EDC’s P3-B green bonds to partly fund geothermal project

March 18, 2021 | 12:03 am

LOPEZ-LED Energy Development Corp. (EDC) said the net proceeds of its first tranche P3-billion fixed rate ASEAN green bonds will partly fund its 29-megawatt (MW) Palayan Bayan Binary Project (PBBP).

According to an offer supplement filed with the corporate regulator, the first tranche, which will consist of three-year bonds due in 2024 and five-year bonds due 2026, will have an oversubscription option of up to P2 billion.

“Proceeds of the Bonds will be used primarily by the Company to finance or refinance new and existing renewable energy projects that are considered ‘Eligible Green Projects’ under the EDC Green Bond Framework,” EDC said, citing the PBBP as an eligible green project in its offer supplement filed with the Securities and Exchange Commission (SEC) on March 15.

“The net proceeds of the offer amounting to P2.95 billion, assuming an Issue Amount of P3 million shall be used primarily for the partial reimbursement of equity contributed by EDC into BGI (Bacman Geothermal Inc.) in Q4 2020; and Q1 2021 for the funding of the capital expenditure requirements of PBBP,” EDC added.

If the oversubscription option of P2 billion is fully exercised, the firm stands to book additional net proceeds of P1.98 billion. Of the amount, some P637.29 million may be used for a fresh equity contribution for the PBBP’s budget for the first quarter next year, EDC said.

The PBBP is operated by EDC’s subsidiary BGI, and the geothermal plant produces power from using the residual brine from the existing steam field of the Bac-Man facilities.

BDO Capital & Investment Corp. and BPI Capital Corp. are appointed as the joint lead underwriters, and SB Capital Investment Corp. is assigned as the co-lead underwriter.

Earlier this month, EDC unveiled its first green bond framework in line with its pursuit of renewable energy initiatives. — Angelica Y. Yang

Dining In/Out (03/18/21)

March 18, 2021 | 12:03 am

The Pen postpones wine dinner

IN LINE with the current government restrictions and The Peninsula Manila’s health and safety precautions against the rising cases of coronavirus disease 2019 (COVID-19), the Spottswoode Wine Dinner which was originally scheduled on Mar. 17, has been moved to Apr. 14. This postponement also gives interested parties more time to arrange their table reservations. For more details, send a message via PenChat, the hotel’s 24-hour e-concierge at https://bit.ly/PenChatFacebook.

RWM’s Ginzadon reopens

Ginzadon Japanese and Korean restaurant opens its doors to Resorts World Manila’s (RWM) guests once more. Ginzadon is open daily from 11 a.m. to 10 p.m. It is located at the 2F of Newport Garden Wing. Payment options include cash, card, and RWM Membership points. To know more about Ginzadon, visit www.rwmanila.com.

Shangri-La’s Boracay Resort & Spa opens Sirena restaurant

SHANGRI-LA’S Boracay Resort & Spa has opened the Sirena Seafood Restaurant and the Clifftop Bar for a limited period from Mar. 27 to Apr. 4. They will be offering seafood specialties and cocktails, including its signature gin menu. Guests may celebrate Easter at Vintana Asian Café from Apr. 2 to 3, with a dinner spread, featuring live cooking stations. When opting for bespoke dining, the Unique Private Dining menu offers a Filipino Feast with local culinary favorites, personalized and set either on the beach or at the private Sea Pavilion. For more information and updates on Shangri-La’s Boracay Resort & Spa, visit www.shangri-la.com/boracay or visit the official Facebook and Instagram pages @ShangriLaBoracay.

