Edgar Moreno, a KabalikatSaKabuhayan (KSK) farmer-graduate in Antipolo, shared ecstatically during a kumustahan session how his produce doubled after applying what he learned during the 12-week farmers’ training program of SM Foundation.
KSK farmer graduate Edgar Moreno in his farm
According to Moreno, he was getting only a few kilos from his vegetable farm in Boso-Boso, Antipolo before he trained formally under the SM Foundation’s KSK program in 2016. Through this social good initiative, he was able to learn new farming technologies and proper agricultural processes such as the proper land preparation, effective way of using organic fertilizers and pesticides, and proper seed propagation and dispersal.
Through hard work and adhering to the modern farming technologies he learned from the KSK training, he was able to increase his agricultural produce to tons. Moreno sold his yield through “biyaheros” to nearby Rizal towns and to the local talipapa. Currently, he earns about P50,000 from 45 days of growing vegetables – a big leap from his previous income.
“Malaki poangnagingtulong ng KSK sa akin dahilnaidetalyenitoangtalagangpangangailangansapagsasaka. Noon kunganolangangnakagawiansapagtatanim, yunlangangginagawanamin,” he shared.
Moreno also mentioned that he shares what he learned from KSK with other farmers, “Noongnakita ng mgakapwakomagsasakanaepektiboangpamamaraankosapagsasaka, sinimulannarinnilaitongaralin. Masaya akonanaibahagikosakanilaangakingmganatutunan.”
Some of Edgar’s quality produce
He grows leafy vegetables like pechay, mustasa, kangkong from November to May and he plants upo, ampalaya and hot pepper from June to October. According to him, this crop rotation is ideal for his location since local weather conditions affect all components of crop production.
The 2-hectare farm he tills belongs to two kind landowners who allowed him to farm on the land without charging him for rent, in exchange for the proper maintenance of the property. In return, Edgar makes sure that whenever the landowners visit, they leave with bags full of vegetables from the farm. Of course, he still dreams of having his own land in the future.
Some of Edgar’s quality produce
“Akopo ay nagpapasalamat din samgataongnagpagamit ng kanilanglupa para saakingpagsasaka. Sana mapalawigko pa angakingani para kinalaunan, makabili din ako ng sarilikonglupa at mas marami pa angakingmatulungansapagbabahagiko ng akingmganatutunanmulasa training ng SM,” said Edgar.
Connectivity has become a more crucial necessity within homes, communities, industries, and nations as the coronavirus disease 2019 (COVID-19) has forced many to stay and work at home. Steady and uninterrupted connectivity is in great demand now more than ever, and this pushes telcos further to expand and maintain digital infrastructure.
Along with this increasing demand, there is also an accelerated need for government and businesses to digitally transform in order to further promote safety and productivity among citizens, as well as achieve sustainability among businesses.
What are the next steps that should be taken in strengthening connectivity in the country, and how will various sectors successfully undergo digital transformation?
These and more will be discussed in the upcoming BusinessWorld Insights: An Online Forum Series, with the theme “Strong Connectivity and Digital Transformation Amid and Beyond Crisis”.
The first of three sessions of the online forum, titled “A Connected Nation: State of Internet Connectivity in the Philippines”, will provide a comprehensive look into how connected the country is at present. This session will have in the panel Senator Grace Poe, who is also the chairperson of the Senate’s public services committee; Atty. Adrian Echaus, deputy spokesperson of the Department of Information and Communications Technology (DICT); Mr. Gil Genio, chief technology innovation officer of Globe Telecom; and Mr. Mario Tamayo, senior vice president for network planning and engineering at PLDT- Smart. Moderating the session is BusinessWorld‘s Editor-in-Chief Wilfredo Reyes.
The session will be held on September 30, 2020 at 11 a.m. and will stream live and free on the Facebook pages of BusinessWorld and The Philippine STAR.
The series will also cover “The Connected Path: A Guide to Digital Transformation of Government and Businesses” on October 07 and “Internet, Technology and Education: Connecting Schools and Students in the New Normal” on October 14.
