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Gov’t bought expired face shields — senator

The government bought millions of expired and substandard face shields for healthcare professionals from a private company that was awarded more than P8 billion in contracts, a senator said on Friday. 

“Already disadvantaged in benefits, and now our healthcare workers are also disadvantaged in their protective equipment,” Senator Ana Theresia N. Hontiveros-Baraquel in Filipino in a statement. “There is no grace within this greed.” 

During a hearing, the senator showed a recorded video of a Pharmally Pharmaceutical Corp. warehouse worker who testified that the certificates for 2 million face shields that expired last year had been replaced with new certificates dated 2021. 

The worker said he got an order from Krizel Grace U. Mago, regulatory affairs head at the company to rebadge the face shields. 

Ms. Mago admitted the practice, saying it had the blessing of the company management particularly Pharmally Treasurer Mohit Dargani. 

The treasurer denied the allegation at the hearing. “I did not give that instruction, neither do I know that warehouse employee,” he told senators. 

Senators urged Ms. Mago to divulge other dubious transactions at her company in exchange for her protection. — Alyssa Nicole O. Tan 

House OK’s extended registration period

PHILSTAR FILE PHOTO

The House of Representatives on Friday approved on second reading a bill that seeks to extend voter registration until Oct. 31. 

Congressmen approved House Bill 10261 after the Commission on Elections (Comelec) refused to extend the Sept. 30 deadline. 

The Senate approved a counterpart bill on second reading on Wednesday. 

Election officials told senators on Thursday they could extend the deadline by a week at most. — Russell Louis C. Ku 

Congressman: Ombudsman open to review of SALN memo

CSC.GOV.PH

The Office of the Ombudsman is open to revising a circular that restricts public access to the net worth statements of government officials, according to a congressman. 

Zamboanga del Norte Rep. Romeo M. Jalosjos, Jr., who sponsored the Ombudsman’s 2022 budget, told a House of Representatives hearing on Friday the Ombudsman was open to changes suggested by lawmakers. 

“The Ombudsman is open for revision of Circular No. 1,” he told fellow congressmen. 

The memo limits the release of statements of assets, liabilities and net worth (SALN) of public officials to authorized representatives of the official or if the request is either upon a lawful order of a court or for a fact-finding investigation by the Ombudsman. 

Party-list Rep. France L. Castro earlier urged the Ombudsman to review or revoke the memo for being illegal. — Russell Louis C. Ku 

SEC clears AllDay listing, Petron bond offer

THE Securities and Exchange Commission (SEC) approved the initial public offering (IPO) of supermarket operator AllDay Marts, Inc. and the bond offering of oil company Petron Corp. under shelf-registration.

SEC said in a statement on Friday that AllDay Marts will offer up to 6.857 billion primary common shares at 80 centavos apiece, with an overallotment option of up to 685.71 million common shares.

The said shares will be listed on the main board of the Philippine Stock Exchange (PSE).

“Net proceeds from the sale of the primary offer shares could amount to P5.296 billion. The company could raise an additional P530.5 million, assuming the overallotment option is fully exercised,” SEC said.

Proceeds from the IPO will be used for debt repayment, capital expenditures, and initial working capital for the company’s store network expansion.

The IPO will be from Oct. 15 to 25, while the listing on the PSE is set on Nov. 3.

“AllDay Marts is a supermarket operator with a total of 33 stores spanning 55,881 square meters in aggregate net selling space, as of June 30. It plans to expand its store network to 45 by 2022 and 100 by the end of 2026,” SEC said.

PNB Capital and Investment Corp. is the sole issue manager for the transaction. It will also partner with BDO Capital & Investment Corp. and China Bank Capital Corp. as the joint lead underwriters and joint bookrunners for the offering.

Meanwhile, SEC also approved Petron’s fixed-rate, peso-denominated bonds worth P50 billion in one or more tranches within three years.

The first tranche of the bond offering will be up to P18 billion worth of four-year Series-E bonds due in 2025 and six-year Series F bonds due in 2027.

SEC said Petron expects to raise P17.78 billion from the first tranche of the bond offering.

“Proceeds will be used for the redemption of its Series A bonds, for the partial financing of its power plant project, and for the payment of existing debt,” SEC said.

“The bonds comprising the first tranche will be offered at face value from Sept. 27 to Oct. 5, in time for their listing on the Philippine Dealing & Exchange Corp. on Oct. 12, based on the latest timetable submitted to the SEC,” it added.

BDO Capital, China Bank Capital, Philippine Commercial Capital Inc., PNB Capital, and SB Capital Investment Corp. are the join lead bookrunners and joint lead underwriters for the offering.

First Metro Investment Corp., Land Bank of the Philippines, and RCBC Capital will be co-lead underwriters for Petron’s offer. — Revin Mikhael D. Ochave

DoubleDragon expects P18-B revenue from 5 hotel projects

DoubleDragon Properties Corp. expects to generate P18.14 billion in revenues from the five projects of its subsidiary Hotel of Asia, Inc., the developer of Hotel 101.

“Hotel 101 pipeline of inventory from secured prime titled land sites in Cebu, Libis, Boracay, Palawan and Bohol are expected to generate P18.14 billion in revenues,” DoubleDragon said in a disclosure to the stock exchange on Friday.

The company said the five additional hotel properties are expected to be completed by 2024.

“The operation of these Hotel 101 projects will be just in time for the expected upswing and full [post-pandemic] recovery by 2024,” it noted.

The company added that the projects should allow it to achieve its objective of having 5,000 rooms in its hotel portfolio by 2025.

Hotel of Asia has secured the permits for the construction and pre-selling activities for its Hotel 101 project along the Cebu Mactan Airport Terminal Road near Mactan Marina Mall.

“The beach sites of the Hotel 101 projects in Boracay, Palawan and Bohol are prime white sand beachfront properties that are designed to be eco-friendly with complete modern sustainable features and facilities,” DoubleDragon noted. — Arjay L. Balinbin

Toyota launches P4.7-B Batangas car center

Toyota Motor Philippines Corp. (TMP) on Friday launched its P4.7-billion Batangas Vehicle Center (BVC) in a sign of “strong confidence” in the local automotive industry ahead of the recovery from the pandemic.

“This [center] is our renewed commitment to better days ahead. This is part of our joint efforts with the government, business sector and Filipino people to win the war against COVID-19 and build a better tomorrow, together,” TMP Chairman Alfred V. Ty said in a speech during the event as cited by the company’s media release.

The 32-hectare facility is said to streamline vehicle handling before inter-island transport, ensuring delivery time and car quality for dealers and customers.

TMP also pointed to its contribution to the economy with its sustained production of Vios and Innova cars to keep the jobs of about 40,000 Filipinos.

Mr. Ty said, “motor vehicle sales and services was one of the key sectors that contributed to the 11.8% growth in gross domestic product (GDP) in the second quarter of this year.”

He also cited the government’s resolution of the industry’s petition for safeguard measures, for considering the extension of the Comprehensive Automotive Resurgence Strategy, or CARS program, and for the inclusion of the mobility sector as essential services.

TMP President Atsuhiro Okamoto said the operation of center is essential in the company’s distribution network to address rising market demand.

“This facility gives a stock capacity of 4,500 units on top off our existing stockyard in Santa Rosa [City, Laguna], bringing to an annual capacity of over 160,000 units,” Mr. Okamoto said in his speech during the event.

With the new center, TMP’s Santa Rosa Vehicle Center will be dedicated to the completely knocked down (CKD) Vios and Innova models that will cater to the demand for locally made Toyota vehicles, the company said.

It also said that the BVC is built with sustainable features for human safety in every process, while having responsible practices for zero or net positive impact to the environment.

TMP said the BVC has 18 truck covered lanes for vehicle loading and unloading. It said the weatherproof structure is designed for added safety amid changing weather conditions.

“Future plans include the use of solar energy, rainwater harvesting and flood control features. Overall, the BVC has 26% land area designated for environmental management and conservation,” it added.

