Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 5987

Treasury bills partially awarded as rates increase

BW FILE PHOTO

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it offered on Tuesday as yields continued to rise due to higher-than-expected inflation, which fueled expectations of an earlier rate hike from the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) only awarded P5 billion in T-bills at its auction on Tuesday even as total tenders reached P19.984 billion, slightly over the P15-billion program.

The government raised P5 billion as planned via the 91-day securities as bids reached P9.009 billion. The average rate of the tenor climbed by 25.9 basis points (bps) to 1.531% from 1.272% last week.

Meanwhile, the BTr rejected all offers for 182-day T-bills even as tenders reached P6.4 billion versus the P5-billion program. Had the government made a full award, the average rate of the six-month paper would have soared by 53 bps to 2.165% from the 1.635% fetched at the previous auction.

The government likewise did not award any 364-day debt despite demand for the tenor reaching P8.602 billion against the P5-billion offer. If the BTr had made a full award, the average rate of the one-year T-bill would have climbed by 39.6 bps to 2.329% from the 1.933% quoted last week.

At the secondary market prior to the auction, the 91-, 182, and 364-day T-bills fetched rates of 1.2616%, 1.6243%, and 1.9823% 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 the partial award was due to April inflation data that “continues to dampen market sentiment.”

The first trader said markets remained defensive “given hawkish [US Federal Reserve] guidance and possibility of a hike in next week’s Monetary Board meeting,” due to higher-than-expected inflation in April.

“GDP [data] is about to be released for the week and that may solidify chances of BSP hike sooner rather than later,” the second trader added.

Inflation surged to an annual 4.9% in April, the highest in more than three years as soaring food and energy prices continued to hurt consumers. This could bolster the case for the BSP to tighten monetary policy earlier than expected.

Consumer prices rose to a 40-month high of 4.9% annually, from 4% in March and 4.1% in April a year ago, preliminary data from the Philippine Statistics Authority released last week showed.

It was the quickest pace since the 5.2% print in December 2018, and higher than the 4.6% median estimate in a BusinessWorld poll.

The headline figure also breached the central bank’s 2-4% target for the year and was near the upper bound of its 4.2-5% forecast for April.

The last time inflation went above the target was in September 2021 when it rose by 4.2%.

Inflation averaged 3.7% in the four months to April, lower than the 4.1% seen in the same period last year. However, it was still lower than the central bank’s 4.3% forecast for the year.

BSP Governor Benjamin E. Diokno said last month they will consider a rate hike in their June 23 review, more hawkish compared with his earlier statements that the central bank will only start normalizing its pandemic-driven easy policy by the second half of the year. Benchmark rates have been at record lows since 2020.

Meanwhile, the Fed last week raised rates by 50 bps. Atlanta Fed President Raphael Bostic said the US central bank can stick to half-point interest rate hikes for the next two to three meetings and assess the economy and inflation before deciding if further increases are needed, Reuters reported.

The BTr wants to raise P200 billion from the domestic market in May, or P60 billion via T-bills and P140 billion through Treasury 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. — T.J. Tomas with Reuters

UP survives Eya Laure; UST to remain unbeaten

UP Figthing Maroons’ Jewel Encarnacion — THE UAAP

By John Bryan Ulanday

TAKING inspiration from its counterpart in men’s basketball, the spirited University of the Philippines (UP) spoiled Eya Laure’s eruption for University of Santo Tomas (UST) with a 25-21, 23-25, 25-21, 25-22 win to stay unbeaten in the UAAP Season 84 women’s volleyball tournament at Mall of Asia Arena in Pasay City on Tuesday.

Jewel Encarnacion flashed an all-around brilliance of 16 points, 14 excellent receptions and 11 digs as the Fighting Maroons improved to 3-0 for their best start since Season 79.

Alyssa Bertolano added 15 markers on 10 attacks, three blocks and two aces while Niña Ytang, Lorie Bernardo and Jaila Atienza had nine each in UP’s scattered attack.

