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Solon wants probe on food delivery apps’ failure to give senior citizen discount

A LAWMAKER seeks to investigate the alleged non-compliance of food delivery app companies to providing a 20% discount to senior citizens.

In a statement on Friday, Deputy Speaker Bernadette Herrera-Dy said she filed House Resolution No. 1626 which calls for a probe in aid of legislation by an appropriate House committee on food delivery service providers violating Republic Act (RA) 9944 or the Expanded Senior Citizens Act of 2010.

“There is an increasing number of complaints from the senior citizens who could not avail of the 20% discount mandated by law for food deliveries using applications like Food Panda and Grab, among others,” she said in a statement on Friday.

The law states that seniors , or those at least 60 years old, are entitled to a 20% discount and exemption from paying value added tax for applicable goods and services from all establishments.

Food delivery service is covered under Section 3 of the law, which states, “For delivery orders, the 20 percent discount shall likewise apply subject to certain conditions, i.e. senior citizen ID card number must be given while making the order over the telephone.”

Non-compliance to the law warrant a penalty of P50,000 to P200,000 and imprisonment of two to six years, depending on the number of violations. — Gillian M. Cortez

DoubleDragon REIT sets final IPO price at P2.25

DDMP REIT, Inc. (DDMPR), the real estate investment trust of DoubleDragon Properties Corp., on Friday priced its initial public offering at P2.25 per share, the high end of its indicative pricing.

“We would like to notify the Philippine Stock Exchange (PSE) that the final offer price for the public offering of DDMPR is P2.25 per share,” DDMPR President Ferdinand J. Sia told the stock exchange.

The company has applied for the listing of some 17.83 billion common shares on the main board of the PSE. Of this, 5.94 billion common shares with an over-allotment option of nearly 594.25 million common shares will be offered to the public.

With the IPO priced at P2.25 per share, DDMPR is poised to raise P14.71 billion.

The offer period will run from March 10 to 16. DDMPR shares are tentatively scheduled to debut on the exchange on March 23.

This will be only the second real estate investment trust to be listed on the PSE, after Ayala Land, Inc.’s AREIT, Inc. which raised P13.6 billion from its IPO last year.

In November, the company said the majority of the proceeds from the sale would be poured as equity into CentralHub Industrial Centers, Inc.

DDMPR is working with joint global coordinators Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Nomura Singapore Ltd., and PNB Capital and Investment Corp. for the offering.

The company also named CIMB Investment Bank Bhd, Investment & Capital Corp. of the Philippines (ICCP), Macquarie Capital Securities (Singapore) Pte. Ltd., Maybank Kim Eng Securities Pte. Ltd., and RCBC Capital Corp. as the sale’s bookrunners. — K.C.G. Valmonte

7-Eleven operator rolls out cash-recycling ATMs in its Philippine stores

Philippine Seven Corp. (PSC) said it is targeting to install 320 cash-recycling ATMs in its 7-Eleven stores around the country within the first half of 2021.

PSC, the exclusive licensor of 7-Eleven in the Philippines, told the stock exchange it has already installed more than 30 cash-recycling ATMs in select convenience stores in Metro Manila last month.

Cash-recycling ATMs can accept cash deposits via high-speed bill readers and then dispense those same bills for withdrawals.

“There are few (cash-recycling ATMs) in the Philippines, because they are considerably more expensive than withdrawal-only ATMs. Seven Bank’s model of allowing several banks to share the ATMs so that more customers could use them without fees, and then installing them in a safe and convenient location like our stores made tremendous sense for us, which is why we have been wooing them for several years now,” PSC Chief Executive Officer Jose Victor P. Paterno said in a statement.

Once the 320 ATMs are installed, PSC said this would become part of the “largest cash-recycling ATM network” in the country.

The company said it is working with Pito AxM Platform, Inc. (PAPI), a Philippine subsidiary of Seven Bank, Ltd. of Japan (Seven Bank), on the roll-out of the ATMs.

PAPI has currently partnered with BDO Unibank, Inc. (BDO) for the project.

“BDO account holders can withdraw and perform balance inquiries free of charge from the ATMs in 7-Eleven stores and will soon be able to use the deposit function that is currently limited to 7-Eleven store cash only,” PSC said.

“Other bank account holders through BancNet can also do withdrawal and balance inquiry transactions subject to the ATM fees charged by their issuing banks,” the listed firm added.

Philippine Seven said PAPI is planning to expand the number of its partner banks.

