Megawide eyeing to revive NAIA rehab proposal in next administration

April 5, 2022 | 12:03 am

MEGAWIDE Construction Corp. is ready to revive its proposal to rehabilitate the Ninoy Aquino International Airport (NAIA) in the next administration, the company’s executive director said.

“It depends on the appetite of the [new] administration. We have a good proposal. We have a very good project,” Megawide Executive Director for Infrastructure Development Manuel Louie B. Ferrer told reporters at the Mactan–Cebu International Airport last week.

“If the new administration is interested, why not? The proposal is ready. We never closed our doors,” he added.

After the Manila International Airport Authority board rejected Megawide and its foreign partner GMR Infrastructure Ltd.’s appeal in 2021 to overturn the revocation of its original proponent status for the NAIA rehabilitation project, the company shifted its focus to local government unit projects.

Cebu2World Development, Inc. (C2W), a subsidiary of Megawide, has substantially completed the first phase of the P5.5-billion Carbon Market Redevelopment project in Cebu City, which will be launched on April 17.

The project is a 50-year joint venture with the Cebu City government. It covers the modernization of the 100-year-old Carbon public market as well as the infrastructure development of the entire district.

Under the contract, Cebu City will receive an annual guaranteed payment of P50 million with 10% escalation every five years.

The second phase of the project will be a mixed-use development.

“We have serious plans already for a land port project here in Cebu. It’s in Carbon. We’ll have a water taxi; when you get off, there’s an integrated terminal exchange which will connect you to different modes of land transportation,” Mr. Ferrer said. — Arjay L. Balinbin

Baguio moves to avert urban decay with stricter permits

April 5, 2022 | 12:02 am

Baguio-Irisanpark-houses-BAGUIO-CITY-PIO — A FENCE separates a cluster of residential structures from the Irisan Eco-park, a former dumpsite that was recently developed by the Baguio City government into a public open space. — BAGUIO CITY PIO

BAGUIO has started implementing stricter screening rules for business and building permits to address the mountain city’s problems brought about by rapid urbanization over the last three decades.

“We have to know the state of our city now so we can plan forward,” City Planning and Development Coordinator Donna R. Tabangin said in a streamed briefing posted on Saturday in response to complaints over delays in permit applications.

Ms. Tabangin said the city, one of the most popular tourist destinations in northern Philippines, has been “in the red” in terms of solid waste, forest cover, road network, and water supply, among other aspects of urban management.

She was citing a 2019 study by the National Economic and Development Authority, which warned that Baguio City is headed for “irreversible urban decay” by 2043 if no steps are taken to mitigate the problems.

“Urban decay means the city will give up on us, the city cannot sustain our activities,” Ms. Tabangin said.

“Without corrections, we will reach that irreversible urban decay by 2043… or even earlier, we don’t know how nature will get back at us.”

Based on a recent audit conducted by the local government, there are 51,000 buildings of different sizes in the city with a land area of 57.5 square kilometers.

The urban planning official said 80% or about 40,000 of these structures were constructed without a building permit from the local government.

In late February, Mayor Benjamin B. Magalong announced that the city government is assessing the capacity ceiling that it will impose on daily visitor arrivals as coronavirus restrictions are lifted as well as a long-term policy.

“To determine the threshold for tourists, we are now monitoring and looking at how far we can go in terms of the number of tourists to be allowed vis-a-vis the traffic situation, crowd movement and capacity and our ability to still implement physical distancing and other protocols,” he said.

The city government said the tourist capacity evaluation will also serve as “springboard for more concrete actions to achieve sustainable tourism where other negative effects of over-tourism like destruction of the environment, culture and quality of life of the people are also addressed.”

Baguio, dubbed as the summer capital of the Philippines, had a population of 366,358 as of the 2020 government census, up 45% from the 2000 headcount. — Marifi S. Jara

BankCom net income improves in 2021

April 5, 2022 | 12:02 am

NEWLY-LISTED Bank of Commerce (BankCom) recorded a higher net profit in 2021 as its interest earnings improved.

The lender, an affiliate of San Miguel Corp., booked a seven-year high net income of P1.2 billion last year, it said in a filing with the local bourse. This is 53% higher than the P784 million it posted in 2020.

BankCom’s core income rose, driven by its net interest income that rose 6% year on year.

Meanwhile, the lender’s non-interest income amounted to P826 million, backed by a 19% growth in earnings from service charges and fees, as well as commissions and gains on the sale of acquired assets.

The bank’s assets jumped 17% to P199.7 billion at end-2021 from a year earlier, driven by increased investment securities and a 4% growth in loans.

BankCom last month raised P3.36 billion from its initial public offering.

The bank’s shares, which started trading on Thursday, closed unchanged at P12.22 apiece on Monday. — LWTN

Mapua battles San Beda for a share of NCAA lead

April 5, 2022 | 12:02 am

mapua_gmancaa — TEAM MAPUA CARDINALS — NCAA/GMA

By Joey Villar

MAPUA eyes to join the big guns — defending champion Letran and last year’s runner-up San Beda — at the helm as it tackles San Sebastian College (SSC) on Tuesday in the 97^th National Collegiate Athletic Association (NCAA) basketball tournament at the La Salle Greenhills Gym in Mandaluyong.

The Cardinals threaded the proverbial eye of the needle by edging the Emilio Aguinaldo College (EAC) Generals, 73-67, last March 27 and the Jose Rizal University Bombers, 59-56, on Friday to remain one of the three unbeaten teams in the league.

Another victory in their 12 p.m. duel with the Stags would keep it unscathed while reclaiming a share of No. 1 with the Knights and the Lions, who each have won three straight.

Mapua skipper Warren Bonifacio, who was instrumental in the two triumphs, is hoping to keep the momentum going.

“We need to keep on working hard and believing in ourselves,” said Mr. Bonifacio.

But expect another dogfight as Mapua is clashing with an equally dangerous San Sebastian College (SSC), which turned back University of Perpetual Help, 63-58, on Friday for its first win in two outings.

The Stags are hoping to bring their best defensive effort again.

“Our team is a defense-minded team. We’ll try to win games with our defense,” said SSC coach Egay Macaraya.

Also coming off victories were St. Benilde and EAC, which clashes in the second game at 3 p.m.

The Blazers bested the Arellano University Chiefs, 76-71, on Saturday to improve to 2-1 while the Generals eked out a 70-69 win over the Lyceum of the Philippines University the same day.

Joni Mitchell takes stage at all-star pre-Grammys tribute

April 5, 2022 | 12:02 am

64th Annual Grammy Awards, in Las Vegas — JONI MITCHELL poses on the red carpet at the 64th Annual Grammy Awards at the MGM Grand Garden Arena in Las Vegas, April 3. — REUTERS/MARIA ALEJANDRA CARDONA

LAS VEGAS — Singer-songwriter Joni Mitchell, who broke through gender barriers in the 1960s and 1970s to help define an era, sang on stage for the first time in years on Friday at a musical tribute to her life by artists spanning genres and generations.

Musicians including John Legend, Cyndi Lauper, Beck, Mickey Guyton, and Brandi Carlile performed favorites from Mitchell’s catalog at the annual MusiCares fundraising gala before the Grammys, held this year in Las Vegas.

Following three hours of heartfelt speeches and performances, Mitchell stood on the stage in an MGM Grand ballroom clearly overwhelmed.

“That was such an exciting musical evening for me, to hear my music performed so well by everybody who was on stage,” she said.

“I don’t know what else to say. I don’t want to say I was honored. That’s obvious.”

Ms. Mitchell then thrilled the crowd by joining several performers to sing along to “The Circle Game” and “Big Yellow Taxi.” Toward the end of the second song, the group quieted to let her finish it alone with the iconic lyric, “… and put up a parking lot.”

The Canadian-born musician, 78, has kept a low profile since working to recover from a brain aneurysm in 2015 that left her unable to speak or walk. On Friday, she walked with a cane, which she tapped along to the music.

MusiCares, the charitable arm of the Recording Academy, raises funds to help musicians struggling with health and other issues. The group said it honored Ms. Mitchell as Person of the Year because of her creative work, philanthropy, and resilience.

Ms. Mitchell, whose multidimensional lyrics about conflicts resonated with listeners, is regarded as one of the most influential singer-songwriters of the Woodstock era.

Ms. Mitchell broke into an industry dominated by men and sold millions of albums, including Clouds, Ladies of the Canyon, and Blue.

Ms. Lauper recalled hearing Ms. Mitchell’s music when she was 15. “I had never heard anyone singing so intimately about what it was like to be a young woman navigating through this world,” Ms. Lauper said.

Billy Porter, who sang a slow, soulful version of “Both Sides, Now,” called Ms. Mitchell “a movement all by herself.”

Ahead of the event, Ms. Mitchell told Reuters on the red carpet it was “a remarkable time” for her after Blue hit No. 1 on the iTunes charts last year, 50 years after its release.

“Both Sides, Now” also was featured in a moving scene in Oscars best picture winner CODA, sung by star Emilia Jones.

“It’s a very exciting time,” Ms. Mitchell said. “This generation seems to get my work more than my own generation.” — Reuters

ACEN-Citicore’s solar plant in Pampanga to add more capacity

April 5, 2022 | 12:02 am

THE Arayat-Mexico solar farm, a joint venture between Citicore Power, Inc. and AC Energy Corp. (ACEN), is preparing to add more capacity to the grid to meet the anticipated increase in energy demand during the summer season.

The 72-megawatt (MW) Arayat-Mexico solar farm “reached its full capacity last March 23, 2022 and is expected to add much needed capacity to the grid in time for the demand surge during the hot summer season,” Citicore said in an e-mailed statement on Monday.

The company noted that the National Grid Corporation of the Philippines will conduct its own grid compliance testing, which is expected to be completed by the second week of April.

“As we prepare to infuse this new asset into CREIT (Citicore Energy REIT Corp.) to grow its renewable energy asset portfolio in the coming months, our construction team is ready to break ground [for] the Phase 2 by next month which will increase the total plant capacity to 116 MW upon completion hopefully before the end of the year,” Citicore Chief Executive Officer Oliver Y. Tan said.

“The on-time energization of this project further demonstrated Citicore’s solid track record in greenfield development to Engineering, Procurement and Construction to Plant Operations and Maintenance, a vertically integrated business model like no other,” he added.

The solar plant will be managed and operated in-house by the Citicore Property Managers, Inc.

According to Mr. Tan, the group has eight solar farms and one micro-grid solar rooftops under its management.

The Arayat-Mexico solar farm, once fully operational, is expected to produce “105 gigawatt-hours of renewable energy annually, enough to power 45,000 households while avoiding approximately 72,000 MT (metric tons) of CO₂ (carbon dioxide) emissions annually,” the company said. — Arjay L. Balinbin

PhilGuarantee’s MSME portfolio reaches P2.95 billion

April 5, 2022 | 12:01 am

PHILIPPINE Guarantee Corp. (PhilGuarantee) has extended nearly P3 billion in financial assistance to micro, small and medium enterprises (MSMEs) through credit guarantees since 2020, the Department of Finance (DoF) said.

PhilGuarantee President and Chief Executive Officer Alberto E. Pascual said the performance of the agency’s credit guarantee portfolio for MSMEs saw an improvement since its MSME Credit Guarantee Program (MCGP) started in December 2020 with an initial fund of P207 million.

The MCGP aims to increase credit available to MSMEs affected by the coronavirus disease 2019 (COVID-19) pandemic by providing starting capital.

As of March 10, P2.95 billion has been disbursed under the program, benefitting 20,310 entrepreneurs, Mr. Pascual said.

Broken down, the wholesale and retail sector benefitted the most from the MCGP, accounting for P1.95 billion of disbursed funds, followed by manufacturing (P230.54 million), transport, storage, and communication (P172.84 million), community, social, and other establishments (P140.68 million), agriculture and forestry (P130.36 million) and hotels and tourism (P114.53 million).

MSMEs benefitted by MCGP surged by 589%, or nearly seven times from the original coverage of 2,948 MSMEs in December 2020.

Mr. Pascual said more than 75% or 15,308 of all enterprises serviced by the program are in the wholesale and retail industry, while the rest are from manufacturing, transport, agriculture, and hotels and restaurants, among others.

There are currently 48 banks with approved PhilGuarantee facilities; 18 are currently active, while 28 banks have fulfilled their guarantee agreements.

“The growth in the MSME credit guarantee portfolio, with the support of 18 banks in the country, represented more than 13 times or 1,325 per cent since December 2020, and this was impacted further by PhilGuarantee in the implementation of its key assistance role,” Mr. Pascual said.

“The approval of the credit guarantee facilities enabled the availability and accessibility of credit from banks that would have otherwise been reluctant to lend to MSMEs owing to the uncertainties that prevailed with the onset of the COVID-19 pandemic,” he added.

“The sizable increase in this state-run corporation’s financing assistance to MSMEs at the height of the COVID-19 outbreak underlines this administration’s commitment to rescue small entrepreneurs hardest hit by the global downturn and ensure their swift and strong recovery from the prolonged pandemic.” Finance Secretary Carlos G. Dominguez III, who also chairs the PhilGuarantee Governing Board, said.

He added that the swift recovery of MSMEs is crucial for the economy’s recovery as they make up 99% of all businesses and account for 36% of output. — T.J. Tomas

Office building to rise at Greenhills Center

April 5, 2022 | 12:01 am

Ortigas-Land-GH-Tower-Render — AN ARTIST’S rendition of the GH Tower in Greenhills Center, San Juan City. — COURTESY OF ORTIGAS LAND CORP.

By Luisa Maria Jacinta C. Jocson

ORTIGAS LAND Corp. is developing an office building within the Greenhills Center in San Juan City, as the company bets on a rebound in office space demand after the pandemic.

GH Tower is part of the redevelopment of Greenhills Center as a “prime back-to-office location.” It will have a gross leasable area of 41,506 square meters covering 21 floors, with 15 dedicated for office space.

“We envisioned it to be a hybrid building to attract both traditional, multinational, and business process outsourcing (BPO) companies. It is a new office location within our Greenhills estate. We are hoping this kind of set-up will indeed attract multinational corporations,” Ortigas Land Head of Office Business Unit Trina R. Chan said in a virtual briefing last week.

She noted Ortigas Land had been receiving many inquiries about office spaces within the Greenhills Center.

“That made us think about it and consider it in our masterplan. Greenhills, being at the center of a lot of businesses, could attract traditional accounts. The floor plan of GH Tower is flexible enough,” Ms. Chan said.

The project is on track to be completed in May 2023.

GH Tower will have sustainable and eco-efficient features, including a rainwater collection system, 100% double-glazed glass ratio to allow in natural light, and energy-efficient LED lights, among others. The sixth floor will have a hotel-like lobby that provides a direct connection to the Greenhills Mall, as well as green and open spaces.

“We were even thinking the sixth floor could be a co-working space, but we will have to wait and see if this will be a location if they would be interested in setting up their businesses. We will see and observe if there will be a good demand for the Greenhills location,” Ms. Chan said.

CBRE Philippines Country Head Jie Espinosa said in a virtual briefing that there are many “encouraging signs” of recovery in the local office sector.

“The information technology and business process management (IT-BPM) industry continue to exhibit healthy growth, not just in Metro Manila but the province as well… This quarter compared to the same period last year, the increase we’re getting is so much higher. A lot of this is pent-up demand that were supposed to come in last year, but stalled because of the Omicron variant,” Mr. Espinosa said.

“We think we will see a more impactful number in terms of demand and transactions in the market,” he added.

Ortigas Land partnered with real estate brokers CBRE Philippines and JLL Philippines for the project.

Saso shares 17^th place in LPGA season first major

April 5, 2022 | 12:01 am

FIL-JAPANESE Yuka Saso finished joint 17^th in the Ladies Professional Golf Association’s (LPGA) first major of the season while Dottie Ardina fumbled in her title bid in the Epson Tour on Sunday.

Ms. Saso closed out with an even 72 to tally five-under 283 in the Chevron Championship in Rancho Mirage, California.

The 20-year-old Ms. Saso missed a Top 10 finish by three shots but netted $57,388 (around P2.95 million) for her final standing.

Ms. Saso started her round at the Mission Hills Country Club with a birdie on No. 2 but dropped a shot on Nos. 4 and 6 to reach the turn at one-over. She bounced back with a birdie-bogey-birdie stint at the back to match par.

American Jennifer Kupcho captured the title with a winning 14-under 274 after a final-round 74. Kupcho scored a two-stroke triumph against Jessica Korda (276 after a closing 69) to bank $750,000.

Ardina didn’t get the perfect ending she sought over at the Casino del Sol Classic in Tucson, Arizona.

Down by only one and running second after three rounds, Ardina faltered in the windup and limped with a four-under 76 to plummet in the final standings.

The former amateur standout ended up tied for 17^th with her 10-under 278 aggregate in the tournament ruled by Amanda Lee, who beat Lucy Li in the third playoff hole.

Ardina earned $2,717 (P139,000).

Compatriot Clariss Guce placed three spots ahead of Ardina with her closing 69 and 11-under 277. Guce won $3,146 (P161,000). — Olmin Leyba

Morbius opens to No. 1 with decent $39 Million

April 5, 2022 | 12:01 am

LOS ANGELES — Morbius, the latest comic book adventure from Sony’s Universe of Marvel Characters, opened in first place at the North American box office, though ticket sales were considerably softer than recent superhero blockbusters.

Dinged by comically terrible reviews, Morbius sunk its teeth into $39.1 million from 4,268 North American theaters in its first weekend of release. That initial tally is at once a sign that audiences truly love comic book movies (in pandemic times, a non-superhero film with a 17% on Rotten Tomatoes wouldn’t stand a chance at the box office) and an indication that not every superhuman character will be greeted equally on the big screen. (Sony’s 2018 antihero origin story Venom was similarly panned but still managed to score at the domestic box office with $80 million to start and $213 million in total).

Morbius took in $44.9 million at the international box office, boosting its global total to $84 million. Like many Hollywood movies, it’s unclear if Morbius will land a release date in China.

Sony spent $75 million to produce the vampire-infused Morbius, which is less than studios typically shell out for superhero blockbusters. Marketing and other promotional costs added many millions more to expenses. Since Morbius the Living Vampire is not nearly as well-known as Spider-Man, Batman or even Venom — who was introduced to general audiences in Tobey Maguire’s Spider-Man 3 and later played by Tom Hardy in the standalone movies — film industry analysts were not expecting Morbius to break box office records.

Still, Sony has a lot riding on Morbius, which stars Jared Leto as Michael Morbius, a renowned biochemist who becomes a lethal vampire after attempting to cure himself of a rare blood disease. The studio majorly scored with Spider-Man: No Way Home ($1.88 billion at the worldwide box office) and successfully spun Venom into cinematic gold (the first movie earned $856 million globally and the 2021 sequel Let There Be Carnage earned $501 million at the worldwide box office). But Sony has grander plans to fashion a viable rival to Disney’s Marvel Cinematic Universe, and a so-so turnout for Morbius signals that in order to get audiences to go to theaters, these movies actually have to be watchable. After Morbius, Sony’s Universe of Marvel Characters is chugging along with standalone stories on Kraven the Hunter, starring Aaron Taylor-Johnson, and Madame Web, featuring Dakota Johnson.

Daniel Espinosa directed Morbius, with a cast that includes Adria Arjona, Matt Smith, Jared Harris and Michael Keaton, reprising his role from previous Spider-Man films.

Given the muted reception from critics and moviegoers (it landed a C+ CinemaScore), box office experts do not expect Morbius will have a fruitful life on the big screen. It’ll face steep competition from younger male ticket buyers as Sonic the Hedgehog 2 (April 8) and Fantastic Beasts: The Secrets of Dumbledore (April 15) open in theaters.

“This is a weak opening by Marvel’s exceptional standard for launching a new superhero series,” said David A. Gross, who runs the movie consulting firm Franchise Entertainment Research. He added, “Marvel movies are generally very well reviewed; here reviews are uncharacteristically poor.” — Reuters

Medilines delivers cancer diagnosis package to Davao City hospital

April 5, 2022 | 12:01 am

MEDILINES Distributors, Inc. said on Monday that it recently provided state-of-the-art cancer diagnostic equipment to Southern Philippines Medical Center (SPMC), which is for the hospital’s new Cancer Diagnostic Institute Building.

Davao City-based SPMC is said to be the largest tertiary hospital under the Department of Health. Medilines described it as “fast becoming a world-class facility and the leading provider of health care and training in Mindanao.”

The listed trader and distributor of medical devices said the new facility is now equipped with three advanced cancer diagnostic equipment — the SPECT/CT (single photon emission computed tomography/computed tomography), PET/CT (positron emission tomography/computed tomography), and the medical cyclotron.

The facility offers the first complete cancer diagnosis package in Mindanao, it said, adding that molecular imaging modalities complete the imaging needs of the nuclear medicine section of the cancer institute.

“These advanced modalities essentially equip the facility with the most useful diagnostic and/or treatment information for many diseases. Nuclear medicine offers the potential to identify disease in its earliest stage, often before symptoms occur or abnormalities can be detected with other diagnostic tests. It enables the physicians to find, characterize and follow the development of the disease over time,” Medilines said.

It said nuclear medicine modalities requires radio pharmaceutical or tracer “to image patients.”

“SPMC does not have dependencies on the supply of radio pharmaceuticals since the facility already has the capability to produce these in-house,” it said.

Medilines said SPMC now has the tools to support its patients at any point in their condition, including “from detection and comprehension of each patient’s situation to effective and personalized treatment, therapy, monitoring, and even to restaging and follow-ups for those in remission.”

The P529-million cancer diagnostic institute was completed in March 2022, Medilines said, adding it provided service and support since the start of construction in October 2019.

Philippines places 70^th in digital money readiness

April 5, 2022 | 12:00 am