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Makabayan bloc calls for probe into agri importation, suspension of excise fuel tax

PHILIPPINE STAR/ MICHAEL VARCAS

Members of the Makabayan bloc have called for a probe into the importation of agricultural products and the suspension of the excise fuel tax.

House Minority Leader and Bayan Muna Rep. Carlos T. Zarate said in a virtual press briefing Friday that they are calling on government agencies to investigate the importation of agricultural products.

“Even if our producers are complaining, they still continue the importation. The ones who are affected are the local producers,” he said in Filipino. “That’s why we are urging the Office of the Ombudsman, and even through the Department of Justice and the National Bureau of Investigation, to look into this. We see this as economic sabotage.”

Meanwhile, Gabriela Women’s Party Rep. Arlene D. Brosas said that the excise fuel tax should be suspended and that big oil companies should not overprice their products.

“The oil excise tax under the TRAIN (Tax Reform for Acceleration and Inclusion) law should be suspended and fuel subsidies should be distributed to provide relief to the people who are already badly affected by the pandemic,” she was quoted as saying in Filipino in statement.

“Big oil companies should moderate their greed. They are earning billions and billions in the midst of the pandemic because of the overpricing of P4-5 billion in the price of oil.”

Isko promises lower oil taxes

Meanwhile, Manila Mayor and presidential candidate Francisco “Isko Moreno” M. Domagoso said Friday that he will reduce the taxes on oil products if he wins the coming May elections.

“I’ve been telling you this about a month ago. That’s why I made a commitment to cut taxes on oil by 50% because when I said that, there’s a projection that we saw in the coming months that these things will happen,” he said in a mix of English and Filipino at a livestreamed press conference held in Pangasinan. “And I do believe these things will continue to happen. The increase of the price of oil.”

“Especially, I hope it won’t happen, with the situation in Russia and Ukraine… Let’s hope that the possible war between them won’t happen, because I am sure that the price of oil will continue to rise because we will have a problem in supply.

“And everyone will go to the Middle East. We’re one of the smaller customers of the Middle East. We will be the least priority, most likely.”

Mr. Domagoso said that his plan to reduce oil taxes by 50% was based on the forecast that the prices of crude oil, electricity, and basic needs will continue to rise. He added that because of the rising prices, the country needs to stop depending on imports and invest in farmers.

The standard-bearer of the Aksyon Demokratiko party noted that if the government does not relax its restrictions during the pandemic, businesses will shut down leading to unemployment.

“If we don’t recover from the pandemic and still don’t loosen the restrictions, businesses will continue to shut down and people will keep losing jobs. If there are still jobs available, the workers will not be paid enough,” he said. — Jaspearl Emerald G. Tan

Robredo against rushed modernization of Metro Manila public transport system

OVP PHOTO

VICE-PRESIDENT Maria Leonor “Leni” G. Robredo on Friday said she was against the rushed modernization of the Metro Manila public transport system as this will harm both commuters and transport workers.

“We want the modernization of our public transport, but we do not want to give an additional burden to our passengers and drivers,” she said in a mix of English and Filipino in a statement. “We must not insist on policies that are crude and inappropriate in the context of a pandemic.”

She was referring to the implementation of the public utility vehicle (PUV) modernization program which disallows buses from surrounding provinces to enter Metro Manila during the pandemic.

Ms. Robredo – who is running for president in the upcoming elections on May 9 – said that the consolidation of public utility vehicle operators, the use of common terminals, and the mandatory upgrading of fleets of jeepneys should be put on hold.

“Our main focus now is to alleviate poverty, revive the economy, and control the spread of COVID (coronavirus 2019). Policies that are inappropriate and consistent with these objectives must be set aside first,” she added.

If integrated terminals are forcibly used during the pandemic, Ms. Robredo said the cost paid by passengers will increase because they have to switch to another transport vehicle when entering Metro Manila.

“Passengers are forced to take a ‘colorum’ van because it is more convenient and cheaper,” she added, but these vans are not regulated, so safety cannot be guaranteed. This may also lead to the rapid spread of COVID-19.

Passengers heading towards destinations in North Luzon would have to pay more to get to San Fernando, Pampanga, or Baguio, with additional fares increasing up to 96%, cited the vice-president.

With commuters’ preference for colorum – Filipino slang for illegal public utility vehicles – vans, the income of workers in the legal transport sector will also be reduced, Ms. Robredo said. “During a pandemic, the solution is to first let provincial buses enter Metro Manila and use their respective terminals.”

The vice-president also appealed for the government to provide support to the transport sector by providing subsidies and extending credit lines, given the limitations in the carrying capacity of PUVs.

BILATERAL LABOR AGREEMENTS

Meanwhile, during an online meeting with Filipinos overseas, Ms. Robredo said she plans to enter into more bilateral labor agreements with countries hosting overseas Filipino workers (OFWs) to ensure their protection.

Speaking to the OFWs about her plans should she be elected president, she added that, “We will also ensure that the existing bilateral agreements are properly implemented,” noting countries in the Middle East where most contract violations occur.

She also plans to form an inter-agency task force that will handle the reintegration of OFWs who seek to return to the country. There will also be a coordinated stepladder program based on best practices, she added, saying that skills training will help returning OFWs find better jobs.

A one-stop migration resource center or a hub to ensure families left behind by OFWs stay connected and are provided for by the government, will also be made under a Robredo leadership she said. — Alyssa Nicole O. Tan

Retired SC Justice Minita Chico-Nazario, 82

Supreme Court Website https://sc.judiciary.gov.ph/24564/

Former Supreme Court (SC) Justice Minita V. Chico-Nazario, the first Presiding Justice of the Sandiganbayan to be promoted to the High Court, passed away on Wednesday night at the age of 82.

“The Supreme Court and the entire Judiciary join the loved ones of the late Hon. Justice Minita V. Chico-Nazario in mourning her death,” SC Chief Justice Alexander G. Gesmundo said in a statement posted on the SC website on Friday.

“Justice Nazario will always be remembered as one of those who broke barriers in the history of the Philippine Judiciary,” Mr. Gesmundo added.

Ms. Nazario was the first female magistrate and presiding justice of the anti-graft court to have been appointed to the High Court.

She worked in government for 47 years, and served as an associate justice of the SC from 2004-to 2009.

She was appointed to the Sandiganbayan in 1993, and a decade later became its presiding justice.

Ms. Nazario brought judicial reforms to both the High Court and the anti-graft court where she improved the hospitalization and health benefits of its employees.

Ms. Nazario was a graduate of the University of the Philippines College of Law, graduating in the same class as retired SC Chief Justice Reynato S. Puno in 1962. In 1988, she was admitted to the New York State Bar.

Born in San Miguel, Bulacan, on Dec. 5, 1939, she was married to the late Rod Nazario and is survived by her three children. — John Victor D. Ordonez 

Balai Ni Fruitas files for P309-million IPO

https://www.balainifruitas.com/

By Keren Concepcion G. Valmonte, Reporter  

Balai Ni Fruitas, Inc., which operates a chain of bakeries and juice shops, is planning a P309.38-million initial public offering (IPO) next month to fund its expansion plans and for potential acquisitions.  

According to the Securities and Exchange Commission (SEC), the subsidiary of Fruitas Holdings, Inc. filed its registration statement on Feb. 17.   

Balai will be offering as much as 325 million primary common shares. Meanwhile, its parent firm, Fruitas Holdings, will be selling 50 million secondary common shares, along with an overallotment option of up to 37.5 million common shares.  

IPO shares will be priced up to 75 centavos apiece. According to its prospectus dated Dec. 27, 2021, the final price will be set on March 7.   

“The Company will not receive any proceeds from the offer of the secondary shares and option shares,” Balai said.  

Balai may raise up to P243.8 million in gross proceeds from the sale of 325 million primary common shares. The company may net up to P220.4 million from its IPO. 

“The Company intends to use the net proceeds from the Offer for the store network expansion, commissary set-up and potential acquisition opportunities of the Company,” Balai said.  

Majority or 81.8% of its proceeds worth P180.4 million will be used for its store network expansion. The company aims to open 120 new owned stores in Metro Manila and “selected urban areas” across the country until the end of next year.  

The company owns bakery chain Balai Pandesal, Buko ni Fruitas, and Fruitas House of Desserts. Buko ni Fruitas offers fresh coconut drinks, while Fruitas House of Dessert serves fruit shakes and desserts.  

“Vast majority of the stores to be opened from 2022-2023 are anticipated to carry the Balai Pandesal brand. Moreover, the Company also expects to expand the footprint of its other existing brands and future acquisitions which will depend on, among others, market opportunities and commercial considerations,” Balai said.  

Balai plans to allocate P20 million for its plans to set up commissaries in 2022, while another P20 million will be used to acquire other baked goods brands.  

“The Company’s potential target acquisitions will be geared towards broadening its baked goods product offering and/or adding sales channels. The Company is still in the early stages of evaluating these options and there are no definitive agreements signed,” Balai said.  

In a statement in December, Fruitas Holdings President and Chief Executive Officer Lester C. Yu said it decided to take Balai public due to the “significant growth prospects of the bakery sector.”  

Balai plans to conduct its offer period from March 16 to 22, while its tentative listing date at the small, medium, and emerging board of the Philippine Stock Exchange is set on March 30. The company has yet to decide on its stock symbol.  

The company tapped First Metro Investment Corp. as the transaction’s issue manager, bookrunner, and underwriter. 

CREIT moves listing date to Feb. 22

By Keren Concepcion G. Valmonte, Reporter  

Citicore Energy REIT Corp. (CREIT) has finalized its listing date to Feb. 22, the Philippine Stock Exchange (PSE) published in a listing notice on Friday.  

The company was supposed to make its market debut on Feb. 17.   

In a statement on Wednesday evening, CREIT and its joint global coordinators said they had to delay the company’s listing at the PSE because the volume of transactions “affected the timely completion of the lodgment of the IPO (initial public offering) shares with the Philippine Depositary and Trust Corp.”  

CREIT said almost 20,000 investors participated in its P6.4-billion IPO.   

The company and its sponsor Citicore Renewable Energy Corp. (CREC) sold a total 2.509 billion shares for P2.55 per share.   

CREIT said all shares allocated for its institutional tranche, trading participants, and for local small investors (LSIs) were oversubscribed.  

The demand for CREIT’s 218.182 million-shares LSI tranche alone reached 270.745 million shares, an oversubscription of 124.09%.  

CREIT will be the first real estate investment trust (REIT) to list on the PSE with an energy-focused portfolio.   

CREIT sold 1.047 billion primary shares, while CREC sold 1.135 billion secondary shares and the 327.273 million common shares allotted for overallotment. The company plans to use proceeds from the sale of primary shares to acquire properties from the Citicore Group. 

AllDay reports 28% increase in Q4 customer traffic

AllDay Marts, Inc. said it saw a 28% annual increase in customer traffic in the fourth quarter last year, as more consumers became more comfortable shopping in stores as lockdown restrictions eased. 

The Villar-led company said its AllDay stores usually see the peak of customer foot traffic in the fourth quarter, logging 40-50% more in profits during the period.  

“AllDay’s fourth quarter store performance, particularly store footfall, is an indication of the quickening pace of the country’s return to normal, as well as continued validation of our unique supermarket concept and experience,” AllDay Chairman Manuel B. Villar, Jr. said in a statement on Friday.  

“We are seeing consumers regain their confidence to again frequent our stores and the unique experiences they offer—a distinct and key advantage of AllDay Supermarket,” he added.  

The government placed Metro Manila and other areas under a more relaxed Alert Level 2 from November to December, as the number of coronavirus disease 2019 (COVID-19) declined. While Alert Level 3 was raised in January amid a Omicron-driven surge in new infections, the Philippine capital region is back to Alert Level 2 until end of February.   

AllDay currently has 35 stores in areas such as Alabang, Bacolod, Bataan, Sto Tomas in Batangas, C5 Extension, Cabanatuan, Cauayan, Dasmarinas, Evia Lifestyle Center, General Trias, Imus, Isabela, Iloilo, Kawit, Las Piñas, Libis, Molino, Eastlake in Muntinlupa, Malolos, Naga, Nomo, Pampanga, Shaw, Silang, Sta. Maria, Salawag, Santiago, Sta. Rosa, Taguig, Talisay, and Tanza,  

AllDay aims to have a store network with 45 branches by the end of the year.  

The company also has its own e-commerce platform, which can be accessed through www.allday.com.ph.  

“The uptick in AllDay Supermarket store footfall is a validation of our strategy that brings an innovative and elevated supermarket experience closer and closer to Filipino communities that are simply hungry for better experiences,” AllDay Vice Chairman Camille A. Villar said.   

“Combined with consumers’ confidence in the governments’ sustained efforts to stem the pandemic through safety protocols and vaccination, we are confident in our optimistic outlook for the coming year,” she added.  

The Johns Hopkins University COVID-19 tracker showed the country has inoculated 57% of its population, with nearly 61.63 million already fully vaccinated.  

