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SMC net income up 3% to P13.9B as revenues jump

SAN MIGUEL Corp. (SMC) announced on Thursday a 3% rise in consolidated recurring net income to P13.9 billion as revenues surged on the back of strong volume growth and better selling prices across its businesses.

“Overall, we are off to a good start this year, with volumes and revenues showing robust growth,” SMC President and Chief Executive Officer Ramon S. Ang said in a statement.

First-quarter consolidated revenues climbed 57% to P316.8 billion while consolidated income from operations jumped 25% to P40.1 billion.

“While we are still seeing mixed results from our businesses due to the Omicron surge disruption at the start of the year and significant increases in raw material prices, we are well-positioned to build on our gains,” Mr. Ang said.

“Economic activity is returning to pre-pandemic levels, our work force has been fully vaccinated, and we have managed to keep the virus under control. With these, we are confident we can sustain our target levels of growth,” he added.

Of the conglomerate’s business units, San Miguel Food and Beverage, Inc. (SMFB) earlier reported a 1% rise in net income to P9.2 billion.

Consolidated revenues were up 9% to P83.1 billion, driven by volume growth and better selling prices across multiple categories in its beer, spirits, and food divisions. Consolidated operating income was slightly higher at P12.7 billion after rising input costs on raw materials and utilities.

Meanwhile, San Miguel Brewery, Inc. recorded consolidated revenues of P29.7 billion, up 3% from last year’s P28.8 billion, mainly due to growth in its international operations.

Operating income stood at P6.8 billion, at par with the previous year’s level and despite the increase in beer taxes implemented at the start of the year.

Ginebra San Miguel, Inc.’s net income grew 34% to P1.4 billion, while revenues were up by 11% to P12.6 billion a year ago. Operating income rose 39% to P1.8 billion, driven by higher volumes, continuing cost management and innovative brand-building initiatives.

SMFB division San Miguel Foods recorded a 13% growth in first-quarter revenues to P40.8 billion, supported by higher volumes and enhanced sales mix that focused on higher value-added products.

“Significant increases in the prices of major raw material, along with supply chain challenges and skyrocketing fuel prices, squeezed margins, resulting in an 8% decline in operating income to P4.2 billion,” SMC said.

In response, it said the food business “maximized the use of alternative raw materials, implemented purposive fixed costs cuts, and optimized utilization of company-owned production facilities as well as capitalized on synergies in logistics and distribution.”

Its power arm, SMC Global Power Holdings Corp., reported a 57% rise in consolidated revenues to P43 billion, brought about by higher average realization prices for bilateral contracts with fuel pass-on charges and higher prices at spot sales.

Petron Corp. earlier said its net income more than doubled to P3.6 billion, while consolidated revenues surged by 107% to P172.3 billion, aided by the recovery in demand and higher international prices.

Meanwhile, infrastructure arm SMC Infrastructure registered consolidated revenues of P6.2 billion, up 44% from the previous year. Operating income surged by 108% to P2.5 billion.

SMC shares were up by 0.19% or 20 centavos to close at P106.50 at the stock exchange on Thursday. — Luisa Maria Jacinta C. Jocson

Tearful Amber Heard testifies ex-husband Johnny Depp turned violent

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

AQUAMAN actor Amber Heard choked back tears on Wednesday as she testified that ex-husband Johnny Depp physically abused her, starting with slaps after she laughed at one of his tattoos and escalating to a “cavity search” of her body for cocaine.

Ms. Heard took the witness stand for the first time in a widely followed US defamation case brought by Mr. Depp, saying the actors had a “magical” relationship until it turned violent.

Mr. Depp’s first physical outburst, Ms. Heard said, came after she asked what was written on one of his faded tattoos. She said he replied “Wino, and she laughed, thinking it was a joke.

“He slapped me across the face,” Ms. Heard said. “I didn’t know what was going on. I just stared at him.”

Ms. Heard said he slapped her twice more and said “you think it’s funny, bitch?”

Mr. Depp, 58, testified earlier in the trial that he never hit Ms. Heard and that she was the one who was the abuser.

The star of the Pirates of the Caribbean films and others is suing Ms. Heard, 36, for $50 million, saying she defamed him when she claimed she was a victim of domestic abuse. Ms. Heard has counter-sued for $100 million, saying Mr. Depp smeared her by calling her a liar.

