Aboitiz firm to issue third tranche of P30-B bonds

June 1, 2021 | 12:06 am

ABOITIZ Equity Ventures, Inc. (AEV) is preparing to issue the third tranche of its P30-billion shelf-registered bonds consisting of a P5-billion primary offer, with an oversubscription option of up to P5 billion.

AEV said in a disclosure to the stock exchange on Monday that it had filed an application with the Securities and Exchange Commission for the issuance.

“The proceeds from the third tranche bonds are intended to finance the early redemption of certain outstanding bonds of the AEV, to finance future funding requirements of Aboitiz InfraCapital, Inc., and other general corporate purposes,” the company said.

After securing regulatory approvals, the company intends to list the bonds with the Philippine Dealing and Exchange Corp.

AEV is aiming to offer the bonds to the investing public in the third quarter this year depending on market conditions.

The company also said that the third tranche received a credit rating of PRS Aaa from the Philippine Rating Services Corp. (PhilRatings), which means it has minimal credit risk signaling the company’s “extremely strong” capacity to commit to its financial obligation.

It was also assigned a “stable outlook,” meaning the rating is likely to be kept or remain unchanged in the next 12 months.

On Monday, AEV shares at the stock market improved by 0.88% or 35 centavos to close at P40.35 each. — Keren Concepcion G. Valmonte

TV5’s PoPinoy searches for new music groups

June 1, 2021 | 12:06 am

BEHIND a successful song or dance is the collaboration of a group of artists. Each member brings an integral element to what makes a creative output stand out. This collaboration will be put to the test in TV5’s new talent search, PoPinoy, which premieres in June.

Hosted by Maine Mendoza and Paolo Ballesteros, the show features aspiring male and female groups which will vie to be named Pinoy Pop idols. A PoPinoy primer will air on June 6 at 8 p.m., and the show will premiere on June 13, 7 p.m., on TV5.

In the competition, the groups will be mentored by PoPinoy “headhunters” actress Maja Salvador, R&B singer Jay R, dancer and choreographer DJ Loonyo and theater actress Kayla Rivera.

“We are focusing on groups,” Cignal and TV5 President and CEO Robert P. Galang said during the online press launch on May 26. Mr. Galang added that the goal for the talent search is for the groups to gain recognition locally an internationally.

The groups (whose members range in age from 17 to 28) submitted audition videos and those which passed are will begin their mentorship with the four “headhunters,” along with other guest mentors.

The participants will undergo rigorous training in dance, singing, and personality development. They will also get a chance to speak directly about their personal struggles, as well as their development in finding ways to collaborate effectively.

Producer and CEO of Archangel Media Michael Tuviera said that the show will offer a training manual as a guide for the participants. “We wanted [it] to be more constructive for the kids,” he said.

Mr. Tuviera also noted that talent and skill development will be the focus, but without losing the excitement and suspense of who leaves and stays in the competition. “So, whatever happens, you’re not just waiting for the eventual winners… they will come out better than the groups that they were before,” he said.

To help mount PoPinoy, TV5 is teaming up with telco brand TNT. “Through our partnership with TV5, we aim to give our talented artists a platform to shine and fulfill their dreams while celebrating our original and rapidly-evolving Pinoy Pop music,” Jane J. Basas, Smart’s SVP and Head of Consumer Wireless Business, was quoted as saying in a statement.

TNT will launch its own PoPinoy-related online show called TNT POP Show, hosted by Darren Espanto, featuring the show’s aspirants.

The two winners — one girl group and one boy group — will receive a total of P7.5 million worth of prizes, including P1.25 million in cash, an endorsement deal with TNT, a training contract with Cignal TV and APT Entertainment, and a talent and imaging contract.

Aside from the show itself, there will be supplementary content. Idols of Pinoy Pop: Manila Sound to KPop, a one-episode documentary by Lourd de Vera will premiere on June 6, 8 p.m., on TV5, and on satellite television channel Colours at 9:30 p.m. Meanwhile, Anikka dela Cruz will host PoPinoy All Access, a streaming show of exclusive behind-the-scenes look across all TNT and PoPinoy’s social media platforms. POPDates, a recap show of the day’s highlights, will air on weekdays beginning June 14 at 9:30 p.m.

Viewers will have access to content on Colours that focuses on the aspirants’ journey with shows PoPinoy UpClose, a chat-musical with interviews featuring those groups that have advanced to the Top 10. PoPinoy UpClose will premiere on July 9 (9:30 p.m.). Journey to the Finish, a feature-focus show on each of the Top 3 groups, will premiere on Oct. 9 (9:30 p.m.).

“We are excited and proud of this collaboration with TNT and Archangel Media. Our vision to promote and showcase the best of our new Filipino talents is now being realized with the launch of PoPinoy,” Cignal’s First Vice-President for Channels and Content Management Sienna G. Olaso said in a statement.

“We’ve always believed that our country is a repository of world-class talents who have been acknowledged not only here in our country, but around the globe. This is what we envision for these young men and women of PoPinoy as they make their own impact in the world of entertainment,” she said.

Catch the PoPinoy primer on June 6 at 8 p.m., and the show premiere on June 13, 7 p.m. on TV5. The show will also have a catch-up airing on Colours on Cignal ch. 202 HD and 60 SD on Sundays at 9:30pm. TV5 and Colours are also accessible on Cignal Play, free for Android and iOS users. — Michelle Anne P. Soliman

Former ranking gov’t officials join Converge board

June 1, 2021 | 12:05 am

LISTED fiber broadband provider Converge ICT Solutions, Inc. announced on Monday the election of its board directors, some of whom are former high-ranking government officials.

The board is led by former Department of Public Works and Highways and Department of Transportation and Communications Secretary Jose P. de Jesus, serving as chairman and independent director, Converge said in an e-mailed statement.

The members of the board of directors were elected at Converge’s first annual stockholders’ meeting as a listed company on May 28.

Former Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. and Reyes Tacandong & Co. Founding Partner and Chairman Roman Felipe S. Reyes were elected as independent directors.

Francis Ed. Lim, senior partner at ACCRA Law and former president and chief executive officer of the Philippine Stock Exchange, and Saurabh N. Agarwal, partner at global private equity firm Warburg Pincus LLC which holds a 15.8% stake in Converge through Coherent Cloud Investments B.V., were elected as non-executive directors.

“Converge’s board has a diverse membership, with the right mix of capabilities, perspectives and experience that will ensure the highest standards of governance. I look forward to working with my fellow directors as well as with the management over the coming year,” Mr. de Jesus said.

The company’s attributable net income for the first three months of 2021 almost tripled to P1.55 billion from P573.60 million in the same period in 2020, owing primarily to an increase in subscribers as the pandemic crisis continues.

Its total revenues, which include contributions from residential and enterprise segments, increased 83.2% to P5.55 billion in the first quarter from P3.03 billion in the same period a year ago.

Converge ICT shares closed 3% lower at P19.40 apiece on Monday. — Arjay L. Balinbin

A Quiet Place Part II sets pandemic record with $48-million debut

June 1, 2021 | 12:05 am

LOS ANGELES — You can almost hear the collective sigh of relief from studio executives across Hollywood. After a brutal year and change for the movie theater business, the North American box office is finally showing signs of life again.

That’s mostly thanks to John Krasinski’s post-apocalyptic thriller A Quiet Place Part II. The sequel collected a roaring $48 million between Friday and Sunday, exceeding expectations and posting the biggest three-day haul of the pandemic era. The Paramount Pictures film, currently playing in 3,726 venues, is expected to generate a sizable $58 million through Memorial Day on Monday.

Those ticket sales are significant because it’s not far off from what the movie was projected to make prior to the pandemic. (The sequel was originally set to release in March of 2020, and, well, we all know what happened then.) The original A Quiet Place opened to $50 million in 2018, a huge result for a movie that’s not based on existing intellectual property. The studio’s decision to hold the follow-up film until theaters reopened to a significant degree proved to be prudent.

“This is an outstanding opening,” says David A. Gross, who runs the movie consulting firm Franchise Entertainment Research. “[It’s] well above average for a horror sequel.” He adds that A Quiet Place Part II could have debuted to $60 million if all US theaters had reopened. “Still,” Gross says, “this movie is going to make a lot of money and bring enormous value to streaming.”

A Quiet Place Part II, which sees the return of Emily Blunt, Millicent Simmonds and Noah Jupe as a family forced to live in near-silence, has the benefit of getting an exclusive theatrical release. It will move to Paramount Plus, the streaming service owned by its parent company ViacomCBS, in 45 days. Recent releases, including the Warner Bros. and Legendary tentpole Godzilla vs. Kong and Disney’s Raya and the Last Dragon, premiered simultaneously on digital platforms. Despite its hybrid rollout on HBO Max, Godzilla vs. Kong previously boasted the best start since COVID-19 hit with $32 million for the three-day weekend and $48 million in its first five days on the big screen.

