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AboitizPower, IFC study RE for baseload power

ABOITIZ Power Corp. on Wednesday said it had partnered with International Finance Corp. (IFC) to study the potential of renewable energy (RE) to generate baseload power for a “more reasonably priced” electricity.

“We eagerly look forward to learning about how we can generate baseload power that is technically and financially feasible and also scalable,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said in a statement.

Aside from exploring the potential of RE for baseload power, the study will also evaluate hybrid photovoltaic and energy storage technology, and assess the technical and economic viability of combining different RE sources to generate power.

Mr. Rubio said AboitizPower expects the study to be “bespoke” based on the country’s national resources, climate, and geography so it will fit the energy system.

Meanwhile, IFC Regional Vice-President for Asia and the Pacific Alfonso Garcia Mora said the company is “confident that renewables will offer a viable path” for the country.

“Harnessing cleaner and natural resources, including solar and wind, will enable the country to diversify its energy mix and improve energy security while also tackling climate change impacts,” Mr. Garcia Mora added.

IFC, a member of the World Bank group, invests in the private sector specifically in projects that can boost sustainable economic growth such as renewable energy.

The Aboitiz group’s power generation, distribution, and retail electricity services company earmarked P190 billion for investment in clean energy. It aims to add 3,600 megawatt (MW) of capacity to reach its 2030 RE target of 4,600 MW, or more than half of its projected 9,200-MW total generation capacity.

“To grow RE above and beyond the 2030 ambition and to begin reducing carbon dioxide emissions from the Philippine power system, we must find ways to displace fossil fuel burning baseload power with zero-emissions power generation technologies,” Mr. Rubio said.

At the stock exchange, shares in AboitizPower went up by 75 centavos or 2.15% to close at P35.70 apiece on Wednesday. — Marielle C. Lucenio

Dubai restaurants to become first in Middle East to get Michelin ratings

WAEL HNEINI/UNSPLASH

PARIS — Michelin said on Tuesday that Dubai will become the first destination in the Middle East to join the restaurants selection of its world-famous Michelin Guide.

“Our team of inspectors is already in the field, in order to prepare the first selection of restaurants, which will be revealed in June,” Gwendal Poullennec, International Director of the Michelin Guides, said in a statement.

“We will be showcasing the best of Dubai’s gastronomy, to reflect not just the sophistication that the city is famed for, but also the wide diversity of cuisines that the city’s location and history provide.”

Besides the coveted star ratings, the selection will also include the popular Bib Gourmand category, a distinction awarded to establishments that provide value-for-money three-course meals.

The Michelin Guide, developed at the beginning of the 20th century by French tire maker Michelin as a handy glove box companion when on the road, is one of the world’s most influential rankings for restaurants and hotels. — Reuters

PHL businesses seen increasing cybersecurity budgets this year

By Arjay L. Balinbin, Senior Reporter

MANY Philippine organizations are increasing their budgets for their cyber defenses this year, as they see heightened danger from online threats, global cybersecurity company Palo Alto Networks said.

“More than half (56%) of Philippine organizations indicated that they have been discussing their cybersecurity strategy on a monthly basis,” the company said in an e-mailed statement on Tuesday, citing its “State of Cybersecurity Report ASEAN 2022.”

The company surveyed 500 respondents from businesses in the Philippines, Singapore, Malaysia, Indonesia, and Thailand.

At the same time, Palo Alto Networks found that 64% of respondents in the Philippines have increased their cybersecurity budgets for this year.

Meanwhile, 93% of them expressed confidence in their cybersecurity efforts, while 41% expressed extreme confidence.

The company noted that the rising digital transactions with suppliers and other third parties were the primary concerns of 53% of organizations polled in the Philippines.

Also, 94% of Philippine-based organizations surveyed accelerated digital transformation initiatives to address the disruptions caused by the pandemic.

These transformation initiatives include expanding remote work force (65%), expanding smart devices footprint or using smart devices to enhance business outcomes (62%), and increasing investment in mobile applications (61%).

Local organizations are seen improving their cybersecurity strategies through identity and access management (57%), adopting cloud security (55%), revamping threat detection and correlation systems/platform (42%), implementing a fifth-generation (5G) security strategy (42%), and securing internet of things or operational strategy (39%).

