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Globe seeks partnerships with more property developers for telco space

GLOBE TELECOM, Inc. said on Tuesday that it hopes to partner with more property developers to make sure that future housing projects have built-in broadband and dedicated spaces for telecommunications infrastructure.

“Globe currently has 18 property developer partners, with 200 developments covering nearly 100,000 units fitted with built-in broadband through these collaborations,” the company said in an e-mailed statement.

The telco announced recently that executives from ASEANA Holdings, Inc., Cebu Landmasters, Inc., Robinsons Land Corp., and Victor Consunji Development Corp. “have committed to supporting Globe’s quest for immediate and reliable connectivity in housing developments, from condominiums to villages.”

“What we envision is when a customer steps into a property, he is ready to connect just like electricity and water are readily available,” Globe President and Chief Executive Officer Ernest L. Cu said.

“And it’s great we’ve gotten this far in terms of our existing partner developers, because like Globe, they are also customer-centric. We are no longer just talking to a blank wall,” he added.

Last week, the Department of Information and Communications Technology said it would support legislation that will set standards for telco integration in residential property design.

“In one of my talks before in the Chamber of Commerce, I pushed for the revision of National Building Code. The building code requires the provision of electricity, water and sewerage, but not telecommunications,” Information and Communications Secretary Ivan John E. Uy told reporters on the sidelines of PLDT, Inc.’s Jupiter Cable System launch on Friday.

Isabela Rep. Faustino A. Dy V has said he would refile the House bill that seeks to require developers to properly provision ICT facilities for telcos.

“Customers are demanding it, so why should we say no? Spending on fibering units, it’s a basic expectation already. We have reached a point that when people find out you don’t have fiber, clients back out,” said John Richard Sotelo, senior vice-president and business unit general manager of RLC Residences.

Mr. Cu said Globe “stands ready to work with developers in embedding connectivity in their projects.”

“We’re here to work with you. We know that this is an area that probably is not within the realm or sphere of competence of your engineering teams, just like we don’t know construction. We‘re here to provide that service. We’re here for you.” — Arjay L. Balinbin

Arts & Culture (08/03/22)

Gold, textiles, ceramics on view at Ayala Museum

AFTER its soft opening in December 2021, Ayala Museum is now fully operational with the opening of the 4th floor, which houses the museum’s revamped permanent exhibitions on Philippine pre-colonial gold, indigenous textiles, and Southeast Asian trade ware ceramics from the museum’s collection. The three exhibitions jointly tell the story of the Crossroads of Civilizations — how the country’s identity, imagery, and ingenuity were shaped by a millennium of interactions within the flourishing networks of exchange within Asia and beyond. Additionally, Visible Storage has been added to the 4th floor where guests can view a portion of the archaeological, ethnographic, fine arts, and historical objects in Ayala Museum’s collection. The new exhibit, “Skeins of Knowledge, Threads of Wisdom,” features indigenous textile arts in the Philippines. “Ceramics and Cultural Currency: Exchanges of Pottery and Prestige,” which showcases a collection of Chinese and Southeast Asian trade ceramics found in the Philippine archipelago. Originally opened in 2008, the “Gold of Ancestors” exhibit has been refreshed for a new generation. Also on view at the museum are “Intertwined: Transpacific, Transcultural Philippines, Landscape into Painting: Fernando Zobel Serie Blanca,” Dioramas of Philippine History, and the Filipinas Heritage Library’s exhibit, “Liberation: War & Hope”. Prebooked admissions, timed entries, and limited capacity on admissions will still be practiced at Ayala Museum. Tickets and visitor guidelines are available through www.ayalamuseum.org.

Duo exhibit at ArtistSpace

THE DUO exhibition of Nida Cranbourne and Joy Rojas titled, “Nature Nurture,” runs until Aug. 16 at ArtistSpace , Ayala Museum Annex, Makati Ave. corner De La Rosa St., Greenbelt Park, Makati City. Ms. Cranbourne shows her expertise in flowers while Ms. Rojas focuses on abstract art, this time portraying nature. The theme tackles climate change, flora, fauna, and landscapes, expressed in two distinct art styles but converging as one. The gallery  opens daily from 11 a.m. to 8 p.m. Admission is free.

‘Identity’ at Galleria’s ARTablado

THE GROUP exhibit “Identity” is on view until Aug. 15 at the Robinsons Land ARTablado at Level 3 of Robinsons Galleria. The featured artists who focus their works on themselves in this exhibit are: Ethel Dimacuha, Anne Margaret Villanueva, Camille Dela Rosa, Erbil Escano, Jr., Giovanni Dela Rosa, Khristina Manansala, Lito Milan, Malaya Ligaya, Norman Cristobal, Al Vargas, Rey Asturias, Roy Espinosa, Vanessa Joy Panaga, Viel Samaniego, and Wilson Galano. ARTablado, is Robinsons Land’s stage for showcasing Filipino ingenuity and creativity.

Antipolo’s Artablado presents Sining Tanay show

IN TIMES of uncertainty, it is up to artists to create something that will wake peoples’ senses and ask what can be done better to help society progress. Sining Tanay, a group of artists from the town in Rizal, understands this and their group exhibition at Robinsons Place Antipolo is proof of this. Titled “Pamukaw,” Sining Tanay’s artists showcase some of their best works as a call to people to be excited by art and find something to be hopeful. On view are works by Jun Tiongco, William Alcantara, Mhar Baes, Addie SyCip Cukingan, Winslomer delos Santos, Roger Fulgado, Roland delos Santos, and Belo Pasa. Pamukaw is on view until Aug. 15 at the Upper Ground Floor, North Wing of Robinsons Place Antipolo.

HKTB promotes Southeast Asian artists

THE HONG KONG Tourism Board (HKTB) brought together 18 artists across Southeast Asia (SEA) to create art pieces inspired by perennial icons of Hong Kong. This initiative, titled “Arts in HK with SEA artists,” is an extension of the year-long Arts in Hong Kong program.  “Arts in HK with SEA artists” campaign features artistic talents from the Philippines, Singapore, Malaysia, Thailand, Indonesia, and Vietnam. The collection of artwork spans across a spectrum of genres, from painting to digital illustration, pottery, embroidery, sand art, and more. One of the artists is Ciara Gan, a painter and content creator from the Philippines. She is best known for designing and hand-painting her high school prom dress, the video of which garnered over 8.5 million views online. “The inspiration for my painting came from the game of mahjong as it has deep ties to Hong Kong’s culture. After attending the Arts in Hong Kong virtual event organized by the Hong Kong Tourism Board, I was fascinated by Biu Kee Mahjong and Mr. Cheung’s hand-carved tiles. The art of hand carving mahjong tiles is so unique, I wanted to create a piece that represents both the memories that come with playing and how mahjong brings families and even strangers together,” Ms. Gan said in a statement. The complete collection of Hong Kong-inspired art from the 18 Southeast Asian artists will be available to view online at Arts in HK with SEA Artists | Hong Kong Tourism Board (discoverhongkong.com).

NCCA produces documentary on PHL languages

THE NATIONAL Commission for Culture and the Arts (NCCA), in partnership with the Office of Senator Loren Legarda, features the main languages of the Philippines in a cultural documentary series titled Usapang Wika. It’s 10 episodes featuring the main languages of the Philippines — Ilocano, Cebuano, Hiligaynon & Kinaray-a, Waray, Pangasinan, Capampangan, Tagalog, Bicolano, and Mernaw. Each episode shall focus on the history, literary works, tradition, and the evolution of each language. Usapang Wika will air every Saturday starting Aug. 6 at 4:30 p.m. on ABS-CBN News Channel (ANC).

Cinemalaya calls for entries

THE CINEMALAYA Independent Film Festival is now accepting submissions for the Full-Length Film category of the 2024 Cinemalaya Philippine Independent Film Festival and Competition. Submit entries at bit.ly/Cinemalaya2024Full-LengthCallforEntries. For mechanics, visit bit.ly/2024CinemalayaFullLengthMechanics. The deadline is Sept. 16, before 6 p.m.

