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Ohmyhome enters PHL market

By Zsarlene B. Chua, Senior Reporter

SINGAPOREAN ONLINE property listing company Ohmyhome has formally launched in the Philippines, setting itself apart from other platforms with its do-it-yourself features and a cross-border property ecosystem spanning three countries.

“We are not an advertising platform, so we do not sell advertising space for agents and agents do not pay us to lease properties. That is not our business model, our business model is for people to come in and if they want any [help in leasing or buying properties] they can get it from Ohmyhome,” Rhonda Wong, Ohmyhome CEO, told reporters during an Oct. 1 digital conference.

“As much as possible we try to make sure that every listing is genuine and you should be talking to the homeowner or our agents in Ohmyhome,” Race Wong, the company’s chief product officer, added in the same conference.

Ohmyhome started in 2016 in Singapore as a property transaction ecosystem where individual homeowners can post their listings for free. The company also offers agent services, mortgage and loans, as well as renovation, legal and moving services. It entered Malaysia in 2019 and according to its executives, they have sold more than “5,300 properties in Singapore and Malaysia” with a “gross transaction value of more than $1 billion.”

Listings can be accessed via the company’s website and mobile app.

Ohmyhome’s do-it-yourself features are meant to simplify the listing and buying process and also offer a more “transparent and reliable” transaction process.

“You can choose between in-house agents. That means, if you want an agent to serve you, you want the agent to meet you at your home, at your office, we can send an agent to you. If you don’t want to pay for any fees because we understand that agent fees can be very high, our entire platform allows you to do it yourself,” Rhonda Wong, the company CEO, said.

Ohmyhome expects to have “between 5,000 to 10,000 listings in the next few months.” Since the company just entered the Philippines, they expect that the bulk of their listings will come from partner real estate developers before seeing individual listings.

According to their website, some partner developers in the country include SM Development Corporation, Ayala Land, Inc., and DMCI Homes.

Since the company is also present in Singapore and Malaysia, customers can browse listings in their current markets and have their Philippine team advise customers who want to live in the other two countries.

“[This] makes us the very, very first cross border property ecosystem across Singapore, Malaysia, and the Philippines…what we’re providing here with this cross border property ecosystem is that right there in Manila,” Race Wong, Ohmyhome’s chief product officer, said, adding that “even though there are very large real estate companies around the world, no one is providing this service to anyone.”

Ohmyhome noted that during the pandemic, more people either moved out of the cities because they wanted to be nearer to their families and get a home that is more spacious or move into the cities because they want to be nearer to their offices.

“So even though there is seemingly like a slowdown in the economy, the website traffic in terms of people moving, it’s actually still very active,” Rhonda Wong said.

Another trend seen during the pandemic is the need for developers and homeowners to do more virtual tours. The trend is expected to stick even after the crisis has ended because it allows people to save time and see the company’s listings even if they are located in other countries.

For virtual tours, agents can be on location while the customer is on video conference, or the listing may already have videos.

Apollo Global unit gets P416-M DBP credit support for iron ore operations

A MAJORITY owned subsidiary of listed Apollo Global Capital, Inc. has secured an up to P416-million credit line from the Development Bank of the Philippines (DBP) to start its iron ore production.

In a disclosure to the exchange on Monday, the company said its subsidiary JDVC Resources Corp. was given an export packing credit line to serve as a pre-shipment financing facility for its capital requirements.

“[The] credit line is expected to successfully jump start the commercial and profitable operations of [Apollo Global] through its 90.47%-owned subsidiary JDVC and pave the way for the realization of increased shareholder value,” it said.

The credit line will have a floating interest based on the lender’s prevailing rate, and will be payable at maturity or upon negotiation.

As security, Apollo Global has pledged 10.5 billion company shares worth P525 million to the DBP. The shares are owned by Daniel Chua Go, who owns 45.63 billion shares in Apollo Global as of end-2019.

JDVC will pay for the credit through transferring to the DBP all its rights, title to and interest in the receivables from its letters of credit amounting to 80% of its loan value.

JDVC is Apollo Global’s subsidiary that was formed to explore and operate mines for ores and minerals. Apollo Global was originally engaged in internet-related products, but changed its primary purpose in 2016 to be a holding company.

