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IMI temporarily shuts China plant as infections surge

INTEGRATED Micro-Electronics, Inc. (IMI) will temporarily close its facilities in Shenzhen, China due to the resurgence of coronavirus disease 2019 (COVID-19) cases in the region, the Ayala-led company said.

Southeastern China has been placed under lockdown restrictions starting on March 14 due to a surge in coronavirus cases, it said.

“In compliance with China’s Government COVID Zero strategy, all nonessential activities have been halted until March 20, 2022 or until further notice,” IMI said in a disclosure on Monday.

The technology solutions company said its Shenzhen facilities contribute 10% of its total revenues.

“Local management teams are coordinating with government agencies to safeguard the health and welfare of all its IMI employees. Close coordination with affected customers and government units concerned is ongoing to help mitigate its negative impact on the business,” the company added.

IMI is an exporter of printed circuit board assemblies, flip chip assemblies, electronic sub-assemblies, box build products, and enclosure systems.

The principal products and services the company provides are for automotive, industrial, medical, communications, and consumer electronics; power semiconductor packages; optical bonding, enhanced display solutions, and metal mesh touch sensor technology; precision machining; and aviation.

IMI has four wholly owned subsidiaries, namely: IMI International Pte. Ltd.; IMI USA, Inc.; IMI Japan, Inc.; and PSi Technology, Inc.

The company is also 52.03% owned by AC Industrial Technology Holdings, Inc., a wholly owned subsidiary of Ayala Corp.

In the third quarter of 2021, the company reported an attributable net loss of $6.23 million from a net income of $9.64 million the year before.

For the January-September period, attributable net loss was at $5.32 million, or lower than its P11.9-million loss in the same period the earlier year.

At the stock exchange, IMI shares dropped P0.03 or 0.35% to finish at P8.47 on Monday. — Luisa Maria Jacinta C. Jocson

Time travel to the 2000s pop punk scene

By Michelle Anne P. Soliman, Reporter

Music Review
Love Sux
By Avril Lavigne
DTA Records

WITH strong guitar riffs, hard-banging drums, and songs about love and heartache, Canadian rocker Avril Lavigne returns to her signature pop punk sound on her new album.

After a three-year hiatus, the eight-time Grammy Award-nominated singer-songwriter makes a comeback with her 7th studio album, Love Sux. The album was produced under DTA Records, a record label founded by Travis Barker from the pop rock band Blink-182.

Unlike her last album Head Above Water in 2019, Love Sux re-emerges as a version of the 37-year-old singer trapped in the mind of her 17-year-old (but more mature) self. The album is reminiscent of the edgy Let Go (2002) and playful The Best Damn Thing (2007).

The 12-track album opens strong with intro track “Cannonball” and Ms. Lavigne screaming, “Like a ticking time bomb, I’m about to explode,” followed by hard-banging drums and electric guitars — teasing the listener on the entire mood of the album.

It is followed by “Bite Me” and “Bois Lie” (featuring Machine Gun Kelly) which are upbeat and passable “last song syndrome” ditties about breakups.

Ms. Lavigne’s favorite song, “Love Sux,” illustrates her relationship status at the time she was recording the album. In the track, she sings: “Do you think I’m stupid? I keep killing Cupid. Shot an arrow in my exes, this is my confession. Never learned my lesson, no.”

When the album reaches the 7th track, the upbeat mood takes a break with the ballad “Avalanche,” which talks about not being at your best. In the chorus, Ms. Lavigne accurately describes the feeling: “I say that I’m just fine,
but I don’t feel all right on the inside. I say that I’m okay that I don’t feel okay right now, no… It’s like I’m runnin’ from an avalanche.”

“Love it When You Hate Me” (featuring Blackbear) and “All I Wanted” (featuring Blink-182’s Mark Hoppus) show that Ms. Lavigne still has fun writing and singing about careless experiences in relationships.

“Dare to Love Me” is the sole mellow love song in the entire album. She expresses it baldly in the chorus: “So, don’t tell me that you love me if you don’t mean it.…Only tell me if you care….” It has a melody slightly similar to her 2007 single, “Hot.”

