Live well at The Residences at The Westin Manila Sonata Place

July 30, 2021 | 3:00 pm

More than just a place to eat and sleep, our home should be a sanctuary where we can keep ourselves in the best shape – physically, mentally, and even emotionally. Especially during this time of the pandemic, it is essential to have a home where we can safely look after ourselves and a place for the whole family to comfortably care for each other. Being well at home is essential to carry on with our life goals.

Actual Photo of a 2-Bedroom Model Unit at The Residences at The Westin Manila Sonata Place

Many people would say having this oasis as a home is close to impossible, but not for RLC Residences. Soon to open its doors to its future unit owners is The Residences at The Westin Manila Sonata Place, a premium condominium situated at the heart of the Ortigas Center, built to give you a home attuned to your needs.

Get to know what made this property a one-of-a-kind development and how this will enable you to live well every day.

The Westin Home

Having The Residences at The Westin Manila Sonata Place as your address means experiencing a convenient and comfortable life at the heart of a vibrant city.

Location-wise, this property is in close proximity to multiple essential establishments like the different corporate headquarters, commercial centers, medical facilities, academic institutions, hotels, and government offices.

It also has a number of one to three-bedroom units and penthouse suites, all detailing expansive areas for living, dining, kitchen, and bedroom. To make these home spaces better for residents, each unit is equipped with branded and high-end deliverables, including Gaggenau kitchen appliances, Leicht kitchen cabinets, and Duravit and Hansgrohe toilet and bath fixtures.

Artist Perspective. Grand lobby for a hotel-like living experience.

To further elevate life here at The Residences at The Westin Manila Sonata Place, homeowners can also enjoy hotel-quality offerings in the form of a la carte services such as housekeeping, in-residence dining and spa, and pet services. In addition, 24-hour concierge and pool and gym attendants are part of the extended hotel services to bring ultimate pampered city-living to its residents.

The Westin Life

Westin is a brand known worldwide for its luxurious way of living. For its residences, that means empowering people to live a life in perfect balance and be at their best. The Residences at The Westin Manila Sonata Place upholds this promise.

This premier development provides all the comfort and conveniences expected of a Westin home. First off, The Residences at The Westin Manila Sonata Place features multiple luxuries found inside every unit. Completing these are the equally upscale facilities found at The Haven, the property’s four-level amenity zone. All these are anchored on the brand’s six pillars of wellness, enabling living well inside a Westin residence.

To live well, you need to experience a sound, restful sleep every day. This is the ‘Sleep Well’ pillar made possible by the signature Westin Heavenly® Bed found inside each unit, complete with plush pillows and custom-pillow top mattress.

‘Eat Well’ is another essential pillar to living a healthy lifestyle and something The Residences at The Westin Manila Sonata Place takes seriously. As a resident of this property, you are given access to the multiple hearty dishes and beverages prepared by the SuperFoodsRx Menu™ and The Westin Fresh by the Juicery. At the same time, kids can savor the medley of curated meals made by SuperChefs™.

Artist Perspective. Keep an active lifestyle with the property’s premium Fitness Center.

‘Move Well’ is the next pillar dedicated to those who want to keep an active lifestyle. The Residences at The Westin Manila Sonata Place makes this goal achievable with its Westin WORKOUT™ Fitness Studio and RunWESTIN Concierge™, along with other premium amenities such as the indoor lap pool and move studio.

Working individuals can also find comfort with The Tangent™ at Westin, a rentable workspace offered to the residents for safe and productive meetings. In addition, a business lounge and functions rooms are made available for the residents – all to bring the ‘Work Well’ brand promise to life.

For kids and kids at heart, the ‘Play Well’ pillar can be enjoyed through the property’s five-star leisure amenities such as the Game Room, Playhouse, and Private Theater, to name a few. They can also enjoy the other leisure and bonding facilities offered by the nearby hotel, The Westin Manila Sonata Place.

Lastly, the ‘Feel Well’ pillar starts from the moment you arrive at your Westin home through the mood-lifting botanicals and soothing White Tea scent. The Heavenly Spa by Westin™ service or a calming shower through the signature Heavenly Bath™ in your bathroom are also made available for a more rejuvenating experience.

