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DoE shoots down worries on Udenna Corp.’s purchase of Malampaya

THE ENERGY department dismissed concerns about Udenna Corp.’s purchase of the Malampaya deepwater gas-to-power project after a senator repeatedly raised issues about its financial capacity.

Energy Undersecretary Felix William B. Fuentebella said the context needed to be placed in proper perspective after Senator Sherwin T. Gatchalian called Udenna out on Friday for its debts and cash problems, which led to the suspension of its casino project.

Mr. Fuentebella told BusinessWorld via call on Friday that the casino issue was of no concern to the department because it was under a different consortium. “We don’t know anything about casinos. Our only focus is the energy issues.”

The company behind the acquisition of a 45% stake in the Malampaya project is Udenna subsidiary UC Malampaya Philippines Pte. Ltd., while the casino project is under a separate subsidiary, PH Resorts Group Holdings, Inc.

There is no problem, said Mr. Fuentebella, because the department is evaluating if the same corporation can perform the same rights and obligations to promote energy security.

“We have been consistent with our evaluation because our mandate is to protect the Filipinos’ interest through energy security,” he said.

Mr. Gatchalian, on the other hand, was skeptical of the qualifications of the heavily indebted company.

“This is a red flag,” the senator said in English and Filipino in a statement. “First, the acquisition [by the] Udenna Corp. unit of Chevron [Corp.]’s 45% stake in Malampaya was largely financed by loans. Now, Udenna wants to have the operating interests by acquiring Shell’s stake.”

Mr. Gatchalian was referring to the other 45% stake in the Malampaya gas field or Service Contract 38 held by its operator, Shell Philippines Exploration B.V. (SPEx). If completed, it will allow Dennis A. Uy’s group to take control of the project.

In May, Shell Petroleum NV signed an agreement with Malampaya Energy XP Pte. Ltd. for the sale of its 100% shareholding in SPEx to the Udenna unit.

“Malampaya is no ordinary asset. We have to make sure that any transaction should go through a thorough review and due diligence by the government to assure the Filipino people that whoever is going to step in is highly qualified, competent, and can deliver electricity,” he added.

The Malampaya project supplies close to 26% of the power needed in Luzon or the requirement of about 3.7 million households.

Mr. Fuentebella said that his only concern was whether the rights and obligations of the service contractor could be fulfilled.

“Shares transfer is not covered by our circular, still, because it may affect the nature of how the corporation works, we entered into the fray and evaluated,” he added.

He also said that although there were changes in the corporation’s shareholders, “it’s still the same animal,” noting that the people operating and running the offshore Palawan project are still the same.

Mr. Gatchalian, who chairs the Senate energy committee, cited reports that foreign banks will finance the acquisition of SPEx. He claims that these are the same set of lenders behind Udenna’s takeover of Chevron’s stake for $565 million (P28.7 billion) that was closed in March 2020. — Alyssa Nicole O. Tan

PSE clears follow-on offers of Synergy Grid, The Keepers Holdings

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THE Philippine Stock Exchange (PSE) has approved the listing applications of two firms for shares subject to a follow-on offering, with the conduct and the listing of shares still subject to their compliance with the exchange’s post-approval requirements.

Synergy Grid & Development Phils., Inc. (SGP) and The Keepers Holdings, Inc. received approval for their applications on Friday last week.

Synergy Grid will be offering to the public up to 1.05 billion common shares as part of its follow-on offering by way of primary offer, with an overallotment option of up to 101 million shares that will be offered by shareholders Henry Sy, Jr. and Robert Coyiuto, Jr.

Shares will be sold for P12 up to P17 apiece. The company is expected to finalize the offer price by Oct. 22.

At the higher end of the price range, the company may net up to P17.91 billion from the sale of primary shares.

“The issuer intends to use the net proceeds from the sale of the firm shares, primarily to subscribe to nonvoting preferred shares to be issued by [the National Grid Corporation of the Philippines], subject to applicable laws and regulations,” the PSE said.

It will not receive proceeds from the exercise of the overallotment option.

