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AllHome profits up 44%

ALLHOME Corp. on Thursday reported that its net income after taxes was up 46% to P1.44 billion last year after it moved to increase profit margins while boosting sales.

“AllHome’s performance in 2021 is a full display of our core advantages as we navigated through the many challenges of the pandemic. As this global challenge draws to a close, we view 2022 with optimism. All signs point to an increased pace of economic recovery throughout the country, and this bodes well for AllHome,” AllHome Chairman Manuel B. Villar, Jr. said in a disclosure.

In 2021, the company posted 15% growth in net revenue to P14.3 billion from P12.4 billion in 2020, while gross profit improved 28% to P5.01 billion from P3.9 billion in the year before.

“2021 saw AllHome employing a number of initiatives to improve gross profit margins, which increased to 35% of revenue from only 31.6% in 2020. Strategic pricing and increasing in-house brands sales contribution all served to contribute to the marked improvement,” the company said.

AllHome’s same store sales growth (SSSG) improved to 8.1% from 3.5% while transaction count rose by 8% to 3.9 million from 3.6 million year on year.

“Despite the operational challenges that the pandemic presented, AllHome’s growth in revenue, earnings before interest, taxes, depreciation, and amortization, and net income after taxes, all point to the company’s inherent adaptability and agility to weather extraordinary circumstances,” AllHome President Benjamarie Therese N. Serrano said.

AllHome said that its shift into the digital landscape will carry a smaller carbon footprint and will require less capital expenditures.

In 2021, it deployed operational efficiency programs to optimize store formats, allowing for additional store warehousing and dedicated fulfillment and logistics areas for e-commerce.

As of December, e-commerce revenue for AllHome accounted for 11% of total revenue.

“With the increasing adoption of online shopping across all consumer channels, AllHome will continue to leverage innovative customer-facing measures and automated digital marketing campaigns to strengthen our omni-channel presence and grow our consumer base. Aside from AllHome’s strong performance in a time of pandemic, we are notably gaining ground in the e-commerce space, with 11% of our revenue now coming from online channels,” AllHome Vice-Chairman Camille A. Villar said.

“With the government’s steady pace of downgrading restrictions towards a more normal scenario, we are starting to see our operations returning to full strength. Our 2021 SSSG and increasing transaction counts for the same period are reflective of customers returning to stores, and we are confident in the strategies we have in place to push towards our 100-store milestone in 2026,” AllHome added.

The home improvement and construction company offers a line of products for maintenance, repairs and renovations, and decorating. Product categories include furniture, hardware, appliances, tiles and sanitary wares, homewares, linens and construction materials.

The company also offers services such as interior design consultations, door-to-door delivery and installation, customizable furniture, free furniture assembly, and gift registry.

At the stock exchange on Thursday, AllHome shares dropped by 0.52% or P0.04 to close at P7.60 per share. — Luisa Maria Jacinta C. Jocson

ICTSI says Mindanao terminal undertakes upgrades

LISTED International Container Terminal Services, Inc. (ICTSI) on Thursday said its container handling facility in Misamis Oriental, the Mindanao Container Terminal (MCT), is taking steps to improve yard productivity and overall terminal efficiency.

MCT recently “took delivery of two Mitsui hybrid rubber-tired gantries (RTG) — the first in Mindanao. The new deliveries expand MCT’s RTG fleet to six units,” ICTSI said in an e-mailed statement.

“MCT is also set to take delivery of a new side lifter within the year,” it added.

At the same time, ICTSI announced that MCT has bought a mobile harbor crane, which is expected to arrive next year, “to improve vessel-handling capability.”

“It will augment MCT’s two quay cranes and enable the simultaneous handling of two longer vessels,” the company noted. 

ICTSI said the purchase of new equipment comes after the 100-meter berth extension and installation of dolphin mooring and inland bollards back in 2020.

“These improvements are all geared towards addressing the increase in volume and service demand as the global economy slowly begins to recover from the impact of the pandemic.”

