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First Gen to supply 2.1-MW clean power to Araneta mall

LISTED energy company First Gen Corp. said on Monday that it will be supplying 2.1 megawatts (MW) of clean power sourced from its unit’s hydroelectric plant to the Araneta group’s shopping center Ali Mall.

In a press release, First Gen said that it had signed the deal with property firm Araneta City Inc. (ACI) to provide green power to the Quezon City mall.

The Lopez-led firm separately told BusinessWorld that the agreement, which was signed during the latter part of the first quarter, will last until 2023.

Under the deal, First Gen’s subsidiary Bacman Geothermal Inc. (BGI), a licensed retail electricity supplier, will source power from First Gen Hydro Power Corp.’s 132-MW Pantabangan-Masiway hydroelectric plant in Nueva Ecija. BGI will then supply electricity to Ali Mall.

“We at First Gen are happy that the Araneta Group has accepted our offer to be a partner in the task- even if daunting- of reducing the buildup of more heat-trapping carbon dioxide in the atmosphere,” First Gen Vice President for Marketing Carlos Lorenzo L. Vega said in a statement.

The company clarified that this endeavor is part of the retail competition and open access (RCOA) scheme where power suppliers can directly transact with contestable customers and supply electricity to them. Contestable customers are determined by the Energy Regulatory Commission.

Two years ago, First Gen produced around 3,495 MW of electricity and powered 21% of the Philippines with clean energy.

“We stay true to our legacy of providing pioneering and memorable experiences to the Filipinos, yet we keep our commitment to implement green solutions in our fast-growing urban community,” ACI Senior Vice-President for Business Development John B. Castelo said.

ACI owns and manages the 35-hectare Araneta City, which has Ali Mall as one of its earliest anchor markets.

The Araneta group has earlier embarked on various renewable energy solutions, including the installation of solar power facilities in business process outsourcing buildings, and applying for green building certifications for projects.

Shares in First Gen at the local bourse shed 0.95% or 30 centavos to finish at P31.30 apiece on Monday. — Angelica Y. Yang

AllDay launches self-checkout counters in Evia Lifestyle Center

ALLDAY Supermarket launched self-checkout counters in Evia Lifestyle Center located down Daang Hari Road in Las Piñas City, the company said on Monday.

“AllDay takes pride in continuously innovating and pushing to outpace the Philippine landscape of supermarkets,” said Camille A. Villar, president of AllValue Holdings Corp.

The self-service counter allows for lesser interactions between customers and grocery staff, which the company said would make transactions easier.

Customers with single transactions can easily “grab, check-out, and go.”

“Our self-service counters are sure to delight, as they are efficient and provide an added layer of safety, especially in this pandemic. We are truly excited to roll this out to our other locations,” Ms. Villar added.

AllDay Supermarket has expanded to 32 stores, which include branches in Bataan, Bulacan, Camarines Sur, Cavite, Cebu, Iloilo, Isabela, Laguna, Metro Manila, Negros Occidental, Nueva Ecija, Pampanga, and Rizal. — Keren Concepcion G. Valmonte