AllDay shares on Friday declined 1.82% or one centavo to close at 54 centavos each. — Keren Concepcion G. Valmonte  

PAL to add more seats on its Airbus planes

Philippine Airlines, Inc. (PAL) on Friday said it is working with Airbus to modify 15 of its aircraft to accommodate more passengers.    

“Philippine Airlines believes that, as we exit the pandemic, our fleet restructuring strategy helps us to better adapt to changing market situations and ensure that we are well-positioned for recovery,” PAL Chief Financial Officer Nilo Thaddeus P. Rodriguez said in a statement on Friday.   

Under the cabin modification agreement, Airbus will add more seats to PAL’s 11 A320 aircraft, two A330-300s, and two A350-900s.  

This means the A320 planes will have 24 extra seats, bringing the total seat count to 180. PAL said this configuration “suits the airline’s requirements for short-haul inter-island domestic routes.” 

There will be 50 added seats for the A330s, which will bring the total seat count to 359.  

The A350s will have 18 more seats for a total of 313 seats, “which still preserves the roomy cabin layout and passenger-friendly experience that PAL Business Class and Economy Class travellers enjoy on the A350’s long-haul routes.” 

“Our aircraft deployment decisions and related technical support arrangements are tailored for a restructured network that suits a vastly different global environment,” Mr. Rodriguez said. 

PAL is also extending its ‘Flight Hour Services’ material program with Airbus to cover more of its fleet. 

“Airbus has its customers’ interests at heart and works closely with them to propose flexible material solutions that meet their needs. We are pleased that PAL recognizes the significant savings and operational performance which Airbus can bring with FHS, extending the current arrangement to their A330 and A321 Family fleets,” Anand Stanley, president of Airbus Asia-Pacific, said in a statement. 

SMIC lists P15-billion bonds

SM Investments Corp. (SMIC) listed P15-billion fixed rate bonds at the Philippine Dealing and Exchange Corp. (PDEx) on Friday.  

In a disclosure, the listed conglomerate said the retail bond offering, which was 3.7 times oversubscribed, was its biggest issue since 2016.  

“We are pleased with the response to our bond issue. The hefty investor appetite for these securities was on the back of volatility around local interest rate sentiment with expectations of the US Federal Reserve hiking rates,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said in a statement. 

“This exercise mirrors investor confidence on SM’s credit quality and overall prospects for growth while increasing our funding flexibility and enhancing capital efficiency,” he added. 

Interest rates for the second tranche Series I bond, 3-year retail bond stood at 3.5915% due on 2025, and Series J, 5-year retail bond at 4.7713% due on 2027.  

This was part of the second tranche from the company’s P30-billion shelf-registered debt securities program. 

Net proceeds from the bond issue will be used to refinance debt that funded capital expenditure. 

BDO Capital & Investment Corp. and China Bank Capital Corp. were the joint issue managers, bookrunners and lead underwriters for the transaction. 

“As the first corporate bond issuance of 2022, we are delighted to see how this offering was very well received by a broad range of investors. The strong demand reflects deep confidence in the SM group and is a sign of a more active market. China Bank Capital is proud to have helped SMIC execute this important transaction.” said Ryan Martin L. Tapia, president of China Bank.  

RLC’s Montclair aims to complete interchange exit by mid-year

Montclair's interchange exit is expected to be completed by mid-2022. -- Company handout

Robinsons Land Corp. (RLC) on Friday said its destination estate Montclair is on track to finish its interchange exit by the second half of 2022. 

In a statement on Friday, the company said the interchange will connect its Montclair estate to the Subic-Clark-Tarlac Expressway.  

Prime Metro BMD Corp. was tasked to build the trumpet interchange and access bridge.   

Other infrastructure projects within the estate will also be completed soon, such as roads, bridges, and a toll plaza.   

RLC said it expects the estate’s site development to be completed in 2023.   

“Montclair is very well-poised to be a premier Destination Estate in Pampanga. It will showcase Robinsons Land Corp.’s complementary range of real estate developments,” RLC Senior Vice President and General Manager for Integrated Developments Ma. Socorro Isabelle V. Aragon-GoBio said.   

“Through Montclair, we aim to provide a vibrant, future-ready, and environmentally sustainable setting for communities to thrive,” she added.   

Located in Pampanga, RLC’s 216-hectare Montclair estate will house commercial developments, residential spaces, office buildings, logistics facilities, and tourism establishments.    

