NOW Corp. and Now Telecom Co., Inc. have moved to transform the group into a digital service and mobile telecommunications provider with its tie-up with Cisco International Ltd.
“Now Group is determined to bring about true 5G and National Broadband Network (NBN) technologies in the Philippines, together with its partnership with the US Government,” Now Corp. Chairman Mel V. Velarde said in a press release.
“Cisco, being a technology leader, will definitely play a significant role in enabling Now’s network with best of class technologies,” he added.
Through the alliance, listed telco Now will be able to roll out advanced 5G solutions that are expected to benefit its enterprise customers in the manufacturing, logistics, port operations, banking, and business process outsourcing industries.
“Given the ongoing digitization of businesses, mobile carriers will require the advanced capabilities of 5G networks such as high speed, low latency, reliability, and dynamic provisioning,” said Sanjay Kaul, president of service provider for Cisco in the Asia Pacific and Japan region.
“Through our partnership with [Now], we can support their network infrastructure’s transition into this new era of digitization by harnessing the potential of 5G technology,” he added.
The tie-up will help Now in customizing its end-to-end solutions to better meet the needs of its customers.
“Overall, this partnership between Now and Cisco brings together the strengths of the parties, combining Now Telecom’s local market knowledge and customer relationships with Cisco’s global reach and expertise in providing advanced networking solutions,” the company said. — Justine Irish D. Tabile
LAND BANK of the Philippines’ (LANDBANK) net income decreased by 18% year on year in the first quarter as the year-ago level was buoyed by a one-time gain.
LANDBANK booked a net income of P10.8 billion in the January-to-March period, lower than the P13.2 billion seen in the first quarter of 2022 that was “propelled by non-recurring miscellaneous income,” it said in a statement on Thursday.
This translated to a return on equity of 12.46%.
Other details on its financial performance were not immediately available.
Despite the year-on-year decline, its first-quarter profit was higher by P2 billion versus its target for the period and made up 30.8% of the bank’s P35-billion income goal for 2023.
LANDBANK said its first-quarter earnings were supported by higher interest income and lower operating costs.
“Interest income from loans and investments rose 54% to P20.9 billion, despite the higher cost of funds due to volume of deposits and rising interest rates,” it said.
Deposits with the bank rose to P2.8 trillion at end-March, with 71% of this being deposits by the government sector.
Meanwhile, net interest margin stood at 3%.
“On the other hand, operating expense declined by P797 million,” LANDBANK added.
The bank’s capital rose by 3.2% to P225.3 billion.
Its assets grew by 11.7% to P3.1 trillion at end-March.
“As we maximize yields from earning assets while being prudent with our expenses, LANDBANK’s robust financial position allows us to advance the National Government’s development agenda,” LANDBANK President and Chief Executive Officer Cecilia C. Borromeo was quoted as saying.
“We are fully capable to continue extending intensified support to the agriculture sector and other key economic industries, while driving sustainable growth in local communities,” Ms. Borromeo added. — AMCS
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THE previous entry in Nintendo Co.’s seminal The Legend of Zelda series was acclaimed largely because of its momentous sense of exploration. The next game adds a new dimension that will undoubtedly turn it into one of the most memeable video games of the year: construction.
Nintendo has mostly kept mum on the details of The Legend of Zelda: Tears of the Kingdom, which will be released on May 12. But a recent demo of the game in New York City gave journalists more than an hour of hands-on time with the highly anticipated sequel and put a spotlight on one of the key features. Players can combine items they find throughout the world, building their own machines to battle enemies and explore the skies. During the demo, I built airplanes, flying air balloons, and one rocket-powered contraption that took me soaring.
Tears of the Kingdom is a follow-up to 2017’s The Legend of Zelda: Breath of the Wild, which is widely considered among critics and fans to be one of the best video games ever made. It has sold 29 million copies — twice as many as the next-highest Zelda title. It was released in conjunction with Nintendo’s Switch console, helping catapult it to massive success. With 122.5 million units sold, the Switch is the third-best-selling video-game console of all time.