Aside from evidently having fun going back to her roots in pop punk, Ms. Lavigne’s voice continues to improve and maintains a clear chest voice, and high-pitched tone — the kind that is challenging to belt out in solo casual singing or a sing-along.

Another highlight in the album is Blink-182’s Travis Barker who showcases his distinct drumming, which add to the flavor of the 2000s pop rock sound.

The album can be considered part of the current resurgence of pop culture trends from the 2000s, an example of rekindling a music genre that kids and teenagers grew up with 20 years ago.

Running at 33 minutes, Love Sux feels like a quick escape, to childhood memories of wearing neckties and sneakers, sporting side bangs and raccoon-like black eyeliner, looking back at the early self-discovery and lessons of young love.

Figaro plans store expansion as restrictions ease

FIGARO COFFEE FACEBOOK PAGE

FIGARO Coffee Group, Inc. (FCG) is planning to expand its stores outside of Metro Manila by opening stores in “strategic” areas in the country, the coffee shop and restaurant operator said on Monday.

“As restrictions are coming down and the pandemic is easing, the company is seeing a healthy rebound in consumer spending, especially in eating out. We look forward to meeting our customers where they are and opening outlets in strategic locations close to them,” FCG Chairman Justin T. Liu said in a statement.

Early this year, Figaro opened another branch in Cebu along V. Rama St., for a total of three stores in the southern city.

“To speed up deliveries and reach our customers faster, we are still looking to further strengthen our presence in Cebu through expansion in areas surrounding Cebu City and its outskirts as well,” FCG Chief Operating Officer Michael T. Barret said.

Mr. Barret pointed to a potential market in Cagayan de Oro, Bacolod, Tarlac, Bulacan, and Iloilo, where Figaro opened its second branch in Tagbak, Iloilo City.

“We believe that the brand has successfully established its regular clientele and delighted customers have been telling their friends and families about it so everyone is looking forward to trying the products in their local areas” Mr. Barret said.

In the statement, FGC said it is boosting its position in the dine-in and take-out segment “to capture the strong foot traffic due to loosening of restrictions” after increasing its sales delivery last year.

The company currently has over a hundred stores in its network, composed of 56 Figaro Coffee cafes, 41 Angel’s Pizza stores, six Tien Ma’s restaurants, seven The Figaro Group Express outlets, and one Café Portofino outlet.

Most of FCG’s Figaro Coffee and Tien Ma’s branches are now seeing stronger dine-in traffic while delivery is still going strong, it said.

“Many customers are accustomed to the convenience of delivery so this segment will never go away. We seek to bring a positive dine-in experience as well for all our brands, which will well complement delivery revenues. We are also in strategic discussions with select lessors and malls to potentially locate our brands,” Mr. Barret said.

Figaro said it is set to open stores in Metro Manila, Batangas, and Bacolod, among others.

In the fourth quarter of 2021, attributable net income doubled to P107.24 million from P53.47 million in the similar period a year prior.

For full-year 2021, attributable net income grew 133% to P179.62 million from nearly P76 million in 2020.

At the stock exchange on Monday, Figaro shares dropped 8.47% or P0.05 to close at P0.54 each. — Luisa Maria Jacinta C. Jocson

PBA Governors’ Cup quarterfinal blasts off at Big Dome tomorrow

TEAM BARANGAY GINEBRA — PBA IMAGES

NLEX faces Alaska; TnT and Ginebra locking horns

DEFENDING champion Barangay Ginebra and its fellow lower seeds keep the faith as they set out to defy the odds against their top four opponents in the Philippine Basketball Association (PBA) Governors’ Cup quarterfinals.

The sixth-ranked Gin Kings face a one-miss-and-you-die situation versus TnT, which enjoys a twice-to-beat advantage on the strength of its No. 3 ranking in the elims.

Ginebra coach Tim Cone said despite their manpower problems, the group led by Justin Brownlee, LA Tenorio, Japeth Aguilar and Scottie Thompson has what it takes to handle playoffs adversity.

“The team is capable,” said Mr. Cone, who’s going through this tough campaign without injured ace guard Stanley Pringle and two other key players Jared Dillinger and Aljon Mariano. “We still have plenty of talent left to do what we need to do in the playoffs. So we really have no excuse. We need to go out there and perform in playoff time.”

No. 7 Alaska, carrying the extra motivation of ending its PBA journey with a bang, is in the same boat against No. 3 NLEX. Ditto No. 5 San Miguel Beer (SMB) versus No. 4 Meralco and No. 8 Phoenix against top-ranked Magnolia.

The Fuel Masters were the last entrants to the Round-of-8, taking the last seat after rallying past NorthPort in a you-or-me encounter last Sunday, 101-98.

“We’re just happy to be here. We respect Magnolia a lot but we just have to focus on things we have control of and that’s how we’re going to execute (the game plan),” said Phoenix mentor Topex Robinson.

“That’s going to be a good challenge. We’ll just go from here and enjoy this moment. Magnolia is the No. 1 team, they’re the heavy favorites coming into the playoffs,” he added.

The quarterfinal round blasts off tomorrow at the Smart Araneta Coliseum with NLEX and Alaska duking it out at 3 p.m. and TnT and Ginebra locking horns at 6 p.m. The Meralco-SMB and Magnolia-Phoenix matchups hit the floor on Friday. — Olmin Leyba

Campion bags top prize in DGA awards

The Power of the Dog — NETFLIX

JANE Campion took the top prize in Saturday’s Directors Guild of America (DGA) awards, winning for her work in the film The Power of the Dog.

Just the second woman to be nominated twice as best director for a film, she took the prize in the Theatrical Feature Film category.

Actress Maggie Gyllenhaal won the award for Outstanding Directorial Achievement in First-Time Feature Film for The Lost Daughter.

Meanwhile, HBO’s Succession won in every Dramatic Series category it had been nominated for.

The full list of winners follows:

Theatrical Feature Film: Jane Campion, The Power of the Dog

First-Time Feature Film: Maggie Gyllenhaal, The Lost Daughter

Outstanding Directorial Achievement In Dramatic Series: Mark Mylod, Succession, episode “All the Bells Say” (HBO)

Outstanding Directorial Achievement In Comedy Series: Lucia Aniello, Hacks, episode “There Is No Line”

Outstanding Directorial Achievement In Movies For Television And Limited Series: Barry Jenkins, The Underground Railroad

Outstanding Directorial Achievement In Variety/Talk/News/Sports – Specials: Paul Dugdale, Adele: One Night Only

Outstanding Directorial Achievement In Variety/Talk/News/Sports – Regularly Scheduled Programming: Don Roy King, Saturday Night Live, episode “Keegan-Michael Key; Olivia Rodrigo”

Outstanding Directorial Achievement In Reality Programs: Adam Vetri, Getaway Driver, episode “Electric Shock”

Outstanding Directorial Achievement In Children’s Programs: Smrithi Mundhra, Through Our Eyes, episode “Shelter” (HBO Max)

Outstanding Directorial Achievement In Documentary: Stanley Nelson, Attica

IFC says ready to assist local governments in ‘building green’

MEMBERS of the Philippine Army assist in immediate repair works for homes affected by last year’s Typhoon Odette, internationally known as Rai, in Eastern Visayas, one of the Philippine’s most typhoon-prone regions. — PHILIPPINE ARMY

By Marifi S. Jara, Mindanao Bureau Chief

GOING GREEN for housing projects, whether high-end or socialized, does not have to be costly and complicated, according to an International Finance Corp. (IFC) executive involved in the institution’s certification system that aims to promote more climate-friendly and disaster resilient buildings.

“People think that when you say ‘green’ buildings, they are expensive and they are technically complex,” Angelo Tan, Philippine country lead of IFC’s Climate Business Department, said at last week’s Livable Cities webinar series.