Proudly Made by Experts

The Residences at The Westin Manila Sonata Place is a luxury residential project by RLC Residences in partnership with Marriott International Inc. Serving as another proof of RLC Residences’ commitment to building beautiful and well-designed homes through its tagline “Raise, Live, Connect,” RLC Residences also worked with international architectural and design consultants to bring to the Philippine landscape the signature Westin brand of residences fit for those looking for a more refined and upscale lifestyle within the city. With all these present, The Residences at The Westin Manila Sonata Place undoubtedly raises the standard of living and allows living a luxurious life while connecting to a world of unmatched opportunities.

Explore what The Residences at The Westin Manila Sonata Place has in store for you. Connect with our Property Specialist today and find out the exciting privileges that await future Westin homeowners. You may also visit our website at www.rlcresidences.com or follow our social media pages at facebook.com/RLCResidencesPH and instagram.com/rlc_residences.

Phuket restricts travel from other Thai regions as COVID-19 cases surge

July 30, 2021 | 2:21 pm

Thailand’s Phuket will ban travel from the rest of the country from Aug. 3 to 16 to try to stop a surge in coronavirus cases from spreading to the resort island, but overseas visitors will be largely unaffected, the foreign ministry said on Thursday.

Phuket is at the heart of efforts to revive Thailand’s tourism industry, a major revenue earner that has been devastated by the pandemic.

Since July 1, tourists fully vaccinated against coronavirus disease 2019 (COVID-19) have been allowed to move freely on the island, with no self-isolation on arrival, an initiative dubbed the “Phuket sandbox.”

Thai Foreign Ministry spokesman Tanee Sangrat said the new travel rules will restrict movement to Phuket from elsewhere in Thailand, meaning foreign visitors who stay on the island will not be affected.

Tourists who have stayed on Phuket for more than 14 days will be allowed to leave for other parts of Thailand and can re-enter Phuket only if they have international flights booked from the island’s airport, Mr. Tanee said.

An order signed by Phuket’s provincial governor said exceptions would also be made for medical supplies and personnel and supplies of fuel, money and food.

Operating hours have been restricted for some venues on Phuket and some have been ordered to close as authorities try to limit any impact from the rise in infections across the country.

Thailand has in the last few months been struggling with its worst COVID-19 outbreak since the start of the pandemic, driven by the highly contagious Delta variant, first detected in India.

The national COVID-19 task force reported 17,669 coronavirus cases and 165 deaths on Thursday, both record highs. It said 21 of the fatalities had died at home.

Hospitals in Thailand’s capital Bangkok and the surrounding provinces are running out of capacity due to the surge in infections. More than 1,200 people are waiting for hospital beds and over 6,000 have called a hotline in the last week requesting treatment, health authorities said.

“We don’t know where to put the sick people anymore, the ER [emergency room] units in many hospitals have to be temporarily closed because they no longer have bed spaces,” Department of Medical Services head Somsak Akksilp told a news conference.

There are more than 37,000 hospital beds, including in makeshift field hospitals, in Bangkok and surrounding provinces, according to the Bangkok Metropolitan Administration.

Thailand won plaudits for containing the coronavirus for most of last year, but authorities have struggled to halt the wave of cases starting in April that has taken total infections to 561,030, with 4,562 fatalities. — Reuters

In fast-warming world, Tokyo is barometer for future Olympics

July 30, 2021 | 12:45 pm

The muggy heat-swaddling Tokyo may be a forerunner of Olympic life to come, experts say, urging a rethink to make the world’s oldest sporting spectacular fit for a fast-warming planet.

The Olympics kicked off in the Japanese capital last week after a year-long delay due to the pandemic, with organizers banning spectators from venues and enforcing a slew of measures to keep the coronavirus at bay.

While worries over coronavirus disease 2019 (COVID-19) have overshadowed other concerns, Japan’s heat and humidity — where temperatures can exceed 35 degrees Celsius — also show how future Games will need to grapple with extremes as climate change bites.

“Tokyo 2020 will serve as a model for future hotter Olympics and other summer sporting competitions,” said Yuri Hosokawa, an expert on sport and heat risks at Japan’s Waseda University.

“Leading up to the Games, many athletes around the world have trained under humid heat to acclimatize their body to the environmental stress they will experience in Tokyo,” she told the Thomson Reuters Foundation.

