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PSE warns of fake blockchain investment solicitation agent

BW FILE PHOTO
PSE reiterates that it does not sell or promote cryptocurrencies. — BW FILE PHOTO

THE Philippine Stock Exchange, Inc. (PSE) is warning investors of a fake blockchain investment solicitation program offered by an individual posing as a member of a team created by the local bourse.

“The PSE reiterates that it does not sell cryptocurrencies and that its employees or agents do not promote, for purposes of investment, any specific stock, investment instrument or cryptocurrency,” PSE President and Chief Executive Officer Ramon S. Monzon said in an advisory published on Monday.

The PSE received reports of an individual luring investors to create an account through a different website, promising profits of 20% up to 30% or daily returns worth $1,000 to $2,000.

According to the screenshots on the PSE’s advisory, the individual would introduce herself as a member of “the newly established trading project team of [the] PSE” on “blockchain digital currency.”

Her spiel includes mentioning that the team has “cooperated with many banks around the world for many years.”

The person posing as a PSE team member would offer to “arrange” a professional tutor to potential investors for them “to consult how to earn” through the program. She said these “professional mentors lead everyone to freedom of wealth.”

“The PSE reminds the investing public to exercise prudence and due diligence in dealing with social media accounts that purportedly offer investments and represent themselves as employees or agents of the exchange,” Mr. Monzon said. — Keren Concepcion G. Valmonte

SEC calls on financing firms to submit ‘dirty money’ report

THE Securities and Exchange Commission (SEC) is calling on investment houses, financing and lending companies, among others, to accomplish an anti-money laundering and combating the financing of terrorism (AML/CFT) inherent risk assessment data form (AIRDF).

“A risk-based approach to Anti-Money Laundering or Combating the Financing of Terrorism would ensure that the appropriate measures commensurate to those risks are taken in order to mitigate them effectively,” the SEC said.

The regulator said this is so it can “assess the [money laundering or terrorist financing] risks to which covered persons are exposed and understand their AML/CFT risk profile.”

Securities brokers, dealers, and underwriters, investment houses or mutual fund distributors, eligible dealers for government securities, REIT (real estate investment fund) managers, financing firms, and lending companies are required to accomplish the form.

The AIRDF should be accomplished by Oct. 15 and the report will cover the period ending 2020. A link to the AIRDF may be accessed through a link on the SEC’s website.

The report will check on an entity’s products and services, customer profile, its delivery and financial channels, as well as the geographical location of its customers and other parties related to its transactions.

“Failure to comply shall constitute a violation of an order of the Commission implementing a risk-based approach to supervision as provided for in SEC Memorandum Circular No. 26, Series of 2020,” the commission said.

According to the memorandum circular, violations may lead to monetary fines, the issuance of a permanent cease-and-desist order, the suspension or revocation of a firm’s certificate of incorporation. The SEC may also dissolve the corporation or forfeit assets, among others. — Keren Concepcion G. Valmonte

GT Capital unit offers warranty services for used cars

GT Capital Holdings, Inc. said in a statement on Monday that its subsidiary, GT Capital Auto Dealership Holdings, Inc. (GTCAD), inked a joint venture to launch a Japanese automotive warranty provider in the country.

Premium Warranty Services Philippines, Inc. (PWSPI) will be catering to the said growing market in the Philippines, where users of pre-owned cars are left “fending for themselves.”

“Our goal at PWSPI is to help create a more transparent secondary car market that elevates Filipino car owners’ experience when buying and selling pre-owned cars,” said Vince S. Socco, who is the chairman of both PWSPI and GTCAD.

PWSPI is a joint venture between Premium Group Co. Ltd. (PGC) and GT Mobility Ventures, Inc., which is also a partnership between GTCAD and Mitsui & Co., Japan.

Tokyo-based PGC is said to be one of the biggest automotive warranty providers in Japan, holding over a million warranty contracts and 23,500 dealers. The company said it saw an opportunity for growth in the Philippines’ automotive market as more consumers consider secondhand cars.

Mr. Socco is optimistic about the growth of the business as the scale of the secondhand car market in the country “is estimated at more than half a million units annually.”

“This volume is far larger than the market for new vehicles and represents a very significant demand for our services,” he said.

