THE Securities and Exchange Commission (SEC) has warned the public against Platinum Coin, which the regulator said is not authorized to solicit investments.
Platinum Coin is said to have been offering investments for a minimum amount of P1,000 up to P650,000. It also transacts as Platinum Coin Pawnshop.
Investors in the company are promised to earn 15% to 30%, plus a one-time 5% outright commission, apart from an option to earn a 2.5% monthly income if they applied as an official team leader.
The team leaders are said to be given a cash gift of P10,000 to P70,000, and P500 worth of load weekly. Platinum Coin investors are also promised a 20% yearly bonus.
The regulator found out that the company also engages in online lending business without securing a certificate of authority to operate as a lending company.
In its investigation, the SEC found out that the investment-taking company is not registered as a corporation nor as a partnership. The entity is operating without a license to take investments from the public.
In a separate press release, the SEC said it will be embarking on a nationwide roadshow that seeks to support the growth of micro, small and medium enterprises (MSMEs).
The roadshow, which will be piloted on Feb. 15 in Davao City, is seen to help MSMEs in tapping the capital market including crowdfunding platforms.
“Under the Crowdfunding Rules, SMEs no longer have to register securities with or secure approval directly from the SEC before they can solicit investments from the public. SMEs need only conduct their fundraising activity with a crowdfunding intermediary, funding portal, or crowdfunding platform registered with the SEC,” the commission said.
An MSME can raise as much as P10 million from any investor, and up to P50 million from qualified investors, within a 12-month period.
Three crowdfunding intermediaries have registered to date, namely: Investree Philippines, SeedIn Technology, Inc., and Eastern Securities Development Corp.
SEC Chairperson Emilio B. Aquino said the nationwide roadshow aims to help MSMEs that are greatly affected by the pandemic.
“We at the SEC hope to stem their financial woes by providing possible solutions to these enterprises, particularly through the capital market and crowdfunding,” said Mr. Aquino.
The roadshow will be under the SEC’s Office for the Advancement of Strategic Investments in SMEs, which aims to encourage small entities to explore the capital market to acquire external financing.
The initiative is also part of the SEC’s goal of having at least 888 companies tap the capital market by 2024, or the 88th year of the regulatory body.
The roadshow will next be held in Cebu, Cagayan de Oro, Zamboanga, Bacolod, Legazpi, Iloilo, Tarlac, Baguio, the Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) region, and Metro Manila. — Justine Irish D. Tabile
A UNIT of Manila Water Co., Inc. has signed a 25-year partnership with Damosa Land, Inc. to develop and manage water facilities for an industrial estate, the east zone water concessionaire said on Monday.
In a statement, Manila Water said its subsidiary Manila Water Philippine Ventures, Inc. (MWPV) will spend about P125 million for the development, financing, construction, operation and management of the water system of Anflo Industrial Estate (AIE)
AIE is Damosa Land’s industrial development for trade and agriculture. It is a 63-hectare property in Panabo, Davao del Norte. The industrial estate has 19 existing locators from the Philippines, Japan, Austria, China, and the US.
Manila Water said the partnership is expected to meet the estimated demand of about 2.6 million liters per day (MLD) by bringing in additional facilities which will be integrated into AIE’s existing systems.
Roberto Jose R. Locsin, chief operating officer for international businesses and chief administrative officer of Manila Water, said the partnership will expand the company’s services beyond its franchise area in the east zone of Metro Manila.
“We look towards the growth in the Visayas and Mindanao regions where active developers like Damosa Land share a common vision of ensuring water security and availability to all Filipinos,” Mr. Locsin said.
Ricardo F. Lagdameo, president of Damosa Land, said the partnership with Manila Water will accelerate its sustainability goals by ensuring a reliable water supply.
“Damosa Land recognizes the importance of having a reliable water supply system for our locators to ensure efficient day-to-day business operations over a long period of time. Our partnership with the MWPV helps us further accelerate our sustainable operations at the Anflo Industrial Estate and upraise the industrial segment of Davao for our current and future locators,” he said.
MWPV is Manila Water’s designated vehicle for expansion initiatives in the country.
The water concessionaire serves Metro Manila’s east zone network, which comprises Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns of nearby Rizal province. — Ashley Erika O. Jose
Clark International Airport STOCK PHOTO | Image by BCDA.GOV.PH
CLARK International Airport Corp. (CIAC) on Monday said its net income last year rose by 72.3% to P438.75 million from P254.72 million a year earlier as it booked higher revenues.
Revenues in 2022 reached P758.7 million, up by 36.7% from P555 million previously.
CIAC Officer-in-Charge Darwin L. Cunanan said the company also recorded a higher profit margin in 2022 at 58% from 46% in 2021, allowing it to pay bank loans and remit dividends to the government.
