LRWC banks its maiden online entertainment platform – BingoPlus

July 27, 2022 | 12:02 am

Leisure & Resorts World Corporation (LRWC) is one of the leading providers in the gaming and leisure industry. Its 20-year expertise has led to its dominance in the retail gaming market, providing world-class multi-gaming platforms with a strong distribution network.

As the company maintains its vision, LRWC adapts to the innovative changes of realm due to the COVID-19 pandemic thus the making of BingoPlus started. “One of the company’s major strategies is to strengthen online platforms to provide more and better entertainment opportunities to customers during the pandemic,” LRWC president Andy Tsui shared.

BingoPlus is one of the newest entertainment offers of LRWC. It is the first online bingo in the country, which has secured a license from the Philippine Amusement and Gaming Corporation. BingoPlus is the perfect alternative for those who appreciate playing social bingo prior to the lockdown. It enables players to enjoy bingo at their convenience from the comforts of their own homes, all you need is a good internet connection and a mobile device. Through non-stop innovations, BingoPlus can be streamed live, in real-time, and it is operating 23 hours a day. Certainly, this is a considerable addition to all entertainment activities that are available in the market.

A quick snap during the pilot episode of the BingoPlus day. (from left) BingoPlus day host Ogie Diaz, LRWC President Andy Tsui, BingoPlus first brand celebrity endorser Luis Manzano, BingoPlus President Jasper Vicencio, and BingoPlus day host Marco Gumabao.

Moreover, as the brand pledged inclusivity, BingoPlus aired its pilot episode of BingoPlus Day on June 04, which was hosted by Ogie Diaz, Marco Gumabao, and Lance Edward. It was a day filled with laughter, entertainment, and heartfelt stories from our three jackpot winners. To finalize the event, BingoPlus announced its first-ever celebrity brand endorser, Luis Manzano. The most sought-after game show host was personally hand-picked by the corporation as they see Mr. Manzano as a perfect fit for the brand. “Mr. Manzano is already a familiar face to all of us. As the country’s “Pangbansang Host” we are happy to be part of his long list of endorsements. This is proof of our commitment to upholding our brand’s integrity and being among the most reputable brands in the gaming industry,” BingoPlus president Jasper Vicencio said.

BingoPlus logo flashed on LEDs in SM MOA Arena during one of the PBA games.

BingoPlus also recently inked a deal with VIVA artist as one of the major sponsors of the Luv-Anne the comeback concert in VIVAMAX of Anne Curtis. This partnership is a symbol of support to all our OPM artists to continue with their chosen crafts and to relive the vibe of OPM songs. Apart from entertainment sponsorship, BingoPlus is also supporting All-Star Bacolod Ballers (ABB), a professional basketball team representing the City of Bacolod in the province of Negros Occidental. ABB is part of the ongoing second season of the Filipino Basketball League 2022. Lastly, BingoPlus teamed up with the Philippine Basketball Association (PBA) as its official Bingo partner for season 47 of the PBA. The partnership deal was sealed on April 06, during the halftime break of the PBA Governors Cup.

Through the joint efforts of LRWC and BingoPlus, it was able to extend help and sparked hope to the 600 families affected by typhoon Odette in Lapu-Lapu City, Cebu in January, and to the more than 150 families affected by typhoon Agathon in Leyte in May. This is proof that LRWC and BingoPlus are here not only in times of happiness but more importantly the brands are present in times of adversity and mishap.

BingoPlus awards a check worth 5 million to one of the jackpot winners during BingoPlus Day.

To date, BingoPlus has payout more than 14 billion pesos since its launch in January 2022. You may visit www.bingoplus.com for more details.

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BTr fully awards bond offer on strong demand for long tenors

July 27, 2022 | 12:02 am

THE GOVERNMENT fully awarded the reissued benchmark 25-year Treasury bonds (T-bonds) it auctioned off on Tuesday amid strong demand that led it to open its tap facility to offer another P10 billion of the papers.

The Bureau of the Treasury (BTr) on Tuesday raised P35 billion as planned from its offer of reissued 25-year securities that have a remaining life of 13 years and four months. Total bids for the papers reached P94 billion or more than thrice the amount on the auction block.

Rates awarded ranged from 6.75% to 6.949%, bringing the average yield on the bonds to 6.894%, up by 1 basis point (bp) from the 6.884% average but 123.1 bps lower than the 8.125% coupon fetched for the series when it was first offered on Dec. 14, 2010.