Musk boosts his brand, and NBCUniversal’s, on Saturday Night Live

Elon Musk — EN.WIKIPEDIA.ORG
Elon Musk — EN.WIKIPEDIA.ORG

Billionaire Elon Musk dropped a surprise early in his hotly anticipated turn as host of Saturday Night Live, saying in his monologue that he “is the first person with Asperger’s” to host the show, before clowning through skits for the first global livestream of the NBCUniversal comedy show. Mr. Musk, one of the world’s richest individuals, opened his monologue by telling an audience in more than 100 countries he is “the first person with Asperger’s to host SNL. At least the first to admit it.” The billionaire made light of his tendency to speak in a monotone, adding “I’m pretty good at running human in emulation mode.” Asperger syndrome is a condition on the autism spectrum that is associated with difficulty in social interaction, and sometimes is referred to as high functioning autism. Comedian and Saturday Night Live alumni Dan Aykroyd has spoken in interviews about being diagnosed with a mild form of Asperger’s. He hosted Saturday Night Live in 2003. Many had wondered how Musk would handle himself during a live comedy show. The answer was that he, and the show’s writers, sought to soften the rough edges of Musk’s public persona. Throughout the show, Musk gently poked fun at himself, including his penchant for provocative tweets and the time he smoked a joint on a podcast. “To anyone I’ve offended I just want to say, I reinvented electric cars and I’m sending people to Mars on a rocket ship. Did you think I would be a chill, normal dude?” Musk’s mother, Maye, joined him on stage and the two made a joke about Dogecoin, the cryptocurrency Mr. Musk has touted. Cryptocurrency jokes popped up throughout the show. In one sketch, Musk was cast as a bow-tie wearing cryptocurrency expert on the show’s Weekend Update segment. Dogecoin and other digital currencies had surged in price ahead of Musk’s SNL appearance. Dogecoin lost more than a third of its price on Sunday, after Musk called it a “hustle” during the show. Dogecoin was quoted as low as $0.416 on crypto exchange, down 36% from levels around $0.65 before the show. It retraced some of that move later on Sunday, and was last trading around $0.569. Musk was most convincing playing a version of himself as head of SpaceX dealing with an emergency on a Martian colony. The crisis had a happy ending, until it didn’t. In the end, Mr. Musk will keep his day jobs. Still, the Saturday Night Live appearance offered plenty of synergies with his real gigs as “technoking” and Chief Executive of Tesla, Inc., head of rocket launch company SpaceX, and even chief of the Boring Company, a tunnel construction venture.    Reuters

DMCI Homes allots P10B for QC project

THE Oriana is DMCI Homes’ second residential property along Aurora Boulevard, Quezon City. — COMPANY HANDOUT

DMCI PROJECT DEVELOPERS, Inc. (DMCI Homes) is investing P10.5 billion to build a two-tower residential condominium in Quezon City.

The property arm of DMCI Holdings, Inc. is building The Oriana, its second residential property along Aurora Boulevard.

“We launched The Oriana in response to the demand for homes in communities where schools, work places, supermarkets, healthcare institutions, leisure zones and transportation networks are all within walking distance,” DMCI Homes Vice-President for Project Development Dennis Yap said in a press release.

“Even before the pandemic, there has been a big demand for homes and rental properties in transit-oriented communities. More so now with people putting a premium on their health and well-being because of the health crisis,” he added.

The property’s north and south towers will have 54 and 56 floors, respectively.

Launched in April, the north tower offers two-bedroom units that range from 54.5 to 81.5 square meters (sq.m.). The north tower will be ready for turnover in April 2026. Units are available for pre-selling starting at P17,000 per month.

Amenities include swimming pools, a picnic area, a basketball court, upper deck garden, and a promenade offering city views.

The Oriana will also have a reception lounge, entertainment room, game area, and fitness gym. Additional facilities include a co-working space, convenience store, and laundry station.

The 9,314-sq.m. property will be accessible through the Anonas and Katipunan stations of the Recto Avenue-Masinag, Antipolo LRT Line and the proposed Anonas station of the Metro Manila Subway system.

DMCI recently announced that it generated P8.6 billion in reservation sales for its Infina Towers on Aurora Boulevard, Quezon City. — Jenina P. Ibañez

Rediscount facility untapped

LENDERS did not tap the rediscount facility of the Bangko Sentral ng Pilipinas (BSP) in April amid lower demand for credit from borrowers, central bank data showed.

“There are no availments under the peso rediscount facility and the Exporters’ Dollar and Yen Rediscount Facility (EDYRF) covering the period January 1 to April 30, 2021,” the central bank said in a statement on Monday.

April marked the seventh straight month that banks did not take out loans from the BSP’s rediscount window.

In 2020, banks only tapped the facility in March, April, August, and September for loans amounting to P26.9 billion, which was 77.7% lower than the 2019 level. Meanwhile, the EDYRF was untouched in 2020.

The BSP’s rediscount facility lets banks get additional liquidity by posting their collectibles from clients as collateral. Banks can use the cash — denominated in peso, dollar or yen — to service its loans to corporate or retail clients and for unexpected withdrawals.

“Slower demand for loans has been a major factor that reduced banks’ need to tap the BSP rediscounting facilities,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Banks’ decision not to tap the rediscount window also shows there continues to be enough liquidity in the system, he added.

Outstanding loans disbursed by big banks declined for the third consecutive month in February by 2.7%, based on preliminary BSP data.

Prior to posting year-on-year declines, lending growth had already been tepid as the crisis made banks more risk-averse while borrowers shied away from credit.

For this month, applicable rates for the peso rediscount loans are at 2.5%, regardless of maturity.