Ricky Lee joins online film, theater fest

NEWLY conferred National Artist for Film and Broadcast Arts Ricky Lee is one of the Board of Directors for the Shout Out Festival, to held on Sept. 19 to 25.  Shout Out: Maghayag at Lumikha is an online film and theater mentoring festival of hybrid shorts, organized and hosted by the online multi-arts platform Pelikulove, with the support of the National Commission for Culture and the Arts (NCCA). The writers of the featured film and theater shorts are given assistance, from writing to production and evaluation. The festival activities include virtual discussions, talkbacks, and Q&A with the artists and mentors. There will also be an exhibit of other enrollees and partner groups’ short films and recorded plays. Lee joins six other Festival Directors namely: playwright Rody Vera, film and TV director Jeffrey Jeturian, Prof. Cristina Martinez-Juan of the University of London, theater artists and educators Issa Manalo Lopez and Raffy Tejada, and filmmaker Ellen Ongkeko Marfil. Admission to the festival is free. For more information and updates, visit the Pelikulove website or follow the Pelikulove official Facebook Page (https://www.facebook.com/PelikuLOVE).

Fragmented digitalization leaves hospitals struggling

PIXABAY

By Patricia B. Mirasol, Reporter 

PHILIPPINE HOSPITALS are in a “fragmented state of digitalization,” according to Dr. Michael B. Muin, chief information officer of mWell, a telemedicine subsidiary under Metro Pacific Investments Corp. (MPIC), and co-founder of HL7 Philippines, the local arm of a non-profit that provides the healthcare industry standard for data exchange.  

“Some big hospitals are in the midst of their digital transformation initiatives, while the majority of other hospitals are still struggling with their hospital information systems,” he said in a text message to BusinessWorld. “However, it cannot be denied that hospitals want to move toward digitalization, especially to comply with the Universal Health Care Act and the changing demands of patients brought about by the pandemic.” 

A hospital should adopt an information technology (IT) strategy that supports its business goals, said Dr. Muin, who advised aligning IT plans with one to three major initiatives in a July 22 webinar organized by HCL7 Philippines.  

“Is the plan to build a cancer center or add new diagnostic equipment?” he said. “The overall approach for IT — is it to improve the data center or move to the cloud? This puts context to IT projects and acquisitions.”  

An IT planning framework has 10 domains: core transactional systems; operational support systems; ancillary and departmental systems; clinical IT systems; telemedicine; data analytics; communications and capacity building; customer engagement; system integration; and other innovations.  

‘PAPER TRIGGERS’
Hospitals with limited budgets can start with a core transactional system, which captures important transactions along the patient journey — from patient registration to patient billing — Dr. Muin said.  

“It helps the business get a sense of where they are operationally and financially,” he added in a July 26 e-mail. “The beauty of the framework is it doesn’t have to be implemented in a linear fashion.”  

A way to figure out if an operations support system is needed, for instance, is to look for “paper triggers.” Stacks of papers littering the human resources, accounting, and/or customer relations departments indicate that streamlining is in order.  

Hospitals keen on moving to the cloud, meanwhile, can start with use cases related to disaster recovery, information exchange, and document workflows.  

“I would not recommend moving transactional systems to the cloud just yet,” Dr. Muin said. “We are dealing with patient care and human lives. Unless your bandwidth setup assures an almost 100% uptime, keeping them on-premise for now is best.”  

Hospitals that offer telemedicine services do not necessarily need to have an electronic medical records (EMR) system in place, Dr. Muin added. 

An EMR provides real-time access to patient health information, and is used by the healthcare team as a primary information resource in patient care delivery.   

“What is ideal in a telemedicine consultation is access to past medical records,” he said, noting how this requirement can be done with paper charts. “EMRs make it convenient, however, for the doctor to search and access the records without going through the manual process of retrieving paper charts.”  

Data can also yield insights on patient behavior: such as how convenience trumps distance when choosing which hospital to visit. He related that patients would rather take a single ride to a farther hospital than take two rides to a nearer one. “You realize things like that with better data,” he said.  

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. 

Cityland plans P1.5-B debt papers

CITYLAND Development Corp. approved a plan to file P1.5-billion worth of commercial papers with the Securities and Exchange Commission to meet its funding requirements.

The filing was approved in a board meeting held on Aug. 1 as stated in the company’s disclosure on Tuesday.

“This debt mix in favor of short-term borrowings is a strategy which the group adopted to take advantage of lower cost of money for short-term loans versus long-term loans,” Cityland Development said in its information statement.

The company’s future projects include 50-story City North Tower in Bagong Pag-asa, Quezon City, and Pioneer Heights 2 in Mandaluyong City.

Cityland Development expects the completion of its Pioneer Heights 1 in Mandaluyong City by 2023, and its high-rise condominium 101 Xavierville in Loyola Heights, Quezon City by 2024.