The average rate for the tenor was also 8.8 bps below the 6.982% PHP Bloomberg Valuation Reference Rate for the 15-year paper — the benchmark closest to the remaining life of the offered securities — and 2.8 bps lower than the 6.922% quoted for the 25-year tenor at the secondary market before the auction, based on data from the BTr.

The benchmark 25-year papers offered on Tuesday were issued on Dec. 16, 2010 following a bond exchange program by the government, the first time a swap was offered for the tenor. The issuance reached P166.22 billion, surpassing the initial P30-billion program.

To accommodate the strong demand seen for Tuesday’s offering, the Treasury opened its tap facility to raise P10 billion more via the bonds at the same average rate awarded during the auction proper.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the government fully awarded its T-bond offer as the long-tenored papers continued to attract strong demand from investors looking for higher yields.

“The rate was lower than secondary and market did not ask for any maturity or illiquidity premium,” Ms. De Leon said.

Given the results of the BTr’s T-bond auctions this month, the August borrowing program will again include long tenors, she added.

The first trader likewise said strong interest in longer tenors led to the Treasury’s successful auction.

“Right now, long-end bonds are ‘trending,’ as evidenced by strong auction turnouts this month. Market players are currently bargain hunting on the long-end sector for better yield pickup against the backdrop of monetary tightening cycle by central banks,” the first trader said.

“Another successful auction for BTr,” the second trader said. “As observed in last week’s 10-year auction, it seems that there is strong demand from end-users who are awash with liquidity.”

Global central banks, including the Bangko Sentral ng Pilipinas (BSP), have been tightening their monetary policies as supply chain and geopolitical issues have caused inflation to rise.

The BSP Monetary Board on July 14 raised its benchmark interest rates by an all-time high 75 bps in an off-cycle review. The surprise move came ahead of its regular policy meeting scheduled on Aug. 18, and follows two 25-bp rate hikes each in May and June.

BSP Governor Felipe M. Medalla said then that the big rate increase was due to signs of growing price pressures, compounded by the impact of aggressive tightening by the US Federal Reserve on the peso, which could lead to higher inflation.

On Tuesday, Mr. Medalla said the central bank will likely hike borrowing costs by another 25 bps or by 50 bps at their August meeting with the Fed expected to continue firing off big rate increases, although he ruled out another off-cycle move.

Headline inflation was at a near four-year high of 6.1% in June, bringing the first-half average to 4.4%, above the BSP’s 2-4% target but still below its full-year forecast of 5%.

Tuesday’s T-bond auction was the last one for the month. The government raised P140 billion as planned via bonds on the back of robust demand for higher-yielding longer tenors amid expectations of higher interest rates due to mounting inflationary pressures.

With the BTr raising P54.81 billion via Treasury bills this month against the P60-billion program, the government was able to borrow P194.81 billion out of its P200-billion plan for July.

It is expected to release its August domestic borrowing plan this week.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — Diego Gabriel C. Robles

A primer on the Mandanas ruling and how things might play out in fiscally constrained times

July 27, 2022 | 12:01 am

FOR DECADES, the government maintained an extremely literal interpretation of the words “internal revenue,” taking the view that it referred to the collections of the Bureau of Internal Revenue (BIR). This is no mere quirk of semantics, since what constitutes “internal revenue” is literally a billion-peso question. Local governments have contended for years that they are entitled to their full 40% share of ALL government tax collections, and not just their share of “internal revenue,” as implied by the previous name of their government subsidy, the INTERNAL REVENUE Allotment (IRA). How we got from there to the subsidy’s new name, the National Tax Allotment (NTA), is a tale in itself, involving a years-long struggle on the part of local governments to gain access to a bigger share of the National Government’s income.

Our story starts with the Local Government Code of 1991 (Republic Act No. 7160). It is a document infused with the spirit of devolution, drafted (by Senator Aquilino Q. Pimentel, Jr.) with a view towards giving local government units (LGUs) the means to invest in their own capacity to govern.

But the unblemished truth is that many LGUs cannot function without some sort of subsidy, being incapable or unwilling to generate resources of their own. Thus Mr. Pimentel saw fit to legislate a 40% share of the “national internal revenue taxes on collection of the third (3^rd) fiscal year preceding the current fiscal year.” This share he called the IRA.

In simple terms, the LGUs get a cut of the National Government’s “internal revenue” from three years prior — which means that in 2022, their take will be based on the National Government’s 2019 income.

The Code also prescribes a way to divide the IRA spoils, with provinces getting 23% of the kitty, cities 23%, municipalities 34%, and barangays 20%. Within each category of LGU there are further criteria for distribution, with a full 75% of the distribution formula weighted towards population (50%) and land area (25%).

