40 Radio. Gag Order is out now on all digital music platforms worldwide via Sony Music Entertainment.

SB19 drops new single

FILIPINO boy group SB19 has released their latest single, “GENTO,” giving fans a glimpse of what is to come for the group. The song is described as offering catchy word play, weaving the words ganito (like this), ginto (gold), and gento, the Caviteño word for ganito. The new single comes from the group’s upcoming new EP, PAGTATAG! The award-winning group will kick-off their world tour at the Araneta Coliseum on June 24 and 25 and will have multiple stops in cities across the Philippines, United States, and Canada. Ticket selling will begin on May 21 at noon through TicketNet outlets nationwide or through www.ticketnet.com.ph. “GENTO” is available now on all DSPs and streaming services via Sony Music Entertainment.

ABS-CBN, TV5 collaborate on new drama

ABS-CBN Entertainment and TV5 are teaming up for the upcoming drama series Nag-aapoy na Damdamin that will be topbilled by JC de Vera, Ria Atayde, Tony Labrusca, and Jane Oineza in her first leading role in a teleserye. It will be directed by FM Reyes, the director behind the teleseryes Maging Sino Ka Man, Magpahanggang Wakas, and Ang Sa Iyo Ay Akin. Also joining the show are Joko Diaz, Kim Rodriguez, Maila Gumila, Aya Fernandez, and Nico Antonio. For more information on the new series, follow JRB Creative Production on Facebook and Twitter (@JRBcreativeprod) and on Instagram (@JRBcreativeproduction).

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