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LT Group says PMFTC merging with Philip Morris Manufacturing

LUCIO TAN’S holding company LT Group, Inc. said on Monday that one of its indirect subsidiaries PMFTC, Inc. is merging with Philip Morris Manufacturing Philippines Inc. as part of an internal restructuring effort.

In a disclosure to the stock exchange, the company said PMFTC will be the surviving corporation in the merger, which is scheduled to take effect on June 1, depending on the approval of the Securities and Exchange Commission.

“The merger is part of an internal restructuring process and is not expected to materially affect the operations, earnings and ownership of PMFTC,” the disclosure said.

PMFTC is an indirect subsidiary of the LT Group, through Fortune Tobacco Corp., while Philip Morris Manufacturing is one of PMFTC’s shareholders.

“As a result of the merger, PMFTC’s articles of incorporation will be amended in accordance with the articles of merger and plan of merger,” LT Group said.

During the third quarter of 2020, LT Group posted a 10.9% increase in its net income to P6.08 billion despite lower gross revenues.

The company’s gross revenues for the quarter fell 2.8% year on year to P22.87 billion.

For the January-to-September period, LT Group posted a 9% increase in its attributable net income to P16.10 billion, with its tobacco business accounting for three-fourths of the total, at P12.12 billion.

On Monday, shares in LT Group at the stock exchange rose 0.46% or six centavos to close at P13.20 apiece. — Revin Mikhael D. Ochave

US talk show host Larry King, 87

LARRY KING, who gained renown for quizzing thousands of world leaders, politicians and entertainers for CNN and other news outlets in a career spanning more than six decades, has died aged 87, his media company said in a statement on Saturday.

Mr. King had been hospitalized in Los Angeles with a coronavirus disease 2019 (COVID-19) infection, according to several media reports. He died at Cedars Sinai Medical Center, Ora Media, a television production company founded by Mr. King, said in a post on Twitter.

“For 63 years and across the platforms of radio, television and digital media, Larry’s many thousands of interviews, awards, and global acclaim stand as a testament to his unique and lasting talent as a broadcaster,” it said.

Millions watched Mr. King interview world leaders, entertainers and other celebrities on CNN’s Larry King Live, which ran from 1985 to 2010. Hunched over his desk in rolled-up shirt sleeves and owlish glasses, he made his show one of the network’s prime attractions with a mix of interviews, political discussions, current event debates and phone calls from viewers.

Even in his heyday, critics accused Mr. King of doing little pre-interview research and tossing softball questions to guests who were free to give unchallenged, self-promoting answers. He responded by conceding he did not do much research so that he could learn along with his viewers. Besides, Mr. King said, he never wanted to be perceived as a journalist.

“My duty, as I see it, is I’m a conduit,” Mr. King told the Hartford Courant in 2007. “I ask the best questions I can. I listen to the answers. I try to follow up. And hopefully the audience makes a conclusion. I’m not there to make a conclusion. I’m not a soapbox talk-show host… So what I try to do is present someone in the best light.”

PRESIDENTS AND PRIME MINISTERS
Mr. King’s guests included US presidents dating back to Gerald Ford, international leaders such as Palestine Liberation Organization (PLO) Chairman Yasser Arafat, Israeli Prime Minister Yitzhak Rabin, British Prime Minister Tony Blair, and Soviet President Mikhail Gorbachev, and entertainers ranging from Bob Hope to Snoop Dogg.

King never hid his old-fashioned proclivities and liked to reminisce about performers such as Frank Sinatra and Arthur Godfrey. In 2006 he admitted to a guest that he had never searched the internet, saying: “What do you do — punch little buttons and things?”

But by 2012 King was on the internet himself with his Larry King Now show on Ora TV, and later Hulu’s streaming service. He also was a regular presence on Twitter, promoting his interviews and tossing out random thoughts — “I have no desire to eat an artichoke,” “My favorite flavor of Jell-O is lime” and “I love to say ‘sacre bleu!’” — in what was essentially an online version of the column he had once written for USA Today.

Mr. King was an established radio talk-show host when he made his first television broadcast for CNN from Washington on June 3, 1985, five years after Ted Turner started the network.

Larry King Live would become one of CNN’s highest rated shows. He left CNN amid falling ratings in 2010 after 25 years with the news network, but stayed busy with his Ora TV show.

“I’ve known a lot of people who were experts in six or 12 things but Larry seems to be an expert in everything,” Don Hewitt, creator of 60 Minutes, told the Hollywood Reporter. “He’s also never confrontational, which is majorly important. In an age when so many people are miserable, he seems to be one of the happy ones.”

RADIO BEGINNINGS
Mr. King was born Lawrence Harvey Zeiger on Nov. 19, 1933, in the New York City borough of Brooklyn. He said at age 5 he knew he wanted to be on the radio and in 1957 he moved to Miami, which he had been told had a burgeoning radio market.

Mr. King started doing odd jobs at a Miami station and one day was asked to fill in for an announcer who walked off the job. Before he went on the air, the station manager urged him to change his last name to King because it was easier to pronounce and less ethnic than Zeiger.

Mr. King became a fixture in Miami but as his reputation grew, so did his troubles.

In 1971 he was arrested on a grand larceny complaint filed by Miami financier Lou Wolfson, who had been in trouble with the Securities and Exchange Commission. Mr. Wolfson allegedly paid Mr. King in hopes of gaining influence on the administration of then-US President Richard Nixon.

The charge against Mr. King was dropped because the statute of limitations had expired, but the scandal knocked him off the air for some three years. He did public relations work for a Louisiana racetrack until station WIOD in Miami hired him.

Mr. King rebounded and the Mutual radio network gave him a nationwide audience in 1978. He relocated to Washington, a move that led to the CNN job.

He suffered a heart attack and had bypass surgery in 1987, prompting him to start the Larry King Cardiac Foundation a year later. He had surgery in 2007 to clear a blocked artery, was treated for prostate cancer in 2010 and said in 2017 that he had been treated for lung cancer.

Mr. King was married eight times to seven women, most recently to singer Shawn Southwick, who was 26 years younger. He had five children, two of whom died in 2020. — Reuters

Gov’t hikes Treasury bill award as yields drop across the board

THE GOVERNMENT hiked the volume of Treasury bills (T-bills) it awarded on Monday and opened its tap facility again as yields fell across the board on the back of strong investor demand.

The Bureau of the Treasury (BTr) borrowed P22 billion in T-bills on Monday, higher than the programmed P20 billion, after accepting more bids for the six-month papers from the non-competitive sector.

The auction attracted total tenders of P112.2 billion, making the offer over five times oversubscribed. This prompted the Treasury to open its tap facility to offer another P10 billion in 364-day debt.

Broken down, the Treasury raised P5 billion in 91-day T-bills as planned from P17.33 billion in bids. The three-month debt fetched an average rate of 0.969%, down 1.5 basis point (bps) from the 0.984% logged last week.

The government also accepted P7 billion in bids for the 182-day T-bills, higher than the P5-billion program, as tenders hit P31.527 billion. The average yield of the six-month papers went down by 2.5 bps to 1.323% from 1.348% a week ago.

Lastly, the Treasury made a full P10-billion award of the 364-day securities on offer, with total bids reaching P63.355 billion. The one-year instruments were quoted at an average rate of 1.542%, down 4 bps from the 1.582% seen last week.

National Treasurer Rosalia V. de Leon attributed the strong bids to huge maturities this week worth P67 billion.

“The market is overflowing with liquidity with bias on the front end of the curve,” Ms. De Leon told reporters after the auction via Viber.

A bond trader said P49.89 billion in three-year bonds matured on Monday, while another P18 billion will mature on Wednesday.

“People (are also) waiting for the February auction schedule for any indication if the government will start extending the tenor or increasing the volume,” the trader said via Viber.

Any increase in the Treasury’s borrowing program for next month would prompt the players to reposition, the trader said.

Excluding the result of the tap facility auction that was due to close later on Monday, the BTr raised P201.575 billion from the local debt market this month, backed by strong demand for government securities, especially shorter tenors, and overflowing liquidity in the market. 

This is more than the P140 billion programmed for January after the Treasury hiked its awards of T-bills and also opened its tap facility every week.

Broken down, the government sold P111.575 billion in T-bills and P90 billion in Treasury bonds (T-bonds), higher than the initial plan to just raise P80 billion via the short-term debt and P60 billion via the longer tenors.

The government is looking to raise P3 trillion this year from domestic and external lenders to help fund its budget deficit seen to hit 8.9% of the country’s gross domestic product. — Beatrice M. Laforga

How the pandemic will change retail spaces in Metro Manila

By Jenina P. Ibañez, Reporter

METRO MANILA’S retail spaces will likely be converted to co-working and data centers as vacancy rates continue to soar this year.

The vacancy rate in Metro Manila’s retail sector is projected to have reached 14% in 2020, matching the vacancies posted during the Asian Financial Crisis in 1999, Colliers International Philippines said in October.

Shopping malls have been a victim of the coronavirus disease 2019 (COVID-19) pandemic, as lockdown restrictions prompted many Filipinos to stay at home. Malls were forced to close for nearly two months during the strict lockdown, but even as they reopened in mid-May, foot traffic has yet to reach pre-pandemic levels.

Joey Roi H. Bondoc, senior research manager at Colliers Philippines, said vacancies are expected to reach 13% in 2021.

The format of retail spaces is expected to change, focusing on proximity, open spaces, and converted vacant spaces.

Smaller retail spaces within communities and district malls serving immediate needs of residents within a community or residential building will proliferate, Mr. Bondoc said in an e-mail.

Retail spaces will be more open and spacious, he said, adding that food and beverage stores and one-stop shop health facilities in malls will expand.

As vacancies remain, property analysts said that there will be an “aggressive” conversion of mall spaces.

“These are likely to be converted into co-working facilities and in-mall fulfillment centers or micro-warehouses,” Mr. Bondoc said.

Retail spaces should have alternative uses as data centers, government offices, self-storage facilities and healthcare-related facilities and services, Claro dG. Cordero, Jr., director and head of research at Cushman & Wakefield said in an e-mail.

“Repurposing unused vacant spaces in retail developments can be an excellent way to improve the occupancy rates and recover from revenue losses on the part of the developers,” he added.

Lobien Realty Group’s Chief Executive Officer Sheila G. Lobien sees potential recovery, saying in an e-mail that groceries, home improvement and house repair stores will lead the return of mall retail.

But she said that the speed of tenancy recovery will depend on the rental prices and the structure of rent payments.

“We also need to observe how fast the recovery of the country’s employment rate and OFW (overseas Filipino worker) remittances to have a gauge of the strength of the purchasing power of the Filipino consumer. These two economic indicators will have direct impact on the country’s retail business,” she said, adding that recovery will depend on how quickly the government can provide COVID-19 vaccines.

Mr. Bondoc said that there could be some recovery in retail leasing by the second half of 2022, which will largely depend on consumer confidence and retailer interest in brick-and-mortar spaces.

Mall construction will likely be delayed.

Developers will be in a “wait-and-see” period over the next 12 months, Mr. Bondoc said, noting that there will be slower development in brick-and-mortar spaces as retail moves online.

Mr. Cordero said that there will be constriction delays for malls due to supply chain disruptions. Delivery of materials could be slower and fewer construction workers could be available due to lockdown-related constraints.

“Construction activities for malls are likely to focus on renovating the shopping mall spaces in order to accommodate non-traditional tenants, rather than construction of new, large-scale shopping mall developments,” he said.

Italy tells TikTok to block users after death of young girl

THE ITALIAN data privacy watchdog ordered video app TikTok on Friday to block the accounts of any users in Italy whose age it could not verify following the death of a 10-year-old girl who had been using the Chinese-owned app.

The ruling came after a girl died of asphyxiation in Palermo, Sicily, in a case that has shocked Italy.

Her parents said she had been participating in a so-called blackout challenge on TikTok, putting a belt around her neck and holding her breath while recording herself on her phone.

“TikTok was her world. And YouTube. That’s how she spent her time,” the girl’s father Angelo Sicomero was quoted as saying in Saturday’s Corriere della Sera newspaper.

In a statement, the regulator said that although TikTok had committed to ban registration for children aged under 13, it was nonetheless easy to circumvent this rule.

As a result, it said TikTok had to block unverified user accounts until at least Feb. 15 awaiting further information.

A spokeswoman for TikTok in Italy said the company was analyzing the communication received from the authority.

“Privacy and safety are absolute priorities for TikTok and we are constantly working to strengthen our policies, our processes and our technologies to protect our community and younger users in particular,” she said in an emailed comment.