“CIAC ensures fiscal discipline and financial viability, and we also adhere to the highest standards of corporate governance so now we are a debt-free agency and at the same time able to remit dividends to the national treasury,” Mr. Cunanan said in a press release.
The loans, which include funds borrowed from the Land Bank of the Philippines and the Development Bank of the Philippines, were paid during the last quarter of 2022. These were used for airport expansion infrastructure projects.
The company was able to remit around P369 million in dividends to the Bureau of the Treasury in several tranches from May to October 2022 to cover the company’s 2019-2021 obligations.
“CIAC’s thrust now is to strengthen our commercial, engineering and corporate management teams in developing a globally-competitive service and logistics center at the aviation complex surrounding the airport and contribute to the national economy,” Mr. Cunanan said.
CIAC supervises and oversees the activities within the Clark Civil Aviation Complex including the Clark International Airport.
The airport, which was completed last year, has a capacity of 8 million passengers annually. Its capacity is estimated to increase to 80 million passengers a year upon the full implementation of the CIAC Master Development Plan. — Justine Irish D. Tabile
CENTURY Peak Holdings Corp. on Monday said its cement manufacturing unit has started distributing its cement products in key markets in the Visayas.
“We are looking at the markets where we can make an impact and the Visayas region, particularly in Cebu, Palawan, Mindoro, Bohol and Dumaguete, are included in our initial phase of distribution,” said Century Peak Vice President for Finance Katrina C. Cheng in a statement.
Century Peak Cement Manufacturing Corp. recently entered the cement market after the Department of Trade and Industrygranted quality standard certification for its Pro (blended hydraulic) and Prime (Portland) cement products.
The certificate means that the variants meet or exceed the requirements set by the Bureau of Philippine Standards.
With its pier located near the manufacturing plant in Pinamungajan, Cebu, the company said it is easier to transport cement products throughout the country, especially in the Visayas.
“As a locally developed brand, we put first the interest of the nation and our countrymen. It begins, naturally with our product that meets the standards set by the certifying bodies that ensure quality,” Ms. Cheng said.
“We are also targeting underserved localities that may not have much option in terms of cement brands and, by doing so, create for consumers a choice,” she added.
The cement producer is also engaged in the manufacturing, production, and merchandising of cement, cement products, and by-products, including their derivatives and all kinds of minerals and building materials. — Sheldeen Joy Talavera
SCENES from the film Ten Little Mistresses (Sampung Mga Kerida).
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SCENES from the film Ten Little Mistresses (Sampung Mga Kerida).
SCENES from the film Ten Little Mistresses (Sampung Mga Kerida).
SCENES from the film Ten Little Mistresses (Sampung Mga Kerida).
STARS from various film genres come together in Ten Little Mistresses (Sampung Mga Kerida) which premieres on Feb. 15 on Prime Video. The film is the first Amazon Original Movie from the Philippines.
The murder-mystery comedy follows widowed billionaire Valentin Esposo (played by John Arcilla), and his 10 mistresses who are fighting tooth and nail to become his new legal wife. But when Valentin suddenly turns up dead, all 10 women end up being prime suspects. And so, the race to prove their innocence and unmask the real killer begins.
Joining John Arcilla in the cast are the 10 mistresses played by Pokwang, Arci Muñoz, Carmi Martin, Agot Isidro, Christian Bables, Sharlene San Pedro, Kris Bernal, Adrianna So, Kate Alejandrino, and Iana Bernardez.
The film also stars Eugene Domingo and Donna Cariaga, with special participation by Cherie Pie Picache.
Director Jun Robles Lana envisioned the film to be the “biggest, wildest, campiest mistress movie to end all mistress movies.” However, the project had to be shelved due to lack of resources.
“I don’t really think about this as being the first Filipino Amazon original. I just think of this as a movie that has to stand on its own…,” Mr. Lana said at a press conference at the EDSA Shangri-La Red Carpet cinema on Feb. 7.
“We tried producing this, months before we started the production with Amazon, but we had to shelf the project because hindi namin magawa iyung vision na sini-seek ko (we were unable to pursue the vision I sought),” he added.
A unique element in the film were the five major extravagant outfits worn by the 10 mistresses in the film sequences.
The over-the-top costumes were designed by Jaylo Conanan and the headpieces were done by Jaydee Jasa.
“I wanted to make a movie that was fun, irreverent, decadent,” Mr. Lana said. “We needed to capture that, but we did not have the resources during that time.”
The producers pitched the film at Prime Video headquarters in California which then gave the producers the resources to continue the project.
“Now that we have the resources, let’s make the movie that we have in mind. Let’s have fun but work hard,” he said.
