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Portugal bans new licenses for Airbnb rentals to address housing crisis

REUTERS

LISBON — Portugal announced on Thursday a hefty package of measures to tackle a housing crisis, including the end of its controversial “Golden Visa” scheme and a ban on new licenses for Airbnbs and other short-term holiday rentals.

Rents and house prices have skyrocketed in Portugal, which is among the poorest countries in Western Europe. Last year, more than 50% of workers earned less than 1,000 euros per month while in Lisbon alone, rents jumped 37% in 2022.

Low salaries, a red-hot property market, policies encouraging wealthy foreigners to invest and a tourism-dependent economy have for years made it hard for locals to rent or buy, housing groups have said. Portugal’s 8.3% inflation rate has exacerbated the problem.

Prime Minister Antonio Costa said the crisis was now affecting all families, not just the most vulnerable.

It is not clear when the measures, worth at least 900 million euros ($962.19 million), will come into effect. Costa said some would be approved next month and others will be voted on by lawmakers.

A mechanism would be introduced to regulate rent increases, he added, and the government will offer tax incentives to landlords who convert tourism properties into houses for locals to rent.

Left Bloc party MP Mariana Mortagua criticized the measures, saying the government was giving tax breaks to landlords who have already “benefited from (housing) speculation”.

New licenses for tourism accommodations, such as Airbnbs, will be prohibited – except in less populated rural areas.

The Social Democrats said the measures were an “attack” on the rights of property owners and businesses.

To address the housing shortage, Costa said the state would rent vacant houses direct from landlords for a period of five years and put them on the rental market.

Portugal will end its golden visa program, which offers EU passports to non-EU nationals in return for investments including in real estate and has been criticized for boosting house prices and rents.

The scheme attracted 6.8 billion euros in investment since its launch in 2012, with the bulk of the money going into real estate.

Housing groups said the measures would mean little if the government continued to promote other policies to attract wealthy foreigners to Portugal, such as the “Digital Nomads Visa” introduced in October, which gives foreigners with high monthly income from remote work to live and work from Portugal without paying local taxes.

At a small housing protest in Lisbon, 23-year-old activist Andreia Galvao accused the government of failing to live up to promises it made to address the housing crisis in the past.

“The goal was that by 2024 all Portuguese would have access to quality housing – it doesn’t look like that will happen,” she said. “The situation is dramatic.”

The “Housing is a right” group said the measures do not change the “system in place” in which large real estate investment funds control a significant chunk of the market.

“For the vast majority of people, rents will remain unaffordable and buying a house will continue to be a dream,” it said. — Reuters

SM Store taps fintech for shoppers’ financing

BW FILE PHOTO

THE SM STORE signed a partnership deal with Salmon, a financial technology (fintech) startup company, to provide its customers with point-of-sale services.

In a press release on Monday, Salmon said the partnership would provide the opportunity for SM Store customers to buy products via installment financing.

“From now on customers of SM Store will have the opportunity to buy their products using the Salmon point-of-sale service giving them access to installment financing as well as greater freedom and flexibility,” the company said

This partnership with the department store chain Salmon will now allow customers to purchase SM Store products without “long approval processes and needless paperwork.”

“SM Store attracts a large number of Filipinos looking for a great shopping experience, and Salmon will now be there to make this experience better and even more affordable,” said Salmon Co-Founder Raffy Montemayor.

The company also has plans to expand alongside well-known retail brands to help shoppers through quick installment loans.

“We are firmly convinced that using financial products, obtaining loans, paying bills and all other time-consuming financial routine will eventually be seamlessly integrated into our daily lives,” Mr. Montemayor said.

The SM Store is a subsidiary of SM Investment Corp., which is also into the property business and financial services. — Adrian H. Halili

Discover a new way of living at Haraya Residences: A vertical gated village for the modern era

Shang Robinsons Properties, Inc. (SRPI), a joint venture between Shang Properties, Inc. and Robinsons Land Corporation unveils its latest project: Haraya Residences.  It is a stunning two-tower development featuring 558 homes in the first-to-rise South Tower, and more units in the next phase as the North Tower follows. The development also highlights unique indoor and outdoor amenities spanning 2,270 sqm. and 2,500 sqm. respectively. Located at the heart of Bridgetowne Estate in Pasig, Haraya Residences is a luxury vertical gated village that boldly reimagines modern living in its design and features – thoughtfully planned to complement the ever-evolving lifestyle and leanings of today’s discerning urban dweller.