Expectations are high for the new game, in which you play as a mute but expressive hero named Link who must again save the Kingdom of Hyrule from the evil, monstrous Ganon. The new Zelda may be one of Nintendo’s last big hits for the six-year-old Switch, which is still selling well but is out-classed by its competitors in technical specs. The Japanese publisher is expected to release a successor within the next few years.
While speaking to journalists, Nintendo marketing representative Ethan Stockton described Tears of the Kingdom as a game about “Yes, and…”, a reference to the popular catchphrase describing an experience that is continually additive. Like its predecessor, Tears of the Kingdom is what developers might call “systemic” — rather than creating a linear, guided experience, it gives players a set of tools and asks them to imagine myriad solutions.
After a brief introductory session, the demo placed Link in front of a giant fortress full of enemy Bokoblins who were guarding a giant tower. Mr. Stockton explained that players could attempt to get to the tower in whatever way they chose.
This was where the charms of the game and its Minecraft-evoking capabilities quickly became apparent. Rather than fight through the monsters, I chose to build a flying machine. My first attempt was a failure thanks to two misaligned rockets that sent me spinning off in the wrong direction. My second creation, a makeshift floating platform, launched me right into the Bokoblin camp, where I was promptly slaughtered. It was the third machine, powered by a fire-igniting balloon, that took me high enough that I could soar straight to the top of the tower, skipping all of the monsters and obstacles below.
Breath of the Wild was a revelation because it allowed players to explore every nook and cranny of a seemingly boundless world. Tears of the Kingdom takes that universe and adds several new dimensions, such as floating islands and perhaps, as trailers have hinted, an underground territory.
Link’s other new aptitudes in Tears of the Kingdom should lead to additional creative possibilities. The “fuse” ability, which allows the player to attach objects such as fire plants or mushrooms to weapons and shields, has already been the source of many fantastic social media posts following a gameplay preview that Nintendo posted in late March. One Nintendo representative pointed out that Link can jury-rig a hammer out of a stick and a rock, allowing him to access new areas by smashing apart weak walls or floors. (Sadly, only two items can be fused together at once, dispelling any dreams of making, say, a sword that circumnavigates Hyrule.) The “recall” ability, which rewinds the last few seconds of a given object’s trajectory, can be used either to reverse your mistakes or to send incoming projectiles back into the faces of enemies.
The demo left me with a few lingering questions that won’t be answered until the game is released. Will the Switch’s technical capacities struggle to support a game this ambitious? Will the controls, which seemed unwieldy during my brief session, eventually feel more natural? And will Zelda, who has spent years playing the part of damsel in distress, have a more active role or even be controllable this time around?
It’s difficult to gauge a game as sprawling as Tears of the Kingdom after playing for only an hour, but the potential combination of Breath of the Wild’s wonder with Minecraft’s creativity makes this seem like another potentially big winner for Nintendo. —Bloomberg
PLDT Inc. is expecting to fill vacated positions in the listed telecommunications company in less than three months, its top official said.
“It’s in process. Soon, there will be a nomination committee meeting about it,” PLDT President and Chief Executive Officer Alfredo S. Panlilio told reporters on the sidelines of an Ookla awards event on Wednesday.
When asked how long the appointments would take, Mr. Panlilio said: “Not more than a quarter.”
On April 20, the company named officers-in-charge for the departments previously handled by officers who voluntarily vacated their key posts last week.
Mr. Panlilio said that there is a possibility that the officers-in-charge will be upgraded to the posts they were assigned to.
“There’s a lot of good people in PLDT. For example, for finance, Danny Y. Yu has been with the group for the longest time… so he has a lot of experience.”
Mr. Yu is currently in charge of the company’s finance department after the early retirement of Anabelle L. Chua, who was senior vice-president, chief financial officer, and chief risk management head.
PLDT appointed First Vice-President Bernadette C. Salinas to be in charge of supply chain management after the voluntary resignation of Mary Rose L. Dela Paz, senior vice-president and chief procurement officer.