Shares in Apollo Global at the stock exchange inched up 0.1 centavo or 1.59% to 6.4 centavos each on Monday. — Denise A. Valdez

Facebook chides Netflix over portrayal in movie on social media

FACEBOOK has hit back at Netflix, accusing the The Social Dilemma documentary released earlier this year on the streaming platform of sensationalism.

“It gives a distorted view of how social media platforms work to create a convenient scapegoat for what are difficult and complex societal problems,” Facebook said in seven-point rebuttal to a film that explored the dangerous side of social media. “The film’s creators do not include insights from those currently working at the companies or any experts that take a different view to the narrative put forward by the film.”

Facebook argued that its products have been built to “create value” and not to be addictive, as the film alleges. It also said the social network was funded by advertising “so that it remains free for people,” stating clearly that “you are not the product.”

The company went on to address its algorithms, which it said were used to improve the user experience. It also pointed out steps it had taken to improve privacy protections and reduce polarization and misinformation. — Bloomberg

Manhattan homebuying market echoes 2009 with supply pileup

FOR MANHATTAN home sales, it’s beginning to look a lot like 2009.

Unsold listings in the third quarter surged to 9,319, a level not seen since the midst of the global financial crisis 11 years ago. It would take 20.3 months to clear all the available inventory, the longest stretch since 2009 as well, a report by appraiser Miller Samuel, Inc. and brokerage Douglas Elliman Real Estate shows.

Closed sales are still happening at a snail’s pace. For deals that were completed, average buyer discounts were the highest in a decade.

Manhattan remains a tough sell in the pandemic era as buyers weigh their commitment to New York City’s costliest borough. Midtown offices are largely shuttered, and restaurants and cultural attractions are running at limited capacity. With home-shoppers’ choices piling up, the deals getting done are the ones that are marked down.

“At a certain price, the consumer says, ‘I’d be crazy not to do this,’” said Steven James, chief executive officer of Douglas Elliman’s New York office.

Discounts from the last asking price averaged 8.9%, the largest since the second quarter of 2010, when the average was 9.1%. The figures don’t account for earlier cuts or credits offered at closing. Luxury sales — the top 10%, or those priced at $3.9 million or higher — got reductions averaging 12%.

While closed transactions across all price levels tumbled 46% to 1,375, the prospect of a bargain lured some high-end buyers into the market. Their purchases pushed the median price of all Manhattan sales up 7.3% from last year’s third quarter. The median for luxury deals jumped 23% to $5.9 million.

Buyers “are looking for price reductions, and in many cases, they’re getting those price reductions,” Mr. James said. “And once they get them, they’re willing to move forward.”

Across all property types, one- and two-bedroom units accounted for the largest share of available listings, with about 3,000 of each, Corcoran Group said in its own report.

That creates opportunities for first-time buyers who might have been priced out of the market just a year ago, said Corcoran CEO Pamela Liebman.

“There are lots of young people out there saying, ‘Wow, I can really afford New York,’” Ms. Liebman said. — Bloomberg

DoE wants renewable energy to power new or retrofitted buildings

By Adam J. Ang

NEW buildings and establishments that will undergo renovations will soon be required to source a portion of their power requirements from renewable sources.

The Department of Energy (DoE) is currently updating its guidelines on energy-conserving designs for buildings, which includes a proposed provision that requires the use of renewable technologies to meet at least 1% of the total power demand of new buildings or those being retrofitted or renovated.

Building owners can use solar photovoltaic (PV) panels, solar-powered water heater and air conditioner, or a combination of other clean power sources “that may fit well and [be] feasible,” according to DoE-Energy Utilization and Management Bureau Director Patrick T. Aquino.

“In the case of electricity requirement of the building, the 1% can be sourced from the installation of solar PV or the building-owner can opt to secure the 1% from the Green Energy Option Program (GEOP) of the DoE,” the official told BusinessWorld in an e-mail.

The government has been creating programs to allow greater access to clean power. One of these is the GEOP, a voluntary policy mechanism that allows electricity end-users with above 100 kilowatts (kW) of usage to source their supply from renewable energy developers.

