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Razon’s Prime Infra injects P2 billion into solar projects

RAZON-LED Prime Infrastructure Holdings, Inc. (Prime Infra) is investing an additional P2 billion into projects with Solar Philippines Power Project Holdings, Inc. (Solar Philippines), it said on Monday.

Prime Infra, which is headed by tycoon Enrique K. Razon, Jr., said it recently concluded an agreement with Solar Philippines to acquire a 50% stake in the latter’s subsidiary Solar Philippines Tanauan Corp., which involves the P2-billion investment and management control, it said in a statement.

The subsidiary is the corporate vehicle of its solar farms in Tanauan, Batangas and Maragondon, Cavite with a combined capacity of 140 megawatts (MW).

This marks Prime Infra’s second investment in Solar Philippines projects following its P1.5-billion injection into Solar Philippines Tarlac Corp. in 2020 for its 200-MW farm in Concepcion, Tarlac.

“[This] brings the total investment of Prime Infra in projects with Solar Philippines to P3.5 billion, a testament to Prime Infra’s commitment to sustainability and growing its partnership with Solar Philippines,” Prime Infra said.

It said the three projects will create over 2,000 jobs during construction and over 100 jobs during operations.

“When completed, these will be able to power over 200,000 homes. This is equivalent to the displacement of over 240,000 tons of coal per year or 6 million tons of coal for its 25-year economic life,” it added.

Prime Infra specializes in investment, development, and operation of critical infrastructure in emerging markets.

Meanwhile, Leviste-led Solar Philippines, the largest solar company in the country, has over 300 MW of generating capacity and 10,000 hectares of land area in Batangas, Tarlac, and Nueva Ecija which they are eyeing to develop into solar energy zones. — MCL

There is no successor to Succession

HBO series Succession — HBO.COM/SUCCESSION

By Jennifer Saba, Reuters Breakingviews

Television Review
Succession
HBO

SUCCESSION does not have a successor. The HBO series about a fictional mogul and his adult children scheming to replace him is so captivating because it draws on real-life dynasties like Rupert Murdoch’s family. But the personalities that make the show gripping are becoming a relic of the past. The sprawling media businesses created by ruthless, larger-than-life men are being dismantled. It’s hard to imagine today’s tech tycoons providing the same kind of compelling viewing.

Succession, which wraps up its third season on Sunday, revolves around the mythical company Waystar Royco. Logan Roy, played by Brian Cox, is a cutthroat titan in his twilight years who built the conglomerate that operates a powerful cable news network, newspapers, theme parks, and a cruise line. The first season unfolds with the family gathering to celebrate Roy’s birthday. He falls ill and is rushed to the hospital. He recovers, but the central question of who will take his place at Waystar threads the premise for the entire series.

The joy of Succession is its cast of loathsome backstabbers, who plot and conspire inside a world of luxurious Manhattan apartments, five-star hotels, private jets, and Tuscan villas, while skewering each other with withering dialogue. When Roy’s disapproving brother finds out about a journalism school named after Logan, he asks: “What’s next, the Jack the Ripper women’s health clinic?”

Roy’s offspring are equally despicable. Shiv (Sarah Snook) is preening and manipulative and always trying to win her father’s approval. Roman (Kieran Culkin) carelessly texts inappropriate pictures of himself to the company’s long-suffering interim chief executive. Kendall (Jeremy Strong) is so self-absorbed he believes he can tempt shareholders into open warfare against his dad. “We are going to leapfrog Amazon,” he proclaims as he tries to convince his siblings to take his side. The hapless Connor (Alan Ruck) is making a quixotic run for the White House.

Some of the events and characters evoke the career of Sumner Redstone, the architect of Viacom, who died last year. But the parallels with the Murdochs are impossible to overlook. The family that controls Fox and News Corp. have fought for power for decades. In 2015, Mr. Murdoch welcomed back his son Lachlan to Fox and elevated him to co-chair, above his brother James, who was CEO. It set in motion a series of events including a sale of the company’s entertainment and international assets to Walt Disney for $71 billion. James cashed out, broke with the company, and has been taking thinly veiled potshots at the family, including its role in enabling the divisive Fox News network, ever since.