Ms. Heard, who alternated between crying and speaking calmly, said she stayed with Mr. Depp because she wanted to believe his apologies and promises to never hit her.

But, Ms. Heard said, Mr. Depp assaulted her “several times,” usually when he was drinking or using drugs. During a weekend away with friends in May 2013, Ms. Heard said, Mr. Depp became angry and accused her of inviting what he perceived as suggestive advances from another woman.

That evening, Ms. Heard said Mr. Depp tore her dress, ripped off her underwear and stuck his fingers “inside” her.

“He proceeds to do a cavity search,” she said. “He’s looking for his drugs, his cocaine.”

Earlier, psychologist Dawn Hughes testified that Ms. Heard had told her that Mr. Depp had put his fingers up her vagina to search for cocaine.

TRADING ACCUSATIONS
The case hinges on a Dec. 2018 opinion piece she authored 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 after less than two years of marriage.

Mr. Depp, once among the biggest stars in Hollywood, said Ms. Heard’s allegations cost him “everything.” A new Pirates movie was put on hold, and Mr. Depp was replaced in the Fantastic Beasts film franchise, a Harry Potter spinoff.

In his earlier testimony, Mr. Depp said the fight over the “Wino” tattoo, which was originally the name of former girlfriend Winona Ryder, “didn’t happen.”

He said Ms. Heard was the one who became physically aggressive during their relationship, at one point throwing a vodka bottle that severed the top of his right middle finger. His lawyers showed evidence from Mr. Depp’s hospital visit to have his finger surgically prepared. Jurors also heard recordings of arguments between the two, and Mr. Depp said her behavior left him “broken.”

Ms. Heard has denied that she injured Mr. Depp’s finger. Her attorneys have argued that she told the truth in the Washington Post piece and that her opinion was protected free speech under the US Constitution’s First Amendment.

A state court judge in Virginia’s Fairfax County, outside the nation’s capital, 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.

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

Duran Duran, Eminem, Dolly Parton among 2022 Rock Hall inductees

PHOTO FROM ROCKHALL.COM/2022INDUCTEES

LOS ANGELES —  Rapper Eminem, 1980s new wave band Duran Duran, and country music legend Dolly Parton are among the performers who will be inducted into the Rock & Roll Hall of Fame this year, organizers said on Wednesday.

Other new entrants at a November ceremony in Los Angeles will be rocker Pat Benatar, pop group Eurythmics, and singers Lionel Richie and Carly Simon.

After nominees were announced in February, Ms. Parton said she wanted to bow out of contention because she did not feel she had earned a rock-and-roll honor.

The “Jolene” singer, 76, changed her stance, telling National Public Radio in April she would “accept gracefully” if chosen. Previous inductees have come from outside rock, including country stars Hank Williams and Johnny Cash.

Eminem, 49, courted controversy in the early 2000s with rapid-fire lyrics about rape and murder. Despite criticism, the Detroit native helped expand the popularity of hip-hop and in February performed at the Super Bowl halftime show.

The five-member Duran Duran became popular with hits such as “Rio” and “Girls on Film” and accompanying videos played on MTV. Eurythmics, the British duo of Annie Lennox and Dave Stewart, also emerged during the 1980s with “Sweet Dreams” and other synthesizer-heavy hits.

Ms. Benatar, 69, dominated music charts with songs such as “Heartbreaker” “Love is a Battlefield,” “We Belong,” and “Hit Me with Your Best Shot,” also in the 1980s. Ms. Simon, 76, is a singer-songwriter known for “You’re So Vain,” “Anticipation” and other songs of the 1970s.

Mr. Richie, 72, achieved success as a solo artist in the late 1970s and early 1980s with the ballad “Hello” and the upbeat “Dancing on the Ceiling.”

Rock Hall inductees are chosen via ballots sent to more than 1,000 artists, historians, and members of the music industry.

The general public also had a say via votes cast online or at the Rock & Roll Hall of Fame museum in Cleveland. The top five acts among public voting were submitted as a single fan ballot. — Reuters

China Bank net income rises in Q1

CHINA Banking Corp. booked a higher net profit in the first three months of 2022 as interest earnings improved and loan loss provisioning declined.