The company also saw a “high” (82%) degree of 5G readiness among organizations in the country.

“The Philippines is the second-highest country in the [region] where the business leaders are confident of their cybersecurity measures and this speaks volumes about our nation’s awareness as well as preparedness to potential cyberattacks,” said Oscar Visaya, the Philippines country manager at Palo Alto Networks.

“Having said that, Philippine organizations should continue to focus on post-COVID cyber protection in order to stay ahead of the evolving cyber threats,” he added.

Ambohot, Letran Knights dominate AU Chiefs, 96-67

TEAM LETRAN KNIGHTS — NCAA/GMA

By Joey Villar

JEO Ambohot dished out a career performance and powered Letran to a 96-67 demolition of Arellano University (AU) on Wednesday and into the top in the 97th National Collegiate Athletic Association (NCAA) basketball tournament at the La Salle Greenhills Gym in Mandaluyong.

The 6-7 team captain exploded with 20 points, his best in his collegiate career thus far, in just 16 and a half minutes to go with eight rebounds, three assists and a block that sealed the Knights their second straight win.

The effort was in stark contrast to the Muralla-based dribblers’ 67-63 win over the College of St. Benilde Blazers in Saturday’s opener in a game the former fought back from 12 points down.

And Letran coach Bonnie Tan believes the reigning titlist still has more to give.

“We’re still a work in progress,” said Mr. Tan.

Unlike in their first game where they came to their senses late, the Knights needed just a quarter to get their bearings going as they outscored the Chiefs in the second canto, 21-9, to turn a slim 20-17 lead to a 41-26 upper hand.

It was all Letran from there as AU, which lost its best player Justin Arana to injury in its last game on Sunday, was never the same.

Tommy Olivario came off the bench to chip in 15 points and seven assists and had his moment late in the third period when he buried a buzzer-beating triple.

And on this one, the Knights did not need super transferee Rhenz Abando and starting point guard Fran Yu.

Mr. Abando had 11 points and spliced it with seven boards, two blocks, a steal and an assist while Mr. Yu went scoreless but did his damage in other areas with six caroms and five dimes.

And credit that to Mr. Ambohot coming through with an effort to remember.

“I just did what’s best for the team and I couldn’t do this without my team’s help,” said Mr. Ambohot.

The Chiefs fell to 1-1.

San Beda

In the other game, San Beda outgunned a feisty Emilio Aguinaldo College (EAC) in the second half and eked out an 85-81 win to join Letran at the helm also with two wins.

Tied at 41-all, the Lions went on a shooting spree in the third quarter to build a double-digit cushion it used to weather a fourth quarter storm by the Generals.

EAC sputtered to 0-2.

The scores:

First Game

Letran 96 – Ambohot 20, Olivario 15, Abando 11, Sangalang 10, Caralipio 9, Reyson 6, Javillonar 6, Mina 5, Paraiso 4, Lantaya 4, Fajarito 3, Guarino 3, Yu 0, Tolentino 0

Arellano 67 – Doromal 11, Carandang 11, Sablan 9, Caballero 7, Cruz 7, Valencia 6, Oliva 4, Steinl 4, Abastillas 3, Sta. Ana 3, Talampas 2, Uri 0, dela Cruz 0, Concepcion 0

Quarterscores: 20-17; 41-26; 66-51; 96-67

Second Game

San Beda 85 – Kwekuteye 16, Gallego 15, Amsali 13, Penuela 13, Alfaro 9, Bahio 5, Andrada 4, Abuda 3, Sanchez 3, Ynot 3, Cuntapay 1, Cometa 0, Visser 0, Jopia 0, Villejo 0

EAC 81 – Robin 19, Maguliano 14, Taywan 13, Luciano 9, Liwag 7, Quinal 6, Fuentes 6, Dopria Ad. 3, Bunyi 2, Gurtiza 2, Cosa 0, Ampad 0, Doria An. 0

Quarterscores: 20-17; 41-all; 70-58; 85-81

Smart is Comelec debates’ network provider

PANGILINAN group’s Smart Communications, Inc., the wireless arm of PLDT, Inc., is the official network provider of the Commission on Elections’ (Comelec) debates, the company said on Wednesday.