Easter at Crimson Hotel

HOP virtually along as the Crimson hotel celebrates the arrival of the Easter Bunny with baskets full of goodies and interactive games for the little ones. Hop Down the Bunny Trail on Apr. 4, 3 p.m., via Zoom. A P999 ticket per participant includes a bunny-themed insulated snack bag loaded with a burger with fries, cheesy popcorn, rainbow cookies, and a basketful of chocolate goodies, and exclusive access to the virtual Easter party full of interactive games and activities. Register via bit.ly/hopdownthebunnytrail. Registration period is ongoing until 5 p.m. of Apr. 2. Limited slots are available. For inquiries, call 0998-963-7094 or e-mail alabang.salescenter1@crimsonhotel.com. Meanwhile, the Crimson Club Lounge offers The Steaks are High on Mar. 20 and 27, from 6-9 p.m. For P1,500 net, the set meal includes a starter of Grilled Prawn with Tom Yum Marination, Basil Oil and Mixed Greens, a main course of Grilled Hanger Tender with Truffle Mashed Sweet Potato, Buttered Char Vegetables with Szechuan Pepper Sauce, and dessert of Savarin Flambe au Rhum. As seats are limited, reservations are required. For inquiries and reservations, call 8863-2222 local 1612 or 0998-961-3409 or e-mail dining@crimsonhotel.com

A taste of celebration with The Plaza Catering

JUST because today’s celebrations are done in small groups or virtually, a celebration is still a celebration. For the past 55 years, The Plaza has been part of many people’s milestones, and today it continues to do so as people can send food to their loved ones. One choice is the Plaza Hamwich kit — a complete set of The Plaza Ham slices with pan de sal and The Plaza’s four signature sauces. Customers can also purchase the sliced ham on it’s own. Meanwhile, The Plaza’s line of frozen convenience food is available at Petron Dasmariñas Makati, Petron La Vista Katipunan, or for purchase through its website www.theplazacatering.com. The Plaza also has Party Packs with themed menus suited for any occasion,including The Plaza Classics, USDA Angus Roast Rib-Eye Dinner, and Spanish Favorites. There is a minimum of 10 party packs per order, and each order must be made at least 3 days in advance. Delivery assistance to multiple locations is available. For orders and inquiries, call 7729-0001 to 03 or 0917-718-2200.

Absolut teams up with local artists

IN LIGHT of the challenges affecting society around the globe, Absolut Vodka rallies behind a new tagline, “It’s In Our Spirit,” recognizing the power of the human spirit to triumph over adversity and reconnect a broken world. In the Philippines, the brand partnered with Filipino artists Eunpyon, Hulyen, Kris Abrigo, and Tokwa Penaflorida to create art that inspires. All four artworks will be turned into covers of limited-edition journals available through Boozy.ph. Digital artist Eunpyon channeled her desire to express herself and her advocacy for gender equality in a Bright piece, titled The Spirit of a Filipino. Comic artist Hulyen wanted to exhibit human connection in her simple yet resonant piece for Absolut, titled (Sparkling Heart Emoji). Visual artist and muralist Kris Abrigo drew up New Perspectives, a colorful maximalist work that frames Absolut as something that can brighten people’s moods. Illustrator and painter Tokwa Penaflorida came up with Busilak (Purity), an ethereal and fairytale-like work that evokes inclusivity and the spirit and support of communities. To avail of the limited-edition journals, purchase special Absolut bundles for each journal on Boozy. For by Hulyen, one needs to purchase a 1 liter and a 700 ml bottle of Absolut Vodka (P1,619); for New Perspectives by Kris Abrigo, 1 liter of Absolut Vodka, and a 700 ml bottle of Absolut Mandrin (P1,848); for The Spirit of a Filipino by Eunpyon, 1 liter of Absolut Vodka, and 700 ml of Absolut Kurant (P1,848); and, for Busilak (Purity) by Tokwa Penaflorida, 1 liter of Absolut Vodka, and a 700 ml bottle of Absolut Citron (P1,848).

SaladStop!’s seasonal offerings

SALADSTOP! Has just come out with its seasonal specials — the Summer Fling Salad and the Sunny Slush smoothie. This season’s featured salad (P365) is made with romaine, kale, roast chicken, quinoa, carrots, sweet corn, grapes, and pomelo with a Sesame Lime dressing. Available until Apr. 26 only, one can order Summer Fling as a salad or wrap in all SaladStop! Stores. Beat the heat with the Sunny Slush (P160), a refreshing smoothie made with mango, lemon juice, honey, and chia seeds. It will be available in all SaladStop! stores from Mar. 22 to May 16 only. SaladStop! Has outlets at Central Square, the Power Plant Mall, Greenhills, Glorietta 2, Burgos Circle, Alabang Town Center, Salcedo Village, Ayala Center Cebu, SM Megamall, SM Mall of Asia, UP Town Center, Robinsons Cyberscape Gamma, Oakridge Business Park Cebu, TriNoma, and Ayala North Exchange.