The company is also undertaking P15-billion expansion projects at the Manila International Container Terminal, mainly to meet growing demand and serve new-generation container ships.

ICTSI’s capital expenditures (capex) for 2022 are expected to be approximately $330 million from $165 million in 2021.

It said the estimated capex budget will be utilized mainly for the payment of concession extension upfront fees, ongoing expansion projects, equipment acquisitions and upgrades, and maintenance requirements.

The company saw its attributable net income for 2021 surge to $428.6 million from $101.8 million a year earlier, mainly due to higher operating income.

Its gross revenues from port operations increased 23.9% to $1.9 billion in 2021 from $1.5 billion previously.

Meanwhile, the company’s expenses were reduced 4.7% to $1.1 billion from $1.2 billion in 2020.

ICTSI handled a total of 11.16 million TEUs in 2021, higher by 10% compared with the 10.19 million TEUs handled in 2020.

ICTSI shares closed 1.26% higher at P224.80 apiece on Thursday. — Arjay L. Balinbin

KPOP musical set to debut on Broadway later this year

TWITTER.COM/KPOPBROADWAY

SOUTH Korea’s distinctive music genre K-pop has been turned into a musical, KPOP, that will open on Broadway in New York later this year.

Luna, a former member of K-pop group f(x), will make her Broadway debut in the show, which tells the story of various K-pop superstars who are preparing for a special one-night-only concert. But during the preparation, one of the stars, played by Luna, goes through an inner struggle that threatens to disrupt the entire industry.

Show creator Helen Park said she is working hard to honor both the artists and fans of the global K-pop phenomenon.

“I think my biggest fear has always been making a bad parody of the genre,” said Park. “(But) I think we’ll get to a place we’re proud of it.”

Park described the setting as cut-throat, relentless in its pursuit of perfection, and full of passion, but ultimately a source of joy for audiences, with moving and surprising multimedia elements.

“For those of you who already know and love K-pop music, this show is going to remind you why you fell in love with it in the first place. For those of you yet to discover K-pop, get ready, we’re going to blow you away,” said Luna, speaking at a press conference on Wednesday.

KPOP is scheduled to begin previews on Oct. 13 and officially open on Nov. 20 at the Circle in the Square Theater in New York City. — Reuters

Meralco Bolts, Magnolia Hotshots engage in a semis decider today

PHIILIPPINE STAR/ JUN MENDOZA

To determine the challengers to Gin Kings in Finals

By Olmin Leyba

FOURTH installment of the Barangay Ginebra-Meralco Philippine Basketball Association  (PBA) Governors’ Cup championship rivalry or first “Manila Clasico” Last Dance in 25 years?

Carrying a ton of motivation, semifinal protagonists Meralco and Magnolia engage in a kill-or-be-killed duel tonight at the Smart Araneta Coliseum to determine who will challenge the Gin Kings for the Season 46 diadem.

“We’re ready, physically and mentally, for Game 5,” Magnolia coach Chito Victolero declared ahead of the 6 p.m. semis rubbermatch.

While the Gin Kings took the first finals seat with a 112-93 clincher of NLEX last Wednesday, the Hotshots threw a wrench into the Bolts’ semifinal closeout plans with a massive 94-73 romp that sent their dispute down to a decider.

“We only tied the series, wala pa kaming na-achieve dito (We achieve nothing yet). So we’re looking forward to the do-or-die this Friday,” said Mr. Victolero.

“They played with a lot more energy than us,” noted Meralco mentor Norman Black as he pointed to Magnolia’s 15-10 edge in offensive rebounds and 57-40 gap overall as perfect illustration of this.

“They dominated the rebounds, they really got a lot of offensive rebounds off of us and that showed the fact they were very aggressive. We’ve been doing a really good job of rebounding in this conference but in Game 4, we got dominated on the boards and that’s something we have to fix before Friday.”

A mouthwatering best-of-seven duel with the crowd darlings serve as extra fuel for the two in the highly-charged KO.

