Altus Property Ventures, Inc., Robinsons Land Corp. and RL Commercial REIT, Inc. issue notice of annual stockholders’ meeting on May 12

April 19, 2022 | 9:00 am

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
MAY 12, 2022

Notice is hereby given that the Annual Meeting of the Stockholders of the following companies (the “Companies”) will be held on May 12, 2022 at the time and place as stated below. In light of current conditions and in support of the efforts to contain the outbreak of COVID-19, stockholders may only attend the meetings via remote communication at the livestream links specified below:

www.altuspropertyventures.com.ph/DIS2022

The Agenda for the meeting of Robinsons Land Corporation is as follows:

1. Proof of notice of the meeting and existence of a quorum
2. Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 13, 2021
3. Presentation of annual report and approval of the financial statements for the preceding year
4. Amendment of Article II of the Articles of Incorporation
5. Election of Board of Directors
6. Appointment of External Auditor
7. Ratification of the acts of the Board of Directors and its committees, officers and management
8. Consideration of such other matters as may properly come during the meeting
9. Adjournment

The Agenda for the meeting of RL Commercial REIT, Inc. is, as follows:

1. Proof of notice of the meeting and existence of a quorum
2. Presentation of annual report and approval of the financial statements for the preceding year
3. Election of Board of Directors
4. Appointment of External Auditor
5. Ratification of the acts of the Board of Directors and its committees, officers and management
6. Consideration of such other matters as may properly come during the meeting
7. Adjournment

The Agenda for the meeting of Altus Property Ventures, Inc. is, as follows:

1. Proof of notice of the meeting and existence of a quorum
2. Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 13,
2021
3. Presentation of annual report and approval of the financial statements for the preceding year
4. Election of Board of Directors
5. Appointment of External Auditor
6. Ratification of the acts of the Board of Directors and its committees, officers and management
7. Consideration of such other matters as may properly come during the meeting
8. Adjournment

The Information Statements of the Companies which contain more details regarding the rationale and explanation for each of such agenda items may be viewed or downloaded at the web addresses indicated above. Stockholders intending to participate via remote communication must notify the Companies by email on or before May 4, 2022 at the corresponding email addresses indicated in the Information Statements of each Company.

Stockholders who wish to cast their votes may do so via the method provided for voting in absentia, or by accomplishing the proxy form. The procedures for attending the meeting via remote communication and for casting votes in absentia are explained further in the Information Statements.

Shareholders who wish to vote by proxy shall send the proxies via email to the corresponding email addresses indicated in the Information Statement of each Company or hard copies to the Office of the Corporate Secretary, 12/F Robinsons Cyberscape Alpha, Sapphire and Garnet Roads, Ortigas Center, Pasig City, not later than May 4, 2022. Validation of proxies shall be held on May 6, 2022. We are not soliciting proxies.

Only stockholders of record of the Companies as of April 4, 2022 shall be entitled to vote at the respective meetings.

By Authority of the Chairman

(sgd.)

JUAN ANTONIO M. EVANGELISTA
Corporate Secretary

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JG Summit Holdings, Inc.’s annual stockholders’ meeting to be held on May 13

April 19, 2022 | 9:00 am

JG SUMMIT HOLDINGS, INC.

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

MAY 13, 2022 • 11:00 a.m.

Notice is hereby given that the Annual Meeting of the Stockholders of JG SUMMIT HOLDINGS, INC. (the “Corporation”) will be held on May 13, 2022 at 11:00 a.m. in accordance with the relevant provisions of the By-Laws of the Corporation which allows meetings of the stockholders to be conducted by remote communication, subject to such guidelines as may be promulgated by the Securities and Exchange Commission.

Stockholders may view the livestream of the Meeting and download the Information Statement at the following web addresses:

The Agenda for the meeting is as follows:

Proof of notice of the meeting and existence of a quorum.
Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 14, 2021.
Approval to amend Article Sixth of the Amended Articles of Incorporation of the Corporation in order to reduce the number of seats in the Board of Directors from eleven (11) to nine (9).
Presentation of annual report and approval of the financial statements for the preceding year.
Election of Board of Directors.
Appointment of External Auditor.
Ratification of the acts of the Board of Directors and its committees, officers and management.
Consideration of such other matters as may properly come during the meeting.
Adjournment.