First Vice-President and Deputy Network Head Roderick S. Santiago was assigned to be the officer-in-charge for the network department, following the early retirement of Mario G. Tamayo, senior vice-president and network head.
Meanwhile, Mr. Panlilio said that there could be a challenge in PLDT’s expansion this year as inflation rises, but said the demand will remain as a lot of people need connectivity.
“There’s still demand but maybe not as huge as last year. Because of the challenged wallets of our consumers, affordability becomes an issue,” he said.
The company aims to service all the socioeconomic classes of the market through new product offerings such as sachet-size products and other prepaid wireless solutions.
“Hopefully we can come up with products that are aligned to these. We are trying to be sensitive to what the public can afford,” Mr. Panlilio said.
“There’s demand as connectivity is a human right so it’s a matter of us thinking of a product that is suited to the requirement,” he added.
On Wednesday, the company was awarded by the global benchmarking firm Ookla for the fifth consecutive year as it topped the Speedtest Awards in 2022.
Ookla said PLDT achieved a top speed score of 86.52 due to its aggressive network expansion.
PLDT is the only provider in the Philippines to have achieved the highest award for the fifth time from Ookla. Luke Deryckx, chief technology officer of Ookla, said that feat is achieved only by a handful of internet service providers worldwide.
In Southeast Asia, only PLDT and Singapore’s ViewQwest have achieved it.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Justine Irish D. Tabile
BANK of the Philippine Islands (BPI) will tap a syndicated loan instead of offering dollar bonds to partly refinance $600 million in debt papers maturing this year.
“We’re going to refinance that maturity partially. But it won’t be a public issuance. We’re going to do it by a syndicated loan,” BPI Treasurer and Global Markets Head Dino R. Gasmen said at a press briefing on Thursday.
“We’re going to finance less, just a portion. We have the extra funds to pay off the entire debt,” he added.
Mr. Gasmen said BPI decided to raise funds via a syndicated loan instead of the previously planned dollar bonds due to a volatile market.
“The certainty of getting it done is better compared to a bond, because a bond issuance is subject to market conditions, and as we know, conditions right now are very volatile,” he said.
He added that BPI is unlikely to issue peso-denominated bonds this year.
Meanwhile, BPI Executive Vice-President and Mass Retail Segment Head Marie Josephine “Jojo” M. Ocampo said the bank has grown faster than the industry in terms of credit card spending for the first quarter amid the reopening of the economy.
“There also is very much a return to face-to-face spending, as well as travel, entertainment, and dining,” she said.
BPI’s credit card base grew year on year by 28% versus the industry’s 14.25%, while credit card loans grew by 38.7% versus the industry’s 29.8%. For card spending, BPI grew by 64.2%, compared with the industry’s 46.9%, Ms. Ocampo said.
“All these while being best in class in terms of delinquency rate,” she said.
“Our growth has really been driven by investments that had been put behind the credit card business in 2022 that had allowed us to acquire more customers and market share, as well as solidify spending among our cardholders to give their preferred card of choice,” Ms. Ocampo added.
BPI added that it is looking to refurbish 25 branches to “phygital” or physical plus digital offices within the year, with the first branch to be inaugurated in Agoo, La Union on May 19.
“Phygital is exactly the combination of physical and digital,” BPI Head of Consumer Banking and Executive Vice-President Maria Cristina “Ginbee” L. Go said.
The new branches will be enhanced with digital tools that will enable efficient and effective conversations, as well as better servicing of transactions, Ms. Go said.
New features to be seen in these branches include a concierge and a self-assisted area where customers can learn about online banking.
“We recognize that, particularly in areas outside Metro Manila, people still need help in terms of navigating the online and mobile world, particularly those who are not digital natives. We will help them get educated on online and mobile banking, which will be the self-assisted area,” Ms. Go said.
The new branches will also include meeting pods and rooms. Meanwhile, meeting rooms will give customers access to specialists virtually.
