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UnionBank posts higher net profit in first semester

UNIONBANK of the Philippines, Inc. saw its net income surge by 94% in the first semester, backed by higher earnings from its core businesses and lower provisions for credit losses.

The Aboitiz-led bank booked P8.315 billion in net earnings in the first half, it said in a disclosure to the stock exchange on Monday, up from the P4.503 billion it posted in the same period last year.

UnionBank’s net revenues in the first semester climbed by 16% to P25.5 billion from a year earlier.

The bank’s net interest income rose by 7% to P14.8 billion in the period, supported by the improvement of its net interest margin to 4.7% from 4.4% a year ago.

Non-interest income likewise jumped by 33% to P10.7 billion, bolstered by trading gains, higher foreign exchange income, and improved earnings from fees and commissions.

“Our strong first half performance and good trajectory gives us confidence that we will hit our full-year targets… Net interest margins continue to improve coming from strong CASA (current account, savings account) growth as a result of strong digital customer take-up. Other income sources also continue to provide uplift on revenues,” UnionBank Chief Financial Officer and Treasurer Jose Emmanuel U. Hilado said in a statement.

The lender’s CASA deposits climbed by 28% to P299.6 billion.

Meanwhile, UnionBank’s loans and receivables decreased by 4% to P336.9 billion in the first half due to muted demand for corporate and commercial credit.

Its loan loss provisions also dropped 56% to P3.1 billion from last year. The bank said it set aside lower reserves as nonperforming loans (NPL) “started to stabilize,” with its NPL ratio improving to 4.7% at end-June from 5.1% at end-2020.

“Our NPLs are on a declining trend driven by proactive efforts to manage credit risk,” Mr. Hilado said.

The bank’s assets stood at P733.6 billion as of June.

UnionBank President and Chief Executive Officer Edwin R. Bautista said the bank recorded its highest digital account openings in the second quarter, which brought its total registered digital users to 2.9 million.

Online transactions also went up by 2.4 times year-on-year to more than 7.2 million in June, he added.

“We continue to witness the market’s affirmation of our digital strategy,” Mr. Bautista said.

He added that UnionBank’s digital lender will be its “main vehicle to reach the unbanked and underserved market towards fulfilling [its] goal of inclusive prosperity.”

The Bangko Sentral ng Pilipinas last week granted UnionBank the country’s fourth digital bank license, which the lender said will be a separate unit called Union Digital Bank.

UnionBank’s shares closed at P76.50 apiece on Monday, up by 45 centavos or by 0.59% from its previous finish. — Luz Wendy T. Noble

Manulife IM launches global REIT feeder fund

BW FILE PHOTO

MANULIFE Investment Management and Trust Corp. (Manulife IM – Philippines) launched a new unit investment trust fund focused on global real estate investment trusts (REITs) to yield a steady flow of rental income and dividends.

Manulife IM said its Manulife Global REIT Feeder Fund will invest at least 70% of its total assets in REITS listed across international markets, while the rest will go to other global real estate securities or other cash equivalents.

The fund is available in both peso- and dollar-denominated share classes for minimum investments of P50,000 and $1,000.

“Global REITs provide an alternative source of income, which has become even more important with interest rates expected to remain low for longer,” Manulife IM President and CEO Aira Gaspar said in a statement.

“They typically generate stable rental income, enabling attractive dividend payouts. At the same time, their historically low correlation with other major asset classes can provide diversification benefit to an investment portfolio,” she added.

Manulife’s asset management arm recently launched its Global Healthcare Equity Feeder fund that invests mainly in health-related industries internationally, and the Global Multi-asset Diversified Income Feeder fund, which aims to generate income for investors who want to have a buffer against market volatility.

Ms. Gaspar earlier said they are looking to launch two new offshore funds this year that will take advantage of the changes brought about by the ongoing coronavirus pandemic. — BML

Construction technologies seen to benefit PHL

RUSSIAN HOMEBUILDER PIK said new construction technologies can be used in the Philippines to deliver sustainable homes.

One of these is modular production, or the building of materials at prefabrication lines before transporting the built structures onsite.

“Investing in prefabrication factories improves the quality of standardized materials, ensures cost-effectiveness, and increases worker safety,” Gasan Guseynov, PIK head project manager for international development, said in a statement.  

He noted the Philippines can benefit from prefab homes as these are low-cost and can withstand natural disasters.

While PIK has yet to bring its expertise in modular production to the Philippines, the company has the most advanced prefab production lines in Europe.  

Mr. Guseynov said the Philippine companies should also invest more in research and development of construction technologies to ensure sustainable carbon neutrality and energy efficiency.

