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BSP says won’t revise inflation target range

PHILIPPINE STAR/ MICHAEL VARCAS

The Bangko Sentral ng Pilipinas (BSP) plans to retain its 2-4% inflation target even after changes to the base year. 

“We do not anticipate any revision to the government’s 2-4% inflation target range in light of the shift to the 2018 base year,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a briefing on Thursday. 

“While changes in the CPI (consumer price index) basket affect actual and forecasted inflation, the BSP is of the view that such changes have no material impact on the choice of the appropriate inflation target.” 

The Philippine Statistics Authority changed its base year for the CPI to 2018 starting in January to reflect changing Filipino household consumption patterns.  

Mr. Dakila said the shift will not affect the target range because it “represents the optimal level of inflation.”  

This level, he said, is consistent with the BSP’s aim of ensuring price and financial stability that would support the sustainable growth of the Philippine economy. 

This “optimal level”, he added, is determined regardless of the composition of the CPI basket and the weights of the various CPI components. 

He noted that the inflation target is set by the interagency Development Budget Coordination Committee (DBCC), in consultation with the Philippine central bank. 

“We also know that the inflation target is subject to the DBCC’s periodic review,” Mr. Dakila said. 

BSP raised its inflation forecast for 2022 to 3.7% from 3.4% previously, staying within its 2%-4% target. It also increased its 2023 estimate to 3.3% from 3.2%. 

Shortages of pork and fish supply, along with the effect of higher oil prices on transport fares, remain risks to the inflation outlook, BSP said. 

The country’s headline inflation slowed to 3% year on year in January, easing from the 3.2% in December and the 3.7% print in January last year.  

The BSP on Thursday kept its key rate unchanged, but hinted at an “eventual normalization” of policy once recovery is sustained or inflation risks rise. — Jenina P. Ibañez 

IATF now accepting national COVID-19 vaccination certificates from 15 more countries

Hundreds of Filipinos wait in line at a COVID-19 vaccination site in Pasay City, Jan. 16. — PHILIPPINE STAR/ MICHAEL VARCAS

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) will now be accepting the national COVID-19 vaccination certificates of 15 more countries, the Presidential Palace said on Friday.

The proof of vaccination of the following countries — Argentina, Azerbaijan, Brunei Darussalam, Cambodia, Chile, Denmark, Ecuador, Indonesia, Macau SAR, Myanmar, Papua New Guinea, Peru, Portugal, Spain, and Syria — will now be recognized in the Philippines, said Acting Presidential Spokesman and Cabinet Secretary Karlo Alexei B. Nograles at a televised news briefing.

He also noted that 455,140 Pfizer vaccine doses that were purchased by the national government for the adult population arrived at the NAIA Terminal 3 on Thursday night. On Wednesday, 780,000 Pfizer vaccine doses, purchased through the financial assistance of the World Bank for five- to 11-year-old children, were received.

During the same briefing, Health Undersecretary Maria Rosario S. Vergeire said that over 329,000 children between five to 11 years old have been vaccinated against the coronavirus 2019 (COVID-19) as of Thursday.

“We are expecting more parents to register their children in the coming days as they realize how COVID-19 vaccines help keep their children safe and protected against the virus,” she added.

Ms. Vergeire also said that over 3 million Filipinos nationwide have received their primary doses and booster shots under the third Bayanihan, Bakunahan program, which ends today.

She noted that 2.67 million jabs were administered to the general population, 551,392 of which were the first dose, 1.08 million were the second, and 167, 677 were single-shot doses. A total of 864, 287 booster shots were given.

“Vaccine efficacy after a booster dose shows significant impact on preventing severe diseases and hospitalizations,” the health undersecretary said. “It also provides 25 times more protection against the Omicron variant.”

As of Thursday, 62.2 million people have been fully vaccinated against COVID-19, while 61.55 million have received their first dose. 9.49 million have received their top-up shots.

IS A 2ND BOOSTER NEEDED?

Meanwhile, infectious diseases expert Dr. Edsel Maurice T. Salvaña said that they are still looking into the need for second booster shots.

“We all know that vaccines protect us in three ways: first they can decrease transmission, number two is they can decrease infection… and the third is the protection against severe disease,” he said in a televised news briefing on Friday.