Tokyo’s mean annual temperature has risen by 2.86°C since 1900, about three times as fast as the world average of 0.96°C, says the British Association for Sustainable Sport.

Ms. Hosokawa said some new heat mitigation measures, such as on-site medical treatment for serious heat stroke, instigated for Tokyo, could help shape how best to compete in oppressive heat.

Forget running fast or jumping high — just watching many outdoor sports is now a feat as climate change brings intense rain and heatwaves, spawning hospitalizations, and canned events.

The Tokyo Games, from July 23 to Aug. 8, coincide with the year’s hottest temperatures in Japan.

Just last Friday, a Russian archer fainted in the heat during a qualifying Olympic round.

On Wednesday, tennis world No. 2 Daniil Medvedev said a player “can die” in the heat that is stifling Tokyo. The sports’ governing body later agreed to delay match start times in response to similar complaints by other players.

‘HEAT ON THE AGENDA’

Hoping to beat the heat, organizers have deployed a host of tools — from mist-spraying stations to cooling vests — as well as handing out salt tablets and ice cream to weary volunteers.

The city, known as an innovation hub, has also deployed tech to help mitigate man-made change: be it roads that reflect heat or pavements that absorb water to stay cool, while moving the marathon and race-walk events to the cooler north.

But climate researchers urged the Olympics authorities to think way further out and change the shape of future summer Games, either by shifting events to cooler seasons, building in more breaks or changing running orders for the fierce weather.

“They have to start putting heat on the agenda. They’re going to have to start thinking about the best time of the year and the best locations to have these events,” said Mike Tipton from Britain’s University of Portsmouth.

Mr. Tipton, a professor of human and applied physiology, said the heat was not only diminishing the elite competitors’ performance but also posed grave health risks.

“People who follow sport should appreciate what climate change is doing to their sport, entertainment, and spectacle. You just won’t have people performing at the same level, in endurance events for example,” he added.

Makoto Yokohari, an advisor to the Tokyo Olympics, said high-tech measures, such as the heat-blocking pavements, could only have “limited” effects and it would be better to postpone.

“When it comes to this combination between the temperature and the humidity, I have been warning that Tokyo is the worst in Olympic history,” said Mr. Yokohari, a professor on green urban planning at the University of Tokyo.

Mr. Yokohari, who has analyzed data back to the 1984 Olympics in Los Angeles, urged the organizers of the next summer Olympics — Paris in 2024 — to act early and address potential challenges.

France saw record heatwaves in 2019, with temperature jumping to a high of 46°C, causing about 1,500 deaths.

“If that happens again… then I’m sure the situation in Paris (2024) will become even worse than Tokyo,” said Mr. Yokohari.

Possible measures: using shade for outdoor events or holding the marathon at midnight when temperatures dip, he added.

ADAPTATION

The International Olympic Committee said in e-mailed comments that it would take into account “flexibility and adaptation to the consequences of climate change” in planning future events.

“A wide range of measures” are being taken by Tokyo to mitigate the heat, it added, such as moving locations for the marathon and shifting start times for others.

Ms. Hosokawa of Waseda University cautioned that delaying the summer Games to cooler seasons may not work as events such as the triathlon and beach volleyball are made for summer.

In future, she said, international sports federations would need to agree on what environmental conditions would lead to automatic cancellation of events or races.

“By knowing the upper threshold, athletes, spectators and stakeholders can train and plan accordingly and share the same expectations,” she added. — Beh Lih Yi/Thomson Reuters Foundation

Duterte fully restores troop pact with United States

July 30, 2021 | 12:08 pm

Balikatan-2018-www.c7f.navy.mil — C7F.NAVY.MIL

President Rodrigo R. Duterte has restored a crucial pact governing the presence of US troops in the Philippines, the two countries’ defense ministers said on Friday, reversing a decision that had caused increasing concern in Washington and Manila.

The Visiting Forces Agreement (VFA) provides rules for the rotation of thousands of USs troops in and out of the Philippines for war drills and exercises. It has assumed additional importance as the United States and its allies contend with an increasingly assertive China.

Defense Secretary Delfin N. Lorenzana said he was unsure why Duterte had reversed himself but made the decision after meeting US Defense Secretary Lloyd J. Austin III in Manila on Thursday.

Mr. Duterte’s decision won’t change much on the ground as the pact had not been terminated but it provides stability for both countries.