Like Roy, Mr. Murdoch is still clinging to power. He’s chair of both Fox and News Corp., but the companies he controls no longer dominate the media scene. With a combined market value of little more than $30 billion, they’re dwarfed by the likes of Netflix, the $270 billion streaming juggernaut. When Mr. Murdoch dies, his four adult children will be in charge in what could be a potentially messy and nasty struggle. But the companies are more likely to be takeover targets than predators.

Succession also demonstrates how Silicon Valley has replaced media companies in terms of financial potency and influence. In a desperate attempt to stay relevant, the Roy family courts Lukas Matsson, the founder of a streaming company, GoJo, played by Alexander Skarsgard. “Success doesn’t interest me anymore,” he declares. “It’s too easy.”

Yet while the introverted Matsson may have the upper hand in the digital age, it’s hard to envisage his character inspiring a series like Succession. The same is true in real life. Modern media leaders like Disney’s Bob Chapek and Comcast’s Brian Roberts are too buttoned down to animate sharp satire. Tech billionaires like Alphabet’s Sergey Brin and Larry Page appear to lack the lust for power that makes characters like Mr. Murdoch so controversial and fascinating. Perhaps in four decades’ time Mark Zuckerberg’s then-adult children will spark a new drama by fighting their aging father for control of Meta Platforms. Until then, Succession marks the end of the family line.

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

ICTSI’s Madagascar concession extended

LISTED port operator International Container Terminal Services, Inc. (ICTSI) announced on Monday that its subsidiary, Madagascar International Container Terminal Services Ltd., recently signed an extension to its concession agreement with the Société de Gestion du Port Autonome de Toamasina (SPAT).

Madagascar International operates the port of Toamasina in Madagascar. It has held the concession since 2005.

The two companies “extended the original concession agreement, which was to end in October 2025, by 15 years to 2040,” ICTSI said in a disclosure to the stock exchange.

The Port of Toamasina serves as Madagascar’s primary maritime gateway.

“Throughout its tenure MICTSL (Madagascar International Container Terminal Services Ltd.), working in conjunction with SPAT, has consistently added capacity and streamlined services in line with the needs of Madagascar’s diverse import and export community,” ICTSI said.

“The concession extension complements the $639-million port expansion project now underway in Toamasina — with $411 million provided by the Japan International Cooperation Agency and $227 million by the government of Madagascar,” it added.

The project, ICTSI noted, ensures the long-term availability of modern port capacity.

“When ICTSI, working with SPAT, first established a container terminal operation in Toamasina, it quickly became widely recognized as a center of excellence in the region,” ICTSI Senior Vice-President Hans-Ole Madsen said.

“Today, in this new phase of development, we aim to maintain this momentum, drawing on our industry expertise, new technology, attention to sustainability and applying the principles of good corporate citizenship,” he added.

For the first nine months, ICTSI’s total revenues hit $1.37 billion, a 24% increase from $1.1 billion previously.

Its net income attributable to equity holders for the January to September period was $316.4 million, 73% higher than the $182.6 million earned in the same period a year ago.

Its capital expenditures, excluding capitalized borrowing costs, for the first nine months reached $104 million. The company’s total budget for the year is about $250 million.

ICTSI shares closed 0.96% lower at P195.50 apiece on Monday. — Arjay L. Balinbin

Return-to-office plans turn ‘shybrid’ with ongoing delays

THE Empire State Building rises above Manhattan in front of the Brooklyn and Manhattan bridges as seen from an apartment in the Central Park Tower building in New York, U.S. Sept. 17, 2019. — REUTERS/LUCAS JACKSON

A NEW wave of COVID uncertainty has again put millions of US workers in limbo about when — or if —  they need to return to the office.

Lyft, Inc. employees who were supposed to be back at their desks in February now won’t be required to show up until 2023. Ford Motor Co. pushed back a January return to date to March, while Google and Uber Technologies, Inc. shelved their plans indefinitely to see how the omicron variant plays out. Jefferies Financial Group, Inc. this week told its staff to go back to remote work after offices had reached 60% attendance.