Meanwhile, loans under the EDYRF are priced at 2.17638% and 1.91417% for the dollar and yen credit lines, respectively. — Luz Wendy T. Noble

Performance of Philippine Agriculture (Q1 2021)

THE COUNTRY’S agricultural output shrank by an annual 3.3% in the first quarter, as livestock and poultry production contracted, the Philippine Statistics Authority (PSA) reported on Monday. Read the full story.

Performance of Philippine Agriculture

How PSEi member stocks performed — May 10, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, May 10, 2021.


Peso ends flat vs dollar

BW FILE PHOTO

THE PESO moved sideways versus the greenback on Monday as investors took a wait-and-see stance ahead of the release of the first-quarter gross domestic product (GDP) data.

The local unit closed at P47.865 per dollar on Monday, inching down from its P47.855 finish on Friday, based on data from the Bankers Association of the Philippines.

The peso opened the session at P47.80 against the dollar. Its weakest showing was at P47.877, while its intraday best was at P47.79 against the greenback.

Dollars traded went down to $715.25 million from $985.37 million on Friday.

The peso moved sideways versus the dollar on Monday as investors were looking ahead to release of Philippine gross domestic product data on Tuesday, a trader said in an e-mail.

A BusinessWorld poll of 18 analysts yielded a median estimate of a 2.6% decline in GDP for the January to March period.

If realized, this would mark the fifth consecutive quarter that the economy contracted — making this crisis the longest recession since the Marcos regime, when GDP declined for nine straight quarters from 1982 to 1985.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso inched down following softer US jobs data. The US Labor department on Friday reported that nonfarm payrolls rose by 266,000 jobs in April, fewer than the 770,000 jobs added in March, Reuters reported.

For Tuesday, Mr. Ricafort gave a forecast range of P47.80 to P47.90 per dollar, while the trader expects the local unit to move within the P47.80 to P48 levels. — L.W.T. Noble with Reuters

PHL shares climb as investors pick up bargains

PHILIPPINE shares climbed on Monday, as investors went bargain hunting after six days of the market closing in the red.

The 30-member Philippine Stock Exchange index (PSEi) gained 58.7 points or 0.93% to close at 6,317.41 on Monday, while the broader all shares index improved by 29.28 points or 0.75% to end at 3,906.71.

“Bargain hunters likely drove buying appetite today even as trading volumes continued to be light,” China Bank Securities Corp. Research Head Rastine Mackie D. Mercado said in an e-mail.

“The market recovered some ground and ended higher on lighter selling pressure. Gains were mainly from holding firms that took heavy losses last week… trading volumes remain low, although it was slightly higher today because of heavy trading in several second liners,” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said in a separate e-mail on Monday.

AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a Viber message that shares improved due to bargain hunting and noted that investors “remained on the sidelines.”

All sectoral indices closed in the green on Monday. Mining and oil climbed by 188.84 points or 1.96% to 9,777.20; holding firms increased by 94.33 points or 1.51% to 6,320.86; services went up by 15.79 points or 1.09% to 1,460.19; financials gained 13.72 points or 0.98% to finish at 1,404.07; industrials improved by 39.91 points or 0.46% to 8,668.56; and property inched up by 3.81 points or 0.12% to close at 3,048.07.

Value turnover inched down to P4.57 billion on Monday with 2.05 billion shares switching hands, from the P4.66 billion seen on Friday with 2.10 billion shares traded.

Advancers outnumbered decliners, 116 against 97, while 46 names closed unchanged.

Net foreign selling declined to P329.46 million on Monday from the P637.59 million in net outflows recorded on Friday.

“Despite the rebound, the sentiment remains the same. Investors are still very cautious, which we expect will continue until we see more progress on the inoculation,” AAA Southeast Equities’ Mr. Mangun said.

The Health department reported 6,846 new coronavirus cases on Monday, which brought the country’s tally to 1.109 million. Active cases stood at 59,897.

More than two million doses of AstraZeneca’s coronavirus vaccine arrived in the Philippines on Saturday from the international COVAX facility. Some 1.5 doses of Sinovac also arrived on Friday.

Meanwhile, around 193,000 doses of the Pfizer-BioNTech vaccine are also expected to arrive within the month.

China Bank’s Mr. Mercado said he expects the PSEi to rally in the coming days.

“However, volatility is likely to edge higher this week especially as [first-quarter] GDP (gross domestic product) figures are released tomorrow, new quarantine measures are announced within the week, and corporates continue to report [first-quarter] earnings,” he added. — K.C.G. Valmonte

PHL expecting up to 40 million doses of Pfizer vaccine in Q3

THE PHILIPPINES is expected to take delivery of as many as 40 million doses of the coronavirus vaccine made by Pfizer, Inc. by the third quarter, as it tries to boost its vaccination drive, according to the presidential palace.

The government expects to receive 20 to 40 million doses, vaccine czar Carlito G. Galvez, Jr. told a televised news briefing on Tuesday.

The government also expects to take delivery of Pfizer vaccines under a global initiative for equal access, he said.

The first shipment of Pfizer vaccines should have arrived in February but was delayed due to logistical problems and after the government failed to sign a document freeing the drug maker from potential lawsuits.

Mr. Galvez said he and other government representatives have signed the indemnity clause.

He said the country was also set to take delivery by May of about 194,000 coronavirus vaccine doses made by Moderna, Inc.

The National Government ordered about 13 million doses from Moderna. The private sector, led by billionaire Enrique Razon, also bought 7 million doses.

Manila is set to sign a supply agreement with Janssen Pharmaceuticals, Inc., for as many as five million doses of its coronavirus vaccine. 

Mr. Galvez said the country was also expecting about 20 million doses of the vaccine made by Russia’s Gamaleya Research Institute of Epidemiology and Microbiology.

Philippine President Rodrigo R. Duterte on Monday night said the country was facing a shortage of coronavirus vaccines due to global supply problems. He added that rich countries were being prioritized for orders.

The Philippines aims to vaccinate 70 million Filipinos this year, but as of Tuesday, only about a million Filipinos had been inoculated.

Testing czar Vivencio V. Dizon said coronavirus tests nationwide increased by more than 10,000 last week. The government conducted more than 60,000 tests daily from April 6-10 from 50,000 tests daily a week earlier, he said at the same briefing.

Mr. Dizon said more than 50,000 antigen test kits would be deployed this month in communities with confirmed outbreaks.

Meanwhile, Public Works Secretary Mark A. Villar said the government would set up 720 health facilities with 26,259 beds this month.

Most would be for quarantine — 634 units and more than 23,280 beds, followed by offsite dormitories with 60 units and 1,456 beds, technical assistance with 11 units and 1,003 beds and modular hospitals with 15 units and 516 beds.  

The Philippines has more than 9,700 temporary treatment and monitoring facilities with 128,037 beds.

Mr. Villar said the capital region had the highest occupancy rate at  66% of its 6,985 beds of April 11.

“We will continue to identify new areas and within the month and next month we will see a very significant increase in our hospital and ICU capacity,” he said.

CASE TALLY
The Department of Health (DoH) reported 6,846 coronavirus infections on Monday, bringing the total to 1.11 million.

The death toll rose by 90 to 18,562, while recoveries increased by 8,193 to 1.03 million, it said in a bulletin.

There were 59,897 active cases, 1.3% of which were critical, 93.7% were mild, 2.2% did not show symptoms, 1.7% were severe and 1.1% were moderate.

DoH said 10 duplicates had been removed from the tally, all of which were tagged as recoveries and one as death. It added that 40 recoveries were reclassified as deaths.

About 11.5 million Filipinos have been tested for the coronavirus as of May 8, according to DoH’s tracker website.

The coronavirus has sickened about 159 million and killed 3.3 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 136.6 million people have recovered, it said.

Meanwhile, the agency said it would apply for the emergency use of the coronavirus vaccine made by Chinese drug maker Sinopharm Group Co., Ltd.

Health Secretary Francisco T. Duque III ordered the filing of the application with the local Food and Drug Administration, Health Undersecretary Maria Rosario S. Vergeire told an online news briefing.

“The reason why we are doing this is there is a possibility that the transaction or negotiations for Sinopharm will be government to government,” she said in mixed English and Filipino.

Mr. Duque told DZMM radio on Monday that the agency would seek emergency use approval after the World Health Organization listed the vaccine for emergency use.

Ms. Vergeire said the vaccine could now be included in the global initiative for equal access. Regulators could also now fast-tract the evaluation of its application.

The Philippines has approved seven coronavirus vaccines for emergency use — those made Pfizer, China’s Sinovac Biotech Ltd., AstraZeneca Plc, Russia’s Gamaleya Research Institute, Johnson & Johnson, Inc., India’s Bharat Biotech and Moderna, Inc.