A Quiet Place Part II did exceptionally well on premium formats, like Imax. Of its $58 million four-day weekend bounty, a (pandemic) record $5 million came from Imax screens.

As Imax CEO Rich Gelfod put it: “A Quiet Place Part II is the first domestic release this year to cross the threshold from ‘great opening weekend given the pandemic’ to ‘great opening weekend, period’ — offering undeniable proof that the domestic box office is back.” He continued, “The film’s stellar results give the box office a strong jolt of momentum heading into the summer, and the many blockbusters that held out for an exclusive theatrical release stand to benefit.”

This weekend’s other major release, Disney’s live-action Cruella starring Emma Stone, pulled in promising numbers for a movie that’s currently playing in homes. (It’s available to rent on Disney Plus for $30.) The movie, a punk rock origin story about the infamous puppy-hating 101 Dalmatians villain, is estimated to bring in $21.3 million from 3,892 theaters over the three-day weekend and $26.5 million through Monday.

Internationally, Cruella has posted $16.1 million from 29 overseas countries. That brings its total earnings to $37.4 million globally, with projections of $42.6 million through Memorial Day.

Over Memorial Day weekend, one of the most popular times of year to visit the movies, overall revenues in the US will be above $100 million for the first time in more than a year, according to Comscore. Around 75% of US theaters have reopened, with many locations still facing capacity restrictions. — Reuters

PHirst to launch 4 Luzon projects

June 1, 2021 | 12:05 am

PHIRST PARK HOMES, Inc. said it plans to launch four Luzon projects in the second half of this year as the company continues to see rising demand in the affordable housing market.

“Throughout 2020 we saw an uptick in sales from among local and OFW (overseas Filipino workers) buyers who are looking for safe, secure, and well-located homes for their families,” Loren B. Sales, vice-president for customer management of PHirst Park Homes, said in a statement.

The company aims to build two new communities in northern Luzon and two others in southern Luzon, totaling 6,968 units with a sales value of P14.31 billion. One of the projects is located in General Trias, Cavite.

“These new PHirst Park Homes projects will give first-time home buyers more options north and south of Metro Manila as they embark on a new journey in their family life.”

PHirst Park Homes will be launching so-called “show villages” in the new communities. These “show villages” will feature all model homes offered, which include a 40-square meter (sq.m.) expandable 2-bedroom unit, a 54-sq.m. 3-bedroom home, and an 80-sq.m. combined house and lot.

The four new communities will each have a clubhouse with amenities, an outdoor fitness station, play equipment, and outdoor cinema.

PHirst Park Homes, Inc. is a project of Century Properties Group, Inc. and Mitsubishi Corp.

The company has launched 9,349 units across seven communities in Tanza in Cavite, Lipa and Nasugbu in Batangas, San Pablo and Calamba in Laguna, Pandi in Bulacan, and Magalang in Pampanga.

As of the end of 2020, PHirst Park Homes has completed 1,536 house and lot units in its Tanza and Lipa locations. — Keren Concepcion G. Valmonte

Da Vinci Capital revives operations via liquor distribution businesses

June 1, 2021 | 12:04 am

DA VINCI Capital Holdings, Inc. said it will be swinging from a shell company to a fully operating company through liquor distribution businesses, which it described as “easily relatable and relevant.”

“Your company, Da Vinci, continuing the business received from Cosco [Capital, Inc.], will be engaged in the importation, marketing and distribution of wine, spirits and specialty beverages as an industry leader and its biggest player,” said Jose Paulino L. Santamarina, president at Da Vinci Capital.

The listed holding company acquired Montosco, Inc., Meritus Prime Distribution, Inc., and Premier Wine and Spirits, Inc. from Cosco Capital via a swap-share transaction.

It added that the first three brands transferred will not cause conflict among the other names under Da Vinci Capital’s belt.

According to its quarterly report disclosed earlier this month, the company plans to conduct a follow-on offering of its common shares once the transaction with Cosco Capital is completed and after it has been approved by authorities.

The offer will be done to comply with the minimum public ownership requirement of the Philippine Stock Exchange “and at the same time raise additional equity capital to pursue and identify feasible investment opportunities.”

Subject to stockholders’ and regulatory approval, Da Vinci Capital said it will also change its name to The Keepers Holdings, Inc. (KHI).

“KHI is poised to become the only pure alcoholic and non-alcoholic distribution listed company in the Philippines,” the company said.

