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Is your office rebound-ready?

SEAN YORO/UNSPLASH
Maricris Sarino-Joson

Landlords need to maximize wellness features of buildings

By Maricris Sarino-Joson
Director and Head, Office Services –
Landlord Representation, Colliers

ADOPTING GREEN and sustainable features plays a crucial role in future-proofing office towers after the pandemic. The coronavirus disease 2019 (COVID-19) situation has accelerated the adoption of sustainable office spaces and we see this trend complementing the recovery of office leasing demand across Metro Manila after 2021.

As part of occupier retention as well as attraction strategies, Colliers believes that existing landlords and developers should focus not only on wellness attributes, but also on green retrofitting activities. Occupiers that are mandated to follow green initiatives should constantly be on the lookout for upcoming wellness-certified office towers likely to be completed across the Philippines in the next 12 to 36 months.

Colliers data shows that in Metro Manila, about 37% of the new supply from 2021 to 2023 will likely be wellness-certified buildings. For locators and tenants, there are many benefits to locating in green buildings, including an average of 35% lower carbon emissions, 40% lower water use, 50% lower energy use, and 70% reduction in solid waste.

LEED BUILDINGS
Colliers believes that landlords should maximize wellness features of their buildings and prioritize wellness certifications such as LEED (Leadership in Energy and Environmental Design) and WELL building standards.

LEED buildings will likely account for 37% of new office supply from 2021 to 2023. Landlords should also be more discerning with design considerations that promote sustainability and wellness (e.g., filtered air circulation, lower density ratios, and high glass ratios for natural sunlight) and strengthen property management capabilities including sanitation (e.g., implementation of measures to avoid disease transmission) and emergency preparedness.

PRODUCT DIFFERENTIATION IS KEY
As developers ramped up construction of office towers across Metro Manila in 2021, product differentiation plays a crucial role in ensuring that buildings are appropriate to the needs of the tenants given the increasing options in the market. Colliers believes that today’s labor force is also more discerning in choosing which companies to work in and the type of workspace is critical in attracting and retaining the best talent.

Many companies are also preparing for the eventual return of workers to the office as COVID-19 cases have been decreasing over the last few weeks especially in Metro Manila. The capital region is now on Alert Level 2, which eliminates age-based mobility restriction and allows for increased capacity for businesses and activities such as restaurant dine-in, beauty salons and other personal care establishments, and religious activities.

HEALTH-RELATED COSTS
Data from the Philippine Statistics Authority (PSA) show that from 2010 to 2019, Filipinos’ spending on health-related expenditures grew by an average of 7.9% per annum, faster than the growth of other consumer spending subsectors such as hotels and restaurants (7.6%), food and beverage (5.4%), communication (5.0%), and clothing and footwear (1.8%). This indicates that health and wellness are among Filipinos’ major priorities. We see both employers and employees putting a greater emphasis on health post-pandemic. Landlords and tenants are likely to implement health and wellness initiatives to retain occupants and employees.

Going green is no longer aspirational. Requiring office spaces to be environmentally certified is necessary in the return to the work place: ensuring offices are healthy, safe, sustainable, and productive in a post-pandemic environment.

 

Maricris Sarino-Joson has been a real estate professional since 1998. She joined Colliers in 2012, first as Director for Client Services with the company’s Tenant Representation team, providing strategies and solutions to Colliers’ clients. She was recently appointed as Director and Head of Office Services – Landlord Representation, working closely with office developers and landlords and providing them with sound and expert advice on how to effectively market their developments.

Gov’t raises P360 billion via RTBs on strong demand from investors

BW FILE PHOTO

THE GOVERNMENT has raised P360 billion via its offer of five-and-a-half-year retail Treasury bonds (RTBs) that ended on Friday amid strong demand from investors on the hunt for higher returns.

The Bureau of the Treasury (BTr) said in a statement on Monday that P330.5 billion of the total amount raised was fresh fund or “new money,” while the remaining P29.5 billion was from the bond exchange program.

The 26th issuance is the Treasury’s second RTB offering of the year after it raised P463.3 billion from three-year retail papers in February.

“The healthy macroeconomic environment, charactertized by sufficient domestic market liquidity and downward trend in inflation supported our third retail issuance, or the second peso-denominated jumbo offering for the year,” National Treasurer Rosalia V. de Leon said in a statement on Monday.

The bond offer was launched on Nov. 16 and the Treasury raised an initial P113.545 billion from the rate-setting auction.

