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Pension agencies ordered to stop personal appearance requirement

THE national task force handling the coronavirus response has directed pension agencies to come up with new procedures that will no longer require pensioners to make an annual physical appearance to continue receiving their benefits.

In its Resolution No. 100 dated February 18, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases said, “pension issuing agencies and their servicing banks, quasi-banks, and other financial institutions are mandated to adopt alternative modes of validation for senior citizen pensioners in lieu of personal appearances or submission of documents that require personal appearances before a notary public.”

The agencies are also tasked to hold public consultations before adopting the new measures.

“At present, senior citizens make personal appearances or submit documents that require personal appearances before a notary public in order to have continuous access to their pensions,” said Palace Spokesperson Harry L. Roque in a statement on Friday.

Those who are at least 60 years old are considered senior citizens in the Philippines and is generally the starting pension age.

Under the coronavirus disease 2019 (COVID-19) restrictions issued by the government, those 65 years old and above are prohibited from leaving their homes unless for emergency or humanitarian reasons. — Gillian M. Cortez

Resumption of concerts, other live events still under review

THE easing of rules on live events such as concerts is under consideration, according to Trade Secretary Ramon M. Lopez.

“We do not immediately allow events especially that will threaten physical distancing like live events with singing where health experts say this imposes risk due to the droplets. Unless there is a device or mechanism in the future if it’s in an enclosed space, it could be considered,” Mr. Lopez, speaking in Filipino, said in a briefing on Friday.

The government has already relaxed restrictions on mass gatherings in areas under the least quarantine level.

Among the activities allowed, with certain guidelines on the venue’s capacity, are religious ceremonies and social gatherings.

Meetings, Incentives, Conferences, and Exhibitions (MICE) are also allowed at accredited establishments of the Department of Tourism. — Gillian M. Cortez

Peralta reveals plan after retirement, but not reason for leaving Supreme Court post early

SUPREME Court Chief Justice Diosdado M. Peralta is going back to teaching after his retirement next month, which he described as a profession that “holds a special place in my heart.”

“I am planning to return to the teaching profession… The value of education has always been inculcated in me,” Mr. Peralta said in his acceptance speech during his conferment for the Doctor of Laws, Honoris Causa degree from the Tarlac State University on Friday.

The chief justice was a professor and a Bar reviewer before he was appointed to the Supreme Cour top post t in October 2019.

His optional retirement, a year earlier than the mandatory age, was approved on January 5 and will take effect on March 27 this year.

“I will retire without regrets, knowing that I did all that I could for the law, for the courts, and for the nation,” Mr. Peralta said.

Mr. Peralta, however, said he is not yet prepared to reveal the reason for his early retirement.

He also said he believes the five most senior justices are all qualified for the chief justice position, and hopes that “whoever will replace me will continue with the programs that I have started and introduce other innovation(s) so that there will be better access to the courts.”

Applications for the Chief Justice position are open until February 26, 2021. — Bianca Angelica D. Añago

SC waiting for justices’ explanation before releasing official ruling on Marcos protest dismissal

THE official document on the dismissal of the electoral protest of defeated vice presidential candidate Ferdinand “Bongbong” R. Marcos, Jr. will be released after the Supreme Court justices have submitted their formal explanations on their vote, the country’s top magistrate said on Friday.

“Those who voted with the result should explain their vote because that (is) the rules,” Chief Justice Diosdado M. Peralta said in an interview.

The 15-member high court, sitting as the Presidential Electoral Tribunal, dismissed the lawsuit unanimously for lack of merit.

The decision was announced Tuesday.

“Out of the 15 members of the tribunal who were present in today’s meeting, seven members fully concurred in the dismissal, while eight concurred in the result,” court spokesman Brian Keith F. Hosaka said in an e-mailed statement.

The explanation in writing of the eight justices who concurred in the result is required before the court releases the formal document on its decision on the protest.

It usually takes more than a week before the judges submit their formal explanations on their vote, Mr. Peralta explained.

Mr. Marcos, son of the late dictator Ferdinand E. Marcos, filed the protest in June 2016 after narrowly losing to Vice-President Maria Leonor G. Robredo in that year’s May elections.

He claimed widespread fraud.

Mr. Peralta said Mr. Marcos has the legal option to file a motion for reconsideration. — Bianca Angelica D. Añago

BSP raises P90 billion from 28-day bills

THE BANGKO SENTRAL ng Pilipinas (BSP) made a full award of the short-term securities it offered on Friday amid robust liquidity.