Jose Juan Jugo, Executive Vice President, Shang Properties, Inc. shares, “A new era requires new thinking. It demands a new understanding of the home; how we live, interact, unwind, and be productive. Together with the finest architects, designers and artisans, we deliver this unique vision that offers an uncompromising new perspective on cosmopolitan living.”

He expounds, “Haraya in Filipino means ‘imagination’ so we held our mission sacred, to envision new possibilities for homeowners, introduce meaningful innovation, and develop inventive spatial configurations that provide comfort, freedom, and inspiration.”

Open living like you’ve never experienced before

SRPI collaborated with top design firms—P&T Group, FM Architettura, and P Landscape—to realize the vision of Haraya Residences.

P&T Group Architect and Director Edgar Cozzio describes, “At Haraya Residences, the shape of the buildings gave us a lot of unique opportunities to create deep spaces that allow residents to feel safe and cocooned in their homes but at the same time enjoy a sense of freedom through the generous outdoor living space. We wanted to broaden the outdoor space to bring in that connection with nature – to feel fresh air and feel the outside world while inside.”

Design collaborator Francesca Muzio, founder and CEO at FM Architettura, adds, “The idea of traditional living is gone. The way we use the spaces in our homes nowadays is very different. There is a new awareness on the importance of domestic comfort and a desire for more tactile homes—this has been all the more evident—along with having al fresco spaces and opportunities to be closer to nature. In Italy, we have a concept called loggia. It’s an extension of your home, but also a part of the exterior; a space that can take on many personalities—an intimate garden for example, or an outdoor living room. The idea is to create a flexible layout, discovering new relationships and interactions between spaces that allow for a more contemporary lifestyle. Our design firm calls this concept a “pixelated layout”— a reimagining of the modern home.”

Step outside into the heart of your home

Haraya Residences presents one-, two-, and three-bedroom suites designed to create more fluidity between interior and exterior living, with spatial configurations that expand the very notion of a home.

The One-Bedroom Unit re-imagines the traditional one-bedroom layout with additional flexible space and a loggia that expands the airy living room. A curvilinear glass partition provides privacy and flexibility when needed, and unifies the living room into a home that is perfect for relaxing and entertaining alike. Meanwhile, the Signature One-Bedroom offers an expansive living room configuration that integrates an innovative curvilinear den and more loggia space, along with a spacious master bedroom and en suite bathroom, ideal for those seeking additional flexibility and comfort.

The Two-Bedroom Unit, on the other hand, has expansive windows that extend from the lofty living room to the guest and master bedrooms, opening the home to sweeping panoramic views. Complete with a spacious en suite bathroom and a walk-in closet, the master bedroom also provides functionality and comfort; while the voluminous loggia nestled between the dining and living areas bridges the interior and exterior to create an airy space full of natural light.

Finally, the Three-Bedroom Unit represents the full expression of Haraya Residences’ unique al fresco design vision, where interior spaces merge seamlessly with the outdoors through loggias. Designed for families and those seeking the luxury of space, the Three-Bedroom Unit is an exquisite balance of private and entertainment areas, offering sweeping views from the residence.

Rediscover a sense of vibrancy

The amenities at Haraya Residences are the heart of the development—where privacy, community, and vibrant landscaping come together.

Featuring a variety of unique venue spaces and lounges, Haraya Residences’ indoor amenities span up to 2,270 sqm. Designed as extensions of their very own homes, residents can freely catch a movie with family and friends at The Viewing Room; bookworms can curl up with a novel at The Library; and couples can wine and dine in exquisitely furnished function rooms. Furthermore, celebrants can host private parties at the Chef’s Kitchen; students and employees can work collaboratively with colleagues at the Studio; families can enjoy activities at the game room and children’s playroom; fitness enthusiasts can get active at the gym; executives can gather for meetings at the Tea Room; and guests can marvel at stunning panoramic views of the skyline while dining at the Lobby Lounge.

