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From GMA News TV to GTV 

Rebranded station goes after younger audience by expanding beyond news    

THE KAPUSO Network’s second free-to-air channel, GMA News TV, is rebranding as GTV beginning Feb. 22, offering “the news you trust and new shows to love.” Aside from a large number of news programs, it’s programming mix will now include basketball,  rom-coms, public affairs and lifestyle shows, and anime.

“We’ve noticed that the audience now, especially during this time, they’re looking for more variety. So, while we’re retaining the love and trust that news programs of GMA News TV, we’ve started adding a lot of other shows,” Annette Gozon-Valdes, GMA Films, Inc.’s President and Programming Consultant to the GMA Chairman and CEO, said during an online press conference on Feb. 19. “[So,] the name GMA News [TV] wouldn’t really be any more because of the variety of shows.”

“The difference between GMA and GTV is that we want to really touch the hearts of the young and young at heart with this channel because we feel that the audience is looking for variety and we want to be able to fill that void,” Ms. Gozon-Valdes added.

GTV is not giving up on news — it will air a full roster of news programs from GMA News, GMA Regional TV, and DZBB, including the live telecast of Super Radyo DZBB’s reports and commentaries on Dobol B TV, as well as Connie Sison and Raffy Tima’s midday newscast Balitanghali. GTV will also simulcast GMA’s flagship news program 24 Oras, anchored by GMA News pillars Mel Tiangco, Mike Enriquez, and Vicky Morales.

Meanwhile, the channel’s primetime newscast State of the Nation (SONA), bannered by Atom Araullo and Maki Pulido, will give “depth and context to the headlines.”

Local news reports are accessible to more viewers via the GMA Regional TV Strip and GMA Regional TV Weekend News.

GTV will also be airing the upcoming 96th season of the Philippines National Collegiate Athletic Association (NCAA) Season.

“We’ve been very busy coordinating now with the NCAA policy board to finalize Season 96. GTV will be allocating a big chunk of its airtime for the games,” First VP and Head of Regional TV and Synergy Oliver Amoroso said.

“We are also open in the future to other high quality sports content but for now we are concentrating on NCAA’s Season 96,” Mr. Amoroso added.

ROM-COMS AND ANIME
GTV will also showcase new programming options such as the fantasy-romance The Lost Recipe starring Mikee Quintos and Kelvin Miranda.

Airing on Saturdays will be an anthology of fantasy-infused romantic comedies titled My Fantastic Pag-ibig featuring today’s young loveteams; Game of the Gens, hosted by Sef Cadayona and Andre Paras, which fuses singing, dancing, and playing games; and a cooking show, Farm To Table, featuring chef JR Royol.

Upcoming shows include Heartful Café, starring singer Julie Anne San Jose and David Licauco; the romance-mystery mini-series Love You Stranger featuring real-life couple Gabbi Garcia and Khalil Ramos; and FLEX, starring Mavy Legaspi, Lexi Gonzales, Joaquin Domagoso, and Althea Ablan.

On GTV’s Happy Hour strip, Vicky Morales spreads positivity in news magazine show, Good News; documentarist Kara David explores Filipino food in Pinas Sarap; Susan Enriquez tackles financial management in Pera Paraan; Gabbi Garcia brings the latest trends in IRL; and Drew Arellano gets into more travel adventures in Biyahe ni Drew.

Public affairs and lifestyle shows will air throughout the week with Kara David’s Brigada, Susan Enriquez’ iJuander, Tonipet Gaba’ Pop Talk, and Solenn Heussaff and Gil Cuerva in Taste Buddies.

Ms. Gozon-Valdes noted that the channel will also be launching Japanese anime series such as Pokémon and Dragon Ball Z.

“We are focused now on the classics, but we are also on the lookout to acquire new titles,” she said.

GTV is available via free-to-air, cable, satellite, and on GMA Affordabox and GMA Now as well as other digital receivers. GTV’s programs also air abroad via the Network’s international channels GMA Pinoy TV, GMA Life TV, and GMA News TV International.

For more details, visit GTV’s official social media account @GTVPhilippines on Facebook, Twitter, Instagram, and Tiktok. — Michelle Anne P. Soliman 

Gov’t fully awards T-bill offer despite higher rates

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday even as rates increased across the board after months of decline due to faster inflation and rising US bond yields.

The Bureau of the Treasury (BTr) raised P20 billion as planned via the T-bills on Monday as total bids reached P50.051 billion, making the offer over twice oversubscribed.

The BTr also opened its tap facility to raise another P5 billion via the one-year instruments.

Broken down, the Treasury raised P5 billion as planned from the 91-day debt papers, with total tenders reaching P12.613 billion. The three-month papers fetched an average rate of 0.875%, up by three basis points (bps) from the 0.845% seen at last week’s auction.

The BTr also borrowed the programmed P5 billion via the 182-day T-bills from P13.127 billion in bids. The average yield of the six-month instruments inched up by 2.1 bps to 1.067% from last week’s 1.046%.

Lastly, the government made a full P10-billion award of the 364-day securities on offer as demand for the tenor hit P24.311 billion. The one-year T-bills were quoted at 1.527%, jumping by 11.1 bps from the 1.416% fetched previously.

National Treasurer Rosalia V. de Leon said the sudden increase in T-bill rates reflected a correction after US bond yields continued to rise.

Bonds have been bruised by the prospect of a stronger economic recovery and yet greater borrowing as US President Joseph R. Biden’s $1.9-trillion stimulus package progresses, Reuters reported.

Yields on 10-year Treasury notes have already reached 1.38%, breaking the psychological 1.30% level and bringing the rise for the year so far to a steep 43 bps.

The yield on the benchmark 10-year Treasury note, which rises when bond prices fall, climbed to a one-year high of 1.36% last week, fueled by expectations that progress in the countrywide vaccination program and additional fiscal stimulus would further spur economic growth.

Meanwhile, back home, a bond trader said the higher T-bill rates fetched on Monday show investors are now becoming more cautious over the possible impact of accelerating inflation.

“[It’s] telling that CPI (consumer price index) worries are now affecting end-users’ demand. Liquidity is still there but rates are moving towards more rational levels,” the trader said via Viber, adding rates may rise further in the coming auctions.

Headline inflation quickened to a two-year high of 4.2% in January as food and transport prices continued to spike.

However, despite expectations of a further increase in inflation in the coming months, the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board on Feb. 11 kept its benchmark interest rates unchanged at their current record lows to support the economy’s recovery.

Still, it raised its average inflation forecast for the year to 4%, the upper end of its 2-4% target, from 3.2% previously. Meanwhile, the BSP lowered its forecast for next year to 2.7% from 2.9% previously.

The Treasury this month raised P127 billion from the local debt market, more than its P110-billion borrowing program for February, as the government opened its tap facility several times to take advantage of lower rates.

It was originally set to borrow P140 billion via T-bills and Treasury bonds (T-bonds) in February but it canceled a scheduled offering of P30 billion worth of three-year papers to give way to its retail Treasury bond (RTB) sale.

Of the total, P97 billion was raised via weekly T-bill auctions, breaching the P80-billion program. Meanwhile, it borrowed P30 billion as planned via T-bonds.

The government is selling three-year RTBs until March 4, unless the offer period is closed earlier. The bonds carry a coupon rate of 2.375% and are being sold for a minimum investment of P5,000.

The Treasury sold an initial P221.218 billion in RTBs at the rate-setting auction held on Feb. 9.

The government is looking to borrow P3 trillion this year from domestic and external lenders to help fund its budget deficit seen to hit 8.9% of gross domestic product. — B.M. Laforga

Urban planning shouldn’t be led by politicians, says expert

THE PHILIPPINES should develop vertical cities to accommodate more people, lessen the traffic, and preserve open spaces, according to Felino A. Palafox, Jr., Palafox Associates principal architect-urban planner and founder. — REUTERS

By Arjay L. Balinbin, Senior Reporter

URBAN PLANNING in the Philippines is often dictated by the whims of politicians, who fail to take into account traffic, commerce, and the environment, an urban planning expert said.

“We have 1,600 local government units (LGUs) and not many of them have experts in planning, and planners are under engineering departments. Many of them are political appointees,” Felino A. Palafox, Jr., Palafox Associates principal architect-urban planner and founder, said during the Philippine Star Property Report PH’s online forum on Monday.

“I’ve spoken to someone, ‘Why did you approve this type of land use?’ You know what I was told?  ‘Architect, that’s a political decision; it’s not an urban planning decision.’ Urban planners are superseded by political decisions. So urban planning in the Philippines is run mostly by politicians, if I may say,” he added.

Mr. Palafox said the government and the private sector should work towards creating cities where traffic and environment are given extra attention in the planning stage.

One of the solutions is to review the existing “obsolete laws,” including the National Building Code.

Mr. Palafox said the Philippines should develop vertical cities to accommodate more people, lessen the traffic, and preserve open spaces.

“One of the problems of the cities… is that they don’t consider the environment. They don’t consider the traffic. And here comes LGUs approving things and land use… We have to go towards vertical cities, so we will have more open spaces. It’s really about planning,” he said.

“It’s not enough that we have blueprints, blueprints, blueprints. We need a planning system, not just blueprints, blueprints, blueprints,” Mr. Palafox added.

On the government side, Department of Public Works and Highways (DPWH) Build, Build, Build Chairperson Anna Mae Y. Lamentillo said they believe in “design and masterplans.”

“For example, the Luzon Spine Expressway Network. We really did the masterplan first and looked at the numbers before undertaking which projects to prioritize and how much these will benefit the Filipino public,” she noted.

“I agree that there is a need for pedestrian infrastructure. We have been pushing for pedestrian infrastructure ourselves. In fact, the DPWH has issued several department orders related to that,” she added.

To recall, Public Works Secretary Mark A. Villar issued a department order last year prescribing the standard design of bicycle lanes along national highways.

Mr. Villar also mandated all DPWH operational units to include pedestrian facilities in all new road projects.

“We cannot do much on existing projects, but on new projects, they have to include pedestrian and bicycle components from the onset of the project,” Ms. Lamentillo added.

For the private sector, Buddy Tan, transport planning head of Ayala Land, Inc., said: “In Ayala, it’s always about creating value for your investment… in terms of facilities, utilities, and infrastructure.”

“We have always maintained that. We put the best efforts in doing what we can in whatever the private sector is asked to do when we get involved in a project,” he added.

BoI approves incentives for electric vehicle tech startup

THE Board of Investments (BoI) has approved start-up company CHRG Electric Vehicle Technologies Inc. as a new domestic producer of electric vehicle (EV) fast chargers and retrofit kits under the Investment Priorities Plan.

The government’s Investment Priorities Plan recognizes as eligible for tax incentives “innovation drivers” that facilitate the entry of new technologies and government-funded research and development into the market.

CHRG has invested P3.9 million in its production facility at the University of the Philippines-Diliman.

“Once it gains traction, the company has plans to move out of the capital region to be able to secure a more cost-effective location, with Bulacan or Rizal as targeted spots,” BoI said in a press release on Monday.

The university, which owns the Charging in a Minute technology, has allowed CHRG to produce the fast charger units while they finalize a licensing agreement for product sales.

CHRG will be able to produce 12 fast charger units and 236 retrofit kits each year.

“We look forward that homegrown technologies like this will play a major part in the development of electric vehicles in the country as we gradually begin the transition from fossil-fueled cars to environment-friendly vehicles and aspire to be a manufacturing hub for the EV components,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said.

The Trade department is also studying electric vehicle manufacturing as a potential competitive advantage for the Philippines in a 15-country trade deal signed last year, Trade Assistant Secretary Allan B. Gepty said earlier this month.

Global manufacturers are also looking at exporting EVs to the Philippine market. Nissan Philippines, Inc. is planning to introduce its electric vehicle (EV), the Nissan Leaf, to the country this year. — Jenina P. Ibañez

LA-based Pinay singer releases single inspired by popular K-drama

Los Angeles-based Filipino singer Bey

LAST YEAR, Los Angeles-based Filipino singer Bey posted a video snippet of her singing Filipina singer-songwriter Moira Dela Torre’s “Ikaw at Ako” online. Then Darwin Hernandez, founder of music management group Soupstar Music, came across the cover and he reached out to the young artist.

Bey was already learning Korean and writing hangul when Soupstar Music artist Eunice Jorge, who wrote and produced “Crash Landing,” presented her with the song which is in a combination of English and Korean.

“It was such a great opportunity to take on, even if it was during a time where everything has to be done over Zoom,” the singer, who goes by the single name Bey, told BusinessWorld in a Zoom interview about recording her first single.

“So, when it came to [recording] ‘Crash Landing,’ it would basically just be me with a setup in my garage,” she said.

After a few virtual songwriting, rehearsal, and recording sessions between the Soupstar management and the singer, the demo of “Crash Landing” was submitted to Universal Records Philippines.

“It was kind of a blind audition [type of situation] where they had heard the song but they didn’t know who I was. So I’m just very grateful that they were interested in my music,” said the young singer.

Inspired by the popular South Korean television series, Crash Landing on You (2020), the song is about hoping for one’s own Captain Ri (the show’s leading man) — someone who will stand by you despite obstacles, and the excitement and reality of romantic relationships.

As for her upcoming projects, Bey plans to get into the songwriting process and participate in more online performances.

“I just want to release new music. I want to try to experiment and see what fits with my voice,” she said. “I’m definitely working on more performance videos to come out soon.”

“That’s the feeling of when you put music out there even if [just] one person loves it — that means so much to you… so, just keep at it,” Bey said. “Even during a time like this, I think it’s never the wrong time to put out something that you’re proud of.”

“Crash Landing” is available on Spotify, Apple Music, YouTube Music, Amazon Music, Deezer, and digital stores worldwide under Universal Records Philippines. The music video is available at https://youtu.be/7kJmt81CbtU Michelle Anne P. Soliman

Shopping malls now host saliva collection sites for RT-PCR tests

THE Philippine Red Cross (PRC) is opening saliva collection centers for coronavirus disease 2019 (COVID-19) tests in various shopping malls nationwide.

Robinsons Land Corp. (RLC) said it signed a partnership agreement with PRC to establish 20 drive-thru saliva collection sites for RT-PCR (reverse transcription-polymerase chain reaction) testing in its malls.

“By taking advantage of Robinsons Malls’ strategic locations in key cities, PRC’s Drive-Thru Saliva Collection Sites will now be more accessible to the public, servicing thousands of Filipinos,” RLC said in a statement.

The sites will be located in the following Robinsons Malls in Luzon: Robinsons Place Malolos, Robinsons Starmills, Robinsons Luisita, Robinsons Place Pangasinan, Robinsons Place Santiago, Robinsons Place Manila, Robinsons Otis, Robinsons Metro East, Robinsons Place Antipolo, Robinsons Town Mall Malabon, Robinsons Novaliches, Robinsons Place Dasmariñas, Robinsons Place Imus, and Robinsons Place Gen. Trias.

In the Visayas, collection sites will be found in Robinsons Galleria Cebu, Robinsons Place Bacolod, and Robinsons Place Pavia; and in Mindanao: Robinsons Place Butuan, Robinsons Place Valencia and Robinsons Place Iligan.

At the same time, Ayala Malls is working with the PRC to set up collection sites in Circuit and Market! Market!.

“Ayala Malls offered its open spaces to support The Philippine Red Cross by providing testing facilities. In addition to Circuit and Market! Market!, we look forward to accommodating more Red Cross testing sites in our malls,” Ayala Malls President Christopher Maglanoc said in a statement.

Also, Araneta City signed an agreement with PRC to host a drive-thru saliva collection site at the Araneta City Bus Port, in front of Ali Mall in Cubao. The site will be open from 9 a.m. to 5 p.m. until August 2021.

Those interested may book their appointments online at 143.redcross.org.ph and pick the mall of your choice.

Premiere Horizon set for inclusion in global equity index

PREMIERE Horizon Alliance Corp. is set to be added to a regional equity index series for companies with small market capitalization beginning March 19, 2021, the investment holding company told the stock exchange on Monday.

It said the inclusion into the FTSE Global Equity Index Series for Asia-Pacific, excluding Japan and China, on the FTSE Micro Cap and FTSE Total Cap indices was announced on Feb. 19 after a semiannual index review.

But it said the index review “may be subject to revision until close of business of March 5, 2021.”

“The FTSE Global Equity Index Series (GEIS) provides market participants with a series of seamless global equity benchmarks for use in the development of institutional investor policy directions and as the basis for index-linked products,” Premiere Horizon said.

It said it was able to qualify for the FTSE GEIS as it reached the minimum required voting rights, minimum free float and foreign ownership, and a minimum investable market capitalization of $25 million.

The company also said that it was added after it reached the required liquidity threshold based on its median daily trading volume per month.

Its average daily trading volume reached P190 million since its Oct. 29, 2020 disclosure that fintech firm SquidPay Technology, Inc. would acquire a 55% ownership for P925 million.

The group led by businessman Marvin Dela Cruz has since completed an initial payment of P300 million, with the balance of P625 million to be paid through cash payments and infusion of SquidPay shares within the next two years.

On Monday, Premiere Horizon shares at the stock exchange closed 8.97% higher to finish at P3.16 apiece. — K. C. G. Valmonte

IC says insurers selling products online must be transparent about terms, responsive to clients

THE INSURANCE Commission (IC) has ordered health maintenance organizations (HMO) and pre-need companies to be more transparent with their products and terms when they offer these online.

Insurance Commissioner Dennis B. Funa issued several circulars laying out guidelines that HMOs and pre-need firms need to follow as they use digital platforms in selling their products and services.

The regulator stated in one of the circulars that “consumer confidence in electronic commerce is enhanced by the continued development of transparent and effective consumer protection mechanisms that limit the occurrence of fraudulent, misleading or unfair commercial conduct online.”

The IC said distributing and selling products digitally would also increase penetration rate and reduce costs for businesses.

The coronavirus pandemic has forced industries, including those in the insurance business, to use digital platforms and e-commerce to boost sales and expand their reach while mobility restrictions are still in place.

Based on the guidelines, HMOs and pre-need firms offering their products and services online should be transparent with their customers while providing effective consumer protection.

Basic information about the companies such as location and owners should be easily accessed by customers, and communication between the seller and buyer should be readily available as well.

The firms also have to provide sufficient details about the products and services offered, the terms, conditions and costs to help customers make an informed decision on whether or not to buy them.

User-friendly and secured payment options should also be available on e-commerce sites, while the full price indicated should be clear, such as if these are inclusive of delivery fees, taxes and other applicable charges, the IC said.

“Consumers shall be provided with a meaningful opportunity to correct or cancel the transaction or application before it is accepted and processed,” it added.

HMOs and pre-need firms are required to give clients an electronic copy of their completed application, agreement or contract, endorsement and certificate of insurance coverage, if applicable, right after the transaction is done.

If the transaction will later on be proved voidable, the companies should refund clients’ payments.

“Intermediaries (or general agents who have a website for e-commerce of HMO and pre-need) products are not allowed to approve policies or endorsements or issue such electronic documents through their website,” the regulator said.

However, the IC noted they will allow platforms owned or controlled by HMO and pre-need companies, as well as those that they partnered with, to approve policies or issue necessary documents.

Partners can be online sales portals, website links, mobile applications and online sales platforms used for e-commerce.

Meanwhile, the IC also recognized that HMOs and pre-need firms can use financial technology (fintech) to develop further their products and services, allowing any small-scale and live testing of technological innovations within a “regulatory sandbox,” after obtaining approval from the regulator.

The regulator requires successful applicants to submit a monthly report to the IC about the progress and concerns on the ongoing live testing.

“Technological innovations have been a key driver of change in the financial sector, leading to the advent of fintech,” the regulator said in a separate circular.

“This Commission recognizes the immense benefit that can be derived from further developing fintech innovations through experimentation, testing, and learning, which can be achieved compromising the protection of the interests of the insured public,” it added. — Beatrice M. Laforga

‘Rape-revenge’ films are changing: They now focus on the women, instead of their dads

NARRATIVES around sexual assault in Hollywood are changing — on screen and off.

There is a longstanding genre of film dedicated to depicting the crime of rape as it affects the fathers of the victims, showing fathers dishing out violent retribution.

Contemporary directors have been moving away from depictions like this, with many films choosing to complicate the simplistic morality of their predecessors.

But these films have generally been low-budget affairs with limited cinematic runs — unlike the budgets and stars pumped into stories about fathers, like Taken (2008) and Death Wish (2018).

With the success of 2020’s Promising Young Woman, it is likely there will be more revisionist films like these reaching wide audiences and critical acclaim.

This is a refreshing change of pace in a genre packed with films depicting rape as an attack on the father’s honor.