This manner of distributing the pot may have driven mayors to seek out ways to maximize their take. The most popular means of doing so is to convert a municipality into a city — thus bumping up a town to a category with fewer entities to share IRA with. There are just under 1,500 municipalities in the Philippines, who have to share a kitty of 34% of the National Government allocation. By way of contrast, cities have to share a 23% pot, but there are less than 150 of them. Do the math, and you will conclude that mayors have an overwhelming incentive to want to graduate from municipality to city status.

Into our narrative steps the hero of our story (or villain, if you’re the Department of Finance, which is not at all fond of losing control of money that it worked hard to generate) — Hermilando I. Mandanas, governor of Batangas, and the petitioner of record to the Supreme Court in a ruling that would set the tone for how the Local Government Code’s provisions on revenue sharing need to be interpreted. His basic argument was that local governments need to be given more than just “internal revenue.” And the Supreme Court happened to agree with him.

In a 2018 resolution issued by then-Chief Justice Lucas P. Bersamin, the court formally declared as “UNCONSTITUTIONAL” (the capital letters are the Court’s own wording, and not added for emphasis) the phrase “internal revenue” as defined in Section 284 of the Code. It also ordered the phrase “DELETED” (again, the Court’s own wording) from Section 284. It also ordered a rewrite of Section 284 to read: “Local government units shall have a share of the national taxes…”

The Mandanas petition no doubt benefited from a provision in Section 5 of the Code that required any disputes over interpretation of a local government’s powers to be “liberally interpreted in (the local government’s) favor” and that any such questions “be resolved in favor of devolution of powers.”

Long story short, the IRA is now the NTA, the National Government needs to throw into the NTA pot a share of the collections of non-BIR agencies like Customs, and Mr. Mandanas is the idol of every last governor and mayor and barangay captain in the land. And everybody lived happily ever after… well, not quite.

The Code allows the National Government an escape clause in the event of an “unmanageable public sector deficit.” Should that happen, the President is authorized to knock down the IRA (now NTA) from 40% to as little as 30%. This nuclear option may be resorted to only on the recommendation of the Secretaries of Finance, Interior and Local Government, and Budget, as well as consultation with Congress and representatives of the local government associations. It is unclear how bad the deficit will need to be for such an option to be resorted to, but the recent loading up of National Government debt — to beyond the 60% of GDP deemed sustainable for developing countries — might be something to watch, because it could mean we are creeping closer to a trigger event for a 30% NTA. The temptation to declare such an emergency grows the more straitened the government’s finances become.

Fiscal emergencies aside, the question remains — what will LGUs do with the extra money? The previous government’s Finance department immediately started drafting plans to devolve functions to the local level which were formerly handled by the National Government. This eventually led to Executive Order (EO) No. 138, which outlined a devolution timetable with a 2024 end date. The EO put a number to the value of devolved functions — P234.4 billion.

We have no access to the complete list of functions the National Government proposes to shed. But we do know that some departments are no-brainers for devolution. The Department of Agriculture (DA) comes to mind — if there were any arm of government best suited to be run by rural constituencies, it would be the DA. For reference, P234.4 billion is about 341% of the DA’s 2021 budget. The Department of Social Welfare and Development (DSWD) seems like a suitable candidate as well. If local governments were to perform DSWD functions, the P234.4 billion would be equivalent to nearly 139% of the department’s 2021 budget.

Of all the functions performed by the National Government, perhaps nothing needs to be brought closer to the people than healthcare. Assuming all the devolution in EO 138 were done on the healthcare side, the P234.4 billion would represent more than 173% of the Department of Health’s (DoH) 2021 budget. That’s a lot of hospitals, and may require a degree of persuasion (or coercion) on the government’s part for doctors 1. not to emigrate; 2. not to congregate exclusively in the big cities; and 3. to spend at least part of their time addressing the rural-urban imbalance in access to doctors. As things stand, the Philippines’ hospital bed-to-patient ratio was estimated in 2019 at 591 to one in Metro Manila but 4,200 to one in Mindanao.

