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IMI cuts losses despite supply challenges

Integrated Micro-Electronics, Inc. (IMI) swung to a $6.24-million net loss attributable to equity holders of the parent company in the third quarter from a $9.1-million profit $9.64-million profit during the same period in 2020, citing challenges arising from the global supply chain snarls and lockdown restrictions.

In a statement, the manufacturing arm of AC Industrial Technology Holdings, Inc. reported revenues from its contracts with customers went up two four percent to $326.41 million during the July to September period.

“We are still navigating through turbulent waters, but we see an easing of the supply chain challenges in the second half of 2021,” Jerome S. Tan, president and chief operating officer of IMI, said in a statement on Friday.

“Through rigorous collaboration with customers and suppliers, our order books remain robust with high levels of customer demand,” he added. “IMI continues to build its pipeline by winning new projects that should allow us to improve performance as soon as the supply chain finds its balance.”

The company said new program wins for its wholly owned businesses reached an annual revenue potential of $254 million in the first six months, already exceeding what it booked for the entire 2020.

Revenues for wholly owned businesses amounted to $247 million in the April-to-June period. The company noted a revenue backlog due to longer component lead times, forcing the delay of several projects.

“Margins are likewise challenged by efficiency and logistic expenses, particularly with expedited freight costs required to meet customer demand,” IMI said.

Meanwhile, non-wholly owned units generated $72 million for the quarter.

“For the past several months, VIA Optronics had been building up its capabilities and talent pool in preparation for the start of mass production of key automotive projects,” IMI said, adding that one of the projects is anticipated to ramp up in the next three months as a new manufacturing plant opens in Germany.

For the first half, IMI swung to profitability with a net income of $915,000 from last year’s loss of $21.53 million. Meanwhile, revenues grew by 36% to $646.56 million from $476.18 million.

On Friday, shares of IMI at the stock exchange closed unchanged at P8.90 apiece. — Keren Concepcion G. Valmonte

Apex Mining profit up 9.1% on higher metal prices

APEX MINING Co., Inc. recorded a 9.1% year-on-year increase in its second-quarter net income attributable to parent firm equity holders to P210.05 million due to higher metal prices.

The listed mining firm said in a stock exchange disclosure on Friday that its revenues for the quarter reached P1.54 billion, up 86.4%. Gold revenues accounted for P1.43 billion of the total while silver revenues took up the remaining P111.46 million.

Gold sales volume for the quarter rose 79.1% to 16,285 ounces while silver sales were up 0.3% to 47,908 ounces.

Further, the company said realized gold and silver prices for the quarter rose 5.3% and 55.2% to $1,800 per ounce and $26.38 per ounce, respectively.

Due to higher sales, cost of production for the period also rose 157.2% to P1.05 billion from P407.28 million.

For the first six months of the year, Apex Mining registered a 56.6% increase in its attributable net income to P488.86 million. Consolidated revenues in the first half rose 53.7% to P3.09 billion. Gold revenues contributed P2.87 billion of the total while silver revenues shared P214.47 million.

Prices of gold for the first half rose 8.7% to $1,776 per ounce while silver prices climbed 52.8% to $25.63 per ounce.

Gold sales volume reached 33,336 ounces while silver sales totalled 172,662 ounces in the first half of 2021, an improvement from the 23,008 ounces of gold and 125,635 ounces of silver sold last year, due to the availability of logistics amid the pandemic.

The company’s total cost of production for the January-June period rose 64.8% to P2.11 billion from P1.28 billion the previous year due to higher costs for materials used in mining and milling.

Shares of Apex Mining at the stock exchange fell 2.94% or five centavos to end at

P1.65 apiece on Friday. — Revin Mikhael D. Ochave

Holcim swings to profit as sales soar by 65%

BW FILE PHOTO

Holcim Philippines, Inc. posted a net income of P721.39 million in the April-to-June period, reversing its P87.71 million loss in the same period last year as sales surged following the resumption of construction activity.

In a disclosure to the exchange on Friday, the company said it also recorded a 65% net sales growth in the second quarter, generating P6.86 billion this year from P4.15 billion “as demand and prices recovered with the rebound in construction activity.”

“Aside from delivering outstanding results, we also helped our partners build greener, smarter, and for all,” Holcim Philippines President and Chief Executive Officer Horia Ciprian Adrian said in a statement on Friday.

The company said it consumed over 208,000 tons of wastes as its alternative fuels and raw materials in its plants.

