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Solon pushes for bill granting benefits to health workers

IMAGE COURTESY OF ST. LUKE’S MEDICAL CENTER.

A lawmaker has called on the House of Representatives to approve measures for the benefit of health workers who have been fighting against COVID-19.

Congressman Luis Raymund F. Villafuerte, representative of the 2nd District of Camarines Sur, is urging the chamber to okay a consolidated bill, of which he is a principal author, that seeks to grant medical frontliners additional benefits including insurance coverage, an increase in overtime pay, and a provision for a daily allowance.

“The Congress can go one step further by passing the bill institutionalizing this allowance and other benefits for our medical frontliners,” Mr. Villafuerte said in a statement released on Thursday.

The consolidated bill includes House Bill (HB) 10365, which Mr. Villafuerte authored, which would provide more benefits to both public and private health workers during the state of national calamity caused by the pandemic.

Meanwhile, HB 9670, another bill authored by Mr. Villafuerte, aims to amend the Magna Carta of Public Workers Health Workers by increasing the rates of their overtime pay and other incentives.

Under the bill, medical workers will receive a daily allowance of P300 and a P10,000 monthly allowance. Health workers who are required to wear uniforms will also be granted a higher monthly laundry allowance of P500 or more.

The bill states that the Health Secretary may increase the amounts of the allowances as they see fit.

The proposed measure, which is a combination of several bills that aim to address additional needs of health workers, is currently pending in the House at the committee level. — Jaspearl Emerald G. Tan

Ayala Corp, ALI forge property-for-share swap deal

Ayala Corp. (AC) and its top stockholder, Mermac, Inc., will transfer P17.5-billion worth of properties into Ayala Land, Inc. (ALI) in exchange for additional shares.  

The boards of AC and ALI, in separate meetings, approved the property-for-share swap deal on Jan. 20.  

In a disclosure on Friday, AC said the company and Mermac will transfer five assets to ALI in exchange for 311,580,000 primary common shares valued at P55.80 each. 

AC will subscribe to 309,597,711 primary common shares for assets valued at P17.27 billion. Mermac, on the other hand, will subscribe to 1,982,289 primary common shares for assets worth P110.61 million. 

The biggest asset is AC’s 50% ownership in Ayala Hotels, Inc. worth P13.2 billion.  AHI owns the Manila Peninsula property and is ALI’s partner in the Park Central Towers project. 

Other assets include a P1.72-billion property in Darong, Sta. Cruz, Davao del Sur, and office units and parking lots in Tower One, Makati City worth P1.39 billion.  

Also included are AC’s P993-million Honda Pasig property along C-5, and a P78 million property in Calauan, Laguna.  

ALI in a separate disclosure said the primary common shares to be issued to AC and Mermac will come from the unissued shares in the 1-Billion Common Shares Carve Out, which was approved by its shareholders in 2014. The shares are not subject to pre-emptive rights and do not require stockholders’ approval. 

“We are delighted about this transaction. We view ALI as the natural owner of these properties and is in the best position to optimize their value. In addition, this deal is consistent with Ayala’s initiative to increase its ownership of ALI, similar to the block purchases of ALI shares we have done over the past year,” said Fernando Zobel de Ayala, who is president and CEO of AC, as well as chairman of ALI. 

ALI President and CEO Bernard Vincent O. Dy said the properties will further expand the company’s landbank and commercial assets.  

“We are confident that the inclusion of these assets will further create value for our stakeholders,” he added. 

AC, ALI, and Mermac aim to complete the requirements within the year.  

Once the deal is approved, AC will increase its ownership in ALI to 47.2%, from the current 46.07%.  

On Friday, shares in ALI rose 1.61% to close at P34.65 each, while AC shares jumped 2.72% to end the session at P868 apiece. 

Co-founder Nolledo to infuse P100 million into Xurpas

Xurpas, Inc. co-founder and chairman Nico Jose S. Nolledo is infusing P100 million in fresh capital into the troubled listed firm.  

