WASHINGTON – Delta Air Lines Chief Executive Ed Bastian said on Tuesday that travelers should be prepared for initial long lines when the United States lifts international travel restrictions for fully vaccinated travelers on Nov. 8.
“It’s going to be a bit sloppy at first. I can assure you, there will be lines unfortunately … but we’ll get it sorted out,” Mr. Bastian said at a U.S. travel event.
“We’re going to have a good surge of demand but in order to keep that surge up we’re going to need to make it easier and easier for people to figure out what the documentation requirements are.”
U.S. President Joe Biden on Monday signed an order imposing new vaccine requirements for most foreign national air travelers and lifting severe travel restrictions on China, India and much of Europe effective Nov. 8.
Airlines will check vaccination documentation for international travelers as they currently do for COVID-19 test results.
U.S. Travel Chief Executive Roger Dow said in an interview he was concerned whether U.S. border officials would be prepared for the Nov. 8 surge.
“I think there will probably be a few hiccups,” Mr. Dow said, saying the travel industry thinks the international travel increase “will be much bigger than people expect.”
Homeland Security Secretary Alejandro Mayorkas said at the travel event the department is preparing for a significant domestic and international holiday air travel increase. “”I think we’re going to be equipped to handle what we hope to be a real surge in holiday traffic,” Mr. Mayorkas said.
Last week, American Airlines and Southwest Airlines and the White House said they do not think the Biden administration’s executive order mandating that federal contractors require employee vaccinations by Dec. 8 will impact holiday travel or result in employees leaving.
Some airlines and industry watchers initially feared an exodus of unvaccinated airline or government employees involved in travel just before the Christmas season but airlines later said that would not happen and cited comments from the White House last week. – Reuters
Former U.S. President Donald Trump — REUTERS/LEAH MILLIS/FILE PHOTO
Former U.S. President Donald Trump will be able to retain the ownership of his newly launched social media venture even if he chooses to make another White House run or is convicted by prosecutors who are looking into his business dealings.
Mr. Trump said last week that TRUTH Social would be created through a new company formed by a merger of the Trump Media and Technology Group (TMTG) and blank-check firm Digital World Acquisition Corp.
According to regulatory filings issued late on Tuesday, Mr. Trump was referred to as the “company principal,” even though the exact size of his stake in the company was not disclosed.
However, the former president is set to keep his ownership in TMTG, even if the company faces a “material disruptive event” – the latest filings include a clause that is designed to shield his stake.
“In order to maximize business continuity and to minimize, mitigate, or eliminate any negative impacts on the Company from a Material Disruptive Event, the Company Principal’s ownership and position in the Company shall be structured in such a way as to eliminate the need for restructuring of ownership or changes in position were a Material Disruptive Event to occur,” according to the filing.
Since Mr. Trump was voted out of office in the last presidential elections in 2020, he has repeatedly dropped hints that he might seek the presidency for a third time in 2024.
Mr. Trump and his business interests are also the subject of numerous investigations from U.S. authorities – in June, Trump‘s namesake company and its chief financial officer were indicted, the first charges to arise from a more than two-year probe by New York prosecutors of Trump and his business dealings, Reuters reported.
In the latest filings, DWAC highlighted the risks of being associated with Mr. Trump‘s company.
“The Purchaser hereby acknowledges the controversial nature of being associated with the Company Principal and the Company Principal’s family,” it said.
As part of an earnout clause in the deal, TMTG shareholders will receive an additional 40 million shares, based on the share price performance of DWAC, which on Tuesday closed down nearly 30% but are still trading well above the SPAC‘s IPO price of $10 a share.
Earlier in October, Reuters reported that the merger with TMTG has delivered a potential windfall of $420 million for DWAC’s main backer, Patrick Orlando, who has been trying for a decade to reinvent himself as a serial dealmaker. – Reuters
Microsoft Corp on Tuesday forecast a strong end to the calendar year thanks to its booming cloud business but said supply chain woes will continue to dog key units such as those producing its Surface laptops and Xbox gaming consoles.
The company beat Wall Street expectations for its fist quarter ended Sept. 30, with pandemic-induced demand for the software giant’s cloud-based services driving sales.
Contracts for cloud services provided by Microsoft, Amazon.com Inc’s AWS and Alphabet Inc-owned Google Cloud have surged since last year when the COVID-19 pandemic shut offices and schools, pushing more activity online.