BIGGS offers ready-to-cook meals

WITH all the lockdowns over the past year, many people — unable to eat out — have turned to delivery and to brands like BIGGS Ready-To-Cook meals. In operation for 38 years, BIGGS is a certified icon in the Bicol region, a restaurant known for comfort food, and a favorite for celebrations like birthdays, baptisms, and graduations. BIGGS is best known for its ribs, which is the best-seller among the brand’s 19 restaurants and now available in over 50 supermarkets in Bicol and Metro Manila. This signature dish has been available online for over 10 months now, and it’s proven to be a hit among home cooks of all levels. BIGGS Ready-To-Cook ribs can be cooked in four ways — grilled over charcoal, braised in a pan over a stove, baked in an oven, or just blasted in a microwave. Aside from the ribs, its other ready to cook meals include Honey-Glazed Chicken Ham, Pork Cordon Bleu, the Grill Party Pack (serves six to eight people, and includes six ribs and 12 sticks of Classic Pork Barbecue). The Ribs are available in a one-piece or a two-piece pack. BIGGS Ready-To-Cook meals are available in major supermarkets in Metro Manila and in nearby cities like Bulacan, Batangas, Laguna, and Cavite; and are also available directly from the BIGGS website, or through online marketplaces and retailers.

Authentic Taiwanese Milk Tea now open from franchising

MILK tea brand Frotea already has branches located throughout Luzon and Visayas, but it is open to more franchisers. Through the company’s full-service commissary, Frotea sources all its ingredients directly from Taiwan, this ensures that the standards of Frotea’s products remain consistently high, while maintaining a low standard retail price (SRP) for budget-conscious consumers. Frotea offers a selection of drinks, including Milk Teas (starts at P55), Fruit Teas (starts at P55), a Cheesecake Series (starts at P80), the Rock Salt & Cheese Series (starts at P70), and the Creampuff Series (starts at P80). An all-inclusive Frotea package is available for P350,000; this includes stall, supplies, and manpower. Visit Frotea online (https:///www.frotea.ph) to learn more.

Google to protect ads platforms vs malicious use

March 18, 2021 | 12:03 am

By Arjay L. Balinbin, Senior Reporter

GOOGLE said it is ready to protect its platforms from abuse by political ads in the Philippines, especially in the 2022 presidential elections.

“All of our policies will be applied,” Google’s Vice-President for Ads Privacy & Safety Scott Spencer said at a virtual briefing on Tuesday when asked how Google is preparing for the elections in the Philippines in 2022.

In a statement, he said ads help voters access authoritative information about politicians and voting processes.

“Over the past few years, we introduced strict policies and restrictions around who can run election-related advertising on our platforms and the ways they can target ads,” he added.

Google has launched political ad libraries in the United States, Europe, India, Israel, Taiwan, Australia, and New Zealand.

Mr. Spencer said Google works with its global enforcement teams to protect its platforms from abuse.

“Globally, we continue to expand our verification program and verified more than 5,400 additional election advertisers in 2020. In the US, as it became clear the outcome of the presidential election would not be determined immediately, we determined that the US election fell under our sensitive events policy, and enforced a US political ads pause starting after the polls closed and continuing through early December,” he explained.

“During that time, we temporarily paused more than five million ads and blocked ads on over three billion search queries referencing the election, the candidates or its outcome.”

He said the decision was for Google to limit the potential for ads to “amplify confusion” among voters after the election period.

“Policies on ads are important to keep internet users ‘safe’ and to ‘preserve trust’ in the ads ecosystem, he said.

In its Ads Safety Report 2020, Google said it restricted 6.1 billion ads last year.

“There are certain categories of ads that are legally or culturally sensitive and are only allowed on a limited basis,” the report said, referring to adult content, alcohol, gambling and games, and health care and medicines, among others.