SEC studies legal status of online money-making entities

https://www.sec.gov.ph/

The Securities and Exchange Commission (SEC) is studying the legal status of online investment entities such as crypto and play-to-earn gaming platforms under Philippine laws.

In a televised briefing on Friday, SEC Commissioner Kelvin K. Lee said Axie Infinity, one of the more popular play-to-earn games, is not registered as a business at the SEC.

He clarified, however, that the lack of registration does not automatically mean the game is illegal as the SEC is still studying these kinds of platforms.

“Whether or not they are legal or illegal or need to register later on, that is something we still have to determine at the SEC,” he said.

Mr. Lee said the SEC is looking to issue rules on the offering and exchange of digital assets to “stabilize the industry hopefully within the year.”

He also warned the public that such transactions entail risks if the entity one is transacting with is only foreign-registered and not registered in the Philippines.

“If [the entity is] registered in the Philippines, you have that protection of the Philippine laws,” he added.

Meanwhile, Mr. Lee said it is safe to transact only with the 88 online lending platforms registered with the SEC to avoid harassment from borrowers and other risks.

The Bangko Sentral ng Pilipinas (BSP) earlier said that it was closely monitoring the growth of Axie Infinity in the Philippines.

In a statement on Sept. 5, BSP Technology Risk and Innovation Supervision Department Director Melchor T. Plabasan said the central bank would only step in and require Axie Infinity to register with it and the SEC if more merchants will accept as payment the smooth love potion or the money earned from playing the game.

If registered, the securities and monetary regulators will be able to offer more protection to Filipinos playing and investing in Axie Infinity. — Bianca Angelica D. Añago

Huawei sees up to $40-B revenue cut from smartphones

Multinational company Huawei Technologies Co., Ltd. on Friday said that it expects its smartphone business to lose up to $40 billion in revenue this year.

“Our revenue from the smartphone business last year was around $50 billion. This year that number would at least drop by $30 to $40 billion,” Huawei Rotating Chairman Eric Xu said at a virtual media briefing.

Mr. Xu said the company’s revenue from its fifth-generation (5G) technology initiatives in coal mining, airports, and other industries “can certainly not compensate for the revenue loss of the handset business.”

“Even those revenues throughout the 10 years combined cannot compensate for the declining revenue of the handset business,” he noted.

He also said it would take a long time for Huawei to make up for the $30-$40 billion reduction by deploying 5G technologies in different sectors.

“And yet, why are we still working on 5G and AI (artificial intelligence) and [promote their use] in different sectors? First, of course, those businesses can upgrade revenues… for Huawei. Second, …we have the hope [that] 5G will create value for different sectors,” Mr. Xu continued.

The company’s annual flagship event for the global information and communications technology industry – Huawei Connect 2021– kicked off on Thursday.

“This year’s event, themed ‘Dive into Digital’, explores how digital technology can better integrate with business scenarios and industry know-how to address critical business challenges, and how stakeholders can work together more effectively to foster an open industry ecosystem and drive shared success,” Huawei said in a statement.

In his keynote, Mr. Xu said: “Digital development relies on digital technology. For digital technology to stay relevant, we must continue to innovate and create value. Cloud, AI, and networks are three critical digital technologies.” — Arjay L. Balinbin

PHL AirAsia app to offer vaccine verification

Philippine AirAsia, Inc. on Thursday said it was working to include a vaccine information verification feature in its mobile app “AirAsia Super App.”

“The Travel Health Icon will soon be made available to all passengers through the AirAsia Super App and the AirAsia website for desktop users,” the low-cost carrier said in an e-mailed statement.

The airline said it was collaborating with the Department of Information and Communications Technology (DICT) for the project.

“The DICT recently developed VaxCertPH for the Department of Health (DoH) to help verify legitimacy and certify a passenger’s vaccination status,” it added.

“This is also in compliance with the World Health Organization’s (WHO) guidelines on the issuance of digital vaccine certificates.”

The inclusion of the new mobile app feature is seen as a means of supporting the immediate and swift recovery of the airline industry as well as the country’s tourism sector, Philippines AirAsia Chief Executive Officer Ricardo P. Isla said.

“It further defines the digital direction of our company. We will continue to create and develop system enhancements which will level up the digital travel experience of our guests,” he added.

At the same time, the new app feature is seen to add another layer of security and safety across all domestic flights and airports in the Philippines.

“While we are all looking forward to the trial phase of the special feature of the app in the Philippines, we are also exploring future enhancements such as making RT-PCR Test or Antigen test results available on the Super App in the near future,” Mr. Isla said. — Arjay L. Balinbin

Camiguin Water allots P400M for expansion

Camiguin Water Co. will invest up to P400 million for the development and expansion of water services in the province, a company official said on Friday.

Zenon Dimaranan, lead for water at Camiguin Water, said in a virtual briefing that a water system masterplan will be undertaken to serve 47% of the provincial population without access to clean and safe water.

“We are committed to investing P400 million for the development of the existing [water] system including the expansion,” Mr. Dimaranan said.

Camiguin Water Co., a subsidiary of Mizu Resources Inc., will be in charge of the water project in the province.

“Without development, we expect a supply gap of 11 to 21 million liters per day (MLD) in the next 25 years because no one can stop the increase of water users in Camiguin,” Mr. Dimaranan said.

The plan will span 30 years and will be divided into three phases, he said.

He said 65% or almost P340 million of the budget will be spent during the first seven years of the project.

“The first two phases consist of five years each and the last part is concerned with a sustainable solution,” Mr. Dimaranan said.

“We need to rehabilitate the existing system such as reducing network losses in order to prepare it for phase two, which is expansion to unserved barangays,” he added.

Mr. Dimaranan said an ongoing project called the Jardio Water System Project is included in the first phase of the plan.

The project, which costs P39 million, started on May 4 last year and is estimated to be finished by the second quarter of 2022.

Camiguin Water was granted a 30-year franchise, which was issued in November 2019. — Revin Mikhael D. Ochave

Premiere Horizon keen on ‘play2earn’ platform

Premiere Horizon Alliance Corp. (PHA) on Friday said it was planning to partner with Bengga Corp. to develop a “play2earn” platform.

In a disclosure to the stock exchange, PHA said it recently signed a memorandum of understanding with Bengga, a Filipino-developed play2earn company, for a partnership in developing a gaming platform in the play2earn gaming category dubbed “PHlay”.

“PHA will be undertaking this project with Bengga through its subsidiary, PH Big Bounty Entertainment, Inc. (PHBB), subject to final negotiation of the terms and condition of the agreement and approval of the PHA Board of Directors,” the listed company said.

The two companies want to form a joint venture company that will be majority-owned by PHBB at 70% and 30% to be owned by Bengga.

PHA described the project as a “hypercasual” gaming platform that will earn users rewards.

“It is a means to reach an audience and influence their behavior while monetizing engagements,” it noted.

“The business model will be a relevant and timely focus in the high-growth and profitable play2earn sector. This is in line with PHA’s direction of exploring opportunities in the technology sector to complement the offerings and services of SquidPay Technology, Inc.,” the company added. — Arjay L. Balinbin

PT&T names new chairman

Listed telecommunications firm Philippine Telegraph & Telephone Corp. (PT&T) announced on Friday the appointment of Roberto “Bob” B. Ortiz as new chairman of its board, replacing Salvador “Buddy” T. Zamora II.

Mr. Zamora will now focus on “personal endeavors outside the company,” PT&T said in an e-mailed statement. He will continue to serve as non-executive director of the company.

PT&T said Mr. Ortiz has been serving as its independent director since 2018.

“On behalf of the board, and personally, I would like to thank Buddy for the contribution he has made to PT&T during his chairmanship. He has been an excellent chair and has played a crucial role in the successful development of PT&T,” said James G. Velasquez, PT&T director and chief executive officer.

“We are delighted to welcome Bob as the new Chairman. As we aim to expand our footprint nationwide and solidify our digital transformation services, Bob’s experience and entry as our new chair is timely as we shift gear towards raising funds and start our investor roadshows,” he added.

The company said Mr. Ortiz has over 27 years of experience in finance, corporate governance, and investment banking. — Arjay L. Balinbin

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