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ICTSI raises nearly P5B from sale of treasury shares

INTERNATIONAL CONTAINER TERMINAL SERVICES, INC.

LISTED port operator International Container Terminal Services, Inc. (ICTSI) announced on Monday that it had successfully raised P4.7 billion from the sale of its 40 million treasury shares.

In an e-mailed statement, ICTSI said the offering was “oversubscribed” by “high-quality” foreign and local investors.

The company sold 40 million treasury shares at P117 per share representing a 3.9% discount to the closing share price on Nov. 25, ICTSI said.

The offering was the company’s first equity follow-on offering since 2013, according to ICTSI, adding that proceeds would be used to fund “general corporate purposes, including committed capital expenditures and acquisitions.”

Rafael D. Consing Jr., ICTSI senior vice-president and chief financial officer, said: “With $800 million raised in senior debt, hybrid equity, and common shares from both existing and new stakeholders, ICTSI enters 2021 focused on a five-year horizon through the same lens of achieving growth organically and through value-accretive acquisitions.”

ICTSI’s offering comes after the company reduced its capital expenditure plan for 2020 to around $160 million due to the pandemic crisis.

The company reported recently that it had spent $128.6 million as of September this year, mainly for its expansion projects at Manila International Container Terminal in Manila; Contecon Manzanillo S.A. in Manzanillo, Mexico; Contecon Guayaquil S.A. in Guayaquil, Ecuador; Basra Gateway Terminal in Umm Qsar, Iraq; and ICTSI DR Congo in Matadi, Democratic Republic of Congo.

ICTSI saw its third-quarter net income attributable to equity holders grow by 23% to $69.2 million, after it benefitted from cost preservation measures to mitigate the effects of the global health crisis.

ICTSI shares closed 1.21% higher at P125 apiece on Monday. — Arjay L. Balinbin

UPS expects surge in delivery volume despite pandemic crisis

By Arjay L. Balinbin, Senior Reporter

LOGISTICS firm United Parcel Service, Inc. (UPS) anticipates a spike in the delivery of goods in the Philippines in the first two weeks of December amid a pandemic crisis, a company official said.

“In the Philippines, it’s interesting that the holiday season here is kind of top and down. In the last two weeks of December, there are a lot of companies that shut down, so we do see a lot of volumes spike in the early part of the December period, especially that people are trying to get deals from their online marketplaces,” UPS Philippines Managing Director Chris Buono told BusinessWorld in a recent online interview.

He added, “I fully expect that the same is going to happen in the Philippines this year.”

As for the impact of the ongoing pandemic crisis on the logistics industry, Mr. Buono said: “This new normal means operating in a peak-like environment for almost the entire year.”

“We’ve gotten more than 600 flights in the second quarter of 2020 and more than 260 in the third quarter to cater the demand coming out of Asia,” he noted.

He also said the global health crisis has put the spotlight on the importance of logistics and ensuring business continuity.

UPS has noticed that companies have become “more mature,” as they try to continue to grow amid a public health crisis, according to Mr. Buono.

“They’ve learned a lot over the last eight months, and they’ve become much more mature,” he noted.

He also said digital tools being made available to businesses help them identify growth opportunities during the pandemic crisis “by allowing them to look at data, which tell them where the customers are and what sort of behaviors they may have online.”

To stay afloat during the pandemic, shippers should be “flexible” with options to keep the goods moving, “either through transportation modes and transit time, cost, or the size and quantity of shipments,” Mr. Buono explained.

Companies also need to look at solutions that provide cost-effective alternatives in order to maintain a sense of normalcy, he said.

Companies that face supply chain challenges “may also move available inventory away from affected areas, so that their products can be easily accessed for shipping.”

San Miguel infuses more funds in MRT-7 project

SAN MIGUEL Corp. (SMC) has infused P147.81 million more in its infrastructure unit to fund the 23-kilometer Metro Rail Transit Line 7 (MRT-7) project, the firm told the local bourse on Friday.

In a regulatory filing, Ramon S. Ang-led SMC said that the disbursement to San Miguel Holdings Corp. came from the earnings of its Subseries J offer of its Series “2” preferred shares.

As of Nov. 30, the outstanding common and preferred shares of the company’s subseries J offer were logged at 266 million.