Assuming that local governments get their hands on more money — and it’s not at all certain how much more, because the 2023 NTA will be based on the National Government’s tax collections during the pandemic year of 2020 — will they be capable of disbursing it all in productive ways? The World Bank estimates that the NTA kitty could grow by as much as 55%, and expressed confidence that devolution will “improve capacity… and enhance transparency and accountability” en route to decentralizing the Philippine State. Some have expressed the opinion that the Philippines has somehow accidentally blundered into federalism by some other means. It is possible to be optimistic about well-resourced local governments being more responsive to the needs of people nearest them. It is also possible to be pessimistic. Time will tell. — T.R. Medina

Global leaders, experts convene at ABAC Forum on skills and services of the future

July 27, 2022 | 12:01 am

Understanding the need for urgent action to ensure that talent and businesses alike are prepared to leverage on emerging technological trends as part of the services sector’s broader strategy for growth and recovery in the Asia-Pacific region, APEC Business Advisory Council (ABAC) REIWG Services Trade Lead Sabin Aboitiz brought together global thought leaders and experts to exchange insights and best practices at the recent ABAC Public-Private Dialogue held last July 12.

“The race to provide faster and better services to more customers is definitely a heated one, but I believe the APEC region is ready and capable to secure a strategic position in that race,” Aboitiz emphasized in his opening message.

Centered on the theme ‘Sharpening Your Edge: Skills & Services for the 21st Century,’ the program hosted by Aboitiz Group Chief Reputation & Sustainability Officer Ginggay Hontiveros, tackled the increasingly digital-enabled service deliveries and how they affect the future of the workplace as well as the capabilities of the workforce.

“It’s no surprise that the Services sector has always actually been the people-centric sector, which is why the sector contributes more to employment typically than it does even to GDP. Even in the analog economy, a services firm would spend up to 80% of its outgoings on human resources,” explained Forum Moderator Prof. Jane Drake-Brockman, founder and director of the Australian Services Roundtable, and co-convenor of the Asia Pacific Services Coalition.

In addressing the questions pertaining to human capital in relation to the increasingly digitized services space, the program featured two panels consisting of global leaders from the public and private sector, as well as the academe.

Taking part in the session on Services Transformation and the Future of Work were Janos Ferencz, Trade Policy Analyst at Organization for Economic Cooperation and Development (OECD); Dr. David Hardoon, Managing Director of Aboitiz Data Innovation (ADI); and Adam Bregu, Director of Business Development and Partnerships of Startup Genome.

“Upgrading skills and adapting them to the requirements of the services-based digital economy should be a policy priority in APEC and it should be a policy priority globally,” Ferencz shared. “Such policies could be related to improving skills or putting in place labor market policies that promote the inclusion of women, enhanced matching between employers and employees, and aim at reducing the negative effects on displaced workers and also on workers that experienced reductions in wages.”

Joining the discussion for the second session on Upskilling and the Future Workforce were Michelle Rubio, EVP and Chief Human Resources Officer of UnionBank; Dr. Jikyeong Kang, President and Dean of the Asian Institute of Management (AIM); Dr. Michael Fung, Executive Director, Institute for the Future of Education at Tecnologico de Monterrey; and Prof. Dong Sun Park, Lead Shepherd of the APEC Human Resources Development Working Group (HRDWG).

Among the forum’s key points involved the case for lifelong learning as a universal good as a means to ensure that the workforce constantly evolves as new technologies, services and business processes come to the fore.

“The organization and its people must have an alignment to evolve and be relevant in addressing shifts. This means having a culture of learning across levels that constantly challenges processes and behaviors in order to find the best way to undertake work,” UnionBank Chief Human Resources Officer Michelle Rubio suggested. “As businesses and economies rebuild, those that take the opportunity to remake and future-proof their workforce will pull ahead of competition, thrive, and face the future with a better chance of success.”

Further fortifying this sentiment was ADI Managing Director Dr. David Hardoon who pushed for a technological and data-driven culture at an organizational level to create an enabling environment for talent and skills development.

“Upskilling is not enough. These should be supplemented with programs with respect to overall culture and mindset within the organization,” Hardoon remarked. “But how do we incorporate data, AI, technology into the mindset of the culture? This doesn’t happen without the right nudge or preemptive planning, effectively, which is critical. It is never about technology, it’s about the capacity and will of adopting it.”

For her part, AIM President and Dean Dr. Kang advocated for a holistic approach towards talent development—one that involves the active participation of all its stakeholders.

“Businesses should take on upskilling as a core investment that will deliver business and economic value. Governments should go beyond and above rhetoric and take concrete steps for skills development. They have to create platforms, adapt to an agile approach, create a pipeline of employment-inducing projects and formulate a national skills policy,” Kang asserted.

This was echoed by APEC Group on Services Convenor Thomas Fine in his closing message, who urged the public sector to enact policies that will be more conducive to services trade and favorable to the human capital.

