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ATRAM launches first SDG-based sustainability fund

LOCAL fund manager ATR Asset Management, Inc. (ATRAM) launched on Thursday a sustainability fund anchored on the 17 key United Nations Sustainable Development Goals (SDGs), a first in the country, as it focuses its investments on companies deemed sustainable.

“ATRAM Philippine Sustainable Development and Growth Fund is designed to invest in companies that score high in terms of the integration of UN SDGs into their operations and strategy and have reported attractive returns relative to valuations,” it said in a press release.

ATRAM said the fund, formally called the “ATRAM Philippine Sustainable Development and Growth Fund,” is an equity portfolio that will have an initial 20 large-, mid-, and small-cap companies publicly listed in the Philippine Stock Exchange (PSE).

“The investment thesis is that as companies integrate more sustainability issues into their businesses and continuously improve on integration, this will drive long-term returns and reduce costs,” it added.

The unit investment trust fund is structured as a multi-class fund, servicing two currencies, the Philippine peso and the US dollar, with trust fees of 1.75% and 0.6% per annum, respectively.

The target market for the fund are investors aiming to invest in local equity securities, with a long-term investment plan and an aggressive risk appetite.

Phillip Hagedorn, the chief investment officer of ATRAM, said the fund’s focus on investing in companies that align their operations with SDGs will incentivize them to continue with their sustainability initiatives and help mitigate the economic and social impacts of climate change.

“Through this fund, we hope to encourage PSE listed companies to integrate UN SDGs into their businesses. This means companies should always look after employee health and education, drive employment and not unemployment, invest significantly into R&D (research and development), take care of their environment, and other SDG-related responsibilities,” Mr. Hagedorn was quoted as saying.

“If more companies pay it forward, we can make a huge difference for the environment, society, and the economy,” he added.

SDGs are 17 goals set by the UN that participating countries vowed to achieve by 2030. The goals include eradicating extreme poverty, investing on quality education, attaining zero hunger, promoting gender equality and providing clean water and sanitation to people. — Beatrice M. Laforga

Entertainment News (02/19/21)

Regine Velazquez’s Freedom concert rescheduled

THE POSTPONED Freedom: Regine Velasquez-Alcasid Digital Concert has been rescheduled to Feb. 28 (Sunday). “Regine tested negative for COVID-19 and will soon resume preparations for the show,” a press release said. All previously sold tickets will be honored on the new concert date. Tickets are available on KTX (ktx.ph). Exclusive access is also available on iWantTFC and TFC IPTV Pay-Per-View and will also be available on SKY Pay-Per-View.

New judges for Born To Be A Star

BORN to be a Star reality talent search returns with a new set of talents and judges. Produced by VIVA Entertainment for Cignal TV and TV5, the show puts a spotlight on aspiring and talented individuals from across the Philippines. At stake is a P1-million cash prize and a recording and management contract under VIVA Entertainment. The reality show is now hosted by singer-actress Kim Molina and actor Matteo Guidicelli. It also has a panel of “Star Judges” who will deliberate over each contestant’s progress throughout the show. The judges are: rap singer Andrew E; singer Katrina Velarde; former Born To Be A Star finalist Janine Tenoso, G-Force founder and choreographer Georcelle Sy, and singer Sam Concepcion. Auditionees were asked to submit videos through Tiktok, and 40 applicants were shortlisted for the TV try-outs. Born To Be A Star airs on Saturdays at 7 p.m. on TV5 with a catch-up airing every Sunday, 8 p.m., on Viva Entertainment’s SARI-SARI Channel on Cignal TV CH. 03. The show is also available on SatLite CH. 30 and on Cignal Play on Android and iOS and cignalplay.com.