Owned by China’s ByteDance, TikTok has been rapidly growing in popularity around the world, particularly among teenagers.

INVESTIGATION
Prosecutors have opened an investigation into possible incitement to suicide and are looking to see whether someone invited the girl to take part in the challenge.

“The watchdog decided to intervene as a matter of urgency following the terrible case of the 10-year-old girl from Palermo,” the authority said.

It said TikTok was banned from “further processing user data for which there is no absolute certainty of age and, consequently, of compliance with the provisions related to the age requirement.”

An official said this meant that users of unverified accounts would no longer be able to upload videos or interact with other people on the platform.

The watchdog said it had raised concerns with TikTok in December over what it called a series of violations, including allegations the firm had failed to protect minors.

It added that it had told the authorities in Ireland about its decision because TikTok has announced that it would run its European operations out of Dublin. — Reuters

BSP clears Philippine National Bank’s investment in PNB Holdings

THE CENTRAL BANK has cleared Philippine National Bank’s (PNB) planned investment in PNB Holdings Corp. (PHC)

In particular, the Bangko Sentral ng Pilipinas approved PNB’s request for “temporary exemption from prudential limits on its equity investments in PHC”.

“This is part of the bank’s plan to realize the market value of its prime properties and reduce its low-earning assets to strengthen its financial position…” PNB said in a filing on Monday.

PNB in September said it will subscribe to 466.77 million shares of PHC at a price of P100 apiece or P46.7 billion in total. This is equivalent to 99.46% of the outstanding shares of PHC. This will be in exchange for certain real estate properties of the bank.

Bloomberg reported last year that PNB is seeking to dispose of some of its prime properties such as a 10-hectare property along Manila Bay, and Makati properties including an office building and a prime lot, according to a source.

In a separate filing on Monday, the bank said it received on Jan. 21 the first installment payment from Alliedbankers Insurance Corp. for the bank’s nonlife insurance arm.

“The sale of PNB General Insurers Co., Inc. shares is consistent with the bank’s objective to exit the nonlife insurance business being a non-core undertaking,” PNB said in the disclosure.

The acquisition was approved by the Insurance Commission in December. PNB earlier said the sale will be settled through a P100.16-million payment in January and two P450.7-million payments on March 21, and June 21.

“The proceeds of the transaction will be used for general corporate purposes,” the bank said.

PNB’s net profit rose 2.9% year on year to P2.508 billion in the third quarter of 2020. However, its nine-month profit slumped 39% to P3.896 billion from P6.504 billion as the bank boosted its loan loss provisions amid the pandemic.

Shares in PNB closed at P27.65 apiece on Monday, up by 15 centavos or 0.55% from its previous finish. — L.W.T. Noble

SMDC partners with Lamudi

SM DEVELOPMENT Corporation (SMDC) has started listing its projects on online real estate platform Lamudi, as part of its efforts to expand its market reach and address buyers’ demands in the “new normal.”

“During the pandemic, we’ve discovered the power of online selling. Our sales come both from our physical broker network and also through the internet,” SMDC President Jose Mari Banzon was quoted as saying in a statement sent by Lamudi.

Property firms are turning to online listings as community quarantine restrictions are still in place. Lamudi had noted a 31% increase in site visits from returning platform users from March to April 2020, the height of the strict lockdown in Luzon.

Mr. Banzon said SMDC has allocated funds for its overseas agents to create interactive websites and a 360-degree view of showrooms. “What we want is for the website to sell the Philippines, sell real estate in the Philippines, and give the potential buyer the capability to do the transaction through the internet,” he said.

DFNN affiliate gains control of listed Australian gaming operator

AN AFFILIATE of gaming and technology Filipino firm DFNN, Inc. has acquired 92% of the issued share capital of a casino operator listed on the Australian Stock Exchange (ASX), the company told the local bourse on Monday.

This comes around two months after DFNN’s affiliate HatchAsia, Inc. received a letter of no objection from Australia’s Foreign Investment Review Board on its planned acquisition of majority of Australian casino operator Silver Heritage Group Ltd.

HatchAsia, which is 18.98% owned by DFNN, is engaged in building solutions for fintech, gaming and payment solutions for utilities, among others.

DFNN said that HatchAsia had gained control of the Australia-based Silver Heritage.

“Today, DFNN was informed that on January 22, 2021 (professional services firm) KPMG (and) Deed Administrators of SVH disclosed to the ASX the completion and execution of the Deed of Company Arrangement (DOCA) effecting the acquisition of 92% of the issued share capital of the latter,” DFNN said. 

The Philippine firm said that additional information would be disclosed to the Philippine Stock Exchange “as necessary.”

In September, DFNN signed a deal to purchase a majority stake in Silver Heritage. It added that the acquisition was worth P18.74 million or AU$530,000 in cash, and 3% of issued shares.

Silver Heritage operates and manages casinos in Nepal and Vietnam. It also manages electric gaming operations in Laos and Cambodia.

DFNN shares on Monday were unchanged at P4.96 apiece. — Angelica Y. Yang

RFM says consumers brands post double-digit growth rates

RFM Corp. said on Monday that preliminary data for 2020 showed its consumer brands posted double-digit growth rates last year, pointing to better revenue and income figures for the food and beverage manufacturer.

In a regulatory filing, it said the Selecta Fortified Milk brand expanded 56%, while the Fiesta and Royal pasta brands rose 44% and 16%, respectively.

RFM added that its White King hotcakes and other bowl mixes rose 36% as consumers cooked more in the homes amid the pandemic-induced lockdown. It did not disclose values other than the growth rates.

“While the 2020 audited financials are still not available, anecdotal evidence points to a better performance in 2020 compared to 2019 in revenues and income,” RFM President and Chief Executive Officer Jose Ma. A. Concepcion III was quoted as saying.

In 2021, Mr. Concepcion said the company would continue to control its expenses and capital expenditures as the situation remains uncertain due to the pandemic.

RFM has a strong balance sheet, he added, to support the continuation of the company’s dividend policy and share buyback programs.

“While RFM continues to look out for any M&A (merger and acquisition) opportunities to boost shareholder value, the organic growth in milk, ice cream, pasta, and mixes will be our growth drivers for 2021,” he said.

Meanwhile, RFM announced the approval of its board of directors for a cash dividend worth P350 million to be payable on March 8.

In its regulatory filing on Monday, the company said the cash dividend is at P0.10387 per share, as of record date Feb. 8, and is one of the two dividend declarations made every year.

According to RFM, its dividends per share have increased to 21 centavos in 2020, against 16 centavos in 2019.

“At the end 2020 share price of 4.56 per share, the dividend yield is 4.6%,” the company said.

On Monday, shares in RFM at the stock exchange rose 2.81% or 13 centavos to close at P4.75 each. — Revin Mikhael D. Ochave

Entertainment News (01/26/21)

Nicole Asensio new single “Love Me Or Don’t” drops Jan. 29

FILIPINO singer Nicole Laurel Asensio isn’t begging for anyone’s love in her new single “Love Me Or Don’t,” to be released January 29 on music streaming service Spotify. The song, said to be written in a span of 15 minutes according to a press release, details the feelings of a person who “has been hurt many times, smiled through it to put up a front and reached their breaking point” and eventually finds freedom to tell their lover that they don’t need them to feel complete.

Smart streams Korean music show M Countdown

LOCAL telecommunications company Smart is now streaming K-Pop chart show M Countdown since January 21 via smart.com.ph/Pages/GigaFest. The show airs live every Thursday at 5 p.m. with replays at 9 p.m. Smart subscribers will be able to enjoy special features such as multi-view experience, which allows them to watch the event through different angles, including angles locked on their favorite K-pop group member.

Paper Satellites launches new single

IN A SPAN of five years, Paper Satellites have been churning out tropical-infused indie rock songs that certainly had its rickety charms, most prominent of the bunch is “Golden Age” — a brash, unapologetic anthem that calls back to the days when Arctic Monkeys’ “Whatever People Say I Am, That’s What I’m Not” and Twin Door Cinema Club’s “Tourist History” were the jam. Fast forward to 2021, the quartet  continues to ride the familiar train with a dancier, groovier approach. “Towns,” their latest single under Lilystars Records, balances pop’s pleasure principle with their penchant for guitar-driven hooks, synth-noodling pipes, and big, ecstatic choruses. “Sound-wise, we took inspiration from various guitar-based artists such as Bombay Bicycle Club, Two Door Cinema Club, and a bunch of other bands with ‘Club’ in their names,” says vocalist and guitarist Jyle Macalintal. “It was also inspired by the music one hears from small town festivals.” The song is now out in various music streaming platforms worldwide.

Netflix confirms second season of Bridgerton

AFTER a highly successful first season, Netflix announced the second season of Regency-era series Bridgerton with the new season focusing on the life of Lord Anthony Bridgerton (played by Jonathan Bailey, the oldest of the brood. Based on the book series by American author Julia Quinn, the show is scheduled to enter production in the spring of 2021.

WeTV adds anime Demon Slayer to library

ANIME Demon Slayer: Kimetsu no Yaiba is now available for streaming on WeTV. Based on the Japanese manga series, written and illustrated by Koyoharu Gotōge, the show follows the story of Tanjiro Kamado, a young boy whose life changes after a tragic event. All episodes of the series are now available on the streaming service. Monthly subscription to WeTV is at P59 while quarterly subscription is at P159, an annual subscription is at P599. The app is available on both Google Play Store and Apple App Store.

Implementing rules of AMLA tweaks to be similar to statutory amendments

REVISIONS to the implementing rules and regulations (IRR) of the law strengthening the country’s anti-money laundering measures will follow key legislative amendments, Anti-Money Laundering Council (AMLC) Executive Director Mel Georgie B. Racela said on Monday.

“The IRR amendments will be substantially similar to the statutory amendments in order to minimize any potential controversy and avoid further delays to its approval,” Mr. Racela said in a text message.

The reconciled version of House Bill No. 7904 and Senate Bill No. 1945 was approved by the Bicameral Conference Committee on Jan. 12, just weeks before the Feb. 1 deadline set by the Financial Action Task Force (FATF) for the country to comply with its recommendations and avoid being gray-listed. The changes are meant to strengthen Republic Act (RA) No. 9160 or the Anti-Money Laundering Act (AMLA) of 2001.

Mr. Racela said the AMLC has been “taking parallel moves in the IRR draft to beat the deadline.” He added they have yet to receive the official enrolled bill version.

“The enrolled bill is still with Congress, particularly in the Senate from the last I heard,” he said.

The bicameral panel last week reconciled key differences in their earlier proposals and finalized covered transactions to include a P25-million threshold for tax crimes and a threshold for real estate single cash transactions in excess of P7.5 million.

Lawmakers also included a provision to allow the AMLC to apply for a subpoena through the court. Initially, the House proposed to grant the regulator power to issue subpoenas on its own, but this was not included in the Senate’s version.

Quirino Representative Junie E. Cua, who chairs the House Committee on Banks and Financial Intermediaries, previously said they adjusted provisions related to subpoenas in accordance with the Constitution.

“This is one of the amendments where the representatives of the Senate and the House of Representatives found a middle ground. So we will respect this outcome as it is a “better than nothing” version,” Mr. Racela said.

The Philippines has been under a FATF observation period since 2019 and needs to address the gaps in its measures against dirty money and terrorism financing to avoid the gray list. The country was removed from the gray list in February 2005 after its inclusion in 2000.

Legislators have warned that being deemed a jurisdiction with lax measures on anti-money-laundering and counter-terrorism financing could impact remittance and investments as transactions will have to undergo stricter scrutiny, higher fees, and longer processing.

Recommended improvements by the FATF on the country’s counter-terrorism financing measures have already been addressed through the controversial RA No. 1149 or the Anti-Terror Act of 2020. — Luz Wendy T. Noble

Meralco to start work on Aseana substation project

D.M. WENCESLAO & Associates, Inc. (DMW) said it signed an agreement with Manila Electric Company (Meralco) for a substation within its Aseana City township project.

In a statement, the developer said the Aseana-1 Substation Project is set to break ground within the first quarter and targeted for completion by the second half of 2022.

The substation will boost the power supply capacity in Aseana City.

Aseana City is a 107-hectare mixed-use development situated between the Mall of Asia Complex and Entertainment City. Locators include City of Dreams Manila, Ayala Malls Manila Bay, S&R Membership Shopping, Department of Foreign Affairs, Singapore School Manila, Sequoia Hotel, Honda Manila Bay, among others.

“Aseana City is a master-planned community that connects people to home, work, play, and more. And as our community continues to grow, we want to give them the security and assurance of future-proof resources that are mindfully-designed to allow them to live a comfortable life,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.