MRT-7, a flagship project of the government, will run between North Avenue in Quezon City and San Jose del Monte City, Bulacan. SMC unit SMC Mass Rail Transit 7, Inc. is undertaking the project along with the Department of Transportation.

The Transportation agency earlier said that MRT-7 was on track for partial operations next year as the project hit a 51.84% completion rate in June.

Last month, SMC reported a third-quarter net income of P15 billion, up from its P13.54 billion posting year-on-year as business units started bouncing back. The firm earlier said that it returned to profit after posting a net loss of P4 billion during the first six months of 2020 as the government had relaxed quarantine measures in Metro Manila and key cities.

Separately, the listed conglomerate said in a statement on Monday that it had extended cash assistance of P20 million for the lone fatality and eight injured during the recent accident at the Skyway extension project site in Cupang, Muntinlupa.

It said the amount is on top of the medical and other expenses shouldered by its Skyway project contractor EEI Corp.

“I’ve been deeply affected by the pain this has caused them and have been assessing different ways to assist the victims of this unfortunate accident, apart from what our contractor EEI has been providing them. I hope this amount would be a step towards helping them rebuild their lives. With the right support, we can all overcome adversity and lead full lives,” Mr. Ang said.

EEI is the entity handling the project’s construction. The mishap involved its subcontractor’s crane, which lost its balance and hit a steel girder, causing it to fall on vehicles.

Mr. Ang earlier issued a public apology and promised to provide for the needs of the victims.

On Monday, shares in SMC inched up by 0.87% to finish at P139.20 apiece. — Angelica Y. Yang

Of Dalgona coffee and quadratic equations

What were the top Google searches in 2020?

WHEN summed up in one word, the year 2020 according to the Merriam-Webster dictionary is

“Pandemic.” Meanwhile the Oxford dictionary described the year as “one that cannot be neatly accommodated in one word.” Yes, this year has been all about the coronavirus pandemic going by the searches that topped the annual Google Year in Search list globally, and that is also largely true for Filipinos whose search terms were all about how to survive in quarantine — such as “making dalgona coffee.”

But what is striking about the Philippines’ Year in Search list is that while “Coronavirus” is the top trending search worldwide, it took the third spot in the Philippines, overtaken by the country’s interest in the recently held US Presidential elections (“US Election 2020”) and NBA Scores, at Nos. 1 an 2 respectively. (Interestingly, the NBA Schedule No. 6 on the list.)

In comparison, the US elections (“Election Results”) sits at the second spot in the Overall Trending Searches for 2020 worldwide.

And because the country has shifted to online and distance learning, Google Philippines noticed a “relative spike in academic-related searches as students embraced home-based learning, and looked up lectures and topics online,” according to a company release.

The search term “DepEd Commons,” the Department of Education platform which serves as a hub for digital learning materials, occupied the fourth spot in the overall trending searches list in the Philippines.

Rounding out the Top 5 trending searches in the Philippines was “Taal Volcano,” which erupted on Jan. 12 and spewed ash across the regions of Calabarzon, Metro Manila, and Central Luzon.

While the pandemic may not be top of mind in Philippine searches, it’s interesting to note that many of the “How-To” searches were about either surviving quarantine or protecting oneself from the virus.

The top How-To search was about making dalgona coffee, as the frothy coffee with milk mixture became the beverage of choice for Filipinos under lockdown. Following dalgona coffee was the question on how to wear surgical masks properly. Other pandemic-related how-tos were about boosting the immune system (at No. 4), how to compute body mass index (for those putting on the quarantine pounds at No. 3), how to make leche flan (No. 5) and how to make pancakes (No. 8). The all-important “How to prevent COVID-19” (coronavirus disease 2019) is far down at the 10th spot.

Also in the Top 10 of the How-To list were the age-old questions: how to “divide fractions” (No. 6) and “how to solve quadratic equations” (No. 7).

Korean dramas dominated the most searched TV shows and series, with Crash Landing On You at the top spot followed by Netflix’s Spanish-language heist series, Money Heist. Money Heist and US series Prison Break at No. 9 were the only non-Korean dramas in the Philippines’ list.

North Korean leader Kim Jong-Un was the top male personality after numerous reports of his being unwell (and even death) surfaced while Filipina actress Issa Pressman was the top searched female personality after she was involved in the break-up of Nadine Lustre and James Reid.