Woody Allen, Mia Farrow docu out on HBO

HBO Documentary Film’s Allen V. Farrow, from award-winning investigative filmmakers Kirby Dick, Amy Ziering and Amy Herdy, is a four-part documentary series that goes behind decades of sensational headlines to reveal the private story of one of Hollywood’s most notorious and public scandals: the accusation of sexual abuse against Woody Allen involving Dylan, his then seven-year-old daughter with Mia Farrow; their subsequent custody trial, the revelation of Mr.Allen’s relationship with Farrow’s daughter, Soon-Yi; and the controversial aftermath in the years that followed. Once celebrated for their on and off-screen partnership, Ms. Farrow and Mr. Allen’s lives were irrevocably fractured and their sprawling family torn apart with the public disclosure of the abuse allegations and the vitriolic disputes that followed. Allen V. Farrow premieres on Feb. 22, 10 a.m., on HBO GO and HBO, with a same day encore at 10 p.m. on HBO. New episodes will premiere subsequent Mondays at the same time.     

New show, new season, new film on Netflix

THE SECOND season of the Netflix Original Series Love Alarm and a new film called Yes Day will both premiere on March 12. Based on the popular webtoon of the same name, Love Alarm is set in a world where a mobile app alerts you if someone within a 10-meter radius likes you. The show stars Kim So-hyun, Jung Ga-ram, and Song Kang. Love Alarm S2 is directed by Kim Jin-woo of Good Doctor, Queen of Mystery, and Suits. Meanwhile, Yes Day  follows a couple who, always feeling like they have to say “No” to their kids and co-workers, decide to give their three kids a “Yes Day” — where for 24 hours the kids make the rules. Little do they know that they are going on a whirlwind adventure around Los Angeles that would bring the family closer together. Directed by Miguel Arteta, the show stars Jennifer Garner, Édgar Ramírez, Jenna Ortega, Julian Lerner, Everly Carganilla, H.E.R., Nat Faxon, Molly Sims, Fortune Feimster, and Arturo Castro. Meanwhile, premiering on March 25 is DOTA: Dragon’s Blood, an eight-episode anime series based on the popular DOTA 2 video-game franchise by Valve. The fantasy series tells the story of Davion, a Dragon Knight who becomes embroiled in events much larger than he could have ever imagined.

Spanish film fest continues

THIS coming weekend will see the second film in a series dedicated to Spanish actress Ángela Molina, La Mitad del Cielo, a drama directed by Manuel Gutiérrez Aragón in 1986. In the film, Molina plays Rosa, a young woman who, after the Civil War, is forced to move from her home to Madrid. Over time she opens her own restaurant, which she transforms to a political and intellectual center of the capital through her hard work and ability to navigate in a patriarchal society. The movie bagged the Golden Shell at the San Sebastián Film Festival and Ms. Molina received the Silver Shell award for best actress.  La Mitad del Cielo will be accessible for free online from the Philippines only on Feb. 20 and 21 (Saturday and Sunday). It is in Spanish with English subtitles. To access the film, go to: https://vimeo.com/502198538. For further information on the film visit https://www.facebook.com/events/346035060067014/.

Spotify introduces original Pinoy podcasts

AUDIO streaming service Spotify launches seven new Original Filipino podcasts available exclusively on Spotify for Free and Premium users. The newly launched slate of shows features content made by homegrown personalities such as Pia Wurtzbach, Donnalyn Bartolome, Will Dasovich, and more. This is the next step in Spotify’s podcast focus in the Philippines following the nine Exclusive shows launched in September 2020 including Sleeping Pill with Inka, Adulting with Joyce Pring, and Boiling Waters PH and marks the first time Spotify has commissioned original content with Filipino creators. The seven original podcasts are: Between Us Queens, led by Miss Universe 2015 winner Pia Wurtzbach together with fellow beauty queens Bianca Guidotti and Carla Lizardo, which serves as an avenue for these former pageant ladies to share their experiences and talk about what it means to be a modern Filipina; Itatama Pa Ba o Tama Na? which has internet personality Donnalyn Bartolome helping real life lovers settle the score or mend things; Superhuman, where cancer survivor and vlogger Wil Dasovich deep dives into the ever-changing world of health; The Raid with Alodia & Ashley, where the country’s biggest Facebook game streamer and cosplayers, Alodia Gosiengfiao is joined by sister Ashley as they geek out on all things anime, gaming, and give people a sneak peek into what an otaku sibling duo’s life is like; Huwag ‘tong Makakalabas, spoken-word artist, film writer, and Pinoy pop culture fanatic Juan Miguel Severo flips through his old journals and hidden letters, performing spoken word pieces and his thoughts in a 15-minute episode; Payaman Insider, a weekly spontaneous chat show with Team Payaman’s Junnieboy, RogerRaker, Peachy Twice, and Boss Tryke; and, Growing Up with Ben and Kris, YouTuber Benedict Cua and his manager Kristian Somera reflect on the next chapter of their lives.