BusinessWorld Insights is made possible by series partner: Tata Consultancy Services; sponsors: Globe; AMTI; PLDT; and Smart. With the support of the following partners: Philippine Chamber of Telecoms Operators; Management Association of the Philippines; Bank Marketing Association of the Philippines; British Chamber of Commerce Philippines; Financial Executives Institute of the Philippines; Philippine Association of National Advertisers; Philippine Chamber of Commerce and Industry; media partner The Philippine STAR; and e-learning platform partner Olern.
The Philippines is hoping to attract more foreign retailers with the passage of amendments to the Retail Trade Liberalization Act. — BLOOMBERG
By Charmaine A. Tadalan, Reporter
A PRIORITY measure aimed at further opening up the retail sector to foreign companies hurdled the Senate Committee on Trade, Commerce and Entrepreneurship on Monday, although a local retailers’ group warned this may further hurt micro, small and medium enterprises (MSME) still reeling from the pandemic.
The committee approved Senate Bill (SB) No. 1840, which seeks to amend Republic Act No. 8762 or the Retail Trade Liberalization Act (RTLA) of 2000.
Under the bill, the minimum paid-up capital for foreign retail investors will be lowered to $300,000. It also requires retailers with more than one physical store to invest at least $150,000 for each store.
The RTLA currently allows foreigners to set up wholly owned enterprises with minimum paid-up capital of $7.5 million, provided investments in each store will be at least $830,000, while enterprises with $2.5 million to $7.5 million will be wholly owned by foreigners except in the first two years.
SB 1840 also removed other qualification requirements such as the $250,000 capital per store for enterprises engaged in high-level or luxury products; the five-year track record in retailing and the required five retailing branches.
The bill also states that only foreign retailers whose country of origin allows entry of Filipino retailers will be covered.
The Department of Trade and Industry (DTI) and major business groups have been pushing for the passage of the measure, along with the bill to amend the Public Service Act, under Commonwealth Act No. 146, saying these will boost foreign investments in the country.
Foreign direct investments (FDI) fell by 23% to $7.647 billion in 2019, which Trade Secretary Ramon M. Lopez attributed to the competitive environment in the region and pending structural reforms.
“(FDIs) are affected, of course, by the competitive environment. In other words, other countries are also trying to invite other investors,” Mr. Lopez said at a Senate hearing on Monday.
“The other thing is of course, there are structural reforms, we are still supposed to do. For example, on the retail trade, public service act, and of course the tax reform we are trying to do under CREATE (Corporate Recovery for Enterprises Act),” he added.
Mr. Lopez was attending the Senate Finance Committee hearing on DTI’s 2021 budget, during which Senate Minority Leader Franklin M. Drilon asked about the possibility of investors relocating from China.
“There are companies… na lumipat (that relocated) from China and there are more coming. We are not the first choice, I must admit, we’re not getting the biggest, but there are good indications that we are able to attract investments,” Mr. Lopez said.
Under SB 1840, the DTI, the Securities and Exchange Commission, Bangko Sentral ng Pilipinas and the National Economic and Development Authority will review the minimum paid-up capital requirement every five years.
Its counterpart measure, House Bill No. 59, was passed by the House of Representatives in March. The House version proposed to reduce the minimum paid-up capital to $200,000 and the minimum percentage of locally manufactured products to be sold by foreign retailers to 10% from the current 30%.
House Trade Committee Chairman and Valenzuela Rep. Weslie T. Gatchalian said in a phone message he is “amenable to work with the Senate version pushing for $300,000.”
However, Philippine Retailers Association Vice-Chairman Roberto S. Claudio opposed the drastic reduction in paid-up capital for foreign retail investors.
“There can be a compromise to reduce the minimum investment from $2.5 million to possibly $1 million,” he said in an e-mail.
“First, we don’t expose our MSMEs to unfair competition and we get substantial financial investment from foreign investors who will benefit from our market base. Government wants financial investments not market disruptors,” he added.