“Being internationally competitive requires innovation. Research and development creates smarter construction processes and techniques, making it easier for us to build quality urban environments,” he said.

PIK has launched One Sierra, its first project in the Philippines.

Callboys, masks, and beauty queens: Cinemalaya’s shorts run the gamut

A STILL from the film Beauty Queen by Myra Aquino

WHILE Cinemalaya sticks to streaming for its 17th edition, it is still taking aggressive thrusts behind the scenes to continue to nurture independent films.

In an online press conference via Zoom earlier this month, National Commission of Culture and the Arts (NCCA) Arsenio Nick Lizaso said, “I am still impressed and proud of what this year’s indie filmmakers of the short feature have achieved.” This is in light of the health protocols taken on sets as well as the general difficulties of shooting during the lockdowns. Cultural Center of the Philippines (CCP) Artistic Director Chris MiIlado agreed, saying, “One very significant thing about these entries is that they were created; produced in the very challenging lockdown period.”

All of the entries are shorts, with director and Cinemalaya Foundation, Inc. President Laurice Guillen saying, “The shorts take the limelight as the full-length filmmakers are given more time to continue filming their entries during these challenging times.” A return to judging full-length features is hoped for next year in 2022, “When we hope to hold the festival live once again,” she said.

The festival will run from Aug. 6 to Sept. 5 via streaming platform KTX.ph, and announcements and some activities will be held via Facebook and the CCP’s Vimeo page. Mr. Millado reports that last year, they exceeded their target of P2 million thanks to streaming, having sold 8,427 units online.

OF CALLBOYS AND MASKS
The short films competing for the Balanghai trophies this year are: An Sadit Na Planeta (The Little Planet) by Arjanmar H. Rebeta; Ang Mga Nawalang Pag-asa At Panlasa (The Lost Hopes And Flavors) by Kevin Jay Ayson; Ang Pagdadalaga Ni Lola Mayumi by Shiri De Leon; Ate O.G. by Kevin Mayuga; Beauty Queen by Myra Aquino; Crossing by Marc Misa; Kawatan Sa Salog (A Toy In The River) by Alphie Velasco; Kids On Fire by Kyle Nieva; Looking For Rafflesias and Other Fleeting Things by James Fajardo; Maski Papano (I Mask Go On) by Che Tagyamon And Glenn Barit; Namnama En Lolang (Grandmother’s Hope) by Jonnie Lyn P. Dasalla; Out Of Body by Enrico Po; and The Dust In Your Place by David Olson.

An Sadit na Planeta follows the adventure of a young man as he explores a little planet. Ang Mga Nawalang Pag-Asa at Panlasa, meanwhile, is a documentary on the quest of finding “pagkaing Iloco” (Ilocano food) in the midst of a pandemic. In Ang Pagdadalaga Ni Lola Mayumi, a virginal old woman hires a callboy to change her perspective about men. Ate O.G. tells about a struggling, aging house helper who finds herself going through an unexpected and uplifting experience. A young woman struggles to find herself after losing her father during World War II in Beauty Queen. On the other hand, a desperate robber is forced to choose whether he should become a hero to his victims or fall victim to a robbery himself in Crossing. Kawatan sa Ilog is about a mischievous child who learns the value of time and life as he finds his way back home to his father. Kids on Fire tells of a prepubescent boy who discovers the power of his sexuality during a religious camp. Looking For Rafflesias and Other Fleeting Things narrates how a tikbalang (a Philippine mythical monster) transforms into a teenage boy to disprove the rumor that horse demons are killing civilians in the mountain. A disposed facemask turns into a humanoid and starts an adventure looking for its previous owner in Maski Papano, while a grandmother and her baby grandson find solace in each other and face the harsh reality of the pandemic together in Namnama En Lolang. Out Of Body takes the audience to a macabre commercial shoot with a young model. Meanwhile, careers and friendships are on the line when a comic strip artist tells her writer the truths about his relationships in The Dust In Your Place.

Meanwhile, Mr. Millado outlined other components which will take place during the festival: there’s “Visions of Asia,” showing films from India, Iraq, Japan, and Kazakhstan; “Dokyu” (showing documentaries), “Indie Nation,” “Gawad Alternatibo,” as well as a tribute to director Mel Chionglo, former head of the Cinemalaya Competition and Monitoring Committee with the screenings of three of his films.  The CCP also plans to have a hybrid drive-in cinema, dubbed “Cinema Under the Stars,” where audiences can watch a film in the hybrid drive-in cinema at the CCP’s Liwasang Ullalim. A statement reads: “The first audience-centered on-site event since the lockdown, the hybrid outdoor cinema welcomes everyone, whether they are riding their cars or bikes, or even just walking and jogging.”