“We have seen the increased demand for ATM access in the Philippines, especially under the current environment. By installing ATMs in 7-Eleven stores, we hope to make access to cash more convenient for numerous Filipinos and play our part in increasing financial inclusion,” PAPI president and director Tsuneo Nagashima was quoted as saying in a statement.

PSC operates 2,978 convenience stores in the Philippines as of Dec. 31, 2020.

PSC shares were unchanged at P98.55 apiece on Friday. — Angelica Y. Yang

Cebu Landmasters expands in 4 more cities in Visayas, Mindanao

Cebu Landmasters, Inc. (CLI) is expanding its economic housing brand to four more cities in the Visayas and Mindanao, after seeing a spike in demand amid the pandemic.

The listed real estate developer told the stock exchange it is launching a Casa Mira community in Dumaguete this month. Casa Mira communities will also be built in Ormoc, Puerto Princesa, and Davao City within the year.

“Many new residential seekers met that need by purchasing Casa Mira homes. As demand in other parts of the region continues to be largely unmet, we’ve made it our mission to roll out more Casa Mira projects in more VisMin cities to fill that gap,” CLI chief executive officer Jose R. Soberano III said in a statement on Friday.

The Casa Mira brand made up for 69% of CLI’s record reservation sales worth P14.23 billion during the height of the health crisis last year, higher than its usual contribution of 30%.

“We believe that an expansive mood and lessons learned from the pandemic–where homes in well-planned communities provided a safe haven–will drive Casa Mira forward for the balance of the year,” Mr. Soberano added.

Casa Mira communities include a clubhouse with multi-purpose halls, a chapel, a swimming pool, a basketball court, and a children’s playground.

There are currently ten Casa Mira communities with a combined development cost of P10.24 billion in in Cebu, Bacolod, Cagayan de Oro, Iloilo, and Negros Oriental.

Cebu Landmasters shares rose by 2.97% at the stock exchange on Friday, closing at P5.5 apiece. — Keren Concepcion G. Valmonte

Cebu Pacific taps local banks for P16-B loan

Cebu Air, Inc., operator of budget carrier Cebu Pacific, on Friday said its board approved a P16-billio, ten-year loan from local banks.

In a disclosure to the stock exchange on Friday, the company said that its board of directors approved the loan from state banks Development Bank of the Philippines and Land Bank of the Philippines, in partnership with private banks.

The private banks include Asia United Bank Corporation, Bank of the Philippines Islands, Metropolitan Bank & Trust Company, and Union Bank of the Philippines.

The loan will be used to fund the firm’s capital expenditures and other general corporate purposes.

“The loan will also provide a cushion against unexpected working capital requirements that may stem from fuel price and foreign exchange rate volatility,” Cebu Air said.

The commercial airline industry was hit hard by the pandemic. Cebu Pacific currently operates less than a quarter of its pre-pandemic network at 32 domestic destinations as it runs half of its 73 aircraft.

The budget carrier said that it sustained severe revenue declines during the pandemic, but its net debt-to-equity ratio was still at 2.34x as of the end of September.

“Cebu Pacific remains focused on its business transformation to reduce its unit cost so as to continue to offer affordable flights,” Cebu Air President and Chief Executive Officer Lance Y. Gokongwei said.

The company swung to a net loss of P14.69 billion for the first nine months of 2020 from the P6.77-billion profit in the same period a year earlier.

The fundraising adds to the company’s convertible preferred shares offering, where it plans to raise around P12.5 billion, Cebu Pacific Director for Financial Analytics and Investor Relations Trina E. Asuncion said on Wednesday.

Shares in Cebu Air went up 1.01% or 45 centavos to close at P45 each on Friday. — Jenina P. Ibañez

BHI ends partnership with Revolution Precrafted on Cavite project

Boulevard Holdings, Inc. (BHI) is ending its partnership with embattled start-up Revolution Precrafted Philippines, Inc. for a project in Cavite.

In a disclosure to the stock exchange, BHI said its board of directors on Thursday approved the cancellation of its deal with Revolution Precrafted to jointly develop a resort and residential complex in Ternate, Cavite.

No reason was given for the cancellation of the deal.

However, a representative from the legal counsel of Revolution Precrafted said the company’s chief executive officer Jose Roberto “Robbie” R. Antonio will settle his obligations with those involved in the deal.

“As far as Robbie is concerned, we are not abandoning the buyers or those that have made reservations,” a member of Mr. Antonio’s legal counsel said on a phone call with BusinessWorld on Friday afternoon.