For Meralco, it gets another shot at a breakthrough PBA title, not to mention an opportunity at avenging their previous Governors’ Cup finals losses to Ginebra in 2016, 2017 and 2019.

For Magnolia, it earns a chance to vie for a first crown since its 2018 Governors’ Cup conquest, atone for its bungled attempt in the last Philippine Cup finale, and set up a long-awaited “Clasico” championship confrontation. Last time the Magnolia-Purefoods franchise battled Ginebra for top honors was in the 1997 All-Filipino Cup, where the Alvin Patrimonio-led Hotdogs defeated Robert Jaworski and the Gins in six games.

“We expect a very physical game and that’s why we need to have that proper mindset, that mental toughness on both ends,” said Mr. Victolero.

Magnolia’s Mike Harris and Meralco’s Tony Bishop banner their respective teams’ bid with Hotshots locals such as Paul Lee, Calvin Abueva and Jio Jalalon and Bolts counterparts like Chris Newsome, Cliff Hodge and Allein Maliksi out to provide support.

Mr. Black is concerned with the status of Chris Banchero, who went down with back spasm and chest issues last Wednesday. He is hoping the Italian playmaker will recover in time for Game 5.  Mr. Victolero’s team isn’t spared of injuries as Mr. Lee re-sprained his ankle in Game 4, though he managed to finish that match.

Patent fee waivers eyed for female inventors, MSMEs

THE Intellectual Property Office of the Philippines (IPOPHL) said it launched programs to assist female inventors and female-led micro-, small-, and medium-sized enterprises (MSMEs) in protecting their intellectual property (IP).  

In a virtual launch on Wednesday, IPOPHL-Bureau of Patents Director Lolibeth R. Medrano said the Juana Patent and Juana Design Incentive Protection programs seek to promote the registration of IP and improve IP awareness, particularly for women.

“The Juana Patent and Juana Design programs are envisaged to assist women inventors, designers, and entrepreneurs (in) protecting their intellectual creations by (offering an) incentive package for invention, utility model (UM), and industrial design (ID) applications,” Ms. Medrano said.

The goal is to “promote gender inclusivity and enhance national innovation. IP is one of the areas where female participation can be greatly enhanced,” she added.

According to IPOPHL, the program will waive fees for up to 50 patents, 150 UMs, and 150 ID applications for applicants that qualify for the program.

“Waiving the fees for application, publication and substantive examination, the new program will provide women inventors and innovative, women-led MSMEs and startups with application savings from P2,700 for IDs and UMs up to about P5,100 for patents,” IPOPHL said.

IPOPHL also signed a memorandum of agreement with the Department of Trade and Industry (DTI) to promote the programs.

IPOPHL said those interested in the incentives must have been in business for at least one year, with limited financial capacity. The applicant must also not have previously availed of funding under Republic Act 7459 or the Philippine Inventors and Inventions Incentives Act. Enterprises whose principals apply for the program must have no more than 20 employees.

“IPOPHL’s programs highlight the role of IP as a valued asset and business tool for entrepreneurs. Protecting IP goes hand in hand with the DTI’s objective of shaping a culture of innovation and creativity. Again, we reiterate that we don’t want to just create MSMEs. We want to create smarter and higher-value MSMEs,” Trade Secretary Ramon M. Lopez said.

“As the pandemic deepened risks to vulnerable groups like women, the (program) comes at an opportune time to help them bounce back from the livelihood losses and economic challenges from the pandemic. By helping them capitalize on their ingenuity and protect their IP, we are also fulfilling our commitment to do more in empowering women to spur innovation in the country,” IPOPHL Director General Rowel S. Barba said. — Revin Mikhael D. Ochave

Stuff to do (04/01/22)

