European firms plan to invest more in China after pandemic

June 8, 2021 | 6:28 pm

night-4694750_1280 — Shanghai, China - STOCK PHOTO

EUROPEAN businesses are increasing investment in China and moving supply chains onshore after the quick recovery from the pandemic last year made China an even more important source of growth and profits.

Nearly 60% of European companies plan to expand their China operations in 2021, up from 51% last year, according to an annual survey by the European Chamber of Commerce released Tuesday. About half of the 585 respondents reported profit margins in China higher than their global average, a jump from the 38% recorded a year earlier.

“The resilience of China’s market provided much-needed shelter for European companies amidst the storm of the COVID-19 pandemic,” said the survey report. China’s quick containment of the virus and successful reopening of its economy early last year made it the main global growth driver in 2020, throwing a lifeline to European companies from French luxury giant LVMH SE to German car maker BMW AG.

A total of 73% of the survey respondents reported a profit last year, with another 14% breaking even. That was about the same level as in previous years despite the pandemic, showing how quickly the domestic market bounced back. Some 68% of the survey respondents were optimistic about the business outlook in their sector over the next two years, up from 48% last year.

Businesses are also expanding in China to further separate their operations in the country from the rest of the world, in order to avoid supply chain disruptions due to geopolitical tensions, according to the chamber’s report.

A quarter of the surveyed companies are “onshoring” their supply chains by moving production lines into China or switching to suppliers with local production, according to the chamber. Only 9% of firms said they were considering moving any current or planned investment out, the lowest level on record.

“The main point is to develop supply chain as much as possible here, as far as it’s possible, to provide what’s needed for the market here,” said Charlotte Roule, a board member of the chamber.

Companies are exposed to the threat of decoupling between China and other economies, with many reliant on imports for critical components or inputs that could be disrupted by restrictions or bans by other nations. A third of firms say that there are simply no viable alternatives to some of the equipment or components they import from abroad into China, leaving them exposed to production disruptions. Another 40% said that any alternative would be either more expensive or be of lower quality.

The political environment for European firms in China has become more difficult in 2021, with consumer boycotts of companies such as Hennes & Mauritz AB in March and Beijing and Brussels imposing tit-for-tat sanctions on each other over accusations of human rights abuses by China against the Uyghur population in Xinjiang. Even before that, more than 40% of the respondents in the February survey thought the business environment in China had become more political in the past year.

European companies continued to experience forced technology transfer, even though it’s banned by the Foreign Investment Law China enacted last year. Sixteen percent of respondents said they were compelled to transfer technology in order to maintain market access, unchanged from the survey a year ago.

Respondents are also concerned that China’s push for technology self-reliance will hurt businesses as it increases compliance costs and Chinese customers may increase their scrutiny of foreign services or even switch to local suppliers, the report said. — Bloomberg

Globe cracks down on organized crime after US and Australia sting

June 8, 2021 | 6:26 pm

A person is detained by Australian Federal Police after its Operation Ironside against organized crime in this undated handout photo released June 8, 2021. — AUSTRALIAN FEDERAL POLICE/HANDOUT VIA REUTERS

CANBERRA — US and Australian authorities hacked into an app used by criminals to read millions of encrypted messages, leading to hundreds of arrests of suspected organized crime figures in 18 countries, Australian officials said on Tuesday.

“Operation Ironside” by Australian police and the US Federal Bureau of Investigation (FBI) ensnared suspects in Australia, Asia, South America and the Middle East involved in the global narcotics trade, the officials said.

Australian Prime Minister Scott Morrison said the operation “struck a heavy blow against organized crime — not just in this country, but one that will echo around organized crime around the world”.

“This is a watershed moment in Australian law enforcement history,” Mr. Morrison told reporters in Sydney.

Australian Federal Police Commissioner Reece Kershaw said police raids in 18 countries netted hundreds of suspects. Europol and the FBI said on social media they would hold news conferences later on Tuesday.

Australia said it had arrested 224 people, including members of outlawed motorcycle gangs, while New Zealand said it had detained 35 people.

The operation, which was conceived by Australian police and the FBI in 2018, saw officials in the United States take control of the ANOM messaging app, which is popular with organized crime networks.

When an Australian underworld figure began distributing customized phones containing the app to his associates as a secure means to communicate, police could monitor their messages. The gangs believed the system was secure because the phones did not have any other capabilities — no voice or camera functions were loaded — and the app was encrypted.

“We have been in the back pockets of organized crime,” Mr. Kershaw said at the same media briefing. “All they talk about is drugs, violence, hits on each other, innocent people who are going to be murdered.”

The messages were brazen and there was no attempt to hide behind any kind of code, he said.

“It was there to be seen, including ‘we’ll have a speedboat meet you at this point’, ‘this is who will do this’ and so on.”

Mr. Kershaw said the Australian underworld figure, who had absconded from the country, had “essentially set up his own colleagues” by distributing the phones and was a marked man. “The sooner he hands himself in, the better for him and his family,” he said.

One murder plot that authorities got to know of involved plans to attack a cafe with a machine gun, while a family of five was also targeted. Authorities said they were able to prevent these attacks.

Executing Australia’s largest number of search warrants in one day, police on Monday seized 104 firearms as well as almost A$45 million ($34.9 million) in cash.

A total of 525 charges have been laid but authorities expect more in the coming weeks. — Reuters

Asia’s ESG bond issuances hit record $69B this year

June 8, 2021 | 6:26 pm

US-dollar-currency-bills — KSTUDIO-FREEPIK

HONG KONG — Asia-Pacific borrowers more than doubled issuance of bonds tied to environmental, social and governance (ESG) themes to a record $69 billion this year, data showed, as they sought to burnish their sustainability credentials and tap red-hot investor demand.

Bankers say the trend will continue, boosting their fee incomes. Some of the biggest global investment banks are bulking up their teams to cope with the increased ESG-related bond deals.

ESG-related issuances from companies, government bodies and other institutions in Asia-Pacific (excluding Japan) this year have outpaced those by US issuers for the first time in two years.

Asia-Pacific entities are fast-tracking their ESG plans, taking advantage of abundant liquidity and soaring demand from global investors who are keen to increase their exposure to the region as economies recover from the impact of the COVID-19 pandemic with the growing rollout of vaccinations.

Data from Refinitiv showed that of the $69.1 billion in ESG bonds issued in Asia-Pacific so far this year, green bonds were the most common, accounting for 70% of the deals and ahead of sustainability-linked bonds, which made up 20%.

Chinese entities issued 51.3% of the ESG bonds in the region, ahead of South Korea which accounted for 21.2%.

“Demand for green deposits, loans and access to capital markets is running at record levels versus prior years and is gathering further momentum,” said Kaleem Rizvi, Citigroup’s head of corporate banking in Asia Pacific.

“More clients are realizing they need a clear ESG strategy. Investors and other stakeholders are demanding it and they don’t want to be left behind.”

So far in 2021, Citi has been involved in ESG-related financing deals in Asia Pacific worth nearly $25 billion, six times more than the year-ago period — including a Hong Kong government $2.5-billion green bond.

China Development Bank raised $3 billion in a green bond in March and the Asian Infrastructure Investment Bank carried out a $2.9-billion deal in January, the data showed.

Climate change and other green issues are high on the agenda of most Asian governments, and financial regulators, such as in Hong Kong and Singapore, have also begun changing rules to force companies to better disclose their environmental impact.

Hong Kong announced in December that financial institutions and listed companies will have to disclose the financial impact of climate change on their businesses, as outlined in a major global standard, by 2025.

‘GREENWASHING’ RISK
There have been 234 ESG-linked bond issuances in Asia-Pacific this year, nearly trebling from the same time-frame last year, Refinitiv data showed.

In the United States, there have only been 86 deals, which raised $53.1 billion. In Europe, the traditional ESG market leader, $248.1 billion in ESG-related bonds have been issued in 2021, at least three times more than the same time last year.

A risk for investors in ESG-related bonds in China and other Asia-Pacific markets is ‘greenwashing,’ or issuers exaggerating their environmental credentials which has led to caution among some bond buyers.

“Investors have an expansive appetite at the moment but there is also an increasingly discerning approach to investing; they don’t want to get burnt with a greenwashing label,” said Kamran Khan, Deutsche Bank’s head of ESG for Asia Pacific. “They have a lot of capital, they want to invest it in ESG transactions, but they want them to be of very high quality with substantiated impact.” — Reuters

Philippine Azkals lose to China, 0-2, in FIFA-AFC qualifier return

June 8, 2021 | 6:22 pm

THE Philippine national men’s football team lost to China, 0-2, as it resumed its second round joint 2022 International Federation of Association Football (FIFA) World Cup and 2023 Asian Football Confederation (AFC) Asian Cup Qualifiers bid on early Tuesday (Manila time) in the United Arab Emirates.

The Azkals, back on the pitch after a year-and-a-half wait because of the pandemic, stood toe to toe with the Chinese in the opening half for a nil-nil count but could not sustain it the rest of the way en route to falling in the match held in a “bubble” at the Sharjam Stadium.

China used a strong push in the first 20 minutes of the second half to create separation from the Philippine team from which the latter could not recover from.

Forward Wu Lei, who plays in La Liga, put his team on the board in the 56^th minute off a penalty kick after being brought down by Azkals goalkeeper Bernd Schipmann. Referee Kim Hee-gon pointed to the spot and the Espanyol player made sure the ball found the bottom of the net.

The Chinese team continued to put pressure on the Azkals and were rewarded in the 65^th minute when midfielder Wu Xinghan slipped a shot to the far post off a pass from Tang Miao to make it a 2-0 lead.

The Azkals tried to claw their way back after but with little success.

The victory solidified China’s hold of second spot in Group A of the joint qualifiers with 13 points from a record of 4-1-2, still in the mix for the next round of the World Cup qualifiers as one of the best runners-up.

Syria is solidly on top of the grouping with 21 points from an unblemished card of 7-0-0.

The loss, meanwhile, left the World Cup push of the third-running Azkals (2-1-3, seven points) practically shut but they remain in the race for the next round of the Asian Cup qualifying.

Running fourth in Group A is Maldives (2-0-4, six points), followed by Guam (0-0-7).

The Azkals return to action on June 11 against Guam at 10 p.m. before closing their second-round bid on June 15 versus Maldives at 10 p.m.

All the Azkals matches in the qualifiers can be seen on One Sports and One Sports+. — Michael Angelo S. Murillo

Świątek holds off Kostyuk to reach last eight in Paris

June 8, 2021 | 6:22 pm

PARIS — Iga Świątek held off a fierce challenge from Ukraine’s Marta Kostyuk to advance into the quarterfinals of the French Open with a (6-3, 6-4) victory on Monday.

The eighth-seeded Pole has now won 22 consecutive sets at Roland Garros to set up a clash with Greek 17^th Maria Sakkari as she bids to become the first woman to retain her title here since Justine Henin in 2007.

Against an 18-year-old opponent who threw everything at her, Świątek kept her composure in an empty court Philippe Chatrier, with fans not allowed to attend due to Paris’s 9 p.m. COVID-19 curfew.

Kostyuk, who had not dropped a set while powering through the first three rounds, piled on the pressure early on to put Świątek on the back foot and earn a break for 2-1.

An unfazed Świątek, however, broke straight back before gaining the upper hand in the eighth game when Kostyuk’s attempted backhand down the line went wide.

The Pole served it out to take the lead after a hugely competitive set in which she faced five break points.

Świątek capitalized on her opponent’s errors to break for a 2-1 lead in the second, only for Kostyuk to level for 2-2 after she was given a pill by the trainer.

The decisive break for Świątek came in the seventh game when Kostyuk netted a sliced forehand while attempting to retrieve a lob.

Kostyuk bounced her racket in frustration after Świątek earned a match point at 5-3, but the Pole squandered that chance.

Kostyuk went 30-0 up in the 10^th game but Świątek won four points in a row, wrapping it up with a superb lob at the end of a quick exchange at the net. — Reuters

Harden-less Nets hammer Bucks for 2-0 series lead

June 8, 2021 | 6:22 pm

KEVIN Durant scored 32 points in three quarters and the Brooklyn Nets did not miss a beat without James Harden, cruising to a 125-86 rout of the Milwaukee Bucks on Monday in Game 2 of the Eastern Conference semifinals in New York.

The second-seeded Nets lead the best-of-seven series 2-0 ahead of Game 3 on Thursday in Milwaukee.

Brooklyn, which never trailed, led by as many as 49 points in the fourth quarter. The Nets led by double digits for the final 39:11.

In 33 minutes, Durant shot 12 of 18 from the field and posted his fourth 30-point game of the postseason. He also hit four 3-pointers, grabbed four rebounds and handed out six assists.

Durant finished his latest productive game by going around Giannis Antetokounmpo for a reverse layup with 4.8 seconds left in the third quarter to give Brooklyn a 95-65 lead.

Kyrie Irving added 22 points on 9-of-17 shooting and had six assists for the Nets, who shot 52.1 percent and set a franchise postseason record with 21 3-pointers. It marked the fourth time in their first seven postseason games the Nets shot at least 50 percent from the floor.

Antetokounmpo led the third-seeded Bucks with 18 points and 11 rebounds. He shot 8 of 15 from the floor and missed five of seven free-throw attempts. He is shooting 53.5 percent (23 of 43) from the foul line in the postseason.

Milwaukee’s Khris Middleton added 17 points but missed his first eight shots, finished 8 of 20 from the floor and committed five turnovers. Jrue Holiday was held to 13 points.

The Bucks shot 44 percent and misfired on 19 of 27 3-point tries after shooting 6 of 30 from behind the arc in Game 1.

Harden watched from the bench after being ruled out due to right hamstring tightness. He was injured 43 seconds into Brooklyn’s 115-107 win in the series opener on Saturday.

Without Harden, the Nets dominated early and cruised to their fifth double-digit win of the postseason.

Durant scored 21 as the Nets led by as many as 27 points before half time and took a 65-41 edge into the break. He made 7 of 10 shots prior to intermission, including a 3-pointer with two seconds left in the first quarter that put the Nets up 36-19 after the opening 12 minutes.

COACH OF THE YEAR
The New York Knicks’ Tom Thibodeau was announced as the 2020-21 NBA Coach of the Year on Monday.

It is the second such honor for Thibodeau, who also was named the league’s top coach during the 2010-11 season with the Chicago Bulls. He is the first coach to win the award in his first season with two separate franchises.

Phoenix Suns coach Monty Williams received two more first-place votes than Thibodeau (45-43) but lost 351-340 in total points. The 11-point margin was the smallest to separate first and second place since the points format started in 2002-03.

Utah Jazz coach Quin Snyder wound up in third place with 161 points and 10 first-place votes.

The Philadelphia 76ers’ Doc Rivers got two first-place votes and took fourth place with 24 points. The Atlanta Hawks’ Nate McMillan (12 points), the Brooklyn Nets’ Steve Nash (seven points) and the Denver Nuggets’ Michael Malone (five points) also appeared on ballots.

Coaches earned five points for every first-place vote, three points for every second-place vote and one point for every third-place vote.

Thibodeau led the Knicks to a 41-31 record, which tied for the fourth-best mark in the Eastern Conference. The Knicks reached the postseason for the first time since the 2012-13 campaign but were eliminated by the Atlanta Hawks in the first round.

The announcement made Thibodeau the third Knicks coach to win the award. He joined Red Holzman (1969-70) and Pat Riley (1992-93). — Reuters

Lakers stars LeBron James and Anthony Davis to skip Tokyo Olympics

June 8, 2021 | 6:21 pm

US men’s basketball coach Gregg Popovich should not be counting on LeBron James and Anthony Davis for this summer’s Olympic team, according to a report on Monday that the Lakers stars will skip the Tokyo Games.

Citing a source close to both players, The Athletic reported that James and Davis made their decisions due to their injury-plagued seasons.

James played only 45 of 72 games this season because of ankle issues. Davis appeared in just 36 games due to a variety of injuries, including a calf strain and Achilles tendinosis. He was hampered in the playoff by a groin strain and a hyperextended knee.

With both players injured during one span, the Lakers tumbled from the upper echelon of Western Conference teams and had to win a play-in game to make the playoffs.

The Lakers, who had a short offseason after winning the NBA title in the “bubble” near Orlando last summer, were beaten in the first round in six games by the Phoenix Suns last week.

Davis played about 20 minutes before getting injured in Game 4, missed the fifth game, then played just five minutes in Game 6. In his three full games vs. the Suns, he averaged 27 points, 9.3 rebounds and three assists. He averaged 21.8 points, 7.9 rebounds and 3.1 assists in the regular season.

James played all six games against the Suns and averaged 23.3 points, eight assists and 7.2 rebounds in just over 37 minutes per game. In the regular season, he averaged 25 points, 7.8 assists and 7.7 rebounds.

The Athletic also reported that Golden State Warriors guard Stephen Curry is “50-50” regarding joining Team USA for the Olympics while Portland Trail Blazers guard Damian Lillard has “strong interest in playing.” — Reuters

NBA fines Sixers president of basketball operation Daryl Morey after tweet

June 8, 2021 | 6:20 pm

THE NBA fined Daryl Morey, the Philadelphia 76ers’ president of basketball operations, $75,000 for violating the league’s anti-tampering rule on Monday.

The team was fined the same amount.

The league levied the fine after reviewing a Twitter post from Morey on June 3. Morey shared an Instagram post from Golden State Warriors star Stephen Curry that complimented the play of his brother, Seth Curry, a Sixers’ guard. Morey added the comment “join ‘em.”

Stephen Curry, a two-time NBA Most Valuable Player and a three-time NBA champion, is due to become a free agent in 2022. In the 2020-21 season, at age 33, he led the league in scoring at 32 points and added 5.8 assists and a career high 5.5 rebounds per game.

On the same day Morey tweeted, he sought to clarify his comment with another post that read, “My goodness folks I am talking about the fact that we are all thrilled [Seth Curry] is here with the @sixers — nothing else!”

This is not the first time Morey’s tweets have gotten him into trouble.

The former general manager of the Houston Rockets, Morey was fined $50,000 for violating the anti-tampering rule in December after making reference to then-Rockets star James Harden before he was traded to the Brooklyn Nets.

He also stirred up controversy in October 2019 when his tweet about pro-democracy protestors in Hong Kong drew rebuke from the Chinese Basketball Association. That led multiple Chinese companies to suspend business with the NBA over Morey’s comment as well as the league’s support for Morey’s right to freedom of expression. — Reuters

It’s her time

June 8, 2021 | 6:19 pm

Yuka Saso could have given up after an even-par third round found her surrendering the lead she took the day before. The United States Women’s Open was proving to be more exacting than she previously figured, with her penultimate 18 yielding four bogeys for her, including one on the same last hole she birdied in her first two forays. Her sputtering finish at the famed Lake Course of The Olympic Club in San Francisco, California, put her one back of the popular and surging Lexi Thompson heading into the final round.

Saso could also have given up after back-to-back double bogeys on the second and third holes off poor tee shots widened the lead Thompson had over her to five strokes, daunting under any circumstance, but especially so when fate seems to pile on and enjoins even the most determined to pack up. Instead, she regrouped and understood the most basic tenet of competition — and, indeed, of life: Success is a journey, not a destination, and the primordial consideration at any given moment is making the next step count.

As even casual weekend weedwhackers understand only too well, golf is a battle with self; the key to playing with purpose is knowing the only score that counts is one’s own. “Everyone here is a great player. If it’s their time, it’s their time. If it’s my time, it’s my time,” she said. And with her caddie reminding her of the need “to trust the process,” she saw fit to rely on the mechanics that enabled her to thrive on the Japan Tour. She debuted in June 2020 and placed fifth at the Earth Mondahmin Cup, and, a mere four months later, claimed consecutive victores at the NAC Karuizawa 72 and Nitori Ladies Golf Tournament.

Little wonder, then, that Saso trekked to the pride of the Bay Area with confidence. The US Golf Association’s predilection for testing those casting moist eyes on the Harton S. Semple Trophy suited her calm demeanor. She placed 13^th at the 75^th staging of the major event, with her stint at the Champions Golf Club in Houston, Texas, allowing her to both steel herself for the inevitable challenges and believe in her capacity to overcome them. And the rest, as they say, is history.

Considering the ebbs and flows in the final round, Saso could well have wound up short of her goal. Thompson appeared to have the win the bag if not for a stunning back-nine collapse. Runner-up Nasa Hataoka, whose rip-roaring charge of three birdies in four holes put the pressure on the provisional leader, seemed destined to triumph — until, that is, a seemingly straightforward birdie putt on the first playoff hole stopped a revolution short of finding the bottom of the cup. Meanwhile, she kept plodding on, kept pushing forward, kept trusting the process. And she was rewarded accordingly.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Meralco energizes new COVID-19 quarantine facility in Manila

June 8, 2021 | 5:54 pm

In its continuing support to the Government and Private Sector’s fight against COVID-19, Meralco energizes a new COVID-19 treatment facility located at the Quirino Grandstand, Independence Road, Ermita, Manila. The project involves the installation of ten (10) concrete poles, nine (9) spans of tree wires, three (3) 333-kVA distribution transformers, and metering facilities. This new treatment center is one of the many vital COVID-19 facilities in the Meralco franchise area that are given the highest priority in terms of providing a safe, adequate, and reliable supply of electricity, in line with the company’s thrust to assist the government during the pandemic. To date, more than 125 vital COVID-19 facilities have already been energized by Meralco which includes government offices, hospitals, testing laboratories, quarantine and vaccination centers, and vaccine storage facilities.

GCash sole PH e-wallet feted by The Asian Banker International Awards 2021

June 8, 2021 | 3:56 pm

GCash has once again solidified its position as the no.1 mobile wallet app in the Philippines as it received two distinctions in the recent The Asian Banker’s Excellence in Retail Financial Services International Awards 2021 (TAB Awards).

This year, GCash is the only e-wallet app in the Philippines that was given accolades by the prestigious awards program.

The award-giving body recognized GCash for having the “Best Financial Inclusion Initiative/Application” for its Social Amelioration Program (Distribution), which was implemented in cooperation with the Philippine Government and the Department of Social Welfare and Development, during the pandemic. Likewise, the mobile wallet app was also awarded the “Best Digital Brand Campaign” for its innovative #FightCOVID19 program aimed at educating various stakeholders on health and safety measures, as well as providing the GCashforGood platform to aid underserved affected communities nationwide.

“I am truly proud of the entire GCash family and all the men and women behind this trailblazing brand! These awards are a fitting testament to the passion and dedication of all my colleagues as we all work tirelessly towards promoting financial inclusion for all,” said Martha Sazon, GCash President and Chief Executive Officer.

During the awarding ceremony, Winsley Bangit, Chief Customer Officer of GCash, received recognition during a live online event of The Asian Banker’s Excellence in Retail Financial Services International Awards 2021.

For the last two decades, The Asian Banker has been the industry-defining body in recognizing players that demonstrate exceptional excellence in retail financial services in the Asia Pacific, the Middle East, and Africa. It is one of the most prestigious and rigorous awards programs for consumer financial services in the world. This year marks its 20^th anniversary. Despite the disruption of the COVID-19, the jury received over 490 submissions from more than 280 banks and non-bank retail financial services players in more than 24 markets across the three regions.

To know more about GCash, visit https://www.gcash.com/.

Marked by dedication, focus, and optimism

June 8, 2021 | 3:30 pm

Grounded on a strong brand, Shang Properties, Inc. looks forward to a brighter future

Success in the Philippine property industry largely relies on a track record of constantly delivering projects as promised, even amid a challenging time like the coronavirus disease 2019 (COVID-19) pandemic. For this reason, property development is anchored on the public’s trust.

This is what Shang Properties, Inc. (SPI) Executive Vice-President (EVP) Jose Juan Z. Jugo strongly affirms, noting that SPI has stood strong for more than three decades mainly because of valuing the trust of its clients by delivering projects as committed. Backed by this mindset, SPI is looking forward to rise above the pandemic’s impacts and gear up for the brighter future it sees coming.

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“The company has been very focused on delivering what is committed,” Mr. Jugo said. “As an organization, we take that very seriously. When we start marketing and delivering projects, there’s no turning back.”

This commitment brought forth the existing and ongoing projects in SPI’s pipeline, covering retail, office, and residential fields in a concentrated yet impactful market.

Aside from its ‘jewel’, the Shangri-La Plaza — a luxury mall along Epifanio de los Santos Avenue in Mandaluyong City, — SPI has built its retail presence in Makati City through The Assembly Grounds, a pocket development that complements the developer’s larger residential development in the area, The Rise Makati.

With these two malls, Mr. Jugo shared, SPI has built its solid retail presence in a focused market.

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“Unlike other developers, our retail presence is very focused,” he said. “While Shangri-La Plaza is in Mandaluyong, because of its location, size, and product offering, it captures the markets in different of geographies like Makati, Pasig, Quezon City, and San Juan. It’s quite centralized, and it’s a large retail play.”

Within the office sector, SPI has its premium-grade commercial building, The Enterprise Center along Ayala Avenue in Makati City. It serves as home to very notable addresses in the corporate world. Albeit the challenge the pandemic posed on many businesses, the office tower emerged as a strong asset for SPI with its prime location at the center of the country’s business district.

“While we have seen some tenants closed down because of the pandemic, majority of our tenants at The Enterprise Center have chosen to stay because of the address that we offer and because of the services and facilities the building gives to all of its tenants,” Mr. Jugo said.

In its larger residential line, SPI has three ongoing projects, which the EVP considers as successors to SPI’s long line of successful projects.

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These projects cater to different market segments. The Rise Makati, a 63-storey tower in the northern part of Makati with its over 3,000 residences, caters to a broader market segment. The 50-storey Shang Residences at Wack Wack (SRWW) in Mandaluyong caters to the upscale market. Aurelia Residences in Bonifacio Global City, Taguig, a joint venture with Robinsons Land Corporation, caters to the luxury market with its intricately designed 285 bespoke residences.

Along with its commitment to meet the public’s trust, SPI gives total focus on delivering curated spaces for exemplary living, which drives the excellent designs of its projects.

“Rather than going for scale and widespread presence, we prefer to remain focused — to spend more time planning and designing our projects with a lot of curation and thoughtful designs behind them,” Mr. Jugo said. “That, to me, makes this organization quite unique.”

Being a more focused developer, the EVP added, gives them the advantage to carefully create and control individual projects, and this has worked for the Shang properties brand all these years.

With its commitment to deliver and focus on quality, SPI looks beyond the current situation with a bright outlook both for their company as well as the country’s economy.

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“It’s really best for organizations to plan for the future now rather than wait for the pandemic to pass and then scramble at that time. We’re taking that opportunity now while we anticipate the market’s recovery that lies ahead,” Mr. Jugo said.

“As a company, we are looking beyond things and are planning for the future,” he continued. “We do have projects pipelined. We do have growth plans in place. We are looking at new geographies to be present in, and we are preparing for the organization to be able to grow.”

The EVP shared that SPI plans to add another project to its office portfolio that will expand the developer’s commercial leasing presence. Moreover, the developer plans to launch two residential projects soon, intended to address unique segments.

“We see opportunities to grow not only right now, but also in other areas later on. We look at opportunities to acquire more properties for development in the future,” Mr. Jugo added.

SPI looks up to the brand it has developed for many years, he continued, and this makes them confident that their future projects will be just as successful as, if not more than, the landmark spaces they have created.