The BSP borrowed P90 billion as planned via the 28-day bills as the offer was almost twice oversubscribed, with tenders reaching P154.9 billion.

The awarded volume on Friday was lower than the P99 billion accepted in the previous offer on Monday. However, that auction was undersubscribed, as the bids worth P99 billion fell short of the P100 billion on the auction block.

Accepted yields for the BSP bills auctioned off on Friday ranged from 1.62% to 1.725%, a narrower band compared to the 1.603% to 2% range seen earlier this week.

This brought the average rate of the bills to 1.6683%, up 2.81 basis points (bps)from the 1.6402% seen on Monday.

“The auction results continue to show that, with the ongoing offering of retail Treasury bonds (RTB) by the Bureau of the Treasury, there is a general search for yields among market participants. Nevertheless, liquidity in the financial system remains ample,” said BSP Deputy Governor Francisco G. Dakila, Jr. in a statement on Friday.

“Looking ahead, the BSP’s monetary operations will remain guided by the latest liquidity condition and market developments,” Mr. Dakila said.

The higher yield was mainly due to the climb in global oil prices and the weakening of peso against the greenback, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said via Viber.

“Ongoing RTB offering could have also siphoned off some of the excess liquidity from the financial system,” Mr. Ricafort added.

The government is currently selling three-year RTBs at a coupon of 2.375%. During the rate-setting auction on Feb. 9, the Bureau of the Treasury raised an initial P221.218 billion, above the programmed P30 billion, as bids stood at P284.183 billion.

The offering is set to run until March 4, unless ended earlier. — B.M. Laforga

Central bank pushes for faster digitalization of financial services

THE BANGKO SENTRAL ng Pilipinas (BSP) will continue pushing reforms and policies to spur the digital transformation of the country, especially in financial services, to push inclusion, its chief said on Friday.

Among the measures cited by BSP Governor Benjamin E. Diokno were one recommended by the Financial Inclusion Steering Committee (FISC), such as the Open Access to Data Transmission bill and an order to liberalize access to satellite technology for broadband services. The BSP is a member of the FISC.

Mr. Diokno said these initiatives aim to close the country’s internet infrastructure gaps to expand broadband connectivity and eventually ramp up financial inclusion.

“Through digitalization, we help create opportunities for people to improve their lives and participate in the economic and financial system. Through digital payments, we also promote financial inclusion. Digital payments help consumers engage in easier and safer economic activities,” Mr. Diokno said in his speech during the “Ulat ng BSP sa Bayan” forum on Friday.

“On a wider scale, it also helps reduce poverty and hunger, promote good health and well-being, ensure quality education, decent work, and gender equality, develop sustainable communities, and a lot more,” he added.

The central bank wants 50% of financial transactions in terms of volume and value to be done digitally by 2023, with at least 70% of Filipino adults having accounts with financial institutions.

Mr. Diokno said electronic money transactions done via PESONet and Instapay surged last year amid the ongoing public health crisis.

PESONet is an electronic fund transfer service under the National Retail Payment System of the central bank that facilitates batch fund transfers for amounts beyond P50,000. The service allows fund transfers to be credited to the receiver by the end of the banking date.

The volume of PESONet transfers skyrocketed by 376% year on year to 15.3 million in 2020 while the value nearly tripled to P951 billion.

Meanwhile, the volume of InstaPay transactions likewise surged by 459% to 86.7 million while the value stood at P463 billion, up 340% year on year.

“The COVID-19 (coronavirus disease 2019) pandemic has indeed unexpectedly catalyzed the rapid acceleration of digital transformation. The BSP took this opportunity to advance initiatives to push digitalization in the financial industry further,” Mr. Diokno said. — B.M. Laforga

NPC recommends prosecution of Fynamics Lending

THE National Privacy Commission (NPC) has recommended the prosecution of Pondo Peso online lending app operator Fynamics Lending Inc. for using the personal information of its users without permission.

Fynamics is one of several online lending apps that have been the subject of customer complaints for processing users’ mobile contact lists without consent.

The company would call the users’ contacts and use personal information to damage the customers’ reputation or threaten them into settling their loans.

“Methods used in personal data processing information were unduly intrusive, including posting on social media of personal and sensitive personal information of data subjects or even subjecting their contacts to threats and harassment,” NPC said in a statement.

