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At least 9 dead, 11 missing as storm Maring exits Philippines

THE BAYUGAO Bridge along the national highway in Ilocos Sur was among the infrastructure damaged by storm Maring. — ILOCOS SUR PPO

AT LEAST nine people were reported to have died and 11 were missing on Tuesday as heavy rain from severe tropical storm Maring, with international name Kompasu, triggered floods and landslides in the Philippines, according to the national disaster management council.

The disaster agency said it was verifying information from its regional units that reported four people killed in landslides in northern Benguet province and five killed in flash floods in Palawan.

The Mimaropa regional police has confirmed at least four people died in the town of Narra in Palawan.

The Benguet provincial government, in a statement on Tuesday afternoon, said five casualties have been confirmed, including three siblings who died when their house was destroyed by a landslide.

Emergency responders were conducting search and rescue operations for 11 people missing mostly after landslides.

President Rodrigo R. Duterte was monitoring the government’s disaster response, according to his spokesperson, Herminio “Harry” L. Roque, Jr. on Tuesday.

Rescue personnel were at the scene, while power and water restoration and road clearing was ongoing, he added.

The Department of Public Works and Highways reported that as of Tuesday morning, 15 road sections mostly in provinces in northern Luzon were closed to all types of vehicles due to fallen trees, land and mud slide, flooding, or damaged bridge.

As of 5 p.m. Tuesday, Maring was already out of the Philippine territory but cyclone wind signal #2 — which means damaging gale-force to storm-force winds — was still up in the northernmost islands of Batanes and Babuyan. A lower cyclone wind signal alert #1 was also still in effect in several northern provinces.

The Philippines, an archipelago of more than 7,600 islands is hit by about 20 storms or typhoons annually. — with reports from Reuters and Emmanuel Tupas/PHILSTAR

Petron says P18-B bond listing signals trust of retail investors 

PETRON.COM

PETRON Corp., the country’s largest oil company, announced that it has listed P18-billion worth of its fixed-rate bonds on the Philippine Dealing and Exchange Corp. (PDEx).

In a disclosure on Tuesday, the company said the issuance, which marks the firm’s third listing on PDEx, was three times oversubscribed.

“We’re particularly proud of the reception from our retail investors, signifying their confidence in Petron and our future as a company. Despite some of the challenges we still face, we continue to pursue our strategic goals, and ensure that we deliver long-term growth for the company,” Petron President and Chief Executive Officer Ramon S. Ang said.

The P18-billion issuance forms the first tranche of the company’s shelf registration of P50-billion fixed-rate bonds.

The issued securities consist of Series E bonds maturing in 2025 with an interest of 3.4408% per annum; and Series F bonds with a 2027 maturity and an interest of 4.3368% per year.

“Proceeds from this fund-raising exercise will be used primarily for the redemption of Petron’s outstanding Series A Bonds due in October this year, payment of existing indebtedness, and partial payment of the power plant project,” Petron said.

The firm is currently developing a new power plant in Limay, Bataan which will add 44 megawatts (MW) of capacity to its existing 140-MW plant. The new facility is set to go online in the second half of 2022.

Petron’s latest bond offer earlier received a PRS Aaa rating from local debt watcher Philippine Rating Services Corp.

PRS Aaa is considered as the highest credit rating for long-term securities, and shows the obligor’s “extremely strong” financial commitment to meet its obligations.

BDO Capital & Investment Corp. acted as the sole issue manager of the issuance. The joint lead bookrunners and joint lead underwriters of the offer are: BDO Capital & Investment Corp., China Bank Capital Corp., Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., and SB Capital Investment Corp.

Meanwhile, the co-lead underwriters for Petron’s offer are First Metro Investment Corp., Land Bank of the Philippines, and RCBC Capital Corp.

Petron registered a 18.60% share in the local market, as of end-June 2021, according to data from the Department of Energy.

Petron shares in the local bourse improved 2.82% or 10 centavos to finish at P3.65 apiece on Tuesday. — Angelica Y. Yang

Regulator clears Medilines, Sta. Lucia Land share sales

THE Securities and Exchange Commission on Tuesday “considered favorable” the initial public offering (IPO) of Medilines Distributors, Inc. and the follow-on offering (FOO) of Sta. Lucia Land, Inc. (SLI).

Following its meeting on Oct. 12, the commission en banc approved the registration statements of both companies, “subject to certain remaining requirements.”

