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Philex: Labor union accepts new offer, strike notice settled

PHILEX MINING Corp. announced that the strike held by its labor union has been settled after reaching an agreement on certain economic terms.

The mining firm said in a stock exchange disclosure on Monday that majority of Philex Mines Independent Labor Union (PMILU) members at its Padcal mine voted to accept the management’s proposal regarding economic terms of the collective bargaining agreement (CBA).

“On Jan. 7, 2022, PMILU submitted to the Department of Labor and Employment – National Conciliation and Mediation Board-Cordillera Administrative Region (DOLE NCMB) the results of its referendum conducted on the same day regarding management’s proposal on the economic terms of the CBA,” Philex said.

“The parties shall proceed to finalize and execute the CBA covering the years 2020 to 2024, which will maintain industrial peace within the company. The Notice of Strike previously filed by PMILU is considered settled,” the mining firm added.

To recall, PMILU voted to go on strike on Dec. 27 after talks for a new CBA bogged down.

In a separate statement on Monday, Philex said it would finalize and execute the CBA with PMILU and its about 1,200 members.

The mining firm added that qualified workers in Padcal who are willing to transfer to Surigao del Norte will also be offered a job in the Silangan gold and copper project.

“We are thankful to our rank-and-file union for eventually voting to accept our improved offer and ensuring that industrial peace is maintained, especially during these uncertain times when the pandemic still rages. We are also grateful to the DOLE NCMB Regional and Central Offices for their timely intervention and relentless effort to help broker this agreement,” Philex President and Chief Executive Officer Eulalio B. Austin, Jr. said.

Previously, the mine life of Philex’s Padcal Mine in Benguet province was extended to 2024 following the increased global prices of copper and gold.

“Philex will spend $224 million for the development of a starter mine in Silangan under the In Phase Development Plan of Phase 1, which is expected to go on commercial operation in early 2025 and will have a mine life of 21 to 28 years,” the mining firm said.

Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and 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.

On Monday, Philex shares at the local bourse rose 1.38% or seven centavos to end at P5.14 apiece. — Revin Mikhael D. Ochave

Brick-and-mortar shops to stay relevant despite shift to digital

People walk inside a shopping mall in Quezon City. — BW FILE PHOTO

By Keren Concepcion G. Valmonte, Reporter

BRICK-AND-MORTAR stores are expected to remain relevant to the consumers’ shopping experience despite the ongoing digital shift brought about by the pandemic, property services firms said.

“Despite the emerging e-commerce industry, mall-goers were observed to still shop in brick-and-mortar stores,” Santos Knight Frank Head of Research Jan Paul D. Custodio said in an e-mail to BusinessWorld on Dec. 15.

“Seeing the actual product may have become a factor brick-and-mortar stores to remain relevant nowadays,” he added.

Leechiu Property Consultants President and Chief Executive Officer David T. Leechiu noted that across the globe, brick-and-mortar stores remain king.

“Even in the entire world combined, the total online retail is less than 20% or 30% of total shopping in the world and that’s despite all the advances that we’ve made in the online experience,” Mr. Leechiu said in a virtual call on Dec. 15.

However, VR (virtual reality), hologram technology, and the metaverse may change the way people shop in the future.

“Those virtual platforms will change the retail experience without leaving your home, and I think that is the bigger issue with shopping malls,” Mr. Leechiu said. “This whole transition into digital space is going to be outdated very soon as the metaverse steps in.”

For now, retailers are expected to continue investing in their digital platforms to complement their physical stores, KMC Savills Co-founder and Managing Partner Michael McCullough said.

It is expected that retail space take-up in malls may not recover to the pre-pandemic highs.

“The tenant mix will evolve, incorporating a diverse set of essential goods and services, which are more proximal to the communities,” Mr. McCullough said in a separate e-mail on Dec. 15.

JLL Philippines noted that the tenant mix of malls has already shifted since the pandemic began.