“Looking back at the year that was, many Filipinos realized the importance of going digital now more than ever to search for answers and cope with the new changes happening around them,” Geia Lopez, analytical head for consumer packaged goods and retail at Google Southeast Asia, said in the release. — Zsarlene B. Chua

Below is the complete Google Philippines Year in Search:

OVERALL TRENDING SEARCHES
US election 2020

NBA score

Coronavirus

DepEd Commons

Taal Volcano

NBA schedule

Kobe Bryant

Lakers vs Heat

First day of school

www.reliefagad.ph

TRENDING SEARCHES BY CATEGORY:
News

US election 2020

Coronavirus

Taal Volcano

First day of school

www.reliefagad.ph

Kim Jong-Un

Joe Biden

hantavirus

SSS calamity loan

Typhoon Ulysses

Education

DepEd Commons

First day of school

English to Filipino translation

quadratic equation

Venn diagram

homogenous mixture

fraction calculator

scientific method

arithmetic sequence

heterogeneous mixture

Sports

NBA score

NBA schedule

Lakers vs Heat

NBA standings

Lakers vs Nuggets

NBA games today

Lakers vs Rockets

Clippers vs Nuggets

Lakers vs Trail Blazers

Australian Open 2020

TV Shows/Series

Crash Landing on You

Money Heist

It’s Okay To Not Be Okay

Start-Up

Itaewon Class

The World of the Married

Girl from Nowhere

Backstreet Rookie

Prison Break

The King: Eternal Monarch

Songs and Lyrics

“When I Look at You” lyrics

“Tala”

“Love Story” lyrics

“Paubaya” lyrics

“Imahe” lyrics

“Catriona” lyrics

“At My Worst” lyrics

“Make It With You” lyrics

“Kabilang Buhay” lyrics

“Ice Cream” lyrics

Game-related Searches

Among Us

Genshin Impact

Rules of Survival gift

Adorable Home

Valorant

League of Legends: Wild Rift

Krunker.io

Codashop PH

Shinobi Life 2 codes

Fall Guys: Ultimate Knockout

Movies

Through Night and Day

Parasite

Enola Holmes

Mulan

Black Panther

Train to Busan 2

Extraction

Contagion

Birds of Prey

Miracle in Cell No. 7

Female Personalities

Issa Pressman

Sofia Andres

Ivana Alawi

Vanessa Bryant

Janine Berdin

Kamala Harris

Seo Ye-ji

Rabiya Mateo

Kaachi

Kim Go-eun

Male Personalities

Kim Jong-Un

Joe Biden

Hyun Bin

Tom Hanks

Vico Sotto

Carlo Acutis

Marcelito Pomoy

Kim Soo-yun

Michael V.

Jeremy Jauncey

Losses

Kobe Bryant

Lloyd Cadena

Chadwick Boseman

Naya Rivera

George Floyd

Go Soo-jung

Emman Nimedez

Park Ji-hoon

Oh In-hye

Sean Connery

K-Drama

Crash Landing On You

It’s Okay To Not To Be Okay

Start-Up

Itaewon Class

The World of the Married

Backstreet Rookie

The King: Eternal Monarch

Hi Bye, Mama!

Record of Youth

Hospital Playlist

Korean Personalities

Hyun Bin

Kim Soo-hyun

Kaachi

Kim Go-eun

Aespa

Jun Ji-hyun

Son Ye-jin

So Ji-sub

Han So-hee

Jo Eun-Jung

How-to

How to make dalgona coffee?

How to wear a surgical mask?

How to compute BMI?

How to boost the immune system?

How to make leche flan

divide fractions?

How to solve quadratic equations?

How to make pancakes?

How to apply for an SSS calamity loan online?

How to prevent COVID-19?

Gaisano resumes work on condo

DAVAO CITY — Gaisano-owned Grand Land, Inc. has resumed construction work on the condominium component of its Amani Grand Citygate complex, its flagship project in the city.

Grand Land President Ryan Bernard Go said they have also maintained sales operations despite mobility restrictions due to the coronavirus disease 2019 (COVID-19) outbreak.

“(Construction is) now in full operation while maintaining COVID-19 safety protocols. Sales of condo are gaining back in momentum but we limit office visitation and have closed our showroom during this crisis. Everything was online and virtual,” he said in an e-mail interview last week.

The 10-hectare complex, located in Davao’s Buhangin District, will have four residential buildings with nine to 12 floors each.