The latest bout of COVID whiplash means that many white-collar Americans will be approaching two full years of remote work with no certainty about how long it will last. All the while, the chasm grows between executives who want to eventually get people back at their desks and their workers’ reluctance to comply. And while post-pandemic work models are clear for companies such as Goldman Sachs Group, Inc. (most people should be back in the office) and Twitter, Inc. (most people can be fully remote), many other firms are still formulating a strategy.

“We coined this term ‘shybrid,’” said Paul McKinlay, vice-president of communications and remote working at printing company Cimpress and its unit Vista, which both opted to go with a permanent remote-first model in August 2020. “It’s the failure of companies to accept that they have, in many cases, lost the right to demand in-person attendance at a piece of real estate on any kind of regular basis. It’s about continually pushing back return dates without declaring on a future model and leaving people in this limbo.”

Almost half of human-resources leaders are looking to reduce office space as they develop future hybrid models, yet close to a quarter said they expect staff to fully return to an in-office setting, an August survey by Grant Thornton found. Only 11% of the more than 500 HR executives polled said they plan to go fully remote. At the same time, only 17% of non-executive workers want to return fully to the office and many are open to new jobs to maintain flexibility, according to a Future Forum Pulse survey of more than 10,000 workers in the US, Australia, France, Germany, Japan and the UK in late July and early August.

“There are two conflicting forces that are at play,” said Tim Glowa, Grant Thornton’s principal for human capital services. “Many times it might be a leader/CEO/president who likes to be in the office, has always kind of grown up in the office — probably still wearing suits and probably wants everyone back in the office. And there’s a huge voice from employees saying that they want more flexibility in both where or when they work.”

Deciding early and definitively has been a huge plus for Cimpress and Vista (previously Vistaprint), said Mr. McKinlay, who notes that prior to the pandemic the company was “remote averse.”  About three-quarters of new hires say they picked the printing company specifically because of its remote-work focus, he said.

The company’s Boston-area office has shrunk to about 70,000 square feet of collaborative meeting spaces and shared desks, down from the previous 300,000-square-foot traditional office layout. The same scenario is playing out among smaller offices in places such as New York, London, and Melbourne, Australia, Mr. McKinlay said. Employees who had worked from just nine US states now work remotely in 30.

“I feel so sorry for team members who work for amazing brands, love their teams, and are doing work at what they consider the pinnacle of their careers, and yet they’ve got this thing hanging over their head, which is, ‘All the benefits that you gained during remote work, we’re going to take those away at some point,’” Mr. McKinlay said. — Bloomberg

West Side Story falls flat at box office with disappointing $10-million debut

Rachel Zegler in West Side Story (2021) — IMDB.COM

LOS ANGELES —  Audiences didn’t open their wallets to see the infamous rivalry between the Sharks and the Jets play out on the big screen.

West Side Story, Steven Spielberg’s remake of the classic musical, fell flat in its box office debut, collecting a paltry $10.5 million from 2,820 theaters. That’s cause for concern because Disney and 20th Century Studios spent $100 million to revive the Shakespearean love story for modern times and stand to lose millions, unless West Side Story endures at the box office through the holidays and Oscar season.

It may be possible to attract moviegoers between Christmas and New Years, but it’s a bad start for one of the most critically acclaimed films of the year — and one that opened exclusively in theaters. Though every new movie musical has struggled to entice audiences in COVID times, it’s worrisome for both theater operators and traditional studios that West Side Story — one of the most beloved stories in musical theater history and under the direction of Hollywood’s most commercially successful filmmaker — sold fewer tickets than In the Heights ($11.5 million debut), a lesser known song-and-dance property that premiered simultaneously on HBO Max. West Side Story at least earned more than Universal’s Dear Evan Hansen adaptation, which premiered to $7.4 million in September while playing exclusively in theaters. But that’s not exactly a high bar considering Dear Evan Hansen was skewered by critics. However, In the Heights and Dear Evan Hansen cost far less to make than West Side Story.

“In the past, we’ve seen musicals connect with critics and audiences and go on a run,” says David A. Gross, who runs the movie consulting firm Franchise Entertainment Research. For example, Chicago opened to $10.8 million in 2003 and ultimately earned $170 million, while more recently, The Greatest Showman debuted to $8.8 million and kept chugging along until revenues hit $170 million.