In a disclosure to the stock exchange, Xurpas said the company approved the issuance of common shares to Mr. Nolledo. 

The subscription price will be based on Xurpas shares’ 30-day weighted average price, and subject to a 5% premium and a floor price of P0.55 each share.  

“The fresh capital infusion amounting to P100 million will primarily be used for the expansion of Xurpas’ core enterprise business, specifically the IT staff augmentation business,” the company said. 

Xurpas said the funds will also be used for employee benefits, research and development, and equipment upgrade. 

“The past two years have been quite challenging, all the more so due to the ongoing pandemic. But there have also been opportunities for growth, as many companies try to accelerate their digital transformation and other IT initiatives. We have made meaningful progress in rebuilding our revenue base by focusing on staff augmentation,” Xurpas President Alexander D. Corpuz was quoted as saying. 

“Mr. Nolledo’s continued support through this infusion will go a long way towards allowing us to further grow the business, while strengthening our balance sheet,” Mr. Corpuz added. 

The agreement was signed on Jan. 20. Mr. Nolledo will pay the total subscription price within 30 days. 

On Friday, Xurpas shares surged 34.18% to close at P0.53 apiece. — Luisa Maria Jacinta C. Jocson 

Smart, Oppo team up for 5G standalone trial

Smart Telecommunications, Inc. on Friday said it partnered with smartphone brand Oppo to develop 5G Standalone (5G-SA) use cases in the Philippines.  

In a statement, Smart said it has been testing Oppo’s 5G smartphones’ compatibility with its commercial 5G-SA sites in Makati.  

“By maximizing its ultra-reliable and low latency capabilities, 5G-SA paves the way for new innovation and opportunities for enterprises and consumers alike,” PLDT and Smart Head of Technology Mario G. Tamayo said in a statement. 

5G-SA technology allows super-fast response times and quicker access to higher data rates required by cloud gaming or immersive media. Integrating such feature in Smart’s 5G network can lead to new consumer and business services beyond mobile phone screens.  

“Oppo is proud to partner with Smart in its pursuit of being at the forefront of the 5G evolution. We are committed to continuously provide Filipino consumers with reliable 5G enabled smartphones ranging from entry level to flagship offerings that will enable our consumers to move bigger and do more,” Ele Yu, Oppo Philippines marketing director, said. 

Smart has over 6,400 5G base stations across the country. 

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — M.C.Lucenio  

Globe launches first Eco-SIM in Asia

The Eco-SIM cards are made from 100% recycled polystyrene that were recovered from discarded refrigerators. -- Courtesy of Globe Telecom, Inc.

Globe Telecom, Inc. on Friday launched the first Eco-SIM card in Asia for its postpaid mobile customers. 

The environment-friendly SIM cards are made from 100% recycled polystyrene that came from discarded refrigerator interiors. 

With its partner Thales, Globe has deployed Eco-SIM cards starting November 2021. Thales first developed the Eco-SIM card in 2020 in partnership with Veolia.  

“The Eco-SIM card is small, but it has a big impact on plastic and polymer waste and is another example of how we innovate to drive change. We are excited to partner with Globe on this pioneering initiative in the Philippines with a goal to roll it out throughout Asia,” Thales Digital Identity and Security Head of Mobile Connectivity Solutions for Asia Jon Cahilig said in the same statement.  

Around 4.5 billion SIM cards are manufactured every year. At 4 grams each, the total weight of these SIM cards reach an estimated 20,000 tons of plastic and other polymers. 

““In order for us to truly move the needle in the fight against climate change, we all must take on the responsibility to act sustainably. This partnership with the Thales Group not only enables us to come up with a solution for our telecommunications business, but it also gives our customers the opportunity to step up and choose to live more sustainably,” Globe Chief Sustainability Officer and Senior Vice President for Corporate Communications Maria Yolanda C. Crisanto said in a statement. 