It is also planned to have a commercial area and business process outsourcing buildings.

Meanwhile, the Gaisano Grand Group of Companies’ real estate arm has temporarily closed the Grand Regal Hotel due to low occupancy and high operational costs.

“Our hotel is closed until now. We decided to close the hotel since occupancy was very low and cannot cope with operational cost,” said Mr. Go.

The 217-room hotel, formerly a Mercure Hotel, is home to the largest casino in Mindanao operated by the Philippine Amusement and Gaming Corp.

Renovation and refurbishment were in full swing last year in line with the company’s plan to rebrand Grand Regal as a five-star business hotel.

“We hope to open when we get back to the new normal and people start to travel again,” Mr. Go said. — Maya M. Padillo

Globe moves tech infrastructure to Amazon cloud service provider

MOBILE NETWORK operator Globe Telecom, Inc. has successfully transferred on Monday the bulk of its technology infrastructure to cloud service provider Amazon Web Systems, Inc. (AWS), in a bid to accelerate the former’s digital transformation and improve customer experience.

AWS is a subsidiary of American multinational technology company Amazon.

In a statement, Globe said that it was able to migrate its contact center operations, customer analytics, network and service assurance systems, infrastructure operations, monitoring, and security, from its on-premises data centers to AWS. It added that it continues to transfer applications to AWS to modernize its infrastructure and services. Although he did not give the exact percentage of the infrastructure that was moved to AWS, Globe’s Chief Information officer Carlomagno E. Malana told reporters in a Monday press briefing that there was “definitely a clear majority.”

Being on the cloud has improved the telco company’s operations, Globe said.

“By leveraging AWS, Globe Telecom reduced the time required to provision new infrastructure resources from more than two months to less than two days, increased app performance by 15 times, and reduced infrastructure maintenance and operation costs by 30%,” the company said in a statement. 

At present, Globe now uses cloud-based services to streamline its operations, including contact center Amazon Connect, machine learning service Amazon Polly, conversational interface builder Amazon Lex, and an artificial intelligence-powered customer service chatbot named Gie of Globe.

Globe’s Mr. Malana underscored the importance of their employees in the company’s journey of migrating to the cloud.

“One of the key things that we have in this journey at Globe was ensuring that our employees have the requisite training and… reinforcement of this training so that we’re able to have people who can think cloud,” he said.

Asked about how working on the cloud has potentially changed Globe’s data privacy practices, Mr. Malana said: “We have made significant investments in ensuring that we’re there, and really being very focused on taking good care of our customers’ data.”

For Globe’s President and Chief Executive Officer Ernest L. Cu, working with AWS would help the company develop a culture dedicated to meeting its consumers’ needs.

“The capabilities of AWS enable us to foster a customer-focused company culture that uses technology to solve meaningful customer problems. This helps us develop more purposeful relationships with our customers, making us their network of choice,” Mr. Cu said in a statement.

Earlier, AWS said that it was focused on helping its customers and partners in the Philippines in addressing the technological and skills demands of the so-called new normal. — Angelica Y. Yang

Lawyer tackles life, the law, and celebrities on YouTube show

AS A video-sharing platform, YouTube has made it possible for many people to create content and share it with the world, and for a lawyer who cut her teeth in entertainment law, Marie Glen Abraham-Garduque saw YouTube as a way to not only share her life with her viewers but also inform them of their rights and answer their questions about laws in the Philippines.

“To say that [knowledge of the law] is important is an understatement. Whether we realize it or not, law regulates every aspect of our lives. Law is relevant from the time of a person’s birth which determines civil personality as mentioned in Article 40 of the Civil Code until the time of his death where wills and succession would be material,” Ms. Abraham-Garduque told BusinessWorld via an e-mail interview on Dec. 8.

And this mission to inform more people about the law — as well as tackling issues surrounding celebrities — became what is now the Mugshots with Atty. Maggie YouTube channel. The channel, which started in June 2019, is both a lifestyle and law advice channel where Ms. Abraham-Garduque — better known as “Atty. Maggie” — shares snippets of her life in some videos, answers legal queries in others, and tackles celebrity issues such as her most recent video which discussed why actress Liza Soberano filed a cyberlibel case against an internet service provider employee after he made a rape joke about her.