Meanwhile, its subsidiary City & Land Developers, Inc. plans to build 40-story Bonifacio Place in Barangka Itaas, Mandaluyong City and 39-story One Hidalgo in Malate, Manila.

Cityplans, Inc., another subsidiary, plans to build Windsor Mansion, Oxford Mansion and Pasig Royale Mansion, which are all eight-story condominiums to be located in New Santolan, Pasig City.

“For the year 2022, real estate sales and leasing are expected to bounce back due to the opening up of the economy,” Cityland Development said.

“The return-to-office work setup will provide an increase in rental income and demand for condominium projects,” it added.

Cityland Development’s primary purpose is to engage in real estate development, it is 50.98%-owned by Cityland, Inc.

On the stock exchange on Tuesday, Cityland Development shares remained unchanged at P0.71 apiece. — Justine Irish D. Tabile

South Korea develops nanotech tattoo as health monitoring device 

DAEJEON — South Koreans may soon be able to carry a device inside their own bodies in the form of a bespoke tattoo that automatically alerts them to potential health problems, if a science team’s project bears fruit.  

Researchers at the Korea Advanced Institute of Science and Technology in the city of Daejeon southwest of Seoul have developed an electronic tattoo ink made of liquid metal and carbon nanotubes that functions as a bioelectrode.  

Hooked up to an electrocardiogram (ECG) device or other biosensor, it can send a readout of a patient’s heart rate and other vital signs such as glucose and lactate to a monitor.  

The researchers eventually aim to be able to dispense with biosensors.  

“In the future, what we hope to do is connect a wireless chip integrated with this ink, so that we can communicate, or we can send signal back and forth between our body to an external device,” said project leader Steve Park, a materials science and engineering professor.  

Such monitors could in theory be located anywhere, including in patients’ homes.  

The ink is non-invasive and made from particles based on gallium, a soft, silvery metal also used in semiconductors or in thermometers. Platinum-decorated carbon nanotubes help conduct electricity while providing durability.  

“When it is applied to the skin, even with rubbing the tattoo doesn’t come off, which is not possible with just liquid metal,” Mr. Park said. — Reuters

Historical marker unveiled at Museo ng Makati

PHOTO BY MICHELLE ANNE P. SOLIMAN

ON an ordinary day, vehicles pass by the Old Presidencia in Makati City and their passengers seldom notice the presence of the historic structure. But if they slow down — or better yet, stop and enter — they will learn about its role in the development of one of the country’s richest cities.

In 2019, 32 years after it became the Museo ng Makati, the National Museum of the Philippines declared the Old Presidencia as an Important Cultural Property (ICP) for its cultural, artistic, and historical significance to the country. On July 28 this year, a bronze historical marker was unveiled at the 88-year-old Presidencia.

Built in 1918, a single-story edifice served as Makati’s administrative center. In 1934, mayor Nicanor Garcia headed the construction of a municipal hall at the same area which was called the Presidencia. In front of the hall was the Plaza Trece de Agosto where civic events were hosted. In 1961, the municipal government left the Presidencia, and moved to its present location along J.P. Rizal Ave. In 1990, then mayor Jejomar Binay designated the Presidencia as a local museum.

As the Museo ng Makati, it became a repository of archeological artifacts, earthenware, rare photographs, dioramas, and murals.

Makati City Mayor Mar-Len Abigail S. Binay, alongside NMP Director-General Jeremy R. Barns, led the unveiling of the historical marker last week.

According to the National Cultural Heritage Act of 2009, an Important Cultural Property is a property with “exceptional cultural, artistic, and historical significance to the Philippines.”

“This event is a significant milestone for our city’s efforts to preserve and promote our cultural heritage. The Old Presidencia is one of the few remaining Spanish-era structures in the country, and it is a valuable reminder of our rich history and cultural roots,” Ms. Binay said in her speech.

Ms. Binay also said the city will create management and curatorial plans and conduct traveling exhibits to promote and protect heritage sites in Makati. “We will also be working on an educational program to raise awareness on our cultural heritage and traditions,” she said.

“The fact that it plays the role of a well-maintained active local museum contributed a lot to us prioritizing its declaration,” Mr. Barns said in his speech, adding that the NMP prioritizes public buildings and buildings that are accessible to the public in declaring a structure an ICP.