Meanwhile, the European Chamber of Commerce of the Philippines (ECCP), which is among the 14 business groups that supported the measure, said it supported the House version.
“While lowering the capital requirements to $300,000 is a step towards the right direction, the ECCP maintains its advocacy of further bringing down the capital requirements to $200,000 in line with the requirements of the Foreign Investments Act,” ECCP President Nabil Francis said in a phone message on Monday.
“By doing so, we can stir healthy competition in the retail industry, which is good for the Filipino consumers, especially the growing middle class, who can purchase a broader variety of goods at lower costs. It is also worth noting that our peers in the region have less restrictive business environments for potential foreign retailers.”
People are slowly returning to malls in the Philippines despite the rise in the number of coronavirus infections. — PHILIPPINE STAR/MICHAEL VARCAS
THE Philippine economy’s recovery will only likely pick up by the second quarter of 2021 due to delays to its fiscal stimulus and lapses in controlling the pandemic, according to an analyst.
“We think that the economy won’t really begin to rebound, maybe by the second quarter of 2021 — just given the delays to fiscal stimulus really getting underway and the handling of the crisis,” Fitch Solutions Senior Country Risk Analyst Michael Langham said in a webinar on Monday.
Fitch Solutions in August downgraded its outlook for the Philippine gross domestic product (GDP) to -9.1% from the -2% it gave in May. This is much worse than the 4.5% to 6.5% contraction estimate by the government for this year.
Meanwhile, it expects the country to grow by 6.2% next year, slower than its previous 6.5% estimate and the 6.5%-7.5% projection by the government.
“There was a new package announced but the delays in distributing those funds and the fact that it has come with a quarter of the year left to go, we think that growth in 2020 is going to suffer quite a bit,” Mr. Langham said.
He was referring to the Republic Act (RA) No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II) that was signed into law earlier this month. It provides an additional P165.5 billion for the country’s pandemic response.
This is the sequel to RA 11469 or Bayanihan I in March that allocated P265.5 billion to address the crisis.
“We’ve seen delays in adding further stimulus despite the difficulties in containing the outbreak,” Mr. Langham said.
“We’ve seen lockdown measures reimposed or sort of ease again, and then re-tighten them. There’s a clear challenge among authorities in terms of containing the health risks,” he added.
The Health department on Monday reported 3,073 new confirmed coronavirus infections to bring the total to 307,288 cases.
The government has imposed tight lockdowns in the country since March and has lifted restrictions by June. However, Metro Manila and some surrounding provinces were placed under stricter measures for two weeks in August to slow the contagion and prevent the healthcare system from collapsing.
Citing Google mobility data, Mr. Langham said retail, mobility and transit activities in the Philippines continue to be relatively low compared with historical trends, suggesting the consumption-driven economy is still in the doldrums.
He said such activities were also lower compared with regional neighbors such as Thailand, Malaysia, and Singapore that had success in dealing with the pandemic.
“Much will depend on how Philippine authorities continue to implement fiscal stimulus, and getting a better handle on COVID-19 outbreak domestically,” he said. — Luz Wendy T. Noble
Demand for air travel is expected to remain low as the pandemic drags on. — BLOOMBERG
PHILIPPINE airlines are unlikely to bounce back to their pre-pandemic passenger volume in 2021, Fitch Ratings said, as the continued spread of the coronavirus disease 2019 (COVID-19) in the Philippines remains a “high risk.”
In its latest non-rating action commentary, Fitch Ratings said passenger traffic at airlines in some key Asia-Pacific markets, including the Philippines, will remain “well below 2019 levels in 2021, despite a recovery.”
“The pace of the recovery will hinge on each market’s relative success in bringing the coronavirus pandemic under control, helping to improve passenger confidence and reduce the risk of further travel restrictions, as well as its share of international traffic, which we expect to stay weaker than domestic volume,” it said.