The rape-revenge film genre has a fairly sleazy reputation, summoning images of a battered and traumatized woman taking violent revenge on her attacker(s), as in I Spit On Your Grave (1978).

These early films rose in prominence in 1970s and relied heavily on the shock value of brutal rape scenes, followed by the even larger shock of the victim’s sadistic revenge.

But entries in the genre didn’t always focus on the reaction of the victim.

Frequently, filmmakers found more mainstream success if the avenger was the victim’s father.

The film that likely brought prominence to the genre was Ingmar Bergman’s 1961 Academy Award winning The Virgin Spring.

The Virgin Spring begins as the story of the titular virgin, Karin (Birgitta Peterson), but after her rape and murder the focus pivots to her distraught father Töre (Max von Sydow).

In 1972, Wes Craven, an admirer of the film, made the much more violent The Last House on the Left, which takes just a beat to focus on the pain and humiliation of Mari (Sandra Peabody), before relishing in the sadistic revenge her parents take on her murderers.

Unlike Mari and Karin, Carol (Kathleen Tolan) of Death Wish (1974) survives her assault, but the film ignores her pain.

Instead, Death Wish focuses on her stoic father Paul (Charles Bronson) and whiny husband Jack (Steven Keats). Jack is heartbroken when he hands the catatonic Carol over to the care of a mental hospital, and Paul takes his grief out on the petty criminals of New York City.

First with a sock full of pennies, and then with a gun, former pacifist Paul becomes a powerful deterrent to would-be criminals, reducing crime in his city by a staggering amount.

This movie has four sequels of roughly the same plot and varying quality (1985’s Death Wish 3, in which Kersey defends an apartment building full of senior citizens, is a lot of fun) and the 2018 remake starring Bruce Willis.

I have watched an unhealthy number of these movies, but perhaps the most illustrative in this tradition is Taken.

Liam Neeson plays former Green Beret Bryan Mills, who begins the film attempting to rebuild his relationship with 17-year-old daughter Kim (Maggie Grace).

Bryan is horrified when Kim wants to visit Paris accompanied only by her irresponsible friend Amanda (Katie Cassidy). He reluctantly agrees, but his hesitance is vindicated when Kim and Amanda are kidnapped by an Albanian sex trafficking ring.

Bryan travels to Paris and tortures every Albanian he can get his hands on. In one particularly upsetting scene, he electrocutes information out of a mid-level gang member, Marko (Arben Bajraktaraj). When Bryan has what he needs, he turns the electricity on and walks out, leaving Marko to be gradually electrocuted to death.

Eventually, Bryan fulfils his fatherly responsibility by murdering everyone and rescuing Kim.

Taken ends with Kim back in America with Bryan, apparently not changed at all by her ordeal. She is just as cheerful as she was in the opening scenes.

Of course she is: this is not her story. It is Bryan’s story and he got exactly what he wanted. Kim is safe, and his authority as her father no longer in question.

Even rape-revenge films starring women rarely focused on her internal journey, instead showcasing her acts of incredible violence. But new iterations in rape-revenge centre the protagonist’s path to healing from trauma.

Natalia Leite’s 2017 film M.F.A. brings its audience into the experience of its protagonist Noelle (Francesca Eastwood), who learns that violent revenge may be cathartic, but does not heal her trauma.

Promising Young Woman focuses on a protagonist’s inability to cope with her friend’s suicide following a sexual assault. The HBO/BBC series I May Destroy You follows a woman doing her best to put her life back together after a traumatic assault.

More and more stories are being brought to screen focusing on what a rape survivor needs — rather than who her father wants to punch. This is an industry realizing when a woman is raped, it is a tragedy because that woman is a human being, not because she is a daughter.

 

Isobella Austin is a PhD Candidate in Cinema and Screen Studies at the Swinburne University of Technology.

PNB to infuse P515M into leasing arm

PHILIPPINE NATIONAL Bank (PNB) is looking to infuse capital into its joint venture with Japan’s Mizuho Bank, which will boost its shareholdings in the firm, as it anticipates opportunities in the leasing business amid the government’s infrastructure drive.

“The PNB Board of Directors approved and confirmed the infusion of additional capital of up to P515 million to PNB-Mizuho Leasing and Finance Corp., subject to regulatory and other necessary approvals,” the lender said in a statement, noting the decision was made on Feb. 19.