“Filipino audiences love entertainment. We’re excited to be a home for leading Filipino storytellers like Jun and look forward to partnering with many more,” director of Prime Video Southeast Asia David Simonsen, said in a statement.
“Ten Little Mistresses is a uniquely local and highly enjoyable comedy and we are delighted to bring this movie to not just audiences in the Philippines but customers across the region and worldwide.”
The film is produced by Perci Intalan and the Idea First Company.
“[Director Jun] doesn’t fail to write a script that doesn’t give power a good image and it’s just always about how beautiful women are,” Eugene Domingo said.
“Hindi lang siya (Mr. Lana) nagpapatawa, lagi siyang may sinasabi (He does not just make you laugh, he also makes a statement),and he knows when to make you laugh and he knows when to kick your ass and hit you with content,” Mr. Arcilla said.
Ten Little Mistresses joins the thousands of TV shows and movies in the Prime Video catalogue, including exclusive local Filipino titles such as Drag Den with Manila Luzon, One Good Day, Whether the Weather Is Fine.
Prime Video is available in the Philippines for P149 per month for more information visit www.primevideo.com . The streaming service offers a free seven-day trial. — Michelle Anne P. Soliman
HOLCIM Philippines, Inc. is aiming to decarbonize the construction industry and help make housing more affordable for customers as part of its sustainability efforts.
Holcim Philippines President and Chief Executive Officer Horia Ciprian Adrian said during the recent Net Zero Building and Net Zero Summit Philippines that the construction industry plays an important role in reducing the country’s carbon emissions.
According to Mr. Adrian, building materials contribute 30% of the carbon footprint of structures, which means that it is necessary for the industry to steadily shift towards climate-friendly alternatives.
He disclosed that the company is accelerating its sustainability efforts such as greening operations, expansion of eco-friendly offerings, digitalizing operations, and use of alternative fuels.
“Holcim is committed to providing solutions for building more with fewer materials, new buildings using recycled materials from old structures, and more efficient buildings using smart design and materials. We are excited to work with partners in building greener, smarter, and for all in the Philippines to better contribute to the country’s progress,” Mr. Adrian said.
Meanwhile, Holcim Philippines Chief Sustainability Officer Zoe M. Sibala said that choosing the right cement can help build more affordable houses.
She also stressed the importance of new building materials and modes in constructing affordable houses.
Since 2015, Holcim Philippines has reduced its carbon footprint by 12% by producing more blended cement, using qualified wastes as alternative fuels, and improving the efficiency of operations.
“The company’s carbon footprint reduction program is aligned with the Holcim Group’s net zero direction and the country’s nationally determined contributions. Aside from its initiatives, the company is working with key stakeholders to encourage the consumption of low-carbon products to help reduce the footprint of the built environment,” Holcim Philippines said.
On Monday, shares of Holcim Philippines at the local bourse rose P0.09 or 2.09% to P4.39 apiece. — Revin Mikhael D. Ochave
Easy on the ear, perhaps. But the label of “easy listening” often attached to the songs of Burt Bacharach belies the mastery of his talent in crafting perfect moments in music.
Yes, Bacharach’s back catalog is filled with memorable, catchy melodies — whether they were written with longtime partner and lyricist Hal David, former wife Carole Bayer Sager, or in collaboration with more contemporary artists such as Elvis Costello, Adele, and Dr. Dre.
But there is a harmonic and rhythmic complexity to his music that elevates it above the sweet, often saccharine arrangements that can typify easy listening. It is full of influences from jazz chord structures and progressions, as well as rhythms.
It is why Bacharach, who died on Feb. 8, 2023, at the age of 94, appealed to generations of listeners, as well as the diverse pool of singers who chose to work with him.
Bacharach began his long songwriting career in the 1950s, but it was the following decade that saw him come to prominence with a series of hit songs.
But with the 1960s as a backdrop — a time of immense innovation in popular music — Bacharach may not have been taken as seriously as many of his contemporaries. It was a time when rock ‘n’ roll and the British Invasion were at the forefront, with rhythm and blues, protest music, and folk rock finding their way on the musical landscape.
While Bacharach’s musical counterparts were writing and performing music that responded to and reflected the political, social and cultural upheavals that defined the era, Bacharach and David’s songs focused on different themes: Theirs was music that dealt with relationships and matters of the heart.
They also stood apart from other notable songwriting partners of the age — Lennon and McCartney, Jagger and Richards, for example — in that the songs were written for others to perform. In that way, they were a throwback to an earlier age of popular music, when the likes of Rodgers and Hart provided hit after hit for a roster of singers.
Indeed, they were a late product of Tin Pan Alley — the music industry centered around midtown Manhattan. Bacharach met David in 1957 in the storied Brill Building in New York City — a place where a young songwriter could perhaps catch a break.
Not long after they began working together, Bacharach came across a young backup singer at a recording session who seemed to have promise. The first single he produced with her, “Don’t Make Me Over,” was the first of 38 songs he and David produced with Dionne Warwick.
Her warm tones and fluid phrasing made Warwick’s voice the perfect accompaniment to Bacharach’s music.
But she was one of many collaborators. Some, like Warwick, were plucked from relative obscurity. Others, like Perry Como, were already established singers.
The list of artists who found success with Bacharach songs in that era is astonishing: Aretha Franklin, The Carpenters, Dusty Springfield, Tom Jones, and The 5th Dimension, to name just a few.
Through collaborators, Bacharach’s music was able to reach a fairly diverse audience. The songs were so well written that they could easily be reworked into different genres, and break the confines of “easy listening” — a genre often maligned as unhip. In the hands of Isaac Hayes, the sweet refrains of “Walk on By” becomes a psychedelic funk classic. Years later, The White Stripes transformed “I Just Don’t Know What To Do With Myself” into a stripped-down, guitar-heavy slice of rock.
The music of David and Bacharach also worked on a different level — as the background to movie soundtracks. The 1966 Michael Caine film Alfie is perhaps equally known today for the title track, with versions by Cher, Warwick, and British singer Cilla Black all becoming hits on the back of the film.
In 1969, Bacharach and David’s “Raindrops Keep Falling on My Head,” sung by B.J. Thomas in the western Butch Cassidy and the Sundance Kid, won the Academy Award for best original song. Bacharach also won the Oscar for best original score.
Adding to success on the charts and on screen, Bacharach also won acclaim for his work on Broadway. The 1968 show Promises, Promises was groundbreaking in its use of amplification in the orchestra, which included a rock band. The show contained a number of songs that topped the charts, most notably Warwick’s version of the show-stopping “I’ll Never Fall in Love Again.”
In an NPR Fresh Air interview in 2010 — when the musical was being revived on Broadway — Bacharach discusses the number of rhythmic meter changes in the title song, “Promises, Promises,” and the difficulties these rhythmic changes presented for singers and musicians in the show.
The interview is also notable in that it reunited him with David — the two had a much-publicized split in 1973 after working on a failed movie. The breakdown of their successful musical partnership saw Bacharach lose interest in writing music for a spell, and affected his relationship with Warwick.
This was eventually resolved with her recording of one of Bacharach’s most memorable songs, 1985’s “That’s What Friends are For,” written with his then-wife, Carole Bayer Sager. Though the song had been first recorded by Rod Stewart for the film Night Shift, the Warwick & Friends’ version — the friends being none other than Elton John, Gladys Knight, and Stevie Wonder — is the one that became a hit and helped revive Bacharach’s career.
Though best known for the songs he wrote in the 1960s through the 1980s, Bacharach continued to write music into his old age, collaborating with Elvis Costello, Adele, and Dr. Dre.
You may have noticed the sheer number — and range — of artists Bacharach worked with. It speaks to the quality and endurance of his output. Yes, he will be remembered by some as the writer of exemplary “easy listening” songs. But Burt Bacharach’s legacy will prove that he was so much more. — The Conversation via Reuters Connect
THE GOVERNMENT made a partial award of the Treasury bills (T-bills) it auctioned off on Monday as rates were higher across all tenors as headline inflation picked up to a new 14-year high in January.
The Bureau of the Treasury (BTr) raised P14.6 billion from the T-bills on Monday, short of the P15-billion program, even as bids reached P32.182 billion or more than twice as much as the amount on offer.
Broken down, the Treasury raised P5 billion as planned via the 91-day T-bills, with tenders reaching P8.856 billion. The average rate of the three-month paper went up by 4.4 basis points (bps) to 4.23% from the 4.186% quoted for the tenor last week, with accepted rates ranging from 4.15% to 4.313%.
The BTr also made a full P5-billion award of the 364-day debt papers as demand for the tenor reached P15.55 billion. The average rate of the one-year T-bill rose to 5.298%, inching up by 0.6 bp from the 5.292% seen last week. Accepted yields ranged from 5.28% to 5.315%.
Meanwhile, the government borrowed just P4.6 billion from the 182-day securities, below the P5-billion plan, even as bids for the tenor reached P7.776 billion. The six-month paper was quoted at an average rate of 4.949%, up by 8.2 bps from the 4.867% fetched the previous week, with accepted rates from 4.91% to 4.975%.
“Except for the 182-day T-bill, the auction committee made full awards as rates were lower than comparable secondary levels,” National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction.
At the secondary market before Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 4.3439%, 4.9379%, and 5.3252%, respectively, based on PHP Bloomberg Valuation Reference Rates data provided by the Treasury.