Owners of high-rise buildings, Mr. Aquino said, can choose to contract renewable power through the program, which is a “more feasible and best option to satisfy [their] requirements.” This is because the buildings’ floor size may not be fit for solar PV installations, which requires a more spacious area.

The regulatory framework for the program is yet to be finished, according to the Energy Regulatory Commission. Last month, the agency said its target was to finalize the program’s rules this year so it could be implemented in 2021.

Besides the GEOP, the DoE has also launched the green energy auction and net-metering programs, which are all mandated by the Republic Act No. 9513, or the Renewable Energy Act.

Over the next decade, it is hoped that the share of renewable power in the energy mix will rise to 35% from last year’s 21% level.

New James Bond film is delayed until 2021 meaning more misery for cinemas

THE NEXT big Hollywood movie release, Metro-Goldwyn-Mayer’s (MGM)  James Bond flick No Time to Die is being delayed until next year, a result of the woeful economics that studios are facing because of the pandemic.

No Time to Die, starring Daniel Craig, will now be released on April 2, the studio said, confirming an earlier report Friday by Bloomberg News. It had already been pushed back to Nov. 20 from April of this year, after the pandemic forced movie theaters across the world to close.

“We understand the delay will be disappointing to our fans but we now look forward to sharing No Time To Die next year,” MGM said in a statement.

Hollywood has a growing inventory of big movies sitting on the shelf because of COVID-19 (coronavirus disease 2019). The only major film that’s been released in the US since the pandemic started, Warner Bros.’s Tenet, has attracted a small domestic audience — partly because theaters in New York and Los Angeles are closed. Cinemas also have to cap ticket sales to adhere to social-distancing requirements.

The Bond film, which cost about $250 million to make, will now compete with other big movies for audience attention in 2021. Universal’s F9, part of the Fast & the Furious franchise, was also moved to a new date on Friday. That film, scheduled to come out on the same day as No Time to Die, will now debut May 28. Universal is distributing both movies.

The change means theaters will have no major movies for adults until the end of the year, when Warner Bros. is scheduled to release sci-fi thriller Dune and DC Comics installment Wonder Woman 1984.

There are still several family-oriented films expected to come out in November and December, starting with Walt Disney Co.’s Soul on Nov. 20. Universal Pictures also plans to release The Croods: A New Age, on Nov. 25, though that film may move to on-demand platforms soon after its theatrical debut. Universal, a unit of Comcast Corp., signed an agreement with AMC Entertainment Holdings, Inc. shortening the exclusive runs movies get in theaters.

Additionally, analysts have warned that films could still be delayed or moved to streaming platforms, due to the uncertainty of the pandemic.

MORE MISERY FOR MOVIE THEATERS
The bad news is flowing without relent in the film industry, where a major theater chain is poised to close movie houses in the US and UK.

Cineworld Group Plc is within days of shuttering its UK theaters and the operations of its Regal Entertainment Group in the US, a person familiar with the matter said Sunday.  “It’s turned into a nightmare for the theatrical industry, especially cinemas, many of which are on the brink of shuttering once again,” said Jeff Bock, senior media analyst for Exhibitor Relations Co. “The only thing worse than opening theaters before the marketplace was ready, was opening them and then closing again.”

London-listed Cineworld could suspend operations at its UK venues — at a cost of 5,500 jobs —  as soon as this week, and executives were writing to Prime Minister Boris Johnson this weekend to warn that delays to blockbuster releases have made the industry unviable, the person said. Cineworld’s plan to close its US locations isn’t definite and a final decision isn’t likely to be made until Monday or Tuesday.

Fear of catching COVID-19, social-distancing rules, and a continued shutdown in New York and Los Angeles are all keeping fans away. The grim reality for theaters prompted S&P Global Ratings to cut its rating for AMC Entertainment Holdings, Inc. last week, saying that a default may be looming.

“Cinemas and audiences are presently at the mercy of natural and political forces largely beyond their control,” said Shawn Robbins, chief analyst at Box Office Media LLC.