Stockholders may cast their votes on or before May 5, 2022 on all matters requiring approval by: (a) accomplishing and submitting the proxy form; or (b) voting in absentia.

Proxies shall be sent via email to corporate.secretary@jgsummit.ph or hard copies to the Office of the Corporate Secretary, 40F Robinsons Equitable Tower, ADB Avenue cor. Poveda Road, Ortigas Center, Pasig City. Validation of proxies shall be held on May 10, 2022. The procedures for attending the meeting via remote communication, submission of proxies, and for voting in absentia are explained in the Information Statement.

Only stockholders of record of the Company as of April 4, 2022 shall be entitled to vote. We are not soliciting proxies.

By Authority of the Chairman

(signed)

MARIA CELIA H. FERNANDEZ-ESTAVILLO
Corporate Secretary

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URC discloses annual meeting of stockholders on May 11

April 19, 2022 | 9:00 am

UNIVERSAL ROBINA CORPORATION

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

MAY 11, 2022

1:00 P.M.

Notice is hereby given that the Annual Meeting of the Stockholders of UNIVERSAL ROBINA CORPORATION (the “Corporation”) will be held on Wednesday, May 11, 2022 at 1:00 P.M. in accordance with the relevant provisions of the By-Laws of the Corporation which allows meetings of the stockholders to be conducted by remote communication, subject to such guidelines as may be promulgated by the Securities and Exchange Commission.

Stockholders may view the livestream of the Meeting and download the Information Statement at the following web addresses:

The Agenda for the Meeting is as follows:

Proof of notice of the meeting and existence of a quorum.
Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 13, 2021.
Presentation of annual report and approval of the financial statements for the preceding year.
Election of Board of Directors.
Appointment of External Auditor.
Ratification of the acts of the Board of Directors and its committees, officers, and management.
Consideration of such other matters as may properly come during the meeting.
Adjournment.

Only stockholders of record of the Corporation as of April 4, 2022 shall be entitled to vote.

Stockholders may cast their votes on or before May 4, 2022 on all matters requiring approval by: (a) accomplishing and submitting the proxy form; or (b) voting in absentia.

The procedures for attending the meeting via remote communication, submission of proxies, and for voting in absentia are explained in the Information Statement.

Proxies shall be sent via email to corporate.secretary@urc.com.ph or hard copies to the Office of the Corporate Secretary, 40F Robinsons Equitable Tower, ADB Avenue cor. Poveda Road, Ortigas Center, Pasig City. Validation of proxies shall be held on May 6, 2022. We are not soliciting proxies.

By Authority of the Chairman

(signed)

MARIA CELIA H. FERNANDEZ-ESTAVILLO
Corporate Secretary

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Filipino Fund, Inc. announces schedule of stockholders’ meeting

April 19, 2022 | 9:00 am

GT Capital Holdings, Inc. to conduct annual stockholders’ meeting virtually on May 11

April 19, 2022 | 8:01 am

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Remittance growth slows in February

April 19, 2022 | 12:34 am

A collection of US dollar bills with Euro banknotes are seen displayed in this photo illustration. — DINENDRA HARIA / SOPA IMAGES/SIPA USA VIA REUTERS

CASH REMITTANCES from overseas Filipino workers (OFWs) increased in February, although at its slowest pace in 13 months, reflecting the impact of the resurgence of coronavirus disease 2019 (COVID-19) infections in many countries.

Data from the Bangko Sentral ng Pilipinas (BSP) released on Monday showed cash remittances rose 1.3% to $2.509 billion in February from $2.476 billion a year earlier.

This is the smallest monthly inflow in three months or since the $2.502 billion haul in November.

February remittance growth was the slowest since the 1.7% fall seen in January 2021.

“The growth in personal remittances in February 2022 was slower, however, compared to that in January at 2.5% due in part to the reimposition of restrictions in OF (overseas Filipino) host countries and the Philippines amid a resurgence in COVID cases across the globe,” the BSP said.

