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Asia-Pacific CEOs optimistic of global economic growth in 2022

MORE THAN half of chief executive officers (CEOs) in the Asia-Pacific region are optimistic that the global economy will improve in 2022 amid the coronavirus disease 2019 (COVID-19) pandemic, according to a survey by PwC.

Roderick M. Danao, PwC Philippines chairman and senior partner, said during a virtual briefing on Wednesday that 76% of CEOs in the region showed increasing levels of optimism in 2022 based on PwC’s Annual Global CEO Survey – Asia-Pacific.

“This year’s optimism is an uptick of three percentage points than the 73% optimism level from a year ago and a full 41 points higher than 2020, when almost half (48%) of Asia-Pacific CEOs predicted a declining economy,” PwC said.

According to Mr. Danao, 50% of CEOs in the Asia-Pacific region are either “very confident” or “extremely confident” in their revenue growth prospects for 2022.

He added that CEOs in Asia-Pacific are keen to expand in major economies led by the United States, China, Australia, and the United Kingdom.

Meanwhile, the PwC survey showed that the top threats considered by CEOs in the Asia-Pacific region include health risks, cyberrisks, and macroeconomic volatility.

It added that Asia-Pacific CEOs are most concerned about near-term effect to revenue regardless of the threat.

Further, the survey showed that CEOs in the region have made or are progressing a net-zero and carbon neutral commitment.

PwC said 60% of Asia-Pacific CEOs have either made or are progressing a net-zero commitment while 69% have either made or are heading towards a carbon neutrality commitment.

“Despite rising interest in climate change, nonfinancial outcomes as well as environmental, social, and governance (ESG), strategy is still primarily driven by business metrics such as customer/staff satisfaction and automation/digitization goals,” the survey said.

“Much less well-represented, in strategies and compensation, are targets related to greenhouse gas (GHG) emissions and gender representation or racial and ethnic diversity. 19% or fewer of Asia-Pacific CEOs have such targets in their annual bonus or long-term incentive plan,” it added.

Raymund Chao, PwC Asia-Pacific and China chairman, said the survey showed that translating global and regional economic fundamentals into revenue growth remains the priority among CEOs.

“What we are seeing is a diversification of those growth pathways with an increasing regional focus: goods and services produced and delivered in Asia for Asia, leveraging the very best of technology capabilities and local talent. In accessing and growing local talent pools, prioritizing their health and well-being is key,” Mr. Chao said.

“Our findings also reveal a growing interest in embedding ESG practices into business resilience and transformation initiatives. This presents a real opportunity for business leaders to build trust and drive sustained outcomes for all,” he added.

The PwC survey, which was conducted in October and November last year, interviewed 1,618 CEOs in Asia-Pacific countries, namely: Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, South Korea, Singapore, Sri Lanka, Taiwan, Thailand, and Vietnam. — Revin Mikhael D. Ochave

Pryce income climbs 12% on higher LPG sales, prices

PRYCE Corp. on Wednesday reported a 12.1% increase in its 2021 unaudited comprehensive net income to P1.82 billion from P1.62 billion a year earlier after it recorded higher sales of liquefied petroleum gas (LPG) products and the higher LPG contract prices.

In its disclosure to the exchange, Pryce said that its consolidated revenues last year climbed by 31.2% to P15.37 billion from P11.71 billion previously.

The company has yet to submit a financial report for the fourth quarter alone.

It attributed the annual revenue growth mainly to the 11.9% jump in sales volume of cooking gas and higher contract prices at $635.08 per metric ton (MT), up 58.1% from $401.74/MT a year earlier.

Pryce’s LPG business, through its subsidiary Pryce Gases, Inc., accounted for 96.7% or P14.25 billion of its consolidated revenues, while its industrial gas products had a share of 5.7% or P874.04 million.

Meanwhile, the company’s real estate and pharmaceutical businesses generated P250 million or 1.62% of the consolidated revenues. Pryce, which was established as a property holding and real estate development company, owns and operates 13 memorial parks in Mindanao.

The company said its operating expenses also went up by 38.9% to P1.80 billion in 2021 due to the on-going expansions of its LPG home delivery fleet and LPG infrastructure, including import marine terminals, refilling plants, and sales centers.

“These expansions are already making contributions to the growth of retail sales in 2021,” the company said in a statement.

