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To improve digital wellness, remember to unplug

UNSPLASH
UNSPLASH

THE PRESSURE to remain productive — while under community quarantine restrictions of varying levels a year into the pandemic — has led to a spike in screen time and an increasing dependence on devices. “Technology is helpful, but it can affect our well-being. It should improve life, not the opposite,” said Bernadette Nacario, country director of Google Philippines, during the search company’s Wellbeing Day, a virtual event that closed out Mental Health Awareness Month this May.

The search giant’s e-Conomy SEA 2020 report revealed that Filipinos spent 5.2 hours a day on the internet at the height of quarantine last year — the highest across Southeast Asia.

With a third of remote employees in Asia Pacific admitting to increased burnout at work, employers must recognize the ongoing mental health crisis during the pandemic and ensure that the workplace prioritizes the mental well-being of its workers, said Ms. Nacario, who suggested programs like “no-meetings week” and a global day-off, which Google implements to let employees destress and unplug as needed.

Not all companies, however, are like Google. “In the Philippines, we draw a direct line from mental health to depression and anxiety disorders. Mental health is more than that. It’s not all or nothing where you either have mental illness or you don’t. It’s about the way we think, feel, and behave,” said Dr. Ronald T. del Castillo, psychologist and public health expert, of Diwa Mental Health.

Someone with mental illness can be happy, functional, and experience optimal well-being, he explained. On the flipside, someone without mental illness might be suffering through minimal mental well-being — the reality of many burned-out workers during the pandemic.

Mr. Del Castillo encouraged transparency and open conversation between employees and their bosses to ease tension and clarify expectations in the workplace.

Good mental health benefits not just individuals, but the global economy. The World Health Organization, in 2016, led a study that showed every $1 invested in treatment for mental health disorders returned $4 in improved health and productivity. The same study estimated that depression and anxiety disorders cost the global economy $1 trillion per year lost in productivity.

On the other hand, Mr. Del Castillo emphasized that productivity should not be the source of people’s self-worth and value. With self-care being “enshrined as an instrument of productivity,” he said, it has strayed far from what it should really be about: deepening connections to ourselves and those who matter to us, and re-engaging with moments of playfulness and silence, too.

To facilitate these moments of silence, which are all too often interrupted by app notifications and dinging mobile phones, Google created wellbeing.google, a website similar to the digital well-being feature in Android devices, that provides tips and tools to improve digital behavior.

The mobile version has a dashboard that shows daily tech usage and allows timers to be set for apps. Focus mode reveals which apps are most distracting and offers an option to turn them off temporarily.

Digital consumption should be healthy, said Geia Lopez, industry analytical head of Google Philippines, much like how people watch their food consumption to maintain a diet. “Tech should help us improve our lives,” she said, “And it’s different for everyone. We each have a unique relationship with technology that we must explore.” — Brontë H. Lacsamana

LBC Express, UnionBank ink P1.62-billion loan deal

@LBCEXPRESS

LBC Express Holdings, Inc. announced on Monday that its unit LBC Express, Inc. had entered into a P1.62-billion loan deal with UnionBank of the Philippines, Inc.

The transaction between LBC Express and UnionBank took place on May 31, the listed LBC Express Holdings said in a disclosure to the stock exchange.

“The proceeds of the loan shall be used to partially finance the construction of LBCE’s (LBC Express) new warehouse, importation and installation of a sorting machine, and land acquisition via loan take-out,” the company added.

LBC Express Holdings recently reported a 21.5% decline in its first-quarter attributable net income despite higher revenues, mainly due to higher expenses.

The company’s attributable net income stood at P139.73 million, down from P177.89 million the previous year.

This is despite a 14.7% increase in the company’s revenues to P4.36 billion from P3.80 billion in the first quarter of 2020.

Total expenses rose 11.17% to P3.88 billion from P3.49 billion previously.

It said depreciation and amortization increased by 26%, pertaining to amortization of right-of-use assets recognized during the period.

LBC Express Holdings shares closed 4.65% lower at P16 apiece on Tuesday. — Arjay L. Balinbin

Is it all Greek to you? Coronavirus variants get new names

IMAGE VIA ISO-FORM / CC BY 4.0

Image via iSO-FORM / CC BY 4.0

GENEVA — Coronavirus variants with clunky, alphanumeric names have now been assigned the letters of the Greek Alphabet in a bid to simplify discussion and pronunciation while avoiding stigma.

The World Health Organization (WHO) revealed the new names on Monday amid criticism that those given by scientists such as the so-called South African variant which goes by multiple names including B.1.351, 501Y.V2 and 20H/501Y.V2 were too complicated.

As such, the four coronavirus variants considered of concern by the United Nations agency and known generally by the public as the UK, South Africa, Brazil and India variants have now been given the letters Alpha, Beta, Gamma, Delta according to the order of their detection.

Other variants of interest continue down the alphabet.

“While they have their advantages, these scientific names can be difficult to say and recall, and are prone to misreporting,” said the WHO, explaining the decision.

The choice of the Greek Alphabet came after months of deliberations in which other possibilities such as Greek Gods and invented, pseudo-classical names were considered by experts, according to bacteriologist Mark Pallen who was involved in the talks.

But many were already brands, companies, or alien names.

Another idea to refer to variants of concern as VOC1, VOC2, etc. was scrapped after he pointed out it resembled an English swear word.

Historically, viruses have often been associated with the locations from which they are thought to have emerged such as Ebola which is named after the eponymous Congolese river.

But this can be damaging for the places and often inaccurate such as with the so-called “Spanish flu” pandemic of 1918 whose origins are unknown.

“No country should be stigmatized for detecting and reporting variants,” said WHO epidemiologist Maria Van Kerkhove.

Before the new WHO scheme, some scientists had adopted their own simplified nomenclature for variants such as a February paper using bird names. However, it was criticized on the grounds that this could imperil birds and by the mother of a girl named “Robin.” — Emma Farge/Reuters

Gov’t fully awards reissued T-bonds

BW FILE PHOTO
THE BUREAU of the Treasury fully awarded the reissued 25-year bonds on Tuesday. — BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday as the rate fetched for the tenor was broadly in line with yields at the secondary market.

The Bureau of the Treasury (BTr) raised P35 billion as planned via the reissued 25-year T-bonds it auctioned off on Tuesday. The offer was nearly two times oversubscribed as bids reached P61.914 billion. ​

The 25-year bonds, which have a remaining life of 19 years and three months, fetched an average rate of 5.084%, dropping by 25.7 basis points (bps) from the 5.341% quoted in the last successful offer of 20-year papers, which was on Nov. 25, 2019.

This was, however, higher than the 4.625% coupon quoted when the 25-year bonds were first issued on Sept. 9, 2015.

Before the auction on Tuesday, at the secondary market, the 25-year paper was quoted at 4.9323%, while the 20-year tenor fetched a rate of 4.9373%, based on PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said the government fully awarded its offer of 25-year papers as the average rate fetched on Tuesday was aligned with secondary market yields, “yielding positive real rates.”

“[We] saw strong reception for [the] reopening of 25-11, with demand [at] 1.5 times [the] offer,” Ms. De Leon told reporters in a Viber message after the auction.

She said the relatively low rate fetched for the long-tenored papers offered by the Treasury yesterday was “aligned with market expectations that inflation will be tame going into next year.”

The Bangko Sentral ng Pilipinas (BSP) last month lowered its inflation outlook this year to 3.9% from a previous estimate of 4.2%. This will put inflation back within the BSP’s 2-4% annual target.

On the other hand, the forecast for 2022 was raised to 3% from 2.8% previously.

The BSP held its key interest rate at a record low for a fourth straight meeting on May 12 as it continues to support the economy’s recovery from the pandemic. The Monetary Board’s next policy-setting meeting is scheduled on June 24.

The central bank will remain accommodative until economic recovery is sustained, with further monetary policy adjustments likely by the second half of 2022, BSP Governor Benjamin E. Diokno said on Monday.

The economy remained in a recession in the first quarter, when it shrank by 4.2%. The country’s gross domestic product contracted by a record 9.6% last year.

The government last month slashed its growth target for 2021 to 6-7% from 6.5-7.5%.

Meanwhile, a bond trader said the average rate fetched for the bonds at yesterday’s auction fell within the market’s expected range of 5% to 5.25%.

“There are certain sectors that need this type of tenor… I think the key takeaway is that market can absorb supply in this space, an indication that the market is still very liquid,” the trader said.

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

It 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

Megaworld to build its seventh tower in Uptown Bonifacio

MEGAWORLD expects the tower to be Leed (Leadership in energy and environmental design)-certified. — COMPANY HANDOUT
MEGAWORLD expects the tower to be Leed (Leadership in energy and environmental design)-certified. — COMPANY HANDOUT

ANDREW L. Tan’s Megaworld Corp. is putting up another high-rise building in Uptown Bonifacio that will be the firm’s seventh office development in the area, the company told the local bourse on Tuesday.

The 24-storey tower, dubbed as the International Finance Center, offers 69,200 square meters of office space. Megaworld also said that the tower will be LEED (Leadership in Energy and Environmental Design)-certified.

“This new development, which will be PEZA (Philippine Economic Zone Authority)-accredited, sits right at the heart of Uptown Bonifacio, having the most convenient access to the mall, residential, transport, and leisure hubs in a community setting. Soon, this new office tower will have a direct access to the Mega Manila Subway and the proposed Skytrain monorail,” Megaworld Premier Offices First Vice-President Roland Tiongson said in a statement.

The building will have six levels of combined podium and basement parking; and four parking and two service elevators for the convenience of employees and tenants.

Megaworld has six other towers in Uptown Bonifacio, namely: Alliance Global Tower, Uptown Place Tower 1, Uptown Place Tower 2, Uptown Place Tower 3, Uptown Eastgate, and Worldwide Plaza.

“Currently, our office portfolio in Fort Bonifacio alone totals to around 900,000 square meters already. These are in Uptown Bonifacio, McKinley Hill, and McKinley West. We have grown this big because of the robust demand for office spaces in our townships here,” Mr. Tiongson said.

The firm reported a first-quarter attributable net income of P2.36 billion, down by around 33% year on year from P3.51 billion, amid lower revenues.

Shares in Megaworld at the local bourse rose by 1.32% or four centavos to close at P3.08 apiece on Tuesday. — Angelica Y. Yang

How to prevent heatstroke 

UNSPLASH

Heatstroke is a condition caused by the overheating of the body as a result of physical exertion or prolonged and direct exposure to hot and humid environments. Dehydration may likewise lead to it. And though most spend their time indoors, high temperatures may still exist, especially during noon and afternoons.   

This incident can be prevented by following these guidelines released by the Center for Health and Medical Services of the De La Salle-College of Saint Benilde from the Department of Health. 

  • Be aware of the symptoms — Heatstroke sufferers possess high body fever of 40°C or higher and have flushed skin. Other obvious signs may include rapid shallow breathing and racing heart. These may be accompanied by headache, dizziness, nausea, weakness and vomiting, plus irritability, agitation and confusion.
  • Have an emergency plan — Move the person under a shade or indoors and have them lie down with elevated legs. If able to drink liquids, have them sip cool water. Remove clothing and apply cold water to skin. It is important to put ice packs or cold compress to the armpits, wrists, ankles and groins to lower body temperature.
  • Limit time spent outside — Heat exhaustion may still occur several days after dehydration or exposure to high temperatures. Though there are individuals who spend time outside due to work or other engagements, observing health and safety protocols, it is best to limit the period outdoors.
  • Take preventive measures — If needed, schedule heavy duty activities in the morning or at night and make certain to wear lightweight, tightly-woven, loose-fitting light-colored clothes. Hats, sunglasses and umbrellas may serve as protection from the direct sunlight.
  • Stay hydrated — Most importantly, drink plenty of fluids, especially cold water. Avoid caffeinated drinks such as tea, coffee, soda and alcohol as these may trigger dehydration.

Prolonged crisis affecting Philippine banks’ credit profile

PHILIPPINE BANKS’ credit profile will face near-term risks as the prolonged coronavirus crisis affects their asset quality and profitability prospects, Fitch Ratings said.

“The weaker economic outlook translates to diminished revenue growth opportunities for banks, as credit demand remains muted and asset yields are capped by excess liquidity amid a dovish monetary policy,” the ratings agency said.

Fitch said it sees a “shallower economic recovery” for the Philippines compared with its previous estimate earlier in the pandemic.

Despite this, the debt watcher noted that most of the major players in the banking industry have been doing “relatively well so far” amid the crisis.

However, it said the impact of the economic downturn on lenders is already becoming more apparent in the “significant deterioration in banking asset quality and very high credit costs over the past year, and a muted profitability outlook over the next 12-18 months.”

The banking sector’s net profit declined by 3% to P53.982 billion in the first quarter from P55.684 billion a year ago, based on data from the Bangko Sentral ng Pilipinas (BSP). This was due to higher loan loss provisions and bad debts.

Meanwhile, banks’ capital adequacy ratio stood at 16.72% on a solo basis as of end-2020, above the 10% minimum required by the central bank.

Fitch said the factors that boosted banks’ pre-provisioning profits last year, such as major savings on cost of funds and the revaluation gains on their bond portfolios, are diminishing. This means revenue growth could be “lackluster” until at least mid-2022, the credit rater said.

Meanwhile, the debt watcher said the banking system’s nonperforming loan ratio may deteriorate further to nearly 6% by the end of the year.

Banks’ nonperforming loan ratio stood at 4.21% as of end-March. BSP Deputy Governor Chuchi G. Fonacier said they expect this to go up to a little over 5% by the end of the year.

“Consumer and business sentiments remain dampened by high coronavirus infection rates and consequent social distancing measures, and we expect more business failures in the mid-market segment,” Fitch said.

“The pace of credit deterioration and credit provisioning is likely to slow relative to 2020 levels as the economy recovers, but we expect credit costs to remain significantly above pre-pandemic levels this year,” it added.

Meanwhile, Fitch said the slower loan growth and profitability of major banks, which prevented capital impairment and increased balance sheet leverage, helped them stay resilient in terms of capitalization and liquidity buffers.

It noted that BDO Unibank, Inc., Bank of the Philippine Islands and Metropolitan Bank & Trust Co. continue to outperform their peers due to their dominant market positions, consistent execution and somewhat lower risk appetite.

Fitch expects the asset quality of these three banks to face the worst by end-2021 and then see some gradual recovery by 2022.

It, however, noted that persistent challenges in banks’ operating environment will put pressure on their viability ratings, which are based on industry profile and operating environment, company profile and risk management, financial profile, and management strategy and corporate governance. — L.W.T. Noble

ABB partners with SMC power unit to install battery energy systems

GLOBAL company ABB Ltd. said it had partnered with San Miguel Corp.’s (SMC) power arm to install three battery energy storage systems (BESS) in the country this year.

The partnership is part of a “multimillion-dollar” contract that was awarded to ABB in 2019, the Switzerland-based firm said in a statement on Tuesday.

The battery energy systems are part of SMC Global Power Holdings Corp.’s nationwide project.

“ABB will support two 20 MW (megawatts) of sites which will be installed by June 2021, with a further 40-MW site in July 2021. The remaining sites will be completed in 2022,” ABB said.

This is in line with the country’s aim to decarbonize its energy generation and ensure that over 50% of its energy mix will come from renewables by 2040, it added.

ABB said the Philippine project will use its software platform ABB Ability™ Zenon, which allows users to make real-time decisions based on grid parameters.

“By combining the knowledge of our Packaging and Solutions Global Execution team, based in Manila, with the local grid knowledge of the SMC team, we are proud to support the most ambitious BESS project in Southeast Asia,” President of ABB’s Distribution Solutions Division Alessandro Palin said.

BESS systems, he said, are “transforming” the market and improving grid performance across the globe.

“Pioneering solutions like the one in the Philippines will ensure that grids are more stable and will satisfy the reliability challenges associated with moving to a stronger mix of renewables,” Mr. Palin added.

In April, the local diversified conglomerate said that SMC Global Power was spending over $1 billion to build new battery energy storage systems with a rated capacity of 1,000 MW. It said 31 new projects were underway, with some storage facilities in the advanced stages of completion.

SMC President Ramon S. Ang previously said that the firm’s investments in BESS will benefit consumers across the country since far-flung and isolated areas will have access to stable and reliable power once the storage systems are set in place.

SMC posted a first-quarter attributable net income of P9.30 billion, a reversal of its previous losses of P1.27 billion in the same period last year, on the back of higher profits and improved operating income.

Its shares at the local bourse inched up 0.17% or 20 centavos to finish at P116.10 apiece on Tuesday. — Angelica Y. Yang

When ballet goes virtual

Ballet Philippines opens 52nd season online

BECAUSE of the coronavirus disease 2019 (COVID-19) pandemic, Ballet Philippines’ 51st season was met with the unexpected shift to showcasing and teaching ballet online last year. It was, by all accounts, a successful transition. The ballet company’s digital presence continues this year with the closing of the company’s 51st season and the opening of the 52nd. 

“Around this time last year, we had one goal and that was to survive and keep ballet alive,” Ballet Philippines (BP) President and CEO Kathleen Liechtenstein said at the new season’s online press launch on May 25, held via Zoom. 

At the onset of the lockdown, the BP’s Board of Trustees stepped in and introduced a virtual stage that is called BP OnStream (https://ballet.ph/).

“Since then, we’ve have turned [it] into a whole testament of the Filipino resilience as artists,” Ms. Liechtenstein said.

This digital platform has provided 52 masterclasses given by international ballet professionals with 1,617 masterclass attendees; 365 company classes were conducted with 6,847 company class attendees. The platform also showcased 31 original video productions.

BP has also utilized the digital platform for younger students and teachers with the mini-series called K12 Kalusugan focusing on exercise, and Batang BP with educational and entertainment materials. 

Ms. Liechtenstein officially turned over the 51st Season with the announcement of the last two productions of the season: Dystopian Body and Diyosa which are available to view at the BP website (https://ballet.ph/our-video-creations/). 

Dystopian Body is a performance that is concerned with a place where the body evolved despite an environment where conditions do not provide the most basic needs. Meanwhile, Diyosa is set in a time when Filipino gods, goddesses, and humans lived together in harmony. However, this harmonious relationship is destroyed due to the humans’ greed and selfishness.

EDUCATION IN THE 52ND SEASON
The 52nd season will provide more training for the dancers through company classes and free masterclasses conducted by international ballet professionals. Aside from dance, there will be classes on acting and expression.

“The new season promises to be interesting. We are waiting for new meetings online, master classes, and lectures. We [will] add professional master classes on the skill of the actor on the system of [Konstantin] Stanislavsky, a man who invented the first dramatic theater in Russia. This system is used all over the world. There will be classes on the development of plastic expressiveness, as well as lectures from the Academy of Vaganova,” BP’s Artistic Director, Mikhail Martynyuk said of his plans for the 52nd season.

“I am confident that in the 52nd season we will have many dance projects that will be created online,” he said.

“The pandemic has allowed us to focus on classes. This leads to improvements in the dancer’s technique so that the company will be ready to take on new challenging choreography. We want to give our dancers pieces of choreography that are usually reserved for larger companies,” guest artist and choreographer Joseph Phillips said in a video. “I can see the dancers breaking their limits and doing things that they may not have thought possible.”

In June, the ballet company is launching BP Dance School schoolyear 2021-2022 where dance will continue to be taught online. There will be courses for beginners to advanced levels, and children and adults.

Classes for children include Kinder Dance (for ages four to five) and Pre-ballet (for ages six to eight).   

“In these years, the focus is developing the child’s love for dancing, music, and theater; learning the body awareness and discipline; and gently preparing the body for technique training the future,” said Rhea Bautista, Director of the BP Dance School at the same press launch. 

Classical Ballet classes at Levels 1, 2, and 3 (for ages eight to nine) teach the foundations and rudiments of ballet technique. Pre-professional Levels at Intermediate and Advance are where “students undergo rigorous and nurturing program to master their technique and artistry.”

Meanwhile, Adult Ballet is also offered for men and women (ages 15 and over), which are for those “who want to exercise or fulfill an old dream.”

Despite the lack of physical presence, Ms. Bautista said that teaching ballet online has been effective over the past year.

“While there are limits to teaching dance online, we have discovered that this strange setup where we cannot physically guide students… actually helps us focus on things that truly matter,” Ms. Bautista said, adding that students increased their understanding of their body, and technique.

“But most importantly, as a teacher, online teaching has made us better teachers,” she said. 

For more information about BP OnStream’s 52nd Season, connect to Ballet Philippines online through Facebook (http://www.facebook.com/balletphilippines), Instagram (@balletphilippines), YouTube (balletph) and the website http://www.ballet.ph. — Michelle Anne P. Soliman

Allianz PNB Life pushes health plan 

A recent study published by Allianz PNB Life said that only 22% of Filipinos can say they are fully prepared for a medical emergency like cancer, heart disease, kidney disease, and dengue.  

“In the Philippines, the protection gap remains at trillions of pesos. A single crisis like cancer could instantly cost a family no less than Php 300,000 and lead to eventual financial ruin, which shouldn’t be the case when flexible and viable coverage plans are widely available,” said Alex Grenz, Allianz PNB Life chief executive officer. “Inadequate coverage remains a common problem that only worsens in the time of COVID-19.” 

Allianz PNB Life offers Allianz Well!, a health plan that covers vaccination and treatment for coronavirus disease 2019 (COVID-19) and P100 million for in-patient hospitalization, one of the highest limit-plans in the market today. There’s also eAZy Health, an affordable and renewable option that offers life, accident, and disability benefits along with more comprehensive coverage for critical illnesses, including cancer.  For more information, visit allianzpnblife.ph.

Next big move in India yields will be higher

INDIA’S sovereign bond yields are likely to head sideways in coming months before starting to spike higher toward yearend, according to a 25-year bond-market veteran.

Signs of quicker inflation and concern the Reserve Bank of India (RBI) will pull back on policy support should eventually put yields on a rising path, said Radhavi Deshpande, chief investment officer at Kotak Mahindra Life Insurance Co. in Mumbai. Consumer prices will start to rise as the virus wave subsides, and that will also convince policy makers to ease back on stimulus, she said.

“We expect the benchmark 10-year yield to head toward 6.50% as inflation worries and policy normalization concerns begin to resurface along with reducing support from the RBI as we approach the year end,” she said in an interview. Yields may stretch toward the high, last seen in April 2020, by March, she added.

The first steps toward policy normalization at the RBI can be expected in December with policy makers likely to raise the reverse repo rate and start draining liquidity through variable reverse repos of different tenors, Deshpande said. The benchmark yield was at 6% on Monday.

India’s move toward higher bond yields and interest rates will be another milestone in the recovery of global financial markets from the ravages of the coronavirus. Progress toward normalization in the South Asian nation has seen a massive setback in recent months as the nation suffered one of the world’s worst outbreaks of the pandemic.

While there have been signs in recent weeks that the current virus wave is easing, inflation is likely to stay in a range of 4% to 6% over the next nine-to-12 months, said Ms. Deshpande, who was previously head of proprietary trading at Kotak Mahindra Bank Ltd. Still, demand should start to recover as the number of cases falls and that will help stoke inflationary pressures, she said.

DEBT PURCHASES
Inflation data in recent months have been mixed. The consumer price index fell to 4.3% in April, the second-lowest level in more than a year, driven down by cooling food and beverage prices. In contrast, wholesale-price inflation jumped to the fastest pace in more than a decade in the same month amid climbing commodity prices and a low base from a year earlier.

Concern about potential inflationary pressure has made the RBI unwilling to cut interest rates further. The central bank has instead chosen to pump extra liquidity into the financial system and buy bonds to cap yields. The central bank has said it will purchase 1 trillion rupees ($13.8 billion) of debt this quarter in addition to its existing Operation Twist programs and open-market debt purchases.

The RBI will need to step in with about 4 trillion rupees of bond purchases in total to meet the demand-supply imbalance in government bonds, she said. At some point though, it will have to wind back its emergency pandemic measures, paving the way for yields to rise.

“Once economic growth and hence credit picks up pace we should see a natural shift in demand away from sovereigns,” which will help push yields higher, Ms. Deshpande said. — Bloomberg

Fruitas incurs P16-M loss in ‘trying times’

FRUITAS HOLDINGS, Inc. recorded a P16-million net loss in the first quarter on the back of lower revenues, reversing its P15-million income a year ago, it said in a regulatory filing on Tuesday.

Its total revenues for the period went down by 30% to P261 million from P374 million in the same period in 2020.

“Sales contribution from additional community stores in the first quarter compensated for continued softness in the sales from kiosks in certain parts of the country,” the company said.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter dropped 73% to P15 million from P54 million previously.

As of March, Fruitas said the operational stores in its network numbered 810 before the reimplementation of stricter quarantine measures during the tailend of the quarter.

The company added that its network also includes community stores, which increased to 52 as of end-May from the 41 logged as of end-March.

“With the recently announced acquisition of certain assets of Balai Pandesal, Fruitas is targeting to have 120 stores in local communities, comprising 100 community stores carrying the Soy & Bean or Babot’s Farm brand and 20 Balai Pandesal bakeshops, by the end of 2021,” the company said.

On May 27, Fruitas announced that it was set to acquire the trademark, recipes, and some equipment and inventory of Balai Pandesal. The company aims to put up 100 Balai Pandesal stores in the near term as part of its plan to accelerate expansion into the bakery sector.

“In these trying times, we believe it is important to continue to invest in our future. As the economy reopens, we want to be well-positioned to take advantage of renewed consumer interest and we believe our efforts to grow and diversify our business will pay off,” Fruitas President and Chief Executive Officer Lester C. Yu said.

On Tuesday, shares of Fruitas at the stock exchange improved 0.69% or one centavo to end at P1.45 apiece. — Revin Mikhael D. Ochave

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