“Meeting pods will be really for those conversations that require some sensitivity and more personalization,” Ms. Go said.
“Our ability to now on-board customers digitally had allowed us to be more inclusive,” she added.
She said through their presence in GCash, BPI on-boarded 500,000 new bank clients, and 150,000 through its all-digital savings account.
BPI saw its net income rise by 52% year on year to P12.1 billion in the first quarter amid improved net interest earnings and as it set aside lower loan loss provisions.
Its shares fell by P1 or 0.93% to end at P109 apiece on Thursday. — A.M.C. Sy
Movie Review Are You There God? It’s Me Margaret Directed by Kelly Fremon Craig
Since its publication more than a half a century ago, Judy Blume’s groundbreaking young adult novel Are You There, God? It’s Me Margaret has been passed down like a sacred text between generations of readers. Shockingly, until now it’s never been adapted onto the screen.
And yet somehow it doesn’t feel like the movie from writer-director Kelly Fremon Craig came too late. In fact, it’s hard to imagine that an earlier take on the book would have been made with this much honesty and care.
You can picture a bad version of a Margaret movie, squeamish about all the menstruation talk or settling for crude laughs over empathy. Instead, this film, executive produced by James L. Brooks, leans into all the awkwardness of nascent womanhood and augments it with beautiful work from a cast that includes Rachel McAdams, Kathy Bates, and brilliant newcomer Abby Ryder Fortson, who plays Margaret with a skilled precision beyond her years.
Craig makes the smart decision to keep the action in the 1970s, when the book was originally written, thereby avoiding the smartphone perils of current girlhood. (If you want a more modern take on that, watch Bo Burnham’s harrowing Eighth Grade.) Margaret’s tale kicks off when her parents, Barbara and Herb (McAdams and Benny Safdie) inform her they’re moving from bohemian New York City to the New Jersey suburbs — it’s nothing short of a social death sentence for a city kid who relies on the counsel of her fabulous cosmopolitan grandmother, Sylvia (Bates).
In her new town, Margaret is immediately besieged by her queen-bee next door neighbor, Nancy Wheeler (a perfectly pitched Elle Graham), who inducts her into the local clique, where the rules for membership include wearing a bra even if you’re flat-chested and revealing the names of your crushes.
Margaret never devolves into cringe comedy. Instead, the tone is spry and wistful even as it remains painfully relatable. There are laughs to be found in the famous “we must increase our bust” moment, when the girls do a futile exercise with to hurry up puberty, but the movie isn’t afraid to linger on betrayal or bullying.
That’s where Margaret turns to God. The monologues that give the book and film its title could easily slide into hokum, but they’re deftly executed to probe Margaret’s searching nature. With a Jewish dad and a Christian mom, she’s been left to choose her own religion. The book’s frank talk about periods gets most of the attention, but the religious questioning was Ms. Blume’s most radical insight, and it’s just as devastating to watch the adults try to influence Margaret’s faith as it is to watch her friends goad her about boys.
The grown-ups, however, are also the source of many of the pleasures of Are You There God? It’s Me Margaret. Ms. Bates, as always, is a hoot as Sylvia, and Safdie, best known as the co-director of the decidedly not-kid-friendly Uncut Gems, is a surprise delight as Margaret’s goofy father. Still, it’s Ms. McAdams who matches Ms. Fortson as the second chamber of the movie’s heart.
Craig’s screenplay gives Barbara an arc that mirrors her daughter’s. An artist trying to be a stay-at-home mom, Barbara is just as ill-at-ease in her environment as Margaret is in hers. Ms. McAdams’s Barbara may speak to many of Ms. Blume’s readers, who probably last picked up Margaret decades ago; they’re still figuring things out, too.