Moviemov Italian Film Fest is on

THE 11th EDITION of the Moviemov Italian Film Festival will be held online from March 31 to April 4. It will be available in the Philippines and Thailand. This is a project of the Film Development Council of the Philippines (FDCP) and the Philippine-Italian Association (PIA). The screenings (free of charge and in the original language with English subtitles) will be accompanied by talks with actors, directors, and producers. Viewers will be in a real, albeit virtual, movie theater, where they will be able to interact via chatbox. The Moviemov Showcase will screen the following films: Il Legionario (The Legionnaire), Takeaway, Futura, Ariaferma (The Inner Cage), Qui rido io (The King of Laughter), Marx può aspettare (Marx Can Wait), La tana (The Den), and Il diario di spezie (Diary of Spices). There will be a Tribute to Pier Paolo Pasolini on the occasion of his centennial, and an Educational Segment that features talks and masterclasses.  For more information, visit https://www.mymovies.it/ondemand/moviemov/.   

‘Mango Bagsakan’ at Ortigas malls

VISITORS can get the sweet mangoes of summer at the Ortigas Malls’ “Mango Bagsakan.” Batangas mangoes straight from local farmers will be available at Greenhills, Tiendesitas, and Estancia on April 1-3. Interested parties can pre-order until March 31 through www.mayani.ph or can drop by the stalls on the dates above. At Greenhills, the stalls will be found fronting entrance of McDonald’s from 5-10 a.m., and at the ground floor of Shoppesville from 10 a.m. to 5 p.m. At Tiendesitas, the stalls will be fronting Gate 2 from 6-10 a.m., and at Level 1, Food Village (entrance beside Rico’s Lechon) from 10 a.m. to 4 p.m. At Estancia, the stalls will be set up at the Capitol Commons Park from 6-10 a.m. and at the ground floor of the East Wing (near The SM Store) from 10 a.m. to 4 p.m.

Gloc-9 concert at RWM

FILIPINO rapper Gloc-9 will be holding a concert, Rapsody, at Resorts World Manila’s (RWM) Newport Performing Arts Theater on April 2, 8 p.m. Gloc-9 will share the stage with Shanti Dope, another budding rapper, with guest artists Loir, Hero, and JKris. Tickets to the hip hop rap concert are now available at SM Tickets. For more information on Resorts World Manila’s live entertainment offers, visit www.rwmanila.com.

Lola Amour performs at the Shangri-la Mall

FILIPINO indie rock band Lola Amour kicks off Shangri-La mall’s summer season with a Live at the Shang! show on April 2, 6 p.m., at the Grand Atrium. Composed of Pio Dumayas on lead vocals and guitar, Raymond King on bass and backing vocals, Zoe Gonzales on lead guitar, Angelo Mesina on trumpet, Joxx Perez on saxophone, Renzo Santos on drums, and David Yuhico on keys, the seven-piece band is known for dabbling with a wide array of genres like modern rock, funk, and pop. Some of their hits include their 2018 single “Pwede Ba,” their 2021 single “Fallen,” and their latest single “Madali,” their second collaboration with rapper Al James. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.

Meralco to power PLDT’s largest hyperscale data center in Laguna

MERALCO.COM.PH

MANILA Electric Co. (Meralco) on Thursday announced the construction of a custom-designed substation to serve PLDT, Inc.’s hyperscale data center in Laguna.

In a media release, Meralco said that aside from providing “resilient and flexible” power to the telecommunications company’s 11th hyperscale data center, the substation will have the capacity to scale up and cater to the growing power demand through additional power banks.

This substation design will ensure service continuity that goes beyond the standard requirements of the TIA-942 Rated 3 coverage, Meralco said.

“The new Meralco substation is designed to support the distinct power requirements of this VITRO Sta. Rosa hyperscale data center through the delivery of safe, adequate, reliable, and high-quality electricity service, consistent with our commitment to our 7.4 million customers,” Meralco Senior Vice-President and Head of Networks Ronnie L. Aperocho said in a statement.

Meanwhile, PLDT President and Chief Executive Officer Alfredo S. Panlilio said VITRO Sta. Rosa, the company’s hyperscale data center, is seen to “set the benchmark in infrastructure resilience, operational excellence, global competitiveness, and world-class sustainability.”

Meralco President and Chief Executive Officer Ray C. Atienza said the partnership is “timely” as the power provider has committed to source 1,500 megawatts from clean energy sources in the next five years.

VITRO Sta. Rosa is designed to be energy efficient utilizing the latest innovations in cooling and power redundancy. It is Tier-3 certified and Tier-4 ready, and has the highest level of network diversity and resilience with at least three fiber routes from PLDT, augmented by routes from other carriers, Meralco said.

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

Meralco shares at the local bourse went up P5.40 or 1.47% on Thursday to close at P373.60 apiece. — Marielle C. Lucenio

Creamline battles sister team Choco Mucho in semifinals

CHOCO MUCHO FLYING TITANS — PVL

By Joey Villar

CIGNAL tries to sustain its magical run as it clashes with Petro Gazz even as sister teams Creamline and Choco Mucho collide on Friday at the start of the Premier Volleyball League (PVL) Open Conference semifinals at the Filoil Flying V Center in San Juan.

Coming into the season as underdogs after finishing 10th and dead last a year back, the HD Spikers have defied overwhelming odds as they swept a tough Pool A in four games and then dispatched the Bali Pure Water Defenders, 25-14, 25-9, 25-14, in the quarterfinals on Monday to advance to the semis.

There, Cignal will face last year’s third placer Petro Gazz, which edged F2 Logistics, 25-14, 22-25, 25-20, 25-19, on Tuesday to arrange an interesting best-of-three showdown.

“We just want to try to work twice or thrice harder for us sustain what we have already accomplished, the job is not yet done,” said Cignal coach Shaq delos Santos.

Expected to draw much attention is the Creamline-Choco Mucho showdown in a battle of Rebisco-owned squads at 6 p.m.

The Cool Smashers dethroned last the Chery Tiggo Crossovers, last year’s champions, in a 25-18, 25-14, 23-25, 25-19 result on Monday while the Flying Titans fended off the PLDT High Speed Hitters’ upset bid and eked out a 25-21, 23-25, 29-31, 25-15, 15-11 win on Tuesday.

Creamline is eyeing to reclaim the title it lost to Chery Tiggo last season in Bacarra, Ilocos Norte while Choco Mucho is hoping to improve on a fourth-place performance a year ago.

The Sherwin Meneses-mentored Cool Smashers will come in as the prohibitive favorites having retained the core of their past team that included Alyssa Valdez, Jia de Guzman, Tots Carlos, Jema Galanza and Jeannette Panaga.

Flying Titans, for their part, have drawn strength from Deanna Wong, Bea de Leon, Pauline Gaston, Denden Lazaro-Revilla and talented new recruits in Isa Molde, Aduke Ogunsaya and Desiree Cheng.

UK firms expect pay rises in record numbers as inflation starts to bite

REUTERS

A RECORD number of UK companies expect to increase wages over the next year as the war in Ukraine deepens the cost of living crisis, a survey showed.

The Lloyds Bank Business Barometer found that a quarter intended to boost average wages by at least 2% in the next 12 months. A fifth of businesses that have annual turnover of more than 100 million pounds predicted they’ll increase pay by more than 5%.

In response, more than half of 1,200 UK firms polled said they’re likely to lift prices.

The report will fan Bank of England concerns about the so-called second-round effects on inflation. That’s where higher prices fuel demands for higher pay, which then force firms to increase prices even more to protect profit margins. Governor Andrew Bailey controversially called on employees to exercise restraint in wage bargaining to prevent a wage-price spiral.

The report also showed that hiring demand remains strong, with almost half of firms expecting to take on staff in the next 12 months as the economy recovers from the coronavirus pandemic. That underscores the tightness of the labor market, which is exacerbating inflationary pressures.

Geopolitical and economic uncertainty dragged down business confidence in March, by the most since the first two months of the pandemic, according to the survey. Manufacturing and retail firms were hit hardest, though across sectors confidence remained above the long-term average.