Last December, Pryce completed the construction of a new import marine terminal with a 4,000-MT capacity in Misamis Oriental’s Lugait town. The company expects to finish another marine terminal in Lila, Bohol by the fourth quarter this year.

Pryce will have a total of 10 import marine terminals all over the country by the fourth quarter to bring its storage capacity to 38,840 MT.

Last year, the company said it built three refilling plants and 178 new sales centers nationwide.

“A deeper penetration of the LPG retail market is expected from such expansions and, correspondingly, more sales revenues in the next 2 or 3 years,” Pryce said.

At the local bourse, Pryce shares were unchanged on Wednesday, closing at P6.00 apiece. — Marielle C. Lucenio

SEC sets filing dates for corporate data

THE Securities and Exchange Commission (SEC) has scheduled submission dates for the audited financial statements (AFS) and general information sheet (GIS) stock and nonstock corporations through its online portal, Electronic Filing and Submission Tool (eFAST).

“Starting this year, all stock and nonstock corporations are required to submit their annual reports online through eFAST, previously called the Online Submission Tool, at https://cifss-ost.sec.gov.ph,” the commission said in a statement on Wednesday.

Last year, only stock corporations were required to submit their reports online through the eFAST, while nonstock firms were allowed to submit hard copies.

The SEC said it will no longer require hard copies of the reports and will no longer process submissions via e-mail and in-person. Reports submitted over the counter and through mail or courier services will also not be accepted.

Corporations and their authorized filers may enroll on eFAST until March 31, 2022.

“All reports submitted through eFAST must be scanned or digital copies of the manually signed or digitally signed reports,” the SEC said.

“The signatory or authorized signatory of the filer holds the responsibility to ensure the integrity and authenticity of the e-signature in the documents,” it added.

On Feb. 8, the regulator issued SEC Memorandum Circular No. 2 Series of 2022, which details the schedules for the filing of AFS and GIS this year. The SEC said its extension offices will also implement the same schedule.

GIS documents must be filed within 30 calendar days from the date of a stock corporation’s actual annual stockholders’ meeting, from the date of the actual annual members meeting of nonstock corporations, and from the anniversary date of foreign corporations’ SEC license issuance.

Meanwhile, all corporations are called to submit their AFS by batches based on the last digit of their SEC registration number.

Corporations with registration numbers ending with 1 and 2 should file their AFS within July 1 to 15; with 3 and 4 from July 16 to 31; those ending with 5 and 6 from Aug. 1 to 15; with 7 and 8 from Aug. 16 to 31; those with 9 and 0 must submit forms within Sept. 1 to 15. Reports may be submitted on or before the filing dates.

The schedule also applies to a broker-dealer with a fiscal year ending Dec. 31, 2022. Meanwhile, those with fiscal years ending other than Dec. 31 must be filed 110 days after it ends its fiscal year.

Corporations with fiscal years ending on other dates aside from Dec. 31, 2021 are told to file their reports within 120 calendar days from the end of their respective fiscal years.

Meanwhile, corporations with securities listed on the Philippine Stock Exchange and are covered under the Securities Regulation Code (SRC) are required to submit their AFS with their annual reports within 105 days after their fiscal year ends.

“However, such entities will also be given an extension of until May 15, 2022 to file their annual reports due to current circumstances,” the regulator said.

Corporations that are audited by the Commission on Audit (CoA) will be exempted from the schedule as long as they provide to their AFS a signed affidavit affirming that they “timely provided” their financial statements and supporting documents and that the CoA audit has just concluded on top of a letter from CoA.

“The Commission will accept late filings starting Sept. 16, 2022. Corporations, which submitted their reports late, will be subject to the prescribed penalties computed from the last date of the aforementioned filing schedule,” the SEC said.

Those who fail to comply with the formal requirements detailed under Revised SRC Rule 68 may face penalties.

“The acceptance and receipt by the Commission of the financial statements shall be without prejudice to such penalties,” the SEC said. — Keren Concepcion G. Valmonte

Thirdy Ravena to reinforce the Gilas-TnT squad in qualifiers

GILAS PILIPINAS’ THIRDY RAVENA (0) (CENTER) — SBP

By Olmin Leyba

JAPAN-BASED Thirdy Ravena gave shorthanded Gilas Pilipinas an added boost in personnel and firepower 15 days before it wages battle in the International Basketball Federation (FIBA) World Cup 2023 Asian Qualifiers.