The commission received 113 complaints about the company between mid-2018 to mid-2019.

NPC Chief of Complaints and Investigation Michael R. Santos said the company committed the unauthorized processing of personal information and sensitive personal information, a violation under section 25 of the Data Privacy Act or Republic Act No. 10173.

“The commission finds that respondent Fynamics committed unauthorized processing for its retention of contact lists beyond its declared purpose and unauthorized processing its use of the borrowers’ contacts for debt collection,” he said in a press conference on Friday.

The commission has sent its decision to the Department of Justice, recommending prosecution after finding that the firm’s board of directors have violated the Data Privacy Act for which they could be imprisoned and fined.

Complaints about online lending apps increased in recent years, Mr. Santos said, peaking at 455 in September 2019 before declining during the lockdown. Complaints about online lending made up 89% of reports filed with the NPC in 2019, from 15% a year earlier.

The NPC is continuing to investigate other online lending applications. — Jenina P. Ibañez

Peso rebounds as oil prices ease

THE PESO rose slightly against the greenback on Friday as the climb in global oil prices eased and on expectations that quarantine restrictions in the country would be relaxed soon.

The local currency closed a tad stronger at P48.451 versus the greenback on Friday from its P48.50-per-dollar finish on Thursday.

The peso opened the trading session at P48.43 per dollar. It dropped to as low as P48.47, while its intraday best was at P48.39 against the greenback.

Dollars traded went down to $726.62 million on Friday from the $1.385 billion logged the day prior.

Week on week, however, the local currency weakened by 40.6 centavos from the P48.045 close on Feb. 11.

The peso inched up after a healthy downward correction in global oil prices, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said via Viber.

“[The peso slightly rose] after the Biden Administration signalled willingness to talk with Iran that could lead to new easing of sanctions on Iran oil exports, as well as some resumption of Texas/US oil production disrupted by unusually cold winter,” Mr. Ricafort said.

Global oil prices surged to one-year highs this week when extreme cold weather hit Texas, the largest energy-producing state in the US, Reuters reported.

The increase, however, eased by 0.6% on Thursday to settle at $63.93 per barrel for the Brent crude after peaking at $65 a barrel during the day’s session.

Back home, the possible easing of restrictions to a modified general community quarantine in Metro Manila sparked optimism and supported the peso’s rebound.

“The peso recovered following the unexpected rise in US weekly initial jobless claims and profit-taking by market participants,” a trader added.

The weekly report from the US Labor department released on Thursday showed jobless benefit claims rose by 13,000 to a seasonally adjusted 861,000 last week. This was higher than the 765,000 claims estimated by the economists polled by Reuters. — BML with Reuters

2 SMC units submit lowest bids for 1,800-MW Meralco supply deal

Two companies under the San Miguel group submitted the lowest bids during the competitive selection process (CSP) held by Manila Electric Co. (Meralco) for the supply of 1,800 megawatts (MW) of power in the next two decades starting 2024.

This comes as a network of civil society organizations, Power for People Coalition, has asked the Supreme Court to file a temporary restraining order against the distribution utility’s CSP.

In a press release Friday, Meralco said that the two “best” bids came from Excellent Energy Resources, Inc. (EERI) and Masinloc Power Partners Co. Ltd (MPPCL) which both offered a low levelized cost of electricity (LCOE). The two firms are subsidiaries of SMC Global Power Holdings Corp.

“EERI had a levelized cost of electricity (LCOE) of P4.1462 per kilowatt-hour (kWh) and Masinloc Power Partners Co. Ltd (MPPCL) offered P4.2605 per kWh. Both are significantly below the LCOE reserve price of P5.2559 per kWh,” Meralco said, citing the decision of its Third-Party Bids and Awards Committee (TPBAC).

EERI proposed to supply Meralco with 1,200 MW from the former’s natural gas-fired power plant, while MPPCL said that it would be able to provide the distribution utility with 600 MW from its coal-fired power plant.

The offers of three other firms were identified as the “possible next best bids” by the TPBAC. These include the Mariveles Power Generation Corporation (MPGC), Atimonan One Energy Inc. (A1E), and GNPower Dinginin Ltd. Co. (GNPD), which had LCOEs of P4.3321 per kWh, P4.6338 per kWh, and P5.2500 per kWh, respectively.

St. Raphael Power Generation Corporation, which also submitted an offer, failed to meet the LCOE threshold as it offered a price of P5.4426 per kWh.

The LCOE would be used to compare power supply offers from various firms over a period of 20 years, Meralco Vice President and Head of Utility Economics Department Lawrence S. Fernandez said.

“Generation charges typically vary over time as a result of such factors as movements in fuel prices, exchange rates, inflation rates, etc. Thus, prices from a Power Supply Agreement will change over the term of a 20-year contract,” Mr. Fernandez told BusinessWorld in a text message on Friday.

“To more easily compare supply offers over a 20-year term, the offer price over the 20 years from each bidder is converted to an equivalent single or ‘levelized’ price of that bidder,” he added.

In a statement, TPBAC Chairman Ferdinand A. Domingo said that the committee managed the CSP according to all the rules set by the Department of Energy (DoE).

“The aforesaid bidders with the best bids will now undergo post-qualification within seven days from (today). Thereafter, the TPBAC shall issue respective notices of award in favor of those who satisfactorily passed post-qualification,” the TPBAC said.

The committee said the 2 bidders with the best bids were chosen after they passed a pre-qualification evaluation process.

Earlier, Meralco’s Mr. Fernandez said the deadline of bid submissions was on Jan. 27.

In a mobile message last month, he confirmed that there were 9 firms who submitted their documents on time.

“These represented an aggregate offered capacity of 5,850 MW. This total is more than three times the requirement of 1,800 MW,” Mr. Fernandez told BusinessWorld on Jan. 28.

PETITION FOR TRO

On Friday, the People for Power (P4P) Coalition, a network of civil society groups, filed a petition before the Supreme Court to issue a temporary restraining order against Meralco’s 1,800-MW CSP.

In a copy of the petition obtained by BusinessWorld, the P4P Coalition said that “the terms of reference for Meralco’s 1,800 MW tender are glaringly unfavorable for Meralco’s power consumers because did not comply with the DoE’s CSP Rules issued in 2018 and that they would not result in the least cost of electricity.”

“In 2019, Meralco released two tenders using, what it calls as, ‘prudent energy sourcing practices’ and ‘pro-consumer’ terms of reference, (such as) straight energy price with no automatic fuel pass-through and 100% guaranteed supply from all nominated power plants,” the P4P Coalition said in its petition.

“In 2020, Meralco released another tender for a 1,800 MW contract capacity, however, this time, reverting to old terms of reference that allow for electricity rates to fluctuate to as high as 32.4475 PhP/kWh (per kilowatt-hour), fuel costs to automatically pass-through to its electricity consumers, and power plant outages with costs reimbursable to electricity consumers,” it added.

Meanwhile, TPBAC chairman Mr. Domingo was quoted in Meralco’s press release as saying that the ongoing 1,800-MW CSP is seen to “provide an adequate and reliable supply of electricity at competitive rates to Meralco’s customers in the coming years.”

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.

MRT-7 to open by end-2022

San Miguel Corporation (SMC) on Friday said the Metro Rail Transit Line 7 (MRT-7) project is now 54% complete, on track for its opening by the end of 2022.

“We have already completed a significant amount of civil works, including the installation of bored piles, girders, foundational works on stations, and we have been installing rails or tracks. At the same time, E&M works have also advanced significantly,” SMC President Ramon S. Ang said in a statement on Friday.

Around 6.2 kilometers (km) of the 13.5-km elevated section is complete, while 4.8 km out of 6.9 km of the at-grade section and 1.5 km of the 1.9 km tunnel section are done. Civil works and electrical/mechanical works are both more than halfway done.

Mr. Ang said that construction of the project connecting Quezon City to San Jose del Monte, Bulacan continued despite limitations during the lockdown declared to contain the coronavirus pandemic.

“Now that we’ve crossed the halfway mark, we’re expecting to reach a lot of major milestones for this project this year. This includes the construction of the stations, testing of various equipment in different countries, and the actual arrival of these equipment, including the first batch of trains,” he said.

The initial six trains or 18 cars will be tested in South Korea in April.

SMC bought the trains from South Korea Hyundai Rotem, with the national rail manufacturer, Korea Railroad Corporation (KORAIL), as its adviser.

If the trains pass the tests, the first batch of trains will arrive within the year. SMC will acquire a total of 36 trains or 108 cars for the MRT-7.

The MRT-7 depot will be capable of holding up to 150 trains for future capacity expansion, if needed, the company said.

Mr. Ang said manufacturing of other important equipment, sourced from various countries, have also been completed.

“Given our progress today, and all the major milestones we’re expecting this year and the next, I think we’re confident we can achieve full, complete operations by December next year, with our first test run scheduled for June next year. By then, I believe we would be recovering already from the impacts of COVID-19. Our economy will be on the way up, and people will be resuming their lives in the next normal. MRT-7 will be ready for them, to help make commutes faster, to boost our economy, and bring growth to more areas,” Mr. Ang said. — Jenina Ibañez

CLI to develop P4-B skyscraper in Cebu City

Cebu Landmasters, Inc. (CLI) on Friday said it is developing the P4-billion Masters Tower Cebu, which will feature office and retail spaces and the city’s first five-star luxury hotel.

In an online launch on Friday, CLI highlighted the skyscraper’s sustainable design and how Cebu’s local artistry inspired its architecture.

“This is an icon because of its thoughtfulness. It will connect to Cebuanos, not just today but in future generations,” CLI Executive Vice President and Chief Operating Officer Jose Franco B. Soberano said at the event.

Masters Tower Cebu will occupy a 2,840-square meter lot at the Cebu Business Park, Cebu City. It will top off at 192 meters above sea level, making it one of the top three tallest structures in the city.

Sofitel Cebu City will make up two-thirds of the project, occupying 14th to 32nd floors with 195 guest rooms, meeting rooms, a ballroom, roof deck, lounge and pool.

The hotel’s sky lobby will be housed at the 16th floor, and will feature an internal atrium to reflect natural lighting. Sofitel Cebu’s roof deck will enjoy a 360-degree view of the city.

The building will also feature sky gardens on every floor of the building, and project managers are planning to use these gardens for a farm-to-table restaurant.

Office spaces will occupy the 8th to 12th floors of the building.

Groundbreaking for the project is scheduled within the second quarter of this year. Masters Tower Cebu is expected to be completed in 2025.

CLI is hoping the tower will receive Leadership in Energy & Environmental Design (LEED) Gold Certification.

“We did a lot of extensive research into the furniture making and the craftsmanship that’s inherent to the Cebuano community,” SOM Project Manager Shilpa Patel said at the online conference.

“It became really important to look at all these different aspects of the history of where Cebu comes from and the history of the Cebuano people,” she added.

US-based architectural and engineering group Skidmore, Owings and Merril (SOM) is working with Makati design firm GF Partners and Architects on the project.

Mr. Soberano said the firm looks forward to the return of tourism in Cebu.

“[Masters Tower Cebu’s] importance to Cebu is to serve not just as an iconic landmark but through its contribution to the welfare of the economy. It will add fuel to the very active tourism industry that we have, and it will be there in the heart of Cebu City,” CLI Chief Executive Officer Jose R. Soberano III said at the virtual launch. — Keren Concepcion G. Valmonte

Subic Freeport Expressway opens

The P1.6-billion Subic Freeport Expressway (SFEx) expansion officially opened on Friday, NLEX Corp. said.

Construction of the 8.2-kilometer expansion project continued despite the pandemic to connect business activities in the Clark and Subic economic zones, the company said in a statement on Friday.

The project increases expressway capacity to a double carriageway with lanes in each direction from the single two-way carriageway. Construction included two new bridges and a tunnel.

“We continued the construction of the new expressway despite the challenges posed by the pandemic and the stringent health protocols. The construction project also provided jobs and supported the livelihood of our people. It was also our way of helping our countrymen manage the economic impact of the health crisis. MPTC and NLEX continue to stand with the government in its commitment to improve the lives of Filipinos through infrastructure projects such as this,” NLEX Corporation President and GM J. Luigi L. Bautista said in a statement.

NLEX said that the expansion would boost investments and tourism in the Subic Bay Freeport Zone, a major port in central and north Luzon.

“This fresh Metro Pacific Tollways infrastructure investment will improve mobility, accelerate the country’s economic recovery and more importantly, support the logistics and supply chain we urgently need. Around 10,000 motorists daily will benefit from this new road,” Public Works and Highways Secretary Mark A. Villar said.

The company partially opened the new expressway to serve travelers during the December holidays.

NLEX Corp. is a unit of Metro Pacific Tollways Corp. Its parent Metro Pacific Investments Corp. is one of three key Philippine units of Hong Kong’s First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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. — Jenina P. Ibañez

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