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Filinvest Land to focus on middle-income housing

FILINVEST Land, Inc. announced on Monday that it will be focusing on its affordable and middle-income housing segment this year.

“We are ready to roll out more new projects in 2022 as we have already prepared complete plans and geared up our product delivery capacity to support further launches in the years ahead,” Filinvest Land Chief Strategy Officer and newly appointed President Tristaneil D. Las Marias said in a disclosure on Monday.

“The pandemic years gave us plenty of time to prepare, get our rollouts ready, and allow us to be first out of the gate for moments like now when the economy shows signs of rebound and restoration,” he added.

The real estate developer said it is also working on ensuring that its developments are sustainably designed.

“Filinvest Land projects are designed to be energy efficient, tap renewable energy sources, use sustainable building materials, and reduce construction waste. Mid-rise buildings, housing, and subdivision projects are low-density developments with broader and bigger open spaces,” the company said.

The company said that its residential developments now have detention ponds, rainwater collectors, sewage treatment plants (STP), and water recycling systems to provide an additional water source for irrigation and landscape maintenance.

The publicly listed property arm of Filinvest Development Corp. also declared a cash dividend for common shares amounting to P0.047 per share, representing a 30% payout which will be paid on June 2, 2022 for stockholders on record as of May 11, 2022.

Filinvest Development’s two other subsidiaries, EastWest Banking Corp. and real estate investment trust, Filinvest REIT Corp. (FILRT) also announced dividend declarations.

FILRT approved the dividend declaration to all stockholders amounting to P0.116 per share, its second quarterly cash dividend for the year and its fourth since its initial public offering (IPO) last year.

The amount is equivalent to an annualized yield of 6.6% or a quarterly yield of 1.65%, which is in line with the annualized dividend yield forecast for 2022 in its REIT plan based on its IPO price of P7.00 per share. The cash dividends will be payable on May 27, 2022 to stockholders on record as of May 6, 2022.

“Including FILRT assets, Filinvest Land and its subsidiaries have 780,000 square meters of office and mall gross leasable area (GLA). Our investment properties also include warehouse and land lease spaces for the logistic and e-commerce players and co-living accommodations. We target to reach 2.1 million square meters of GLA by 2026. Our vast inventory of investment properties are potential infusions to grow FILRT, which will provide opportunities for Filinvest Land to further recycle its capital,” Filinvest Land Chief Executive Officer Josephine Gotianun Yap said.

Meanwhile, EastWest Bank approved and ratified the declaration of cash dividends of P0.40 per share. The dividends, equivalent to a payout ratio of 20%, are payable on May 31, 2022 to all stockholders as of record date May 11, 2022.

“The dividend declarations are testaments of the Filinvest group’s commitment to our valued shareholders who have been with us in our journey. We are grateful for their continued support, trust and confidence. This also affirms our steadfast desire to grow and create value despite the obstacles faced during the extended pandemic period,” Ms. Gotianun-Yap said.

“With the improving business environment that we are seeing brought about by better mobility and relaxed quarantine measures, we are hopeful that 2022 will be the start of our country’s recovery as well as our businesses’ long-term growth,” she added.

Filinvest Land has built over 200 residential developments across the country, with large townships in Rizal, Cebu, and other major cities.

In 2021, the company reported a 2% increase in net income attributable to equity holders to P3.8 billion, driven by high reservation sales and continued construction progress.

Its residential business also grew 15% to P11.27 billion last year.

“We believe that this signals the recovery of the residential business as buyers are more confident of a better economy and business environment. We are optimistic that the trajectory of growth for the residential business will continue beyond 2022,” said Ms. Gotianun Yap.

At the stock exchange on Monday, Filinvest Land shares were up by P0.02 or 1.9% to P1.07 apiece. — Luisa Maria Jacinta C. Jocson

Megaworld eyes P1.9-B sales from ‘smart’ condo project

MEGAWORLD Corp. launched Herald Parksuites, its fourth residential condominium development in The Upper East Township in Bacolod City. — COMPANY HANDOUT

MEGAWORLD Corp. is looking to generate P1.9 billion in sales from its fourth residential condominium development inside The Upper East township in Bacolod City.

