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Farming, fisheries groups exempted from income tax — BIR

PHILIPPINE STAR/EDD GUMBAN

THE Bureau of Internal Revenue (BIR) said all accredited farming and fisheries groups may be exempted from income taxes as long as they are registered as barangay micro-businesses.

The BIR released Revenue Regulation No. 19-2021 which implements the tax incentive provisions of Republic Act No. 11321 or the Farmers and Fisherfolk Enterprise Development Program, also known as Sagip Saka Act.

Under the regulation, accredited farmers and fisherfolk enterprises may be exempted from income tax directly from their operations if they are registered as barangay micro-business enterprises.

Groups covered by the regulation include producer groups, fisherfolk organizations and cooperatives, and clusters of growers and fishers.

These enterprises have products that are in the priority commodity value chains and can increase their marketable surplus through enterprise development, the BIR regulation said.

To avail of the income tax exemption, the cooperative or enterprise must be registered as a barangay micro-business enterprise and have total assets that do not exceed P3 million, including assets from loans but excluding the land on which the office or plant is based.

Donations of real and personal properties to such farmers and fisherfolk enterprises are also exempt from donor’s taxes.

The donation must be aligned with the development program’s goals of supporting farmers and fisherfolks in achieving “sustainable modern agriculture and food security.”

Meanwhile, the recipient must be certified by the Department of Agriculture and a beneficiary of the development program. — J.P.Ibañez

MPIC keen on Shell assets, other businesses as it eyes expansion

By Arjay L. Balinbin, Senior Reporter

METRO PACIFIC Investments Corp. (MPIC) on Wednesday said it is exploring new opportunities as it expects 2022 to be a better year for the company amid prospects of economic recovery.

“We are interested in expansion,” MPIC President and Chief Executive Officer Jose Ma. K. Lim said at a virtual briefing, referring to the expansion of the company’s fuel storage business.

“We are preparing to bid for Shell facilities,” he noted, adding that its role in such facilities will be “very much like what we are doing in the Philippine Coastal (Storage and Pipeline Corp.),” which stores and moves liquid fuels.

The company is working to diversify its existing portfolio into unregulated businesses.

“We continue to look at logistics despite the fact that we are getting out of warehousing. We are looking at e-commerce and how we can position ourselves in that space, and we are looking at some agribusiness ventures and related infrastructure businesses in food deliveries and food storage,” Mr. Lim said.

Manila Electric Co. (Meralco) President and Chief Executive Officer Ray C. Espinosa said they are forming a wholly-owned subsidiary of Meralco Industrial Engineering Services Corp. (MIESCOR), which will be called Miescor Infrastructure Development Corp.

Miescor Infrastructure Development will house Meralco’s tower business, Mr. Espinosa said. “That would be the vehicle for any potential investors.”

“We should be a very strong player in the common tower space given the experience and expertise of MIESCOR as an EPC (engineering, procurement and construction) contractor. Meralco, by the way, also owns and operates 200 telecom towers for its own telecommunications requirements,” Mr. Espinosa said.

“Our target is basically to have 30% of that market,” he added.

Mr. Lim said the MPIC will also “most likely” take a look at the remaining assets of real estate developer Landco Pacific Corp.

“They are experiencing very strong sales, actually their best financial results ever. [T]his is very encouraging for the board to hear…, [so] most likely we will take a look at its remaining assets and selectively decide which ones to pursue,” he noted.

In March, MPIC said it was in talks with the owners of Discovery World Corp., which is engaged in the hotel and resort business, for a “potential investment.”

MPIC used to invest in the real estate business. It exited in 2014 after it divested from Landco Pacific, the developer of the Peninsula de Punta Fuego, an exclusive seaside residential resort in Nasugbu, Batangas.

In a statement on Wednesday, the listed infrastructure conglomerate said its attributable net income for the first nine months of the year surged 147.6% to P12.38 billion from P5 billion in the same period a year ago.

Its operating revenues for the period grew 6.2% to P32.18 billion from P30.30 billion previously.

MPIC also reported a consolidated core net income of P9.5 billion for the first nine months, up 23% from P7.7 billion in the same period last year.

Its core net income for the third quarter climbed 44% to P3.5 billion compared with the same period in 2020.

The company has yet to release its full quarterly report.