“In total, we blocked over 99 million COVID-related ads from serving throughout the year, including those for miracle cures, N95 masks due to supply shortages, and most recently, fake vaccine doses,” Mr. Spencer said.

“We continue to be nimble, tracking bad actors’ behavior and learning from it. In doing so, we’re able to better prepare for future scams and claims that may arise,” he added.

Google, he noted, continues to invest in an automated detection technology that can scan the web for publisher policy compliance.

“Due to this investment, along with several new policies, we vastly increased our enforcement and removed ads from 1.3 billion publisher pages in 2020, up from 21 million in 2019. We also stopped ads from serving on over 1.6 million publisher sites with pervasive or egregious violations,” Mr. Spencer said.

BSP to weigh pros and cons of issuing CBDCs

March 18, 2021 | 12:02 am

THE BANGKO SENTRAL ng Pilipinas (BSP) is still not keen on issuing its own central bank digital currency (CBDC) but is open to expanding its knowledge on the subject as the use of virtual assets continues to grow.

“Whether we issue CBDC [or not], the bigger issue maybe is whether we should. We’re not going to issue central bank digital currency just because Singapore [and other countries]…are doing it. We will want to issue CBDC because there are specific problems that we want to solve,” BSP Director for Technology Risk and Innovation Supervision Department Melchor T. Plabasan said in an online forum organized by the European Chamber of Commerce of the Philippines.

Mr. Plabasan said they will look at the net benefits of a possible issuance for consumers, the financial system, and the economy as a whole.

BSP Governor Benjamin E. Diokno has said they are unlikely to issue CBDCs within the next five years at least. His term ends by mid-2023.

Mr. Plabasan added that there are hurdles to issuing CBDCs that need to be discussed.

“There are important technical, legal and security issues that need to be fully understood particularly when it comes to the implication on monetary stability, financial intermediation and financial input,” he said.

A CBDC is centralized, issued, and regulated by a central bank that can act as both a medium of exchange or store of value, making it distinct and less prone to price volatility compared with decentralized cryptocurrency projects like Bitcoin.

CBDCs may also act as a representation of actual paper-based currency notes. Central banks in China, Sweden, and Singapore are among the regulators that are looking into the possibility of issuing CBDCs.

Mr. Plabasan earlier said local virtual currency exchanges processed transactions worth P76 billion as of end-September 2020, surging more than five times the P14.9 billion in the same period of 2019.

In the same forum, Jose Jesus M. Disini, Jr. a managing expert at the Disini Law and an information and technology law professor at the University of the Philippines College of Law, noted how the central bank’s perception of cryptocurrencies has evolved.

“In 2014, the BSP regulation can be summarized in this way: be afraid, be very afraid of Bitcoin. And since then, they have moved from then to a very accommodative stance where now we’re seeing a huge adoption in the Philippines,” Mr. Disini said.

“I think this [BSP’s more welcoming stance] shows the BSP’s forward-looking stance not only for OFW (overseas Filipino workers) remittances or for financial inclusion of cryptocurrency but there’s also a broader issue of human development — that if cryptocurrency companies develop and flourish in the Philippines, that can be a talent pool that we can leverage,” he added. — LWTN

Republic Cement partners with Colgate-Palmolive to reduce plastic waste

March 18, 2021 | 12:02 am

CONSTRUCTION solutions provider Republic Cement and Building Materials, Inc. has inked an agreement with hygiene product maker Colgate-Palmolive Philippines, Inc. to reduce the amount of plastic waste, which ends up in landfills and waterways.

“We are excited to be a part of their journey and we are confident that through our shared commitment towards sustainability, we will be able to help support Colgate achieve their goals in the Philippines,” Republic Cement President and Chief Executive Officer Nabil Francis said in a press release on Wednesday.

Under the memorandum of agreement, which was signed on Dec. 18, 2020, both firms have committed to using Republic Cement’s resource recovery arm ecoloop to co-process plastic waste from Colgate-Palmolive.

Co-processing aims to recover the thermal and mineral properties of qualified waste materials for manufacturing cement.

