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Cebu Landmasters reports 42% profit rise to P2.6B

CEBU Landmasters, Inc. (CLI) posted last year a net income of P2.61 billion attributable to shareholders, up 42% from the earlier year and surpassing its pre-pandemic earnings, amid strong housing demand in the Visayas and Mindanao.

In a virtual briefing on Thursday, company officials said the Cebu-based property developer exceeded its 2019 bottom line by 30%.

According to CLI Chairman and President Jose R. Soberano III, the listed firm is in a position to pick up from where it left off before the pandemic since its 2021 performance went beyond its target for the year.

CLI’s topline in 2021 reached P11.16 billion, higher by 35% than the earlier year’s revenues, after it recorded construction accomplishments and robust sales. It has 10 new residential projects with P18 billion in sales value.

Sales rose by 16% to P16.5 billion in 2021 largely coming from the economic and mid-income segments, while rentals increased by 35% year on year after the completion of the Latitude Corporate Center in Cebu Business Park.

“We never stopped in 2020, we kept pushing, and that is really the answer why we were able to launch over P18-billion worth of residential launches, 57% more than the previous year,” CLI Chief Operating Officer, Director, and Executive Vice-President Jose Franco B. Soberano said.

“We’re very proud of our acquire-to-develop approach. Whatever property we acquire, it always comes with a development plan in mind,” he added.

CLI also acquired 41 more hectares last year, of which it developed 29 hectares. It has under negotiation 70 more hectares. The listed firm drew from its P10 billion capital expenditure budget to fund land banking activities.

In a media release, the company said its economic housing brand Casa Mira was the top sales performer, accounting for 41% of last year’s total. Mid-market developments contributed 27% while the high-end segment made up 31%.

CLI said its projects that “fared well” were Terranza Residences in Iloilo City, which was 82% sold by end-2021; and its first resort living complex Costa Mira Beachtown Mactan, which was 92% sold-out a week from launch.

“By the end of 2021, construction was in full-swing across all project sites in 16 key cities in VisMin and catch-up measures had been put in place to compensate for delays caused by quarantine restrictions,” the company said.

It said a “major investment” that is proceeding as planned is Masters Tower Cebu, which will bring 10,500 square meters (sq.m.) of gross leasable area (GLA) and will incorporate Sofitel Cebu City’s 195 rooms.

“Another anchor project is the 125-room Abaca Resort Mactan, a luxury hotel designed to be among Cebu’s premier hotel destinations,” it added.

The company has one operating hotel and seven other brands “under different stages of construction,” which in total will give its hospitality portfolio a total 1,775 keys by 2025.

This year, CLI has 21 projects in the pipeline, which includes a new site in Palawan.

At the stock exchange, CLI shares inched up by five centavos or 1.69% to close at P3.01 apiece. — Ram Christian S. Agustin

Stuff to do (04/08/22)

PPOP convention set this weekend

THE 2022 PPOP CON is two-day hybrid live/online event which will be held on April 9 and 10 at the New Frontier Theater and will conclude with a concert at the SMART Araneta Coliseum. It is fan gathering and celebration of Filipino pop culture and music, and will feature established and promising P-Pop artists, fan engagement activities, and booths. The 16 participating artists are: SB19, 4th Impact, Alamat, Press Hit Play, 1st.One, VXON, MNL48, BGYO, BINI, KAIA, PPOP Generation, DAYDREAM, R Rules, G22, Calista, and DIONE. Tickets for the convention at the New Frontier Theater and the concert at the Araneta Coliseum are on sale via www.ticketnet.com.ph and www.ktx.ph. Availability of tickets for concert and convention access at the Araneta Coliseum and New Frontier Theater will depend on the coronavirus disease 2019 (COVID-19) Alert Level during the event date. For more details on tickets, and health and safety guidelines on the event, visit https://ppopcon.ph/.

Last part of Limitless trilogy set for Saturday

JULIE ANNE San Jose returns with Rise, the third and final installment of Limitless: A Musical Trilogy on April 9. After exploring places and communities in Mindanao and Visayas in the previous episodes, the show will feature visits to provinces in Luzon. For tickets, visit https://gma-synergy.ticket2me.net/e/11.