The “acceleration of growth reflects an improvement in performance notwithstanding the continued imposition of varying levels of quarantine across the country to contain the [coronavirus] pandemic and was partially augmented by the impact of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, which lowered corporate income tax rates from 30% to 25%,” it said.

“As we look forward to 2022, we draw our attention to other essential priorities, foremost of which are innovation and digital transformation,” MPIC Chairman Manuel V. Pangilinan said.

“We intend to further explore opportunities in the digital space especially those that will make our operations and facilities even more efficient,” he added.

MPIC shares closed unchanged at P4.02 apiece on Wednesday.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

SMIC nets P27.2 billion in first nine months as units show ‘resilience’ in Q3

By Keren Concepcion G. Valmonte, Reporter

SM INVESTMENTS Corp.’s (SMIC) consolidated net income in the first nine months surged by 79% to P27.2 billion from P15.2 billion a year ago, the company said, as its business units showed resilience in the third quarter.

“Our third quarter results reflect the resilience of all our businesses and early signs of the economy opening up,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said in a statement on Wednesday.

“With improved vaccination rates across the country and lower COVID-19 (coronavirus disease 2019) cases, we are optimistic about conditions for the fourth quarter, but continue to be vigilant about risks,” he added.

SMIC’s nine-month consolidated revenues amounted to P289.4 billion, inching up by 5% from P276.4 billion year on year.

Its banking units accounted for over half or 60% of the company’s net earnings from core businesses, while property made up for 27% and its retail business contributed 13%.

BDO Unibank, Inc. generated a P32.4-billion net income in the first nine months, surging by 95.7% from P16.6 billion in the same period last year due to its “resilient business franchise” and normalized provisions.

Meanwhile, China Banking Corp.’s consolidated net income improved by 35% to P11.2 billion, owing to its sustained core business growth and effective cost management.

The consolidated net income of its listed property firm, SM Prime Holdings, Inc., inched up by 9% year on year to P15.6 billion from P14.4 billion despite lower revenues. SM Prime’s consolidated revenues declined by 6% to P56.8 billion from P60.7 billion from a year ago.

SM Prime aims to source over 50% of its businesses’ electricity consumption from renewable resources by the end of next year. The company said it is their commitment to support the country’s goal of having a 35% renewable energy supply by 2030. 

In the third quarter, both the SMIC and SM Prime became signatories to support the Task Force on Climate-related Financial Disclosures, “demonstrating their commitment to safeguarding against climate risk through better disclosures.”

Meanwhile, SM Retail booked a retail net income of P4.8 billion, up by 118.18% from the P2.2 billion logged in the previous period as sales of SM STORE and its specialty stores continue to grow coupled with its continued cost management efforts.

Retail revenues of SM Retail amounted to P204.9 billion, inching down from the P206.1 billion recorded due to pantry loading.

SMIC shares declined by 0.91% or P9 to close at P975 apiece on Wednesday.

Megaworld’s attributable income up 57% on strong real estate sales

MEGAWORLD Corp. recorded a 57% increase in its attributable net income to end the third quarter with P3.2 billion from last year’s P2 billion on the back of a 102% climb in real estate sales.

In a statement on Wednesday, the company said it posted a net income growth of 46% to P3.3 billion from P2.2 billion in the same period last year, while its consolidated revenues went up by 50% to P14.5 billion from P9.6 billion.

For the first nine months of 2021, Megaworld’s attributable net income totaled P8.6 billion, 10% higher than the P8.1 billion booked in the same period last year. Consolidated revenues also rose 10% to P36.9 billion from P33.4 billion.

Megaworld’s sales from its real estate business “led the recovery,” surging by 102% to P9.6 billion in the third quarter from P4.7 billion. Reservation sales improved by 35% year on year to P17.1 billion. 

The company said its improved real estate sales reflected its expanded construction activities in the third quarter. Megaworld also launched 462-hectare Paragua Coastown in Palawan, its first eco-tourism township.

Real estate sales in the first nine months also climbed 21% to P23.1 billion from last year’s P19.1 billion.

Meanwhile, Megaworld Hotels & Resorts’ profits surged 121% to P552 million in the third quarter. Megaworld said the “consistent performance” of its in-city hotels was supported by the opening of its Kingsford Hotel in the company’s Westside City township. 

Revenues from its hotels and resorts business went up by 9% in the first nine months to P1.3 billion from last year’s P1.2 billion.

