AboitizPower remits P714M to communities under DoE program

November 18, 2021 | 12:02 am

ABOITIZ Power Corp. has remitted a total of P714 million from January to October this year to the company’s host communities through the Department of Energy’s (DoE) Energy Regulations (ER) 1-94 program.

Under the said program, communities hosting power generating facilities are paid back one centavo per kilowatt hour from the electricity sales of power generation plants in their respective areas.

“We are glad that we get to support our host communities during these times. We know that every centavo counts and hope to be able to keep giving back,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said in a news release on Wednesday.

The company said about 119 of the communities covered by the project have used the remittances to build more isolation facilities for those infected with the coronavirus and to buy relief goods and medical supplies.

Other communities have also used the funds to acquire coronavirus testing kits, ambulances, multipurpose vehicles, and to build coronavirus testing labs.

“Through Inawayan’s share of the ER 1-94 funds, we were able to put up the first barangay isolation unit in Sta. Cruz,” Inawayan Barangay Chief Danilo Baquial said.

Barangay Inawayan in Sta. Cruz, Davao del Sur is the host community of AboitizPower’s thermal power plant operated by Therma South, Inc.

Barangay NBBN in Navotas City, where some of AboitizPower’s power barges are located, have also recently inaugurated its new isolation center using the remittances from the project, while Barangay Ermita in Cebu City, where one of the company’s oil-fired power plants operates, was able to buy a new garbage truck and a multi-purpose vehicle.

Funds from the project were supposedly for the electrification of areas or households without access to electricity, establishment of development and livelihood programs, reforestation, watershed management, and other health and environmental enhancement initiatives.

However, the DoE issued a circular in March 2020 allowing the said funds to be used for the mitigation of the coronavirus disease in accordance with the Bayanihan to Heal as One Act.

“We will continue to work with the DoE and local government units through this program as we look forward to a better normal,” Mr. Rubio added.

AboitizPower’s stocks at the local bourse went up by 0.96% or 30 centavos to close at P31.70 apiece on Wednesday. — Bianca Angelica D. Añago

LANDBANK’s transaction cards do not have gov’t aid

November 18, 2021 | 12:01 am

LAND BANK of the Philippines (LANDBANK) said the transaction cards given for free to unbanked national identification registrants are not pre-loaded with government assistance.

LANDBANK clarified this in a statement on Wednesday after crowds expecting financial assistance turned up at registration centers due to false information circulated online.

To provide transaction accounts to unbanked Filipinos, LANBANK is working with the Philippine Statistics Authority (PSA) as it rolls out the Philippine Identification System (PhilSys).

Unbanked registrants are being encouraged to open LANBANK transaction accounts at booths set up in PSA registration centers.

“The LANDBANK card can be used to conveniently manage funds and make financial transactions such as withdraw and send money, shop and pay bills online, among others,” the state-run bank said.

As of end-October, 6.14 million unbanked Filipinos registered for transaction accounts at over a thousand registration sites.

The government aims to expand financial inclusion through a national ID system that removes burdensome ID requirements usually needed to open bank accounts.

The state-run bank’s net income grew by 21.2% in the first nine months of the year to P16.72 billion from P13.8 billion in the same period last year on the back of the lower cost of funds.

This puts the bank on track to meet its P19.68-billion profit target by yearend. — Jenina P. Ibañez

Travel/Hotel News (11/18/21)

November 18, 2021 | 12:01 am

Enjoy a tropical escape at Shangri-La Mactan — Shangri-La Mactan

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Shangri-La Mactan, Cebu holds online sale

SHANGRI-LA MACTAN, Cebu is running an online sale this month, with the Tropical Escape Online Sale that runs until Nov. 21, with stays from Nov. 15, 2021 to Dec. 20, 2022. Guests can enjoy savings with all-in room rates starting at P8,888 net per night, including perks like: daily breakfast for two adults and one child below five years old; complimentary use of snorkel set and unlimited access to treasure island activities; P1,000 net dining credits per room per night; rebooking up to three times until Dec. 20, 2022; and Golden Circle members get to enjoy additional P500 net dining credits per night. To book a beach getaway, log on to bit.ly/TropicalEscape22.