Fitch Ratings said the Philippines and Indonesia will “see average RPK (revenue passenger kilometers) levels at 35% of the baseline in 2020 and 60% in 2021.”
RPK is a metric used by the airline industry showing the number of kilometers traveled by paying passengers.
Airlines in Thailand and Malaysia are “likely” to see the same RPK levels, as international traffic volume will remain weak despite the countries’ success in curbing the pandemic.
Flag carrier Philippine Airlines, operated by PAL Holdings, Inc., ferried 16.8 million passengers last year while budget airline Cebu Pacific, operated by Cebu Air, Inc., carried 22.5 million passengers. Philippines AirAsia, Inc. carried8.55 million passengers in 2019.
The Philippines continues to see a rise in COVID-19 infections. The Health department on Monday reported 3,073 new confirmed coronavirus infections to bring the total to 307,288 cases.
Fitch Ratings said its forecasts are based on the assumption that a COVID-19 vaccine or treatment would not be widely available in 2021, “but that progress is made in controlling the pandemic.”
“Airline passenger volume could improve faster than we forecast if an effective vaccine is distributed sooner than we believe or if there is more success in containing the pandemic. However, we foresee flat demand in 2021 that is well below the 2019 base should there be limited progress on this measure,” it said.
China is the only country in the Asia-Pacific region that is expected to recover in terms of air passenger traffic, as it has managed to control the pandemic.
“Average RPKs for 2021 may recover to at least the 2019 level if China evades another wave of the pandemic. Year-on-year declines in monthly RPKs have been narrowing over the last few months, but we think total RPKs for 2020 may still fall by around 40%, with domestic RPKs being around 30% lower,” Fitch Ratings said.
For Vietnam, the debt watcher said airlines there “should rebound faster” than their counterparts in other ASEAN countries. “[This] is due to the country’s low incidence of COVID-19 cases. We forecast average RPKs of around 55% of the baseline level in 2020 and 90% in 2021,” Fitch Ratings said.
Singapore could see a 70% drop in its passenger volume this year, as airlines there are completely reliant on international routes, it said.
Fitch Ratings expects Singapore airlines’ passenger traffic to remain at around 50% next year, also below their 2019 levels. — Arjay L. Balinbin
THE Senate Committee on Banks and Financial Intermediaries on Monday approved the measure that will allow financial institutions to offload bad loans to asset management companies.
The passage of Senate Bill No. 1849, the “Financial Institutions Strategic Transfer (FIST) Act,” is being pushed in anticipation of an increase in nonperforming assets (NPA) that are projected to reach P635 billion by the end of the year, as a result of the coronavirus disease 2019 (COVID-19) pandemic.
“Of this number, the banking sector assumes that up to 40% could be sold to FIST corporations. A more moderate estimate pegs it to 25% or P159 billion,” Senator Grace S. Poe-Llamanzares said during her sponsorship speech, Monday.
“Further, P40 billion could be recovered by FIST corporations. Ultimately, BAP (Bankers Association of the Philippines) estimates that it could free up to P278 billion in total capital. Multiply this with the average leverage ratio of 4.3 times and the total loan release could amount to P1.19 trillion.”
Under the bill, FIST corporations will be allowed to invest in or acquire NPAs or engage third parties for its management, operation, collection and disposal, among others.
The bill states that one-person corporations and government financial institutions (GFI) will not be allowed to set up FIST corporations.
The FIST bill is one of the COVID-19 response measures of the government, specific to financial institutions, along with the GFI Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bills.
The measure is an improved version of the Special Purpose Vehicle Act of 2002, Republic Act No. 9182, enacted in the wake of the Asian financial crisis. It now covers lending companies and credit-granting companies that are licensed by the central bank.
The bill also exempts the transfers of NPAs from documentary stamp tax, capital gains, value-added tax and creditable withholding income tax among others.
Ms. Poe-Llamanzares said the swift enactment of the FIST Act will promote investor and depositor confidence, as well as mitigate the effects of the coronavirus crisis.
