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VistaREIT plans asset infusion ahead of share offer

VISTAREIT, Inc. has linked its expansion on the Villar group’s profitable assets and project pipeline, as it readies its initial public offering ahead of the country’s recovery from the pandemic.

In a statement over the weekend, the real estate investment trust of Vista Land & Landscapes, Inc. said it is “anchoring its solid expansion program” on what it described as a robust, geographically diverse pipeline of profitable assets.

Vista Land, the listed holding firm of the Vista group, is a developer of residential subdivisions and builder of housing and condominium units.

VistaREIT is also eyeing the infusion into its portfolio of the Worldwide Corporate Center, the Vista group’s prime office property and main office located in Mandaluyong City.

Late last month, VistaREIT filed a registration statement with the Securities and Exchange Commission for a P9.18-billion initial public offering.

Based on its plan, it will offer up to 3.33 billion secondary common shares at a maximum offer price of P2.50 per share, with an overallotment option of up to 333.7 million secondary common shares.

According to Vista Land, VistaREIT has a “massive opportunity for growth” since its inception comes as the Philippine economy recovers from the coronavirus disease 2019 (COVID-19) pandemic.

Vista Land’s commercial assets are composed of 31 malls, seven office buildings and 69 commercial centers with a combined gross floor area (GFA) of 1.6-billion square meters (sq.m.)

It also owns about 3,000 hectares of raw land, also known now as the Vista Estates.

VistaREIT assets account for over 20% of Vista Land’s total gross floor area.

Its initial portfolio is composed of 10 community malls and two office buildings registered with the Philippine Economic Zone Authority with an aggregate gross leasable area (GLA) of 256,404 sq.m.

“Under its comprehensive plan, VistaREIT will also be focusing on the competitiveness of Vista Land’s properties in the market when it comes to its lease rates,” Vista Land said in a statement.

“The lease rates are set to provide opportunities for growth. VistaREIT can still maintain competitive pricing based on existing market rates,” it added.

Apart from current properties, VistaREIT said it also sees as a key advantage its working synergy with the Villar group’s retail ecosystem, which includes the publicly listed AllHome and AllDay home improvement and supermarket chains. — Luisa Maria Jacinta C. Jocson

The key to Geely PHL passes hands

Outgoing Sojitz G Auto Philippines (SGAP) President and CEO Yosuke Nishi (left), with his successor Yugo Kiyofuji — PHOTO BY KAP MACEDA AGUILA

New President and CEO Yugo Kiyofuji envisions cracking the top five by 2025

YUGO KIYOFUJI assumed his post as president and CEO of Sojitz G Auto Philippines (SGAP), which oversees the Geely business in the country, effective last April 1. He replaced Yosuke Nishi who had presided over the establishment of the automaker’s presence here starting in 2019.

Mr. Nishi leaves the company in good position. Overseeing Geely’s introduction and, significantly, its growth amid the pandemic, the executive and his team propelled the brand from obscurity to popularity. Last year, SGAP sold 6,104 vehicles — bettering the 2020 total by 183% — with only three models in its lineup. By the end of 2022, the network of operational dealerships is expected to number up to 40.

Geely Philippines also noted that its sales milestone of 10,000 units was achieved “in just two years and eight months” since opening shop — mainly through Geely’s immensely popular five-seater subcompact crossover Coolray, which has frequently topped its segment in sales. In his speech at the formal turnover ceremony held last week, SGAP General Manager for Sales and Marketing Froilan Dytianquin underscored, “We are indeed fortunate that despite the challenges of the pandemic, we have achieved this feat in less than three years, which we believe is the fastest in the industry.”

Remarked Mr. Nishi as he addressed guests from the lectern, “I’m very lucky to have been assigned to SGAP. Geely is my baby, because I’m the one who introduced the Geely brand in the Philippines back in 2019. It was indeed a challenging but rewarding experience. I cherish the memory of working together (with the team) to level up SGAP.” The executive, who moves to a new assignment at Sojitz Fuso Philippines as its president and CEO, described his successor as “the right man for the job.”

