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Max’s Group opens Yellow Cab Pizza in Texas

UNSPLASH

MAX’s Group, Inc. announced on Tuesday that it opened a Yellow Cab Pizza Co. branch in Houston, Texas as part of its ongoing international expansion.

“Max’s Group is proud to be a global exporter of beloved Filipino brands, giving our homegrown products an international stage to showcase the local food scene and bring it closer to diners all over the world,” Max’s Group International Chief Operating Officer Kay Lee said in a statement.

The Houston branch marks the 19th Yellow Cab Pizza store globally.

To date, Max’s Group’s store network spans over 14 countries, with 600 in the Philippines and 62 international sites situated across various locations in North America, the Middle East, and Asia.

“While we are in the same vicinity as other known local brands, early figures have already shown a positive response from the Houston community. We’ve been able to grab the attention of the vibrant and young Filipino population in the area who know the Yellow Cab brand very well. It’s also been wonderful to see non-Filipino customers embrace the brand so positively as they discover our fresh, innovative take on New York-style pizzas,” Ms. Lee said.

Max’s Group President Ariel P. Fermin said that while the pandemic may have left an “indelible mark,” it has not stopped the group from become a true “house of brands” that if frequented by Filipinos and other nationalities.

“We have always been proud of the portfolio of well-loved brands we operate both in the Philippines and internationally,” he said.

Max’s Group is principally engaged in developing, acquiring, managing and franchising restaurants and food brands.

The company’s portfolio consists of homegrown and international brands, including Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Teriyaki Boy, Jamba Juice, Dencio’s, Sizzlin’ Steak, and Maple.

In the third quarter of 2021, Max’s Group trimmed its attributable net loss to P157.3 million from its loss of P377.5 million the year before.

From January to September, the company’s attributable net income was at P233.5 million, turning around from a net loss of P977.2 million in 2020.

At the stock exchange on Tuesday, Max’s Group shares went down by 1.59% or 10 centavos to close at P6.20. — Luisa Maria Jacinta C. Jocson

BTr makes partial award of bonds at higher rate

BW FILE PHOTO

THE GOVERNMENT partially awarded the reissued Treasury bonds (T-bonds) it offered on Tuesday as investors asked for higher yields on expectations of rate hikes from the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) raised just P17.559 billion via the reissued 10-year T-bonds it auctioned off on Tuesday, less than the programmed P35 billion, even as bids reached P56.406 billion.

The reissued papers, which have a remaining life of nine years and eight months, were awarded at an average rate of 6.313%, higher by 22.1 basis points (bps) than the 6.092% quoted when the series was last offered on March 29.

The average rate was also higher than the 6.0501% quoted for the 10-year tenor at the secondary market prior to the auction, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

Had the Treasury made a full award of its offer, the reissued papers would have fetched an average rate of 6.387%.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the partial award was due to “higher bid yields, reflecting less need for the government to borrow locally after the recent foreign bond sales.”

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

“The higher US and global bond yields may have prompted the higher bid yields amid more aggressive Fed rate signals,” Mr. Ricafort said, adding the US Fed is expected to hike rates by half a percentage point on May 4, by two percentage points by September, and by as much as two and a half percentage points by the end of the year.

Meanwhile, a trader via Viber said that the auction result came as expected as yields sought by investors were higher the last time the bonds were auctioned off.

The trader added that the market reacted to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno’s comments on the possibility of a rate hike in June.

Mr. Diokno said in an interview with Bloomberg Television that the central bank may consider raising benchmark interest rates at its June 23 meeting.

Policy makers may wait for another cycle after the May 19 meeting if the economy grew around 6%-7% in the first quarter, he said.

The BSP chief previously said the central bank may begin rate hikes in the second half of this year, and that an increase to 2.5%-2.75% as part of a normalization process is “reasonable.”

“We can afford to wait as to what will be the move of the Fed in the next two meetings,” Mr. Diokno said during Monday’s interview. “Right now, there is no evidence of second-round effects on the demand side.”

The government wanted to raise P200 billion from the domestic market this month. Tuesday’s T-bond auction was the last one for April and the BTr borrowed just P100.38 billion via the longer-tenored papers versus the P140-billion program.

With Treasury bill awards totaling P64 billion this month, above the P60-billion plan, the BTr was able to raise P160.38 billion versus its P200-billion domestic borrowing program for April.

The BTr is expected to release its May borrowing plan this week.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — Tobias Jared Tomas with Bloomberg

Preventing cervical cancer

PIXABAY

CERVICAL CANCER is the most common gynecologic malignancy in the Philippines. It is also highly preventable, nonhereditary, and curable if treated early.  