A trader said in a Viber message that the increase in T-bill yields “can be attributed to the higher-than-expected inflation data.”
“The Treasury bill average auction yields were slightly higher week on week after the latest higher-than-expected inflation at a new 14-year high of 8.7%,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message.
Headline inflation accelerated to a new 14-year high of 8.7% in January as food prices continued to surge, the Philippine Statistics Authority reported last week.
This was faster than the 8.1% print in December 2022 and 3% in the same month last year. It also marked the 10th consecutive month that inflation was above the Bangko Sentral ng Pilipinas’ 2-4% target for the year.
“The T-bill auction yields were also slightly higher week on week amid the ongoing RTB (retail Treasury bond) offering that could siphon off some of the excess liquidity from the financial system and add to the supply of government securities in the market,” Mr. Ricafort added.
The government last week raised an initial P162.18 billion from the rate-setting auction for its offer of 5.5-year RTBs. Tenders hit P196.109 billion, or more than six times the P30 billion on the auction block. The RTBs fetched a coupon rate of 6.125%.
The offer period for the retail bonds is set to run until Feb. 17, while settlement is on Feb. 22.
The BTr wants to raise P130 billion from the domestic market this month, or P60 billion via T-bills and P70 billion via Treasury bonds (T-bonds). The borrowing program for T-bonds was initially at P140 billion but the Treasury canceled two auctions to make way for its RTB offer.
The government borrows from domestic and external sources to finance its budget deficit, which is capped at 6.1% of gross domestic product this year. — AMCS
CANNED food manufacturer Century Pacific Food, Inc. said on Monday that its plant-based luncheon meat brand unMEAT is now available in more than 2,000 Walmart stores in the United States.
“This vote of confidence from Walmart affirms that we are heading in the right direction with respect to our plant-based business,” said Century Pacific Food Chief Operating Officer Gregory H. Banzon.
“We believe in the long-term potential of plant-based alternatives, and brands like ‘unMEAT’ have a role to play to sustainably address the food requirements of an increasingly growing global population,” he added.
The vegan meat alternative brand was first launched in the country in 2020 and was “favorably received both locally and abroad.”
The food manufacturer introduced the brand domestically through Shakey’s Pizza. This was followed by a retail launch across major supermarkets nationwide ahead of a global rollout in 2021.
Aside from luncheon meat, it also launched plant-based dairy alternative unCHEESE in 2021 and seafood alternative unMEAT Fish-free Tuna in 2022.
“We are continuously developing and testing out new ‘unMEAT’ products to expand the range and to provide consumers with more plant-based options. As we work on increasing our reach in key international markets to further grow the brand, we are also looking to develop products that would cater to local tastes,” Mr. Banzon said.
Mr. Banzon noted the possibility of a long-term double-digit growth rate in the plant-based meat market. He said that the company’s business plans were anchored in this kind of market environment.
Aside from Walmart, unMEAT is distributed in the US through HEB, Harris Teeter, Meijer, and selected natural and grocery stores. It can also be purchased on specialty e-commerce sites such as GTFO, It’s Vegan, Weee!, and Vegan Black Market.
“We are continuing to roll out unMEAT worldwide, but the focus would be in these key markets where we have a strong distribution network in place,” the company said in an email.
“Currently, the goal is to get into more doors in these key markets, generate trial and awareness, and execute well. We are also continuing to innovate as part of our business ambition to democratize the category and advocacy to promote a flexitarian lifestyle,” it added.
The product brand is currently rolled out in the United Arab Emirates, the US, China, Australia, and Singapore.
Century Pacific Food is a holding firm with business interests in buying and selling, processing, canning, packaging, and manufacturing food products.
At the stock market on Monday, its shares rose by 0.39% or 10 centavos to close at P25.50 each. — Sheldeen Joy Talavera
FILIPINO rapper-producer Young Cocoa “J-TOWN (PM)”
Barbie celebrates 25th anniversary with concert
Filipino alt-rock icon Barbie Almalbis reunites with her former bands, Hungry Young Poets and Barbie’s, for a 25th Anniversary concert aptly titled Firewoman: 25 Years of Barbie Almalbis. The award-winning singer-songwriter will perform some of the most notable hits of her career in three separate sets: as a frontwoman of the aforementioned bands, and as a solo artist who managed to make a name for herself. “While this is truly a dream for me, it was GNN Entertainment Productions who first believed it could happen and conceptualized the show,” the Tabing Ilog hitmaker said in a statement. “We reached out Ricci Gurango, Franklin Benitez, Rommel de la Cruz, Wendell Garcia, and Kakoy Legaspi, and we’re delighted that they were all excited to do it too. Ricci, who now lives in the US, is coming home to the Philippines for the show.” The concert is set to take place at 123 Block in Mandala Park on March 11, from 2 p.m. onwards. It will also feature performances by Sandwich, Gab Alipe of Urbandub, Clara Benin, I Belong To The Zoo, Kai del Rio, and Bird, among others. Tickets to the show are now available for purchase via TicketMelon.
