Local airlines report high vaccination rates

September 1, 2021 | 12:05 am

THE Philippines’ three major airlines said they have vaccinated at least 90% of their flight crews, as they wait for tight travel restrictions to be eased.

Low-cost carrier Philippines AirAsia said in a statement on Tuesday that its flying crew is now “a hairline” towards achieving a 100% coronavirus disease 2019 (COVID-19) inoculation rate, with 98% of them vaccinated.

It said 106 out of 109, or 98%, of the airline’s pilots have been vaccinated against COVID-19.

“Meanwhile, 92% of the guest services (check-in counter and boarding gate staff) and 100% of the ramp agents have received their vaccine shots,” Philippines AirAsia added.

AirAsia Group Chief Executive Officer Anthony Francis “Tony” Fernandes said the acceleration of vaccine rollouts in all the key markets of the airline group is setting it up “for a strong return to the skies.”

Philippines AirAsia, citing its recent survey, said 91.4% of its passengers “feel more comfortable flying with fully vaccinated crew.”

Meanwhile, Cebu Pacific said on Monday that 95% of its flying crew are already vaccinated.

Cebu Pacific is “on track to completing its employee inoculation by October this year,” the budget carrier said in a statement.

“To date, 93% of [Cebu Pacific’s] total work force has been inoculated,” it added.

Flag carrier Philippine Airlines said: “As of Aug. 31, 90% of our flight crew (pilots and cabin crew) are fully vaccinated, while 91% of our ground staff are fully vaccinated.”

Philippine Airlines is hoping to complete its employee vaccination “by end-September.”

CEBU PACIFIC RESUMES HK FLIGHTS
Cebu Pacific also announced on Tuesday that it will resume its direct flights to Hong Kong from Manila starting Sept. 1.

“The carrier intends to fly six times weekly (daily except Saturdays) for the month of September,” it said in a statement.

Passengers need to present a negative COVID-19 test result conducted within 72 hours prior to the scheduled time of departure.

Cebu Pacific’s move comes after Hong Kong banned Philippine Airlines from operating passenger flights between it and Manila after three of the seven imported coronavirus cases were found to have come from Manila via the flag carrier’s flight PR300.

“There is latent travel demand, and we remain cautiously optimistic as we boost operations where it is needed most. We continue to listen to our passengers, and we do all that we can to address their needs while we remain committed to prioritize everyjuan’s health and safety,” said Xander Lao, chief commercial officer at Cebu Pacific. — Arjay L. Balinbin

Living languages

September 1, 2021 | 12:05 am

KWF’s Buwan ng Wika (or Language Month) theme for 2021 is “Filipino and native tongues in Filipino decolonization.” The theme promotes the use of native languages to better reflect Filipino perspectives. It is in line with the 2021 Quincentennial Commemorations in the Philippines (2021 QCP), which commemorates significant events over the nation’s past 500 years.

According to language resource Ethnologue, there are 183 living languages spoken in the Philippines, the majority of which are indigenous tongues. The most utilized languages — according to their order of use — are Tagalog, Cebuano, Pangasinan, Bicol, Hiligaynon, Waray, Kapampangan, Maranao, and Maguindanao, said Patrocinio V. Villafuerte, a poet, author, and retired professor, in an Aug. 12 webinar.

Republic Act No. 7104, which created the KWF, refers to Philippine languages as “the indigenous languages of the Philippines, including the national language and the regional and local languages.”

Gov’t fully awards T-bills as rates move sideways

September 1, 2021 | 12:04 am

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Tuesday as rates barely moved from their previous levels amid a lack of fresh leads.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Tuesday as the offer was over three times oversubscribed, with tenders reaching P55.185 billion. The bids also rose from the P50.867 billion seen in the previous week’s auction.

Broken down, the BTr borrowed P5 billion as programmed from the 91-day debt papers as bids reached P15.584 billion. The average rate of the three-month T-bills was quoted at 1.077%, unchanged from last week’s level.

The Treasury also raised P5 billion as planned via the 182-day T-bills after the tenor attracted tenders worth P22.646 billion. The six-month papers fetched an average yield of 1.405%, down by 0.3 basis point (bp) from the 1.408% seen the week prior.