FDC says profit down 28%, seeks to ‘regain lost ground’

GOTIANUN-LED Filinvest Development Corp. (FDC) reported on Thursday a 28% drop in net income attributable to equity holders to P6.1 billion as its businesses recorded mixed results in 2021.

“Our financial results in 2021 were mixed across our businesses resulting from the varying degrees of economic impact caused by the COVID-19 (coronavirus disease 2019) disruptions. We saw higher reservation sales in the residential business, particularly the affordable horizontal segment. However, volumes have not returned to pre-pandemic levels for most of the businesses by the end of 2021,” FDC President and Chief Executive Josephine T. Gotianun-Yap said in a disclosure.

“Now that the economy has opened up and mobility restrictions have been lifted, we are looking forward to regaining lost ground especially in banking, commercial leasing and hospitality,” she added.

Consolidated net income dropped by 23% to P8.9 billion, FDC said.

Without giving comparative figures, it said revenues and other income were lower by 13% as the growth posted by the residential and power businesses were offset by the contraction of the banking and commercial leasing units.

East West Banking Corp., FDC’s banking and financial services subsidiary, delivered a net income contribution to the group of P4.3 billion or 40% of FDC’s bottom line. The figure was 32% lower than 2020’s P6.4 billion due to lower loan revenues and trading gains.

The bank’s total revenues and other income also declined by 22% to P28.8 billion.

“The drop in interest income was partly tempered by lower costs as EastWest maintained its industry leading net interest margin at 6.6% while the current and savings account ratio improved to 75% from 70% the previous year,” FDC said.

“Trading and foreign exchange gains were lower by 65% at P1.9 billion as interest rates remained steady for most of the year. Fees and commissions income was flat at P3.7 billion as the volume of transactions continued to be below pre-pandemic levels,” it added.

On the other hand, provisions for loan losses were lower by 58% to P4.1 billion given the high provisioning done in 2020.

“While loan losses have been accounted for, the reduced loan volumes affected return on equity that was recorded at 7.7%,” the company said.

Meanwhile, FDC’s property business, composed of the real estate and hospitality segments, delivered a combined P4.2 billion or 39% of the total income. The power subsidiary contributed P2.1 billion in net income or 19% of the total.

At the stock exchange on Thursday, FDC shares fell by 0.14% or P0.01 to close at P6.93. — Luisa Maria Jacinta C. Jocson

BSP looking to ease Islamic banks’ capital requirements

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking into reducing the minimum capital requirement needed to set up Islamic banking units to attract more players.

“We are conducting a policy study to liberalize and relax the minimum capital requirement for Islamic banking units so that there will be other kinds of conventional banks that would be open to explore opening Islamic banking units,” Noel P. Tianela, deputy director and head of the BSP’s Islamic Banking Supervision Group, said at a virtual briefing on Thursday.

The minimum capital required to set up an Islamic bank is the same as those for universal banks.

Under the BSP’s Manual of Regulations for Banks, a universal lender looking to establish just a head office is required to put up capital of at least P3 billion, while one with 10 branches or less needs to have a minimum of P6 billion in buffers. Those with 11-100 branches are required to have at least P15 billion in capital, while the minimum for those with more than 100 branches is P20 billion.

BSP Governor Benjamin E. Diokno earlier said they have received a number of queries for the establishment of Islamic banks and banking units, although no application has been submitted.

“The inquiries include one relating to the establishment of a foreign Islamic bank within a foreign bank. However, the discussion on this is still on the exploratory stage,” the central bank chief said on Thursday.

“Pre-pandemic, a few conventional banks signified interest, but no formal application has been filed yet. Potential players are perhaps still conducting their research,” Mr. Diokno added.

In 2019, the central bank released the framework for the establishment of Islamic banks. This followed the signing of Republic Act 11439 in the same year, which mandated the central bank to regulate these types of lenders.

Islamic banking principles operate without the involvement of riba or interest, which is prohibited under the Shari’ah law. These lenders also issue funding instruments called “sukuk” for their operations and capital needs.

