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SEC approves Filinvest Land’s P11.9-billion bond offering

FILINVEST Land, Inc. announced on Thursday that the Securities and Exchange Commission (SEC) approved its plan to offer up to P11.9-billion fixed-rate bonds.

The real estate developer is set to offer P8-billion worth of peso-denominated fixed-rate bonds with an oversubscription option of up to P3.9 billion for a maximum aggregate amount of P11.9 billion.

The offering consists of three-year bonds due 2025 with an interest rate of 5.3455% and five-year bonds due 2027 with an interest rate of 6.4146% per annum.

The latest bond issuance will also be the third and last tranche out of its P30-billion bonds registered in 2020 under the shelf-registered program of the SEC.

The first tranche was issued on Nov. 18, 2020 in the amount of P8.1 billion and the second tranche on Dec. 21, 2021 worth P10 billion.

The firm tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as the joint lead underwriters and bookrunners to manage the public offer and issuance. China Bank Trust and Management Group will serve as the trustee.

Filinvest Land has residential developments across 55 cities and towns in 22 provinces in the Philippines. Its business segments are divided between real estate and leasing.

Its wholly owned subsidiaries include Filinvest AII Philippines, Inc.; Homepro Realty Marketing, Inc.; FCGC Corp.; Gintong Parisukat Realty and Development, Inc.; Cyberzone Properties, Inc.; Filinvest Cyberparks, Inc.; Filinvest Cyberzone Mimosa, Inc.; Filinvest Lifemalls Corp.; Festival Supermall, Inc.; Property Specialist Resources, Inc.; ProOffice Works Services, Inc.; and Property Leaders International Ltd.

In the first quarter, Filinvest Land reported that its net income attributable to equity holders dipped by 8% to P677.77 million. Gross revenues likewise went down by 0.5% to P4.14 billion.

At the stock exchange on Thursday, Filinvest Land shares went up by 1.08% or one centavo to close at P0.94 each. — Luisa Maria Jacinta C. Jocson

Entertainment News (06/10/22)

Calum Scott performing in Manila

ENGLISH SINGER-SONGWRITER Calum Scott has announced that his Asia tour, the BRIDGES Asia Tour, will make a stop in Manila, along with Tokyo, Bangkok and Kuala Lumpur. The Manila show will be on Oct. 20 at the New Frontier Theatre in Cubao, Quezon City. Promoted by AEG Presents Asia and Ovation Productions, tickets to the concert will go on sale on June 15 at 10 a.m. via ticketnet.com.ph.

Pride Month marked on discovery+

IN HONOR of the legacy, triumphs, and challenges of the LGBTQIA+ community, discovery+ has announced the addition of the “Always Proud” content hub to the streaming service. The year-round, regularly updated hub celebrates what it means to be part of the LGBTQIA+ community, offering meaningful stories that showcase the joy and creativity of self-expression. Titles featured in the collection include: Generation Drag (already available), which follows five teen and tween drag performers from across the USA as they prepare for a first-of-its-kind drag ball event for teens and tweens; Book of Queer (already available), a five-episode docu-series (narrated by Margaret Cho, Dominique Jackson, Leslie Jordan, Ross Matthews, and Alex Newell) highlighting some of history’s most fabulous “queeroes” whose stories and contributions have been erased, marginalized, or straightwashed throughout the years; Trixie Motel (already available) a series featuring drag queen superstar Trixie Mattel. Also launched in June is An Audience with Adele, with Adele at the London Palladium. The seven-day free trial for new discovery+ subscribers is extended until June 30.

Netflix confirms 2nd season of All of Us Are Dead

NETFLIX has confirmed that the hit zombie horror series, All of Us Are Dead, is coming back to life for a second season. The first season, which follows a group of students fighting for their lives after a zombie outbreak in their high school, topped Netflix charts around the world, and remains one of two Korean shows — after Squid Game — in Netflix’s Top 10 most popular non-English TV shows. After its premiere, All of Us Are Dead shot straight into the top 10 most watched non-English TV series in 91 countries, and stayed there for two consecutive weeks. It also drew 361.02 million viewing hours in its first 10 days, with viewers kept on the edge of their seats rooting for the Hyosan High juniors over the 12 episodes.