The RTBs fetched a coupon rate of 4.625%. They will be issued on Dec. 2 and mature by 2027.

A bond trader in a Viber message said demand for the RTB offer was strong as almost the entire investor base — from banks to retail investors — showed significant interest due to the relatively good rate versus papers at the secondary market.

“This offering had a reciprocal benefit for both investors and the National Government as the market is still very much armed with liquidity and still on the hunt for yield. If you ask me, demand has exceeded expectations for this issuance.”

The five-and-a-half-year RTBs were sold in denominations of at least P5,000, and in multiples of P5,000 thereafter.

The BTr also opened a bond exchange offer, where holders of fixed-rate Treasury notes maturing in 2022 can swap their holdings for the new RTBs. The minimum exchange offer was P5,000.

The Treasury offers retail bonds for small investors that want low-risk, higher-yielding savings instruments backed by the National Government. To reach overseas Filipinos, the bureau also worked with the Department of Foreign Affairs to conduct RTB investment webinars.

The BTr said proceeds from the issuance will be used to fund government pandemic-response and economic recovery programs.

“With the digital platforms that we have introduced in the past years, we have also seen how more and more Filipinos are getting into the habit of investing their hard-earned money to secure the future not only of themselves, but also of their loved ones,” Ms. De Leon said.

“We at the BTr will continue to introduce new products and channels in the future to allow our individual investors to diversify their personal portfolios, as well as reduce the friction costs and barriers to investing.”

Issue managers for the RTBs include the Land Bank of the Philippines, Development Bank of the Philippines, BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., PNB Capital and Investment Corp., and UnionBank of the Philippines, Inc.

Gross borrowings by the National Government reached P2.75 trillion as of end-October as it continued to raise money for its pandemic response.

The government borrows from local and foreign creditors to finance the budget deficit that has widened since last year after the pandemic stalled the economy and pulled down tax collections. — Jenina P. Ibañez

A Brown raises P1.33B from preferred shares offering

A BROWN Co., Inc. has raised P1.33 billion from its preferred shares offering, which is the company’s first time to tap the capital markets since it made its debut at the stock exchange in 1994.

“It has been 30 years since we visited and we launched A Brown as a public company and we are very, very lucky, even during the pandemic, we were able to hit our targets, our sales,” A Brown President and Chief Executive Officer (CEO) Robertino E. Pizarro said during the listing ceremony.

The preferred shares have an initial dividend rate of 7% per annum, which will be paid quarterly.

Proceeds from the offering will be used for the company’s expansion plans to develop its real estate projects in Luzon and Mindanao as well as for land banking activities.

“The company also has 17 projects in the pipeline, covering residential units, memorial gardens, and farm estates, still mostly in Mindanao and with three projects in Tanay, Rizal,” Philippine Stock Exchange President and CEO Ramon S. Monzon said.

“Considering that a good portion of the proceeds from the preferred stock offering will be used for property development, I am optimistic that work on these projects will be accelerated and completed in no time,” he added.

Proceeds from the company’s follow-on offering will also be used to fund subsidiary Irradiation Solutions, Inc.’s Tanay E-Beam Facility Project. It is said to be the first commercial E-Beam facility to be built in the country, providing services for agricultural and fishery products.

“This service will certainly be beneficial to those in the food sector, especially exporters whose products pass through stringent quality tests,” Mr. Monzon said.

A Brown Series A preferred shares closed unchanged from its offer price at P100 apiece on Monday.

Meanwhile, A Brown shares also closed unchanged at 82 centavos per share. — Keren Concepcion G. Valmonte

Great headphones blend physics, anatomy and psychology

FAUSTO SANDOVAL/UNSPLASH

But what you like to listen to is also important for choosing the right pair

BETWEEN music, podcasts, gaming, and the unlimited supply of online content, most people spend hours a week wearing headphones. Perhaps you are considering a new pair for the holidays, but with so many options on the market, it can be hard to know what to choose.

I am a professional musician and a professor of music technology who studies acoustics. My work investigates the intersection between the scientific, artistic, and subjective human elements of sound. Choosing the right headphones involves considering all three of those aspects, so what makes for a truly good pair?

In physics, sound is made of air vibrations consisting of a series of high and low pressure zones. These are the cycles of a sound wave.

Counting the number of cycles that occur per second determines the frequency, or pitch, of the sound. Higher frequencies mean higher pitches. Scientists describe frequencies in hertz, so a 500 Hz sound goes through 500 complete cycles of low pressure and high pressure per second.

The loudness, or amplitude, of a sound is determined by the maximum pressure of a wave. The higher the pressure, the louder the sound.

To create sound, headphones turn an electrical audio signal into these cycles of high and low pressure that our ears interpret as sound.

Human ears are incredible sensors. The average person can hear a huge range of pitches and different levels of loudness. So how does the ear work?

When sound enters your ear, your eardrum translates the air vibrations into mechanical vibrations of the tiny middle ear bones. These mechanical vibrations become fluid vibrations in your inner ear. Sensitive nerves then turn those vibrations into electrical signals that your brain interprets as sound.

Although people can hear a range of pitches roughly from 20 Hz to 20,000 Hz, human hearing does not respond equally well at all frequencies.

For example, if a low frequency rumble and a higher pitched bird have the same loudness, you would actually perceive the rumble to be quieter than the bird. Generally speaking, the human ear is more sensitive to middle frequencies than low or high pitches. Researchers think this may be due to evolutionary factors.

Most people don’t know that hearing sensitivity varies and, frankly, would never need to consider this phenomenon — it is simply how people hear. But headphone engineers definitely need to consider how human perception differs from pure physics.

Headphones — both bigger varieties that sit over your ears as well as small earbuds — are just small speakers. Simply put, speakers do the opposite of your ear: They convert the electrical signals from your phone, record player or computer into vibrations in air.

Most speakers are made of four components: a magnet to move back and forth, a wire coil around that magnet, a diaphragm that pushes air, and a suspension that holds the diaphragm.

Electromagnetism states that when a wire is wrapped around a magnet and the current within the wire changes, the magnetic field around the wire changes proportionally. When the electrical signal of a song or podcast pulses through the wires in a set of headphones, it changes the current and moves the magnet. The magnet then moves the diaphragm in and out — kind of like a plunger — pushing and compressing air, creating pulses of high pressure and low pressure. This is the music that you hear.

Ideally, a speaker would convert the electrical signals of the input perfectly into sound representations. However, the real physical world has limitations. Things like the size and material of the magnet and diaphragm all prevent a speaker from perfectly matching its output to its input. This leads to distortion and some frequencies being louder or softer than the original.

While no headphone can perfectly recreate the signal, there are infinite different ways to choose to distort that signal. The reason two equally expensive headphones can sound or feel different is that they distort things in different ways. When engineers build new headphones, they have to not only consider how human hearing distorts sound, but also the physical limitations of any speaker.

If all the complications of ears and speakers weren’t enough, listeners themselves play a huge role in deciding what makes for a “good” pair of headphones. Aspects like age, experience, culture, and music genre preference all affect what kind of frequency distortion someone will prefer. Headphones are as much a question of personal taste as anything else.

For example, some people prefer bass-heavy headphones for hip-hop music, while classical music listeners may want less frequency distortion. But music or recreational listening aren’t the only things to consider. Headphones for the hearing impaired may highlight frequencies from approximately 1,000 Hz to 5,000 Hz, as this helps to make speech more understandable.

You could certainly play a hip-hop song through headphones designed for the hearing impaired, but most people would agree that the results aren’t going to sound very good. Making sure the headphones you choose match how you are going to use them goes a long way in determining what will sound good.

Ultimately, the science of headphone design, the artistry of the content creators and the human experience all intersect to form the perception of “good” headphones. Despite all these moving pieces, there is one foolproof way to know when headphones are good: choose a good song and put a pair on! Because when all the attributes align, a good pair of headphones can give you the opportunity to be transformed by sound.

 

Timothy Hsu is an Assistant Professor of Music and Arts Technology, IUPUI. He is a member of the Acoustical Society of America and an executive board member for the Indiana Section of the Audio Engineering Society.

BigPat on track to complete 2 projects in 2022

BIGPAT Development is looking to complete two mid-rise buildings offering budget rental accommodations near central business districts by the second half of 2022.

The seven-storey Araro Building, located along Araro St. in Makati City, features 90 studio units.

On the other hand, Honda Building will have 70 studio units across seven storeys. Groundbreaking is scheduled before the end of the year. The project is located along Honda Street in Makati City, a stone’s throw away from Bonifacio Global City.

“Our strategy is to continue investing and building affordable housing opportunities at ideal spaces and locations to ensure that our target market would be able to experience the convenience of location that is accessible to everything within the metro,” BigPat Development CEO Alfonso Bigeriego Patiño said in a statement.

After the slowdown experienced by the rental market due to the pandemic, the company is optimistic of recovery as the economy opens up.

“As the country faces improvement on the numbers of COVID cases, we are optimistic that there will be a steady growth again for the property industry that can catapult our business into helping more individuals who are looking for both short and long-term accommodations,” Jaime González, COO of BigPat Development, said.

“We are hoping to be able to launch both developments (Araro and Honda) by second half of 2022,” he added.

BigPat Development describes itself as an “affordable high-rise developer.” It completed its first dormitory project with 44 units in 2016, and its flagship dormitory with 1,182 bed spaces in 2020. Both are located in Pasay City.

T-bills fully awarded as rates move sideways on US central bank taper

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday as rates moved sideways, with investors expecting the US Federal Reserve to reduce its asset purchases faster.

The Bureau of the Treasury (BTr) raised P10 billion as planned via the T-bills it auctioned off on Monday as total tenders reached P37.65 billion, almost four times the initial offer and higher than the P33.76 billion in bids last week, which was for a P15-billion offering.

Broken down, the BTr raised the programmed P2 billion via the 91-day debt papers from P11.38 billion in bids. The three-month T-bills fetched an average rate of 1.164%, down by 1.4 basis points (bps) from the 1.178% seen at last week’s offering.

The BTr also borrowed P3 billion as planned from the 182-day securities it offered on Monday as bids reached P13.98 billion. The average yield on the six-month T-bills went up by 0.6 bp to 1.449% from the 1.443% fetched last week.

Lastly, the government made a full P5-billion award of the 363-day T-bills as the tenor attracted tenders worth P12.35 billion. The average rate of the one-year instruments stood at 1.636%, inching up by 0.8 bp from the 1.628% seen a week earlier.

At the secondary market prior to the auction, the 91- 182- and 364-day T-bills were quoted at 1.2378%, 1.4571% and 1.6963%, 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 there was strong demand for Monday’s T-bill offer following the BTr’s move to reduce its borrowing plan for December.

“Rates hardly moved even after start of Fed taper and expectations of rates heading north,” she said.

A bond trader said T-bill yields moved sideways with slight upward bias as expected.

“The bond curve has been in a bear flattening trend the past few weeks due to heightened expectations that the US Fed may tighten sooner than initially expected,” the trader said in a Viber message.

“Fears about that Omicron variant of the COVID-19 may have put a cap to further rise in yields as some investors seek solace on short-debt papers.”

Minutes of the US Federal Reserve’s recent meeting said officials want to be prepared for a quicker tapering of asset purchases if inflation remains elevated, Reuters reported.

Meanwhile, South Africa’s health minister had announced the detection of a new coronavirus disease 2019 variant, which scientists said had a high number of mutations. Several countries have started to impose travel bans after the variant was detected in more countries.

The BTr plans to raise P70 billion from the domestic market in December, or P30 billion via T-bills and P40 billion from Treasury bonds.

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

Ayala sells stake in services firm HCX Technology Partners

AYALA Corp. said it inked a share purchase agreement with Asti Business Services, Inc. (ABSI) for the sale of the listed conglomerate’s 14.25 million shares or 100% of the outstanding capital stock of HCX Technology Partners, Inc. (HCX).

“With its strong expertise in providing business process and shared service support, IT systems integration and consultancy services, and having a wide clientele network, ABSI is best positioned to take HCX to its next phase of growth,” the company said in a disclosure to the exchange on Monday.

Ayala founded HCX in 2016 as a “shared services center” to provide human capital management services for the Ayala group of companies. HCX is said to offer human capital, customer relationship management, and digital solutions.

The listed company did not specify the price of the transaction, however, it noted that the price per share sold is less than 10% of Ayala’s total equity.

Ayala said: “Cash generated from the transaction can be used by [Ayala Corp.] for its operations.”

Shares of Ayala on Monday declined 4.35% or P38.00, closing at P836.00 apiece. — Keren Concepcion G. Valmonte

Go For Gold-Air Force rallies to beat VNS Manileño in five sets

GO FOR GOLD-AIR FORCE AGUILAS — PNVF

By John Bryan Ulanday

GAMES TODAY
(Aquamarine Recreational Center Gym, Lipa, Batangas)
10 a.m. – Team Dasma Monarchs vs. MRT-Negros
1:30 p.m. – Basilan Steel Spikers vs. Go For Gold-Air Force
4 p.m. – Global Remit vs. Sabong International Spikers

LIPA CITY — Go For Gold-Air Force dodged an upset ax with a feisty 23-25, 25-23, 19-25, 25-23, 15-11 win over VNS Manileño Spikers in the Philippine National Volleyball Federation (PNVF) Champions League men’s tournament opener at the Aquamarine Recreational Center Gym here.

National team spikers Mark Alfafara (19 points), Kim Malabunga (16) and John Vic de Guzman (16) spearheaded the Aguilas’ gusty come-from-behind win from a set down for a 1-0 start in Pool A of the seven-team tilt.

Edwin Tolentino added 13 markers while Ricky Marcos (14 digs, 16 receptions) and Kim Dayandante (18 excellent sets) quarterbacked the scattered attack of the stacked team that also includes Jessie Lopez and Francis Saura.

Messrs. Alfafara, Malabunga, De Guzman, Dayandante, Lopez and Saura served as vital cogs in the historic silver 2019 Southeast Asian Games silver medal finish of the Philippine team led by Bryan Bagunas and Marck Espejo.

“We had a slow start, but I told them to relax and go back to the basics. We just trusted our system and it paid off in the end,” said coach Dante Alinsunurin, also the national team tactician.

Coming out of a two-year hiatus as a club since last playing together in the 2019 Spikers’ Turf, Go For Gold-Air Force started flat and stared at near defeat following a costly 19-25 loss in the third set.

But the chemistry and championship pedigree of the seasoned unit plus the reinforcement of Messrs. Alfafara and De Guzman from PLDT proved to be too much to handle for the young VNS squad.

Go For Gold-Air Force zoomed to a 4-1 start in the rubber set and never looked back to bag the hard-earned debut win in more than two hours.

In the second match, Jian Matthew Salarzon (18), Christian Marcelino (16), Jet Nonoy (12) and Leo Ordiales (11) joined forces as MRT-Negros gained an early lead in Pool B after fending off Sabong International Spikers, 25-22, 25-16, 21-25, 21-25, 15-12.

Charles David Absin paced Sabong International with 15 markers in a foiled comeback attempt from a 0-2 deficit.

The PNVF Champions League is backed by Rebisco, Pitmaster Foundation, Inc., Top Speed, 1Pacman Partylist, Philippine Sports Commission and Philippine Olympic Committee as platinum sponsors; F2 Logistics, Asics, PLDT, MVP Sports Foundation and Mikasa as gold sponsors; and BCDA, Philippine Red Cross, Lipa City, Davis Paint and Emerald PVC Pipes, Fittings and Doors as silver sponsors with PNVF godfather, Taguig Rep. Alan Peter S. Cayetano, chairman of the Champions League, giving his full support.

Hong Kong protest film wins at Chinese-language ‘Oscars’

KIWI CHOW’s Revolution of Our Times— © KIWI CHOW /FESTIVAL-CANNES.COM

TAIPEI — A documentary about pro-democracy protests in Hong Kong won a high-profile award at the Golden Horse Awards, the Chinese-speaking world’s version of the Oscars, in Taiwan on Saturday.

Kiwi Chow’s Revolution of Our Times was named best documentary, prompting a long round of applause and shouts of support for Hong Kong from audience members at the glitzy event in Taipei.

Mr. Chow, who sent a pre-recorded message from Hong Kong expressing thanks for the award, dedicated the film to Hong Kong’s people, saying he hoped it would bring them some comfort.

“I cried a lot when I produced this film; several times I comforted myself with this film, to express my anger, hatred, to face my fear and trauma,” he said, his voice cracking with emotion.

Native Hongkonger Mr. Chow’s film follows several protesters and documents clashes with police during the 2019 demonstrations, and he has previously told Reuters he hoped the documentary would help the pro-democracy movement live on.

It was shown at this year’s Cannes Film Festival  in a surprise addition to the line-up.

China introduced a sweeping national security law for Hong Kong over a year ago to crack down on what it deems subversion, secessionism, terrorism, and collusion with foreign forces.

Since then, cinemas, universities, and art galleries have canceled screenings or exhibitions of protest-related works.

The protesters have won broad support and sympathy in democratically-ruled Taiwan.

China, which claims Taiwan as its own territory, in 2019 blocked the country’s movie industry from participating in the Golden Horse Awards, which were founded in 1962 and take place annually in Taiwan.

Beijing’s move followed an uproar in 2018 in China and among Chinese stars at the awards ceremony after Taiwanese director Fu Yue made comments in support of Taiwan’s formal independence, a red line for Beijing. — Reuters

Clark casino-resort slated to open in December

HANN Philippines, Inc. (HPI) is set to open its integrated casino and resort in Clark on Dec. 15.