Lastly, the government made a full P5-billion award of the 364-day securities it offered on Tuesday from P16.955 billion in bids. The average rate of the one-year papers inched up by 0.4 bp to 1.616% from 1.612% previously.

At the secondary market prior to the auction, the 91- 182- and 364-day T-bills were quoted at 1.141%, 1.442% and 1.632%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

A bond trader said the movement of T-bill rates tracked the trend seen in the past auctions amid a lack of leads.

The trader said yields on short-term debts could see more movement if the central bank changes its policy stance or if there is a significant adjustment in its inflation outlook.

The central bank will keep its policy stance supportive of the economy as long as inflation remains stable, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said last week.

“The BSP will remain vigilant of the current inflation dynamics to ensure that the monetary policy stance will support economic recovery to the extent that the inflation outlook will allow,” Mr. Diokno said. “It will carefully scan the operating environment with a forward-looking perspective to move in a preemptive fashion to address any risks to our price stability mandate.”

The Monetary Board kept benchmark interest rates at record lows at its Aug. 12 meeting, citing the need for an accommodative policy stance due to the risks posed by the reimposition of strict lockdown measures to the ongoing economic recovery.

At that meeting, the BSP hiked its inflation forecast for the year to 4.1% from 4% previously, above the 2-4% target. It also raised its estimates for 2022 and 2023 to 3.1% from 3% previously.

Inflation stood at 4% in July, marking the first time it fell within the government’s target range since December 2020.

However, year to date, inflation averaged at 4.4%, still above the goal.

The Monetary Board will have its next policy review on Sept. 23.

On Wednesday, the BTr will offer P35 billion in reissued five-year Treasury bonds (T-bonds) with a remaining life of four years and seven months.

The Treasury is looking to raise P250 billion from the local market this month: P75 billion via weekly offers of T-bills and P175 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — B.M. Laforga

SMC plans ‘innovation hub’ for Bulacan airport city

September 1, 2021 | 12:04 am

SAN Miguel Corp. (SMC) said on Tuesday that its Bulacan airport city may include an innovation hub where schools and technology-driven companies can thrive.

In an e-mailed statement, the company said its president, Ramon S. Ang, and Felino A. Palafox, Jr., Palafox Associates principal architect-urban planner and founder, are looking to include an innovation hub in the project.

“As such, [Mr.] Palafox has put forth a ‘town and gown’ or university town concept, where learning institutions and the community partner together, such as in Cambridge and Boston in the United States, where Harvard University is,” the conglomerate said.

“SMC is also looking to put up a medical and research facility along with the school,” it noted. The “project will be equipped with the latest in digital infrastructure to enable people to work and conduct business anywhere.”

The company tapped Palafox Associates to help plan its “aerocity” — an airport plus city concept — as an add-on to its P740-billion airport project.

“I’m aligned with the mission, vision and goal of [Mr.] Ang. He invited me to partner with him in this new undertaking: a green aerotropolis. At Palafox, we’ve analyzed that we need at least 100 new cities all over the Philippines by 2050,” Mr. Palafox said.

“If we don’t do it, our cities will become as bad, if not worse than Metro Manila. We envision the Bulacan Aerocity development as the first model and pacesetter for future green and sustainable cities in the country,” he added.

SMC’s Bulacan airport project has yet to break ground, but work is already progressing, Transportation Secretary Arthur P. Tugade said in June. — Arjay L. Balinbin

DoST unveils genomics studies that aim to personalize treatments

September 1, 2021 | 12:04 am

By Brontë H. Lacsamana

THE DEPARTMENT of Science and Technology-Philippine Council for Health Research and Development (DoST-PCHRD) shared ongoing “omics” studies that focus on Filipino health issues, from genetic profiles of familial dementia to gene mutations in colorectal cancer to biomarkers of gestational diabetes mellitus (GDM) in pregnancy, with the aim to tailor health guidelines and policies specifically for the Filipino genetic makeup.

“Omics” — an umbrella term for genomics, transcriptomics, proteomics, lipidomics, metabolomics, and other related fields —involves analyzing genomes or genetic material, which could be helpful for Filipino-specific health technologies, according to DoST Secretary Fortunato T. dela Peña, who opened DoST-PCHRD’s health research and technology press conference this August. More research could bring a wealth of information vital for developing personalized medicine and ways to prevent, diagnose, manage, or treat diseases.