Megaworld Premier Offices recorded an “almost flat” rental income for the quarter at P2.9 billion, while its revenues for the nine-month period amounted to P8.1 billion.

On the other hand, Megaworld Lifestyle Malls logged a 16% year-on-year growth in rental income to P469 million in the third quarter despite providing concessions to its retail partners.

“The recovery momentum has started to pick up and we hope that the lowering of the alert levels especially in Metro Manila will continue until the yearend. As more people safely go out and enjoy the normal life, the better for business and our economy as a whole,” said Kevin Andrew L. Tan, chief strategy officer of Megaworld.

Megaworld has developed 28 integrated townships, integrated lifestyle communities, and lifestyle estates across the country.

On Wednesday, Megaworld shares declined 2.66% or nine centavos to close at P3.29 each. — Keren Concepcion G. Valmonte

A Filipino feast celebrates the good times ahead (hopefully)

HALIYA’s Adobo

By Joseph L. Garcia, Reporter

FOR those of us who have been making do with our own subpar home cooking and food deliveries which never quite arrive at the right temperature during this pandemic, a rare dinner invitation is always welcome (provided that it’s safe).

Last week, BusinessWorld was invited for dinner at Haliya, a new Filipino restaurant by Nüwa at the City of Dreams. The restaurant’s name is of a good omen: Haliya is a pre-colonial moon goddess, with a face so beautiful it had to be covered with a mask of gold. In legend, she wages war on the Bakunawa, a sea serpent that consumed her brother, the moon god Bulan. When every day is a battle, it’s nice to have a goddess backing you up.

When asked why they opened a new restaurant during the pandemic, Charisse Chuidian, Vice-President of Public Relations for City of Dreams said, “If it was a gamble, it was a very good gamble. I think it paid off.” Appropriate words from the property, whose casino now operates at about 50% capacity. The indoor restaurants, meanwhile, such as Haliya, operate at 40% capacity. “We went by customer feedback, and it seemed that there’s a high percentage wanting a dedicated Filipino restaurant,” she said, adding that they would also open a Korean, Japanese, and a Singaporean seafood restaurant in the near future.

The inconveniences that defined our lives before the pandemic have slowly been trickling back since the loosening of restrictions due to the decline of COVID-19, such as the traffic along EDSA. This is peppered with the minor sacrifices the pandemic taxes from us: for example, tinted face shields are not allowed at the City of Dreams, but what is elegance but the elimination of inconvenience? They had clear, clean, brand-new face shields at the door. Sanitizers were at every entrance (though not at every table), and masks were kept mostly on by other diners (who have to present vaccination cards upon entry to the restaurant). The staff kept their whole kit on: masks and face shields, and were very attentive throughout the evening.

NOW, FOR THE FOOD
Chef de Cuisine Edmundo San Jose worked in the Middle East until 2016. Used to the intensity of world cuisine, this restaurant (which used to be the Crystal Lounge, a very fine bar) reflects his journey home. “Doon ko na-realize na talagang mas gusto ko siyang kainin (That’s where I realized that that’s what I wanted to eat),” he said, speaking of the tastes of home. “Pag nag-day-off ako talaga ako, iyon na mismo ang ginagawa ko (On my days off, that’s what I really do).”

The chef infuses his foreign experiences into Filipino cuisine, presenting something new and familiar at the same time. For example, he takes a seafood lumpia (spring roll; P980) and presents it in the shape of a tart. It’s filled with lobster and crab, with a crystallized malunggay (moringa) chip, and dipped in calamansi aioli-aligue (local citrus and crab fat) dip. The freshness of the seafood made me think of vacations spent by some of our nation’s better shores. An accompanying dish of oysters (P500), served raw with finger limes and avocado crema, had an aggressive taste of the sea, and the oysters felt as if they were still bursting with seawater.

A pea and malunggay soup (P300) reminds one comfortably of local mongo guisado (mung bean soup), what with bits of lechon (roast pig) skin in it (much like you’d add chicharon  cracklings — to your own mongo). Everybody looked in awe at an adobo (a vinegar braised protein, P1,250) — for it had been served with just-right foie gras. The foie gras, just very slightly flavored with the thick, caramelized adobo sauce, instructs one to savor it as an experience, thus guiding your tongue to appreciate the careful braising that led to a rich sauce and very tender chicken.