Aside from the Old Presidencia, the NMP has also listed a number of other sites in Makati as ICPs under Resolution No. 1-2019:  the church complex of San Pedro y San Pablo (Sts. Peter and Paul Church Complex) in Poblacion, the church complex of Nuestra Señora de Gracia in Guadalupe Viejo, Ermita de San Nicolas de Tolentino in West Rembo, the passenger terminal and control tower of the old Nielson Airport (now Blackbird Restaurant) in Bel-Air, and the Makati Stock Exchange Building. Except for the Makati Stock Exchange Building, the four structures have also been declared locally significant through City Ordinance No. 2019-A-094 or the Makati Built Heritage Ordinance. — Michelle Anne P. Soliman

AboitizPower, Chevron ink fuel supply deal

PEXELS

CHEVRON Philippines Inc. has signed a deal with Aboitiz Power Corp. to supply diesel fuel to the latter’s nine power generation plants.

In a media release on Tuesday, Chevron Philippines Country Chairman Billy Liu said the two companies “share the same advocacy of providing affordable, reliable, and safe energy.”

“Our number one goal now is to keep [AboitizPower’s] equipment running and electricity flowing at their thermal plants so they can continue to provide for the energy needs of the nation,” he said.

Ronaldo S. Ramos, president and chief operating officer of AboitizPower’s oil business unit, said: “With Chevron Philippines as our provider of quality fuel, we look forward to operational efficiency and worry-free operations so that we can keep supplying much-needed power to keep the lights on in many Filipino households.”

Emmanuel Lopez, senior vice president of AboitizPower’s coal business unit, said that the company trusts the reliable service of the oil firm as it previously supplied the diesel and gasoline requirement to start up Therma Visayas, Inc. in Cebu after Typhoon Odette hit the Philippines in December last year.

“It showed how dedicated and efficient they are in providing service, even during a disaster,” he said.

AboitizPower, which has a total capacity of 3,962 megawatts, is engaged in power distribution, generation, and retail electricity services.

Chevron Philippines markets the Caltex brand of fuels and lubricants. — Ashley Erika O. Jose

Gov’t makes full award of fresh 3.5-year bonds on strong demand

BW FILE PHOTO

THE GOVERNMENT fully awarded the fresh 3.5-year Treasury bonds (T-bonds) it auctioned off on Tuesday amid strong demand that led it to open its tap facility to offer another P10 billion in the papers.

The Bureau of the Treasury (BTr) on Tuesday raised P35 billion as planned from its offer of fresh 3.5-year securities maturing on Feb. 4, 2026, with total bids for the tenor reaching P106.32 billion or more than thrice the amount on the auction block.

The debt papers were awarded at a coupon rate of 5.25%, 11.3 basis points (bps) lower than the 5.363% quoted for the fixed-rate Treasury note (FXTN) 7-62 or seven-year bonds maturing on Feb. 14, 2026 and 23.9 bps below the 5.489% seen for the four-year tenor at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation (BVAL) Reference Rates data provided by the BTr.

Accepted rates ranged from 5% to 5.25% for an average rate of 5.153%.

To accommodate the strong demand seen for Tuesday’s offering, the Treasury opened its tap facility to raise P10 billion more via the bonds at the coupon rate awarded for the tenor.

“Impressive auction results with strong demand coupled with lower rates versus secondary level of comparator with similar tenor,” National Treasurer Rosalia V. de Leon said in a Viber message to reporters on Tuesday.

Ms. De Leon said P37 billion in extra liquidity from maturing papers “also found a home in [Tuesday’s] offering.”

“Another strong auction for third straight week,” a bond trader said. “It can be attributed to recent drop in yields and also support from today’s FXTN maturity.”

Bond rates at the secondary market, especially those at the belly of the curve, have declined, amid strong demand for longer tenors.

The Treasury last month made full awards of all its T-bond offerings as investors are looking for higher yields amid expectations of higher interest rates due to sustained inflationary pressures.

The Bangko Sentral ng Pilipinas (BSP) has raised benchmark interest rates by a total of 125 bps so far this year as inflation remains elevated.

BSP Governor Felipe M. Medalla last week signaled a hike of 25 or 50 bps at their Aug. 18 meeting, although he ruled out another off-cycle increase. The central bank had raised rates by 75 bps in a surprise move on July 14.

Headline inflation hit a near four-year high of 6.1% in June, bringing the first-half average to 4.4%, above the central bank’s 2-4% target and 5% forecast for the year.

The BSP expects the July reading to be in the 5.6-6.4% range. July inflation data will be released on Friday.

The BTr wants to raise P215 billion from the domestic market this month, or P75 billion through Treasury bills and P140 billion via T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — D.G.C. Robles

Mondial to distribute Agfa’s mobile digital imaging system

MONDIAL Medical Technologies has been named the local distributor of the digital radiography (DR) products of Agfa, a Belgium-headquartered multinational. 

Agfa’s DR 100s is a mobile digital radiology system that enables “first-time right” imaging at low radiation doses.  

This allows for faster workflow in the department, and thus better patient care and diagnosis, according to Ahmad Damiri Mustafa, ASEAN product marketing manager for Agfa Healthcare.  

“For us to develop these systems, it is important for us to get feedback from our customer,” he said at the July 27 product launch. “It helps us [help them] with the challenges they are facing.”  

Because of its mobility, the Agfa DR 100s can be maneuvered in small spaces, enabling staff members to do imaging at the bedside, wards, and operating rooms. It is also equipped with MUSICA, Agfa’s intelligent image processing technology, which enables high image quality while using the lowest possible patient radiation dose.  

“We are very confident with the AGFA Mobile DR 100s as our debut product to the rest of the Agfa healthcare line,” said Angel V. Yrastorza, managing director of Mondial Medical Technologies, in a press release. “Its technology is cut above the rest of the competition which Mondial looks for in all its offerings as we aim to be at the forefront of the industry.”  

Meanwhile, Agfa also announced that it will launch Valory, which can act either as a back-up or the main system depending on the size of the hospital, in February 2023. 

“[Valory] can be configured to fit the needs of the radiology department, and features automatic movements that help the department increase its productivity and lessen patient wait times,” said Edison B. Laserna, Agfa Healthcare’s country business development manager for the Philippines.   

The total DR business in the Philippines is estimated at $1.2 billion, he added.  

Negotiations are ongoing with hospitals interested in the DR 100s, Mondial said in an e-mail. — Patricia B. Mirasol

Auction house brings together Elvis Presley’s ‘lost’ jewelry collection

Elvis Presley’s 14K Diamond Accented Swatting Lion Ring — PHOTO FROM BID.GWSAUCTIONS.COM

WEST HOLLYWOOD, Calif. —  Elvis Presley experts and historians have long known about a collection of jewelry the singer gave to his manager Colonel Tom Parker.

Both collectors and fans have spent decades searching for the items, which were thought to be lost. Thanks to Brigitte Kruse, founder and CEO of GWS Auctions, who found and assembled the pieces, they can now be seen together for the first time.

Two hundred items, including gold rings encrusted with jewels, cufflinks, watches and chains, will go up for auction on Aug. 27. Also included is the guitar played by Mr. Presley during his famous “comeback” TV special of 1968.

Mr. Presley’s former wife Priscilla worked with Ms. Kruse on the collection, although Priscilla does not own any of the pieces.

“Well, it brings back memories for sure,” Priscilla Presley told Reuters.

She added that it was a running joke with her former husband that he constantly bought or commissioned jewelry for Mr. Parker because the manager already had everything he needed and the Presleys did not know what else to buy him.

Priscilla Presley said she felt protective of the items because she designed some of them, including artifacts with the logo for TCB Band, the musicians who formed the core rhythm section of Presley’s backing band in his later years. “TCB” stood for “taking care of business,” a favorite expression of Presley’s.

Priscilla Presley supported the auction in part because she was weary of seeing so many fake Elvis artifacts for sale.

“There is so much product out there that is not authentic at all and that worries me,” she said.

“I want to know for sure that that is going to go to someone who is going to care for it, love it.” — Reuters

Toyota expands lineup of all-new Lite Ace  

BW FILE PHOTO

TOYOTA MOTOR Philippines Corp. (TMP) has expanded the available variants of its new light commercial vehicle offering, the Lite Ace, in a bid to support local businesses.

The car manufacturer said in a statement late on Monday that it is adding new variants — the Lite Ace FX Utility Van and the Lite Ace Cargo Aluminum Van — to the currently available variants of the light commercial vehicle.

The new variants join the Panel Van and Pickup variants that were unveiled during the Lite Ace’s launch on July 15.

The Lite Ace FX Utility Van variant is priced at P727,000 while the Cargo Aluminum Van is priced at P699,000.

Both variants are available for preorder in all Toyota dealerships across the country since August 1. The official release of the two new variants is projected by September this year.

“The FX Utility Van-variant has up to 12-person seating capacity (including driver), perfect as people transport, while the Cargo Aluminum Van variant best fits agricultural businesses or transportation of dry goods and other materials,” TMP said.

TMP First Vice-President for Vehicle Sales Operations Sherwin Chualim said that the company was very encouraged by the public’s warm reception and positive feedback during the release of the Lite Ace’s first two variants.

“One of the key strengths of the All-New Lite Ace line is its versatility and flexibility, and with the availability of the FX Utility Van and Cargo Aluminum variants, we will be able to address the needs of more entrepreneurs and business operators for efficient and economical transport,” Mr. Chualim said.

According to TMP, the Lite Ace FX Utility Van and Cargo Aluminum Van both have Supplemental Restraint System (SRS) airbags, and are powered by a 1.5-liter gasoline engine and a 5-speed manual transmission, similar to the two previously launched variants.

“Customers can also avail special MSME financing packages for these two variants through Toyota Financial Services Philippines,” TMP said. — Revin Mikhael D. Ochave

Metrobank’s net profit almost doubles in Q2

BW FILE PHOTO

METROPOLITAN Bank & Trust Co. (Metrobank) saw its net profit surge by 94.5% in the second quarter on higher fee-based income, stable operational costs, and lower loan loss provisions.

The bank booked an attributable net income of P7.6 billion in the second quarter, up from the P3.907 billion it posted in the same period last year, its quarterly report disclosed to the local bourse on Tuesday showed.

This brought its first half attributable net profit to P15.586 billion, 33% higher than the P11.687 billion recorded in the same period in 2021.

Metrobank’s first semester performance translated to a return on average common equity of 10.02%, up from 7.33% the year prior, and a return on average assets of 1.21%, better than the 0.95% seen in the first half of 2021. 

“The continued improvement in the bank’s performance cements our strategy as we enable various customers and businesses as economic activities accelerate. This also validates the recent recognitions we received from prestigious publications, naming us the country’s best bank,” said Metrobank President Fabian S. Dee said in a statement.

“Our focus on serving our client needs while actively managing risks and promoting efficiencies has driven our solid operating results, and will continue to do so in the medium term as the economy expands,” Mr. Dee said.

The bank’s net interest income rose by 11.12% to P20.516 billion last quarter from P18.46 billion a year prior.

Interest income went up by 6.79% to P23.171 billion on the back of higher interest earnings on investment securities.

Meanwhile, higher interest expense on deposit liabilities accounted for the 17.9% decrease in interest and finance charges to P2.655 billion.

Non-interest income also went up by 13.31% to P6.885 billion in the second quarter. Fee-based earnings increased by 20.9% to P3.70 billion from P3.06 billion last year on higher transaction volumes, while miscellaneous earnings also grew 10% to P2.04 billion from P1.85 billion.

These offset the 1.7% decline in gains from trading activities to P1.13 billion.

Metrobank’s operating costs stood at P14.55 billion in the second quarter, marginally lower than the P14.67 billion seen a year earlier.

Total provisions for credit and impairment losses amounted to P1.78 billion for the quarter, down 46% from the P4.52 billion seen in the same period last year.

The bank’s gross loans rose by 9% year on year to P1.3 trillion, which it said was “led by a 12% growth in corporate and commercial lending and 16% increase in gross credit card receivables.”

“Asset quality improved with NPLs (nonperforming loans) declining by 7%,” Metrobank added.

Its bad loan ratio stood at 1.9% in the first half, down from 2.3% a year ago.

On the funding side, total deposits grew by 13% to P2.1 trillion. The bank’s low-cost current and savings accounts rose by 10% to P1.5 trillion as of June, accounting for 73.8% of the total.

The lender’s capital adequacy ratio rose stood at 17.62% as of June, down from 20.36% a year prior, while its common equity Tier 1 ratio was at 16.77%, also lower than the 19.49% seen last year. Still, both remained above the central bank’s required minimum.

Metrobank is the country’s second-largest private universal lender with consolidated assets of P2.7 trillion and total equity of P303.4 billion.

The bank’s shares rose by P1.10 or 2.3% to P48.90 apiece on Tuesday. — K.B. Ta-asan

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