“From 2013 to 2020, investments in research and development (R&D) provided by DoST-PCHRD for omics projects stand at P995 million. This includes the Philippine Genome Center (PGC) and its satellite facilities that provide high quality and ultra-modern sequencing and analytical services to the Philippine scientific community,” said Mr. Dela Peña

One such study filled the gaps in understanding GDM, a type of diabetes that occurs in pregnant women. Despite going away at the end of pregnancy, GDM can have serious repercussions. Identifying early biomarkers for the condition could help formulate future programs for pregnant Filipinas, said Dr. Maria Ruth B. Pineda-Cortel, of the Department of Medical Technology at University of Santo Tomas.

“Mothers will be at higher risk for type 2 diabetes, hypertension, obesity, and other metabolic diseases. The baby, if female, can have high tendency of GDM when pregnant later on. If male, he can have a higher risk for type 2 diabetes,” she explained, urging better information dissemination regarding research findings.

RESEARCH TO POLICY
Genomics studies are long-term investments since results can take up to a decade before being usable in policy making, due to the amount of rechecking and continuous sampling required, said Dr. Pineda-Cortel.

She raised concerns that many other researchers in the conference shared: the length of time needed for these studies, along with the commitment to funding and multisectoral collaboration.

Headway has been made on a DoST-PCHRD-funded study that detected gene mutations in Filipino colorectal cancer patients and found ethnicity-specific nuances that can affect how diagnostic tests and therapeutic technologies are made.

“We’ve progressed beyond sequencing genes implicated in colorectal cancer. That’s half of the project. The other half is determining the consequence of that mutation,” said Dr. Reynaldo L. Garcia, a professor at the National Institute of Molecular Technology and Biotechnology of University of the Philippines Diliman, on the amount of work that still needs to be accomplished. “For example, there are biomarkers that, when detected, can mean a person can’t be given a certain type of drug.”

The Department of Health, which is responsible for procuring medicines, could benefit from knowing which ones are more effective or not effective, he added.

Meanwhile, studies on familial frontotemporal dementia, a neurodegenerative disease that is shared within Filipino families, can debunk the idea that nothing can be done once a person has the genes for dementia by analyzing the interplay of genetics and the environment, according to Dr. Jacqueline C. Dominguez, head of the Memory Center at St. Luke’s Medical Center.

“It takes long to plow the field for doctors and other health practitioners to eventually accept and use these for their patients,” she said, on how long it may take before her familial aggregation study affects the development of new technologies.

INVESTING IN THE FUTURE
The country has to invest in technologies that may not seem urgent, according to Rowena Cristina L. Guevara, DoST Undersecretary for Technology and Development. PGC, crucial for its role in detecting coronavirus variants in samples, was established in 2012 — nine years before the pandemic upended the world.

Aside from the P995-million funding for omics projects, according to Mr. Dela Peña, there are many other R&D initiatives that aim to forward innovations in science and technology in the Philippines. Among them is DoST’s Science for Change program that hopes to develop scientific research efforts.

“R&D projects have a long gestation period. We can’t know the problems in the future that we’ll be unable to solve if we didn’t invest in the first place,” said Ms. Guevara.

Jon Stewart returns to TV in September with deep dive show

September 1, 2021 | 12:04 am

LOS ANGELES — Six years after he quit his satirical The Daily Show, Jon Stewart is returning to television next month with a new venture looking at current affairs in depth.

Apple said on Monday that The Problem With Jon Stewart will launch on its Apple TV+ streaming platform on Sept. 30 and sees Mr. Stewart taking a deep dive on a single issue of national importance.

In each of the one-hour episodes, Mr. Stewart, 58, will hold discussions with people affected by a particular topic and talk about “tangible steps that can lead to a solutionary path forward,” Apple said in a statement.

The show will appear every other week and will be accompanied by a weekly podcast with the same name. It will include “lots of jokes,” Apple said.

Mr. Stewart’s irreverent brand of political and media satire made him a beloved figure on television with influence far beyond the 2 to 3 million nightly audience of The Daily Show on Comedy Central. The Daily Show won 20 Emmy Awards during his 16-year stint as host.

