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Manila Water ensures uninterrupted supply within its service area

PHILIPPINE STAR/EDD GUMBAN

MANILA Water Co., Inc. will continue to implement its augmentation projects to sustain an uninterrupted water supply, especially during the summer months.

In a statement on Monday, Manila Water said that it has started to maximize the operations of its Cardona treatment plant to accommodate the treatment of 110 million liters per day (MLD).

“As the Philippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA) officially announced the beginning of summer, Manila Water assures its 7.4 million customers in the East Zone of Metro Manila and Rizal sustained 24/7 water service even throughout the Holy Week,” water concessionaire said.

Manila Water said that due to the anticipated surge in demand, it has also tapped other auxiliary sources such as the Marikina River through its 15 to 20-MLD Marikina water portable treatment plant and the 20-MLD Wawa-Calawis water supply system in Antipolo.

The company expects the first phase of its East Bay water supply system project at the Laguna Lake to contribute about 50 MLD for the municipalities of Baras, Binangonan, Cardona, Jalajala, and Morong in Rizal.

Manila Water also said that it has been conducting regular maintenance and rehabilitation of old primary lines to reduce water loss due to leakages.

Manila Water said that the backwash recovery program in its two water treatment plants in Balara, Quezon City is also being implemented. The process involves re-treating the water treatment byproduct, which then results in the plants treating an average of 24.7 MLD.

The company also said that its deep wells are also on standby to provide additional water sources.

Earlier, it said that demand could increase by about 10-15% in the summer months. The current demand is at 1,600 MLD.

Manila Water serves Metro Manila’s east zone network, which is made up of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns of nearby Rizal province. — Ashley Erika O. Jose

PAL expects 20% rise in Holy Week arrivals

BW FILE PHOTO

FLAG carrier Philippine Airlines (PAL) said on Monday that it is expecting up to a 20% increase in the number of its passengers arriving at Terminals 1 and 2 of the Ninoy Aquino International Airport.

“Normally, the arrival level at Terminal 2 is at 18,000 daily, and then 6,700 arrivals in Terminal 1. So, we are expecting a 15% to 20% increase because that is the pegged increase during the pre-pandemic,” PAL Spokesperson Cielo C. Villaluna said in the Laging Handa briefing.

Ms. Villaluna said the airline is expecting to reach the pre-pandemic arrival level during the Holy Week, citing passengers’ revenge travel.

“With the revenge travel, we are hoping that we can have the same level or even more because this is the first Holy Week after the pandemic period that the travel borders are finally opened and there is easing of travel restrictions,” she added.

This Holy Week, PAL will allow passengers to check in as early as six hours before their flight from the previous three hours.

“This would create a spread in terms of the volume of passengers utilizing the check-in counters. So imbes na lahat three hours nagkukumpuni sa check-in counters, ngayon naka-spread within a five- to six-hour period (So instead of everyone going to check-in counters within three hours, now it will be spread within a five- to six-hour period),” Ms. Villaluna said.

At present, the airline has been operating 92% of its pre-pandemic number of flights, she said.

“Pre-pandemic, we are operating an average of 300 flight legs, and we are currently operating 92% of pre-pandemic level,” she said.

In 2022, PAL reported an operating income of $297.2 million and a total comprehensive income of $196.9 million. Its first positive bottom line since 2019 was supported by consolidated revenues of $2.57 billion in 2022, more than two times the $1.21 billion in 2021.

“We have registered positive income for all four quarters of 2022, and this is a continuing profit-taking streak from our performance in 2021,” Ms. Villaluna said.

“We attribute the positive performance to the support of our stakeholders, the support of the flying public, the support of the Philippine government, and the support of creditors, stakeholders and employees of PAL,” she added.

In 2022, PAL flights achieved an average passenger load factor of 72%, higher than the 42.6% load factor it recorded in 2021.

The flag carrier’s total number of passengers in 2022 reached 9.2 million, which it said increased by 214% or more than three times 2021’s around 2.92 million.

Analysts said the airline benefited from revenge travel as restrictions worldwide ease.