Shares of Da Vinci Capital at the stock exchange moved up by 2.74% on Monday to close at three pesos each from P2.92. — Keren Concepcion G. Valmonte

Gavin MacLeod, star of Love Boat and Mary Tyler Moore, 90

June 1, 2021 | 12:04 am

WASHINGTON — Gavin MacLeod, who played a wise-cracking news writer on the classic 1970s US sitcom The Mary Tyler Moore Show and the hospitable cruise ship captain on The Love Boat, died on Saturday aged 90. His nephew, Mark See, confirmed his death to Variety. No cause of death was given, it said, but Mr. MacLeod’s health had declined in recent months. The bald Mr. MacLeod often played villains on TV before being cast in the acerbic comic role of Murray Slaughter on The Mary Tyler Moore Show, which ran on CBS from 1970-1977 and was one of the most honored shows of its decade, winning 29 Emmy Awards. Mr. MacLeod was then signed for the starring role of Captain Merrill Stubing on ABC’s The Love Boat, which ran for 10 seasons from 1977-1987. The series, which featured guests stars in each episode as passengers looking for romance aboard a cruise ship, was not a favorite of critics but it was frequently amusing and popular with viewers. “I was a young kid with a bald head so I only played pimps, perverts, woman beaters and child molesters,” Mr. MacLeod told People magazine in 1978. That changed forever after he was cast on The Mary Tyler Moore Show, joining a talented cast that included Ms. Moore, Ed Asner, Ted Knight, Betty White, Valerie Harper and Cloris Leachman. Mr. MacLeod battled alcoholism during his career and became a devout Christian, starring in the Christian-themed film The Secrets of Jonathan Sperry in 2009. He had four children from his first marriage, which ended in divorce, and three stepchildren from his second marriage. — Reuters

Strong interest seen in new Hamilo Coast project

June 1, 2021 | 12:04 am

COSTA DEL HAMILO, Inc. (CDHI) is developing Sola, an exclusive residential project and the first horizontal development of Hamilo Coast in Nasugbu, Batangas.

Sola is considered as the first premiere sustainable lot development in Pico De Loro Cove, with access to a 1.5-kilometer beach and a four-hectare man-made lagoon.

Alexis Ortiga, CDHI senior assistant vice-president for projects and sales, said there is strong interest in Sola, noting the project is ‘now more than 50 percent sold — barely two months after its launch.”

Around 40% of the 2.7-hectare community will be dedicated to lush greens, pedestrian pathways, bike lanes, and roads.

“The Central Parks also provide a nuclear amenity which include serene and functional spaces where you can take a stroll or jog along tree-lined trails, play your heart out at the nature-inspired playground, or just lounge and relax for some well-deserved ‘me’ time. Its proximity to Pico Beach’s white sands also makes it a well-integrated natural environment. Because of Sola at Pico De Loro Cove’s open and nature-centric community, families are investing in a seaside lifestyle,” the CDHI official said in a statement.

Sola lot owners will also acquire a Pico de Loro Beach and Country Club individual membership share.

CDHI is a subsidiary of listed SM Prime, Inc.

Globe secures almost 800 permits to build new towers

June 1, 2021 | 12:03 am

GLOBE Telecom, Inc. announced on Monday that it had secured almost 800 permits to build new cell towers in different parts of the country.

“The company received 219 permits in different areas in North Luzon and 191 more in Visayas,” Globe said in an e-mailed statement. “Local government units in the National Capital Region released 179 permits while those in Mindanao and South Luzon issued 113 and 97 permits respectively.”

The permits were secured in the first quarter of the year.

“Metro Manila topped the provinces with the most permits, followed by Cebu, Nueva Ecija, Pangasinan and Davao del Sur. Thirteen other provinces have issued 10 or more permits,” Globe noted.

The city of Makati issued the most (56), followed by Cebu City (39), Davao City (33), Manila (27), and Pasig City (25).

Globe said building new cell towers take time. “It will take us at least three months to install a new tower and it will also depend on its location, accessibility, logistics and quarantine protocols implemented in the area where we secured the permits,” said Joel R. Agustin, Globe senior vice-president for program delivery, network technical group.

“We would like to assure our customers, however, that we will build the new cell sites as soon as possible,” he added.

Globe targets to put up 2,000 new cell sites this year.

The telco installed 318 new cell towers across the country in the first three months of the year.

Globe shares closed 0.28% lower at P1,806 apiece on Monday. — Arjay L. Balinbin

Gov’t increases T-bill award as strong demand pulls down rate

June 1, 2021 | 12:03 am

THE GOVERNMENT upsized the volume of Treasury bills (T-bills) it awarded on Monday amid strong demand after auction volumes for the short-tenored papers were reduced.

The Bureau of the Treasury (BTr) raised P21 billion from its offer of T-bills on Monday, higher than its P15-billion program, after it accepted more non-competitive bids for all the tenors.

Total bids for the short-tenored securities stood at P87.173 billion on Monday, making the offering over five times oversubscribed.

Broken down, the BTr awarded P7 billion in 91-day debt papers, higher than the initial offer of P5 billion, as it accepted P4 billion in non-competitive bids versus the original program of P2 billion. Tenders for the tenor reached P22.15 billion.

The three-month T-bills fetched an average rate of 1.235%, down by 3.4 basis points (bps) from the 1.269% quoted last week.

The Treasury likewise borrowed P7 billion from the 182-day T-bills versus the P5-billion program after bids hit P27.41 billion. The average rate of the six-month papers went down by 6.9 bps to 1.472% from the previous week’s 1.541%.

Lastly, for the 364-day securities, the government awarded P7 billion, up from the P5-billion plan, as the tenor attracted tenders worth P37.613 billion. The one-year papers were quoted at 1.723%, 7.3 bps lower than the 1.796% seen last week.

National Treasurer Rosalia V. de Leon said the BTr doubled its acceptance of non-competitive bids for all tenors as the strong demand for the T-bills due to lower supply of the papers pulled yields down.

“BTr reduced bills volume and increased bonds as investors are now looking for yield [pickup] from longer tenors,” Ms. De Leon said.

A bond trader shared this view, saying the oversubscription seen for Monday’s auction was largely driven the lower volume of T-bills on offer and noted the market continues to prefer short tenors amid continued uncertainty due to the coronavirus pandemic.

“The increase in bids is more than the decrease in supply, causing rates to drop…,” the trader said via Viber.

The government wants to raise P215 billion from the local debt market in June: P75 billion via weekly offers of T-bills and P140 billion from weekly auctions of T-bonds.

This is bigger than the P170-billion program for May, which was broken down into P100 billion from T-bills and P70 billion from T-bonds. The government adjusted the volume of the weekly T-bill offerings to P15 billion from P25 billion previously and scheduled a T-bond auction per week instead of fortnightly.

On Tuesday, the Treasury is auctioning off P35 billion via reissued 25-year bonds with a remaining life of 19 years and three months.

The government is looking to borrow P3 trillion this year from domestic and external sources to help fund a budget deficit seen to hit 8.9% of gross domestic product. — IBC

Russia warns Disney against distributing short film featuring gay character

June 1, 2021 | 12:03 am

MOSCOW — Russia’s communications regulator Roskomnadzor on Friday warned Walt Disney Co. against distributing content it said was harmful to children in Russia with its release of a short film, Out, which features a gay main character. Roskomnadzor said it had sent a letter to Disney noting that it was against Russian law to distribute information which “denies family values and promotes non-traditional sexual relationships” to children. Out was released on Disney+ in the United States last year. Disney did not immediately respond to a request for comment. Same-sex relationships are legal in Russia, but a 2013 law bans disseminating “propaganda on non-traditional sexual relations” among young Russians. Human rights groups have condemned the legislation, saying it has helped increase social hostility towards homosexuality. — Reuters

Building owners urged to comply with energy efficiency law

June 1, 2021 | 12:03 am

BUILDING OWNERS are now required to source at least one percent of the building’s total demand from a renewable energy source.

Lylah Ledonio, Leechiu Property Consultants’ executive director and chair of the European Chamber of Commerce of the Philippines (ECCP) Real Estate Committee, said building owners or landlords need to be re-oriented on Republic Act 11285 or the Energy Efficiency and Conservation Law, which was passed in 2008. The implementing rules and regulations were approved in May 2019.

In adhering to the Energy Efficiency law’s key provisions, building owners can save on energy costs. Building owners with an annual consumption of at least 500,000 kilowatt hours are also required to employ a certified energy conservation officer.

Leechiu Property Consultants has partnered with the ECCP Real Estate Committee to conduct a briefing on Republic Act 11285 or the Energy Efficiency and Conservation Law, at 10 a.m. on June 4.

The briefing will be led by the Department of Energy’s Energy Utilization and Management Bureau director Patrick Aquino and Philippine Energy Efficiency Alliance President Alexander Ablaza.

Those interested in joining its June 4 forum may contact advocacy@eccp.com. or lj.lombos@eccp.com.