In a statement, Megaworld said it expects to P1.9 billion in sales revenues from the Herald Parksuites, which is scheduled to be completed by 2028.

The 12-storey Herald Parksuites offers 246 “smart home” units that are equipped with wireless smart home system and devices with WiFi router, video intercoms, and a standby power generator for a lighting fixture in the living area.

Studio units are sized up to 24 square meters (sq.m.), while studio with balcony units are up to 31.5 sq.m. There are one-bedroom units with balcony (up to 41 sq.m.), executive one-bedroom with balcony (up to 54 sq.m.), and one-bedroom loft with lanai (up to 78 sq.m.).

The biggest units are the two-bedroom units with balcony (up to 79 sq.m.) and two-bedroom loft with lanai (up to 109 sq.m.). These two-bedroom units will have kitchens with cooktop burners.

For loft-type units, the bedrooms and living rooms will have inverter split-type air-conditioning units.

“Taking inspiration from the posh apartments in New York City’s Upper East Side, this new residential tower will highlight Bacolod’s first ‘smart home’ amenities in a condominium with select loft units in generous layouts,” Jennifer Palmares-Fong, vice-president for sales and marketing forMegaworld Bacolod, said in a statement.

Herald Parksuites will have a central amenity floor that connects to the amenity floor of the adjacent tower, Two Regis. Amenities include an adult pool, children’s pool, pool lounge, pool bar, shower rooms, reading nooks, children’s playground, daycare center, and fitness center.

There is also a function room with extended outdoor area, private dining rooms and a game room.

Herald Parksuites will have its own basement parking facility, while the ground floor will have access to a retail arcade.

The tower’s “green” features include low-flow water fixtures, light sensors at hallways, rainwater harvesting and re-use facility, and material recovery facility.

Megaworld launched the first residential tower, One Regis, within The Upper East township in 2018. It was followed by Two Regis in 2019, and One Manhattan in 2020.

The listed property developer reported a 36% rise in net income attributable to equity holders to P13.4 billion in 2021, as revenues jumped by 17% to P50.8 billion. — Cathy Rose A. Garcia

Art in the Park: A celebration of book illustrations, and welcoming an NFT marketplace

Distort Monsters in action

THREE weeks after welcoming over 16,000 guests at the hybrid Art Fair Philippines, the fair’s affordable counterpart, Art in the Park, opened on April 24. Ongoing until May 1 at www.artinthepark.ph, the art fair will feature one day of physical activities on April 28 at the Jaime C. Velasquez Park in Makati City.

This year, the Art in the Park features 61 galleries, art schools, independent art spaces, art collectives, and, for the first time, an NFT (non-fungible token) marketplace. The prices for the artwork are capped at P50,000.

“We moved everything back because of the Omicron wave in January,” Art in the Park co-founder and organizer Trickie Lopa told the press in a Zoom interview on April 21.

Ms. Lopa, along with her fellow co-founders Lisa Ongpin-Periquet and Geraldine “Dindin” Araneta — all three are also the founders of Art Fair Philippines — decided to keep most of the fair online to avoid the risk of overcrowding in the park, and instead have one day onsite within the eight-day event.

ANG INK
Two of fair’s featured artists with special exhibits are Ang Ilustrador ng Kabataan (Ang INK) and Distort Monsters.

In line with their 30th anniversary, Ang INK will present a special exhibit called “INK in the Park,” with a collection of 40 artworks from various illustrators.

Artist, painter, and children’s book illustrator Jomike Tejido said that it is the first time that the group is being highlighted with a special exhibition after 16 years of participating in the art fair.

“The fair has helped us bring out our creative talents outside our usual platform as published illustrations in books and magazines for Filipino children,” Mr. Tejido told BusinessWorld in an e-mail. He noted that Art in the Park has given them the opportunity to be appreciated by art collectors and to showcase their graphic designs.

Ang INK’s special exhibition features 40 illustrators including Juno Abreu, Aldy Aguirre, Fran Alvarez, Jamie Bauza, Benedir Dasig, Jovan De Ocampo, Danielle Florendo, Liza Flores, Tin Javier, Jasmin Lacay, LD Mendoza, Arli Pagaduan, Jonathan Ranola, Mark L. Ruste, Jomike Tejido, and Ige Ochoa Trinidad.