MEDILINES MARKET DEBUT SEEN TO NET P1.28B
Medilines will be offering to the public up to 550 million primary common shares for P2.45 apiece at most, with a secondary offering of 275 million shares sold by Virgilio B. Villar.

The company distributes medical equipment to public and private healthcare facilities in the country, offering products from multinational medical device companies. It has a focus on specialized medicine, such as cancer therapy, and diagnostic imaging.

Medilines may net up to P1.28 billion from the offer, which will be used to fund the company’s working capital for its existing products, expand into the medical consumables segment, and to repay debt.

Proceeds from the secondary offering, which may reach up to P641.2 million, will go directly to Mr. Villar.

Based on the latest timetable submitted to the SEC, Medilines’ offer is slated to run from Nov. 11 to 17, while its debut on the Philippine Stock Exchange (PSE) is tentatively set to Nov. 25 under ticker symbol “MD.”

Medilines assigned PNB Capital and Investment Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the transactions.

STA. LUCIA LAND OFFERING MAY HIT P9.87B
Meanwhile, SLI is looking to offer up to 2.5 billion common shares for P2.38 to P3.29 each, with an overallotment option of up to 500 million common shares.

Should the overallotment option be exercised, the company may raise up to P9.87 billion assuming the highest offer price. SLI plans to use proceeds as capital for its new and ongoing projects, pay for short-term debt, land banking activities, and general corporate purposes.

SLI’s FOO is scheduled for Nov. 10 to 19, while shares are expected to be listed at the PSE on Nov. 26 based on the timetable submitted to the regulator.

China Bank Capital Corp. is the offer’s sole issue manager, lead underwriter, and sole bookrunner. — Keren Concepcion G. Valmonte

Converge targets ‘more aggressive’ B2B segment

CORPORATE.CONVERGEICT.COM

CONVERGE ICT Solutions, Inc. introduced on Tuesday its “Converge Business” segment, which now serves as its umbrella brand for business connectivity services and solutions.

“Converge Business — this is our umbrella brand for all business connectivity services that the market demands now more than ever,” Converge Chief Operating Officer Jesus C. Romero said at a virtual event.

The brand covers the company’s data transport and other information and communications technology solutions aimed at enabling small and medium enterprises (SMEs), conglomerates, and large enterprises to thrive.

“We will continue to work hard to ensure that we provide businesses, whether they are SMEs, large conglomerates, or service providers what they need — from networks infrastructure, facilities management, broadband implementation, full telecommunications infrastructure, support services, and more,” Mr. Romero said.

“The pandemic has revealed the vulnerability of businesses, especially those who do not have digitally-enabled models. Seeing this, we at Converge knew we needed to be more innovative, progressive, and aggressive in the B2B (business-to-business) segment as we want to continuously equip the Filipino businesses to be competitive in their respective industries,” he also said.

For the first half of the year, the listed company saw its attributable net income surge 159% to P3.3 billion.

Converge’s first-half total revenues increased 82% to P11.8 billion, as residential revenue jumped 105% to P10.2 billion and enterprise revenue slightly grew 4% to P1.6 billion.

Converge ICT shares closed 2.92% lower at P34.95 apiece on Tuesday. — Arjay L. Balinbin

AEV buys P384-million shares in its banking unit ‘opportunistically’

ABOITIZ Equity Ventures, Inc. (AEV) bought P384-million shares of the UnionBank of the Philippines on Oct. 8, the company disclosed on Tuesday.

The company said it bought 4.8 million shares of UnionBank for P80 apiece, noting that the company completed that transaction “opportunistically.”

“The acquisition of these shares is pursuant to the authority granted by AEV’s board of directors on April 26, 2021, to opportunistically acquire the company’s shares, as well as shares of Aboitiz Power Corp. and [UnionBank] when market prices dictate and using the company’s excess cash,” AEV told the exchange.

In its April 26 meeting, the company’s board of directors also gave AEV’s management authority to decide when to repurchase its own shares and shares of AboitizPower and UnionBank once “opportunities arise.”

AboitizPower and UnionBank are subsidiaries of AEV, contributing 53% and 28% of AEV’s total income as of the first semester, respectively.