First-quarter revenue growth for Azure, the company’s flagship cloud-computing business, came in at 48% in constant currency to beat analysts’ estimates of 47.5%, according to consensus data from Visible Alpha. Amy Hood, executive vice president and chief financial officer of Microsoft, said that the company also expected “broad based growth” for the unit in the fiscal second quarter.
Azure’s growth rate is the best direct measure of competition with rivals such as AWS and Google Cloud as Microsoft does not break out revenue from the cloud-computing unit.
Microsoft appeared to hold off Google Cloud‘s rising challenge. Google Cloud said on Tuesday its revenue surged by 45% to $4.99 billion, but failed to live up to estimates of $5.2 billion.
Revenue at the firm’s other business units that house Windows software, the Teams messaging service and LinkedIn professional social networking platform also beat analyst expectations.
The supply chain issues affecting much of the global tech industry had mixed consequences for Microsoft.
Hood said Microsoft has continued to increase its cloud computing margins despite higher data center construction costs because it keeps adding more profitable services to those data centers. Hood also said that the company was able to ship more Xbox S and X gaming consoles than it expected in the first quarter – sales of gaming consoles and accessories were up 166% as the company continued to see strong demand for new models after the pandemic forced millions to seek entertainment at home.
But Microsoft and its rivals have been unable to keep up with demand because of the global chip crunch. Hood told Reuters the company expects Xbox demand to continue to exceed supply in the company’s second quarter, which includes Christmas.
She also said that sales of the company’s Surface computers, which declined 17% in the fiscal first quarter, were likely to keep sinking in the second quarter, with supply chain shortages hitting premium items in the lineup.
Microsoft‘s revenue from selling Windows to PC makers grew 10% year over year, beating the overall PC market, which only grew 3.9% over the same period because of supply constraints, according to data from IDC.
Hood said that the company was able to outperform in the PC market because of its strength in selling licenses for Windows destined for corporate customers, where it gets more revenue per license and has better market share.
Overall, revenue rose 22% to $45.32 billion in the first quarter ended Sept. 30, beating expectations of about $43.97 billion.
Net income rose to $20.51 billion, or $2.71 per share. The company said its results included a $3.3 billion net income tax benefit.
On an adjusted basis it earned $2.27 per share, trumping analyst expectations of $2.07 per share.
For the fiscal second quarter, Microsoft predicted a midpoint of $18.23 billion in revenue for its intelligent cloud business for the fiscal second quarter, above estimates of $17.84 billion, according to Refinitiv data.
First-quarter revenue from “Intelligent Cloud” surged 31% to $17 billion. Analysts had expected a figure of $16.58 billion, according to Refinitiv data.
Microsoft‘s forecast for its software app and Windows centric segments with midpoints of $15.83 billion and $16.55 billion, respectively, were also above Refinitiv estimates of $15.40 billion and $15.51 billion.
Shares of the company, which have risen nearly 40% this year, were marginally up in extended trading. – Reuters
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, is partnering with prominent local companies to help Filipino students address the many adversities brought by the COVID-19 pandemic in the country’s education sector.
Recently, TCS Philippines announced the first-ever TCS Sustainathon in the country, an initiative to inspire and empower young minds to be part of the solution to help improve the Philippines’ overall learning system through technology. With this year’s theme, “Inclusive Education for all in 2030,” participants are tasked to develop practical and innovative solutions, addressing the challenge statements developed by TCS Sustainathon Challenge Partners — Gokongwei Brothers Foundation, De La Salle-College of Saint Benilde, Converge ICT Solutions, Inc. (Converge) (PSE:CNVRG), and Ronald McDonald House Charities of the Philippines, Inc.
Building Effective Peer-to-Peer Learning
Gokongwei Brothers Foundation highlights the importance of social learning amid the distance and blended education in this new normal setup. Through the Sustainathon initiative, the company aims to find practical and sustainable solutions on how students can help each other learn better while maintaining healthy social interactions.
“The Sustainathon Challenge is a commendable initiative as it empowers the youth through technology. We’re excited to be part of TCS Sustainathon Philippines and work with these competent young individuals to improve our overall learning system. The Filipino youth have so much passion and creativity to offer. What makes them more admirable is their compassion towards their fellow students. We’re looking forward to how they will leverage trends in technology to develop practical and impactful solutions that will drive an inclusive education sector” shares Grace Colet, Executive Director, Gokongwei Brothers Foundation.
Fostering a Safe Environment for All
De La Salle-College of Saint Benilde (Benilde) has identified the importance of inclusion and acceptance in the community regardless of religion, gender, social status, or learning style. Cultivation of strong social relationships has always been essential in one’s overall well-being. With this, Benilde hopes to seek solutions that would ensure the development of social relationships between the members of the Benildean Community during and post-pandemic.
Jeremiah Adriano, OIC-Director of the Center for Inclusive Education shares, “The pandemic imposed distance among us but it also forced us to work together. We need to build strong, social relationships within our school community to create an inclusive space and safe environment. We are proud to be one of TCS’ challenge partners in this initiative and help promote strong connections inside and outside our community. The De La Salle-College of Saint Benilde is very much excited to see the youth’s high-impact innovation to address their chosen challenge statement.”
Breaking the “Digital Divide” in Education
The COVID-19 Pandemic caused much disruption in the country’s education system. In a study released last February 2021, the national Social Weather Survey (SWS) reported that 13 percent or over 4 million school-age Filipinos were not enrolled in the fourth quarter of 2020. The shift in learning modality has highlighted the challenges in students’ access to internet connection, equipment, and learning-conducive space. Through TCS Sustainathon Philippines, Converge hopes to see young minds co-develop innovative solutions that would help the company effectively use its pure fiber fixed broadband network and unique capabilities and partnerships to further learning under the new normal.
“Learning in this new normal setup is a challenge to teachers and students alike, especially for those without a stable broadband connection at home. There is a glaring need to address issues on internet connectivity and access to learning tools and materials. As the fastest growing fiber internet provider in the country, we are more than willing to collaborate with Filipino students in this Sustainathon Challenge to design solutions that will help us effectively serve the students within unserved and underserved communities.” Benjamin B. Azada, Converge Chief Strategy Officer shares.
Taking Literacy to a Higher Level
Lack of access to learning materials and resources (technology and infrastructure) in remote areas and limited student-teacher learning and consultation are some of the factors pointed out by Ronald McDonald House Charities of the Philippines that affect the overall literacy of Filipino children. The pandemic aggravated the situation, thus, the company is encouraging the youth to leverage digitization to make learning materials easier to digest and access for teachers, parents and students. Ronald McDonald House Charities of the Philippines is looking forward to seeing simple, scalable, and useful innovation that can help further improve the reading comprehension of children, especially for learners in rural areas.
“As we immersed ourselves in the ground in helping improve literacy of children in rural areas, we have seen how the education interventions need reinforcement in terms of technology. While we acknowledge the efficacy of localized traditional type of learning, it is imperative for us to look for innovations that will further aid learners’ development. We are thankful to be one of TCS Philippines’ Challenge Partners for TCS Sustainathon as it gives opportunities for Filipino students to share their unique ideas and propose digitally enabled solutions that will help Filipino children know how to read. We believe in the youth’s capability to create cutting-edge innovations that would answer the call that no student should be left behind,” Marie Angeles, Executive Director, Ronald McDonald House Charities of the Philippines shares.
Visit the TCS Sustainathon Philippines website to know more about TCS Sustainathon and the four challenge statements. Open to all 17 to 23 year old students nationwide, all they have to do is pick a challenge statement and brainstorm on a solution. They can register and submit their entries at the TCS Sustainathon Philippines website until November 19. The 1st place winner will receive Php150,000 while the second and third placers will receive Php100,000 and Php50,000, respectively.
TCS Philippines remains eager to materialize the vision and mission of the company and its partners. Embracing the company’s Building on Belief philosophy where every initiative is rolled-out based on purpose, TCS continues to work hand-in-hand with its partners to develop innovative, sustainable, and scalable solutions that will help solve the most pressing issues in the community.
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PLDT Inc. mobile services arm Smart Communications, Inc. (Smart) delivers a superior 5G experience to Filipinos as it wins in all seven categories of the first 5G Experience Report for the Philippines by independent mobile analytics firm Opensignal.
The report*, which covers July 1 to Sept. 28, 2021, showed Smart as the outright winner in five out of seven categories, including 5G Availability, 5G Download Speed, 5G Upload Speed, 5G Video Experience, and 5G Games Experience. Opensignal also declared Smart a joint winner in the remaining two categories – 5G Reach and 5G Voice App Experience.
Opensignal follows independent firms umlaut and Ookla in recognizing Smart’s network leadership in the Philippines
Impressive margins versus competition
“Smart led Globe by some impressive margins when we compared our users’ 5G experience on both operators,” wrote Sam Fenwick, Opensignal senior analyst.
Smart won the 5G Availability category with a score of 11.9 percent, which means Smart 5G users spent 11.9 percent of their time with an active 5G connection. This is 3.5 percentage points higher than Globe’s 8.4 percent.
On the other hand, Smart clinched the 5G Download Speed category with 178.1 Mbps, which is 78 percent faster than Globe’s 100.1 Mbps. It also led in the 5G Upload Speed category with 18.4 Mbps, which is 72.7 percent faster than Globe’s 10.7 Mbps.
Best 5G Video and Gaming Experience
Smart delivers the best mobile video streaming experience with a score of 77.9 points versus Globe’s 75.7 points on a 100 point scale. According to Opensignal, this indicates a “very consistent experience across all users, video streaming providers and resolutions tested, with fast loading times and almost non-existent stalling.”
Smart also provides its customers the best 5G gaming experience with a score of 71.9 points on a 100-point scale, 9 percent higher than Globe’s 66 points. “In most cases, the game was responsive to the actions of the player with most users reporting that they felt like they had control over the game,” noted the Opensignal report.
Meanwhile, Opensignal found Smart and Globe to be statistically tied in the 5G Reach category, a measure of how mobile users experience the geographical extent of an operator’s 5G network. Smart scored 3.7 points versus Globe’s 3.5 points on a 10-point scale.
Smart and Globe are also declared joint winners of the 5G Voice App Experience award, with Smart scoring 80.5 points versus Globe’s 79.2 points on a 10-point scale.
Series of recognitions from independent firms
The recent Opensignal report and awards add to the latest series of recognitions given by independent firms to the Smart network.
“These independent reports validate all our hard work unwavering efforts to deliver world-class connectivity to Filipinos and bring the benefits of 5G to our customers. As our 5G shift speeds up, we shall continue to improve our network to empower our nation and unlock unlimited possibilities for the careers, businesses, and passions of our subscribers,” said Jane J.Basas, SVP and Head of Consumer Wireless Business at Smart.
Smart now has around 800,000 5G users on its network, which is a 200 percent increase from the number of Smart 5G users in December 2020. To date, Smart has also fired up over 4,400 5G sites in more than 4,000 locations for the Philippines’ widest 5G coverage.
Make the Smart move now
To better serve customers, Smart has introduced pioneering 5G services such as the Signature Plans+, the first postpaid line-up in the country featuring Unlimited 5G access. Smart also introduced the country’s first Unli 5G data offers for prepaid subscribers in April. Smart is also gearing up to make available more 5G devices that will allow subscribers to experience next-level speeds for their work, school, business, or entertainment.
More mobile users may now experience Smart’s fastest and widest 5G network without having to change their mobile number through Mobile Number Portability. To switch to Smart, simply visit x.smart/switch or head to the nearest Smart Store. Users can also make the Smart move now via the GigaLife App, which is downloadable on the Apple App Store and Google Play Store.
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THE PHILIPPINES on Tuesday concluded its negotiations for the free trade agreement (FTA) with South Korea, which is expected to boost trade and investment between the two countries as they recover from the pandemic.
Trade Secretary Ramon M. Lopez and his South Korean counterpart Yeo Han-koo said in a joint statement that both countries are committed to completing all domestic procedures that would pave the way for the signing of the Philippines-South Korea FTA in early 2022.
Once signed, this will be the Philippines’ second bilateral FTA after Japan.
“The international trade environment is currently undergoing rapid changes amid the unprecedented challenges posed by the COVID-19 (coronavirus disease 2019) pandemic… The Philippines-Korea FTA can contribute to the swift recovery for the robust and resilient growth of the economies of the two countries,” Messrs. Lopez and Yeo said.
South Korean news agency Yonhap quoted the Ministry of Trade, Industry and Energy as saying the Philippines will remove tariffs on 96.5% of all products traded, while South Korea will lift tariffs on 94.8%.
The Department of Trade and Industry (DTI) said, on the other hand, the Philippines “was able to secure tariff elimination for bananas,” which was excluded under the FTA between South Korea and the Association of Southeast Asian Nations (ASEAN). Bananas are one of the Philippines’ top exports to South Korea.
The DTI said the Philippines also secured an “improved tariff treatment for processed pineapples, as compared to the Regional Comprehensive Economic Partnership (RCEP) concessions.”
Mr. Lopez told reporters via a Viber message that banana exports to South Korea will have zero duty in five years, while the processed pineapples will be duty-free in seven years.
“This is a good deal for our farmers. Better market access in South Korea for Philippine bananas and processed pineapples,” he said.
The Philippines also agreed to remove barriers for the entry of more South Korean-made cars and automotive parts, Yonhap reported.
Mr. Lopez said tariffs on some imports of South Korean automotive parts will be eliminated in five years.
“With the RCEP agreement complemented by this bilateral FTA with Korea, the trade value of Philippine exports to Korea will now be substantially covered. Hence, it will make the Philippine exports competitive in the said market,” Mr. Lopez said.
Mr. Lopez also mentioned that South Korea accepted the proposals such as the inclusion of industrial development and cooperation agreements to address the pandemic and other public health emergencies.
Both countries will further negotiate agreements for trade in services and investments not later than one year after the FTA is implemented, the DTI chief said.
The Philippines and South Korea started FTA negotiations in June 2019.
South Korea is one of the Philippines’ largest trading partners. Philippine exports to South Korea totaled $2.53 billion last year, 22% down from $3.24 billion in 2019, preliminary data from the Philippine Statistics Authority showed. South Korea accounted for 4% of export receipts last year. — R.M.D.Ochave
THE COUNTRY’S balance of payments (BoP) position reverted to a deficit in September as the government repaid its foreign currency debt obligations, the Bangko Sentral ng Pilipinas (BSP) said.
Data released by the central bank on Monday evening showed the BoP stood at a deficit of $412 million, reversing the surplus worth $2.104 billion a year earlier and $1.044 billion in August.
June was the last month the BoP was in a deficit, when the gap was at $312 million.
“The BoP deficit in September 2021 reflected outflows arising mainly from the debt service payment of the National Government’s foreign currency debt obligations,” the BSP said in a statement.
For the first nine months of the year, the BoP posted a deficit of $665 million, a reversal from the $6.878-billion surfeit in the same period of 2020.
At its end-September position, the BoP reflects the country’s gross international reserves of $106.6 billion, 1.3% lower than the $107.96 billion as of end-August.
This level of dollar reserves is enough to cover 7.7 times the country’s short-term external debt based on original maturity and 5.3 times based on residual maturity.
It is also equivalent to 10.7 months’ worth of imports of goods and payments of services and primary income.
The BoP gives a glimpse into the country’s transactions with the rest of the world. A deficit means more funds left the country, while a surplus shows that more money came in.
The BoP outturn reflected the wider trade deficit caused by higher import demand, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.
Latest data from the Philippine Statistics Authority showed the trade deficit in August stood at $3.58 billion, wider than the $2.18-billion gap a year earlier. Imports increased 31.1% year on year to $74.18 billion.
“Remittances and BPO (business process outsourcing) call center receipts have not been able to sufficiently offset the trade gap,” he said.
Mr. Mapa added the BoP also reflected the lower foreign borrowings compared with last year when the government ramped up borrowings for its pandemic response.
“[T]he net result is more dollars leaving the country compared to coming in,” he said.
Data from the Bureau of the Treasury showed gross external borrowings as of end-August fell by 10% to P458.51 billion from P509.7 billion a year ago.
“We expect the BoP to remain in deficit territory barring any substantial borrowings by the government. This translates to pressure on the local currency to weaken as we close out the year,” Mr. Mapa said.
At its close of P50.68 per dollar on Monday, the peso has weakened by P2.657 or by 5.53% against its finish of P48.023 on Dec. 29, 2020.
Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the BoP position may improve in the last few months of 2021, supported by inflows from the retail dollar bond issuance of the government in October and the proceeds from corporate fundraising activities.
The BSP projects the BoP to end the year at a surplus of $4.1 billion, which is equivalent to 1.1% of the gross domestic product (GDP). A slimmer surplus worth $1.7 billion or 0.4% of GDP is expected by 2022.
THE BUREAU of Internal Revenue (BIR) has been tasked to set up a unit to track goods sold online as it prepares to tax digital transactions.
Finance Secretary Carlos G. Dominguez III told the bureau to work with counterparts in other countries, including Russia and South Korea, to “determine how to properly tax these digital transactions.”
He said the government must keep up with the surge in online sellers after consumers turned to e-commerce during the pandemic, the Department of Finance (DoF) said in a statement on Tuesday.