With no new big films to show, smaller exhibitors are cutting hours to reduce costs. In the final weekend of September, the number of theaters operating in North America fell by about 100, and about 56% of all North American theaters are currently open, according to researcher Comscore, Inc. While AMC, the largest operator, says it expects to be 80% reopened by mid-month, any increase could be offset by the possible closures of Cineworld’s US sites.

But with few fans willing to go to the theaters, Hollywood studios are unwilling to release their big 2020 films. Before MGM’s decision, numerous other major pictures — including Walt Disney Co.’s Black Widow — had been pushed back, leaving cinemas in an awkward place: allowed to operate, but with nothing to show.

“When the content creators decide to move their films, it’s really tough for exhibitors to operate in the traditional manner,” said Paul Dergarabedian, senior media analyst of Comscore.

The performance of Tenet, the only major summer-movie release, underscores the dilemma. Released Sept. 3 in the US, the $200 million production has been No. 1 at the box office for four straight weeks, yet has generated just a little over $40 million in domestic ticket sales. Its box office sales fell 21% this weekend from the previous weekend, making only $2.7 million in North America. To date, the film has made $307 million in global box office sales, a spokeswoman for Warner Bros. said by e-mail.

The drought caught theater operators by surprise. Chief executive officers from the largest companies, including AMC, touted their improving prospects with the imminent release of Tenet and other big features. Then Disney made the surprise announcement that it would debut the live-action remake of Mulan on its streaming service Disney+ for $30.

The 2020 calendar still has a few big films on tap. Disney will release the animated feature Soul on Nov. 20, and Comcast Corp.’s Universal Pictures plans to release The Croods: A New Age, a few days later. AT&T, Inc.’s Warner Bros. has two big December releases: Dune and Wonder Woman 1984.

But those dates could slip if consumers remain frozen by fears of COVID-19 or if theater reopening plans get set back. And even with their auditoriums open, exhibitors will continue to lose money if too many seats go unsold. S&P warned that AMC’s losses could accelerate now that it’s open again.

“Given our expectations for a high rate of cash burn, we believe the company will run out of liquidity within the next six months unless it is able to raise additional capital, which we view as unlikely, or attendance levels materially improve,” S&P said. — Bloomberg

CPG uses latest antigen tests for employees, construction workers

CENTURY PROPERTIES GROUP (CPG) is now using a new antigen test from the United States, the Sofia 2 SARS Antigen Fluorescent Immunoassay, as part of its coronavirus disease 2019 (COVID-19) testing protocols for on-site company employees and construction workers.

In a statement, the property developer said this will be part of its three-level personnel screening protocols — after the Cellex rapid test and prior to the RT-PCR swab test, to further improve workplace safety.

“Fast and accurate results from this new test will allow us to act swiftly and prevent the spread of infection in our construction sites, communities, and offices,” CPG President and CEO Marco R. Antonio said.

The Sofia 2 detects active coronavirus in less than 20 minutes through painless swabs with 100% specificity and 96.7% accuracy. The test is manufactured by Quidel Corp. in California and is distributed by LabX Corp. It is approved by the Food and Drug Administrations of the United States and the Philippines.

CPG’s outpatient medical arts facility, Centuria Medical Makati, has partnered with LabX to open a drive-thru service for Sofia 2 in Century City for individuals and companies.

The listed property firm conducted COVID-19 rapid tests to more than 1,700 workers and site personnel from May to July before construction of its in-city vertical developments resumed.

Gov’t makes full award of T-bills as rates drop on inflation outlook

BoT treasury
THE Treasury fully awarded the securities on offer as rates dropped slightly. — BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as yields inched lower across-the- board on expectations of a slower inflation print last month.

The Bureau of the Treasury (BTr) borrowed P22 billion on Monday, bigger than its original program of P20 billion, as the government hiked its award of the smallest tenor to accommodate demand. The offering was over four times oversubscribed as bids reached P98.858 billion.

Broken down, the BTr borrowed P7 billion via the 91-day papers versus its original program of P5 billion as it accepted more bids from small investors, with total bids reaching P25.235 billion. The tenor fetched an average rate of 1.116%, down by 0.5 basis point (bp) from the 1.121% seen in the previous auction.

