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SEC voids license of two firms for illegal scheme

THE Securities and Exchange Commission (SEC) has revoked the certificates of incorporation of ScentKoWorld Corp. and Brendahl Cruz Holdings, Inc. for illegally selling securities to the public.

In its revocation order, the SEC found the two companies to have been promising the public a 400% return for investing in their “buy and earn” programs.

“Under its investment scheme, ScentKoWorld entices the public to buy perfume and beauty products in exchange for ‘cash sales rewards’ equivalent to 400% of the purchase price. Hence, their member was promised a return of P20,000 for simply buying a package worth P5,000,” the SEC said.

“Also, their members may receive the promised return in about 30 days, without having to resell the products, depending on how soon ScentKoWorld can recruit new members. Accordingly, the company encourages its members to recruit others as well. And lastly, ScentKoWorld promises a referral fee equivalent to 10% of the amount invested by the new member,” it added.

The SEC said the investment scheme has the characteristics of an investment contract, which must first be registered with the commission before it is offered and sold or distributed to the public.

The regulator found that ScentKoWorld and Brendahl Cruz Holdings have not registered any securities that would allow them to offer or sell securities to the public and that they are not licensed capital market professionals such as, among others, securities brokers.

In 2019, a cease-and-desist order was issued by the commission against entities affiliated with Brendahl Cruz, including ScentKoWorld and Brendahl Cruz Holdings.

“The said corporations did not pay attention thereto, and in fact, continued their investment-taking activities,” the SEC said.

“The department was able to prove that the entities involved therein were engaged in illegal activities of soliciting investments from the public without the requisite secondary license, and worse, the investment-taking activities are within the context of a Ponzi Scheme as there was nothing that would indicate that there is a lawful business activity from which to generate the supposed income to be distributed to their member-investors,” it added.

In 2018, ScentKoWorld registered with the commission with its primary purpose stated as “to engage in wholesale trading of goods and merchandise, provided that the corporation shall not solicit, accept or take investments and placements from the public neither shall it issue investment contracts.”

Meanwhile, Brendahl Cruz Holdings registered with the commission in 2019. It stated its primary purpose was to “acquire by purchase, exchange, assignment or otherwise, and sell, assign, transfer, exchange, lease, let, develop, mortgage, pledge, deal, in and with and otherwise operate, enjoy, and dispose of, all properties of every kind and description and wherever situated and to the extent permitted by law, including but not limited to real estate, whether improve or unimproved, and any interest or rights therein, as well as buildings, tenements, warehouses, factories, edifices and structures and other improvements, and shares of capital stock or other securities, among others.”

The SEC warned the public not to invest or stop investing in any investment scheme being offered by the two companies.

“Those who act as salesmen, brokers, dealers or agents in selling or convincing people to invest in [said entities] including soliciting investments or recruiting investors through the internet may be held criminally liable,” the commission said.

Violators may also face a penalty of a maximum fine of P5 million or imprisonment of up to 21 years. — Luisa Maria Jacinta C. Jocson

SN Aboitiz Power set to build energy storage system

ABOITIZ Power Corp.’s joint venture with Norwegian firm Scatec will start this month the construction of a 20-megawatt (MW) battery energy storage system (BESS) located at the Magat hydroelectric power plant in Ramon, Isabela province, the listed energy company said on Tuesday.

In a disclosure, AboitizPower said the joint venture, SN Aboitiz Power (SNAP) Group, signed on March 25 the engineering, procurement and construction (EPC) agreement with Hitachi Energy for the development of the Magat BESS project.

“We are excited about technologies like BESS that complement our ambition of bringing forth an RE (renewable energy)-powered future, and continue to explore and assess other greenfield and brownfield opportunities beyond hydropower and floating solar. We also appreciate the support of our banking partners for project financing,” SNAP Group President and Chief Executive Officer Joseph S. Yu said.

The joint venture tapped Bank of the Philippine Islands and China Banking Corp. to provide financing for the project.

Early-phase activities for the Magat BESS project were completed in 2021 as part of the pre-construction stage, which included site surveys and basic engineering design, AboitizPower said.

Magat BESS, which is expandable to 24-MW, is planned to be used primarily for ancillary services or reserve power.

The project marks the first venture between renewable energy providers AboitizPower and Scatec after the latter acquired hydropower developer SN Power. It is targeted for commercial operation in the first quarter of 2024.

Scatec General Manager for Southeast Asia Torbjørn Elliot Kirkeby-Garstad said that building the BESS facility is the first step in the company’s ambition to work on more initiatives in the Philippines.

“The Philippines is an important market for Scatec, and we see several promising opportunities, especially in renewables,” he added.

AboitizPower said in line with the BESS project, grid operator National Grid Corporation of the Philippines is set to upgrade the 230-kilovolt Magat-Santiago transmission line.

“The upgrade will allow SNAP to continue adding capacities within the Magat area for additional projects,” it said.

On Tuesday, shares in AboitizPower rose by a centavo 2.78% to close at P37 apiece. — Ram Christian S. Agustin

MPTC expects 10-15% rise in traffic volume during Holy Week; use of travel app pushed

METRO Pacific Tollways Corp. (MPTC) will be implementing a technology-based approach to help motorists manage their trips during the Holy Week, as traffic volume on its network is expected to climb between 10% and 15%.

The company’s enhanced customer journey services are reflected in MPT DriveHub’s traffic update function to help motorists anticipate traffic conditions ahead, officials said during a briefing on Tuesday, referring to the company’s all-in-one travel application.

The North Luzon Expressway (NLEX) currently has an average traffic flow of “about 410,000,” NLEX Corp. President and General Manager J. Luigi L. Bautista said.

“We are expecting that this will increase by about 10-15%, so expect that this number will be about 470,000 during the Holy Week,” he added.

As for the Manila-Cavite Expressway (CAVITEX), CAVITEX Infrastructure Corp. President and General Manager Roberto V. Bontia said: “We’ve been transacting roughly around 152,000 vehicles a day, so we are expecting a 10% increase.”

Meanwhile, the Cavite-Laguna Expressway (CALAX), which now averages 28,000 vehicles per day, is expected to reach an average daily traffic of over 30,000 during the Holy Week, he noted.

“As we return to some normalcy as compared to recent years, we have anticipated this increase in volume by fielding additional personnel and offering special roadside services,” said MPTC President and Chief Executive Officer Rodrigo E. Franco.

The MPTC will be implementing its “Safe Trip Mo Sagot Ko” motorist assistance program on NLEX, CAVITEX, CALAX, CAVITEX C5 Link, and Subic-Clark-Tarlac Expressway (SCTEX) from April 8 to 18.

“Included in this program are the increased deployment of patrol crews, traffic marshals, security teams, and toll plaza personnel to ensure safety, and provide immediate assistance to motorists,” the company said.

“As in the past, emergency medical services and incident response teams will also be augmented and will be stationed at strategic areas of the expressways,” it added.

The company will suspend lane closures and mainline road works during the period “unless safety repairs are necessary.”

There will be a free towing service at the nearest exit for Class 1 vehicles from 6 a.m. of April 13 to 6 a.m. of April 18.

The company said motorists are encouraged to use RFID stickers (radio-frequency identification) for faster and safer transactions.

“Those who have no RFID sticker yet may have it installed for free in any of the Easytrip installation sites, and pay the initial load.”

“For the complete list of installation sites and reloading options, motorists may visit the Easytrip website www.easytrip.ph or download the MPT DriveHub app,” it also noted.

The mobile application integrates three key functions in one: RFID transactions, trip planning, and emergency roadside assistance.

“Motorists can check their RFID balance and reload their accounts within MPT DriveHub before they travel on NLEX, SCTEX, CAVITEX or CALAX. A toll fee calculator is also in the app to help users calculate how much load they need in their RFID accounts,” the company said.

MPTC is the toll road arm of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

PBA Governors’ Cup Finals

PBA IMAGES

Barangay Ginebra vs Meralco Bolts IV

By Olmin Leyba

THE battle lines are drawn, the missions are set and now it’s time for the combatants to fire the opening salvo in the awaited Barangay Ginebra versus Meralco IV.

In a now-familiar showdown for the Philippine Basketball Association (PBA) Governors’ Cup crown that’s been competitive through and through, both sides can’t emphasize enough the need to set the tone quickly and gain the head start.

“Try to get a winning start, that’s the most important thing,” Meralco coach Norman Black said on the eve of the 6 p.m. Game 1 before an expected huge crowd at the Smart Araneta Coliseum. “It’s not a guarantee that the team that gets off to the best start ends up winning the series, but it’s better to get that W immediately.”

Settling for bridesmaid honors in previous faceoffs in 2016, 2017 and 2019, the Bolts are fueled by that burning desire to get back at the Gin Kings and write a totally different ending with them on top. The defending champions are well aware of such.

“The past is the past and we want to stay more focused on what’s right in front of us,” said Ginebra mentor Tim Cone, confident his troops can match the Bolts’ motivation.

“We knew they’re going to be incredibly motivated; if we were in their shoes, we would be as well. But I don’t think you need a lot of motivation when you’re in the finals. The finals itself is motivation. Whether you lost the last three times or you won the last three times, it doesn’t matter.”

Justin Brownlee, Ginebra’s anchor in the previous conquests, is back for an encore. But this time, the resident import is up against a new opponent in Tony Bishop, the sniper who took over from the power-playing Allen Durham (AD).

Mr. Black said with Mr. Bishop’s presence, it will be “a different look for Ginebra.”

“In the past, they’ve always been able to shut down the paint against AD and force him to move out and take jump shots. This is a little bit different because Tony really takes jump shots so they’re going to have to find a way to slow his perimeter game down, find players who can actually defend and guard him from the perimeter,” he said.

On the other hand, the biggest problem for Meralco remains the same — Mr. Brownlee.

“It’s going to be tough especially with Justin (Brownlee) seemingly reaching his peak just at the right time. So Tony’s really got to play well for us to win this series, at least he’s got to try to equal the numbers of Justin as much as possible,” said Mr. Black.

For Mr. Cone, the Gin Kings should be at their sharpest on defense to enhance their chances against the defensive-savvy Bolts.

“I thought we played a great defensive series against TnT. It’s something we really had to do in order to get through them and that’s the kind of defense we’re hoping to bring to the Meralco series,” Mr. Cone said.

Both squads are dealing with injury concerns as Meralco’s Chris Banchero (back) and Ginebra’s Japeth Aguilar are both listed as “day-to-day.”

Best Player of the Conference contender Scottie Thompson, seasoned guard LA Tenorio, and Christian Standhardinger, who’s expected to suit up after a bout with “non-Covid-19 (coronavirus disease 2019) illness,” spearhead Ginebra’s potent local crew versus Meralco’s Chris Newsome, Raymond Almazan, Cliff Hodge, and Allein Maliksi.

Bayer invests €1.3B in next-gen healthcare

BAYER AG

PHARMACEUTICAL company Bayer AG announced on April 1 that it is investing more than €1.3 billion over the next three years in tackling “the challenges facing humanity” — including cancer, neurodegenerative disease, and agriculture’s environmental impact — through Leaps by Bayer, its impact investment unit. 

“We stand at the dawn of a new age of innovation in the Life Sciences,” said Werner Baumann, chairman of the board of management of Bayer AG, in a statement. 

Added Jürgen Eckhardt, head of Leaps by Bayer: “We will be able to continue on our successful path and provide funding for the brightest minds working on solutions that truly make a difference for people and the planet.”  

Leap’s partners include Recursion, an AI (artificial intelligence)-focused company working to find drug treatments for lung fibrosis and other fibrotic diseases; and Mammoth Biosciences, which has CRISPR systems (molecular machineries that can change any letter in an organism’s deoxyribonucleic acid) that develop in vivo gene-editing therapies.  

According to Jamie Metzl, a technology and healthcare futurist who spoke at the company’s Breakthrough Innovation Forum, human creativity is one of the strongest forces in the universe. 

“We must all start to think a little like science fiction writers, because we live in a world that will increasingly feel like science fiction,” he said, citing technologies that are improving at exponential rates. 

“We are at a transition point in human history, and are using our new capabilities in genetics and biotechnology revolutions to renegotiate our relationship with the world around us,” he continued. “Our species now has the ability to recast the code of life.”   

A critical driver of this application is moving healthcare to a world of personalized or precision healthcare from the perspective of generalized medicine.  

“We’ll move from our current system — which we call healthcare, but is oftentimes symptom-based sick care — to a truer model of prediction and prevention,” said Mr. Metzl.    

Another driver of this application is agriculture, with its current reliance on chemical fertilizers and engineered water systems. Mr. Metzl pointed out that chemical fertilizers account for 2% of global energy use, and 1.5% of greenhouse gas emissions.  

“We are reaching the limits on sustainable land and water use… clearly, we need to increase yields while lowering agriculture’s environment and carbon footprint,” he added.   

Bayer, which invests €2 billion per year for research and development in its Crop Science division, launched a biotech defense against corn rootworm — a pest responsible for €1 billion in crop damage per year — while reducing the need for crop protection. It also plans to bring a more weather-resistant corn hybrid to the market in 2023. 

“The question is not technology either-or, but how best. It is not technology yes-or-no, but technology how best to benefit our world,” said Mr. Metzl. — Patricia B. Mirasol

Filinvest Land plans renewable energy plants in Tarlac, Laguna

FILINVEST Land, Inc. (FLI) announced on Tuesday that it signed a memorandum of understanding with Filinvest-ENGIE Renewable Energy Enterprise, Inc. (FREE) to explore installing renewable energy generation facilities in its projects in Tarlac and Laguna.

“This partnership allows us to help bolster emerging sustainable, smart cities in the country. With these measures that improve energy efficiency and reduce carbon emissions, we, together with Filinvest Land, aim to deliver more impactful climate action,” FREE President and Chief Executive Juan Eugenio L. Roxas said in a statement.

The facilities are expected to be built in Filinvest Land’s latest industrial development, Filinvest Innovation Parks at New Clark City in Tarlac and Ciudad de Calamba in Laguna.

The New Clark City park is a 120-hectare sustainable business hub while the park in Ciudad de Calamba is a 25-hectare industrial development.

“The Filinvest Innovation Parks are poised to be a catalyst for progress. Our industrial developments are master planned for the needs of rapidly growing industries such as logistics, e-commerce, and data centers,” Filinvest Land Vice-President Francis V. Ceballos said.

The renewable energy project will be the first of its kind for Filinvest Land’s industrial and logistics business segment.

“We are excited to bring eco-efficient solutions to this business segment. This will not only create value for Filinvest Land but also for our partner tenants through competitive power rates and carbon footprint reduction,” Filinvest Land Chief Strategy Officer Tristan D. Las Marias said.

“This partnership will harness the combined expertise of Filinvest and ENGIE to develop sustainable energy solutions such as solar, district cooling, and facilities management to power smart, future-forward cities that drive and accelerate progress while reducing their carbon footprint. Through the collaboration, FREE and Filinvest Land will embark on their first phase of cooperation by developing renewable energy generation systems in ready-built factories within the two Filinvest Innovation Parks,” Filinvest Land added.

FREE is a joint venture company between FDC Utilities, Inc., the power utility arm of Filinvest Development Corp. (FDC), and ENGIE Services Philippines. It was established to finance, build and operate renewable energy projects across the country.

The company focuses on developing solar energy rooftop systems that saves up to 30% of its energy spending while reducing carbon footprint and increasing grid reliability.

“FREE has multiple renewable energy projects in the pipeline with the end goal of promoting sustainable energy solutions to prospective industrial and commercial customers and supporting the Philippine government’s initiatives in reducing the country’s dependence on fossil fuels,” Filinvest Land said.

Filinvest Land is a full-range property developer, with over 200 residential developments across the country.

It is also developing two townships in the Clark Special Economic Zone, including an industrial and logistics park and mixed-use development at New Clark City and the Filinvest Mimosa+ Leisure City, which is in partnership with FDC.

At the stock exchange on Tuesday, Filinvest Land shares remained unchanged at P1.05 each. — Luisa Maria Jacinta C. Jocson

TP restages election play online

DOC RESURECCION: Gagamutin ang Bayan

A SMALL house, a fisherman’s boat, 16 plastic bottles, and fishing nets are all found within the performance area of Layeta Bucoy’s Doc Resureccion: Gagamutin ang Bayan, Tanghalang Pilipino’s (TP) first production after two years of coronavirus pandemic lockdowns. This month, the Cultural Center of the Philippines’ (CCP) resident company returns with a filmed version of the one-act play.

Set in a poor fishing village, the play follows an idealistic young doctor, Jess Resureccion, who is running for mayor with the promise of helping uplift the status of its residents. But standing in his way is his cousin, Boy Pogi Resureccion, who was paid by the incumbent mayor to run as a nuisance candidate and hopefully spoil the votes for Jess. Jess tries to convince his cousin to withdraw his candidacy.

It was first staged in 2009 as part of the Virgin Labfest, the CCP’s festival of unproduced and unpublished plays. In 2012, it was staged by TP as part of its Eyeball production.

“Our country is currently looking forward to open a new chapter in its history as a nation. With renewed vitality and great hope, we Filipinos are aiming for a renaissance, or a ‘Resurreccion.’ Looking back, the pandemic that has adversely affected our physical and psycho-social being, compelled us to look inward and assess how we protect ourselves, our loved ones, and our fellowmen from the unseen killer virus,” TP’s artistic director Nanding Josef said in a statement.

“Moreover, the pandemic has triggered us to look farther into the political malaise that has continued to infirm us for many years. Politics and governance have deteriorated in our very midst. Thus, there is an urgent call for change,” he said.

Dennis Marasigan is directing the play’s filmed staging. Alongside Mr. Marasigan in the artistic team are Pong Ignacio as director of photography, TJ Ramos as musical director and composer, Daniel Gregorio as costume designer, and Ohm David as set designer.

Prior to a rehearsal on April 1, Mr. Marasigan told Businessworld that he aimed “to capture as much of what the audience is going to see if they were here live” and “enhance certain elements we can because of the medium.”

TP’s Marco Viaña stars as Doc Jess Resureccion, while Jonathan “Tad” Tadioan stars as Boy Pogi Resureccion. Joining the cast are Mr. Josef as Papang, Sherry Lara as Mamang, and Lhorvie Nuevo as Elsa.

The sole original cast member from the first staging in 2009, Mr. Tadioan is reprising his role as Boy Pogi. He noted the deeper understanding he has now in playing the same role.

Nag-mature ka din, marami kang pinagdaanan through the years at mas lalo mong naintindihan ’yung human condition (You mature. You go through many experiences through the years, and you gain a deeper understanding of the human condition),” Mr. Tadioan said.

Mas nakikita mo ’yung mga taong Boy Pogi. Nakakasalamuha mo. So, mas naiintindihan mo sila (You see more of the Boy Pogis in real life. You interact with them. So, you also learn to understand them),” he said.

With the remounting of the play online, Mr. Marasigan hopes first time viewers have a chance “to see yourself” and “become more critical of the things you see.”

“I think the play is very provocative in a way that it asks questions without necessarily giving you answers,” Mr. Marasigan told BusinessWorld. “It does not make you choose between the characters, but makes you examine the way you think about people running for elections, your neighbors, [your] relatives, and others that you know.”

Doc Resureccion: Gagamutin ang Bayan will stream from April 17 to 30 via www.ticket2me.net. Tickets are priced at P350 (general audience), and P550 (barkada promo for three tickets). Access to the show is for 24 hours on the buyer’s chosen date starting at 10 a.m. to 10 a.m. the following day.  — Michelle Anne P. Soliman

Mapua defeats San Sebastian, shares NCAA lead

MAPUA CARDINALS

By Joey Villar

WARREN Bonifacio delivered one of his best performances to date and carried Mapua to a 65-59 victory over San Sebastian and straight to a share of the lead with league powerhouses Letran and San Beda in the 97th National Collegiate Athletic Association (NCAA) basketball tournament at the La Salle Greenhills Gym on Tuesday.

Mr. Bonifacio banged his way to his season-highs 16 points and 14 rebounds and topped it with a steal and a block to power the Cardinals to their third straight win and back on top alongside the Knights and the Lions.

The San Simon, Pampanga native was unstoppable inside as he made eight of the 12 shots he took, mostly coming in the key runs bridging the middle quarters that turned things around in Mapua’s favor.

“We just played good defense and we communicated well,” said Mr. Bonifacio, who also instrumental in his team’s 73-67 win over Emilio Aguinaldo College last March 27 and a 59-56 triumph over Jose Rizal University on Friday.

Brian Lacap chipped in 14 points while Paolo Hernandez scattered 12 including a booming three-pointer late that doused cold water on the Stags’ rally.

It was another impressive performance by a Mapua team that didn’t get much pre-season hype compared to the heavily favored Letran, the defending champion, and San Beda, the runner-up three years ago.

“Honestly, we didn’t expect to start 3-0,” said Mapua coach Randy Alcantara. “But the players were hardworking and did what they we told them to do. They’re also fearless and played strong in the endgame.”

And Mapua will have a chance to achieve more as it hopes to pull the rug from under Letran on Friday.

“They’re stronger, bigger and taller than us but we’ll try to find ways to beat them in other aspects,” said Mr. Alcantara.

The Stags fell to 1-2.

The scores

Mapua 65 – Bonifacio 16, Lacap 14, Hernandez 12, Nocum 8, Mercado 6, Pido 4, Garcia 2, Agustin 2, Milan 1, Sual 0.

SSC 59 – Calma 10, Altamirano 10, Calahat 8, Villapando 8, Sumoda 6, dela Cruz 6, Cosari 6, Are 2, Shanoda 2, Felebrico 1, Una 0, Desoyo 0, Loristo 0, Abarquez 0, Gabat 0.

Quarterscores: 7-12; 29-23; 53-41; 65-59.

SLMC adds 300 parking slots, outpatient facilities

DR. ARTURO S. DELA PEÑA, President and CEO of St. Luke’s Medical Center — FACEBOOK/@STLUKESPH

ST. LUKE’S Medical Center-Quezon City (SLMC-QC) completed on March 29 the first phase of its three-phase redevelopment plan, which involved the construction of a five-story parking structure with a roof deck, a hemodialysis unit, outpatient department (OPD) clinics, and outpatient operating rooms.  

The multi-level 14,000-square-meter structure provides more than 300 parking slots to augment existing parking facilities within the compound.   

“Phase 1 of the redevelopment plan aims to improve the quality of healthcare to SLMC-QC patients by addressing areas of improvement and building on our strengths,” Dr. Arturo S. De La Peña, SLMC president, said at the topping off ceremony. “Through this initiative, our patients will benefit from new and enhanced facilities that will cater to their needs.”  

SLMC declined to comment on the total cost of Phase 1.   

Phase 2, scheduled for completion in 2023, entails constructing house operation-related facilities, including a pharmacy, a sterile supply warehouse, and SLMC offices for nursing and engineering.  

Phase 3, scheduled for completion in 2025, consists of a new hospital building with healthcare facilities for various specialties, including nuclear medicine, oncology, and cardiology. It will also house the Intensive Care Unit, Neonatal Intensive Care Unit, Main Operating Room Complex, and ancillary and diagnostic services.  

“While we celebrate this milestone in SLMC-QC’s history, we know we can do much better through implementing our upcoming two redevelopment plans,” said Dr. De La Peña. “This is why we ask for support from all our stakeholders as we create a better patient-centered experience that SLMC-QC can provide.” — Patricia B. Mirasol

Gov’t partially awards fresh 3-year bonds

BW FILE PHOTO

THE GOVERNMENT partially awarded the fresh Treasury bonds (T-bonds) it offered on Tuesday as investors asked for higher yields in anticipation of a central bank hike in the second half.

The Bureau of the Treasury (BTr) raised just P25.791 billion via the fresh three-year T-bonds it auctioned off on Tuesday, less than the programmed P35 billion, even as tenders reached P53.578 billion.

The debt papers were awarded at a coupon rate of 4.25%, 19.48 basis points higher than the 4.0552% quoted for the three-year debt at the secondary market before the auction, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website. The BTr capped bids at 4.37%.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the government made a partial award of the papers as the market was defensive following data released on Tuesday, which showed headline inflation hit a six-month high in March.

Rising inflation could give the Bangko Sentral ng Pilipinas (BSP) a reason to push through with its plan to begin dialing back its pandemic-driven easy monetary policy.

“The results of the auction were in line with expectations. The market continues to seek higher yields in anticipation of a rate hike by the BSP sooner rather than later,” a trader said in a Viber message.

A second trader said the coupon fetched for the three-year bond was within the expected range.

“It is understandable that the market was defensive especially as CPI (consumer price index) touches the high end of BSP’s target,” the second trader added.

Inflation rose to a six-month high in March as food, utilities, and transport costs increased amid a spike in global oil prices due to Russia’s invasion of Ukraine.

Preliminary data released by the Philippine Statistics Authority on Tuesday showed headline inflation hit 4% last month, faster than the 3% in February but slightly slower than the 4.1% print in March last year.

This matched the 4% print in October last year and is the fastest since the 4.2% inflation in September 2021. It also matched the 4% median in a BusinessWorld poll conducted last week and was near the upper end of the 3.3-4.1% forecast of the central bank for the month.

For the first quarter, inflation settled at 3.4%, within the BSP’s 2-4% target for the year.

BSP Governor Benjamin E. Diokno last week signaled the key policy rate could reach up to 2.75% by next year.

Following the release of March CPI data, Mr. Diokno said the BSP is ready to take preemptive action to anchor inflation expectations.

The central bank kept its key rate untouched for the 11th straight meeting last month despite warning that its inflation target might be breached this year due to surging global oil prices brought by the Russia’s invasion of Ukraine.

The BTr wants to raise P200 billion from the local market in April, or P60 billion through Treasury bills and P140 billion via T-bonds.

The government borrows from domestic and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — Tobias Jared Tomas

Cebu Pacific says cash enough for next 18 months

BUDGET carrier Cebu Pacific, operated by Cebu Air, Inc., said it has sufficient cash to support its operations for the next 18 months.

“As of March 30, 2022, the group has undertaken various financing activities intended to ensure availability of sufficient financial resources to enable the group to continue as a going concern,” Cebu Air said in its annual report.

“Its cash and cash equivalent balance of P18.14 billion as of Dec. 31, 2021 is sufficient to support the operations of the group for the next 18 months,” the airline group noted.

It expects to maintain cash and cash equivalents from internally generated cash flows, refund of pre-delivery payments on new aircraft to be subjected to sale and leaseback, and a P16-billion term loan facility with various banks for the next 12 months.

“Accordingly, management has assessed that the group will have sufficient financial resources to enable the group to continue as a going concern for at least the next twelve months from Dec. 31, 2021.”

The company incurred a net loss of P24.9 billion and 22.2 billion for 2021 and 2020, respectively.

The pandemic has “disrupted the business of the group in 2021 and 2020, resulting in significant deterioration of earnings and cashflows, and may continue to significantly disrupt the business activities of the group,” Cebu Air noted.

The airline company also said it will have 53 aircraft deliveries from this year to 2027.

“The additional aircraft will support the Airline group’s plans to increase frequency on current routes and to add new city pairs and destinations,” it added.

At the same time, the company expects to increase the number of its employees this year to 3,678 from 3,046 in 2021.

It aims to restore more than 100% of its pre-pandemic domestic capacity this month.

Cebu Air shares closed 0.63% lower at P47.50 apiece on Tuesday. — Arjay L. Balinbin

Turning the spotlight backstage

SCENES from the documentary Backstage Pass: Life Behind the Curtains. — FACEBOOK.COM/CULTURALCENTEROFTHEPHILIPPINES/

PERFORMANCES scheduled to be held at the Cultural Center of the Philippines (CCP) from March 16, 2020 to Oct. 2021 had to be postponed, canceled, or rescheduled because of the coronavirus pandemic. This displaced a significant number of artists, theater workers and technicians, carpenters, painters, and seamstresses.

While live shows were on hold, the CCP’s theater crew were reassigned to an intensive maintenance program, with some doing research and skills development, as well as designing and fabricating implements needed for their work.

The situation was captured in a short film documentary titled Backstage Pass: Life Behind the Curtains.

Produced in cooperation with Southern Lantern Studios and Daluyong Studios, the 30-minute short feature documentary on the theater crew’s backstage work is directed by award-winning indie filmmaker Joseph Mangat.

“My production team and I were clueless of the amount of work that goes in preparing the theater. Seeing firsthand the dedication and the skills of the theater crew was amazing. I was blown away by the way they work as a team and how in sync they are with one another. What I saw was like a performance and I wanted to showcase this in the documentary,” director Joseph Mangat told BusinessWorld in an e-mail.

The film highlights the back-of-house activities of the CCP theater crew in the lights, fly, and stage areas. It features veteran crew members who share their unique backstage stories, from when they were training until growing dedicated to their work. It also covers the theater crew’s tasks before production ingress, such as the rigging and focusing of lights, installing color filters, and rigging backdrops.

“Our intention was to create a cinematic documentary, a film that captures the artistry in their work and that would frame the theater crew at center stage. We wanted the work they did to be seen with as much care and thoughtfulness, similar to how one would watch a dance or stage performance. Our hope that the audience appreciates the beauty and the craft of what goes on at the backstage,” he said.

According to CCP Production and Exhibition Department head Ariel Yonzon, the CCP intends to make more short documentaries featuring other aspects of backstage work such as costumes, drafting, set construction, props, and front of house.

Backstage Pass: Life Behind the Curtains can be viewed at CCP’s Facebook page at https://www.facebook.com/culturalcenterofthephilippines/videos/392815808986710. Michelle Anne P. Soliman