“The 4.1 billion SGP shares under escrow are the shares subject of the swap transaction whereby the company issued 2,050,200,000 common shares of SGP to each of Henry Sy, Jr. and Robert Coyiuto, Jr in exchange for shares in OneTaipan Holdings, Inc. and Pacifica21 Holdings, Inc., respectively,” the PSE said.

Synergy Grid is scheduled to conduct the offer from Oct. 26 to Nov. 2, while the listing of follow-on shares at the exchange is slated for Nov. 10. Shares will be listed on the main board of the PSE under the ticker symbol “SGP.”

The company assigned BofA Securities, Inc. and UBS AG Singapore Branch as the offer’s joint global coordinators and joint bookrunners.

BDO Capital & Investment Corp. was named sole domestic coordinator and it will be joined by BPI Capital Corp. and PNB Capital and Investment Corp. as joint domestic lead underwriters and joint bookrunners.

Meanwhile, Lucio L. Co’s The Keepers Holdings, previously Da Vinci Capital Holdings, Inc., received the green light for the listing of up to three billion common shares for its follow-on offering by way of primary offer.

Shares will be sold for around P2 to P2.50 each. The company is scheduled to set the final offer price on Oct. 28.

The company can raise as much as P7.5 billion at the high-end of the range.

Proceeds from the offer will be used for “strategic acquisition opportunities,” product portfolio, and distribution channel expansion, as well as for investments in distribution and logistics.

The Co-led company is being revived to operate via a liquor distribution business.

It entered a share-swap transaction with Cosco Capital, Inc. for shares in Montosco, Inc., Meritus Prime Distribution, Inc., and Premier Wine and Spirits, Inc. The Keepers Holdings issued Cosco Capital 11.25 billion common shares in exchange.

The Keepers Holdings’ offer period for the follow-on offering is scheduled to run from Nov. 4 to 10, while the listing of its follow-on shares at the stock market is set to Nov. 19. Shares will be listed under stock symbol “KEEPR.”

China Bank Capital Corp., PNB Capital, and SB Capital Investment Corp. were assigned as joint issue managers, joint lead underwriters, and joint bookrunners for the offer. — Keren Concepcion G. Valmonte

Rates of T-bills, bonds to rise as oil rally fuels inflation concerns

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RATES of government securities may increase this week to reflect inflation pressures from a continued increase in global oil prices.

The Bureau of the Treasury (BTr) is looking to borrow P15 billion via the Treasury bills (T-bills) on Monday, broken down into P5 billion each in 91-, 182- and 364-day debt papers.

On Tuesday, the BTr will offer P35 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of five years and six months.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said T-bill rates could end slightly higher at today’s auction, while the 10-year bond yield could be close to the 4.94% fetched for the tenor at the secondary market, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates published on the Philippine Dealing System’s website.

“Auction yields would still be higher for the coming week to reflect the latest week-on-week rise in the secondary market/PHP BVAL yields as global oil prices posted new seven-year highs as winter season approaches amid some disruptions in the global supply chain,” Mr. Ricafort said in a Viber message.

He said higher global oil, energy, and commodity prices due to supply chain disruptions could lead to some pickup in inflation.

Reuters reported on Friday that oil prices rose amid signs of strong demand and tighter supplies as industries switch to oil in response to higher gas and coal prices.

Meanwhile, a trader said T-bond rates could climb due to lower supply of certain tenors.

“Expect [T-bond rates] to try to breach the 4% as supply pressures persist on the five- to seven-year space,” a trader said in a Viber message.

The government made a full award of T-bills it offered last week as rates moved sideways as investors preferred to park their excess funds in safe-haven assets.

Broken down, the BTr raised P5 billion as planned from the 91-day debt papers from P11.37 billion in bids. The three-month T-bills fetched an average rate of 1.095%, up by 1 basis point (bp) from the 1.085% seen during the previous offering.

It also made a full P5-billion award of the 182-day T-bills as the tenor attracted tenders worth P18.36 billion. The six-month paper’s average rate was unchanged at 1.391%.

Lastly, the government borrowed the programmed P5 billion through the 364-day T-bills from P16.86 billion in tenders. The one-year securities’ average rate inched up by 0.3 bp to 1.587% from the 1.584% quoted at the previous offering.

Meanwhile, the last time the BTr auctioned off the reissued 10-year T-bonds on offer on Tuesday was on June 22, when it made a full P35-billion award of the papers from P65.091 billion in tenders.

The debt papers fetched an average rate of 3.185% at that auction, down 54.7 bps from 3.732% previously and lower than the 4.75% coupon for the series.

The BTr is looking to raise P200 billion from the local market this month: P60 billion from weekly offers of T-bills and P140 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — Jenina P. Ibañez

Preview: 2022 Chevy Trailblazer

PHOTOS FROM TCCCI AND ANONYMOUS SOURCE

Chevrolet’s premium subcompact SUV set to blaze a trail in the Philippines anew

THE CHEVROLET Trailblazer once frolicked on Philippine roads at a time when way fewer brands challenged it and other SUVs then (think Pajero, Patrol, Land Cruiser, etc.).

Now, it is set to make a return this month in a vastly changed form — to a vastly changed market. Today, the crossover is the currency, and there are oodles of competition in this segment. Still, The Covenant Car Company, Inc. (which controls both the Chevrolet and MG brands here) surely believes there is much in the Trailblazer that will resonate with the discriminating contemporary car buyers.

The company starts off guns a-blazing (pardon the pun), as it were. “Developed from the ground up and designed to cater to Chevrolet’s global markets, the all-new Chevy Trailblazer is poised to shake up the highly competitive compact SUV segment. This SUV is built to be embraced by a forward-thinking, tech-savvy, and independent audience,” Chevrolet Philippines said in a release.

TCCCI points to a “feature-laden spec list,” highlighted by a turbocharged DOHC 1.3-liter power plant, mated to a CVT, and a “suite of safety features.” Other goodies include enhanced stability control and driver assistance systems, and an eight-inch Chevrolet MyLink with Apple CarPlay and Android Auto connectivity.

The Trailblazer is said to soldier on with what the nameplate stands for, albeit in a more tech-loaded package for “current connected lifestyles.”

Continued the release, “Its head-turning appearance which is reminiscent of the Camaro, sporty stance, and flexible yet comfortable interior, all combine to create an appealing compact crossover that will exceed the expectations of even the most discerning car buyers in the Philippines.”

The new Chevy Trailblazer will be available in two variants: LT and Premier. “A five-year warranty, automatic enrollment to the 24/7 Chevrolet Roadside Assistance for three years, and immediate access to the Chevy Hotline for convenient vehicle service and ownership needs will be included in the purchase.”

“Velocity” learned from a highly placed source who requested to remain anonymous that the all-new 2022 Trailblazer will be priced at P1,488,888 for the LT and P1,618,888 for the Premier. It will come in the following colors: Abalone Pearl White, Bright Red, Dark Red/Velvet, blue, gray, silver, and black. — Kap Maceda Aguila

Malaysian salon paints Squid Game manicures of tiny coffins, green tracksuits

THESE sets of acrylic nails are inspired by the popular South Korean Netflix series Squid Game. — PHOTO FROM MANIQURE.MY

KUALA LUMPUR —  A manicure salon in Malaysia is selling painted and press-on nail designs based on the television show Squid Game, the latest small business to cash in on the soaring popularity of the South Korean series.

The Maniqure Nail Salon on the outskirts of Kuala Lumpur has designed a set of nails for each of the show’s nine episodes. “Red Light, Green Light” features the killer giant animatronic doll from the first episode, while “Hell” includes a picture of the red-suited game officials and a pink-ribboned coffin.

“Is it difficult to draw? Yes, a little bit because … it’s all 100% hand painting, not printing,” said salon co-owner Lim Pei Xin. “Every fine line we have to stop breathing.” Squid Game earlier this week became Netflix’s biggest original series launch, notching up 111 million viewers in less than a month.

The dystopian drama, in which cash-strapped contestants play childhood games with deadly consequences in a bid to win 45.6 billion won ($38 million), has inspired countless memes, Halloween costumes and real-world recreations.

It has also sparked a debate within South Korea about toxic competitive societies and prompted new interest in the country’s culture and language around the world.

Chin Kwan How, co-owner of the Maniqure Nail Salon, said demand for the press-on version of the themed nails had come from international buyers via the business’ website, as well as locals. — Reuters

Poultry demand recovery still uncertain after easing of Metro Manila quarantine 

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A RECOVERY in demand for chicken is still uncertain following the opening of more businesses in the wake of the Alert Level 3 declaration for the National Capital Region (NCR), according to the United Broiler Raisers Association (UBRA). 

UBRA President Elias Jose M. Inciong said in a mobile phone interview with BusinessWorld that demand for broiler chicken is not expected to immediately pick up with the loosening of the quarantine.

“It is too early to tell because people will probably be conservative and careful. Meanwhile, it is ‘wait-and-see’ for restaurants. I do not think they will purchase in advance and hold more inventory, because what if there is another lockdown and they have so much stock? They will incur losses again,” Mr. Inciong said.  

“Producers are still very conservative because of the high cost of production with prices of corn, soya, and coco oil at high levels,” he added.

Demand for chicken declined as a result of the stricter lockdown settings raised over the NCR and other parts of the country in recent months.

The government downgraded the quarantine setting in the NCR to Alert Level 3 between Oct. 16 and Oct. 31. The quarantine setting allows establishments and other activities at an indoor maximum capacity of 30% for fully vaccinated people and 50% outdoor capacity regardless of vaccination status.

Gatherings such as meetings, weddings, parties, events and indoor activities like amusement arcades are also now allowed under the new quarantine status.  

Meanwhile, Mr. Inciong noted an increase in the farmgate price of broiler chicken, but maintained that it was not related to demand.

“I do not think this is demand-related. It is too early. It is more of a production or supply-related reason due to the difficulties faced by producers such as high production costs,” Mr. Inciong said.  

UBRA estimates that as of Oct. 15, the average farmgate price of an off-sized broiler rose 4.8% to P88 per kilogram (/kg) from price levels recorded on Oct. 8.

The average farmgate price of regular-sized and prime broilers increased 6.4% and 6.7% week on week to P92/kg and P92.65/kg, respectively.

Mr. Inciong said the price of coco oil used in production currently ranges from P77/kg to P87/kg, compared to P50/kg to P60/kg in previous months.

As of Oct. 15, the retail price for whole chicken was steady at P160/kg, according to NCR wet-market price monitoring by the Department of Agriculture.

“I do not expect demand to pick up immediately but hopefully it will slowly recover,” Mr. Inciong said. — Revin Mikhael D. Ochave 

MREIT revenue up 6% to P711M

MEGAWORLD Corp.’s real estate investment trust (REIT) saw a 6% increase in third-quarter revenue to P711.2 million, owing to higher rental income.

In an e-mailed statement, MREIT, Inc. said its rental income for the quarter exceeded the target set in its REIT plan, rising by 5% to P583.7 million.

The company said its financial performance would allow it to distribute dividends in line with its REIT plan this month. It is looking to declare at least 24 centavos per share for its initial tranche of dividends.

“Considering MREIT’s strong performance to date, as well as our improved outlook on office demand and the infusions of additional assets, we are confident of our ability to meet, if not surpass, our dividend projection for the year as indicated in our REIT plan,” said Kevin Andrew L. Tan, president and chief executive of MREIT and chief strategy officer of Megaworld.

MREIT’s initial portfolio currently has 10 office assets located in its townships, namely: Eastwood City in Quezon City, Bonifacio Global City’s (BGC) McKinley Hill, and Iloilo Business Park in Mandurriao, Iloilo City.

It is planning to double its 224,431 square-meter (sq.m.) portfolio by 2024, with a goal of reaching a million sq.m. by 2030.

MREIT is already planning to inject more assets from Uptown Bonifacio in BGC as well as more from Eastwood City, McKinley Hill, and Iloilo Business Park.

“By next year alone, around 100,000 [sq.m.] of prime office assets will be injected into MREIT,” it said.

“Backed by its access to Megaworld’s extensive office portfolio, MREIT aspires to be one of, if not, the largest office REIT in Southeast Asia because of the company’s long runway for growth,” it added.

Shares of MREIT at the stock exchange went up by 3.02% or 52 centavos on Friday, closing at P17.74 apiece. — Keren Concepcion G. Valmonte

Banks told to monitor transactions for indications of tax crimes 

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THE BANGKO SENTRAL ng Pilipinas (BSP) told its supervised financial institutions to watch out for signs of tax crimes in transactions and flag them accordingly.   

Circular Letter CL-2021-078 signed by BSP Deputy Governor Chuchi G. Fonacier told BSP-supervised financial institutions to include tax-related keywords and phrases when filing suspicious transaction reports (STRs) that have indications of tax crimes. 

The keywords are recommended by the Anti-Money Laundering Council (AMLC) in a report titled “Analysis of Suspicious Transaction Reports with Possible Links to Tax Crimes” published in June. These include “taxable, taxation, tax evasion, tax fraud, possible tax evasion, tax fraud or tax crime, may relate to tax evasion, tax fraud or tax crime”. 

The BSP also stressed the recommendation of the AMLC study to flag possible predicate crimes in the STR, including corruption, plunder, graft and swindling, among others. 

The study found that transactions related to tax crimes involved activities such as investment-taking, extensive use of substantial cash, and transactions that are not consistent with the salary or businesses of the people involved. 

It also noted a trend of suspicious transactions dominated in cash, including deposits and withdrawals, as the use of hard money can conceal a trail. 

Meanwhile, the BSP also alerted financial institutions on money laundering and terrorism financing schemes involving the real estate sector, based on AMLC findings released in July. The report noted that suspicious property-related transactions amounted to P321.4 billion from 2019 to 2020.  

In its circular, the BSP stressed key findings, which showed proceeds from illegal drug transactions, corruption, and fraud are parked in the real estate sector. Properties were also found to be used as hideouts for illegal operations. 

The BSP told banks to keep in mind the findings of both AMLC studies in their monitoring of dirty money and terrorism financing risks. 

“Conduct commensurate measures and consider the results of the above reports in their institutional risk assessment as well as risk profiling of the real estate sector, to improve their overall anti-money laundering/counter-terrorism/proliferation financing framework,” the circular said. 

Republic Act 11521, which further strengthened the Anti-Money Laundering Act of 2001, included tax crimes involving amounts bigger than P25 million as covered transactions. The law also included real estate agents and developers as covered persons, while raising covered property transactions to amounts exceeding P7.5 million. 

The Philippines was included in the gray list of the Financial Action Task Force in June, meaning it is under increased monitoring and will need to prove effective implementation of tighter anti-money laundering and counter-terrorism financing laws to avoid counter measures. Government officials hoping the country could exit the list by January 2023. — L.W.T. Noble 

Suzuki opens satellite dealership in Sto. Tomas, Batangas

PHOTO FROM SUZUKI PHILIPPINES. INC.

SUZUKI PHILIPPINES, INC. (SPH) recently opened what it calls its Sto. Tomas Satellite dealership in San Roque, Batangas. The ribbon cutting was attended by patrons and partners alike, including Martin Paulo Arancon of the Puerto Gateway Group (which operates the facility), and SPH Vice-President and General Manager for Automobiles Keiichi Suzuki.

Over a 840-sq.m. area, the dealership features a three-vehicle-capacity showroom, and four work bays. It is the third dealership under the Gateway Group, which also boasts dealerships in Palawan and San Pablo.

The Sto. Tomas Satellite is strategically situated along 203 President Jose P. Laurel Highway, San Roque, Sto. Tomas, Batangas. It is hoped the establishment will boost Suzuki’s presence in Batangas and nearby areas, and provide a venue for past, present and future clientele to avail of the brand’s numerous services.

Said Suzuki, “As we begin the last stretch of the year, we remain confident amid this challenging situation that, with our patron’s continued support, and of course, Suzuki Philippines’ steadfast commitment in providing quality service for the Filipino, we have the tools to finish strong and rise above the hurdles that may inevitably come our way.”

For more information about Suzuki, visit http://suzuki.com.ph/auto/, like it on https://twitter.com/SuzukiAutoPH, and follow on Instagram through @suzukiautoph.

Time gets a touch-up

THREE chronographs from storied watch brand Patek Philippe got touch-ups this year, namely: the 5204, 5905, and 5930.

The split-seconds chronograph and perpetual calendar Reference 5204 has been available since 2016 in two rose gold versions. One has a silvered opaline dial and chocolate brown alligator strap (5204R-001); the other has an opaline ebony black dial and rose gold Goutte (droplet) bracelet (this version has been seen on TV host Ellen DeGeneres, if our search through paparazzi photos proved correct).

Now Patek Philippe offers connoisseurs a new variation on the rose gold case by combining this precious metal with a matching slate gray dial and strap. The entirely hand-polished rose gold case stands out for its sophisticated architecture, with a concave bezel and two-tier lugs. Despite the complexity of the movement, the indications on the sunburst dial stand out for their legibility. The day and month are displayed in two in-line apertures at 12 o’clock. The date hand at 6 o’clock incorporates the moon-phase aperture. Small seconds and the instantaneous 30-minute counter appear on two sub-dials at 9 and 3 o’clock. Two small round apertures display the leap-year cycle between 4 and 5 o’clock and the day/night indication between 7 and 8 o’clock — functions enabling accurate adjustment of the calendar.

Whether by day or night, reading the time is facilitated by the applied hour-markers and Dauphine-type hands in rose gold, all with luminescent coating. The transparent sapphire caseback offers an immersion into the heart of caliber CHR 29-535 PS Q, first introduced in 2012 on Reference 5204P-001. This movement is distinguished by its traditional architecture (manual winding, two column wheels, horizontal clutch) combined with seven patented innovations, including six for the chronograph and one for the split-seconds mechanism.

The new Reference 5204R-011 is worn on a shiny slate gray calf leather strap with an embossed alligator pattern and a rose gold fold-over clasp. The new 5204 is available with interchangeable sapphire crystal and solid casebacks.

A brand that started in the 1800s in Switzerland, Patek Philippe is patronized by monarchs, millionaires, and billionaires. It’s no surprise that celebrities are often spotted with Patek Philippe models, such as with the next model with a touch-up, the Reference 5905. MMA star Conor McGregor has been spotted with a 5905 on his personal Instagram account, while we spotted rapper Post Malone’s own on an Instagram account called @celebwatchspotter.

Reference 5905 combines two practical and easy-to-use complications: a self-winding flyback chronograph and a patented Annual Calendar. The Manufacture is reinterpreting the style of this model by unveiling a first version in steel — a rare metal in the Patek Philippe collections — with a three-link integrated bracelet.

The extremely rhythmical dial features a new elegant and contemporary sunburst olive green color. It ensures excellent legibility for the additional functions, with a central chronograph hand, a large 60-minute sub-dial at 6 ‘clock and three day/date/month apertures arranged in an arc for instant reading of the Annual Calendar indications. There is also a discreet day/night indicator at 6 o’clock that is useful for ensuring accurate date setting.

The polished steel case features a sophisticated construction with a concave bezel and recessed sides. The integrated steel bracelet is inspired by that of the Aquanaut Reference 5167/1A with its contrasting finishes (polished outer links and satin-finish inner links), while subtly distinguished from it by the underside of the bracelet and the edges which are polished, in line with the case. It is equipped with a patented Patek Philippe fold-over clasp secured by four independent catches. The new Reference 5905/1A-001 is joining existing References 5905P-001 in platinum with a blue dial and 5905R-001 in rose gold with brown dial.

Finally, the Reference 5930 combines two functions: a self-winding flyback chronograph and World Time. We couldn’t find a celebrity wearing one, so an earlier model might have been worn by someone a little more low-key.

This model was launched in 2016 in a white gold version with a blue dial and matching strap. Patek Philippe reinterprets this timepiece with a sporty and cosmopolitan spirit in a new version combining the brilliance of platinum with a green dial and strap. The names of the cities are printed in green on the corresponding disk.

The green dial center illustrates the mastery of fine craftsmanship skills with a circular hand-guilloched circular pattern. This color is picked up at 6 o’clock on the snailed 30-minute counter. The applied hour-markers and the faceted Dauphine-type hands in white gold are highlighted by a luminescent coating ensuring good legibility in all circumstances. The entirely hand-polished platinum case is set with a diamond at 6 o’clock. It features the wing-type lugs typical of 1940s-1950s World Time watches.

As caliber CH 28-520 HU is equipped with a column wheel and the modern disk-type vertical clutch, the central chronograph hand can also be used as a permanent (running) seconds display — thus ensuring minimal wear and tear and without affecting the movement accuracy or power reserve. The 4 o’clock pusher enables instant restarting of a timing operation when the central hand is already performing an operation or is being used as a permanent (running) seconds display.

The World Time function simultaneously displays the time in 24 time zones. When changing time zones, an exclusive patented mechanism enables correction of all displays by pressing the 10 o’clock pusher, without affecting the accuracy of the movement. The new Reference 5930P-001 is worn on a shiny bottle green alligator strap with a platinum fold-over clasp. It is joining the white gold 5930G-010 version with blue dial and strap. —  JLG

Agricultural damage from storm ‘Maring’ hits P1.87 billion

AGRICULTURAL LOSSES inflicted by severe tropical storm Maring (international name: Kompasu) were reckoned at P1.87 billion Sunday, up from the previous estimate of P1.74 billion, the Department of Agriculture (DA) said.

The DA in a bulletin early Sunday placed losses at 91,407 metric tons (MT) of production volume due to Maring, with affected commodities including rice, corn, high-value crops, livestock, and fisheries. Damage was also incurred by irrigation and other agricultural facilities.  

A total of 69,868 hectares of farmland and 60,195 farmers and fisherfolk in the Cordillera Administrative Region, Ilocos Region, Cagayan Valley, Central Luzon, Mimaropa, Bicol Region, Western Visayas, and Soccsksargen were affected by Maring.

Rice losses were valued at P1.4 billion. Lost production volume hit 77,258 MT while affected farmland was estimated at 60,154 hectares.

Corn losses amounted to P144.9 million. Lost volume was 8,624 MT with affected farmland at 7,830 hectares.

Damage to high-value crops was P79.6 million. Lost volume was 5,526 MT consisting of assorted vegetables and fruit trees across 1,883 hectares of farmland.

Livestock and poultry damage was P42.4 million, including farmed chicken, cattle, swine, carabao, horse, goat, duck, sheep, turkey, rabbit, and geese.

Losses to fisheries was P110.1 million, while damage to irrigation and agricultural facilities amounted to P140.6 million.  

The DA said 141,635 MT of rice valued at P2.08 billion and 55,654 MT of corn worth P779.15 million had been harvested before Maring arrived. — Revin Mikhael D. Ochave

Taft Hydro expects to switch on 16-MW Samar plant by yearend

RENEWABLE energy (RE) firm Taft Hydro Energy Corp. expects its 16-megawatt (MW) hydro facility in Brgy. San Rafael, Eastern Samar to go online by the end of the year, the company’s president said.

In a statement issued over the weekend, the company’s President Benjie Picardo said the project is more than 98% complete and will be ready for commercial operations by end-2021.

The facility intends to provide power during the holiday season and supply the requirements of Samar which is part of the country’s “Tuna Highway.”

Taft Hydro said the lack of power has hampered tuna fishermen from maximizing the use of cold storage facilities for their catch.

“With Taft Hydro, the project’s major economic multiplier will be the opening of investment opportunities in cold storage, processing plants, and even in tourism,” Mr. Picardo said.

The plant, which is scheduled to be completed after 18 months of construction, will harness power from the Taft-Tubig River which drains from the hinterlands of Southeastern Samar.

Taft Hydro has embarked on tree planting activities to support the facility’s watershed, and has pledged to plant a total of 500,000 trees over its project’s lifetime.

The firm is a project company under the Filipino-led Magis Energy Holdings Corp., which was established two years ago to ramp up growth in rural communities by developing renewable energy facilities in the area.

Magis Energy also owns Matuno River Development Corp., which earlier announced that its 8-MW hydroelectric power plant in Bambang, Nueva Vizcaya is set to go online before the end of this year.

The new run-of-river project intends to strengthen the power supply requirements of Luzon and provide irrigation to farmers in Nueva Vizcaya. — Angelica Y. Yang