Giveon tops PHL streaming charts

BUOYED by its popularity on TikTok and other video-sharing platforms, Giveon’s “Heartbreak Anniversary” currently ranks as the most streamed song in the Philippines this week. The R&B ballad shot straight to No. 1 on both Spotify Philippines Top 50 and Viral 50 charts, respectively. Tallying close to 50 million streams on Spotify worldwide, the song has also gained traction from international music critics and publications, with Cool Hunting praising the track for “fusing modern R&B with the baritone deliveries of legendary artists like Frank Sinatra and Bobby Caldwell” and for its “simple instrumentals that radiate while Giveon’s vocals dive deeper.” “Heartbreak Anniversary” appears on Giveon’s new EP, Take Time, which was released last year by Epic Records. Giveon’s “Heartbreak Anniversary” is now available on all digital platforms worldwide via Epic Records and Sony Music.

Digital Binibining Pilipinas experience through augmented reality

NOW one can view this year’s Binibining Pilipinas national costume photos in a more interactive way via augmented reality (AR). To check out the costumes using a smartphone, scan the QR code found at the Ali Mall photo exhibit or on the Binibining Pilipinas online pages; point the mobile phone camera to the photo of the candidate (whether in the exhibit, or posted online); and wait for the video that will appear on the smartphone screen. Through this digital feature, fans will get a closer look at the details of each meticulously-designed costume. This serves as a preview of what the public would expect when the candidates showcase their unique outfits in the National Costume show which will be held before the grand coronation night on April 17. The Binibining Pilipinas national costume photo exhibit is on view at the Ground Floor of Ali Mall, Araneta City. For more news on Binibining Pilipinas, visit www.bbpilipinas.com.

Digital transformation in PHL after a year of COVID-19

It has been a year of COVID-19. Last year there was a lot of talk about the need for Philippine companies to adapt to the new normal by pursuing digital transformation strategies and pivot their business models. Organizations implemented work-from-home, and consumers drove the rise of e-commerce and the widespread use of digital wallets. There were expectations that companies and organizations will accelerate their migration to digital applications and platforms. So where are Philippine organizations now after a year of COVID-19?

A survey commissioned by Epson in mid-2020 revealed that 55% of the small- and medium-sized enterprises (SMEs) in the Philippines reported being at the “very early stages of digital transformation”; and more than eight out of 10 (86%) identified digital technology adoption as the way to improve business processes, especially customer experience. Nearly three quarters (74%) of the respondents have embarked on the digital transformation journey that mainly focused on the marketing and sales as well as customer interaction and servicing parts of their businesses.

Another more recent survey commissioned by Alibaba Cloud revealed that a majority (94%) of Philippine businesses view cloud-based technology solutions as an important factor in mitigating the impact of the pandemic. Furthermore, with cloud technologies being an enabler of digital transformations, 88% of Philippine businesses stated they are now more supportive of using cloud-based technology solutions to grow their businesses as compared to before COVID-19, among the highest of the markets surveyed. In addition, an increasing number of Philippine enterprises are turning to cloud-based technology solutions to navigate the new conditions with more than half (51%) of businesses reporting they have adopted more cloud-based technology solutions.

These statistics jibe well with actual cloud technology adoption figures. A global cloud technology vendor shared with me that in the Philippines, they have seen a 100% growth in private sector cloud adoption and a whopping 200% growth in public sector cloud adoption over last year. Cloud-based applications like collaboration and productivity tools, analytics, customer relationship management, and sales force automation grew by more than 60% in adoption in the country.