Mr. Diokno said the BSP is doing research regarding profit sharing investment accounts as well as the capital adequacy ratio for Islamic banks.

“Capacity building is needed to upskill the knowledge and address the technical capability requirements of participants from both public and private sector,” he said. 

The BSP has teamed up with the Bangsamoro Government, National Commission on Muslim Filipinos, and the Department of Finance on establishing a Shari’ah Supervisory Board (SSB) in the Bangsamoro Autonomous Region in Muslim Mindanao, pursuant to the Bangsamoro Organic Law. The SSB will give Shari’ah compliance oversight for the Islamic banking and finance industry in the region.

Al Amanah Islamic Bank is the only Islamic bank operating in the country. It is under the Development Bank of the Philippines.

MORE RURAL BANKS JOIN PHILPASS PLUS
Meanwhile, at the same briefing, Mr. Diokno said more rural banks are now participating in the country’s real-time gross settlement system for interbank transactions and government collections, also known as the PhilPASS Plus.

The system facilitates the flow of large value payments for major transactions, as well as retail payment clearing for checks, ATMs, InstaPay, and PESONet.

“Participating rural banks increased by 21.7% to 101 at end-February this year from 83 in 2020. Moreover, 26.2% of the 386 rural banks in the country are already onboard PhilPaSS Plus,” he said.

More rural banks joining the PhilPASS Plus will help boost financial inclusion, Mr. Diokno said.

“We also see an uptrend in PhilPaSS Plus transactions amid its increased membership and the improving economic climate as our country recovers from the pandemic,” he said.

Transaction volume through the system rose 15.1% from 2019 to February 2022, while value doubled to more than P45 trillion.

The central bank earlier announced it will waive PhilPASS plus fees until the end of 2022 to extend its relief measure for financial institutions. — L.W.T. Noble

Film academy moves up discussion of Will Smith slap to Friday

Will Smith and Aunjanue Ellis in King Richard — IMDB.COM

LOS ANGELES — The Academy of Motion Picture Arts and Sciences has moved up its meeting to discuss possible sanctions against best actor winner Will Smith for slapping presenter Chris Rock to Friday, a letter from the group’s president said.

The board of governors of the organization, the group that hands out the Academy Awards, previously had been scheduled on April 18 to discuss the incident at last month’s Oscars ceremony.

Mr. Smith resigned from the academy on Friday and said he would accept whatever consequences the group decided were appropriate.

Because Mr. Smith resigned, the academy no longer needs to follow the legally prescribed timetable to consider the matter, academy President David Rubin said in a letter to members.

“It is in the best interest of all involved for this to be handled in a timely fashion,” Mr. Rubin said.

Possible actions could include making Mr. Smith ineligible for future awards or banning him from future Oscars ceremonies.

At the March 27 televised event, Mr. Smith strode up to the stage after comedian Mr. Rock made a joke about the appearance of Mr. Smith’s wife, Jada Pinkett Smith, then smacked Mr. Rock across the face.

Less than an hour later, Mr. Smith gave a tearful speech on stage as he accepted the best actor award for his role in King Richard. After the ceremony, he was seen dancing at Vanity Fair’s annual post-Oscars party.

Mr. Rock’s joke about Mr. Smith’s spouse made a reference to the 1997 film G.I. Jane in which actress Demi Moore shaved her head. It was unclear whether Mr. Rock was aware that Jada Pinkett Smith has a condition that causes hair loss. — Reuters

Vivant unit bags 225-MW Bauang diesel power plant

LISTED holding firm Vivant Corp. said its subsidiary had received the notice of award from the La Union provincial government for the ownership of the 225-megawatt (MW) Bauang diesel power plant.

In a disclosure, Vivant Corp. said its unit 1590 Energy Corp. (EC) submitted the highest bid for the diesel-fed power generator during a public auction, following a post-qualification evaluation.

1590 EC is the current operator of the plant and is majority-owned by Vivant Energy Corp., which is in turn a wholly owned subsidiary of Vivant Corp. It received the notice of award on April 6.