“March’s data show UK businesses are facing significant challenges from the impact of Russia’s invasion of Ukraine in increasing economic uncertainty and ongoing inflationary pressures,” said Hann-Ju Ho, senior economist at Lloyds. “Following encouraging improvements at the start of the year, March’s fall in confidence is therefore disappointing, but not surprising.” — Bloomberg

What To See This Week (04/01/22)

Jared Leto in Morbius (2022) — IMDB.COM

Morbius

DANGEROUSLY ill with a rare blood disease, biochemist Dr. Morbius attempts to cure himself. While at first it seems to be a radical success, he infects himself with a form of vampirism. Directed by Daniel Espinosa, this latest film from the Marvel Comics Universe stars Jared Leto, Adria Arjona, and Matt Smith, Jared Harris, AI Madrigal, and Tyrese Gibson.  The film garnered a very low score of 19% on the Rotten Tomatoes review aggregate site.  Barry Hertz from the Globe and Mail wrote: “If there is any justice in Hollywood, Morbius will be retconned to the margins of superhero cinema history. If the film doesn’t bury the genre alive first, that is.”

MTRCB Rating: PG

Sonic the Hedgehog 2

AFTER settling in Green Hills, Sonic is eager to prove he is a true hero. His test comes when Dr. Robotnik returns with a new partner, Knuckles, in search of an emerald that has the power to destroy civilizations. Sonic teams up with his own sidekick, Tails, and journey to find the emerald before it falls into the wrong hands. Directed by Jeff Fowler, this animated feature is voiced by Ben Schwartz, Idris Elba, James Marsden, Tika Sumpter, Natasha Rothwell, and Jim Carrey. Variety’s Peter Debruge writes, “Sonic 2 ends much as the first one did, with hints that this blue hedgehog will buzz-saw his way through more adventures. Stick through the credits to find out which franchise character Paramount and Sega promise to introduce next.” Movie review aggregate Rotten Tomatoes gives it a score of 56%.

MTRCB Rating: PG

Lending growth picks up  in Feb. on rising demand

BW FILE PHOTO
LENDING GROWTH was faster in February as demand for credit among consumers and businesses increased amid rising economic activity. — BW FILE PHOTO

BANK LENDING growth quickened further in February as credit for both businesses and consumers expanded during the month and as domestic liquidity recorded a steady rise.

Outstanding loans by big banks rose by 8.8% in February, picking up from the 8.4% pace seen in January, preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday showed.

Inclusive of reverse repurchase agreements, bank lending rose by 8.5%. It also expanded by 0.4% month on month.

The growth logged in February marked the seventh straight month of increase and is the quickest since the 9.6% in June 2020.

“Credit activity continues to gain momentum as easing coronavirus disease 2019 (COVID-19) restrictions drive the improvement in mobility and market demand,” BSP Governor Benjamin E. Diokno said in a statement.

In February, the government eased restrictions in Metro Manila to Alert Level 2 as the Omicron surge waned. This boosted economic activity as more businesses increased their operating capacity.

“Faster loan growth was also seen as some borrowers rushed financing activities in view of the increase in borrowing costs locally and globally amid elevated inflation and, as a matter of prudence, in preparation for the widely expected US Federal Reserve decision,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message.

The Fed started to raise interest rates in March. Prior to this, the Fed had signalled to the market its plan to gradually normalize their policy settings to quell inflation and as the job market improves.

Meanwhile, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said the lending growth in February reflects the lagged impact of the BSP’s rate cuts in late 2020.

“Monetary accommodation alongside improving economic prospects propelled lending faster,” Mr. Mapa said in an e-mail.

The central bank slashed rates by a total of 200 basis points in the first year of the pandemic in order to support the economy during the crisis. Despite this, lending contracted for eight straight months until July last year due to risk aversion among banks and borrowers before eventually picking up in August.