Once the transaction is cleared by regulators, PNB’s share in the unit will increase to 83.5% from 75%.

PNB President and Chief Executive Officer Jose Arnulfo “Wick” A. Veloso said they are investing more into the firm amid bullishness on the country’s infrastructure push as it could bring opportunities for their leasing businesses.

“Given the focus of the government on continuing its ‘Build, Build, Build’ program, we see prospects in the leasing business. We are expecting to see growth in the sectors connected with the government’s priority projects,” Mr. Veloso said in a statement.

“The additional capital will help the business support companies in the transportation and infrastructure,” he added.

He said he hopes the further relaxation of restriction measures in the country could boost the operations of their leasing business.

The joint venture financing firm started its operations in the country in 1998. Among its services include finance lease, operating lease, term loans, and receivable discounting.

PNB-Mizuho Leasing and Finance is focused on the needs of Japanese firms with a local footprint, as well as small- and medium-sized enterprises.

The Tan-led lender’s net profit increased 4% year on year to P2.5 billion in the third quarter of 2020 from P2.436 billion. However, its nine-month income tally slumped 39% to P3.896 billion from P6.404 billion in the same period of 2019 as it boosted credit loss provisions due to the crisis.

PNB shares closed at P25.85 apiece on Monday, down by 40 centavos or by 1.52% from its Friday finish. — L.W.T. Noble

Work on Ameria Homes begins

DAVAO-BASED real estate developer Damosa Land, Inc. (DLI) said it has broken ground on the first homes at its 8.9-hectare Ameria Homes project in Panabo City, Davao del Norte.

In a statement, DLI said it teamed up with Connovate Philippines to use high-performance building technology from Denmark on Ameria homes.

“We are honored to be the first developer to introduce this eco-friendly Danish building technology in Mindanao as it stays true to our heritage in agriculture,” DLI Head Ricardo F. Lagdameo said.

With its technology, Connovate uses precast panels which contain less cement, making the construction process quicker.

An Ameria model house will be unveiled before end-March. Unit turnovers are expected to start by the second half of the year.

“We are pleased to be able to begin home construction as we look forward to welcoming homeowners to Agriya by next year. It’s exciting for everyone involved as this project is a first of its kind in the region,” Mr. Lagdameo added.

Ameria is part of the 88-hectare Agriya township, which has residential, commercial, agri-tourism and institutional components. — K.C.G. Valmonte

Boulevard Holdings incurs P7.19-M net loss

REAL ESTATE group Boulevard Holdings, Inc. managed to trim its losses to P7.19 million for its end-November second quarter, or down 22.41% from the P9.27-million attributable net loss in the same period the previous year.

The decline comes as the company posted gross revenues of P65,625, significantly lower than the P14.55 million recorded a year earlier, the company’s quarterly financial report filed on Monday showed.

Boulevard Holdings said this is due to the temporary closure of Friday’s Boracay Beach Resort and Friday’s Puerto Galera Beach Resort due to the travel restrictions amid the pandemic.

“[The depreciation in] cost of sales is mainly due to depreciation expenses incurred from the property and equipment of Friday’s Puerto Galera Beach Resort,” Boulevard Holdings reported.

Its general, administrative and selling expenses meanwhile decreased 79.38% to P4.19 million from its November 2019 record of P20.32 million.

Boulevard Holdings said it was able to operate amid the health crisis through the financial assistance of its shareholders.

“The group plans to improve its resorts operations through enhanced marketing and promotional activities,” the company added.

Boulevard Holdings also plans to expand its property portfolio in other locations to be developed into a new Friday’s resorts.

For its fiscal year ending on May 31, 2020, the company in a separate financial report said that it incurred a net loss of P38.95 million, more than four times the P8.86-million loss in the previous year.

Boulevard Holdings said the decline was caused by the business closures due to the coronavirus disease 2019 (COVID-19) pandemic.

“The pandemic caused by COVID-19 affected tourism and travel that resulted to permanent closure of some restaurants and other businesses,” the company told the exchange.

The company’s shares were last traded on Jan. 29 at the stock exchange, closing at P0.03 apiece. — K. C. G. Valmonte