Gigi De Lana live
SINGER Gigi De Lana and the Gigi Vibes band are headlining a concert called G Rules at The Theatre at Solaire on Feb. 18, 8 p.m. After the success of their Domination concert tour last year in Manila, the Middle East, and the US, Ms. De Lana and her bandmates — Jon Cruz (musical director, keyboard), Jake Manalo (bass), Julius Traqueña (guitar), and Romeo Marquez (drums) — will perform their original songs and song covers. Presented by ABS-CBN Events and Solaire Resort Entertainment City, ticket prices range from P1,620 to P6,480. Available on ticketworld.com.ph and the Solaire Box Office.
Artifract, Ely Buendia to launch music NFTs
THE country’s first tokenization and fractionalization platform, Artifract, has expanded its collection from art pieces to music with its partnership with Ely Buendia. This will enable fans and music lovers to own pieces of the latter’s music through the blockchain. Artifract signed a partnership agreement with Mr. Buendia, WEU Event Management Services, and Dvent Productions to bring Buendia’s musical collection into the metaverse. Under this collaboration, Mr. Buendia will be releasing an exclusive musical non-fungible token orNFT titled Flamed Lullaby, with a self-composed original song called “Hele.” The accompanying artwork is inspired by the Eraserhead’s 2008 reunion concert, where the Sticker Happy Piano was burned and smashed during their final performance of Ang Huling El Bimbo.This one-of-a-kind musical art piece will be heard by not more than 1,000 owners of the NFT, at a base price of P50,000 per fractional NFT, with exclusive royalty rights and printed version of the Artwork plus Certificate of Authenticity, along with trade on the secondary NFT market once the 1,000 pieces are sold out. A joint venture between UBX, the open finance platform in the Philippines, and art-tech startup Unit 256 Ventures Inc., Artifract utilizes proprietary “token factory technology,” which tokenizes real-world or digital assets.
Farm to Table celebrates two years
THE culinary adventure never stops as GTV’s Farm to Table marks its two years of discovering sustainable farms and sharing healthy food options by Filipino chef JR Royol. As part of the anniversary celebration, the program will air four special episodes beginning Feb. 19, 7 p.m. Mr. Royol will visit his ancestral home in Barlig, Mountain Province. Together with his wife, son, and relatives, he will commemorate the traditions of their Igorot clan and explores the strong farm-to-table culture of the Barlig communities. The episode will show how to prepare tapuey (the traditional Igorot rice wine), and etag, and pinikpikan, and perform the pattong, an expression of thanksgiving through gongs and dances. Catch the four special episodes every Sunday on GVT at 7 p.m.
Young Cocoa releases new single
FILIPINO rapper-producer Young Cocoa revisits his experiences of growing up in Jakarta on “J-TOWN (PM)” — his new single via pan-regional label, OFFMUTE. According to the young artist in a statement, “The song is about how I feel about Jakarta. It’s not so much a nostalgic visit as it is one where I express how much of an impact the city has had on me.” The song will be included on Young Cocoa’s debut mixtape, Sari Sari, to be released in the coming months. The soon-to-be-released EP contains a collaboration with an Asian artist he met last year at a music festival, as well as some bops. “J-TOWN (PM)” is now available on all digital music platforms.
Honne to perform in the PHL
Alternative pop duo Honne has announced an Asian concert tour in May, with stops at Quezon City’s Araneta Coliseum on May 10, the University of Southeastern Philippines Davao on May 12, and Waterfront Cebu on May 14. Local tickets pre-sale starts at 10 a.m. on Feb. 14 until 11:59 p.m. on Feb. 16. The general ticket sale will start on Feb. 17 at 10 a.m. The Asia will also make stops at Taipei, Singapore, and Kuala Lumpur. “South East Asia is our second home,” said the duo in a statement. “We love visiting and playing shows there so, so much. That’s why we are incredibly excited to announce our May 2023 Asia tour. It’s been too long so this will be a really special one. Loads of music you’ve not heard live yet and obviously your old favorites too. Can’t wait to see you soon.” Promoted by AEG Presents Asia and Ovation Productions, tickets to the Philippine concerts start at P850 via ticketnet.com.ph (Manila) and smtickets.com (Davao and Cebu).
FLEXIBLE workspaces are likely to play a crucial role in companies’ real estate diversification strategies after the coronavirus pandemic. The popularity of these spaces is thriving, especially as firms implement split operations.