I do wonder if today’s pre-teen audience will find as much to love in the movie as I did. Margaret is not a mere nostalgia play, but it does feel like it was made, in part, for those of us who’ve already gone through what its protagonist is just beginning to grapple with. I hope the current crop of youngsters like it, but I’m sure they’ll come to love it as they grow older. The movie, just like the book, is built to stand the test of time. —Bloomberg
PHILIPPINE National Bank (PNB) on Thursday said its board of directors has approved the appointment of Edgar A. Cua as the lender’s new chairman and Florido P. Casuela as its new president effective April 25.
Mr. Cua served as PNB director for seven years since May 2016 and held various positions at the Asian Development Bank (ADB) for 30 years, PNB said in a statement.
PNB said he completed his Bachelor of Arts in Economics (Honors) at the Ateneo de Manila University and obtained his Master of Arts in Economics and his Master of Planning in Urban and Regional Environment from the University of Southern California.
Meanwhile, Mr. Casuela was designated as the bank’s acting president on July 5 last year after its former president and current Government Service Insurance System (GSIS) President Jose Arnulfo “Wick” A. Veloso left his post.
He is the current chairman of PNB Securities, Inc. and is a director at Allianz PNB Life Insurance, Inc., PNB International Investments Corp, PNB RCI Holdings Co., Ltd., and Bancnet, Inc.
Prior to joining PNB, Mr. Casuela served as president of Land Bank of the Philippines and Maybank Philippines, Inc.
PNB said he is a certified public accountant and got a Bachelor of Science degree in Business Administration, major in Accounting, and a Master’s degree in Business Administration from the University of the Philippines.
Meanwhile, the bank also appointed former Bangko Sentral ng Pilipinas Deputy Governor Maria Almasara Cyd N. Tuaño-Amador as a director.
PNB saw its attributable net income decline by 63.55% year on year to P11.53 billion in 2022 due to the absence of one-time gains realized the previous year.
The bank’s shares dropped by 8 centavos or 0.43% to close at P18.32 each on Thursday. — AMCS
THE Supreme Court (SC) has upheld the Court of Tax Appeals’ (CTA) ruling that set aside Manila Doctors Hospital’s tax liabilities worth P80 million representing its alleged deficiency income tax and value-added tax for the year 2008.
In a 13-page decision dated Feb. 13 and made public on April 24, the High Court agreed with the tax tribunal saying the audit was conducted without a valid letter of authority (LoA) mandated under the country’s revenue code.
“To emphasize, the court has consistently held that in cases where the Bureau of Internal Revenue conducts an audit without a valid LoA, or in excess of the authority duly provided therefor, the resulting assessment shall be void and ineffectual.”
It added that Manila Doctors Hospital, which was under the name Manila Medical Services, Inc. in 2008, did not receive the final decision on the disputed assessment (FDDA) from the commissioner of internal revenue (CIR) as required under due process of the law.
Under the Tax Code, only the CIR or his duly authorized representative may authorize an examination of a taxpayer’s tax liabilities. Revenue officers can only conduct audits and assessments through an LoA issued by the CIR.
The High Court agreed with the CTA’s conclusion that the FDDA, which the CIR claimed to have issued to Manila Doctors Hospital, did not sufficiently explain why it denied its appeal to review the disputed assessment.
“While it is true that taxation is the lifeblood of the government, the power of the State to collect tax must be balanced with the taxpayer’s right to substantial and procedural due process,” the high tribunal said.
“To emphasize, the court has consistently held that in cases where the BIR conducts an audit without a valid LoA, or in excess of the authority duly provided therefor, the resulting assessment shall be void and ineffectual.” — John Victor D. Ordoñez
THE regalia of a global icon, freddie mercury’s incredible stage-worn crown and robe were a commission by his friend and costume designer diana moseley. Indelibly linked to freddie, he wore these for the rendition of “god save the queen” during his final tour with queen in 1986, ‘the magic tour’. Estimate £60,000–80,000. — SOTHEBYS.COM
THIS September, Sotheby’s London will host an expansive sale from the late pop superstar Freddie Mercury, with an estimated 1,500 items to be sold over the course of six auctions. It’s expected to bring in more than £6 million ($7.4 million), although the lots are still being cataloged, so totals and estimates could change.
THE regalia of a global icon, freddie mercury’s incredible stage-worn crown and robe were a commission by his friend and costume designer diana moseley. Indelibly linked to freddie, he wore these for the rendition of “god save the queen” during his final tour with queen in 1986, ‘the magic tour’. Estimate £60,000–80,000. — SOTHEBYS.COM
Every object will be taken from Mr. Mercury’s London home, known as Garden Lodge, which he bequeathed to his friend Mary Austin upon his death from AIDS-related complications in 1991. Ms. Austin has occupied the house ever since, and has “cared and loved these objects very carefully over the years,” says David Macdonald, head of single owner sales at Sotheby’s London. “I don’t think Mary used the things as Freddie did. I think she saw herself as a curator and caretaker — that was her overarching view of it.”
As a result, Mr. Macdonald says, visiting the house was like entering a time capsule. “I’ve never seen something like it,” he says. “It felt very archeological, going into that space.” Clothes, he says, are still hung in closets; fine china and silver appear as Mr. Mercury left it. “On one of my first days I opened a trunk and inside was a silver Tiffany mustache comb,” he says. “It was like, ‘Oh my God, of course.’”
With only a few exceptions, the contents of the house will be put up for sale. “For many years now, I have had the joy and privilege of living surrounded by all the wonderful things that Freddie sought out and so loved,” Ms. Austin said in a statement. “But the years have passed, and the time has come for me to take the difficult decision to close this very special chapter in my life.” A portion of the proceeds will go to the Mercury Phoenix Trust and the Elton John AIDS Foundation.
ROCK ’N’ ROLL ROYALTY Mr. Mercury’s famous crown and accompanying cloak, which he wore for the finale rendition of “God Save the Queen” during his last tour with Queen is estimated at £60,000 to £80,000. A jacket Sotheby’s has designated “military style,” which he wore for his 39th birthday party drag ball in Munich, is estimated between £10,000 and £15,000. Fans will also have the opportunity to purchase the waistcoat he wore for his final video, These Are the Days of Our Lives in 1991. The waistcoat’s silk panels boast hand-painted depictions of Mercury’s cats, Delilah, Goliath, Oscar, Lily, Romeo, and Miko. It’s estimated at £5,000 to £7,000.
There’s also major music memorabilia, including Mr. Mercury’s handwritten manuscript working lyrics to “We Are the Champions,” which is estimated between £200,000 and £300,000. His handwritten working lyrics to “Killer Queen”carry an estimate of £50,000 to £70,000.
FINE ART Mr. Mercury was also a prodigious collector of fine and decorative art. “There are definitely rock ’n’ roll elements, but there’s a considered, serious element to it as well, none more serious than his Japanese collection,” says Mr. Macdonald. Garden Lodge, he continues, “has a Japanese Room decorated with Japanese art and objects.” Lots include Utagawa Hiroshige’s 1857 woodblock print Sudden Shower Over the Shin-Ohashi Bridge and Atake, which is estimated between £30,000 and £50,000, and an embroidered, long-sleeve kimono, estimated between £5,000 and £8,000.
There are also Western objects, including an 1880 painting by Jacques Tissot, Type of Beauty, which is estimated from £400,000 to £600,000, and a Fabergé desk clock, which Mr. Mercury kept in his bedroom and is estimated between £30,000 to £50,000. The house is full of what Mr. Macdonald says is “very good” furniture. “I think people will be quite surprised,” he says.
AUCTION LINEUP Normally, even the largest single-owner collections are on public view for only a week or two at most in the lead-up to an auction. This time, though, “we’re doing an unprecedented thing, where we’re closing the building, installing all the lots, and then all will be on view from the start of August right through to the sale,” says Mr. Macdonald. (There will be touring exhibitions in New York, Los Angeles, and Hong Kong in June.)