The lender’s net income was at P4.9 billion in the first quarter, rising 37% from the P3.6 billion in the same period of 2020, it said in a statement on Thursday.

This translated to a return on equity of 16%, while return on assets stood at 1.7%.

China Bank’s net interest income rose 15% to P10.8 billion from P9.3 billion in the same period of 2021. This was driven by the 11% growth in interest income to P12.6 billion and the 8% decline in interest expense to P1.9 billion.

Net interest margin improved to 4.3%.

Meanwhile, fee-based income fell 50% to P1.7 billion in the first quarter from P3.4 billion a year prior. This was dragged by lower trading gains which offset the improvement in service charges, fees, commissions, and trust fees.

The lender’s revenues decreased 2% to P12.5 billion from P12.7 billion.

For the first quarter, China Bank’s operating expenses dropped 8% to P5.7 billion from P6.2 billion a year earlier. This improved the lender’s cost efficiency ratio to 46%.

Meanwhile, gross loans jumped 10% to P632 billion as of end-March, driven by higher demand from both corporate and consumer borrowers.

China Bank’s non-performing loan (NPL) ratio was steady at 2.5% as of end-March, which it noted is lower than industry average. NPL coverage increased to 119%.

Amid an improved economic outlook, the bank cut its loan loss reserves by 65% to P780 million.

The bank’s assets increased 12% to P1.1 trillion as of end-March.

Meanwhile, deposits rose 8% to P879 billion, with its checking and savings account ratio at 64%.

“Our effective asset-liability management and solid capital structure have allowed clients to access our balance sheet and enabled us to achieve better-than-industry growths in assets, loans, and equity,” China Bank Chief Finance Officer Patrick D. Cheng said.

“Moreover, the growth of CASA deposits continued to improve our funding cost.”

The bank’s total equity rose 15% to P125 billion as of end-March. With this, its common equity Tier 1 ratio and capital adequacy ratio stood at 15.5% and 16.3%, respectively, both above minimum regulatory requirements.

“We are determined to expand our business to CASA and launch growth and to future-proof our growth by focusing on asset quality, digital banking, transformation, and ESG implementation,” China Bank President William C. Whang said at the bank’s virtual annual stockholders’ meeting on Thursday.

He said the bank will also continue their digitization efforts to allow new customers to open an account online.

China Bank’s shares closed at P27.50 apiece on Thursday, up 80 centavos or 3% from its previous finish. — Luz Wendy T. Noble

Globe income jumps to nearly P14B, invests P21B in capex projects

GLOBE Telecom, Inc. saw its net income for the first quarter increase by 86% to P13.7 billion year on year, mainly due to an improved topline and the partial sale of its data center business.

“The sustained revenue momentum was powered by the gains from data-related products and services as internet use remained an essential service for learning, e-commerce, telecommuting and entertainment,” it said in a statement on Thursday.

Globe’s first-quarter financial report showed its service revenue grew by 4% to P39.2 billion.

The company noted that its overall data revenues across mobile, broadband and corporate data accounted for 81% of total service revenues, up from 79% previously.

Its mobile business revenues in the first quarter grew by 2% from P26.3 billion the previous year, primarily because of the prepaid brands.

The company’s mobile subscriber base grew by 10% from the previous year to 87.4 million.

Meanwhile, revenue of its home broadband business fell by 4% to P70 billion, but it is “still better than pre-pandemic levels,” Globe noted.

At the same time, the company announced that it invested P21 billion in capital expenditure (capex) projects in the first quarter of the year, 10% more than the level in the same period last year.

It said about 82% of the capex went to data-related requirements to handle the surge in demand for digital services.

“We are pleased with our performance in the first quarter, as the top-line growth momentum was sustained. We saw encouraging results particularly in the mobile business as the government continuously eased pandemic restrictions and the economy opened up,” Globe Telecom President and Chief Executive Officer Ernest L. Cu said.

“We are likewise optimistic about the growth prospects for the new ventures in Globe’s expanding portfolio. We believe that our ceaseless innovation through various digital platforms, backed by the growing investment in our data network will strengthen our leadership in the digital space,” he added.