“This provides certainty for us going forward, we can do long-range planning and do different types of exercises,” Mr. Austin said during a news conference with his Philippine counterpart.

The Philippines is a US treaty ally, and several military agreements are dependent on the VFA.

Mr. Duterte vowed to terminate the pact after the United States denied a visa to a Philippine senator who is an ally of the president. But he had repeatedly pushed back the expiration date, the last time last month, maintaining it until the end of the year.

For the United States, having the ability to rotate in troops is important not only for the defense of the Philippines, but strategically when it comes to countering China’s assertive behavior in the region.

“[Duterte’s decision] opens up significant possibilities for strengthening the alliance that were otherwise closed,” said Greg Poling, with the Center for Strategic and International Studies.

There are long-standing tensions between the Philippines and China over disputed waters in the South China Sea.

The United States this month repeated a warning to China that an attack on Philippine forces in the South China Sea would trigger a 1951 US-Philippines mutual defense treaty.

There are, however, still questions about Mr. Duterte’s unpredictability.

“Some of the celebration is premature… (the VFA) will continue to be under threat so long as Duterte remains president,” said Aaron Connelly, with the International Institute for Strategic Studies.

Philippine presidential elections are set for 2022 and while Mr. Duterte is barred by the constitution from seeking re-election, his party has been encouraging him to run again for office, as vice-president. — Idrees Ali and Karen Lema/Reuters

PLDT said to weigh $800-million telecom towers sale

July 30, 2021 | 10:58 am

PLDT Inc., the Philippines’ biggest telecommunications and digital services provider by market value, is considering selling its local towers in a deal that could be worth about $800 million, according to people with knowledge of the matter.

The Makati-based company is working with an adviser on the planned disposal, said the people, who asked not to be identified as the process is private. A transaction would involve PLDT selling the towers and then leasing them back, the people said. The company could be seeking as much as $1 billion from a sale, one of the people said.

Transactions involving digital infrastructure such as telecom towers and data centers have been on the rise recently amid global technology rollouts. DigitalBridge Group Inc. this week agreed to buy the data center business of Hong Kong’s PCCW Ltd. for $750 million, while Bloomberg News reported in May that GDS Holdings Ltd. is considering acquiring GLP Pte’s data center operations in a deal that could value the assets at as much as $10 billion.

Deliberations are still ongoing and PLDT can decide to keep the business, the people said. PLDT President and Chief Executive Officer Al Panlilio declined to comment, adding the company is still assessing its options.

PLDT, which has a market value of about P268 billion ($5.3 billion) counts Japan’s Nippon Telegraph and Telephone Corp. and Hong Kong-based investment firm First Pacific Co. among its major shareholders, according to data compiled by Bloomberg. The company’s total mobile subscribers stood at about 72 million by the end of March, while it had about 3.3 million users for its broadband services, its latest presentation shows. — Bloomberg

Philippines to place Manila area in lockdown to curb Delta spread

July 30, 2021 | 10:55 am

LOCKDOWN_03_VARCAS_160321 — Photo by Michael Varcas, The Philippine Star

MANILA – Philippine President Rodrigo Duterte on Friday approved the imposition of lockdown measures in the capital region to prevent the spread of the more contagious Delta coronavirus variant, the presidential spokesperson said.

The Manila capital region, an urban sprawl of 16 cities home to more than 13 million people, will be placed under the tightest quarantine curbs from August 6 to 20, Presidential spokesman Harry Roque said in a televised address. “While it is a painful decision, this is for the good of all.” — Reuters

AllBank and UnionPay International collaborate to boost digital payments in the Philippines

July 30, 2021 | 10:48 am

AllBank (A Thrift Bank), Inc. announced today an exciting partnership with UnionPay International to boost financial inclusion in a digitally driven market. Through this collaboration, AllBank UnionPay cardholders now enjoy the convenience and efficiency of digital payments at popular merchants in The Philippines, and can even shop online in the comfort of their homes. As soon as international travel restrictions are gradually eased, AllBank UnionPay cardholders may simply bring and present their AllBank UnionPay debit cards, cash cards and/or prepaid cards to shop and/or withdraw cash in 180 countries and regions.