Arvind Sachdev, Colgate-Palmolive Philippines president and general manager, said the firm aims to create a healthier and sustainable future by “developing recyclable, reusable and compostable products; changing behavior through waste management education, and by collecting and recycling plastic to help eliminate waste.”

Republic Cement said it holds a license from the Department of Environment and Natural Resources (DENR) to use and dispose of qualified waste through cement kiln co-processing, where waste materials are processed at high temperatures.

“This breaks down complex materials into simpler compounds and the energy or mineral content of wastes are completely recovered and utilized in the process of producing cement. Emissions from the process are filtered and monitored in compliance with DENR standards,” it said.

In December, Republic Cement said its ecoloop was planning to co-process a minimum of 10 million plastic sachets or bags per day by 2021 in a bid to alleviate the country’s waste problem.

Republic Cement is owned by Aboitiz Equity Ventures, Inc. and Irish building materials company CRH plc. — Angelica Y. Yang

Hotel News (03/18/21)

March 18, 2021 | 12:02 am

Richmonde Hotel celebrates 22 years with room promo

SINCE current quarantine restrictions in the metro still prevent people from gathering to commemorate special occasions, Richmonde Hotel Ortigas is throwing a sale instead to thank its patrons as it celebrates its 22^nd anniversary this month. Room vouchers that can be redeemed as soon as leisure travel is allowed (until Jun. 30, 2022) will be available for advance purchase at the discounted rate of P2,200 nett from Mar. 15 to 31. Vouchers are good for accommodations for up to two persons in a Superior Room with Wi-Fi access and use of the Health Club’s gym and heated indoor pool. There is also free booking cancellation and modification a day before check-in date so last-minute changes to one’s schedule shouldn’t be a problem. Most importantly, guests can be assured of their safety at the hotel with the strict Safe Stay program securely in place which consists of established protocols based on the current guidelines. To purchase, call Richmonde’s Room Reservations at (632) 8638-7777 or 0917-859-7915 or send an e-mail to stay@richmondeortigas.com to order the room vouchers. Richmonde Hotel Ortigas is located at 21 San Miguel Ave., Ortigas Center, Pasig City.

Easter escape offers at Shangri-La’s Boracay Resort & Spa

CELEBRATE the Easter holidays at the Shangri-La’s Boracay Resort & Spa from Mar. 27 to Apr. 4, with a lineup of room, dining, and spa offers, leisure activities and homemade Easter goodies. Plan a getaway for the long weekend this Easter, with room rates starting at P14,500+++. This includes round trip speedboat transfers and breakfast for two, nightly credits of P1,250 net for dining and P1,000 net for the spa, guaranteed early check-in at 8 a.m. and late check-out at 6 p.m., and high-speed, unrestricted Wi-Fi and broadband Internet access. To book, log on to shangboracay.ph/EasterEscape. For wellness options, CHI, The Spa offers the Easter Wellness Weekend Retreat for P5,000 net, with a choice between a Detox Body Wrap Package that combines an Organic Age-defying Wrap with a 30-minute Shoulder and Back Massage, or the De-stress Body Treatment Package that includes a 30-minute Probiotic Body Scrub followed by a 60-minute Aromatherapy Massage. Shangri-La’s Boracay Resort & Spa is committed to safely welcome guests back to the resort. It adheres to recommendations laid out by the World Health Organization or more stringent local directives where appropriate. For more information and updates on Shangri-La’s Boracay Resort & Spa, visit www.shangri-la.com/boracay or visit the official Facebook and Instagram pages @ShangriLaBoracay.

Facebook set to roll out a new product for writers and journalists

March 18, 2021 | 12:02 am

FACEBOOK, INC. is rolling out a new publishing platform in the coming months in the United States that lets independent writers and journalists reach new audiences and monetize their work through e-mail newsletters and individual websites.

More writers and journalists are lately getting on the e-mail newsletter bandwagon preferring the editorial freedom intrinsic to the medium, which also allows them to move away from ad-reliant business models that have been on a steady decline.