Globe Telecom shares closed 7.47% higher at P2,388 apiece on Thursday. — Arjay L. Balinbin

Football, beach handball teams, kickboxers start PHL bid today

PHILIPPINE Azkals — PHILIPPINE FOOTBALL FEDERATION

In Hanoi SEA Games, three athletes COVID-19 positive

By Joey Villar

AND so it begins.

The football and beach handball teams and kickboxers will be the first Filipinos to get their feet wet as they plunge into action on Friday at different venues, signaling the start of the Philippines’ ambitious bid of retaining the overall title or finishing in the top three in the Hanoi Southeast Asian (SEA) Games.

But even before action unfolds, the Filipinos will still have to contend against the coronavirus disease 2019 (COVID-19) threat as three athletes tested positive on Thursday, according to Philippine Olympic Committee President Abraham Tolentino.

“Godspeed and we’re hoping all could play,” the congressman from Tagaytay told The STAR, who did not identify the athletes involved.

“I’m asking those who are still here to stay safe because we have three who turned up positive but the two was already cleared. We’re just waiting for one more.”

Skippered by Stephan Schrock, the Azkals are hoping to come through with a historic performance as they tackle Timor-Leste at the Viet Tri Stadium, located in the Northwest Region of Vietnam.

In beach handball, the Filipinos set in motion in their medal campaign as they square off with the Thais at 5 p.m. (Philippine time) on Friday, the Vietnamese at 6 p.m. tomorrow and Singaporeans at 5 p.m. on Sunday at the Bac Ninh Sports University Gym, which lies east from the capital.

They will play another round from Monday to Wednesday to determine the medal winners.

The squad is composed of Daryoush Zandi, Dhane Miguelle Varela, Josef Maximillan Valdez, Rey Joshua Tabuzo, John Michael Pasco, Jamael Pangandaman, Manuel Lasangue, Jr., Andrew Michael Harris, Mark Vincent Dubouzet, and Van Jacob Baccay.

The team is out to surpass, if not match, its bronze medal finish in the 2019 edition the biennial games in Subic.

The Azkals, for their part, is aiming to improve on their performance in 2019 when they came one step short of barging into the semis following a 1-1 draw with the Cambodians as the two wound up tied with seven points apiece on two wins, a draw and a loss.

But Cambodia edged the Philippines via goal difference, 6-5, to claim the semis berth.

“The team is well prepared,” said Mr. Schrock.

The kickboxers, for their part, are out to eclipse their three-gold, two-silver and one-bronze haul in Pasay as they will be spearheaded by former mixed martial arts champion Honorio Banario and SEA Games gold medalists Jean Claude Saclag and Gina Iniong Ara, who left for Hanoi on Monday.

Jomar Balangui, Renalyn Dacquiel, Carlos Alvarez, Kurt Lubrica, Daryl Chulipaz, Emmanuel Cantores, Claudine Veloso, Gretel de Paz and Zephania Ngaya are the other members of the team who are now in Bac Ninh just like the beach handball group.

Friday’s draw is still being drawn at press time.

Next to see action are Ariana Drake, the country’s lone entry in diving, in the women’s 1-meter springboard at the My Dinh Aquatics Center in Hanoi on Sunday; the rowers the next day at the Thuy Nguyen Boat Racing Center; and the pencak silat and kurash squads on Tuesday at the Bac Tu Liem Sporting Hall and Hoai Duc District Sporting Hall, respectively.

The rest will get to see action on May 13, or a day after the inaugurals.

AUB books higher net profit in 1st quarter

ASIA UNITED Bank Corp.’s (AUB) net profit increased in the first quarter of 2022, backed mainly by the decline in loan loss provisions and improving operating income.

The bank’s net profit climbed by 78.8% to P1.3 billion in the January to March period from P736 million a year earlier, it said in a filing with the local bourse on Thursday.

This translated to a return on assets of 1.7%, while return on equity stood at 14.3%.

“Our financial performance was aided by the gradual easing of lockdown restrictions, the continuous rollout of vaccines and booster shots by the government, and the overall improvement in the business climate,” AUB President Manuel A. Gomez said in a statement.