Meanwhile, their regular booth will have 100 artworks by 16 artists. “Our regular booth has an open theme, where we showcase each of our individual styles and interests in subject matter,” Mr. Tejido said. “Visitors might be able to get a timeless piece from their favorite children’s book illustrators.”

Ang INK has 50 to 60 active members every year. “Membership is renewed annually. The roster of active members changes from year to year,” former Ang INK president Liza Flores said in an e-mail.

Over three decades, Ang INK strives “to improve the quality of work of its members, set a standard for the Filipino children’s book industry in the craft as well as business practices, expand its reach and influence in other regions of the Philippines,” Ms. Flores said, and for the Philippines to be known internationally for having diverse, imaginative and world-class illustrations for children.

In Dec. 2021, Ang INK opened its 30th year anniversary exhibit at the Ateneo Art Gallery.

DISTORT MONSTERS
The street artist Distort Monsters (real name: Miguel Antonio) bridges digital art and traditional art with “Monster Mayhem Megamash”.

Art in the Park will present 100 pieces from part two of “Monster Mayhem MegaMash,” that takes the artist’s colorful creatures in two-dimensional, three-dimensional, and digital forms, from murals to beyond NFTs (non-fungible tokens). These one-of-a-kind monsters will be available at www.artinthepark.ph as giclee prints that contain unique QR codes that when activated, will enable buyers of the prints to onboard the images as NFTs which they will also own.

Priced at P9,500, the concept of the online exhibit comes from Blindboxes, where buyers do not know which of the 100 unique prints and NFTs they have purchased until the giclee prints are delivered to them.

“One of the main goals of the Monster Mayhem [project] is to bridge my physical art into the digital world and then back again to the real world,” Mr. Antonio told the press in a Zoom interview on April 21.

Mr. Antonio said that they are offering generative NFTs which are digital art which carry design assets fed into a specific program. “Each asset or trait has a certain rarity percentage, and what the program does is it takes all those traits to assemble an image that’s totally unique,” he explained.

A live installation of 10 three-foot-high resin sculptures will complement the online exhibition of “Monster Mayhem MegaMash”. They will be on view at the Jaime Velasquez Park from April 24 to May 1.

ONLINE AND LIVE EVENTS
Complementing the online exhibits at Art in the Park are online events which will be held via Facebook Live (www.facebook.com/artintheparkph). These include the video premiere of Studio 1616’s exhibit on April 25, 5:30 p.m.; the video showing of INK STORY: 30 Years of Ang Ilustrador ng Kabataan on April 26, 5 p.m., followed by a panel discussion on the video with members of Ang INK and the Ateneo Art Gallery, at 5:30 p.m.; the video premiere of Distort Monsters’ Monster Mayhem Megamash on April 27, 5:30 p.m.; and The Platinum Series art activity for kids on April 30, 10 a.m.

Meanwhile, the following are the live events to be held on April 28 (4 to 8 p.m.) at Jaime Velasquez Park in Salcedo Village, Makati:

Distort Monsters will hold a live mural painting session starting at 3 p.m. Mr. Antonio will also discuss his Monster Mayhem MegaMash project, and how this bridges the gap between traditional art and NFTs in a talk scheduled at 5 p.m. on the same day.

Ang INK’s exhibition of new work which will be available for purchase on this day.

Studio 1616’s installation, Reflect Deflect live.

A two-hour DJ set by After the Noon Records from 6 to 8 p.m. Food and drinks will also be available at the park.

Art in the Park is organized by Philippine Art Events, Inc., for the benefit of the Museum Foundation of The Philippines and with support from Globe Platinum and Bank of The Philippine Islands.

For more information and the full schedule of activities, visit www.artinthepark.ph and follow www.facebook/artinthepark and @artintheparkph on Instagram. — Michelle Anne P. Soliman

Yuka Saso shoots 66 for joint 17th place in LA Open

FIL-JAPANESE Yuka Saso — REUTERS

FIL-JAPANESE Yuka Saso posted a strong closing round of five-under par 66 to secure a joint 17th placing in the Los Angeles Open at the Wilshire Country Club in California on Sunday.