RLC shares at the stock exchange went up 1.56% or 30 centavos on Friday to close at P19.50 each. — Keren Concepcion G. Valmonte   

Concepcion Industrial books P79M profit in Q4

Concepcion Industrial Corp. (CIC) said it booked an unaudited P79 million in profit after tax and minority interests (PATAMI) in the fourth quarter of 2021. 

In a statement on Friday, the company said its fourth quarter performance reflected dampened sales in the Visayas-Mindanao region after the onslaught of Typhoon Odette in mid-December.  

It also cited higher commodity prices and a weakening peso, but this was offset by raising selling prices. 

Net sales fell 1.7% year on year to P3.2 billion in the fourth quarter.  

“Our focus throughout 2021 was to keep the fundamentals strong, as we weather the full impact of the [COVID-19] crisis,” CIC Chairman and Chief Executive Officer Raul Joseph A. Concepcion said.   

“Now that signs of the recovery have started to materialize, we are confident that our strategic investments in our brands and our platforms will enable us to capture the opportunities that present themselves,” he added.  

For 2021, the company said its unaudited PATAMI amounted to P196 million, a 58% decline from its unaudited P471 million PATAMI in 2020.  

However, CIC’s unaudited net sales improved 14% to P12.2 billion in 2021 from P10.8 billion in the year prior. The company said its overall sales, including sales from Concepcion Midea Inc., grew 17% in 2021.  

The company, which provides consumer lifestyle and building industrial solutions, has yet to disclose its annual report.  

On Friday, shares of CIC on the stock market closed unchanged at P22 apiece. — K.C.G. Valmonte  

Globe’s digital solutions units show strong growth

Globe Telecom, Inc. said it is on track for its expansion into a digital solutions platform, as its units reported robust growth last year. 

“Using our core [telecommunications] business and spurred by rapid consumer digital adoption, we are doubling down on the shift to become a digital solutions platform.  Globe currently offers several diverse high-growth enterprises in healthtech, fintech, adtech, e-commerce, e-learning, and entertainment, among others,” Globe President and CEO Ernest L. Cu said in a statement. 

Globe’s digital advertising agency AdSpark reported a 32% increase in revenue to P1.2 billion in 2021.  

The company also said its loyalty solutions provider Rush posted over 100% revenue growth in 2021, but did not provide exact figures. Its user base is now at 3.8 million. 

Online grocery shopping platform PureGo registered sales growth of over 75% in 2021. PureGo is a partnership with Puregold Price Club, Inc.  

All three are portfolio companies under 917Ventures, a wholly-owned subsidiary of Globe. 

Globe said that its mobile wallet app GCash and telehealth service platform KonsultaMD also saw “stellar” growth last year. 

Mr. Cu said these units can replicate the success of Globe Fintech Innovations, Inc. or Mynt, the fintech startup that operates Gcash. 

“I think we’re seeing significant progress. We do think that telco continues to be a very viable platform and a good springboard for new businesses to develop much like what we’ve done with Mynt,” he said. 

Globe shares dropped by P88 or 3.16% to close at P2,700 each on Friday. — Luisa Maria Jacinta C. Jocson 

MWSS, NIA preparing mitigation programs for potential water shortage

THE Metropolitan Waterworks and Sewerage System (MWSS) and the National Irrigation Administration (NIA) are preparing P65.7-million worth of mitigation programs for potential water interruptions until the end of the dry cropping season in April. 

The programs aim to aid farmers relying on the Angat-Maasim River Irrigation System (AMRIS). 

“The P65.7 million in funding support for the NIA’s mitigation programs will ensure that domestic supply from Angat Dam is [secured] and will also sustain the social and economic well-being of MWSS customers,” the MWSS said in a bulletin. 

The project will allocate P50-million worth of Shallow Tube Well Pumps (STWP) to be distributed to farmers’ associations and P15 million worth of fuel subsidy for the operation of the STWP. 

The partnership will also work on an Information and Education Campaign (IEC) on water conservation and conduct cloud seeding operations within the Angat, Dam, Ipo, and La Mesa watersheds. 

As of Feb. 2, P15.7 million worth of financial assistance has been given directly to the 113 farmer-irrigator associations. 

“MWSS values its partnership with NIA in promoting equitable local water distribution, as well as NIA’s engagement with farmers in promoting participatory irrigation governance. MWSS, for its part, has identified the following summer supply augmentation measures to ensure continued service to its 19 million customers,” the MWSS added. — Luisa Maria Jacinta C. Jocson 

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