Davao Light ‘listening’ amid call for Nordeco takeover

May 17, 2021 | 12:04 am

THE electric cooperative distributing power in most parts of Davao del Norte, including the popular tourist destination Samal and the growing capital city of Tagum, said there is no ongoing formal talks on a possible takeover of Aboitiz Power Corp.’s Davao utility of their franchise area despite a call from consumers.

However, the head of Northern Davao Electric Cooperative (Nordeco), Inc., formerly Davao del Norte Electric Cooperative or Daneco, says Davao Light and Power Corp. is open to the prospect.

“I believe and until now they (Davao Light) are still interested. Maraming pag-uusapan pa diyan (There are many issues to discuss) and until right now there is no transaction made yet,” Nordeco General Manager Mario Angelo Sotto told BusinessWorld in a phone interview.

A takeover of the cooperative would expand Davao Light’s franchise area, which currently covers Davao City and adjacent parts of Davao del Norte, including Panabo City, Carmen, Dujali, and Sto. Tomas.

Davao Light President and Chief Operation Officer Rodger S. Velasco did not categorically say they are interested in taking over Nordeco’s franchise, but said they are listening to the voice of the community.

“We will always listen to our customers, our stakeholders, and our partners so together, we can drive economic progress and provide a better life for our community,” he said in a text message. — Maya M. Padillo

Janet Jackson’s Rhythm Nation jacket sells for more than $81,000

May 17, 2021 | 12:04 am

LOS ANGELES — The military style jacket that Janet Jackson wore during her 1990 Rhythm Nation concert tour sold for $81,250 at a Beverly Hills auction on Friday, more than 20 times its pre-sale estimate. The Rhythm Nation cropped black jacket with metal hardware was one of the highlights of a three-day sale of stage costumes and other memorabilia amassed over four decades by the singer. The tour was her first as a headline solo artist. Julien’s Auctions said the jacket had been expected to sell for $4,000-$6,000. The buyer was not disclosed. A prototype of the same jacket went for $21,875. The five-time Grammy winner, who turns 55 on Sunday, was selling more than 1,000 of the costumes she wore on stage, on tour, on red carpets and in music videos. A single hoop earring with a key that she wore on tour in 1990 and at multiple other appearances was bought on Friday for $43,750. The singer’s most famous outfit — the black leather bustier that was ripped, briefly exposing her breast at the 2004 Super Bowl halftime show — is not included in the auction. — Reuters

Region II crops like mung beans evaluated for export potential

May 17, 2021 | 12:04 am

CROPS from Cagayan Valley (Region II) are being evaluated for export potential to East Asian markets, the Department of Trade and Industry (DTI) and the Philippine Trade and Investment Center (PTIC) said.

Kenneth T. Yap, a Tokyo-based PTIC commercial attache, said at a recent DTI webinar that mung bean is showing potential for export even by small farming operations.

“You don’t have to be a very big farmer to export mung bean. We just need to consolidate what we have in the region,” Mr. Yap said.

Jose I.C. Laquian, the agriculture attache at the Tokyo embassy, said that non-traditional channels are also being explored in Japan, such as vending machines, which have the potential to sell tropical fruit.

“If we could go on creating a niche market, say for Region II bananas, I’m sure we have a ready story to tell from Region II and that would make a lot of difference,” Mr. Laquian said.

According to Carol Pasion, the Department of Agriculture’s Region II specialist, the region is the leading producer of corn and is second in the production of palay, or unmilled rice.

“More than a third of Cagayan Valley region’s land area is dedicated to agricultural production. Bananas, pineapples, mung beans, purple yam, and citrus are among the region’s high-value crops that provide high net returns per hectare of land,” Ms. Pasion said.

Roberto B. Mabalot, Jr., PTIC-Hong Kong Vice Consul-Commercial, said Hong Kong can be tapped for fruit exports. Hong Kong imported $3.65 billion worth of fresh fruit in 2019.

“Cherries, grapes, and oranges are the top three fresh fruit imports. Durian is number four. We really hope we can also bring in our durian to Mainland China and Hong Kong,” Mr. Mabalot said.

PTIC-Singapore OIC Rosa Katrina V. Banzon said exporters can start with supplying ingredients to Filipino food and beverage outlets in Singapore, which imports 90% of its agricultural products.

“There is opportunity for you not to directly export to Singapore but probably to go through these brands as an ingredient or component to their food that will be eventually exported to Singapore,” Ms. Banzon said.

The Philippine Statistics Authority data, the value of agricultural trade fell 7.1% to $18.78 billion in 2020. Agricultural exports fell 7.1% to $6.2 billion, while imports dropped 7.1% to $12.58 billion. — Revin Mikhael D. Ochave

CA releases rules for AMLC inquiry into bank accounts

May 17, 2021 | 12:04 am

THE COURT of Appeals (CA) has released on Sunday its rule of procedure for the examination of deposit or investment accounts in financial institutions for suspected unlawful activity or money laundering.

The guidelines, approved by the Supreme Court (SC) on March 23 by then-Chief Justice Diosdado M. Peralta, will implement Republic Act (RA) No. 9160 or the Anti-Money Laundering Act of 2001, as amended, and will take effect on May 31.

According to the SC resolution on the rule of procedure, these guidelines will “complement the existing…rule of procedure in cases of civil forfeiture, asset preservation, and freezing of monetary instrument, property, or proceeds representing, involving, or relating to an unlawful activity or money laundering offense under RA 9160, as amended.”

These will apply to cases involving bank or nonbank financial institutions and their subsidiaries and affiliates.

The rule of procedure said the Anti-Money Laundering Council (AMLC), through the Office of the Solicitor General (OSG), may file with the CA an application for inquiry into particular deposit or investment accounts, including related accounts “when it has been established that there is probable cause that (such accounts) are related to an unlawful activity or a money laundering offense under RA 9160.”

The CA shall decide on the application within 24 hours from receipt.

If approved, the inquiry order of the CA will indicate the particular deposit or investment account to be examined, along with the name of the account owners or holders.

The court order will also direct the concerned financial institution to allow the AMLC or its authorized personnel “full access to all information, documents, and objects relating to the subject deposit or investment account within a specific period of time.”

The CA will also forbid the bank or nonbank entity and any of its directors, officers, and employees “from disclosing, divulging, or communicating, directly or indirectly, or in any manner, to the owners or holders of accounts inquired into, or to any other person, the fact that said accounts are being inquired into or examined, with warning that any violation thereof constitutes contempt of court.”

Lastly, the bank inquiry order will direct the OSG to inform the court of civil forfeiture proceedings related to the case within five calendar days from its filing.

The CA said a bank inquiry order will be valid for 120 days from its receipt by the AMLC, which may be extended to up to 120 more calendar days.

RA No. 11521, which amended the AMLA, was signed on Jan. 29, only two days before the Feb. 1 deadline given by the Financial Action Task Force (FATF) to the country to address gaps in its anti-money laundering and counter-terrorism financing measures.

The law allowed the AMLC to enforce targeted financial sanctions such as asset freezing in relation to the proliferation of weapons of mass destruction and their financing. Its provisions also expanded covered persons to include real estate developers and brokers, as well as Philippine offshore gaming operators

On Jan. 31, the AMLC published the updated implementing rules and regulations of the amended law as well as RA No. 11479 or the Anti-Terror Act of 2020.

The Philippines now has to prove its revised anti-money laundering and terrorism financing measures boosted safeguards and ensure it does not go back to the “gray list” of the FATF, AMLC Executive Director Mel Georgie B. Racela earlier said. — B.A.D. Añago

Toyota PHL dealerships remain ‘safely’ open

May 17, 2021 | 12:04 am

Velo_image2 — *PHOTO FROM TOYOTA MOTOR PHILIPPINES*

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TOYOTA MOTOR Philippines Corp. (TMP) said it is taking a two-pronged approach to provide Filipinos with fast, reliable service while prioritizing safety for both customers and staff. As the company scales up its digital capabilities, its on-site operations are being adjusted to provide a “worry-free customer experience.” This effort, the company maintained in a release, is linked to kaizen, a Japanese concept that means continuous improvement, and is a Toyota philosophy “innate to its entire network.”

“As more Filipinos embrace online in their daily activities and transactions, Toyota has been proactive in developing digital access and shopping tools. MyToyota.ph, the TMP and respective dealers’ websites, and TMP’s virtual showroom all help vehicle owners and buyers with their needs from the comfort of their homes,” TMP said.

Launched in May 2020, MyToyota.ph allows customers to set appointments, choose a dealer and the service they need, and even make special requests.

Meanwhile, the virtual showroom facility enables users to more closely “inspect” the products while in the safety of their homes. Aside from a 3D virtual tour with a 360-degree view of the showroom, the virtual showroom lets visitors explore the interior and exterior of the vehicles.

Toyota Makati, Inc. (TMI), the first Toyota dealership in the Philippines, believes that the business of selling cars cannot be purely “inanimate.” TMI General Manager Lee Junia maintained that ISO safety-compliant TMI implements IATF health and safety protocols. Aside from requiring staff and customers alike to wear face masks and face shields, temperature scanners and touchless alcohol dispensers can also be found in the dealerships. Clients and visitors are also required to fill out a health declaration form through a QR code.

Mr. Junia continued that the level of engagement with clients is no longer as direct as it was before the pandemic. There are now protective barriers and enforced one-meter distancing. A skeleton workforce has also been enforced.

“It’s a whole new ball game doing business in the new normal. I used to train the marketing professional to sit close to the customer to be able to engage or establish a relationship. That’s all out the door,” Mr. Junia remarked. “But despite the new challenges, we remain fully committed to providing our customers quality service from sales to maintenance while staying safe.”

While TMI accepts walk-in customers, Mr. Junia “highly recommends” to set an appointment prior to a visit. This way, clients are assured of a well-prepared staff to assist them with their needs including test drives when they visit. TMI cleans and sanitizes all vehicles, including test-drive models, before these come in the branch and before they’re handed over to the customer. Test drives are available by appointment only, and only one customer may do the test drive accompanied by a TMI staff seated at the back to observe social distancing.

Mr. Junia assured clients that every service is available on-site from vehicle purchase to proper vehicle maintenance. To further assist clients’ inquiries and concerns online, TMI’s Customer Relations Department (CRD) is maximizing social media as a business tool to touch base with customers.

In line with TMP’s focus on making car ownership as affordable as possible, particularly in view of the financial challenges brought about by the pandemic, interested car buyers can avail of services offered by Toyota Financial Services Philippines.

“With Toyota’s various purchase programs such as low equity or low monthly payments depending on the kind of vehicle or payment method, people can acquire a car as easily as possible. We are able to create a package that will help customers especially during this time,” explained Mr. Junia.

Toyota also offers a standard warranty of three years or 100,000 kilometers, whichever comes first. TMP also reminds car owners of their window of protection within the warranty period, and that having cars maintained in Toyota dealers is important. Following the prescribed periodic maintenance schedule, which is usually every 5,000 kilometers or three to four months, is another sure-fire way to keep Toyota vehicles running smoothly.

As a newly implemented best practice for vehicle servicing, TMI technicians can go to the customer’s location serviced by van or motorcycle, with “all the parts and tools they need.” For retail clients, a minimum of two technicians are sent as long as their residence allows entry; for fleet accounts at least three to four technicians are on board. For parts, inquiries can be done online and arranged for delivery, if necessary.

TMI is just one of TMP’s 70 dealers nationwide, ready to serve customers. Each Toyota dealership applies its own measures based on the current situation in their areas to serve their customers better. Nonetheless, Toyota through its dealerships offer products and services to address the varying needs of its customers. Dealerships operate at regular hours — 7 a.m. to 5 p.m. for service, and 8 a.m. to 7 p.m. for vehicle sales depending on each facility’s local community guidelines. Customers are advised to keep in touch with the nearby dealership to know the specifics implemented.

For more information, follow Toyota Motor Philippines on Facebook and Instagram, visit www.toyota.com.ph, Twitter (ToyotaMotorPH), and Viber (Toyota PH) — for regular updates on products and services, dealer operations, announcements, and events. Check out Toyota models online at toyota.com.ph/showroom and inquire by choosing a preferred dealership. For after-sales needs and service appointments, MyToyota.ph is accessible online.

Citicore to supply 20-MW solar power to Shell Energy

May 17, 2021 | 12:03 am

silay-solar-power-inc — HTTP://CITICOREPOWER.COM.PH/

RENEWABLE energy (RE) firm Citicore Power, Inc. said over the weekend that it will be supplying up to 20 megawatts (MW) of solar power to Shell Energy Philippines, Inc. through its Bataan-based facility.

Shell Energy is a retail electricity supplier under the Shell Group.

“Citicore Solar Bataan, Inc. (CSBI) will supply Shell [Energy] with RE through its solar plant located in Mariveles, Bataan,” Citicore Power said in a press release issued on Saturday.

CSBI is one of the company’s eight solar facilities across the country with a total capacity of 163 MW.

Citicore Power President and Chief Executive Officer Oliver Y. Tan said that his firm and Shell Energy share a mission to provide clean and sustainable energy to meet the requirements of consumers.

“With this collaboration, we are looking forward to accelerate and expand the country’s shift to and utilization of RE,” he said.

Citicore Power plans to build its RE portfolio by five-fold over the next five years to help more customers reach net-zero emissions. To date, the company’s solar portfolio has generated around 1.08-billion kilowatt-hours of energy, translating in 763,200 metric tons of reduced carbon emissions.

Last month, Citicore Power’s retail supply arm Citicore Energy Solutions, Inc. secured an operating permit from the Department of Energy to participate in the green energy option program.

The program is a voluntary policy mechanism that allows users consuming at least 100 kilowatts of power to source their supply from eligible retail energy suppliers generating electricity from renewables.

In March, Mr. Tan said that Citicore Power had allocated P4 billion in capital expenditures for solar and hydro projects.

He added that the company hopes to tap into capital markets for what could be the country’s “first power REIT offering,” referring to a real estate investment trust or an entity with different types of assets bringing steady earnings to investors.

Citicore Power is a wholly owned subsidiary of Citicore Holdings, Inc. Its affiliates include Megawide Construction Corp. and GMR-Megawide Cebu Airport Corp, the airport operations vehicle of Citicore Holdings. — Angelica Y. Yang

Picasso oil painting sells for over $100 M at New York auction

May 17, 2021 | 12:03 am

Femme assise près d’une fenêtre (Marie-Thérèse) — CHRISTIES.COM

NEW YORK — An oil painting by Pablo Picasso sold for $103.4 million at a Christie’s auction in New York, smashing its presale estimate of $55 million. The portrait of Picassos French lover Marie-Therese, Femme assise près d’une fenêtre (Marie-Thérèse), or Woman sitting near a window, led the 20^th Century Evening Sale on Thursday. Keith Gill, head of the Impressionist and Modern Art department at Christie’s London, said the work may be familiar to art lovers from its appearance at a landmark Picasso 1932 exhibition at the Tate Modern in 2018. After an intense bidding war, the Picasso was snapped up by an online bidder in California, Christie’s said. Thursday’s auction, which was streamed live from the Rockefeller Center, marked the fifth work by the Spanish painter to have sold for more than $100 million. — Reuters

Coffee for Peace to open 2^nd café in lease-free space at Ayala Abreeza Mall

May 17, 2021 | 12:03 am

FELICITAS B. PANTOJA, founder and chief executive officer of Coffee for Peace, said the organization will open a new café on the third floor of the Ayala Abreeza Mall in Davao City, free of rent, which is expected to mitigate some of the risks from the pandemic-constrained market.

Coffee for Peace, which is seeking to promote local farmers, has been granted a rent waiver under an Abreeza program to support social enterprises working with indigenous communities.

Coffee for Peace’s café at Ecowest Drive reopened in April after being closed for more than a year due to coronavirus-related restrictions.

Business “is still slow,” Ms. Pantoja said in an interview with BusinessWorld, but Coffee for Peace could not have passed up on the Ayala Abreeza opportunity.

The café will require two baristas. Beyond the coffee shop business, the location will also serve to promote a deeper appreciation of the farm-to-shop coffee loop and its impact on communities and the economy.

Coffee for Peace teams, restricted in their movements for most of 2020, have also resumed engagement with coffee farmers in various parts of the country.

“We are busy training again, we have three new communities,” she said.

The areas where the organization is active include Kalinga in the Cordillera region, Capiz in Western Visayas, Mt. Kitanglad in Northern Mindanao, Davao del Sur, and Kidapawan.

Byron Pantoja, Coffee for Peace vice-president for operations, said training now includes modules on using social media as a marketing and trading tool as well as cashless payment options.

“Anyone who can afford a cellphone, which is most of them now, has a Facebook and that’s where they contact their buyers, make arrangements,” he said, adding that he has personally seen improvements in mobile phone connectivity in some of the upland areas.

Mr. Pantoja, a certifed arabica and robusta quality grader who is among the judges in this year’s Philippine Coffee Quality Competition, said the digital platform has also kept the annual event vibrant with even more farmers participating.

“Our coffee circle (in the Philippines) is growing,” Ms. Pantoja said.

With the opening of such spaces as the Coffee for Peace café in Ayala Abreeza, she is hoping that the market for specialty and high-quality coffee will also grow. — Marifi S. Jara

Personal finance startup NerdWallet files for IPO — sources

May 17, 2021 | 12:03 am

NERDWALLET, Inc., the owner of the eponymous consumer financial advice website, has confidentially submitted paperwork to US regulators for an initial public offering (IPO), people familiar with the matter said on Friday.

NerdWallet has hired a group of investment banks, led by Morgan Stanley, to arrange the IPO and is aiming to go public before the end of the year, the sources said. The San Francisco-based company could seek a valuation of as much as $5 billion, two of the sources added.

The sources cautioned that the timing of the IPO and the valuation are subject to market conditions and asked not to be identified because the preparations are confidential.

Founded in 2009 by former hedge fund executive Tim Chen and Jake Gibson, a former trader at JPMorgan Chase, NerdWallet provides financial guidance to users on credit cards, loans, mortgages and other financial products. It boasts more than 100 million users every year of its personal finance website and mobile phone app and counts venture capital firm IVF and SVB Financial Group among its investors.

In December, NerdWallet hired former eBay, Inc. executive Lauren St. Clair as its chief financial officer. — Reuters

Unioil pushes green agenda

May 17, 2021 | 12:03 am

ASIDE FROM being the first independent petroleum company in the Philippines to operate a network of service stations, Unioil is also known as a pioneer of European-standard fuels in the local market. In September 2017, it brought in Euro 5 fuels which contain five times less sulfur than Euro 4 fuels — 10ppm compared to 50ppm.

“Unioil believes that climate change is a real threat that we must try to de-escalate through sustainable practices,” the company said in a release. Unioil doubled down by launching its “Doing Our Part” campaign in November 2017, where it implemented several ways to reduce the carbon footprint of its business operations.

Unioil established solar-powered “hybrid” service stations, the first of which is on Congressional Avenue Extension, Quezon City. The station is equipped with solar panels from Smartflower, a global leader in “intelligent solar energy.” These are 40% more efficient than conventional panels. Each unit reduces the company’s carbon footprint by 4.7 metric tons annually — equivalent to planting approximately 5,000 trees per year. The second such facility opened in June 2018: Unioil Guadalupe EDSA Makati. These EV charging stations are equipped with three charging protocols — compatible with most Japanese, European, and American electric vehicles.

The energy company also encourages cashless payments through its mobile app. The Unioil Mobile App, launched in July last year, provides a “seamless mobile experience” for its consumers’ digital needs. Cashless and contactless payment features are especially helpful during the pandemic, the firm said, and the app is offered to both new and existing Unioil Loyalty cardholders.

The company has also been monitoring air quality data since 2016, through the placement of air-monitoring equipment in key cities in the country. Some 26 stations provide live data on air quality to the public, free of charge, through https://www.airvisual.com.

These efforts were recognized and welcomed by the Department of Environment and Natural Resources-Environment Management Bureau (DENR-EMB) back in 2017. Today, the data Unioil gathers are used to support the air quality monitoring component of the Philippine Clean Air Act.

Because of this, Unioil was awarded as a “Clean Air Champion” by the Clean Air Philippines Movement, Inc. (CAPMI). This recognition is given to individuals and entities whose initiatives help reduce pollution and promote clean air.

Friends reunion to air May 27, with slew of celebrity guests

May 17, 2021 | 12:02 am

THE LONG-awaited Friends cast reunion will be broadcast on May 27 and will feature a slew of celebrity guests including Justin Bieber, Lady Gaga, and K-Pop band BTS, streaming service HB0 Max said on Thursday. Friends: The Reunion, featuring all six of the original cast, was originally supposed to have been filmed more than a year ago but was repeatedly delayed by the coronavirus pandemic. The unscripted, one-off special was filmed earlier this year on the same sound stage in Los Angeles as the original comedy about six young 20-somethings, played by Jennifer Aniston, Lisa Kudrow, Courteney Cox, David Schwimmer, Matt LeBlanc, and Matthew Perry, living in New York. Friends, which ended its 10-year run on NBC television in 2004, was one of the most popular TV shows of the 1990s and found a new life on streaming platforms where it is one of the most watched shows worldwide. HBO Max said more than 15 celebrity guests would also take part, including former Friends cast members Tom Selleck (Richard), and Maggie Wheeler (Janice), and others such as British soccer star David Beckham, Game of Thrones actor Kit Harington, and Pakistan’s Nobel Peace Prize winner Malala Yousafzai. — Reuters

Meralco to be considerate as disconnection resumes

May 17, 2021 | 12:02 am

MERALCO says vital operations, including meter reading and bill delivery, will continue amid the general community quarantine. — BW FILE PHOTO

MANILA Electric Co. (Meralco) is resuming power disconnection within its franchise area after the government placed Metro Manila and nearby provinces under a less strict lockdown level.

In a press release issued on Saturday, Meralco has assured customers that it will be “very considerate and compassionate” in managing unpaid, overdue bills.

Until end-May, most of the power provider’s customers will be under a general community quarantine (GCQ) “with heightened restrictions.”

The firm said that those who are having a difficult time in fully paying their overdue bills, may get in touch with Meralco “so that a lighter schedule may be arranged.”

Otherwise, standard disconnection procedures will apply.

“Given the heightened restrictions still being implemented during the GCQ, we continue to take into consideration the challenges our customers are facing amid these difficult times,” Meralco First Vice-President and Chief Commercial Officer Ferdinand O. Geluz said.

He hopes that the distribution utility’s continued consideration will lessen the burden of consumers who will be given more time to settle their dues.

Meralco said customers can get in touch by sending private or direct messages on its Facebook and Twitter platforms, or they may call the utility’s hotline.

“If they still need to go to the Meralco Business Centers, they may opt to book an online appointment through the Meralco website for a safe and hassle-free transaction. Meralco BCs are open to accept payments, applications and customer assistance,” the firm said.

Meralco said vital operations, including meter reading and bill delivery, will continue amid the GCQ.

“Our continued operations will ensure that actual consumption for the month will be billed accordingly. But rest assured there will be strict implementation of health protocols in order to safeguard the health and safety of both customers and our personnel,” Mr. Geluz said.

He added that crews will be ready to respond to any emergencies and reports.

The development comes after President Rodrigo R. Duterte approved an interagency task force’s suggestion to put the capital region and the provinces of Bulacan, Cavite, Laguna and Rizal under GCQ “with heightened restrictions” from May 15 to 31, according to a statement from presidential spokesman Herminio L. Roque, Jr.

Last month, Meralco extended its “no-disconnection” policy until May 14, after the government decided to extend the second strictest level of lockdown — modified enhanced community quarantine — in Metro Manila and nearby provinces to contain the fresh surge of coronavirus disease (COVID-19) infections.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., which has interest in through the Philippine Star Group, which it controls. — Angelica Y. Yang