The financial services and the business process outsourcing (BPO) sectors are leading the migration to cloud technologies. In fact, the banking sector has seen an acceleration in digital banking initiatives as part of its digital transformation strategy.

Data from the Bangko Sentral ng Pilipinas (BSP) revealed that electronic payment (e-payment) transactions coursed through the automated clearing houses of the National Retail Payments System rose to P444 billion as of September 2020. Payments made through PESONet more than doubled, with volume surging by 264% year on year and value rising by 160% over the same period.

BPOs, on the other hand, are leading the country in term of automation technology adoption. Driven by work-from-home arrangements, they are adopting remote desktop technologies running on cloud computing. Other industries like manufacturing and retail are also seeing a spike in their digital technology adoption.

While we are seeing an unprecedented growth in digital technology adoption driven by the pandemic, the challenge now for companies is how do you make these work in the medium to long term, given the issues in change management, culture change, and integration of all the new digital technologies. The pandemic has forced companies to pursue digital transformation strategies as a knee-jerk reaction, and not cohesive and integrated strategic action. More work must be done in this area.

****

I will be speaking about “Humanizing Digital Transformation” in the Global Leadership Summit 2021 slated on Feb. 22-26, 2021. Those interested may register at https://bit.ly/3s1ud38.

 

Reynaldo C. Lugtu, Jr. is CEO of Hungry Workhorse Consulting, a digital and culture transformation consulting firm. He is the chairman of the Information and Communications Technology Committee of the Financial executives Institute of the Philippines (FINEX.) He is fellow at the US-based Institute for Digital Transformation. He teaches strategic management in the MBA Program of De La Salle University.

rey.lugtu@hungryworkhorse.com

Should a boss loan money to a worker?

I’m the human resource manager of a small business established 10 years ago. We don’t have a cash advance policy for employees. It is a long established rule, in place since we started the business. Because of that strict policy, our employees have resorted to borrowing money from each other, including their immediate supervisors and managers. What are the potential problems of borrowing money from bosses? — Morning Dew.

Money is like a viper: harmless if a person knows how to take care of it. If you don’t know how, chances are, the viper will wrap itself around you and bite. The same thing can happen between bosses and workers. There are a few questions we should explore before answering, foremost among them: How difficult is the borrower’s situation? How will a borrower-lender arrangement affect their work relationship?

Also: what are the repercussions if a boss refuses to lend money? Would that affect the worker’s performance? How can a boss turn a deaf ear to a hardworking person who may be experiencing a crisis? What if a boss lends money and the worker refuses to pay for some reason? Or what if a supervisor or manager lends money without expecting the worker to pay it back? What is the possibility that the boss’ generosity opens the door for other workers to take advantage of him?

Answering these questions can be tricky. Just the same, I must commend your organization for creating a “no cash advance” policy in the first place, except that the problem you’ve tried to solve has created another issue — borrowing money from bosses. Some organizations try to ignore this, but I would warn you to watch out for red flags every step of the way.

SYSTEMATIC APPROACH
Don’t be rushed into making a decision on intra-office borrowing. Inform your top management about the possible implications of such transactions. Call a special meeting to consult with your supervisors and managers about the implications for company operations. The impact could be minimal at the start, but don’t be complacent. Consider the following measures:

One, highlight the competitiveness of your pay policy. Participate in industry surveys, or obtain the latest report showing the trend of pay and perks in other companies of similar size. It’s better to be proactively transparent than be accused of having below-average pay packages. Adjust pay and job grades to make them competitive. If you want to stick to paying only what the law requires, then forget about it. This advice is not for you.

Two, teach all workers to be financially responsible. Invite a subject matter expert to help employees and their managers handle their finances. Teach them how to spend within their means. Some financial institutions have programs that cater to wage earners. You can hire them for the advice which is usually free of charge. I’m sure you can get many money-saving tips from these financial experts.

