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Boracay Water spends P4B for sustainability efforts

BORACAY Island Water Co., Inc. said it invested more than P4.32 billion in capital expenditures for its water and wastewater facilities to ensure environmental sustainability and water security.

The company, also known as Boracay Water, said it developed a 25-year plan to sustainably serve the water requirements of Boracay Island, as it is a major tourist hotspot.

“Boracay Water made sure that safe and reliable water supply is available in the island and at the same time, ensured proper wastewater management in the island’s Manocmanoc, Balabag, and Yapak barangays, including the white beach’s popular commercial stations 1, 2, and 3,” the company said in a statement on Monday.

Boracay Water, a public-private partnership between the Tourism Infrastructure and Enterprise Zone Authority and Manila Water Company, Inc.’s fully owned subsidiary, Manila Water Philippine Ventures, Inc. began its operations in 2010.

In 2015, it implemented projects to increase water availability, providing 100% of Boracay Water’s customers 24/7 supply, from a previous availability of 13 hours or less since its inception.

The company also worked on the rehabilitation of the water treatment plant in Caticlan with a capacity of 25 million liters per day (MLD), the one-kilometer submarine water pipeline along the Caticlan-Boracay channel, repairs and replacement of old networks, expansion of piping systems, and the rehabilitation and construction of pumping stations and booster pumps.

Apart from water supply, Boracay Water said it began upgrading and expanding its wastewater facilities to address the deterioration in coastal water quality.

It rehabilitated the Balabag sewage treatment plant and sewer network, which initially provided wastewater services to 22% of the island. In 2011, the rehabilitation of the facility was completed, doubling treatment capacity to 6.5 MLD from 2.6.

In 2016, the company inaugurated its second wastewater facility, the Manocmanoc sewage treatment plant, which can process 5 MLD.

According to Boracay Water, the island’s sewer coverage is at 61% and is projected to further expand to 87% by 2024 after future upgrades.

With the easing of mobility restrictions, Boracay Water said it would continue to “invest and expand its infrastructure in the island to ensure availability of clean, safe, reliable water supply as well as to safeguard the environment with the provision of enhanced wastewater and sanitation services.” — Luisa Maria Jacinta C. Jocson

Hotshots, NLEX Road Warriors lock on twice-to-beat advantage

NUMBER 1 team Magnolia Hotshots — PBA IMAGES

WITH Magnolia and NLEX perched on the top two spots, the rest of the quarterfinal aspirants continue their mad scramble for the playoffs in the last two play dates of the PBA Governors’ Cup eliminations this week.

The Hotshots (9-1) are assured of No. 1 regardless of how they do in their elims closer against winless Blackwater (0-10) tomorrow while the Road Warriors, with their 8-3 record, are beyond reach at No. 2.

Both have a lock on the twice-to-beat advantage in the Last-8 with two more incentives still up for grabs and earmarked for the third and fourth-ranked squads.

San Miguel Beer (7-4) has the inside track in the race for the two remaining win-once quarterfinal perks as it sits at third spot. But Meralco (6-4) and TnT (5-4) are in hot pursuit and can complicate things for the Beermen if they can force a triple tie at seven wins.

Barangay Ginebra, which finished the elims with 6-5, is virtually in due to its superior tie-break against teams that can potentially match its card. Alaska (6-5), meanwhile, waits for the final records of NorthPort (5-5) and Phoenix (5-5) to determine whether it has to go through a knockout.

The concerned squads make their final push tomorrow and on Friday.

The Tropang Giga take on also-ran Terrafirma (2-8) in the Wednesday curtain-raiser at the Smart Araneta Coliseum, intent on staying in play for the coveted quarterfinal edge. Two days later, the Fuel Masters and the Bolts press their respective bids in their crucial duel right before the equally pivotal clash between the Batang Pier and TnT.

Tournament format has the quarterfinal victors advancing to the best-of-five semifinal series with the last two teams standing moving on to dispute the crown in a best-of-seven affair. — Olmin Leyba

Israeli firms eye investments in PHL infrastructure, water sectors 

A worker is seen balancing on steel frames at a construction site in Metro Manila, Dec. 23, 2016. — REUTERS/ROMEO RANOCO

By Alyssa Nicole O. Tan and
Revin Mikhael D. Ochave, Reporters

ISRAELI FIRMS are interested in investing in the infrastructure, agriculture and water, and business process outsourcing (BPO) sectors in the Philippines.

Israel Head of Economic and Trade Mission to the Philippines Tomer Heyvi said that Israeli firms are awaiting the law amending the Public Services Act.

“BOT (Build-Operate-Transfer) projects, agriculture, and water are definitely interesting,” he said in a roundtable discussion with BusinessWorld editors and reporters on Feb. 28.

For the water sector, Mr. Heyvi said Israeli firms are looking at desalination projects.

Congress last month ratified the measure amending the PSA Act, which was forwarded to Malacañang for President Rodrigo R. Duterte’s signature.

Once signed, telecommunications, domestic shipping, railways and subways, airlines, expressways and tollways, and airports will no longer be subject to the 40% foreign ownership cap under the Constitution.

However, distribution and transmission of electricity; petroleum pipeline transmission systems; water distribution systems; seaports and public utility vehicles will continue to be subjected to the 40% foreign ownership cap.

At the same time, Israeli Ambassador Ilan Fluss said Israeli firms are interested in expanding in the BPO sector in the Philippines.

“I think in terms of investments, it will be mainly in the BPO sectors so we have here Israeli companies that do BPO services and they found (that the) Philippines is a good place to outsource and I think it will only increase,” he said during the same interview.

Mr. Fluss said that Israel’s priority is to advance the relations between the two countries by focusing on economic development and innovation.

“What I would like to do is create what I call ‘innovation bridges’ between Israel and the Philippines,” he said.

Israel is known for its expertise on technology and innovation, with 13% of its gross domestic product coming from the high-tech industry. More than 300 multinational corporations have research and development centers in Israel. It also houses nearly 4,000 startup companies.

Total bilateral trade between Israel and Philippines reached a value of $338 million in 2019. Some of the trade between the two countries include agricultural products, semiconductors,  BPO services, and tourism.    

Meanwhile, an agreement seeking to improve economic and investment relations between Philippines and Israel is almost completed.

Nir Balzam, deputy chief of Mission at the Embassy of Israel in Manila, said the Philippine-Israel Investment Promotion and Protection Agreement (IPPA) is almost finished and may be signed before the Duterte administration ends in June.

“We just finished the negotiation last Thursday. There are a few internal issues that they have to resolve, both Israel and Philippines. Hopefully, it will happen in the second quarter and probably during this administration,” Mr. Balzam said.   

Mr. Fluss said the agreement will “give a really strong signal to the private sector.” He said the IPPA would ensure investors from both sides are protected, and there will be no interference in business interactions involving huge investments.   

“The agreement provides how do you protect investors on both sides in case something goes wrong, how do you prevent governments from interfering in business interactions, and how do you make sure that this money is protected,” he said.

“I think the most important thing here when we sign this agreement is it’s a message from both governments, assuring investors that they are welcome, they are protected, their money is protected, and the two governments want to see more business interaction between the two countries,” he added.

Disney said it will introduce ad-supported version of Disney+ streaming service

THE WALT Disney Co. Friday said it will offer a cheaper, ad-supported version of its Disney+ streaming service later this year as it seeks to reach its goal of profitability by 2024.

Disney joins a growing number of media companies, including AT&T’s WarnerMedia, Comcast, Discovery ,and Paramount Global, in offering ad supported tiers of their streaming services to capture price-sensitive customers.

“Expanding access to Disney+ to a broader audience at a lower price point is a win for everyone — consumers, advertisers, and our storytellers,” Kareem Daniel, chairman of Disney Media and Entertainment Distribution, said in a statement.

Pricing was not disclosed.

Ad-supported services borrow from a model that has sustained television for decades, with commercials subsidizing the cost of programming.

“There’s a load of people that will never pay for television,” said Discovery CEO David Zaslav in a recent Discovery investor call, “But they can go to and view this content and that’ll be advertiser supported.”

Disney already offers ad-supported versions of its Hulu and ESPN+ streaming services. —  Reuters

Foreign exchange transfer systems designated as systematically important

BW FILE PHOTO

THE MONETARY BOARD approved the designation of the Philippine Domestic Dollar Transfer System (PDDTS) and the Philippine Peso – US Dollar Payment versus Payment System (PvP) as systematically important payment systems (SIPS), the central bank said in a statement on Monday.

These systems will be subjected to tighter supervisory rules of the Bangko Sentral ng Pilipinas (BSP) due to the systemic risk they could pose to the financial system, based on Circular No. CL 2022-019 signed by BSP Governor Benjamin E. Diokno on March 2.

Both the PDDTS and PvP are operated by the Philippine Clearing House Corp. (PCHC) and were established by the Bankers Association of the Philippines.