Alternately, Haraya Residences’ outdoor amenities spans up to 2,500 sqm, featuring a variety of beautifully tended green spaces and private nooks. The whole family can unwind at the swimming pools and children’s play areas; students and professionals can decompress at the jacuzzi after a long day; while others can rejuvenate through yoga under the swaying trees.

A sense of place, a sense of community

Muzio adds, “From the beautiful entrance, the impressive amenities, to the units, there has to be a sense of place. Also, for us, the experience of a private community is the new amenities component. What we mean by this is that common areas are not only spaces that residents can use, but are natural extensions of their homes, places where residents can cultivate their passions, recharge, rejuvenate, and maybe most importantly, connect with neighbors, friends and family.”

Cozzio ends, “Haraya Residences engages all your senses. It is a home to return to, an escape from outside stresses. It is a sanctuary to enjoy the family and to socialize with friends. How we live and where we live is ever changing. Cities grow and how we live in them matters greatly for our health and the health of the community. A well-planned and a well-thought-of development such as Haraya Residences—in harmony with the environment, bringing the outdoors in through the loggias, incredible landscaping, stunning views—is paramount in improving quality of living.”

Discover a new way of living at the heart of Bridgetowne, Pasig City. Welcome to Haraya Residences. For more information, visit www.harayaresidences.com, call 0917 5-HARAYA (427292), or follow @harayaresidences on Instagram and @harayaresidencesofficial on Facebook.

 

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Fantasy series focuses on Philippine heroine

AFTER its success with historical series Maria Clara at Ibarra, GMA Network again turns to the country’s past — again with a twist of fantasy — with Mga Lihim ni Urduja which premieres on Feb. 27, replacing the earlier time-travel tale based on Joe Rizal’s famous novel, Noli Me Tangere and El Filibusterismo.

The drama, set in a pre-colonial world, showcases a modern adventure.

It is loosely based on the legendary warrior princess — or hara – Urduja. She is mentioned in the travel accounts of Ibn Battuta in the 1400s, where he was impressed by her military exploits. She is believed to have been from the province of Pangasinan.

The stars of the show Encantadia — Kylie Padilla, Gabbi Garcia, and Sanya Lopez — reunite in the new series. as Gem, Crystal, and Hara Urduja, respectively.

Gem, a modern-day police officer, and Crystal, a jewelry designer, recover priceless jewelry known to be the magical amulets of Hara Urduja. To defeat a nemesis that they never imagined to be so closely linked to both of them, Gem and Crystal must deal with personality problems as well as the astonishing realization that they may be long-lost half-sisters and gifted descendants of Urduja.

“I’m surprised that I was included in the cast,” Ms. Lopez said in a press conference on Feb. 15 at Le Reve Pool and Events venue in Quezon City. She added that she is happy that she reunited with the her fellow cast members from Encantadia.

“Si Urduja ibang klase siya at magandang role siya para sa akin, kaya ko siya tinanggap (Urduja is a unique role and for me it is beautiful, that’s why I accepted the role).”

“It’s my first time to play a policewoman, so it’s a very different place in the craft,” said Ms. Padilla, who has previously done action scenes in fantasy shows.

Also in the cast are Arra San Agustin, Michelle Dee, Vin Abrenica, Kristoffer Martin, Pancho Magno, Jeric Gonzales, Rochelle Pangilinan, and Zoren Legaspi.

Co-director Jorron Lee Monroy, without stating any figures, said that the series is also a big-budget project which utilizes filmmaking technology that will include graphics as if living in a virtual world.

The series tackles the theme of women empowerment and the narrative of how women held positions of power during the precolonial period.

“Sometimes, we are wrong about how we think of ourselves and how we belittle our strengths,” concept creator and head writer Jojo Tawasil Nones said of the show’s message.

“Matagal na tayong pinapaniwalang hanggang biktima lang ang ating pwedeng gampanan. Pero tayo ang lahi ng mandirigma na palaban at matatapang (For a long time, we were made to believe that we could only play victims. But we are a race of warriors who fight and are brave),” he said.

“Whatever you are into, you should be proud of it. We are happy to be creating something for the Filipino audience and hopefully something for the international audience that we can be proud of,” associate director Ralf Malabunga said.

Also in the show’s creative team are director Aloy Adlawan, senior creative consultant Agnes Gagelonia-Uligan, content development consultant Ricky Lee, senior writer John Roque, writers Renei Dimla and Patrick Ilagan, and contributing writer Jai Shane Cañete.

Mga Lihim ni Urduja premieres on Feb. 27. It airs weeknights at 8 p.m. and at 9:40 p.m. on GTV. — Michelle Anne P. Soliman

Philippines: Balance of payments position

THE PHILIPPINES’ balance of payments (BoP) position swung to a surplus in January from a deficit a year ago, reflecting the proceeds of the government’s global bond issuance, the Bangko Sentral ng Pilipinas (BSP) said on Monday. Read the full story.

Philippines: Balance of payments position

How PSEi member stocks performed — February 20, 2023

Here’s a quick glance at how PSEi stocks fared on Monday, February 20, 2023.

Peso rises on bets of more BSP hikes

BW FILE PHOTO

THE PESO strengthened against the dollar on Monday after the Bangko Sentral ng Pilipinas (BSP) signaled more rate hikes to come as it seeks to stem elevated inflation.

The local currency closed at P54.95 versus the greenback on Monday, appreciating by 29 centavos from Friday’s P55.24 finish, data from the Bankers Association of the Philippines showed.

The peso opened Monday’s trading session weaker at P55.31 per dollar. Its intraday best was its closing level of P54.95, while its worst showing was at P55.32 against the greenback.

Dollars traded went down to $717.4 million on Monday from $878.3 million on Friday.

“The peso appreciated following the impact of last week’s BSP monetary policy decision, wherein BSP Governor Medalla signaled at more local rate hikes this year,” a trader said in an e-mail.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort also said in a Viber message that the central bank’s policy decision and signals of another rate increase next month supported the peso against the dollar.

The BSP on Thursday hiked benchmark interest rates by 50 basis points (bps) for a second straight meeting, bringing its policy rate to 6%, amid higher prices and rising inflation expectations.

BSP Governor Felipe M. Medalla said after the meeting that they could not rule out a third or fourth rate increase this year, and could deliver a 25-bp or 50-bp hike at their next review on March 23.

Mr. Ricafort added that the peso appreciated after global crude oil prices eased over the weekend.

Oil futures fell sharply on Friday amid signs of ample supply along with concerns of more US Federal Reserve hikes, which could weigh on demand.

US crude settled down 2.74% at $76.34 per barrel and Brent finished at $83.00, down 2.51%.

However, on Monday, Brent edged up 58 cents to $83.58 a barrel, while US crude rose 45 cents to $76.79.

For Tuesday, the trader said the peso could weaken anew against the dollar on expectations of improved US manufacturing data.

The trader and Mr. Ricafort expect the peso to trade between P54.85 and P55.10 per dollar on Tuesday. — A.M.C. Sy

PSEi declines amid hawkish hints from Fed, BSP

STOCKS dropped on Monday as investors were cautious ahead of the release of minutes of the US Federal Reserve’s latest meeting and after the Bangko Sentral ng Pilipinas (BSP) hinted at more rate hikes moving forward.

The benchmark Philippine Stock Exchange index (PSEi) went down by 34.90 points or 0.51% to close at 6,744.12 on Monday, while the broader all shares index lost 13.94 points or 0.38% to end at 3,607.75.

“Philippine shares slipped ahead of the upcoming Fed meeting as US inflation weighed on investor sentiment. Market participants are overall still wary on Fed’s rate adjustments to tame inflation,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The PSEi ended lower for the third time as market continued to price in more rate concerns, with expectations for the Fed rate hike now moving to a 50 bps (basis points) next month from 25 bps,” AP Securities, Inc. Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message.

Minutes of the Fed’s Jan. 31 to Feb. 1 meeting will be released on Wednesday. At that review, the US central bank raised its target interest rate by 25 bps to a range between 4.5% and 4.75%.

Some Fed officials have said they would support a bigger rate hike at their March 21-22 meeting following the release of data showing sticky US inflation.

The US consumer price index increased 0.5% last month after gaining 0.1% in December. In the 12 months through January, the  consumer price index increased 6.4%.

