WASHINGTON – The World Bank and International Monetary Fund said on Monday they had temporarily relocated some staff from Ukraine amid rising concerns about a potential Russian invasion, but both institutions said their lending and support work in Ukraine was continuing.
The World Bank said in an internal memo seen by Reuters that it has temporarily suspended staff missions to Ukraine and is closely monitoring the situation at the border, where Russia has massed a large military force within striking distance of Ukraine.
“The World Bank Group’s foremost priority is to keep our staff and their families safe. In line with our evacuation policy, temporary relocation of staff is under way and enhanced security measures are in place,” the memo said.
The memo did not provide details on where or how many staff were being relocated.
The IMF has temporarily relocated its resident representative in Ukraine, Vahram Stepanyan, outside of the country, an IMF spokesperson said.
Stepanyan, an Armenian national, has headed the IMF office in Kyiv since July 2021, working with local Ukrainian employees.
“IMF staff remain engaged and in contact with their Ukrainian counterparts,” the IMF spokesperson said.
A World Bank Group spokesperson also said the development lender’s operations in Ukraine would continue, adding: “To this end, staff will continue to work on our program from Ukraine and alternate locations.”
The United States is relocating its Ukraine embassy operations from the capital Kyiv to the western city of Lviv, Secretary of State Antony Blinken said on Monday, citing a “dramatic acceleration in the buildup of Russian forces.”
The IMF maintains a $5 billion loan program for Ukraine, while the World Bank has provided nearly $1.3 billion in financing to Ukraine since the COVID-19 pandemic started. – Reuters
Residents of Quezon City line up outside the Commission on Elections office on Oct. 21, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS
BANKS AND FINANCIAL institutions should closely monitor large transactions that may be part of money-laundering and vote-buying activities during the election campaign period, the Anti-Money Laundering Council (AMLC) said.
The AMLC issued the advisory “in anticipation of the influx of financial activities that usually occur during the election period, and to ensure that proceeds from unlawful activities are not laundered during the campaign period.”
Filipinos will head to the polls on May 9 to vote for a new president, vice-president, lawmakers and local officials. The three-month election campaign period officially began on Feb. 8.
The “dirty money” watchdog reminded all covered persons to conduct appropriate customer due diligence measures, as outlined in the Anti-Money Laundering Act of 2001. They should closely monitor their customers’ transactions, and file suspicious transaction reports, if needed.
Aside from banks, covered persons include financial institutions like pawnshops, foreign exchange dealers, money changers, money changers and remittance companies, jewelry dealers, casinos, offshore gaming operators, and real estate brokers and developers.
“Covered persons must be mindful of…red flag indicators and suspicious behaviors that are related/linked or are analogous to possible money laundering activities,” AMLC said in a statement.
These red flags include large transactions in a short period of time; and transactions that appear to be inconsistent with a customer’s financial profile or business.
Suspicious transactions include “unjustified” large cash deposits and withdrawals, “unusual” transactions that are not in line with everyday dealings; and structured cash deposits and money transfers.
Other red flags include the use of multiple accounts by a single person; and use of several money service businesses to send funds.
Earlier, the Bangko Sentral ng Pilipinas (BSP) through Memorandum M-2021-074 dated Dec. 31, 2021 also warned against the possible proliferation of digital vote buying amid the upcoming elections on May 9. Financial institutions were also told to watch out for the possibility that online banking and mobile wallet applications will be used for vote-buying activities.
The BSP said financial institutions should ensure appropriate customer onboarding, effective fraud management, and ongoing transaction monitoring.
The Parish Pastoral Council for Responsible Voting (PPCRV) Chairperson Myla Villanueva said they have been alerted about offers of money to buy voters’ votes months ahead of the May 9 election.
“We hear a lot of issues about vote buying and it’s very difficult for PPCRV to catch that and report it. We’re hearing a lot of big numbers being offered to people and families in fact,” Ms. Villanueva said in an interview with ABS-CBN News Channel on Monday.
Asian Institute of Management economist John Paolo R. Rivera said the culture of vote buying “exists because of poverty.”
“It’s challenging to regulate it because we do not have sophisticated systems to detect it. We only know it happened when it happens. It’s a bandaid solution to alleviate hunger and poverty, which the poor grabs because it will help them survive the day,” Mr. Rivera said in a Viber message.
Under the Omnibus Election Code, persons found guilty of vote buying or selling may face penalties of imprisonment for one to six years, disqualification from public office, and forfeiture of one’s right to vote.
The Commission on Election last week said cases of vote buying or giving money and other goods in exchange for support on election day may be reported through social media platforms. Comelec Spokesman James B. Jimenez said they are looking for ways to address the possible use of e-wallet services for such activities.
The Philippines has been included among jurisdictions under increased monitoring by the Financial Action Task Force (FATF) in June 2021. It needs to prove it has implemented tighter measures against dirty money and terrorism financing to exit the FATF’s “gray list.”
The government is hoping to be removed from the gray list by January 2023. — LWTN
A person holds Japan’s national flag at the Imperial Palace in Tokyo, Japan, Jan. 2, 2020. — REUTERS/KIM KYUNG-HOON
THE PHILIPPINES and Japan will hold a high-level meeting on infrastructure development and economic cooperation this week, the Department of Finance (DoF) said, after Japan wrapped up its five-year aid commitment to the Philippines.
The two countries on Feb. 16 will discuss updates on financing extended by Japan for the Philippine coronavirus disease 2019 (COVID-19) response, along with advances on Japan-funded program supporting the peace process in Mindanao, DoF said in a press release on Monday.
The Japanese government donated over a million doses of the AstraZeneca vaccine to the Philippines last year.
Japan-backed coronavirus response projects also include support for medical equipment procurement and cold chain storage system development in the Philippines. The Asian Development Bank has also said it will also extend a $2-million technical assistance grant from the Japan Fund for Poverty Reduction to support health policy reforms in local government units.
Meanwhile, Japan has also been extending loans and grants supporting the Mindanao peace process, including road network projects in areas affected by conflict and agriculture livelihood assistance.
“Japan has been actively supporting these peace-building programs through the framework of the Japan-Bangsamoro Initiatives for Reconstruction and Development,” the DoF said.
The discussion, which will be done through teleconferencing, is the two countries’ 12th high-level meeting on infrastructure development and economic cooperation.
The first high-level committee meeting was held in 2017, after Japan Prime Minister Shinzo Abe committed to provide ¥1 trillion (about P446 billion) in financing support to the Philippines over five years, mostly funding big-ticket infrastructure projects.
The DoF in July last year said Japan’s funding commitment had been completed, adding that the country plans to further expand its assistance to the Philippines.
In the upcoming meeting, the Philippine side will be chaired by Finance Secretary Carlos G. Dominguez III, with Japan Special Advisor to the Prime Minister Mori Masafumi as his counterpart.
Discussions during the meeting will also include updates on the Japan-supported big-ticket projects under the government infrastructure program, including the Metro Manila Subway, the North-South Commuter Railway project, rehabilitation of the Metro Rail Transit Line 3 (MRT-3), Dalton Pass East Alignment Road, Central Mindanao Highway, and the Parañaque Spillway.
Last month, Japan also extended $13 million in aid for humanitarian responses in areas affected by Typhoon Odette, which hit parts of Visayas and Mindanao in December.
Japan was the Philippines’ top source of official development assistance over the two decades leading up to 2020, DoF data showed. Japan accounted for $14.139 billion worth of loans or 72% of the foreign aid portfolio over 2001 to 2020. — Jenina P. Ibañez
Traffic congestion in Metro Manila eased in 2021, according to a global traffic index. — PHILIPPINE STAR/ MICHAEL VARCAS
By Arjay L. Balinbin, Senior Reporter
TRAFFIC CONGESTION in the Philippine capital further eased last year, pushing Metro Manila out of the top five most congested cities in the world.
The TomTom Traffic Index 2021 showed Metro Manila is the 18th most congested city in the world, from 4th spot in 2020.
With strict lockdowns and mobility curbs in place during the second year of the coronavirus pandemic, Metro Manila saw its average congestion level decline to 43% in 2021, from 53% in 2020.
Amsterdam-based TomTom International B.V. said a 43% average congestion level means that on average, travel times were 43% longer than during the baseline non-congested conditions. For instance, a 30-minute trip driven in free-flow condition will take 13 minutes longer in 43% congestion.
TomTom, a geolocation technology specialist, computes the baseline per city by analyzing free-flow journey times of all vehicles on the entire road network — recorded 24/7, 365 days a year. It covered 404 cities in 58 countries.
The most congested city is Turkey’s Istanbul, with an average congestion level of 62%, followed by Moscow, Russia (61%); Kyiv, Ukraine (56%); Bogota, Colombia (55%); and Mumbai, India (53%).
Aside from Metro Manila, other cities with an average congestion level of 43% last year were Yekaterinburg, Russia; Tel Aviv, Israel; and Tokyo, Japan.
Metro Manila was the sixth most congested in Asia. India’s Mumbai, Bengaluru, and New Delhi were the region’s top three most congested cities.
In 2021, Metro Manila experienced the worst day in terms of traffic congestion on Aug. 5 with 90%. This was the day before the capital region was placed under an enhanced community quarantine due to the Delta-driven surge in coronavirus cases.
The report showed Friday had the worst rush hour, from 5 p.m. to 6 p.m. in Metro Manila. This was earlier than the 6-7 p.m. Friday rush hour in 2020 and 2019.
Congestion in Metro Manila averaged 53% during morning rush last year, a decrease of 42 percentage points since 2019, or before the pandemic, while it averaged 81% during evening rush, a decrease of 47 percentage points since 2019.
Time lost by motorists during rush hours last year reached 157 hours or equivalent to six days and 13 hours. This was four days and five hours less than in 2019.
Sought for comment, Transport expert Rene S. Santiago said the results for Metro Manila were not surprising because of the strict lockdowns.
“No face-to-face schooling means about four million trips a day disappeared. Work from home still dominated in 2021,” he said in a Viber chat.
“It is not a cause for joy, ironically, because economic activities [are] humming below pre-pandemic [levels]. What we should be planning for: how to retain some hybrids of remote working and remote schooling post-COVID,” he added.
Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said last year the community quarantines and physical distancing regulations intended to help protect lives had inadvertently “reduced transport supply and resulted in public transport shortages.”
In response to the public transport shortages, the government started creating protected bike lanes around the National Capital Region (NCR). The government had built 296 kilometers of bike lanes as of April last year, complete with pavement markings, bollards, curbs and solar studs.
TRAFFIC JAMS Now that the NCR is under the more relaxed alert level status, the congestion level in Metro Manila as of Feb. 14 at 4:02 p.m., according to TomTom’s live traffic update, was 89%, significantly higher than the average last year.
“The economy is more open this year than last year. December last year, infection level was low and people underwent a lockdown revenge,” Mr. Santiago said, adding that face-to-face classes may resume soon.
Even if all restrictions on public transportation are lifted, Mr. Santiago expressed concern that there would be a shortage in drivers.
“Jeepney drivers will lose money if they go out because revenues won’t cover boundary fee plus cost of fuel,” he added.
For his part, Robert Y. Siy, a development economist and city and regional planner, said there is a need to make the “Build, Build, Build” infrastructure program of the current administration “less car-centric.”
“Ang laki ng share ng infrastructure for roads and bridges that are primarily for cars,” he said during an online forum on Monday.
He also said that the government should replicate the EDSA Busway in other areas of Metro Manila. “We need to have dedicated lanes for public transport. Majority of our citizens use public transport, and public transport is our best weapon against traffic, climate change, and pollution,” he added, noting that this will eventually convince car users to shift to public transport.
Meanwhile, the Management Association of the Philippines (MAP) expressed its support for the government’s Integrated Bus Terminal Exchange (ITX) program.
“It is a key structural and transformational transportation reform measure in which provincial buses terminate inbound trips at an ITX terminal on the outskirts of the metropolis and passengers transfer to city commuter buses,” it said in an e-mailed statement.
MAP noted the ITX system spares provincial buses from getting stuck in urban traffic and enables faster turnaround trips back to provincial destinations.
“The government can assist the provincial bus operators in extracting value from their idled city terminals, which are sitting on now valuable land. These terminal sites can be devoted to other higher-yield commercial uses or disposed of at much higher prices. The gains earned should more than offset the cost of using the ITX terminal,” it added.
The overhaul of train cars of the Metro Rail Transit Line 3 is expected to be completed by 2023. — PHILIPPINE STAR/ MICHAEL VARCAS
THE overhaul of Metro Rail Transit Line 3’s (MRT-3) light rail vehicles (LRVs) is expected to be completed by early next year, an official said.
The Department of Transportation (DoTr) said the general overhaul of the MRT-3 train cars is part of the comprehensive rehabilitation of the rail line along EDSA. It aims to restore the MRT-3 to its high-grade design condition.
The number of revamped LRVs rose to 43 this month, with two LRVs deployed on Feb. 9. At present, 29 more train cars are scheduled for overhaul by the MRT-3 maintenance provider.
Work on the remaining 29 train cars will be completed by “April 2023,” MRT-3 Director for Operations Michael J. Capati told BusinessWorld in a phone message last week.
MRT-3 service providers Sumitomo Corp., Mitsubishi Heavy Industries Engineering, Ltd., and TES Philippines, Inc. have been contracted to overhaul all 72 LRVs.
They were also tasked to replace mainline tracks, rehabilitate power and overhead catenary systems, upgrade signaling, communications and CCTV systems, and repair all escalators and elevators.
The government imposed a 30% cap on rail passenger capacity during the strictest phases of the community quarantine. It was raised to 70% starting Nov. 4, 2021.
The MRT-3 rehabilitation project has reduced travel time from the North Avenue Station to the Taft Avenue Station to 45 minutes from the previous one hour and 15 minutes, the department noted. — Arjay L. Balinbin
FILIPINO farming entrepreneurs should take advantage of the country’s privileged access to European markets where demand for healthy food products has surged during the pandemic, the local unit of FedEx Corp. said in a report.
“The Department of Trade and Industry (DTI) has touted the market potential of Philippine agricultural products, especially in the European Union (EU) and the UK, where there is heavy demand for wellness-focused food products,” FedEx Express Philippines said.
“The demand for immunity-boosting, nutritious foods and beverages has surged as a result of the pandemic,” it added.
Separately, the European Snacks Association (ESA) reported that food products containing traditional and raw materials are gaining popularity among average consumers and more people are becoming conscious of the nutritional content of the food they consume.
In its report, FedEx Philippines said the Philippines enjoys privileged trading access to both the EU and the United Kingdom (UK) but Filipino small and medium-sized enterprises’ (SMEs) exporting power remains largely untapped.
“Some of the SMEs’ export-related challenges include their inability to adapt to changing market conditions and consumer preferences in export markets, as well as their low production capabilities. Furthermore, compliance with regulatory requirements and quality standards, both in local and potential export markets, also pose challenges to the entry of Philippines SMEs into the export market,” it said.
“The Philippines is one of the beneficiary-countries of the EU Generalized Scheme of Preference Plus (GSP+) that grants zero tariffs to 6,274 product lines. The same trade benefits are in place with the UK, which implemented its own GSP to mirror the EU’s GSP+ scheme after Brexit,” the company added.
The products included in this scheme are some varieties of fish, dairy, fruits, vegetables, coconut oil, coffee, cocoa, tobacco, chemicals, fertilizers, essential oils, soaps, and other commodities.
In 2021, the Department of Trade and Industry reported the “promising possibilities” of Philippine products such as processed fruits, calamansi, coconut, butterfly pea, and moringa.
“However, the EU continues to be a largely untapped market for Filipino producers, with products exported only to a select few European Free Trade Agreement (EFTA) countries. UK government statistics show that the Philippines lag behind other beneficiary countries in imports and utilization rate,” FedEx Philippines said.
The delivery services company said that for businesses to break into the international market, they must look into trade and logistics arrangements.
“The DTI’s Export Marketing Bureau (EMB) offers assistance to producers getting ready to venture beyond Philippine shores and also helps with connecting them with foreign buyers. SMEs can leverage trade agreements by focusing on global markets where their products are in demand and where beyond-the-border barriers are manageable,” it said.
“Logistics service providers who are well-versed in facilitating cross-border trade for their customers, such as FedEx, can play a critical role in helping to simplify complex processes for SMEs so that they can prosper globally. As a logistics service provider, we can guide businesses on the right packaging solutions to ensure that goods, especially perishable items, are delivered safely and securely,” it added. — Luisa Maria Jacinta C. Jocson
CONSTRUCTION of a two-tube tunnel is ongoing in Davao City. It is part of the 45.5-kilometer Davao City Bypass Road Project. — COURTESY OF DEPARTMENT OF PUBLIC WORKS AND HIGHWAYS
By Arjay L. Balinbin, Senior Reporter
THE implementation of projects funded through official development assistance (ODA) will not be disrupted during the election season, the Department of Public Works and Highways (DPWH) said.
“The Commission on Elections (Comelec) has to be notified and informed. Most of these are ODA-funded projects, so these are actually exempted from the election ban, except for those that are actually in the pipeline where there is no yet financing. What I am referring to are [those] projects that are still yet to be approved by the NEDA (National Economic and Development Authority) Board,” Public Works and Highways Undersecretary Emil K. Sadain said during a virtual briefing on Tuesday.
“Projects with approved loan agreements… can proceed [with] the implementation,” he added.
Under the Omnibus Election Code of the Philippines, the prohibition on releasing, disbursing or expending any public funds for public works does not apply “to ongoing public works projects commenced before the campaign period or similar projects under foreign agreements.”
The Comelec has said the public works ban for the May national elections will run from March 25 to May 8, 2022.
Also exempted from the public works ban, according to the Comelec rules posted on its website, are maintenance of existing and/or completed public works projects and those undertaken by contract through public bidding or by negotiated contract awarded.
Payment for the usual cost of preparation of public works project for working drawings, specifications, bills of materials, and estimates, purchase of materials and equipment, and other procedures preparatory to actual construction, and all incidental expenses for wages of watchmen and other laborers employed for such work in the central office and field storehouses is also exempted.
However, the prohibition does not cover emergency work during a public calamity, but is limited to the restoration of the damaged facility.
The Comelec said department secretaries, chief executives, heads of agencies (including government corporations, government financing institutions and state universities and colleges) with public works projects falling under any of the exceptions should apply for a “certificate of exception.”
NEDA Undersecretary Roderick M. Planta said there are 18 ODA-funded projects on the list submitted by the DPWH, including those projects funded by Japan, South Korea, Asian Development Bank (ADB), China, World Bank and Asian Infrastructure Investment Bank (AIIB). These projects are also part of the revised list of infrastructure flagship projects of the current administration.
Eight of the 18 projects that require Comelec certification are Japan ODA-funded, according to the list provided by Mr. Planta to BusinessWorld. These include Davao City Bypass Construction Project, Road Network Development Project in Conflict Affected Areas in Mindanao, Cebu-Mactan Bridge (4th Bridge) and Coastal Road Construction Project, and Metro Manila Priority Bridges Seismic Improvement Project.
The other Japan-funded projects are Pasig-Marikina River Channel Improvement Project Phase IV; Flood Risk Management Project for Cagayan River, Tagoloan River and Imus River; Flood Risk Management Project for Cagayan de Oro River; and Cavite Industrial Area Flood Management Project.
The list also includes four South Korean ODA-funded projects: Samar Pacific Coastal Road Project, Panguil Bay Bridge Project, Integrated Disaster Risk Reduction and Climate Change Adaptation Measures in Low-Lying Areas of Pampanga Bay, and consulting services for the Panay-Guimaras-Negros Link bridge.
Also included are three Asian Development Bank-funded projects: Improving Growth Corridors in Mindanao Road Sector Project, Reconstruction and Development Plan for a Greater Marawi, and Metro Manila Bridges Project.
A certificate of exception is also sought for the China-funded Ambal-Simuay River and Rio Grande de Mindanao River Flood Control Projects as well as the consulting services for the Davao River Bridge (Bucana Bridge), which is partly funded through the General Appropriations Act.
Moreover, the DPWH also included the Metro Manila Flood Development Project Phase 1, which is funded by the World Bank and the AIIB.
DPWH’s Mr. Sadain said the department is targeting to finish “about 24” projects this year, with 18 out of the 119 infrastructure flagship projects completed by the end of President Rodrigo R. Duterte’s term ends in June.
He said that of the 18 projects, 11 projects have been finished and seven more are being completed, including Flood Risk Management project for Cagayan River, Tagoloan River, and Imus River; Binondo-Intramuros Bridge; Samar Pacific Coastal Road Project;LRT-2 East Extension; Motor Vehicle Recognition and Enhancement System; Unified Grand Central Station or North Triangle Common Station; and Malitubog-Maridagao Irrigation Project Stage 2.
He also noted that 89 projects out of the 119 on the list “will be carried out in 2023 and beyond.”
CENTURY Properties Group, Inc. (CPG) has set the rate for its P3-billion, five-year fixed-rate bond at 5.7524% per annum, citing “strong capital markets.”
The bond comprises a P2-billion base offer with an oversubscription option of up to P1 billion.
“We are happy with the strong capital markets condition allowing us to price the issuance at the tighter end of the range of our indicative spread,” CPG Chief Finance Officer Ponciano S. Carreon said in a statement on Monday.
The offer period for CPG’s bond offering will end on Friday, Feb. 18. Its listing at the Philippine Dealing & Exchange Corp. is set to Thursday next week, Feb. 24.
China Bank Capital Corp., sole issue manager, sole lead underwriter, and sole bookrunner of the offer, expects the offering to “be very well received” by investors.
“This marks the fourth capital markets transaction of CPG, and we expect this offering to be very well received by a broad range of investors. We are honored to be a reliable partner of the CPG group in achieving its growth ambitions,” China Bank Capital President Ryan Martin L. Tapia said.
CPG said P1 billion of the proceeds from the offering will be used for the horizontal affordable housing projects of PHirst Park Homes, Inc. (PPHI), a joint venture with Mitsubishi Corp.
“We are greatly encouraged with the capital markets confidence in CPG and with the continued preference of first-homebuyers for our PPHI projects,” CPG President and Chief Executive Officer Jose Marco R. Antonio said.
“For this year, we will be launching four new master planned communities to serve the strong demand for quality affordable homes,” he added.
PPHI has launched three projects in Cavite, Bulacan, and Quezon as of September last year, which brought a total expected revenue of P2.9 billion. It launched another Cavite project in December 2021.
PPHI currently has 11 master planned communities, which are located in Batangas, Bulacan, Cavite, Laguna, and Pampanga.
Meanwhile, the balance will be used to partially refinance debt and other general corporate purposes.
The P3-billion offering is the initial tranche of the company’s shelf-registered P6-billion debt securities program shelf-registered with the Securities and Exchange Commission.
On Monday, CPG shares at the stock market closed unchanged at 42 centavos apiece. — Keren Concepcion G. Valmonte
LOCATED within Aseana City in Parañaque, Parqal is touted by DMW as the “ideal model of a community-focused development.”
By Keren Concepcion G. Valmonte, Reporter
D.M. WENCESLAO & Associates, Inc. (DMW) is expecting “exponential” growth for the company as more of its projects are completed this year.
The property developer is aiming to end the year with a 240,000 square meters (sq.m.) in gross leasable area (GLA), DMW Chief Executive Officer Delfin Angelo C. Wenceslao said.
He said he expects an “exponential” growth “considering the amount of supply that [DMW is] putting into the market.”
“It’s not just 10%, 15%. From 90,000 sq.m. [of office GLA] in 2019, we’re currently already at a 160,000 sq.m. and 240,000 sq.m. by the end of this year,” Mr. Wenceslao said in an interview with BusinessWorld on Feb. 4.
The company expects Parqal, its “first truly mixed-use development,” to be completed by the third quarter, adding 70,148 sq.m. to its GLA. It is located within DMW’s Aseana City, located along Manila Bay in Parañaque City.
“It’s a mix of retail office and public space and we want to highlight this public space because 60% of that current development is actually dedicated to outdoor accessible, weather and climate protected public space, which I think is going to add extreme value to the developments already in the area,” Mr. Wenceslao said.
DMW noted that logistics and traditional companies are taking up the bulk of its office portfolio.
Mr. Wenceslao noted that most tenants are those moving from “pre-war buildings” to the company’s newly built offices for “the same rates.” DMW added several pandemic contingencies to its office buildings, including air filters, automated doors, among others.
The company was able to maintain its occupancy rate at 89% as of end-September 2021, leaving a vacancy of 11%.
DMW expects its office vacancy rate to rise with the recent completion of its 8912 Asean Ave., which added 69,284 sq.m. of GLA.
“We expect vacancy rate to rise only because of the huge addition of supply from 8912 Asean Ave., which only came online in the fourth quarter last year and is still yet to achieve stable occupancy,” Mr. Wenceslao said.
These office developments form part of the company’s 107.5-hectare Aseana City project.
For the residential segment, DMW is developing a four-tower condominium called MidPark Towers. This will be DMW’s second residential project inside the city after Pixel Residences.
The company still has 4,200 sq.m. of “non-core” plots to sell in Aseana City.
“We’re willing to let go of certain plots if we feel that these are uses which we won’t necessarily undertake ourselves or it’s something that we feel could add value to the community,” Mr. Wenceslao said. “We want to be able to provide a variety of brands and uses to our existing and future office or residential locators.”
DMW has completed two 1,790 sq.m. land sales in Aseana City, and inked a 25-year lease contract with Landers for a 15,064 sq.m. plot.
“Our leasing businesses will continue to account for the majority of our earnings. Residential sales are meant to replace land sales moving forward,” Mr. Wenceslao said.
PLDT Enterprise announced on Monday its partnership with software solutions company Multisys Technologies Corp. to offer an e-commerce solution for small enterprises.
PLDT Enterprise said Multistore, a turnkey e-commerce solution, is designed to help businesses build their brand and increase sales through digital.
Multistore promises to help businesses create an online presence for their products and services “in a short amount of time and at a much lower cost.”
“The platform enables entrepreneurs of different business types to build an online store in minutes, providing essential features such as inventory management system, order, content and customer relationship management, and ready-to-use local payment and delivery,” PLDT Enterprise said in an e-mailed statement.
The company also said the challenges faced by retailers and micro, small and medium-sized enterprises (MSMEs) when choosing an e-commerce platform include weighing the cost of sales transaction fees and managing third-party integration to payment and delivery platforms, as well as the complexity and time it takes to deploy such a solution.
“The introduction of Multistore aims to let businesses take their business online if they have not done so yet, by introducing an easy-to-use and affordable solution, and not be constrained by transaction fees per sale and the hassle of setting up delivery and payment integration to complete their online selling ecosystem,” said Jojo G. Gendrano, first vice-president and head of PLDT & Smart Enterprise.
“And for those that are further building their brand online, social media and/or online marketplaces, Multistore can serve as another channel to expand their reach and grow sales to ultimately compliment their omnichannel strategy,” he added.
For his part, Multisys Chief Executive Officer and Founder David L. Almirol, Jr. said: “We at Multisys really look forward to this partnership with PLDT Enterprise as we embark on a new journey that will unfold a new world of business opportunities.”
“Multistore and BEYOND FIBER can help a lot of MSMEs to continue operating again and even improve the way they run their business to become better and more efficient.”
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin
LOS ANGELES RAMS celebrate a victory against the Cincinnati Bengals in Super Bowl LVI at SoFi Stadium. — REUTERS
MATTHEW Stafford tossed a 1-yard touchdown pass to Cooper Kupp with 1:25 remaining to give the Los Angeles Rams a 23-20 victory over the Cincinnati Bengals in Super Bowl LVI on Sunday at Inglewood, CA.
Stafford’s third touchdown throw and Kupp’s second scoring catch of the game capped a dramatic 15-play, 79-yard drive. Stafford completed 26 of 40 passes for 283 yards and two interceptions while Kupp caught eight passes for 92 yards.
Aaron Donald recorded two of Los Angeles’ seven sacks and pressured Bengals quarterback Joe Burrow to force a desperate fourth-down incompletion with 39 seconds to play. The Rams ran out the clock to earn their second Super Bowl crown — the other coming in St. Louis following the 1999 season.
Burrow was 22-of-33 passing for 263 yards and running back Joe Mixon rushed for 72 yards and threw a touchdown pass on a trick play for the Bengals. Tee Higgins caught four passes for 100 yards and two touchdowns.