Thales is also partnering with Globe to achieve its goals to reduce e-waste and its carbon footprint. 

Globe shares dropped 1.25% on Friday, closing at P3,318 apiece. — M.C.Lucenio 

Shell boosts sustainability initiatives

Pilipinas Shell’s new office in The Finance Center in Taguig earned the Green Building Silver rating by the Leadership in Energy and Environmental Design (LEED) under the Interior Design and Construction: Commercial Interiors Category. -- Company handout

Pilipinas Shell Petroleum Corp. on Friday said it will be adopting the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) to report climate-related risks and opportunities in its business activities.

“Pilipinas Shell is supporting the TCFD recommendations as part of its efforts to promote transparency in its sustainability efforts, as supported by the existing climate-related information that we provide via our annual and sustainability reports,” Shell President and Chief Executive Officer (CEO) Lorelie Q. Osial said in a statement.

“By adopting these recommendations, we communicate how financial risks and opportunities related to climate change are part of our risk management and strategic planning processes, leading to smarter, more efficient allocation of capital, and helping smooth the transition to a more sustainable, low-carbon economy,” she added.

Pilipinas Shell will be the first energy company in the Philippines to adopt the task force recommendations, as urged by the international Financial Sustainability Board (FSB).

Meanwhile, Pilipinas Shell said its head office in Taguig was given a silver rating under a green building rating system, the Leadership in Energy and Environmental Design (LEED).

Pilipinas Shell said its business operations in Manila are using 100% green-tech energy to produce electricity for its offices.

The company is also working on other sustainability initiatives, such as integrating solar panels and rain catchers to mobility sites and using eco-bricks from upcycled plastics for building walls.

“Pilipinas Shell remains committed to promote sustainability, providing cleaner energy solutions in a responsible way that balances short and long-term interests, and integrating economic, environmental and social considerations into decision-making,” Ms. Osial said.

Half of travelers make add-on purchases during flights – AirAsia survey

Low-cost carrier Philippines AirAsia, Inc said that five out of ten Filipinos make add-on purchases while traveling on planes, citing a recent survey.

Additional baggage allowance and in-flight meals top the list of most purchased ancillary products, followed by travel insurance and seat assurance.

This will offer a “major additional revenue stream for air carriers this year as the industry gradually recovers from the pandemic,” Philippines AirAsia said in a media release.

Based on the survey, 46% of the participants said they would buy additional baggage allowance. Of which, 42% of respondents said they would bring baggage with a load of 20 to 25 kilograms (kgs) and 12% with a load of 30 to 40 kgs.

Meanwhile, 32% said they would purchase in-flight meals or snacks, with sandwiches and drinks as the most popular items.

“Even though flight bookings continue to be our major revenue channel, we at AirAsia also give priority to other offers such as ancillary, and we are glad that our array of products is warmly received by our guests. What’s great about being a global air travel brand is we get to bring the best practices and products from our international counterparts here in the Philippines,” said AirAsia Philippines Chief Executive Officer (CEO) Ricardo P. Isla. — Luisa Maria Jacinta C. Jocson

There’s a four-year wait list for Toyota Land Cruisers in Japan

REUTERS

Would-be buyers of Toyota Motor Corp.’s new Land Cruiser model in Japan may have to wait around four years before taking delivery, as the automaker struggles to keep up with demand for the iconic sports utility vehicle amid supply-chain disruptions.

Waiting times were already stretching out to two years after the vehicle was revamped in 2021 for the first time in 14 years. The company is seeking to give customers a more specific time frame, said Shiori Hashimoto, a spokeswoman for Toyota.

Global automakers are facing supply-chain disruptions, including a shortage of semiconductors, with the omicron variant now hitting suppliers and assembly lines in China, Japan and other parts of Asia. Even Toyota, long considered resilient to parts-related production issues, has been forced to idle operations at some plants. The carmaker said this week it was unlikely to reach its goal of making 9 million vehicles for the fiscal year ending March.