“The local bourse lost 34.90 points as investors remained cautious amid the hawkish stance of the Bangko Sentral ng Pilipinas and Fed,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

BSP Governor Felipe M. Medalla said after their policy meeting last week, where they raised borrowing costs by 50 bps, that a third or maybe fourth rate hike is likely this year.

He also said they could consider a 25-bp or 50-bp increase at their March 23 meeting.

All sectoral indices closed lower on Monday. Mining and oil declined by 136.33 points or 1.21% to 11,090.98; industrials dropped by 66.42 points or 0.67% to 9,726.54; property shed 14.44 points or 0.48% to end at 2,944.60; holding firms went down by 28.04 points or 0.43% to 6,457.34; financials lost 7.05 points or 0.38% to close at 1,811.75; and services inched down by 2.56 points or 0.15% to 1,700.57.

Value turnover declined to P3.3 billion on Monday with 483.44 million shares changing hands from the P5.68 billion with 851.14 million issues traded on Friday.

Decliners outnumbered advancers, 115 versus 72, while 47 names closed unchanged.

Net foreign selling declined to P43.79 million on Monday from P121.29 million on Friday.

AP Securities’ Mr. Temporal placed the PSEi’s support at 6,650 and resistance at 6,900, while Mercantile Securities’ Mr. See put support at 6,550 to 6,762 and resistance at 7,000 to 7,150. — Ashley Erika O. Jose

Domestic tourism seen fully recovered this year

PIXABAY

THE Department of Tourism (DoT) said it expects domestic tourism to make a full recovery this year with international tourism following in 2024 after travel disruptions caused by the pandemic.

“Even as the pandemic set back our gains, the momentum for recovery and growth is already here. We see domestic tourism recovering to 2019 levels this year, and international tourism next year,” Tourism Secretary Ma. Esperanza Christina G. Frasco said during a meeting of the Tourism Coordinating Council (TCC) Monday.

“The possibilities for Philippine tourism are endless. With your continued support we will accomplish our goals for a tourism industry that is a major economic pillar,” she added.

In 2022, the Philippines recorded 2.65 million international visitor arrivals. The DoT is targeting 4.8 million international visitors this year, still some distance from the 8.26 million international arrivals in 2019.

The Philippine Statistics Authority estimates that domestic trips totaled 37.28 million in 2021, still off their pre-pandemic level of 122.12 million in 2019. The data for 2022 are not yet available.

The TCC is the coordinating body for national tourism development efforts under Republic Act No. 9593 or the Tourism Act.

Ms. Frasco said the National Tourism Development Plan (NTDP) will help the country become a “tourism powerhouse.” 

The DoT is hoping to launch the NTDP by March of this year.

“The NTDP is framed by the strategic values of Philippine identity, sustainability, resilience, and global competitiveness. Our programs should reflect these values if we are to truly seize the opportunities for long-term growth for our industry,” Ms. Frasco said. — Revin Mikhael D. Ochave

Malampaya completes maintenance shutdown; gas deliveries resume

PRIME ENERGY Resources Development B.V. (Prime Energy), the operator of the Malampaya gas field, has resumed the supply of gas to power plant customers following the completion of maintenance, the Department of Energy (DoE) said.

In a statement, the DoE said Malampaya was shut down as scheduled between Feb. 4 and 18. It underwent maintenance without incident.

“The DoE welcomes the successful completion of the maintenance works on the Malampaya platform, pipelines and entire system,” the DoE said.

“The works were completed with zero incidents recorded. This was achieved through diligent planning and execution by the operator, Prime Energy, in coordination with the DoE,” the DoE said.

Energy Secretary Raphael P.M. Lotilla said that he expects to further upgrade the technical capabilities of Philippine energy suppliers.

Malampaya gas powers 27% of Luzon’s power requirements. During the shutdown, power plants supplied by Malampaya ran on liquid fuel.

First Gen Corp. said only its 420-megawatt (MW) San Gabriel plant went offline during the Malampaya shutdown.

Its other power plants, the 1,000-megawatt Santa Rita, 500-MW San Lorenzo and 97-MW Avion ran on liquid fuel during the two-week shutdown.

Upon the switchover to gas, ”San Gabriel went online at 7 a.m. today. Santa Rita 1 of four units is now on Malampaya gas. San Lorenzo and Avion have been on Malampaya Gas since past midnight,” First Gen said.

The other units of Santa Rita are still on liquid fuel as Malampaya ramps up its supply.

Prime Infrastructure Capital, Inc., through its subsidiary Prime Energy, is a member of the Malampaya consortium, which is exploiting Service Contract 38.

Prime Energy holds a 45% stake in the Malampaya project. The other members of the consortium, UC38 LLC and PNOC Exploration Corp., own a 45% and 10% interest, respectively. — Ashley Erika O. Jose

NTC uncertain about meeting deadline for shutting down analog TV

PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE National Telecommunications Commission (NTC) said it is not certain it can meet its deadline for shutting down analog television because of the slower-than-expected digital TV rollout.

“We are still looking at this year, but this is still tentative,” NTC Commissioner Ella Blanca Lopez told reporters Monday.

The commission had originally intended to phase out analog television broadcasting in 2023, but Ms. Lopez said many households are still not digital-ready.

“Mahirap naman na i-shutdown mo tapos hindi pa digital ready lahat (It will be too disruptive if we shut it down when not everyone is digital-ready),” Ms. Lopez said.

According to the commissioner, digital penetration nationwide has not yet hit 50% with most digital-ready households located in Metro Manila.

“Mataas-taas na ang penetration sa Metro Manila, pero sa ibang region hindi pa. Malabo pa po yung sa provinces (The digital penetration in Metro Manila is high, but not in the regions. The provinces are not yet ready),” Ms. Lopez said.

Ms. Lopez said various networks have been rolling out digitalization initiatives to the regions in the footsteps of ABS-CBN.

“Nagro-rollout na rin ang ibang networks (The other networks are also rolling out), so I think we will get there,” Ms. Lopez said. — Justine Irish D. Tabile

Preliminary estimate for ‘strategic goods’ exports at $4.5 billion in 2022, little changed — Trade dep’t

REUTERS

PHILIPPINE exports of “strategic goods” — military goods, as well as those with dual civilian and military applications — amounted to $4.5 billion in 2022, little changed from a year earlier, the Department of Trade and Industry (DTI) said in a preliminary estimate.

Trade Secretary Alfredo E. Pascual said Monday however that strategic goods trade is expected to grow going forward as the risk assessment process and the permitting system become more efficient.

“The potential trade in strategic goods is expected to increase as businesses become more confident about expanding their activities, considering the risk assessment criteria we apply to all export applications. For instance, (we guarantee that) US-headquartered companies’ Philippine counterparts (do not do business with) sanctioned individuals and entities,” Mr. Pascual said during the launch of the DTI’s Strategic Trade Management Office (STMO) e-licensing platform in Makati City.

Strategic goods include software and technology that could be used for military purposes, including the manufacture of weapons of mass destruction.

Exports of these products are governed under Republic Act No. 10697, or the Strategic Trade Management Act.

“The STMO has yet to verify the specific amount for last year, 2022, but it is estimated to be around the same $4.5 billion figure. The STMO is still validating the annual reports and reconciling the data with the Bureau of Customs,” Mr. Pascual said.

According to Mr. Pascual, information systems accounted for 98% of the Philippines’ strategic goods exports in 2021, while semiconductors and integrated circuits accounted for the remaining 2%.

“Our biggest trading partner is the United States with a 60% share. Next is Japan at 21%, Singapore 5%, South Korea 4%, and China 3%,” Mr. Pascual said.

Meanwhile, the DTI also launched on Monday the Philippine STMO e-licensing platform as part of the Cooperative Threat Reduction Agreement (CTRA) with the US.

The online platform will serve as the one-stop shop for all export control-related services.

“The e-licensing platform is also accessible 24/7 to all stakeholders. Safeguards have been placed to make transactions more efficient, transparent, and secure. Ultimately, this IT infrastructure project will facilitate the issuance of certificates to our industry stakeholders applying for the cross-border transfer of strategic goods,” Mr. Pascual said.

“The DTI expects this infrastructure to help increase industry awareness and compliance with the Strategic Trade Management Act law. This will significantly increase and improve the Philippines’ implementation of our international obligations, thus demonstrating our commitment to peace and security,” he added. — Revin Mikhael D. Ochave

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