Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 6858

Razon to ‘vigorously oppose’ Global Gaming in NY lawsuit

ENRIQUE K. Razon, Jr. will “vigorously oppose” Global Gaming Asset Management (GGAM) Philippines in a lawsuit filed against the billionaire businessman in a New York (NY) federal court earlier this week, a listed company chaired by him said on Wednesday.

“Mr. Razon (and the companies associated with him) will vigorously oppose this shameless GGAM forum shopping and attempt to enforce an arbitral award against those who are not a party to the arbitration,” Bloomberry Resorts Corp. said in a disclosure to the stock exchange.

GGAM sued Mr. Razon for allegedly illegally withdrawing from an agreement to operate the Solaire Resort and Casino. It seeks to enforce a $296.6-million arbitral award against two companies under Mr. Razon’s Bloomberry, namely: Bloomberry Resorts & Hotels, Inc. and Sureste Properties, Inc.

Bloomberry said the arbitral award is still facing an appeal at the Singapore Court of Appeals.

“This is in addition to a court case in the Regional Trial Court (RTC) of Makati City, Philippines which issued a writ of attachment and writ of preliminary injunction against the shares in [Bloomberry] that GGAM was trying to sell while arbitration was pending,” it said.

The company said that RTC’s attachment and injunction issue was lifted by GGAM and is also pending in the Philippine Supreme Court.

Bloomberry also cited a suit filed by GGAM against Mr. Razon in Hong Kong, where GGAM “dragged” the businessman to a case against Deutsche Bank. It said the move was done to pressure the release of GGAM from its shares in Bloomberry, which were cited in the RTC attachment and injunction.

“GGAM had to ask the Hong Kong court to suspend the proceedings because of the subsisting Philippine court actions,” Bloomberry said.

Bloomberry said GGAM “had to pay the cost.”

“The Hong Kong court considered GGAM’s implicating Mr. Razon there unwarranted,” the company said.

On Wednesday, shares in Bloomberry inched up 0.87% to close at P6.96 each. — Keren Concepcion G. Valmonte

SEC issues clarification on mandatory grace period for loan payments

THE Securities and Exchange Commission (SEC) said the amended guidelines issued by an interagency task force do not extend the grace period on loan payments set under a law to combat the pandemic.

The corporate watchdog released the advisory to clarify the non-extension of the moratorium on loan payments to financing companies (FCs), lending companies (LCs), and microfinance nongovernmental organizations (MF-NGOs) falling due within the enhanced community quarantine (ECQ) period.

“The amended guidelines issued by the Inter-Agency Task Force on Emerging Infectious Diseases does not extend the 30-day grace period mandated by the Bayanihan to Heal As One Act during the ECQ period from March 29 to April 4 [this year],” the commission said in an advisory dated on March 30.

Republic Act No. 11469 or the Bayanihan to Heal As One Act provides a provision on a 30-day grace period for the payment of loans to FCs, LCs, and MF-NGOs.

The SEC clarified that the mandatory grace period under the law only covers dates from March to May of last year.

However, the commission encouraged lending facilities to give the borrowing public due consideration because of the pandemic’s impact.

“The SEC strongly encourages FCs, LCs, and MF-NGOs to continue implementing debt relief measures such as lowering of interest rates, waiver of reduction of penalties, charges and other fees, payment holiday, debt consolidation, extension of loan terms, and provision of flexible payment schedules… based on the continuing assessment of their cash flows,” the corporate regulator said.

Debt relief requests shall be given to the concerned FC, LC, or MF-NGO.

The SEC said accredited FCs, LCs, and MF-NGOs under Republic Act No. 106903 or the Microfinance NGOs Act have been given regulatory relief measures by the commission and other related regulatory authorities to give allowance for their continuous service amid the pandemic.

“The SEC will also consistently and closely monitor the impact of the pandemic on FCs, LCs, and MF-NGOs to immediately implement policies that shall sustain the regulated entities’ operations and assist in their economic recovery,” the commission said. — Keren Concepcion G. Valmonte

Ayala says debt program to pay loans, fund capex

AYALA CORP. will use the net proceeds from the P6-billion first tranche of its proposed debt securities worth up to P30 billion to repay short-term loans and to fund its capital expenditure.

According to the prospectus Ayala sent to the Securities and Exchange Commission on Tuesday, some P4.9 billion will be used to finance the repayment of its peso-dominated obligations or short-term loans and will be disbursed by the second quarter of 2021.

Around P1 billion will be allocated for its capital expenditure (capex), which will be disbursed in the third and fourth quarter of the year.

The remaining balance from the net proceeds will be used to fund general corporate purposes.