Louis Tomlinson’s PH tour moves to the Big Dome 

The venue for the concert of Ex-One Direction member Louis Tomlinson has been moved from the New Frontier Theater to the Smart Araneta Coliseum, also at Araneta City in Quezon City. The Louis Tomlinson World Tour will be on July 16. The New Frontier Theater tickets have to be exchanged for new tickets from June 10 to 12. Ticketholders will be assigned to the equivalent seats at the Smart Araneta Coliseum. New Frontier Theater tickets which were purchased online will be voided and a new electronic ticket for the Smart Araneta Coliseum show will be e-mailed to the buyers. New Frontier Theater tickets that were bought through the Box Office and Outlet/s must be surrendered at the Ticketnet Box Office and exchanged with a new Smart Araneta Coliseum ticket. Due to public demand, additional tickets will go on sale starting Monday, June 13, 10 a.m. via TicketNet and its outlets. The Ticketnet Box Office is open daily from 10 a.m. to 8 p.m., including weekends. For more ticket info and inquiries, visit www.ticketnet.com.ph

Court upholds payout to illegally dismissed worker under PSALM

PHOTO BY MIKE GONZALEZ

THE Supreme Court has ruled against the Power Sector Assets and Liabilities Management Corp. (PSALM), which had been seeking to avoid making a P750,750 payout to a dismissed employee.

The ruling rejected a PSALM petition to overturn a finding by the Commission on Audit (CoA) that Alfonzo Fianza, a former employee of the Binga Hydroelectric Power Plant, was entitled to the payout due to illegal dismissal.

In an 8-page resolution dated Nov. 9 and made public on June 8, the court, sitting en banc, found that the CoA did not abuse its discretion in granting the award to Mr. Fianza, whose company was under PSALM management.

The court also found that PSALM did not file its administrative claim within the 30-day period allowed.

“Worse, PSALM did not offer any explanation, or justification for the belated filing of the petition and simply ignored the rules, Thus, the petition was filed out of time and must be dismissed,” the court said.

PSALM rejects responsibility for Mr. Fianza’s claim, saying that it did not arise from loans, issuances of bonds, and other instruments of indebtedness. 

It added that it was not a party to the proceedings between the employee and the labor arbiter, which should not make it liable to pay Mr. Fianza’s claim.

“Even if PSALM was not a party to the labor proceedings in which the money claim was awarded, the law requires PSALM to settle the judgement award,” the court ruled.

“As the CoA aptly ruled, Mr. Fianza’s claim should be considered a standing obligation of National Power Corp. (NPC) upon the transfer of its assets and liabilities to PSALM, which is only reasonable, considering that NPC’s corporate funds are now within PSALM’s control.”

The CoA had ruled PSALM to be responsible for settling outstanding liabilities of the hydroelectric plant, which included Mr. Fianza’s claim.

In 1998, the Binga Hydroelectric Power Plant dismissed Mr. Fianza after its contract with the NPC was terminated.

The plant was placed under corporate rehabilitation by the Securities and Exchange Commission the following year.

He then filed an illegal dismissal complaint before the labor arbiter, whose award was affirmed by the CoA.

PSALM was created to manage the orderly sale and privatization of the government’s power generation assets. — John Victor D. Ordoñez

Pawnbroking industry expands on diversification, digitalization

BW FILE PHOTO

THE PHILIPPINE pawnbroking industry continued to grow in terms of assets, network and capitalization as they expanded their products and services, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.

“The pawnshop industry has evolved through time amid continuous diversification, innovation and digitalization,” BSP Governor Benjamin E. Diokno said at a briefing on Thursday.

“Pawnshops, particularly the major players, are now multi-product or multi-service institutions with group structures and multiple financial service access touchpoints,” Mr. Diokno said.

The BSP said aside from extending loans on pledged assets, pawnshops have diversified their offerings to include remittances, money changing, bills payment and cash agency, among others.

The industry’s assets stood at P96.9 billion at end-2021, up by 4.7% from the previous year’s P92.5 billion, the BSP said.

Pawnshops’ capitalization also grew by 2.6% year on year to P42.2 billion at end-2021.

The central bank said this was primarily driven by capital accumulation from their profitable operations as the industry’s income reached P3.9 billion in 2021. 

“The pawnshop industry’s capital position also remains adequate to support risk-taking activities,” Mr. Diokno said.

“In 2021, pawnshops posted P3.9 billion in earnings, mainly from pawning operations. Income from corollary business activities, particularly remittance operations, also supplemented earnings,” he added.

The pawnbroking industry’s liquidity also remains adequate as their liquid assets account for 22.9% of the total, Mr. Diokno said.

Pledged loans or sangla increased by 2.7% year on year to reach P54.5 billion as of end-2021.

Items being pawned have also evolved, Mr. Diokno said. Aside from jewelry, pawnshops now accept gadgets, watches, musical instruments and luxury items such as designer bags and accessories.

Meanwhile, the industry’s reach expanded to 1,156 head offices and 14,350 branches nationwide at end-March from 1,152 head offices and 14,236 branches at end-2021.

The central bank said pawnshops are now present in 1,361 of 1,634 cities and municipalities or 83.3% of all local government units.

“The industry’s multiple financial access points, wide geographical reach, and role of providing accessible loans to households and small entrepreneurs, including the unbanked, all underscore the crucial role of pawnshops in promoting financial inclusion,” Mr. Diokno said.

The interoperability of branches has also improved amid the industry’s digitalization, he noted.

“For instance, customers may now pawn-renew-redeem from any branch at the customers’ convenience. Online pawning transactions are also gaining traction especially at the height of the pandemic, which limited customers’ mobility,” the BSP chief added.

The central bank said it continues to pursue “responsive and holistic policy initiatives and supervisory approaches” to ensure the industry’s and the financial system’s safety and soundness. — K.B. Ta-asan

Lim and Lastimosa added to San Beda short list of coaches

Jojo Lastimosa — PHILIPPINE STAR FILE PHOTO

THE search for San Beda’s basketball head coach is taking a bit of time.

This after former Lions coach Frankie Lim and NLEX assistant Jojo Lastimosa were added into the short list of candidates that included Aldin Ayo and neophyte Yuri Escueta.

“Frankie (Lim) and Jolas (Lastimosa) have been added into the mix and are being considered,” an insider told The STAR on Thursday.

Mr. Lim had steered the proud Benedictine school to four NCAA crowns and could whip the Lions back into championship form with his return while Mr. Lastimosa is a multi-titled former PBA star, whose playing experience could help motivate the team that failed to make the finals for the first time in last 15 seasons.

Mr. Ayo, meanwhile, has won championships as mentor of the Letran Knights and the La Salle Archers in the UAAP while coaching the Santo Tomas Tigers to the finals before losing to the powerhouse Ateneo Eagles years ago.

As for Mr. Escueta, he’s a former Ateneo stalwart who is itching to get his opportunity as a newbie bench tactician.

Whoever gets chosen to succeed Boyet Fernandez, he will have his hands full in regaining San Beda the old glory it once enjoyed when it made the finals 14 straight times starting in 2006 and snaring 11 championships during that impressive span. — Joey Villar

ERC clears Razon electricity seller’s rate for Iloilo City

THE Energy Regulatory Commission (ERC) has granted provisional approval to the application of More Electric and Power Corp. to adjust electricity rates in Iloilo City but at an amount lower than what the Razon-led company applied for.

In an order promulgated on June 8, 2022, the regulator approved a rate of P0.4725 per kilowatt-hour (kWh), or lower by P0.0773 than the P0.5498 per kWh sought by the distribution utility.

“After due deliberation and thorough evaluation of the documents submitted and the information gathered by the Commission pursuant to its regulatory powers, the Commission resolves to GRANT the Applicants’ prayer for provisional authority,” the ERC said.