Mr. Ravena, who plays for the San-en NeoPhoenix in the Japan B. League, arrived on Tuesday night to hook up with coach Chot Reyes’ Gilas cadets-TnT combo for the Feb. 24-28 FIBA hoopfest at the Smart Araneta Coliseum.

“Thirdy is confirmed (for the February window),” Samahang Basketbol ng Pilipinas (SBP) president Alfredo “Al” Panlilio told The STAR on Wednesday.

The high-flying Mr. Ravena followed the path of fellow B. League campaigner Dwight Ramos of Toyama, who packed his bags to answer the call of the Philippine team.

Messrs. Ravena and Ramos represent what’s left of former mentor Tab Baldwin’s old Gilas youth brigade that Mr. Reyes inherited for this endeavor, along with Ange Kouame, Juan Gomez de Liaño, Will Navarro, Tzaddy Rangel and Jaydee Tungcab.

Tropang Giga stalwarts RR Pogoy, Troy Rosario, Poy Erram and Kib Montalbo, among others, are eyed as reinforcements for the Nationals’ Group A games against South Korea, New Zealand and India.

The Philippines is already assured of its spot in the 2023 World Cup proper as host regardless of the outcome of its assignments in the qualifiers. But the Pinoy dribblers want to fight it out as if their lives depended on it.

“We want to compete especially because we’re playing at home,” said Reyes.

“My belief also is even if you’re preparing for some future, being competitive, undergoing the crucible of intense competition is part of that preparation. The first thing we want is to field a team that will compete and, at the same time, still have a firm view on the developmental aspect of putting the best team together for 2023,” he added.

Philex eyes nickel mines amid global metals demand

PHILEX Mining Corp. is looking into nickel mining projects as the demand for metals grows with the rise of the electric vehicle industry, its chairman said.

“We have other mining prospects now that we’ve started the Silangan copper-gold project. We are looking at gold, copper and now, even nickel. With the advent of e-vehicles, there will be a huge demand for metals. We know that is the future of the automotive industry,” Philex Chairman Manuel V. Pangilinan said in a televised interview on ANC’s Market Edge.

“Some discussions are fairly advanced and we want to get going on those projects,” he added, citing possible prospects in Mindanao and Benguet province.

The Silangan project in Surigao del Norte will be ready for commercial production by late 2024 to early 2025. It has an initial investment of $224 million.

“We have started to invest in the previous government, so before this investment batch of $224 [million], we’ve already invested an aggregate P17.9 billion,” Mr. Pangilinan said.

For the rest of the year, Mr. Pangilinan said he maintains a positive outlook for the mining industry’s growth and foresees more opportunities in the country.

“Given the geo-political tensions that’s driving commodities — like prices of coal and gas are up and inflation is also up as well — all of these factors drive up commodities. I’d like to think that 2022 would be another good year for the mining industry,” he said.

“We are one of the most mineralized countries in the world, yet mining is less than 1% of the gross domestic product. We export raw nickel or concentrates for smelting, but value added to industry is quite modest,” he said.

On the industry’s environmental sustainability, Mr. Pangilinan said mining could be done with the proper regulations in place.

“The whole mining policy and attitude rests on whether you believe that it is beneficial to the welfare of your people. It’s got to be well-regulated and the industry should self-police its own miners,” he said.

Philex earlier disclosed that it was targeting the listing of its P3.15-billion rights offer shares on April 5.

At the stock exchange on Wednesday, its shares dropped 1.10% or P0.06 to P5.38 apiece.

Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Luisa Maria Jacinta C. Jocson

Term deposit yields inch down on Fed hike bets

YIELDS ON THE central bank’s term deposit facility (TDF) declined on Wednesday, with investors opting for shorter tenors in anticipation of monetary policy tightening in the United States.

Total bids for the central bank’s term deposits amounted to P666.222 billion, going beyond the P550-billion offer as well as the P620.911 billion logged a week ago.

Broken down, the seven-day papers fetched bids amounting to P266.79 billion, well above the P190 billion auctioned off by the central bank and also beating the P225.761 billion in tenders last week.

Accepted rates ranged from 1.6175% to 1.75%, a narrower range than the 1.61% to 2.19% band seen the previous week. This caused the average rate of the one-week paper to decline by 3.42 basis points (bps) to 1.7071% from 1.7413% quoted in the prior auction.

Meanwhile, bids for the 14-day term deposits amounted to P399.432 billion, surpassing the P360-billion offering and the P395.15 billion in tenders recorded a week earlier.

Lenders asked for rates ranging from 1.625% to 1.7%, narrower than the 1.605% to 1.71% margin on Feb. 2. With this, the average rate of the two-week papers dropped 1.12 bps to 1.6787% from 1.6899% quoted previously.

The BSP has not auctioned 28-day term deposits for more than a year to give way to its weekly offers of short-term bills with the same tenor.

The term deposit facility and the one-month securities are used by the BSP to gather excess liquidity in the financial system and to better guide market rates.

“The results of the TDF auction reflect the continued normalization in the financial system amid ample liquidity. Moreover, market participants appear to have a preference for the longer tenor,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

Yields declined as market preference shifted to shorter tenors  as investors remain cautious due to the expected rate hikes from the US Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Fed Chairman Jerome H. Powell last month said they are likely to start raising interest rates in March and also reaffirmed their goal to end bond purchases in the same month to respond to faster inflation, Reuters reported.

His signals were also echoed by other central bank officials in recent days. Last week, San Francisco Fed President Mary Daly said they are “definitely poised” for a March increase and will then be looking at data as well as how the Omicron situation goes.

The market is waiting for the release of US inflation data on Thursday, which could cement the Fed’s tightening plans.

High US inflation may get even higher before subsiding in the face of Fed action and as supply chain strains recede, Ms. Daly said on Tuesday.

“We could have it be worse before it gets better but it is definitely going to get better,” Ms. Daly told CNN, adding that even so she doesn’t expect inflation to have fallen to 2% by the end of the year. Consumer prices rose 7% last year, eating into American paychecks.

The Fed is expected to begin raising interest rates from near-zero levels next month, a move Ms. Daly said she supports. When it does, Ms. Daly said, the Fed should do neither too little nor be “overly aggressive,” mindful that the Fed alone cannot cure inflation that’s caused in large part by ongoing pandemic disruption. — L.W.T. Noble with Reuters

Alex Eala shocks Joanne Zuger, 6-4 6-1, advances to Round of 16

GRENOBLE TENNIS

RAMPAGING Alex M. Eala stunned Swiss favorite Joanne Zuger in straight sets, 6-4, 6-1, to barge into the Round of 16 of the W60 Grenoble in France.

Ms. Eala fended off a late rally by Ms. Zuger, the Women’s Tennis Association (WTA) No. 264, in the opening frame before blitzing to a 5-0 lead in the second en route to her third straight win following a sweep of the qualifiers.

It’s her first Round of 16 appearance in the women’s professional circuit since the WTA 250 Cluj-Napoca Winners Open in Romania last August.

“I’m glad to have made it through the qualifying rounds and won my first round in the W60 Grenoble. I can feel your support from across the globe,” said Ms. Eala, who beat Italy’s Stefania Rubini and France’s Thanh Lan Truong in the qualifiers.

The 16-year-old Filipina will face home bet Chloe Pacquet today for a seat in the quarterfinals of the tough $60,000 joust featuring a number of top-300 players in the WTA.

Ms. Pacquet, 27, is the No. 4 seed in the 32-strong main draw and the No. 124 player in the WTA. She made short work of Latvia’s Kamilla Bartone, 6-1, 6-0, in the first round to advance.

Ms. Eala, the WTA No. 587, is hoping to spring another upset after slowly rediscovering her groove from consecutive early exits this year and a foot injury that sidelined her late last year.

Also the world junior No. 12 player, she is gunning for her second professional title after ruling the W15 Manacor in Spain last year. — John Bryan Ulanday

Samsung announces new phones, tablets

SAMSUNG

SAMSUNG Electronics Co. Ltd. on Wednesday announced its new flagship Galaxy S smartphones and updates to its tablet.

The company launched the Galaxy S22 series, which will have three models: the S22, the S22+ and the S22 Ultra. The new smartphones have improved power and will boost productivity, Samsung said, and have an IP68 water and dust resistance rating.

The Galaxy S22 Ultra features a built-in S Pen and has a 6.8-inch Dynamic AMOLED 2X display with a 120Hz refresh rate. The screen is made with Gorilla Glass Victus+, 12% tougher than the previous model. The phone also has an Armor Aluminum body, 10% stronger than before, and is said to be slimmer than the previous model.

The smartphone will be powered by Snapdragon 8 Gen 1 and will support fifth generation or 5G technology.

The S22 Ultra features four rear cameras with a “floating” effect for a seamless look. Its main camera is a wide lens at 108 megapixels (MP) with optical image stabilization (OIS) for clearer, brighter photos at night, authentic portraits, as well as steady videos. The phone also has a 12MP ultra-wide lens, a 10MP telephoto periscope sensor with 100x Space Zoom and a 10MP telephoto camera. There is also a laser autofocus sensor. Meanwhile, its front camera has 40 megapixels.

The phone will have a 5000mAh battery that Samsung said could last for two days and supports super-fast charging.

The S22 Ultra will have three memory and storage options: 12GB RAM and 512GB storage (priced at P80,990); 12GB+256GB (P72,990); and 8GB+128GB (P68,990). The model will have four colors: phantom black, phantom white, green, and burgundy.

Meanwhile, the Galaxy S22 features a 6.1-inch display, while the S22+ has a 6.6-inch screen, both Dynamic AMOLED 2X and also with 120Hz refresh rates.

Both models have three rear cameras: a 50MP wide primary lens with OIS, a 12MP ultra-wide sensor, as well as a 10MP telephoto lens. Their front camera is a 10MP lens.

The S22+ has a 4500mAh battery while the S22 has 3700mAh. There are four color options for both models: phantom black, phantom white, green, and pink gold.

The S22 and S22+ have 8GB RAM and two storage options. The 256GB S22 will cost P49,990, while the 128GB version is priced at P45,990. Meanwhile, the 256GB S22+ is priced at P60,990 and the 128GB version is at P56,990.

TABLETS
Samsung also announced the Galaxy Tab S8 Series on Wednesday with three models: the S8, the S8+ and the S8 Ultra. All models will include an S Pen, support super-fast charging and 5G, and have quad stereo Dolby Atmos AKG speakers. They also have a 4-nanometer 64-bit octa-core processor and 4K video recording.

The S8 Ultra has a 14.6-inch Super AMOLED screen with a 120Hz refresh rate, which can support multi-window display. The tablet has a thin, light but strong body with an Armor Aluminum frame.

It has 12MP wide and 12MP ultra-wide lenses for front cameras, while the rear ones are the 13MP primary camera and 6MP ultra-wide sensor.

The tablet has a 11,200mAh battery and is available in the color graphite. It has 12GB RAM and 256GB storage and will cost P77,990.

Meanwhile, the Tab S8 has an 11-inch screen and the S8+ has a 12.4-inch display. The S8 has an 8000mAh battery while the S8+ has up to 10990mAh of juice.

The color options for the S8 and S8+ are graphite, silver and pink gold, and both models have 8GB RAM and 256GB storage. The Wi-Fi only version of the S8 costs P41,990 and the 5G model is priced at P49,990. Meanwhile, the S8+ will have a price of P63,990.

Samsung is also releasing a Galaxy Tab S8 Ultra Book Cover Keyboard as a separate accessory.

The Galaxy S22 and Galaxy Tab S8 series are now available for pre-order. — BVR

Power of the Dog, Dune lead nominations in battle for Oscars glory

DIRECTOR Jane Campion (seated) with assistant director Phil Jones on the set of The Power of the Dog. — KIRSTY GRIFFIN/COURTESY OF NETFLIX

LOS ANGELES — Dark Western The Power of the Dog led this year’s field of Academy Awards contenders on Tuesday with 12 nominations for the Netflix, Inc. film, outpacing the 10 nods for sci-fi epic Dune in the hunt for the industry’s highest honors.

They will compete at the 94th Oscars for the prestigious best picture trophy against eight other movies. Among them are Belfast, Kenneth Branagh’s semi-autobiographical story of a family living amid sectarian conflict in late 1960s Northern Ireland, and Steven Spielberg’s remake of classic musical West Side Story. Those films earned seven nominations each.

The winners will be revealed on March 27 at a televised Hollywood ceremony.

The strong showing for Power of the Dog — with four acting nominations — provided Netflix another chance to win best picture, an accolade that has never been awarded to a streaming service.

Netflix earned 27 nominations overall. Apple TV+ scored a best picture nod for CODA, the story of a hearing woman in a deaf family. Being the Ricardos, on Amazon.com, Inc.’s Prime Video, received three acting nominations.

“Every year we talk about how the streamers are getting more and more powerful when it comes to the Oscars,” said Marc Malkin, senior culture and events editor at Variety. “This year really proves it.”

Japanese-language drama Drive My Car, about a widowed theater actor, earned a surprise best picture nomination.

Other contenders included King Richard, about the father of tennis legends Venus and Serena Williams; coming-of-age tale Licorice Pizza, noir thriller Nightmare Alley and Don’t Look Up, a darkly comic allegory about climate change.

Jane Campion became the first woman nominated twice for best director with her nod for Power of the Dog. She was a contender for 1993’s The Piano, but lost out to Mr. Spielberg, who won for Schindler’s List. Only two women, Kathryn Bigelow and Chloe Zhao, have taken home the directing honor.

Power of the Dog received nominations for Benedict Cumberbatch for his portrayal of a charismatic, domineering Montana rancher, as well as for Kodi Smit-McPhee and real-life couple Kirsten Dunst and Jesse Plemons.

“For both Jesse and I to get our first nominations together is beyond our wildest dreams,” Ms. Dunst said in a statement.

Most of the nominations for Dune, from AT&T, Inc.’s Warner Bros. studio, came in technical categories such as visual effects and production design. The movie is based on Frank Herbert’s classic 1965 novel, which spawned a series of sequels and a 1984 film that was panned by critics.

Nicole Kidman and Javier Bardem were nominated for playing TV comedy couple Lucille Ball and Desi Arnaz in Being the Ricardos.

Mr. Bardem said he was thrilled by his nomination but waited to react until learning that his wife, Penelope Cruz, had also been recognized for Parallel Mothers.

“The fact that this happened at the same time is magical and that her nomination is for a Spanish-speaking role is truly extraordinary,” Mr. Bardem told reporters in Madrid.

The Academy of Motion Picture Arts and Sciences added more women and people of color to its ranks after the #OscarsSoWhite uproars of 2015 and 2016, and it increased membership from outside the United States.

Three Black actors were nominated this year. They were Will Smith for the title role in King Richard, Aunjanue Ellis as his wife, and Denzel Washington for The Tragedy of Macbeth. Afro-Latina actress Ariana DeBose earned a nod for West Side Story.

Kristen Stewart received her first Oscar nomination, for playing Princess Diana in Spencer. She will compete with Olivia Colman in The Lost Daughter, among others.

Voters passed over Lady Gaga’s widely praised role in House of Gucci, about the drama behind the famed fashion family.

The awards ceremony will be broadcast live on ABC. — Reuters

Century Pacific’s property arm launches Pampanga housing project

PO-LED Century Pacific Group, Inc.’s wholly owned real estate firm started construction for its first project in Magalang, Pampanga.

Pacifica Homes Development Corp. (PHDC) has model units ready for prospective buyers. The launch of its Hamana Homes Magalang marks PHDC’s first dip into the affordable real estate segment, which is said to be the company’s response to the country’s growing housing backlog.

“It is truly value for money because our project taps sustainable building design and construction techniques, yet is priced within reach,” PHDC President Teodoro Alexander T. Po said in a statement.

Hamana Homes Magalang will include a clubhouse, swimming pool, parks, and a basketball court.

PHDC received its sell permits and its building permit from the Magalang municipality at the same time.

As of end-January, the company said the construction of the project’s slope projection, perimeter wall, and landfill compaction for the model unit area are being completed.

“PHDC’s very first project here in Pampanga will not only help lessen the gap due to the huge housing backlog, but it would for sure set the bar in the affordable but superior value housing segment,” Department of Human Settlements and Urban Development Region 3 OIC Director Atty. Felix V. Brazil, Jr. said. — Keren Concepcion G. Valmonte

Insurance industry’s share in PHL economy likely at record in 2021

BW FILE PHOTO
THE insurance sector’s contribution to gross domestic product is expected to have hit a record in 2021. — BW FILE PHOTO

THE INSURANCE industry’s contribution to gross domestic product (GDP) last year likely surpassed record figures after it inched up in the four years to 2021 as more of the population seek insurance products, the Department of Finance (DoF) said.

The industry’s contribution to GDP increased to 2.03% by the third quarter of last year from 1.64% in 2017, the DoF said in a press release on Wednesday.

“We will see that the highest ever penetration rate was achieved at the end of 2020, and we see bright figures for 2021. I believe that the highest ever penetration rate will even be surpassed in 2021,” Insurance Commissioner Dennis B. Funa said in a report to the Finance department.

The contribution to GDP by the end of 2021 would have to surpass the 1.71% end-2020 figure to exceed the record. The most recent insurance industry data available so far is the end-September 2021 period.

The industry’s net income, based on Insurance Commission data, grew to P37.5 billion as of the third quarter of 2021, up 34.6% from P27.86 billion in the same period in 2017.

Gross premiums as of end-September 2021 reached P278.7 billion, up 50% from P185.5 billion in the same period in 2017.

Mr. Funa said the amount spent by each Filipino for insurance — known as insurance density — reached P2,528 as of the third quarter of last year, higher than the P1,768 in the same period in 2017.

“For 2021, I see a record insurance density figure, especially with people becoming more conscious of the benefits of insurance, especially after the peak of the COVID pandemic in 2020,” he said.

He reported that the industry’s gross premiums and net income slowed down in 2020 as economic activity fell during the pandemic.

“This is due primarily to the life insurance sector, which was impacted more by the COVID pandemic,” he said. “However, in spite of all these, our third-quarter figures for last year show a strong rebound.”

Gross premiums as of end-2020 inched up 1.18% to P308.3 billion year on year, while net income dropped 8.6% to P41.2 billion.

By the end of the third quarter of 2021, gross premiums increased 28.7% to P278.66 billion compared with the same period a year earlier, while net income grew 31% to P37.5 billion.

“This pandemic has just brought to people’s attention the risks in life and the realization that livelihoods can be wiped out in a flash,” Finance Secretary Carlos G. Dominguez III said. — Jenina P. Ibañez

SEA Games qualifying chess tourney unfolds today

GRANDMASTER JOEY ANTONIO — NATIONAL CHESS FEDERATION OF THE PHILIPPINES

GRANDMASTERS Joey Antonio, Darwin Laylo and John Paul Gomez vie for slots to the Hanoi Southeast Asian (SEA) Games-bound national Hanoi as they see action in the National Chess Federation of the Philippines (NCFP) qualifying tournament unfolding today at the PACE in Quezon City.

With the exception of International Master (IM) Daniel Quizon and WGM Janelle Mae Frayna, who already secured spots to the squad after topping the National Championship in December last year, the winner of the blitz and rapid events for men and women will automatically qualify to the biennial meet set on May 12-23.

Messrs. Antonio, Laylo and Gomez have SEA Games experience and all are eager to reclaim their place to the squad that would be bankrolled by the Philippine Sports Commission.

Also joining in the men’s side are IMs Jan Emmanuel Garcia, Ronald Dableo, Paulo Bersamina, Ricky de Guzman, Ronald Bancod, Michael Concio, Jr. and John Marvin Miciano, and FIDE Master Alekhine Nouri.

In the women’s class, WIMs Jan Jodilyn Fronda, Kylen Joy Mordido and Bernadette Galas and WFMs Shania Mae Mendoza, Cherry Ann Mejia and Allaney Jia Doroy are among those tipped to challenge Ms. Frayna for the title.

Other entries are Aglipay Obrero, Mark Jay Bacojo, Jerish John Velarde and Janmyl Dilan Tisado in the men’s and Christy Lamiel Bernales, Vic Glysen Derotas, Viona Nepascua, Justnin Macapuno, Franchesca Largo, Ma. Elayza Villa, Mhage Gerriahlou Sebastian and Rowelyn-Joy Acedo in the women’s.

Chief arbiter Reden Cruz, an International Arbiter title-holder, said the tournament will implement a knockout format where each pair will play six games in blitz and four in rapid. — Joey Villar

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