Shares of AEV at the stock exchange declined by 1.68% or 80 centavos on Tuesday, closing at P46.95 apiece. — Keren Concepcion G. Valmonte

Liwayway group Chairman Chan is MAP ‘Management Man’ of 2021

THE Management Association of the Philippines (MAP) named Carlos Chan, chairman of the Liwayway group of companies, as MAP Management Man of the Year for his “business acumen and management qualities.”

MAP said it confers the award to individuals involved in business or government “who have attained unquestioned distinction in the practice of management” and to those who have contributed to nation-building.

Mr. Chan was commended for being able to transform a local business into an international company that is globally competitive. He owns the chips and candy manufacturing brand, Oishi.

Mr. Chan was also reappointed by President Rodrigo R. Duterte as one of the country’s special envoys to the People’s Republic of China.

MAP commended him for setting an example to Filipino managers with his integrity as well as “professional leadership in his management career in both private and public sectors.”

Mr. Chan was also recognized for “his leadership role in the substantial contributions of the Liwayway group to national development through technology improvements, product development, skills training, job creation, and income generation.”

MAP said Mr. Chan is an epitome of the “Filipino entrepreneurial spirit,” noting that he has demonstrated patriotism “by carrying the Philippine flag with pride in all his business operations abroad.” It added that he has inspired Filipino managers as he climbed from his humble beginnings by putting in the work with perseverance and discipline.

The association said it awards individuals after a “thorough, stringent selection process.”

MAP has only recognized 45 other individuals as the MAP Management Man of the Year in the five-decade history of the award. — Keren Concepcion G. Valmonte

RE firm set to switch on Nueva Vizcaya hydro plant 

RENEWABLE energy (RE) firm Matuno River Development Corp. (MRDC) said its 8-megawatt (MW) hydroelectric power plant in Bambang, Nueva Vizcaya is set to begin commercial operations before the end of 2021.

The run-of-river project is expected to augment the power supply requirements of Luzon amid the unplanned outages of older coal power plants, and provide irrigation to farmers based in Nueva Vizcaya.

“The project is a realization of the company’s plan to push forward the Department of Energy’s agenda towards making renewable energy a significant part of the country’s energy mix,” MRDC President Armando L. Diaz said in a statement issued on Tuesday.

The new facility, which was built using equipment from the Austria-based firm Global Hydro Energy GmbH, will be located along Matuno River, a tributary of Magat Dam.

MRDC said the 8-MW hydro plant will be linked to the Bayombong substation of the National Grid Corp. of the Philippines.

The company added that it is embarking on various projects in Nueva Vizcaya in line with corporate social responsibility (CSR) commitments, including hiring locals for employment, organizing tree-planting initiatives and conducting feeding programs.

MRDC is a project company under the Filipino-owned Magis Energy Holdings Corp., which was established in 2019 to develop renewable energy projects with a focus on underserved rural communities.

Magis Energy also owns Taft Hydro Energy Corp. which is in charge of developing a “soon-to-operate” 16-MW hydro power plant in Eastern Samar. — Angelica Y. Yang

CCP launches online folio on Gawad CCP Awardees

AS PART of its 52nd anniversary celebration, the Cultural Center of the Philippines (CCP) has launched the Gawad CCP Para sa Sining Folio, the official publication about the highest award given by the institution to Filipino artists and cultural workers.

“For the Gawad CCP 2020 awardees, we recognize Filipino artists who have remained loyal to their Filipino roots, drawing from tradition and the rich cultural experience of the Filipino people,” said Chris B. Millado, CCP vice-president and artistic director, during the online launch via Facebook Live on Sept. 30. “They have excelled and gave honor to the country through their discreet art-making, knowledge sharing and sustained artistic vision through the years.”

Edited by Nicanor G. Tiongson, with art direction by Kiko del Rosario, the digital folio contains 13 articles, 13 film stills, and 149 images of a performing group, a publication, and 12 individuals. At the end of each article is a barcode which leads to videos about the artists’ works.

“The folio is an excellent guide on the Filipino artists whose outstanding achievements and contributions to Philippine arts and culture are something that every Filipino, especially the young generations, can emulate,” said CCP chairperson Margie Moran-Floirendo in a statement.

The 14 awardees featured in the folio are danseur Nonoy Froilan, pianist and former CCP president Raul M. Sunico, theater veteran Felix “Nonon” Padilla, visual artist Luis “Junyee” Yee, Jr., writer Lualhati T. Bautista, filmmaker Clodualdo “Doy” del Mundo, Jr., architect Cristina V. Turalba, designer Kenneth Cobonpue, cultural worker Nestor Horfilla, Danilo L. Dolor, the late choreographer Tony Fabella, the late writer and art historian Alice Guillermo, the Integrated Performing Arts Guild, and Liwayway Magazine. The awardees were named last year in a virtual awarding ceremony.

“Through their works, artists can catalyze national development through economic movement, uplift the wellbeing of their communities and strengthen national identity. This folio honors the impact these artists made to Philippine society. It is not only an appreciation of their works but a celebration of Philippine arts and culture,” Ms. Moran-Floirendo said.

Visit the CCP Intertextual Facebook page (https://www.facebook.com/CCPInterxtualDivision) for a copy of the Gawad CCP Para sa Sining Folio. — Michelle Anne P. Soliman

Preventing ‘maskne’ and other skin problems  

UNSPLASH

By Patricia B. Mirasol  

A FACE MASK is essential amid the coronavirus disease 2019 (COVID-19) pandemic, but it can cause skin problems such as rashes and acne for the wearer. Streamlining one’s skincare routine and choosing the right type of material for protective wear can address these issues.  

“There’s a misconception that expensive is effective,” said Dr. Imee P. Rajagukguk, a dermatologist at Adventist Medical Center Manila, in an Oct. 11 webinar. “Not necessarily.”  

When looking for skincare products, she said, the key words to look for are “hypoallergenic” (which reduces allergic responses), “non-comedogenic” (which prevents blocked pores), and “fragrance-free” (which is less irritating).   

In the morning, a broad-spectrum sunscreen that doubles as a moisturizer can be applied as a protective layer against dryness. In the evening, a moisturizer with either ceramides or hyaluronic acid can be used after cleansing the skin. Dr. Rajagukguk advised using gel moisturizers for oily skin; lotion for normal or combination skin; and cream for dry skin.   

Moisturizers can be applied before and after face mask use, and after washing the skin with a mild cleanser.   

THE RIGHT MOISTURIZER
Masks made of breathable fabrics such as cotton or silk, meanwhile, can be worn underneath a surgical mask. When it’s safe to do so, the masks can be removed every four hours for 15 minutes at a time to lessen friction in the facial area.   

“Don’t touch [the outer part of] your mask. It might be contaminated,” Dr. Rajagukguk said, adding that cloth masks should be washed daily to avoid the entrapment of bacteria caused by humidity.  

For individuals such as nurses who need to wear gloves for work, gloves made of cotton may also be used underneath rubber gloves to lessen friction in the area. Nitrile gloves, which are free of synthetic materials like latex and BPA (bisphenol A), are recommended for those with sensitive skin.  

“Dry your hands before using gloves, else you become prone to fungal infections. Hand dermatitis is more common now,” said Dr. Rajagukguk.  

Hand dermatitis is eczema of the hand. Apart from occupational exposures, other known causes of the condition include friction, allergies, and dry skin. To soothe irritation, Dr. Rajagukguk suggested petroleum jelly, an affordable moisturizer. 

Consulting a board-certified dermatologist, however, is necessary for dry skin that is caused by conditions such as diabetes, a metabolic disorder characterized by a high blood sugar level, or psoriasis, a chronic skin disease that causes scaly skin patches.  

“We advise seeking a consultation with us, so we can give you the right moisturizer to use,” she added. 

Netflix hit show Squid Game spurs interest in learning Korean

NETFLIX show Squid Game

SEOUL —  Interest in learning Korean has spiked since the launch of hit Netflix show Squid Game, tutoring services reported, underscoring a growing global obsession with South Korean culture from entertainment to beauty products.

Language learning app Duolingo, Inc. said the nine-part thriller, in which cash-strapped contestants play deadly childhood games in a bid to win 45.6 billion won ($38.19 million), had spurred both beginners and existing students hoping to improve their skills.

Duolingo reported a 76% rise in new users signing up to learn Korean in Britain and 40% in the United States over the two weeks following the show’s premiere.

South Korea, Asia’s fourth-largest economy, has established itself as a global entertainment hub with its vibrant pop-culture, including the seven-member boy band BTS and movies such as Oscar winners Parasite, a black comedy about deepening inequality, and Minari, about a Korean immigrant family in the United States.

Just this week, the Oxford English Dictionary (OED) added 26 new words of Korean origin to its latest edition, including “hallyu,” or Korean wave, the term widely used to describe the global success of South Korean music, film, TV, fashion and food.

There are around 77 million Korean speakers worldwide, according to the Korea Foundation for International Cultural Exchange. Pittsburgh-based Duolingo said it has more than 7.9 million active users learning Korean, its second fastest growing language after Hindi. — Reuters

SEC issues permit for Megawide’s preferred share offering

THE Securities and Exchange Commission (SEC) issued on Tuesday a certificate of permit and an order of registration for Megawide Construction Corp.’s planned “Series 4” preferred shares offering.

In a disclosure to the stock exchange, Megawide said that the SEC issued an order of registration and a certificate of permit for the company’s primary offer of 30 million cumulative, nonvoting, non-participating, nonconvertible, redeemable (non-reissuable) perpetual Series 4 preferred shares.

It has an oversubscription option of up to 10 million cumulative, nonvoting, non-participating, nonconvertible, redeemable (non-reissuable) perpetual Series 4 preferred shares at an offer price of P100 each.

“After determining that the company has complied with the required submissions as directed in the pre-effective letter issued on 7 Oct. 2021, the subject registration statement is now rendered effective,” SEC said.

“The same may now be offered for sale or sold to the public subject to full compliance with the Securities Regulation Code and its amended Implementing Rules and Regulations, Revised Code of Corporate Governance and other applicable laws, regulations, circulars and other orders as may be issued by the Commission,” the certificate of permit from SEC said.

The company said on Monday that it intends to issue and list the shares on the stock exchange by the last week of October.

It also said that proceeds will be used to redeem its Series 1 preferred shares by December this year “to avoid the step-up rate.”

“With the offering, Megawide will continue to maintain its comfortable debt-to-equity ratio and be able to accommodate future capital raising,” the company noted.

Megawide shares closed 1.37% higher at P6.64 apiece on Tuesday. — Arjay L. Balinbin

WHO advises additional COVID shot for immunocompromised people 

A SENIOR citizen got injected with his first dose of the Sinovac vaccine at the Mega vaccination facility at the Marikina Sports Complex on June 15. — PHILIPPINE STAR/ MICHAEL VARCAS

GENEVA — The World Health Organization (WHO) on Monday recommended that immunocompromised people be given an additional dose of coronavirus disease 2019 (COVID-19) vaccine, due to their higher risk of breakthrough infections after standard immunization.  

The Strategic Advisory Group of Experts on immunization said the additional dose should be offered “as part of an extended primary series since these individuals are less likely to respond adequately to vaccination following a standard primary vaccine series and are at high risk of severe COVID-19 disease.”  

WHO Vaccine Director Kate O’Brien, referring to people with lower immunity due to other conditions, told a news briefing: “The recommendation is for a third vaccination, an additional vaccination in the primary series and again that is based on the evidence showing that the immunogenicity and evidence on breakthrough infections is highly disproportionately represented by those people.”  

The panel also recommended that people over 60 receive an additional dose of the shots made by Chinese vaccine makers Sinopharm and Sinovac some one to three months after completing their schedule, citing evidence in studies in Latin America that they perform less well over time.  

Observational data on Sinopharm and Sinovac shots “clearly showed that in older age groups … the vaccine performs less well after two doses,” said Joachim Hombach, secretary of the independent panel of experts who held a five-day closed-door meeting last week.  

“We also know that the addition of a third dose or moving into a two-plus-one schedule provides a strong [immune] response. So we expect from there a much better protection,” he said.  

Health authorities using the Sinopharm and Sinovac vaccines should aim first to maximize two-dose coverage in the older populations and then administer the third dose, the panel said.  

The SAGE group, composed of independent experts who make policy but not regulatory recommendations, will review all global data on booster shots in a Nov. 11 meeting, amid questions over variants and potential waning of immunity, Ms. O’Brien said.  

Currently some 3.5 billion doses of COVID-19 vaccines have been administered, Ms. O’Brien said.  

An estimated 1.5 billion doses are available globally each month, enough to meet the target of vaccinating 40% of each country’s population by year end, but distribution is unequal, she added.  

“Giving those booster doses to individuals who have already had the benefit of a primary response is like putting two life jackets on somebody and leaving others without any lifejacket,” Ms. O’Brien said.  

“In this sense we are talking about getting the first lifejacket onto people who have immunocompromising conditions.” — Stephanie Nebehay and Emma Farge/Reuters  

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