“But that was then, and this is now. Moviegoing conditions remain impaired,” Mr. Gross says. “If West Side Story is going to be profitable, it will need to connect internationally as well as domestically.”

After October set pandemic box office records, thanks to Venom: Let There Be Carnage and No Time to Die, movie theater attendance has taken a downturn. That will change next week when Sony’s comic book sequel Spider-Man: No Way Home hits cinemas. What remains clear, however, is that older audiences haven’t been eager to return to the movies. Most of the tentpoles that have been commercially successful have been catered to younger males.

West Side Story looks like a blockbuster compared to this weekend’s other new nationwide release, STX’s athletic drama National Champions, which went almost entirely unseen despite playing on more than 1,000 screens. The film, starring Stephan James and J.K. Simmons, flopped in its debut, bringing in $300,000 from 1,197 theaters — an embarrassing result even by COVID-19 standards. — Reuters

Fruitas sales improve in November

FRUITAS Holdings, Inc. said it logged improved sales in November, the highest since the coronavirus disease 2019 (COVID-19) pandemic began, and is bullish for its performance this month.

“We are glad to see the results of our efforts to pivot our business during the pandemic. The introduction of community stores diversified our channels and complements our presence in high foot traffic locations such as malls, offices, and terminals,” Fruitas President and Chief Executive Officer Lester C. Yu said in a disclosure to the exchange.

Without disclosing specific figures, the company said outlet sales in November were 59% higher year on year. The average daily sales of company-owned stores for the month, meanwhile, stood 88% higher and also eclipsed pre-pandemic sales in November 2019 by 26%.

The company rolled out over a hundred community stores and permanently shuttered kiosks that are unprofitable.

In October, the company said it achieved its goal of having 100 community stores earlier than expected. Fruitas plans to continue its expansion and targets to reach 200 community stores in 2022.

Fruitas “aggressively” grew the store network of its newly acquired brands, namely The Tofu Store, which was acquired in February last year and was rebranded to Soy & Bean; and Balai Pandesal, which the company bought in June.

For Balai Pandesal alone, Fruitas expanded the brand’s five outlets to 33 as of October.

In the first nine months, Fruitas trimmed its net loss by 49% to P16.39 million from P32.23 million in the same period last year. The company posted a 23% topline growth to P771.97 million from P628.62 million.

“We expect to benefit from the continuing recovery of the economy and further easing of quarantine restrictions,” Mr. Yu said.

On Monday, Fruitas shares at the stock exchange went down 1.61% or two centavos to finish at P1.22 apiece. — Keren Concepcion G. Valmonte

Makati Commerce Tower expected to welcome tenants by 3rd quarter of 2022

AN artist’s rendition of the Makati Commerce Tower along Sen. Gil Puyat Avenue in Makati City. — COMPANY HANDOUT

MAKATI COMMERCE Tower is on track to welcome its tenants by the third quarter of 2022, according to its developer BPEA (Baring Private Equity Asia) Real Estate.

BPEA Real Estate topped off the Makati Commerce Tower, its new 36-storey office development, on Nov. 25.

In an e-mailed statement, property consultant Colliers Philippines said the Grade A office development located along Sen. Gil Puyat Avenue is slated for completion in 2022 and it will be ready for its first tenants by the third quarter. 

“This next-generation Grade A office building will set a new benchmark in terms of what occupiers can expect from their office space in the Philippines,” BPEA Real Estate Principal Lyndon Lim said in the statement.

Once completed, Colliers said the 58,000 square meters (sq.m.) “sustainable” office development will add over a third of the 146,000 sq.m. of new office spaces to be completed in Makati City next year.

“[Makati] remains a preferred destination of a lot of companies that are looking for office space. Of course, it’s important that they are located in a prime address, in a prime location,” Colliers Philippines Associate Director Joey Roi H. Bondoc said during the virtual briefing on Thursday.

Colliers noted that Makati City has one of the lowest office vacancy rates in Metro Manila at 289,000 sq.m.

“One trend that we have been seeing is really the absorption of office spaces that are really sustainable, that are healthy, that will optimize health benefits for employees,” Mr. Bondoc said.

The Makati Commerce Tower was also designed to be “future-proof.”  It already boasts a LEED Gold certification at its 67.8% completion rate and it aims to secure a LEED Platinum upon completion and once it meets international ASHRAE standards. 