In line with its commitment to digitally modernizing banking products and services, AllBank recently launched its Electronic Know Your Customer (E-KYC) facility where customers can conveniently apply for cash cards / debit cards without physically completing bank forms in any AllBank branches. With this innovation, card application may be initiated using E-KYC via AllBank’s Mobile Banking Application that is readily available for download in both android and iOS mobile devices. AllBank commits to further enhance the features of its cards, and introduce contactless payment features through UnionPay’s QuickPass (contactless) payment facility.

Aside from modernizing traditional payments, AllBank will soon expand the features of its digital wallet powered by UnionPay, so that cardholders can conveniently utilize digital payment functions of AllBank’s Mobile Banking Application and enjoy the benefits of UnionPay QR Code Payment across 12,000 acceptance points in the Philippines and at over 30 million merchants around the world.

“We’re very much thrilled to be joining hands with UnionPay International to offer not just traditional card payments but soon to expand the innovative payment experience for our customers.” said Mr. Jesus Vicente Garcia, President of AllBank. “Our vision is to allow our customers to enjoy a seamless banking experience. Our collaboration with UnionPay International will help our expansion strategy and boost consumer adoption, especially during this pandemic,” said Mr. Garcia.

“As a global payment brand that promotes e-Payments by connecting consumers, financial institutions and businesses, UnionPay is pleased to partner with AllBank to enable more consumers in The Philippines to enjoy quick and secure cashless transactions with AllBank UnionPay Debit and Cash/Prepaid Cards. This collaboration is also in line with our vision to promote financial inclusion in the country. In addition to card payment, AllBank customers can soon enjoy the convenience of making UnionPay QR Code payment both locally and abroad when the AllBank Mobile Banking app is enhanced to read UnionPay QR Code,” said Mr. Qing Zhang, Senior Country Manager, UnionPay Philippines.

ABOUT UNIONPAY INTERNATIONAL

UnionPay International focuses on the growth and support of UnionPay’s global business. In partnership with more than 2,400 institutions worldwide, UnionPay International has enabled card acceptance in 180 countries and regions with issuance in 70 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.

ABOUT ALLBANK (A THRIFT BANK)

AllBank (A Thrift Bank), Inc. is in the business of providing specialized financing products and services to working-class Filipinos and business owners. AllBank’s fundamental goal is to play a vital role in the development, not only in the communities that its branches call home, but also the businesses that surrounds it.

AllBank offers services and highly competitive products that yield better returns compared to other banks. Banking is never a chore due to its top-notch customer service innovations.

Currently, AllBank has 17 Branches and 30 ATM Terminals operating all over Luzon servicing its more than 25,000 account holders across the country. AllBank also offers 34 different products and services to its customers and its market – the working-class individuals, as well as Entrepreneurs, Business Organizations, and Micro, Small, and Medium Enterprises (MSMEs).

Providing extended banking services for the convenience of its customers, AllBank has commenced its transformation towards Digital Banking. To date, AllBank already has 11 digital banking products and services, with over 12,000 users across the country.

Accenture rolls out CSR projects

July 30, 2021 | 10:34 am

Accenture_Louise_Sabariaga — Image via Accenture

Accenture Philippines recently partnered with Caritas Manila, Philippine Business Social Progress (PBSP), and Philippine Business for Education (PBEd) to implement corporate social responsibility projects that will, respectively, address food security, support livelihood training, and digitally upskill Filipinos.

These programs, detailed in a virtual event on Tuesday, are part of the P240-million pledge that Accenture made this May to help local communities amid the coronavirus disease 2019 (COVID-19) pandemic.

Through social service ministry Caritas Manila, Accenture will distribute gift vouchers to 180,000 Filipino families to help provide for their everyday needs. It will also oversee a six-month feeding program for 5,000 malnourished children in communities in the National Capital Region and nearby cities.

“Malnutrition affects brain development… We have to save them before they reach 9 years old, else the damage is permanent,” said Fr. Anton T. Pascual, Caritas Manila’s executive director, adding that 1 in 3 Filipino children five years old and below is malnourished.

The project with PBSP entails upskilling 3,000 individuals. The corporate-led social development foundation also provides livelihood training and assistance to about 14,000 families and 1,300 individuals through other programs.

Accenture’s partnership with PBEd, meanwhile, is a volunteer-based community program called Kiddie Train that aims to teach 1,000 public school students from kindergarten to grade 3, as well as bring them up to speed with the reading, math, and science curricula. The program, which will pilot in Cebu in the next few weeks, includes the distribution of 1,000 tablets to students and teacher-facilitators to ensure continued learning.

“At the household level, things are worrying. A 2020 Pulse Asia survey found that 1 out of 4 parents say their children are not learning enough,” said Lovelaine B. Basillote, executive director of PBEd.

Apart from these projects, Accenture also has nine digital platforms that allow employees to volunteer virtually and share their skills. Thus far, more than 3,800 employees have spent around 10,000 hours upskilling Filipino youth, teaching children how to code, and mapping areas for disaster relief, among others.

“With the support of our volunteers, we are on track… with our upskilling programs, despite the challenges that the pandemic brings,” said Louise G. Sabariaga, Accenture Philippines’ corporate citizenship executive sponsor, in a press statement. “We have also recalibrated our volunteering programs so that our employees are able to pursue their passion to make a difference in their own way.” — P. B. Mirasol

UnionBank is the Philippines’ foremost bank for SMEs, wins SME Bank of the Year 2021 at Asian Banking & Finance awards

July 30, 2021 | 10:00 am

Union Bank of the Philippines (UnionBank) was recently named SME Bank of the Year Philippines 2021 at the Asian Banking & Finance (ABF)’s Retail Banking Awards 2021. This distinction further validates UnionBank as the country’s foremost Bank for SMEs.

“Financial institutions that didn’t back down from the challenge and have adapted amidst the crisis have proved to be on the top of the industry. Asian Banking & Finance awards aim to recognize these exceptional firms and challenge them to provide top-tier products and services to their clients as we continue to move forward into the new normal,” said Tim Charlton, publisher of Asian Banking & Finance magazine.

This is the second time around that Asian Banking & Finance has recognized the Bank with this much-coveted award, the first time being in 2019 when it was honored for successfully enhancing SMEs’ competitiveness in the domestic and global markets by co-creating with them — building an SME package or a suite of banking products essential to operate their business.

SMEs have always been faced with the host of growth challenges including managing and enabling financial transactions, access to credit, and expanding their reach. These challenges have been aggravated by the COVID-19 pandemic which brought about substantial impact on SME clients since the lockdown in March 2020.

Prior to COVID, UnionBank has already laid the groundwork to address these challenges by introducing an MSME Banking Hub.

The first-to-market UnionBank SME Business Banking app came at the perfect time in 2020 to cater to the shifting needs of SMEs by offering the widest range of digital options and functionalities in managing their financial transactions such as: the first bank to introduce mobile check deposits which was most used feature during the lockdown due to the protocols set by the government; and first bank in the country to introduce Digital Account Opening for SMEs. In addition to this, there was a significant increase of banking customers coming from the platform, with a total of 71% new SME Business and Personal accounts from 2020 up to June 2021, contributing a total additional growth of 50% in deposit balances and another 50% additional growth in loans.

The app also has the most extensive list of government and utility billers for bills payment, local and international batch bank transfers, setup of customized and complex approval flows, batch account opening and management of payroll accounts, and a single log-in for all enrolled companies and subsidiaries.

It includes a payment gateway feature beneficial for SME owners to create a unified payment solution for easy collection. With a simple link, customers may pay through channels such as Visa and Mastercard. Other payment options to be included are Instapay, over-the-counter, digital wallets, UnionBank online, among many.

To address the needs for more access to credit, UnionBank Business Loan via the SeekCap platform offers a convenient and straight through digital application process, allowing SMEs to get a credit decision within 5 minutes/less. This is possible with the aid of APIs which pull data in real-time and feed into our credit scoring algorithm which is continuously enhanced through machine learning.

Lastly, UnionBank GlobalLinker, an AI-powered digital platform entirely dedicated to SMEs who can use the platform free of cost, transforms the way the Bank serves and supports SMEs.

It allows SMEs to expand networking reach, increase learning capabilities, and improve their digital presence by creating fully digital stores. UnionBank has conducted over various webinars to utilize the platform and expand SME’s learning opportunities. It has reached a total of 60,000 SMEs on the platform, enabling affinity partners where communities of SMEs are onboarded to the platform with help and promotions of key organizations such as the Department of Trade.

The Bank has also digitized the supply chain through its Financial Supply Chain platform, the first blockchain-enabled financial supply chain in the country. The platform provides financing products to supply chain ecosystems at scale through risk mitigation, security, and automation.

UnionBank’s continuing efforts in helping MSMEs have not gone unnoticed as it garnered these awards from Asian Banking & Finance as well as from Asiamoney with the Best Bank for SMEs award citing that by helping bring these companies into the financial system, the Bank is making an admirable contribution not just to its own bottom-line but to the future of its country.

“This pandemic emphasizes that all of us must have a higher purpose than just ‘profit’. For us at UnionBank, this greater-purpose is to extend banking and financial services to the mass market and the unbanked, via best-in-class digital and physical channels, so that they can be ‘digitally transformed’ and future-ready. We will continue to support MSMEs so they can be globally competitive in this new digital age as we continue our efforts to ‘Tech Up Pilipinas’ while pioneering innovations for a better world,” said UnionBank President and CEO Edwin R. Bautista.

Debt climbs to new high of P11.2T

July 30, 2021 | 12:35 am

THE NATIONAL Government’s outstanding debt inched up to a new high of P11.166 trillion at the end of June, amid an increase in foreign borrowings to finance the pandemic response.

Preliminary data from the Bureau of the Treasury (BTr) showed the National Government’s debt stock rose by 0.9% from its end-May total of P11.07 trillion. This is also 23% higher than the P9.054-trillion outstanding debt a year ago.

Since the start of the year, the debt pile grew by 14% from P9.795 trillion, as the state borrowed P1.371 trillion.

Of the total, local debt accounted for 71%, while 29% were external borrowings.

As of end-June, outstanding local borrowings reached P7.938 trillion, a tad higher than the P7.916 trillion logged in May after the BTr increased its borrowing program for the month.

Overall government securities grew by 0.3% to P7.398 trillion from the previous month, but 25.6% higher from a year ago.

The local debt stock included a P540-billion loan from the Bangko Sentral ng Pilipinas (BSP).

External debt, on the other hand, jumped 2.3% to P3.23 trillion from the previous month.

“The increase in external debt was due to the impact of local-currency depreciation against the US dollar amounting to P64.86 billion and net availment of foreign loans amounting to P25.52 billion. These were tempered by the P18.27-billion decrease in the peso value of debt denominated in other currencies such as the EUR (euro) and JPY (Japanese yen) due to currency appreciation,” the BTr said.

Foreign debt rose by 12.7% from P2.864 trillion a year ago. This was broken down into P1.42 trillion in foreign loans and P1.81 trillion in global bonds.

The debt stock rose further as the government has to plug its widening budget deficit as the pandemic continued, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said.

“Increased government spending especially on infrastructure to help pump-prime the economy as a major pillar of the economic recovery program also led to wider budget deficits and some pick up in outstanding government debt recently,” he added.

Meanwhile, overall guaranteed debt rose month on month by 2.8% to P438.6 billion as of end-June, but 4.7% lower than the P460 billion as of June 2020.

The BTr attributed the increase to the P11.07-billion freshly acquired guarantees and the P3.98-billion impact of local-currency depreciation, which were partly offset by third-currency exchange rate fluctuations and debt repayments.

Mr. Ricafort said the government’s debt pile will continue to increase in the coming months as public spending rises, especially on infrastructure and ahead of the May 2022 national elections.

“The budget deficit-to-GDP (gross domestic product) and debt-to-GDP ratios of the Philippines have been relatively lower compared to some countries in ASEAN/Asia amid fiscal discipline in view of limited government funds allowed under the law for any additional stimulus measures.”

The government planned to raise P3 trillion this year from domestic and external lenders to help fund its budget deficit seen to hit 9.3% of GDP.

The country’s debt level is expected to reach 59.1% of GDP by year’s end, from 54.6% as of end-2020 and 39.6% as of-end 2019. — Beatrice M. Laforga

Auto industry’s uncertainties eased after tariff investigation report

July 30, 2021 | 12:34 am

cars-vehicle-traffic — PHILIPPINE STAR/ MICHAEL VARCAS

AUTOMAKERS are facing less uncertainty following the Tariff Commission’s recent finding that there is no basis for the imposition of safeguard duties on vehicle imports.

“The final report issued by the Tariff Commission finding that there is no basis for the imposition of safeguard duty has put to rest the uncertainties brought about by the petition,” Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) President Rommel R. Gutierrez said in a Viber message on Thursday.

The Tariff Commission in its final report released on July 23 said that it recommends that no safeguard measures be imposed on imported completely built-up units of passenger cars and light commercial vehicles.

The cars subject to investigation were not imported in increased quantities and therefore could not seriously injure local groups, the commission said.

Mr. Gutierrez said that the chamber commends the process done by the Department of Trade and Industry (DTI) and the Tariff Commission (TC) in responding to the petition filed by Philippine Metal Workers Alliance (PMA) for safeguard measures.

“The automotive manufacturing sector will continue with its strong collaboration with the government in its efforts to sustain local production of vehicles and address the concerns of various stakeholders,” he said.

The investigation was prompted by autoparts labor group PMA’s petition for safeguard duties on car imports, claiming a decline in local employment after a surge in imports. The Safeguard Measures Act or Republic Act No. 8800 allows domestic producers to ask the government to conduct an investigation into their import competitors if they claim to have been injured by excessive imports.

In response, the DTI earlier this year imposed 200-day provisional duties on car imports to protect local jobs, while the Tariff Commission conducted its own investigation.

Legal teams representing car firms and industry groups affected by the duties in February questioned the labor group’s ability to represent the car industry, given that the domestic manufacturers themselves oppose the duties.

But PMA said that it is a legitimate stakeholder in the car industry because it represents workers made vulnerable by disruptions in the production process. According to the Tariff Commission’s final report, PMA is a “juridical person belonging to the motor vehicles industry.”

PMA has not yet responded to the Tariff Commission’s conclusions, while the DTI said it is studying the report.

Car sales increased 44.8% to 22,550 units in June compared with 15,578 in the same month last year, a joint report from CAMPI and Truck Manufacturers Association (TMA) said.

The car industry could recover to pre-pandemic sales as late as 2023, Mr. Guttierez said earlier this year. The best-case scenario for the industry in 2021, he said, is 30-35% sales growth, although the provisional safeguard duties on imported cars could lower growth to 20-25% compared with last year’s figure. — Jenina P. Ibañez

PSE eyes REITs from smaller property firms

July 30, 2021 | 12:33 am

THE PHILIPPINE Stock Exchange (PSE) is hoping that more property developers, even small- and medium-sized firms, will consider entering the real estate investment trust (REIT) market.

“We are pushing for this REIT product not only for the big real estate developers, but we wanted to target the medium and even the small property developers so that they could recycle their capital and invest,” PSE President and Chief Executive Officer Ramon S. Monzon said at a virtual forum on Thursday.

The local bourse maintains a “robust” pipeline for the second half of the year.

“So far, applications have been filed with the PSE for capital-raising activities amounting to P141.8 billion or $2.8 billion,” Mr. Monzon said.

Three REIT companies, namely Filinvest REIT Corp., RL Commercial REIT, Inc., and MREIT, Inc., are planning to launch initial public offerings (IPO) this year.

Meanwhile, Del Monte Philippines, Inc. is planning to conduct an IPO worth P44 billion, while Jollibee Foods Corp. and Sta. Lucia Land, Inc. are also preparing follow-on offerings.

Capital raised at the local bourse in the first six months of the year amounted to P122.46 billion, already exceeding the capital raised for the whole of 2020 at P103.76 billion.

The PSE is also looking to introduce new products and services in the second half of the year, such as short selling and developing two new indices, to boost market liquidity.

“We’re trying to still follow-up the approval [from our regulators for] our short selling product, which I believe will be key to attracting foreign investors back to our market,” Mr. Monzon said.

The PSE is waiting for the Bureau of Internal Revenue to approve the Global Master Securities Lending Agreement.

The PSE is also waiting for the Securities and Exchange Commission to approve the offshore collateral request of foreign investors, and the Philippine Depository & Trust Corp.’s application as securities lending agent.

“We will also be increasing our sector classification to comply more with global benchmarks, we shall also be developing two additional indices,” Mr. Monzon.

It aims to launch is the mid-cap index and a high-dividend index. Meanwhile, an environment, social, and governance (ESG) sub-index is planned for 2022. — K.C.G. Valmonte

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