Nearly all (99.7%) of cervical cancer is caused by the human papillomavirus (HPV). There are 100 types of HPV, a common sexually transmitted infection. Thirty of these can affect the genitals; 14 can lead to cervical cancer.  

Because HPV is transmitted during intercourse, safe sex can prevent this type of cancer, according to Percida Soriano-Cocos, an obstetrician-gynecologist (OB-GYN) at the Adventist Medical Center Manila.  

“Those who are in a mutually monogamous relationship have a very low risk for this cancer,” Dr. Cocos said. “For those who are not mutually monogamous, safe sex — which includes the use of condoms — is advised.”  

Strengthening the immune system through a healthy diet, exercise, and adequate sleep is also advisable, as a robust immune system wards off HPV infection.  

Dr. Cocos said that girls and women aged 9–26 years can get the HPV vaccine, of which there are three types: the 9-valent HPV vaccine (Gardasil 9, 9vHPV), the quadrivalent HPV vaccine (Gardasil, 4vHPV), and the bivalent HPV vaccine (Cervarix, 2vHPV).  

All three HPV vaccines protect against HPV types 16 and 18, which cause most HPV cancers.  

Only two doses are needed if the first dose was given before the age of 15, per the US Centers for Disease Control and Prevention (CDC). Teens and young adults who start the series later, at ages 15 through 26 years, need three doses.  

Vaccination is not recommended for everyone older than 26 since more people in this age range have already been exposed to HPV, according to the CDC. Adults aged 27 through 45 years can discuss getting vaccinated against HPV with their doctor to assess the benefits, the CDC added.  

“Immune protection from vaccination is higher if given before one’s HPV exposure,” Dr. Cocos told the webinar audience. “It can be given until a woman is 45 years … If a woman is above 45 years and is still sexually active, she can ask her doctor [about it].”  

Cervical cancer is the second most frequent cancer in the Philippines and the second most frequent cancer among women between 15 and 44 years of age.  Worldwide, cervical cancer is the fourth most common cancer among this population. The World Health Organization reported that about 90% of the total number of new cases and deaths in 2020 occurred in low- and middle-income countries.   

Telltale signs include foul vaginal discharge and bleeding after intercourse, or contact bleeding.  

“If you have contact bleeding, even if you don’t have pain, [get yourself checked],” said Dr. Cocos.  

A pap smear, which detects precancerous cells, and the HPV test, which looks for HPV that can cause cell changes, can help prevent cervical cancer or find it early. The former can be done starting at age 21; the latter, starting at age 30.  

The five-year survival rate of those whose cancer is detected at stage 0 (or when the precancerous cells are still in a limited area) is 100%. At stage 4, when the disease has already invaded the bladder or rectum, or has metastasized, that same survival rate decreases to 5%.  

Women who get screened early or have regular check-ups with their OB-GYN need not reach this stage, Dr. Cocos said. — Patricia B. Mirasol

Johnny Depp finishes testimony in defamation case, says ex-wife left him ‘broken’

Johnny Depp and Amber Heard in a scene from the 2011 film The Rum Diary. — IMDB.COM

ACTOR Johnny Depp concluded his testimony on Monday in the defamation case he filed against ex-wife Amber Heard, saying he was the victim of domestic violence in their relationship and was “broken” by the time their marriage fell apart.

Mr. Depp’s fourth day on the witness stand in a Virginia court ended with his attorneys playing audio from a conversation that took place after Heard had secured a restraining order against him in 2016.

The Pirates of the Caribbean star said he agreed to Ms. Heard’s request to meet in a San Francisco hotel room because he thought she might retract her accusation that he had abused her.

In the recording, Mr. Depp proposed that the couple issue a joint letter saying they loved each other and the media had created a storm around them. The suggestion was an attempt to find a “peaceful settlement,” Mr. Depp said.

Ms. Heard, known for her role in Aquaman, resisted the idea and challenged him to go public with his claim that he was the one who had suffered abuse. “Tell the world, Johnny,” she said. “Tell them I, Johnny Depp —  a man – I’m a victim too of domestic violence.”

Mr. Depp said he responded: “Yes, I am.”

The 58-year-old actor is suing Ms. Heard, 36, for $50 million. Ms. Heard has counter-sued for $100 million, saying Mr. Depp smeared her by calling her a liar.

In another audio clip from the San Francisco meeting, Mr. Depp threatened to cut himself with a knife.

“That’s psychologically, emotionally where I was,” he said. “At the end, I was broken … I thought the only answer is here, take my blood, that’s all I’ve got left.”

The case hinges on a Dec. 2018 opinion piece in the Washington Post. The article never mentioned Mr. Depp by name, but his lawyer told jurors it was clear Ms. Heard was referencing him. The couple’s divorce was finalized in 2017.

Earlier on Monday, Ms. Heard’s attorneys introduced news articles that they said showed Mr. Depp’s behavior had already harmed his lucrative movie career well before Ms. Heard’s piece.

Headlines included “Why are all of Johnny Depp’s movies bombing at the box office?” and “Where did it all go wrong for Johnny Depp?” The articles, published before Ms. Heard’s piece, claimed Mr. Depp drank vodka for breakfast and was late to movie sets.

Mr. Depp said that as a longtime Hollywood star he was subject of “hit pieces.”

The actor testified that Ms. Heard would slap or shove him when the couple disagreed and once threw a vodka bottle at his hand, cutting off the top of his right middle finger.

In a separate legal case in Britain, Ms. Heard denied throwing a bottle and severing Mr. Depp’s finger. She said she threw things only to escape when he was beating her, and once punched him because she feared he would push her sister down the stairs.

Mr. Depp, once among the biggest stars in Hollywood, said he never struck Ms. Heard or any woman and that Ms. Heard’s allegations cost him “everything.” A new Pirates movie was put on hold, and Mr. Depp was dropped from the Fantastic Beasts film franchise, a Harry Potter spinoff.

Ms. Heard’s attorneys have argued that she told the truth and that her opinion was protected free speech under the US Constitution’s First Amendment. In opening arguments, Ms. Heard’s attorneys said Mr. Depp physically and sexually assaulted her while abusing drugs and alcohol.

A state court judge in Fairfax County, Virginia, is overseeing the trial, which is expected to last until late May.

Less than two years ago, Mr. Depp lost a libel case against The Sun, a British tabloid that labeled him a “wife beater.” A London High Court judge ruled he had repeatedly assaulted Ms. Heard.

Ms. Depp’s lawyers have said they filed the US case in Fairfax County, outside the nation’s capital, because the Washington Post is printed there. The newspaper is not a defendant. — Reuters

PSC inks partnership with University of Mindanao

(LEFT TO RIGHT) PSC Commissioner Charles Raymond Maxey, Commissioner Celia Kiram, University of Mindanao President Dr. Guillermo Torres, Jr., PSC Chairman William “Butch” Ramirez, Executive Director Atty. Guillermo Iroy, Jr. and Commissioner Arnold Agustin during MOA signing on Tuesday at the Rizal Memorial Sports Complex in Manila.

PHILIPPINE Sports Commission (PSC) chairman William “Butch” Ramirez and University of Mindanao President Dr. Guillermo Torres, Jr. formally signed a Memorandum of Understanding (MOU) for cooperation on the creation and implementation of grassroots sports development in Mindanao through the University of Mindanao on Tuesday at Rizal Memorial Sports Complex, Manila.

“I’m very happy with such a visionary leader like Dr. Torres. He’s an educator, racer, and former track and field athlete. I think we must respond to his vision,” Mr. Ramirez said.

“This is historic for us to partner with the Philippine Sports Commission. We initiated the grassroots development track and field oval. In fact, we already had several small meets for elementary and high school even before the pandemic and we had support from the PSC. We just want to expand it on a wider scale so that one of these days, it’ll be a track and field of champions and superstars from Davao and Mindanao,” shared Mr. Torres after signing the MOA.

Under the agreement, the PSC shall provide the necessary technical and financial support for the creation and implementation of grassroots sports development policies, programs, projects, and activities for the University of Mindanao, and take necessary steps to ensure the sustainability of projects.

On the other hand, the University of Mindanao shall develop, in collaboration and coordination with the PSC, the policies, programs, projects, and activities for the University of Mindanao. Provide the training center/venues for the development and implementation of joint programs, projects, and activities to be undertaken and make resources available such as venues, local transportation, and other necessary assistance to accomplish said purposes.

Messrs. Ramirez and Torres also announced the holding of the Mindanao Invitational Athletics Tournament — a joint project to be held on May 30 at the newly refurbished track facility.

“This is an Olympic sport and for the longest time, wala na tayong homegrown track and field athlete, we would like to encourage people to get into the sport kasi there are many Filipino talents among us. We are very happy with this initiative.” Mr. Ramirez exclaimed.

Also present during the MOA signing were PSC Commissioners Celia Kiram, Arnold Agustin, and Charles Raymond Maxey, along with Executive Director Atty. Guillermo Iroy, Jr., Deputy Executive Director Merlita Ibay, Director Christine Abellana and Chief of Staff and National Training Director Marc Edward Velasco.

Tax court grants holding firm’s appeal to cancel liabilities

THE Court of Tax Appeals (CTA) has granted the appeal of Sofgen Holdings Ltd. to set aside its P19.6-million value-added tax (VAT) liability for the taxable year 2015.

In a decision on April 21 and made public on April 25, the CTA first division ruled that the assessment and the letter of authority issued by the Bureau of Internal Revenue (BIR) exceeded the one-year period provided by the tax code.

The tax court ordered the commissioner of internal revenue (CIR) to refund the amount in favor of the company and to cancel the closure order earlier issued.

“If the audit of a taxpayer shall include more than one taxable period, the other periods or years shall be specifically indicated in the letter of authority,” according to the decision written by CTA Associate Justice Catherine T. Manahan.

“On this point alone, the deficiency VAT assessment should have been disallowed,” the ruling said, citing previous jurisprudence.

The petitioner is a domestic branch of a foreign firm primarily engaged in the management of companies and enterprises based in the Republic of Cyprus.

CIR, the respondent, has duties to comprehend the assessment and enforcement of the collection of taxes and the penalties provided by the revenue code.

The company argued that the revenue officers who carried out the VAT assessment went beyond the authority given to them and that the BIR did not issue the required final notices.

CIR said that the issued letter of authority duly authorized the officers in charge of the investigation of the company’s books of account and accounting records.

The head of the internal revenue bureau earlier issued a closure order dated Aug. 30, 2017 to the company following the tax assessment.

“Respondent CIR improperly exercised his power under Section 115 of the National Internal Revenue Code (NIRC) of 1997,” the court said. “Thus, there was a violation of the petitioner’s right to due process pertaining to the issuance of the subject VAT assessment, rendering the same void.”

Section 115 of the NIRC provides that the CIR may suspend the business operations of a taxpayer for a violation made by a VAT-registered person; failure to issue receipts or invoices; failure to file a VAT return; and understatement of taxable sales or receipts by 30% or more of his correct taxable sales for the taxable quarter.

The tribunal pointed out that the CIR improperly used its authority in issuing the closure order as the petitioner submitted valid official receipts even before the said order.

“While the government has an interest in the swift collection of taxes, the BIR, and its officers and agents cannot be overreaching in their efforts, but must perform their duties in accordance with the law, with their own rules of procedure, and always with regard to the basic tenets of due process,” it said. — John Victor D. Ordoñez

Bangko Sentral starts trial circulation of P1,000 polymer banknotes

BW FILE PHOTO

THE CENTRAL BANK started its phased issuance of limited polymer P1,000 bills for trial circulation to lenders last week.

In a statement on Tuesday, the Bangko Sentral ng Pilipinas (BSP) said 10 million pieces of the new bills or 2% of total polymer notes to be circulated were made available to the public.

“This is equivalent to 0.7% of the estimated combined number of P1,000 paper and polymer banknotes in circulation,” it said.

The BSP is expected to release 500 million pieces of the P1,000 polymer bills until 2023 as part of the trial circulation. This will be circulated alongside the P1,000 paper bills.

The polymer bills feature the Philippine eagle on the frontside, as well as the sampaguita. This sets it apart from the existing P1,000 paper bills that feature World War II heroes Jose Abad Santos, Vicente Lim, and Josefa Llanes Escoda.

Meanwhile, the Tubbataha Reefs Natural Park, South Sea Pearl, and T’nalak weave are on the reverse side.

“Prior to release, the BSP conducted technical briefings for bank personnel, machine suppliers, and cash-in-transit service providers to educate them on the design and security features of the polymer banknotes,” the central bank said.

Some groups and legislators earlier criticized the BSP’s move to remove the faces of the heroes featured on the regular P1,000 banknotes in its trial polymer bills, saying this could aid the historical revisionism gaining ground in the country in recent years.

In response, BSP Governor Benjamin E. Diokno said they do not intend to demonetize the banknotes and coins in circulation during his term as central bank chief.

Polymer bills last at least 2.5 times longer than paper banknotes, given their resistance to water, oil, dirt, and general wear and tear, the central bank earlier said.

