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BIR, Customs ordered to strengthen cybersecurity

REUTERS/KACPER PEMPEL/FILE PHOTO

FINANCE SECRETARY Carlos G. Dominguez III ordered the government’s main revenue collecting agencies to beef up their cybersecurity measures amid a rise in cyberthreats and attacks.

“Please make sure that your cybersecurity measures are up to date and effective against all sorts of threats,” he told the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR) during a recent meeting of the Department of Finance (DoF) Executive Committee.

Mr. Dominguez in a statement also expressed concern over the increase in online financial scams as more Filipinos turned to online transactions during the coronavirus pandemic.

Finance Undersecretary Antonette C. Tionko, who oversees both bureaus, was quoted as saying cybersecurity measures are included in the BIR and BoC’s digitalization programs.

“Please make sure that that’s up to date because apparently, (cyberattacks are) getting more and more prevalent,” Mr. Dominguez said.

Even before the pandemic, Mr. Dominguez instructed the DoF and attached agencies to ramp up digitalization programs. Local government units were also told to digitize tax processes as their share of national taxes increase this year.

The BIR is working on nearly 50 digitalization projects, most of them involving making tax payments easier.

About 94% of tax returns were filed electronically in 2020, from 43% in 2015.

Electronic payments made to the bureau exceeded four million transactions in 2020, more than doubling the 1.91 million in 2015.

Mr. Dominguez’ call for stronger cybersecurity is a response to recent cyberattacks.

The National Bureau of Investigation last month said they caught five people involved in the hacking of more than 700 BDO Unibank, Inc. accounts in December.

The bureau is also investigating the alleged phishing scam that stole funds from the Land Bank of the Philippines accounts of several teachers.

Last week, the Bankers Association of the Philippines and the Department of Justice launched an anti-cybercrime partnership on information sharing and training, as losses from bank fraud during the pandemic hit P1 billion. 

In 2020, Mr. Dominguez also asked DoF bureaus and government financial institutions such as state-run pension fund and insurance agencies to come up with a cost-effective cybersecurity strategy to protect against data breaches. — J.P.Ibañez

NEDA prepares long-term innovation plan

PHILIPPINE STAR/EDD GUMBAN

THE COUNTRY’S long-term innovation plan will be launched within 2022 as the government aims for upper middle-income status, the National Economic and Development Authority (NEDA) said.

“(The) National Innovation Council (NIC) is now developing the National Innovation Agenda and Strategy Document (NIASD) to be launched within the year,” NEDA said in a press release on Monday. “This document will establish the country’s 10-year vision, long-term goals, agenda, and strategies related to innovation.”

The NIC, which held its first meeting on Feb. 4, was set up under a 2019 law designed to support research and enterprises geared towards developing “innovative solutions.”

Socioeconomic Planning Secretary Karl Kendrick T. Chua told the NIC in its first meeting that it should help raise the country’s economic productivity.

“Higher productivity will allow us to graduate from our current low middle-income country status to upper middle-income country status by the end of 2022, and high-income country status in one generation. For the Filipino people, it means living without poverty and having equal opportunities to succeed,” he said.

According to the World Bank, upper middle-income economies are those that have gross national income per capita of $4,096-$12,695.

“A strong economic foundation built on inclusive innovation will be crucial in raising overall productivity and bringing prosperity to the people,” Mr. Chua said. “The Philippine Innovation Act provides us with a window of opportunity to achieve this objective by creating a culture of futures planning and funding innovative solutions.”

Under the implementing rules of the law known as the Philippine Innovation Act or Republic Act No. 11293, the strategy document will align innovation policies and projects across government agencies and local government units. 

The document will also roll out strategies for innovation programs that target the poor, use public-private partnerships, support higher education, and commercialize intellectual property. It will also include innovation priority areas, strategies and sources of funding.

NEDA said the document will be developed through workshops among the council’s member agencies and other stakeholders.

The council, which has 25 members from the public and private sectors, is chaired by the president of the Philippines, while the NEDA head serves as vice-chairperson.

Last year, the Philippines slipped one spot to 51st place out of 132 economies on an annual list that measures innovation performance, after the country’s information technology infrastructure scores fell. The country’s performance in the Global Innovation Index hit its highest rank so far in 2020 after it made the top 50.