NEW CINEMALAYA PROGRAMS
On another note, Ms. Guillen also announced the development of new programs under the Cinemalaya foundation, which will all be launched this year.

There’s the Film Lab, where experts and film practitioners can guide young filmmakers “towards Cinemalaya’s new vision.” There’s also an Intensive Scriptwriting Workshop with veteran writer Ricky Lee, a Production Management Workshop with John Paul Su, Writing the Continuing Narrative for Broadcast and Web-based Platforms with veteran director Jose Javier Reyes, and an Assistant Directors’ Workshop with Jay Abello. “We believe and sincerely hope that they will be of significant help when our new filmmakers begin to film in the new normal,” said Ms. Guillen. — JL Garcia

Century Properties: construction now normal

LISTED property developer Century Properties Group, Inc. said construction activities for its condominium projects have returned to normal this quarter.

“The quarantine affected our construction activities last year, most especially during [second and third quarter]. We’re happy to report that things have proceeded well since then,” Century Properties Managing Director Jose Carlo R. Antonio said during the company’s virtual stockholders’ meeting on Monday.

Century Properties is preparing to turn over the first two towers of its Azure North development in San Fernando, Pampanga. Its Monaco Tower and Bali Tower are said to have a sales value of over P5.5 billion.

“We are proud to help and do our part in the continued urbanization of San Fernando, Pampanga,” Mr. Antonio said.

Century Properties will also turn over Century Spire, its last project in Century City, beginning December this year.

In 2020, the company completed two buildings in Quezon City. Quirino West Tower and Quirino East Tower, with a sales value of P3.4 billion, are said to be 96% sold.

On Monday, shares of Century Properties at the stock exchange fell by 7.78% or P0.035 to close at P0.415 apiece. — Keren Concepcion G. Valmonte

Nat’l ID registration center opens in LIMA Exchange

ABOITIZ-LED LIMA Land, Inc. partnered with the Philippine Statistics Authority to open a national ID registration center at the LIMA Exchange in Malvar, Batangas.

The registration site is located in the LIMA Exchange covered court, beside Robinsons Supermarket. It is open daily from 8 a.m. to 5 p.m.

Walk-in applicants are allowed on a limited basis, with the first 30 walk-ins accepted during weekdays and first 150 walk-ins during weekends.

LIMA Exchange is an integrated hub located within the central business district of LIMA Estate.

Entertainment News (07/27/21)

ABS-CBN News online, TV Patrol consolidate global news coverage

IN LIGHT of the events of 2020, ABS-CBN News and Current Affairs, the news and current programming affairs division of Filipino media and entertainment company ABS-CBN Corp. and its global flagship channel, TFC, have redesigned their news programming and news delivery. Starting July 19, TFC News shows in the US and Canada, Europe, Middle East, and Asia-Pacific are now incorporated as segments within TV Patrol, the longest-running Filipino news program in the world. These regional news segments are also available on ABS-CBN News online (https://news.abs-cbn.com/). “This programming redesign gives overseas Filipinos and international viewers not only news relevant to their localities, but a more comprehensive global picture that helps them connect the dots on events that directly and indirectly impact their lives,” says a company statement. Overseas Filipino communities who used to watch Balitang America, Balitang Canada, Balitang Asia-Pacific, Balitang Europe, and Balitang Middle East as highly local and separate news programs for years, will continue to receive news from the award-winning news bureaus. The following veteran journalists will still head the Global Bureau: TJ Manotoc for North America, Maxxy Santiago for the Middle East, Rose Eclarinal for Europe, and Israel Malasa for Asia-Pacific. TV Patrol with TFC News can be seen on cable, satellite, online, on mobile platforms and on ABS-CBN News YouTube channel.  Visit https://news.abs-cbn.com/tfcnews for more information.

The Good Daughter airs on GMA Afternoon Prime

GMA Network’s Afternoon Prime Series The Good Daughter —  the inspiring tale of a young woman who is forced to toughen up and fight for the sake of her family —  will be aired again beginning July 27. The series stars Kylie Padilla and a pool of reputable actors like Raymond Bagatsing, Alicia Mayer, and Glydel Mercado. Directed by Mike Tuviera, The Good Daughter’s second run kicks off on July 27, 4:15 p.m., on GMA Afternoon Prime.

New reality dating series Fboy Island debuts Aug. 1

HBO GO is kickstarting its repertoire of reality programs with HBO Max’s brand-new 10-episode reality dating series Fboy Island, premiering in Asia with three episodes on Aug. 1 exclusively on HBO GO. New episodes will premiere at same time as the US, with three episodes on Aug. 5 and the final four episodes on Aug. 12. Hosted by comedian and actress Nikki Glaser, the series follows three women as they move to a tropical island where they are joined by 24 men — 12 self-proclaimed “Nice Guys” looking for love, and 12 self-proclaimed “FBoys,” there to compete for cash. The women will navigate the dating pool together with the hope of finding a lasting love connection. By the finale, all will be revealed — who is a Nice Guy, who is the FBoy, and who do the women ultimately choose. Stream or download Fboy Island on HBO GO.

Nickelodeon’s Baby Shark’s Big Show! premieres in SE Asia

NICKELODEON’S brand-new preschool series Baby Shark’s Big Show!, based on Pinkfong’s  the global hit song “Baby Shark,” premieres in Southeast Asia today, July 26. Preschoolers in Indonesia, the Philippines, and Malaysia can join the pop culture phenomenon for underwater escapades every weekday at 9:30 a.m. The series of 26 half-hour episodes follows Baby Shark and his best friend William as they journey on fun-filled comedic adventures in Carnivore Cove, make new friends and —  of course —  sing original catchy tunes.

Small Laude gets new Metro Channel show

YOUTUBE sensation Small Laude gets her very first TV show on cable, It’s A Small World, to premiere this August on Metro Channel. An entrepreneur and homemaker, Small has been taking her loyal followers along on her adventures online via her Instagram account and YouTube channel. Her new show has four episodes, each showcasing her personal take on enjoying the finer things in life. The episodes explore her six-storey resort-like mansion, spotlights Small’s friends and loved ones, and a special family dinner for her birthday. It’s A Small World premieres on Aug. 1, 8:30 p.m., on Metro Channel, available on SKYcable channel 52 (SD) and channel 174 (HD), Cignal channel 69, and GSAT channel 70.

Reggae group We Got releases music video

THE EIGHT-piece reggae collective We Got has released the official music video of its new single “Panahon.” Directed by Shai Advincula, the video’s story takes place during the pandemic, when a woman in isolation finds unexpected companionship in the unlikeliest of circumstances. Written by the band’s guitarist Mike Quebral and arranged by vocalist and guitarist Mack Dela Cruz, “Panahon” was recorded with the goal to produce a calm, soothing piece of music. The song is part of We Got’s debut EP Hiwaga, produced by Raymund Marasigan. Hiwaga is available on all digital music platforms worldwide via Sony Music Philippines. The music video for “Panahon” can be seen on YouTube.

Camila Cabello releases new single

THREE-time Grammy Award-nominated singer/songwriter Camila Cabello has released a new single, “Don’t Go Yet.” The song was written by Cabello, Scott Harris, Ricky Reed, and Mike Sabath, produced by Sabath and Reed, and featuring live percussion by acclaimed Cuban drummer Pedrito Martinez. Alongside the new song, a video for the track has also been released. The song showcases the singer’s Mexican and Cuban roots, while retaining a pop sound with a sticky chorus. The new track will also appear on her upcoming third full-length album, Familia. Ms. Cabello recently performed her new single on the post-Olympics Opening Ceremony edition of The Tonight Show Starring Jimmy Fallon. “Don’t Go Yet” is available on all digital music platforms worldwide via Epic Records, a division of Sony Music Entertainment.

Charlene Su releases debut EP

POP-R&B singer Charlene Su has dropped her debut EP titled onlyfriends, with four songs. Cheekily referencing the popular, albeit raunchy online platform, OnlyFans, onlyfriends came about through collaboration among friends. The EP includes the R&B jam “bitter baby,” whose laid-back beats and tropical-sounding production drip with sensual confidence, and the earlier released tracks “iwas4u” and “ilikered.” The music video for “say it back” will be released on Aug. 25 together with a live- streamed performance of the EP. The new song off Su’s new EP, features Universal Music Singapore’s up-and-coming singer-songwriter and producer YAØ.

DoubleDragon adds warehouse lease space

DOUBLEDRAGON Properties Corp. on Monday said it was able to complete the third phase of its CentralHub-Tarlac development, which adds 10,646 square meters (sq.m.) of leasable space to its portfolio.