“We also saw more participation from (stores offering) gadgets and technology, as well as healthcare facilities in the pipeline for upcoming stores, which mirrors the increasing demand from these categories brought about by the pandemic,” JLL Philippines Research Manager Karisse N. Garcia said in an e-mail on Dec. 7.

Meanwhile, food and beverage (F&B) stores took up less space, JLL Philippines said, making up 26.7% of the mall’s tenant mix versus 40% prior to the pandemic.

Ms. Garcia said they are expecting F&B outlets to rebound and once again lead the tenant mix of shopping malls.

However, Santos Knight Frank’s Mr. Custodio said they did not see “significant changes” in the shopping malls’ tenant mix amid the pandemic.

“Mall operators are more open in accommodating potential tenants to fill in the abundant vacant spaces inside malls,” Mr. Custodio said.

In its Dec. 20 report, Colliers Philippines said it expects retail space vacancy to rise up to 17% in 2022, with the addition of 523,700 square meters in new space.

Colliers also recommended that mall operators be flexible with space usage by converting some areas for pop-up stores and turning activity centers into COVID-19 (coronavirus disease 2019) vaccination areas. It also suggested that malls increase al fresco dining areas and introduce park-and-dine services.

Don’t Look Up shows bashing people over the head with facts does not work

Leonardo DiCaprio and Jennifer Lawrence in Don’t Look Up (2021) — IMDB.COM

THE GLOBAL top three programs on Netflix currently include the heroic quest of a monster hunter; the escapades of an American woman in Paris; and, at number one, a dark comedy about climate change called Don’t Look Up.

The film, directed by Adam McKay and featuring a star-studded cast including Leonardo DiCaprio, Jennifer Lawrence, and Meryl Streep, tells the story of two scientists who spot a comet rushing toward imminent destruction of Earth. We follow their ill-fated attempts to convince society to act on this existential threat, which generate more interest in the handsome climate scientist than the impending end of the world.

The film has sparked enormous discussion online. As an environmental communication researcher fascinated by the power of storytelling, it’s a debate I have followed very closely. So what does the academic literature on climate change communication tell us about the potential impacts of this film?

Environmental advocates have long struggled to convey climate warnings to a largely disengaged public — in fact, this inspired the entire premise of the film. That a movie about climate change can hold the top spot on Netflix is therefore a big deal. Its popularity is also being driven, at least in part, by its celebrity cast. Environmental campaigns often feature celebrities for this exact reason.

The film’s popularity matters as media can have an agenda-setting effect — audiences assign greater importance to topics that receive more media coverage (known as “issue attention”). It is undeniable that the film is driving attention to climate change, regardless of whether viewers love or hate it. Its success also underscores the meaningful role the arts and humanities can play in portraying alternative imaginings of climate change.

Don’t Look Up is not the first instance of comedy being used as a tool for climate change communication. In Sept. 2021, late night comedy hosts in the US joined forces for a climate comedy night and climate internet memes abound. However, a feature-length satirization of the climate crisis pushes climate comedy to a new level.

Is humor an effective way to engage audiences about climate change? Comedy is a powerful way of communicating and making sense of societal issues, and this holds true in the climate context where it can help us process and cope with our emotions.

Many of us who care about climate change can closely relate to the film’s protagonists as their experiences validate our own feelings of anger, frustration, and sadness about climate inaction. As one of the film’s characters exclaims: “We are trying to tell you that the entire planet is about to be destroyed!”

Good comedy captures absurdities we all experience in our daily lives. We then feel like we are “in on the joke.” This is especially important for climate action as a sense of group belonging is a key predictive factor of individual participation in activism. Therefore, the film might promote a sense of solidarity and shared identity among climate action advocates.

The tricky thing about humor is that it can be polarizing. It’s clear who is being satirized when the film depicts Americans wearing red baseball hats emblazoned with the phrase “Don’t Look Up” who deny the existence of the comet.

