VistaREIT, Raslag secure SEC nod on initial public offering

May 6, 2022 | 12:02 am

THE Securities and Exchange Commission (SEC) announced on Thursday that it approved the initial public offering (IPO) of VistaREIT, Inc. of up to P9.178 billion and Raslag Corp. worth up to P700 million.

In its meeting on May 5, the commission en banc resolved to render effective the registration statements of VistaREIT and Raslag covering 7.5 billion common shares and 1.5 million common shares, respectively, subject to the companies’ compliance with certain remaining requirements.

VistaREIT, the real estate investment trust (REIT) of Villar-led Vista Land & Lifescapes, Inc., will offer up to 3,337,500,000 common shares at a price of up to P2.50 per share, with an overallotment option of up to 333,750,000 common shares.

Assuming the overallotment option is fully exercised, VistaREIT will net P8.79 billion from the offer.

The shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE) and the sponsors will receive the entire proceeds of the offer, which should be reinvested in the Philippines.

As mandated by law, VistaREIT should distribute to shareholders at least 90% of its annual distributable income as dividends.

In its latest timetable submitted to the commission, VistaREIT expects to conduct the IPO from May 10 to 16 and debut on the PSE on May 26.

The company tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters, with Abacus Capital and Investment Corp. as participating underwriter.

VistaREIT’s portfolio includes 10 community malls and two office buildings with a gross leasable area of 256,403.95 square meters. The malls are located in Metro Manila, Cavite, Rizal, Bulacan, Pampanga, and Cebu, while the office buildings are in Taguig and Bacoor, Cavite.

Meanwhile, energy company Raslag Corp. will offer to the public up to 350 million common shares priced at up to P2 per share, with an overallotment option of up to 52.5 million common shares to be offered by selling shareholder J Ten Equities, Inc. The shares will also be listed and traded on the main board of the PSE.

The company expects to net P648.08 million from the offer, while the selling shareholder will receive the proceeds from the exercise of the overallotment option, which could reach up to P105 million.

Proceeds from the offer will be used to finance the company’s solar projects, namely: RASLAG-4, a 35.1-megawatt (MW) solar photovoltaic plant in Magalang, Pampanga; and RASLAG-5, with an approximate capacity of 60 MW.

The offer period for Raslag’s shares is set to run from May 24 to 30, in time for their listing on June 6, based on the latest timeline submitted to the SEC.

The company tapped China Bank Capital Corp. as sole issue manager, underwriter, and bookrunner for the offer.

Raslag is a domestic renewable energy developer founded by Peter G. Nepomuceno in Angeles City, Pampanga, and Conrado D. Pecjo, the business development manager of Angeles Power, Inc. It currently focuses on the development of solar power projects. — Luisa Maria Jacinta C. Jocson

U-23 Azkals gun for 3 points against team of Timor-Leste

May 6, 2022 | 12:02 am

Malditas_pff — FIFA Women’s World Cup-bound Filipinas — PHILIPPINE FOOTBALL FEDERATION

THE Philippine Under-23 (U-23) squad sets out to give the Filipino contingent in the 31^st Southeast Asian Games (SEAG) in Vietnam a strong start as it plunges into early action against Timor-Leste on Friday in the men’s football kickoff.

The U-23 Azkals gun for the full three points versus the Timorese in the 4 p.m. Group A matchup at the Viet Tri Stadium in Phu Tho Province (5 p.m. in Manila).

“We’ll go for the win,” said Philippine coach Norman Fegidero, who has tapped Azkals skipper Stephan Schrock as one of the “overaged” reinforcements of his squad.

The Pinoy booters are determined to reach the semifinals for the first time since Mr. Fegidero’s time as a player during the 1991 SEA Games in Manila.

But the current batch faces an uphill battle in what’s largely considered a “Group of Death.”

Aside from Timor, a semifinalist in the 2022 AFF U-23 Championship held last February in Cambodia, the Filipinos also have to deal with defending champion Vietnam (May 8), 2019 bronze medalist Myanmar (May 10), and Manila edition runner-up Indonesia (May 13).

The objective is to finish in the Top 2 of this bracket to qualify for the Final Four.

“We’re taking it one game at a time,” said Mr. Fegidero, remembered as the hero of the Philippines’ famous 1-0 upset of Malaysia in 1991.

“I believe in my players. They have the ability to upset the strong teams in our group,” he added.

The U-23 Azkals’ core competed in the Philippines Football League and held a training camp in Malaysia to prepare for the SEAG.

“This is my second time in the SEA Games (after 2019) and I can say this team is more prepared than the last time. I’m very confident in the ability of the players and I’m looking forward to making history with the U-23,” said Mr. Schrock.

The Philippines has yet to win a gold in football and failed to get past the group stage in 2019 on home ground.

The International Federation of Association Football (FIFA) Women’s World Cup-bound Filipinas, meanwhile, hit the field on May 9 yet in the Group A opener of the distaff side over at the Cam Pha Stadium. The Filipinas are looking to ride the momentum of their historic semifinal entry in the AFC Women’s Asian Cup last January as they target the breakthrough mint after placing fourth at home. — Olmin Leyba

What To See This Week (05/06/22)

May 6, 2022 | 12:02 am

Doctor Strange in The Multiverse of Madness

THE LATEST film in the Marvel Cinematic Universe, Doctor Strange in The Multiverse of Madness is set after the events of Spider-Man: No Way Home. Doctor Strange, with the help of mystical allies both old and new (including Wanda Maximoff, a.k.a. the Scarlet Witch), traverses the mind-bending and dangerous alternate realities of the Multiverse to confront a mysterious new adversary. Directed by Sam Raimi, the film stars Benedict Cumberbatch, Elizabeth Olsen, Benedict Wong, Rachel McAdams, Chiwetel Ejiofor, and Xochitl Gómez. The Wrap’s Drew Taylor wrote on Twitter: “Doctor Strange is totally madcap and insane. It’s 100% a Sam Raimi movie (which is very much appreciated), easily the scariest MCU entry thus far. Go in knowing as little as possible. Your journey to the multiverse will be much more enjoyable.” Review aggregate site Rotten Tomatoes gives the film a score of 78%.

MTRCB Rating: PG

BSP to review relief measures for thrift banks as economy recovers

May 6, 2022 | 12:02 am

THE CENTRAL BANK will assess if there is still a need to extend the pandemic-driven regulatory relief measures it granted to thrift lenders as the economy recovers.

“A review will be undertaken as necessary taking into consideration the liquidity requirements and the economic condition of the country,” BSP Governor Benjamin E. Diokno said in a virtual briefing on Thursday.

The minimum liquidity ratio (MLR) for stand-alone thrift lenders was reduced to 16% from 20% in 2020 as part of relief measures for the industry at the height of the pandemic.

The BSP chief said liquidity ratios of thrift banks have remained well above the minimum requirement, noting the industry-wide MLR was at 37.3% as of end-January 2022.

Thrift banks also remained well-capitalized despite the crisis. The industry-wide capital adequacy ratio stood at 19.3% as of end-September 2021, above the 10% minimum requirement as well as the 17.5% seen a year earlier.

Mr. Diokno said thrift banks have been instrumental in extending credit to retail borrowers as well as small businesses.

“Data show that households remain the primary market of thrift banks. This segment held the largest share of the industry’s loans at 60.4% share and deposits at 58.7% share,” he said.

Thrift lenders also disbursed loans worth P61.3 billion and P22 billion to micro-, small, and medium-sized enterprises (MSMEs) and the agriculture sector, respectively.

At end-March, thrift lenders had 45 bank offices and 2,519 branches and branch lite units across the country.

The industry’s net profit climbed 30% to P12.8 billion in 2021 from a year earlier. — L.W.T. Noble

Entertainment News (05/06/22)

May 6, 2022 | 12:01 am

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GMA Pictures signs deal with Viva Films

GMA Pictures has signed a joint venture agreement with Viva Films that will lead to new movies and new casting combinations just as theaters are starting to open after a two-year hiatus because of the COVID pandemic. Viva Communications, Inc. President and COO Vincent Del Rosario considers GMA an ally in providing quality content to the Filipino audience. “We’ve been talking about this even during pandemic time. It’s good that we’ve finalized a new agreement although we’ve done a lot of films with GMA. All are very successful. This is just a continuation of that previous and good venture with them. I’d like to say that this is a very strong partnership and hopefully we create a lot of good movies combining the great talents of GMA and Viva.”

The Knobs releases new song

FOLLOWING the release of the “Walang Kapantay/Liwanag/Wala Na/Paglisan Mash Up” in February, The Knobs returns with a new song, “Kung Pwede Lang.” The song captures the sadness and regret after letting a partner go. The new single is part of the week’s New Music Friday Philippines playlist on Spotify. “Kung Pwede Lang” is available to stream on all digital streaming platforms.

Khalid releases new song”

KHALID has released his new single, “Skyline,” along with the accompanying music video via Right Hand Music Group/RCA Records. Written by Khalid and produced by Chrome Sparks, this retro pop track is the official lead single off Khalid’s third studio album which is due out later this year. Directed by Levi Turner and Cody LaPlant, the music video unveils two worlds of style and aesthetic merging into one as a dance party ensues while Khalid floats through the air. “Skyline” is available on all digital music platforms worldwide.

Helping workers achieve their personal goals

May 6, 2022 | 12:01 am

I hold periodic engagement dialogues with my workers to ensure that we’re on the same page, and so I can understand their work issues. Last week, I had a talk with a junior supervisor who told me of his personal interest in protecting the environment. He is an avid hiker and mountaineer. He is asking if he can organize such activities for our company. How do we handle such a request? One of our concerns is that it might require us to set aside funds for the activity. — Banana Boat.

A patient in a waiting room heard a scream from the examination room. An elderly woman appeared soon after in an agitated state. “What happened to her?” the patient asked the doctor, who replied, “I told her she was pregnant.”

“You can’t be serious,” the patient replied.

“Of course not,” the doctor said. “But it cured her hiccups.”

What lessons does this story hold for managers? There are many ways to cure worker disenchantment, and they are not limited to traditional solutions like increasing pay. After all, money is not everything. You can motivate people by thinking of low-cost, common-sense measures that would appeal to them.

Recognizing that management can do a lot to help workers achieve their personal goals is the first step toward self-actualization — the apex of hierarchy of needs as proposed by American psychologist Abraham Maslow (1908-1970). Even today, dynamic organizations rely on identifying things that would help workers achieve their full potential through personal growth and peak performance.

CORPORATE PROGRAM
Requiring people to work hard without the benefit of self-actualization doesn’t ensure success. Companies, with the help of the human resource (HR) department, should take the lead by establishing a corporate-wide program like putting up an interest club to cater not only to your manager but to other workers as well.

But what exactly is an interest club? It is known by other names like sports and social clubs, which all share the goal of promoting employee engagement. In the case of your manager, who is interested in hiking and mountaineering, what you can do is to come up with a comprehensive program on environmental protection. That means activities like tree planting and beach clean-ups, among other things.

You must be conscious of the implications on the company’s health maintenance system, hospitalization and life insurance program. Whatever you do, ensure that everyone’s personal interests are reconciled with the interests of the organization.

Another option is to assign interested employees to work on a conservation or environmental protection program as part of your corporate social responsibility efforts. Do this officially and make it part of their job description. Depending on the nature of their work, you may also designate them as lead workers for your energy conservation initiatives within the organization.

This means requiring them to supervise the company’s cost reduction program by monitoring electricity or water consumption. The job includes turning off lights during lunch breaks and turning off air-conditioning 20 minutes before the close of office hours. The activities are limited only by your imagination. All of this can be done with the help of department deputies and other volunteers.

Give them six months to run the program and monitor their success. After six months, reshuffle the team and expand the program to other volunteers to handle other related activities. Give them a share of whatever savings that the program has generated. Don’t give cash as it may create a tax burden for the recipients.

Instead, give the successful volunteers a budget for a victory lunch. If the cost savings are substantial, offer them two nights of accommodation, meals and other expenses in a nearby province where they can go nature tripping. You can also allow them to use company vehicles for that purpose.

Give out free t-shirts or coffee mugs to commemorate their participation in the company’s energy conservation program. That kind of intervention would not have succeed had you not aligned the company’s interests with that of the workers.

WORK-LIFE BALANCE
Harmonizing both work and personal interests is a win-win for the organization. When you help your employees achieve their personal goals, they are often motivated to do more for the organization. It’s only human nature to acknowledge the assistance extended by the company to help them succeed.

The relationship between labor and management is often reciprocal and transactional. Scratch my back and I’ll scratch yours. Employees give their best if the company offers something in return, which may not be limited to material things. When an organization offers nothing, not even small things, workers feel no loyalty and will often seek out better situations elsewhere.

An organization must create an environment that celebrates success based on the unique needs of every worker. It is as simple as that.

Have a chat with Rey Elbo via Facebook, LinkedIn or Twitter or send your workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting

DoubleDragon REIT posts 14% net profit rise

May 6, 2022 | 12:01 am

DDMP REIT, Inc., the real estate investment trust of DoubleDragon Properties Corp., announced on Thursday that its net income climbed by 41% to P7.17 billion last year from P5.08 billion in 2020.

“We are glad that DDMP REIT has remained resilient and has stably passed through what people say is a once in a lifetime major global crisis brought by the coronavirus pandemic,” DDMP REIT Chairman Edgar J. Sia II said in a statement.

In 2021, the company’s rental and common usage service area (CUSA) income also went up by 13.78% to P2.18 billion from P1.9 billion.

Mr. Sia said that the most important feature of the company is that 100% of its leasable space sits on prime commercial titled land it owns.

“Over a long period of time, the land value is expected to surpass the value of the building structures, and in the specific case of DDMP REIT, both the titled land and the buildings are owned by the shareholders forever because the land is titled, and is not a leasehold,” he added.

On May 4, the company declared cash dividends amounting to P495.85 million or around P0.028 per share to all shareholders as of May 19, with the payment date on May 31.

“We are pleased that DDMP REIT declared these dividends covering the income generated from the fourth quarter of 2021… another round of dividends for the first quarter of 2022 is expected to also be declared this month,” DDMP REIT Fund Managers, Inc. President Hannah Yulo-Luccini said.

“We are confident that each share of DDMP REIT with a current book value of P2.30 per share is a very solid share to own,” Mr. Sia added.

DDMP REIT’s principal investment strategy is to “invest in income-generating real estate.” Potential new properties should be located in a prime location in Metro Manila or key provinces; be primarily focused on Grade A commercial properties (including industrial properties); and have stable occupancy, tenancy, and income operations.

Its portfolio consists of three commercial properties in DD Meridian Park, including DoubleDragon Plaza, DoubleDragon Center East, and DoubleDragon Center West.

At the stock exchange on Thursday, DDMP REIT shares went up by 6.34% or nine centavos to close at P1.51 apiece. — Luisa Maria Jacinta C. Jocson

Fil-Am diver Ariana Drake suits up for PHL in Hanoi SEAG

May 6, 2022 | 12:01 am

FIL-AM diver Ariana Drake badly wanted to suit up for the Philippines that she asked her Chinese coach Wei Wei to contact compatriot Xiao Feng Cui, the country’s diving coach, and tell him her intention to don the national team colors.

The Philippine Swimming, Inc. (PSI) gladly accepted her with open arms.

Now, the 17-year-old Drake would have a chance to prove herself worthy of the trust as she seeks a medal finish as the country’s lone bet in the sport in the Hanoi Southeast Asian Games (SEAG) starting on Sunday at the My Dinh Aquiatics Center.

“Ariana Drake is a young, up and coming diver. It’s her first SEA Games and we hope she is able to adjust seamlessly,” said PSI president Lailani Velasco. “Of course, our goal is to land in the podium, but we also want to manage our expectations.”

The California native will compete in the women’s 1-meter springboard unfurling at 9 a.m. on Sunday and the women’s 3m springboard on Tuesday with hopes of snatching a medal.

To make sure she gets the feel of the competition, Ms. Drake, who started and joined competitive gymnastics for eight years before switching to diving four years ago, was the first Philippine bet to arrive in the Vietnam capital as she planed in last April 29 straight from the United States.

But whether or not she brings home a medal, she could use the precious experience she gets here as a springboard to bigger successes in future meets including next year’s edition of this biennial meet in Phnom Penh, Cambodia. — Joey Villar

Islam, democracy, and women empowerment

May 6, 2022 | 12:01 am

THIS year’s commemoration of Eid’l Fitr or Feast of Ramadan coincided with World Press Freedom Day on May 3. Muslims worldwide observe this religious holiday to mark the end of Ramadan’s month-long, dawn-to-sunset fasting. It became a national holiday in the Philippines starting 2002.

On the other hand, World Press Freedom Day acts as a reminder to governments about the need to respect their commitment to one of democracy’s pillars — freedom of the press. It was the United Nations General Assembly that declared on May 3, 1993 and every year thereafter that the right to freedom of expression must be upheld in keeping with the 1948 Universal Declaration of Human Rights.

The convergence of these religious and secular concepts may be found in the Philippine Center for Islam and Democracy (PCID), established in 2002 amid the global and domestic challenges confronting Filipino Muslims. At that time, the US and its allies were waging a “war on terror” — with the Philippines being tagged as the next front after Afghanistan. This new front was centered naturally in Mindanao mainly because of the Abu Sayyaf, a renegade band of fighters with alleged ties to al-Qaeda.

As a result, the “war on terror” fanned a growing global debate that Islam is incompatible with democracy, which threatened to undermine the democratic space in Muslim societies. This debate accompanied the rise in radical movements among Islamist organizations, culminating in the fatal attacks on the World Trade Center in New York City on Sept. 11, 2001.

Thus, the PCID was founded by three Filipino Muslim intellectuals who saw the need to articulate the voice of the Bangsamoro: Amina Rasul, who served in the Cabinet of President Fidel Ramos; Abrahan Iribani, previously the spokesperson of the Moro National Liberation Front; and Nasser Marohomsalic, a former Human Rights commissioner. Its members consist of prominent leaders and thinkers from government, business, academe, military, and other sectors, with representation from Mindanao’s major tribes.

Believing that democracy is enshrined in Islam, they recognized that the current elements of the continuing struggle for genuine self-determination are hallmarks of a functioning democracy for Filipino Muslims. These elements include just peace, human rights, credible elections, capable autonomous governance, and equitable development.

PCID treasurer and board of convenors member Yusuf Ledesma said the organization has been focusing recently on empowering women in war zones through a podcast series titled “She Talks Peace” hosted by Ms. Rasul. In partnership with Women and Gender Institute, PCID capacitates female participants on governance, economic empowerment, political participation, peace-building, and rights-based approaches to community development.

Mr. Ledesma said: “Women have quite a lot of power in the Bangsamoro community. They are often the business people in the Greenhills area.” He recognizes the empowerment of Bangsamoro women practicing their professions, including his own lawyer and some of the provincial leaders in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

It is not surprising then that BARMM Chief Minister Al Haj Murad Ebrahim has endorsed Vice-President Leni Robredo as the presidential candidate and standard-bearer of the United Bangsamoro Justice Party (UBJP), the political party of the Moro Islamic Liberation Front (MILF). The UBJP’s endorsement is historically significant because this is the first time it ever declared support for a presidentiable.

According to Mr. Ebrahim, the UBJP decided to throw its support behind Ms. Robredo, because of the “compatibility of principles, goals, and values.” Concurrently the MILF chairman, he stated: “The political participation of the MILF in the 2022 elections through the UBJP ushers in a new brand of politics among which is our incoming President Leni Robredo.”

Ms. Robredo’s rival for the presidency, former Senator Ferdinand Marcos, Jr., is considered a “mortal enemy of the Muslims” based on the statements of Noroddin Pananggilan, a member of the MILF’s armed component known as the Bangsamoro Islamic Armed Forces (BIAF). “We can never forget the massacres. If Marcos wins, Bangsamoro loses,” he lamented.

BIAF commanders issued a manifesto last April 25 that sums up the sentiment of Moro fighters: “The Marcos years were bloody and brutal to the Muslims and indigenous peoples of Mindanao, as Marcos Jr.’s father waged a merciless war of genocide against our people, killing thousands. The sins of the father are not the sins of the son. But the son who does not see wrong in what the father did eventually copies and becomes what the father was.”

I hope the majority of Filipino voters will realize this when they go to their election precincts on May 9. Vote wisely for our nation’s future!

J. Albert Gamboa is the chief finance officer of Asian Center for Legal Excellence and chairman of the FINEX Media Affairs Committee. The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld. #FinexPhils www.finex.org.ph

Headline inflation rates in the Philippines

May 6, 2022 | 12:00 am

PHILIPPINE INFLATION surged to an annual 4.9% in April, the highest in more than three years as soaring food and energy prices continued to hurt consumers. Read the full story.

Manufacturing Purchasing Managers’ Index of Select ASEAN Economies (April 2022)

May 6, 2022 | 12:00 am

THE PHILIPPINE manufacturing sector in April posted its best performance in over four years, reflecting the significant improvement in business conditions as pandemic restrictions eased. Read the full story.

How PSEi member stocks performed — May 5, 2022

May 6, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Thursday, May 5, 2022.