In a release, Geely Philippines said that Mr. Kiyofuji boasts 20 years of automotive experience with “other OEMs (original equipment manufacturers) and automotive-related companies in various overseas markets such as the Middle East, Latin America, and Australia.”

In turn, Mr. Kiyofuji expressed gratitude to his predecessor and recognized how SGAP had quickly made Geely a top 10 automotive brand in the country. He also thanked the network of dealerships, along with the support of the Yuchengco Group. “We are very much excited to take on the challenge,” the new Geely Philippines head declared.

Aside from Mr. Kiyofuji, SGAP is also welcoming Kazuki Sugino, who will assume the chief administrative officer position “in order to strengthen the quality of operations throughout SGAP.” The executive is no stranger to the Philippines, having worked with another auto brand for five years. Mr. Sugino also assumed “an executive role in (the) Sojitz headquarters.”

The new president and CEO isn’t bashful about his intentions. “Our role is to take SGAP to the next level and become one of the top 5 brands by 2025,” he stated. In a subsequent interview with the media, he said that Geely Philippines can realize this through a three-pronged strategy: by introducing new vehicles and enhancing existing models, strengthening the dealership network quantity and quality, and providing value-added services to the customer while assuring satisfaction.

While expressing satisfaction with the brand’s performance thus far, Mr. Kiyofuji averred, “I think there are (lots) of areas that are untapped,” and has set a yearly sales target (beginning this year) of no less than 10,000 units. He maintained that the Coolray will remain the company’s “bread and butter” even as “the Emgrand will be a true competitor.”

When asked by “Velocity” as to how he sees the Philippine market in general, Mr. Kiyofuji said, “As a macro-economy, the Philippines is going to be a booming economy from now on. You have more than 100 million people. What I understand is that more than 50% are aged less than 24 years old. They are going to be the actual buyers, going forward.”

He pleasantly noted that, “Filipinos are accepting of other brands, unlike other markets. They look at the details and don’t care too much where the vehicle is actually made in. That facilitates the business for me.” The Coolray’s success shows that “we can forget about the (made in China) stigma because it’s (quality is) very different from the stereotype.”

What he will take a close look at is after-sales — “How we supply the parts, how we service the vehicle on time without issues,” concluded Mr. Kiyofuji.

Alliance Towers to start building towers for Globe this year

COMMON tower provider Alliance Towers Corp. said it will begin erecting towers for Globe Telecom, Inc. this year, as part of its ambition to build 500 towers a year for the country’s wireless telecommunications operators.

The company recently signed an agreement with Globe, Alliance Towers President and Chief Operating Officer Alvin D. Tolentino said during a briefing on April 8.

He said Globe had “awarded sites in Visayas and Mindanao.”

The company aspires to build 500 towers a year, but with the current pandemic situation, it believes it can build around 200 towers this year for DITO Telecommunity Corp., Smart Communications, Inc., and Globe.

Alliance Towers has built more than 40 towers for DITO and Smart at the height of the pandemic, according to Sherwin G. Hing, chairman and chief executive officer of the independent tower company.

He said 80% of the company’s portfolio is from Globe.

As for the capital expenditures, he said: “We are looking at P40 billion in the next 10 years, or around P4 billion a year.”

Mr. Tolentino cited various factors as drivers of tower demand in the country, including increased data usage with more powerful applications and greater smartphone penetration, rollout of fifth-generation (5G) technology, cost savings from tower sharing, and 4G expansion into areas where 3G is still the dominant technology.

He also noted that the government aims to have 50,000 new towers in the next seven to 10 years just to meet the current capacity shortfall.

“The recent pandemic has brought about the urgent need for fast and reliable internet connectivity to enable digital transformation and the adaptation of the country to new digital landscapes,” Mr. Tolentino said.

“Unfortunately, there is a wide gap between the number of subscribers and the cell sites here in the Philippines to provide the bandwidth and connectivity that the Filipinos demand.”

For his part, Mr. Hing said: “We acknowledge our role in the success of the country’s digital transformation and advancement. This is why we have selected a management team who has a proven track record in the tech and telecommunications industry to lead our programs and initiatives in building digital infrastructures.”