“PAL’s operating income was up on revenge travel as global travel restrictions ease, enabling a more than doubling of carriage level plus the benefit of restructured debt,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

“Consistent with overall trends in the airline industry, PAL itself recognized its first positive full-year operating income since the pandemic as global air travel continued to improve with the easing of covid restrictions,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

First Grade Finance, Inc. Managing Director Astro C. del Castillo said the airline also benefited from the demand for business travel.

“Just like any other industry, it’s benefiting from the more open economy as things are getting back to normal. PAL is benefiting from the demand to travel not only for leisure but also for business,” Mr. del Castillo added. — Justine Irish D. Tabile

Apex Mining posts P3-B income on higher gold sales

APEX Mining Co., Inc. reported on Monday a consolidated net income of P3.34 billion in 2022, five times more than the previous year’s level, as higher gold sales and prices boosted revenues.

“The consolidated revenues and net income are an all-time high for Apex Mining,” the company said in a disclosure.

In 2021, the listed mining company recorded P657.25 million in consolidated net income, a decline from P1.53 billion in 2020.

Last year, consolidated revenues jumped by 39% to P10.31 billion from the P7.4 billion reported in the previous year.

Gold revenues reached P9.85 billion, higher by 41.3% than the P6.97 billion posted a year earlier. Silver revenues stood at P455.81 million, up 4.6% from P435.8 million previously.

According to Apex Mining, the total volume of gold sales was up by 28% to 101,096 ounces while silver sales were up by 6% to 382,345 ounces.

Realized prices for gold inched up by 1% to $1,797 per ounce while realized prices for silver fell by 11% to $21.78 per ounce.

“The expansion plans that were rolled out in 2022 generated the desired efficiencies,” the company said.

The Maco gold mine in Maco, Davao De Oro, increased its milling capacity by 11% to 250 tons per day, which brought its daily average to 2,300 tons.

Total tonnage milled was higher by 15% year on year to 815,910 tons. Gold output was higher by 23% to 91,072 ounces, while silver output was up by 5% to 377,729 ounces.

Sangilo, the operating mine of Apex Mining’s subsidiary Itogon-Suyoc Resources, Inc., also increased its milling capacity by 100% to 200 tons per day.

“ISRI milled a total of 131,481 tonnes in 2022 and produced 9,270 [ounces] of gold and 629 [ounces] of silver,” it said.

For 2022, the consolidated production jumped by 28% to P5.43 billion from P4.3 billion in the previous year.

The company’s milling throughput increased by 15% to 815,910 tons from 708,447 tons in 2021.

Of the total increase, the cost of materials and supplies only accounted for 12%. This was followed by depreciation and depletion costs (6%); personnel cost (3%); and repairs and maintenance (2%).

Apex Mining is primarily engaged in mining, milling, buying, and selling all kinds of ores including gold, silver, and copper.

On Monday, shares of Apex Mining at the stock exchange fell by P0.01 or 0.47% to close at P2.12 apiece. — Sheldeen Joy Talavera

Fili Hotel’s Mott 32 restaurant launches lunch menu offering

SHREDDED Peking Duck Spring Roll

MOTT 32 in Cebu City launched its first lunch menu offering on March 31. It is one of the restaurants at the Fili Hotel in NUSTAR Resort and Casino, a Robinson’s Land Corp. development.

Beginning April 1, lunch at Mott 32 Cebu is available four days a week from Thursday to Sunday, 11:30 a.m. to 2:30 p.m. Diners can choose either of the two lunch sets — priced at P5,500 and P6,100 per person, respectively — or go choose ala carte among the restaurant’s dishes or dim sum.

“Our food and beverage business has been really growing,” said Paolo L. Campillo, general manager of NUSTAR Resort and Casino.

“The biggest attraction is Mott 32. I’ve had people come in from Malaysia who couldn’t get into Mott 32 in Singapore travel here,” he told BusinessWorld in an interview on the same day. “I’ve had friends who I haven’t talked to in 18 years since I’ve been away call me to say… ‘I’m coming over for the weekend. Can you get me a table?’”

Mott 32 is a Chinese restaurant with dishes created from a Cantonese palate, but with flavor influences from Beijing and Szechuan in China. It has locations worldwide including in Hong Kong, Singapore, Las Vegas, and Vancouver.

The name is a homage to 32 Mott Street in New York, where the city’s first Chinese convenience store opened in 1891.

MIXING PEKING DUCK WITH TRUFFLES
The starters at the menu launch were shredded Peking duck salad with beetroot, crispy taro, and citrus truffle dressing, plus a cold free-range chicken with Szechuan peppercorns and chili sauce. This was followed by several dim sum, including vegetable dumpling with garoupa, chopped chili, and prawn; taro croquette with chicken and prawn; and a soft quail egg variant with Iberico pork and black truffle siu mai.

Signature cocktails such as Forbidden Rose (vanilla infused pisco, passionfruit, lychee, chili, and lemon) and Fujian Negroni (amaro, aperol, ginseng, lapsang souchong tea, and Sichuan pepper) were also available.

Truffles are not a typical ingredient in Chinese cuisine, admitted head dim sum chef Fu Wing Chin. In a dim sum making session at the launch, he said through his interpreter that Mott 32 incorporates innovative and modern twists to its offerings.

“We only incorporated mango here in Cebu to give a nod to Filipino culture,” the interpreter told guests as she explained the ingredients of the Peking duck salad. “You have fantastic mangoes.”

The meal ended with a fresh mango, coconut, and glutinous rice roll and a sesame chocolate tart with lime, sea salt, and pine nut.

“We are very excited to offer this lunch,” said Lee Man Sing, Mott 32’s group Chinese executive chef, at the launch. —  Patricia Mirasol

Sa Wakas: Sugarfree’s music endures after 20 years

PHOTO BY JOHN VICTOR D. ORDONEZ

By John Victor D. Ordoñez, Reporter

Concert Review
Sa Wakas: 20th Anniversary Celebration
Ebe Dancel
March 31
123 Block in Mandaluyong City

THE MUSIC of Sugarfree continues to resonate with fans across age groups — an easy observation to make during the weekend’s concert which saw the band’s former vocalist Ebe Dancel at his very best performing Sugarfree’s iconic hits to mark 20 years of the band’s iconic 2003 debut rock album Sa Wakas.

The rock band’s frontman reunited with its original drummer Mitch Singson to perform the album front to back along with the band’s other songs that became staples of Original Pilipino Music (OPM).

Mr. Singson — who now plays drums for alternative rock band Ciudad — picked up his sticks once again to play alongside his former bandmate for the second time this year after having left the iconic rock outfit in 2006.

This was the second show dedicated to the album’s 20th anniversary, as the two OPM icons had played a sold-out show back in January, also held at 123 Block in Mandaluyong City.

Sa Wakas has maintained a loyal following over the years, spawning such hits as “Burnout” and “Mariposa” that continue to garner millions of streams online.

No less than Sandwich, another iconic local alternative rock band, opened the show.

The ensemble of Raymund Marasigan, Diego Castillo, Myrene Academia, and Michael Dizon played their face-melting hits from the Sandwich discography such as “2 Trick Pony,” “Butterfly Carnival,” and “Betamax.”

During the set, Mr. Marasigan reminisced about the time he produced music for Mr. Dancel during the early days of Sugarfree.

Mr. Castillo chimed in as he recalled a few occasions when he played guitar for Sugarfree, punctuating his recollection by playful singing the line “Huwag kang tumingin nang ganiyan sa akin,” from “Burnout.”

Cheers erupted as the Sugarfree frontman kicked off the night’s setlist with the song “Prom,” a staple of the mid-2000s alternative Filipino rock music.

“We started the band in 1999 and to this day we still check up on each other as we became really close friends,” Mr. Dancel told the crowd at the concert, referring to his relationship with Mr. Singson.

“I think we became closer when we weren’t bandmates anymore since there was less pressure that was there when we wrote songs together.”

The rock vocalist recalled the times when they used to hand out demos of Sugarfree’s music to the different radio stations hoping to have their songs played on air.

Energetic acoustic guitar playing, smooth lead electric guitar riffs, and tasteful drum fills captured Sugarfree’s distinct sound during the set, despite the fact that only two of the original members played that night.

Mr. Dancel’s vocal range was on full display at the show, as he seemed to sound even better than the studio versions of Sugarfree’s hits.

The band also played revamped and polished renditions of “Huwag Ka Nang Umiyak,” “Mariposa,” and capped the show with the OPM heartbreak classic “Burnout.”

Fans were also treated to deeper cuts of the Sugarfree catalog such as “Unang Araw” and “Fade Away.” The duo showed an unspoken connection and chemistry as they freely improvised guitar, vocal, and drum melodies between song refrains.

The frontman thanked the many fans who came from across the country to watch him perform the band’s songs which are rock anthems of the mid-2000s. He noted that some fans came all the way from the province of Laguna to see their favorite Sugarfree songs performed live.

“It’s hard to believe that we’ve played in so many places with names that we could not even pronounce,” Mr. Dancel said of the band’s heyday. “We are grateful to have found our sound and to still be in the music scene after all this time.”

Alsons Dev, DoubleDragon open new township

ALSONS PROPERTIES PHOTO

By Marifi S. Jara, Mindanao Bureau Chief

ALSONS Development and Investment Corp. (Alsons Dev), alongside its partner DoubleDragon Properties Corp., has launched Northtown Center, a township project in the central part of Davao City.

The 116-hectare property consists of a sprawling residential area with open lots on offer and a 10-hectare commercial hub with the first CityMall branch in the city.

“Even if we have been building communities in the past six decades, I am still filled with excitement by the expansion of Northtown from a purely residential project into a suburban township,” Alsons Dev Executive Vice-President Rosvida Alcantara-Dominguez said during the launch on March 30.

Alsons Dev, the real estate development arm of the Alcantara Group, has eight other residential communities in Davao. It is also the developer of the former Aldevinco Shopping Center known for locally-made products, which has been moved to the more modern Poblacion Market Central.

Northtown is the company’s first mixed-use venture that also features the first community-based, integrated safety and security center with a Central 911 sub-station, and police and fire bureau posts.

Under the masterplan, the complex will later have residential buildings, other commercial blocks, and educational institutions.

“The mix of these elements provide Northtown residents and the surrounding communities a unique experience that brings together the conveniences of the city and the natural beauty of the countryside,” Ms. Dominguez said.

The residential area’s amenities complex — with a banquet hall, swimming pool and other sports and fitness facilities — is connected to the commercial center through an open green space with walking paths.

CITYMALL
Meanwhile, the new CityMall branch will have the network of retail and food stores of MerryMart Consumer Corp. and Jollibee Foods Corp., local food shops, other lifestyle brands, and an activity center that can be leased for various events.

“The activity center might be very useful for small communities like this, for like birthdays and even LGUs (local government units) can utilize the space for their trainings,” DoubleDragon Properties President Ferdinand J. Sia said.

CityMall Commercial Centers, Inc., a subsidiary of DoubleDragon Properties, has been operating several malls in other parts of Mindanao, the southern Philippine islands.

“We are proud to open CityMall’s first branch in Davao City at Northtown Center, and we are looking forward to working with Alsons Dev for more developments in Mindanao,” Mr. Sia said.

This will be the 42nd CityMall in the country.

Alsons Dev and DoubleDragon Properties, through its CentralHub Industrial Centers, Inc., are also partnering for a warehouse complex in Davao City, located near air and sea ports.

Meralco gains de-loading capacity 

MANILA Electric Co. (Meralco) has secured an additional de-loading capacity under its interruptible load program (ILP) as part of its commitment to ensuring reliable electricity services especially for the summer months when power demand usually surges.

“Electricity consumption historically rises during the dry months because of the increased use of cooling appliances. That’s why we, in Meralco, continue to share a wealth of energy efficiency tips, not only to help our customers better manage their power consumption, but also to encourage its adoption as a way of life,” Joe R. Zaldarriaga, Meralco’s spokesperson and vice-president for corporate communications, said in a media release on Monday.

The power utility giant said it will gain an additional 56 megawatts (MW) of de-loading capacity as committed by Ayala Property Management Corp. (APMC). Meralco said this would increase APMC’s total commitment to 144 MW from 88 MW, while also expanding Meralco’s ILP capacity to 616 MW from the current 560 MW.

ILP participants are large power users that have their own power-generating facilities. These entities stop drawing power from the grid for a time by tapping their own generators, reducing the overall demand from the grid. Meralco taps its ILP participants when a red alert is declared by the grid operator, reducing electricity drawn from the system.

Michael F. Magpusao, chief engineer and chief operating officer of APMC, said that participation in the ILP is a “win-win” for the companies and communities.

“The ILP exemplifies the spirit of bayanihan because while the national government prepares the grid for a more reliable supply, we, in the load side, are doing our part to help communities,” he said.

Abraham Uy, chairman of WalterMart, said that ILP reduced unplanned power outages and also helps prevent damage to equipment.

“Meralco’s management of the ILP program benefits companies which no longer need to worry about surges,” Mr. Uy said.

To date, Meralco said 117 companies are part of ILP.

In December last year, Meralco and the Department of Energy called on more companies to enroll in the ILP in preparation for the expected surge in demand in the summer months.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

BBK bibingka and coffee brand targets at least 100 new stores

THE BBK Group is planning an aggressive expansion for its BBK bibingka or baked rice cake and coffee brand as it aims to open at least 100 new stores this year, according to its top official.

“We’re very aggressive this year. Of course, being in a pandemic, the planned expansion was put on hold. So, this year, we’re opening at least 100 stores for the BBK (bibingka and coffee) brand. It’s very conservative,” BBK Group Founding Chairman and Chief Executive Officer Richard V. Sanz said during an interview on the sidelines of a recent press conference in Quezon City.

“The focus of our expansion is having bigger stores and having a better store experience. We’re targeting about 100 more stores,” he added.

BBK bibingka and coffee currently has 280 stores. If the expansion plan is realized, it would bring the total number of branches to 380 stores, Mr. Sanz said.

BBK’s planned expansion would be focused on areas outside Metro Manila, he said, adding that the ratio is typically 50% owned by the BBK Group and 50% owned by franchisees.

“We’re opening [a branch in] SM Bataan in May. We are opening [in] San Pedro, Laguna. We are also opening in Tagaytay,” Mr. Sanz said. “Our strategy is still anchored on being in the malls.”

Although BBK has seen “huge success” in malls, there is also a trend among stores to open branches outside of them, he said.

“That’s what we’re also exploring. I think a big chunk of the new stores we’re opening will also be independent stores,” Mr. Sanz said, citing al fresco dining and parks, and even some stores with a drive-through.

He said BBK’s expansion is driven by surging demand and the shift of employees to a work-from-home (WFH) arrangement.

“There is a demand for specialty products, specialty coffee. Our expansion is targeted outside of Metro Manila because the area is already saturated,” Mr. Sanz said.

“Having WFH allowed a lot of employees who were previously in Manila to relocate in the provinces. Companies allowed them to just stay or do remote work. The industrialization of cities outside of Metro Manila is also a big factor. We also have seen a lot of increase in spending power in areas like Pampanga, Clark, [and] Pangasinan,” he added.

Mr. Sanz said BBK Group is considering the reopening of its overseas BBK bibingka stores within the year after these were shut down due to the coronavirus disease 2019 pandemic.

“We used to have three stores in Dubai but they closed down during the pandemic. We’re now exploring talks again with other partners in the United Arab Emirates (UAE) and also in Qatar. So hopefully, within the year, we’ll be able to reestablish our stores outside the Philippines,” Mr. Sanz said.

“We’re targeting to reopen UAE, Qatar, and hopefully Singapore. That’s what we’re looking at,” he added.

Aside from BBK bibingka and coffee, the BBK Group also has other brands such as the HEYBBK all-day café and Butternut Bakery. For these brands, the group is planning a “conservative” expansion plan, he said.

“For Butternut, it’s a specialty cake and bakery, we have 14 stores, but we want to close the year with 25 stores so we’re planning around 11 more stores. For HEYBBK, we might open three more stores to close the year with five stores,” Mr. Sanz said. — Revin Mikhael D. Ochave

My Neighbour Totoro, Paul Mescal, Jodie Comer win at Olivier awards

RSC.ORG.UK - MANUEL HARLAN/NIPPON TV

LONDON —  A stage adaptation of Studio Ghibli’s 1988 animated film My Neighbour Totoro was the big winner at the Olivier Awards on Sunday, picking up six prizes at Britain’s top theater extravaganza.

The Royal Shakespeare Company’s (RSC) critically acclaimed production, based on the much-loved film by Japanese animator Hayao Miyazaki about two sisters who discover friendly forest spirits when they move to a new country house with their father in post-war Japan, had led nominations with nine nods.

It won best entertainment or comedy play as well as the director, set, lighting, sound and costume design category prizes.

“My Neighbour Totoro is a story about kindness, courage and imagination and we will forever be grateful for the kindness, courage and imagination of the extraordinary people that came together to make this production,” Griselda Yorke, executive producer at the RSC, said.

A revival of Tennessee Williams’ A Streetcar Named Desire won three awards at the event that celebrates the best shows in the capital and is named after the famed British actor Laurence Olivier.

It won best revival, best actor for Paul Mescal for his role as Stanley Kowalski and best actress in a supporting role for Anjana Vasan, for her portrayal of Stella.

“I just have to thank Tennessee Williams really … he gave us magic instead of realism and that’s what we all needed,” director Rebecca Frecknall, who last year won best director for Cabaret, said.

Standing at the Sky’s Edge, about three families living for a period of over 60 years in a council housing estate in the English city of Sheffield, won best new musical and best original score or new orchestrations for musician Richard Hawley and composer Tom Deering.

Killing Eve star Jodie Comer won best actress in one-woman play Prima Facie, in which she portrays a barrister who defends men accused of sexual assault before herself being assaulted. The production was named best new play and the 30-year-old, who won rave reviews for her West End debut, reprises the role on Broadway this month.

“This play has changed my life so much,” she said in her acceptance speech.

A new production of Rodgers and Hammerstein’s Oklahoma! won best musical revival and best actor in a musical for Arthur Darvill. Katie Brayben won the best actress equivalent for musical Tammy Faye.

Other honorees included veteran actor and two-time Olivier winner Derek Jacobi, who was given a lifetime achievement award.

“It feels wonderful particularly to be given an award in his name, because he was a vital part of my early career,” Mr. Jacobi told Reuters of Olivier. —  Reuters

Gov’t partially awards T-bills at lower rates

BW FILE PHOTO

THE GOVERNMENT made a partial award of the Treasury bills (T-bills) it auctioned off on Monday at lower average rates amid expectations of slower inflation in March.

The Bureau of the Treasury (BTr) raised just P12.8 billion from its offer of T-bills on Monday, below the P15-billion program, even as total bids reached P34.19 billion or more than twice the amount on the auction block.

Broken down, the Treasury made a full P5-billion award of the 91-day T-bills as tenders for the tenor totaled P13.94 billion. The average rate of the three-month paper went down by 10.40 basis points (bps) to 5.045% from the 5.149% seen at last week’s auction, with the accepted rates ranging from 5.03% to 5.06%.

The BTr raised likewise raised P5 billion as planned from the 364-day debt papers as bids reached P9.815 billion. The average rate of the one-year paper went down by 1 bp to 5.977% from 5.987% last week. Accepted yields were from 5.43% to 6%.

Meanwhile, the government borrowed just P2.8 billion via the 182-day securities, lower than the P5-billion plan, despite demand for the tenor reaching P10.435 billion. The six-month T-bill was quoted at an average rate of 5.674%, inching down by 0.3 bp from 5.677% the previous week, with accepted rates ranging from 5.668% to 5.68%.

At the secondary market on Monday, the 91-, 182-, and 364-day T-bills were quoted at 5.0501%, 5.6771%, and 6.0287%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

The government made a partial award of the six-month T-bills “to guide rates within secondary market levels,” National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction.

T-bill rates were lower across the board as the market expects headline inflation to have eased further in March, a trader said in a Viber message.

“Treasury bill average auction yields finally corrected lower ahead of the latest inflation data that could ease year on year due to higher base effects,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Philippine Statistics Authority will release March inflation data on April 5, Wednesday.

A BusinessWorld poll of 16 analysts yielded a median estimate of 8.1% for March headline inflation, near the upper end of the 7.4% to 8.2% forecast of the Bangko Sentral ng Pilipinas (BSP) for the month.

If realized, this will be down from the 8.6% in February, but faster than the 4% print in March 2022. March would also be the 13th straight month that inflation was above the BSP’s 2-4% target for the year.

“However, the announced cut in oil output by OPEC (Organization of the Petroleum Exporting Countries) adds another challenge to slaying the ugly head of inflation,” Ms. De Leon added.

Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day (bpd), in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable, Reuters reported.

The pledges bring the total volume of cuts by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand.

Sunday’s development comes a day before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia, and which had been expected to stick to 2 million bpd of cuts already in place until the end of 2023.

The OPEC+ cuts caused oil price increases of more than 6% on Monday.

On Tuesday, the BTr will offer P25 billion in reissued seven-year Treasury bonds (T-bonds) that have a remaining life of two years and 10 months.

The Treasury wants to raise P160 billion from the domestic market this month, or P60 billion via T-bills and P100 billion via T-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 with Reuters

ALI continues to expand Vermosa Estate

AYALA MALLS Vermosa will soon rise within Ayala Land, Inc.’s fourth largest estate Vermosa in Cavite.

AYALA LAND, Inc. (ALI) continues to ramp up the development of Vemosa, its 725-hectare estate in Cavite.

In a statement, ALI said it is expanding retail outlets and services in Vermosa, as well as adding amenities such as parks, a government center, a church and malls.

Vermosa is a central business and residential district that straddles the cities of Imus and Dasmariñas in Cavite.

“Boasting a complete package of residences, malls, offices, institutions, schools, entertainment venues, government centers, BPOs and a world-class training and lifestyle destination for athletes and fitness enthusiasts, Vermosa continues to spur growth in the Daang Hari corridor,” ALI said.

Manila Electric Co. (Meralco) will have a dedicated substation within Vermosa to ensure continuous power for homes, commercial establishments, institutional facilities and amenities of the Ayala Vermosa Sports Hub.

ALI said the Ayala Malls Vermosa, a Landers Superstore, as well as Army Navy and Panda Express drive-thru stores will soon open.

Vermosa currently has a Petron gas station, as well as branches of Starbucks, McDonalds, Jollibee, Burger King, Coffee Bean and Tea Leaf and Peri- Peri Chicken.

The Philippine Red Cross will also build a headquarters in Vermosa.

“Capital values for commercial lot investments have thus almost doubled at 82% since the Estate was launched in 2014. Home investors have expressed satisfaction with the high turnover rates of the different residential areas,” ALI said.

Vermosa’s residential communities include The Courtyards by Ayala Land Premier, Alveo’s Ardia, and Avida Verra Settings.

Vermosa Campus Town, the estate’s commercial business district will have pedestrian walkways, bicycle lanes, jogging paths, and pocket parks.

FDC net income declines nearly 7%

FILINVEST Development Corp. (FDC) on Monday reported a 6.8% decline in its 2022 attributable net income to P5.65 billion despite what It described as a robust topline growth.

In a press release, it said revenues and other income rose by 13% to P71.1 billion, which it said resulted from “a recovery across all the major businesses.”

“Our financial performance in 2022 demonstrates our portfolio’s resilience and strength amidst the various economic headwinds that beset us,” said Lourdes Josephine Gotianun Yap, FDC president and chief operating officer.

“We are pleased with the steady recovery and improvement of each of our businesses toward last year’s second half. This gives us confidence that the trend will continue in 2023 with the support of a healthy macroeconomic environment,” she added.

In the release, the company said provisions for income tax rose by 153% to P2.4 billion after a one-time tax benefit arising from the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE law in 2021.

FDC said its banking and financial services business made up 42% of its bottom line last year as it contributed a net income of P4.4 billion to the Filinvest group.

The real estate and hospitality segments followed with a combined contribution of P3.5 billion or 33% of the total.

The power subsidiary accounted for P2.2 billion of last year’s net income or 21% of the total. The balance of 4% came from other businesses.

On Monday, FDC shares finished unchanged at P5.50 each.

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