Facebook Instagram Linkedin X Youtube
Home Blog Page 4931

SC grants CBK’s appeal to review refund claim

PHILSTAR

THE Supreme Court (SC) has granted the appeal of CBK Power Co. Ltd. o review its tax liabilities worth P50.06 million representing its creditable input taxes for the calendar year 2012.

In a 19-page decision, the High Court remanded the case to the Court of Tax Appeals (CTA) Special First Division to reassess the firm’s entitlement to the tax refund.

“Given this, the court deems it more prudent to remand the case to the CTA Special First Division for the purpose of reviewing the evidence submitted by CBK to ascertain if it has adequately established the presence of the foregoing requisites,” Associate Justice Maria Filomena D. Singh said in the ruling.

CBK manages and operates the Kalayaan II pump storage hydroelectric power plant and the New Caliraya Spillway in the province of Laguna.

The CTA full court had ruled that CBK was not entitled to its refund claim since its sales of the electricity generated through hydropower were already subject to zero-rated value-added tax (VAT).

Under the Renewable Energy  Act of 2008, RE developers are entitled to a 0% VAT on purchases of domestic goods and services for the development and construction of plant facilities.

The High Court disagreed with the CTA, saying the power firm was not entitled to zero-rated sales since it had not shown that it was registered with the Department of Energy (DoE).

Citing the DoE’s implementing rules and regulations, it said RE developers with valid certificates of registration with the department can avail of fiscal incentives provided under the law.

“In fact, CBK has consistently stated in its pleadings both in the CTA and before the Court that it has not registered with the DoE and is thus not entitled to VAT at zero rate,” the high tribunal said.

“Thus, even as the Court reverses the CTA En Banc’s assailed decision and assailed resolution, it cannot make a factual and definitive finding as to whether CBK is entitled to a tax refund and if so, the amount of such refund.” — John Victor D. Ordoñez

EntertainmentNews (04/25/23)

Boy band A1 coming to PHL

POP boy band, A1, is celebrating its 25th anniversary with a concert, A1: TWENTY FIVE – MANILA, at the New Frontier Theater in Quezon City’s Araneta City, on Oct .14. Tickets will go on-sale starting Friday, April 28, at noon. They will be available at all Ticketnet outlets or by logging on to www.ticketnet.com.ph. Call (02) 911-5555 for more information. The popular British-Norwegian boy band is going on tour — aptly called TWENTY FIVE — to celebrate their 25th anniversary in the music industry. A1 last performed in the Philippines in 2018. A1 has been performing with its original line-up — Paul Marazzi, Christian Ingebrigtsen, Mark Read, and Ben Adams — since Marazzi re-joined the group in 2018 for their 20th Anniversary Reunion Tour. Presented by Concert Republic, tickets to A1: TWENTY FIVE – MANILA range in price from P2,750++ to P5,250++.

SB19’s Josh Cullen gives hip-hop twist to new love song

AFTER debuting as a solo star with the song “Wild Tonight,” SB19’s Josh Cullen has released a follow-up single under Sony Music Entertainment. Titled “Pakiusap Lang,” the love song is meshed with trap-laden beats and hip-hop verses. “The lyrics came from my heart, and I wanted to make sure the arrangement and sonic vibe reflected my Filipino hip-hop side,” Mr. Cullen said in a release. “My cousin and his friends helped out with the chorus, and we all had a good time putting it together.” An accompanying music video will soon be released. Directed by frequent collaborator Toothless (who also helmed the MV of SB19’s “Bazinga), it also stars KAIA members Angela and Charice, who play the main characters in the music video. “Pakiusap Lang” will be included in Josh Cullen’s upcoming debut EP, which will be released sometime this year. “Pakiusap Lang” is out now on all digital music platforms worldwide via Sony Music Entertainment.