More’s application stemmed from its emergency capital expenditure (capex) budget for projects that turned out to be even higher than what the city’s previous power provider secured.

In its application, More said that its approved emergency capex projects for 2020 amounted to about P1.33 billion, or higher than the P1.18-billion average regulatory asset base of Panay Electric Co. (Peco), which used to serve Iloilo City. More took over on Feb. 29, 2020.

In its application, More said that if it “would not be allowed to immediately recover such a significant amount, it would severely impair its cash flow.”

Further, it said that without the rate adjustment, More’s finances “would be adversely affected and this may adversely affect its ability to provide adequate and reliable power distribution services to its customers.”

More said Peco’s last approved rate could not cover the significant costs already incurred by the company in implementing the approved emergency capex projects for 2020. The emergency capex was sought to immediately rehabilitate, modernize and improve the distribution system in Iloilo City.

More said its prevailing effective rate is insufficient to allow the “full recovery of prudent and reasonable economic costs incurred” by it for the capex projects that had been approved by the commission.

“Hence, the need to adjust the rates to account for said reasonable costs,” it said. — VVS

Foo Fighters announces tribute concerts for late drummer Taylor Hawkins

POSTER FROM TWITTER.COM/FOOFIGHTERS
POSTER FROM TWITTER.COM/FOOFIGHTERS

LONDON — American rock band Foo Fighters will play two tribute concerts for their late drummer Taylor Hawkins, taking to the stage in London and Los Angeles in September, the group said on Wednesday.

Mr. Hawkins, 50, died unexpectedly in late March in a Bogota hotel during the group’s South American tour, the rest of which was subsequently canceled.

The concerts, which will take place at London’s Wembley Stadium on Sept. 3 and Los Angeles’ Kia Forum on Sept. 27, will be the first Foo Fighters live performances since Mr. Hawkins’ death.

“For our dear friend, our badass bandmate, our beloved brother… Foo Fighters and The Hawkins family bring you the Taylor Hawkins Tribute Concerts,” the band said in a post on Twitter, announcing the gigs.

It also shared a statement from Mr. Hawkins’ wife Alison, who thanked fans for their support.

At the time of Mr. Hawkins’ death, Colombia’s Attorney General said an initial analysis including toxicological tests had found 10 types of substances, including THC found in marijuana, tricyclic antidepressants, benzodiazepines, and opioids. It did not give a cause of death or say what volume of substances had been found in the analysis. It said it would continue with its investigation.

In a statement, the band said the tribute concerts would also feature music artists who had inspired Mr. Hawkins, and together with the group they would perform “the songs that he fell in love with, and the ones he brought to life.”

Foo Fighters was founded in 1994 by Dave Grohl, the drummer for grunge band Nirvana, following the death of Nirvana’s lead singer Kurt Cobain. Mr. Hawkins joined in 1997.

The group has won 15 Grammy Awards, the last three this year shortly after Mr. Hawkins’ death. — Reuters

Qantas is so stretched it needs office staff to work as ground crew

REUTERS

AUSTRALIA’s Qantas Airways Ltd. is appealing to head-office employees to help the airline’s overworked ground handling staff as the pandemic-hit sector struggles to cope with a rebound in air travel.

Workers at the headquarters of Sydney-based Qantas and its Melbourne-based low-cost airline Jetstar have been asked to step in and assist during the peak July vacation period, according to an internal e-mail sent by Jetstar’s airport operations.

“We need your help,” the note says, describing the operation as the “Airports Peak Contingency Plan.”

Operations in Melbourne, Sydney and Brisbane are the most stretched, though office staff could be deployed anywhere, according to the memo. Workers might have to track down lost baggage, hand out water to queuing passengers or speed travelers through security if they’re running late.

Around the world, from the US to Europe and Australia, there’s been mayhem as a stronger-than-expected recovery in passenger traffic overwhelms airlines and airports. After laying off thousands of pilots, flight crew, ground handlers and other staff during the pandemic, the aviation industry now can’t hire fast enough as families and friends reunite.

A similar appeal by Qantas for help during the Easter holiday period drummed up about 200 head-office volunteers, according to a representative at the airline. Air passenger traffic in Australia is almost back to pre-Covid levels, the competition regulator said on Wednesday. — Bloomberg

DBP extends P1.125-B loan to Pampanga hospital

BW FILE PHOTO

DEVELOPMENT BANK of the Philippines (DBP) has extended a P1.125-billion loan to help finance the Marquee Doctors Medical Center, Inc. (MDMCI) in Pampanga, it said in a statement on Thursday.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the loan will be used to construct the eight-story hospital and to acquire other hospital machinery and equipment. The DBP’s board of directors approved the loan for the hospital in October 2021.

After construction, the MDMCI is seen to be a 200-bed Level 2 hospital, and is expected to serve the 411,000 residents of Angeles City and nearby towns.

“As the country’s premiere infrastructure bank, DBP has been extending essential financing to both private and public health care enterprises to ensure their sustained and viable operations as they endeavor to provide better medical services to the people,” Mr. Herbosa said.

A Level 2 hospital offers departmentalized clinical services, a respiratory unit, a general intensive care unit (ICU), a newborn ICU, a high-risk pregnancy unit, and a dental clinic in addition to Level 1 capabilities like consulting specialists, emergency and outpatient services, and isolation, surgical and maternity facilities.

DBP Senior Vice- President for Development Lending Paul D. Lazaro said the loan granted to MDMCI was under the bank’s Strategic Healthcare Investment for Enhanced Lending and Development Program (SHIELD), which is the state-run bank’s flagship program for the health sector.

He added that as of end-December 2021, over P31 billion had been approved for 126 accounts under SHIELD, which aims to finance investments in the healthcare sector and improve health coverage.

“DBP will continue to be a more focused catalyst towards an improved healthcare system in the country that is more responsive, accessible and affordable especially to Filipinos in underserved and remote areas,” Mr. Lazaro added.

DBP is the fifth-largest bank in the country in terms of assets and helps finance the sectors of infrastructure, micro, small and medium enterprises, the environment, social services and community development.

The state-run lender’s net income as of Sept. 31, 2021 was at P1.93 billion, based on latest available data. In 2020, DBP booked a net profit of P3.9 billion, down by 30.4% year on year, amid higher credit loss provisions and operating expenses. — T.J. Tomas

Gonzales eyes first table tennis gold in Cambodia SEAG

RICHARD GONZALES and John Russell Misal with PTTF chief Ting Ledesma — PHILIPPINE TABLE TENNIS FEDERATION

AT 51 years old, Richard Gonzales isn’t done playing for the national team just yet.

In fact, the Filipino table tennis living legend is eyeing nothing less than delivering the country’s first ever Southeast Asian Games (SEAG) gold medal in this year’s edition in Phnom Penh, Cambodia.

“I can still do it,” said Mr. Gonzales during an interview in the Philippine Sports Commission’s online People, Sports, Conversations show on Thursday. “And with your prayers and support, we will try to win the gold in Cambodia.”

Mr. Gonzales earned his outright spot to the Phnom Penh-bound national team along with John Russel Misal after the duo delivered a silver in last month’s Hanoi SEA Games.

And it could have been a gold — the country’s first in its SEA Games participation in the sport — had Messrs. Gonzales and Misal held on to set point in the fourth game and force a deciding fifth game where momentum would surely be on their side.

It wasn’t meant to be, though.

“We felt if we took that fourth set, we would have gotten momentum and win the gold,” Mr. Misal, a former UAAP MVP, said for his part.

Philippine Table Tennis Federation (PTTF) president Ting Ledesma said they will hold a national team selection for the eight remaining spots to the Cambodia-bound squad — five females and three males.

“John Russel and Mr. Richard are assured of their spot to the SEA Games. The rest will have to compete for the remaining eight slots to the team,” said Mr. Ledesma. — Joey Villar

SEC expands online payment system

THE Securities and Exchange Commission (SEC) said on Thursday that it has added new options for its online payment system.