Ms. Abraham-Garduque is a litigation lawyer who handled cases for celebrities Willie Revillame and Kristine Reyes and the Sarah Lahbati case against GMA Network in 2013 during a falling-out which led to Ms. Lahbati being sued for libel. The feud ended in the same year with both sides fixing their differences. Ms. Abraham-Garduque is also the personal lawyer of actor Alden Richards.

“[Being a celebrity lawyer] is different in the sense that it demands for more work than the usual work load in handling non-celebrity clients. As a lawyer, you should not only handle the case but you should also know how to present the said case in public. They are public figures and of course everything you feed the media will affect their career. All my celebrity clients know that if they ask me to handle their case, I would decide what interviews they can accept, when to have the interview and what questions they can answer. Even what they should and should not post in their social media accounts,” she said in the interview.

She added that some of the usual legal issues celebrities run into are “contractual breach and damages, tax evasion and libel cases.”

But when it comes to regular people, Ms. Abraham-Garduque noted that most of the time she gets asked about marriage problems on her “MUGTanong” segment where she answers questions from regular people.

In the interview she mentioned that she has received a lot of questions about “womanizing husbands” and “inquiries on what cases to be filed against them and their mistresses.”

“I likewise received more questions on physically, psychologically and economically abused women and children. There were also a bulk of questions on how to severe marriages, inquiries on whether they should file annulment, legal separation or nullity of marriage and the difference of each of these cases,” she said.

And during the pandemic, she said she had a lot of questions about labor issues.

She said that the reason she started the channel was because she wanted to spread knowledge of the law, but her workload in the law office does not permit her to do it on a wider scale. She explained that for her, “knowledge of the law equates to power,” because having enough knowledge of laws may make it hard for people to exploit and abuse a person.

“For me the most important laws are of course our fundamental law, our Constitution, then the Civil Code of the Philippines, Family Code, Revised Penal Code and Labor Code of the Philippines. Anent our Constitution, it is important to know Article III [or] the ‘Bill of Rights so that one would know his rights as a citizen of the Philippines. Civil Code as it contains laws on human relations, obligations and contracts and property ownership. Of course, knowledge of the Family Code is self-explanatory. Revised Penal Code as violations thereof involves one’s liberty and of course labor laws so one would know his rights as an employee. If you know at least those, I think it would be hard for you to be legally exploited,” she said. — Zsarlene B. Chua

Restaurants setting up shop in empty hotel suites

FACED WITH a winter full of indoor and outdoor dining shutdowns, chefs across the country have discovered a new place to feed customers: hotel rooms that stand empty during the pandemic.

From Brooklyn, New York, to Minneapolis, restaurants are turning suites into private dining rooms for small groups. This comes at a time when the country’s hotel occupancy rates remain at historic lows — 65% are below 50% occupancy — and the restaurant industry faces continued job and revenue loss.

Philadelphia’s Walnut Street Café has created individual dining experiences in the AKA University City hotel, located 23 floors above the restaurant in the same mixed-use space. The three-course dinner at what is dubbed “Walnut Suite Café” goes for $65, plus a $50 room charge to keep the space for three hours, and is available in 15 of the AKA’s one- and two-bedroom suites. The restaurant’s co-owner, Branden McRill, started the program after the city shut down indoor dining in late November.

“We had so few options for serving guests, so I said, ‘Let’s try this,’” he says. Guests are required to follow COVID-related precautions, such as wearing face covering on entering the property and going directly up to the room.

AKA’s suites are already outfitted with dining room tables, so they easily transition to a private restaurant space. Guests choose from options such as braised beef cheeks and vegetable cannelloni. They can also elect to stay overnight and use the $50 fee toward a room credit. (Suites start at $275.) Otherwise the fee covers AKA’s cost of cleaning the room. McRill says the outlay has been modest; the restaurant has spent about $2,000 to create specially designed carts and hot boxes to bring the food from the kitchen up to the dining rooms. But the arrangement has allowed the restaurant to serve some 60 customers a night, about the same number as indoors before the pandemic.

McRill plans to keep the program into 2021, depending on demand and room availability. Walnut Street Café shares the same ownership company, Brandywine Realty Trust, as AKA University City, which eased the collaboration, according to the hotel’s managing director, Evan O’Donnell. “We wanted to make it an attractive enough price point that it wouldn’t scare people away; we’re not trying for $350 a meal here,” he says.