The Bauang plant is a bunker fuel-fired power plant with a generating capacity of 215 MW that was built to help address the Luzon grid’s supply needs. It is being operated by 1590 EC since 2010 under a lease contract with the provincial government.

In a statement, 1590 EC Chairman Emil Andre M. Garcia said the company plans to invest more in the plant to allow it to continue providing stable and reliable power to the grid.

“We welcome this opportunity to solidify our commitment to be a partner in the continued development of both the Province of La Union and the Municipality of Bauang,” he said.

The formal transfer of plant ownership will be concluded when the two parties have jointly executed the deed of transfer and conveyance.

1590 EC President Mark D. Habana said that although diesel-fired plants are reliant on fossil fuel, it provides fast-reacting ancillary power that “supports the expansion of renewable energy in the total energy mix.”

Through its subsidiaries and affiliates, Vivant Corp. has interests in companies engaged in power generation, distribution, and retail electricity supply.

Vivant Energy is the holding firm for the Vivant group’s investment portfolio in power generation and supply assets. — Ram Christian S. Agustin

Adele, Ed Sheeran, and Dave nominated for Ivor songwriting awards

ADELE

LONDON — British singers Adele, Ed Sheeran, and Raye, rapper Dave, and group Coldplay will compete for songwriter of the year at the Ivors, organizers said on Thursday, announcing nominees for the annual awards honoring those penning famous lyrics.

Producer Dean “Inflo” Josiah Cover, who has worked with the likes of Adele and Little Simz, leads nominations for the awards for songwriters and screen composers with four nods, three of them in the best album category, the UK-based Ivors Academy said.

Mr. Sheeran, who on Wednesday won a copyright case over his 2017 mega chart-topper “Shape Of You” at the High Court in London, has three nominations. The other two are for hit songs “Bad Habits” and “Shivers” in the running for most performed work

That category also includes Elton John and Dua Lipa’s chart-topper “Cold Heart,” Tom Grennan’s “Little Bit of Love,” and “BED” by DJs David Guetta and Joel Corry with Raye.

Contenders for best song musically and lyrically include Adele’s comeback single “Easy on Me,” Sam Fender’s “Seventeen Going Under,” Rag‘n’Bone Man’s “All You Ever Wanted,” Holly Humberstone’s “Haunted House” and “Let’s Go Home Together” performed by Ella Henderson and Tom Grennan.

The records competing for best album are Mother by singer Cleo Sol, Nine by musical group SAULT, singer Laura Mvula’s Pink Noise, Sometimes I Might Be Introvert by rapper Little Simz and Spare ribs by musical duo Sleaford Mods.

Performers PinkPantheress, Ashaine White, Luz, Naomi Kimpenu and Matilda Mann are nominated for the rising star award.

Drama Spencer, starring Kristen Stewart as the late Princess Diana, and thriller Last Night in Soho are among the films recognized in the original score category.

The awards, named after early 20th century Welsh composer, actor and entertainer Ivor Novello, were first handed out in 1956. The 67th edition will take place on May 19 in London. —  Reuters

Rediscount facility untouched in March

BANKS left the rediscount facility of the central bank untouched in March as there was ample liquidity in the financial system to service their lending requirements as the economy reopened further.

No availments were made from the peso rediscount and the exporters’ dollar and yen rediscount facility in the first three months of 2021, the Bangko Sentral ng Pilipinas (BSP) said in a statement on Thursday.

In 2021, lenders only tapped the facility in June, July, and September. These borrowings amounted to P6.12 million, significantly smaller than the P26.9 billion in 2020.

The central bank’s rediscount facility gives lenders access to additional money supply by posting their collectibles from clients as collateral.

In turn, banks may use the cash denominated in peso, dollar or yen denominations to extend credit to corporate or retail clients and service unexpected withdrawals.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said banks did not avail of rediscount loans amid ample liquidity in the financial system.

“This reflects the relatively strong capital and overall financial position of banks amid the recent acceleration in the growth of bank loans, as the economy reopens further towards greater normalcy,” Mr. Ricafort said in a Viber message.