“We are grateful for the efforts and support of all the stakeholders of DoubleDragon for this milestone, each and every square meter with land acquired and building constructed mainly in the last seven years are solid bricks that now [serve] as the core foundation of the hard value of DoubleDragon,” DoubleDragon Chairman and Chief Executive Officer Edgar “Injap” J. Sia II said in a statement.

The company said it is on track to reach more than 1.2 million sq.m. by the end 2021, a year earlier than it had planned. CentralHub is its brand of industrial warehousing hubs.

As of March 31 this year, DoubleDragon’s total equity stands at P59.23 billion. It aims to have a total equity of P120 billion by 2030.

The company said its real estate portfolio is its core pillar for transitioning into a holding company in “relevant industries with high growth potential.”

DoubleDragon calls 2021 its “milestone year” as it now boasts a portfolio of “prime and appreciating hard assets” across the Philippines, spanning over a million sq.m. of leasable gross floor area.

“Our whole team will continue to be relentless in our pursuit to make all the business units and brands under MerryMart and DoubleDragon a well-loved household brand serving well all its stakeholders and for both to become major [contributors] to our economy in the years to come,” said Mr. Sia, who is also chairman and chief executive of listed MerryMart Consumer Corp.

Shares of DoubleDragon at the local bourse closed unchanged on Monday for P10.30 each. — Keren Concepcion G. Valmonte

Philippine peso is 50.1% undervalued against the US dollar

Philippine peso is 50.1% undervalued against the US dollar

How PSEi member stocks performed — July 26, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, July 26, 2021.

Hidilyn Diaz delivers first-ever Olympic gold medal for Philippines

Weightlifter Hidilyn Diaz won the Philippines’ first-ever gold medal in the Olympic Games on Monday night in Tokyo, Japan. (Screengrab from Tokyo 2020)

Hidilyn Diaz on Monday secured the first-ever gold medal for the Philippines, winning the women’s 55-kilogram (kg) category for weightlifting at the Tokyo Olympics in Japan. 

The four-time Olympian lifted a combined weight of 224 kg, breaking out in tears after completing her final and record-breaking lift.

Ms. Diaz lifted 97 kg in the snatch and completed her gold conquest by lifting 127 kg – an Olympic record — in the clean and jerk in her final attempt.  

The 30-year-old weightlifter beat China’s Liao Qiuyun Liao, who settled for a silver with a total of 223 kg.

Kazakhstan’s Zulfiya Chinshanlo won the bronze with a total of 213 kg.

Ms. Diaz won a silver medal in the Rio Olympic Games in 2016. — Michael Angelo S. Murillo

Peso slips ahead of Fed review

BW FILE PHOTO
THE PESO inched lower versus the dollar due to losses at the stock market and ahead of the US central bank’s policy meeting. — BW FILE PHOTO

THE PESO closed nearly flat versus the greenback on Monday as local stocks declined and ahead of the US Federal Reserve’s two-day policy meeting this week.

The local unit finished at P50.35 per dollar on Monday, barely changed from its P50.34 close on Friday, based on data from the Bankers Association of the Philippines.

The peso opened Monday’s session at P50.33 against the dollar. Its weakest showing was at P50.40, while its intraday best was at P50.265 versus the greenback.

Dollars exchanged increased to $944.37 million on Monday from $804.6 million on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s performance to losses at the stock market.

The benchmark Philippine Stock Exchange index shed 148.13 points or 2.27% to close at 6,372.61 on Monday, while the broader all shares index lost 73.36 points or 1.81% to end at 3,965.15.

Meanwhile, a trader said the peso moved sideways as investors are waiting for signals from the Federal Open Market Committee’s (FOMC) meeting this week and amid lingering concerns over the Delta variant of the coronavirus disease 2019 (COVID-19).

The FOMC will hold its policy review from July 27-28. The Fed last month kept borrowing costs near zero to support economic recovery, but said rate hikes may come as soon as 2022 or 2023, earlier than what was previously signaled.

Meanwhile, the Health department on Sunday reported 55 new cases of the Delta variant of COVID-19 in the country, bringing the total to 119 infections so far. Of these, four have died, while 103 are tagged as recovered. Active cases of the variant stood at 12.

Overall, there were 5,479 new COVID-19 infections reported that day, which brought the country’s active cases of the virus to 54,262.

The government on Friday placed Metro Manila and the provinces of Ilocos Norte, Ilocos Sur, Davao de Oro and Davao del Norte under general community quarantine “with heightened restrictions” until the end of the month to stem the spread of the virus.

For Tuesday, Mr. Ricafort expects the local unit to move within P50.20 to P50.40 versus the dollar, while the trader gave a forecast range of P50.25 to P50.45. — LWTN

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