Hilton Manila holds room promo

FAMILIES looking to celebrate the holidays can take advantage of special room offers at Hilton Manila at Resort World Manila such as “Sweeten Your Stay,” with 25% discount on food and beverage purchases and “Staycation 2.0 Premium Package” that includes a host of activities and dining adventures for the whole family. The room package rates start from P8,640 per night, with rooms subject to availability upon reservation until Dec. 31. Terms and conditions apply. For inquiries or reservations, call 7239-7788 or 0917-826-6442, or message on Facebook through m.me/hiltonmanila.

Hotel Okura Manila to soft open Dec. 28

HOTEL OKURA Manila will have a soft opening on Dec. 28. Located within Resorts World Manila, Hotel Okura Manila is highly accessible from the Ninoy Aquino International Airport (NAIA) and is close to both Makati and Bonifacio Global City, key business and financial districts in Metro Manila. Hotel Okura Manila will have an 18-meter-high atrium lobby at the 5^th floor which will showcase a row of modern Japanese-inspired structures, surrounded by natural elements of wood and stone; as well as a minimalist garden and a mountainous landscape that envelope the whole atrium. The 190-room hotel offers a wide array of accommodations, including the Hinoki-yu Room which features Hinoki (Japanese cypress) wooden bathtubs. All guest rooms are furnished with luxurious beds, separate areas for bathtub and rainfall shower, and state-of-the-art amenities such as a flatscreen TV, high-speed internet connectivity, multimedia room controls, a Nespresso machine, and a Japanese bidet. At the topmost floor, the hotel offers leisure and recreation facilities including a fully equipped fitness center, a 20-meter pool overlooking the Manila skyline, and jet baths. The hotel’s F&B options include Yamazato, a Japanese fine dining restaurant with private dining rooms; and Yawaragi, an all-day dining restaurant that offers Japanese-oriented food with Western and Asian specialties, as well as high tea and cocktails. It also features a robatayaki table, a bar lounge, and a private chef’s table. Hotel Okura Manila is part of One Harmony, the Okura Nikko Hotel Management’s loyalty membership for Okura Hotels & Resorts, Nikko Hotels International, and Hotel JAL City. Members can earn points and enjoy special services, benefits and awards with no membership or annual fees. One Harmony members have special bonuses if they reserve until Dec. 31. Room reservations are now being accepted.

Tribe Hotels come to Southeast Asia

ENNISMORE announces the arrival of Tribe hotels in Southeast Asia, focused on key countries including Cambodia, Thailand, Indonesia, Singapore and the Philippines. Tribe’s growth in Southeast Asia forms part of Ennismore’s global growth of its lifestyle brands. Launched in 2019, Tribe is an alternative lifestyle brand caters to the needs of the modern traveller, without compromising on sophistication, style or functionality. Tribe hotels are designed to focus on common areas to create multifunctional spaces that encourage connection between guests. François Leclerc, Deputy Brand COO at Ennismore said: “We know that Tribe hotels will really excite modern travellers who are looking for simplicity, affordability, and connectivity in a high-end interior environment.” From the music selections to the choice of local coffee roasters, each Tribe element is meticulously curated. The smart rooms feature high quality linens, intuitive connectivity, rain showers, signature robes, and Nespresso coffee machines. Ennismore has already signed 50 Tribe hotels and is aiming for rapid expansion with up to 150 to open globally within the next five years, including in Phnom Penh, Bali, Singapore, Phuket, and Manila by 2025.

New Shangri-La campaign celebrates 50 years

IN 1971, the first Shangri-La Hotel opened its doors in Singapore. As the brand marks its 50^th anniversary, it celebrates its ties to the region with a new #WithHeart campaign that brings to life the significance of “wholeheartedness” in all endeavors. A short film series, premiering on Nov. 19 will tell the stories of young and passionate Asian culture makers. The campaign will also include a quest to discover stories #WithHeart through social media and will extend into 2022 with collaborations and experiences. The six episode From Asia with Heart short film series is being released through Jan. 2022. The teaser trailer is available now at www.shangri-la.com/50years. At this site, visitors will also find inspiring stories, perspectives and foresight into different industry trends from more Asian innovators, entrepreneurs and visionaries. Full versions of the short films will be released in the coming weeks. Meanwhile, beginning on Nov. 22 on Instagram, the brand is inviting people to share what they do “with heart” for a chance to win exclusive Shangri-La prizes. To enter the contest, people should follow @shangrilahotels and post their stories, tagging Shangri-La and using the signoff “From _____ #withheart,” filling in the blank with their name or handle. For more information about the #WithHeart campaign, to view the short film series and to hear from other passionate culture makers, visit www.shangri-la.com/50years. On social media, follow the brand on @shangrilahotels (Instagram) and @shangrila (Facebook).

Sheraton Manila Bay bags culinary awards

SHERATON Manila Bay’s Sous Chef Daryl Vance Yulo Sy won Silver and Bronze at Philippine Culinary Cup (PCC), a prestigious culinary competition in the country held recently at the SM Megamall, Megatrade Hall. The PCC is the only culinary competition endorsed by the World Association of Chefs Societies in the Philippines. Competing against participants from different hotels, restaurants, and culinary schools, Sheraton Manila Bay’s Hotel Sous Chef Daryl Vance Yulo Sy took the Silver award in “US Lamb” category and Bronze award in “US Beef” category. Sample his menu at Sheraton Manila Bay’s Pre-dinner cocktails every Friday and Saturday evening or take home his new gourmet fusion “Croll Burger,” available at the Sheraton Kiosk located at Robinsons Place Manila, Level 1, Padre Faura Entrance.

MPBL plans full-swing return with home-and-away format

November 18, 2021 | 12:01 am

THE Maharlika Pilipinas Basketball League (MPBL) is determined to go back to its staple home-and-away format next year when it tries to stage a full season anew after the slated Chooks-to-Go-MPBL Invitational Tournament this year.

Given a better situation and more relaxed restrictions in 2022, the regional league that is set to turn professional soon said a full-swing comeback in June that has been its traditional season opener looms as a huge possibility.

The MPBL is also looking to hold a preseason tournament in Metro Manila in February that will run for up to three months to prepare the teams for a long trek in their return to a full season journey.

The league last held a complete tournament for the delayed 2019-2020 Lakan Season that was only finished in March this year under a full-bubble setting in Subic due to the pandemic.

For now, the league is finalizing details for the Invitational Tournament set on Dec. 11-21 featuring 22 teams led by Lakan Season champion Davao Occidental.

The Invitationals will follow a FIBA-type format for 10 days as MPBL’s test run before going pro under the monitoring of the International Basketball Federation (FIBA) and the Games and Amusements Board (GAB). — John Bryan Ulanday

PLDT, Smart boost online security through Vesta

November 18, 2021 | 12:01 am

PLDT, Inc. and its wireless arm Smart Communications, Inc. said their adoption of artificial intelligence (AI)-enabled fraud detection and approval enhancement capabilities has made transactions on their online platforms more secure.

“The combination of PLDT’s customer-centric digital solutions, PayMaya’s industry-leading payment acceptance solutions, and Vesta’s AI-enabled fraud detection and approval enhancement capabilities allow us to deliver superior customer-centric services and provide our customers with the best payment experience possible,” PLDT and Smart Vice-President for Customer Experience Dianne M. Blanco said in a statement e-mailed to reporters on Tuesday.

PayMaya Philippines, Inc. powers the payment acceptance for PLDT and Smart’s digital channels.

“We will continue to push the frontier of financial technology as we rapidly shift to a landscape where more Filipinos are digitally-empowered,” Ms. Blanco added.

PLDT and Smart said the solutions from Vesta, a US-based fraud prevention services provider, help enhance the protection of transactions made by their customers across their digital channels.

For its part, Vesta said its real-time decisioning platform provides the analytics and authentication technology necessary to increase approvals of legitimate transactions while rejecting fraudulent ones.