“It was not an easy game. UST is a very strong team. They are very experienced and they have a good coaching staff who would know how to read a game. So, it’s a win, yes, but it wasn’t easy for us. We really worked hard for this and I hope the girls will continue fighting the same way,” said coach Godfrey Okumu.

UP previously defeated University of the East (UE), 25-19, 25-23, 25-23, and Far Eastern University (FEU), 25-12, 25-22, 24-26, 27-29, 15-11, for a hot start as the tournament’s dark horse.

In the second match, Chenie Tagaod sizzled for 20 points as FEU barged into the win column with a close 19-25, 25-15, 25-20, 17-25, 15-10 win over UE in the battle of listless squads.

Ms. Laure exploded for 28 markers on 25 attacks that went down the drain in the first defeat of Santo Tomas (2-1), which did not drop a single set in their first two wins against FEU and UE.

The Lady Warriors remained winless in three matches despite the efforts of Janeca Lana (20) and Ercae Nieva (19).

Women with back pain delay looking for help more than men — survey

UNSPLASH

By Brontë H. Lacsamana, Reporter

AXIAL spondyloarthritis (axSpA), a chronic illness characterized by frequent and persistent back pain that can render one immobile, must be diagnosed early in order to lessen its functional, psychosocial, and economic burden on Filipinos, according to the 2022 Philippine Map of Axial Spondyloarthritis (PMAS).  

The study surveyed 128 adult axSpA patients from July to October 2021 and found that Filipinos with axSpA are diagnosed, on average, 5.8 years after developing symptoms.

“With these new data, we hope to improve the quality of care, access to treatment, and eventually health outcomes for our patients with axSpA,” said Dr. Bernadette Heizel M. Reyes, PMAS principal investigator and University of the Philippines-Philippine General Hospital rheumatology professor, at the launch of the survey results.

Women with axSpA have a more significant delay in diagnosis, she said. The survey found that it takes 6.5 years for Filipina patients to be diagnosed due to the misconception that axSpA is a male-specific disease.

“For women, more common medical conditions are considered before a diagnosis of axSpA is made,” said Dr. Reyes.

Since it’s a chronic inflammatory disease that mainly affects the spine, symptoms manifest as debilitating back pain, stiffness, and fatigue of the pelvis and lower back. AxSpA occurs in about 1% of the global population.

Dr. Juan Javier Lichauco, president of the Philippine Rheumatology Association (PRA), said that awareness is key to shortening diagnostic delay of the disease.

Awareness campaigns include Got Ur Back by the Axial Spondylarthritis Association of the Philippines (ASAPh) and Novartis’ mobile app Clarrio that supports patients with axSpA.

COMORBIDITIES
Conducted by the PRA and ASAPh, the PMAS survey is the first comprehensive study of patients with axSpA in the Philippines, following the footsteps of the International Map of Axial Spondyloarthritis (IMAS) that was done a year prior.

The Filipino respondents, aged between 18 and 77 years, are mostly male (76.6%). Three in four complain of spinal stiffness, which leads to much difficulty doing routine daily tasks like tying shoelaces.

As for comorbidities, 44.3% are overweight or obese, 35.6% have hypertension, 33.6% have uveitis or eye inflammation, and 28.2% have high cholesterol.

“Knowing the comorbidities is important. For example, with uveitis that affects the eyes — even if the symptoms are just slight, we doctors must work hard to investigate this,” Dr. Reyes said.

Many respondents also reported issues related to mental health that affected their productivity, namely sleep problems (28%), anxiety (25.9%) and depression (25%).

“AxSpA usually affects young adults who are at the early stages of their professional career. The activities that we once enjoyed doing can no longer be done. We often lose our jobs or our options are limited because of our decreased mobility,” said ASAPh president Clark B. Ferrer, an engineer who has had the disease for 21 years.