We can safely assume that those already concerned about climate change are more likely to be drawn to the movie, whereas those being mocked will be less inclined to watch. It is also unlikely that the film will dramatically alter the beliefs of steadfast climate change sceptics or climate activists. Confirmation bias leads us to seek out information that supports our views and motivated reasoning causes us to process information in ways that support our pre-existing beliefs. The film’s greatest chance of influencing climate engagement is among individuals who are aware or concerned about climate change, but not yet alarmed. This group represents a majority of the American public.

Will the film’s dark ending scare us into acting on climate change or will it only paralyze us further? Whether climate change communicators should use fear-inducing or hopeful narratives is a topic of significant debate, and my own research urges caution: we shouldn’t assume that a single piece of content will necessarily lead to dramatic changes in climate-related attitudes or behaviors.

However, communicating our ability to act on climate change — portraying a sense of efficacy or “constructive hope” — is crucial. Although the comet ultimately destroys human civilization in the film, humans did have the opportunity to avert catastrophe. Likewise, it is still in our power to mitigate and adapt to climate change. As Leonardo DiCaprio tweeted, “we may not stop this comet but we can stop the climate crisis.” On the other hand, the comet metaphor has limitations. Climate change is a lot messier. Its effects are not evenly distributed nor preventable with a single quick solution.

If Don’t Look Up teaches us anything, it’s that bashing people over the head with facts is not an effective communication strategy. As the comet makes impact with Earth, the movie ends with a heartfelt discussion around the dinner table. If only such candid, tough, and meaningful conversations happened while the society depicted in this film still had time to act. Fortunately, there is still time for us to act on climate change. As climate scientist Katharine Hayhoe argues, interpersonal conversations are one of the most powerful forms of climate action. This means listening more than we speak. Sparking dialogue will likely prove the film’s most important long-term impact.

Overall, despite its depressing ending, the fact a satirical film about climate change can reach the top spot on Netflix has me looking up.

 

Josh Ettinger is a Doctoral Candidate, School of Geography and the Environment, University of Oxford.

PSC slows down training of some athletes due to COVID-19 surge

RIZAL MEMORIAL SPORTS COMPLEX — RAMON F. VELASQUEZ

MOST of the national athletes hoping to resume their training on Monday would have to wait a little longer after the Philippine Sports Commission (PSC) decided to delay it due to the coronavirus disease 2019 (COVID-19) surge.

“Maybe not for now, they would have to enter one at a time,” said PSC commissioner and Hanoi Southeast Asian (SEA) Games chef de mission Ramon Fernandez on Monday.

There were some national pool members though who have entered the targeted venues like those in karate, boxing and triathlon/duathlon.

The boxers and karatekas have resumed their training in Baguio while the triathletes and duathletes staged their own bubble training.

The PSC had already identified the PhilSports Complex in Pasig, the Rizal Memorial Sports Complex in Manila and the Teachers Camp in Baguio as its training areas for the Nationals preparing for the SEA Games set on May slated for May 12-23 and the Hangzhou Asiad set on Sept. 10-25.

If allowed entry, they would have to face the danger of training beside COVID-19 facilities nearby like the Rizal Memorial Coliseum and Ninoy Aquino Stadium and the PhilSports Arena, who were on the brink of being filled, if not in full capacity already, due to the spike in cases.

That is why the sports-funding agency had named its national training director Marc Velasco handle the entry and formulate new, stricter guidelines for Alert Level 3 areas like the National Capital Region.

National track and field coach Jojo Posadas hopes the situation would improve.

“It’s tough especially with four months to go before the SEA Games. It would be tough to recover,” said Mr. Posadas, who added that some of the athletes have trained on their own at the Vermosa in Cavite. — Joey Villar

DMW completes sale of 1,790 sq.m. land in Aseana City

D.M. Wenceslao & Associates, Inc. (DMW) said it closed the sale of a 1,970 square-meter (sq.m.) plot of land in Aseana City, which the company said “validates” its approach to develop the project “holistically.”