“Governments must avoid unwise and brittle barriers to trade, but rather, enable the flexibility that our suppliers, workers, and consumers require to make adjustments to their economic behavior in response to new challenges,” Fine noted.

“Businesses, too, must be flexible to provide their services in new ways as the needs of their customers change. And above all, workers must be prepared with the skills they need to respond and thrive in a rapidly changing environment,” he concluded.

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Twenty million lives

July 27, 2022 | 12:01 am

In the first year of global vaccination programs, close to 20 million out of a potential 31 million coronavirus disease 2019 (COVID-19) deaths were prevented worldwide, according to a study.

Researchers from the Imperial College London MRC Centre for Global Infectious Disease Analysis estimated the impact of global vaccination programs by using an established model of COVID-19 transmission facilitating country-level data for officially recorded COVID-19 deaths in 185 territories.

Published this June in The Lancet, the study covered the first year that COVID-19 vaccination programs were implemented around the world, from Dec. 8, 2020, to Dec. 8, 2021.

To account for under-reporting of deaths in countries with weaker surveillance systems, they carried out a separate analysis based on the number of excess deaths recorded above those that would have been expected during the same time period.

Where official data was not available, the researchers used estimates of all-cause excess mortality. These analyses were compared with an alternative hypothetical scenario in which no vaccines were delivered.

The model accounted for variation in vaccination rates between countries, as well as differences in vaccine efficacy in each country based on the vaccine types known to have been predominantly used in those areas.

Health data company Airfinity added further analysis to the Imperial College London study using its unique time series data set on vaccine distribution. Taking the study’s findings on deaths averted per country, Airfinity examined which vaccines were administered in each country to determine the breakdown of lives saved per vaccine.

Using this methodology, Airfinity calculated that AstraZeneca saved 6.3 million lives; Pfizer, 5.9 million lives; Sinovac, 2 million lives; and Moderna, 1.7 million lives.

Airfinity analytics director, Dr. Matt Linley, noted that AstraZeneca and Pfizer both succeeded in scaling up their vaccine production quickly and delivering doses before other manufacturers.

“AstraZeneca may have saved the most lives due to where its primary series was distributed and who received it. Its vaccines first went to older age groups in high income countries and nations with less robust healthcare systems. Both factors would have resulted in averting more deaths in the first year of vaccinations,” he said.

The largest real-world evidence study for a COVID-19 vaccine reported to date in the US showed that the single-shot Johnson & Johnson COVID-19 vaccine has a stable vaccine effectiveness of 79% for COVID-19-related infections and 81% for COVID-19-related hospitalizations.

There was no evidence of reduced effectiveness over the study duration, including when the Delta variant became dominant in the US Sequencing data were not available for analysis. The study included 390,000 people who received the Johnson & Johnson COVID-19 vaccine versus approximately 1.52 million unvaccinated people matched on age, sex, time, three-digit zip code, and comorbidities and predictors for COVID-19 infection severity conducted from March to late July 2021.

A booster shot of the J&J vaccine given 2 months after the first vaccine provided 94% protection against symptomatic (moderate to severe/critical) COVID-19 in the US.

An expert review has concluded that the most-studied COVID-19 vaccines provide consistently high (over 90%) protection against hospitalizations and deaths, regardless of variant.

Conducted by experts from Southeast Asia including Filipino infectious disease specialist Dr. Rontgene M. Solante and supported by analysis of Asian and relevant international data, the expert review also found that this protection appears equivalent for mRNA vaccines (Pfizer and Moderna) and vector vaccines (AstraZeneca).

According to the Imperial College London research team, COVID-19 vaccination has substantially altered the course of the pandemic, saving tens of millions of lives globally.

However, they pointed out that inadequate access to vaccines has limited the life-saving impact of COVID-19 vaccination in low-income countries, reinforcing the need for global vaccine equity and coverage.

The International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) calls on manufacturers, governments, and non-governmental organizations to work together and take urgent steps to address vaccine inequity. Immediate action must focus on stepping up responsible dose sharing and maximizing production without compromising quality or safety.

According to the study, 20 million lives have been saved because vaccines work. COVID-19 vaccines lower the chance of getting the virus. They can also protect a person from getting seriously ill. Finally, they make a vaccinated person less likely to infect others. However, vaccines won’t work if people don’t take them.

