First Gen nets P10B on higher electricity sales

November 16, 2021 | 12:07 am

LOPEZ-LED First Gen Corp.’s recurring net income attributable to equity holders rose by 11% as of September this year to P10.3 billion largely from the operations of its renewable energy portfolio.

In a regulatory filing on Monday, it said the rise was due to higher electricity sales, led by its 97-megawatt (MW) Avion natural gas-fired power plant.

“Our clean and renewable energy platforms generated higher revenues for the nine months of 2021 as power demand recovered to pre-pandemic levels,” said First Gen President and Chief Operating Officer Francis Giles B. Puno in a statement.

Lower interest expenses and taxes due to the Corporate Recovery and Tax Incentives for Enterprises law also contributed to the increase, the company added.

First Gen’s consolidated revenues from electricity sales were higher by 18% or P9.6 billion to P78.1 billion from P68.6 billion in the same nine months last year.

The company’s natural gas-fired plants accounted for 59% of revenues as they reported a 20% increase in recurring earnings to P7.9 billion in the nine-month period.

The holdings company’s unit Energy Development Corp. accounted for 35% of revenues even as its earnings from its geothermal, wind, and solar platform was 6% lower than in the same three quarters last year to P3 billion from P3.3 billion.

Separately, Lopez-led First Philippine Holdings Corp. (FPH) reported a 16% increase in its attributable third-quarter net income to P2.7 billion from P2.3 billion in the same quarter the previous year.

In its regulatory filing on Monday, FPH said its quarterly results brought its nine-month attributable net income to P8.5 billion from P7.3 billion previously.

It described the results as “mainly reflecting the notable growth in earnings of the operating subsidiaries as the Group benefited from the reopening of the economy and the easing of community quarantine restrictions compared to the same period last year.”

The company’s gross revenues for the three-quarter period rose by 16% to P92.29 billion from P79.02 billion a year ago.

Meanwhile, Lopez Holdings Corp., the parent firm of First Gen and FPH, posted an attributable net income of P1.2 billion in the third quarter, a turnaround from its net loss of P766 million in the same quarter last year.

This brought the holdings firm’s attributable net income for the three quarters of 2021 to P2.25 billion, a recovery from its P491-million loss a year ago.

Lopez Holdings’ revenues increased by 16% to P92.29 billion from P79.02 billion in the same period last year.

The firm’s financial performance for the period “was within expectations, fully recognizing the economic impact of quarantine restrictions and the non-renewal of the ABS-CBN franchise,” it said.

Lopez Holdings is the holding company for the Lopez family’s investments in broadcasting and cable, telecommunications, power generation and distribution, and banking.

On Monday, shares in First Gen went down by 0.33% or 10 centavos to close at P30.40 each. FPH shares slipped by 0.07% to end at P74.65 apiece. Lopez Holdings shares closed at P3.10 each. — Bianca Angelica D. Añago

Treasury bill rates inch higher ahead of retail bond offering

November 16, 2021 | 12:06 am

THE GOVERNMENT made a full award of the Treasury bills it offered on Monday. — BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday as rates inched up ahead of the start of its retail bond offer.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Monday as total tenders reached P37.99 billion, or more than double the initial offer but lower than the P42.52 billion in bids logged in the previous auction.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers from P11.34 billion in bids. The three-month T-bills fetched an average rate of 1.15%, up by 0.7 basis point (bp) from the 1.143% seen at last week’s offering.

The BTr also borrowed the programmed P5 billion from the 182-day securities it offered on Monday as bids reached P113.07 billion. The average rate of the six-month T-bills went up 1.2 bp to 1.413% from 1.401% a week ago.

Lastly, the government made a full P5-billion award of the 364-day T-bills as the tenor attracted tenders worth P13.58 billion. The average yield on the one-year instruments stood at 1.621%, up by 0.5 bp from the 1.616% fetched last week.

At the secondary market prior to the auction, the 91- 182- and 364-day T-bills were quoted at 1.2133%, 1.4391% and 1.6575%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction that rates moved sideways as the market expects the Bangko Sentral ng Pilipinas (BSP) to keep borrowing costs steady at its meeting this week.

Twenty economists in a BusinessWorld poll held last week unanimously forecast that the BSP’s policy-setting Monetary Board would maintain the overnight reverse repurchase rate at a historic low of 2% during its Nov. 18 meeting to continue supporting the Philippine economy’s recovery.

Despite the stronger-than-expected gross domestic product growth in the third quarter, analysts think there is still a need to keep an accommodative policy stance because recovery has yet to firm up.

Meanwhile, a bond trader said in a Viber message that “yields are just a bit higher ahead of the RTB (retail Treasury bond) pricing [on Tuesday].”

The BTr will offer 5.5-year RTBs to raise at least P30 billion ($603 million), with a swap offer for bonds falling due in 2022, it said on Friday.

The offer will be launched on Tuesday and follows the government’s first onshore retail dollar bond issue that raised $1.6 billion in September, helping boost funding for government programs to support the economy’s recovery.

The offer period is set to run from Nov. 16 to Nov. 26, unless the BTr closes it early. The papers will be issued on Dec. 2 and will mature by 2027.

The government previously planned to raise P200 billion from the domestic market in November: P60 billion via weekly T-bill auctions and P140 billion from weekly offers of Treasury bonds (T-bonds). However, the BTr cancelled the auctions of P35 billion each in five-year and seven-year T-bonds on Nov. 16 and 23 to give way to its RTB offering.

The government wants to borrow P3 trillion from local and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — Jenina P. Ibañez

Axelum income up 44.5% as sales rise

November 16, 2021 | 12:06 am

AXELUM Resources Corp. recorded a 44.5% increase in its net income for the third quarter to P260.27 million as a result of higher net sales.

The listed coconut product manufacturer and exporter said in a stock exchange disclosure on Monday that its net sales during the July-September period increased 23.4% to P1.69 billion from P1.37 billion in the same period last year.

Axelum’s cost of sales for the quarter also increased 32.5% to P1.21 billion compared to P916.22 million.

For the nine-month period, the company’s net income rose 51% to P578.69 million versus P383.10 million in 2020.

Net sales improved 28% to P4.79 billion on the back of double-digit volume growth across its core product segments.

“Desiccated coconut volume increased 20% while coconut water continues to deliver robust volume growth at 18%. Sweetened coconut and coconut milk powder volumes grew 21% and 12%, respectively. In total, these product segments accounted for 86% of topline,” Axelum said.

The company’s cost of sales for the period also increased 25.7% to P3.52 billion compared with P2.80 billion in 2020.

Henry J. Raperoga, Axelum president and chief operating officer, said the company’s nine-month period earnings for 2021 already outpaced its full-year 2020 earnings.

“Based on this trajectory, we expect 2021 topline to exceed pre-pandemic levels and profit to be similar or above 2019 record income in spite of significant headwinds such as the global shipping shortage and without the tax holidays availed up to January 2021,” Mr. Raperoga said.

Meanwhile, Axelum said its nut opening plant had been processing 21% more coconuts per day to meet growing product demand.

The company expects to complete the construction of additional warehouses by early next year to increase storage capacity amid growing demand.

“Axelum’s major export markets comprised of the United States, Europe, Australia and Asia, which collectively constitute around 90% of total sales, have gradually reopened to stimulate economic activity across various industries including the food manufacturing, food service and retail sectors,” the company said.

Further, the company said its online sales from Amazon USA as of September 2021 have already surpassed total online sales posted in 2020.

It also disclosed that its combined average monthly sales from local e-marketplaces Shopee and Lazada increased four-fold since listing in April.

Axelum also estimated that the full impact of recently granted tax incentives for its products will be realized by 2022.

To recall, the company was granted tax holidays for its agglomerated coconut milk powder and other plant-based infused coconut milk powder products and its organic and non-organic plant-based infused coconut drinks/juices.

“Meanwhile, Axelum is in the process of completing the remaining requirements to finalize its application as a pre-approved entity with the Philippine Economic Zone Authority. For the fourth quarter, Axelum is aiming to capitalize on the historical uptick in consumer spending during the Christmas season both locally and overseas to boost its growth momentum,” the company said.

On Monday, shares of Axelum at the stock exchange dropped 0.36% or one centavo to finish at P2.78 apiece. — Revin Mikhael D. Ochave

EastWest Bank profit down in Q3

November 16, 2021 | 12:05 am

EAST WEST Banking Corp. (EastWest Bank) posted a lower net profit in the third quarter as it posted trading losses and a decline in its interest income.

The bank’s net profit went down by 12% to P1.295 billion in the July to September period from P1.471 billion a year earlier, based on its quarterly financial report.

This brought the bank’s net income for the first nine months to P5.098 billion, dropping by 13.9% year on year from P5.924 billion.

As of end-September, EastWest Bank’s return on equity and return on assets were at 11.7% and 1.7%, respectively. Both declined from the 15.1% and 2% seen a year earlier.

In the third quarter, the bank’s net interest income declined 26.8% year on year to P4.91 billion from P6.708 billion mainly due to weak demand for loans.

EastWest Bank’s loans decreased 10% year on year to P220.9 billion, mainly dragged by a weak consumer segment.

Despite a decline in credit, its nonperforming loan ratio rose to 11.3% from 7.4% a year ago due to the impact of the pandemic on borrowers’ repayment ability, the bank said.

The lender’s net interest margin as of end-September was the industry’s highest at 6.9%, although it decreased from the 8.3% a year earlier.

Meanwhile, its fee income in the third quarter also decreased 44% to P642.114 million from P1.147 billion.

EastWest Bank incurred trading losses worth P129.467 million in the third quarter, a reversal of the gains worth P166.16 million it posted a year earlier.

On the other hand, foreign exchange gains surged nearly 10 times (882%) in the July to September period to P835.462 million from P95.23 million.

The lender’s total operating income declined by 17.9% to P6.806 billion in the three months ended September from P8.285 billion a year ago.

Meanwhile, operating expenses in the third quarter dropped by 19.39% year on year to P5.013 billion from P6.219 billion.

EastWest Bank set aside P718.008 million for impairment losses, smaller by 67% than the P2.223 billion last year. This brought its credit provisions for the first nine months to P2.146 billion, down 72% from the P7.69 billion a year earlier.

On the funding side, deposits slipped 2% to P318.6 billion at end-September, mainly due to the 23% decrease in higher-cost time deposits. On the other hand, current account, savings account or CASA deposits rose 23% to P231.5 billion, bringing its CASA ratio to 73% as of end-September.

The lender’s capital adequacy ratio and common equity Tier 1 ratio were at 15.1% and 14% as of end-September, respectively.

“We are looking forward to deploying more capital and recoup lost loan volumes. We want to get back to the business of supporting businesses and households,” EastWest Bank President and Chief Executive Officer Antonio C. Moncupa, Jr. said.

EastWest Bank’s shares closed at P9.95 apiece on Monday, down by four centavos or 0.4%. — L.W.T. Noble

Holcim Philippines records 9% income rise

November 16, 2021 | 12:05 am

HOLCIM Philippines, Inc. recorded a 9% increase in its net attributable income to P669.56 million for the quarter ending September, higher than the P613.7 million recorded last year despite lower net sales.

“Our continuing focus on operational efficiencies and cost management enabled us to drive performance despite market demand and inflationary challenges. We take pride in leading industry innovations with our new building solutions that help partners build better,” Holcim President Horia-Ciprian Adrian said in a statement on Friday.

The company said it had to deal with cost increases in fuel and power in the third quarter, which was coupled with inclement weather and quarantine restrictions.

Its net sales for the quarter declined by 12% to P6.49 billion from P7.36 billion a year ago.

Holcim launched the Holcim AAC Block Adhesive in the third quarter, which is the third product it introduced this year after Holcim Multifix and Holcim Aqua-X.

For the nine-month period, the company’s net profit jumped 124% to P2.3 billion from P1.03 billion logged a year ago. Net sales, meanwhile, rose 7% to P20.15 billion from P18.78 billion.

“This was due to the recovery of the market as seen in the improved demand for construction materials which positively impacted the cement, aggregates, and dry mix businesses,” Holcim said.

Shares of Holcim at the stock exchange went down by 0.34% or two centavos to close at P5.81 each. — Keren Concepcion G. Valmonte

RCBC income rises in Q3

November 16, 2021 | 12:04 am

RIZAL COMMERCIAL Banking Corp. (RCBC) booked a higher net income in the third quarter on higher earnings from its core businesses.