“We ensure quality locators that each accrue value to the whole estate rather than just increase sheer density,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement on Monday.

DMW said the sale was completed “towards the end” of December last year. The company added that the transaction further strengthened its balance sheet that already stood at a P2.4-billion net cash position as of the third quarter.

The 1,790 sq.m. plot sold is part of the land DMW allocated for future sales.

The company said it still has 6,000 sq.m. within its Aseana City to sell to “parties with planned developments that will contribute to the overall growth and community” of its project.

Aseana City, located along the coastal area of Manila Bay, has a total land area of 107.5 hectares. The areas DMW is selling are “non-core” plots of the listed company’s own development plan.

“We manage Aseana City based on global standards, with emphasis on the central business district’s mixed-use master plan, walkability, sustainability, and prime location,” Mr. Wenceslao said.

“Such approach continued to attract locators, allowing asset prices in Aseana City to remain in a growth trajectory despite the COVID-19 (coronavirus disease 2019) pandemic,” he added.

Just last week, DMW said that membership shopping mart Landers inked a contract to lease a 15,064-sq.m. parcel of land within Aseana City for 25 years.

DMW shares at the stock exchange improved 1.21% or eight centavos to close at P6.68 each. — Keren Concepcion G. Valmonte

Italian gov’t urged to block sale of  $533-M villa with Caravaggio mural

WIKIPEDIA

ITALY’S government is under pressure to block the sale of a 16th century Roman villa that comes complete with a Caravaggio.

The Casino dell’Aurora is scheduled to be auctioned on Jan. 18, with its value estimated about €471 million ($533 million).

It’s a hefty price-tag even for a 2,800 square meter villa on a 6,000 square meter lot close to the Via Veneto, and reflects a unique feature: the only known ceiling mural by the Italian master, estimated to be worth at least €300 million alone.

Italian politicians, academics and regular citizens have appealed to Prime Minister Mario Draghi to scrap the auction. An online petition urging the government to use European funds to protect “what belongs to Italy” reached more than 32,000 signatures within days. 

Under Italian law, the government has a 60-day window to exercise its right of first refusal after a sale agreement to private investors.

Italy’s culture ministry has written to Draghi and Finance Minister Daniele Franco to inquire about the potential availability of funds for a state bid, according to a person familiar with the matter.

Also known as the Casino di Villa Boncompagni Ludovisi, the estate was built in 1570, initially as a hunting lodge, and has been in the Ludovisi family since the early 1600s. Among the visitors over the years was author Henry James, who described the villa and its sweeping views in his 1909 memoir, “Italian Hours.”

After the 2018 death of Prince Nicolo Boncompagni Ludovisi, the property became the subject of an inheritance fight between Ludovisi’s three sons from his first marriage and his third wife, Texan-born Rita Jenrette Boncompagni Ludovisi. 

Ludovisi’s widow was previously married to John Jenrette, a US congressman jailed in the 1980s as part of the bribery scandal known as Abscam.

An Italian court recently ordered that the villa, with its private gardens, roof terraces and artistic treasures, be put up for auction. Any buyer will need to spend another €11 million or so for restoration.

“The astronomic asking price doesn’t reflect the fact that this property is bound by the state, and will need to be open to visitors,” art historian and academic Tomaso Montanari wrote in the magazine Emergenza Cultura. “The government should come up with a fairer evaluation, pay [off] the heirs, and keep the property in public hands.”

Limited public access has been available to the villa under current ownership.

Giacomo di Thiene, president of the Italian Historic Houses Association, said there should be “guarantees about the future use of property” to make sure it stays “culturally relevant, connected with the rest of the community.”

The pending sale reflects a lack of interest by Italy’s local administrations and central government in support of cultural assets, Mr. Di Thiene said in an interview.

“If we manage to help the automotive industry, we should also find a way to introduce some fiscal relief to allow private owners to maintain and restore their historic properties, which sometimes keep entire areas alive,” he said.