The government also awarded P5 billion as planned in 182-day T-bills as tenders for the tenor totaled P29.164 billion. The six-month papers fetched an average rate of 1.6%, marginally lower than the 1.601% seen last week.

Lastly, the Treasury likewise borrowed the programmed P10 billion via 364-day papers as total tenders reached P44.459 billion. The one-year debt was quoted at an average rate of 1.8%, declining by 5.8 bps from the 1.858% fetched in the previous offering.

National Treasurer Rosalia V. de Leon said investors asked for lower yields as they expect inflation to have slowed further in September.

“[There were] lower rates and high bids to cover as the inflation print in September is expected to trend lower than last month,” Ms. De Leon said in a Viber message to reporters after the auction.

A trader said in a Viber message that T-bill rates fetched yesterday were within market expectations following the central bank’s September estimate for headline inflation. The Bangko Sentral ng Pilipinas (BSP) last week said it expects September inflation to have settled within 1.8% to 2.6%, within its 2-4% target for the year.

A BusinessWorld poll of 16 economists held last week yielded a median headline inflation estimate of 2.3%. If realized, this will be the second consecutive month of slower inflation following the 2.4% pace in August. However, this is faster than the 0.9% logged in September 2019 which was the slowest pace since the 0.7% seen in April 2016.

The Philippine Statistics Authority will report September inflation data on Oct. 6.

Another trader said in a Viber message that lower yields seen for the T-bills yesterday also indicated ample liquidity among investors.

“The market right now is still very liquid and it’s just prudent to put excess cash at the short end of the curve amid ongoing uncertainties,” the second trader said.

On Tuesday, the BTr will auction off reissued three-year Treasury bonds (T-bonds) worth P30 billion. The bonds have a remaining life of two years and 11 months.

The Treasury is looking to raise P140 billion from the domestic market this month: P80 billion in weekly T-bill auctions and P60 billion in fortnightly T-bond auctions.

The government wants to borrow around P3 trillion this year from local and foreign lenders to help fund its budget deficit expected to hit 9.6% of the country’s gross domestic product. — K.K.T. Jose

Shakey’s taps nonprofit group PCEx in bid to limit plastic use

SHAKEY’S PIZZA Asia Ventures, Inc. (SPAVI) has partnered with a non-profit organization that will assist in limiting its plastic footprint towards achieving plastic neutral certification.

In a disclosure to the stock exchange on Monday, the company said it signed an agreement with Plastic Credit Exchange (PCEx) in efforts to reduce its plastic usage and help the restaurant chain in being the first food service company in the Philippines to attain said certification.

SPAVI said that PCEx assists businesses in cutting their plastic footprint via its partners that recover, process, and recycle plastic waste.

“A third party then independently audits and verifies the businesses’ plastic footprints and their corresponding offsets, completing the plastic neutral certification process,” SPAVI said.

SPAVI said it celebrated its first year of attaining 100% ‘plastic neutral’ earlier in the year, after pushing to be able to recover the amount of plastic equivalent to what it used in 2019.

Meanwhile, the company has also implemented other initiatives to reduce its plastic usage and limit its environmental impact and ecological footprint.

SPAVI said it had banned the use of plastic cups and straws in its workplace and had given its guests the option to automatically omit plastic utensils from their delivery orders in the company’s online platform.

The company also said its remaining plastic usage is offset by recovering and recycling an equivalent amount of plastic that allows it to gain a net zero plastic footprint.

“By our calculations, we have achieved 100% plastic neutrality already but we aim to take this initiative to the next level by working towards the third-party certification of our neutrality,” Shakey’s President and Chief Executive Officer Vicente L. Gregorio said.

“In spite of the more challenging business environment, we remain committed to integrating sustainability in the way we run our business and will continue in this direction for the betterment of our company and all its stakeholders,” he added.

On Monday, shares of SPAVI in the stock exchange rose 0.17% or P0.01 to close at P5.75 per share. — Revin Mikhael D. Ochave

Obama items hit the auction circuit with dress, basketball jersey

LOS ANGELES — A cocktail dress worn by Michelle Obama during her time at the White House and a basketball jersey worn by Barack Obama at high school are among rare items from the former US president and his wife to join the celebrity auction circuit.