Another dish, a kare-kare (a peanut-based stew; P980) was made with 24-hour slow cooked US Angus beef brisket, asparagus, baby Baguio petchay (Chinese cabbage), crispy fried baby eggplants, roasted and crushed peanuts, and bagoong (shrimp paste). A knife cut through the beef like butter, while the silky sauce, despite its cosmopolitan companions, tastes like something made with love by one of your own beloved relatives. All this and more, of course, was served with generous servings of rice (it was a Filipino feast, after all).

Dessert included a Chichingka, a cheesecake and bingingka (rice cake) hybrid, made with salted eggs and toasted coconut, served on a tiny little ceramic stove that gave a puff of smoke when attendants dripped a little vanilla scent into it. It tasted rich and creamy, and was much too heavy for all of us at the table, stuffed to the gills as we were.

FRESH FROM THE SOURCE
Mr. San Jose sources most of his ingredients locally: his oysters, for example, were sourced from Caticlan. His most challenging dish, for him is the paksiw (fish braised in vinegar), carefully poached and sitting on a bed of adlai grains.

Speaking of his many seafood selections, he said, “Talagang mga Pilipino kasi, normally, more tayo sa seafood eh. Mas madali syang i-source (Filipinos really are more into seafood, and it’s easier to source).”

He also added that he’s taking advantage of the location’s proximity to the sea, therefore allowing for fresher seafood. Despite access to some of the world’s best, all the time, he says, “As a Filipino (restaurant), kailangan local rin ang gamitin natin (we still need to use local ingredients).”

For most of us who have been reacquainted with our stoves during the pandemic, the prospect of Filipino food might have seemed banal. The magic of Haliya, however, was to take familiar elements of what we already have and transform it into something luxurious and yet somehow still familiar. The sensation would be akin to the stepsisters meeting Cinderella at the ball, after they had just seen her face in their kitchen.

Speaking of people rushing home before midnight, we ended the dinner by 11 p.m. (the end of the metropolis’ curfews took effect that midnight). These had been the people who had known dinners that went on into the wee hours of the morning. Our stomachs had shrunk — perhaps because the months in isolation had removed the reason for and the memory of feasting. It seems almost fitting, then, for this restaurant, in one of the city’s most luxurious properties, to serve Filipino food in this luxurious manner: it’s an invitation to a promise of lost abundance; a faith and pride in who we are, and what we can still do.

Haliya is open daily for dinner from 5 p.m. to 11 p.m. Reservations are encouraged due to limited seating and restricted capacities for indoor dining. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

Peach pizza, anyone?

YO FERNANDO PIZZA

A NEW Quezon City restaurant is set to shake things up. We’ve heard that before, but then, you’ve never had peaches on a pizza, have you?

Diner 55 in Quezon City is a passion project of Jean Dumago-Descallar, who named her restaurant after her own age, in homage to her own pursuit of her dreams.

“When I was young, my family could not afford delicious food especially those served by restos because we weren’t fortunate enough. Growing up poor, it was heaven for me every time my parents treated me in a carinderia (street-side eatery) that served affordable local delicious and comfort food. Until now, I still eat there every time I visit my hometown in Mindanao,” she said.

During the Oct. 29 press conference, she said that she got the idea from a restaurant in the US that she really liked. She remembered telling herself, “Soon, I’ll be having my own restaurant.”

To achiever her dream, she sought the help of RJ Ungco, President and CEO of Ungco Restaurant Management Consultancy, who helped her conceptualized the menu (55 dishes in total). Mr. Ungco has had experience working in Le Souffle, Prince Albert, The Cravings Group, Peri-Peri Charcoal Chicken, and Shrimp Bucket; being in the industry for over 20 years. “[The number] 55 also represents two hands ready to serve and help,” said Ms. Dumago-Descallar, citing their own initiatives to provide employment for the less fortunate.

BusinessWorld got to taste two out of the 55 dishes: the Hey Jean and Yo Fernando pizzas (named after Ms. Dumago-Descallar and her husband). The Hey Jean is designed to be rolled up with arugula, and is topped with peri-peri chicken, caramelized onions, chickpea and corn hummus, and jalapeños. It’s pleasantly tangy sweet, and tasty, even with the novel toppings.