Domestic liquidity grew by 8.5% for the second straight month in February, preliminary data from the BSP showed.

Outstanding loans by big banks also rose by 8.8% that month, picking up from the 8.4% pace seen in January.

Starting March, Metro Manila and some provinces were placed under the most relaxed Alert Level 1. This allowed more businesses to increase their operations.

For April, peso rediscount loans will have a rate of 2.5%, regardless of maturity.

Meanwhile, dollar and yen-denominated borrowings will be priced at 2.96157% and 2.00095%, respectively. — LWTN

TUCP files wage hike petition in Caraga

TUCP FB PAGE

THE Trade Union Congress of the Philippines (TUCP) on Thursday filed a petition seeking a P420 increase in the minimum wage for Caraga region in northeastern Mindanao, bringing daily pay to P745.

In its petition before the Regional Tripartite Wages and Productivity Board in Caraga, the TUCP said that the P15 hike approved by the board after almost three years “has long dissipated.”

The TUCP said that the current monthly minimum wage of P8,320.00 is far below the poverty threshold for the region, estimated at P13,613.00.

It also said that the P5,340.80 food threshold from the current take home pay of P7,647.20 per month implies a per-person meal cost estimate of “around P11.71.”

“Clearly, the amount cannot provide for the recommended nutritional requirements for a family of five, not by any stretch of the imagination,” it added.

The TUCP refiled its petition for a P470 increase in the minimum wage for Metro Manila, after the capital region’s wage board dismissed a similar plea due to jurisdiction issues.

The TUCP has also filed wage hike petitions in the Central Visayas and Davao region. — Kyle Aristophere T. Atienza

Pandemic boosts insurance, investment awareness among Filipinos

FILIPINOS are becoming more aware of and committed to increasing their insurance coverage and investments as the pandemic brought to light the importance of preparing for the unexpected, industry experts said.

In a BusinessWorld Insights session titled “Growing Your Money and Finding the Best Insurance for You,” experts said younger Filipinos as well as overseas Filipino workers have been getting insurance and investment products that fit their priorities.

Kwik.insure Founder and Chief Executive Officer Hamilton C. Angluben said younger insurance clients prefer health protection products, with priorities varying among different age groups.

“What we’re seeing from our site is that the younger generation, especially Gen Z-ers, they are more into health protection, especially at the height of the pandemic. Our best-selling product was for COVID protection,” Mr. Angluben said.

“As they get older, we get more inquiries for investments,” he added.

The Global Filipino Investor president and founder Floi Wycoco, meanwhile, said overseas Filipino workers have become more aware of the need for insurance given their circumstances.

“Most of the time they are the breadwinners of the family… You have to protect your income. You need to be insured,” he said.

AIA Philippines Chief Marketing Officer Leonardo T. Tan, Jr. said some Filipinos are still intimidated by terms related to insurance and investments. He said researching more and setting priorities will help them identify investment plans that fit them.

“What are your goals — to retire early, to ensure that your children have the best education, or if you are part of the sandwich generation, you want to take care of your folks (parents) as well as your family? It’s very important and highly personalized,” he said.

Gaps in the country’s financial literacy and preferences about investments and insurance go hand in hand with cultural practices and beyond economic conditions, said Randell Tiongson, an advocate of life and personal finance.

He said it is important to bring conversations down to the family level for Filipinos to realize the importance of putting their finances in order.

“We are trying to see more people save more money, getting out of debt and getting insurance. We also encourage Filipinos to prepare for retirement, emergency funds,” he said, adding children should not have to be viewed as retirement plans of their parents.

Insurance Commissioner Dennis B. Funa has said the amount spent by each Filipino for insurance, known as insurance density, increased to P2,528 as of the third quarter of last year from just P1,768 in the same period in 2017.

Mr. Funa is hopeful that the insurance penetration rate in the country last year surpassed the record 1.71% seen at the end of 2020. — L.W.T. Noble

Vitarich ramps up bird flu safety measures

VITARICH CORPORATION FACEBOOK PAGE

FARM products manufacturer Vitarich Corp. said that it is implementing programs to ensure that its facilities will not be affected by avian influenza or bird flu amid the recent outbreak of the virus.