Bouncing back from her lackluster 74 the other day, Ms. Saso gunned down four birdies in the last eight holes to highlight a hot 33-33 performance that lifted her 32 spots up in the final standings.

The 20-year-old Ms. Saso, who mixed three birdies with two bogeys in the first 10 holes, banked $18,461 (about P968,000) for this finish, which marked  a big improvement from her 56th place outing in last week’s Lotte Championship.

The 2018 Asian Games double gold medalist missed six fairways but reached 14 greens in regulation and took only 27 putts to complete her round.

Ms. Saso finished the tournament at three-under 281, falling short of a Top 10 finish by two strokes.

The reigning US Women’s Open titlist wound up 12 shots behind Japanese Nasa Hataoka, who closed out with 67 for 269 and a five-stroke win over Australian Hannah Green (274 after a final 68).

Ms. Hataoka collared her sixth LPGA Tour title a week after missing the cut in the windy Lotte event in Hawaii. — Olmin Leyba

PSC, sepak takraw group condemns the bombing of bus in Maguindanao

TERRORISM has no place in sports.

The Philippine Sports Commission (PSC) and the Pilipinas Sepak Takraw Federation, Inc. (PSTFI) condemned the recent bombing of a bus in Maguindanao that hurt several student athletes and a coach scheduled to join its national invitation tournament set in Dipolog City.

“The PSC strongly condemns this act of terrorism. There is no justification for purposely causing pain on any person, especially ones which could possibly become fatal like this bombing. This cowardly act aimed to terrorize the public included athletes among its victims whose budding athletic future are unfairly dimmed by this horrible atrocity,” said PSC chairman William Ramirez.

“We pray for the swift recovery of all the injured. Terrorism has no place in sports,” he added.

“The PSTFI strongly condemns the bombing of a bus plying the route from Cotabato City to Dipolog carrying student-athletes and coach of sepak takraw,” said PSTFI president Karen Tanchanco-Caballero in a statement.

“Our thoughts and prayers are with the victims of this unjustified attack on the innocents. Our players are just young men wanting to play sport in hopes of representing our country in the coming 12th ASEAN School Games,” she added.

Fortunately, the coach and three athletes, who would have represented the Bangsamoro Autonomous Region in Muslim Mindanao, suffered only minor injuries and mental trauma.

“All four of us are safe and John Paul Capio is stable. He sustained wounds on his feet. He is one of the hardworking athletes in our Bangsamoro Sepak Takraw Association,” said Ben Snow, the victims’ coach.

Mr. Caballero said they are now in touch with the victims and vowed to provide assistance.

“These terroristic acts have no place in sports and our sepak takraw family feels the families of the victims and that the PSTFI will reach out to them for any help we can provide,” said Mr. Caballero.

Gov’t makes full award of T-bills as rates drop on easing oil prices

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THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as rates mostly declined after global oil prices eased to two-week lows.

The Bureau of the Treasury (BTr) raised P15 billion as programmed via the T-bills it auctioned off on Monday as bids reached P37.64 billion, over twice as much as the program but lower than the P54.12 billion in tenders seen for last week’s offer.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers as it attracted P17.2 billion in tenders. The average rate of the three-month T-bill dropped by 8.3 basis points (bps) to 1.14% from 1.223% last week.

The Treasury also made a full P5-billion award of the 182-day securities as bids reached P13.44 billion. The average rate of the six-month tenor likewise inched down by 1 bp to 1.558% from the 1.568% fetched at the previous auction.

Lastly, the government borrowed P5 billion as programmed from the 364-day instruments from P6.998 billion in tenders. The tepid demand caused the average rate of the one-year paper to go up by 2.4 bps to 1.901% from 1.877% a week earlier.

At the secondary market prior to the auction, the 91-, 182-, and 364-day bills were quoted at 1.2466%, 1.5262%, and 1.9169% respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the BTr made a full award of its T-bill offering as yields were mostly lower after global oil prices eased to two-week lows.