AUB booked a net profit amounting to P4.1 billion in 2021, beyond its P4-billion target for the year and 34% higher than the P3 billion it posted in 2020. However, this was still below the P4.4 billion it earned in 2019 before the pandemic.

Its end-2021 net income reflects a return on assets of 1.3% from 1.04% in 2020, while return on equity improved to 11.1% from 8.9%.

For the first quarter of 2022, the total operating income of AUB and its three subsidiaries rose by 15.7% to P3.3 billion from P2.9 billion a year ago.

Meanwhile, total operating expenses dropped by 12.2% to P1.7 billion.

“This also reflected lower loan loss provision after setting aside a significant buffer in 2020 to cover the credit risk brought about by the pandemic,” AUB said.

The bank’s assets were flat at P313.9 billion as of end-March. Loans and receivables inched up by 2.6% to P167.4 billion from a year earlier.

On the other hand, total deposits with the bank slipped by 0.8% to P258.9 billion in the first quarter from P261 billion a year prior as consumers remained cautious and shifted to higher-yielding investments.

Mr. Gomez said they are optimistic that the bank’s asset quality will improve as the economy starts to recover. This will also boost deposits and their lending business, he added.

“However, we continue to be watchful of developments such as the geopolitical tension in Europe, the rising inflation in the US, as well as the outcome of our national elections, which could affect the overall outlook on the Philippines,” Mr. Gomez said.

AUB’s shares closed at P44.10 apiece on Thursday, gaining 30 centavos or 0.68% from the previous day’s finish. — Luz Wendy T. Noble

ICTSI net income surges 58% to over $142M

LISTED port operator International Container Terminal Services, Inc. (ICTSI) on Thursday reported a 58% growth in first-quarter attributable net income to $142.3 million from $90.1 million in the same period a year earlier.

The increase was “primarily due to higher operating income; increase in equity share in net profit of joint ventures; and strong contribution of new terminals; partially tapered by increase in depreciation and amortization, and interest on loans, concession rights payables and lease liabilities,” the company said in a statement.

Its revenue rose by 21% to $528.3 million, while its EBITDA — or earnings before interest, taxes, depreciation, and amortization — increased by 28% to $337.9 million.

The company said it saw “strong performances” from its new terminals and joint ventures.

“These results demonstrate the strength of our business and its ability to deliver growth through our diversified portfolio and longstanding, positive relationships with local communities all over the world,” ICTSI Chairman and President Enrique K. Razon, Jr. said.

“We continue to see improvement in trade activities, and coupled with new contracts with shipping lines at certain terminals, we saw a 5% increase in throughput,” he also said.

The company handled consolidated volume of 2.8 million twenty-foot equivalent units (TEUs) in the first quarter, up 5% from 2.7 million TEUs in the same period a year earlier.

The increase was “primarily due to general improvement in trade activities as economies continue to recover from the impact of the pandemic; new contracts with shipping lines and services at certain terminals; and the contribution of new terminal International Container Terminal Services Nigeria Ltd. in Port of Onne, Rivers State, Nigeria,” the company said.

“Excluding the contribution of the company’s new terminal in Nigeria, consolidated volume would have increased by 4%,” it added.

ICTSI shares closed 1.86% lower at P211 apiece on Thursday. — Arjay L. Balinbin

UP, DLSU dispute last final spot

UNIVERSITY of the Philippines (UP) and De La Salle University (DLSU) collide one more time, locking horns in a win-or-go-home semifinal duel to dispute the last finals ticket and the right to challenge reigning champion Ateneo in the University Athletic Association of the Philippines (UAAP) Season 84 at the Mall of Asia Arena.

With only a one-day break since their first salvo, the Fighting Maroons and the Green Archers marched into the pit anew at 6 p.m. with the survivor advancing to the best-of-three championship against the Blue Eagles starting on Sunday.

The three-time defending titlist Ateneo, despite failing to complete a 14-0 sweep and clinch an outright finals berth, still became the first team into the finale after dispatching No. 4 Far Eastern University (FEU) with an 85-72 win on Wednesday.

And whether it’s No. 2 UP or No. 3 La Salle earning a shot at the UAAP king remains uncertain with both teams posing equal chances in the do-or-die mano-a-mano.