Le Crocodile in Williamsburg, Brooklyn, was early to adapt the model. In late October, Le Crocodile Upstairs opened in 13 rooms on the 2nd floor of the Wythe hotel. The extension of the popular French restaurant offers a $100 three-course menu for parties of four to 10 people. Options, such as roast chicken with frites and pork steak with chanterelles, are also available on the restaurant’s full menu.

“There’s a lot of demand,” says restaurant owner Jon Neidich. “On the weekends, we’re often fully booked.”

In Minneapolis, the Hewing Hotel has removed beds from several rooms to make way for private dining spaces. And at the Eliot Hotel in Boston, a handful of rooms are being used by in-house dining spot Uni, to serve ramen and sushi, with the restaurant’s music piped in. Other hotels are following suit. The NoMad in New York is offering the “NoMad Feast” in empty suites, featuring such dishes as its signature black truffle-stuffed chicken.

Le Crocodile’s Neidich says customers tend to open their wallets wider in the hotel rooms, because they are viewing the out-of-their-home experience as a special occasion.

“They order more, a nicer bottle of wine,” he says. “The check averages are higher. That means people are enjoying themselves.” — Bloomberg

Suntrust bond issuance to HK firm exempted from SEC registration

THE Securities and Exchange Commission (SEC) exempted Suntrust Home Developers, Inc.’s proposed issuance of P5.6 billion, 6% convertible bonds to Summit Ascent Investments Ltd. from registration requirements.

Suntrust released on Monday a copy of the SEC letter dated Dec. 11, as signed by SEC Director Vicente Graciano P. Felizmenio, Jr.

Mr. Felizmenio said the company is “exempt from the registration requirements under Section 8 of the Securities Regulation Code, for which the exemption fee in the amount of P5.66 million was paid to the commission on October 08, 2020…”

Mr. Felizmenio added the convertible bonds to be issued in favor of Summit Ascent Investments is an “exempt transaction” under the Securities Regulation Code, as it is a “sale of securities by an issuer to fewer than 20 persons in the Philippines during any 12th month period.”

“The commission hereby confirms that the issuance of the said convertible bonds is exempt from the registration requirements,” he also said.

In June, Suntrust announced it would be issuing P5.6 billion convertible bonds to be subscribed to by Summit Ascent, a Hong Kong-based company.

Suntrust had said the move would support the development of the five-star hotel casino that it is building at the Manila Bayshore Integrated City in Parañaque City.

Suntrust is 51%-owned by Fortune Noble Ltd., a wholly owned subsidiary of Hong Kong-based Suncity Group Holdings Ltd.

Suncity is a substantial shareholder of Summit Ascent through its parent company, Summit Ascent Holdings Ltd., where Suncity holds approximately 24.74% interest. — Arjay L. Balinbin

Gov’t fully awards T-bills as rates inch sideways ahead of BSP meet

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as yields moved sideways ahead of the central bank’s latest policy meeting.

The Bureau of the Treasury (BTr) raised the programmed P20 billion via the T-bills on Monday as bids reached P76 billion or nearly four times as much as the offered amount.

Broken down, the BTr borrowed P5 billion as planned via the 91-day debt papers from P16.218 billion in tenders. The average rate of three-month T-bills edged up by 0.7 basis point (bp) to 1.022% from the 1.015% fetched in last week’s auction.

It also accepted P5 billion as programmed in 182-day securities out of bids worth P14.84 billion. The six-month debt was quoted at 1.4%, inching up by 0.1 bp from 1.399% previously.

Lastly, the government made a full P10-billion award of the 364-day instruments as tenders hit P44.943 billion. The one-year T-bills fetched an average yield of 1.686%, down by 0.9 bp from the 1.695% quoted in the previous offering.

T-bill rates move sideways yesterday as investors stayed on the sidelines ahead of the Monetary Board’s (MB) policy meeting on Thursday, National Treasurer Rosalia V. De Leon told reporters after the auction.

“Minimal movement in rates as the market sees MB in a stay mood for Thursday policy meeting. Liquidity bountiful with more than adequate bid cover across tenors,” Ms. De Leon said via Viber on Monday.

The Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board will hold its last review for the year on Thursday, Dec. 17.

The central bank will likely keep its key policy rates at their current record low levels as it considers the recent uptick in the country’s inflation rate, according to analysts.

A BusinessWorld poll last week showed all 15 analysts do not expect the Monetary Board to go for another rate cut at its seventh and final policy meeting for the year.