In February, remittances sent by land-based workers went up 1.2% to $2.007 billion, while those sent by sea-based workers rose 1.6% to $501 million.

“(February remittance data) has yet to capture any impact from the Ukraine invasion which may impact remittances from Europe and those host countries near Ukraine and Russia,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

Russia began its invasion of Ukraine on Feb. 24.

However, Mr. Asuncion said the protracted Russia-Ukraine war may be a drag on remittance growth, especially for OFWs in some European countries.

The central bank has said that both Russia and Ukraine have minimal contribution to total remittance inflows. However, it warned that a war that would involve Europe and Western countries like the United States, that are major remittance sources, could mean a bigger impact for inflows.

ING Bank-NV Manila Senior Economist Nicholas Antonio T. Mapa said the slower remittance growth in February was also likely due to the depreciation of the peso versus the greenback.

“A weaker peso allows OFWs to send home a smaller amount of dollars to cover peso expenses. In an environment of a weakening local currency and (largely) fixed peso expenditures, there will be less pressure on OFWs to send home more remittances in dollar terms,” Mr. Mapa said.

“For example, now that peso is at P52 per dollar, if an OFW has to send home enough dollars to pay for a P50,000-tuition, he needs to send less in dollar terms to pay the tuition ($961). Unlike last year, when peso was at P48, the OFW has to send $1,042,” he added.

With the peso’s continued depreciation against the US dollar, Mr. Mapa said it is unlikely that remittance inflows will offset the widening trade gap.

Money sent home by Filipino migrants in the first two months of 2022 amounted to $5.177 billion, up 1.9% from the $5.078 billion in the same period of 2021.

The expansion in cash remittances during the January to February period was driven mainly by inflows from the United States, Japan, and Singapore.

For the January to February period, the US, Singapore, Saudi Arabia, Japan, the UK, the United Arab Emirates, Canada, Taiwan, Qatar, and Malaysia were the 10 biggest sources of remittances. These countries accounted for 79.6% of the inflows.

Meanwhile, personal remittances, which include inflows in kind, inched up 1.2% to $2.793 billion in February. This brought personal remittances 1.9% higher to $5.759 billion in the first two months of 2022.

UnionBank’s Mr. Asuncion said OFWs will likely price in higher household spending in the next few months, as the economy continues to reopen.

“It is possible that OFWs are already thinking of the return-to-school costs even as early as now, especially that face-to-face schooling may be restored soon,” Mr. Asuncion said.

The BSP expects remittances to grow by 4% this year. — L.W.T.Noble

Agri trade deficit widens in 2021

April 19, 2022 | 12:33 am

Vegetable-vendor-public market — A VENDOR arranges vegetables at a public market in Manila. — PHILIPPINE STAR/ RUSSELL PALMA

By Luisa Maria Jacinta C. Jocson

THE agricultural trade deficit widened 40% year on year to $8.92 billion in 2021, as the country imported more agricultural products to address increased consumer demand after the economy reopened.

Data from the Philippine Statistics Authority released on Monday showed that total agricultural imports jumped by an annual 25% to $15.71 billion.

Exports also increased by 9.4% to $6.79 billion in 2021.

Total trade in agricultural goods — or the sum of exports and imports — went up by 19.8% to $22.491 billion. In 2020, total trade in agricultural goods contracted by 7.1%.

Agricultural imports accounted for 13.3% of the country’s total imports in 2021.

Among the commodity groups, cereals accounted for the largest share or 20% of agricultural imports by value at $3.15 billion in 2021. This was followed by imports of residues and waste from food industries and prepared animal fodder with a value of $1.86 billion and miscellaneous edible preparations worth $1.76 billion.

Imports from the Association of Southeast Asian Nations (ASEAN) member-countries stood at $5.44 billion or 16.8% of the total.

Indonesia was the top source of agricultural products from ASEAN with $1.65 billion or 30.3% of the total, followed by Vietnam ($1.4 billion) and Malaysia ($973.7 million).

Animal or vegetable fat and oils and other related products were the top agricultural imports from ASEAN.