Colliers said this would mean the building would maintain an “enhanced indoor air quality” for its tenants.

Makati Commerce Tower will feature ultraviolet (UV) systems for sanitizing indoor air quality as well as technology to help tenants save 22% in electricity consumption.

The tower will also have a double-glazed Low-E glass facade to help regulate heat in indoor spaces, without compromising the entry of natural light. The building’s facade was said to be inspired by barcodes, channeling the “notion of data processing and information technology (IT).”

The building’s base will have a 10-storey “living green wall,” which will be visible from the street.

“Given the global pandemic, [BPEA] has further enhanced the building design with COVID-mitigation provision such as contactless access from the ground floor, to the carpark floors, and to all the office floors and this also goes to all the bathrooms with contactless access,” BPEA Real Estate Managing Director Malcolm Lai said during the briefing.

Meanwhile, its destination-control elevators and escalators will have UV sanitizers. The same technology is also used for air conditioning units.  It will also have IT and back-up power infrastructure to better cater to IT-business process outsourcing firms.

The tower will have 25 floors of office space, which will be “column-free” to offer tenants flexibility to design their own offer spaces.

The building will have a total of 784 parking slots, which will be distributed through its eight podium parking levels and two-level basement parking. It will also feature parking areas for bicycles, shower facilities, and charging ports for electric vehicles. 

The ground and the second floors will be dedicated to retail amenities, with a “food and beverage hub” on the 11th floor. There will be a “cafe-bar” at the rooftop terrace and a sky garden on the 36th floor.

“It gives views to the city-wide environment in connection to the skyline of Manila. This will provide valuable breakout spaces for the tenants and extend the range of usable collaboration spaces for users, offering them fresh air, outdoor space, and change of interior environments,” Stephen Jones, director at global architecture firm Woods Bagot, said during the briefing.

“This is essential to development of healthy buildings in our cities.” — Keren Concepcion G. Valmonte

Quizon keeps chess tourney lead

DANIEL QUIZON (right) in action — FACEBOOK.COM/GAMING/QUIZDEN

DANIEL Quizon slowed down his pace a bit and agreed to a 23-move draw with fellow International Master (IM) Ricky de Guzman to retain his top post after eight rounds of the 2021 Philippine National Chess Championships at the Solea Hotel and Resort in Mactan, Cebu on Monday.

Knowing the title is within his grasp, the 17-year-old Mr. Quizon chose a quieter defense and veered away from the riskier Benko Gambit and successfully steered the game into a draw.

It kept Mr. Quizon at the helm with seven points, or 1.5 points atop a resurgent IM Ronald Dableo, who drew with IM Jem Garcia in 31 moves of a King’s Indian Attack.

Mr. Dableo, who has turned up the heat in the last four rounds by scoring 3.5 points in that stretch after drawing his first four outings, has remained the biggest threat to Mr. Quizon’s title bid as the two will only get to play each other in the 11th and final round today.

It also pushed Mr. Quizon closer to emerging the country’s national champion and claiming the top prize worth P80,000 and a slot to the Hanoi Southeast Asian Games and 2023 Asian Indoor and Martial Arts Games in Bangkok and Chonburi, Thailand.

Grandmaster (GM) Darwin Laylo posted the lone victory of the round at the expense of Allan Pason in 36 moves of another Queen’s Gambit to seize a share of third with Mr. De Guzman with five points each in this meet sponsored by the Philippine Sports Commission (PSC) chaired by William Ramirez, JEEP, CCLEX, Metro Pacific Tollways, Alin Cargo, PCSO and RiChess Masters.

The rest of the games here, which was also being backed by POC President Abraham Tolentino, NCFP President Prospero Pichay, Jr., Chess Movement, Inc. chair Ariel Potot, Atty. Roel Canobas and PCSO general manager Royina Garma, resulted to draws courtesy of GM Joey Antonio and IM Joel Pimentel, WGM Janelle Mae Frayna and IM Michael Concio, Jr., and IM Paulo Bersamina and IM John Marvin Miciano. — Joey Villar

Shakey’s brings back Project Pie with Makati store

SHAKEY’S Pizza Asia Ventures, Inc. is opening a Project Pie outlet at Shopwise Hypermarket, it said in a disclosure on Monday.

Project Pie is an artisan, “build-your-own” pizza chain founded in 2013. This marks the return of the pizza parlor chain since its branches in the country were closed in 2017.

“It is a well-loved brand with a solid patronage clamoring for us to bring it back,” Shakey’s President and Chief Executive Officer Vicente L. Gregorio said in a press release.

“We are launching with a couple of stores, Antipolo and Makati, and are looking to build another handful of outlets next year.”

“Situating in a hypermarket with a high foot traffic is a great way to provide this captured market a convenient dining option,” Mr. Gregorio added.

Shopwise Hypermarket in Makati is owned by Robinsons Retail Holdings, Inc. (RRHI). Shopwise was part of RRHI’s acquisition in 2018.

Shakey’s earlier reported that it has exceeded its initial plan of 30 net new stores for the year, and has been focusing on off-premise businesses, such as ghost kitchens and drive-through stores.

Its shares closed at P9.50 each on Monday, up 20 centavos or 2.15%. — L.M.J.C. Jocson

Miss India wins Miss Universe 2021, Bea Gomez finishes at Top 5

Miss Universe winner Miss India Harnaaz Sandhu poses after being declared winner of the Miss Universe pageant in the Red Sea resort of Eilat, Israel, Dec. 13. — REUTERS/RONEN ZVULUN

HARNAAZ Sandhu, Miss India, won this year’s edition of Miss Universe, becoming the pageant’s 70th winner and the third Indian woman to win the competition.

The 2021 Miss Universe pageant was held in Eilat, Israel on Dec. 12 (Dec. 13 in the Philippines).

Sushmita Sen was the first woman to do so in 1994, winning the tilt in the Philippines. She would return in 2017 to Manila as a judge for the 2016 edition, which was won by Iris Mittenaere from France. Ms. Mittenaere was a judge on this year’s competition along with Filipino actress Marian Rivera and supermodel Adriana Lima, beauty queen Urvashi Rautela, model Lori Harvey, and actresses Adamari Lopez and Rena Sofer.

The Philippines’ bet, Beatrice Luigi Gomez, filled up the final Top 5 slot of the competition, but did not make it to the next stage, when the Top 3 candidates were chosen — namely, Miss India (who won the pageant), Miss Paraguay Nadia Ferreira who became First Runner-Up, and Miss South Africa Lalela Mswane. Ms. Gomez competed among a pool of 80 candidates, surviving eliminations for the Top 16 and Top 10 placements.

Ms. Gomez represented Cebu when she competed for the right to represent the country through the Miss Universe Philippines pageant held in September. She made history as the first openly out member of the LGBTQIA+ community to win the Miss Universe Philippines crown.

During Miss Universe Top 5’s Q&A portion, Ms. Gomez was asked her opinion on mandating universal vaccine passports.

“I believe that public health is everyone’s responsibility and to mandate vaccine and inoculation is necessary. And if mandating vaccine passport would help us in regulating and the roll outs of vaccine and mitigate the situation of the pandemic today, I would agree on mandating the necessary passport of vaccination,” she said.

On Monday, the Malacañang released a statement on commending Ms. Gomez for her participation.

“The Palace commends Miss Philippines Beatrice Luigi Gomez for bringing joy to our people and honor to our country at the 70th Miss Universe competition in Israel,” the statement said.

“A member of our armed forces, an athlete, and a youth advocate, Ms. Gomez is an inspiring figure whose participation in Miss Universe allowed the world to see what we in the country witness every day: the strength, grace, and beauty of the Filipino woman. We wish Beatrice all the best in her future plans and undertakings. We are all proud of you.”

Vice-President Maria Leonor “Leni” Gerona Robredo wrote on Twitter: “Truly proud of our dear Beatrice Luigi Gomez, who showed the Universe the fierce heart and grace of the Filipina! Maraming salamat (thank you), Bea, for representing us well. You are an inspiration to us as you break barriers with your strength, courage, and compassion. Mabuhay ka!” — MAPS and JLG

Gov’t fully awards T-bill offer as yields inch down

BW FILE PHOTO

THE GOVERNMENT fully awarded the Treasury bills (T-bills) it offered on Monday as rates declined ahead of central banks’ meetings this week.