RHEUMATOLOGISTS
Mr. Ferrer also pointed out the need for more rheumatologists around the country.

“The lack of access to rheumatologists and treatments, especially outside of the National Capital Region, really affects our finances,” he said.

Access must be improved, Dr. Reyes agreed, citing PMAS data that showed 75.8% of respondents were diagnosed by rheumatologists while the rest were diagnosed by orthopedic specialists. Before diagnosis, multiple consultations had to be done.

Nearly half of the survey respondents were from the National Capital Region and nearby regions (45.4%), with the rest hailing from elsewhere.

PRA’s Dr. Lichauco said: “There are only 240 rheumatologists in the entire country. We clearly need to train more.”

This goes for general practitioners as well, since the survey revealed that patients also consulted them many times for diagnosis and/or treatment along with rheumatologists.

“We can still do better by educating and collaborating with primary care physicians and specialists to further shorten the time to diagnosis. In addition, the PMAS study can enhance the patient-physician relationship,” he said.

Specialists to further involve in axSpA include ophthalmologists, gastroenterologists, and rehabilitation specialists, as they all address comorbidities.

SBS swings to P27-M profit on business units’ higher sales

CHEMICALS distributor SBS Philippines Corp. (SBS) realized a net income of P27.4 million in the first quarter, reversing the P20.8-million loss in the similar period a year before, driven by higher sales from its business segments.

“SBS achieved sales growth across all segments particularly the business recovery of the industrial and the feed and veterinary segments from the challenges in 2021,” Necisto Y. Sytengco II, SBS vice-chairperson and senior vice-president for sales and marketing operations, said in a statement on Tuesday.

“Our wide product portfolio, reliable inventory, and efficient supply chain allow SBS to serve our customers’ requirements timely despite the global logistic disruption that affects many of our peers in the market,” he added.

In the first quarter, net sales were up 66% to P288.7 million. Operating profit on a consolidated basis also grew by 90%, driven by increase in sales volume and selling prices.

“This strengthened our position as the preferred one-stop shop supplier of chemical raw materials in the country,” Mr. Sytengco said.

SBS is a chemical trader-distributor with over 3,000 chemical products sourced from more than 500 suppliers. It serves clients from various industries, including food ingredients, industrial, feeds and veterinary care, pharmaceutical, and personal care and cosmetics.

The company owns a network of 15 warehouse facilities located at five different sites in Manila and Bulacan, providing for a combined floor space of about 46,000 square meters and a storage capacity exceeding 18,000 metric tons.

On Tuesday, company shares remained unchanged at P3.93 at the stock exchange. — Luisa Maria Jacinta C. Jocson

Arts & Culture (05/11/22)

Art installations from Kristine Lim Jonathan Manalo UGOY

UGOY installation at Intramuros on view

VISUAL ARTIST Kristine Lim mounts her third art installation in Intramuros, Manila titled UGOY. Set up in time for Mother’s Day and the election season, Ms. Lim made 18 cradle nests which are found in the grounds of Intramuros, Manila. The installation is mounted with a composition by Jonathan Manalo, the Creative Director of ABS-CBN Star Music. It is on view at Fort Santiago, Intramuros, Manila until May 31.

PETA Theater workshops offered

THE PHILIPPINE Educational Theater Association (PETA) is offering an online Creative Summer Program for teens and adults. Courses are scheduled from May 23 to June 10. To register, visit www.bit.ly/PETAWorkshopTeensAndAdults. For more information, visit https://www.facebook.com/PETATHEATER.

Ramon Magsaysay Awards collaborates with Linya-Linya

INSPIRED by 2021 Ramon Magsaysay Awardee Watchdoc, the Ramon Magsaysay Award Foundation (RMAF) has teamed up with homegrown Filipino brand Linya-Linya on limited edition statement shirts to promote their advocacy for truth-telling in media. The shirt printed with the statement: “I Stand for Truth-telling in Media” is priced at P799. To order, visit https://www.linyalinya.ph/collections/rmaf/products/linya-linya-x-ramon-magsaysay-award-foundation-truth-telling-in-media.