Competition is heating up in the space between firms like Substack, Medium, and Twitter’s recently acquired Revue, which lets content creators try out a mix of paid and free e-mail newsletters to reach potential readers.

Facebook’s new platform, which let writers monetize via subscriptions, will be integrated with Facebook Pages, the company said, adding it will also allow writers to create groups to engage with their reader community.

The world’s largest social network had pledged last month to invest at least $1 billion in the news industry over the next three years, following a high-profile standoff with the Australian government over paying news outlets for content. — Reuters

SOCResources unit breaks ground for Biñan project’s second phase

March 18, 2021 | 12:01 am

SOCRESOURCES, Inc. real estate subsidiary SOC Land Development Corp. breaks ground for the second phase of its Althea Residences project in Biñan City, Laguna.

In a disclosure to the exchange on Wednesday, SOCResources Chairman Edgardo Puyat-Reyes said the project is “an important aspect in enhancing the company’s shareholder value.”

Phase 2 will be built on a 2.2-hectare property. It will add 132 units to the Althea Residences project, on top of the 229 houses in Phase 1.

It is expected to be completed within eight months, and houses will be slated for turnover to buyers in 12 months.

The company said the residential development is “geared towards providing a safe and secure environment for the discerning Filipino middle class.”

Althea Residences is located near the City Government Center of Biñan and the project is accessible through the South Luzon Expressway via its Mamplasan or Cavite-Laguna Expressway exit.

Officials of SOC Land could not be contacted for further details on the project as of press time.

SOCResources shares at the exchange declined by 2.74% on Wednesday to close at P0.71 from P0.73. — Keren Concepcion G. Valmonte

Huawei to start demanding 5G royalties from Apple, Samsung

March 18, 2021 | 12:01 am

HUAWEI TECHNOLOGIES CO. will begin charging mobile giants like Apple, Inc. a “reasonable” fee for access to its trove of wireless fifth-generation (5G) patents, potentially creating a lucrative revenue source by showcasing its global lead in next-generation networking.

The owner of the world’s largest portfolio of 5G patents will negotiate rates and potential cross-licensing with the iPhone maker and Samsung Electronics Co., Chief Legal Officer Song Liuping said. It aims to get paid despite US efforts to block its network gear and shut it out of the supply chain, but promised to charge lower rates than rivals like Qualcomm Inc., Ericsson AB and Nokia Oyj. Huawei should rake in about $1.2 billion to $1.3 billion in patent and licensing fees between 2019 and 2021, executives said without specifying which of those stemmed from 5G. It’s capping per-phone royalties at $2.50, according to Jason Ding, head of Huawei’s intellectual property department.

China’s largest technology company by revenue wants a seat at the table with tech giants vying to define the rapidly evolving field of connected cars, smart homes and robotic surgery. Battles are unfolding over who profits from 5G that may dwarf the size and scope of the tech industry’s first worldwide patent war — the one over smartphones. But having only just become a major player in 5G standards boards, Huawei is now grappling with US sanctions that have all but crippled its smartphone business and threaten to hamstring its networking division abroad.

Huawei will be flexible in negotiating rates on different 5G products — everything from water meters to smart cars, according to Ding. “One thing for certain is that the $2.50 cap is set on smartphones,” he said.

Once the world’s largest smartphone maker, the Chinese corporation has seen a series of US sanctions almost obliterate its lucrative consumer business. With the Biden administration keeping up the pressure on Huawei, billionaire founder Ren Zhengfei has directed the company to grow its roster of enterprise clients in transportation, manufacturing, agriculture and other industries. Its library of 5G patents could turn into a new growth stream if it can levy royalties from rival smartphone players like Xiaomi Corp., Lenovo Group Ltd. and Oppo.

Companies like Qualcomm thrive on charging royalties on technology they supply to clients like Apple. The two mobile giants have clashed bitterly over what Apple called an unfair $7.50 royalty from every iPhone, which Qualcomm defended as a small price to pay for fundamental technology. On Tuesday, Huawei executives stressed American sanctions shouldn’t affect its ability to cross-license with US companies because those patents are publicly available. The company intends to plow patent fees back into research to maintain its position in wireless networking versus Ericsson and Nokia.