Mr. Tan said IFC’s certification system called EDGE, or Excellence in Design for Greater Efficiencies, offers a free online tool that provides simple and measurable standards on “building green” based on materials, and systems for energy and water.

IFC, the World Bank’s private sector arm, has certified 50 projects, which includes 6,400 homes, since EDGE was launched in the Philippines. A total of 420,000 sq.m. or 52% was certified in 2021 alone. Mr. Tan said another 3.77 million sq.m. have registered and are up for certification.

Complementary to the EDGE index, IFC is also ready to assist local governments units (LGUs) in setting up policies that will encourage more green ventures.

“Under IFC’s green and resilient programs, we want to collaborate with a wide range of stakeholders,” Mr. Tan said. “We can work closely with you (LGUs) to enable you to make that enabling environment for greener and more resilient buildings.

INCENTIVES
The IFC executive said incentives for developers do not have to be limited to waived or reduced property tax, which cuts the local government’s potential revenue.

LGUs, he said, can introduce such measures as cutting the processing time for permits and requirements for green-certified projects, providing grants or loans, offering technical assistance, and updating local legislation to improve the regulatory framework.

Mr. Tan cited the IFC’s work with the Mandaluyong government for the city’s green building code, one of the pioneering local ordinances on environment-friendly property projects.

IFC is also piloting its Building Resilience Index (BRI) in the Philippines, an online tool that includes hazard mapping and resilience assessment for building projects.

With the help of EDGE and BRI, Mr. Tan said, green buildings could be made “more accessible, inclusive, and affordable.”

The IFC executive stressed that applying “quantitative” resilience and sustainability standards are especially important for socialized housing projects as the underprivileged population are under gravest threat from climate change.

“Risks are increasing with global warming… Climate impacts are felt disproportionately in urban areas with the most economically and socially marginalized,” he said.

HausTalk ramps up projects this year

REAL ESTATE company HausTalk, Inc. said it is planning more developments in 2022, spearheaded by projects in Antipolo and Quezon City.

“It’s going to be a very busy year for HausTalk this 2022. We didn’t expect so much sales during the pandemic. What was mainly affected was our production, since we couldn’t go full blast because of [lockdown] restrictions,” HausTalk President Maria Rachel D. Madlambayan said in a virtual interview on Friday.

“But now, since we are at Alert Level 1, we are starting to build up manpower, so all our backlogs in construction, we can catch up to. We’re looking for more projects. Being a listed company, there will be a lot more opportunities coming,” she added.

On Jan. 17, HausTalk was the first company to debut on the Philippine Stock Exchange in 2022, raising P750 million from its initial public offering (IPO).

One of HausTalk’s upcoming developments is the Celestis 1 project in Barangay Baguyo, Antipolo City, spanning 5,260 square meters (sq.m). It is expected to be completed by 2023 and is projected to raise company sales to P500 million.

“Each unit in Celestis has an approximate lot area of 70 sq.m. and a floor area of 61 to 76 sq.m. The village is within walking distance from Assumption Antipolo, and is only three kilometers from Robinson’s Antipolo, the Antipolo Cathedral, and the town proper of Antipolo,” HausTalk said in a media release on Monday.

“Celestis 1 will sit adjacent to the larger horizontal development Celestis 2, a 7,963 sq.m estate featuring 60 family homes that are set to break ground soon. Around 100 units in all await residents looking for affordable but high-quality homes,” it added.

Another project is 50 Jocson Residences in Loyola Heights, Quezon City, which is a “high-end, exclusive townhome community with just eight bespoke and high-end units.”

50 Jocson is expected to generate some P325 million in revenues from the sale of seven of the high-end units.

Apart from property expansions, HausTalk said it is also working on improving its technologies and systems.

“We have upgraded our software, so everything is integrated. Even buyers now, abroad or anywhere in the world, can check on HausTalk and make reservations through the website. Because we are a public company, we are aligning all our logistics for the public to have easy access,” Ms. Madlambayan said.

The property developer said it also prepared measures for buyers who struggled financially over the pandemic.

“During the peak of the pandemic, we gave our buyers an option if they want to restructure or update their loans. We are also very lenient, and banks are accommodating to us,” Ms. Madlambayan said.

“We are trying to be friendly with their payments, to stretch it to longer terms where our business still isn’t affected. Our sales group is always trying to adjust on how they can help so they can pay their equity on time,” she added.

HausTalk offers affordable housing options, with existing properties in Antipolo, Laguna, and across Metro Manila.

At the stock exchange on Monday, HausTalk shares dropped 7.29% or P0.07 to P0.89 apiece. — Luisa Maria Jacinta C. Jocson

Cignal launches new campaign for PVL Open Conference 2022

THE country’s finest women spikers will again showcase their skills in the only professional league in the country when the Premier Volleyball League (PVL) Open Conference hits home at the Paco Arena in Manila starting March 16.

The spotlight will be on this season’s campaign of the PVL “The Heart of Volleyball,” which was launched by its broadcast partner Cignal TV. The current season’s campaign was inspired by how PVL is synonymous to Philippine volleyball, considered home of the best local volleyball players in the country and a league followed by the most passionate fans. The Heart of Volleyball will be seen across the multi-platform broadcast plan to be provided by Cignal TV together with Smart Communications, Inc. making sure that all PVL action is seen by fans nationwide whether on TV, digital, streaming & social media.

The PVL games will be airing live on One Sports (Free to Air CH. 41 and Cignal CH. 6) and One Sports+ (Cignal Ch. 91 SD, CH. 261 HD), with both channels also available on Cignal’s OTT Platform, Cignal Play, with video on demand also available on the platform. The livestream of the games will also be accessible on Smart GigaPlay, a platform exclusive for Smart subscribers.

“We are honored to bring the PVL games to volleyball fans across the country. The PVL as the Heart of Volleyball — a league rooted in excellence and skill — has a passionate and tight-knit community showcasing a remarkable and inspiring sisterhood in both victory and defeat. Cignal TV strives to bring the best of the PVL action right in the comfort of our viewers’ homes, giving them front row access to enjoy the heart-pounding games played by their volleyball idols,” shared Cignal President and CEO Robert P. Galang.

Volleyball fans are in for an exciting season bannered by the title defense of the Chery Tiggo Crossovers against perennial contenders and last season’s Final 4 teams Creamline Cool Smashers, Choco Mucho Flying Titans and Petro Gazz Angels plus retooled teams PLDT High Speed Hitters, Cignal HD Spikers, Balipure Purest Water Defenders, Black Mamba Army and the F2 Logistics Cargo Movers who will be making their much-awaited PVL debut.

“We are glad to have Cignal as our television partner for another season of the Premier Volleyball League. Not only were we happy with the metrics from the past Open Conference but also the outputs of their team to give world-class coverage of our games. We are looking forward to another memorable season with them that, hopefully, all our fans will enjoy. “ shared Premier Volleyball League President Ricky Palou.

Oscar-winning actor William Hurt, 71

WILLIAM Hurt in his Oscar-winning role in Kiss of the Spider Woman. — IMDB.COM

WILLIAM HURT, an Oscar-winning actor known for his roles in movies such as Kiss of the Spider Woman and Broadcast News, died on Sunday at the age of 71, according to Deadline.

“It is with great sadness that the Hurt family mourns the passing of William Hurt, beloved father and Oscar winning actor, on March 13, 2022, one week before his 72nd birthday,” the actor’s son, Will, said in a statement obtained by Deadline.

“He died peacefully, among family, of natural causes. The family requests privacy at this time.”

The actor disclosed in 2018 that he had been diagnosed with terminal prostate cancer which had spread to the bone, although at the time he credited an alternative form of chemotherapy with saving his life, according to media reports.

Mr. Hurt’s death was also confirmed to Variety by his friend, Gerry Byrne.

Mr. Hurt, who studied at the prestigious Juilliard School in New York City, emerged as one of the most celebrated leading men of the 1980s, earning three Academy Award best actor nominations for his roles in 1985’s Kiss of the Spider Woman, 1986’s Children of a Lesser God, and 1987’s Broadcast News.

He won the Oscar for his portrayal of a homosexual man who shared a prison cell with a political prisoner in Brazil in Kiss of the Spider Woman.

Hurt received his fourth and final Academy Award nomination for Best Supporting Actor in A History of Violence, a crime thriller released in 2005.

More recently, he played General Thaddeus Ross in 2008’s The Incredible Hulk, a recurring role he would reprise in later superhero films based on Marvel Comics including Captain America: Civil War, Avengers: Endgame, and Black Widow. — Reuters

Community-based e-hardware platform targets small businesses, homeowners

By Patricia B. Mirasol, Reporter

KONSTRUK, a community-based e-hardware store, is looking to make it easier for small businesses and homeowners to get their construction and home improvement needs directly from manufacturers and suppliers.

“I have seen the pain points of the trade and how it suffered during the pandemic,” said Rommel T. Bulalacao, CEO of Konstruk Tech Corp., and also a construction industry practitioner for over three decades.

“Konstruk was a dream conceptualized during the first lockdown,” he said at the company’s launch. “There is no similar concept yet in this industry that uses e-commerce.”

The Konstruk platform includes construction material manufacturers, community hardware stores, home furniture distributors, local artists and tradesmen. Its advantage over the bigger hardware players is that their consumers have the freedom to canvass different products, Mr. Bulalacao told BusinessWorld in a Zoom call.

“We’re a community-based marketplace,” he said. “You can canvass 5-10 similar products within a city, select a price range or a particular material [you need], and then add to cart.”

As of March 14, it has already onboarded Republic Cement, Smart Options, BMG Enterprises, Arnie Furniture, and RN Wholesaler Hardware, among others. Mr. Bulalacao said merchant registration and verification in their platform takes 4 hours.

The platform can also be used by overseas Filipino workers, who can order construction materials and have them delivered to where they are building a home in the Philippines.

Local artists, on the other hand, can use Konstruk as an alternative platform to sell their artwork.

“I’ve been into the art trade for 12 years, and have good friends in the art scene,” Mr. Bulalacao said. “Before, sa gallery ka [artists sold in galleries], and the gallery prices are too high. Unlike kung sila mismo. Direct na sila sa consumer [Unlike if the artists sold their artworks directly].”

The e-hardware platform’s business model is closer to the online food delivery service Foodpanda, added Nicolas R. Yuseco, Konstruk’s business development manager.

“We are point-to-point (P2P),” he told BusinessWorld in the same Zoom call. “From the merchant, the products will be delivered straight to the client. Our [on-demand and scheduled] delivery ranges from motorcycles to 16-wheeler trucks.”

Toki-Toki, Transportify, and Lalamove are the platform’s logistics partners. Konstruk uses Metrobank for the payment gateway system.

In the post-pandemic e-commerce space, Konstruk targets to corner 5% of the home improvement and construction industry.

“We also want to help the small businesses that suffered from the lockdowns,” Mr. Bulalacao added. “We are humbled to aid them, especially the MSMEs [micro, small, and medium enterprises].”

Gov’t partially awards T-bills as rates rise further

BW FILE PHOTO

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it offered on Monday as investors asked for higher rates due to rising oil prices and ahead of the expected US Federal Reserve hike this week.

The Bureau of the Treasury (BTr) raised just P9.14 billion via the short-term securities or less than the programmed P15 billion even as the offering attracted P23.35 billion in bids.

Broken down, the Treasury awarded just P3.04 billion in 91-day T-bills even as total bids reached P8.96 billion for the P5 billion on offer. The average rate for the three-month T-bill climbed by 40.6 basis points (bps) to 1.305% from the 0.899% fetched during the previous auction.

The BTr also awarded only P3 billion in 182-day T-bills that attracted P7.22 billion in tenders versus the P5-billion program. The tenor fetched an average yield of 1.458%, up by 30.1 bps from the 1.157% seen previously.

The government likewise made a partial P3.1-billion award of the 364-day papers versus the P5-billion offer even as bids totaled P7.17 billion. The average yield on the one-year paper went up by 16.6 bps to 1.734% from the 1.568% fetched previously.

At the secondary market prior to the auction on Monday, the 91- 182- and 364-day T-bills were quoted at 1.1362%, 1.2738% and 1.6577%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that all T-bill tenors were partially awarded as rates continued to climb due to the surge in oil and commodity prices due to the war between Russia and Ukraine.

Yields also went up as markets priced in the anticipated US Federal Reserve rate hike this week, she said.

Market players were defensive amid geopolitical tensions between Ukraine and Russia and ahead of the US Federal Reserve meeting this week, a trader said.

Oil prices have been surging since Russia invaded Ukraine on Feb. 24, but slipped on Monday amid diplomatic negotiations to end the war, Reuters reported.

Brent crude futures fell by 2.7% to $109.62 a barrel on Monday, while US West Texas Intermediate futures declined by 2.8% to $106.23 per barrel.

Meanwhile, US Federal Reserve Chairman Jerome H. Powell previously said he is inclined to support a 0.25% rate hike at the upcoming March 15-16 meeting of the Federal Open Market Committee.

Mr. Powell has also said that the Fed could raise rates faster in the next meetings if inflation does not ease. The US consumer price index rose to a four-decade high of 7.9% year on year in February as gasoline and food prices increased.

The government had rejected all T-bill and Treasury bond (T-bond) bids in the previous two weeks due to rising rates.

The BTr wants to raise P250 billion from the domestic market this month, or P75 billion via T-bills and P175 billion from T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — Jenina P. Ibañez with Reuters

ACEN takes full control over joint venture firm in Australia

AC ENERGY Corp. (ACEN) on Monday said its subsidiary had signed a share purchase agreement to buy the 52% interest held by its partner in a joint venture holding firm for energy and power projects and investments in Australia.

The agreement was forged on March 11 by ACEN unit AC Renewables International Pte. Ltd. to acquire the interest of UPC Renewables Asia-Pacific Holdings Pte. Ltd. and Anton Rohner in UPC-AC Renewables Australia.

In a disclosure to the exchange, ACEN said the first tranche of the acquisition will be done by end-March this year, while the second tranche will be completed by the first quarter of 2023.

It was earlier reported that the acquisition will cost ACEN $243.3 million.

Mr. Rohner, the chief executive officer of UPC-AC Renewables, and UPC Renewables will also subscribe to up to 942 million ACEN shares for P11.32 apiece.

In December last year, ACEN said the acquisition would allow the company to have full ownership and control of the joint venture company, which is constructing a 520-megawatts (MW) solar farm in New England, Australia and has a development pipeline of more than 8,000 MW spanning New South Wales, Tasmania, Victoria, and South Australia.

Ayala-led ACEN earlier reported a consolidated attributable net income of P5.25 billion in 2021, higher by 22% than the P4.29 billion recorded a year earlier on the back of higher power demand. Revenues last year increased by 27% to P26.08 billion due to improved generation output.

ACEN said its attributable output last year grew 21% to 4,633 gigawatt-hours (GWh) from 3,818 GWh in 2020 on the back of a 23% climb in generation from renewable sources. International output rose 24%, while generation from Philippine assets jumped 20%.

The renewable energy (RE) company is targeting to become the biggest listed energy platform in Southeast Asia as it eyes to put up 5,000 MW of RE capacity by 2025.

At home, the company is building around 484 MW of wind and solar capacity. Across the region, it has around 3,800 MW of attributable net capacity, of which, RE capacity accounted for a share of 87% or 3,300 MW.

ACEN has increased its allocated budget for capital expenditure (capex) investments by 68% to P55.5 billion this year to develop new capacity in the county amid the power supply issues. A portion of the capex will be allotted to the construction of a 521-MW New England solar farm in Australia and the 420-MW Masaya solar farm in India.

Shares in ACEN at the local bourse slipped 40 centavos or 4.83% to close at P7.88 apiece on Monday. — Marielle C. Lucenio

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