In addition to the 2.75-meter wide oil-on-plaster Caravaggio, called “Jupiter, Neptune and Pluto,” the six-level property features works ranging from marble Roman sarcophagi to rare frescoes, including one in the main reception hall by Italian baroque painter Guercino of the Roman goddess Aurora, which gives the villa its name.

The real estate publication Real Deal estimates the price could rival the 2015 sale of Hong Kong’s Ho Tung Gardens for HK$5.1 billion ($654 million), believed to be the priciest residential property sale in history. — Bloomberg

Government fully awards T-bills as rates go down

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday as rates declined after inflation eased last month.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Monday as total tenders reached P73.58 billion, almost five times the initial offer. Bids were also slightly higher than the P71.05 billion seen last week.

Broken down, the Treasury bureau raised P5 billion as planned via the 91-day securities from P23.7 billion in bids. The three-month debt paper fetched an average rate of 0.969%, down by 10.6 basis points (bps) from the 1.075% seen last week.

The BTr also borrowed P5 billion as planned from the 182-day securities it offered on Monday from P24.98 billion in tenders. The average rate of the six-month T-bill fell by 14.8 bps to 1.121% from 1.269% previously.

Lastly, the government made a full P5-billion award of the 364-day debt papers as bids reached P24.9 billion. The average yield on the one-year instrument stood at 1.468%, down by 13.2 bps from the 1.6% fetched a week earlier.

At the secondary market prior to the auction on Monday, the 91- 182- and 364-day T-bills were quoted at 1.0073%, 1.1623% and 1.5626%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters said that T-bill rates declined as inflation slowed in December 2021.

She said there is a bias towards short-term tenors and the market also has additional liquidity due to the P25 billion in government securities maturing this week.

Headline inflation in December eased to 3.6%, its lowest in a year, from the 4.2% recorded in November as food and transport costs slowed.

The December print brought the 2021 average to a three-year high of 4.5%, breaching the 2-4% target of the central bank as well as its revised 4.4% forecast.

Meanwhile, a bond trader said the decline in yields was expected given strong demand.

“Investors continue to park their funds at the front end of the curve as virus infections continue spread with Omicron still very much at large,” the trader said in a Viber message.

“The market is mainly on risk-off mode and until there’s uncertainty to go along with high liquidity in the financial system, demand for T-bills will continue to persist.”

A second trader said yields declined as investors reacted to inflation data and surging coronavirus cases.

“Aside from that, investors are also looking at the recently rejected bids during the auctions.”

On Tuesday, the BTr will offer P35 billion in reissued five-year Treasury bonds (T-bonds) with a remaining life of four years and two months.

The Treasury plans to borrow P200 billion from the domestic market this month, or P60 billion via T-bills and P140 billion from T-bonds. — Jenina P. Ibañez

Bob Saget, TV dad and comedian, found dead in Florida hotel room

LOS ANGELES — Bob Saget, an actor and comedian best known as the jovial dad on the television sitcom Full House, was found dead in a hotel room in Orlando, Florida, at age 65, authorities and his family said on Sunday.

The cause of Mr. Saget’s death was unclear. Emergency responders found the actor unresponsive on Sunday afternoon in a room at the Ritz-Carlton in Orlando and pronounced him dead at the scene, the Orange County Sheriff’s Office said.

Detectives found no signs of foul play or drug use, the department said. Mr. Saget had just started a comedy tour and performed near Jacksonville, Florida, on Saturday night. In his last Instagram post, he reflected on the “really nice audience” and “lots of positivity.”

“I had no idea I did a two-hour set tonight,” he wrote. “I’m back in comedy like I was when I was 26. I guess I’m finding my new voice and loving every moment of it.”

Mr. Saget played widowed father Danny Tanner on Full House from 1987 to 1995, and also on a sequel called Fuller House from 2016 to 2020. In the show, Tanner shared his home with his three daughters, his brother-in-law and best friend.

