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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.

Tala partners with UnionDigital Bank to launch online wallet

TALA Philippines on Monday inked a partnership with Union Bank of the Philippines, Inc.’s online lender to launch its electronic wallet.

“Tala is strengthening its foothold in the Philippines by partnering with UnionDigital Bank. Tala wallet is powered by UnionDigital, and this signifies a major step forward for Tala toward enabling Filipinos’ financial freedom,” Tala Philippines Chief Product Officer Jori Pearsall said at the signing event.

The new digital wallet will serve as an “all-in-one app that allows our customers to borrow, pay, and send their money free of charge,” Mr. Pearsall added.

“With this partnership, Tala moved from being strictly a lending app to providing a full range of financial services for our customers,” Tala Product Senior Vice-President Nick Norcross said.

He added that through the new app, customers can pay their bills with no transaction fees, send transfers for free, and manage both their credit and funds.

Mr. Norcross told BusinessWorld on the sidelines of the event that Tala Philippines is looking to book a million users by the end of this year.

He added that loan demand remains fairly high, noting that for the sector they serve, demand is driven by their customers’ day-to-day needs.

The partnership will also help both Tala Philippines and UnionDigital Bank to expand their customer base as they cater to different market segments.

“They service a lower income segment than we do. We service a middle to higher income segment. There’s potentially a win-win there that we can collaborate,” UnionDigital Bank Chief Commercial and Revenue Officer Mike Singh said at the event.

The digital lender could also provide Tala Philippines with capital once they grow their loan portfolio, Mr. Singh added.

UnionDigital Bank President and Chief Executive Officer Henry R. Aguda said through the partnership, they are looking to help finance underserved or unserved sectors, including agricultural micro, small, and medium enterprises, and overseas Filipino workers.

“Just like Tala, UnionDigital Bank is committed to financial inclusion and is dedicated to empowering those who have been excluded from the formal financial sector. And there’s still a lot of them. Mind you, it’s not just the unbanked, but also the underbanked,” he said.

The Bangko Sentral ng Pilipinas aims to bring at least 70% of Filipino adults into the financial system and to have 50% of total retail transactions done digitally by this year under its Digital Payments Transformation Roadmap. — A.M.C. Sy

CoComelon is about to become a movie courtesy of universal

THE PRODUCERS of CoComelon, the popular children’s YouTube channel and Netflix show, are developing a movie based on the successful animated characters, according to people familiar with the matter.

Moonbug Entertainment Ltd. is working with DreamWorks Animation to create the film and aims to release the picture in theaters, said the people, who asked not to be identified because the project is still in development and could fall apart.

Moonbug, which also makes the children’s hit Blippi, is working to turn CoComelon into a worldwide entertainment franchise. The brand is already the kings of kids on YouTube. The channel has more than 158 million subscribers, and its videos have been viewed more than 100 billion times.

Most of the largest kids’ entertainment franchises began as movies, TV shows, books, or toys. Moonbug is taking CoComelon from YouTube into these other industries. The company produces CoComelon programs for Netflix Inc. that rank among the paid streaming service’s most-popular shows.

The company has also announced plans to launch a themed CoComelon playground at a resort in the Dominican Republic and has partnered with Cameo, which sells paid celebrity shoutouts, to launch artificial intelligence-produced, customized videos to send to fans. Parents can buy a happy birthday message, for example, starring the show’s main characters.

Moonbug was founded in 2018 by Rene Rechtman and John Robson, who previously worked in web video at other companies. Candle Media, an independent entertainment studio backed by Blackstone Inc. and founded by former Walt Disney Co. executives Kevin Mayer and Tom Staggs, acquired Moonbug in 2021 for $3 billion.

At the time, Mr. Mayer told Bloomberg News the “best intellectual property for children is digital in origin — it happens on YouTube.” CoComelon, which is aimed at preschoolers, features animated characters singing nursery rhymes and other kid-appropriate songs.

Universal Pictures, which owns DreamWorks Animation, has challenged Disney in kids’ entertainment. Its current release, the Illumination Entertainment feature The Super Mario Bros. Movie, is the biggest movie of the year so far. The film has grossed more than $700 million globally after opening earlier this month.

DreamWorks Animation produces the Shrek franchise, including the spinoff Puss in Boots: The Last Wish. — Bloomberg

Philippines ranks 98th in World Citizenship Report

The Philippines’ overall score dipped to 50.2 out of 100 from 52.1 a year ago in the 2023 edition of CS Global Partners’ World Citizenship Report (WCR). Despite this, the country’s rank moved up three places to 98th out of 188 countries, the fourth lowest in the region. The report assesses the countries across five citizenship dimensions (or motivators) valued by the high-net-worth investors across the globe.

Philippines ranks 98<sup>th</sup> in World Citizenship Report

How PSEi member stocks performed — April 24, 2023

Here’s a quick glance at how PSEi stocks fared on Monday, April 24, 2023.

Pilgrimage to Zambales to visit modern, heritage churches

DIOCESE of Iba — INA POONBATO SHRINE/FACEBOOK PAGE

A PILGRIMAGE that will visit both modern and heritage churches in Zambales is being organized by Green Faith Travels.

A nine-year-old nonprofit Catholic pilgrimage apostolate, Green Faith Travels will bring pilgrims to Zambales for its annual Easter pilgrimage (held post Easter this year) from May 6-7.

Stops include the Cathedral of St. Augustine in Iba and the diocesan shrines of St. Therese of the Child Jesus, the former Carmelite Monastery of the Holy Spirit in Subic town, and San Andres Apostol in Masinloc, all in the Diocese of Iba.

Other stops are the parish churches of St. James in Subic, St. Nicholas de Tolentino in Castillejos, St. William in San Marcelino, Holy Infant Jesus in San Antonio, St. Sebastian in San Narciso, San Roque in San Felipe, St. Rose of Lima in Cabangan, Sta. Monica in Botolan, and St. Michael the Archangel in Sta. Cruz.

The tour includes a chance to visit the image of the patroness of Zambales, Ina Poonbato, at its shrine in Botolan. Her devotees call the image “Apu Apang,” inspired by its original title, Nuestra Señora de la Paz y Buen Viaje or Our Lady of Peace and Good Voyage. “Apang” is a term for peace.

Forty slots are available for a fee of P10,000 per pilgrim, which covers bus transport, overnight hotel accommodation, all meals and snacks, and a pilgrim’s kit. Deadline for payment is April 25.

Reservations are now being accepted for other pilgrimages organized by Green Faith Travels. These are: the Feast of San Isidro Labrador-Pahiyas Festival in Lucban, Quezon on May 15; and a Marian Pilgrimage to the Minor Basilica of Our Lady of Rosary in Manaoag, Pangasinan and churches of Baguio City from Oct. 7-8.

Formed in 2012, Green Faith Travels has organized more than 25 major pilgrimages. It holds yearly Lenten, Easter, and Marian journeys in various provinces in Luzon while promoting ecology, evangelization, and heritage.

For more information, contact Edwin P. Galvez at 0995-119-5998, send an e-mail to greenfaithtravels@gmail.com or greenfaithtravels@yahoo.com, or visit Green Faith Travels on Facebook.

Stocks climb as market awaits more Q1 results

BW FILE PHOTO

STOCKS went up on Monday as investors await the release of more first-quarter corporate financial reports and as the peso continued to rebound against the dollar after hitting multi-month lows last week.

The benchmark Philippine Stock Exchange index (PSEi) rose by 77.94 points or 1.19% to close at 6,598.38 on Monday, while the broader all shares index went up by 21.83 points or 0.62% to 3,510.09.

“The local bourse jumped by 77.94 points to 6,598.38 in anticipation of first quarter earnings. A positive spillover from Wall Street last Friday also helped lift the bourse,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“Moreover, the DBCC’s (Development Budget Coordination Committee) decision to maintain its economic growth target for the year also helped bolster market sentiment,” Ms. Alviar added.

The DBCC on Monday maintained its gross domestic product growth targets at 6%-7% for 2023 and 6.5%-8% for 2024 to 2028.

“The local bourse ended in the green following the sharp recovery of the peso against the dollar, which is now back below the 56 level,” Unicapital Securities, Inc. Senior Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message.

The peso closed at P55.77 versus the dollar on Monday, rising by 25 centavos from P56.02 on April 20.

Philippine financial markets were closed on Friday, April 21, for a nonworking day for Eid al-Fitr.

“The robust first-quarter earnings of the two big banks released last week have also provided further uplift to the index, as evidenced by the significant 3.49% upturn in the banking sector,” Mr. Temporal added.

Last week, BDO Unibank, Inc. said it saw its attributable net income grow by 40.44% year on year to P16.528 billion in the first quarter.

Bank of the Philippine Islands also reported last week that its net profit rose by 52% to P12.1 billion in the January-March period.

The majority of sectoral indices went up on Monday, except for services, which declined by 3.70 points or 0.23% to 1,607.78, and mining and oil, which fell by 19.39 points or 0.18% to 10,621.91.

Meanwhile, financials rose by 64.34 points or 3.48% to 1,909.60; property went up by 30.56 points or 1.13% to 2,725.94; holding firms increased by 31.78 points or 0.5% to 6,350.31; and industrials climbed by 27.30 points or 0.29% to 9,365.14.

Value turnover went down to P5.34 billion on Monday with 807.42 million shares changing hands from the P3.82 billion with 583.91 million issues traded on April 20.

Decliners narrowly outnumbered advancers, 96 versus 94, while 47 names closed unchanged.

Net foreign buying increased to P822.04 million on Monday from P508.16 million on Thursday. — A.H. Halili

Peso rebounds to P55:$1 level

BW FILE PHOTO

THE PESO rebounded against the dollar on Monday, returning to the P55 level, following softer US economic data that spurred recession fears and bets that the US Federal Reserve would pause its rate hike cycle.

The local currency closed at P55.77 versus the dollar on Monday, appreciating by 25 centavos from Thursday’s P56.02 finish, data from the Bankers Association of the Philippines’ website showed.

The local unit opened Monday’s session at P55.95 per dollar. Its intraday best was at P55.75, while its worst showing was at P56.01 versus the greenback.

Dollars traded went up to $1.21 billion on Monday from the $1.08 billion recorded on Thursday.

The peso rose as weak US economic data fanned fears of a recession, which could reduce the need for further Fed rate hikes, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 245,000 for the week ended April 15, the US Labor department reported on Friday.

Meanwhile, existing home sales dropped 2.4% to a seasonally adjusted annual rate of 4.44 million units last month, the National Association of Realtors said on Thursday. They had increased in February for the first time in a year.

The Fed has hiked borrowing costs by a total of 475 basis points (bps) since March 2022, with its target interest rate now at a range between 4.75% and 5%.

Its next meeting is on May 2-3.

“[The] peso was the outperformer in Asia today, possibly due to pent-up inflows over the weekend and profit-taking after the furious upward run in the past week,” a trader said in a Viber message on Monday.

The peso depreciated by 81 centavos week on week to close at P56.02 per dollar on April 20 from P55.21 finish on April 14.

The peso was also supported by the drop in global crude oil prices, Mr. Ricafort added.

Brent crude slipped 91 cents or 1.11% to $80.75 a barrel by 0627 GMT, while US West Texas Intermediate crude was at $76.96 a barrel, also down 91 cents or 1.17%, Reuters reported.

For Tuesday, the trader sees the peso moving between P55.50 and P56 per dollar, while Mr. Ricafort gave a forecast of P55.65 to P55.85. — AMCS with Reuters

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