The BSP unexpectedly slashed rates by 25 bps last month, citing the need to provide support amid continued uncertainty caused by new virus cases globally and the impact of a recent string of typhoons.

The central bank has lowered policy rates by 200 bps this year.

However, many analysts believe the BSP will resume its easing cycle as early as the first quarter of 2021 to help the economy bounce back as recovery prospects remain dim.

A bond trader meanwhile said the slight uptick in the average rate of the one-year T-bills could serve as a signal that investors are shifting to that tenor from the 91- and 182-day papers.

“This indicates that those who are buying T-bills may be pricing in another rate cut after six months. Overall, yields remained steady across-the-board,” the trader said via Viber on Monday.

On Tuesday, the BTr will offer P30 billion in reissued 10-year notes with a remaining life of six years and four months. The debt papers carry a coupon of 4.75%.

The Treasury plans to borrow P120 billion from domestic lenders in December: P60 billion in weekly T-bill auctions and P60 billion in fortnightly T-bond offerings.

The government wants to raise around P3 trillion this year from local and foreign lenders to help fund its budget deficit, which is expected to hit 7.6% of the country’s gross domestic product. — Beatrice M. Laforga

Cleaners tops the PPP awards

Cleaners, a film anthology about high school cleaners (students tasked to clean the classroom and other parts of the school), was the big winner at the recently held awards night of the 4th Pista ng Pelikulang Pilipino which was held online.

The film by Glenn Barit — a stop motion movie using a series of photocopied stills — won the night’s top awards: Best Picture; Best Director;; Best Supporting Actress for Gianne Rivera; Special Citation for Ensemble Performance for Leomar Baloran, Julian Narag, and Carlo Mejia; Best Production Design for Alvin Francisco; and Best Musical Score.

The awards night on Dec. 12 was held over the Facebook and YouTube pages of the Film Development Council of the Philippines (FDCP).

Other big winners that night were Metamorphosis by J.E. Tiglao, which won the Special Jury Prize for Film and Best Actor for Gold Azeron.

The online version of the FDCP-led film festival ran from Oct. 31 to Dec. 13 and featured more than 150 films. The movies considered for the awards were those that had limited releases in the country or had Philippine premieres at the festival.

Below is the complete list of winners:

Best Picture: Cleaners

Special Jury Prize for Film: Metamorphosis

Best Director: Glenn Barit (Cleaners)

Best Actress: Hana Kino (Come On, Irene)

Best Actor: Gold Azeron (Metamorphosis)

Best Supporting Actress: Gianne Rivera (Cleaners)

Best Supporting Actor: Henyo Ehem (The Highest Peak)

Best Screenplay: Jason Paul Laxamana (He Who Is Without Sin)

Best Production Design: Alvin Francisco (Cleaners)

Best Cinematography: Emmanuel Liwanag (He Who Is Without Sin)

Best Sound Design: Arbi Barbarona (The Highest Peak)

Audience Choice Award (Short Film): Night Shift

Audience Choice Award (Full-length Film): He Who Is Without Sin

— Zsarlene B. Chua

DMCI Homes completes 4 projects in 2020

DMCI PROJECT Developers, Inc. completed four projects and turned over 11 buildings to homeowners this year amid the pandemic.

DMCI Homes began the move-in process for the North Tower of Lumiere Residences, completing the three-building development at the corner of Pasig Boulevard and Shaw Boulevard in Pasig City.

This brought the number of DMCI Homes’ delivered projects to 4 this year, including Alea Residences in Bacoor, Cavite; Sheridan Towers in Pasig City; and Calathea Place in Parañaque City.

DMCI Homes turned over a total of 11 buildings this year with a combined 4,241 residential units worth P14.4 billion. This included the Westport and Lauderdale buildings of Oak Harbor Residences in Parañaque City; Mulberry Place’s Bengaline, Dui, and Cochine buildings in Acacia Estates, Taguig; and Verdon Parc’s Belvedere building in Davao City.

“We have been very productive these past few months despite the limitations brought about by the pandemic,” DMCI Homes President Alfredo R. Austria said, referring to the 76-day work stoppage when lockdown measures were enforced by the government mid-March to May.

“I would like to believe that our efforts to continuously improve our design, engineering and construction through technology and people development over the years served us well in facing these unprecedented challenges,” he added.

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