“Furthermore, we also ensure that our experts are armed with the right extensive information and knowledge to develop our towers, and we have also developed standard parameters to ensure that our sites, services and operations are best-in-class,” he added. — Arjay L. Balinbin

Peugeot PHL sets records under new distributor

Peugeot 2008 — PHOTO FROM PEUGEOT PHILIPPINES Peugeot 2008

THE NEW management at Peugeot Philippines is reaping the rewards of its earnest efforts to revitalize the French automaker’s business in the country.

In a release, the Astara-led distributor said it has set “record retail sales,” complemented by a rapid addition of new dealerships, and the steady release of models to beef up Peugeot’s revamped local portfolio.

Year on year, the company’s overall vehicle sales spiked by 89% in the first quarter — driven by the new Peugeot 5008 and new Peugeot 3008, launched in January and February, respectively.

Meanwhile, the dealership network will soon number seven, with the imminent opening of four new facilities: Peugeot Alabang (operated by Automotive Icon, Inc.), Peugeot Balintawak (ANC Group), Peugeot Cebu (Gateway Group), and Peugeot Davao (Angcore Group). “All four dealerships are currently building their new showrooms, which are expected to open within the second half of the year,” said the distributor.

Stressed Peugeot Philippines Managing Director Raoul Picello, “We continue to make progress with our plans since relaunching the brand in January, and this momentum is being driven by our lineup of global Peugeot vehicles that is allowing us to become a premium auto brand of choice for Filipinos.

“Together with our growing dealer family, we remain fully committed to making the Peugeot brand accessible to more Filipinos nationwide, allowing us to better serve them and their needs.”

It could be recalled that, in an exclusive interview with “Velocity,” Mr. Picello had said he envisions Peugeot back in the consideration set of Filipino vehicle browsers. “That’s what we want: to be in the radar.” He added, “Until three months ago, we were not in the radar at all. Part of that is brand awareness. We are spending a lot more in communication — and products. And for that I am confident that we have a proposition for the year, and we are still working toward introducing even more new models. The network is a fundamental pillar of the strategy this year, and then the customer handling processes. That’s also a key area of strategic focus of our business.”

The executive explained then that he believes there are “various opportunities” presenting themselves. “With the cars we will launch this year, we will be present in a much bigger, larger share of the market. However, to be there with one version is not enough. We need more versions and that’s what we are working toward.”

Joining the 5008, 3008, and Traveller, Peugeot Philippines just last week unveiled the new 2008 SUV. The compact five-seater SUV is set to do battle in a particularly competitive (and lucrative) segment and price point. Coming in four colors (Amazonite Grey, Pearl White, Nera Black and the model-exclusive color Fusion Orange), the crossover is priced at P1.55 million.

Commented Peugeot Philippines Brand Head Maricar Parco in a statement, “The new Peugeot 2008 completes our SUV lineup for the Philippines alongside the 5008 and 3008. All three SUVs give Filipinos access to the unmatched experience that our Peugeot global SUVs offer, in three size options that meet the varying needs and lifestyles of our customers.”

The 2008 is assembled at the Stellantis-owned manufacturing plant in Gurun, Malaysia, which helps to explain its very competitive pricing. Powering the vehicle is an award-winning turbocharged 1.2-liter PureTech mill delivering 130hp and 230Nm. The performance promise is accessed through a “quick shifting” six-speed automatic transmission. Peugeot notes that “all vehicles built at the Stellantis manufacturing plant in Gurun undergo specific endurance and quality testing in Malaysia, to deliver best-in-class performance for local conditions and to meet the needs of customers in Southeast Asia.” The 2008 has specifically logged 200,000 kilometers of testing in diverse conditions.

Ms. Parco had previously stated that the firm is looking at releasing four models this year, and the 2008 is now the fourth in as many months. Launching vehicles, said Mr. Picello during the aforementioned “Velocity” interview, “will be the activity of 2022,” adding, “but I want to bring in more versions also of these models which are equally important. I cannot say anything because we still don’t have certainties.”

The executive expressed then that his own wish list for Peugeot releases here would “obviously (include) a pickup.” He commented, “It’s approximately 20% of the market in the Philippines so that would be interesting. And then what we call in Europe as light commercial — that also is important. And that could present opportunities. Stellantis is very strong globally in the commercial vehicles area; probably, it is the strongest group in that segment. And that is also where we’d like to see opportunities. But again, everything has to come gradually. The network has to grow, products will arrive. There are no overnight miracles.” — Kap Maceda Aguila

Rates of Treasury bills, bonds may move sideways this week

BW FILE PHOTO

RATES of government securities on offer this week are expected to move sideways following a decline in secondary market yields due to lower oil prices.

The Bureau of the Treasury (BTr) will offer P15 billion in Treasury bills (T-bills) on Monday, or P5 billion each in 91-, 182- and 364-day securities.

On Tuesday, it will auction off P35 billion in reissued five-year Treasury bonds (T-bonds) with a remaining life of four years.

A bond trader in a Viber message said T-bill rates are likely to move sideways from the previous auction, while the five-year bond could fetch an average yield ranging between 4.875% and 5%.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that rates could be steady or slightly lower week on week after secondary market yields declined.

“Two-year to six-year PHP Bloomberg Valuation (BVAL) yields similarly slightly lower by 0.01-0.03 [basis point (bp)] week on week, while eight-year to 30-year tenors were mostly slightly higher week on week.” he added.

Secondary market yields declined amid lower global oil prices due to a spike in coronavirus cases in China that caused a lockdown, as well as the release of oil reserves by the US and other countries, he said.

Mr. Ricafort said this also raised hopes of reduced inflationary pressures.

“The tax payment season typically for the month of April could also increase the National Government’s cash position and revenues, which would reduce the need for additional borrowings and somewhat help ease pressure on auction yields,” he added. The deadline for the filing income tax returns is on April 18 this year as the usual April 15 deadline falls on Good Friday.

Oil prices rose by 2% on Friday but notched their second straight weekly decline after countries announced plans to release crude oil from their strategic stocks, Reuters reported.

Brent crude settled up by $2.20 or 2.19% at $102.78 a barrel. US crude rose by $2.23 to $98.26.

Central banks around the world have been tightening their monetary policies to temper inflation despite continued risks to growth.

Headline inflation in March was at 4%, matching the upper end of the central bank’s 2-4% target. It was quicker than the 3% in February, showing the impact of the surge in oil prices caused by the Russia-Ukraine war.

BSP Governor Benjamin E. Diokno on Tuesday said they are ready to take preemptive action if inflation expectations become at risk or disanchored. He said March consumer price index data suggest inflation will likely be elevated in the coming months.

The central bank kept its benchmark rates untouched for the 11th straight meeting last month. Mr. Diokno earlier said the policy rate could reach up to 2.75% by next year from the current 2%, which is a record low. 

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 1.3352%, 1.5165, and 1.7904%, respectively, based on the PHP BVAL Reference Rates published on the Philippine Dealing System’s website.

The government fully awarded the T-bills it offered last week after several weeks of rejections amid strong demand. Total tenders reached P54.59 billion, almost three times as much as the initial offer.

The government borrowed P5 billion as programmed via the 91-day T-bills at its auction last week as total tenders reached P29.35 billion. The average rate of the three-month debt dropped by 20.7 bps to 1.38% from the 1.587% seen last week.

The Treasury also raised P5 billion as planned from the 182-day securities as bids reached P14.17 billion. The average yield of the tenor went up by 17.4 bps to 1.781% from the 1.607% fetched previously.

Lastly, the BTr made a full P5-billion award of the 364-day T-bills as tenders reached P11.072 billion. The average rate of the one-year paper went up by 9.1 bps to 1.883% from the 1.792% fetched at the previous auction.

Meanwhile, the last time the reissued five-year bonds on offer on Tuesday were offered was on March 15, where the auction volume was partially awarded as investors asked for higher yields in anticipation of the US Federal Reserve’s rate hike.