Momentum is on the third-seeded La Salle’s side after forcing a rubber match with a close 83-80 win in Game 1, but UP is keen on getting the job done with only one strike thanks to its twice-to-beat edge as the No. 2 team in the elimination round.

“There’s still one more game. It’s not over till it’s over so we have to be ready for UP’s comeback,” said mentor Derrick Pumaren as La Salle banked on a big lead before fending off UP’s late game storm to stay in finals contention.

“We just have to make use of that advantage and momentum. We expect UP to come back and play a lot better, but it’s our job to be able to counter that,” he added.

La Salle bowed to UP twice in the elims, 61-59 and 72-69, but came out an entirely different squad in the Final Four by erecting a 22-point lead that proved to be the deciding point in the big win.

The Fighting Maroons actually managed to rise from that huge hole in the waning seconds before running out of time much to the confidence of coach Goldwin Monteverde to carry it over and take care of business this time around. — John Bryan Ulanday

Stuff to do (05/06/22)

Helicopter Flower Drop at ATC

Celebrating Mother’s Day at Alabang Town Center

ALABANG Town Center will hold a number of activities on May 7 and 8 to celebrate Mother’s Day. Elizabeth Ghal and Dance Theater Manille will hold a dance benefit concert on May 7 at the Activity Center. On May 8, there will be a helicopter flower shower at 4 p.m. at the Town Plaza, while families can stamp mom-and-child handprints on the community wall at the Madrigal Bridgeway. Meanwhile, “Afternoons with AunTEA” where mothers can enjoy a cup of tea and unwind while the kids are at play, will be held from May 8 to 15 at the Activity Center.

Mother’s Day shows, more at Araneta City

ON MOTHER’S DAY, May 8, at the Gateway Mall activity area at 3 p.m., a mall show called All for You Mom will be held, featuring The Addlib dancers and Xian Lim. There will also be a special sandwich-making segment with comedienne Tuesday Vargas. Lucky audience members will receive appliances courtesy of appliance brand Tough Mama. Meanwhile, at Farmers Plaza, there will be a musical show at the activity area from 4-6 p.m. Ali Mall is holding a Mommy Bazaar until May 14, with 10 booths of women’s apparel, accessories, and beauty products. Join the Cool Summer Gulp promo by exchanging P250 worth of single or accumulated receipts for a Coca-Cola tumbler or a can of Coke. Mother’s Day anticipated Mass will be held on May 7, 4 p.m., at the Ali Mall Chapel. There is a Pic with Mom promo on Araneta City’s Facebook page with prizes at stake. Post entries from May 2 to 8 for a chance to win. On Instagram, visitors can join the Share it for Mom promo by sharing Araneta City’s Mother’s Day post on their Instagram Story from May 4 to 6 for a chance to win a sweet treat delivered to your address for free. On Tiktok, one may win an all-expense paid dinner at the Videoke Room at Dampa in Farmers Market through the Tiktok with Mom promo which runs from May 2 to 8.

Pampering mothers at Estancia Mall

THINGS ARE back to normal after two years and now visitors can try new experiences at Estancia in Capitol Commons, Pasig. Open from 11 a.m. to 9 p.m. daily, Estancia offers many options for a full day of retail therapy and relaxation. Enjoy a Mother’s Day pampering session on May 8 at the Pampering Moms Passion Hub activity, exclusive to Ortigas Community Card members. To register for the Ortigas Malls Community membership, download the official app of Ortigas Malls, sign up for an official account, and use the app for exclusive promos and vouchers.

Sweet deals at Greenbelt

In time for Mother’s Day, select SSI brands at Greenbelt —  Kurt Geiger, Anne Klein, Kate Spade New York, Superga, and Dune London —  are offering limited-time discounts from 5% to 20% off on select items until May 8.

Upskilling program targets first batch of 1,000

THE Philippine Business for Education (PBEd) and Citi Foundation said they have entered into a partnership that will admit 1,000 young people to an 18-month upskilling program.

The JobsNext program seeks to enhance employability by offering training in artificial intelligence, engineering, cloud computing, and content production. The target is to train 1,000 youth in two local governments.