Oil prices slumped to about two-week lows on Monday, after prolonged coronavirus disease 2019 (COVID-19) lockdowns in Shanghai, China and potential US rate hikes would hurt global economic growth and demand for fuel, Reuters reported.

Brent crude was down $3.93 or 3.7% at $102.72 a barrel, while US crude fell $3.80 or 3.7% to $98.27 a barrel, the lowest since April 12. The benchmarks lost nearly 5% last week on demand concerns.

A Reuters poll two weeks ago showed analysts expect the US Federal Reserve to make two back-to-back 50-bp interest rate hikes in May and June to respond to runaway inflation. Fed Chair Jerome H. Powell said on Thursday that a half-point increase “will be on the table” during the Fed’s next meeting on May 3-4.

The Fed’s policy-setting Federal Open Market Committee began to unwind its pandemic-driven easy stance in March when it hiked key rates by 25 bps to tame inflation.

Mr. Ricafort said other drivers for the decline in T-bill yields include the seasonal tax collections in April due to the filing of income tax returns “and the recent foreign bond sales by the government that reduce the need to borrow from the domestic market.”

The government recently raised $559 million from an offer of Samurai bonds and $2.25 billion via global sustainability bonds.

A trader said in a Viber message that the auction result was as expected as some P27 billion in T-bills are maturing this week, freeing up liquidity to support demand for the P15-billion offer on Monday.

The BTr wants to raise P200 billion from the domestic market this month, or P60 billion from T-bills and P140 billion via Treasury bonds.

Monday’s T-bill auction was the last one for April. The BTr raised P64 billion via the short-tenored papers this month, above the P60-billion program, as it made full awards of all its offerings and also accepted more non-competitive bids for some tenors at its April 11 auction.

The government borrows from local and external sources to plug a budget deficit capped at 7.7% of gross domestic product this year. — T.J. Tomas with Reuters

Meralco income up 10% on higher power sales

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MANILA Electric Co. (Meralco) on Monday reported a 10% increase in its first-quarter consolidated core net income to P5.62 billion, driven largely by higher electricity sales and contribution from its power generation business.

Reported net income, which includes one-off items, improved by 28% to P5.56 billion after adjustments made relating to the Corporate Recovery and Tax Incentives for Enterprises Act.

Gross revenues during the three-month period rose by 33% to P85.91 billion, with distribution revenues rising by 6% to P15.27 billion.

“What accounts for the movement in volume would be quarantine restrictions, which continue to ease, [and an] increase in economic activities, with commercial volume increasing 6%, and this is coming from real estate, education sector, and full operations of retail and restaurants,” said Meralco Chief Finance Officer Betty C. Siy-Yap in a virtual briefing.

The hike in global fuel prices also caused surging pass-through charges, bolstering Meralco’s electricity revenues by 33% to P83.27 billion from P62.48 billion.

Separately, Meralco Chairman Manuel V. Pangilinan said in a statement that the company is closely working with government units, regulators, and its suppliers to mitigate the “adverse impact” of geopolitical developments towards the Philippine economy.

“The challenges notwithstanding, we remain positive that we shall be able to sustain Meralco’s operational and financial performance in the course of the year, as we bank on the further reopening of the economy, and traverse the road towards post-pandemic recovery,” he said.

During the quarter, the electricity distributor saw a 10% rise in core earnings per share to P4.99.

Meanwhile, average retail rate inched higher by 14% to P8.88 per kilowatt-hour (kWh), driven by 21% and 9% higher generation and transmission charges respectively.

The rate hike was offset by the P0.1064 per kWh average refund of distribution over-recoveries under the order of the Energy Regulatory Commission.

Residential sales accounted for 35% of the overall sales mix, with commercial and industrial sales taking a 34% and 31% share, respectively.

During the period, Meralco spent 70% of its P6-billion capital expenditure allotment on new network connections, asset renewals, load growth projects, support for the government’s Build, Build, Build program, and Meralco’s electrification program.

In anticipation of the increased power demand during the election period, Meralco has also conducted inspections and maintenance activities across its distribution network.