With opportunities for greater take-up, developers should be quick in capturing demand from outsourcing as well as traditional occupants. The availability of high-quality, new office spaces also bodes well for the further expansion of flexible workspace supply within and outside Metro Manila.
Because of the new ways of working, it is now crucial for building owners to have a flexible workspace provider in their buildings to capture new office space requirements. Given all the uncertainties, flexibility will be the name of the game.
As hybrid work gains traction, flexible work has become the focus of multinational companies. Occupiers should revisit their short- and long-term growth projections to properly assess their real estate needs and take advantage of the flexible work solutions as an interim alternative.
Colliers Philippines encourages tenants still on a wait-and-see and with short-term lease plans to consider flexible workspaces. Companies based in Metro Manila should look at buildings in Fort Bonifacio, Makati CBD, and Ortigas Center that offer new and quality flexible workspaces at attractive rates.
In our view, landlords should explore partnerships with flexible workspace operators or launch their own brands. Landlords in key metropolitan areas such as Clark, Cebu, Davao, and Iloilo should also capture flexible workspace take-up.
Meanwhile, tenants should revisit their business continuity plans and consider integrating flexible workspaces into their hybrid work arrangements. Flexible workspace operators may consider occupying space in transit-oriented retail projects and partner with in-mall retailers to add value to their services and lure more consumers to take-up flexible workspaces.
RISING DEMAND Metro Manila’s flexible workspace stock as of the end of the third quarter of 2022 reached 220,200 square meters (sq.m.). This represents about 2% of the total leasable office space in the capital region.
Metro Manila’s flexible workspace stock is likely to grow by about 10% in the next 12 months. The availability of high-quality office towers, complemented by attractive lease rates should make these sites viable for flexible workspace operators.
Several high-quality, green and sustainable buildings are in the pipeline, which are ideal locations for new flexible workspaces. We see flexible workspace supply rising in Metro Manila and key areas such as Cebu, Davao and Pampanga as landlords take advantage of greater demand due in part to firms’ strategy of diversifying their real estate portfolio.
Colliers projects take-up for flexible workspaces to be driven by traditional occupiers engaged in construction, architecture, logistics, financial technology as well as startup companies.
Meanwhile, outsourcing firms with immediate office space requirements should also consider plug-and-play or fitted offices. Flexible workspaces are popular among companies weighing office space expansion plans in the near term. Regardless of industry, Colliers believes that flexible workspaces are a feasible alternative for companies seeking short-term leases and looking to rightsize operations.
RECOMMENDATIONS Integrate flexible workspaces into real estate strategies
Colliers Philippines believes that flexible workspaces can play a pivotal role in various tenants’ real estate strategies. In our view, occupants should consider implementing a diversified office space portfolio, i.e., while they rationalize traditional office space, they should also look at occupying flexible workspaces especially those near the residential areas of their employees. This can provide flexibility to employees, especially for occupants that implement hybrid work schemes. Employees also benefit with reduced commute time to their workplaces.
Establish microsites in provincial areas, Metro Manila
Colliers encourages landlords to consider developing more flexible workspaces in key sites outside of Metro Manila such as Cebu, Iloilo, Davao, Cagayan de Oro, Pampanga and Dumaguete as these locations have relatively low flexible workspace stock and vacancy compared to Metro Manila.
Colliers has observed a growing interest for flexible workspaces in these locations from expanding traditional and outsourcing firms as well as startups. The latter should get a boost from the Department of Trade and Industry’s partnership with the National Development Co.and QBO Innovation Hub to launch a P250-million Startup Venture Fund (SVF) this year.
Meanwhile, landlords with existing flexible workspaces in the capital region should consider Quezon City, Bay Area and Fort Bonifacio for their expansion plans given the queries for flexible workspaces in these submarkets and as firms implement their respective hub-and-spoke models.
Developers to launch their own co-working brands
Prior to COVID-19, developers have been launching their own flexible workspace brands to cater to traditional and outsourcing firms with small and immediate office space requirements. Ayala Land has introduced ClockIn, Robinsons Land has launched Work.Able, while Vista Land has created Global Spaces.
Meanwhile, boutique developers may consider launching their own brands or collaborating with existing and known foreign co-working brands. Instead of leasing and managing facilities directly, an alternative strategy that reduces risk involves the operator and the landlord entering into a partnership agreement. The flexible workspace is designed and built by the office landlord, while the operator is in charge of marketing and leasing, with rental income shared between them.
For instance, Common Ground and IWG have formed partnerships with the Eco Group and Damosa Land, Inc. to establish flexible workspaces in their office buildings. This enables both the landlord and operator to attract large occupiers and ensure profitability and tenure.
Integrating flexible workspaces as part of firms’ BCP
COVID-19 and the occurrence of natural disasters such as typhoons and earthquakes have accelerated the need for occupiers to revisit their business continuity plans (BCP). Colliers encourages occupiers to integrate flexible or hybrid working into their BCPs. We saw the need for this especially after the damage brought by Typhoon Odette in Cebu and other parts of Visayas region n December 2021.
Occupiers may also consider setting up flexible workspaces near the residential areas of their employees live as these may serve as alternative sites where staff can collaborate and work post-natural disasters.
Flexible workspace in malls and/or near transit-oriented developments
From 2022 to 2024, about 60% of the new supply that will likely be completed in Metro Manila are regional to super-regional malls with gross leasable area (GLA) of 50,000 sq.m. and above. Colliers encourages flexible workspace operators to consider occupying space especially in transit-oriented mall developments especially now that footfall is reverting to pre-covid levels. Operators may also partner with retail establishments such as gyms, restaurants and cinemas to add value to their services.
SUPPLY, DEMAND TO RISE In Metro Manila, most flexible workspaces are located in central business districts (CBDs) such as Fort Bonifacio, Ortigas CBD and Makati CBD due to their accessibility as well as presence of high-quality buildings.
As of the end-Q3 2022, Fort Bonifacio recorded the highest number of seats at 15,700 followed by Makati CBD and Ortigas CBD. In absolute figures, Fort Bonifacio led with a flexible workspace stock of 82,400 sq.m.
Colliers has received increasing inquiries for flexible workspaces as firms implement return-to-office due to easing COVID restrictions. Landlords are also exploring the viability of securing flexible workspace providers in their spaces to capture smaller seat requirements from potential occupiers.
Over the next 12 months, we are likely to see the delivery of new flexible workspaces in Ortigas CBD, Makati CBD, Alabang, Bay Area and Quezon City with the opening of Regus, The Executive Centre, Greatwork, KMC Solutions and Work.Able facilities.
As of the end of Q3 2022, overall flexible workspace vacancy in Metro Manila dropped to 18% from 20% recorded in the second quarter of 2022. Across submarkets, Fort Bonifacio and Makati CBD recorded the highest vacancy with a combined 4,000 available seats.
A Colliers Philippines survey showed that Makati CBD, Fort Bonifacio and Ortigas CBD continue to be popular locations for those planning to occupy flexible workspaces in the capital region. Meanwhile, Cebu and Clark in Pampanga were among the respondents’ top choices outside Metro Manila.
In our view, developers should carefully assess the profiles and requirements of expanding outsourcing and traditional firms that are looking to take-up flexible workspaces.
Flexible workspace operators, on the other hand, should scout for new buildings in these locations that can house flexible spaces. The rental corrections since the start of COVID should enable operators to lock in spaces in quality buildings at cheaper rates.
There’s no doubt that the popularity of flexible workspaces is rising. These office space solutions will definitely be a crucial part of landlords’ and tenants’ expansion strategies beyond 2023.
Maricris Sarino-Joson is the director for Colliers Philippines office services – landlord representation, while Patricia Cruz is the associate director, Colliers Philippines office services – tenant representation.
FWD LIFE Insurance Corp. (FWD Life Philippines) will have a new chief executive officer (CEO) starting next month, the company said on Monday.
Its parent FWD Group Holdings Ltd. (FWD Group) has appointed Antonio “Jumbing” G. De Rosas as the new president and CEO of FWD Life Philippines effective March 1, subject to the relevant approvals.
“I am honored to continue the work of the FWD team who have been doing a wonderful job of providing protection and community service to the Philippines. The underserved life insurance market is poised for growth, and FWD is well-positioned to capture the opportunities that lie ahead,” Mr. De Rosas was quoted as saying.
Mr. De Rosas has over 35 years of experience in insurance, banking, and public accounting. He was previously president, CEO and chief financial officer at a multinational insurance company in the Philippines for over 14 years.
He will take over the post currently occupied by Zhuang Li Hao, who will be the new Group Chief of Distribution Strategy at FWD Group’s headquarters.
Both Mr. De Rosas and Mr. Hao will report to FWD Group Managing Director, Emerging Markets, and Group Chief Distribution Officer Binayak Dutta, the company added.
“We are incredibly pleased to attract an industry veteran of the caliber of Jumbing to be our next CEO for the Philippines. Jumbing’s guidance has been invaluable since joining the FWD Philippines’s Board of Directors last year. We’re looking forward to leveraging even more of his deep experience in changing the way Filipinos feel about insurance,” Mr. Dutta said.
FWD Life Philippines ranked fifth in the life industry in terms of premium income in 2021 with P18.83 billion, based on Insurance Commission data. It also booked a net income of P493.89 million that year. — A.M.C. Sy