Despite the drop, the report said the Philippines is one of several middle-income economies that are “changing the innovation landscape.” The country improved under human capital and research and knowledge and technology output indicators, while business sophistication and creative output rankings slipped.

All government agencies and local government units are required by the Philippine Innovation Act to comply with the strategy document developed by the council. — Jenina P. Ibañez

AyalaLand Logistics buys Batangas industrial asset

AYALALAND Logistics Holdings Corp. (ALLHC), through its subsidiary, bought a ready-built facility and land in Batangas for a total of P1.24 billion, inclusive of value added tax.

ALLHC’s unit Ecozone Power Management, Inc. (EPMI) inked a deed of absolute sale to acquire a 64,000-square meter (sq.m.) ready-built facility from Sheng Long Property Management, Inc. along with the 96,980 sq.m. plot of land the facility was built on from Aibis Land Management, Inc.

“EPMI will assume ownership of the existing ready-built facility and will continue its operation under the ALLHC Group’s warehouse leasing brand, ALogis,” the company told the exchange on Monday.

The facility will be renamed “ALogis Sto. Tomas” as it is located within the Light Industry & Science Park (LISP) III in Sto. Tomas, Batangas. The park may be accessed through the South Luzon Expressway (SLEx) from Manila and the Southern Tagalog Arterial Road (STAR Tollway) from Batangas City.

ALogis Sto. Tomas is the ALLHC group’s first industrial property in Batangas. The company said it has accreditation from the Philippine Economic Zone Authority and currently houses companies in the manufacturing and logistics industries.

“This transaction strengthens ALLHC’s vision to be the leading real estate logistics and industrial parks developer and operator in the Philippines,” ALLHC said.

The company previously said it is targeting to be present in 10 “key areas” across the country. Aside from Batangas, it is present in Manila, Laguna, Cavite, Pampanga, and Laguindingan in Northern Mindanao.

ALogis Sto. Tomas expanded ALLHC’s warehouse gross leasable area (GLA) to 288,000 sq.m. from 224,000 sq.m. The company wants to have a GLA of 500,000 sq.m. by 2025.

ALLHC shares on Monday declined 4.04% or 22 centavos, closing at P5.23 apiece. — Keren Concepcion G. Valmonte

Figaro unit posts record profit as delivery sales rise

FIGARO COFFEE FACEBOOK PAGE

FIGARO Coffee Group, Inc.’s (FCG) wholly owned subsidiary Figaro Coffee Systems, Inc. (FCSI) logged record profit and revenues due to the uptick in pizza delivery sales and the group’s store expansion.

FCG is a food holding company that owns Figaro Coffee, Angel’s Pizza, Tien Ma’s Taiwanese cuisine, The Figaro Group (TFG) Express, and Café Portofino. FCSI operates and/or franchises the brands’ retail restaurants.

In a disclosure to the exchange on Monday, Figaro said FCSI’s unaudited net income before tax surged nearly three times or 274% to P424.6 million in 2021 from P155.1 million the previous year.

Meanwhile, FCSI’s unaudited revenues in 2021 totaled P2.01 billion, climbing 253% from 2020’s P749 million. Its gross margins also improved to 65% in 2021 from 59% previously.

“This was brought about by the surge in the delivery sales of Angel’s Pizza and the net opening of 18 stores for the year 2021,” Figaro said.

The launch of 18 more stores in 2021 brought FCG’s store count to 108 stores, 20% more than the 90 stores it had in 2020. The company said it was “an all-time record of the number of store openings in a single year.”

As of Jan. 21, the group’s store network stood at 109 stores, including 56 Figaro Coffee shops, 39 Angel’s Pizza outlets, seven TFG Express outlets, six Tien Ma’s Taiwanese cuisine restaurants, and one Café Portofino outlet.

Figaro announced on Friday that it was planning to open five more Angel’s Pizza outlets in the first quarter this year. The new stores will be located in Lipa in Batangas, Ortigas Center’s Hanston Building, Cebu City, Calamba in Laguna, and in Bonifacio Global City’s Avida Towers Cityflex.