Disputes over patents however are likely to escalate as 5G goes mainstream, enabling a host of future applications from autonomous cars to the internet of things. Companies worldwide have fought over who will profit from fundamental technology, in cases that have pit patent owners including Qualcomm and Ericsson against those who use the systems in their products, such as Apple. Regulators and courts around the world continue to grapple with how to value patents for essential technology, and whether their owners have any rights to limit the use of those inventions. Huawei executives didn’t say how they would enforce their patents in case of disputes.

It’s a thorny issue that’s becoming more important as the world transitions to 5G. The value of standardized technology was a key issue in the smartphone wars, when developers of wireless technology like Nokia, Qualcomm, and Motorola fought then-new entrants such as Apple and Microsoft Corp. The new disputes are potentially more lucrative as sales of devices using 5G are forecast to grow to $668 billion globally in 2026 from just $5.5 billion in 2020, according to Allied Market Research. — Bloomberg

Registration for entities covered by AMLA extended

March 18, 2021 | 12:01 am

THE ANTI-MONEY Laundering Council (AMLC) has indefinitely extended the registration period for newly covered entities following the amendments to the Anti-Money Laundering Act of 2001 (AMLA) as it tweaks its guidelines and considers proposals from industry players.

“Real estate brokers, real estate developers, offshore gaming operators (OGOs), and OGO-service providers may continue to register beyond March 16, 2021 without penalty,” AMLC Executive Director Mel Georgie B. Racela said in a Viber message.

“We received several valid proposals from the Professional Regulation Commission and industry associations, which we will consider to be included in the revised Anti-Money Laundering/Counter-Terrorism Financing Guidelines for Designated Non-Financial Businesses and Professions,” he added, noting they will include the new deadline for registration in the revised guidelines.

Mr. Racela said they have so far approved 337 applications for registration, of which 97% are real estate brokers and developers. Apart from this, he said they are also processing 771 applications, while 341 applications are pending due to deficiencies in requirements. There are around 30,000 real estate brokers and developers in the country, Mr. Racela said, citing data from the Professional Regulation Commission.

He noted that the AMLC has seen 3,000 real estate brokers attend its webinars for the industry following their inclusion as covered entities under the Republic Act No. 11521 which strengthened the AMLA.

“We intend to conduct 20 more webinars in the next few months to cover at least the majority of the 30,000 licensed real estate brokers,” Mr. Racela said.

Registration with the AMLC can be done online and is free of charge. AMLC rules state that failure to register to the reporting system within the one-month time frame could result in penalties ranging from P10,000 to a maximum of P5 million, depending on a covered entity’s asset size.

Meanwhile, Chamber of Real Estate and Builders’ Association National Chairman Charlie V. Gorayeb said industry players may face difficulties in complying with the new set of rules following the AMLA revisions. He said many of their members “have not yet discussed the regulations very closely and very seriously.”

“Our industry is the most regulated industry, we believe so. Another regulation will make it more difficult to follow especially during this kind of situation,” Mr. Gorayeb said in a phone call.

“Most of the developers are engaged in low-cost socialized housing, and what do you expect from these guys? They are not drug lords or drug dealers,” he added.

Members of the real estate industry are now included as AMLA covered entities in compliance with recommendations from the Financial Action Task Force (FATF) following findings that “dirty money” proceeds have been funneled to the sector in several Asian economies.

Real estate brokers and developers are mandated to report single cash transactions worth P7.5 million and above to the AMLC under the revisions to the AMLA.

While the Philippines has beaten the Feb. 1 deadline of the FATF by addressing technical compliance through the passage of RA 11521, the country still needs to prove its effective compliance by showing tangible progress in implementation. — Luz Wendy T. Noble

How much do the Philippines’ top youtube mobile tech vloggers make?

March 18, 2021 | 12:00 am

National Government’s January Fiscal Performance (2021)

March 18, 2021 | 12:00 am

THE COUNTRY’S budget balance swung to a deficit in January, as tax collections continued to drop and spending remained muted amid the pandemic, the Treasury reported on Wednesday. Read the full story.

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