President Rodrigo R. Duterte last week got injected with the Sinopharm vaccine.

The FDA in February allowed the compassionate use of 10,000 doses of its vaccine by presidential guards. — Kyle Aristophere T. Atienza and Vann Marlo M. Villegas

Metro lockdown may be eased by mid-May — Palace spokesman

PHILIPPINE STAR/EDD GUMBAN

THE GOVERNMENT would probably ease the lockdown in Manila, the capital and nearby cities and provinces by mid-May as coronavius infections get under control, according to the presidential palace.

The lower critical care use rate could also be a factor in easing the modified enhanced community quarantine, presidential spokesperson Herminio L. Roque, Jr. told a televised news briefing on Monday.

“I will not second-guess the Inter-Agency Task Force for the Management of Emerging Infectious Diseases but pursuant to the formula, it is possible,” he said.

Mr. Roque said the use rate for intensive care unit (ICU) beds in Metro Manila fell to 68% from 70% in recent weeks, showing that the critical care use rate had moderated.

He said 62% of ICU beds for coronavirus patients in the country have been used. About 44% of isolation beds have been used and 49% of ward beds were occupied. He added that 42% of ventilators in the country have been used.

Mr. Roque said 46% of isolation beds and 50% of ward beds in Metro Manila were occupied, while about 51% of ventilators have been used.

President Rodrigo R. Duterte would announce the new quarantine status for Metro Manila and the provinces of Bulacan, Rizal, Laguna and Cavite before it expires on May 14.

Meanwhile, an inter-agency task force placed the provinces of Cagayan, Apayao and Benguet in northern Philippines under a modified lockdown for two weeks starting May 10.

The reimposition of an altered lockdown was made due to surging infections in the areas, according to a resolution adopted by the body.

Meanwhile, Mr. Roque said the construction of a vaccination facility in an urban forest managed by the Nayong Pilipino Foundation is consistent with the President’s police power and aimed at protecting Filipinos’ right to health.

The government-owned and controled corporation earlier opposed the plan of a foundation owned by tycoon Enrique K. Razon, Jr. to put up a vaccination site on its property, citing environmental and health risks.

Citing a presidential decree, it said it is illegal to allow a private entity to operate and manage a government property.

Mr. Roque reminded the management of Nayong Pilipino that as a state company, it is under the President’s supervision.

“Hopefully, their decision won’t conflict with the important mission to protect the life of our fellowmen,” he said in Filipino.

Lucille Karen Malilong-Isberto, the state company’s executive director, has resigned amid the controversy.

Mr. Duterte last month extended the second strictest lockdown level enforced in Metro Manila and nearby provinces by another two weeks amid a fresh surge in coronavirus infections.

The modified enhanced community quarantine in Metro Manila and the provinces of Bulacan, Rizal, Laguna and Cavite was extended until May 14.

The President said he had to extend the modified lockdown to ease pressure on hospitals that were near breaking point.

The altered lockdown was also enforced in the provinces of Quirino and Abra and Santiago City in Isabela in northern Philippines until the end of May.

The provinces of Apayao, Baguio, Benguet, Ifugao, Kalinga and Mountain Province in the Cordillera Administrative Region (CAR) and the provinces of Cagayan, Isabela and Nueva Vizcaya in Cagayan Valley were placed under a general community quarantine.

Batangas, Quezon, Tacloban City, Iligan City and Lanao Del Sur were  also placed under a general lockdown. — Kyle Aristophere T. Atienza

May 13 a regular holiday  

PHILIPPINE STAR/ MICHAEL VARCAS

PRESIDENT Rodrigo R. Duterte has issued an order declaring May 13 a regular holiday in observance of the feast of Ramadan.  

Filipino Muslims may celebrate the occasion as long as they observe health protocols amid a coronavirus pandemic, according to Proclamation 1142. 

Several areas in the Mindanao region, where many Muslims live, have experienced a spike in virus infections in recent weeks. 

A group of researchers from the University of the Philippines at the weekend said Cagayan de Oro and  Zamboanga City were “areas of concern.” 

Meanwhile, AkoBakwit Chairman Samira A. Gutoc-Tomawis in a Facebook Messenger chat said rebels and government troops should stop fighting in the Bangsamoro region and other areas in Mindanao during Ramadan. 

State forces clashed with members of the Bangsamoro Islamic Freedom Fighters (BIFF) in Datu Paglas in Maguindanao province last week. — Kyle Aristophere T. Atienza