CCP celebrates Amorsolo with Lego exhibit

TO commemorate the 50th anniversary of the proclamation of Fernando C. Amorsolo as the First National Artist of the Philippines in Visual Arts, the Cultural Center of the Philippines (CCP), in partnership with PinoyLUG, and with support from the Fernando C. Amorsolo Foundation, Inc., presents Project AMORsolo, an exhibition of Lego Bricks Mosaic artworks. The exhibit is on view until May 29 at the CCP’s Bulwagang Carlos V. Francisco (Little Theater Lobby). The project, which commenced in 2021, was set into motion under Code Name: AMOR with three teams of Lego enthusiasts working separately on plates for three iconic Amorsolo paintings. For more information, contact the CCP Visual Art and Museum Division, Production and Exhibition Department, at e-mail vamd@culturalcenter.gov.ph or through social media pages www.facebook.com/ccpvamd, www.instagram.com/ccpvamd, www.twitter.com/ccpvamd.

Instituto Cervantes launches poetry recital

IN the First Online Recital of Hispano-Filipino Poetry, Instituto Cervantes de Manila brought together more than 100 poetry lovers who recited verses written in Spanish by Filipino poets. All the recorded recitations were compiled in a video that will be published on the Youtube channel (https://www.youtube.com/InstitutoCervantesManila) and Facebook page (www.facebook.com/InstitutoCervantesManila) of the Instituto Cervantes on May 11, 7 p.m. The recordings were part of its Día del Libro celebrations, a Spanish tradition where books and roses are exchanged and which Instituto Cervantes brought to Manila in 2006 where it has been regularly celebrated since. The selection of poems recited included “Canto de María Clara” by Jose Rizal, “Señorita provinciana” by Jesus Balmori, “Boceto” by Evangelina Guerrero, as well as contemporary poems “Seguir viviendo” by Guillermo Gomez Rivera and “Saudade” by Daisy Lopez, both of whom inaugurated the recitation of their respective poems. As a preview, here is the video of the poem “El canto de María Clara” by José Rizal: https://www.youtube.com/watch?v=l8F3vzanvJU.

Silverlens to hold Esquillo, Eustaquio exhibits

SILVERLENS will open two exhibits on May 19. They will both run until June 18. The first is “Bread and Circuses” by Alfredo Esquillo which reclaims the said phrase from a Roman writer about the two things that the Roman Emperor distracted the populace with to keep them happy — a full stomach and staging huge spectacles at the coliseum. He compares the Roman Empire to Philippine modern society since the 1970s to the current affairs surrounding us. Through paintings and sculptures, Mr. Esquillo reflects deeply, as he artistically essays recurring signs and symbols concerning politics, culture, and technology — in relation to misappropriated policies of our past and incumbent presidents — as we have been endowed with short memories of the past. The second is a new show by Patricia Perez Eustaquio of soft fabric sculptures and drawings on paper where the artist continues to dissect the binary oppositions found in the process of translation from one form to another. For this series, Ms. Perez takes portions from her digital loom tapestries and renders them in graphite as archipelagic fragments seemingly adrift on taupe, salmon, and gray paper. The use of colored paper and the compressed quality in the drawings are marked changes from her previous work where pig’s flesh, wilted flowers, or studio scraps were traced in sprawling and languid detail as if they were landscapes. Silverlens Galleries is at 2263 Don Chino Roces Ave. Ext., Makati. The gallery also announced that it has a new platform @silverlensgallery. “Turning a new leaf on Instagram, we seek to highlight a wide range of practices and expressions within contemporary fine art,” it said in a release.