Mr. Antonio previously left his role as a co-managing director at Century Properties Group, Inc. to resolve complaints made by suppliers and other parties against Revolution Precrafted Philippines and its subsidiaries. — Keren Concepcion G. Valmonte

Mega Global expands operations in Zamboanga

Sardines manufacturer Mega Global Corporation launched its newest headquarters and plants as it expands its Zamboanga operations.

The company recently launched its Cawit-based headquarters and ice plant, along with a can-making plant in Talisayan.

The new ice plant will increase the company’s production capacity to 450 tons per day from 300, while the can-making plant will double its capacity to 1.5 million cans a day from 750,000, the company said in a press release on Friday.

“As we gear up for our expanded operations in Luzon with the opening of the Mega Manufacturing Plant in 2022, we are also making efforts to modernize our central operations in Zamboanga with the goal of becoming an employer of choice in the city,” Mega Global Chief Operating Officer Michelle Tiu Lim Chan said.

Mega Global last year announced its investment in a P1-billion manufacturing plant in Batangas to meet a spike in demand for canned goods.

The Cawit office opening coincides with the lifting of a three-month sardine fishing ban in the Zamboanga peninsula. The annual closed fishing season has been implemented by the government since 2011 as a marine conservation measure to allow fish in the area to spawn.

“We remain committed to the innovation of our fishing business and processes to provide the highest quality of sardines to the market and to help boost the local economy of Zamboanga and ultimately, the Philippines,” Mega Global Chief Technology Officer Malcolm Tiu Lim said.

The Zamboanga peninsula accounts for almost half of the country’s sardine production, government data showed. — Jenina P. Ibañez

Isuzu warns against unauthorized selling

Isuzu Philippines Corporation (IPC) is warning the public against buying and selling Isuzu-branded cars without authorization.

The company in a notice said that it found individuals and entities selling Isuzu-branded cars, adding that those found infringing the trademark will be prosecuted.

“All violators must cease and desist from conducting unlawful acts, which includes unauthorized sale, offering for sale, distribution, importation, advertising, and other preparatory steps necessary to carry out the sale of goods or services,” IPC said.

IPC is the only authorized Philippine distributor and assembler of Japanese car manufacturer Isuzu Motors Limited (IML), which owns the Isuzu trademark in the Philippines and globally.

“IPC’s brand-new vehicles strictly follow specifications of IML in Japan, are fitted with genuine Isuzu parts, and comes with after sales services,” the company said.

IPC added that it cannot guarantee the “best” maintenance services and latest components to new vehicles bought through other channels.

The company is working with law firm Ortega Bacorro Odulio Calma & Carbonell.

The company recently launched its newest D-Max pick-up truck. — Jenina P. Ibañez

Rice tariff collections surge to P2.04 billion in January

Rice import tariffs collected by the Bureau of Customs (BoC) jumped to P2.04 billion in January as it improved its valuation system for inbound shipments.

The January total was 58% higher than the P1.29 billion logged a year earlier, a statement from the Department of Finance (DoF) on Friday said.

Customs Commissioner Rey Leonardo B. Guerrero said the average valuation of rice imports improved 11.5% based on the bureau’s electronic-to-mobile system data.

Preliminary data showed the duties were collected from 287,957 metric tons of imported rice, which climbed 29% from the 223,278 metric tons logged in January 2020.

The month also saw the average value of rice imports increase 11.5% to P20,262 per metric ton from P18,177 per metric ton a year earlier.

“Improvements made by the BoC to help ensure the proper classification, quantity and weight of rice stocks brought into the country under the Rice Tariffication Law (RTL) led to the increase in the average value of imported rice, which, in turn, meant higher revenues for the government from the duties collected from these imports,” the DoF said.

Finance Secretary Carlos G. Dominguez III earlier told the BoC to tighten its guard and check on the possible undervaluation of rice imports by private traders.

Republic Act 11203 or the Rice Tariffication Law mandated the creation of the Rice Competitiveness Enhancement Fund where P10 billion of annual rice tariff revenues are allocated to finance programs on modernizing rice farming in the country.

Meanwhile, collections in excess of the P10 billion will be included in the national budget for the following year and programmed for financial assistance for palay farmers, titling of agricultural lands, an expanded crop insurance program on rice, and crop diversification. — LWTN

Plaridel expansion set to open in April

WIDENING WORKS at Plaridel Bypass in Bulacan will be completed by the end of the month in time for an April launch, the Department of Public Works and Highways (DPWH) said.

More than two kilometers (km) of the 24.61km Arterial (Plaridel) Bypass road is being widened to four from two lanes.

“The added two more lanes for the 2.22-kilometer portion of existing bypass road is ready for inauguration anytime this April 2021 and motorists will soon be able to freely use this section,” the department said in a press release on Friday.

Under this project, the widening of a 1-km road and the construction of two bridges will be done by the end of March, DPWH Undersecretary for Unified Project Management Office (UPMO) Operations Emil K. Sadain said.

DPWH said the widening should cut the average travel time of 15,000 motorists travelling between Burol, Batangas to Maasim, San Rafael in Bulacan to 24 minutes from 69 minutes.

The project has funding support from the Japan International Cooperation Agency.

The expansion is expected to address traffic diverted from Maharlika Highway. — Jenina P. Ibañez

DoST-funded app taps citizens to monitor Manila Bay, other areas

A NEW Department of Science and Technology (DoST)-funded mobile app aims to monitor Manila Bay and its surroundings by letting citizens report environmental issues via the platform, its developers said on Friday.

The MASDAN app, which would be available to Android users soon, is part of the P10-million Project MapABLE, one of the four components of the IM4ManilaBay Program.

The IM4ManilaBay Program aims to use geospatial technology and citizen science in monitoring the water quality in Manila Bay, and its linked environments.

The MASDAN app is managed by the DoST-Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD).

“The goal of this mobile application is to crowd source or look for reports on various environmental issues in different portions of Manila Bay or the entire country… Citizens can report issues on algal blooms, fish kills, water hyacinth growth, and water pollution using the platform,” MASDAN app development team leader Jommer M. Medina said in Filipino during the app’s virtual launch on Friday.

He added that the public can also report about ongoing reclamation efforts and solid waste management issues affecting water quality in Manila Bay.

Using the app, citizens can record the location of the environmental issue and submit photos along with their reports.

“Government agencies would be able to see the places where these reports are distributed. These would prove to be useful later on when looking for hotspots or whether the government should embark on a more intensive program (in a certain area),” Mr. Medina said.

He said the mobile app was developed to benefit environmental monitoring agencies, local government units, environmental volunteers and organizations, and the public.

The MASDAN app is currently on its first version and while it can accommodate pictures, it has yet to allow the uploading of videos, backend developer Dominic C. Fargas, Jr. said.

“We understand that this platform can be used by stakeholders and citizens from the different sectors to report environmental concerns…This app is envisioned to promote citizen participation in monitoring and managing Manila Bay and its linked environments,” PCIEERD executive director Enrico C. Paringit said during the event. — Angelica Y. Yang

Stocks decline as inflation quickens to 25-month high

STOCKS closed in the red on Friday following the release of the February inflation report, which showed that the rise in prices surged to a 25-month high last month.

The benchmark Philippine Stock Exchange index (PSEi) went down by 1.12 points or 0.01% to finish at 6,881.37 on Friday, while the broader all shares index decreased by 4.68 points or 0.11% to close at 4,158.54.

“Selling pressures weighed on the market amid worries over inflation following the 4.7% February print,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Local shares closed relatively flat as the February inflation print came in within expectations,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said via Viber.

Inflation picked up for the fifth straight month in February to log its fastest pace in 25 months, the Philippine Statistics Authority (PSA) reported on Friday.

Preliminary data from the PSA showed headline inflation was at 4.7% last month, picking up from 4.2% in January 2021 and 2.6% in February 2020.

Last month’s result marked the fastest pace in 25 months or since the 5.1% in December 2018.

Sentiment was also affected by comments from the US central bank chief that their monetary policy stance would remain supportive of the continued recovery of the world’s largest economy.

“Sentiment was rather cautious throughout most of trading but turned into bargain hunting as investors assessed the statement of Fed Chair Jerome Powell,” Mr. Limlingan said.

Sectoral indices were split on Friday. Services went up by 15.26 points or 1.05% to 1,464.63; financials rose by 3.93 points or 0.26% to 1,477.62; and property inched up by 2.19 points or 0.06% to 3,479.81.

Meanwhile, mining and oil fell by 222.43 points or 2.45% to finish at 8,854.46; industrials dropped 47.37 points or 0.53% to 8,786.68; and holding firms declined by 24.25 points or 0.34% to 7,059.23.

Value turnover dropped to P7.73 billion on Friday with nearly P4 billion shares switching hands from the P7.11 billion with 2.7 billion shares seen the previous day.

Decliners outnumbered advancers, 135 versus 87, while 45 names closed unchanged.

Net foreign selling slowed to P595.70 million on Friday from the P627.63 million logged on Thursday. — K.C.G. Valmonte

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