The Philippines imported $1.62 billion worth of agricultural products from the European Union (EU), with imports from Spain reaching $333.49 million.

Meanwhile, agricultural exports accounted for 9.1% of the country’s total exports in 2021.

By commodity group, the value of exports of edible fruit and nuts and the peel of citrus fruits and melons was at $1.93 billion, accounting for 28.5% of the total.

The Philippines’ agricultural exports to ASEAN stood at $767.01 million, with Malaysia as the top destination of farm goods at $247.95 million.

Tobacco and manufactured tobacco substitutes were the top agricultural exports to ASEAN countries, with the total value at $253.85 million.

The Philippines’ agricultural exports to EU countries reached $1.39 billion in 2021, with the Netherlands accounting for half or $698.11 million.

ECONOMIC REOPENING
Analysts attributed the higher imports of agricultural products to the gradual reopening of the economy in the last quarter as pandemic restrictions eased.

“The wider agricultural external trade deficit of the country in 2021 may be largely attributed to the further reopening of the economy that fundamentally increased agricultural imports, as well as the higher prices of global agricultural commodities amid improved economic recovery prospects vis-a-vis some disruptions in the global supply chains due to the pandemic from 2020 to 2021 that reduced production activities while demand picked up,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Pampanga State Agricultural University Professor Roy S. Kempis said a string of typhoons disrupted domestic agricultural output, particularly exports of fruits.

“The reason for this poor performance in the biggest segment of our agricultural exports could be attributed to losses in the production of fruits brought about by weather disturbances in 2021… Fruits are affected from flowering up to fruiting, and many of these follow a duration of six to nine months. Therefore, weather disturbances can strike, from flowering to fruiting. This was punctuated by Typhoon Odette (international name: Rai),” Mr. Kempis said in a Viber message.

Mr. Ricafort said that the trade deficit could further widen this year due to the Russia-Ukraine crisis, which has destabilized the prices of global commodities.

“Furthermore, non-monetary measures in terms of the increase in the imports of pork or meat, fish, and other food products at lower tariffs in an effort to increase local food supply and help mitigate inflationary pressures especially on food prices that account for the biggest share of the (consumer price index) basket have also partly widened the country’s agricultural trade deficit in recent months and could still be widened by these non-monetary measures in the coming months as higher global commodity prices could still bloat the country’s agricultural imports,” Mr. Ricafort added.

RBAP says raising capital requirements to hurt small lenders

April 19, 2022 | 12:32 am

REGULATORY REFORMS that will require bigger capital for rural banks which would encourage mergers may be detrimental to small lenders that have been affected by the pandemic, according to the Rural Bankers Association of the Philippines (RBAP).

“We agree that mergers and consolidations lead to stronger banks and a healthy rural banking industry. Though its intended goals are laudable, the timeline for implementation should be carefully reviewed as rural banks are still recovering from operational losses during the pandemic,” RBAP President Albert T. Concha, Jr. said in a Viber message.

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno in March said they are in the final stages of reviewing the minimum capital requirements for rural banks, taking into account that a strong capital base will be crucial to address challenges faced by the industry.

The minimum required capital for rural banks starts at P10 million up to P200 million, depending on the location and the number of branches that will be set up by lenders.

Mr. Concha urged regulators to consider that smaller banks are in need of “extraordinary support” from the government amid the pandemic.

“Some rural banks may be unduly classified as undercapitalized due to loan loss provisioning brought about by temporary delays in collection from borrowers whose businesses have been affected by the pandemic,” he said.

“These setbacks may be temporary and does not necessarily mean that the rural bank is unstable.”

Based on central bank data, the gross nonperforming loan (NPL) ratio of the rural and cooperative banking sector stood at 12.84% as of end-2021. This was lower than the 14.67% NPL ratio a year earlier.

However, it was still much higher than the sector’s 10.48% NPL ratio seen at end-2019.

Meanwhile, Mr. Concha said that a survey among rural banks that have merged or consolidated showed that such transactions are very costly and time-consuming for small lenders.

“Some mergers actually fell apart while trying to consolidate due to the costs and pain points involved,” Mr. Concha said.

“Tax incentives and tax breaks coupled with an easier inter-agency government approval process will definitely encourage more rural banks to merge and consolidate,” he added.

The central bank said that they have closed the operations of 21 rural banks since the pandemic started in March 2020. It also processed nine rural bank transactions for mergers, consolidations and acquisitions in the same period. — Luz Wendy T. Noble

BoC fuel marking program raises P60B in Q1

April 19, 2022 | 12:31 am

THE Bureau of Customs (BoC) on Monday said it has collected P60.15 billion in duties and taxes from its fuel marking program in the first quarter of 2022.

In a statement, the BoC said it marked 4.72 billion liters of gasoline, diesel, and kerosene in the January to March period as part of its efforts to curb smuggling.

Since the program started in September 2019 up to March this year, Customs has collected P374.13 billion in duties and taxes from marking 39.316 billion liters of gasoline, diesel and kerosene.

Over 73% of the fuel was marked in Luzon, while 21% was marked in Mindanao, and the rest in the Visayas.

Diesel accounted for 60% of the total volume marked, followed by gasoline at 39%. Kerosene made up the remainder.

The Bureau said that 28 oil firms were currently participating in the government’s fuel marking program.

The government sought to deter fuel smuggling through the fuel marking program, which involves injecting a special dye into fuel products to signify tax compliance. Absence of the dye is considered an indication that the fuel was likely smuggled.

The BoC and the Bureau of Internal Revenue seized 93,043 liters of diesel, 18,839 liters of kerosene, and two trucks carrying unmarked fuel, with a total estimated value of P13.36 million. The BoC said it has recommended filing criminal cases against the two private companies and 12 retail stations where the unmarked fuel was found.

“The Bureau of Customs will continuously implement its mandate to mark petroleum products under the fuel marking program to raise revenues while curbing fuel smuggling and leveling the playing field in the Philippine oil industries,” the agency said.

Meanwhile, fuel retailers were set to raise pump prices on Tuesday. The price of gasoline per liter will go up by P0.45, while diesel will increase by P1.70. Kerosene prices will jump by P0.45 per liter.

Based on data from the Department of Energy, the year-to-date price increase for diesel is P25.65 per liter, P21.10 per liter for kerosene, and P15 per liter for gasoline. — Tobias Jared Tomas

Gov’t seeking bids for 20-year Davao port management deal

April 19, 2022 | 12:06 am

THE GOVERNMENT is seeking bids for the contract to manage the Davao port for 20 years with a concession fee of at least P8.7 billion. — ICTSI.COM

By Arjay L. Balinbin, Senior Reporter

THE GOVERNMENT is now seeking bidders for the contract to manage the Davao port for 20 years with a minimum concession fee of P8.7 billion.

It has also awarded the P3.9-billion port terminal management contract for the Tagbilaran port in Bohol.

Documents from the Philippine Ports Authority (PPA) showed the government is inviting potential bidders to submit letters of intent for the public bidding for the management and operation of the cargo handling, passenger, roll-on/roll-off services (RORO) and other port-related services of the Port of Sasa, Davao.

Under the contract, the operator will also build the port’s physical landside infrastructure, which will cost a minimum of P9.9 billion.

The minimum concession fee for the project is exclusive of all taxes, the PPA said.

The agency said a prospective bidder must not be engaged in any business activity, whether primarily or otherwise, which will prevent it from properly discharging its contractual obligations.

The deadline for the submission of bids and bid opening has been set for May 5.

To recall, Dennis A. Uy-led Chelsea was awarded the original proponent status in 2019 for its unsolicited offer to modernize Davao’s Sasa port.

PPA General Manager Jay Daniel R. Santiago said in September last year that the proposal was still being evaluated by the National Economic and Development Authority.

Bidding out was an option, he also said, because the proponent had concerns about the length of the process. Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy also said last year that the company could “explore any option depending on how it can be repackaged.”

Mr. Damuy had yet to respond to a BusinessWorld query on Monday on whether Chelsea is still interested in the Sasa port.

TAGBILARAN PORT
Meanwhile, the PPA recently awarded the port terminal management contract for the Port of Tagbilaran to the Pasig City-based joint venture of Globalport Terminals, Inc. and GlobalPort Ozamis Terminal, Inc.

The project was awarded at the proposed concession fee of P3.9 billion, exclusive of all taxes.

The PPA is hoping to complete and inaugurate 31 more port projects before President Rodrigo R. Duterte’s term ends on June 30.

Indonesian adaptation of Pretty Little Liars tackles depression, cyberbullying

April 19, 2022 | 12:05 am

Pretty-Little-Liars-Season-2- — Pretty Little Liars Season 2

THE SECOND season of the Indonesian adaptation of the drama series Pretty Little Liars premieres this month on PCCW’s pan-regional OTT video streaming service Viu in its original language and a Filipino dub.

The Indonesian adaptation of the Warner Bros. series is a Viu Original production.

Its first season, which premiered in April 2020, won awards for Best Adaptation of an Existing Format at the 2020 Asian Academy Creative Awards, and Best TV Format Adaptation (Scripted) Award at the 2020 ContentAsia Awards.

Set in Amerta, Bali, the adaptation focuses on four estranged undergrads whose clique falls apart when their queen bee, Alissa, goes missing. The remaining members of the clique receive messages from a mysterious figure named “A” who threatens to expose their darkest secrets.

Directed by Emil Hiradi, the series stars Anya Geraldine (in the role of Hanna), Yuki Kato (Alissa), Shindy Huang (Aira), Caitlin Halderman (Ema), and Valerie Thomas (Sabrina).

The series tackles themes on friendship, female empowerment, body positivity, and the consequences of cyberbullying.

“When we do collaborations like these, we look forward to putting social issues in front of the audience and enable conversations that happen around them,” Varun Mehta Country Manager of Viu Indonesia, said at an online press launch with Indonesian and Philippine media on April 7.

“There is a lot of conversation happening around [depression among young adults] as well. So, cyberbullying and bullying in school is the reason why this kind of depression creeps in,” he said.

“The good part is people are talking about it and what we want to do is we want to continue enabling conversations around topics like this. It’s not a stigma, it is something people can get out of,” Mr. Mehta said.

“Through our content, we want to bring these issues out for awareness and take it further from that,” he said.

Season 2 of Pretty Little Liars is now available on Viu. Episodes dubbed in Filipino are accessible at https://www.viu.com/ott/ph/en-us/vod/432400/Pretty-Little-Liars-S2-Tagalog. The Viu app is available on the App Store and Google Play. — Michelle Anne P. Soliman

Globe’s Asticom in talks for JVs, acquisitions

April 19, 2022 | 12:05 am

GLOBE TELECOM, Inc. announced on Monday that its subsidiary, Asticom Group of Companies, is looking to expand its portfolio of businesses through strategic partnerships, joint ventures (JVs), and acquisitions.

The company is currently “in talks with several parties,” Globe said in a statement.

Asticom President and Chief Executive Officer Mharicar Castillo-Reyes revealed that “a number of private equities” have approached the company in the past three months and have raised interest.

“We’re making sure that we find the right strategic partners that will help us grow the business and add value to the solutions we offer to address the needs of our customers,” she added.

Meanwhile, Asticom’s subsidiary Fiber Infrastructure and Network Services, Inc. (FINSI), a solutions provider for the telecom and technology industries, is also open to joint ventures and acquisitions.

“We’re in discussion with several companies for joint ventures. Our main goal is to increase our capabilities, grow the business, and eventually, create a connected nation,” FINSI General Manager Marc Kerveillant said.

Globe announced last week that BRAD, a shared services provider under Asticom, is targeting to cover areas beyond Luzon this year.

Asticom has formed various subsidiaries, including BRAD, Asti Business Services, Inc. (ABSI), FINSI, and HCX Technology Partners, Inc.

ABSI is Asticom’s business process solutions arm, while HCX is a provider of human resources, customer relationship management, and digital solutions.

Asticom is hoping to go public in five years.

Globe Telecom shares closed 0.98% lower at P2,424 apiece on Monday. — Arjay L. Balinbin