Mr. Salvaña said that while the first three doses assured the recipients of those benefits, a second booster shot will barely increase protection against severe diseases. In this case, it’s likely that it will only be used for the most vulnerable population, including the old and those with comorbidities, as well as individuals who are highly exposed to the virus such as healthcare workers.

The highest priority should still be given to the primary series of the vaccines – the first two doses – he added, because these provide the most significant protection against COVID-19.

“Do not get the fourth dose – a second booster – first because its efficacy is still uncertain as well as any possible side effects, said Mr. Salvaña, noting that there may also be more advanced vaccines in the future that become better alternatives for a fourth shot.

COVID-19 ALLOWANCE

Meanwhile, Ms. Vergeire clarified that the P7.92 billion released by the budget department to the health department on Thursday for the One COVID-19 Allowance is a streamlined version of the allowances already received by healthcare professionals in the past.

With this, she said the validation and computation process will be lumped according to their classification, making the process faster and ensuring that chances will be lower of delays in providing benefits to the healthcare workers.

Eligible for the allowance are 526,727 healthcare and non-healthcare workers involved in the COVID-19 response. The allowance will be providing each worker with P3,000, P6,000, or P9,000 monthly depending on their level of risk at their jobs.

Now that the budget has been released, Ms. Vergeire said, benefits will be distributed to health professionals as soon as the processing is completed. — Alyssa Nicole O. Tan

EU tells Philippines to enhance efforts to comply with STCW convention

https://marina.gov.ph/

THE EUROPEAN Union (EU) late Thursday told the Philippines to enhance its efforts to comply with the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers Convention (STCW Convention), after it warned the agency that failure to meet requirements before the deadline will result in Filipino marine officers being barred from working on EU-flagged vessels.

A delegation led by Vice-Admiral Robert A. Empedrad, the head of the Philippine Maritime Industry Authority (Marina) met with European Commission Director-General Henrik Hololei and other officials of the European Commission (EC) Directorate-General for Mobility and Transport (DG MOVE) in Brussels on Feb. 8.

“While Director-General Hololei was grateful to Vice-Admiral Empedrad for meeting informally in Brussels and for his oral presentation, he made clear that the Commission’s assessment would solely be based on the written reply to the Commission notification, to be provided no later than 10 March 2022,” the EU said in a statement.

“He reiterated that this formal reply should contain concrete evidence of the measures already taken by the Philippine authorities to ensure compliance with the country’s obligations under the STCW Convention,” it added.

Following an inspection conducted in 2020, the EC had notified the Philippines of a number of deficiencies — including serious ones — identified in the Philippine seafarers’ education, training, and certification system.

An earlier EU statement noted that “inconsistences have been identified in relation to the competences covered by the education and training programs leading to the issuing of officers’ certificates, as well as in several approved programs regarding teaching and examination methods, facilities and equipment. Inconsistencies have also been identified in the monitoring of inspections and evaluations of the schools. In addition, there have been concerning findings as regards simulators and on-board training.”

The Department of Foreign Affairs (DFA) had urged Marina, which is responsible for the implementation of the convention, to address deficiencies identified by the EU since 2006. “We strongly urge Marina to comply. The livelihoods of thousands of our seafarers are at stake.”

“I warned Marina and sent a memo to Art Tugade and the Palace. I will stand by the EU or EC which invited me in Brussels away from a useless conference to tell me what was up: 16 years of no action from Marina and the impending doom of our maritime industry,” Foreign Affairs Secretary Teodoro L. Locsin, Jr. said in a previous tweet.

According to Marina’s data, there are about 50,000 Filipinos working in EU-flagged ships, mostly from Malta, Greece, Norway, and Germany.

During the meeting, the EC also explained to the Philippines’ relevant authorities, specifically the Commission on Higher Education and Marina, the procedure to follow in the notification letter and the next steps following the Philippines’ reply. They provided concrete examples of what it expects to receive in the response.

In a previous release, the EC said it will assess the reply of the Philippines before determining its next course of action. “In case of a negative assessment, the European Union might eventually withdraw the recognition of the Philippines STCW system and, therefore, the certificates for masters and officers delivered by the Philippine maritime schools.”

“In that case, existing certificates for masters and officers would continue to be recognized until the time of their natural expiry, but new certificates would not be recognized to work on EU-flagged ships,” it added.

The EU maintained its hopes that the country would conduct the necessary internal reforms and amendments to comply fully with the STCW requirements by the indicated deadline, as it is aware of the contribution of seafarers to the Filipino economy.

Filipino seafarers, it added, are equally important to them since one of five foreign seafarers on EU-flagged ships is Filipino. — Alyssa Nicole O. Tan

Former Davao city accountant appointed as new COA chair by President Duterte

A FORMER Davao city accountant has been appointed as the new Commission on Audit (COA) chair by President Rodrigo R. Duterte, the Presidential Palace said on Friday.

Acting Presidential Spokesman and Cabinet Secretary Karlo Alexei B. Nograles said at a televised news briefing that Mr. Duterte had signed the appointment papers of Rizalina Noval Justol on Thursday. She will be replacing former COA chairman Michael G. Aguinaldo whose seven-year term ended on Feb. 2.

Ms. Justol served as the accountant of the Davao City government when Mr. Duterte was the city mayor.

“We wish Chairperson Justol success and assure her that the government will always be supportive of COA’s efforts to ensure transparency and accountability in the use of government funds,” he said.

When asked during the briefing why Ms. Justol was appointed to the position despite facing plunder and malversation raps in 2010, Mr. Nograles gave his assurance that all officials are appointed based on their credentials, experience, achievements, and accomplishments.

“For positions like COA chair and many high positions, apart from the appointment, it will still go through a process of confirmation,” he added.

The complaint had been filed not only against Ms. Justol, but also Mr. Duterte and other officials from Davao City for allegedly misusing about P2.93 billion worth of public funds from 2003 to 2006.

The status of the complaint is not clear.

Aside from having being an accountant of the President’s hometown, Ms. Justol had also served as Deputy Executive Secretary for Finance and Administration. — Alyssa Nicole O. Tan

PH reports under 5,000 COVID infections for 10th straight day

PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINES reported less than 5,000 coronavirus 2019 (COVID-19) infections for the 10th straight day on Friday. The daily bulletin of the Department of Health (DoH) listed 2,232 new coronavirus infections, bringing the total number of infections since the pandemic started in 2020 to 3.6 million.

The death toll hit 55,409 after 79 more patients died, while the number of recoveries rose by 3,010 to 3.53 million, the DoH said in its bulletin.

It said 9.1% of 29,812 samples tested positive for COVID-19 on Feb. 16, way above the 5% threshold set by the World Health Organization (WHO).

There were 65,796 active cases, 946 of which did not show symptoms, 60,252 of which were mild, 2,869 were moderate, 1,422 were severe, and 307 were critical.

The DoH said 95% of the latest cases occurred from Feb. 5 to 18. The top regions with new cases in the past two weeks were Metro Manila with 378, Calabarzon with 236, and Central Visayas with 212 infections. It added that 20% of new deaths occurred in February and 41% in January.

The agency said 100 duplicates had been removed from the tally, 95 of which were reclassified as recoveries, with 70 recoveries relisted as deaths. Five laboratories failed to submit data on Feb. 16.

It said 31% of intensive care unit beds in the country are being used, while the rate for Metro Manila is 32%. — Alyssa Nicole O. Tan

Comelec says had permission to enter private properties for poster removal

Amid reports that law enforcers had entered private property to remove campaign material, the spokesman of the Commission on Elections (Comelec) said that they had not entered these areas without consent.

“It has always been part of the practice of Comelec to ask for permission to enter, even in the last couple of days,” Comelec Spokesman James B. Jimenez told the ABS-CBN News Channel on Friday.

“We do not go invade private spaces or residences for the purpose of enforcing our rules,” Mr. Jimenez added.

The election body had earlier issued an order for law enforcers to take down oversized campaign materials, which election lawyers have said is equivalent to warrantless seizure.

Citizens have the right to put up any size of posters inside their own property because of the freedom of speech provided by the 1987 Constitution, election lawyer Romulo B. Macalintal said in a news briefing on Thursday.

The private persons who owned the dismantled banners and posters are not connected officially to a candidate’s campaign, Ibarra M. Gutierrez III, spokesman of Vice-President and presidential candidate Maria Leonor “Leni” G. Robredo, said in the same briefing.