The auctions will kick off with an evening sale on Sept. 6, followed by live daytime auctions on Sept. 7 and Sept. 8. Three online sales will go live on Sept. 1 and run through Sept. 11, 12, and 13, respectively.
“It’s so biographical and so glorious,” says Mr. Macdonald. “It’s basically Freddie: Fabulous in every sense of the word.”—Bloomberg
PXP Energy Corp. saw its attributable net loss for the first quarter widen to P6.08 million from P2.73 million in the same period last year on lower margins from its Galoc operations and higher interest expense.
In a stock exchange disclosure, PXP said its revenues for the quarter declined by 5% to P17.87 million from P18.81 million a year ago.
This came after the one completed lifting of about 136,087 barrels at $81.4 per barrel versus the 144,897 barrels from one lifting priced at $84.1 per barrel previously in Service Contract (SC) 14C-1 Galoc.
The listed oil and gas company said costs and expenses rose by 9.9% to P22.41 million from P20.40 million, driven by higher petroleum production costs along with general and administrative expenses.
PXP said the increased petroleum costs in SC 14C-1 Galoc went up to P10.94 million in the first quarter compared with P9.44 million a year ago. Other expenses increased by 4.6% to P11.47 million from P10.97 million.
Last month, the Department of Energy affirmed that the period from Oct. 14, 2020 until April 6, 2022 will be credited back to SC 72 and SC 75.
PXP told the stock exchange that once the force majeure is lifted, both service contracts will retain the equivalent remaining terms of the respective subphases before Oct. 14, 2020.
PXP holds a 50% interest in SC 75 located in northwest Palawan. Its subsidiary Forum Energy Ltd., in which PXP holds a direct and indirect interest of 79.13%, has a 70% participating interest in SC 72, also in northwest Palawan, through its wholly owned subsidiary Forum (GSEC 101).
On March 29, PXP said that the Energy department had granted its request to place SC 74 under a technical moratorium from Sept. 13, 2022 to Sept. 13, 2024.
This will allow PXP and its joint venture partners to conduct further studies and establish appropriate technology needed to increase the production rate and recoverable reserves from the Linapacan B field that will eventually “warrant economically viable production.”
At the local bourse on Thursday, shares in the company fell by seven centavos or 1.12% to end at P6.18 apiece. — Ashley Erika O. Jose
PHILIPPINE BUSINESS BANK, Inc. (PBB) saw its net income rise by 57.7% year on year in the first quarter, it said on Thursday.
PBB posted a net profit of P488.8 million last quarter, up from P310 million the year prior, it said in a disclosure to the stock exchange.
The bank said the increase came amid “strong contributions” from its risk assets.
Its financial statement was unavailable as of press time.
PBB’s first-quarter performance translated to a return on assets of 1.45% and a return on equity of 11.62%.
The bank’s core income stood at P718.5 million, while pre-tax pre-provision profit climbed by 41.9% to P827.2 million from P582.9 million in the comparable year-ago period.
Net interest income rose by 23.4% to P1.599 billion in the first quarter.
“PBB capitalized opportunities in the treasury market and generated trading gains of P108.7 million in the first three months of 2023,” PBB Chief Operating Officer Cynthia A. Almirez said.
“The bank continues to show resilience despite the global market uncertainties, domestic challenges, and interest rate hikes,” she added.
Loans and receivables grew by 15.98% year on year to P103.6 billion.
On the funding side, deposits were at P111.1 billion.
The bank’s resources stood at P134.7 billion at end-March.
Shareholders’ equity was at P16.8 billion, up by 19.18% year on year, as it raised P1.75 billion in fresh capital from a private placement and stock rights offering.
“This will better position the bank to capitalize on market opportunities and enhance its ability to grow its loan and investment securities portfolio to act as a foothold in generating higher income for 2023,” Ms. Almirez said.
PBB’s capital adequacy ratio stood at 13.56% in the first quarter, while its minimum liquidity ratio was at 21.77%.
The bank’s shares declined by 12 centavos or 1.56% to end at P7.56 apiece on Thursday. — AMCS