The company listed on the Philippine Stock Exchange in late January, raising P767 million. It plans to use a portion of its proceeds to open 29 Angel’s Pizza stores, six TFG Express outlets, five Figaro Coffee shops, and one Tien Ma’s Taiwanese cuisine restaurant.

Figaro aims to have 150 system-wide stores by the end of this year and over 300 system-wide stores by the end of 2029.

On Monday, Figaro shares at the stock exchange went up 5.88% or five centavos to close at 90 centavos per share. — Keren Concepcion G. Valmonte

PNOC-EC seeks partners to explore offshore Palawan area

STATE-LED PNOC Exploration Corp. (PNOC-EC) is looking for partners to explore thousands of offshore square kilometers in Northwest Palawan, it said in an invitation posted on its website on Monday.

In the “farm-in” invitation, the company identified the exploration site as covered by Service Contract (SC) 57. The Energy department previously defined a farm-in contract as a “transfer of rights and obligations agreement.”

PNOC-EC said it had been awarded by the department a 100% interest in the service contract, or an agreement in which the government grants exclusive right to explore, develop or utilize the resources in a particular area.

SC 57 covers 7,120 square kilometers in offshore Northwest Palawan, about 50 kilometers northwest of Busuanga.

The company named Executive Order No. 80 series of 2019 and under Department of Energy (DoE) Circular DC2020-02-0006 as the legal basis on the offer. The circular states that all minerals, petroleum, and other mineral oils owned by the state should be under full control and supervision of the state.

BusinessWorld has reached out to the DoE regarding the notice, but has not immediately received a response.

The invitation to farm-in is being offered in two options: as an operator for the 40% participating interest and as a partner for the 30% participating interest both in SC 57. This will leave the government’s exploration company with a 30% stake in the service contract.

Interested parties can submit their Letter of Intent to PNOC-EC until Feb. 17, while the deadline for submission of proposals is on April 12 at 12 noon. PNOC-EC has the right to reject proposals. — Marielle C. Lucenio

AF Payments’ beep partners with four bus lines for QR ticketing

AF PAYMENTS, Inc., the firm behind tap-and-go payment system beep card, announced on Monday that its QR (quick response) code technology is going live in four bus lines covering several areas in the cities of Taguig, Makati, and Las Piñas, as well as the provinces of Cavite, Laguna, and Bulacan.

The bus lines are BGC Bus, TAS Trans, Precious Grace Transport Services, and San Agustin Transport, AF Payments said in an e-mailed statement.

The beep QR is AF Payments’ QR code-based ticket that passengers scan before boarding a bus instead of using a beep card or a regular ticket.

The company has partnered with GCash to allow commuters to generate their own prepaid beep QR ticket “anytime anywhere, thereby eliminating the need to line up to buy tickets in select routes.”

“To do this, simply open your GCash app, tap GLife, and select ‘beep™’ from the list of partners. Select among the four bus operators, then choose your route, as well as starting and destination terminals. Your fare will automatically be computed,” it said.

“After reviewing the details, tap ‘Buy Ticket’ and complete your payment. Click on the Ticket History to view your QR ticket or take a screenshot, which you can scan on the reader at the bus terminal or upon entering the bus,” it added.

According to the company, it aims to enable growth and digital transformation in the transport sector to make progress “more inclusive and beneficial to more people” in the long run.

“We constantly evolve the beep payment solution not only to keep up with technology but, more importantly, to help improve the quality of life of Filipinos. With QR, we are empowering commuters to take back a fraction of their time usually spent lining up,” said Sharon Fong, chief commercial officer of AF Payments.

The company introduced its QR ticketing in 2019. It was initially designed to replace the manual validation of paper tickets. “But now, in this evolving pandemic situation, QR technology offers a safer alternative to help the commuting public observe health protocols,” Ms. Fong said.

“AF Payments, Inc. will continue to actively roll out QR payment in other transportation networks like EDSA buses and modern jeepneys all over the country. We wish to replicate the system across the country through collaborations with businesses,” she added.

AF Payments is a joint venture of Metro Pacific Investments Corp. (MPIC) and Ayala Corp. that develops contactless payment solutions.

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

Nike cries foul over virtual shoes, suing retailer that sells sneaker NFTs

WU YI-UNSPLASH

SNEAKER giant Nike sued online reseller StockX in New York federal court last week for selling unauthorized images of Nike shoes, marking the latest lawsuit over digital assets known as non-fungible tokens (NFTs).

Nike said StockX’s NFTs infringe its trademarks and are likely to confuse consumers. Its lawsuit asked for unspecified money damages and an order blocking their sales.

Detroit-based StockX, a platform for reselling sneakers, handbags and other goods, was valued at more than $3.8 billion last year.

A representative for the company did not respond to a request for comment, nor did Nike or its attorneys.

Nike said StockX last month began selling unauthorized NFTs of its sneakers, telling buyers they would be able to redeem the tokens for physical versions of the shoes “in the near future.”

The complaint said StockX has sold over 500 Nike-branded NFTs. The lawsuit said complaints about the NFTs’ “inflated prices and murky terms of purchase and ownership” and buyers’ doubts about the legitimacy of StockX’s model have hurt Nike’s business reputation.

Nike said it will release “a number of virtual products” later this month in conjunction with the digital art studio RTFKT, which it acquired in December.

NFTs have recently exploded in popularity, and lawsuits over them have begun to hit US courts. Miramax sued director Quentin Tarantino in November over his plans to auction NFTs related to the 1994 film Pulp Fiction, which he directed and the studio distributed.

Last month, Hermes sued artist Mason Rothschild over his “MetaBirkin” NFTs of the French company’s Birkin bags. — Reuters

PHL demand for cold storage facilities heating up

PHILIPPINE STAR/ MICHAEL VARCAS

By Keren Concepcion G. Valmonte, Reporter

DEMAND for cold storage facilities in the Philippines is expected to continue growing this year, as companies need space to store coronavirus disease 2019 (COVID-19) vaccines and food imports.

KMC Savills Senior Director for Industrial & Logistics and Transactions & Advisory Services Karen Golez said cold chain facilities, along with data centers, will be “game changers.”

“This [poses] a challenge for developers to build better quality specs of warehouses that will cater to sustain the appetite from these industries,” Ms. Golez said in an e-mail on Jan. 19.

JLL Philippines said more investments are needed in the sector, noting that the Philippines is lagging behind other Southeast Asian countries.

“Due to the limited cubic meter of space, [the] cost to rent these facilities are high. Restriction of ammonia versus refrigerant also affect [the] cost,” JLL Philippines Head of Capital Markets P. Ryan Isip told BusinessWorld in a separate e-mail on Jan. 12.

Building large cold storage facilities would help improve efficiency, and lower electricity costs, Mr. Isip said.

Most of the existing facilities are owned by companies that they use for their own products. There are a limited number of third-party cold storage facility providers, he added.

KMC Savills’ Ms. Golez said the country’s cold storage market remains fragmented, with only a handful of small players.

“However, it may [become a consolidated industry] as more international players participate and merge with the local ones to fulfill the sophisticated demand requirements, especially the need for advanced technologies and larger facilities,” Ms. Golez said.

Meanwhile, Colliers Philippines is expecting the industry to further expand within the next 12 to 36 months, thanks to demand from the booming e-commerce companies and the need to store COVID-19 vaccines.

“This is one sub-segment of the industrial sector we see expanding in the near to medium term. More investments are also needed to bridge [the] supply gap especially in areas outside Metro Manila,” Colliers Philippines Associate Director Joey Roi H. Bondoc said in an e-mail on Jan. 7.

JLL Philippines’ Research Manager Karisse N. Garcia said there may be  a need for more cold storage facilities as the pandemic continues.

“Cold chain’s role in the handling of vaccines and other pharmaceutical items is also evident and more spaces may be needed, especially with the Philippines in full gear in combating the pandemic,” she said.

The long-term growth of the industry is expected to be sustained by the demand from food and beverage companies.

JLL Philippines’ Ms. Garcia said the establishment of more cold storage facilities can help stabilize food prices and ensure food security.

“However, post-pandemic, there might be a bit of lower, but sustainable, growth to be driven by the growing e-commerce for food and other perishable goods as part of the next normal,” KMC Savills’ Ms. Golez said.

The Cold Chain Association of the Philippines earlier projected an 8-10% annual growth for the industry over the next five years.