Meralco President and Chief Executive Officer Ray C. Espinosa said that the risks to the company’s electricity rates remain to be the significant rise in fuel prices, as well as the persisting supply restrictions from the Malampaya natural gas field.

“As we fulfill the growing requirements of our customers and further improve overall customer experience, we also remain cognizant of the bigger role we play in supporting the continuing economic recovery and nation-building efforts that will help us emerge as a stronger and more resilient country post-pandemic,” he said.

Meralco shares advanced by P2.40 or 0.71% to close at 342.40 each on Monday.

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

‘Green’ building aims to become best office in Cebu

JEG Tower @ One Acacia is JEG Development Corp.’s first high-rise building project. — COMPANY HANDOUT

JEG DEVELOPMENT Corp. (JDC) is hoping its new “green” office building in Cebu City will address the needs of companies navigating the post-pandemic work environment.

The company recently launched JEG Tower @ One Acacia, a 22-storey office and retail development that boasts of eco-friendly and sustainable features.

“We’re confident our decision to go green will differentiate (the building) from others… JEG Tower hopes to capture the market of companies returning to office,” JDC Chief Operating Officer Marko Sarmiento said during a virtual briefing on April 21.

While office vacancy rates in the Cebu IT park are now at 20-25%, Mr. Sarmiento said he is confident the building’s focus on wellness would encourage more companies and their employees to return to the office.

“Nothing will replace being with your team…. JEG Tower has features that make it more attractive for workers to go back, like the roof deck, open spaces and the flexibility to design your office spaces,” he said.

Mr. Sarmiento noted they have seen increased interest in JEG Tower in the first quarter, a sign that business activity is picking up in the city.

“There’s more interest in the first quarter than all of last year. We’re hopeful,” he added.

The coronavirus disease 2019 (COVID-19) pandemic had prompted the developer to boost the project’s sustainability and wellness features, such as the use of natural light, reduced water usage and efficient waste management.

“It is set to become Cebu’s first commercial development to use solar energy, as we have entered into a 20-year power purchase agreement with COREnergy for a zero cash-out solar photovoltaic plant,” he added.

Ayla G. Gomez, JDC brand manager, said the company integrated intelligent technology in the building, and installed thermal scanners and automatic sliding doors in an effort to minimize contact touch-points.

To reduce the risk of infection in common areas, the building also included anti-bacterial fixtures and above standards filtration.

“Another unique sustainability feature that makes JEG Tower @ Acacia stand out is its Mitsubishi Destination-Oriented Allocation System (DOAS) elevators. DOAS elevators are developed to ensure strategic and safe movement within the vertical development, with innovative technology designed to utilize less energy consumption,” Mr. Sarmiento said.

The building also has a rooftop garden that the company hopes will give employees a respite from work.

“JEG Tower @ One Acacia is committed to providing the best workplace that addresses the physiological, mental, and social needs of its employees and occupants. We continuously invest in the quality of the work environment, as well as the health and well-being of our tenants, in a bid to help our tenants achieve increased productivity,” Mr. Sarmiento said.

These eco-friendly features helped JEG Tower @ Acacia secure a LEED Gold Certification from the US Green Building Council in 2021. It was awarded 68 points, making it the highest-scoring LEED for Core and Shell project in Cebu.

JEG Tower @ One Acacia is JDC’s first venture into high-rise buildings. — Cathy Rose A. Garcia

Alec Baldwin’s lawyer says state’s Rust shooting probe clears actor

A LAWYER for Alec Baldwin said on Thursday that an investigation by New Mexico has cleared his client of wrongdoing in the fatal shooting on the set of Rust, pointing out that its report stated the actor believed his gun held only dummy rounds.

New Mexico’s Occupational Health and Safety Bureau on Wednesday released the findings of a six-month investigation of the shooting during the filming of the Western movie last October. It blasted Rust Movie Productions LLC for “willful” safety lapses leading to the death of cinematographer Halyna Hutchins and fined the company $137,000, the maximum amount possible.

In response to the findings, Mr. Baldwin’s attorneys said in a statement that his authority on the production was limited to approving script changes and creative casting and that he had no authority over matters that were subject to the investigation.