The BSP is testing polymer bills to see if the benefits reaped by other central banks from using the material will also be seen in the local setting. — L.W.T. Noble

Invest more, invest better in health

Aside from being an investment in the foundation of a healthier, more sustainable future for all, Universal Health Coverage (UHC) can also drive economic growth, development, and wealth. 

Turning UHC into reality requires sufficient, sustained, and innovative financing mechanisms as well as new partnerships. We must work together to ensure that more resources are invested — and invested better and efficiently. As such, the biopharmaceutical industry supports the following policies: 

  • Ensure prioritization of (and enhancement of budget allocations to) health, including disease prevention, in national budgets by setting appropriate national financing targets for quality investments which minimize out-of-pocket (OOP) payments by patients and healthy people. This is important as Filipino household OOPs remain among the highest in the region at 44.7% in 2020. 
  • Create fiscal space for health by improving efficiency and effectiveness of existing health budgets. A positive development in this area is the implementation of the Mandanas-Garcia Ruling, which mandates the transfer of an increased share of national government tax revenue to local government units (LGUs) for capacity-building in healthcare service delivery. This is an opportunity to lower expenses paid directly by patients. The Social Weather Stations survey released last month said that nearly all Filipinos believe that the government must provide free medicines to those who need them. It is estimated that for every P100 spent on medicines, P85 is OOP. 
  • Finance with a range or mix of models. Select a model tailored to a country’s social and political framework, but one that ultimately will be sustainable. Our country’s public health sector is largely financed through a tax-based budgeting system in which health services are delivered by government facilities run by the national and local governments. The private sector can be tapped for recommendations and collaborations that will ultimately benefit the people. For example, pooled procurement of medicines as done in a number of countries has resulted in greater purchasing capacity for governments. Multi-year obligations also commit providers to supply medicines sustainably, contributing to pharmaceutical security. 
  • Develop and enable innovative health financing mechanisms tailored to the unique needs of each country, such as health insurance and impact bonds. The Universal Health Care Act of 2019 reforms the health financing landscape in the country by reorganizing roles of institutions, shifting to more prepayment schemes, and improving overall purchasing arrangements. The goal is to lessen reliance on OOP spending, and shift more heavily to prepayments in the form of government allocated budget and PhilHealth payments, according to health systems development organization ThinkWell. 
  • Employ a whole-of-government, whole-of-society approach that moves away from siloed health spending. The adoption of this approach is one of the principles and policies of the UHC Act, which fosters dialogue and multisectoral partnerships approaches across government and with other stakeholders. The landmark law also promotes a people-oriented approach for the delivery of health services that is centered on people’s needs and well-being, taking into account differences in culture, values, and beliefs. 
  • Engage employers to include elements of health in employee benefit packages or other incentives. Employers are mandated to register their employees with PhilHealth and remit their premium contributions regularly, on time and accurately. The Employers Confederation of the Philippines (ECOP) participates in consultative meetings organized by PhilHealth related to UHC and employee health benefits. 
  • Promote digital health technologies to improve health system efficiency and invest in suitable data ecosystems, including data infrastructure and strategies for data use. Digital health technologies impact every aspect of the biopharmaceutical value chain, from drug discovery to clinical development through medicine or vaccine launch and support for patients, caregivers and healthcare professionals. The biopharmaceutical industry is investing in digital health to transform its work in development and commercial settings and to enhance the contributions it makes to patients and health systems around the world. To do this sustainably, the biopharmaceutical industry is committed to collaborating with other stakeholders to foster changes to policy environments that will deliver benefits from digital health solutions to patients and health systems. 

  

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos. 

Lost Dorothy dress from The Wizard of Oz to hit auction block

AUCTION house Bonhams calls the dress ‘An important costume worn by Judy Garland as Dorothy in The Wizard of Oz.’ — BONHAMS.COM/AUCTION
AUCTION house Bonhams calls the dress ‘An important costume worn by Judy Garland as Dorothy in The Wizard of Oz.’ — BONHAMS.COM/AUCTION

AFTER decades of searching, one of Dorothy’s dresses from the classic American film The Wizard of Oz has been located and is set to be auctioned off next month.

It was donated to the Catholic University of America in 1973 by actress Mercedes McCambridge but it later went missing.

“Fast forward to COVID, and a retired professor was going through some boxes in his office. And lo and behold, there was the dress,” said Helen Hall, director of popular culture at auctioneers Bonhams in Los Angeles.

The auction house said film studio MGM didn’t keep records about the movie’s costumes but five dresses have surfaced since the film was released in 1939. One was lost in a fire, leaving only four of the iconic blue and white gingham outfits.