“We’ve never felt the need to specify that non-candidates will be covered by this (regulation) because it seems obvious that any material that promotes the victory or defeat of a candidate should be considered propaganda material,” Mr. Jimenez added.

He noted that under Comelec rules, campaign and propaganda materials should have disclaimers showing who paid for them in support of a particular candidate.

Videos and photos of authorities dismantling campaign materials of Ms. Robredo and her running mate Senator Francis “Kiko” N. Pangilinan were posted on social media by the opposition tandem’s supporters and have gone viral.

One of the posts showed a mural showing support of the tandem painted over by an official of the Comelec. Mr. Jimenez said that the official had previously asked the owner for permission to paint over the mural and was given consent to do so.

Comelec is not singling out any candidate while implementing the rules, as authorities also took down materials of almost all presidential candidates, he added.

“We cannot get to all sites of materials in one day, you can only do so much in a day and we will get to them,” Mr. Jimenez stressed.

The Supreme Court had reminded the election body in the past not to overstep its authority, lawyers from the University of the Philippines said in a statement on Thursday, citing similar cases in the past.

Political speech is a preferred right and stands on a higher level during an election, the lawyers said.

“The need to regulate campaign propaganda inside properties stems from the need to ensure a level playing field,” Mr. Jimenez said.

He added that freedom of expression and freedom of speech are not absolute rights and can be regulated under the proper conditions.

Senator and presidential candidate Panfilo M. Lacson, Sr. earlier said that Comelec should review its campaign rules because some of these are impractical.

Human Rights lawyer and senatorial bet Jose Manuel “Chel” I. Diokno earlier said law enforcers have no power to dismantle these campaign materials, no matter the size, on private property.

Meanwhile, Acting Comelec Chairperson Socorro B. Inting said that the election body may review the rules on face-to-face campaigning in compliance with the latest guidelines of the country’s pandemic task force. — John Victor D. Ordonez

DENR Secretary Cimatu resigns

THE PRESIDENTIAL Palace on Friday confirmed the resignation of Department of Environment and Natural Resources (DENR) Secretary Roy A. Cimatu who had been serving in that post since 2017.

Acting Presidential Spokesman and Cabinet Secretary Karlo Alexei B. Nograles said at a televised news briefing that the resignation letter, submitted to the President on Monday, cited health as his reason.

Environment Undersecretary Jim O. Sampulna will be designated as the officer-in-charge of the department.

Mr. Cimatu had previously served as the chief of staff of the Armed Forces of the Philippines in 2022 under President Gloria Macapagal-Arroyo. He was later appointed as a special envoy to the Middle East during the Iraq war.

Under the current administration, he headed the rehabilitation of both Boracay and Manila Bay. He was also assigned to oversee the coronavirus 2019 response in Cebu city, as it had the highest number of confirmed cases in the latter part of 2020. — Alyssa Nicole O. Tan

PH Chief Justice seeks US assistance for office for Judicial Marshals

PHILSTAR FILE PHOTO

THE Chief Justice of the Philippines has sought assistance from the United States of America on establishing a judicial marshals academy.

A bill creating the Office of the Judicial Marshals is now with President Rodrigo R. Duterte for his signature, according to a statement released on Friday.

If the proposed measure is passed, there will be a security force under the supervision of the high court which will ensure the safety of members of the judiciary and their families.

During a courtesy visit by ad interim US Embassy Chargé d’Affaires Heather Variava on Thursday, Chief Justice Alexander G. Gesmundo and other associate justices asked for aid in establishing a judicial marshals academy.

The courtesy call was held inside the session hall to provide better physical distancing.

“We truly appreciate all the help and support that the US government has extended to the Court,” Mr. Gesmundo said, noting that the US government’s donation of equipment for video conferences to the court “will contribute to our collective commitment in expanding the public’s access to justice through technology.”

The chief justice discussed the court’s ongoing judicial reforms, among others, including the country’s strategic plan for judicial innovations from 2022 to 2026 where a framework and set of approaches were formulated to achieve better results on the Judiciary’s mandates was presented.

Ms. Variava reaffirmed their support for the Court’s reform projects, including the Office of the Judicial Marshals.

She said it was “great to see how technology is being used for court proceedings” and that the US government will “help and support you in ways we can. We highly value your friendship.” — Alyssa Nicole O. Tan

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. 

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