Mr. Stewart stepped aside in 2015 and has since made only infrequent public appearances, including advocating for wounded veterans and for healthcare benefits for first responders who became ill after the Sept. 11, 2001 attacks on New York and Washington D.C.

Last year he wrote and directed a political comedy film called Irresistible, starring Steve Carell, that drew mixed reviews. — Reuters

Ramped-up loan loss reserves to help PHL banks weather asset quality risks

September 1, 2021 | 12:03 am

PHILIPPINE BANKS’ loan loss buffers will protect them from asset quality risks due to a fresh surge in coronavirus disease 2019 (COVID-19) infections, Moody’s Investors Service said.

“The asset quality of banks in the country has already deteriorated substantially because of the pandemic and will weaken further. However, they have sufficient loan-loss buffers to weather this situation,” the debt watcher said in a note on Tuesday.

Loan loss reserves held by Philippine banks increased 31% as of June to P397.79 billion from P302.926 billion a year ago, data from the Bangko Sentral ng Pilipinas showed. Relative to banks’ loan portfolio, its share increased to 3.69% from 2.8%.

Soured loans jumped 73.9% to P482.991 billion as of June from P277.806 billion a year earlier for a non-performing loan (NPL) ratio of 4.48%, inching down from the 13-year high of 4.49% in May.

Moody’s said banks’ move to proactively beef up their loan loss provisions in 2020 will guard them against rising risks.

“Philippine banks also have sufficiently strong capital to absorb unexpected loan losses,” it said.

“Under a stress scenario where 50% of Stage 2 loans become NPLs, the asset-weighted average for the tangible common equity ratios of rated privately owned commercial banks in the Philippines would still remain above 15% in 2023, a strong level,” Moody’s added.

Retail borrowers and small and medium-sized enterprises (SMEs) are expected to be more vulnerable to the impact of the new wave of infections amid the country’s low vaccination rate.

“As has been the case in the past 18 months, new non-performing loans will stem mostly from the retail and SME segments as these borrowers tend to have limited buffers to withstand prolonged disruptions to cash flow,” Moody’s said.

In this scenario, rated banks such as UnionBank of the Philippines, Inc. (Baa2 stable) and Rizal Commercial Banking Corp. (Baa2 negative) that have more exposure to these segments could face challenges to their asset quality, the credit rater warned.

Meanwhile, conglomerates are seen to be at less risk of defaulting on their loans amid the uncertain economic environment due to the prolonged pandemic, Moody’s said.

“However, the default risks of undiversified mid- to large-sized companies operating in sectors severely affected by the pandemic, such as hospitality and retail, are increasing due to prolonged lock downs and uncertainty surrounding the easing of restrictions,” it added. — L.W.T. Noble

South Africa detects new coronavirus variant, still studying its mutations

September 1, 2021 | 12:03 am

JOHANNESBURG — South African scientists have detected a new coronavirus variant with multiple mutations but are yet to establish whether it is more contagious or able to overcome the immunity provided by vaccines or prior infection.

The new variant, known as C.1.2, was first detected in May and has now spread to most South African provinces and to seven other countries in Africa, Europe, Asia and Oceania, according to research which is yet to be peer-reviewed.

It contains many mutations associated in other variants with increased transmissibility and reduced sensitivity to neutralizing antibodies, but they occur in a different mix and scientists are not yet sure how they affect the behavior of the virus. Laboratory tests are underway to establish how well the variant is neutralized by antibodies.

South Africa was the first country to detect the Beta variant, one of only four labeled “of concern” by the World Health Organization (WHO).

Beta is believed to spread more easily than the original version of the coronavirus that causes coronavirus disease 2019 (COVID-19), and there is evidence vaccines work less well against it, leading some countries to restrict travel to and from South Africa.

PANDEMIC ‘FAR FROM OVER’
Richard Lessells, an infectious disease specialist and one of the authors of the research on C.1.2, said its emergence tells us “this pandemic is far from over and that this virus is still exploring ways to potentially get better at infecting us.”

He said people should not be overly alarmed at this stage and that variants with more mutations were bound to emerge further into the pandemic.

Genomic sequencing data from South Africa show the C.1.2 variant was still nowhere near displacing the dominant Delta variant in July, the latest month for which a large number of samples was available.

In July C.1.2 accounted for 3% of samples versus 1% in June, whereas Delta accounted for 67% in June and 89% in July.

Delta is the fastest and fittest variant the world has encountered, and it is upending assumptions about COVID-19 even as nations loosen restrictions and reopen their economies.

Mr. Lessells said C.1.2 may have more immune evasion properties than Delta, based on its pattern of mutations, and that the findings had been flagged to the WHO.

A spokesman for South Africa’s Health department declined to comment on the research.

South Africa’s COVID-19 vaccination campaign got off to a slow start, with only around 14% of its adult population fully vaccinated so far. — Alexander Winning/Reuters

Lanco tourism estates eye LEED certificate

September 1, 2021 | 12:03 am

LEISURE real estate developer Landco Pacific Corp. is seeking international environmental certification for its tourism estates in Batangas.

The company is aiming for the Leadership in Energy and Environmental Design (LEED) certification developed by the US Green Building Council, a rating system on community environmental and human health performance.

“The LEED registration of our LTE (leisure tourism estates) in Batangas is part of our long-term and holistic commitment to economic, social and environmental sustainability program,” Landco President and Chief Executive Officer Erickson Y. Manzano said in a news release on Monday.

The company’s tourism estates in Batangas include CaSoBē (Calatagan South Beach) and Club Laiya in the San Juan municipality, which will have mixed use residential and commercial lots.

Landco’s strategies include sustainable site development, water savings, energy efficiency, and waste segregation. The company also has a campaign on sustainability and ethical consumption and a community recycling livelihood program.

Landco in June said sales had recently been surging as buyers seek open spaces amid lockdown restrictions declared to contain the coronavirus disease 2019 (COVID-19) pandemic.

Landco is a subsidiary of Metro Pacific Investments Corp.

Metro Pacific Investments Corp. is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Jenina P. Ibañez

Mission: Impossible sues insurance company over 7 COVID shutdowns

September 1, 2021 | 12:03 am

LOS ANGELES — Production on the new Mission: Impossible movie was shut down seven times due to the coronavirus pandemic, according to a lawsuit filed on Monday that accuses the film’s insurance company of failing to pay out for all but one of the costly stoppages.

Filming on the action series starring Tom Cruise was delayed four times in Italy, and three times in the United Kingdom between Feb. 2020 and June 2021, said the lawsuit filed by Paramount Pictures in US federal court in California.

The stoppages were caused by positive coronavirus tests among members of the cast or crew, or quarantine or lockdowns imposed in countries where the thriller was being filmed.

The lawsuit accuses Indiana-based Federal Insurance Company of breach of contract, saying it has agreed only to pay out $5 million for the first stoppage.

Federal Insurance did not immediately return a request for comment.

Mr. Cruise, who is also a producer on the film, lost his temper on the set of Mission: Impossible 7 in England in December over a breach in COVID protocols, threatening to fire cast and crew members who did not take them seriously.

Paramount said in the lawsuit that the insurance company argued there was “no evidence that those cast and crew members could not continue their duties, despite being infected with SARS-CoV-2 and posing an undeniable risk to other individuals involved with the production.”

Paramount did not say how much the shutdowns had cost but said its losses “far exceeded” the $5 million that Federal had agreed to pay for the first instance of coronavirus in Feb. 2020.

Paramount is seeking a jury trial and unspecified damages.

The delayed Mission: Impossible 7 is due to be released in May 2022. — Reuters

More contagious Delta variant makes people sicker

September 1, 2021 | 12:02 am

THE following is a summary of some recent studies on coronavirus disease 2019 (COVID-19). They include research that warrants further study to corroborate the findings and that have yet to be certified by peer review.

DELTA VARIANT MAKES PEOPLE SICKER
The Delta variant of the coronavirus is known to be more easily transmissible than earlier versions, and now a large UK study suggests it also makes people sicker. Researchers analyzed data on 43,338 patients infected with either the Alpha or the Delta variant. Overall, roughly three quarters were unvaccinated, and half were under age 31.

After accounting for patients’ underlying risk factors, researchers found that unvaccinated patients were 132% more likely to be hospitalized if they were infected with Delta than with Alpha. Vaccinated patients may also be more likely to require hospitalization with a Delta infection, but data for those patients was less clear, according to a report published on Friday in The Lancet Infectious Diseases.

The results “suggest that outbreaks of the Delta variant in unvaccinated populations might lead to a greater burden on healthcare services than the Alpha variant,” the researchers concluded.

ORAL DRUG SHOWS PROMISE AGAINST COVID-19 PNEUMONIA
Severely ill patients with COVID-19 pneumonia who received the experimental oral drug opaganib developed by RedHill Biopharma required less extra oxygen and were able to leave the hospital sooner than patients receiving a placebo in a small randomized trial, researchers reported on Sunday on medRxiv ahead of peer review.

Within 14 days after enrolling in the study, 50.0% of patients taking opaganib no longer needed oxygen, compared to 22.2% of patients in the placebo group. In addition, 86.4% of opaganib-treated patients had been discharged, versus 55.6% in the placebo group.

On Thursday, RedHill announced that opaganib strongly inhibits the Delta variant of the coronavirus in test tube experiments. The drug is believed to exert its antiviral effect by inhibiting sphingosine kinase-2 (SK2), a key enzyme in cells that may be recruited by the virus to support its replication, the company said.

Based on the initial 42-patient trial conducted last year, RedHill Biopharma launched a much larger randomized trial in patients hospitalized with severe COVID-19 pneumonia. The last of the 475 patients in that late-stage study has now completed treatment and some of the data should be available soon, the company said last week.

SEIZURE IN CHILDREN MAY SIGNAL COVID-19
Seizures may be the only symptom of COVID-19 in some children, a new report cautions. Children tend to get sick from COVID-19 far less often than adults, and their symptoms are usually not severe, mainly consisting of fever and mild respiratory issues, although more have become ill with emergence of the Delta variant.

Among 175 children who came to an Israeli emergency room and were diagnosed with COVID-19, 11 were brought to the hospital because of seizures, researchers reported on Saturday in the medical journal Seizure. Only seven had previously been diagnosed with a neurological disorder, and only six had fever. All 11 made full recoveries.

While seizures have not been a frequently reported problem in adults with COVID-19, they “may be the main manifestation of acute COVID-19 in children,” even without fever and without a history of epilepsy, the study authors said.

In some hospitals, they point out, only children with flu-like symptoms or close contact with a confirmed COVID-19 patient get tested for the coronavirus. Medical personnel should be aware that children with seizures should be tested, too, they said. — Nancy Lapid/Reuters

SMPC turns over P1.7-B royalties to DoE

September 1, 2021 | 12:02 am

CONSUNJI-LED Semirara Mining and Power Corp. (SMPC) has transferred around P1.7-billion worth of royalty payments to the Department of Energy in the second quarter, marking a new record for the listed energy firm.

“Of the P1.7 billion, more than P1 billion will be retained by the national government. The rest will go to the host local government units of the SMPC mine site. The province of Antique will receive P136 million while the municipality of Caluya and Barangay Semirara will receive around P300 million and P230 million, respectively,” SMPC told the local bourse in a regulatory filing on Tuesday.

The Local Government Code of 1991 states that local government units are entitled to receive a 40% share of royalties from proceeds of activities in the petroleum, coal, geothermal, hydrothermal and wind industries.

SMPC said it was able to turn over its record-high quarterly amount to the government after generating P14.8 billion in revenues driven by high coal sales and increased average selling prices during the period.

“The pandemic has taken a significant toll on our country. We hope that our contribution can help boost our government’s response against COVID-19 (coronavirus disease 2019),” SMPC President and Chief Operating Officer Maria Cristina C. Gotianun said.

On its website, SMPC describes itself as the only power producer in the country that owns and mines its own fuel source. The firm earns its revenues through the production and sale of sub-bituminous coal. It also has existing coal supply contracts with its own power subsidiaries as well as other power plants, cement manufacturers and small boiler users.

The company previously reported that its consolidated net income rose by more than three times to P3.98 billion in the second quarter on the back of higher coal sales.

Shares in SMPC at the local bourse inched up by 2.79% or 46 centavos to finish at P16.96 apiece. — Angelica Y. Yang