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Queen Elizabeth’s jewels on show at Buckingham Palace for Platinum Jubilee

July 27, 2022 | 12:01 am

The-Diamond-Diadem — The Diamond Diadem — PHOTO FROM ROYAL COLLECTION TRUST / © HER MAJESTY QUEEN ELIZABETH II 2022

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LONDON — Portrait pictures of a young Queen Elizabeth II taken at the beginning of her reign and the jewels she wore have gone on display at Buckingham Palace.

Tiaras, earrings and necklaces form part of The Queen’s Accession exhibition marking her record-breaking seven decades on the throne.

Ninety-six-year-old Elizabeth, Britain’s longest-reigning and currently the world’s oldest monarch, became queen on Feb. 6, 1952, on the death of her father King George VI.

The display is available to guests visiting the palace’s State Rooms, which are open to the public for the first time in three years. — Reuters

Pilmico launches breeder, nursery farm in Nueva Ecija

July 27, 2022 | 12:01 am

PILMICO Animal Nutrition Corp., the food and agribusiness subsidiary of the Aboitiz group, has launched its fourth breeder and nursery farm in Talugtug, Nueva Ecija to boost local swine production.

The farm is expected to have an additional capacity of 2,500 sow level, which can produce 4.7 million kilograms of pork meat annually.

“The past few years have been challenging for us in the swine industry mainly because of the impact of African Swine Fever (ASF),” said Pilmico First Vice-President William Paradies in a statement.

He said that in line with the company’s mission to feed humanity, “it is a big priority for us in Pilmico to contribute to the recovery of the industry by boosting the production capacity of local pork.”

The breeder and nursery farm is equipped with biosecurity measures and technologically advanced equipment in swine production.

Pilmico said that as the threat of COVID-19 and ASF continues, “the breeder and nursery farm was designed and constructed with heightened biosecurity measures. It is equipped with modern designs and the latest technology in swine production, following the high standards of a world-class facility.”

Mr. Paradies added that the firm is committed to supporting the government in uplifting the swine industry “so that together, we can serve more Filipinos with great quality pork.”

A portion of the farm’s output will be processed at Pilmico’s meat-cutting facility, Tarlac Meatmasters. — Luisa Maria Jacinta C. Jocson

UnionBank’s social bond proceeds finance loans to 3,751 small businesses

July 27, 2022 | 12:01 am

UNIONBANK of the Philippines, Inc. (UnionBank) used the proceeds of its $150-million social bond issuance to help finance loans to small- and medium-sized businesses.

UnionBank submitted its 2021 Social Bond Allocation and Impact Report in a disclosure to the local bourse on Tuesday.

“The proceeds of the Social Bond shall be allocated exclusively to qualified Micro, Small and Medium Enterprises (MSME) loans, screened against the IFC (International Finance Corp.) eligibility criteria and exclusion list,” the bank said in the report.

“As of Dec. 31, 2021, the Social Bond Use of Proceeds Registry amounted to P7.793 billion, representing 103.225% allocation to the gross proceeds of the Social Bond,” UnionBank added.

The bank financed 3,751 MSME loans from the proceeds of the social bond, it said. Refinancing of outstanding loans made up 90.75% of the allocation, while 9.25% went to financing new loans.

With the use of proceeds being exclusively for MSME loans, 100% belong to the Employment Generation Social Project Category.

“In the Philippines, MSMEs accounted for over 90% of businesses and over 60% of jobs pre-COVID-19 (coronavirus disease 2019), but MSME loans only accounted for 6% of total bank loans in the country. This makes increasing access to MSME financing critical to fostering a resilient and inclusive [economy],” UnionBank said.

“MSMEs have also been disproportionately impacted by COVID-19 and the Social Bond has helped UnionBank boost financing for MSMEs primarily through its supply chain financing platform, enabled using digital technologies,” it added.

UnionBank issued $150 million or P7.55 billion in social bonds with IFC as sole investor on July 23, 2021. The deal was IFC’s first pandemic response social bond investment in Asia, which is expected to help create jobs in the MSME sector.

The dollar-denominated bonds have a seven-year tenor and were issued under the bank’s sustainable finance framework.

The bonds conform with International Capital Markets Association social bond principles and the ASEAN Social Bond Standards, as confirmed by a second-party opinion provided by research and ratings company Sustainalytics.

UnionBank recorded a lower net profit in the first three months of the year as trading gains normalized. Its net income dropped by 45% to P2.6 billion in the first quarter from P4.72 billion in the same period last year.

Shares in the Aboitiz-led bank declined by 25 centavos or 0.34% to close at P74 apiece on Tuesday. — KBT

How PSEi member stocks performed — July 26, 2022

July 27, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, July 26, 2022.

Livable cities for a greener and resilient future

July 27, 2022 | 12:00 am

Filinvest-City-OL — Actual photo of Filinvest City, Alabang, Muntinlupa City, Metro Manila

Following Filinvest’s flagship development — Filinvest City in Alabang, its sustainability trademark continues in other townships

Sustainability can no longer be regarded as an additional feature; it is the path forward, especially for those who create, construct, and maintain developments — from the vast spaces right up to the single units.

Especially as the world recognizes that there is a more pressing need to reduce — if not totally eliminate — carbon emissions, green buildings and cities are one of the many investments that will pave the way for a better quality of life in the future.

With global and local recognition certifying its efforts in building a green central business district in Alabang, Muntinlupa, Filinvest City took the lead in creating greener and more livable cities in the country. Filinvest does not stop with this long-running development in South Metro Manila, however, as other Filinvest townships outside the metro start embracing the smart and sustainable practices that made Filinvest City a highly-recognized green city.

A benchmark for green cities

The 244-hectare (ha) Filinvest City is surrounded by green spaces and parks near almost all dwellings. The city has public parks and numerous pocket parks and tree-lined streets. Filinvest City is also notable for its connected streets, with paths allowing for convenient pedestrian movement — an indication of inclusivity on the road.

Filinvest City also adopts several technologies that make it possible for resources to be maximized within the township. With its District Cooling System, considered the largest in the Philippines, offices can save as much as 40% in energy costs. Filinvest City also has an expanded Sewage Treatment Plant for better health & sanitation in the community; and fully-integrated electric-powered 360 Eco-Loop vehicles for efficient public transport and, at the same time, reducing greenhouse gas emissions.

These people- and eco-friendly features in Filinvest City fit well with the manner it incorporates affordable and diverse housing; retail, dining, and entertainment spaces; as well as essential facilities like police stations, a fire station, and hospitals in a single community. On top of these, to ensure safety and connectivity, the city also provides free Wi-Fi for the community and strategically located CCTV cameras partnered with its 24/7 security team.

Testifying Filinvest City’s integration of sustainability are its Leadership in Energy and Environmental Design LEEDv4 Gold for Neighborhood Development (LEEDv4 ND) certification by the US Green Building Council in 2020 and, more recently, its 3-star Building for Ecologically Responsive Design Excellence (BERDE) Certification by the Philippine Green Building Council.

Filinvest City is the first Philippine CBD to be accorded with these certifications, which also affirm its commitment to building a greener city and to raising the benchmark for future sustainable developments in the Philippines.

“Developing prime communities that marry business and nature has always been in Filinvest townships’ DNA. This has taken shape in the form of Filinvest City,” Don Ubaldo, first vice-president for project development-townships of Filinvest Alabang, Inc., said.

Replicating the green

Following its flagship development in Alabang, Filinvest continues its embracement of sustainability in its other townships in the country.

Mimosa Plus Golf Course at Filinvest Mimosa Plus Leisure City in Clark, Pampanga

In Pampanga, Filinvest Mimosa+ Leisure City is naturally blessed with a backdrop of running mountains, abundant trees, sparkling lakes, and well-maintained landscape. The sprawling 201-ha property is widely known for its 128-ha golf course, a deluxe hotel, and residential villas. On top of these, the township seeks to further enhance its green spaces with the addition of safe and wide pedestrian paths, biking zones, and outdoor parks, the heart of which is the beautifully landscaped Acacia Park. The city also continues to be a thriving business and leisure destination that is patronized by both local and foreign visitors.

Filinvest New Clark City, future Echo-tec-ture hub in Central Luzon

Within the 9,450-ha New Clark City in Capas, Tarlac, Filinvest New Clark City is poised to be an eco-friendly, world-class metropolis as it is surrounded by scenic mountain views. The 288-ha development has a smart-planned ecosystem that combines innovation with sustainability. Envisioned to be a LEED-certified township, the city is planned to have mixed-use districts — industrial, residential, educational, and commercial — that aim to create a vibrant live-work-play-learn environment. One notable part of this township is the 120-ha Filinvest New Clark City Innovation Park, which is projected to be a pioneering logistics and light manufacturing hub and a key progress catalyst in the north of Metro Manila.

City di Mare, future corporate headquarters in SRP, Cebu City

Sitting on a prime location within the 300-ha South Road Properties in Cebu City, City di Mare begins reflecting Filinvest’s sustainability trademark outside Luzon. As it brings a vision of complete balanced living, the 58-ha community features self-contained green communities with spacious living areas, expansive greenery, and the essentials of modern living within a resident’s reach. The area’s eastern sea coast and scenic mountain views provide a beautiful backdrop for City di Mare, which is envisioned as the next premier residential, commercial, and economic center of Cebu City.

Greener opportunities

Altogether, these developments from Filinvest offer great opportunities for investors and businesses to join the growing push for building a green future.

With their affinity with green spaces, as well as their maximizing of building materials and energy sources, green cities contribute to better physical and mental well-being of pedestrians, employees, and especially residents who get immersed in nature while not having to leave the city.

“Being in close proximity to your residence, workplace, essential establishments, and transport hubs is a major consideration for residential hunters these days, as they want a community that won’t put them at risk for any health issues,” Mr. Ubaldo said.

Green open spaces also create a venue for the community to come together and engage — whether in sharing food, selling and exchanging items, celebrating and appreciating art, or even conversing over a cup of coffee. With such opportunities, green cities can create neighborhoods that make people feel at home even outside the walls of their residence.

In turn, green cities now have a greater possibility of boosting the value of properties as they have a better case of attracting businesses with a better look and character for themselves, as well as amiable work-life environments for tenants.

All these are compelling reasons for green cities as a sensible investment, especially now that people have a clearer view of what they actually need in a community. Sustainable property developments have recently seen higher market values as well. Filinvest City properties, for instance, have been enjoying increased asset values through the years, with an annual growth rate of over 22% over the last 10 years.

As a trailblazer in sustainable property development, Filinvest’s cities offer better choices for individuals and companies, as well as concrete resilience for businesses.

Explore these green opportunities by visiting filinvestcity.com and filinvest.com.

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National Government fiscal performance

July 27, 2022 | 12:00 am

THE NATIONAL Government’s budget deficit widened in June, as revenues grew by double digits but was outpaced by faster spending for road and transport infrastructure projects, military modernization efforts, and social welfare programs. Read the full story.

Stocks inch higher on bets of aggressive Fed hike

July 26, 2022 | 9:00 pm

STOCKS eked out gains on Tuesday after President Ferdinand “Bongbong” R. Marcos, Jr.’s first State of the Nation Address and expectations of another aggressive rate hike by the US Federal Reserve.

The Philippine Stock Exchange index (PSEi) went up by 13.47 points or 0.21% to close at 6,223 on Tuesday, while the broader all shares index increased by 5.22 points or 0.15% to 3,364.99.

“Shares on the Philippine Stock Exchange traded in a narrow range after President Ferdinand Marcos, Jr.’s State of the Nation Address and ahead of what is likely to be another sharp US interest rate hike,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.

Mr. Arce said that the President’s pledge to pursue “prudent” fiscal management and tax reforms gave local equities a boost.

“The Philippine stock exchange finished marginally higher with very light volume on Tuesday, as investors braced for the Fed’s crucial policy decision later this week and as they awaited more corporate earnings reports,” Timson Securities, Inc. Head of Online Trading Marc Kebinson L. Lood said in a Viber message.

Mr. Lood said “statements by Fed Chairman Jerome H. Powell after the announcements will be vital, as some investors fear that aggressive rate increases will push the US and global economies into recession.”

The Fed is holding its policy review on July 26-27. Markets are pricing in at least another 75-basis-point hike as inflation in the world’s largest economy continues to soar.

Investors also want to see if emerging risks to the economic outlook would cause the Fed to signal less aggressive rate increases in its coming meetings.

Back home, the majority of sectoral indices ended in the green on Tuesday except for property, which went down by 25.19 points or 0.89% to 2,795.87, and financials, which decreased by 0.04 point to 1,460.49.

Meanwhile, holding firms increased by 41.78 points or 0.71% to 5,912.45; services went up by 11.15 points or 0.69% to 1,626.77; industrials gained by 42.06 points or 0.45% to 9,358.98; and mining and oil inched up by 26.57 points or 0.23% to end Tuesday’s session at 11,281.96.

Advancers outnumbered decliners, 104 versus 74, while 47 names closed unchanged.

Value turnover declined further to P3.75 billion on Tuesday with 728.03 million shares changing hands from the P4.3 billion with 517.72 million issues seen the previous day.

Net foreign selling went down to P431.57 million from the P690.95 million seen on Monday.

Globalinks Securities’ Mr. Arce placed PSEi’s support from 6,150-6,000 and resistance between 6,450 and 6,500, while Timson Securities’ Mr. Lood put support at 5,900 and resistance at the 6,700 area. — Justine Irish D. Tabile