“Our mission is simple: help companies scale their digital payment touchpoints with greater confidence by leveraging our end-to-end transaction guarantee platform for domestic and international transactions,” said Shabab Muhaddes, Vesta general manager in the Asia-Pacific.

In March, Philippine business groups warned that the impact of cybercrime could hit $6 trillion this year and up to $10.5 trillion annually by 2025, as the use of online platforms for financial transactions continues to rise.

The shift to online platforms “gave rise to heightened activity by cybercriminals,” the business groups, including the Bankers Association of the Philippines, American Chamber of Commerce of the Philippines, British Chamber of Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, and the Chamber of Thrift Banks, said in a joint statement.

Citing data from the Philippine National Police Anti-Cybercrime Group, the groups said there were 869 online scams recorded from March to September last year, 37% higher than the 633 incidents recorded in the same period in 2019.

“Phishing, smishing, vishing and other online fraud schemes target bank clients, credit card holders, e-wallet accounts, online shopping and other users of online financial services,” they said.

In October, the Securities and Exchange Commission signed an agreement with the Department of Information and Communications Technology for cybercrime prevention initiatives.

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

Vista Land profit up 6% to P2 billion

November 18, 2021 | 12:01 am

VISTA Land and Lifescapes, Inc. posted a P2.05 billion net income attributable to the parent equity holder for the third quarter of 2021, higher by 6% from P1.93 billion in the same quarter last year.

This brought the company’s attributable net income for the January-September period to P5.7 billion, higher by 7% from P5.32 billion a year ago.

In a news release on Wednesday, Vista Land Chairman Manuel B. Villar, Jr. said the company is optimistic that the industry will grow further, especially with the continuous rise of cash remittances from overseas Filipino workers (OFWs).

The Bangko Sentral ng Pilipinas (BSP) on Monday released data showing that OFWs’ cash remittances rose for the eighth straight month in September by 5.2% year on year to $2.74 billion from $2.60 billion in the same month a year ago.

Remittances also grew by 4.9% month on month from the recorded $2.61 billion in August.

“The expansion in cash remittances was due to the increase in receipts from land-based and sea-based workers, which rose by 6.2% (to $2.16 billion from $2.03 billion) and by 1.9% (to $581 million from $570 million), respectively,” the BSP said.

Aside from this, Mr. Villar added that, “With the holiday season coming up and the relaxation of the mobility restrictions across the country, we are excited to welcome more customers to our commercial centers.”

In the third quarter, Vista Land’s revenues decreased by 9% to P6.27 billion from P6.92 billion in the same quarter last year.

This brought the nine-month revenues of the company to P23.69 billion from P25.67 billion in the same period in 2020.

Of its revenues, real estate was hit the hardest with a 20% revenue to P14.45 billion “due to the slower construction activities in the provincial areas where various level(s) of lockdown were implemented during the period.”

Vista Land’s rental income, on the other hand, increased by 25% to P6.18 billion from P4.94 billion in the same period last year.

“The company’s newly opened commercial centers, where the majority of the tenants are essential (i.e., home store and supermarket), contributed to the topline growth,” Vista Land said.

Mr. Villar said the company is “continually working on more initiatives as well as developing sustainable programs all aimed at providing better service to our clients and also expanding our reach.”

As of September 2021, Vista Land has 2,937 hectares of land and has launched eight new projects amounting to a total of P7.2 billion. Of the projects, one is a high-end project, five are affordable projects, and two are mid-rise buildings.

The company added that it had stopped acquiring land as it is looking to maximize its existing land bank.

Vista Land’s shares at the stock exchange were unchanged on Wednesday at P3.76 each. — Bianca Angelica D. Añago

Estimated losses due to tax abuse reach $4 billion

November 18, 2021 | 12:00 am

PHL slips in 2021 global prosperity ranking

November 18, 2021 | 12:00 am

How PSEi member stocks performed — November 17, 2021

November 18, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 17, 2021.