Earlier this month, Holcim Philippines inked an agreement with Sinoma CBMIPH Construction Corp. to create drying facilities at its cement plants in Bacnotan in La Union and in Lugait, Misamis Oriental.

This will help the plants reduce fuel consumption and increase cement production, the company said.

“We are also making huge strides in innovation and digitalization with our Easybuild digital platform now used by 99% of our customers for a better experience in transacting with us particularly in placing orders and monitoring deliveries,” Mr. Adrian said.

For the first semester, the company saw its profit improve by nearly four times to P1.63 billion from P413.83 million. Meanwhile, net sales rose by 20% to P13.66 billion from P11.42 billion in the same period last year.

Shares of Holcim Philippines went down by 1.24% or eight centavos on Friday to close at P6.35 apiece. — Keren Concepcion G. Valmonte

Duterte keeps military pact with US

PHILIPPINE STAR/KRIZJOHN ROSALES

President Rodrigo Duterte has restored a military pact with the US on the  deployment of troops for war games, reversing a decision that had caused concern in Washington and Manila. 

His decision to keep the visiting forces agreement (VFA) upholds the Philippines’ “strategic core interests,” his spokesman Herminio L. Roque, Jr. said in a statement on Friday. 

He also cited the clear definition of Philippine-US alliance as one between sovereign equals and the clarity of the US position on its obligations under the MDT Mutual Defense Treaty 

The visiting forces agreement provides rules for the rotation of thousands of US troops in and out of the Philippines for war drills. It has become more important as the United States and its allies contend with an increasingly assertive China. 

Mr. Duterte last year said he was canceling the pact after the US Embassy caneled the visa of his former police chief now Senator Ronald M. de la Rosa. He had suspended the cancelation several times amid a coronavirus pandemic. 

Philippine Defense Secretary Delfin N. Lorenzana said he was unsure why Mr. Duterte had reversed himself, but made the decision after a Thursday meeting with US Defense Secretary Lloyd Austin in Manila. 

The US EMbassy in Manila said the VFA enabled a broader alliance and strengthened security for both nations, as well as the rules-based order that benefited all nations in the Indo-Pacific.  

“A strong, resilient US-Philippine alliance will remain vital to the security, stability, and prosperity of the Indo-Pacific,” Mr. Austin said in a statement released by the embassy. 

“If the VFA will have new terms, then that is a new treaty which must be concurred in by the Senate,” Senator Aquilino Pimentel III said in a Viber message. “Since there is no announcement that there is a new VFA treaty, then we assume that what has been continued is the existing VFA.” 

“We should welcome all efforts to shore up relations with other countries, especially with our allies, as only through global cooperation can we survive from this world-wide crisis,” Leyte Rep. Ferdinand Martin G. Romualdez said in a statement. 

He said keeping the VFA would help strengthen bilateral cooperation between the two countries especially during the pandemic. 

Muntinlupa Rep. Rozzano Rufino B. Biazon said Mr. Duterte’s retraction would benefit national security through “continuing cooperation with our long-standing ally” especially on matters involving the sea dispute with China. 

Members of the Makabayan bloc slammed the decision, seeing it as a move to get the US to support Mr. Duterte in the elections next year. 

“He was not really bent on abrogating the VFA,” Bayan Muna Rep. Carlos Isagani T. Zarate said in a statement. 

“If at all, the prior threat to abrogate is even one way also for President Duterte to appease the United States government and court its favor behind his political plans and for his selected successor in the 2022 elections,” he added. — Bianca Angelica D. Añago, Alyssa Nicole O. Tan and Russell Louis C. Ku 

350 more Filipinos come home

DFA

The Department of Foreign Affairs (DFA) brought home 350 more Filipinos who got stranded in Dubai amid a coronavirus pandemic, it said in a statement on Friday. 

The announcement followed Foreign Affairs Secretary Teodoro L. Locsin, Jr.’s promise that DFA would use its resources to “bring them all home.” 

All repatriates received P10 thousand in aid. They also went through medical protocols and quarantines upon arrival. 

The agency has brought home 3,350 distressed Filipinos from the UAE since the health crisis started last year. 

Meanwhile, the World Health Organization (WHO) asked local governments to double efforts to vaccinate more senior citizens given the threat of a more contagious Delta coronavirus variant. 

In a statement, WHO Philippines said only a quarter of senior citizens have been fully vaccinated, and only 35% have received their first dose. 

Also on Friday, Senator Franklin M. Drilon pushed for the creation of a law that will bar unvaccinated Filipinos from leaving their homes. 

In a statement, the lawmaker said escorting unvaccinated citizens back to their homes is a reasonable exercise of police power to protect public health. 