Korean cultural center unveils mural

AFTER the Korean Culture and Information Service (KOCIS)’s Korean Cultural Center in the Philippines (KCC) opened its doors to the public on March 25, it also unveiled its resolution to promote the cultural exchange between Korea and the Philippines. In partnership with Metropolitan Museum, the KCC had mural artist Jappy Agoncillo create a mural that showcases the culture collaboration of Korea and the Philippines. Mr. Agoncillo wanted to incorporate the similarities and friendship of Filipinos and Koreans, and as thus, included national symbols from both countries. “For the color palette, I really want to look at the Korean traditional elements and colors, especially the palace colors. I really want to have those strong colors represent[ed] in the mural,” he said in a statement.

Dance Surge 5 goes virtual

THE FIFTH edition of Dance Surge, an interactive dance weekend, will comprise of a series of virtual workshops and masterclasses, culminating in an online inter-high school freestyle battle. Hosted by the Saint Benilde Romançon Dance Company (SBRDC), it aims to make young movers experience the digital space of freestyle dancing as well as showcase and share their talents and techniques. Resident dancers, alumni, and choreographers from SBRDC-Hip Hop and Contemporary will impart their tricks and techniques, steps and special moves. Sofia Montinola, a classical ballet, hip hop and street jazz dancer, will facilitate free classes on contemporary dance. Meanwhile, Merwin Sampana will spearhead free sessions on choreography. Masterclasses will be guided by industry professionals. The highlight is the Inter-High-School Freestyle Battle of different dance troupes within and outside of Metro Manila. Dance Surge 5 will run from May 20 to 22. Interested participants may visit the official Facebook page of SBDC for more information.

Online transactions via LANDBANK rise 22% in Q1

THE VALUE of online transactions done with Land Bank of the Philippines (LANDBANK) increased in the first quarter, driven by the rising demand for digital services.

The state-run bank facilitated a total of 39.14 million transactions amounting to P567.61 billion in the first three months of the year, LANDBANK said in a statement on Tuesday.

This translated to a 36% year-on-year growth in volume and a 22% rise in the value of transactions.

These transactions included mobile banking, government disbursement, retail banking, institutional banking, and bulk credit, LANDBANK said.

Broken down, the lender’s mobile banking app recorded 29.75 million transactions worth P47.18 billion for the first quarter of the year, 37% higher in terms of volume and a 46% growth in value.

Meanwhile, the bank’s corporate internet banking platform weAccess logged over six million transactions worth P143.19 billion in the first quarter, which translated to increases of 37% and 25% in volume and value, respectively.

LANDBANK’s web-based payment facility, Link.BizPortal, facilitated around 1.38 million transactions equivalent to a 42% increase from the first quarter of last year. Total value rose by 58% to P3.41 billion.

Transaction value in its online retail banking channel, or iAccess, jumped by 26% to P4.46 billion from P3.55 billion in the same period in 2021.

On the other hand, the value of transactions on LANDBANK’s electronic modified disbursement system rose by 18% year on year to P368.06 billion in the three-month period.

“LANDBANK’s digital transformation is geared towards providing accessible financial services to meet the growing needs of our customers. We are also driven towards greater digital adoption to advance financial inclusion in the country, in line with our expanded mandate of serving the nation,” said LANDBANK President and Chief Executive Officer Cecilia C. Borromeo.

Ms. Borromeo reminded customers to remain vigilant against online banking fraud and scams.

“With the continuous increase in the use of digital banking channels, the state-run bank assures its customers that it maintains the highest level of security in all its systems,” she added.

LANDBANK’s net income in the first three months of 2022 soared by 141% year on year to P13.2 billion from P5.48 billion due to a one-time gain following its merger with United Coconut Planters Bank as well as higher interest income from loans and investments. — Keisha B. Ta-asan

San Beda Lions battle Mapua Cardinals for NCAA final slot

SAN Beda guns for its 15th straight finals appearance while Mapua its first in 31 years as they battle each other in a knockout game on Wednesday in the 97th National Collegiate Athletic Association (NCAA) basketball tournament at the Filoil Flying V Arena.

