THE PHILIPPINE ECONOMY expanded by a better-than-expected 8.3% in the first quarter, surpassing the pre-pandemic output level as household spending surged amid the easing of coronavirus curbs. Read the full story.
THE PESO retreated versus the greenback on Thursday following hawkish signals from the US Federal Reserve as well as faster US inflation.
The local unit closed at P52.495 per dollar on Thursday, down by 22 centavos from its P52.275 finish on Wednesday, data from the Bankers Association of the Philippines showed.
The peso opened Thursday’s session at P52.28 versus the dollar, which was also its intraday best. Meanwhile, its weakest showing was its close of P52.495 against the greenback.
Dollars exchanged increased to $1.08 billion on Thursday from $898.9 million on Wednesday.
The peso depreciated on Thursday due to hawkish signals from a key Fed official, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
Bloomberg reported that Federal Reserve Bank of Atlanta President Raphael Bostic said they are open to increasing interest rates to manage growth if inflation remains persistently elevated.
“If inflation stays at high levels or levels that are too high — by too high, it’s really not moving back towards our 2% target — then I am going to be supporting moving more,” Mr. Bostic said.
Meanwhile, a trader in a Viber message said the peso weakened as US consumer inflation rose quicker than expected.
Data from the US Labor Department released Wednesday showed US consumer prices rose by 8.3% on an annual basis in April.
For Friday, Mr. Ricafort gave a forecast range of P52.35 to P52.55, while the trader expects the local unit to move from P52.40 to P52.60. — L.W.T Noble with Bloomberg
LOCAL SHARES ended lower on Thursday as high US inflation caused fears of a bigger rate hike from the Federal Reserve and despite better Philippine gross domestic product (GDP) growth in the first quarter.
The benchmark Philippine Stock Exchange index dropped 103.56 points or 1.56% to close at 6,532.30 while the broader all shares index fell 40.76 points or 1.14% to end at 3,517.21.
“Philippine shares plunged despite the better-than-expected GDP as sentiment was dragged by hotter-than-expected US inflation data,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “[Local] inflation has been much more manageable and the Bangko Sentral ng Pilipinas has had more room to operate the timing of raising its rates, unlike the US Federal Reserve.”
Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the high US inflation print may have caused fears of a bigger rate hike from the Fed.
“US inflation staying near its highs triggered concerns that the Federal Reserve may pursue more aggressive monetary tightening policies in their upcoming meetings,” Mr. Tantiangco said.
Headline US consumer prices rose 8.3% for the 12 months to April, Reuters reported. That was slower than the 8.5% pace of a month earlier and raised hopes that the pace of price rises has peaked. However, it was also higher than market forecasts for 8.1%, and reaffirmed concerns that rates will need to rise quickly to tame it.
Meanwhile, on Thursday, the Philippine Statistics Authority reported that the economy grew by 8.3% year on year in the first quarter, beating market estimates, buoyed by base effects and reopening of the economy.
The GDP growth print in the first quarter was a turnaround from 3.8% decline in the same period last year and faster than the revised 7.8% in the fourth quarter of 2021.
It was also the highest in three quarters or since the 12.1% in the second quarter last year. It beat the median estimate of 6.7% in a BusinessWorld poll and is within the government’s 7-9% target.
All sectoral indices closed lower on Thursday. Property retreated by 2.74% or 81.31 points to 2,879.29; financials went down 2.27% or 36.72 points to 1,574.69; industrials declined 1.35% or 124.81 points to 9,079.37; services shrank 1% or 19 points to 1,868.50; holding firms decreased 0.33% or 20.36 points to 6,118.99; and mining and oil sank 0.23% or 26.34 points to 10,973.05.
Value turnover on Thursday amounted to P7.42 billion with 1.59 billion shares switching hands, higher than the P6.64 billion with 1.92 billion issues logged the previous day.
Decliners bested advancers, 128 versus 70, while 48 names ended unchanged.
Net foreign selling reached P1.28 billion, higher than the P441.63 million in net sales posted on Wednesday. — R.M.D. Ochave with Reuters
By Kyle Aristophere T. Atienza, Reporter
US President Joseph R. Biden, Jr. spoke with presumptive Philippine president Ferdinand “Bongbong” R. Marcos, Jr. on the phone on Thursday to congratulate him on his election.
“President Biden underscored that he looks forward to working with the president-elect to continue strengthening the US-Philippine alliance,” the White House said in a statement posted on its website.
The US leader also wanted to expand bilateral cooperation on issues including the fight against the coronavirus, addressing the climate crisis, promoting broad-based economic growth, and respect for human rights, it added.
Philippine relations with the US under Mr. Marcos would be better but “will not be exclusive to anyone,” his spokesman Victor D. Rodriguez told the ABS-CBN News Channel.
“The interest of the Filipino people comes first and it will never be compromised, especially our territorial integrity,” he added.
Mr. Marcos had assured the US president that the Philippines “has always held the United States in high regard as a friend, an ally, and a partner,” his political party said in a statement.
“I have also invited President Biden to my inaugural on June 30, which could further fortify the relationship of the two countries,” the presumptive president was quoted as saying.
In an earlier statement, US State Secretary Antony Blinken also congratulated Mr. Marcos and cited the long-standing relationship between the two countries that is “rooted in a long and interwoven history, shared values and interests, and people-to-people ties.”
“As friends, partners, and allies, we will continue to collaborate closely with the Philippines to promote respect for human rights and to advance a free and open, connected, prosperous, secure and resilient Indo-Pacific region,” he said.
The resource-rich waterway is a key global shipping route that is subject to overlapping territorial claims involving other Southeast Asian nations.
Based on partial and unofficial results with 98.4% of the vote counted, Mr. Marcos had 31.1 million votes as of 4 p.m., more than double that of Vice-President Maria Leonor G. Robredo.
Mr. Marcos is set to win by a landslide and clinch a remarkable comeback for his family.
He will be the first candidate to win a majority in a Philippine presidential election since his father’s two-decade rule.
Mr. Marcos fled into exile in Hawaii with his family during a 1986 “people power” street uprising that ended his father’s autocratic 20-year rule. He has served as a congressman and senator since his return to the Philippines in 1991.
China, through its ambassador to the Philippines said its ties with the country under a Marcos presidency would be “stronger.”
“I have no doubt that under the next administration, our bilateral relations will only become stronger, our peoples closer and our cooperation deeper and wider,” Chinese Ambassador to the Philippines Huang Xilian said in a statement.
Mr. Marcos and his vice-presidential running mate Sara Z. Duterte-Carpio, who is also set to win by a landslide, have vowed to continue the key policies of outgoing President Rodrigo R. Duterte.
Philippines-Chinese relations warmed under Mr. Duterte, who sought closer trade and investment ties with its neighbor. He set aside a United Nations-backed arbitral ruling that invalidated China’s claim to more than 80% of the sea in exchange for trade and investment pledges.
The Philippines is critical in the dispute between the US and China.
Manila is a long-standing treaty ally of the US. Experts have said the victory of Mr. Marcos is a potential blow to US efforts to push back against China and maintain a rule-based order in the Indo-Pacific region.
It is logical for both the US and China to maintain and cultivate good relations with the new leadership because “it is the best way for them to protect their own interests,” said Jay L. Batongbacal, a maritime expert from the University of the Philippines.
“For the US, historically and geopolitically, the Philippines has been and remains a major bridgehead or portal into Asia,” he said in a Facebook Messenger chat. “At present, it remains one of its most strategic links to the Indo-Pacific region.”
He said Mr. Marcos is likely to lean toward China in the same way that Mr. Duterte did. “China will also try to capitalize on its friendship with the family to reel the country into orbit around it.”
“This speed of sending congratulations by the US had precedent when they congratulated Duterte within the week of elections in 2016,” said Hansley A. Juliano, a former political science professor studying at Nagoya University’s Graduate School of International Development in Japan.
“Up until the Aquino administration, the US waited for the proclamation in Congress, which is usually around early June,” he said in a Messenger chat.
Both China and the US sent their messages almost simultaneously, Mr. Juliano said.
“I don’t think it’s a coincidence, and I don’t necessarily think that means the US and China do not care about the checkered history of the Marcos family in sending these,” he said.
“Because Marcos is a very contentious figure who is now going to be Philippine president, they’re already in the middle of taking him into consideration in the superpowers’ competition within Asia.”
“The issue with any alliance is credibility of resolve in fulfilling promises,” Robin Michael U. Garcia, who teaches political economy at the University of the Asia and Pacific, said in a Facebook Messenger chat. “Whether it’s the US, Japan, China or EU, the Philippines should be observant of the actions of partners and allies.”
Sonny A. Africa, executive director of Ibon Foundation, said the US’ statement of support is “extremely” early “because the election commission has yet to release official results and there are still concerns about reported irregularities.”
“The overriding foreign policy interest of the US for the Philippines because of their geopolitical objectives in the region is ominous,” he said in a Messenger chat. “It could also mean their cooperation in rehabilitating the image of the Marcos family.”
Meanwhile, Mr. Marcos held a post-election party attended by billionaires and socialites in the capital region on Monday night, based on photos circulating online, when partial tallies started showing a landslide victory for him.
Among those who attended the event were Sabin M. Aboitiz, president and chief executive officer of Aboitiz Equity Ventures Inc., which has business interests in finance, energy, food manufacturing, infrastructure and real estate.
Mr. Aboitiz sat beside Mr. Marcos, who was surrounded by several tycoons.
Gregoria Maria “Greggy” Araneta, chief of PhilWeb Corp. and Araneta Properties, Inc. was also at the gathering.
Kevin L. Tan, CEO at Alliance Global Group, Inc., the parent company of Megaworld Properties & Holdings, Inc. and a company that holds the franchise of McDonald’s Corp. in the Philippines, also sat beside Mr. Marcos.
Miss Universe 1973 Margie Moran-Floirendo also attended the gathering. Earlier, a video of her singing Mr. Marcos’ campaign song with Iñigo Zobel circulated online. Mr. Inigo is a cousin of Jaime Zobel de Ayala, chairman emeritus at Ayala Corp.
THE COMMISSION on Elections (Comelec) has processed about 50% of the total certificates of canvass on the third day of tallying for Senate and party-list positions for this year’s elections, according to an election official.
As of Thursday noon, Comelec had validated 82 of 173 certificates of canvass, which contain 327 election results, acting Comelec spokesman John Rex C. Laudiangco told a news briefing.
The Comelec full court as the National Board of Canvassers is on its third day of validating precinct results that will be included in the official results for the Senate and party-list race. It expects to proclaim the winning senators this week.
The initial voter turnout was estimated at 81% or about 54 million voters out 67 million who registered.
Comelec was on the second day of its random manual audit, in which it selects precincts to verify if vote-counting machines had counted votes correctly.
As of Thursday noon, 202 ballot boxes had been retrieved out of 757 samples of randomly selected clustered precincts, Helen Maureen V. Grado, a policy consultant at watchdog Legal Network for Truthful Elections, told a separate news briefing.
The election body is working with the watchdog and Philippine Statistics Authority for the verification process, she added.
“This process checks for overvoting or undervoting during the elections. Some people may vote for fewer than 12 senators or vote for more than the required number of positions to vote for,” she said.
Meanwhile, the bulk of the certificates and returns for the canvassing of presidential and vice-presidential votes is expected to arrive at the Senate on May 22, Senate Sergeant at Arms Rene C. Samonte said in a statement on Wednesday night.
“The official canvass will start the following day, May 24, as initially agreed by the Senate president and the Speaker,” he said.
The Senate had sought the help of the police and Armed Forces in transporting the bulk of the election returns and certificates of canvass by May 23, he added. All other returns and certificates will be delivered to the House of Representatives in batches.
As of Thursday morning, 11 certificates and returns had arrived at the Senate. The chamber took delivery of local certificates and returns from the provinces of Guimaras, Ifugao and Zambales and the cities of Navotas and Taguig. Overseas absentee voting certificates from Jordan, Papua New Guinea, Vietnam and Austria also arrived.
Senate President Vicente C. Sotto III has said there should be 173 ballot boxes in total, including certificates of canvass from overseas. They expect to proclaim the winners by May 27 or 28.
Under the 1987 Constitution, both houses of Congress will hold a joint public session to canvass the votes for president and vice-president and proclaim the winners.
Meanwhile, President Rodrigo Duterte has urged Comelec to look into hundreds of vote-counting machines that malfunctioned on election day and dispel doubts about the integrity of results. Voting machine glitches on Monday caused long queues at voting centers.
“I hope that Comelec will also find time to investigate just to disabuse the minds of those who think cheating occurred,” he said at a taped meeting aired on Thursday night. — John Victor D. Ordoñez and Alyssa Nicole O. Tan
By Kyle Aristophere T. Atienza, Reporter
and John Victor D. Ordoñez
THE PHILIPPINES posted more than 100 coronavirus infections on May 11, bringing the total to 3.69 million, according to the OCTA Research Group.
Manila, the capital and nearby cities accounted for 52 of the 109 new cases nationwide on Wednesday, OCTA Research fellow Fredegusto P. David tweeted on Thursday.
There were 3,328 active cases and no new deaths, he added, citing data from the Department of Health (DoH).
The death toll stood at 60,439, he said. There are 418 new recoveries, bringing the total to 3.62 million.
The Philippine government had fully vaccinated about 68.53 million people or 76.14% of the target population as of May 11, according to the presidential palace, more than a year after it started the government’s vaccination program.
Nearly 13.52 million booster shots have been given out, palace spokesman Jose Martin M. Andanar told a televised news briefing.
Experts have warned of a potential coronavirus surge after the May 9 polls.
Meanwhile, a private health group has asked the Supreme Court to stop the government from requiring people to get vaccinated against the coronavirus, which it said is illegal.
In a 173-page petition, COVID Call to Humanity said an order the country’s pandemic task force mandating public and private establishments to require their employees to be get vaccinated is unconstitutional.
“The petitioners ask the court to direct the respondents and all persons acting on their behalf to ensure that persons who submit for vaccination do so freely, voluntarily, and intelligently, after a written acknowledgment that they have been advised of all possible side effects of vaccines,” the group said.
Named respondents were Education Secretary Leonor M. Briones, Health secretary Francisco T. Duque III and Makati City Mayor Mar-Len Abigail Binay.
Under the pandemic task force’s November 2021 order, private and public establishments can deny service or entry to people who have not been vaccinated against the coronavirus.
The plaintiffs said mandatory vaccination for workers and banning unvaccinated and partially vaccinated people from establishments have deprived them of their constitutional right to liberty.
“The respondents have a clear legal duty to ensure the protection of people’s right to health vis-a-vis the right of the people to be informed on matters,” according to a copy of the petition. “They should be able to freely exercise their right to choose whether or not to get vaccinated.”
THE Department of Trade and Industry (DTI) said Japan’s Nidec Corp., a maker of electric motors, is planning a P40-billion expansion of its manufacturing site in Subic.
Trade Secretary Ramon M. Lopez said in a statement on Thursday that the expansion targets a 50,000-unit augmentation to the monthly capacity of its line making strain wave gears.
The company is planning to break ground on a new facility in the third quarter in addition to its current 3.5-hectare production space.
“As robotic systems and automation-related technology are increasingly defining the configuration and operational systems of factories around the world, DTI is grateful that Nidec has poured resources to training Filipino engineers in developing skills related to the production of precision motors and reducers,” Mr. Lopez said.
Nidec, which first established a factory in the Philippines 1995, also has a facility in Laguna.
“Nidec said that it is riding on the increased market demand for harmonic systems. Four hundred new jobs will be added to Nidec’s workforce, targeted to reach a total of 1,000. The added investments will bring the factories’ total combined monthly exports to the US, European Union, India, South Korea, China, and Brazil to 80,000 units,” the DTI said.
“The company’s operations in the Philippines were previously devoted mainly to the production of spindle motors and related products. It has since expanded to products with more technology content to be used in the aerospace, robotics and solar tracking industries,” it added.
According to Dita Angara-Mathay, special trade representative and commercial counselor of the Philippine Embassy in Tokyo, Nidec initially planned to increase production of components for hard disk drives.
However, the company shifted its corporate strategy due to a contraction in the global market for small-sized spindle motors.
“The company has relocated all its planetary gear business from China to the Philippines. Subsidiary and sister company Nidec Shimpo, one of the biggest global innovators for precision gearing solutions, started mass producing robotic components developed in Japan in the Philippines. The components have been described by developers as extremely silent with zero backlash and smooth rotation,” Ms. Mathay said. — Revin Mikhael D. Ochave
THE National Government’s debt at the end of March was P12.68 trillion, equivalent to 63.5% of gross domestic product (GDP), the Bureau of the Treasury said on Thursday.
The debt level in GDP terms is 3.1 percentage points than the year-earlier level, and exceeds the 60% threshold considered manageable by multilateral lenders for developing economies.
The 63.5% level compares with 60.5% at the end of 2021 and the 65.7% posted at the end of 2005.
Some 44.4% of the debt-to-GDP ratio was accounted for by domestic debt, and 19.1% foreign debt.
Of the domestic debt, Treasury bonds accounted for P7.91 trillion, or over 89%. Some P656.60 billion was raised via Treasury bills.
The debt stock is equivalent to 61% of gross national income. The debt service bill was equivalent to 6.4% of GDP.
In the first quarter, the government made debt payments of P313.65 billion, down 39.85% from a year earlier. In March, the government paid P67.39 billion, down nearly 75%.
Principal payments for the first quarter amounted to P164.32 billion, or 52% of the total, while interest payments came in at P149.33 billion.
Guaranteed debt totaled P411.04 billion at the end of March, accounting for 2.1% of GDP. It declined 5.5% from a year earlier.
Separately, the Bureau of Local Government and Finance reported that it issued 13 certificates of net debt service ceiling and borrowing capacity in April, bringing the running total for 2022 to 86 certificates.
These certificates are sought by local government units (LGUs) to demonstrate their debt-paying capacity.
The 11 municipalities and two cities that were issued certificates have a combined borrowing capacity of P4.47 billion.
LGUs borrow to finance the construction of roads, public markets, and the procurement of heavy equipment, including trucks, buses, and excavators.
Funds were also applied to the construction of a municipal hall, transport terminals, a water system, and a sanitary landfill.
An infrastructure spending ban was imposed on March 25, the start of the campaign period. — Tobias Jared Tomas
THE Intellectual Property Office of the Philippines (IPOPHL) said its draft rules for the Intellectual Property Code includes special protections for the products of indigenous peoples, in particular their food and woven goods, as well as other domestic items based on their geographic origins.
IPOPHL said the implementing rules and regulations (IRR) for Republic Act No. 8293, or the IP Code, drafted by the Bureau of Trademarks, recognize a mechanism for protecting products via a system of Geographical Indications (GIs) that will render such products protectable.
Expected beneficiaries of the GI scheme are Guimaras mangoes and the Tau Sebu T’nalak weaves, which are registered as collective marks, it said in a statement.
“Others are Bicol pili, Davao pomelo, Cordillera heirloom rice; Camiguin lanzones; Davao cacao; Kalinga coffee; Antique bagtason loom products; Aurora sabutan weaves; Samar basey banig mats; Basilan and Zamboanga Yakan cloth; and Masbate beef and Baguio strawberries,” IPOPHL said.
The draft IRR defines GIs as “any indication which identifies a good as originating in a territory, region or locality, where a given quality, reputation, or other characteristic of the good is essentially attributable to its geographical origin and/or human factors.”
The IRR added that the protection of GIs builds competitive advantage for indigenous and other domestic products.
The IRR draft underwent a first round of stakeholder consultations on Thursday.
“We hope we can finalize and implement the IRR soon so we can make our unique and high-quality Philippine products more attractive. Supporting these goods (in gaining) the global spotlight they deserve, will make a tangible difference in the lives of our farmers, our weavers and all who make up our GI landscape,” IPOPHL Director General Rowel S. Barba said.
The IRR also outlines a registration and application process. Protection for a GI will remain valid unless its registration is cancelled.
According to the IPOPHL, GIs are protected under the trademarks section of the IP Code. — Revin Mikhael D. Ochave
A ZERO tariff scheme for imported electric vehicles (EVs) will not make them significantly more competitive on price relative to cars powered by internal combustion engines, the Electric Vehicle Association of the Philippines (EVAP) said.
EVAP Executive Director Jose Bienvenido Manuel M. Biona said at a Tariff Commission (TC) hearing on Thursday that the zero-tariff proposal will not make EVs less expensive than cars using conventional fuel.
“(The) removal of import tariffs on EVs (excluding tricycles and jeepneys since they are produced in the Philippines) would reduce the cost, although they would remain more expensive than internal combustion engine vehicles (ICEs),” Mr. Biona said.
“We’ve done already the math. The industry forecasts that it will not be competitive,” he added.
The hearing was evaluating the Department of Trade and Industry’s (DTI) proposal for zero-tariff EV imports, down from the current 30%.
The proposal was meant to hasten EV adoption in the face of high oil prices.
Mr. Biona said, however, that zero EV tariffs will not have a significant impact on government revenue.
“(The) impact… on revenue… will be minimal considering that the more popular ICE models are mostly sourced from Southeast Asia or locally produced, or from countries with which we have free trade agreements,” Mr. Biona said.
Mr. Biona added that the government could consider granting tariff exemptions for electric motorcycles instead to boost demand.
“(Electric) motorcycles may be granted import tariffs exemptions over a limited period to help build up demand to attract manufacturing investors,” Mr. Biona said.
“We believe that we have the capacity to produce the motorcycles here,” he added.
Energy Utilization Management Bureau Director Patrick T. Aquino said a zero tariff is expected to be positive for EV adoption as well as jobs.
“It would encourage end-users to shift to EVs and aid in increasing the number of EVs in the current vehicle fleet of the country,” Mr. Aquino said.
“It can generate employment opportunities for the workforce,” he added.
According to the TC, the DTI’s zero tariff proposal runs for five years. — Revin Mikhael D. Ochave
RESIDENTIAL RENTERS seeking dwellings in the central business districts (CBDs) of Makati, Pasig, and Taguig spiked in the first quarter after companies availing of fiscal incentives in economic zones were ordered to return to on-site work by April 1, online real estate marketplace Lamudi said.
It said in a statement that the challenge for landlords that will house workers returning to the office will be to match the conditions the workers had grown accustomed to after up to two years of working from home.
“While this offers promising opportunities for real estate players, it also presents challenges, primarily in making commercial spaces appealing to employees who have become used to working from home,” Lamudi CEO Kenneth Stern said in the statement.
In a report on the data it had compiled from the first quarter, Lamudi found that prospective CBD renters were split 60-40 between Metro Manila residents and those originating from outside of the capital, with the prime renting demographic aged 18 to 34.
The top generator of rental leads for the CBDs were hinterland cities of Mega Manila like Angeles, Antipolo, Bacoor, Calamba, and Lipa. Cebu City was the ninth-largest source of leads for Taguig, and Baguio City was in the top 10 for Pasig.
Lamudi said the majority of rental inquiries from Bacoor, Calamba, and Lipa were for rooms to rent, bed spaces, and studio units, while inquiries from Metro Manila-based renters were mainly for one-bedroom, two-bedroom, and studio units.
Metro Manila-based renters were most interested in condominiums, whereas Luzon-based renters were more evenly distributed between apartments and condominium units.
Rooms for rent in Quezon City ranged from P3,500 for a 15-square meter space. The same space averaged P3,800 in Pasig and P4,990 in Makati.
It said the main driver of the residential rental market was job opportunities in the information technology- business process outsourcing industry, as well as corporate headquarters located in the CBDs. — Patricia B. Mirasol
MANILA WATER Philippine Ventures, Inc. (MWPV), the controlling shareholder of Manila Water Consortium, Inc. (MWCon), said 39% minority owner Metropac Water Investments Corp. (MWIC) was bought out, bringing its stake in the consortium to 84% and raising another minority partner’s share to 16%.
In a disclosure to the exchange on Thursday, Manila Water Co., Inc. (MWC) said its wholly-owned unit MWPV acquired 107,601,639 shares formerly held by MWIC in the consortium for P1 per share.
Following the tripartite transaction, the other minority partner, Viscal, will own 16% of MWCon, up from 10% previously.
“The transaction is in line with MWC’s strategic direction to maximize the potential of existing business and take on opportunities for growth and expansion in the Province of Cebu and eventually in the Visayas and Mindanao regions. The acquisition of the MWCon shares allows MWC to optimize project returns with its efficient execution and operation of the project, and sound regulatory and stakeholder management,” MWC said.
“MWCon is the partner of the Province of Cebu in the implementation of the 2012 Joint Investment Agreement for the development and delivery of bulk water supply to the Cebu Province, which is being carried out by their joint venture company, Cebu Manila Water Development, Inc.,” it added.
“The transaction will have no effect on project execution and operation of the project assets. Ultimately, the project retains its projected benefits to be provided to the customers of the Metro Cebu Water District,” MWC said. — Revin Mikhael D. Ochave