Peso weakens vs dollar on strong US data

November 17, 2021 | 9:00 pm

THE PESO declined on Wednesday due to strong US economic data. — BW FILE PHOTO

THE PESO weakened versus the greenback on Wednesday following upbeat US retail sales and industrial production data.

The local unit ended trading at P50.39 per dollar on Wednesday, depreciating by nine centavos from its P50.30 close on Tuesday, based on data from the Bankers Association of the Philippines.

The peso opened Wednesday’s session at P50.38 per dollar, weaker from its previous finish. Its worst showing was at P50.47, while its intraday best was at P50.34 versus the greenback.

Dollars exchanged decreased to $1.133 billion on Wednesday from $1.391 billion on Tuesday.

The peso depreciated on Thursday following the faster-than-expected recovery in US factory production, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The US Federal Reserve on Tuesday said manufacturing output expanded by 1.2% in October, the fastest pace since March 2019 and a turnaround from the 0.7% decline in September. It is also better than the 0.7% growth estimate of economists polled by Reuters.

Factory output increased by 4.5% year on year.

Another market lead was the better-than-expected US retail sales data also released overnight, a trader said in an e-mail.

The US Commerce department said October retail sales increased by 1.7%, which is its largest rise since March. It sealed the third straight monthly expansion and was better than the 1.4% growth expected by economists polled by Reuters.

The trader said the peso could continue to depreciate this Thursday due to cautious sentiment ahead of the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board’s policy rate decision.

A BusinessWorld poll of 20 analysts unanimously expect the BSP to keep benchmark rates steady to continue supporting the economy’s rebound as it has yet to firm up.

This Thursday, the trader gave a forecast range of P50.30 to P50.55, while Mr. Ricafort expects the local unit to move within P50.25 to P50.45 per dollar. — L.W.T. Noble with Reuters

PSEi drops on profit taking ahead of BSP meeting

November 17, 2021 | 9:00 pm

PHILIPPINE SHARES declined on Wednesday as investors pocketed gains following the start of the government’s retail bond offer and ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting on Thursday.

The Philippine Stock Exchange index (PSEi) lost 17.60 points or 0.23% on Wednesday to close at 7,349.82, while the broader all shares index shed 3.67 points or 0.09% to 3,958.

“With [the] majority of the Asian markets down on inflationary concerns, [the] local market went on profit taking ahead of the BSP policy setting rate [on Thursday], but net foreign buying continued in today’s trading,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Wednesday.

Net foreign buying slowed to P183.87 million on Wednesday from the P863.03 million seen on Tuesday.

According to a BusinessWorld poll of 20 economists held last week, the BSP is expected to keep the key policy rate at the historic low of 2%. Analysts said the BSP will remain accommodative as the economy has yet to fully recover from the impact of the pandemic.

“Investors booked profits amid the lack of a positive catalyst,” Japhet Louis O. Tantiangco, senior research and engagement supervisor at Philstocks Financial, Inc., said in a Viber message.

“Trading was tepid… below the year-to-date average of P7.34 billion. This shows that many have stayed on the sidelines while waiting for compelling factors to invest,” he added.

Value turnover decreased to P7.46 billion with 832.91 million shares switching hands on Wednesday, lower than the P9.52 billion with 1.19 billion issues traded the previous day.

The market also reacted to the “five-year RTBs (retail Treasury bonds) auction rate and warnings about and risk of infection resurgence with the greater economic reopening,” First Metro Investment Corp. Head of Research Cristina S. Ulang said via Viber.

The Bureau of the Treasury on Tuesday raised an initial P113.545 billion at its price-setting auction for its offer of 5.5-year RTBs. This was oversubscribed by more than five times versus the initial P30-billion offer.

The bonds fetched a coupon rate of 4.625%. This is slightly lower than the 4.750% coupon for the recently reissued Treasury bonds that are also set to fall due in 2027.

National Treasurer Rosalia V. de Leon said the proceeds will fund the government budget. The RTB public offer will run until Nov. 26, unless closed earlier, and the bonds will be issued on Dec. 2.

Sectoral indices were split on Wednesday. Mining and oil gained 173.25 points or 1.81% to finish at 9,702.67; financials rose 18.45 points or 1.15% to 1,609.67; and industrials went up by 19.57 points or 0.18% to 10,748.96. Meanwhile, services declined 18.49 points or 0.91% to 1,996.17; property dropped 25.73 points or 0.77% to 3,312.63; and holding firms gave up 33.73 points or 0.47% to end at 7,119.56.

Advancers beat decliners, 101 against 87, while 58 names closed unchanged. — Keren Concepcion G. Valmonte

Coursera initiates more projects in PHL, its 3^rd fastest growing market

November 17, 2021 | 8:04 pm

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Online training service Coursera will pursue more partnerships with businesses, schools, and government and build accessible, mobile-friendly learning experiences in order to push the 85% year-on-year growth they observed in the Philippines, already the third fastest growing country on the platform.

Over 1.3 million learners in the country registered on the online platform over the past year, Coursera reported, making the Philippines a priority market in the Asia Pacific region. Of these learners, 61% access the platform using mobile devices.

“We’re excited to serve leading campuses and companies in the country with a growing selection of job-relevant content and credentials delivered on a mobile-friendly platform, to address the country’s skills and digital divide,” said Jeff Maggioncalda, Coursera’s chief executive officer, at an online press conference on Wednesday.

Citing the World Economic Forum’s 2020 report on the future of jobs, he explained that the pandemic had shifted teaching and learning landscapes globally, making individuals and institutions more aware of the skills needed to survive in a digital economy.

In the Philippines, this has become increasingly apparent, according to Mr. Maggioncalda: “Digital companies have done better than non-digital companies, and individuals with digital skills have done better than those who don’t have these skills.”

Among the 60 Philippine academic institutions and 10 businesses that have partnered with Coursera to address this are Lyceum of the Philippines University (LPU), Mapua University, Ayala Corp., Globe Telecom, and Bank of the Philippine Islands.

Coursera’s only government customer in the country is the Department of Science and Technology (DOST), which pioneered a Workforce Recovery program in Region XIII – Caraga. Around 75,000 scholarship grantees participated in the courses.

“In a country like the Philippines, capacity building is difficult. Thanks to Coursera, we have efficiently done it and we’re very happy to discover that Filipinos love to learn and upskill online,” said Noel M. Ajoc, DOST-Caraga’s program administrator.

He reported that they saw 2.5 million course enrollments in less than six months, with the top three courses being contact tracing, time management, and Microsoft Excel courses.

THE DIGITAL DIVIDE
To build more accessible learning experiences in the Philippines, Coursera developed the platform to allow learners to download courses, synchronize progress and quizzes, take notes with highlights, and calendar sync — all optimized for low data consumption.

The country also has 60,000 enrollments supported by financial aid, accounting for the second largest share of financial aid awarded by the service to learners in Southeast Asia.

“Generally speaking, learners come to us to learn skills to help them in their careers,” said Raghav Gupta, managing director of Coursera in APAC. “The number one trend has been the intersection between cloud computing and machine learning, with customers moving online and businesses moving to the cloud.”

CEO Maggioncalda also explained that this trend inspired the development of Coursera’s entry-level professional certificates, which serve as a path to digital jobs: “These are high-demand, good paying digital jobs where there’s far more demand than supply — but these skills can be learned totally online. This is one of the fastest growing parts of our business and an ideal solution for those looking into a new digital career.”

In the Philippines, the top three most popular entry-level certificates are IT support, social media marketing, and data analytics.

The country also leads Southeast Asia in the adoption of Guided Projects, a hands-on learning program where learners can build a job-relevant skill in under two hours. Since launching in May 2020, Filipino learners accounted for more than half of the 375,000 enrollments in Guided Projects in the region, according to Coursera.

Meanwhile, on the part of Philippines universities that integrated Coursera into college curriculums, Mapua University president Reynaldo B. Vea highlighted the growing sentiment that outcomes-based education has become more important than ever.

“There’s this idea that we should be hiring for skills instead of degrees and we wouldn’t want our graduates to miss out because of lack of skills, especially new skills that are important in this digital global economy,” he said.