The Treasury raised just P13.035 billion at that auction, less than the programmed P35 billion, even as the offering attracted P35.305 billion in bids.

The debt papers were awarded at an average rate of 4.669%, up by 58 bps from the 4.089% quoted when the series was last offered on Feb. 3.

The BTr plans to raise P200 billion from the domestic market this month, or P60 billion via T-bills and P140 billion from T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — T.J. Tomas with Reuters

Tax court sides with specialty contractor in case versus BIR

THE Court of Tax Appeals (CTA) has granted the appeal of Atlas Precision Environment Corp. to revoke and cancel its alleged value-added tax (VAT) deficiency amounting to P1.8 million for the calendar year 2013.

In a decision on March 30, the court’s third division ruled that the tax assessment made by the Bureau of Internal Revenue (BIR) is revoked for the year 2013.

The petitioner is a corporation engaged in the supply, installation, maintenance of computer support systems, and other controlled environment facilities.

The respondent is the BIR commissioner who has the authority to decide refunds of internal revenue taxes, fees, and other charges in relation to the country’s revenue code.

“First, all VAT payments due on sales invoices issued from 1 Jan. 2013 to 30 Jan. have been actually fully paid,” the court said in its ruling written by CTA Associate Justice Maria Belen M. Ringpis-Liban.

The tribunal noted that the commissioner’s claim of unsupported input tax was disproven by receipts presented by the company during the audit.

The company earlier raised these pieces of evidence to the respondent against the BIR’s preliminary notice of assessment but said that the revenue officers issued a final notice without acknowledging its arguments.

The respondent sent the petitioner the final assessment notice, which reiterated the same basic tax due.

“Consequently, petitioner was left unaware of how the BIR appreciated the explanations or defenses petitioner raised against the preliminary assessment notice in clear violation of its right to administrative due process, thereby rendering the subject VAT assessment void,” said the tax court.

The appellate court said that under the 1987 Constitution, both parties — the taxpayer and the state — should have equal protection of the laws and due process.

“In view of the finding that the subject VAT assessment is invalid for violation of petitioner’s right to due process, and thus bear no valid fruit, it becomes unnecessary to address the issue and matters raised by the parties,” it said. — John Victor D. Ordoñez

Eala wins second professional crown in ITF W25 Chiang Rai

ALEX EALA FB
ALEX EALA beats Thailand Luksika Kumkhum, 6-4, 6-2, in finals of ITF W25 Chiang Rai at the Chiang Rai Sports Center in Thailand. — ALEX EALA FB

ALEX M. Eala captured her second professional title with a 6-4, 6-2 victory over seasoned home bet Luksika Kumkhum in the ITF W25 Chiang Rai at the Chiang Rai Sports Center in Thailand on Sunday.

After pulling away in the hard-fought opening salvo marked by a 4-all deadlock, Ms. Eala was on target in the second frame, racing to a quick 4-1 cushion en route to an emphatic conquest of the $25,000 tilt against the 28-year-old Thai.

It’s more than a year in the making for the 16-year-old Filipina ace, who bagged her breakthrough championship back in January 2021 in the W15 Manacor in Spain, where is also a scholar for the Rafael Nadal Academy.

Late last month, Ms. Eala had an early exit in the prestigious Miami Open featuring the top-ranked netters in the world that proved as a huge stepping stone to her Thailand domination.

She dropped only a single set in the first round against Serbia’s Katarina Kozarov, 4-6, 6-4, 6-1, before sweeping Thailand’s Patcharin Cheapchandej, 6-3, 6-4, Japan’s Momoko Kobori, 6-3, 6-3, and China’s YeXin Ma, 6-3, 6-4 all the way to the finale against Ms. Kumkhum.

Ms. Eala has recently climbed in the Women’s Tennis Association (WTA) rankings at No. 533 after six events with a pair of Round-of-16 finishes in France as her best performance prior to this Thailand championship.

In the International Tennis Federation (ITF) girls rankings, Ms. Eala is at No. 11 though she is yet to play a single tourney in the junior scene this season after bagging the French Open girls’ doubles Grand Slam last year.

A national team member, Ms. Eala will have little to break as she is also listed in the second leg of the Chiang Rai joust this week as part of her preparations for the 31st Southeast Asian Games next month in Hanoi. — John Bryan Ulanday

Suzuki extends ‘Triple Deal’ on XL7, Dzire and Carry

IMAGE FROM SUZUKI PHILIPPINES, INC.

SUZUKI PHILIPPINES, INC. (SPH) recently announced the extension of its “Triple Deal” promo to April 30. The campaign offers low down payment plans and cash discounts on the XL7, Dzire, and all Carry variants — available at all 72 Suzuki dealers nationwide.

The three-row XL7 can be acquired with a down payment of P120,000 and/or with a cash discount of up to P65,000. Any variant of the Carry workhorse is available with a down payment as low as P82,000 and/or with cash discounts of up to P23,000. Lastly, the econobox that is the Suzuki Dzire, promising comfort and efficiency, can be driven home with a down payment as low as P39,000 and/or with cash discounts of up to P60,000.

For more information, visit any authorized Suzuki Auto dealership nationwide or http://suzuki.com.ph/auto. For daily updates on Suzuki, like the company’s Facebook page at https://www.facebook.com/SuzukiAutoPh, follow https://twitter.com/SuzukiAutoPh and Instagram at @suzukiautoph.

Gilding the lily

DAY DATE 40

Rolex blings out its utilitarian Oyster Perpetual Collection

ROLEX is unveiling the latest lines in its Oyster Perpetual Collection, lending looks of luxury to the utilitarian watches, originally developed for divers.

First up is the Oyster Perpetual Yachtmaster 40, boasting of diamonds and pink, light blue, purple and dark blue sapphires along its bezel. The watch is cast from 18-karat white gold, and features a case back edged with fine fluting, hermetically screwed down with a special tool that allows only Rolex watchmakers to access the movement. The Triplock winding crown, fitted with a triple waterproofness system and protected by an integral crown guard, screws down securely against the case. The crystal, which is fitted with a Cyclops lens at 3 o’clock for easy reading of the date, is made of virtually scratchproof sapphire and benefits from an anti-reflective coating. The waterproof Oyster case provides optimum protection for the watch’s movement. The new version of the Yacht-Master 40 is equipped with Calibre 3235 watch movement, with a self-winding module via a Perpetual rotor. Thanks to its barrel architecture and the escapement’s superior efficiency, the power reserve of Calibre 3235 extends to approximately 70 hours.

Then there is the Oyster Perpetual Day-Date 40 which is made of 950 platinum, featuring an ice-blue dial and a fluted bezel. The 40 mm Oyster case of the new Day-Date 40 is guaranteed waterproof to a depth of 100 meters (330 feet). Its middle case is crafted from a solid block of 950 platinum. The case back, edged with fine fluting, is hermetically screwed down again with a special tool that allows only Rolex watchmakers to access the movement. The Twinlock winding crown, fitted with a double waterproof system, screws down securely against the case. The crystal, which is fitted with a Cyclops lens at 3 o’clock for easy reading of the date, is made of virtually scratchproof sapphire and benefits from an anti-reflective coating.

The waterproof Oyster case provides optimum protection for the watch’s movement. This runs on the Calibre 3255 watch movement which incorporates the patented Chronergy escapement, which combines high energy efficiency with great dependability. Made of nickel-phosphorus, it is also insensitive to magnetic fields. The movement is fitted with an optimized blue Parachrom hairspring, manufactured by Rolex in a paramagnetic alloy that makes it up to 10 times more precise than a traditional hairspring in case of shocks. The Parachrom hairspring is equipped with a Rolex overcoil, ensuring the calibre’s regularity in any position. The oscillator is fitted on the Rolex-designed, patented high-performance Paraflex shock absorbers, increasing the movement’s shock resistance. The power reserve of Calibre 3255 extends to approximately 70 hours.

Finally, we have the Oyster Perpetual Air-King, which takes the watch from the seas to the skies. Several pilots set records in the golden age of aviation in the 1930s while wearing an Oyster. The 40 mm Oyster case of the new-generation Air-King is guaranteed waterproof to a depth of 100 meters (330 feet). Its middle case is crafted from a solid block of Oystersteel, a particularly corrosion-resistant alloy. The new-generation Air-King is equipped with a Calibre 3230 movement, also with a power reserve of about 70 hours. — JL Garcia

PayMaya rolls out cryptocurrency feature in app

PAYMAYA Philippines, Inc. has rolled out a cryptocurrency feature in its mobile app, it said in a statement last week.

The new feature, which will allow its users to buy and trade digital currencies such as Bitcoin and Ethereum, will help make cryptocurrencies more accessible to the public, PayMaya said.

Other cryptocurrencies available for trading in the PayMaya app are Cardano, Chainlink, Uniswap, Solana, Quant, Polkadot, Polygon, and Tether, with more currencies coming in the future.

“We are very excited to launch this feature, a big step up in making crypto accessible to every Filipino through their PayMaya app,” PayMaya President Shailesh Baidwan said.

“Being at the forefront of digital payments and financial services, expanding into crypto is part of our roadmap as we build the Philippines’ most accessible end-to-end money platform… We see the rise in popularity of crypto, especially among our digital-first younger users,” he added.

The feature will be integrated into users’ main PayMaya account so there is no need for an upgrade or another application, the company said.

Users can trade cryptocurrency with no extra fees and directly from their PayMaya wallet, it added.

PayMaya’s crypto feature was developed in cooperation with Coinbase Institutional.

The company received its virtual asset service provider (VASP) license from the central bank in January.

As of December 2021, PayMaya, through their various platforms, had more than 44 million users.

Based on Statista Global Consumer Survey data from 2019 to 2021, the country ranked 3rd out of 56 in terms of cryptocurrency usage, with three out of 10 Filipinos saying they either owned or used digital currency.

The Bangko Sentral ng Pilipinas (BSP) in December said virtual currency transactions, which include cryptocurrencies, totaled P106 billion in the first half of 2021, with nearly 20 million transactions.

The BSP strengthened security measures for cryptocurrency in 2021 including those for VASPs, which are subject to the central bank’s licensing requirements and anti-money laundering obligations.

A VASP, based on Circular No. 1108 of the BSP, “refers to any entity that offers services or engages in activities that provide facility for the transfer or exchange of virtual assets” such as cryptocurrencies. — Tobias Jared Tomas

Sugar industry says import plan by SRA risks contempt of court

REUTERS

THE United Sugar Producers Federation (UNIFED) said on Friday that it will seek to prosecute officials for contempt if they implement the proposed Sugar Order (SO) No. 4, which calls for the import of 350,000 metric tons (MT) of raw and refined sugar.

UNIFED President Manuel R. Lamata in a statement said that the group will as the courts to declare Sugar Regulatory Administrator Hermenegildo R. Serafica in contempt if he signs the order.

“The moment Administrator Serafica signs and makes that draft SO No. 4 official, we will haul him to court… for contempt and seek his arrest” for acting on a matter currently being decided by the Regional Trial Courts seeking a freeze on SO No. 3, Mr. Lamata said.

The draft SO No. 4 calls for imports of 250,000 MT of refined sugar, of which 150,000 MT is to be premium grade or bottlers’ grade refined sugar. The remaining 100,000 MT will consist of raw sugar.

Estimated raw sugar production for crop year 2021-2022 was projected to drop further to 1.98 million MT from 2.07 million MT, according to the SRA.

“Sugar milling is slowly winding down… mill site prices of raw sugar have also gone up,” according to the draft order.

Mr. Lamata called the draft order “similar and in a bigger volume than the previous order that caused the filing of our case against him and the Sugar Regulatory Administration (SRA) last February.”

In February, the Sagay City and Himamaylan City Regional Trial Courts issued separate preliminary injunctions against the import of 200,000 MT as called for by SO No. 3.

“I will personally bring sugar for Mr. Serafica’s coffee in his jail cell when that happens. This proposed SO No. 4 is a slap in the face of the two regional trial courts here that issued rulings to halt any import program pending a final resolution to the cases that have been deemed to cause damage to the sugar industry,” Mr. Lamata said.

“The order is tantamount to a midnight deal that will obviously greatly benefit the industrial users, particularly the bottling companies. This proposed import program is clearly favoring a particular sector and that is what we are against. Notwithstanding the pending cases in our courts, the draft proposal is a clear indication that Administrator Serafica will go to any lengths to defy court orders just to accommodate the bottling companies,” he added.

The SRA was asked to comment on the UNIFED statement but had not replied at the deadline. — Luisa Maria Jacinta C. Jocson

PHL boxing team shifts focus to SEA Games, Women’s World Championships after successful Thailand Open campaign

THE Philippine boxing team won three gold and two silver medals in the 2022 Thailand Open. From left: Roel Velasco (coach), Mitchel Martinez (coach) Hergie Bacyadan, Aira Villegas, Riza Pasuit, Reynaldo Galido (coach), Rogen Ladon, Ian Clark Bautista, Don Abnett (coach), Marcus Manalo (ABAP secretary-general). — ABAP SECRETARY-GENERAL MARCUS MANALO

THE PHILIPPINE national boxing team seeks to fine-tune its game as it goes into the final stage of its rigorous preparations for the 31st Southeast Asian (SEA) Games as well as the 2022 AIBA Women’s World Boxing Championships next month.

This after a victorious campaign in the recently-concluded 2022 Thailand Open International Boxing Tournament held at the luxurious Angsana Laguna Phuket Resort Hotel where 14 Filipino pugilists joined, with five of them clinching podium finishes.

Rogen Ladon (men’s flyweight), Riza Pasuit (women’s light) and Hergie Bacyadan (women’s middle) snared gold medals while Ian Clark Bautista (men’s feather) and Aira Villegas (women’s fly) seized silvers, resulting in the country’s best finish in the tournament organized by the Thailand Boxing Association headed by its president and concurrent Asian Boxing Confederation chief Pichai Chunhavajira.

Association of Boxing Alliances in the Philippines (ABAP) secretary-general Marcus Manalo said the Thailand Open tested the Pinoy boxers’ current mettle and that gave them a clearer view of what to work on after a two-week pre-competition training camp in Muak Lek, just outside Bangkok.

“There’s some catching up to do particularly on the conditioning side. What happened here in this Thailand Open is really a feedback for us. Whether we won or we came up short, it’s feedback,” said Mr. Manalo, who led the Philippine delegation along with ABAP president Ed Picson and veteran boxing official Karina Picson.

The morning after the Thailand Open, the national pugs immediately went back to Muak Lek where they would resume their training for four to five weeks before flying straight to the Vietnamese capital of Hanoi for the SEA Games scheduled on May 12 to 23.

Meanwhile, Mr. Villegas flew back to the Philippines along with coach Reynaldo Galido to arrange visa requirements for the Women’s World Championships on May 6 to 21 in Istanbul, Turkey.

Head coach Don Abnett said the athletes’ base fitness is fine and they will make the most out of their limited time to bring them back to tip-top shape.

“They’ve done general training before they got here so the base fitness is okay. Next week, we’re gonna get into the boxing specifics. We’ll see what happens in the next few weeks,” said the Australian tactician, who is getting a lot of help from coaches Roel Velasco, Ronald Chavez, Mitchel Martinez and Mr. Galido.

“Would’ve liked to have it (training camp) four or five weeks longer. But we’ll do what we can with the time that we have,” he added.

Mr. Manalo lauded the Thailand Boxing Association for hosting the training camp as well as the Thailand Open that drew 14 boxing federations across Asia, Europe and Oceania, including the Philippines’ Southeast Asian rivals in Vietnam, Indonesia and Singapore, besides host nation Thailand.

“Good thing, our friends from the Thailand Boxing Association offered this opportunity to train in Muak Lek. That really provides us with the best challenge that can push our boxers to be at their best pagdating ng SEA Games and also the Women’s World Championships,” said Mr. Manalo.

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