SMIC gets go signal to offer P15-B fixed-rate retail bonds

SM Investments Corp. (SMIC) on Monday said the Securities and Exchange Commission (SEC) has issued the company a certificate of permit to offer securities for sale for the offer and issuance of its P15-billion fixed-rate bonds.

The P15-billion offer comprises a P10-billion base offer with an oversubscription option of up to P5 billion.

In a disclosure to the exchange on Monday, SMIC set interest rates for Series I three-year retail bond due in 2025 at 3.5915% and for Series J five-year retail bond due in 2027 at 4.7713%.

This is the second tranche of the company’s P30-billion shelf-registered debt securities program. An initial P10-billion tranche was issued in October last year.

SMIC said the second tranche bonds will be offered through its underwriters until Feb. 11 and will be issued on Feb. 18.

Proceeds from the P15-billion fixed-rate bond issuances will be used to fund the company’s existing debt obligations and for general corporate purposes.

SMIC shares on Monday went down 2.71% or P26.50, closing at P950 per share. — Keren Concepcion G. Valmonte

LRMC: First phase of LRT-1 Cavite Extension nearly 68% complete

LIGHT RAIL Manila Corp. (LRMC), the private operator of Light Rail Transit Line 1 (LRT-1), announced on Monday that the first phase of its 11.7-kilometer Cavite Extension project is now nearly 68% complete.

The P64.9-billion LRT-1 Cavite Extension project, a public-private partnership venture that the National Economic and Development Authority board approved in November 2013, aims to add an 11.7-kilometer Baclaran-Bacoor, Cavite segment to the current 18.1-kilometer train line. The new stretch will have eight stations.

The first phase of the extension consists of a seven-kilometer stretch with five stations between the Redemptorist Church area in Baclaran and Dr. Santos Ave. in Parañaque.

“Percentage completion rate for Phase 1 has already reached 67.5% as of end-December 2021,” the company said in an e-mailed statement.

The viaduct of the first phase of the project has been completed. The first phase is expected to be completed by late 2024 or early 2025.

The entire Cavite Extension is expected to be fully operational by the second quarter of 2027.

Once completed, the entire line’s daily riders are expected by the Transportation department to increase to 800,000 passengers from 500,000, and Baclaran-Bacoor travel time to be cut to 25 minutes from up to two hours.

“LRMC, together with Bouygues Travaux Publics as the Engineering Procurement, and Construction (EPC) contractor, started the civil works in September 2019 and installed pi-girders (chief horizontal support in a structure) covering the entire stretch of Dr. A. Santos Station until Redemptorist Station,” the company noted.

“Now that the viaduct has been completed, electromechanical works (the laying of the rails and the installation of the electrical system) and the construction of the stations are set to begin.”

The company also said that it invested nearly P25 billion for system rehabilitation and for the Cavite Extension. It took over LRT-1 operations in 2015.

LRMC is the joint venture of Ayala Corp., Metro Pacific Light Rail Corp. and Macquarie Infrastructure Holdings (Philippines) Pte. Ltd.

Metro Pacific Investments Corp. is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Unintended consequences

By Michelle Anne P. Soliman, Reporter

Tv Review
All of Us are Dead
Directed by Lee JQ and Kim Nam-su
Netflix

THERE is a good reason behind every bold decision, and often there are unforeseen consequences — and in the world of science fiction, these consequences can be horrendous. In the Korean series All of Us are Dead, a father only hoped that his son would develop self-defense skills and stand up to his bullies. But the son, and soon everyone else, became a monster instead.

Directed by Lee JQ and Kim Nam-su, All of Us are Dead is based on a webtoon of the same title written by Joo Dong-geun.

In both series and webtoon, Hyosan high school is ground zero of a mysterious and highly contagious virus that turns the infected into zombies. As it spreads throughout the city, the authorities declare a state of emergency, placing the city under lockdown. A group of students — On-jo (played by Park Ji-hu), Cheong-san (Yoon Chan-young), Nam-ra (Cho Yi-hyun), Su-hyeok (Lomon) — are trapped in school and struggle to remain alive.

According to Netflix’s website, www.top10.netflix.com, as of Feb. 2, the Korean zombie show recorded approximately 124.79 million viewing hours within three days of its release on Jan. 28. The series ranked in Netflix’s Top 10 in 62 countries including the USA, Canada, Brazil, Greece, Russia, Spain, and Italy.