The actor also hosted America’s Funniest Home Videos from 1989 to 1997.

In contrast to his wholesome TV image, Mr. Saget’s stand-up act delivered raunchier adult-oriented comedy. He also played a parody of himself in a recurring role on the HBO series Entourage.

“We are devastated to confirm that our beloved Bob passed away today,” the Saget family said in a statement. “He was everything to us and we want you to know how much he loved his fans, performing live and bringing people from all walks of life together with laughter,” the family said.

John Stamos, Mr. Saget’s co-star on Full House, said he was “broken” and “gutted” by Saget’s death.

“I am in complete and utter shock,” Mr. Stamos wrote on Twitter. “I will never ever have another friend like him. I love you so much Bobby.”

Comedian Jon Stewart called Mr. Saget “just the funniest and nicest” in a tweet on Sunday. Seinfeld star Jason Alexander said Mr. Saget “was kind and dear and cared about people deeply. He was the definition of ‘a good egg.’”

The local medical examiner’s office will determine the cause of Mr. Saget’s death, the sheriff’s department said. — Reuters

Didal suffers minor injuries in motorcycle accident

FILIPINA SKATEBOARDING ACE MARGIE DIDAL — M. DIDAL FB PAGE

NOTHING, not even a motorcycle accident, could prevent Filipina skateboarding ace Margielyn “Margie” Didal could stop her from seeking more Southeast Asian (SEA) Games and Asian Games glory.

Ms. Didal, 22, had escaped potentially dangerous injuries after she had an accident while parking in Cebu a few days ago that resulted to merely facial wounds, a busted lip and some body scratches.

The Olympian though did not appear hurt and was quick to brush it aside and even joined the Typhoon Odette relief efforts back home.

“Minor injuries,” said a source close to Ms. Didal.

Ms. Didal is preparing to snare gold medals anew in the Hanoi SEA Games set on May 12-23 and the Hangzhou Asian Games slated for Sept. 10-25.

Injuries are nothing new to Ms. Didal being in a sport known for its dangerous stunts and acrobatic moves.

And a few scratches here and there won’t slow the energetic Ms. Didal down. — Joey Villar

Hollywood calls in sick with COVID: What’s delayed and canceled

Late night talk show hosts have been falling like dominoes. First Jimmy Fallon then Seth Meyers, now James Corden.

Daytime hosts have been hit too — including Whoopi Goldberg of The View and Hoda Kotb from The Today Show.

As dozens test positive for Covid on sets, production has been paused on TV shows like Grey’s Anatomy, NCIS, and 9-1-1.

Star Trek: Picard had to halt shooting after 50 crew members tested positive for COVID.

Here’s a roundup of what’s been delayed, moved online and canceled as daily cases reach record levels.

The AFI Awards scheduled for Jan. 7 has been postponed to a date yet to be determined.

The BAFTA Tea Party, an event for the British film and television awards, which was scheduled for Jan. 8 in Los Angeles, has been canceled.

Dead and Company has canceled concerts in Cancun, Mexico which were set to begin today after John Mayer tested positive.

Disney has moved theatrical release for Pixar’s Turning Red to Disney+ as a streaming exclusive to premiere on March 11. Red carpet premieres for Scream, How I Met Your Father, and Peacemaker have been canceled.

E3, the video game industry’s annual show, typically held at the Los Angeles Convention Center in June, has been canceled.

The Golden Globes, scheduled for Jan. 9, is skipping its live audience, host and broadcast.

The Grammy Awards, scheduled for Jan. 31 at Crypto.com arena in Los Angeles, has been postponed. Grammy nominee BTS has canceled their trip to the US. Three band members tested positive for COVID in December.

The Palm Springs International Film Festival, scheduled to kick off Friday, has been canceled. The Sundance Film Festival has moved online for Jan. 20 through Jan. 30.

Not canceled yet? The Super Bowl, to be held in Los Angeles on Feb. 13, SAG Awards in Santa Monica on Feb. 27, SXSW in Austin on March 11 through March 20, The Oscars in Los Angeles on March 27, and Coachella in Indio, California, which just announced headliners Kayne West and Billie Eilish as headliners. — Bloomberg

Maynilad’s new franchise takes effect on Jan. 22

THE LAW that grants Maynilad Water Services, Inc. its franchise will take effect on Jan. 22, 2022, the water concessionaire’s listed shareholders said on Monday, giving it until early 2027 to list its shares on the stock exchange.

In separate disclosures, DMCI Holdings, Inc. and Metro Pacific Investments Corp. (MPIC) said they had been notified of the publication on Jan. 7, 2022 of Maynilad’s franchise or Republic Act (RA) No. 11600.

The law, which takes effect 15 days after its publication in the Official Gazette, grants the company a 25-year franchise to establish, operate and maintain a waterworks system and sewerage and sanitation services in the west zone service area of Metro Manila and the province of Cavite.

DMCI Holdings and MPIC respectively owns 27% and 52.8% of Maynilad Holdings Corp., the holding firm that owns 92.9% of the water concessionaire. Marubeni Philippines Corp. is the third member of the consortium.

In their disclosure, the two conglomerates highlighted five provisions in RA 11600, including the requirement to publicly list at least 30% of Maynilad’s outstanding capital stock within five years from the grant of the franchise.

They also highlighted the prohibition on the passing on of the corporate income tax to customers.

The law also grants authority to the government, through the Metropolitan Waterworks and Sewerage System (MWSS), to amend Maynilad’s revised concession agreement to extend its term, which is until 2037, to coincide with the term of the franchise, or until 2047.

The concession agreement acts as the Certificate of Public Convenience and Necessity of Maynilad for the operation of its waterworks and sewerage system. It also provides that in the event the waterworks and sewerage system assets of MWSS pertaining to the franchise area are privatized by law, Maynilad has the right to match the highest compliant bid after a public bidding.

RA 11600 also calls for the setting of tariffs and charges, which Maynilad may charge, as the MWSS-Regulatory Office may allow. It also requires the completion of company’s water and sewerage projects to attain 100% coverage by 2037, including periodic five-year completion targets.

Separately, listed water concessionaire Manila Water Co., Inc. told the stock exchange on Monday of signing into law of its franchise bill or RA 11601, which grants it a 25-year franchise to establish, operate, and maintain a waterworks and sewerage system in the east zone service area of Metro Manila and the province of Rizal.

The revised concession agreement between MWSS and Maynilad was signed on May 18, 2021. That of Manila Water was signed on March 31, 2021. Their franchise confirms their status as a public utility. The new concession agreements were forged after the Philippine president called for a review of the original terms in January 2020.

On Monday, shares in Manila Water climbed 3.99% or 95 centavos to close at P24.75 each. DMCI Holdings shares jumped 2.53% or 20 centavos to close at P8.09 apiece. MPIC shares finished unchanged at P3.85 each. — VVS

Ayala Malls eyes more EV charging and transport systems

AYALA MALLS is planning to launch more electric vehicle (EV) charging and transport systems in its malls in Metro Manila.

The company, in partnership with AC Industrials’ Integrated Micro-Electronics, Inc. and Global Electric Transportation (GET Philippines), launched the first integrated EV charging and transport system at Ayala Malls The 30th and Ayala Malls Circuit in December.

GET Philippines manufactures electric shuttle buses called COMET, which ply multiple zones within Metro Manila.

“More EV charging and transport systems will be installed within January 2022, including Ayala Malls Manila Bay and TriNoma,” it said.

“Ayala Land is delighted to be part of this pioneering initiative through Ayala Malls. We are certainly pleased that we are able to provide an efficient and modern-day access for the public for them to get to their different points of interest through more sustainable means. This further underscores our desire to achieve a healthier and cleaner environment for everyone, especially our patrons,” Ayala Land President and CEO Bobby Dy said.

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