The debt securities program is expected to bring net proceeds of P5.9 billion from the first tranche. Should the oversubscription option of P4 billion be exercised, the company said its net proceeds might reach P9.9 billion.

Assuming the oversubscription option is exercised, financing for the repayment for short-term loans will amount to P8.9 billion and the funding for the company’s capital expenditures will remain at P1 billion.

“Correspondingly, if the oversubscription option is partly exercised or not exercised at all, or net proceeds are less than the above total, Ayala will satisfy the balance of the above from internally generated funds and/or other credit facilities, which may include bank borrowings, as Ayala may consider commercially favorable at the relevant time,” the company said.

BPI Capital Corp. has been tapped to be the issue manager, joint lead underwriter, and bookrunner for the transaction.

BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp., and SB Capital Investment Corp. have been assigned as joint lead underwriters and bookrunners.

Ayala shares at the exchange declined by 1.6% or P12 to close at P740 on Wednesday. — Keren Concepcion G. Valmonte

Phoenix reports 20% drop in local volume sales

DENNIS A. Uy-led Phoenix Petroleum Philippines, Inc. said on Wednesday that local volume sales slid by 20% last year, with fourth-quarter sales cushioning the fall.

In a press release, Phoenix said that its domestic volume sales from October to December rebounded by 32% quarter on quarter, which “eased the firm’s full-year decline.”

Local sales of liquefied petroleum gas (LPG) rose 32% year on year against industry contraction, with the Visayas and Mindanao businesses sustaining double-digit growth.

“The Luzon business is still coming off from a low base but continues to grow and expand its distribution network,” Phoenix said.

The company described domestic LPG as well-positioned to capture opportunities in underpenetrated retail and commercial markets, and change consumer behaviors post-pandemic.

Phoenix, which has operations in Singapore and Vietnam, also reported that its full-year overseas volume rose to more than double. It noted that overseas LPG volume sold through Phoenix Gas Vietnam almost tripled as the country was able to quickly recover from the pandemic.

Phoenix said that it closed with a P63-million net income for full-year 2020. The firm added that its net income in the fourth quarter stood at P158 million, reversing prior losses.

“It was a strong finish to a challenging year,” Phoenix President and Chief Executive Officer Henry Albert R. Fadullon was quoted as saying.

“For this year, while vaccine developments are encouraging, the resurgence of the virus and the new rounds of lockdown may continue to dampen overall consumer confidence and industrial and commercial activities,” he added.

Mr. Fadullon said that the firm plans to accelerate its growth by “sweating its existing assets” and keeping a sharp focus on cost discipline.

Last week, Phoenix said that it is looking to maximize the value of its non-core assets after its board gave the green light to unload certain assets to help manage the firm’s debts.

Shares of Phoenix Petroleum in the local bourse inched down 1.05% or 12 centavos to finish at P11.28 apiece on Wednesday. — Angelica Y. Yang

SMC broadens food relief to cover Cavite, Laguna communities

SAN MIGUEL Corp. (SMC) will expand its ongoing food donation initiative in Metro Manila to include communities in the provinces of Cavite and Laguna, with total donations pegged at P11 million, it said on Wednesday.

SMC President and Chief Operating Officer Ramon S. Ang said in a statement that after delivering the first batch of food donations across local government units (LGUs) in Metro Manila, the company is looking to assist communities in the two provinces.

The donations are expected to benefit 19,500 families in the said areas and will consist of ready to eat products from SMC’s San Miguel Foods unit.

“While these stricter quarantine restrictions are necessary to curb the rising number of coronavirus disease 2019 (COVID-19) cases and reduce the strain on our health-care facilities and workers, for many people who earn a living on a daily basis, hunger is an issue. Putting food on the table is a constant worry, especially if you can’t work for days,” Mr. Ang said in the statement.

“Through these food donations, we hope to be able to help LGUs address the needs of vulnerable communities, and hopefully, help people to remain safe in their homes,” he added.

SMC initially donated 86,400 pieces of canned goods seen to benefit 17,280 families across Metro Manila LGUs, and 148,000 NutriBun packs to soup kitchens, hospital frontliners, and villages under granular lockdown in Pasig City.

“We will continue to work with the LGUs to assess the needs of vulnerable communities in their areas and look at what other assistance we can provide,” Mr. Ang said.

In 2020, SMC distributed P516 million worth of food donations under its COVID-19 response initiative. It also distributed hospital equipment, testing kits and machines, personal protective equipment, and other assistance to medical frontliners.

“The important thing is we stay at home, we keep safe so we can reduce the number of COVID-19 cases our medical frontliners have to take care of,” Mr. Ang said. — Revin Mikhael D. Ochave

GMA Network to buy Moderna vaccines for employees, talents

LISTED MEDIA company GMA Network, Inc. announced on Wednesday that it would buy doses of coronavirus vaccines from biotechnology company Moderna for its employees and talents.

“GMA is providing free COVID-19 vaccines for its employees and talents,” the media company said in an e-mailed statement.

It said its vaccination program covers regular and probationary employees, project employees, and exclusive talents on a “voluntary basis.”

GMA Network Chairman and Chief Executive Officer Felipe L. Gozon said, “Ensuring the health and well-being of our (employees) is our utmost priority as we truly value our people as our best assets.”

“As a result, this vaccination coverage will enable us to continue (our public service), as we all strive to win against this pandemic,” he added.

On Monday, President Rodrigo R. Duterte said he would allow private companies to import coronavirus vaccines because of the slow rollout of the government’s vaccination program.

To recall, the Philippine Chamber of Commerce and Industry (PCCI) on March 17 called on the government to let the private sector import and buy coronavirus vaccines “directly” from accredited sources “without conditions.”

According to the business group, the private sector should be allowed to buy and import vaccines for their employees and their families “tax-free.”

“This will reduce pressure from the government, which has a limited budget to inoculate all or even 70% of the population,” the group said. — Arjay L. Balinbin

EDC turns over P4-M electrification fund to Negros electric coop

ENERGY Development Corp. (EDC) said it had remitted P4.16-million electrification funds to the Negros Oriental 1 Electric Cooperative, Inc. (NORECO 1) to benefit the community hosting the Lopez-led company’s facilities.

In a press release issued late Tuesday, the company said the fund transfer is part of its mandate to turn over a portion of its earnings to its host community in Negros Oriental, where the 222.5-megawatt (MW) Southern Negros geothermal facility and EDC unit Green Core Geothermal, Inc. (GCGI) are located.

The electrification fund is called for under Energy Regulations (ER) No. 1-94, a government policy that requires firms to share one centavo per kilowatt-hour (P0.01/kWh) from their total electricity sales to host communities.

Some P0.005 kWh of the electricity sales will go to the host’s electrification, which will be remitted to the distribution utility servicing the area. The utility will then open a trust account, and administer the fund.

“We are grateful for the generosity of EDC and GCGI and for the fast delivery of these benefits. This is a big help in funding crucial projects in our areas,” said NORECO 1 General Manager Jose Jovileo D. Acabal was quoted as saying.

Meanwhile, Norreen G. Bautista, head of EDC’s corporate social responsibility team in Negros, said that the direct reimbursement of the ER 19-4 benefits allows the firm to “forge a stronger partnership” with the communities.

EDC’s geothermal facilities in Valencia, Negros Oriental, have been running for almost 38 years.

The company has a total installed capacity of over 1,480 MW, which accounts for 20% of the country’s installed renewable energy capacity. — Angelica Y. Yang

Gov’t may have to extend strict lockdown

By Kyle Aristophere T. Atienza and Vann Marlo M. Villegas, Reporters

THE GOVERNMENT should extend a week-long strict lockdown that ends on April 4 to ease the load on hospitals in Manila, the capital and nearby cities and provinces amid a fresh surge in coronavirus infections, according to an expert.

“As long as there are patients who die because hospitals are full, we need to step back and provide options to reduce transmission and increase hospital capacity,” Teodoro J. Herbosa, a pandemic adviser to the government, told a televised news briefing in mixed English and Filipino on Wednesday.

He said extending the enhanced community quarantine would improve the situation in the capital region, where hospitals and their emergency rooms were full.

Mr. Herbosa, who also serves as the executive vice president of the University of the Philippines, said the lockdown — one of the strictest and longest in the world — should be coupled with public health measures such as testing, isolation and contact tracing.

Otherwise, lockdown efforts will have been wasted, he said, noting that a week was needed to lower the virus reproduction rate.

Health Undersecretary Leopoldo J. Vega on Wednesday expressed alarm over the “worrying” situation of hospitals in Metro Manila. Bed occupancy for coronavirus patients had reached a moderate risk level, he told an online news briefing.

Mr. Vega, who is the country’s treatment czar, said intensive care unit (ICU) beds for coronavirus patients in the cities of Quezon, Taguig, Makati and Navotas had reached a “highly critical level.”

The challenge for hospitals now is to convert ordinary wards into ICU rooms, where moderate and severe cases can be managed, he said. They should also accommodate as many coronavirus patients as they can, he added.

Mr. Vega said the government had hired 9,000 more health workers to boost the country’s pandemic response. About 3,000 were deployed to hospitals in Metro Manila, he added.

He also said the command center responsible for referring patients to hospitals had been receiving an average of 399 calls daily, or almost four times the number last year.

CASE TALLY
The Department of Health (DoH) reported 6,128 coronavirus infections on Wednesday, bringing the total to 747,288. It was lower than Monday’s record tally of 10,016 cases. 

The death toll rose by 106 to 13,297, while recoveries increased by 491 to 603,746, it said in a bulletin.

There were 130,245 active cases, 95.8% of which were mild, 2.6% did not show symptoms, 0.6% were critical, 0.6% were severe and 0.38% were moderate.

The agency said 21 duplicates had been removed from the tally, while 47 recovered patients were reclassified as deaths. Six laboratories failed to submit data on March 30.

About 9.5 million Filipinos have been tested for the coronavirus as of March 29, according to DoH’s tracker website.

The coronavirus has sickened about 128.9 million and killed 2.8 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization. About 104 million people have recovered, it said.

Meanwhile, Senator Juan Edgardo M. Angara cited the need to boost hospital bed capacity after reports of coronavirus disease 2019 (COVID-19) patients being turned down.

“The current surge in cases of COVID-19 and its new variants has given us a rude awakening as to how much more we have to go to strengthen our health system,” he said in a statement.

“We must start to ramp up the capacities of our hospitals so that every Filipino who needs medical attention will get the care they deserve,” he added.

Also on Wednesday, Health Undersecretary Maria Rosario S. Vergeire said two quarantine facilities in Metro Manila had been reopened.

Rizal Memorial Coliseum, which has 97 beds, and the Ninoy Aquino Stadium, which has 127 beds, had been reopened earlier this month, she told an online news briefing.

The Quezon Institute, which has 112 beds, will be reopened on Monday. These facilities were closed after the infection rate eased in the past months.

Ms. Vergeire also said they were in talks with some hotels to turn them into quarantine facilities.

Bed occupancy was at 46.5% nationwide and 65.2% in Metro Manila as of March 29, according to DoH’s tracker website.

Seriously ill people to be prioritized for vaccines

The GOVERNMENT will prioritize people aged 18 to 59 years with serious illnesses for vaccination against the coronavirus, according to a memo issued by the Department of Health (DoH).

Under the memo dated March 30, these illnesses include chronic respiratory, cardiovascular, chronic kidney, cerebrovascular, chronic liver and neurologic diseases, hypertension, malignancy, diabetes, obesity and immunodeficiency.

Affected people should present a medical certificate, medical prescription, hospital records such as discharge summary and medical abstract, or surgical and pathology reports issued in the past 18 months.

People with autoimmune diseases, human immunodeficiency virus, cancer/malignancy, transplant and bed-ridden patients, and those undergoing steroid treatment must get a medical clearance before getting vaccinated, according to the memo.

Patients with hypertensive emergencies will not be vaccinated and must be referred to the emergency room. Vaccination will be rescheduled until their condition is controlled, DoH said.

Migrant Filipinos and other groups with legal residency status in the Philippines such as foreign nationals or diplomats will be included in the priority group they belong to, including senior citizens or those with serious illnesses.

About 670,000 people had been vaccinated as of March 29, presidential spokesman Herminio L. Roque, Jr. said on Tuesday. — Vann Marlo M. Villegas

Japan offers COVID-19 fund through UNICEF

The JAPANESE government has pledged P190 million to the United Nations International Children’s Emergency Fund (UNICEF) to support the Philippine’s coronavirus vaccination program.

In a statement, the UNICEF said the funding would  provide 147 health facilities in the country with vaccine cold rooms and solar refrigerators and 2,000 health facilities with temperature monitoring devices.

The amount will also help train more than 50 technicians to operate and maintain the facilities and equip 300 health staff with skills for their monitoring and use.

“The costs of the pandemic for children are immediate and, if unaddressed, may persist throughout their lives,” UNICEF Representative Oyunsaikhan Dendevnorov said in the statement.

“The availability and equitable distribution of vaccines is critical for putting an end to this global pandemic,” he added. — Vann Marlo M. Villegas

Private sector ready to buy more vaccines but no supply readily available — Concepcion

PRESIDENTIAL ADVISER for Entrepreneurship Joey A. Concepcion said the private sector is ready to buy more coronavirus vaccines but supply is not readily available at this time. 

“We’d love to do it, but no pharmaceutical company will be able to sell (to) you, especially today because there’s just a shortage of supply at this current time,” he said at the Kapihan sa Manila Bay event on Wednesday.