Facing the specter of being eliminated from final contention for the first time in 15 seasons, the Lions clawed their way back from a 10-point deficit in the fourth quarter of regulation and eked out a life-saving 73-67 overtime win on Sunday to force a deciding game at 3 p.m.

Defending champion Letran claimed the first seat following a 77-75 win over Perpetual Help and awaits the winner of this showdown in the best-of-three championship series unfurling on Sunday also in San Juan.

James Kwekuteye returned from an ankle injury he suffered late in a play-in win over College of St. Benilde last week and uncorked a team-best 17 points while Jacob Cortez and Ralph Penuela came through with 13 points apiece.

The triumph put the Mendiola-based dribblers in the hunt for a place in the finals for the 15th season in row and a chance at a 12th crown during that span.

“It will be a tough game,” said San Beda coach Boyet Fernandez. “We believe that if we can step up our defense and challenging their three-point shooting and for us to play as a team on offense, we believe we have a chance to win.”

For the second-seeded Cardinals, they have a chance to save the series and clinch a finals spot for the first time since making it that far and completing a back-to-back title romp in 1991 with a triumph.

And Mapua almost did it with defense the last time as it held San Beda to just 33 points in the first three quarters including single-digit outputs in the first (six) and third quarter (eight).

But the Cardinals allowed the Lions to explode for 40 points from there, including 27 in the final period and 13 in OT, that proved costly. — Joey Villar

To control asthma, practice breathing

PIXABAY

ONE in 11 Filipinos have asthma, a chronic lung condition in which the airways swell and narrow. Knowing one’s triggers and proper breathing technique can prevent symptoms such as shortness of breath, wheezing upon inhalation, or chest tightness.

“It’s the swelling that gives rise to the symptoms,” said Dr. Jonray R. Magallanes, an adult pulmonologist. “Parang sinasakal [It’s like you’re being choked]; that’s how patients describe it.”

The secret to managing asthma, he said, is to know how to breathe properly through aerosolized medications such as an inhaler. Inhaled corticosteroids and combination inhalers are the cornerstone of long-term asthma treatment.  

“Aerosolized medications directly target the lungs, thus eliminating the need for the body to absorb it,” he said in a May 7 lecture organized by Mercury Drug Corporation. “People also need only a minimal dose to feel relief from their symptoms.”  

The two common types of inhalers are the pressurized metered dose inhaler, and the dry-powder inhaler. To use the former, shake it several times, seal your lips around it, and then start inhaling as you begin pressing down the canister.  

“Inhale slowly,” Dr. Magallanes said, “and then hold your breath for 5 to 6 seconds before exhaling in your nose.”

The proper technique for a dry-powder inhaler, on the other hand, is quick and forceful.

“Don’t shake it because the powder might spill,” said Dr. Magallanes in the vernacular. “Ask your doctor, nurse, or pharmacist how to use your dry-powder inhaler, because some only need to be opened, whereas some need to be cocked [like a gun].”

He added that asthma is well-controlled in a patient if they do not manifest the following more than twice a week: daytime symptoms; night-time wakefulness; activity limitation; and medication reliance.

The cause of asthma is not known, although factors such as genetics, allergies, and the environment play a role. Mayo Clinic lists some of the triggers that can flare up symptoms in an asthmatic individual: chemical fumes (as in occupational asthma), dust (as in allergy-induced asthma), and cold air (as in exercise-induced asthma).  

If you have frequent coughing or wheezing that persists for more than two weeks, consult a doctor, Dr. Magallanes said.

“You don’t even need to see a specialist,” he added. “A family doctor, a doctor to the barrios… they all know how to treat asthma.”