The bank’s net income more than doubled (125%) to P2.01 billion in the third quarter from P892 million a year ago, based on its financial report released on Monday.

For the first nine months, its net profit reached P5.338 billion, increasing by 33.4% from the P4.001 billion booked a year earlier.

RCBC’s consolidated return on assets was at 0.87% as of end-September from 0.88% a year ago. Meanwhile, return on equity stood at 6.83%.

Net interest income in the third quarter increased by 10.4% to P7.581 billion from P6.865 billion. The bank’s net interest margin as of end-September was at 4.11%.

Meanwhile, the bank’s other operating income also improved by 24% year on year to P2.021 billion in the three months ended September from P1.631 billion. Both trading and fee income improved from a year earlier, while trust fees declined.

Other operating expenses increased by 5.7% to P5.67 billion in the July to September period from P5.361 billion in the prior year.

RCBC’s provisions for losses decreased by 20.8% to P1.6 billion in the third quarter from P2.019 billion a year ago.

The bank’s loans and receivables increased by 7% to P525.887 billion as of September from P491.284 billion a year ago. Its nonperforming loan ratio was at 3.3% in the period.

Loan growth was mainly supported by the rise in corporate credit as well as in its small and medium enterprise portfolio, RCBC said.

On the other hand, deposit liabilities also grew 17% year on year to P626.885 billion at end-September from P535.788 billion.

“Business momentum continued to accelerate with strong double-digit growth of 13% in customer loans and 30% in low-cost current account, savings account deposits,” RCBC said.

At end-September, the bank’s capital adequacy ratio was at 15.15%, while common equity Tier 1 ratio stood at 12.05%.

“We are excited to further bring fintech innovation across all product lines, as we see a rapid shift in the trajectory of financial services even beyond the pandemic,” RCBC President and Chief Executive Officer Eugene S. Acevedo said.

The lender had a network of 434 branches as of end-September.

RCBC’s shares closed at P20.20 each on Monday, down by 40 centavos or by 1.94%. — L.W.T. Noble

PetroEnergy income more than doubles

November 16, 2021 | 12:04 am

PETROENERGY Resources Corp.’s net income attributed to equity holders soared by 115% to P89 million in the third quarter of 2021 from P41 million in the same quarter last year.

The profit rise brings the company’s nine-month attributable income to P323 million, up 60% from P203 million in the same quarters a year ago.

In a news release on Monday, PetroEnergy said the significant increase in its income was brought about by the higher global prices of crude oil to $72.86 per barrel from $43.22, and higher electricity sales from its solar and wind power plants in Tarlac City and in Nabas, Aklan respectively.

PetroEnergy’s consolidated net income for the third quarter also improved by 38% to P158 million from P115 million in the same period last year.

This brought its consolidated net income for the three quarters ending September to P544 million, which is 30% higher than year ago’s P417 million.

PetroEnergy is part of the Yuchengco Group of Companies and is engaged in renewable energy development in the Philippines and in petroleum exploration and production in Gabon, West Africa.

PetroEnergy shares at the local bourse shed 1.14% or five centavos to finish at P4.35 apiece on Monday. — Bianca Angelica D. Añago

SMDC, CLI nab 11 wins each at property awards

November 16, 2021 | 12:04 am

SM DEVELOPMENT Corp. (SMDC) and Cebu Landmasters, Inc. (CLI) dominated the PropertyGuru Philippines Property Awards, with 11 wins each.

At the 9^thPropertyGuru Philippines Property Awards, SMDC was named the Best Developer for a second year in a row. It received awards for Best Lifestyle Developer, Best Developer (Luzon), and development awards for Vine Residences and Green 2 Residences.

Gold Residences, SMDC’s township development in Parañaque City, received five awards, including Best Mid Rise Condo Development (Philippines).

CLI also nabbed 11 awards, including Best Developer (Visayas) and Best Developer (Mindanao). Its Davao Global Township and Patria de Cebu projects received Best Township Development and Best Mega Mixed-Use Development, respectively.

The Suites at Gorordo, a project by Worldwide Central Properties, Inc. in Cebu, won Best High Rise Condo Development (Philippines). Seafront Residences, a project by AboitizLand, Inc. in Batangas, was named Best Housing Development (Philippines). Maple at Verdánt Towers, developed by Ortigas Land, won Best Upper Mid-End Condo in Metro Manila.

