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[B-SIDE Podcast] High stakes: a recovering addict’s journey

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Reagan, a recovering gambling addict who has been sober for 11 years, has been jailed, institutionalized, kidnapped, and held at gunpoint. 

In this B-Side episode, he tells BusinessWorld reporter Patricia B. Mirasol about addiction, support systems, and the lifelong journey to recovery. “I can’t say I’m cured because every day is a struggle. Every day I can relapse,” he said. “By saying I’m a recovering addict, there’s a humility. That’s step one: to admit that we are powerless over gambling and that our lives have become unmanageable.”

TAKEAWAYS

‘One bet is too many. A thousand bets are too few.’ 

“Nothing can beat that first high—you’re going to constantly chase that first high,” said Reagan. “I got caught in the thrill of the chase. The more I lost, the stronger my motivation to play again.” 

Reagan started gambling on an incentive trip to Las Vegas when he was 23. His initial bet of $1 won him $18,000. 

Gambling addiction refers to the compulsive urge to gamble. It is categorized as a substance-related and addictive disorder in The Diagnostic and Statistical Manual of Mental Disorders, 5th edition (DSM-5)—the first recognized non-substance behavioral addiction. 

Gambling is not a ‘lesser’ addiction. It is driven by emotion rather than finances.

Gambling addicts believe that they are better than other addicts, such as those who are hooked on narcotics, because no manifestation of the addiction exists on their bodies. 

Time in rehabilitation, however, dispelled that notion for Reagan. 

“In reality, I was much worse,” he told BusinessWorld. “I was creating my own addiction juice. I didn’t even need a substance to create this addiction,” he said in the vernacular. “I was worse than those other types of addicts, because the addiction was in me.” 

Reagan said faith, family, and the 12-step program helped him learn more about himself. 

Created by Alcoholics Anonymous, 12-step programs are peer support groups that help people recover from substance use disorders, behavioral addictions, and mental health conditions. 

The correct term is ‘recovering addict,’ and not “recovered addict.” 

Recovering is the correct word when referring to an addict on his/her way to recovery, and not recovered. The distinction evokes humility, Reagan said. It also implies that the journey is ongoing, and that tomorrow ushers in a new day. 

“I can’t say I’m cured because every day is a struggle. Every day I can relapse,” he explained. “It’s [actually] a joke for us to say, ‘I’m recovered. I’m cured.’” 

Anti-gambling campaigns shouldn’t proselytize or agitate.  

Reagan pointed to a Facebook meme that showed a gambler who exchanged his four-wheel drive for a tricycle as a result of his addiction. “That’s a reality,” he said, adding that that non-combative humor is better received than preachy warnings.

Awareness campaigns are more effective when they reach their audience before the act of betting, he continued. “Because the moment they start betting, tapos na ’yun [that’s it]. They can recover afterwards, when they already feel lost.” 

Reagan advised those who feel they are struggling against these urges to search online for specific hashtags such as #gamblingsolution or #gamblingfellowship as there are anonymous groups that can help with gambling recovery in the Philippines.

Recorded remotely in May 2022. Produced by Earl R. Lagundino, and Sam L. Marcelo.

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Stand proud and celebrate being Filipino with SM Supermalls

As our national hero, Jose Rizal once said, ‘He who does not know how to look back at where he came from will never get to his destination.’ Tracing one’s roots is important to building one’s character. It is crucial to keep your feet on the ground as you reach greater heights. The same rings true for all Filipinos; we cannot truly appreciate the freedom we enjoy today without being aware of what our ancestors have fought for to gain our independence.

To celebrate Philippine Independence Day, SM Supermalls will be holding major events to commemorate this national holiday and encourage Pinoys to further embrace Filipino culture. 

Join SM Supermalls’ Flag Raising Ceremony

Show your love of country and value the sacrifices of the Filipinos who died protecting and defending it. Come in colors of the Philippine flag and head to SM Supermalls’ Flag Raising Ceremony on June 12, 2022 – assembly time is at 8:30am. Give it the utmost importance, as this is the thread that knits Filipinos together from one generation to the next. 

Indulge yourself with the best Pinoy Eats

As a champion of local MSMEs, SM Supermalls will spoil you with Filipino cuisine options and other local products from June 1-12. Savor the diverse and rich Filipino food offerings and have a taste of the best Pinoy dishes and treats from every region of the country. Enjoy special promotions during this period when you order your favorite Pinoy Eats on-ground or when ordering online.

Buy Local, Buy Pinoy

Support local businesses, buy fresh local produce and other specialty items from SM’s affiliates and tenants through the Buy Pinoy pop-up stores. Shop the best locally-made clothes, souvenirs, décor, and food brought to you by only the best Filipino businesses from June 1 to June 12, 2022.

“SM Supermalls have always celebrated Pinoy pride through various events where we get to appreciate our culture and express our gratitude to the heroes of past and present. Our Philippine Independence Day should never be taken for granted, because holding our national pride and heritage in high regard is what makes us true-blooded Filipinos through and through. We encourage everyone to join us as we celebrate freedom at SM Supermalls” Steven T. Tan, President of SM Supermalls, said.

For #SafeMallingAtSM, you can follow SM Supermalls on Facebook, Instagram, and Twitter or check out the mall entry guidelines and updates on mall hours here. You can also view the complete SM Directory here.

 

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VistaMalls, Inc. announces schedule of annual meeting of stockholders on June 27

 

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Beneficial Life Insurance Company, Inc. to conduct annual stockholders’ meeting through remote communication on June 30

To register, please click the link:

https://form.jotform.com/benlifemis.com.ph/2022-ASM-registration

or send us an email to:

corpsec@benlife.com.ph

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Diokno sees no need for spending cuts

BANGKO SENTRAL NG PILIPINAS GOVERNOR BENJAMIN E. DIOKNO — PHILIPPINE STAR/ GEREMY PINTOLO

THE INCOMING Marcos administration will not reduce government spending to address the ballooning budget deficit, Finance chief-designate and Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

“There should be no cut in our expenditure plan. I think we should really focus on raising enough taxes. I’m confident that because of the tax system that the Duterte administration will leave… we will be able to raise enough taxes to ensure we will meet our deficit targets,” he told ABS-CBN News Channel on Monday.

Mr. Diokno, who was picked by President-elect Ferdinand R. Marcos, Jr. to head the Finance department, said they will stick to the plan to bring down the government’s budget deficit to 3% of gross domestic product (GDP) by 2028.

For this year, the budget deficit ceiling is set at P1.65 trillion, which is equivalent to 7.7% of GDP. Economic managers set the budget gap ceiling at 6% of GDP for 2023, 5.1% for 2024 and 4.1% for 2025.

Asked if he will support proposals to impose new taxes, Mr. Diokno said the recent tax reforms would provide the next administration with enough room to generate enough revenues.

The Bureau of the Treasury earlier estimated the government needs to raise P249 billion every year in incremental revenues to avoid new borrowings to pay the P3.2-trillion additional debt incurred during the coronavirus disease 2019 (COVID-19) pandemic.

Finance Secretary Carlos G. Dominiguez III has proposed a fiscal consolidation plan that involves imposing new tax measures, repealing some tax exemptions, and deferring the personal income tax reductions.

Mr. Dominguez has said the government cannot cover the existing debt by borrowing more or reducing spending every year.

The National Government’s outstanding debt stood at a record-high P12.76 trillion at the end of April.

Meanwhile, Department of Finance (DoF) Chief Economist Gil S. Beltran said the country’s outstanding debt would have ballooned to over P15 trillion this year, if not for the government exercising fiscal prudence.

“We spent what we had to, but not more than what we could afford. In fact, had we acquiesced to pressure for us to spend more, our debt would have increased by P2.2 trillion more and reached P15.4 trillion,” Mr. Beltran said in a statement.

During the pandemic, Congress passed Republic Act (RA) No. 11469 or the Bayanihan to Heal as One Act and RA 11494 or the Bayanihan to Recover as One Act.

“Aware of the effects of additional spending on our borrowings, the DoF worked closely with legislators to limit the interventions under Bayanihan II to P140 billion, despite the objections of many other stakeholders,” Mr. Beltran said.

The DoF cited a report by its Domestic Finance Group (DFG) showing that proposed COVID-19 stimulus bills and other revenue eroding measures would have led to additional spending amounting to at least P2.2 trillion if they were passed by Congress.

Economists, however, said the government should have ramped up spending to boost the Philippines’ recovery from the pandemic.

“I personally thought that the government should have come out and have done a little more,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said. “But, credit to the government because they did what has to be done considering the lack of resources.”

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail that increased spending during the pandemic could have helped jumpstart economic activity.

“Additional stimulus during the height of COVID may have indeed bloated the overall debt levels of the country… However, such deployment may have jumpstarted economic activity, assured a more effective and early response to the crisis that could have ultimately [saved] the economy from falling into a deep recession,” he said.

“The improved health of the country could have in turn generated revenue streams that could have offset deficits and debt levels.”

Mr. Mapa stressed that the importance of measuring debt not solely on its overall level, but also against the economy’s gross domestic product (GDP).

“A substantial outlay early on in the pandemic may have pushed the debt levels to elevated levels, but it could have also helped revive the economy sooner, restore revenue streams and lead to narrower deficits and a more vibrant economy that would eventually translate to lower debt-to-GDP ratios.”

The Philippine economy contracted by 9.6% in 2020, but rebounded with a 5.7% growth in 2021.

Economic managers are targeting 7-8% GDP growth this year. — Keisha B. Ta-asan and Tobias Jared Tomas

Bakers scramble to cope amid spike in flour prices

A baker prepares to put bread in an oven in a bakery in Dapitan, Manila, June 5. — PHILIPPINE STAR/EDD GUMBAN

By Revin Mikhael D. Ochave, Reporter

BAKERS are struggling to keep prices of bread and pastries low amid the spike in flour prices caused by the Russia-Ukraine war and disruptions in the global supply of wheat.

Several bakery owners interviewed by BusinessWorld said that prices of flour, depending on the quality, have gone up by around 20% to nearly 50% in recent months.

“Flour and wheat supplies seem sufficient in the Philippines. We have no problem buying, but the flour prices are increasing continuously since March due to volatility of world supply, I think, because of the Ukraine-Russia war. It was P810 per 25-kilogram (kg) sack of flour in January, now it’s at P955 per sack,” Wilson Lee Flores, owner of Kamuning Bakery Café, said in a mobile phone interview.

The Philippines is a major importer of milling-quality wheat, as it has no commercial production of wheat. It mainly imports wheat from the United States, Australia and Canada, according to Luisito Chavez, former vice-president of the Philippine Federation of Bakers’ Association, Inc.   

“We import 100% of wheat for our flour mills to process into flour. We use flour for pandesal, breads, cakes, biscuits, cookies, instant noodles and pasta. The Ukraine-Russia conflict, plus economic or trade sanctions of the West on Russia have destabilized global wheat prices and supplies,” Mr. Flores said.

Russia and Ukraine account for around a third of global wheat supply.

Jundio C. Salvador, owner of Pan de Amerikana bakery and restaurant, said in a mobile phone interview that the flour they use for making bread and other pastries have increased to P1,070 per 25 kg, from P870 per 25 kg previously.

“(Flour) supply-wise, we are not encountering any problems as of the moment. We are concerned only with the rising prices at an average of 22% for the past previous month,” Mr. Salvador said.   

PRICE HIKE
Kamuning Bakery Café has already raised the price of pandesal to P4 a piece, from P3 previously, Mr. Flores said.

“We have no choice but to adjust a little some of our bread prices, but not too high because we do not want customers to suffer and we don’t want customers to buy and eat less pandesal. Some bakeries and fastfood restaurants reduce size, density, and quality of their breads and foods, but we continue to uphold our standard, classic sizes and taste of the bread here,” he said.

To address the spike in prices, Mr. Flores suggested bakeries and restaurants should consider local substitutes such as cassava flour, or shift to local ingredients.

At Pan de Amerikana, Mr. Salvador said the price of pandesal has not been adjusted as of now.

“Increasing our price will definitely affect our sales. Our customers are very familiar with the size and weight of our pandesal and request us not to reduce them but rather increase the price instead. We expect this move will only translate to less sales,” he said.

A March 24 report by the US Department of Agriculture – Foreign Agriculture Service in Manila said the share of milling wheat to the total cost of bread production is 71%.

Ram M. Morales II, co-founder of Pomodoro Pizza, said in a mobile phone interview that they raised the price of their pizzas by P5 to P20 per order.

“Before, we were getting flour for P540 per 25-kg sack. Now, the flour we use is priced at over P1,000 per sack… It is hard on our end because the flour that we use is very specific. We cannot just substitute our raw material with locally available flour,” Mr. Morales said.   

The recent spike in flour prices has prompted Mr. Morales and his investors to consider shifting from pizza to coffee or all-day breakfast offerings.

“We are looking at other concepts that do not depend on pizza so that the business will continue,” Mr. Morales said.   

Philippine Baking Industry Group (PhilBaking) President Johnlu Koa earlier said that the group is seeking to raise the price of the 450-gram Pinoy Tasty bread to P42.50 from the current price of P38.50, and the price of the Pinoy Pandesal to P27.50 from the current price of P23.50.

Trade Undersecretary Ruth B. Castelo said in a mobile phone message to BusinessWorld that the Department of Trade and Industry is still validating PhilBaking’s proposed price adjustment. 

“We are still validating (the proposal),” Ms. Castelo said.

Shippers urge Palace to stop planned 949% hike in tariffs

REUTERS

A GROUP of shippers is urging Malacañang to stop the Philippine Ports Authority (PPA) from implementing an “unjustifiable” 949% hike in tariffs once the new operator takes over the Port of Pasig.

“We… urgently and humbly seek your intervention in the PPA’s attempt to unjustifiably and unconscionably increase arrastre, mooring and other tariffs at the Port of Pasig by as much as 949% for dry bulk cargo…, 615% for general cargoes…, and 71% for prime commodities,” the Pasig Port Users Against PPA Tariff Increases said in a full-page newspaper ad on Monday.

Signed by representatives of 54 companies, the appeal was addressed to President Rodrigo R. Duterte, President-elect Ferdinand R. Marcos, Jr., National Economic and Development Authority (NEDA) Secretary Karl Kendrick T. Chua, and incoming NEDA Secretary Arsenio M. Balisacan.

The 54 companies, which include Movers and Managers Corp., J-Tram Integrated and Marketing Corp., CQ Heirs Shipping Lines, San Nicholas Lines, Inc., JCAP Shipping Lines, JVS Journey Sea Trans., Inc., and Masuda Marine Corp., said the new tariffs are “exorbitant (and) without justification.”

The companies argued that raising tariffs amid rising fuel prices and a looming food crisis is “against the interest of the people.”

The tariff hike, which is applicable to all “tier 3” ports including the Pasig Port, is expected to affect the prices of grains used for flour and bread, animal feeds, construction materials, sugar, rice, and cooking oil, among others. 

The port tariffs are “without consideration for the minimum wage of the locality of the affected port users,” they said.

“If tariffs are increased at the Port of Pasig, which ships to and from Palawan, the increase in tariff rates at Palawan will be added on to the increase in rates at the Port of Pasig for products shipped to the Port of Pasig, and vice-versa,” the group said.

The statement was published a week after the PPA awarded the terminal management contract for the Port of Pasig to the Manila-based Mega Lifters Cargo Handling Corp.

The Port of Pasig, which is situated near the M. Roxas Jr. Bridge (Delpan Bridge) spanning the Pasig River, covers 43,247.07 square meters on both banks of the river. It handled 848,960 metric tons of domestic cargo last year, according to the PPA.

“In other words, for dry bulk cargo imported at both Pasig and Palawan, the Palawan increase of 215% will be added to the 949% increase of Pasig, for a punishing 1,164% increase to the end consumer,” the Pasig Port users also said.

The group said they issued a similar appeal to the PPA Board of Directors on April 11, but did not receive a reply.

In their petition in April, port users Movers and Managers Corp., J-Tram Integrated and Marketing Corp., CQ Heirs Shipping Lines, TBB Enterprises, San Nicholas Lines, Inc., and JVS Journey Sea Trans., Inc. proposed that the “tariff increase be similar to that granted to MNHPI (Manila North Harbour Port, Inc.) in 2017, i.e. 24% increase implemented in three tranches of 8% each over three years.”

Two communications officers of the PPA received and acknowledged receipt of BusinessWorld’s request for comment on Monday, but the agency has yet to issue a statement on the matter as of press time. — Arjay L. Balinbin

PHL ranks 37th among top destinations for Muslims

A tourist enjoys the view of Mayon Volcano from Sumlang Lake in Camalig, Albay. — PHILIPPINE STAR/EDD GUMBAN

THE PHILIPPINES ranked 37th out of 138 destinations in the latest report that measures a country’s preparedness in tapping the Muslim travel market.

The Mastercard-CrescentRating Global Muslim Travel Index (GMTI) 2022 report showed the Philippines had an overall score of 43.

The score is based on four key areas — ease of access to the destination, internal and external communication, environment, and services.
Philippines places 37<sup>th</sup> in Muslim travelers’ top destinations

“As the travel industry gears up for quarantine-free international travel, we believe the Muslim travel sector could contribute immensely to accelerating the recovery,” Fazal Bahardeen, founder and CEO of CrescentRating, said in the report.

In the previous year’s report, the Philippines ranked 36th out of 140 destinations with an overall score of 46.

Malaysia topped this year’s travel index, followed by Turkey, Saudi Arabia, and Indonesia. A total of 138 countries were ranked in 2022, down from 140 countries included last year, after Russia and Ukraine were excluded due to the war.

Under the access criteria for 2022, the Philippines scored 83 for visa requirements, 21 for connectivity, and 57 for transport infrastructure. In terms of communications, the country scored 54 for destination marketing, 41 for communication proficiency, and 30 for stakeholder awareness.

Under environment, the Philippines had 61 for safety, 100 for faith restrictions, 3 for visitor arrivals, 38 for enabling climate, and 30 for sustainability.

For services, the Philippines scored 47 for core needs such as halal food, 50 for prayer facilities, 40 for core services such as airports, 32 for hotels, and 10 for unique experiences.

This year’s index also showed that the Philippines remained on 8th place among the top 20 non-Organization of Islamic Countries (OIC).

Mr. Bahardeen said Muslim traveler arrivals are projected to reach 140 million in 2023 and 260 million in 2024.

“The pre-pandemic projection of 230 million arrivals by 2026 will now be reached in 2028 with an estimated expenditure of $225 billion. This recovery process is fragile and could be disrupted by the continuing war in Ukraine, fuel price increases, and other health threats such as the emerging monkeypox or coronavirus disease 2019 (COVID-19) variants,” Mr. Bahardeen said.

In a separate report, the United Nations World Tourism Organization (UNWTO) said that the recovery of global tourism is now gaining momentum after the easing of restrictions and increase in tourist arrivals.

Based on the UNWTO’s latest World Tourism Barometer, international tourism rose by 182% year on year in the first quarter of 2022, after recording 117 million international arrivals from 41 million in the same period last year.

“Of the extra 76 million international arrivals for the first three months, about 47 million were recorded in March, showing that the recovery is gathering pace,” the UNWTO said.

“Although international tourism remains 61% below 2019 levels, the gradual recovery is expected to continue throughout 2022, as more destinations ease or lift travel restrictions and pent-up demand is unleashed,” it added.

However, the UNWTO noted that the Ukraine-Russia conflict poses a risk to the recovery of international tourism.

“The Russian offensive on Ukraine seems to have had a limited direct impact on overall results so far, although it is disrupting travel in Eastern Europe. However, the conflict is having major economic repercussions globally, exacerbating already high oil prices and overall inflation and disrupting international supply chains, which results in higher transport and accommodation costs for the tourism sector,” the UNTWO said.

International tourist arrivals are expected to hit up to 70% of 2019 level this year, it added. — Revin Mikhael D. Ochave

Old board sues Okada camp after resort takeover

By Revin Mikhael D. Ochave, Reporter

BOARD members of Tiger Resort Leisure and Entertainment, Inc. (TRLEI) who were recently removed by the camp of Japanese businessman Kazuo Okada have filed a complaint against him, citing the alleged “forceful takeover” of casino resort Okada Manila.

In a press conference on Monday, TRLEI Legal Counsel Estrella C. Elamparo said that the board directors had filed complaints before the Department of Justice (DoJ) in relation to the alleged “brutal, forceful, and anomalous takeover of Okada Manila” on May 31.

The directors who filed complaints on Monday include James G. Lorenzana, Michiaki Satate, who is co-vice-chairman, and Hajime Tokuda, a board member. They cited various offenses such as grave coercion, unjust vexation, slight physical injuries, kidnapping and serious illegal detention.

The complaints were filed against several respondents, including Mr. Okada, Antonio O. Cojuangco, and Dindo A. Espeleta.

“There wasn’t just an illegal takeover. There wasn’t just a violation, or disrespect, if not perversion of the status quo ante order (SQAO) which misled everybody, including perhaps our government authorities. They’ve committed serious acts and that’s why this morning, we went to the DoJ and filed three separate criminal complaints,” Ms. Elamparo said.

According to the TRLEI side, the camp led by Mr. Okada allegedly stormed the establishment on May 31, utilizing brute force and intimidation to “compel legitimate TRLEI officers to yield control over Okada Manila.”

On June 1, the camp of Mr. Okada issued a statement saying that Okada Manila’s operations remain “business as usual” and that his group is “once again managing Okada Manila.” They said that the country’s Supreme Court in April released the SQAO identifying Mr. Okada as the lone representative of Tiger Resort Asia Ltd. (TRAL), which is the parent firm of TRLEI that operates Okada Manila.

Mr. Okada was removed from TRLEI as shareholder, director, and company chairman in 2017 by Universal Entertainment Corp. (UEC) and TRAL “due to mismanagement.”

However, TRLEI counsel Ms. Elamparo said that it cannot be considered business as usual for Okada Manila.

“We can’t call it business as usual. But I think they’re receiving everybody and they’re still operating the hotel. But I wouldn’t call it business as usual because with their source of funds, the owner of the bank accounts is TRLEI. The banks will not just allow them to source funds from these accounts,” Ms. Elamparo said.

Further, Mr. Satate said that banks that have transactions with Okada Manila are carefully monitoring the issue.

“Of course, the banks are concerned about the current situation. From our side, we are in continuous discussions with the banks from the legal side and also from the business side. The banks are monitoring carefully the issue. Of course, they also have their legal opinions, their business stance, so we’re waiting for their final judgment also on how they will handle the situation from their end,” Mr. Satate said.

“Today, we would also like to give emphasis to the legality of the board recognized by TRLEI’s parent companies. We are recognized by our parent companies, UEC and TRAL, as the true and legitimate board members of TRLEI,” he added.

In a statement, Mr. Tokuda said that he was taken against his will during the takeover of Okada Manila, and was eventually brought home.

Aside from being a part of the TRLEI board, Mr. Tokuda is also a director at UEC, which is the parent company of TRAL and owner of TRLEI. UEC is owned by Okada Holdings Ltd., which is registered in Hong Kong.

“I have never seen such violence, brutality, and force in any intra-corporate dispute. But on May 31, I have not only witnessed it, I experienced it,” Mr. Tokuda said.

Ms. Elamparo said that they will be filing a manifestation with urgent motion for clarification regarding the Supreme Court’s SQAO.

In a separate statement, Mr. Okada said he addressed Okada Manila’s senior management and senior managers on Monday, where he explained the issue of the SQAO.

“Chairman Okada, in his speech, also reassured senior management and managers that he wants nothing more than for Okada Manila’s senior management to have greater interaction and an at arm’s length accessibility with his Board of Directors,” the statement said.

“Chairman Okada also emphasized that it is his fervent desire for all stakeholders to know that his Board of Directors is sincere in its pursuit to better serve the needs of its employees while at the same time elevating Okada Manila to greater heights of success,” it added.

In a separate statement on Monday, the Philippine Amusement and Gaming Corp. (PAGCOR) said that it is neutral with the dispute involving Okada Manila.

PAGCOR Chief Legal Counsel Roderick R. Consolacion said that it is up to the Supreme Court to resolve the pending case, citing a letter dated May 4 addressed to the lawyers of the contending groups.

“All that PAGCOR did was to follow the law and court processes. In the meantime, the SQAO is effective immediately by express directive of the Supreme Court and thus must be respected by PAGCOR and the parties, until lifted or otherwise the status quo is changed by the court,” PAGCOR said.

“PAGCOR emphasized its neutrality in the intra-corporate dispute in TRLEI in light of news reports accusing the regulator that it is biased in favor of the group of Mr. Kazuo Okada. PAGCOR has only recognized and will only recognize, the orders of the Supreme Court and will exercise its authority as regulator without violating or disrupting the SQAO and other orders issued by the Supreme Court,” it added.

PAGCOR opted not to give further comment on the ongoing issue surrounding Okada Manila.

“Since the issues between the parties are sub-judice, we fear that the court will find us in contempt if we do so,” PAGCOR said.

Raslag shares rise on market debut

RENEWABLE energy firm Raslag Corp. saw its share price jump by 2.5% or by five centavos to finish at P2.05 on its listing at the Philippine Stock Exchange (PSE) on Monday.

“The listing of Raslag will grow the portfolio of companies in the Renewable Energy space in our stock market. As an advocate of sustainability, being a member of the Sustainable Stock Exchanges Initiative, the PSE understands the crucial need for renewables in the fight against climate change,” PSE President and Chief Executive Ramon S. Monzon said in a statement.

The firm listed 1.5 billion shares and raised P700 million from its initial public offering (IPO). It will trade under the ticker ASLAG.

Proceeds from the offering will be used to fund the equity portion of a 35.1-megawatt (MW) RASLAG-4 solar photovoltaic plant’s development and construction, and the pre-development work for RASLAG-5’s nearly 60-MW, as well as other upcoming solar projects.

According to Mr. Monzon, the firm received a “warm reception” from the local small investors (LSI).

“The LSI tranche of Raslag was oversubscribed by 1.5 times, making it the fourth IPO to record an LSI oversubscription since the launch of the PSE Electronic Allocation System (PSE EASy),” he added.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said that value turnover on the local market was concentrated on Raslag closing above IPO price.

“Investors were receptive to the company’s expansion plans given the increased demand for reliable sources of energy in the medium and long term,” he said in a Viber message.

“In general, the global pressures to take a hard shift to renewables to ease the effects of climate change are shifting the limelight to alternative sources of energy, boding well for Raslag and its business model,” he added.

Raslag is a domestic renewable energy developer founded in Angeles City, Pampanga, by Peter G. Nepomuceno and Conrado D. Pecjo, the business development manager of Angeles Power, Inc. — Luisa Maria Jacinta C. Jocson

ABS-CBN ‘exploring’ various partnership opportunities

PHILSTAR

ABS-CBN Corp. said on Monday that it is exploring various partnership opportunities that will enable it to share its content both locally and globally.

“Our goal as storytellers and content creators is to bring Filipino stories to audiences here and all over the world. This is the reason we are exploring content distribution opportunities that allow us to reach wider audiences and pursue our mission of service,” ABS-CBN said in a statement, responding to reports over the weekend that it was in an evolving discussion with free-to-air television network TV5.

“Over the recent past, we have announced various local and international partnerships, including our content agreement with TV5. We continue to explore various partnership opportunities as they become available to us,” it added.

The company produces content and distributes programs through its partnerships with A2Z Channel 11 and TV5, Kapamilya Online Live on Facebook and YouTube, and streaming service iWantTFC, among others.

Under President Rodrigo R. Duterte’s government, lawmakers who supported him rejected the franchise application of ABS-CBN, the former rival of GMA Network, Inc. in the broadcasting space. The House of Representatives committee on legislative franchises deemed the broadcast network critical of Mr. Duterte and “undeserving” of the privilege.

The media company saw its attributable net loss for the first quarter of 2022 narrow to P1.38 billion from a loss of P1.95 billion the previous year.

The company’s total revenues for the quarter climbed 18.6% to P4.65 billion from P3.92 billion in the same period in 2021. Its total expenses remained at P5.77 billion.

Advertising revenues increased 59.8% to P1.49 billion from P929 million previously, while consumer sales grew 5.8% to P3.17 billion from P2.99 billion.

The company said the increase in advertising revenues is attributable to both political placements and growth in regular advertising as it continues to expand its coverage through partnerships.

On Monday, its shares jumped 2.21% or 22 centavos to close at P10.16 apiece at the stock exchange. — Arjay L. Balinbin

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