May 3 was World Asthma Day. — Patricia B. Mirasol

Strange Loop and Michael Jackson musicals lead Tony nominations

MUSICAL A Strange Loop, the story of a Black gay man and his mental struggles as an artist, landed a leading 11 Tony nominations on Monday as Broadway prepared to honor its first season following a long pandemic shutdown.

A Strange Loop, winner of the 2020 Pulitzer Prize for drama, will compete for best musical with MJ, a biographical musical that features two dozen Michael Jackson hits, and race relations story Paradise Square.

MJ and Paradise Square received 10 nods each.

Other shows vying for best musical are Billy Crystal’s comedy Mr. Saturday Night, Six, a feminist take on the wives of England’s King Henry VIII; and Girl from the North Country, which features songs by Bob Dylan.

Contenders for best play include The Lehman Trilogy, the story of the rise and fall of investment firm Lehman Brothers. It will compete with Clyde’s, The Minutes, Hangmen, and Skeleton Crew.

Winners will be announced on June 12 at Radio City Music Hall at a ceremony that will be broadcast live on CBS television and streamed in Paramount+.

The show will be a celebration of Broadway’s comeback after a 17-month shutdown due to the coronavirus disease 2019 (COVID-19) pandemic. Productions began to return last August and several shows debuted in recent weeks to meet the deadline for Tony nominations.

The Music Man starring Hugh Jackman was nominated for best musical revival alongside Company and Caroline, or Change.

Mr. Jackman will compete for best lead actor in a musical. Other acting nominees included Uzo Adubo, Phylicia Rashad, Sam Rockwell and Mary-Louise Parker.

Macbeth star Ruth Negga was nominated for her role as Lady Macbeth, but voters passed over co-star Daniel Craig.

Also left out were Sarah Jessica Parker and husband Matthew Broderick, who star in Neil Simon comedy Plaza Suite.

A revival of Funny Girl received one nomination, for actor Jared Grimes. — Reuters

Cosco Capital profit up 5%, revenues slip

RETAIL holding firm Cosco Capital, Inc. reported a 5% growth in its consolidated net income to P10.5 billion in 2021, a year when it said it was “undeterred” by its lower revenues.

Consolidated revenues went down by 1.6% to P174.4 billion from P177.3 billion in 2020.

In a statement on Tuesday, the company said it was “undeterred by the slight decline in consolidated revenues experienced, brought about by the continuing impact of the COVID-19 (coronavirus disease 2019) restriction.”

It added that its business segments went through the second year of the pandemic with the company benefiting from a better bottom line from “gross margin enhancements.”

Cosco cited “stronger suppliers supports, sustained strategic cost and expense management as well as the income tax savings from the implementation of the CREATE (Corporate Recovery and Tax Incentives for Enterprises Act) Law.”

In 2021, the group’s grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 63% to the total core net income.

The retailing segment was followed by liquor distribution with 23%, commercial real estate with 13% and specialty retailing, Office Warehouse, Inc., with 1%.

The grocery retail segment recorded a 1.4% growth in net income to P8.18 billion from the improvement in gross profit margins as well as strategic cost reduction measures.

However, consolidated revenues dropped by 2.7% to P164.1 billion, driven by a decline in customer traffic in its Puregold supermarkets over the pandemic.

“Despite the prevailing environment, the grocery retail group continued to implement its organic expansion strategy and opened a total of 30 new Puregold stores and 2 new S&R warehouse clubs in 2021,” Cosco said.

Its store network includes 430 Puregold stores, 22 S&R membership shopping warehouses, and 47 S&R New York Style quick-service restaurants.

Meanwhile, the liquor distribution business, through The Keepers Holdings, Inc., reported a 34.4% jump in net income to P1.58 billion, resulting from the strong sales performance and strategic cost control of its distribution, marketing and promotion expenses.

Consolidated revenues likewise rose by 35.1% to P11.03 billion, backed by a 31.9% growth in volume of cases sold. 