Three, prohibit usurious lending. Do not allow outsiders to enter the company premises to loan money or sell products like jewelry or appliances to your people. Most of these peddlers charge an arm and a leg. They must do their deals outside the premises and after office hours, which you can’t control, anyway. Remind everyone to be responsible in managing their finances.

Four, establish an emergency loan program for employees. It should be interest-free, limited only to the actual amount needed, and applicable only in emergencies like the hospitalization of an immediate family member, a vehicular accident which is not the employee’s fault, a natural disaster, or similar incidents. You can add other eligible events but you must be strict. Otherwise, you will end up with multiple pretexts for tapping the program.

Last, increase the workers’ pay and perks, if you can afford it. But even if you can’t, strive to reward and recognize people in whatever form, especially those who exceed your expectations. Reward merit, not seniority. For this reason, you must review your performance appraisal system so it is geared towards rewarding superior performance and not sheer time spent in the office or shop floor.

FIRM, BUT COMPASSIONATE
If top management decides to bar team leaders, supervisors, and managers from lending money to workers, as distasteful as such a decision may be, you’ll need to be a bearer of bad news. As HR manager, you can imagine how such a situation could disturb harmonious work relationships between workers and managers.

However, there are ways to minimize, if not eliminate the emotional letdown. Don’t delay delivering the bad news. Put it in writing for record purposes. Don’t impose penalties for non-compliance. It may not look good for those people in dire need.

Be firm, but compassionate. Understand the feelings of people who are in financial trouble, but don’t let it get in the way of reminding them of the policy. Be sensitive to workers with personal or family problems.

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

DBP extends P1.1-B loan to Abejo Waters

STATE-OWNED Development Bank of the Philippines (DBP) granted a P1.097-billion loan to Cebu-based firm Abejo Waters Corp. (AWC) to fund its water system projects in Cebu and Quezon provinces, the bank’s top official said.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the proceeds of the loan will be used by the 22-year-old water company to improve the water supply and distribution systems in underserved areas of the two provinces.

“DBP is one with AWC in providing safe and sustainable water to unserved and underserved communities, thereby improving the quality of people’s lives, and promoting growth and development,” Mr. Herbosa was quoted as saying in a statement.

According to its website, AWC is a supplier and distributor of potable water to Metropolitan Cebu Water District (MCWD) with at least 4 million liters per day. It also develops water sources, designs water systems and builds  transmission and distribution lines.

It said the company has at least 15% market share in supplying water across the Metro Cebu area.

“DBP will continue to align its programs for the water sector, as defined under the Philippine Water Supply Sector Roadmap, to help ensure adequate long-term availability and accessibility to potable water nationwide,” DBP’s Mr. Herbosa said.

The state lender’s net profit went down by 27% to P3.24 billion at the end of September last year, from the P4.42 billion logged in the same period of 2019.

The bank attributed the lower net income to increased provisioning for expected credit losses and income taxes. — Beatrice M. Laforga

Philippines ranks 41st out of 100 countries in female opportunity index, leads Southeast Asia

Philippines ranks 41<sup>st</sup> out of 100 countries in female opportunity index, leads Southeast Asia

How PSEi member stocks performed — February 18, 2021

Here’s a quick glance at how PSEi stocks fared on Thursday, February 18, 2021.

Peso weakens on positive US data, import recovery bets

THE PESO depreciated versus the greenback on Thursday as the market anticipates a recovery in imports and preference for the dollar following upbeat US economic data.

The local unit closed at P48.50 per dollar, shedding 12 centavos from its P48.38 finish on Wednesday, data from the Bankers Association of the Philippines showed. This is the peso’s weakest finish in nearly four months or since it closed at P48.40 per dollar on Oct. 22 last year.

The peso started Thursday’s session at P48.35 per dollar. Its weakest was at its close of P48.50 while its strongest showing was at P48.32 versus the greenback.

Dollars traded inched down to $1.385 billion yesterday from $1.387 billion on Wednesday.

The peso weakened versus the dollar for the third straight day as the market weighed government officials’ suggestions of reopening the economy further, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“[This] would lead to faster pickup in the business/economic activities as well as resulting in increased importation,” Mr. Ricafort said in a text message.

The Metropolitan Manila Development Authority this week said mayors in the National Capital Region are backing proposals to gradually reopen more businesses while ensuring people are safe from the virus.

Acting Socioeconomic Secretary Karl Kendrick T. Chua earlier recommended for the entire country to be under a modified general community quarantine starting March.

Meanwhile, a trader said investors preferred the dollar over the local unit on Thursday on the back of positive US data.

“The peso weakened anew as the dollar’s appeal improved following the release of upbeat US retail sales and industrial production reports,” the trader said in an email.

Data from the US Commerce Department on Wednesday showed retail sales surged by a seasonally adjusted 5.3% last month after decreasing 1.0% in December. This is better than the 1.1% forecast from a Reuters poll.

Meanwhile, the US Federal Reserve said manufacturing production last month was up 1%, further picking up from the 0.9% expansion in December.

For today, Mr. Ricafort gave a forecast range of P48.35 to P48.55 while the trader expects the local unit to move within the P48.45 to P48.65 band. — L.W.T. Noble with Reuters

PSEi declines further on vaccine concerns, Fed

LOCAL SHARES declined further on Thursday on the delay in the Philippines’ inoculation program and as the US central bank said the world’s largest economy may need more stimulus as the pandemic continues.

The benchmark Philippine Stock Exchange (PSEi) decreased 116.79 points or 1.67% to close at 6,849.64 on Thursday, while the broader all shares index dropped by 43.05 points or 1.02% to end at 4,170.48.

“Philippines shares fell once again after minutes from the Federal Reserve’s January meeting showed officials were skeptical about the US economy improving enough to warrant removing monetary stimulus any time soon. In addition, investors remained cautious as volcanic activity in Taal restricted the movement in certain towns in Batangas,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Facing a still-scarred economy that may need an extended time to recover fully, Fed officials last month debated how to lay the groundwork for the public to accept coming higher inflation, and also the need to “stay vigilant” for signs of stress in buoyant asset markets, according to minutes of the US central bank’s Jan. 26-27 policy meeting, Reuters reported.

AB Capital Securities, Inc. Junior Equity Analyst Lance Soledad, meanwhile, blamed the country’s pending vaccine rollout for the market’s drop on Thursday.

“We continued to see negative sentiment persist in the market as the country will not be able to gain access to vaccines until an indemnification program is passed into law,” Mr. Soledad said in a Viber message.

The country’s coronavirus disease 2019 (COVID-19) inoculation program is running behind schedule as officials have yet to work on an indemnification program.

The program will give pharmaceutical companies manufacturing and distributing the COVID-19 vaccines immunity from liability, should the vaccine cause negative side effects.

Majority of sectoral indices closed lower except for mining and oil, which gained 127.07 points or 1.39% to finish at 9,214.27, and financials, which rose by 18.51 points or 1.28% to 1,461.88.

Meanwhile, property decreased by 89.65 points or 2.53% to 3,443.97; holding firms went down by 175.97 points or 2.44% to 7,019.22; industrials dropped 96.7 points or 1.06% to close at 8,954.62; and services declined by 12.6 points or 0.84% to 1,476.97.

Value turnover dropped to P8.9 billion on Thursday with 16.62 billion shares switching hands from the P19.35 billion with 17.23 billion issues the previous day.

Decliners outnumbered advancers, 113 versus 109, while 39 names closed unchanged.

Net foreign selling ballooned to P1.25 billion yesterday from the P941.66 million recorded on Wednesday.

“We still expect the index to range trade within 6,800-7,160 for now,” Mr. Soledad added. — Keren Concepcion G. Valmonte

Gov’t railway project pipeline seen at P1.7 trillion by 2022

THE GOVERNMENT is expected to have built up a railway project pipeline of P1.7 trillion by its last year in office in 2022, Transportation Undersecretary Timothy John R. Batan said.

In a presentation delivered at an India-Philippines infrastructure conference, Mr. Batan said: “Railways are the most efficient form of land-based transport but unfortunately, we have insufficient internally-generated funds.”

He added that 91% of the projects will be funded through foreign loans or official development assistance, with P1.548 trillion provided by bilateral and multilateral partners Japan, the Asian Development Bank and China.

Mr. Batan said the Philippines can still tap loans at low cost and longer terms while it is classified as a lower-middle income economy.

The P8-trillion ‘Build, Build, Build’ flagship program allocates about 21.7% to railways, 42% to other transportation infrastructure projects, 12% to water projects, 13% to social infrastructure, and the rest to power, information technology, government buildings and other works.

Mr. Batan said the process of approving projects and awarding contracts accelerated between 2016 and 2020, generating a robust pipeline of infrastructure projects for mass transport.

“We started from a very low base back in 2016, with only this much railway assets to speak off… We are going to see a peak in our capital expenditure by 2022 because of the status of all of our contracts having been awarded,” he said.

He said the transportation system still has a long way to go before railway density in Manila approaches that of other major cities in the region.

He estimated Manila’s railway density at 0.12 kilometers per square kilometer (km/sq.km), against 0.25 km/sq.km for Jakarta, 0.75 km/sq.km for Seoul, 1.12 km/sq.km for Tokyo, and 1.38 km/sq.km for Shanghai.

“We are having a massive railway asset buildup now but if you look at our comparable urban centers, we need 4-5 more times (the projects in the pipeline) in order to reach the same density, to get where our peer urban centers are at,” he said. — Beatrice M. Laforga

Cebu-Cordova toll bridge seen ‘substantially completed’ by December

THE P30-billion Cebu-Cordova Link Expressway (CCLEx), which is expected to ease the worsening traffic in Metro Cebu and help stimulate economic growth in the Visayas, is expected to be “substantially completed” in December, its developer said.

“CCLEx is expected to be substantially completed in December 2021,” Cebu Cordova Link Expressway Corp. (CCLEC) said in a statement posted on its official website.

CCLEC is a subsidiary company of Metro Pacific Tollways Corp., the tollways arm of Metro Pacific Investments Corporation (MPIC).

“As of January 2021, the overall engineering, procurement and construction (EPC) contract of CCLEx is at 68.21% while construction progress alone is at 59.68%,” the company said.

The company recently completed the concreting works for the project’s two main bridge pylons.

The 8.5-kilometer toll bridge project, which is expected to serve around 50,000 vehicles daily, will connect Cebu City with Cordova, in the south of Mactan Island.

The bridge was originally scheduled to open in March, in time for the commemoration of the 500th anniversary of Christianity in the Philippines.

CCLEC President and General-Manager Allan G. Alfon told BusinessWorld in May last year that the company had to review the pandemic’s impact on the completion timeline.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

DTI restores ceramic tile quality-certification

CERAMIC TILES have been returned to the list of products that must be certified for quality before being allowed for sale in the Philippines.

The Department of Trade and Industry (DTI) issued an order requiring manufacturers to apply for a Philippine Standard (PS) quality certification mark before they can sell their products.

Importers need either a statement of confirmation for PS certified ceramic tiles or import commodity clearances for non-PS certified ceramic tiles.

The PS mark, the DTI said in a statement Thursday, will help ensure that the products are traceable and guide consumers in making their selection.

Ceramic tiles are widely used in flooring and walls.

“The pandemic brought by COVID-19 made people more cautious of the cleanliness of their homes which is why ceramic tiles are utilized in achieving a sanitary environment since they can be easily cleaned and disinfected,” the DTI said.

Ceramic tile traders in 2019 sought to be excluded from the list, saying that the product does not pose safety or health risks.

The DTI in 2019 halted the imposition of safeguard duties on ceramic floor and wall tile imports after the Tariff Commission found no evidence that increased ceramic tile imports seriously injured domestic producers.

Plywood last year was put back on the list of products that must undergo quality certification. Plywood had been removed from the list in 2015, attracting a surge in imports. — Jenina P. Ibañez

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