This writer’s exposure to the zombie genre is, admittedly, limited. I have seen Marc Forster’s film adaptation of World War Z (2013), Yeon Sang-ho’s Train to Busan (2016), and Zack Snyder’s Army of the Dead (2021). All of Us are Dead is my introduction to a full zombie series, and despite its violence and goriness, it was an enjoyable binge-watch.

The series opens on a rainy evening at a rooftop where a group of male high school students are violently bullying another student. When he fights back, he accidentally falls off the building. He should have died, but in the next scene he regains consciousness — he is a zombie.

Over the series’ 12 episodes, the audience learns that Lee Byeong-chan (Kim Byung-chul), a former researcher at a pharmaceutical company, is now a science teacher at Hyosan High school where his son, Lee Jin-su (Lee Min-goo) is a student.

Because his son is constantly bullied and the faculty is complacent about the situation, Byeon-chan created a strength-developing virus which he injected into his son. Unfortunately, it turned out to be a zombie virus with the infected taking two forms: monstrous flesh-eating corpses and the conscious, physically stronger, and insatiably hungry type.

As the virus spreads in the school, the audience follows a group of students navigating the zombie-surrounded corridors in search of safe spaces.

There is a bigger problem: the zombie virus spreads throughout the city after an infected student was taken for an autopsy. The student wakes up and begins attacking the nurses, patients run for their lives, and the infected break out from the hospital.

The outbreak in the series happens within three days. The one hour running time of the majority of the episodes and the various storylines make it feel like it has been ongoing for weeks.

Aside from following the plight of the students in school, other storylines involve the military and the commander in a quarantine facility, an assemblywoman held in quarantine, a firefighter trying to rescue his daughter at the school, and a policeman who interrogates the science teacher and ends up rescuing the children and the injured. The various storylines outside those at the school made it quite hard to keep up with developments.

The series is packed with adrenaline-pumping scenes — like a chase atop the bookshelves in the library — and true nail-biters.

Despite the series setting in a high school, all the scenes of bullying, violence, and killing are not suitable for a young audience. The show is also not recommended for the faint-hearted as there are very heartbreaking scenes and deaths. I would tear up every time an emotional scene between parents and child would come up.

The story paints a picture of society in terms of the struggle for survival, where the decisions on what must be prioritized in a crisis can challenge morals.

It also presents themes of selfless love and sacrifice, mainly through the teachers and parents. It is also a coming-of-age story as the children are left to carry on with their lives.

Science fiction is littered with tales of unintended consequences, when a creation intended for good can grow into something destructive. All of Us are Dead is another addition to the extensive list that includes everything from Mary Shelley’s Frankenstein to HBO’s Westworld. Despite efforts to mitigate its negative effects, the damage is done.

All of Us are Dead is streaming on Netflix.

High land prices drive warehouses out of Metro Manila

RESIDENTIAL property firms are competing with warehouse developers for limited land within Metro Manila, Leechiu Property Consultants (LPC) said.

This has pushed land prices higher in Metro Manila, forcing developers to look for warehouse spaces in nearby areas such as Laguna, Bulacan, Cavite, and Rizal.

“What used to be industrial locations like Pasong Tamo Extension, Pioneer, C-5, C-6, wherever — land has become so expensive, it’s driving warehouses out to places that were not accessible before,” LPC Chief Executive Officer David T. Leechiu said in a briefing on Thursday.

However, the real estate consultancy firm said this is only “temporary” and is warehouses will move to other places in the next five to six years.

“That is a temporary migration because very soon, the residential market will compete for the use of those lands and [warehouses] will have to move further out,” Mr. Leechiu said.

Land prices in areas such as Nuvali in Laguna are also becoming more expensive.

Mr. Leechiu noted that some commercial lots in the area are now priced at over P110,000 per square meter. Soon, warehouse locators taking up hectares of land will realize taking up that much space for the price “doesn’t make sense.”

“There’s an inflection point when that’s going to happen when the movement of prices go up because of the improvement of per capita income in the Philippines and the need and the affordability to be able to have the warehouse 20 minutes out versus two hours out,” Mr. Leechiu said. — Keren Concepcion G. Valmonte

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