“Delivery time of four to five years is odd, and would normally prompt increased production, but currently without the parts, it can’t be helped,” said Bloomberg Intelligence analyst Tatsuo Yoshida.

The rugged Land Cruiser, already popular in the U.S. and Middle East for its off-road capabilities, is also benefiting from an outdoor camping boom in Japan amid the pandemic.

Car dealerships are asking buyers to sign pledges saying they aren’t purchasing the SUV for resale purposes, according to Hashimoto. Japanese used-car website Carsensor.net had previously shown the new Land Cruiser model being sold for around 15 million yen ($132,000), compared with the manufacturer’s suggested retail price of around 5 million to 8 million yen, including tax. — Bloomberg

Groups urge Senate to ratify PHL RCEP membership

THE Financial Executives Institute of the Philippines (FINEX), Makati Business Club (MBC), Management Association of the Philippines (MAP) and the Philippine Council for Foreign Relations (PCFR) urged the Senate to ratify the country’s membership in the Regional Comprehensive Economic Partnership (RCEP) in a joint statement on Friday. 

“Like any free trade agreement, RCEP provides wide economic opportunities for our country, along with certain threats to uncompetitive industries, and individual producers and their workers. And like in the other free trade agreements the country has joined (of which our country has the least, compared to Indonesia, Malaysia, Thailand and Vietnam), the overall economic gains in terms of net job creation, economic growth and price stabilization will well outweigh the costs,” the industry groups said. 

The RCEP currently has 15 members, consisting of ten ASEAN member economies along with Australia, New Zealand, China, Japan and South Korea. It is considered to be the largest trade bloc in the world, representing 30% of global gross domestic product. 

The trade agreement took effect on Jan. 1, although the Senate was unable to ratify the RCEP before 2021 ended. 

“RCEP will help MSMEs expand market access, especially with more liberal rules of origin on traded products to qualify for trade concessions. It will also provide broader and cheaper alternative sources for inputs and reduce costs of doing business through improved trade facilitation, especially customs and trade clearance procedures,” they said in the joint statement. 

They said exclusion from the RCEP would be “immensely costly to our economy and our people. 

“We can anticipate a significant decline in our exports to RCEP countries, which now account for nearly two-thirds (64%) of our total exports, as trade with us will logically be diverted to fellow members. It would also make us even more unattractive to job-creating investments than we already are, as these would best locate in RCEP member countries to take advantage of free access to its vast market,” they added. 

“For the same reason, our membership could attract more foreign investments into the country from firms wishing to produce and sell to the large RCEP market,” they said. 

The groups noted tariff elimination will take up to 20 years, giving enough time to enhance production and improve competitiveness. 

“RCEP skeptics should find comfort in the fact that little will immediately change in the country’s trade relations, since RCEP only reaffirms existing trade concessions we already have with all RCEP members via the ASEAN Trade in Goods Agreement (ATIGA) among ASEAN members and the ASEAN-Plus Free Trade Agreements with the rest,” they added. — L.M.J.C. Jocson 

BoC collects P29M additional duties from smuggled farm products

PHILSTAR FILE PHOTO

THE Bureau of Customs (BoC) collected P29 million in additional duties from smuggled farm produce in 2021 after scanning shipments entering the country’s ports, it said on Friday. 

“The seized shipments with issued warrants of seizure and detention were found to contain misdeclared and undeclared goods,” the BoC said in a press release. 

The bureau had issued 50 warrants after scanning over 66,000 shipments containing agricultural goods last year. 

The misdeclared or undeclared goods were found to have violated an administrative order of the Department of Agriculture, or the guidelines on for importing farm goods. 

The Senate has been conducting an inquiry into the smuggling of farm produce, with Senate President Vicente C. Sotto III alleging corrupt practices by Customs personnel. 

The bureau last year transferred over 700 employees and dismissed three due to “irregular and unlawful activities,” including corruption and violations of customs rules. 