PIK won the Best Breakthrough Developer award, while Aboitiz InfraCapital, Inc. (Integrated Economic Centers) received the Best Industrial Developer award.

Ramon S. Ang, president of San Miguel Corporation, was named Philippines Real Estate Personality of the Year. Mr. Ang received the award for “his exemplary leadership in promoting green energy, building sustainable infrastructures, and giving back to Filipinos affected by the pandemic.”

“We are privileged to recognize these companies as they represent the continued diversification of the real estate sector, building forward-looking structures of all statures, across various price points, for every kind of property seeker,” Hari V. Krishnan, chief executive officer of PropertyGuru Group, said in a statement.

Main award winners are eligible to compete for Best of Asia titles at the 16th PropertyGuru Asia Property Awards Grand Final on Dec. 9.

PATAFA set to stage National Championships on Dec. 9-10

November 16, 2021 | 12:03 am

The meet would serve as tryout for SEAG, Asian Games

THE Philippine Athletics Track and Field Association (PATAFA) has set the stage for the Ayala National Championships slated Dec. 9 and 10 at the PhilSports track and field oval in Pasig City.

PATAFA President Philip Ella Juico said the two-day meet would serve as a big part of the selection process for the national team seeing action in Hanoi Southeast Asian (SEA) Games and the Hangzhou Asian Games next year.

Apart from competing in the national squad tryout, the former Philippine Sports Commission (PSC) chairman stressed the need for aspiring athletes to meet certain standards in the SEA Games (SEAG) and Asiad (Asian Games) to make the cut.

Over 160 aspirants are expected to plunge into action that included 60 members of the national pool currently undergoing high-altitude training in Baguio City.

They are expected to arrive on Nov. 28 at PhilSports where they will be billeted.

Asian and national pole vault record-holder Ernest John Obiena and several Fil-foreign athletes based abroad headed by Olympians and SEA Games gold medalists Kristina Knott and Eric Cray will remain in the national team even though they wouldn’t be able to join.

Mr. Obiena is currently training in Formia, Italy while Knott and Cray are in the United States.

Also keeping their national slots are US-based William Morrison, Zion Corrales Nelson, twins Kyla and Kayla Richardson and brothers Yacine and Said Guarmali.

The Nationals, which was last held two years ago in Ilagan, Isabela, set last year was postponed due to the coronavirus disease 2019 (COVID-19) pandemic. — Joey Villar

I-Remit trims net loss in 3^rd quarter as remittances climb

November 16, 2021 | 12:03 am

REMITTANCE SERVICE provider I-Remit, Inc. managed to trim its attributable net loss for the third quarter to P16.78 million from P34.95 million in the same period a year ago on the back of lower expenses and higher revenue.

In a stock exchange filing on Monday, the listed company said its gross revenue for the third quarter went up 4.5% to P156.59 million from P149.80 million in the same period a year ago amid higher remittances, citing central bank data.

“Personal remittances from overseas Filipinos rose by 4.8% to $2.89 billion in August 2021 from $2.76 billion in the same month last year. This resulted in the increase in cumulative remittances by 5.9% in the first eight months of 2021 to $22.67 billion from $21.41 billion recorded in the same period in 2020,” I-Remit said.

“The growth in personal remittances in August was due to remittances sent by land-based workers with work contracts of one year or more, which increased by 4.2% to $2.21 billion from $2.12 billion in the same month last year, and sea- and land-based workers with work contracts of less than one year, which grew by 8.4% to $629 million from $580 million a year ago,” it added.

Cash remittances coursed through banks also grew by 5% to $2.61 billion in August from $2.483 billion registered in the same month last year.

Meanwhile, I-Remit’s total expenses for the quarter went down 6.1% to P171.45 million from P182.55 million previously.

For the first nine months, the company’s attributable net loss went down to P96.76 million from P107.02 million last year.

Gross revenue for the January-to-September period declined by 10% to P440.88 million from P489.70 million in the same period last year. However, total expenses fell 10.5% to P529.64 million from P591.55 million previously.

“On a year-to-date basis, cash remittances in January-August 2021 amounted to $20.38 billion, 5.7% higher than the year-ago level of $19.285 billion,” the company noted.

The growth in cash remittances from the United States, Malaysia, and South Korea contributed largely to the increase in remittances in January to August this year, it said.

I-Remit shares closed 2.75% lower at P1.06 apiece on Monday. — Arjay L. Balinbin

Julie Anne San Jose’s musical trilogy continues in the Visayas

November 16, 2021 | 12:03 am

1 of 2

AFTER the trip to Mindanao and performing with talents from the big island down south for the first part of her musical trilogy, singer and actress Julie Anne San Jose travels to the Visayas in Limitless Part 2: Heal.

The second installment of the online musical special, which follows Limitless Part 1: Breathe, will premiere on Nov. 20 on GMA Synergy.

“It’s one of the things that I am really proud of because other than being able to sing my songs, we also appreciate sites around the Philippines.” Ms. San Jose said in an online press conference on Nov. 10.

“I am also happy that I get to travel because traveling is also something that I love.”

In Limitless Part 2: Heal, Ms. San Jose visits beaches around the Visayas and interacts with the local communities. Ms. San Jose, a host or “Clash Master” on The Clash, a reality talent competition show broadcast by GMA Network, will be performing alongside Clash Master and good friend Rayver Cruz, and The Clash Season 3 Grand Champion Jessica Villarubin.

“We listed possible featured artists and we all agreed to include Ravyer since he is one of my close friends at work. It’s much better if you have a friend to accompany you on travels,” she said.

“I also got to immerse myself with the locals of Siquijor,” she said. “It’s an amazing feeling to experience things for the first time.”

One of the highlights in Heal is a segment where Ms. San Jose plays an original composition on a remote sandbar.

“Eight to 10 people had to carry the piano in the middle of the sandbar and we were mindful to not catch the high tide,” she said in English and Filipino. Despite the rainy shooting schedule, “It all turned out beautifully,” she said.

“I never imagined performing my own composition at a sandbar,” she added.

Ms. San Jose said that this episode is more fun and energetic compared to the first installment which was more emotional.

“We want to create relatable content. As an artist, I want to keep myself relatable to other people and somehow contribute to their everyday lives in my own music. It’s a good feeling to just share your music and craft. It’s fulfilling,” Ms. San Jose said.

Limitless, A Musical Trilogy is directed by Paolo Valenciano, with musical direction of Myke Salomon.

Tickets to the show are available at gmanetwork.com/synergy. Tickets are priced at P599 (general admission); P999 (Synergy Pass GA); P1,199 (VIP); P2,199 (Synergy Pass VIP); and P2,799 (Synergy Pass Premium). — Michelle Anne P. Soliman

DMW posts 4% income growth to P1B

November 16, 2021 | 12:03 am

D.M. Wenceslao (DMW) Associates, Inc.’s core net income for the nine-month period grew 4% to P1.04 billion from last year’s P1 billion, the listed company said in a disclosure to the exchange on Monday.

The company said its core net income does not account for the after-tax impact of the one-time gain a year ago worth P1 billion, as well as the tax expense adjustment in the same period this year due to the government’s corporate tax incentives.

“Testament to the stability and robustness of our businesses, we managed to grow our core earnings year on year despite the return to strict quarantine measures in the [third quarter this year] amid a Delta variant-led surge in COVID-19 (coronavirus disease 2019) cases,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said.

The company posted a recurring income growth to P1.46 billion, which accounted for 73% of its total revenues. Its building leasing portfolio’s occupancy rate stood at 89% during the period.

Meanwhile, residential revenues went down by 30% year on year to P494 million. The company said the dip was due to the drop in revenues booked for Pixel Residences, dropping 84% to P100 million compared with the P632 million recorded in the same period last year.

“Note that Pixel Residences is practically fully turned over, with little remaining unrecognized revenues,” the company said.

Meanwhile, revenues from its MidPark Towers surged to P394 million from P75 million last year.

The company said it is optimistic for the upcoming quarters in the hopes that “post-pandemic recovery is just around the corner.”

“We expect our recently completed developments and upcoming developments to benefit from the much-improved COVID situation in Metro Manila and the country, in general,” Mr. Wenceslao said.

Shares of DMW at the stock market closed unchanged at P6.98 apiece. — Keren Concepcion G. Valmonte