PWSPI will be working with a range of car brands to elevate the experience of buyers, offering a “188-point inspection” on cars as well as a detailed report of the inspection. It will be using “Premium Inspection” to identify eligible vehicles for its warranty services.

“We intend to deliver a much more value-driven experience for both buyers and sellers. We are very pleased to be working with Premium and Mitsui, both leading Japanese companies in delivering world-class service solutions,” Mr. Socco said.

PWSPI will offer services such as checking the state of a vehicle’s engine, body and frame, undercarriage, interior and exterior conditions, and even details on its registration.

It will be collaborating with a network of local service shops and services may be availed of via a proprietary app.

“Initially, PWSPI will work through select online auto portals, used car dealers and financial institutions. It plans to eventually handle direct customer-to-customer transactions and expand its footprint throughout the Philippines,” the company said.

On Monday, shares of parent GT Capital at the stock exchange went up by 1.16% or six pesos to close at P525 apiece. — Keren Concepcion G. Valmonte

More firms seen launching REITs

PHILIPPINE STAR/ MICHAEL VARCAS

By Keren Concepcion G. Valmonte, Reporter

THE SUCCESS of recent initial public offerings (IPOs) of real estate investment trusts (REITs) may encourage more companies to consider offering the investment vehicle, analysts said.

Despite the pandemic, four REIT companies have listed at the Philippine Stock Exchange this year, the latest of which was the Megaworld Corp.-sponsored MREIT, Inc.

“So far, REITs are performing well in the market, except DDMP REIT, Inc. (DDMPR), all of which are posting gains versus their offer price,” Claire T. Alviar, senior research and engagement officer at Philstocks Financial, Inc., said in a Viber message on Saturday.

“This success of REITs entices more firms to tap the REIT market,” she added.

MREIT on Friday debuted at the stock market, with shares closing at P16.70 each from its P16.10 listing price. MREIT raised over P15 billion from its IPO, the second biggest from a REIT so far.

The country’s largest REIT, RL Commercial REIT, Inc. (RCR), raised P23.5 billion last month, while Filinvest REIT Corp.’s IPO generated P12.6 billion in August.

DDMPR made its market debut in March, raising P14.7 billion from its IPO.

Shares in AREIT, Inc., sponsored by Ayala Land, is up nearly 50% from its P27 offer price last year. 

“Philippine REITs are likely to soar and reach new heights with the global economic recovery benefitting the BPO (business process outsourcing) sector growth, enabling high cash yield and capital value appreciation potential for investors that eventually will include long term money holders such as pension funds and insurance companies,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a separate Viber message on Saturday. 

The Philippine Stock Exchange has also encouraged small and medium property developers to consider tapping the REIT market in order to generate capital for their projects.

“This is another way for the sponsors to raise capital that could help for their recovery from the pandemic,” Ms. Alviar said.

However, the track record of sponsor firms would be important for REIT investors.

“REITs are recommended for the long term and for those who want a consistent dividend so having sound fundamentals and a strong portfolio are important for REITs that investors would consider,” said Ms. Alviar.

DDMPR’s sponsor, DoubleDragon Properties Corp. is partnering with Jollibee Foods Corp. for the country’s first industrial REIT via DoubleDragon’s industrial leasing subsidiary, CentralHub Industrial Centers, Inc. The two plan to register CentralHub as a REIT firm in 2022.

“The rise of REIT listings in the local scene may entice more foreign investors to participate in the local markets, which in effect helps in the growth of the country’s real estate industry,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in another Viber message on Saturday.

Aside from property firms, renewable energy company Citicore Power, Inc. is planning to tap the REIT market with eight solar farms in its initial portfolio. Citicore aims to raise P8 billion to P10 billion to fund the development of 15 solar farms.

Securities and Exchange Commission (SEC) Chairman Emilio B. Aquino has welcomed the rise of the REITs, calling it a “viable alternative to pulling away investible money from scams and all sorts of risky investment products” that are being propagated online.

“This is what the SEC wants to see — investible funds being allocated into more productive and income-producing ventures such as the real estate and infrastructure projects of the REIT sponsors, rather than being wasted in scams,” said Mr. Aquino during the listing ceremony of RCR on Sept. 14.

Manila Water defers Q4 rate hike – MWSS chief regulator

EAST ZONE water concessionaire Manila Water Co., Inc. deferred its rate adjustment for the fourth quarter (Q4), according to the Metropolitan Waterworks and Sewerage System (MWSS) Regulatory Office.

“Manila Water has voluntarily deferred its Foreign Currency Differential Adjustment (FCDA) implementation upon recommendation of the MWSS Regulatory Office, as it will result in an upward tariff adjustment for its customers,” MWSS Chief Regulator Patrick Lester N. Ty said in a statement on Monday.

Sought for additional comment, Mr. Ty told BusinessWorld via mobile phone that Manila Water did not submit a petition anymore concerning the fourth-quarter rate adjustments.

“We told Manila Water of our policy, that we will not allow any increase, and they agreed to it. Only Maynilad Water Services, Inc. submitted a petition,” Mr. Ty said.

Mr. Ty also confirmed that the recently announced FCDA will be the last one before the revised concession agreements (CA) of Manila Water and west zone water concessionaire Maynilad take effect.

“Yes, there will be no more FCDA unless they extend the effective date of the revised CA. If it is still a downward adjustment, we will study it again,” Mr. Ty said.

The revised agreements of Manila Water and Maynilad are set to take effect no later than Nov. 18, 2021. Some of the highlights include the removal of the FCDA and the imposition of a tariff freeze until Dec. 31, 2022.

Maynilad customers will have lower water bills for the fourth quarter after the MWSS Board of Trustees granted the water provider with an FCDA of -0.55% of its average basic charge of P36.24 per cubic meter (/cu.m.) or an average refund of 20 centavos/cu.m.

Maynilad residential customers using 10 cu.m. or less will see a reduction of 18 centavos in their monthly water bills for the quarter.

Customers consuming 20 cu.m. and 30 cu.m. will see a decrease of 69 centavos and P1.40 respectively in their bills.

“The implementation of the FCDA this quarter has been approved for Maynilad, as the proposed downward tariff adjustment has been deemed greatly beneficial to the public,” Mr. Ty said.

To recall, the FCDA is a tariff mechanism reviewed quarterly that lets water concessionaire to regain losses or return gains caused by the movement of foreign exchange rates. The water providers pay foreign currency-denominated loans used to fund the development and expansion of water and sewerage services.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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

No more glass ceiling: How Filipinas are leading the way in green construction

PHILIPPINE STAR/ MICHAEL VARCAS

CONSTRUCTION is typically perceived as a male-dominated industry, especially in the Philippines. But this perception is being proven wrong by several women who are now heading construction companies.

“The glass ceiling has a [gap] that you can gracefully climb up on,” said Cathy Saldaña-Siegel, managing director and CEO of PDP Architects, Inc., at a Sept. 30 webinar organized by the Philippine Green Building Council.

“Women before us have put together a path,” she said, citing Alice G. Eduardo, president and CEO of Sta. Elena Construction and Development Corp., as well as Isabelita Paredes Mercado, chairman of IPM Holdings, Inc. “It’s now up to us to put a red carpet on it.”

Ramona Margarita H. Cruz, manager of projects and renewable energy at Global Business Power Corp., said there were only a handful of women in construction sites in 2005.

“Women then tended to be in the back office, doing work like quality assurance and reviews. Now, it’s usual to see girls side-by-side with the boys. They give as good as the rest of the men,” Ms. Cruz said.

Daphne Odra-Sanchez, first vice-president of Filinvest Alabang, Inc., said a woman’s ability to view things holistically can be an asset in the construction industry.

“We look at the relationship of the space, the amenities that are put in the floor plan, and see how these details affect a resident’s lifestyle,” Ms. Odra-Sanchez said. “We are customers ourselves, so we understand what is needed.”

Sixty-four percent of all women worldwide who are in construction are found in Asia, as reported in a March 2020 post by Building Radar, an artificial intelligence-enabled company that informs customers about construction projects around the world.

In the Philippines, construction workers make up 52% of all workers employed by the industry sector, based on August 2021 data from the Philippine Statistics Authority. — P.B.Mirasol

Chelsea buys out shares of ES Consultancy in KGLI-NM Holdings

CHELSEA Logistics and Infrastructure Holdings Corp. announced on Monday that it bought out the minority interest in KGLI-NM Holdings, Inc. being held by ES Consultancy Group, Inc., as part of the former’s full divestment from 2GO Group, Inc.

Chelsea purchased from ES Consultancy Group 43,081 redeemable preferred B shares and 200 common shares, or the subject shares, of KGLI-NM Holdings, the listed company said in a disclosure to the stock exchange.

The company said the total purchase price for the subject shares is P874.95 million or a purchase price of P20,309.30 per preferred B share and P10 per common share.

“That is just a procedure to complete the post processes of our 2GO divestment,” Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy told BusinessWorld in a phone message.

“Valuation is the proportional share of ES Consultancy Group in the 2GO Group shareholdings of KGLI-NM Holdings,” Chelsea noted.

ES Consultancy Group, the seller, is a minority shareholder in KGLI-NM Holdings, where both Udenna Investments B.V. and Chelsea are also stockholders.

“KGLI-NM Holdings is a corporation duly organized and existing under Philippine laws. 50.37% of KGLI-NM shares are owned by Udenna Investments B.V., and 39.70% is owned by Chelsea,” the listed company said.

As a result of the transaction, KGLI-NM Holdings will be wholly owned by Chelsea as the other shareholder of KGLI-NM, Udenna Investments B.V., is wholly owned by Chelsea Logistics.

Chelsea announced in March that it would sell its entire stake in 2GO Group to SM Investments Corp. (SMIC). — Arjay L. Balinbin

Axelum sees stronger second-half performance

AXELUM Resources Corp. is aiming for a stronger second-half performance as it continues to meet customer orders despite shipping challenges, and after reporting positive results in the first six months of the year.

In a stock exchange disclosure on Monday, the listed coconut product exporter and manufacturer said it continues to fulfill increasing orders from major customers in key export markets amid issues on rising shipping fees, delayed container turnover, limited cargo space, and global port congestion.

Henry J. Raperoga, Axelum president and chief operating officer, said the company is confident that it can deliver “even better results” for the second semester.

“Despite formidable headwinds, our business continues to generate momentum as we usher into our traditional peak season,” Mr. Raperoga said.

Axelum previously a 57% increase in its first-half net income to P318.42 million, while its topline rose 30% to P3.1 billion due to stronger performances across its core product segments.

According to the company, it is gaining traction in the domestic e-commerce space after the launch of its digital stores in e-marketplaces such as Lazada and Shopee.

It disclosed that online monthly sales have almost tripled since April, while its products are also continuing to get mainstream popularity among local consumers.

Meanwhile, Axelum disclosed that its plant has been processing an average of 21% more coconuts daily to address the increasing demand for the company’s products.

“To date, Axelum is producing at record output for its main product categories, translating to a busy manufacturing pipeline well into 2022,” it said.

On Monday, shares of Axelum at the stock exchange rose 1.82% or five centavos to end at P2.80 apiece. — Revin Mikhael D. Ochave

Astronaut Barbie doll jets off on zero gravity flight

A BARBIE doll version of an Italian astronaut Samantha Cristoforetti is seen during a zero-gravity flight with members of the European Space Agency in an unknown location. — COURTESY OF ESA/SIMONE MAROCCHI/HANDOUT VIA REUTERS

LONDON —  A Barbie doll version of Italian astronaut Samantha Cristoforetti has jetted off on a zero-gravity flight with the aim of inspiring young girls to consider a career in space and science, technology, maths and engineering (STEM).

Marking the Oct. 4-10 World Space Week, which this year celebrates women in space, toy maker Mattel, Inc. has teamed up with the European Space Agency (ESA) and Ms. Cristoforetti, who is currently in training for her next mission to the International Space Station next April.

As part of the project, Ms. Cristoforetti’s lookalike doll mirrored the preparation an astronaut needs to do before heading off to space, by traveling and floating on a zero-gravity flight from an ESA base in Germany.

“The mini-Samantha doll has already been on a parabolic flight so she already has some experience with weightlessness,” Ms. Cristoforetti, 44, said in a video statement. “I really hope that by showing that we can create some excitement for especially young girls … maybe … those images will kindle a sparkle of passion in some girl’s heart and that would be incredible.”

As part of the project, Barbie is sharing educational resources on space on its website and proceeds from the new Samantha Cristoforetti Barbie doll, previously a one-of-a-kind toy, will be donated to the Women In Aerospace organization towards a PhD student bursary. — Reuters

Gov’t makes full award of T-bills at higher rates on inflation bets

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday even as rates climbed across the board due to lingering inflation fears.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Monday as total tenders reached P56.36 billion, almost four times the initial offer but lower than the P63.865 billion in bids logged in the previous auction.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers from P13.01 billion in bids. The three-month T-bills fetched an average rate of 1.085%, up by 2.5 basis points (bps) from the 1.06% seen at last week’s offering.

It also borrowed the programmed P5 billion via the 182-day T-bills as the tenor attracted bids worth P22.42 billion. The six-month paper’s average yield rose by 0.6 bp to 1.391% from 1.385% a week ago.

Lastly, the government made a full P5-billion award of the 364-day debt papers from P20.93 billion in tenders. The one-year securities fetched an average rate of 1.584%, climbing by 0.2 bp from the 1.582% quoted at last week’s offering.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction that inflation expectations pushed rates slightly higher, especially for the 182- and 364-day T-bills.

A bond trader likewise said the increase in rates was expected ahead of the release of the September inflation report as most expect a higher print.

“Note that the 91-day (debt papers) which has the most change versus [the] previous auction is just yielding near 1%. So we expect it to be the most sensitive moving forward,” the bond trader said in a Viber message.

A BusinessWorld poll of 17 analysts showed a median estimate of 5% for September headline inflation, or near the lower end of the Bangko Sentral ng Pilipinas’ (BSP) estimate of 4.8%-5.6% for the month.

If realized, headline inflation will breach the BSP’s 2-4% target range for the second straight month.

This will also be faster than the 4.9% print in August and the 2.3% a year earlier. It will also mark the quickest rise since the 5.1% in December 2018.

The Philippine Statistics Authority will report September inflation data on Oct. 5.

The BTr will auction off reissued seven-year Treasury bonds (T-bonds) with a remaining life of six years and 10 months on Tuesday.

The Treasury is looking to raise P200 billion from the local market this month: P60 billion from weekly offers of T-bills and P140 billion from weekly auctions of T-bonds.

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

Sta. Lucia Land ventures into leisure farms

STA. LUCIA LAND, Inc. is developing its first leisure farms and residences project in Calamba, Laguna, as it takes advantage of growing demand for second homes outside of Metro Manila.

The 50-hectare La Huerta Farm and Residences offers a chance for homeowners to “go back to basics,” and build their dream home in a farm estate.

“We have seen a growing interest in our communities, specifically for our farm lots, given people’s belief that being close to nature and living sustainably can be beneficial to one’s health and well-being… And this is a growing need that we, at Sta. Lucia Land, are looking to meet and satisfy through our farm lot developments like La Huerta,” Sta. Lucia Land, Inc. President Exequiel Robles said in a statement.

Home owners at La Huerta, which means The Orchard, can enjoy scenic views of Mt. Makiling, Tagaytay, and Laguna Lake.

“Now is truly the best time to invest in your own farm lot. Through La Huerta, we hope to provide families and individuals the opportunity to find the concept of farming as more than just a weekend activity but rather as a way of life and an integral part of the whole family’s quest for a healthier lifestyle,” Mr. Robles said.

EEI’s app for shippers, truckers target 1,500 users

EEI Corp. on Monday said its logistics mobile app and web-based platform eCarga is aiming to have 400 active users in the last quarter of 2021 and 1,500 by the end of 2022.

“Depending on the actual customer demand, EEI intends to continuously make adjustments in fleet size specific to the type of truck needed,” EEI told the stock exchange.

“The initial fleet accredited by eCarga includes over a hundred trucks combining open and closed type vans. Accreditation of more professional truckers shall continue to allow eCarga adopt to the expected increase in demand from consumers,” the company noted.

The app uses several platforms that will initially serve “hundreds” of shippers, professional truck owners, and drivers operating in Luzon.

Using the platform, truck owners will be able to digitally access requests. They can also perform fleet and schedule management on the platform.

“The first registered truck owner who receives the request gets the delivery task and assign it to one of his drivers. The driver then receives the assignment details through his own mobile application,” EEI said.

The company said eCarga’s operations will be rolled out in three phases for the next three years to eventually cover transport logistics requirements outside of Luzon.

“eCarga also plans to extend its logistics platform and capabilities to support backload service, business-to-business (B2B) market, and offer multi-modal logistics services thru innovative digital platforms,” it added. — Arjay L. Balinbin

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