The Yo Fernando pizza has a pleasantly chewy crust, double-smoked ham, mozzarella cheese, and a balsamic reduction on tomato sauce. Oh, yes, and peaches. Mr. Ungco said that despite his experience working in Italy, his favorite pizza happens to the Hawaiian — making the Yo Fernando a riff from the pineapple-topped pizza. It’s really quite good, and tastes like biting into a hefty burger — the peaches aren’t noticeable, and steers into the way of sweet onions or peppers. Other menu items include cereal milk panna cotta, Chicken and waffles (with a bit of ube or purple yam), and a variety of burgers and rice bowls.

If we judge by the two pizzas alone, we’re going to give points to Diner 55 by starting a conversation on what goes into a pizza, but, more importantly, serving food with quality and a now-foreign sense of food tasting earnest and honest. It feels like someone innocently put all of the things they like on a pizza and expected someone else to like it, with that gamble unexpectedly paying off.

Speaking of payoffs and gambling, we asked Ms. Dumago-Descallar why she put up a restaurant in the middle of the pandemic. It’s quite a huge investment in more ways than one: it has 550 sqm. of space spread across three levels, and a dining capacity of 200 seats — though health-related restrictions only allow them to seat about 64 for now. No matter, since an –al fresco area sits about 10 people. Ms. Dumago-Descallar is optimistic. “I believe that the situation is not permanent,” she said. “By 2022, this will become okay already.” — Joseph L. Garcia

Diner 55 is at 1-i Dr. Garcia Street cor. Mother Ignacia Ave., Brgy Paligsahan, Quezon City or call 7256-4345 to place orders for pickup or delivery. The new diner is open daily from 11 a.m. until 8 p.m.

SMFB posts 68% earnings growth

SAN MIGUEL Food and Beverage, Inc. (SMFB) reported a 68% net income growth to P24.2 billion in the first nine months of 2021, driven by double-digit increases in sales of its business units as well as its cost-management efforts and operational efficiencies.

In an e-mailed statement on Wednesday, SMFB said its consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 37% to P41.7 billion. 

Meanwhile, the listed food and beverage firm saw a 14% year-on-year increase in revenues to P221.7 billion.

The food business saw its consolidated EBITDA surge by 84% to P14.9 billion. Its revenues for the period grew by 13% year on year to P108.9 billion, which is also “8% better than 2019 pre-pandemic revenues.”

SMFB said its protein segment saw revenues increase by 20%, while its revenues for the animal nutrition and health segment grew due to higher volumes and because of the addition of new feed mills.

Meanwhile, its prepared and packaged food and flour unit “continued to reflect positive performance” driven by home consumption and recovery in its clients’ operations. 

Its beer business likewise reported a 27% growth in its net income to P14 billion, while revenues increased by 13% to P82.1 billion.

SMFB’s spirits business saw profits surge 43% to P3.2 billion as it posted a 21% topline growth to P30.7 billion. The company said the unit saw a double-digit increase in volumes.

“Our results highlight the strength and breadth of our food and beverage portfolio. While there are still impacts from the pandemic, we are hopeful that the worst is behind us and we are on the path to a new, better normal,” said Ramon S. Ang, president and chief executive officer of SMFB.

SMFB shares declined 0.53% or 40 centavos to close at P75.50 each on Wednesday. — Keren Concepcion G. Valmonte

Squid Game director predicts second season of megahit TV show

Squid Game — IMDB.COM

LOS ANGELES —  The director of Squid Game, the dystopic South Korean TV series on Netflix, expressed confidence that the wildly popular show will return for a second season.

“We are in the talks for Season Two,” writer-director Hwang Dong-hyuk said in an interview on Monday. “It’s all in my head. I have the basic storyline, the broad plan, so we’re in the brainstorming stages.

“I’m going to go ahead and say there will be a second season, but as for when, I cannot tell you now,” Hwang added.

“He will come back, he will come back and do something about this world,” the director said, referring to protagonist Seong Gi-hun, played by actor Lee Jung-Jae.

Hwang, Lee and others involved in the show, one of Netflix’s biggest hits ever, attended a special Hollywood screening on Monday to celebrate its success.

Squid Game, in which debt-ridden people compete in a deadly game for a fortune, has inspired Halloween costumes and themed protests at the United Nations global climate summit in Glasgow, Scotland, among other things.