Cincinnati made a stunning run to the title game but is now 0-3 in Super Bowls, having lost to the San Francisco 49ers in appearances following the 1981 and 1988 seasons. The Bengals won just six games over the previous two seasons.
Kupp set a postseason record with 33 receptions, breaking the mark of 31 set last season by Kansas City’s Travis Kelce. Von Miller also had two sacks for Los Angeles.
Odell Beckham, Jr. also caught a touchdown pass for the Rams before exiting the game in the second quarter due to a left knee injury.
Cincinnati moved ahead for the first time at 17-13 on the first offensive play of the third quarter when Burrow and Higgins connected on a 75-yard touchdown pass. Higgins and Rams cornerback Jalen Ramsey were mixed up, with Higgins appearing to twist Ramsey’s facemask. Ramsey fell to the ground while Higgins made the grab and ran the remaining 35 yards for the score.
On the Rams’ next play from scrimmage, Cincinnati’s Chidobe Awuzie notched an interception of a Stafford pass that caromed off the arms of Ben Skowronek, who was in the game due to Beckham’s injury. The Bengals took over at the Los Angeles 31-yard line and eventually grew the lead to seven with Evan McPherson’s 38-yard field goal.
The Rams cut their deficit to 20-16 when Matt Gay booted a 41-yard field with 5:58 left in the quarter.
Stafford threw two first-half touchdown passes as the Rams held a 13-10 lead at intermission.
Los Angeles struck first when Stafford connected on a 17-yard scoring pass to Beckham with 6:22 remaining in the first quarter.
Cincinnati got on the board with McPherson’s 29-yard field goal with 28 seconds to go in the opening period.
The Rams increased their lead to 13-3 when Stafford tossed an 11-yard touchdown pass to Kupp in the right corner of the end zone with 12:51 left in the half. The score was set up by consecutive pass plays of 35 yards to Beckham and 25 to Darrell Henderson, Jr.
The extra point failed when holder Johnny Hekker was unable to get the ball down cleanly.
The Bengals answered with a solid 12-play, 75-yard drive that took 7:04. It culminated when Mixon threw a pass for the first time in his five-year NFL career and hit Higgins for a 6-yard score with 5:47 remaining in the half. — Reuters
PUEBLO DE ORO Development Corp. is developing a 42-hectare township in Malvar, Batangas. — COMPANY HANDOUT
PUEBLO DE ORO Development Corp. (PDO) is planning to launch three projects in Cagayan de Oro this year.
In a statement on Monday, the company said it is targeting to launch residential condominium Westwood Storeys and economic housing development called La Aldea del Rio in Barangay Lumbia by the third quarter.
Westwood Storeys will be located in the elevated part of its 14- hectare Westwoods subdivision, which is part of the company’s 400-hectare township in Cagayan de Oro.
“Westwoods is a showcase of what can be achieved when a prime piece of land, bold vision, and sound architectural and engineering practices intersect — an environmentally rich community at the heart of a bustling metropolis,” PDO President Rhoel Alberto B. Nolido said.
The subdivision is surrounded by a rainforest, with Tagmatay Creek dividing the 40-hectare greenery. Westwood houses are designed with elements that highlight natural light and natural airflow.
Meanwhile, PDO is also on track to launch a 9-hectare, high-end residential community, Southridge by the end of the year. The project will be overlooking the company’s golf course in Cagayan de Oro.
PDO said it acquired 100 more hectares of land in Batangas. It also plans to create new housing products, like mid-rise buildings in its existing townships in Cagayan de Oro and Cebu.
It also started creating commercial centers that also feature open-air and more spaces for residents in its communities in Cagayan de Oro, Cebu, and Batangas.
“At Pueblo de Oro, product quality, sustainability, and inclusivity will always remain at the heart of the residential developments we undertake. These values become even more important today when the environment globally and locally is transitioning to a new normal,” Mr. Nolido said.
In 2021, PDO’s net income grew 45% to P167 million year on year, while its revenues went up 14% to P1.24 billion. The company said this is an affirmation of its strategy to pursue developments in “high-growth hubs” outside Metro Manila. — Keren Concepcion G. Valmonte