“In its exercise of police power, the government can impose regulations to promote the general welfare and public interest, including public health,” he said. “That said, the law must be reasonably necessary to accomplish the government’s purpose, and it must not be arbitrary or oppressive.” 

But Senator Aquilino L. Pimentel III said those unwilling to get vaccinated should not be punished because that is their right. “What did these unwilling people do wrong? Nothing at all.” 

The Commission on Human Rights earlier said unvaccinated people should not be discriminated against. — Alyssa Nicole O. Tan and Bianca Angelica D. Añago 

New SC justice applicants named

PHILSTAR

The Supreme Court (SC) has released a list of the 11 applicants vying for the associate justice position. 

Of the 11 applicants, two are from outside the Judiciary, namely Commission on Elections chief Antonio T. Kho, Jr. and Finance Undersecretary Antonette C. Tionko.  

The other applicants are Apolinario D. Bruselas Jr., Amparo M. Cabotaje-Tang, Ramon A. Cruz, Japar B. Dimaampao, Geraldine Faith A. Econg, Jose Midas P. Marquez, Ronaldo Roberto B. Martin, Maria Filomena D. Singh, and Raul B. Villanueva. 

Meanwhile, President Rodrigo R. Duterte has approved the appointment of Jose C. Faustino, Jr. as the new chief of staff of the Armed Forces of the Philippines. 

In a July 29 letter to Defense Secretary Delfin N. Lorenzana made public on Friday, the presidential palace said his appointment would take effect on Saturday. — Bianca Angelica D. Añago

Convicted drug lord dies

A convicted drug lord has died of various illnesses, jail officials said on Friday.  

Vicente Sy died after a cardiac arrest while waiting to be admitted at a hospital in Muntinlupa City, the Bureau of Corrections told reporters in a VIber message. 

Before that, he had difficulty breathing and suffered a stroke. 

Mr. Sy is a witness against Senator Leila M. de Lima, who is facing drug traffkcing charges. 

Justice Secretary Menardo I. Guevarra said Mr. Sy had testified in the criminal cases and had been cross-examined. “His death will not have any impact on the prosecution of the cases,” he told reporters in a Viber group message. — Bianca Angelica D. Añago 

Bicol Int’l Airport expected to launch day operations by Oct. 7

The Transportation department said Friday that the Bicol International Airport, which is now 90% complete, is expected to start day operations on Oct. 7. 

“With non-stop construction ongoing, the Bicol International Airport will be technically operational for commercial aircraft for day operations by 07 October 2021 and will be night-rated by 04 November 2021,” the department said in a statement. 

Transportation Secretary Arthur P. Tugade expressed confidence that the airport project will be completed by September.   

Civil Aviation Authority of the Philippines (CAAP) Director General Jim C. Sydiongco said: “To safely operate the airport, the Department of Transportation and CAAP will continue to be steadfast in pushing for the finalization of (the) necessary activities, not only to support the administration’s Build, Build, Build program, but also to achieve our goal of providing a safer and more comfortable travel experience to Filipinos.” 

Mr. Tugade led the inspection of the airport Friday.  

“Among the facilities inspected were the gateway’s runway lights, arrival area, check-in counters, and pre-departure area,” the Transportation department said. 

The airport lies in the shadow of Mayon Volcano, which officials hope can be promoted as a scenic gateway to the region. 

“The Bicol International Airport is expected to accommodate a total of 2 million passengers per year once it is fully operational,” the department said. – Arjay L. Balinbin 

Exporters want freeze on cargo-handling rate increase, mandatory container weighing

The Philippine Exporters Confederation, Inc. (Philexport) and Export Development Council (EDC) said Friday that the Philippine Ports Authority (PPA) needs to defer approval of a petition for an increase in cargo handling tariffs and passenger terminal fees at the Manila North Harbor.

In a statement, Philexport and EDC also said the PPA should “suspend the mandatory weighing of export containers for the sake of small exporters and enterprises.”

Philexport said a written request has been sent to PPA General Manager Jay Daniel R. Santiago.

The group said the letter “warned that approving the rate hike now and allowing the mandatory weighing of export containers to continue will further add to the difficulties faced by micro, small and medium enterprises and exporters.”

EDC and Philexport said approval of the rate increase requested by the Manila North Harbor Port, Inc. should be postponed “until the required Regulatory Impact Assessment to determine the regulatory burden of the proposal can be conducted.”

They added that the agency should “waive its share in the cargo handling fee to resolve the ‘conflict of interest’ issue around PPA and enhance the competitiveness of the economy.”