Meanwhile, the bureau plans to donate over 6,000 liters of unmarked diesel fuel it seized to the Philippine Coast Guard, the Department of Finance (DoF) said in a press release Friday. 

The bureau signed an agreement with the Coast Guard to use the diesel fuel seized in September for anti-smuggling operations. 

“The Port of Clark ordered the confiscation of the diesel fuel, which was found at a retail gas station in Arayat, Pampanga after a composite team of the BoC and the Bureau of Internal Revenue had conducted field tests and detected the absence of the fuel marker supposed to be injected into tax-paid oil products,” the DoF said. 

The Customs district collector in the Clark port forfeited the fuel in favor of the government after the management of the gas station — the Luzon Petromobil Integrated Service Stations, Inc. — officially abandoned its claim on the seized products. 

The government aims to deter fuel smuggling by injecting a special dye into fuel products to signify tax compliance. Absence of the dye is deemed evidence that the fuel was smuggled. 

Fuel products that are unmarked, have diluted markers or have counterfeit markers are subject to duties and taxes. 

Duties and taxes collected from marked fuel products since the launch of the program in 2019 have totaled P324.46 billion as of Nov. 25, 2021. — J.P. Ibañez 

Solane confiscates illegal LPG tanks worth P2.66M in 2021

LIQUIFIED petroleum gas (LPG) supplier Solane confiscated 1,024 illegal LPG tanks worth almost P2.66 million in 2021 from several raids nationwide, it said on Friday. 

The company said it seized 585 tanks worth almost P1 million in the second half of 2021, bringing the total confiscated unauthorized fuel tanks to 1,024 worth P2,661,890.00 for the year, it said in a statement.  

During its last leg of buy bust operations in Ilocos Norte, Ilocos Sur, Abra, Rizal, Quirino, and Camarines Sur in mid-October to December, Solane confiscated 145 illegally-refilled LPG tanks worth nearly P300,000 together with marked money and transaction receipts. 

“While the passage of the LPG Law in October reinforces the government’s campaign against illegal sources of LPGs, Solane’s busts throughout the year helped put suspects behind bars and immediately halt unauthorized trades in communities they busted,” the company said in a statement. 

Republic Act 11592 or the LPG Law was signed on Oct. 14, 2021 to regulate the industry and ensure all unsafe gas cylinders are properly disposed and that new ones are safe. 

Solane also reminded the public that fake, dilapidated, and substandard LPG cylinders may lead to leaks and cause explosion or fire in their households. — MCL 

BSP fully awards 28-day bills

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) fully awarded the short-term securities it auctioned off on Friday as the average rate fell on expectations of monetary policy tightening in the United States. 

The central bank raised P100 billion as planned from its offer of 28-day bills that drew P174.22 billion in tenders, lower than the P194.7 billion in bids last week. 

Accepted rates for the one-month securities ranged from 1.65% to 1.716%, wider than the 1.7% to 1.749% margin last week. The average rate of the one-month bills was at 1.7053%, lower than 1.7298% previously. 

The central bank uses its short-term securities and term deposit facility to mop up excess liquidity in the financial system and guide market rates. 

The BSP bills’ average rate eased week-on-week as fears of an earlier-than-expected US Federal Reserve rate hike caused funds to shift to short-term tenors, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message. 

“Auction yield was also again lower amid recent concerns over the sharp increase in COVID cases locally and worldwide recently amid lingering concerns over the Omicron variant,” he said. 

Stricter lockdowns in Metro Manila and nearby areas could slow down economic recovery prospects and ease inflation, he added. 

US Federal Reserve Governor Lael Brainard said interest rate hikes could start as soon as the US central bank ends its bond purchases, which is set for March. 

The Fed is widely expected to raise rates thrice this year, starting in March, median forecasts from a Reuters poll showed. Almost half expect the central bank to hike at least four times. — Jenina P. Ibañez with Reuters 

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