“We also see this strategy being employed elsewhere in the world. South Korea, Ireland, and China have all been using their existing asset management corporations to acquire bad debts caused by the COVID-19 pandemic. Others like Greece, Malaysia and the European Union are also exploring setting up their own versions…. We should set up a system for offloading bad debts earlier than the others,” she said. — Charmaine A. Tadalan
THE Securities and Exchange Commission (SEC) has revoked the license of an operator of two online lending platforms over complaints of alleged debt collection harassment.
In a statement on Monday, the commission said it canceled the certificate of authority of FCash Global Lending, Inc., the operator of Fast Cash and Fast Cash Loan, after it was found to have made multiple breaches of SEC Memorandum Circular No. 18, which prohibits unfair debt collection practices.
Citing its Corporate Governance and Finance Department, the corporate regulator said FCash sent threatening messages to borrowers with charges for estafa, complaints before the National Bureau of Investigation, and service of writ of garnishment or writ of attachment.
It also complained of warning borrowers of reporting them to their respective employers and using “abusive words when talking to them over the phone.”
Moreover, it was noted that the lender “took advantage of borrowers’ lack of awareness of legal terminologies to compel them to pay their loans.”
In its defense, FCash said the SEC circular, which was issued on September 8, did not cover the transactions that were the subject of complaints.
“Respondent was bound to comply with its provisions at the time it became effective – with respect to new and existing loan accounts, insofar as the latter remain pending and demandable,” the SEC said.
The commission maintained that the firm has neither right nor obligation “to harass or employ abusive tactics in conducting its collection.”
Last year, FCash, which the SEC considers as “one of the most number of complaints for collection harassment since 2017,” received a P25,000 fine on Sept. 25 for violating the SEC circular, then another P50,000 on the following day for the same offense. It was penalized on Dec. 12 for the third time.
“While the commission fully supports the growth of lending and financing companies and recognizes the significant role they play in terms of financial inclusion and access to credit, it shall remain relentless and steadfast in its mandate to crack down abusive lending companies that prey on the desperate and vulnerable,” the SEC said.
The SEC earlier ordered the closure of four mobile lending applications — CashAB, CashOcean, KwikPeso, and Little Cash — for having a lack of authority to operate as a financing company. They were also found to have employed “abusive” collection practices. — Adam J. Ang
DENNIS A. UY’s Udenna Corp. on Monday revealed its plan to fully take over the operations of the country’s sole natural gas field in the West Philippines Sea.
This comes as Shell Philippines Exploration B.V. (SPEx) disclosed its plan to sell its 45% interest in the Malampaya gas-to-power project under Service Contract 38 last week.
According to the Davao-based group, the remaining consortium members — UC Malampaya LLC and the Philippine National Oil Co.-Exploration Corp. (PNOC-EC) — are the “logical choice” to acquire the SPEx stake to ensure the project’s continued operations.
“The Udenna Group firmly believes that Malampaya is a high-quality asset, strategic to the future welfare and energy security of the country and welcome our partner PNOC Exploration Corporation to join us in taking over the field on a 100% basis,” said Raymond T. Zorrilla, spokesperson of Udenna Group, in a statement.
UC Malampaya and PNOC-EC hold 45% and 10% interest in Malampaya, respectively. The project is operated by SPEx.
Mr. Zorrilla claimed that the company and PNOC-EC are the “most suitable party to assume Shell’s interest.”
“We will exercise this right as provided in our joint venture agreement,” the official added.
Moreover, the job security of the field’s workforce is also in the hands of the two partners, the company claimed.
PNOC-EC has yet to respond to a request for comment as of press time.
The upcoming sale of SPEx’s Malampaya interest comes as the group is grappling with the impact of the coronavirus pandemic.
In August, Pilipinas Shell Petroleum Corp. announced the permanent closure of its 110,000-barrel-per-day Tabangao, Batangas refinery as refining margins continue to fall with the slump in demand. The refinery will instead be converted into an import facility so it can continue to supply fuel needs in Luzon.
Shell will “ensure a smooth transition of the asset to a credible buyer who would be well placed to optimize the value from Malampaya,” SPEx General Manager Rolando J. Paulino, Jr. said in an earlier statement.
Ramon S. Ang’s San Miguel Corp. in a clarificatory disclosure last week said it was considering acquiring SPEx’s stake in the project. A Philippine Star report also said that Manuel V. Pangilinan’s group is also interested in it.
But according to Udenna, it would “take time” for anyone outside the Malampaya consortium to evaluate “complicated issues” in the project, and it might be “difficult” for them to assess the outcome of said matters in a “timely manner.”
The Udenna group became a partner in the Malampaya project after its unit UC Malampaya signed an agreement in October last year with Chevron Malampaya LLC to acquire the latter’s 45% stake.
“Should Shell not consider their existing partners but put forth a decision to sell its stake to another third party, Udenna will rely on its rights as stipulated in the agreement and as a member of the consortium, such as our pre-emptive and consent rights,” Mr. Zorrilla said.
On Sept. 14, Udenna was revealed to have applied with the Department of Energy (DoE) for the exploration of two petroleum blocks in Recto Bank in the West Philippines Sea. It nominated the areas under the Philippine Conventional Energy Contracting Program (PCECP) in March. Its applications are now being subjected to legal, technical, and financial evaluations before they can be endorsed for a service contract to Malacañang.
Presently, the Malampaya consortium is preparing an application to extend the life of the project as it is “keen to pursue” the discovery of more indigenous natural gas resources in the field beyond 2024, or the end of its existing contract.
SPEx’s imminent exit from the gas platform “will in no way impact operations,” Udenna said.
The Malampaya field is able to provide 3,200 megawatts of electricity, making up 21.1% of the country’s gross power generation in 2019. It is estimated to be completely depleted by 2027, according to the DoE.
Besides looking for other natural gas spots around the country, the government is also looking into liquefied natural gas imports as an alternative. — Adam J. Ang
LISTED property developer Cebu Landmasters, Inc. (CLI) recently completed a P1.2-billion three-tower residential condominium in Mindanao, turning over more than half of its units to owners.
The Mesaverte Residences in Cagayan de Oro (CDO) City is the third completed project under the company’s mid-market Garden series, which mainly contributed to its first-semester revenue of P3.5 billion, closely matching its 2019 record.
About 700 units were already handed over to their owners, a sign that the company is “meeting their needs for residences that are priced right and in strategic city locations,” according to CLI Chief Executive Officer Jose R. Soberano III.
The condominium is situated in an 8,740 square meter (sq.m.) property, where 60% is an open space, accompanied with various amenities, such as a clubhouse, function rooms, swimming pools, fitness gym, children’s playground, and a multi-purpose court.
The project is expected to generate P2 billion in gross revenues.
CLI posted a record reservation sales growth of 41% between January and June to P7.43 billion. However, its net attributable profit fell by 7% to P792 million.
The Mesaverte, which was launched in 2016, is the company’s first project outside Cebu. It offers around 20 to 40 sq.m. studios and one-bedroom units. A quick sell out in less than a year led the company to build its second phase the following year.
The developer is building 14 property projects this year with a combined cost of P19 billion. Its current portfolio stands at 70 developments in 15 cities in the Visayas and Mindanao.
On Monday, shares in CLI slid by 1.42% to close at P4.86 each. — Adam J. Ang
A UNIT of Ayala-led Integrated Micro-Electronics, Inc. (IMI) started trading at the New York Stock Exchange, where its shares fell at the opening.
Display solutions supplier VIA Optronics AG offered 6.25 million American depositary shares (ADS) at $15 apiece on Friday, its parent told the local bourse. It is targeting to raise up to $93.75 million (or around P4.54 billion) in gross proceeds.
On its first trading day, it opened at $12 per share. Its price even fell as much as 35%, according to a Reuters report. This was probably because investors find it “overvalued” at more than $300 million.
The Germany-based firm, which is 76% owned by IMI, filed for a registration statement related to its initial public offering (IPO) with the United States Securities and Exchange Commission in early September.
Its public offer of ADS, which are sold by non-US companies to American investors, will close on Sept. 29, “subject to customary closing conditions.”
VIA tapped Berenberg as its sole bookrunning manager and Craig-Hallum Capital Group as lead manager for the offering.
Certain selling shareholders have granted the underwriters a 30-day option to buy as much as 937,500 ADS at the IPO price. Proceeds from these will not go to the company.
In the second quarter, VIA saw growth in laptop demand, according to Ayala Corp., contributing to a $109 million combined revenue with STI, Ltd., a British electronics manufacturer that IMI also owns.
IMI incurred a $21.53 million net loss in the first half of 2020, reversing its net profit of $5.78 million in the previous year, due to operational and trade disruptions brought by the coronavirus pandemic.
Shares in IMI fell by 3.57% to close at P5.94 each on Monday. — Adam J. Ang
DAVAO CITY — Camella Condominiums, a unit of Vista Land and Landscapes, Inc., is getting ready to develop the commercial component of its five-building condominium complex in Davao City.
“We are almost done with the residential portion and the next phase of Northpoint will be the development of the commercial (space),” Marlon B. Escalicas, COHO by Vista Land head for Visayas and Mindanao, said in a recent interview.
Camella Northpoint, Vista Land’s first condominium project in the city that started development in 2014, is located near several major shopping malls.
“We are going to put as promised, there will be a coffee shop (Vista Land brand) Coffee Project, and retail shops. Since it is nature(-themed), it’s going to be an al fresco type of lifestyle commercial development with retail shops, walkables, restaurants, services, spa,” Mr. Escalicas said.
He added the commercial component will provide an alternative to Camella Northpoint residents as well as non-residents who prefer a less crowded, more open space dining, meeting, and shopping experience.
Vista Land is also planning to build a boutique hotel in the complex, primarily envisioned to serve guests of the condominium residents.
The fifth and last condominium tower is in the final stage of construction with the units scheduled to be turned over to owners before the end of the year.
For the COHO brand, which are medium-rise condominiums with amenities such as a co-working space in a coffee shop and a one-stop home improvement store, Mr. Escalicas said they are pushing sales by positioning these units as “income-generating properties” through leasing opportunities.
“Rental is really very promising. It’s worth your money investing in COHO because it is located in prime locations. Hopefully that will interest the buyers,” he said.
The company has at least four COHO projects lined up in Davao City.
Mr. Escalicas noted the Vista Land group also has its own leasing and housekeeping services which homeowners can tap to manage their units. — Maya M. Padillo
THE JOLLIBEE GROUP is eyeing to open 100 more Tim Ho Wan restaurants in China by 2025 after making its debut in the country last week.
“We are excited to grow the Tim Ho Wan brand in mainland China as we leverage on our established network here and knowledge in food-service,” said Jollibee China Chairman Carl Tancaktiong in a statement on Monday.
Hong Yun Hong (Shanghai) Food and Beverages Management Co. Ltd., the joint venture of Jollibee subsidiary Golden Plate Pte. Ltd. with Dim Sum Pte. Ltd., was granted in March a right and license to operate the Michelin-starred dim sum brand in Shanghai. It opened its first store on Sept. 23.
The joint venture plans to open its second store before the year ends. It is also looking to expand in other mainland China cities, such as Beijing, Shenzhen, and Guangzhou, according to Mr. Tancaktiong.
“Opening in Shanghai, one of the busiest global hubs, is an excellent starting point for our expansion plans for Tim Ho Wan in Mainland China, and our near-term goal is to open 100 restaurants in the next five years,” Jollibee Group Chief Executive Officer Ernesto Tanmantiong said.
On Monday, shares in Jollibee Foods Corp. inched up 0.80% to close at P139.10 apiece. — Adam J. Ang