The dress, a black vintage Norman Norell 1950s gown worn by Michelle Obama during a 2010 holiday fundraiser in Washington, is expected to fetch $50,000 to $70,000 when it goes up for sale in December at Julien’s Auctions, the company in Beverly Hills, California, said on Wednesday.

It is the first dress worn by Michelle Obama, who became a style icon during her eight years at the White House, ever to come to auction, Julien’s said.

The items were not put up for sale by the couple.

“The Obamas’ personal items… don’t come up very often,” said Kody Frederick, gallery director for Julien’s Auctions. “But every now and again some things fall through the cracks.”

Barack Obama’s game-worn basketball jersey from his days on the Punahou School team in Hawaii comes with the 1979 school yearbook, which includes photos of him playing.

The white mesh pullover has the name Punahou and the number 23 on the front and back. The jersey and yearbook have a pre-sale estimate of $150,000 to $200,000.

Obama’s love for basketball continued during his eight years as president, and he converted a tennis court at the White House to a basketball court.

Frederick said he expected interest to come from “sports collectors, history collectors and those who want to feel part of the legacy of President Obama.”

The two items will be auctioned from Dec. 4-6. The Obama pieces will go on public exhibition at the Museum of Style Icons in Newbridge, Ireland, and at Julien’s in Beverly Hills ahead of the sale.  — Reuters

Virtual tour of Gateway Mall launched

ARANETA CITY has launched a virtual mall tour of Gateway Mall, allowing customers to explore and window shop from their homes.

Accessible through the Araneta City website https://aranetacity.com/virtual-mall, the virtual mall tour gives users an interactive 360-degree view. Users can chat with an Araneta City virtual finder to assist them with any inquiries or reservations.

“Once customers see a store that they would like to check out, they simply need to click a button to connect with a virtual finder that will check prices, send pictures, and make item reservations on their behalf in real time,” the company said.

Virtual finders are available from 10 a.m. – 6 p.m. every day starting Monday (Oct. 5).

Banks fail to hit MSME credit quota in 1st quarter

BIG AND THRIFT banks did not meet the required lending for small businesses in the first quarter, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Loans extended by the banking industry to micro-, small-, and medium-sized enterprises (MSMEs) reached P534.767 billion in the first quarter versus their total loan portfolio worth P8.433 trillion in the period.

Republic Act 6977, also known as the Magna Carte for MSMEs, mandates lenders to allocate at least 10% of their loan book for small businesses to boost the sector — 8% to micro and small enterprises (MSEs) and 2% to medium-sized enterprises. Big banks often opt to pay penalties for noncompliance instead of taking on the risks of lending to small firms.

Broken down, credit extended to MSEs amounted to P208.301 billion or just 2.47% of banks’ loan portfolio.

Meanwhile, lending to medium-sized firms reached P326.466 billion or 3.87% of their loan book, higher than the 2% quota.

For universal and commercial banks, credit granted to MSEs amounted to P145.473 billion or only 1.92% of their P7.58-trillion loan portfolio. Meanwhile, they disbursed P275.93 billion in loans to medium-sized enterprises or 3.64% of their entire lending book.

Thrift banks also fell short of the required lending for MSEs as their loans to the segment reached P34 billion, equivalent to only 4.64% of their portfolio worth P732.063 billion.

For medium enterprises, thrift banks disbursed loans totalling P35.656 billion or 4.87% of the total.

On the other hand, rural and cooperative banks were able to comply with the lending quotas as their credit to MSEs reached P28.826 billion or 23.8% of their loan portfolio worth P121.101 billion.

These smaller lenders also disbursed P14.88 billion in loans to medium-sized enterprises, equivalent to 12.29% of their credit book.

Earlier this year, the central bank provided regulatory relief measures to encourage lending to small businesses amid the coronavirus pandemic. These include allowing banks to count MSME loans as alternative reserve compliance and the reduced credit risk weight for loans extended to the sector.

MSMEs account for 99% of the roughly one million business establishments in the Philippines in 2018, data from the Department of Trade and Industry showed. They also accounted for 5.7 million or 63.19% of the new jobs during the year. — L.W.T. Noble

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