“Teaming up with Impact Hub Manila, the organization behind Vote Pilipinas, the official voter information campaign partner of Comelec, Smart is an official partner and official network provider of ‘PiliPinas Debates 2022: The Turning Point,’” the company said in an e-mailed statement.

The Comelec has scheduled two presidential debates for March and April. Vice-presidential candidates took the podium in March.

Smart said the Comelec also plans to hold separate town hall format debates in April.

“The debate series aims to help voters scrutinize the candidates as the country inches closer to the May 9 polls,” it noted.

Jane J. Basas, senior vice-president and head of consumer wireless business at Smart, said the company is in a “unique position to support the Comelec in helping voters choose our country’s next leaders and ignite their passion to live smart and vote smart.”

PHILIPPINES AIRASIA
Meanwhile, low-cost carrier Philippines AirAsia, Inc. said it also signed a partnership deal with Vote Pilipinas “to further promote voter education and responsible voting in the country.”

Under the partnership, the airline will serve as Vote Pilipinas’ communications partner in broadcasting the series of voter education webinars and presidential and vice-presidential debates to more than 12 million followers of its airasia Super App Facebook page.

Ricardo P. Isla, Philippines AirAsia chief executive officer, said the airline will “always be apolitical but we want to take part in proactively encouraging Filipinos to exercise their right to suffrage.”

“It is through this partnership with Vote Pilipinas that we responsibly play our part in nation building, especially shaping the next six years of our country which is crucial to exiting the pandemic,” he added.

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. — Arjay L. Balinbin

Jada Pinkett-Smith says it’s a ‘season for healing’ after Oscars incident

Jada Pinkett-Smith as Fish Mooney in the TV show Gotham. — IMDB.COM
Jada Pinkett-Smith as Fish Mooney in the TV show Gotham.
— IMDB.COM

LOS ANGELES — Jada Pinkett-Smith promoted healing in an Instagram post on Tuesday, her first public comment since her husband slapped comedian Chris Rock at this year’s Academy Awards ceremony.

Will Smith unexpectedly strode onto the Oscars stage on Sunday and slapped Rock in the face in response to a joke about his wife’s bald head. Pinkett Smith, an actor and talk show host, has a medical condition that causes hair loss.

In an Instagram post on Tuesday, Ms. Pinkett-Smith said:

“This is a season for healing. And I’m here for it.”

She did not mention Mr. Rock’s joke or the slapping incident specifically.

On Monday, Will Smith apologized to Mr. Rock, the film academy, the show’s producers and viewers, saying his behavior was unacceptable and he had “reacted emotionally” to a joke about his wife’s medical condition.

Mr. Rock had referenced the 1997 film G.I. Jane in which actress Demi Moore shaved her head. It was unclear whether Mr. Rock was aware that Ms. Pinkett-Smith has a disease that causes hair loss.

Less than an hour after the attack on Mr. Rock, Mr. Smith was named best actor for his portrayal of the father of tennis legends Venus and Serena Williams in King Richard.

The 9,900-member Academy of Motion Picture Arts and Sciences condemned Mr. Smith’s actions on Monday and said it was reviewing the matter.

If the group determines Mr. Smith violated its standards of conduct, members could expel the actor from the organization, revoke his Oscar, or make him ineligible for future awards.

Mr. Rock has not publicly commented about the incident.

The 94th Academy Awards ceremony was watched by an average of 16.6 million US viewers on Walt Disney Co.’s ABC, according to updated ratings figures released on Tuesday. That was an increase of 58% from the historically small audience in 2021. But it was still the second-lowest viewership on record, part of an across-the-board decline in people watching live awards shows.

The night’s most-watched moment came when Troy Kotsur made history as the first deaf man to win an Oscar, winning the best supporting actor award for his role in CODA. The audience at that moment totaled close to 17.7 million viewers, according to Nielsen figures.

About 17.3 million were watching when Smith attacked Rock. The audience then dropped to 16.8 million but rose to 17.4 million when Smith gave a tearful speech as he accepted the best actor trophy. — Reuters

Yields on term deposits decline on lower oil prices, peso’s climb

BW FILE PHOTO

YIELDS on the central bank’s term deposits declined as oil prices fell due to worries over the impact of the lockdown in major Chinese cities on demand and as the peso appreciated in the past few days.

Total tenders for the term deposit facility amounted to P538.809 billion on Wednesday, well above the P390-billion offering as well as the P514.845 billion in bids in the previous auction.

Broken down, bids for the seven-day deposits amounted to P211.867 billion, which is higher than the P160-billion offering and the P198.738 billion in tenders last week.

Accepted rates were from 1.85% to 1.96%, slimmer than the 1.83% to 2% band seen a week ago. This caused the average rate of the one-week papers to decrease by 1.42 basis points (bps) to 1.9325% from 1.9467% previously.

Meanwhile, the 14-day papers attracted bids amounting to P326.942 billion, surpassing the P230-billion offer of the BSP as well as the P316.107 billion in tenders a week earlier.

Banks asked for yields ranging from 1.89% to 2%, a narrower band than the 1.8825% to 2.1% margin seen on March 23. With this, the average rate of the two-week deposits fell by 5.68 bps to 1.9806% from 2.0374% in the prior auction.

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

The term deposits and the 28-day bills are used by the BSP to gather excess liquidity in the financial system and to better guide market rates.

Term deposit yields dropped following the decline in global oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Reuters reported that fuel prices closed 2% lower on Tuesday amid the progress between Russia and Ukraine’s negotiation.

Analysts have also said that concerns over the impact of the lockdown in some Chinese cities amid the surge in coronavirus disease 2019 infections on fuel demand also caused the decline in oil prices.

On Wednesday, oil prices rebounded due to tight supply and concerns regarding new sanctions imposed by Western economies to Russia while their peace talks are ongoing.

Mr. Ricafort said term deposit facility yields were also down as the peso strengthened against the dollar recently.

The peso finished at P52.075 per dollar on Tuesday, gaining 5.5 centavos from its P52.13 close on Monday. This was the peso’s strongest finish in three weeks or since it ended at P51.74 on March 4. — Luz Wendy T. Noble with Reuters

Huawei net income up despite US sanctions

HUAWEI Investment & Holding Co., Ltd., a global provider of information and communications technology (ICT) infrastructure and smart devices, on Monday said its net profit rose last year despite sanctions imposed by the United States and slowing demand for 5G in China.

The company’s net income went up 75.9% year on year to $17.8 billion in 2021 even as its revenues fell 29% to $99.9 billion from $139.9 billion in 2020.

Jun Zhang, director of Huawei Asia-Pacific’s public relations department, said though the US’ restrictions had a huge impact on Huawei, its main ICT infrastructure business has remained stable “thanks to the trust of our customers.”

“New business segments like digital power and cloud grew rapidly, and its ecosystem development efforts have entered the fast lane,” he said to Philippine media in an interview following the March 28 press conference. “In the context of accelerating digital transformation, there are strong market demands for innovative digital solutions and high-quality suppliers,” he added.

US President Joseph R. Biden, Jr. in November signed a law to prevent companies like Huawei deemed as security threats from receiving new equipment licenses from US regulators.

The technology firm has been on the US’ “non-entity” list since 2019, which prevents US companies from selling products to the Chinese mobile giant without permission.

Huawei’s ability to “survive and thrive” moving forward depends on ongoing investment in development, its rotating chairman Guo Ping said.

“Our fight to survive is not over yet,” Mr. Guo told global media at the conference. “No matter what comes our way, we will keep investing. That is the only way forward.”

Among the company’s 2021 initiatives are the launch of 11 scenario-based solutions for sectors such as transportation, manufacturing, and finance; the launch of more than 50 scenario-based cloud services through its Expertise as a Service (EaaS); and the launch of more than 30 intelligent automotive components for car OEMs (original equipment manufacturers).

Huawei also announced on Monday its focus on three key R&D (research and development) areas: systems architecture, software enhancement, and studies of fundamental theories.

The company’s R&D expenditure amounted to $22.4 billion in 2021 or 22.4% of its revenue.

Huawei is also investing in the cultivation of ICT talents. In Southeast Asia, the company is looking to invest $50 million over the next few years to develop 500,000 digital talents, including 100,000 in Indonesia.

In the Philippines, its global CSR flagship program Seeds for the Future has benefited over 200 students in enhancing their knowledge and appreciation of the ICT sector. Its Huawei Scholarship program has likewise provided financial assistance to 22 scholars from the country’s top five universities.

“We will continue to invest in [digital] talents and R&D to ensure our long-term innovation,” said Meng Wanzhou, Huawei chief financial officer. — Patricia B. Mirasol

Ateneo, La Salle face different foes for early solo lead

ATENEO Blue Eagles’ Tio Tyler attempting a basket over two FEU Tamaraws. — UAAP

By John Bryan Ulanday

ARCHRIVALS Ateneo and La Salle prime up against different opponents on Thursday to maintain perfect slates and a joint lead ahead of their highly-anticipated clash this weekend in the University Athletic Association of the Philippines (UAAP) Season 84 at the Mall of Asia Arena.

Pacing the league’s footrace under a compressed season due to a bubble setting, the three-time defending champion Blue Eagles (2-0) on a 28-game rampage collide with Adamson (1-1) at 10 a.m. followed by the match of Green Archers (2-0) versus Far Eastern University (FEU) (1-1) at 1 p.m.

University of the Philippines (UP) (1-1), then, shoots for a second straight victory against revenge-seeking National University (NU) (1-1) at 4 p.m. before the battle of winless squads between University of the East (UE) (0-2) and Santo Tomas (0-2) in the main game at 7 p.m.

The separate acts of Ateneo and La Salle serve as a fitting prelude to their early collision course on Saturday with hopes of keeping an unblemished card by then to cap off UAAP’s loaded opening week.

Both squads took care of their first two assignments so far with Ateneo clobbering UP, 90-81, and FEU, 79-70. La Salle, for its part, carved out wins against UE, 71-66, and NU, 59-55.

For the Blue Eagles, their 2-0 start stretched their winning streak since 2018 to 28 games which, however, should be the least of their concerns moving forward according to coach Tab Baldwin.

“Those games are behind us and they’re irrelevant now. The only game that matters now is Adamson. We’re just worried about what’s in front of us, not what’s behind us,” he said.

The Green Archers under returning mentor Derrick Pumaren, likewise, are taking it one step at a time built on a defense-first mantra after limiting their first two opponents to only 60.5 points.

“Defense is a weapon for us offensively. We always try to make a stop and force the other team to throw the basketball away,” said Mr. Pumaren, who steered La Salle to its first UAAP title in 1989, on their clash against FEU.

Tax court sides with financial holding firm in case vs BIR

THE Court of Tax Appeals (CTA) has granted the appeal of New York Bay Philippines, Inc. or NYB Philippines to reconsider the refund of its unused input value-added tax (VAT) traced to zero-rated sales for the four quarters of 2015.

In a resolution on March 24, the CTA en banc denied the claim of the commissioner of internal revenue (CIR) to deny the appeal and remanded the petition for review to the CTA First Division to decide on the proper refundable amount.

The petitioner is a financial holding company primarily engaged in credit intermediation and related activities.

Under the law, respondent CIR has the authority to decide, approve and grant claims for a tax refund.

The company asked the court to reverse the decision that partially granted P9.6 million of its unutilized input VAT for the four quarters of 2015. It asked the CTA en banc to refund the remaining P37.3 million of the original P46.8 million of excess VAT.

The previous ruling of the CTA division said that the company failed to prove that the services rendered to TF International, one of its foreign clients, were not in the same category as “processing, manufacturing or repacking of goods,” and services rendered were not “performed” in the Philippines. 

The court ruled that the addenda to the service agreement between the foreign client and its parent company cover NYB Philippines’ sales of services to both entities. The addenda clarified the complete name of TF International and recognized it as a non-resident foreign corporation not engaged in business in the Philippines.

“Given that the Service Agreement to the TF Remittance extends to TF International pursuant to the Addenda, the relevant provisions in the Service Agreement, insofar as it proves that services rendered are not in the same category as ‘processing, manufacturing or repacking of goods’ and that services were not performed in the Philippines, also apply to TF International,” The CTA en banc’s ruling said. It added that sales to the foreign corporation qualified for a VAT zero-rating.

The Bureau of Internal Revenue (BIR) commissioner argued that the court should not have given due course to the company’s appeal, claiming that the petitioner did not submit complete supporting documents in the claim for refund.

“In any case, the non-submission of complete supporting documents at the administrative level is not fatal to NYB Philippines’ judicial claim for refund as the Court of Tax Appeals is not limited by the evidence presented at the administrative level,” the court said. — John Victor D. Ordoñez

CNN+ subscription streaming news service launches

CNN launched its streaming news service CNN+ on Tuesday with a mix of familiar faces such as Anderson Cooper and Chris Wallace, original series and new features like the Interview Club, where viewers pose their own questions to experts.

The cable news pioneer is seeking to capitalize on the confluence of two trends, the rising popularity of streaming video and growth of digital subscriptions at major news organizations. With its acquisition of The Athletic, The New York Times in February reported it had surpassed 10 million subscribers, the majority of whom are digital-only subscribers.

“CNN+ is the most important initiative that CNN launched since Ted Turner founded the network 42 years ago,” Andrew Morse, chief digital officer for CNN Worldwide who oversees the new streaming service, said in an interview with Reuters.

The launch comes just days ahead of the anticipated closing of the sale of CNN parent WarnerMedia to Discovery, Inc. Chris Licht, the executive producer of The Late Show with Stephen Colbert on CBS, will become chairman and chief executive of CNN Global in May.

The subscription service made its debut in the United States on Amazon Fire TV and on Android and Apple devices, and it costs $5.99 a month. Those who subscribe within the first four weeks receive a 50% discount permanently until they stop subscribing.

The cable news pioneer won’t re-purpose its newscasts online, as services like NBCUniversal’s Peacock does, which provides viewers with on-demand access to the NBC Nightly News with Lester Holt.

The network also provides NBC News NOW, a free streaming network that provides live breaking news coverage. Its cable news unit, MSNBC, plans to expand streaming this spring with a dedicated hub on Peacock.

CNN+ will offer a combination of live, on-demand and interactive programming, with an emphasis on original content.

Former NPR All Things Considered host Audie Cornish will be doing weekly in-depth interviews, and CNN chief media correspondent Brian Stelter will offer daily installments of his Reliable Sources e-mail newsletter and Sunday show.

CNN+ will feature original series including The Murdochs: Empire of Influence, based on Jonathan Mahler and Jim Rutenberg’s New York Times Magazine article about the legacy of media mogul Rupert Murdoch.

“There is a major opportunity for news organizations to capture an audience that they’re not connecting with,” said Christy Tanner, the former general manager of CBS News Digital. — Reuters

RCBC vows to stop financing coal plants by 2031

BW FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) pledged to entirely remove their exposure to coal financing by 2031 and to boost lending to renewable projects as it moves towards sustainability.

“As part of RCBC’s commitment to the environment and to the world we all live in, we are phasing out lending to coal-fired power plants by 2031,” RCBC President and Chief Executive Officer Eugene S. Acevedo said in a statement.

RCBC’s coal exposure is amortizing every year and will decline until it zeroes out in 2031.

“A call to be part of the net zero revolution has started. Businesses need to redouble efforts in order to reach net zero. Much more needs to be learned on how sustainable finance can contribute to this,” Mr. Acevedo said.

The bank in December 2020 declared it will stop financing new coal-fired power projects in the country. This was following the Department of Energy’s imposition of a nationwide moratorium on coal.

RCBC is in the process of closing funding deals for renewable energy like solar, hydro, and geothermal projects with a combined capacity of 1.6 gigawatts (GW). These deals are expected to be completed in the next one to two years, said RCBC Corporate Banking Group head Elizabeth E. Coronel.

The bank has funded 3.06 GW of renewable energy projects since 2012.

In February, the bank raised P14.756 billion through its offering of sustainability bonds. Its proceeds will be used for purposes that are in line with RCBC’s sustainable finance framework.

In the same month, the bank launched green time deposits where minimum investments start at P5,000. The funds raised will finance sustainability projects related to renewable energy, pollution prevention and control, energy efficiency, sustainable water management, and clean transportation.

RCBC’s net income climbed by 41.1% to P7.083 billion in 2021, which was the highest in five years. This was backed by improved performance of its core businesses and the lower loan loss provisions.

The Yuchengco-led lender’s shares closed unchanged at P20.50 per piece on Wednesday. — Luz Wendy T. Noble

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