“This was driven principally by the continued robust performance of Alfonso, the leading imported brandy in the market, which has already surpassed its pre pandemic levels despite some challenges brought by the continuing impact of the COVID-19 lockdowns and mobility restrictions experienced during the year,” Cosco said.

The company’s commercial real estate segment recorded a 30% rise in net income to P915 million due to cost efficiency strategies.

“Similarly, and despite the pandemic, the group continued to expand its real estate assets portfolio through acquisitions of additional land banking assets for future development and initiated the development of two commercial assets during the year,” it added.

However, the segment posted flat revenues amounting to P1.69 billion in 2021 as it continued to extend rental reliefs.

Office Warehouse’s net income declined by 10.7% to P50 million as revenues fell by 6.9% to P1.56 billion.

At the stock exchange on Tuesday, Cosco shares dropped by 2.08% or 10 centavos to P4.70 apiece. — Luisa Maria Jacinta C. Jocson

Universal bank avails of P4.08-B loan from BSP’s rediscount facility

ONE BANK tapped the Bangko Sentral ng Pilipinas’ (BSP) peso rediscount window in April after the facility was left untouched in the first three months of the year.

A universal bank availed of a P4.08-billion loan from the BSP’s peso rediscount facility in April, the central bank said in a statement on Tuesday.

In 2021, lenders only tapped the facility in June, July, and September. These peso rediscount loans amounted to P6.12 million.

Meanwhile, the Exporters’ Dollar and Yen Rediscount Facility (EDYRF) remained untapped last month. The last time an availment was made under the EDYRF was a dollar rediscounting loan in 2016, the BSP said.

The BSP’s rediscount facility lets banks access additional money supply by posting their collectibles from clients as collateral.

Lenders may use the cash denominated in peso, dollar or yen to extend credit to corporate or retail clients and service unexpected withdrawals.

The bank likely decided to tap the BSP’s rediscount window for liquidity to meet rising demand for loans, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Lending growth continued to pick up in March as the economy reopened further amid declining coronavirus cases, BSP data released last week showed.

Outstanding loans by big banks rose by 8.9% to $10.055 trillion in March from $9.253 trillion a year earlier.

This is faster than the 8.8% in February and is the quickest expansion since the 9.6% posted in June 2020.

Metro Manila and some provinces have been under Alert Level 1 since March. With restrictions eased, more businesses were able to increase their operating capacity.

Meanwhile, for May, the applicable rate for peso loans regardless of maturity remains at 2.5%.

For the dollar and yen discount facilities, loans will be priced at 3.33486% and 1.98246%, respectively. — K.B. Ta-asan

PBA brings 3×3 games to malls in its third conference

FROM the traditional playing arenas, the PBA 3×3 is shifting to a new setting with malls hosting its Third Conference hostilities.

First up will be the kickoff leg of the season-ending conference slated for May 21-22 at Robinsons Magnolia in Quezon City, the first stop of the planned mall circuits.

“We will be bringing the PBA 3×3 to the malls in the Third Conference,” PBA 3×3 chairman Richard Bachmann told The STAR. “This is the league’s way of bringing the games closer to basketball fans.”

According to commissioner Willie Marcial, the pro league has partnered with Robinsons for this endeavor.

The Philippine Basketball Association (PBA) 3×3 played the first two conferences of its inaugural season at the Ynares Sports Arena in Pasig City and Smart Araneta Coliseum in Quezon City. Initially, the half-court matches were played in a closed-stadium setup but when the health situation improved and quarantine restrictions eased up, spectators were eventually allowed in.

The standalone three-a-side league seeks a successful end to its maiden season before going regional and bigger for Season 2.

“We are expecting more teams next season,” said Mr. Bachmann.

The PBA 3×3’s grand plans center around holding separate tournaments in Luzon, the Visayas and Mindanao leading up to a national championship. — Olmin Leyba

1...5,9865,9875,988...13,780Page 5,987 of 13,780
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube