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Premium Leisure Corp. announces virtual stockholders’ meeting in June

Premium Leisure Corp. will hold its virtual annual stockholders’ meeting on June 25, 2021.

Gaming investments company Premium Leisure Corp. will hold its annual stockholders’ meeting virtually on June 25, 2021.

Please see the notice of the annual stockholders’ meeting below:

TO ALL STOCKHOLDERS:

The annual meeting of the stockholders of Premium Leisure Corp. (the “Company”) will be held on June 25, 2021, Friday, at 10:00 a.m. Given the current circumstances, the meeting will be conducted virtually and voting conducted in absentia through the Corporation’s secure online voting facility.

AGENDA

  1. Call to Order
  2. Proof of Notice of Meeting and Quorum
  3. Approval of the Minutes of the Annual Meeting of Stockholders held on June 22, 2020
  4. Approval of 2020 Operations and Results
  5. Ratification of all Acts of the Board of Directors and Management during their term of office
  6. Election of Directors for 2021-2022
  7. Appointment of External Auditors
  8. Other Matters
  9. Adjournment

The Board of Directors (Board) has fixed the end of trading hours of the Philippine Stock Exchange on May 27, 2021, as the record date for the determination of stockholders entitled to the notice of, participation via remote communication, and voting in absentia at such meeting and any adjournment thereof.

The conduct of the meeting will be streamed live, and stockholders may attend the meeting by registering via https://asmregister.premiumleisurecorp.com and submitting the supporting documents listed there until June 22, 2021 (Tuesday). All information submitted shall be verified and validated by the Corporate Secretary.

Stockholders who wish to cast votes through a proxy may accomplish the proxy form (which need not be notarized) and submit the same on or before June 22, 2021. In view of the community quarantine, scanned forms will be accepted. Paper copies shall be sent to the office of the Corporate Secretary at the 33rd Floor, The Orient Square, F. Ortigas Jr. Road, Ortigas Center, Pasig City once the community quarantine is lifted.

Stockholders who successfully registered can cast their votes in absentia through the Corporation’s secure online voting facility for this meeting. In order to participate remotely, they will also be provided with access to the meeting that will be held virtually. The “Guidelines for Participation via Remote Communication and Voting in Absentia” as appended to the Definitive Information Statement labeled as Schedule A will be posted on the Corporation’s website: https://www.premiumleisurecorp.com/ASM2021 and PSE Edge.

Thank you.

Pasig City, May 12, 2021.

(Sgd.)
Elmer B. Serrano
Corporate Secretary

Filipino Consumers Remain Optimistic in Q1 2021

FILIPINOS were the third most optimistic consumers among 14 Asia-Pacific economies, as economic activity in the region picked up, a survey by US-based think tank The Conference Board showed. Read the full story.

Filipino Consumers Remain Optimistic in Q1 2021

How PSEi member stocks performed — May 31, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, May 31, 2021.

Peso up on easing COVID-19 cases

BW FILE PHOTO
THE PESO rose versus the dollar amid a steady drop in coronavirus cases. — BW FILE PHOTO

THE PESO strengthened against the dollar on Monday amid easing coronavirus disease (COVID-19) cases and expectations of steady inflation last month.

The local unit closed at P47.695 versus the dollar on Monday, strengthening by 10.5 centavos from Friday’s finish of P47.80, data from the Bankers Association of the Philippines’ website showed.

This is the peso’s best close in over four years or since it finished at the same rate on Sept. 15, 2016.

The peso opened Monday’s session stronger at P47.75 against the dollar. It dropped to as low as P47.76, while its intraday high was at P47.69 versus the greenback.

Dollars traded went down $878.50 million on Monday from the $1.056 billion seen on Friday.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the peso continued to appreciate ahead of the government’s decision on the quarantine classification for June.

Malacañang was expected to announce new lockdown measures for June as prevailing restrictions were only set to be in effect until May 31.

Investors are hoping for a slight easing in the lockdown so the economy can reopen further, boosting recovery prospects.

The Health department on Monday reported 6,684 new coronavirus disease 2019 (COVID-19) cases, bringing the country’s infection tally to 1.23 million.

Active cases were at 54,290, while deaths stood at 20,966.

The Health department said COVID-19 cases in NCR Plus have seen a steady decline recently.

Meanwhile, a trader said the peso climbed versus the dollar on expectations of steady inflation in May.

The Bangko Sentral ng Pilipinas expects headline inflation to have settled within 4% to 4.8% in May, it said yesterday.

A BusinessWorld poll of 17 analysts last week yielded a median estimate of 4.5% for May headline inflation.

If realized, this would mark the third straight month of steady inflation. However, it is still beyond the central bank’s annual 2-4% target and is much quicker than the 2.1% print a year earlier.

The Philippine Statistics Authority will release official inflation data on June 4.

The trader said aside from inflation, the market will watch out for US economic reports due to be released later this week.

The trader expects the peso to move between P47.70 and P47.90 versus the dollar, while RCBC’s Mr. Ricafort gave a forecast range of P47.65 to P47.80. — IBC

Philippine stocks drop as investors pocket gains

STOCKS fell on Monday as investors pocketed their gains following a four-day rally in the market last week.

The Philippine Stock Exchange index (PSEi) declined by 46.02 points or 0.68% to close at 6,628.49 on Monday, while the all shares index went down by 24.65 points or 0.6% to end at 4,022.83.

“Philippine shares closed lower after several days of successive gains last week as the index consolidated in the 6,500 to 6,700 range. There was also a lack of leads with the US being closed for Memorial Day…,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Investors are waiting for the maiden listing of consumer heavyweight Monde Nissin, which lists [Tuesday] to kick-start the month of June. Many are assessing the latest economic data sets coming out,” Mr. Limlingan added.

“Investors booked gains while waiting for the government’s decision with respect to the quarantine measures of the country after May 31,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a separate Viber message. “Trading was tepid.”

Value turnover dropped to P5.39 billion on Monday with 1.39 billion shares switching hands, from the P12.41 billion with 1.67 billion issues traded on Friday.

Malacañang was expected to announce new lockdown measures for June as prevailing restrictions were only set to be in effect until May 31.

Investors are hoping for a slight easing in the lockdown so the economy can reopen further, boosting recovery prospects.

The Health department on Monday reported 6,684 new coronavirus cases, bringing the country’s infection tally to 1.23 million.

Active cases were at 54,290, while deaths stood at 20,966.

Majority of sectoral indices declined on Monday except for financials, which inched up by 1.04 points or 0.07% to 1,418.67.

Meanwhile, property shed 48.30 points or 1.47% to end at 3,225.42; services went down by 17.21 points or 1.13% to finish at 1,493.63; industrials lost 52.05 points or 0.57% to 8,937.59; holding firms declined by 19.91 points or 0.29% to 6,708.50; and mining and oil inched down by 5.82 points or 0.06% to close at 9,410.82.

Decliners outnumbered advancers, 103 against 85, while 57 names closed unchanged.

Net foreign buying dropped to P56.14 million on Monday from the P917.26 million recorded on Friday.

Philstocks Financial Research Associate Claire T. Alviar said she expects the PSE index to trade between the 6,600 to 6,900 range on Tuesday.

“The market may rebound on support area once the government eased the quarantine measures in Greater Manila,” Ms. Alviar said in a Viber message.

“Laxer restriction is expected to spur optimism in the market and recovery hopes would rise,” she added. — KCGV

Palace signals intent to slow-walk Bayanihan III

Presidential Spokesperson Harry L. Roque, Jr. — PHILSTAR

THE PALACE on Monday called the proposed third Bayanihan law as not an urgent matter, and maintained that the government needs to allow the 2021 national budget and previous economic packages to run their course before passing another stimulus measure.

“We welcome Bayanihan III as a fallback, pero mukhang ‘di po urgent ang passage nito, dahil ginagastos pa po natin iyong existing budget natin (it’s not looking very urgent, because we are still still spending previous budgets),” the President’s spokesman Herminio L. Roque, Jr. said at a televised news briefing.

Mr. Roque had been asked whether the executive branch plans to call for a special session to approve the legislation, known informally as Bayanihan III. Congress adjourns sine die this week.

House Bill No. 9411 or the Bayanihan to Arise as One Act is awaiting final approval. The measure’s Senate counterpart, which has yet to be certified as urgent by the President, is still pending at committee in that chamber.

“Wala naman pong problema kung di maipasa during the second regular session ng Congress itong Bayanihan III (it’s not a problem if Bayanihan III does not pass in the second regular session of Congress),” Mr. Roque said. — Kyle Aristophere T. Atienza

Inflation likely settled at 4-4.8% in May — BSP

BSP Governor Benjamin E. Diokno

THE CENTRAL BANK expects May inflation to have continued beyond its target range in May, though moderated by lower food prices and a stronger peso.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the bank expects headline inflation in May to likely come in at between 4% and 4.8%. 

Mr. Diokno said the midpoint of the range, 4.4%, would mark the fifth straight month of inflation breaching the 2-4% target and will be double the 2.2% posted in May 2020. It would however be lower than the 4.5% reported in April as well as the 4.5% median estimate in a BusinessWorld poll of 17 analysts last week.

“Higher prices of meat and domestic petroleum products along with the upward adjustment in Meralco electricity rates are the main sources of upward price pressures for May,” Mr. Diokno said in a Viber message.

The Department of Energy reported that gasoline, diesel, and kerosene prices increased by P8.50, P7.20, and P5.85 per liter respectively in the year to date as of May 25.

The Manila Electric Co. has said that its overall power rate for May will rise to P8.5920 per kilowatt-hour (kWh) from the P8.4067 per kWh rate the month prior.

Pork prices are helping drive inflation to beyond-target levels, due to shortages caused by the African Swine Fever outbreak.

Executive Order 134 signed earlier this month temporarily reduced the tariffs for pork imports to 10% for the first three months under the current minimum access volume and 20% for the first three months for imports outside the quota. Meanwhile, tariff rates of 15% and 25% for in-quota and out-of-quota pork products will be applied between the fourth and 12th month.

Downside pressures on inflation during the month include lower prices of staples such as rice, vegetables, and fish due to improved supply, Mr. Diokno said. The stronger peso will also moderate the upside risk to inflation, he added.

The peso closed at P47.80 to the dollar on Friday. It has appreciated by 22.3 centavos or by 0.46% since Dec. 29, the last trading day of 2020.

“Moving forward, the BSP will remain watchful of economic and financial developments to ensure that the monetary policy stance remains consistent with the BSP’s price stability mandate,” Mr. Diokno said.

The central bank on May 12 retained its key policy rate at 2%, noting it will continue to support the recovering economy. It has lowered its inflation forecast for the year to 3.9% from the 4.2% it gave in the February policy review.

The Philippine Statistics Authority will report May inflation data on Friday, June 4. — Luz Wendy T. Noble

PHL seen missing out on ASEAN-6 export boom

PHILIPPINE STAR/EDD GUMBAN

THE PHILIPPINES will likely lag the expected rebound in exports by the biggest Southeast Asian economies, think tank Oxford Economics reported. 

In a note released Monday, Oxford Economics projected that goods exports will only account for 2.7 percentage points (ppts) to gross domestic product (GDP) this year, the smallest proportion of the six major ASEAN economies, known as the ASEAN-6. The regional average is projected at 6.6 ppts.

“After a dismal 2020 for exports, we forecast a turnaround this year for the ASEAN-6 economies. Exports will make a positive contribution to growth for all six economies, but most prominently for Singapore, Vietnam, and Malaysia. In contrast, the Philippines will continue to lag the pack significantly,” it said.

Across the region, the estimated contribution of total exports to GDP was highest in Singapore at more than 15 ppts, followed by Vietnam and Malaysia at 10 ppts each, Thailand over 5 ppts. Indonesia was expected to come in below 5 ppts.

Its estimate of the muted performance by the Philippines and Indonesia was based on low recent export volumes in the two countries. Philippine exports grew 0.5% in the first quarter, compared to Vietnam’s 25.5% growth and Malaysia’s 17%.

It said the Philippines will continue to lag in agricultural exports as well, while the rest of the region expects steady growth over the near term. Philippine banana exports — which account for 38% of overall agricultural exports — have been hit hard by Panama disease and typhoons. 

Merchandise exports rose 31.6% to $6.68 billion in March following a 1.5% slump in February, according to the Philippine Statistics Authority. This propped up first-quarter volume growth to 7.6%, valued at $17.56 billion.

The government’s economic managers projected an eight percent growth for the sector this year.

Across ASEAN-6, Oxford Economics said exports will boost the region’s growth this year after being a drag at the height of the pandemic in 2020, but added that the gains will not be equally felt because of the varying goods traded, different partners and the levels of competitiveness in their manufacturing sectors.

Demand for semiconductors and coronavirus-related medical products will continue to be strong over the short term, which could benefit Malaysia, Singapore and Vietnam the most.

However, the global chip shortage may slow down the sector’s growth, it said. Output for consumer goods like food and beverages could also increase drastically when pent-up demand is unleashed as economies reopen.

“We expect ASEAN-6 exports will benefit from the global recovery this year, with strong demand from the two major trading partners, the US and China,” it said.

Based on their exposure to major economies like the US, China and India, Vietnam is expected to reap the greatest benefit, followed by the Philippines, Thailand, Indonesia, Malaysia and Singapore.

Oxford Economics said its export outlook for the ASEAN-6 also reflects their competitiveness in manufacturing, with Vietnam and Malaysia being the most attractive places for foreign direct investment and the Philippines and Indonesia lagging because of weak infrastructure and unconducive business environments. 

“Plugging into global supply chains, especially as firms adjust to rising costs in China, will have a significant impact on the manufacturing production of the ASEAN-6. Those that lose out in this competition will likely suffer long-term hits to both exports and growth,” it said. — Beatrice M. Laforga

LGU funding boost from SC ruling eyed for agri

PHILIPPINE STAR/ MICHAEL VARCAS

FOOD SECURITY advocacy group Tugon Kabuhayan said Monday that 10% or about P23 billion of the additional funds allocated for local government units (LGUs) under the Supreme Court’s (SC) Mandanas ruling should be directed to agriculture every year.

The SC ruling is expected to raise an additional P234.6 billion for LGUs starting next year. The ruling, based on a case filed by former Batangas governor and Representative Hermilando I. Mandanas, expanded the scope of the National Government’s revenue eligible for distribution to LGUs under the internal revenue allotment scheme.

“We suggest that 10% of the funds or P23.4 billion be allocated for (production and post-harvest investments) annually, especially in the countryside where most production is happening. The allocation can be adjusted once LGUs reach the desired…targets,” Tugon Kabuhayan said in a statement Monday.

Majority of the proposed 10% allocation should go to investment related to post-harvest processing, Tugon Kabuhayan convenor Asis G. Perez told reporters in a virtual briefing Monday. Mr. Perez is a former director of the Bureau of Fisheries and Aquatic Resources.

“I will say about 60% (of the proposed P23-billion allocation) should be dedicated to improving post-harvest, to funding post-harvest infrastructure, while only 40% of the amount should be given to production… It is in the post-harvest process where we’re losing a lot of resources,” he said.

Citing a 2016 report from the Philippine Center for Postharvest Development and Mechanization, he said that post-harvest losses from rice amounted to 16%. Meanwhile, the United Nations Food and Agriculture Organization estimated fish catch losses in the Philippines of up to 30% due to improper handling as of 2014.

Tugon Kabuhayan co-convenor Norberto O. Chingcuanco said that the Philippines is still lacking in post-harvest capability.

“Our production is not bad; we produce well. But it’s the post-harvest that we’re lacking in industrial skills (such as) smoking vegetables to canning, bottling, packaging and logistics,” he said during the briefing. — Angelica Y. Yang

Central monitoring system for PUVs to be launched this month

THE Land Transportation Franchising and Regulatory Board (LTFRB) said Monday that it will be launching this month a central monitoring system for public utility vehicles (PUVs).

“Silently, we are developing what you call the Central Public Utility Vehicle Monitoring System (CPUVMS), which aims to monitor operational PUVs not only in Metro Manila but all over the country,” LTFRB Chairman Martin B. Delgra III said at an online forum, “Tranformational Land Transportation Systems” organized by the Management Association of the Philippines.

Currently, the system is in use to monitor the EDSA Busway, but it will be extended further to other bus routes, Mr. Delgra noted.

He said among the objectives of the monitoring system is to collect data on the number of buses that operate on each route.

“When we launch this next month (June), you will be able to see not only the equipment that we have invested in but also the IT system related to transport systems, allowing us to push our program for monitoring the bus units in relation to the bus routes that have been rationalized,” Mr. Delgra said.

Data collected by the system will be used as the basis for “balancing supply and demand of PUVs,” he added. — Arjay L. Balinbin

IPOPHL to help small firms apply for international patents

THE intellectual property office said it plans to assist small businesses applying for international patents under a partnership with the Philippine Chamber of Commerce and Industry (PCCI).

The PCCI and the Intellectual Property Office of the Philippines (IPOPHL) signed a memorandum of agreement Monday to work on training business representatives and promoting the country’s intellectual property (IP) assets.

“We will be assisting MSMEs (micro-, small-, and medium-sized enterprises) in filing under the patent cooperation treaty — the international route for patent applications — and even under the Madrid protocol for trademarks, IPOPHL Director General Rowel S. Barba said at the event.

The Madrid system manages trademark registrations worldwide through a streamlined process.

Under the agreement, IPOPHL will also help market IP assets from PCCI members and help them commercialize their products.

The Philippines’ largest business group in turn will promote IPOPHL programs that incentivize small businesses to protect their IP.

The two organizations committed to create mentorship opportunities and to showcase incubated technologies in various events.

IP filings rose 21% in the first four months of the year to 15,028 as businesses started to recover from the effects of the pandemic. Filings declined by 12% in 2020, with inventors and creatives delaying applications due to subdued business activity during the lockdown declared to contain coronavirus disease 2019 (COVID-19). — Jenina P. Ibañez

Red alert raised for Luzon grid

THE NATIONAL Grid Corp. of the Philippines (NGCP) raised red and yellow alerts over the Luzon grid Monday, as demand peaked following a rise in temperatures over the weekend.

The system operator said on Viber that it placed the grid on yellow alert between 11 a.m. and 1 p.m. Monday, moving to a red alert from 1 p.m. onwards.

A yellow alert is issued when reserves fall below ideal levels. A red alert is declared if the supply-demand balance deteriorates further to the point where power interruptions must be resorted to.

“We have a projected system peak demand of 11,514 megawatts (MW) and our available capacity for today is about 11,729 MW. The difference is small — a little over 200 MW. That is already a concern,” Mario C. Marasigan, the Department of Energy’s (DoE) Electric Power Industry Management Bureau director, said during a briefing.

He also noted the rise in its heat index over the weekend. The government weather service reported that Aparri, Cagayan posted a reading of 46 degrees Celsius on the index on May 30.

“As a rule of thumb, an estimated 100 MW must be allotted for every degree (of) increase in temperature,” Mr. Marasigan said.

He added that unplanned or forced outages accounted for 1,285 MW of unavailable capacity Monday.

Manila Electric Co. (Meralco) said areas affected by manual load dropping or rotational power cuts include parts of Bulacan, Cavite, Laguna, Metro Manila, Quezon, and Rizal.

The rotational outages are due to last less than an hour, Energy Undersecretary Felix William B. Fuentebella said Monday.

At 4 p.m., Meralco said power has been restored to all affected areas.

In a separate statement issued on Viber, the DoE said that it will continue to monitor the power situation and submit updates to consumers and enforcement agencies. The department also reminded distribution utilities and the system operator of their duty to address the required capacity increases to ensure a reliable power system.

Last month, the Energy department said that it did not expect any red alerts to take place on the Luzon grid during the dry months until July after it met with the NGCP to discuss the island’s power outlook. — Angelica Y. Yang

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