The PPA had yet to respond to a request for comment at deadline time.

Virtual public hearings on the petition of the Manila North Harbor Port have been scheduled, with all concerned parties invited to attend the hearing. – Arjay L. Balinbin

PAGCOR returns to profit in first half

The Philippine Amusement and Gaming Corp. (PAGCOR) booked a net profit of P79.07 million in the first half of the year, turning around from a year-earlier loss following cost cuts. 

PAGCOR reported a P1.596-billion net loss a year earlier, citing the effects of the 2020 lockdown which saw the suspension of gaming operations.  

Gross income from gaming operations dropped 19.89% to P14.775 billion, missing the P16.988-billion target by 13.03%. 

The government-owned and -controlled corporation, which is required by law to remit 50% of its profits to the national government, remitted P6.988 billion to the Treasury in the first half of 2021, down 19.96% from a year earlier. 

In the first half of 2021, PAGCOR also paid a 5% franchise tax amounting to P738.757 billion, down 19.89% from a year earlier.  

It also remitted P30 million to the Dangerous Drug Board as part of its obligations under Republic Act 9165. 

Excluding gaming taxes and its contributions to the National Government, net gaming income slumped 16.51% to P8.125 billion. 

Meanwhile, expenses in the six months to June fell 29.3% to P7.99 billion.  

Expenses fell for maintenance and other operating expenses, which declined 32.72% to P1.729 billion. 

In May, PAGCOR assistant vice-president for offshore gaming and licensing Jose S. Tria, Jr. said the company expects to collect P7 billion in fresh revenue, assuming eight operators relaunch their businesses as scheduled. - Luz Wendy T. Noble 

Lacson sees Senate passing budget before year ends; to flag unvetted ‘insertions’

A SENATOR with a track record of flagging budget bills for insertions of pork said he expects the P5.02 trillion spending plan for 2022 to clear the Senate before Congress takes its yearend break in December. 

“While we are inside the Senate and assuming our duty as senators, we will be legislators first and foremost,” Sen. Panfilo M. Lacson said in a statement, dismissing any potential distractions posed by preparations for the May 2022 national elections. 

Senate President Vicente C. Sotto III said Wednesday that he also expects prompt passage by the chamber if the House transmits the spending plan to the Senate by Oct. 1. 

The Development Budget Coordination Committee has set the expenditure ceiling for the 2022 National Expenditure Program (NEP) at P5.024 trillion, up 11.5% from a year earlier. 

Mr. Sotto has said that given the ever-larger amounts being devoted to the budget, “we truly need to be clear about where the money will be used.” 

Mr. Lacson said if he believes projects are “inserted” into the budget without proper planning preparation, and without assurances that the agencies can implement them properly, he will call for officials to be questioned in executive session if necessary. 

“What is unacceptable is that projects that did not go through planning and vetting are inserted into the budget bill, and there is no way for the implementing agency to determine if the project will not be substandard,” he said. 

Mr. Lacson said he will seek to examine closely spending plans for vaccines, research and development, and local government units. — Alyssa Nicole O. Tan 

Agricultural losses from Fabian, monsoon now at P615.72-M

FARM damage caused by the southwest monsoon, enhanced by Typhoon Fabian (international name: In-Fa) rose to P615.72 million from the prior estimate of P533.54 million, the Department of Agriculture (DA) said.   

In a July 29 bulletin, the DA’s Disaster Risk Reduction and Management Operations Center said those affected totaled 24,596 farmers and 30,916 hectares of farmland in Cordillera Administrative Region (CAR), Ilocos, Central Luzon, Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon), Mimaropa (Mindoro, Marinduque, Romblon, and Palawan), Bicol and the Western Visayas.  

“The volume of production loss is at 9,777 metric tons (MT). Affected commodities include rice, corn, high value crops, livestock and poultry, fisheries, and agri-infrastructure. Likewise, other affected regions are also conducting their validation of damage and losses,” the DA said.   

Losses to rice amounted to P502.6 million, with 7,726 MT of lost production volume and 29,052 hectares of affected farmland.   

Damage to corn hit P38.41 million. Some 1,332 MT of production volume was lost while 580 hectares of farmland sustained damage.   

Losses to high-value crops were estimated at P47.85 million, with 719 MT in lost volume lost and 1,288 hectares affected.   

Damage to fisheries amounted to P14.17 million while losses to agricultural facilities totaled P9.50 million, and to livestock and poultry P3.16 million. – Revin Mikhael D. Ochave 

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