“At Vitarich, we are committed to making sure our farms and facilities remain avian influenza-free. We recognize there are fears that the disease might extend to chickens and potentially disrupt our local food supply,” Senior Vice-President Reynaldo D. Ortega said in a statement on Thursday.

“As such, Vitarich has further heightened the implementation of our standards and is coordinating closely with appropriate authorities and experts,” added Mr. Ortega, who is the general manager of the poultry, food and feed sales division.

In March, the Department of Agriculture suspended the movement of domestic and captured wild birds and poultry products as a precaution against the virus.

Vitarich said its farms are undergoing monitoring, testing, and enforcement of biosecurity standards regularly.

“These procedures guarantee well-sanitized and enclosed surroundings that prevent contamination and ensure a well-stocked inventory and continuous supply of fresh chickens for our country,” the company said.

“We take pride in the implementation of these regular stringent measures to ensure the highest freshness, cleanliness, safety, and quality of our products at all times,” it indeed.

Vitarich operates in three primary industry segments: feeds, foods, and farms.

The company sells its feed products to various distributors, dealers and end users nationwide. Its farm products are day-old chicks and pullets while its food products composed of chicken and dory fish are sold to hotels, restaurants, institutional clients, and supermarkets as well as to wet markets.

At the stock exchange, Vitarich shares remained unchanged at P0.63 apiece on Thursday. — Luisa Maria Jacinta C. Jocson

UP edges La Salle, 61-59, snatches solo second

ZAVIER LUCERO — THE UAAP

By Jhon Bryan Ulanday

ROOKIE Zavier Lucero dazzled for a career-best outing as University of the Philippines (UP) turned it up late for a thrilling 61-59 win over La Salle to gain a solo second place in the University Athletic Association of the Philippines (UAAP) Season 84 at the Mall of Asia Arena on Thursday.

Continuing to be a revelation for the Fighting Maroons, the Filipino-American forward erupted for 21 points and 14 rebounds including nine offensive boards, two steals and a block as they notched their fifth consecutive win for a 5-1 record behind unbeaten champion Ateneo.

Carl Tamayo added nine markers and 11 rebounds, CJ Cansino also had nine on two treys while Joel Cagulangan provided a spark with five markers, five boards, seven assists and two steals against his former team.

Malick Diouf and James Spencer also stepped up for veteran Ricci Rivero’s scoreless showing with seven each for the Fighting Maroons, who eked out another close win after overcoming Adamson on Tuesday, 73-71.

“I felt that we struggled offensively the whole game but we turned it up on defense especially in the fourth quarter,” said coach Goldwin Monteverde as UP limited La Salle to 11 points in the deciding quarter.

Despite a sizzling four-game winning rampage, the sloppy Fighting Maroons with 23 turnovers trailed for the most part of the game including a 45-52 deficit midway through the payoff period before Mr. Lucero, who sizzled for 20 against the Soaring Falcons, took over.

The 6-foot-6 ace poured 11 of his career-high campaign in the final canto highlighted by a go-ahead putback in the 1:48 mark for a 61-59 cushion as UP held the fort the rest of the way to complete a 16-7 finishing kick.

Justine Baltazar hauled his own in a duel with Gilas Pilipinas teammate Mr. Tamayo with 13 points and 10 boards, but La Salle still fell short to get a win run going anew after taming Santo Tomas the other day, 75-66.

Evan Nelle also put up 13 in La Salle’s second loss in six starts to slip at third place with still a game to spare in the first round of eliminations.

The Scores:

UP 61 – Lucero 21, Tamayo 9, Cansino 9, Spencer 7, Diouf 7, Cagulangan 5, Fortea 3, Rivero 0, Alarcon 0, Abadiano 0.

La Salle 59 – Baltazar 13, Nelle 13, M. Phillips 9, Nonoy 9, Winston 7, Lojera 3, Galman 3, Nwankwo 2, Austria 0, B. Phillips 0, Cuajao 0.

Quarterscores: 17-17, 32-35, 43-48, 61-59.

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