“We appreciate that the report exonerates Mr. Baldwin by making clear that he believed the gun held only dummy rounds,” the statement posted on Mr. Baldwin’s Instagram account said. “We are pleased that the New Mexico officials have clarified these critical issues.”

The agency was not immediately available to comment on the statement.

Ms. Hutchins was killed during a rehearsal when a revolver that Mr. Baldwin was holding fired a live round that passed through her and struck the movie’s director Joel Souza in the shoulder, wounding him.

The investigation found the production firm had been aware that firearm safety procedures were not being followed and demonstrated “plain indifference” to the hazards, the New Mexico Environment Department said in a statement.

Rust Movie Productions spokesman Stefan Friedman said in a statement on Wednesday that the company disagreed with the findings and planned to appeal.

The probe found that Rust management ignored concerns raised by crew members about firearm and pyrotechnics misfires on set.

The report said Rust management failed to give staff responsible for firearms safety sufficient time to inspect ammunition received to ensure no live rounds were present.

The Santa Fe County Sheriff’s Office and the Santa Fe County District Attorney have ongoing criminal investigations into the death of the cinematographer. — Reuters

UnionBank books lower net income in the first quarter

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UNIONBANK of the Philippines, Inc. recorded a lower net profit in the first quarter as trading gains normalized.

The Aboitiz-led lender said its net income dropped by 45% to P2.608 billion in the first three months of 2022 from a year earlier. Based on its previous financial statement, its net profit in the first quarter of 2021 stood at P4.728 billion.

“Net income was lower by 45% [year on year] due to extraordinary trading gains recorded in the first quarter of 2021,” it said in a filing with the local bourse.

The bank’s net interest income rose by 12% to P8.065 billion from a year earlier. Net interest margin improved by 6 basis points to 4.6% on the back of higher yields from earning assets and lower cost of funds amid the growth in its current account, savings account (CASA) deposits.

Meanwhile, UnionBank’s fee-based income more than doubled to P1.4 billion. This was driven by rising income from InstaPay and interchange fees.

Foreign exchange income also rose by 53% to P369.5 million from a year earlier.

The bank’s loans and receivables increased by 2% to P351.8 billion as of end-March from a year ago. Its total assets jumped by 13% to P844.4 billion.

Meanwhile, total deposits with the bank rose by 15% to P577.2 billion. This was driven by the growth in its CASA deposits, which climbed by 28% to P356.5 billion.

UnionBank President and Chief Executive Officer Edwin R. Bautista said their acquisition process for the local consumer business of Citigroup, Inc. is on track. He earlier said UnionBank would become the third-biggest bank in terms of local credit card business upon the completion of the transaction.

“We remain confident to become the legal owner of the consumer portfolio by July 2022,” Mr. Bautista said.

He said they are also on track to launch Union Digital Bank (UnionDigital) by the second half. UnionDigital received an online banking license from the Bangko Sentral ng Pilipinas last year.

UnionBank Treasurer and Corporate Planning Services Head Jose Emmanuel U. Hilado said they remain optimistic on their growth prospects as the economy continues to recover but acknowledged the uncertainties caused by the Russia-Ukraine war.

“While the ongoing Russia-Ukraine conflict could adversely affect investor and consumer sentiment, we think that the country’s economic fundamentals are strong enough to weather the challenges ahead,” Mr. Hilado said.

“We therefore remain optimistic that improving credit appetite and spending patterns will allow us to sustain momentum in our recurring income for the rest of 2022,” he added.

UnionBank’s shares closed at P81.30 apiece on Monday, down 75 centavos or 0.91% from the previous finish. — Luz Wendy T. Noble

Star-studded Smart Badminton Asia Championships kicks off today

TOPNOTCH badminton action returns as the star-studded Smart Badminton Asia Championships blasts off on Tuesday at the Muntinlupa Sports Center.

High-ranking and bemedaled players from all over the continent and upstarts from host Philippines take the floor in the six-day event, which for the first time will have a World Super Tour 1000 Tournament classification.

Under this upgraded level, winners gain 12,000 Badminton World Federation ranking points while runners up net 10,200. The semifinalists, meanwhile, bag 8,400 while quarterfinalists get 6,600, Round-of-16 finishers take 4,800 while Round-of-32 qualifiers notch 3,000.

Team Philippines carries a modest goal in this competition, the players’ first since the pandemic broke out in 2020.

“This is the first tournament for the players so this is a good start considering they have the opportunity to play against the top players in the world, gain some experience and gain some points,” said the Philippines’ Malaysian coach Rosman Razak.

Carrying the fight for the hosts are Ros Pedrosa and Jewel Albo in men’s singles, Jaja Andres and Mika de Guzman in women’s singles, and Lea Inlayo and Susmita Ramos in women’s doubles, Christian Bernardo and Paul Pantig in men’s doubles and Alvin Morada and Thea Pomar in mixed doubles.

The high-level competition should serve the Filipinos well as they gear up for the Southeast Asian Games.

Slated to compete are world No. 2 Kento Momota of Japan, No. 5 Anthony Sinisuka Ginting of Indonesia, No. 7 Lee Zii Jia of Malaysia, No. 8 Jonatan Christie of Indonesia, No. 9 Lakshya Sen of India, No. 10 Loh Kean Yew of Singapore, No. 11 Srikanth Kidambi of India, and No. 14 Kanta Tsuneyama of Japan in the men’s singles.

Women’s world No. 2 Akane Yamaguchi of Japan, No. 4 An Se-young of South Korea, No. 5 Nozomi Okuhara of Japan, No. 7 P. V. Sindhu of India, No. 9 He Bingjiao of China, No. 10 Pornpawee Chochuwong and Busanan Ongbamrungphan of Thailand, and No. 13 Sayaka Takahashi of Japan banner the distaff side. — Olmin Leyba

Dornier targets customer base expansion in APAC

PHILIPPINE aircraft maintenance, repair and overhaul (MRO) company Dornier Technology on Monday said it is targeting to further expand its customer base in the Asia-Pacific (APAC) region, as the aviation industry is now starting to recover from the global health crisis.

“We are looking to grow the business and capture especially the Asia-Pacific market,” Dornier Technology’s newly appointed chief operating officer, Joseph M. Espiritu, told BusinessWorld in an e-mailed reply to questions.

“We are already reaching out to potential customers and working to get more approvals from overseas regulators,” he added.

Dornier Technology is certified by the civil aviation regulators of the Philippines, South Korea, and Indonesia. The certification allows it to maintain aircraft registered in these countries.

The company is looking forward to also working with Malaysia, Papua New Guinea, China and other Asia-Pacific airline operators, he noted.

Dornier Technology’s operations in the Philippines are headquartered in Clark.

“The pandemic has brought challenges to all players in the aviation industry, but due to our strategic location in the Philippines (being situated in Clark Air Base), the impact is minimized,” Mr. Espiritu said.

Sydney-based aviation think-tank Center for Asia-Pacific Aviation (CAPA) has said the MRO industry in the Asia-Pacific region is projected to experience a “temporary capacity crunch when airlines return more of their fleets to service” after the coronavirus pandemic.

“However, the longer-term capacity outlook is brighter as MRO providers are keeping facility expansion plans largely on track.”

CAPA pointed out that the region’s major MRO providers have seen a “significant dip in business” as a result of airlines parking large numbers of aircraft and deferring heavy maintenance. 

“But demand could spike quickly when coronavirus restrictions ease, with many Asia-Pacific airlines needing MRO providers to help reactivate aircraft that have been in storage for several months.”

Mr. Espiritu said the aviation industry is now “growing” and that the Philippines has skilled and qualified maintenance engineers and technicians.

Aircraft that the company supports include turboprop aircraft from ATR and De Havilland Aircraft and narrow-body aircraft such as the Airbus A320 and Boeing 737 family.

“We understand the importance of operational costs, so we will adjust our maintenance fees based on just what you need, while not compromising on the quality. And since our services can be customized and individually priced, our pricing is competitive, and that gives us an edge over our competitors,” Mr. Espiritu said. — Arjay L. Balinbin

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