The Bureau of the Treasury raised P10 billion as planned via its offer of T-bills on Monday, with demand amounting to P52.758 billion or more than five times the amount on the auction block. Bids were also higher than the P41.285 billion in tenders seen a week earlier.

Broken down, the government sold P2 billion in 91-day securities as planned from tenders amounting to P16.757 billion. The tenor fetched an average rate of 1.125%, down by 3 basis points (bps) from the 1.155% logged in the prior auction.

The BTr also made a full P3-billion award of its offer of 182-day instruments, which attracted bids amounting to P19.36 billion. The six-month paper’s average rate stood at 1.385%, dropping by 5.8 bps from the 1.443% quoted previously.

Lastly, the government raised P5 billion as programmed through its offer of 364-day T-bills as demand hit P16.641 billion. The average rate of the tenor dipped 1.8 bps to 1.625% from 1.643% a week earlier.

At the secondary market prior to the auction on Monday, the three-month, six-month, and one-year securities were quoted at 1.2039%, 1.4505%, and 1.6774%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

“[We] saw strong participation with the auction being last for T-bills and redemption of P28.56 billion this week, including maturing Premyo bonds,” National Treasurer Rosalia V. de Leon said in a Viber message.

Ms. De Leon added that they are studying if another Premyo bond offering is possible in January.

A trader in a Viber message said lower supply as the year comes to an end also caused the decline in T-bill yields.

“The lack of new catalysts also comes into play, making investors comfortable in deploying excess funds,” he added.

Meanwhile, Bank of the Philippine Islands Chief Market Strategist Marco Miguel M. Javier said market participants factored in the upcoming monetary policy meetings of several central banks, including the Bangko Sentral ng Pilipinas (BSP).

“Investors still view T-bills as a good outlet to ride out current volatility ahead of major global and ASEAN central bank meetings this week amidst persistently high inflation,” Mr. Javier said in a Viber message.

The BSP will have its last policy review for the year on Thursday.

All 15 analysts polled by BusinessWorld last week expect the Monetary Board to keep benchmark rates steady to support the economy amid the threat of the Omicron variant of the coronavirus disease 2019.

The BSP’s policy review will come a day after the US Federal Reserve’s meeting on Tuesday to Wednesday. Fed officials have recently become more hawkish, citing the need to consider a faster tapering of its asset purchases as economic conditions improve.

For this month, the Treasury is planning to raise P70 billion from the domestic market: P30 billion via T-bills and P40 billion from Treasury bonds (T-bonds).

Monday’s T-bill auction and Tuesday’s seven-year T-bond offer are the last for the year.

The government wants to raise P3 trillion from local and external sources this year to fund a budget deficit seen to hit 9.3% of the country’s gross domestic product. — Luz Wendy T. Noble

Architecture student envisions a new Divisoria

THE Cube Divisoria by Nikko Sale Regalado

AN ARCHITECTURE student is offering his vision for the rehabilitation of Divisoria in Manila, with the aim to improve the quality of life in the area.

Nikko Sale Regalado, a student from the De La Salle-College of Saint Benilde, School of Design and Arts, proposed a new Divisoria tower called The Cube that will provide spaces for various economic levels.

“Design needs to be inclusive and should not exclude. The Cube encourages our urban setting to become a more people-oriented community where we provide merchants with a dignified space through proper planning,” he said in a press release sent by the school.

The Cube is structured to allow for natural rainwater collection and distribution, and to reduce flooding in the area. It will also have solar panels and strips at the south and west sides “to counter and absorb high thermal inertia.”

Mr. Regalado also suggested use of algae technology to cut carbon monoxide emissions in the market. He also included a site development plans that would use fly ash as an alternative to asphalt and concrete.
He also recommended color coding each area in Divisoria to make it easier for consumers to find the hubs for fabrics and garments, toys, shoes, fruits and vegetables, among others.

The proposed Cube received the Best Colour Choice Award in Architecture at the Nippon Paint Asia Young Designer Award, the Philippine edition of the prestigious Asia Young Designer Awards.

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