Love Again opens only in SM Cinemas on May 10

“I LOVE LOVE STORIES,” says Jim Strouse, writer and director of the new romantic comedy Love Again, in a statement. Starring Priyanka Chopra Jonas, Sam Heughan, and Celine Dion (playing herself in her first film role), and featuring multiple new songs from Ms. Dion, Love Again opens exclusively in SM Cinemas on May 10. “This felt like a fantastic opportunity to tell a classic, romantic story that was hugely relevant,” said producer Erica Lee. “I loved the idea that for these characters, these text messages sent into the ether become the magical thing that brings them together.” In Love Again, Mira Ray (Priyanka Chopra Jonas), a children’s book author and illustrator, deals with the loss of her fiancé by sending a series of romantic texts to his old cell phone number. What she doesn’t know is that those texts are being received by Rob Burns (Sam Heughan), whose new work phone has inherited that old number. Rob, a music journalist, is skeptical about love. He is struck by the emotional honesty of the texts, which begin just as he is trying to wrap his cynical mind around the heartfelt, emotional music of Celine Dion for a profile he’s been assigned. He finds that the legendary singer just might hold the key to all the answers he’s been looking for. Love Again is distributed in the Philippines by Columbia Pictures, local office of Sony Pictures Releasing International.

Fast X coming to local cinemas on May 17

FAST X, the 10th film in the Fast & Furious franchise, launches the final chapters of one of cinema’s most popular global franchises, now in its third decade and still featuring the same core cast and characters. From Universal Pictures International, Fast X is coming to Philippine cinemas on May 17. Over many missions and against impossible odds, Dom Toretto (Vin Diesel) and his family have outsmarted and outdriven every foe. Now, they confront a terrifying threat emerging from the shadows of the past who’s fueled by blood revenge. Directed by Louis Leterrier, Fast X stars returning cast members Vin Diesel, Michelle Rodriguez, Tyrese Gibson, Chris “Ludacris” Bridges, Nathalie Emmanuel, Jordana Brewster, Sung Kang, Jason Statham, John Cena and Scott Eastwood, with Helen Mirren and Charlize Theron. Joining the cast are Brie Larson, Alan Richston, Daniela Melchior, and Rita Moreno as Dom and Mia’s Abuelita Toretto.

ANIMA Short Film Lab’s Hito joins Vienna Shorts

FRESH off the reels of the Berlinale’s Generation14plus, ANIMA Short Film Lab entry Hito is set to screen at another international film festival, the 20th edition of Vienna Shorts happening from June 1 to 6.  cinematic experience for film enthusiasts around the world. In Hito, director Stephen Lopez weaves together elements of science fiction, drama, and action to tell the story of Jani, a young girl living in an alternate version of Manila, who develops an unlikely bond with Keifer, a rehabilitated catfish-shaped bioweapon. Their odd friendship leads Jani to confront the harsh realities of her violent society and the authoritarian regime that governs it. ANIMA Short Film Lab guides aspiring filmmakers to balance the occupational realities of filmmaking and their unique perspective as artists. Every year, Vienna Shorts features around 300 films from all over the world to reach global audiences.

Duo Sofi Tukker releases new single

SOFI Tukker, the Grammy-nominated duo comprised of Sophie Hawley-Weld and Tucker Halpern, have released their new single, “Jacaré,” on Ultra Records. Accompanying the track is the colorful new music video filmed on location in Rio de Janeiro. “Jacaré” is simultaneously a tribute to both the beauty of Brazil and the LGBTQ+ community at large. With elements of electronic, house and jazz influences, “Jacaré” was penned as an ode to Brazil and its inherent sensuality. The lyrics were written by Sophie who is fluent in Portuguese, and longtime collaborator and Brazilian poet Chacal. “‘Jacaré’ means alligator in Portuguese but it’s also a derogatory word for women who like women. We wanted to take the word and flip it into something positive and joyful rather than a term used as an insult or threat,” the duo said in a statement. “This song is super fun and sexy and inspired by our time in Brazil… It’s a celebration of Brazil, of women and the LGBTQ+ community.”

HBO’s limited series White House Plumbers opening May 2

FROM David Mandel, Alex Gregory, and Peter Huyck (HBO’s Veep) and starring Woody Harrelson and Justin Theroux, the five-episode limited series White House Plumbers debuts May 2 on HBO and will be available to stream on HBO GO. White House Plumbers takes the audience behind-the-scenes of the Watergate scandal as Nixon’s political saboteurs, E. Howard Hunt (Woody Harrelson) and G. Gordon Liddy (Justin Theroux), accidentally topple the presidency they were zealously trying to protect… and their families along with it. Chronicling actions on the ground, this satirical drama begins in 1971 when the White House hires Hunt and Liddy, former CIA and FBI, respectively, to investigate the Pentagon Papers leak. After failing upward, the unlikely pair lands on the Committee to Re-Elect the President, plotting several unbelievable covert ops — including bugging the Democratic National Committee offices at the Watergate complex. Proving that history can sometimes be stranger than fiction, White House Plumbers sheds light on the lesser-known series of events that led to one of America’s greatest political crimes. Cast includes Lena Headey, Judy Greer, Domhnall Gleeson, Toby Huss, Ike Barinholtz, Kathleen Turner, Kim Coates, Yul Vazquez, Alexis Valdés, Nelson Ascencio, F. Murray Abraham, and John Carroll Lynch.

Clara Benin releases new song

FILIPINO singer-songwriter Clara Benin drops a song about leaving the past behind, and embracing the newness that comes with it. On her new single “small town,” the artist acknowledges that the world is changing and that unlearning people and places could be an enriching way of taking control of one’s life and destiny. “[The song] was inspired by my high school experience living in the province, where it was inevitable to bump into someone you know when you’re out in public,” Ms. Benin said in a statement. “It’s a post-breakup song about trying to find yourself again and struggling because everything around you reminds you of your ex.” The pensive pop-rock lullaby was written by Ms. Benin and Gabba Santiago and produced by Sam Marquez and Tim Marquez of One Click Straight. The song serves as Ms. Benin’s last single before she releases her first studio album in eight years. According to Benin, the up-and-coming record reflects her growth as a singer-songwriter whose work displays vulnerability and versatility in equal measure. Clara Benin’s “small town” is out now on all digital music platforms via OFFMUTE.

DMCI Homes expands into leisure residences

DMCI Homes Leisure Residences will soon launch a new condotel in San Juan, Batangas. — COMPANY HANDOUT

DMCI Homes is expanding into the leisure property market, with plans to launch projects in Batangas, Benguet Province and Laguna.

The Consunji-led developer said it will introduce its new sub-brand, DMCI Homes Leisure Residences, with a tropical beach park “condotel” in San Juan, Batangas by mid-2023.

DMCI Homes President Alfredo Austria said San Juan’s tourist attractions, ranging from beaches to old churches makes it the ideal location for DMCI Homes Leisure Residences’ first project.

“The aim of DMCI Homes Leisure Residences is to offer holistic holiday experiences that exude comfort, wellness, and refined indulgence, setting it apart from other properties in its category,” Mr. Austria said in a statement.

The company also plans to launch projects featuring the hot springs in Laguna, as well as offering mountain views in Tuba, Benguet Province.

“With DMCI Homes Leisure Residences, we aspire to replicate DMCI Homes’ brand of superior value in each leisure property by offering quality products and premier services fully experienced in upscale resort hotels and leisure communities, at price points that will delight value-discerning clientele,” Mr. Austria said.

DMCI Homes Leisure Residences is the company’s second sub-brand, after DMCI Homes Exclusive, which targets the luxury market.

DMCI Homes is said to be the Philippines’ first Quadruple A developer, having turned over 53,864 residential units in over 85 launched projects as of February 2023.

CTA grants part of Mitsui’s tax refund claim of around P26M

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) has partially granted Mitsui & Co.’s refund claim in the amount of P25.75 million representing its excess input tax for the period covering April 1, 2008 to March 31, 2015.

In a 35-page decision on April 18 and made public on April 20, the tribunal said Mitsui presented sufficient evidence to show its input tax carried over from April 1 to June 30, 2008.

“The burden of evidence thus shifted to the Bureau of Internal Revenue (BIR), who has the burden to show that the petitioner’s input tax carried over from the previous period does not exist or is invalid,” it said.

The petitioner is the Philippine branch of the Japan-based trade company.

Under the country’s revenue code, unutilized or unused input tax may be traced to zero-rated sales that do not translate to any output tax.

Citing prior Supreme Court jurisprudence, the tribunal noted that Mitsui canceled its registration of business in the Philippines in 2011, which in effect canceled its registration for value-added tax (VAT).

“Thus, after a judicious examination of the invoices and receipts and the computation of both parties, we rule that the petitioner is entitled to a partial grant of its claim for refund of unused input VAT upon cancellation of registration under the National Internal Revenue Code of 1997,” the tax court said.

In a separate dissenting opinion, Associate Justice Jean Marie A. Bacorro-Villena said the rule on granting a tax refund on the basis of the cancellation of VAT registration cannot be applied in the case.

She said other taxpayers would be given the option to accumulate creditable input only to recover them through a refund claim.

Ms. Bacorro-Villena noted the previous High Court ruling cited by the tax court specifically dealt with excess input VAT traced to zero-rated sales, while Mitsui’s case sought to refund “any unused input VAT” due to the cancellation of VAT registration.

“Thus, notwithstanding the similarities in phraseology as highlighted in the ponencia, the Court En Banc is precluded from applying the ruling in Chevron to the herein case,” the magistrate said. — John Victor D. Ordoñez

Gov’t partially awards T-bills as rates rise

BW FILE PHOTO

THE GOVERNMENT made a partial award of the Treasury bills (T-bills) it auctioned off on Monday amid tepid demand, with yields inching closer to benchmark borrowing costs.

The Bureau of the Treasury (BTr) raised just P10.572 billion from its offer of T-bills on Monday, lower than the P15-billion program, with total bids reaching P17.553 billion.

Broken down, the Treasury borrowed just P2.607 billion from the 91-day T-bills, with tenders reaching only P4.417 billion or below the P5-billion plan. The average rate of the three-month paper rose by 31.90 basis points (bps) to 5.869% from the 5.55% seen at last week’s auction, with accepted yields ranging from 5.745% to 5.95%.

The BTr likewise raised only P3.236 billion via the 182-day debt papers, lower than the P5-billion program, despite bids reaching P6.146 billion. The average rate of the six-month T-bill went up by 18.10 bps to 5.993% from 5.812% last week. Accepted yields were from 5.89% to 6.15%.

Lastly, the government made a partial P4.729-billion award of the 364-day securities, short of the P5-billion plan, even as demand for the tenor stood at P6.99 billion. The one-year paper was awarded at an average rate of 6.209%, rising by 13.60 bps from 6.073% the previous week, with accepted rates ranging from 6.10% to 6.25%.

At the secondary market on Monday, the 91-, 182-, and 364-day T-bills were quoted at 5.648%, 5.919%, and 6.1475%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

“The Auction Committee partially awarded bids for Treasury bills (T-bills) at today’s auction. Average rates for the 91-, 182-, and 364-day T-bills were capped at 5.869%, 5.993% and 6.209%, respectively,” the BTr said in a statement on Monday.

“The auction was 1.2 times oversubscribed with total tenders reaching P17.6 billion. With its decision, the Committee raised P10.6 billion of the P15-billion total offering,” it added.

The Treasury made a partial award of its offer as investors wanted higher yields, a trader said in a Viber message.

The trader noted that T-bill rates are almost at par with the Bangko Sentral ng Pilipinas’ (BSP) key rate already.

“Treasury bill auction yields continued to go up week-on-week, moving closer to the local policy rate of 6.25%,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message.

The BSP’s policy-setting Monetary Board last month hiked benchmark interest rates by 25 bps to help bring down elevated inflation. This brought its key rate to 6.25%.

Since May 2022, the central bank raised borrowing costs by a total of 425 bps.

The BSP’s next policy meeting will be held on May 18.

BSP Governor Felipe M. Medalla said this month that the Monetary Board may consider pausing its tightening cycle at its meeting next month if inflation eases further in April.

Headline inflation slowed to 7.6% in March from 8.6% in February, bringing the first-quarter average to 8.3%, well above the central bank’s forecast of 6% and 2-4% target for this year.

The Philippine Statistics Authority will release April inflation data on May 5.

Monday’s T-bill auction was the last for April. The Treasury raised P46.447 billion via T-bills out of the P60-billion program for the month after it made partial awards at all four auctions.

On Tuesday, the BTr will offer P25 billion in fresh seven-year Treasury bonds.

The government borrows from local and external sources to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — A.M.C. Sy

Hasbro is in talks to sell Yellowjackets studio to its founder

HASBRO, INC. is in talks with Entertainment One (EOne) founder Darren Throop to sell most of the film and TV studio’s assets back to him, according to people familiar with the matter.

Throop, who previously served as chief executive officer of EOne, is among the leading bidders, said the people, who asked not to be identified because the discussions are private. He has the backing of private equity firm CVC Capital Partners. Hasbro and Throop declined to comment. CVC didn’t immediately respond to a request.

EOne was created from the merger of several music distributors and expanded into Hollywood in the 2000s. Recently produced titles include the film The Woman King and the TV series Yellowjackets, which airs on Showtime.

Hasbro, which gained the popular Peppa Pig kids franchise when it acquired the studio in 2019 for $4 billion, has been selling EOne divisions it doesn’t consider central to its strategy. In 2021, Hasbro sold EOne’s music business to Blackstone, Inc. for $385 million. In November, the toymaker asked JPMorgan Chase & Co. and Centerview Partners to steer a sale of EOne after CEO Chris Cocks said potential buyers expressed interest.

Deadline reported earlier this week that CVC was a suitor.

The units on the block include EOne’s film and TV production business, and a library of about 6,500 titles. Those include the reality show Naked and Afraid and a distribution arm for popular series such as The Walking Dead. They account for $1 billion in revenue, or about 16% of Hasbro’s total.

Mr. Cocks has said that Hasbro will invest the proceeds in its gaming brands, which include Magic: The Gathering and Dungeons & Dragons, as well as in new films based on its franchises and to pay down debt. — Bloomberg

Filinvest Land expects robust growth in occupancy this year

FILINVEST Land, Inc. expects robust occupancy growth for the year as it aims to build back its revenue streams amid higher demand for its non-real estate investment trust (REIT) assets, the company’s top official said during its annual stockholders’ meeting on Monday.

“We have seen an increase in demand in 2023 for our non-REIT assets given their strategic locations, and [we] are confident of occupancy recovery by 2024,” Filinvest Land Chief Executive Officer Lourdes Josephine Gotianun-Yap said in a briefing.

“We have set our priorities going forward. Our first order of business would be to build back revenue streams to pre-pandemic levels on our growing asset base,” Ms. Gotianun-Yap added.

She said that the company aims to return to its pre-pandemic compounded annual growth rate for its residential and rental businesses. These segments reported pre-pandemic growth of 17% and 21%, respectively.

Additionally, Filinvest Land President Tristaneil D. Las Marias said that the company will renew its focus on its estate and township developments.

“We are designing [them] to accommodate different land uses from residential and commercial, even industrial, and institutional land use. This approach will allow us to create fully integrated and self-sufficient communities, catering to the diverse needs of our customers,” Mr. Las Marias added.

These will mostly be located within the company’s 2,356-hectare land bank.

Meanwhile, the company aims to construct ready-built factories for its industrial segment, which might be located in Calamba, Laguna and in New Clark City. The company aims to finish construction by the third quarter of 2023.

“We are designing our large-scale integrated projects to become the stage for new and relevant products that will catalyze progress in the community where we are present,” he said.

Shares in Filinvest Land on Monday went up by 1.32% or 10 centavos to close at P0.77 each. — Adrian H. Halili

Landco’s Club Laiya hosts PHL beach volleyball teams for 1 year

LANDCO Pacific Corp.’s resort estate Club Laiya will serve as the official training camp of the country’s beach volleyball teams for one year.

The Philippine National Volleyball Federation (PNVF) and Landco Pacific recently signed a one-year partnership agreement from January to December 2023.

“We gladly and sincerely appreciate this partnership with Club Laiya on the beach volleyball training camp. The timing is perfect, now that we achieved a breakthrough on the global beach volleyball stage,” PNVF President Ramon Suzara said in a statement.

As part of the deal, two beach volleyball courts were built at Club Laiya.

Ten of the 18 members of the national men’s and women’s teams will hold camp seven days a week in Batangas. The rest of the national athletes, who are still students, will be in Laiya on weekends.

“It’s our privilege at Landco to support the Philippine national beach volleyball teams in Club Laiya as they undergo rigorous training and are set to make the country proud when they compete in upcoming international tournaments,” Landco Pacific President and CEO Erickson Y. Manzano said in a statement.

Mr. Manzano said the national beach volleyball team’s practice sessions will also help in promoting sports tourism in Batangas.

Adjacent to Landco’s Playa Laiya, the 23-hectare Club Laiya is a master-planned and premier resort community with a mix of private residential lots, buildings, commercial spaces, and tourist hubs.

Landco is a subsidiary of Metro Pacific Investments Corp. (MPIC). MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT, Inc.

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.

EastWest Bank expects 2022 growth momentum to be sustained this year

EAST WEST Banking Corp. (EastWest Bank) expects its growth momentum to be sustained this year despite a challenging interest rate environment, its new chief executive officer (CEO) said on Monday.

The lender’s growth momentum in the second half of 2022 has continued to the first quarter of this year, newly appointed EastWest Bank CEO Jerry G. Ngo said at a virtual briefing on Monday after the lender’s annual stockholders’ meeting.

“We are very glad to see [that growth has] been consistent. We are obviously hoping this would continue to an even increase in the latter parts of the year… 2023 should be much better than 2022,” Mr. Ngo said.

“We’re very optimistic this year, although it is not without its challenges, the first one being the interest rate environment really affecting all banks in the country. Secondly, we’re also heavily investing in technology, so we [should have] a larger income base to support that kind of continuous investment,” he added.

EastWest Bank saw its net income rise by 2.4% to P4.6 billion in 2022 from the P4.5 billion on the back of double-digit growth in its core revenues amid “the increase in loan releases and buildup of fixed-income securities during the second half of the year in line with the country’s economic recovery,” it said in its annual report disclosed to the stock exchange last week.

This translated to a return on equity of 7.7%, down from 7.9% the year prior. Return on assets was steady at 1.1%, with the bank’s assets growing 4% year on year to P421.4 billion.

“The full-year impact of our 2022 asset buildup will be felt this year in our core income performance. The growth momentum should improve this further as we exceed pre-pandemic asset levels,” Mr. Ngo said in a separate statement.

He said on Monday that the bank is ensuring it has sufficient liquidity to support loan growth amid a high interest rate environment. 

“The overall market has been affected by rising interest rates, and so that’s something we’re very focused on in ensuring we continue to have sufficient liquidity to support loan growth. So far, so good,” Mr. Ngo said. 

He also expects strong growth in the bank’s car loans and consumer loans amid strong pent-up demand.

EastWest Bank’s gross loans increased by 20% to P258.7 billion in 2022 as consumer loans rose amid the economy’s continued recovery.

Consumer loans, which accounted for 73% of the bank’s loan book, grew by 22% to P190 billion as teacher’s loans and credit cards increased by 96% and 24%, respectively.

“The teacher’s loans portfolio grew as private lending institutions were allowed by DepEd (Department of Education) to start offering 5-year term loan to teachers (from 3 years previously). Meanwhile, credit cards portfolio growth was driven by consumer spending that drove retail and installment billings up,” the bank said in its annual report.

“In contrast, auto and mortgage loans declined by P652.5 million combined from [2021], as new loan releases were still not enough to cover for maturities. Personal loans, however, have started growing again towards the end of the year, growing by 9%, driven by demand and normalization of credit policies,” it added.

Meanwhile, corporate loans went up by 13% to P68.7 billion.

Asked about his outlook on interest rates, Mr. Ngo said the Bangko Sentral ng Pilipinas (BSP) may need to keep in step with the US Federal Reserve’s moves to support the peso while considering the current economic situation.

“The BSP is keeping a really good approach so far, there is a big focus on controlling inflation. While there are still talks about interest rate hikes, I think [hikes] would be more subdued. The pace of increases may be more modest going forward,” he said.

The Philippine central bank has raised benchmark interest rates by 425 basis points (bps) since May last year, bringing its policy rate to 6.25%, the highest since 2007.

Meanwhile, the US central bank has hiked borrowing costs by 475 bps since March 2022, with the fed funds rate now at a 4.75%-5% range.

The appointment of Mr. Ngo as the bank’s new CEO came after the retirement of former EastWest Bank President Antonio C. Moncupa, who was with the lender for 16 years, at the end of the 2022.

The bank has appointed new EastWest President Jacqueline S. Fernandez, who assumed her role in the second half of 2022, while Mr. Ngo assumed the CEO position in January 2023. — K.B. Ta-asan

Rust charges against Alec Baldwin formally dismissed

ACTOR Alec Baldwin in a scene from Rust. — IMDB

TAOS, New Mexico — New Mexico special prosecutors on Friday dropped charges against actor Alec Baldwin in the 2021 shooting death of Rust cinematographer Halyna Hutchins, marking what many legal analysts said was a logical conclusion to a flawed prosecution.

The move followed new evidence about the gun Mr. Baldwin was holding when it fired the bullet that killed Ms. Hutchins during the movie’s filming in Santa Fe, New Mexico, a person close to state prosecutors said.

The information undermined the prosecution’s case after a series of legal fumbles, pushing them to dismiss charges ahead of a May hearing when a judge was to decide whether there was sufficient evidence to try Mr. Baldwin and Rust armorer Hannah Gutierrez-Reed.

“The case is dismissed without prejudice and the investigation is active and ongoing,” prosecutors Kari Morrissey and Jason Lewis said in a filing.

Prosecutors continued to charge Ms. Gutierrez-Reed, 25, with involuntary manslaughter. She has said she loaded the live round into the gun mistaking it for a dummy round. The preliminary hearing on her case was pushed to Aug. 9.

The dismissal of the same charge against Mr. Baldwin came after his attorney last week presented evidence that the reproduction Colt .45 used by Mr. Baldwin had been modified with new parts since its manufacture by Italian gunmaker F.LLI Pietta.

The information compromised the prosecution’s argument that the gun was in full working condition and could only fire if Mr. Baldwin had recklessly pulled the trigger, according to the person familiar with the case.

Special prosecutors said they might refile charges against Mr. Baldwin once new evidence was examined, though legal experts doubted it.

“This very weak case against Baldwin should never have been filed in the first place,” said Ambrosio Rodriguez, a former prosecutor with Riverside County District Attorney’s Office, California.

Filming of Rust resumed in Montana last week with many of the same principal actors, including Mr. Baldwin, and was expected to be completed in May.

Rust Movie Productions (RMP) said in February it would not restart filming in New Mexico, without citing a reason. A Santa Fe prosecutor charged Mr. Baldwin and others in January. — Reuters

Robinsons Land posts 90% income surge

REAL ESTATE firm Robinsons Land Corp. (RLC) reported a net income of P2.66 billion during the first quarter due to the strong performance of its business units, it said in a disclosure on Monday.

“We posted robust first-quarter numbers right after a record year. This is a result of the strategic initiatives we continue to pursue on the back of strong fundamentals and a solid balance sheet,” Robinsons Land President and Chief Executive Officer Frederick D. Go said in a statement.

The company placed the growth in its attributable net income for the quarter at 90%. Consolidated revenues increased by 39% to P9.28 billion compared to the prior year.

Its investment portfolio saw a 38% growth to P6.77 billion in the January-to-March period. This made up 73% of its consolidated revenues for the quarter, mainly driven by its malls and hotels.

For its property developments, the company reported a 42% rise in revenues to P2.51 billion due to improved revenue recognition from its residential business and earnings from equity shares in joint venture projects.

“The company expects its joint venture projects to be a meaningful contributor to its bottom line in the succeeding quarters,” Robinsons Land said.

RESULTS OF BUSINESS UNITS
Robinsons Malls’ revenues went up by 46% during the three-month period to P3.91 billion, making up 43% of consolidated revenues for the period. Rental revenues jumped by 55% to P2.79 billion.

“Notwithstanding the strong impact of holiday shopping in the fourth quarter of 2022, mall revenues still managed to grow by 3% and rental revenues by 5%,” the company said.

Total leasable space for its malls stood at 1.6 million square meters (sq.m.) with over 8,000 retailers and a 91% system-wide occupancy rate.

Robinsons offices’ top line rose to P1.85 billion, up by 4% from the prior year, due to sustained occupancy rates in its high-quality office projects.

“The company’s office portfolio consists of 31 office buildings with 741,000 sq.m. of gross leasable space, located in major central business districts, key cities, and urban areas. 15 of its office assets have been infused into RLC’s flagship real estate investment trust,” it added.

Revenues from Robinsons Hotels and Resorts (RHR) saw a 162% growth to P879 million, while it reported a 70% surge from pre-pandemic revenues.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to P167 million and its earnings before income tax to P23 million.

“RHR is the largest hotel developer and operator in the Philippines with a multi-branded portfolio of 30 hospitality developments, including four (4) properties under franchise agreements,” the company said.

Robinsons Logistics and Industrial Facilities reported P137 million in revenues during the first quarter. Its EBITDA saw an 18% increase to P130 million.

The company also recorded property development revenues of P119 million due to the sales of parcels of land to joint venture entities, EBITDA for developments was at P46 million.

Meanwhile, RLC Residences and Robinsons Homes had a realized revenue of P2.38 billion, a 68% year-on-year surge. Earnings from equity shares of joint ventures were at P293 million.

Its net sales from reservations were at P5.62 billion, up 93.8% from P2.9 billion the prior year.

Residential sales from joint venture projects more than doubled to P4.98 billion.

For the first quarter, the company spent P4.52 billion in capital expenditures, which was used to develop its malls, offices, hotels and warehouse facilities, for the acquisition of land, and for the construction of its residential projects.

To date, the company has more than 800 hectares of land bank nationwide and continues to be on the lookout for the expansion of its various businesses.

On Monday, shares in Robinsons Land fell by 0.29% or four centavos to P13.96 apiece. — Adrian H. Halili

Sta. Lucia touts golf courses in south Luzon

SUMMIT POINT gives golfers a chance to play with Malarayat Mountain Range in the background. — COMPANY HANDOUT

STA. LUCIA LAND, Inc. has developed several premium golf courses, designed by renowned golf course designers and architects, in southern Luzon.

EAGLE RIDGE GOLF AND COUNTRY CLUB
The Eagle Ridge Golf and Country Club, located in General Trias, Cavite, offers four 18-hole fairways, golf club villas and a town center. The golf courses were designed by top golfers Isao Aoki, Nick Faldo, Andy Dye and Greg Norman.

“The Faldo course is said to be the most challenging one in the country, with ravines and a mix of high and low slopes that are sure to test even the pros,” Sta. Lucia Land said.

SUMMIT POINT GOLF & COUNTRY CLUB
Located in Lipa City, Batangas, the Summit Point golf course was designed by Robert Trent Jones, Jr.

“(This) showcases the ‘World 18’ concept, wherein 18 of the world’s best holes will be simulated within the course,” Sta. Lucia Land said.

ORCHARD GOLF AND COUNTRY CLUB
The Orchard Golf and Country Club, located in Dasmariñas, Cavite, has been named one of the top golf courses in Asia and one of the top three courses in the country. It features two 18-hole championship courses designed by golfing legends Arnold Palmer and Gary Player.

The Palmer Course is a traditional parkland layout with fairways winding through the mango groves and punctuated by lakes and large bunkers.

Orchard Golf also has a clubhouse with over 15,000 square meters of floor space, a grand ballroom, a 12-lane bowling alley, a basketball and volleyball court, tennis courts and badminton courts, a swimming pool and kiddie pond, children’s playrooms, a fitness gym and salon, and even a small movie theater.

1...4,9304,9314,932...14,215Page 4,931 of 14,215
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube