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Bank fraud losses hit P1 billion

BANKING FRAUD losses climbed to P1 billion so far this year, as cybercrime rose alongside the increase in digital transactions amid the lockdown.

“I think the losses this year [from] unauthorized withdrawals and unauthorized branch transfers, it’s more than a billion pesos. That’s the latest estimate,” Ramon L. Jocson, the cybersecurity committee vice chair of the Bankers Association of the Philippines (BAP), said on Wednesday.     

The volume of cybercrimes this year is now three times higher than in 2019, Mr. Jocson said.

“The figures that I quoted are those that have been reported to us. Take note that in some cases, some of the victims don’t even bother to report anymore,” Mr. Jocson, who is also chief operating officer at Bank of the Philippine Islands, said.

Mr. Jocson cited a study by Cisco Systems, Inc. which found that 57% of small- and medium-sized businesses in the country experienced a cyberattack in the past year.

“This emerging new normal has given rise to a variety of cyberattacks, which have been evolving and becoming more complex. The Philippines is one of the fastest-growing economies in the Asia-Pacific, but is also considered to be one of the countries most vulnerable to cyberattacks,” BAP President Jose Arnulfo A. Veloso said.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno has earlier said that a major cyberattack could affect the stability of the financial system.

The BAP on Wednesday launched an anti-scam campaign to promote cybersecurity awareness. It signed a memorandum of understanding with the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) for information dissemination efforts.

“What we would like to do is to give the KBP and their members the ability to identify what we see as the usual modus operandi of these perpetrators by sharing cases of how they are able to do their work,” Mr. Veloso, who is also the president and chief executive officer of Philippine National Bank, said.

He said the BAP’s main goal is to prevent bank clients from incurring losses due to cyberattacks.

Mr. Veloso said they will be partnering with the Department of Justice to implement a training program for enforcers and prosecutors.

The BSP earlier said 13% of the 20,000 consumer concerns they received in 2020 were about fraudulent and unauthorized transactions. 

Separately, the Anti-Money Laundering Council found that 49% of suspicious transaction reports since the March 2020 lockdown until Aug. 31 last year were related to skimming, phishing, and unauthorized transactions as well. — L.W.T. Noble

Medilines sets healthcare IPO price at P2.30

By Keren Concepcion G. Valmonte, Reporter

MEDILINES Distributors, Inc. on Wednesday set its initial public offering (IPO) price at P2.30 per share, lower by 6.12% than the price-ceiling it set. It could raise up to P1.9 billion from the sale of 825 million shares to the public.

“The final offer price seems to have been offered at around a 6% discount from the initial maximum offer price of up to P2.45,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

“Positioned as a pure-play healthcare IPO, this may further spark interest among investors to participate in the offering, especially amid the current environment with a lot of listing activities going on in the local scene,” he added.

Medilines Distributors, founded in 2002, is in the business of distributing medical devices used for diagnostics imaging, dialysis, and cancer therapy. It carries brands such as Siemens, B. Braun, and Varian.

The company’s primary offer is comprised of 550 million common shares, net proceeds of which will be used to finance the working capital for the procurements of its existing products, for building its medical consumables inventory, and to repay debt.

Meanwhile, Medilines Distributors Chairman Virgilio B. Villar will be offering 275 million common shares for the secondary offer. The company will not receive proceeds from the sale of Mr. Villar’s shares.

According to its preliminary prospectus dated Oct. 27, the company plans to run the offer period from Nov. 22 to 26, while its listing at the main board of the exchange is slated for Dec. 7 under ticker symbol “MEDIC.”

The company tapped PNB Capital and Investment Corp. to be the sole issue manager, lead underwriter, and sole bookrunner for the offer.

SPNEC says P2.7-B IPO ‘fully sufficient’ for 500-MW solar plan

SOLAR Philippines Nueva Ecija Corp. (SPNEC) said its P2.7-billion initial public offering (IPO) would be “fully sufficient” to fund its 500-megawatt (MW) plant as the company would also consider debt financing.