The series’ success echoes that of 2020 Oscar winner Parasite, which also showed the gap between rich and poor in South Korea. Actor Park Hae-soo, who plays a contestant named Cho Sang-woo, said, “Everybody actually has that rage, but I think the Koreans are really able to express that honestly.” — Reuters

Telehealth to remain in demand even after COVID-19 pandemic

917VENTURES’ telemedicine provider KonsultaMD expects the high demand for subscription-based telehealth services to continue post-pandemic.

“Telehealth is definitely here to stay. COVID-19 (coronavirus disease 2019) has certainly accelerated adoption for it, but it’s not going to disappear post-COVID,” KonsultaMD Chief Executive Officer Cholo A. Tagaysay said during a virtual briefing on Wednesday.

He added that even when coronavirus cases subside, usage of KonsultaMD remains high.

917Ventures, which serves as the corporate venture builder of Globe Telecom, Inc., expects KonsultaMD to follow the footsteps of its sister company Globe Fintech Innovations, Inc. (Mynt), the operator of GCash, in the coming years.

“We’ve had high hopes for KonsultaMD even before the pandemic. We saw it as a way to address the pain points in Philippine healthcare, which was suffering from a lack of healthcare professionals, inadequate health infrastructure, and limited accessibility, not to mention the high cost of medical consultation,” 917Ventures Managing Director Vince T. Yamat said.

“People were wary of using the service before as they are used to traditional face-to-face consultations, but with the pandemic, things have changed. Telehealth has become an important innovation that will stay and evolve,” he added.

According to KonsultaMD, medical consultations on its app have “skyrocketed to 1,549% versus pre-pandemic.” Mr. Tagaysay said he could not disclose the exact figures, but said the service has reached “over one million members who enjoy 24/7 unlimited access to licensed doctors via voice or video call for as low as P60 a month.” 

“Our situation has taken away the reluctance of many Filipinos to try telehealth services. People are looking for ways to stay safe from the virus while our hospitals are overwhelmed with patients. KonsultaMD has become a platform that connects Filipinos to much-needed medical consults for non-emergency cases,” he said.

KonsultaMD app users can consult with doctors specializing in different fields — from general medicine, family medicine, obstetrics and gynecology, pediatrics, rehabilitation medicine, mental health support, psychiatry, dermatology, ophthalmology, dentistry, ENT, and surgery.

KonsultaMD said it also provides digital management of health consultation records and issuance of medical documents such as e-prescriptions, e-laboratory requests, e-referrals, and e-medical certificates. — Arjay L. Balinbin

Term deposit yields inch down on slower inflation, Fed move

BW FILE PHOTO

YIELDS on the central bank’s term deposits inched down on Wednesday following slower inflation and the US Federal Reserve’s commitment to stay accommodative.

Demand for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) was at P560.497 billion on Wednesday, surpassing the P520-billion offering but failing to beat the P641.782 billion in bids a week earlier.

Broken down, the seven-day deposits fetched bids amounting to P204.327 billion, higher than the P180 billion on the auction block but lower than the P247.573 billion worth of tenders logged the previous week.

Accepted rates for the tenor ranged from 1.7% to 1.76%, a tad narrower than the 1.7% to 1.7716% band logged in last week’s auction. This caused the average rate of the paper to drop by 1 basis point (bp) to 1.7421% from 1.7521% previously.

Meanwhile, the 14-day papers saw bids amounting to P356.17 billion, surpassing the P340-billion offer but less than the P394.209 billion logged a week ago.

Banks asked for yields ranging from 1.74% to 1.85%, wider than the 1.75% to 1.7875% margin seen on Nov. 3. With this, the average rate of the two-week term deposits slipped by 0.6 bp to 1.7636% from 1.7696% a week ago.

The central bank has not offered 28-day term deposits for more than a year to give way to its weekly auctions of bills with the same tenor.

Yields on the term deposits declined on Wednesday after inflation eased in October, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Headline inflation in October was at a three-month low at 4.6%, easing from the 4.8% in September. It was also slower than the 4.9% median estimate of 21 analysts in a BusinessWorld poll.

However, inflation remains beyond the 2-4% target set by the BSP. The October consumer price index outturn brought year-to-date inflation to 4.5%, also quicker than the 4.4% estimate of the BSP for the year.

The Philippine Statistics Authority said slower increase in food prices caused the slight easing in inflation last month.