The PDDTS is the only Philippine payment system that allows the transfer of dollar funds from one bank to another without going through correspondent banks in the United States.

Meanwhile, the PvP is the only exchange-of-value settlement system for the peso and dollar. It is facilitated by both the PDDTS and the Peso Real-time Gross Settlement System or PhilPaSS.

Following the designation, the PCHC, as an operator of a designated SIPS, will need to ensure that operations of the PDDTS and PvP remain safe and efficient. The PCHC also needs to comply with requirements under the Republic Act 11127 or the National Payment Systems Act.

As designated payment systems, the PDDTS and PvP shall likewise observe the Principles for Financial Market Infrastructures. These principles were developed by the Bank for International Settlements and the International Organization of Securities Commissions to help ensure the stability of payment systems amid the crisis.

“Adoption of the said internationally accepted standard will support the BSP’s goal to digitalize half of retail payments by 2023,” the BSP said.

Meanwhile, participants of PDDTS and PvP will need to comply with reports requested by the central bank for evaluating the systems.

Last year, the PhilPaSS was designated by the monetary board as a systematically important payment system. — Luz Wendy T. Noble

SPNEC aims to raise P10B for 10-GW solar projects

SOLAR Philippines Nueva Ecija Corp. (SPNEC) on Monday said it plans to offer 5.12 billion shares to the public so it can raise P10 billion for the completion of its solar projects with a combined capacity of 10 gigawatts (GW).

In a disclosure to the stock exchange, SPNEC said it aims to raise the funds “through a stock rights offering planned to be filed in the second quarter of 2022 and subject to regulatory approvals; and a possible private placement and follow-on offering.”

“While the terms of these offerings are typically determined later in the process, suffice it to say, the pricing must be attractive for the company to be able to raise its required capital,” it added.

The company said the move is among the steps it was looking at to reach its goal of creating P15 million per megawatt (MW) of value from its 10 GW of solar projects by 2025.

Another step is for it to focus on being a developer rather than being an independent power producer (IPP), it said. This means diverting its attention to developing solar farm sites “while working with other IPPs on financing and construction once the land is ready.”

“We believe the greatest challenge for solar in the Philippines is neither a lack of demand nor a surplus of projects, but rather, the challenge of consolidating land and permits that has resulted in a shortage of developed solar sites,” the company said.

Leviste-led SPNEC said it would also prioritize projects through partnerships with other IPPs to accelerate the country’s transition to renewable energy.

“Solar Philippines has reserved its 10 GW of planned projects pursuant to agreements with various companies to invest in its projects subject to certain milestones,” it said.

Meanwhile, Terra Solar Philippines, Inc., its joint venture with Razon-led Prime Metroline Infrastructure Holdings Corp. will get 1,000 hectares of the land being acquired.

Last week, SPNEC said it targets to complete its asset-for-share deal with its parent company Solar Philippines Power Project Holdings, Inc. by the middle of this year.

Once executed, SPNEC will have 32,497,400,005 shares, from which, it will issue at least 5,124,832,502 shares to the public through a stock rights offering, private placement, or follow-on offering.

On Monday, its shares at the Philippine Stock Exchange slipped 13 centavos or 6.13% to close at P1.99 apiece. — Marielle C. Lucenio

Fernandez beats Osorio in three thrilling sets to retain her Abierto title

FIL-CANADIAN Leylah Fernandez kissing her trophy. — ABIERTO GNP SEGUROS

By John Bryan Ulanday

LEYLAH Fernandez carved out a thrilling 6-7, 6-4, 7-6 (3) finale victory over Camila Osorio of Colombia to retain her title in the Abierto GNP Seguros in Monterrey, Mexico on Monday.

The Filipina-Canadian flipped a 1-4 deficit including five championship points (5-6) in the rubber to cap off a dramatic escape act for her second straight Monterrey crown.

As the No. 2 seed and reigning champion, Ms. Fernandez loomed as heavy favorite against the fifth-seeded Colombian but needed all the stops down the stretch highlighted by four aces to atone her first-set meltdown.

The 19-year-old wunderkind, who made a historic finals appearance in the 2021 US Open, zoomed to a 4-1 lead in the opening salvo only to surrender a 6-7 defeat with only two games won since.

She took command with a similar score in the next set but Osorio clawed back to zero in on at 4-5 before Ms. Fernandez closed it out to forge a decider, where she unleashed a comeback of her own.

“I’m very happy to have gone through these hard moments and have fought and found solutions. I hope we have many more finals with Camila because without her, I don’t think this tournament final would be as special,” said Ms. Fernandez in the grueling duel that lasted almost three hours.

The Women’s Tennis Association (WTA) No. 21 Fernandez last year cruised to an easy 6-1, 6-4 win against Viktoria Golubic of Switzerland.

But this time was not a walk in the park as she also met strong resistance from Chinese standouts Qiang Wang and Qinwen Zheng as well as Brazil’s Beatriz Haddad Maia on her way to the Last Dance.

The WTA No. 44 Osorio, for her part, just could not get the job done despite riding on a massive upset win against No. 1 seed Elina Svitolina of Ukraine in the quarterfinals.

RLC expands Antipolo mall

ROBINSONS Land Corp. (RLC) is expanding its mall in Antipolo, Rizal, in anticipation of increased foot traffic during the summer months.

In a statement, the Gokongwei-led developer said the expansion of Robinsons Place Antipolo will open by May 2022. This will increase the mall’s gross floor area by 40%.

Arlene Magtibay, RLC senior vice-president and general manager for Robinsons Malls, said the mall is being expanded to target the “young and upwardly mobile market.”

“We are opening the expansion mall in the summer which is when a lot of people visit Antipolo. We are excited to welcome our shoppers to this new wing that will surely make their malling experience at Robinsons Place Antipolo even more delightful,” she said.

Robinsons Place Antipolo will have more international and local retail shops, restaurants, clinics, courier services, pet grooming shop, and select government agencies.

Robinsons Movieworld, kids’ amusement centers, and hobby shops will also open as restrictions ease.

“The new wing will provide our customers an experience that goes beyond traditional shopping. It will address their desire for more global fashion brands as well as elevate their dining experience with must-try restaurants,” Ms. Magtibay said.

RLC reported a 47% rise in net income to P6.44 billion in the first nine months of 2021, as the government eased lockdown restrictions.

Last year, the company opened Robinsons Place La Union, the 53rd Robinsons Mall in the country.

Bridgerton producer Rhimes, 11 others, heralded with Barbie dolls

SHOP.MATTEL.COM

LONDON — US TV producer and writer Shonda Rhimes, British make-up artist Pat McGrath, and French blogger Lena Mahfouf are being honored with Barbie dolls in their likeness as part of a celebration of female business founders.

In its latest Barbie role models line-up, toy maker Mattel is paying tribute to women from around the world, including Sonia Peronaci, founder of Italian cooking website GialloZafferano, and German digital entrepreneur Tijen Onaran.

Rhimes, whose Shondaland Media company is behind hit Netflix series Bridgerton and Inventing Anna, took to Instagram to share a picture of her doll from the collection ahead of International Women’s Day.

“I have my own Barbie! Proud to be among the 12 amazing women, all of which are breaking barriers in their respective careers,” Rhimes, also known for medical drama Grey’s Anatomy and political series Scandal, wrote on Instagram on Thursday.

Other honorees include McGrath, a fixture backstage at fashion week shows and founder of Pat McGrath Labs, as well as 24-year-old Mahfouf, a social media influencer of Algerian heritage.

“It’s a huge honor and it’s something quite unbelievable because when I was younger we used to only have… a few models of Barbie and they all looked kind of the same — blonde, tall with straight hair — and I didn’t feel represented by that,” Mahfouf said. “So now to have my own Barbie with some curly hair and a bit darker skin, I’m happy to see that.”

Mattel said its global Barbie Dream Gap project was teaming up with charitable organization Inspiring Girls International to work with local schools in various countries delivering workshops and advice.

“It is crucial for girls to have role models, because you cannot really dream of becoming something if you haven’t seen it,” Inspiring Girls International founder Miriam Gonzalez Durantez said. “So having that visibility is crucial for girls.” —  Reuters

Rediscount window untapped in Feb.

BANKS left the central bank’s rediscount facility untouched in February as loan demand remains relatively slow amid the crisis.

There were no availments for the Peso Rediscount Facility as well as the Exporters’ Dollar and Yen Rediscount Facility in February year to date, the Bangko Sentral ng Pilipinas (BSP) said in a statement on Monday.

Last year, banks only tapped the rediscount window in June, July and September. These peso rediscount loans amounted to P6.12 million.

Rediscount loans in 2021 were significantly smaller than the P26.9 billion in 2020.

Through the BSP’s rediscount facility, banks can access additional money supply by posting their collectibles from clients as collateral.

Lenders may use the cash denominated in peso, dollar or yen denominations to extend credit to corporate or retail clients and service unexpected withdrawals.