The pre-sale auction estimate is $800,000 to $1.2 million. Another version of the dress sold in 2015 and made $1.5 million, the auctioneers said. Proceeds will go to create a new film acting program at the university.

The movie artifact will be part of Bonhams’ bi-annual Classic Hollywood sale in Los Angeles on May 24. — Reuters

MPL Philippines announces new rules for Season 9 awards

MOBILE Legends: Bang Bang Professional League – Philippines (MPL-PH) is set to announce the Season 9 Grand Final Most Valuable Player (MVP), Team of the Season, Rookie of the Season, and Best Casters/Panelists after the playoffs.

On May 1st after the grand finals, the Grand Final MVP will be awarded to a player from the champion team, provided that he had an outstanding performance during the match.

The Team of the Season award will be presented on May 4th. The team of the season will consist of players from different teams who have exhibited an outstanding performance based on the roles they assumed such as jungler, roamer, mid laner, gold laner, and EXP laner.

The Rookie of the Season will be announced May 6th. The best rookie should: (a) have made his debut this season; (b) has a better team performance compared to other rookies; and (c) have exhibited excellent performance this season.

For each award, judges will recommend a total of three candidates who will be ranked from 1 to 3, with 1 being the highest. The top rank will receive 5 points, and rank 2 and 3 players will be allocated 3 and 1 points, respectively. Evaluators consist of MOONTON Games representatives and talents.

Meanwhile, the point system to choose the Best Caster in English and Filipino differs. Judges are composed of MOONTON Games representatives (50%), MPL-PH fans (30%), and Mineski Events Team and talent director (20%).

Fans can vote for the best caster/panelist starting May 2nd until May 7th on MPL-PH’s official website.

Globe stockholders approve capital hike

REUTERS

GLOBE Telecom, Inc. stockholders on Tuesday approved the company’s plan to increase its authorized capital stock to P11.25 billion from P10.25 billion.

This will be divided into 168.93 million common shares with a par value of P50 per share, 160 million voting preferred shares with a par value of P5 per share, and 40 million nonvoting preferred shares with a par value of P50 per share, the company said in a disclosure to the stock exchange.

Without giving details, the company has said the move is “for business purposes.”

The company’s annual stockholders’ meeting was held on Tuesday.

Globe saw its core net income for 2021 grow by 9% to P21.2 billion from P19.5 billion in 2020.

Its full-year consolidated service revenues grew by 4% to P151.5 billion from the P146.4 billion reported in 2020.

The company attributed its growth to the “sustained outstanding performance of home broadband as well as corporate data.”

It invested P92.8 billion for capital expenditure (capex) projects last year. The total capex for 2021 represented 61% of gross service revenues and 124% of EBITDA, or earnings before interest, taxes, depreciation and amortization, it said in a statement.

About 86% of the capex went to data-related requirements.

Globe’s capex budget for 2022 is around P89 billion, as it aims to continue expanding and improving its network, with increased funding for the rollout of the fiber network and the 5G (fifth-generation network) service.

Globe Telecom shares closed 0.33% higher at P2,446 apiece on Tuesday. — Arjay L. Balinbin

LANDBANK issues 9.8M cash cards to CCT, UCT beneficiaries as of March

LAND BANK of the Philippines (LANDBANK) has issued cash cards to 9.8 million individuals as of end-March to allow them to receive subsidies from the Department of Social Welfare and Development (DSWD), the lender said in a statement on Tuesday.

LANDBANK said the total includes 4.4 million conditional cash transfer (CCT) and 5.4 million unconditional cash transfer (UCT) beneficiaries.

Beneficiaries can use the cash cards to withdraw from automated teller machines and agent banking partners (ABP) as well as for cashless purchases.

LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said that “the distribution of LANDBANK Cash Cards advances our efforts to bring more Filipinos into the formal banking system.”

In 2021, the DSWD released P133.61 billion in cash grants nationwide via LANDBANK’s cash cards to 7.2 million beneficiaries nationwide, the lender previously said.

Of the total, P123.74 billion was disbursed to 4.4 million beneficiaries under the CCT program and P9.86 billion went to 2.8 million individuals under the UCT program.

The state-run bank also onboarded 888 ABPs as of end-December to improve access to its services in remote areas.

LANDBANK booked a net income of P21.75 billion in 2021, up by 27% from P17.14 billion a year earlier and beating its P19.68-billion profit target on the back of a decline in cost of funds and loan loss provisions. — TJT

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