BSP Governor Benjamin E. Diokno has said they are ready to keep an accommodative stance to support economic recovery as long as inflation remains manageable.

Meanwhile, Mr. Ricafort said the market also took into account the Fed’s policy announcements.

The Fed last week announced it will start reducing its monthly purchase of Treasury assets, but kept the policy rates near zero. Fed Chairman Jerome H. Powell said they will stay patient to support recovery while the labor market remains weak. — Luz Wendy T. Noble

Facebook to expand climate science center in the country

FREEPIK

FACEBOOK on Tuesday announced the expansion of its climate science center to the Philippines, with the goal of connecting Filipinos with “factual resources” as part of its efforts to fight climate change.

“Facebook is committed to reducing our environmental footprint and elevating the latest climate science to our community while minimizing climate misinformation,” the social media platform said in an e-mailed statement.

The social media company said the climate science center will be expanded to more than 100 countries, including the Philippines.

“Through the climate science center, Facebook plays its part by helping people find accurate, science-led information, while also tackling misinformation,” it noted.

The center aims to connect Filipinos “with factual resources from the world’s leading climate organizations and actionable steps they can take in their everyday lives to combat climate change.”

Citing its recent survey with the Yale Program on Climate Change Communication, Facebook said 78% of the Filipino respondents considered climate change as an “extremely” or “very important” issue.

“More than eight in 10 Filipinos [said] they were ‘somewhat worried’ or ‘very worried’ about climate change,” it noted. Meanwhile, nearly nine in 10 wanted more information about climate change.

More than seven in 10 Filipinos said that climate change should be a “high” or “very high priority” for the government, while more than six in 10 said it should do more to address the problem.

At the same time, more than seven in 10 said the Philippines should use more renewable sources of energy.

“Seventy-six percent of Filipinos also think that action to reduce climate change will improve economic growth and provide new jobs,” Facebook noted.

At the 26th United Nations Climate Change Conference in Glasgow last week, Finance Secretary Carlos G. Dominguez III said financing from multilateral institutions is crucial to encourage private sector capital in clean energy transition projects in the country.

Mr. Dominguez has been pushing for more climate financing from wealthy economies that have not offered enough to help developing nations reduce their carbon footprint.

Such countries bear the most responsibility for their historic emissions, he said.

The Philippines has committed to reduce greenhouse gas emissions by 75% from 2020 to 2030.

Of the 75% target, just 2.71% can be achieved with internal resources, while the remaining 72.29% rests on international assistance.

The Finance department said extreme weather events have caused P506.1 billion in losses and damage to the Philippines over the past decade, highlighting the country’s vulnerability to the climate crisis even though it accounts for only 0.3% of the world’s total greenhouse gas emissions. — Arjay L. Balinbin

Puregold net profit rises 13.6% even as sales drop

PUREGOLD Price Club, Inc. saw a 13.6% growth in its consolidated net income to P5.73 billion in the January-to-September period, higher than the P5.05 billion logged a year ago even as its sales went down as it kept its costs low.

In a disclosure to the exchange on Wednesday, the company said its consolidated net sales went down by 4.9% to P115.24 billion in the first nine months.

Majority or 72% of the company’s revenues is attributed to its Puregold Stores network, while its S&R Membership warehouse clubs and S&R New York Pizza Style stores account for 28%.

Meanwhile, Puregold’s consolidated income from operations grew 6.7% to P9.06 billion from last year’s P8.5 billion on the back of better gross margins and “strategic cost controls.”

As of end-September, Puregold has launched 19 new organic stores out of its targeted 30 new stores. S&R also launched two new warehouse clubs.

The Puregold group currently has 489 stores across the country, comprising 422 Puregold stores, 45 S&R New York Style QSRs (quick service restaurants), and 22 S&R membership shopping warehouses.

The company said it plans to continue its investments in e-commerce, logistics network for its last-mile delivery process, as well as investments for its marketing strategies.

“We continue to be optimistic that the Philippine economic recovery will improve going into the last quarter of 2021 as COVID-19 (coronavirus disease 2019) cases continue to decline, quarantine restrictions are relaxed, and mobility of Filipinos increases as more people get vaccinated,” Puregold President Ferdinand Vincent P. Co said.

Puregold shares closed unchanged at P42.80 each on Wednesday. — Keren Concepcion G. Valmonte