“We will be constructing the first P1.3-billion worth of plant first so that it gets some operations, it’s de-risked because it’s already connected to the national grid and then get the financing from debt providers to add solar panels to turn the 50 to [225-MW],” Solar Philippines Founder Leandro L. Leviste told BusinessWorld in a virtual call on Wednesday.

SPNEC is a unit of Solar Philippines Power Holdings, Inc. (SPPHI), which form part of the group of companies led by Mr. Leviste that are involved in development, construction and operations of solar power plants.

It is the first company under group to go public. The first P1.3 billion from the net proceeds will be used to build 25% of the plant’s first 225 MW.

Meanwhile, the additional amount raised, or P1.332 billion as stated in its preliminary prospectus, will be used to further acquire land in Nueva Ecija, which it has identified to have the “largest potential” for expansion in the near term.

“We think that it is most accretive to the company to use the money to buy land, make a regain on the revaluation of the land and suddenly have ample equity for the whole [500-MW project], which is partly how we’ve gotten a larger equity base on our larger projects,” Mr. Leviste said.

SPNEC is offering 2.7 billion shares to the public for as much as one peso each.

It is targeting to run its offer period from Dec. 1 to 7, while it aims to list at the stock exchange by Dec. 17 under “SPNEC.”

“Management just thinks that it’s going to be best for the company to push forward the expansion beyond the [500-MW], while securing the debt to complete [the project],” Mr. Leviste said.

Separately on Wednesday, Philippine Rating Services Corp. (PhilRatings) has assigned an issue credit rating of PRS Aa plus, with a stable outlook, to Solar Philippines Tarlac Corp. (Solar Tarlac) on the company’s planned P4.15-billion bonds.

Solar Tarlac, which is jointly owned by SPPHI and Prime Metro Power Holdings Corp., is developing a 150-MW solar plant in Concepcion, Tarlac.

Part of the proceeds of the project bonds will be used to refinance a P2.225-billion loan used to build the company’s 100-MW portion of its solar power plant.

PhilRatings said obligations rated PRS Aa are of high quality and are subject to very low credit risk. A stable outlook means the rating is likely to be maintained or to stay unchanged in the next 12 months. — Keren Concepcion G. Valmonte

Shakey’s exceeds store expansion goal for 2021

SHAKEY'S PHILIPPINES FB PAGE

SHAKEY’s Pizza Asia Ventures, Inc. has exceeded its goal of launching 30 new stores for the year after opening its 31st store, which is a stand-alone Shakey’s Pizza outlet in Sorsogon City.

In a statement on Wednesday, the company said its newest branch in the Bicol region also marks its 310th outlet.

“Shakey’s, with its strong balance sheet and healthy cash generation, is in a good position to accelerate our store expansion program. We are fully prepared to accommodate the resurgence of the Filipino consumer,” said Vicente L. Gregorio, president and chief executive officer of Shakey’s.

The company is “expanding its footprint outside of Metro Manila” through franchisees.

Shakey’s said it is ramping up its store expansion efforts as it prepares for the country’s reopening. All of its new stores are reportedly profitable.

It also recently launched its 48th Peri-Peri Charcoal Chicken store as well as the first independent R&B milk tea store in the country, which is said to be the “first drive-through milk tea store in the country.”

“We look forward to continuing on this road to recovery. We are expecting PIZZA to return to profitability by yearend, especially with the holiday season looking bright, and, if all goes well after the holidays, we hope to go on full throttle entering 2022,” Mr. Gregorio said.

Shakey’s shares at the stock exchange grew 2.76% or 25 centavos to close at P8.70 apiece on Wednesday. — Keren Concepcion G. Valmonte

The taste of Quiapo

CREAMY and spicy beef rendang

A RECENT dinner tried to explain what the Manila district of Quiapo means to the Philippine consciousness, by serving up delicacies that can only be found on its streets.

On Nov. 13, students from the Introduction of Cultural Heritage class of the Ateneo de Manila University, taught by Dr. Fernando Zialcita, threw an online dinner called “Quiapo À La Carte: Food Culture in Transit,” with dishes chosen by book designer, food writer, and culinary historian Ige Ramos, as prepared by chef Waya Araos-Wijangco (of Gourmet Gypsy).

“We celebrate this event every year in relation to the field school where we had our research,” Mr. Zialcita said during the dinner, which was held via Zoom. Other locations which were celebrated in this manner in previous semesters include Bohol, Tayabas, Silay, Vigan, and Carcar. “Now, it’s high time to celebrate the food of a district in Manila, and that’s Quiapo,’ he said.

Ang pagkatao ng isang komunidad at kanyang lutuin ay magkasanib. Nagiging mahalagang expresyon hindi lang ng panlasa ng komunidad ang lutuin, kundi pati na rin ang kanyang kasaysayan at kabuhayan (The personality of a community and its cuisine work together. Cuisine becomes not only an expression of a community’s taste, but of its history and livelihood),” he said.

Pinagaralan namin kung paano naiba ang Quiapo sa kanyang mga landmarks, sa kanyang pang-araw-araw na pamumuhay at sa kanyang lutuin (We studied what made Quiapo unique by its landmarks, its daily life, and its cuisine).”

QUIAPO AS MELTING POT
As it is, Quiapo takes its name from a floating water lily species, locally known as Kiyapo — much like how Manila took its name from another plant; tying their destinies together (and giving homage to the Pasig River which gave them life).

The area was one of the country’s earliest settled sites, and throughout the various periods of the nation’s history, its changes have reflected the country’s own. It had been a site for the homes of some of the country’s elite, as well as the site of continued pilgrimage for the Black Nazarene in Quiapo Church. It has been a center of commerce, from the various businesses that have set up shop there, owned and managed by Filipinos of various extractions. At the same time, as one of the busiest districts in the capital, it has served as audience and stage for major political events, such as the Plaza Miranda bombing.

Mr. Ramos, explained how he thought up the dinner, which started out as an idea for a reflection paper for the audited classes he attended last June at the Ateneo Social and Cultural Laboratory. “We studied the link that connects the conservation of local heritage with responses to climate change. Quiapo was the chosen site this year,” he said.

“I’ve always been interested in Quiapo as a cultural food space, where food moves together with the natural landscape, changing urban planning, and, most especially, people’s transitory qualities,” he said. “Constantly moving, evolving; like an organism, it is born, nurtured, lives, and dies — completing the cycle of life.”

Different cultures have left their imprint upon Quiapo, reflected in the food and faith available there. In the same district, three cultures are present: the Spanish influences are seen through Quiapo church and San Sebastian Church; the Muslims are represented through the Golden Mosque, while the shops and eateries in the area are mostly Chinese-owned. The fortune-tellers and albularyos (herbalists) selling potions in the perimeter of Quiapo Church, meanwhile, point to deeply rooted Filipino folk beliefs, with some infusions of pre-colonial religion with a form of folk Catholicism.

“Beneath the mestizo-influenced cuisine, there are various food influences that one can glean in Quiapo. There are street food vendors, albularyos selling herbs and potions, fast foods, halal eateries, bakeries, and, at one point, a distillery, and, to this day, a big market situated by the river for easy access to produce and fresh ingredients benefitting both buyers and sellers,” said Mr. Ramos.

“There’s also the sinification of Philippine cuisine, or rather, the Filipinization of Chinese cuisine,” he said, pointing to vendors of taho (soybean custard in caramel sauce) and the various bakeries and eateries selling hopia (a local version of moon cake which is filled with mung beans), lumpia (spring rolls), mami (noodle soup), and siopao (Chinese savory filled buns).

The Golden Mosque built in 1972, of course, had to make room for the halal cuisine that would fill the stomachs of the Muslims who would worship there (which Mr. Ramos points out, is closer to the cuisines of our Southeast Asian neighbors).

“Quiapo is indeed a melting pot and these foodscapes are now part of the Philippine culinary canon, and are now embedded in our gastronomic DNA.”

Mr. Ramos quoted from Mexican poet and Nobel Prize winner Octavio Paz: “The melting pot is the social ideal that when applied to culinary art, produces abomination.” Mr. Ramos said, “I assure you that there’s nothing abominable with what you will partake tonight, especially when it comes from the kitchen of chef Waya.”

QUIAPO DINER
The dinner consisted of two bento boxes: one for merienda cena (a heavy afternoon meal), and the other for dinner, which had halal dishes.

The first course was Lumpiang Sariwa (fresh spring rolls) prepared in the manner of the one at the Globe Theater. The eatery has been around since the 1950s, serving its version of the dish made of heart of palm, crushed peanuts, and a homemade sauce — and, best of all, the whole thing costs P25.

Next up was the Rainbow Clubhouse sandwich with Excelente Ham, both pointing to efforts of Chinese entrepreneurs. The rainbow bread was made by Bakerite, which was established in 1946 when Wong Tong Liong, a baker of Chinese extraction, made a deal with a soldier for a truckload of flour. The rainbow bread has been a fixture at many Filipino children’s parties since. It was filled with Excelente Deboned Chinese Cooked Ham, whose popularity still rests within its lone site in Carlos Palanca St. in Quiapo (once known as Echague).

The second bento box showed a creamy and spicy beef rendang (stewed in coconut milk and spices), but also a veritable piece de resistance any chef would be proud of: Chicken Piaparan with Palapa, served with pastil. The pastil (cooked rice with a shredded meat topping wrapped in banana leaves) was tinted a delicate blue (presumably with the use of ternate flowers), and was served with Chicken Piaparan, a Maranao delicacy which saw chicken simmered in coconut milk and turmeric. This was served with palapa, a condiment of toasted grated coconut flavored with spices, but especially a scallion indigenous to Mindanao, turmeric, ginger, and chili (an uncle once joked that this was the reason why the Spanish came to the Philippines in the first place).

BUHAY QUIAPO
While guests on the Zoom call munched on these, Dr. Roz Li of Bakas Pilipinas (a New York-based heritage NGO) introduced Buhay Quiapo, a joint project of Bakas Pilipinas and the Department of Sociology and Anthropology of the Ateneo de Manila University.

“Quiapo is very big in the consciousness not just of people in Manila, but of the whole country,” she said. She pointed to Quiapo’s significance in the aesthetic, historical, religious, and economic sense, which is why it needs saving. As Mr. Ramos said, “We learned how to introduce new things, but we discarded the old and squandered our cultural capital,” pointing to Quiapo’s decline in the last 40 years or so.

Ms. Li said, “Now is a critical time for Quiapo. Although deteriorated, you can still feel its rich history and sense of place. Quiapo is presently under threat of obliteration, neglect, and new development.”

The objectives of the project include assessing the current state of Quiapo’s cultural heritage with a view towards conservation and revitalization, as well as identifying stakeholders, and formulating strategies with a view towards sustainable development and “overcoming poverty and inequality through creative and cultural human intervention approach.” Ms. Li summarizes it as: “How can Quiapo’s heritage improve the lives of the people in the community?”

Dinner concluded with closing remarks from Joel Oana, Senior Urban Planning and Development Consultant with the Manila City Planning Office. “Food is a key element in creating places. It fosters friendship and partnerships,” he said. “People, place, and partnership are what I consider in my planning practice as the key factors in the success of urban regeneration, and can only be sustained by caring and committed communities.”

Buhay Quiapo, with the partnership of the Ateneo Department of Sociology and Anthropology, will hold a series of talks beginning Nov. 19 called the “Living Heritage: Heritage Forum Series.” Find more details about the talks on facebook.com/ateneosocioanthro. —  Joseph L. Garcia

PAL says more int’l destinations on its network added to ‘green list’

An airplane is seen on the runway at the Ninoy Aquino International Airport (NAIA) in Manila, March 14, 2016. — REUTERS/ROMEO RANOCO/FILE PHOTO

PHILIPPINE Airlines, Inc. (PAL) announced on Wednesday that 12 more international destinations on its network have been added to the “green list.”

The destinations, according to PAL, include Jakarta, Hong Kong, Mainland China, Tokyo Haneda, Tokyo Narita, Fukuoka, Osaka Kansai, Nagoya, Dammam, Riyadh, Taipei, and Dubai.

“This green list classification will result in the easing of quarantine protocols for PAL passengers traveling from these countries,” PAL said in a statement.

Filipinos who are fully vaccinated have two options. They can present a negative coronavirus test result taken within 72 hours prior to departure from the country of origin, in which case the traveler will no longer be required to undergo a facility-based quarantine (but is highly encouraged to self-monitor for any symptoms until the 14th day after arrival). They can also take a coronavirus test upon arrival and undergo a facility-based quarantine only until the release of a negative test result.

As for the fully vaccinated foreigners, PAL said they “must present a negative [coronavirus] test result within 72 hours prior to departure from the origin country, and will no longer be required to undergo a facility-based quarantine (but is highly encouraged to self-monitor for any symptoms until the 14th day after arrival).”

PAL currently operates an average of 120 flights per day, representing 40% of its pre-pandemic regular flight frequencies.

“Pre-pandemic, we were averaging 300 flight legs a day,” PAL said in a statement on Monday.

“As we anticipate a surge in travel demand with the gradually improving health situation in the country, we continue to build up our flight route network and work closely with government to further ease travel restrictions without sacrificing passenger safety,” it added. — Arjay L. Balinbin

Wine brand gets celebrity boost

New Snoop Dogg Cali Red from 19 Crimes

WINE has always been a lifestyle drink, and for sure a celebrity association, whether it be in endorsement or in ownership form, will only help. Several celebrities have their names associated with wineries, including the likes of Oscar-winning director Francis Ford Coppola (under his eponymous winery name in Sonoma California — which was recently sold to Delicato Family Wines), ex-US president Donald Trump (Trump Winery in Virginia), Hollywood A-listers and former couple Brad Pitt and Angelina Jolie (Chateau Miraval in Provence, France), Chinese ex-NBA Superstar Yao Ming (Yao Family Wines in Napa Valley), Black Eyed Peas singer Fergie Ferguson (Ferguson Crest in Santa Barbara California) and at least a few dozen more celebrities that are actively involved in the wine business.

SNOOP DOGGY DOGG WINE LABEL
Calvin Broadus, Jr., better known as name Snoop Doggy Dogg, is one of the biggest pop music and hip-hop/rap artists in the world. I really love hip-hop/rap music, but more of the pop rap genre (like a fusion of pop music with rap) than the hardcore hip-hop music made famous by the NWA of Dr. Dre and Ice Cube in the late 1980s. Pop rap music in early 1990s, including iconic tunes like MC Hammer’s “Can’t Touch This’’ and Vanilla Ice’s “Ice Ice Baby,” were what I was listening to during my younger days. Nowadays, Eminem, Pitbull, Flo Rida, and Nicki Minaj are among my personal favorite hip-hop artists because of their songs that appealed to my music taste.

But Snoop Dogg is not far behind in my list mainly because he has the most unique melodic tenor voice among singers that is ultra-cool. I love two of his songs that were both made in collaboration with pop stars. There are his team-ups with Akon in 2006 on “I Wanna Love You,’’ and with Katy Perry in 2010 “California Gurls’’ — both these songs were No. 1 in the Billboard chart and made Snoop Dogg as famous in the mainstream pop music scene as he was already in hip-hop music.

But it is not only his voice that is great, his personality and image are just as awesome. Snoop Dogg’s hairstyles and sunglasses are part of his trademark look. He wears his hair either braided, in pigtails or in dreadlocks, and has different signature sunglasses on most of the time. Snoop Dogg has sold over 35 million albums worldwide and is still going strong.

A fast-growing wine brand from the giant Treasury Estate Wines group, 19 Crimes, pulled off a coup of sorts when it announced the launch of the Snoop Dogg Cali (short for California) Red wine. First, 19 Crimes wines, prior to this Cali Red, was all made in Australia. Then, getting an iconic celebrity like Snoop Dogg to have his name in the label is nothing short of groundbreaking. This 19 Crimes team-up is not Snoop Dogg’s first foray in the liquor industry. Snoop Dogg launched his own premium gin brand called Indoggo also last year. Snoop is also a shareholder in a Brazilian cachaca company called Cuca Fresca. Cachaca is Brazil’s most popular distilled spirit, made from fermented sugarcane juice.

Snoop Dogg is a savvy businessman and is best known for being a co-founder of Casa Verde Capital, an investment fund which is focused on the commercial cannabis/marijuana industry. No surprise here as being a known pothead was always part of Snoop Dogg’s giddy persona. Even when he appeared in movies, TV shows, and interviews, there would always be talks about weed. In 2015, Snoop Dogg even released his own brand of marijuana called Leafs by Snoop in Denver, Colorado.

CHECKERED PAST
It is public knowledge that Snoop Dogg had several legal issues in the past. He was first arrested for possession of cocaine in 1989, fresh after graduating from high school, and had been in and out of prison in his late teens. But his fortunes changed when he was featured on Dr. Dre’s debut solo single, “Deep Cover,” in Dre’s solo album, The Chronic. Even with fame and fortune, Snoop Dogg continued to have brushes with the law, but as he got older, the frequency was less, and the last incident in recent memory was when Snoop Dogg was arrested in Sweden for being under the influence of weed, which is illegal in Sweden. This was so tame compared to the old days when Snoop Dogg would be implicated for illegal gun possession or connected with the murder of a rival gang member.

Snoop Dogg’s checkered past is what made the 19 Crimes collaboration so brilliant. The 19 Crimes name came from the British Empire during the 18th century. The brand refers to the 19 specific crimes of that period that forced convicted offenders into what is called “penal transportation.” These convicts were sent to Australia and turned into colonists and that shaped what is now modern Australia. Just like these convicts who were given a second chance, the same could be said of the celebrity Snoop Dogg.

I recently tasted the 19 Crimes Snoop Dogg Cali Red 2019, which is a wine made from a blend of 65% petite syrah, 30% zinfandel, and 5% merlot from the Lodi wine region in Northern California. From the first pour, the color was already very captivating, with its brooding dark purple hue. On the nose, it is very similar to the other 19 Crimes Australian reds I’ve tried before which was super grapey on first whiff.

The author is the only Filipino member of the UK-based Circle of Wine Writers. For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at wineprotege@gmail.com, or check his wine training website https://thewinetrainingcamp.wordpress.com/services/.

The rest of my tasting notes go: “Lots of berries, tutti-frutti aromas, silky, very quaffable, off-dry, just an easy, fruit-driven wine from start to finish.”

If you are for looking for complexity, this is not the wine for you. Like Snoop Dogg’s character, this is a “chill” wine to enjoy with or without food.

19 Crimes Snoop Dogg Cali Red is now available in the country at retail price of around P800 per bottle. Soon another Snoop Dogg Californian wine will be coming — this is the Snoop Cali Rosé. Like all 19 Crimes wines, the Cali Red comes in a frosted bottle, and the label also has an augmented reality feature, which has Snoop Dogg come to life when viewed from a downloadable app.

Time to get chill and be on a natural legal high.

The author is the only Filipino member of the UK-based Circle of Wine Writers. For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at wineprotege@gmail.com, or check his wine training website https://thewinetrainingcamp.wordpress.com/services/.

REIT firms’ portfolios outdo ‘market jitters’ — Leechiu Property

LEECHIU Property Consultants (LPC) said the portfolios of the listed real estate investment trust (REIT) companies are “resilient,” all with an occupancy rate of 90% or higher, as Information Technology and Business Process Management (IT-BPM) firms continue to take up office spaces.

“It is to the credit of the REIT sponsors that they put together resilient IT-BPM heavy office portfolios that squarely addressed market jitters,” LPC Director of Research and Consultancy Roy Amado Golez said in a statement on Wednesday.

LPC said IT-BPM firms still took up office spaces even amid the pandemic as companies in recovering economies in the West still outsource jobs in the Philippines and in India. It noted that 129,000 square meters (sq.m.) of office requirements out of 228 sq.m. will be closed in the next six months.

Meanwhile, contractions and lease terminations declined 69% to 42,000 sq.m. in the third quarter this year from 253,000 sq.m. logged in the fourth quarter last year. 

“Our numbers indicate that IT-BPMs continue to be expanding in the Philippines, although at a slower rate than in 2019 and earlier. Some observers contend that more contractions will drive down REIT prices, but that is not supported by the data we have presented,” said Mikail C. Barranda, director for commercial leasing at LPC. 

As of Nov. 12, LPC noted the 67% price appreciation since Ayala’s AREIT, Inc. listed at the exchange last year.

This was followed by a string of REIT offerings by developers this year, namely: DoubleDragon Properties Corp.’s DDMP REIT, Inc. (DDMPR), Filinvest Land, Inc.’s Filinvest REIT Corp. (FILREIT), Robinsons Land, Corp.’s RL Commercial REIT, Inc. (RCR), and MREIT, Inc. of Megaworld Corp.

“Top REIT portfolios,” RCR and MREIT, have posted stock price appreciations of 11% and 12%, respectively. 

LPC also noted that the top portfolios’ gross leasable areas are 100% accredited by the Philippine Economic Zone Authority (PEZA). Mr. Barranda said that since PEZA-accredited spaces are limited until 2025, these “will remain highly viable for the next few years.”

The weighted average leasing expiry of the portfolios are said to range from 3.9 years to 5.8 years, which also include annual escalation clauses in their contracts. 

LPC noted that REITs have a combined market capitalization of P260 billion, with approximately 80% of the REIT assets located in the central business districts.

LPC said, “this is an opportune time to build a REIT investment base before post-COVID-19 (coronavirus disease 2019) recovery speeds up capital value appreciation once again,” pointing to the “hypergrowth” seen after the global financial crisis in 2008. — Keren Concepcion G. Valmonte

PASIA expanding supply chain platform to address challenges

Manila-based Procurement and Supply Institute of Asia (PASIA) announced on Wednesday the expansion of its business-to-business integrated supply chain platform consisting of end-to end-solutions and services.

PASIA, a global supply chain, procurement and logistics institute and shared services provider, said in an e-mailed statement that the expansion of its platform is aimed at “meeting pressing challenges.”

The expansion covers online supply chain academy, e-supply chain forecasting, e-procurement, e-payment, e-logistics, GPAS (global platform for assessing suppliers), and supply chain financing, among others. 

PASIA said additional services and technologies are being ramped up through partnerships.

“Being in the Philippines has several unique and compelling value propositions being a renowned business process outsourcing country provider, making the business model of PASIA in demand and not easily duplicated,” it noted.

PASIA is conducting a two-day conference from Nov. 18 to 19 with the theme, “The Great Supply Chain Reset: Respond, Fortify & Innovate.”

PASIA said the event aims to share various strategies and innovative measures to mitigate the impact of the global health crisis on businesses. — Arjay L. Balinbin

King Richard portrays the power behind the Williams sisters’ throne

LOS ANGELES — Long before Venus and Serena Williams were old enough to pick up a tennis racquet, their father had their future mapped out.

His story is the heart of the new film King Richard, opening in US movie theaters and HBO Max on Friday, and made with the backing of the Williams family and a rousing song by Beyonce.

Although Venus and Serena Williams are now household names and icons of Black female empowerment, the tale of how they reached the heights of sporting fame from a hardscrabble neighborhood in Los Angeles is barely known.

Played by Will Smith, Richard Williams was coach, dad, and promoter of the girls, training with them on broken-down public courts in 1990s South Los Angeles, collecting discarded balls, and battling derision and skepticism to get them attention.

“It’s like asking someone to believe you have the next two Mozarts living in your house,” one early skeptic tells him.

“Richard had this vision and really wrote a 75- or 80-page manifesto before Serena and Venus were born that they were going to have two more kids and they were going to become the top two tennis players in the world,” said Tony Goldwyn, who plays Paul Cohen, their first professional coach.

Mr. Williams was a big personality who constantly challenged Mr. Cohen’s training methods and technique.

“The real Paul told me he loved Richard for that. He knew where it was coming from was a place of love and commitment,” said Mr. Goldwyn.

Isha Price, one of Venus and Serena’s three older half-sisters, was an early collaborator on the script, providing details and recollections that made the movie the story of the family. Richard Williams has been in ill health for years and did not take part.

Venus Williams said she got emotional watching it. “Just like watery eyes, and the moment, the family moments of togetherness and the father-daughter moments are like, ooh,” she said.

While the film uses authentic players as doubles for much of the action, actors Demi Singleton (Serena) and Saniyya Sidney (Venus) had to undergo months of intensive training to learn how to hit the ball, serve and play the kind of power tennis the young sisters were known for.

“They’re such extraordinary people and they’re very nice. Such big hearts,” Sidney said. “They gave us great advice on just growing up in this world and how they felt when they were a kid and to always make sure you stay close to your family.” — Reuters

CHED greenlights face-to-face training of collegiate athletes

By Joey Villar

THE Commission on Higher Education (CHEd) gave its approval to the resumption of practice for student athletes provided they comply with the requirements and guidelines the agency set recently.

In documents obtained by The STAR, an athlete must acquire a letter of intent, a sworn statement from the school he or she plays for, a health declaration form, and a proof of document from local government units for inter and intra travels.

Schools conducting training must also secure a Collegiate Training Activities Certificate of Compliance duly signed by athletics directors and approved by university presidents or heads to the CHEd’s central office prior to conducting onsite inspections.

Training sites must adhere to strict protocols, among them the regulation of inventory list and occupancy capacity, appropriation of dormitory facilities, transportation, food, drinks and mental health provisions, observation of RT-PCR testing or a 14-day isolation, and provision of screening area and allocation of study rooms with strong internet connections.

CHEd is also obligating schools to provide ample supplies of personal hygiene kits both for student athletes, coaches and personnel, a health monitoring logbook and implementation of regular disinfection of the venues to be used.

A student athlete must also have a parental or guardian’s consent and an ID to be issued by their respective leagues.

It marks the first time in two years that student athletes would be allowed face-to-face training since being barred to do so due to the coronavirus disease 2019 (COVID-19) pandemic.

Because of these recent developments, athletes may now start preparations for their forthcoming leagues.

The National Collegiate Athletic Association (NCAA) is targeting to open its Season 97 in January next year while the University Athletic Association of the Philippines (UAAP) is eyeing February.

The NCAA is looking at holding basketball and volleyball events apart from its online events while the UAAP is seeking to stage men’s basketball and women’s volley.

But CHEd’s recent decision may allow both leagues to open its doors on other events like track and field and swimming.

Term deposit yields mixed on RTB offering, high US inflation

BW FILE PHOTO
YIELDS on the central bank’s term deposits were mixed on Wednesday. — BW FILE PHOTO

YIELDS on the central bank’s term deposits ended mixed on Wednesday following the start of the government’s offer of retail bonds on Tuesday and amid elevated US consumer inflation.

Total bids for the term deposit facility of the Bangko Sentral ng Pilipinas (BSP) reached P607.646 billion on Wednesday, higher than the P550-billion offering and also beating the P560.497 billion seen a week earlier.

Broken down, demand for the seven-day term deposits amounted to P191.315 billion, surpassing the P170 billion auctioned off by the BSP but lower than the P204.327 billion in tenders logged the previous week.

Accepted rates for the tenor ranged from 1.7% to 1.775%, slightly wider than the 1.7% to 1.76% band seen a week ago. This brought the average rate of the one-week papers to 1.7374%, down by 0.47 basis point (bp) from the 1.7421% logged previously.

Meanwhile, bids for the 14-day term deposits hit P416.331 billion on Wednesday, surpassing the P330-billion offer as well as the P356.17 billion in demand on Nov. 10.

Banks asked for yields ranging from 1.74% to 1.8088%, a narrower margin compared with the 1.74% to 1.85% seen last week. With this, the average rate of the two-week papers inched up by 0.42 bp to 1.7678% from 1.7636% in the prior auction.

The central bank has not offered 28-day term deposits for more than a year to give way to its weekly offering of bills with the same tenor.

The BSP uses the TDF and its short-term securities to mop up excess liquidity in the financial system and guide market rates.

Term deposit yields were mixed on Wednesday after the government’s retail Treasury bond (RTB) offering, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

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.

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.

US inflation data released last week also affected TDF yields, Mr. Ricafort added.

The US Labor department reported on Nov. 17 that the consumer price index rose 0.9% in October, according to Reuters. This brought the annual increase in the consumer price index to 6.2%, which was the biggest since November 1990. — Luz Wendy T. Noble with Reuters