The commission said that this would make payments for registration and transaction fees “faster and more convenient for the public.”

GCash payment wallets can now be used to settle registration and transaction fees and penalties through the Electronic System for Payments to the SEC (eSPAYSEC).

“It has only been a year since we rolled out the eSPAYSEC, but it has already become a preferred payment option for the transacting public because of the convenience and security it offers,” SEC Chairperson Emilio B. Aquino said in a statement.

“This is proof of the public’s readiness to adapt to digital solutions when they are available, and strengthens the Commission’s commitment to its digital transformation initiatives to improve the ease of doing business for Filipinos,” he added.

To use GCash, clients only need to enter the reference number provided in the Payment Assessment Form issued by the SEC, select GCash as their payment option, then provide the required information. Each transaction charges a convenience fee of P10.

Other online payment channels that are accepted by eSPAYSEC include debit and credit cards powered by Visa, Mastercard and JCB, as well as PayMaya wallets.

The eSPAYSEC was launched in March 2021 as a web-based system that allows for the online payment of fees and penalties to the commission using debit and credit cards, digital wallets, and other cashless payment options.

As of June 8, the online payment portal has accepted payments for fees and penalties amounting to P202.32 million from a total of 29,565 transactions. Of the total, P99.57 million was recorded in 2022. — Luisa Maria Jacinta C. Jocson

US says convicted R&B singer R. Kelly deserves more than 25 years in prison

R&B singer R. Kelly — NICHOLAS BALLASY/WIKIPEDIA

NEW YORK — US prosecutors on Wednesday said the multiplatinum R&B singer R. Kelly deserves to spend more than 25 years in prison after being convicted of sex trafficking.

In a filing in Brooklyn federal court, prosecutors said Kelly exploited his stardom and wealth over a quarter century to lure women and underage girls for sex, demonstrating a “callous disregard” for his victims and showing no remorse.

“Indeed, the defendant’s decades of crime appear to have been fueled by narcissism and a belief that his musical talent absolved him of any need to conform his conduct —  no matter how predatory, harmful, humiliating or abusive to others —  to the strictures of the law,” prosecutors said.

Kelly, 55, who has been jailed since 2019, remains a “serious danger” to the public, justifying keeping him behind bars until well into his 70s, prosecutors added.

Jennifer Bonjean, a lawyer for Mr. Kelly, has said he should spend fewer than 14 years in prison, and will in a filing next Monday explain why his “history and characteristics” justify a shorter sentence.

Ms. Bonjean’s office declined to comment.

Mr. Kelly, whose full name is Robert Sylvester Kelly, faces a minimum 10-year term at his June 29 sentencing.

He is among the most prominent people convicted of sexual misbehavior during the #MeToo movement against such conduct by prominent men.

Mr. Kelly’s 5-1/2 week trial amplified accusations that had dogged him since the early 2000s.

Testimony from 45 government witnesses, including several of Mr. Kelly’s abuse victims, portrayed in often graphic detail an unseemly side to a music career highlighted by the 1996 Grammy-winning smash “I Believe I Can Fly.”

Witnesses said Mr. Kelly would demand that his victims strictly obey rules such as needing his permission to eat or go to the bathroom, calling him “Daddy,” and writing “apology letters” that purported to absolve him of wrongdoing.

“The defendant severely physically and psychologically scarred all of his victims repeatedly and consistently,” prosecutors said. “The government has little doubt that if afforded an opportunity to offend again, the defendant would.”

Much of the case turned on accusations related to six women.

They included the singer Aaliyah, who prosecutors said Mr. Kelly fraudulently married when she was 15 to conceal abuse from when she was 12 or 13. Aaliyah died in 2001.

Jurors needed a little over a day to convict Mr. Kelly last Sept. 27 on all nine counts he faced.

The charges included racketeering and eight counts of violating the Mann Act, which prohibits transporting people across state lines for prostitution.

Mr. Kelly has repeatedly denied sexual abuse accusations. He also faces federal charges in Chicago on child pornography and obstruction, and state charges in Illinois and Minnesota. — Reuters

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