The company hopes to attract tourists and investors with the soft opening of the Hann Casino Resort, which is described as a “world-class luxury gaming space.”

“Despite the disruption the pandemic caused, our vision of creating the ultimate millionaire’s playground in Clark remains the same. We are set to open the first fully integrated resort in phases, and guests can expect only the finest in hospitality and entertainment,” Daesik Han, president and CEO of HPI, said in a statement.

At the casino’s grand opening, over P15 million worth of prizes, including a BMW X7, will be given away in a “Rev Up to Lux” raffle promo.

Hann Casino Resort is expected to create over a thousand jobs when it fully opens. Its employees undergo regular swab testing and more than 90% are fully vaccinated against coronavirus disease 2019 (COVID-19). The casino will use air conditioners with high-efficiency filters to provide better air quality.

“With the soft opening of Hann Casino Resort, we aim to attract tourists and investors to the area to help kickstart the Philippines’ economy and revive the tourism industry,” Mr. Han said.

Hann Casino Resort features Hann Casino, Clark Marriott, Swissotel Clark, and in the future, a Mercure Hotel. HPI is a member of the Hann Group, the consortium behind the Widus Hotel & Casino and Clark Marriott.

SEC approves UnionDigital’s incorporation

BW FILE PHOTO

THE DIGITAL LENDER of UnionBank of the Philippines, Inc. has received regulatory approval for its incorporation, keeping it on track to meet is targeted 2022 launch.

UnionBank has received the Securities and Exchange Commission’s (SEC) approval for the articles of incorporation and by-laws of UnionDigital Bank, Inc. on Nov. 25, it said in a filing with the local bourse.

UnionBank Executive Vice-President and Chief Mass Market and Financial Inclusion Executive Manuel G. Santiago, Jr. earlier said UnionDigital is expected to start operating by the second quarter of 2022.

UnionBank earlier said its digital banking subsidiary will extend services to the unbanked and underbanked.

The Bangko Sentral ng Pilipinas (BSP) in July granted UnionBank a license to operate a digital lender, making it one of six entities that were granted permits.

The others that secured digital bank licenses were state-owned Overseas Filipino Bank or OFBank, Tonik Digital Bank, Inc. (Philippines), UNObank, GOtyme, which is owned by the Gokongwei Group and Singapore fintech firm Tyme, and PayMaya Philippines, which will operate Maya Bank.

Digital banks are expected to help the BSP reach its goals to bring 50% of Filipino adults into the banked population and have 50% of all transactions done online.

UnionDigital’s parent UnionBank recorded a higher net profit in the first nine months of the year as earnings from its core businesses improved and as its loan loss provisions declined.

The bank’s net profit improved by 26% year on year to P10.71 billion at end-September from P8.482 billion in the same period a year ago.

UnionBank’s shares closed at P107 apiece on Monday, down by 50 centavos or 0.47% from its previous finish. — LWTN

Vivant unit sells stake in Palawan power plant

VIVANT Corp. said on Monday that its energy unit had informed the listed company of the sale of its stake in a hybrid power generation plant in Puerto Princesa City for about P33.23 million.

In a disclosure to the exchange on Monday, Vivant said its wholly owned subsidiary Vivant Energy Corp. and the latter’s unit Vivant Renewable Energy Corp. are selling a 30% ownership interest in Sabang Renewable Energy Corp. (SREC).

The stake is equivalent to 11,250 common shares and 33,750 preferred shares for a total consideration of P33,225,512.50.

SREC is a consortium of Vivant Energy, Gigawatt Power, Inc. and WEnergy Global. It owns and operates a hybrid power plant combining solar panels, batteries, and diesel engines, and an electricity distribution system in Brgy. Cabayugan, Puerto Princesa City on Palawan island.

It distributes the electricity produced by the power plant to its consumers through its 14-kilometer line under a qualified third-party subsidy and service agreement with the National Power Corp. and the Department of Energy.

In its quarterly financial report, Vivant reported a 27.3% gain in its third-quarter net income attributable to P541 million from P425.10 million in the same quarter last year.

In February, Vivant announced that it would invest around P433.83 million by acquiring equity shares in Bukidnon Power Corp. and North Bukidnon Power Corp. in line with its plan to expand in Mindanao.

Vivant said that it would buy the shares in the companies at around P205.54 million and P228.28 million, respectively. — Marielle C. Lucenio