“We invested in this important initiative because, like PBEd, we strongly believe in the need to help young people pursue careers and become financially independent,” Citi Philippines Chief Executive Officer Aftab Ahmed said in a statement on Thursday. “The youth, particularly those in the services sector and those holding informal jobs, were among the hardest hit by the pandemic.”

“The JobsNext program is an opportunity for all of us in the private sector to come together to not only provide immediate help to unemployed Filipino youth, but more importantly, to collectively shape a more resilient and future-proof workforce,” he added.

According to a study issued by the International Labour Organization in 2016, the jobs of about half the workforce will be under threat from automation by 2025.

However, based on estimates made by the World Economic Forum, though many occupations will become obsolete, more jobs will emerge in their place.

“We are very proud of what the First Future project achieved in a span of six months despite the current challenges in remote learning we are facing during this COVID-19 pandemic,” PBEd Director for Workforce Development Justine Raagas said in the same statement.

“This is just a small portion of what the First Future project can achieve, but with the help of our partner institutions, we can look forward to more companies adopting a competency-based hiring policy and we can look forward to more upskilled Filipino youth in the near future,” she added.

Last year, PBEd completed First Future 2.0, which supported more than 1,000 youth without college degrees in being admitted into the contact center industry. The program is part of Citi and the Citi Foundation’s expanded global Pathways to Progress initiative.

Citi Asia Pacific and the Citi Foundation in September 2020 pledged $35 million for philanthropic investment to advance employment and entrepreneurship opportunities among young people from low-income and underserved communities by 2023. — Alyssa Nicole O. Tan

VistaREIT, Raslag secure SEC nod on initial public offering

THE Securities and Exchange Commission (SEC) announced on Thursday that it approved the initial public offering (IPO) of VistaREIT, Inc. of up to P9.178 billion and Raslag Corp. worth up to P700 million.

In its meeting on May 5, the commission en banc resolved to render effective the registration statements of VistaREIT and Raslag covering 7.5 billion common shares and 1.5 million common shares, respectively, subject to the companies’ compliance with certain remaining requirements.

VistaREIT, the real estate investment trust (REIT) of Villar-led Vista Land & Lifescapes, Inc., will offer up to 3,337,500,000 common shares at a price of up to P2.50 per share, with an overallotment option of up to 333,750,000 common shares.

Assuming the overallotment option is fully exercised, VistaREIT will net P8.79 billion from the offer.

The shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE) and the sponsors will receive the entire proceeds of the offer, which should be reinvested in the Philippines.

As mandated by law, VistaREIT should distribute to shareholders at least 90% of its annual distributable income as dividends.

In its latest timetable submitted to the commission, VistaREIT expects to conduct the IPO from May 10 to 16 and debut on the PSE on May 26.

The company tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters, with Abacus Capital and Investment Corp. as participating underwriter.

VistaREIT’s portfolio includes 10 community malls and two office buildings with a gross leasable area of 256,403.95 square meters. The malls are located in Metro Manila, Cavite, Rizal, Bulacan, Pampanga, and Cebu, while the office buildings are in Taguig and Bacoor, Cavite.

Meanwhile, energy company Raslag Corp. will offer to the public up to 350 million common shares priced at up to P2 per share, with an overallotment option of up to 52.5 million common shares to be offered by selling shareholder J Ten Equities, Inc. The shares will also be listed and traded on the main board of the PSE.

The company expects to net P648.08 million from the offer, while the selling shareholder will receive the proceeds from the exercise of the overallotment option, which could reach up to P105 million.

Proceeds from the offer will be used to finance the company’s solar projects, namely: RASLAG-4, a 35.1-megawatt (MW) solar photovoltaic plant in Magalang, Pampanga; and RASLAG-5, with an approximate capacity of 60 MW.

The offer period for Raslag’s shares is set to run from May 24 to 30, in time for their listing on June 6, based on the latest timeline submitted to the SEC.

The company tapped China Bank Capital Corp. as sole issue manager, underwriter, and bookrunner for the offer.

Raslag is a domestic renewable energy developer founded by Peter G. Nepomuceno in Angeles City, Pampanga, and Conrado D. Pecjo, the business development manager of Angeles Power, Inc. It currently focuses on the development of solar power projects. — Luisa Maria Jacinta C. Jocson

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