Lenders did not touch the rediscount facility in February due to still relatively muted loan demand amid the pandemic, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Metro Manila and some provinces were under Alert Level 3 in January. In February, these areas were placed under Alert Level 2, which allowed for increased business operations.

Latest BSP data showed outstanding loans by big banks rose by 8.5% in January. Production loans rose by 9.6% year on year, while consumer borrowings increased by a mere 0.1%.

Mr. Ricafort said there is excess liquidity in the financial system, which also reduced banks’ need to borrow from the BSP’s rediscount windows.

Domestic liquidity grew by 9.8% in January, faster than the 7.3% expansion in December.

BSP Governor Benjamin E. Diokno earlier said the BSP has infused about P2.3 trillion in liquidity support to the financial system, which is equivalent to about 12.5% of GDP.

For this month, the central bank’s rediscount rate for peso loans is at 2.5% regardless of maturity.

Meanwhile, applicable rates for dollar and yen-denominated borrowings regardless of maturity are at 2.50429% and 1.98862%, respectively. — Luz Wendy T. Noble

MREIT profit surges to P2 billion

MREIT, Inc. reported a net income of P2 billion for the second semester of 2021, up from P325 million in the first half of the year, it told the stock exchange on Monday.

MREIT, the real estate investment trust (REIT) firm of Megaworld Corp., said its half-year performance is inclusive of a fair value gain on its investment properties worth P702 million.

Meanwhile, revenues for the same period were registered at P1.5 billion from P227.2 million in the first half, as rental income surged due to new leases and properties acquired in December.

The company’s board on March 4 declared dividends amounting to P0.24 per share for the fourth quarter of last year.

“This compares favorably to the dividends declared for the previous quarter of P0.24 per share, which included a bonus dividend equivalent of P0.05 for income generated in June when it started operations,” MREIT said.

For 2021, total dividends paid by the company stood at P0.48 per share. The dividends are payable on March 31 to shareholders on record as of March 18.

Last December, MREIT acquired four income-generating properties of its parent company Megaworld for P9.1 billion. This resulted in a 25% increase in its portfolio’s gross leasable area (GLA) to 280,000 square meters (sq.m.) and a 19% growth in its value to P58.5 billion.

“We aim to build on this momentum as we embark on our expanded acquisition plan this year,” MREIT President and Chief Executive Officer Kevin L. Tan said.

MREIT said it is looking to acquire up to P20-billion worth of office assets in 2022.

“We are looking to reach our target portfolio GLA of 500,000 sq.m. earlier by the end of 2023 and achieve an annual total shareholder return of at least 10% via organic growth and new acquisitions. We also want to look at opportunities to expand our portfolio footprint to Megaworld’s other townships. Our enhanced pipeline will help us deliver on these targets,” Mr. Tan said.

MREIT said it plans to eventually expand its portfolio GLA to 1 million sq.m. before the end of the decade.

At the stock exchange, MREIT shares fell by 34 centavos or 1.73% to P19.30 on Monday. — Luisa Maria Jacinta C. Jocson

PSI hopes national swimmers will recover in time for competitions

PHILIPPINE Swimming, Inc. (PSI) president Lani Velasco has high hopes the national team will continue to improve and recover its form in time for several international competitions including the Hanoi Southeast Asian Games slated for May 12 to 23.

The PSI staged two national team selection competitions, one in at the New Clark City in Capas, Tarlac in October last year and the other at the Teofilo Yldefonso Swimming Pool, formerly Rizal Swimming Center, in Manila last month with hopes of giving local tankers a venue to shrug off some of the pandemic jitters.

“A lot of them struggled for form in light of the Omicron surge early this year,” said Ms. Velasco. “But there are a few up-and-coming swimmers who made mark.

“Slowly but surely, we will get back in form as we host more local competitions and as the health restrictions ease up,” she added.

One of the tankers Ms. Velasco was referring to was Thanya dela Cruz, who set a new national women’s 50-meter breaststroke record.

“And she (dela Cruz) did so by shaving off almost half a second off her previous time,” she said.

Apart from the Hanoi Games, Ms. Velasco said the national team is looking forward to seeing action in the FINA World Championships set on July 14 to 30 in Fukuoka, Japan and the Hangzhou Asian Games scheduled Sept. 10 to 25.

“It will still be a mix of those based abroad and our grassroots swimmers. We cannot say for sure yet what the final lineup will look like but we do intend to send a competitive team as always,” said Ms. Velasco. — Joey Villar

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