The House of Representatives last month approved House Bill No. 7425, which amends sections of the National Internal Revenue Code of 1997, on third and final reading.
The bill would impose a 12% value-added tax (VAT) on digital transactions in the country, including the digital sale of services such as online advertisements, subscription services, and supply of services that can be delivered through the internet such as mobile applications and online marketplaces.
It would require foreign digital service providers to collect and remit VAT to the BIR for all transactions that go through their platforms.
BIR Commissioner Caesar R. Dulay said he has discussed how the government will tax digital transactions with the bureau’s national investigation division. The bureau will at first have a task force that will monitor online goods and services sales, he said.
Local retailers have been supporting the bill as the industry flagged increasing competition from foreign e-commerce giants that are not subject to local taxes.
The Philippine Retailers Association said the lack of taxes on foreign e-commerce has created an unfair playing field for retailers and distributors registered in the Philippines.
The industry group called on the Department of Finance to validate the sales revenue of online foreign transactions, recommending that “strong” implementing rules and regulations would be drafted to make sure that all digital transactions have receipts.
The Bangko Sentral ng Pilipinas (BSP) chief has also supported the 12% VAT on digital transactions. BSP Governor Benjamin E. Diokno said that emerging and developed economies are aligned in their desire to tax online transactions, but added that smaller transactions should be exempt. — Jenina P. Ibañez
THE ASIAN Infrastructure Investment Bank (AIIB) is considering supporting climate-resilient infrastructure in the Philippines, its top official said.
“What I would like to highlight is that the Philippines has a huge need for basic infrastructure. Given the geography of your country, topography, and I think connectivity within the Philippines is very much important,” AIIB President Jin Liqun said at a press briefing on Tuesday.
“We need to ramp up our efforts to build the infrastructure with climate resilience so I’m looking forward to be working very closely with your government, with your private sector.”
AIIB will also cooperate with the Asian Development Bank and the World Bank, he added.
Mr. Liqun also announced the bank’s three-point approach to speed up climate financing.
“First, we will align our public and private financial flows with the goals of the Paris agreement by July 1st, 2023,” he said.
“The bank currently estimates its cumulative climate finance approvals will reach $50 billion by 2030. This amount would represent a fourfold increase in annual climate finance commitments since AIIB started publicly reporting the number in 2019.”
The bank will also put up initiatives to drive investment and mobilize private capital to accelerate low carbon growth.
Lastly, AIIB will integrate climate mitigation and adaptation measures into infrastructure investments.
MINGLANILLA Techno Business Park (Ming-Mori) — CEBULANDMASTERS.COM
CEBU Landmasters, Inc. (CLI) aims to complete the Minglanilla Techno Business Park (Ming-Mori) project by 2025, the listed company said in a disclosure to the exchange on Tuesday.
The company broke ground for the 100-hectare reclamation project in Minglanilla, Cebu after a seven-year process.
“We thank the Municipality of Minglanilla and regulators for making this seven-year process a showcase of excellent compliance and good governance. It’s a great honor for us to be carrying out this important project and the whole CLI organization will be fully behind this,” said Jose R. Soberano III, president and chief executive officer of CLI.
In August, CLI increased its stake to 80% from 20% in the project developer, Ming-Mori Development Corp. (MMDC). Mr. Soberano is also the chairman of MMDC.
“CLI’s participation in the project will allow the listed company to supersede its target of acquiring 200,000 square meters (sq.m.) in new land bank as runway for its growth up to the end of the decade and into the next,” the company said.
The civil construction works for the Ming-Mori project are slated to begin in the first quarter of next year, along with scheduled infrastructure improvements surrounding and leading to the site of the “ambitious regional growth center.”
The Ming-Mori project is anticipated to generate over 700,000 sq.m. of saleable land area, which will be home to light industrial, commercial, residential, and institutional spaces. Around 300,000 sq.m. will be used for roads as well as green and open spaces.
CLI said titling for these properties will be done in phases beginning 2023, while the first phase for building construction is slated for 2024.
The township master plan was created by Singapore-based Surbana Jurong Consultants. The first phase “aims to catalyze the development and to create a diversity of uses to establish a vibrant township from the outset.”
“Cebu Landmasters is committed to the transformation of this area into a vibrant and sustainable waterfront community that will have wide-ranging benefits for Minglanilla and the southern part of Cebu,” Mr. Soberano said.
Shares of CLI at the local bourse declined by 0.34% or one centavo on Tuesday, closing at P2.93 apiece. — Keren Concepcion G. Valmonte
AYALA Land, Inc. listed its P3-billion fixed-rate bonds due 2031 at the Philippine Dealing & Exchange Corp. (PDEx), marking the listed property developer’s second listing at the debt capital markets this year.
The bonds, which has a rate of 4.0776% per annum, comprise the first tranche of the company’s newly approved P50-billion shelf-registered fixed-rate, peso-denominated bonds. The balance will be issued in tranches within three years.
“This issuance together with another long-term loan, which we are set to complete this week, will bring us closer to concluding our P50-billion debt refinancing program — the largest-ever as we continue to bring down our cost of debt and lengthen our maturities,” Ayala Land Deputy Treasurer Jose Emilio B. Jamir said during the listing ceremony on Tuesday morning.
PDEx President and Chief Executive Officer Antonino A. Nakpil said the issuance, by “Ayala Land standards,” is “bite-sized.”
Meanwhile, Mr. Jamir said the company’s 10-year bond “holds a distinction of being the longest corporate bond ever offered since the pandemic began.” The tenor is aligned with the period the company has set for the development of its projects.
The P3-billion fixed-rate bonds is the 17th listing at the PDEx this year, bringing the total new listings to P175.99 billion. The total outstanding listed corporate bonds stand at P1.35 billion, comprising of 195 securities issued by 54 companies.
Ayala Land said its offer was “well-received by the market,” resulting in a P3-billion order book.
“The successful offering of this 10-year bond has shown that there are fixed-income investors that are keen for longer-term instruments,” Mr. Jamir said, adding that the offer has a repriceable feature.
On Tuesday, shares of Ayala Land at the stock market went up by 0.28% or 10 centavos to close at P35.95 each. — Keren Concepcion G. Valmonte
CLOUDSWYFT has deployed its virtual lab solutions to STI Education Systems Holdings, Inc. schools on Oct. 18, an official of the education technology firm said, as he provided a preview of its future offerings including “virtual desk spaces.”
“Deployment was successful and the students had already accessed it successfully,” Dann Angelo De Guzman, founder and chief executive officer at CloudSwyft, said in a briefing on Tuesday.
CloudSwyft provides access to multiple software applications, which students may use at any time at their convenience. Universities may also customize the lab infrastructure it aims to offer to tailor to their respective programs.
Through CloudSwyft, students may access applications such as Autodesk, Inc.’s AutoCAD, Microsoft 365, and Adobe Systems through their universities’ virtual lab regardless of their computer systems. Only “at least 2 Mbps (megabits per second)” will be needed to use the platform.
The opportunity with STI was a “blessing in disguise,” as the institution was said to be looking for lab management platforms as it continues to offer educational programs amid the pandemic.
“They have been looking for a solution that can solve this problem since last year and they’ve only found out about us when one of our philanthropic and social impact efforts that we’ve done with Microsoft Global Schools Initiative,” Mr. De Guzman said.
“Some of their faculty members were actually recipients of those social impact efforts of one of the nonprofit organizations in the Philippines that we’ve worked with and that’s where they saw the CloudSwyft platforms and that’s where they saw the virtual lab space solutions and how it works,” he added.
Mr. De Guzman added that the partnership with STI Education will be “long-term,” and feedback regarding the use of its platform will be collected after a semester.
CloudSwyft said it is trying to “hand-hold” schools and universities as they immerse themselves into the platform. CloudSwyft said it offers free proof of concepts and free pilot-testing for a limited time.
“It’s inevitable for these educational institutions to be skeptic, to be anxious or concerned about the bandwidth infrastructure, the network, is this something that will work because this is totally new for them and the pandemic is totally new for everybody,” Mr. De Guzman said.
Aside from the virtual lab platforms, CloudSwyft is also offering “future-ready skills solutions” where the virtual labs feature content for technology skills courses to aid educational programs and may also be availed of by corporate clients.
CloudSwyft describes “virtual desk spaces” as similar to virtual labs for educational institutions. However, this will be designed for office employees who are working from home.
“This is targeted for enterprise and corporate where we will be the more cost-efficient and the more scalable, easier, simpler alternative compared to the traditional expensive VDI (virtual desktop infrastructure) solutions that many companies or many enterprise organizations are using nowadays,” Mr. De Guzman said. — Keren Concepcion G. Valmonte