Loans for production activities rose by 9.7% in February, a tad faster than the 9.5% a month earlier. This was driven by the expansion in credit for real estate activities (16%); wholesale and retail trade, repair of motor vehicles and motorcycles (5.7%); information and communication (33.3%); financial and insurance activities (13.2%); manufacturing (11%); and electricity, gas, steam and air-conditioning supply (0.4%).

Meanwhile, consumer lending rose by 0.9% in February, a turnaround from the 0.4% decline in January. Credit card loans rose by 8%, while motor vehicle (-5.2%) and salary-based loans (-8.4%) continued to decline.

Mr. Diokno said they are ready to adjust their monetary policy settings to fulfill their price and financial stability mandate if there is a need to ensure non-inflationary and sustainable growth.

“The BSP continues to see scope to safeguard the momentum of economic recovery amid increased uncertainty, even as indications of sustained improvement in credit activity allows the BSP to gradually unwind its pandemic-related interventions,” the central bank chief said.

The Monetary Board at its March 24 policy review held rates steady to maintain support for economic recovery, which it said has already gained traction. It said the geopolitical tensions in Europe as well as the ongoing pandemic continue to threaten the growth outlook.

ING’s Mr. Mapa said lending growth trend may moderate in the coming months as borrowing costs are expected to rise.

On the other hand, RCBC’s Mr. Ricafort said the further relaxation of pandemic restrictions could boost loan demand further in the months ahead.

M3 GROWTH STEADY
Meanwhile, domestic liquidity rose by 8.5% for the second straight month in February, based on preliminary BSP data.

M3 — which is the broadest measure of money supply in an economy — picked up by 0.3% month on month.

Domestic claims rose quicker by 8.8% in February from 8.3% a month earlier “due to the faster expansion in net claims on the central government as well as the sustained improvement in bank lending to the private sector.”

Net claims on the central government grew faster by 21%, while claims on the private sector increased by 4.9%. Net foreign assets (NFA) rose 6.5%.

“The expansion in the BSP’s NFA position reflected the increase in the country’s level of gross international reserves relative to the same period a year ago. Likewise, the NFA of banks increased as banks’ foreign assets grew at a faster pace on account of higher interbank loans receivable and deposits maintained with nonresident banks,” the central bank said.

“Going forward, the BSP will ensure that domestic liquidity and credit conditions remain appropriate in sustaining the momentum of domestic economic recovery, to the extent provided by the outlook on inflation and growth,” it added. — Luz Wendy T. Noble

Kia Philippines plans Bacoor City expansion

KIA PHILIPPINES is set to establish a dealership in Bacoor City, Cavite as part of efforts to expand its network.

In a statement on Thursday, the car manufacturer said it held the groundbreaking for Kia Bacoor on March 17. The planned branch is situated along Bacoor Boulevard in Bacoor City and is managed by Iconic Dealership, Inc. (IDI).

“The Kia Bacoor branch will become IDI’s 5th dealership and Kia Philippines’ 43rd,” the company said.

According to Kia Philippines, the Kia Bacoor dealership is projected to be fully operational by the third quarter of 2022.

“Kia Bacoor is strategically situated in Cavite’s second-largest city, a premiere business hub south of Metro Manila. The area is rapidly shifting from a largely agricultural community to a residential and commercial urban center. This makes it the ideal location for a new Kia dealership where buyers will certainly find the perfect Kia vehicle to suit their needs and lifestyle,” Kia Philippines said.

“Upon completion, it will stand as a prime example of a dealership that offers the 3S’s: sales, services, and spare parts. The dealership and its staff add delightful value to the ownership journey from inquiry to purchase to aftersales services, by providing professional and quality vehicle maintenance and repair. The 3S dealership standard will also be seen and felt in the premiere showroom, customer lounge, and service bays,” the company added.

In February, Kia Philippines President Emmanuel A. Aligada announced that the company was targeting to open seven new dealerships in 2022 and operate 50 operating dealerships by 2023.

Mr. Aligada said the company was also seeking to sell 6,000 units in 2022, higher than the 3,748 units sold last year. — Revin Mikhael D. Ochave

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