“I think the structure of the tripartite is the right structure and it should continue,” Mr. Concepcion said.

President Rodrigo R. Duterte, in a televised address on Monday, said he would allow the private sector to import “at will.” 

However, Secretary Carlito G. Galvez, Jr. who is heading the government’s vaccination program, on Tuesday clarified that private companies will still have to make their purchases through a contract with the manufacturer that involves the government. 

Presidential Spokesman Herminio L. Roque, Jr. also said on Tuesday that all authorized coronavirus vaccines in the country are under emergency use and not for commercial distribution. As such, companies must import vaccines under a tripartite deal because the state would shoulder the liability in case people get sick from the vaccines. 

Mr. Concepcion leads the Dose of Hope initiative, which helped procure 17 million doses of the AstraZeneca COVID-19 vaccine through tripartite agreements with the private sector and local governments. Among the doses bought by businesses, half would go to their employees and half would be donated to the government.

To speed up the inoculation process, the Philippine Chamber of Commerce and Industry had asked the government to allow the private sector to directly buy vaccines without restrictions and conditions.

Mr. Concepcion said that the structure of the tripartite agreements should continue to be used.

“We have a good model now for private sector to be part of the whole program of bringing vaccines together and it gives pharmaceutical companies a level of comfort.” 

Mr. Concepcion recently said the private sector has requested to channel its donations of AstraZeneca doses to smaller businesses in Metro Manila.

WORKERS
Meanwhile, the country’s largest labor coalition pushed for the mass vaccination of workers, citing the strategy taken by Indonesia of prioritizing the workforce to boost economic activities. 

The Trade Union Congress of the Philippines (TUCP), in a statement on Wednesday, said the government’s task force handling the coronavirus response should look into other Asian countries’ vaccination programs. 

“All workers, not just some, are really the most exposed sector to possible infection. Workers have to go to the streets, take public transportation, go to their respective factories, offices, malls and plantations and in the process of coming-and-going possibly become infected and become superspreaders,” said TUCP President Raymond C. Mendoza.

TUCP said the government should shoulder the vaccination cost for the majority of the country’s establishments which are micro, small, and medium enterprises while large-scale companies can cover their employees. 

“This kind of multi-sectoral approach involving government, doctors and scientists, business and labor is needed both for our health and the economy,” he said.

The government’s vaccination program has medical frontliners and senior citizens as top priorities.

The government aims to vaccinate up to 70 million Filipinos this year. — Jenina P. Ibañez and Gillian M. Cortez

Nationwide round-up (03/31/21)

Anti-corruption body to collaborate with agencies to develop tech vs red tape, graft

THE PRESIDENTIAL Anti-Corruption Commission (PACC) on Wednesday said it will work with several government agencies to ensure seamless transactions and prevent corruption. 

PACC Commissioner Greco B. Belgica, in a televised news briefing on Wednesday, said they will be working with the Budget department and the Development Academy of the Philippines to create a technology that would quell bureaucratic red tape.

He also said the PACC is already “drafting legislative proposals and recommendations to the Office of the President to really strengthen the fight against corruption.” 

He cited limitations in existing anti-graft laws, but did not elaborate on the planned revisions. 

Mr. Belgica said the Public Works department, Bureau of Internal Revenue, and Bureau of Customs are still the “most problematic” government agencies in terms of corruption. 

President Rodrigo R. Duterte has been naming public officials supposedly involved in graft during his weekly televised address. — Kyle Aristophere T. Atienza

Doctor backs Ivermectin as treatment for COVID-19

A DOCTOR on Tuesday urged the government to approve an anti-parasitic drug as treatment for coronavirus disease 2019 (COVID-19) even after national health agencies warned against its experimental use. 

In a House hearing on Tuesday evening, Allan A. Landrito of the Concerned Doctors and Citizens of the Philippines said he has conducted his own trials on ivermectin drugs among his patients. 

“For my success, (prevention) is 90% to 99%,” the doctor said, adding that he observed lesser hospital stay among his patients. 

Mr. Landrito said he administered the drug to 8,000 patients, of whom only “50 to 100 had watery stools, 10 with cramping, and a few with rashes.” 

In the same hearing, officials of the Department of Health and the Food and Drug Administration warned against the use of Ivermectin, which is unregistered for COVID-19 treatment. 

Local Ivermectin is sold as topical cream for human use and pills for veterinary use. No oral ivermectin pill for humans is authorized by the FDA. — Gillian M. Cortez

1...6,8576,8586,859...12,816Page 6,858 of 12,816
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube