Thai superstars are the faces of TNT’s latest campaign

May 7, 2021 | 12:06 am

PREPAID brand TNT has signed three of Thailand’s most popular actors — Nonkul Chanon (Bad Genius), Gulf Kanawut (TharnType: The Series), and Thai superstar Mario Maurer (Love of Siam, Crazy Little Thing Called Love, Pee Mak) — as its new ambassadors of the “Kilig Saya” campaign, along with Filipino stars Sue Ramirez and Sarah Geronimo.

TNT’s move comes as more Thai series and films are becoming more popular in the Philippines — the so-called “Thai Invasion,” a term used to describe the phenomenon of Thailand’s growing prominence in the international pop culture scene.

“Filipinos and Thais have always had mutual appreciation for each other’s wealth of entertainment content, but we’ve seen this grow even bigger recently as more Filipinos enjoy easy access to streaming platforms and social media through TNT’s value-packed promos,” Jane J. Basas, SVP and Head of Consumer Wireless Business at Smart, said in a statement.

“As TNT enables Filipinos to follow their favorite Thai superstars Mario Maurer, Gulf Kanawut, and Nonkul Chanon on their smartphone, we’re now bringing these Thai actors even closer to them as the newest TNT KaTropas in our latest campaign,” she added.

Nonkul Chanon is best known for the film Bad Genius, which became the highest-grossing Thai film of 2017. Gulf Kanawut is best known for TharnType The Series, an adaptation of a popular Thai web novel. Mario Maurer is best known for his lead roles in the 2007 film Love of Siam and the romantic comedy Crazy Little Thing Called Love from 2010.

For more information, visit https://tntph.com/ and www.facebook.com/TNTph/.

Metrobank eyes P10B from 5.25-year bonds

May 7, 2021 | 12:06 am

METROPOLITAN Bank & Trust Co. is looking to raise at least P10 billion from its offer of 5.25-year bonds which started on Thursday. — BW FILE PHOTO

METROPOLITAN BANK & Trust. Co. (Metrobank) wants to raise P10 billion via a bond offering to boost its capital and funding sources.

The peso-denominated papers will have a tenor of 5.25 years, the Ty-led lender said in a disclosure on Thursday. These bonds will have a fixed rate of 3.6% per annum that will be payable quarterly.

“Proceeds will be used for general working capital needs and diversification of the bank’s funding sources,” Metrobank said.

The lender began the offering yesterday, with the period set to run until May 24. The minimum investment for the bonds is at P500,000 and in additional increments of P100,000 thereafter.

Metrobank said they have the option to upsize the offer beyond the P10-billion plan.

First Metro Investment Corp. (FMIC) and The Hongkong and Shanghai Banking Corp. (HSBC) are the joint lead managers and joint bookrunners for the transaction, while FMIC, HSBC, and Metrobank will be selling agents for the bonds.

The bank targets to issue and list the bonds on the Philippine Dealing Exchange on June 4.

The bank said it has raised P81 billion from peso bonds since November 2018.

Meanwhile, in July 2020, Metrobank sold $500 million in 5.5-year dollar denominated notes to finance its short-term borrowings.

Metrobank’s net income increased by 27.1% to P7.83 billion in the first quarter, backed by strong non-interest earnings and stable asset quality.

Its shares ended trading at P44.50 apiece on Thursday, down by 25 centavos or by 0.56%. — L.W.T. Noble

ICTSI profit up 51% as volume, revenue rise

May 7, 2021 | 12:06 am

LISTED International Container Terminal Services, Inc. (ICTSI) announced on Thursday a 51% increase in its attributable net income for the first three months of the year, owing to the improvements in its terminals and “significant” contributions from new shipping lines and services.

ICTSI’s net income attributable to equity holders for the first quarter reached $90.1 million, up from $59.6 million in the same period in 2020, the listed company said in an e-mailed statement.

The company saw its gross revenues increase 16% to $435 million in the first quarter from $375.8 million in the same period a year ago.

“ICTSI has delivered strong operating performance in the first quarter of 2021, with volume, revenue and earnings rising across our three regions: Asia, the Americas, and Europe, Middle East, and Africa,” ICTSI Chairman and President Enrique K. Razon, Jr. said.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) went up 25% to $264.8 million

It registered an equity in net gain of joint ventures of $42,000 in the first quarter in contrast to the $5.5-million equity in net loss for the same period in 2020.

The improvement was due to the company’s higher share in net earnings with respect to Manila North Harbour Port, Inc. (MNHPI) as a result mainly of the impact of Corporate Recovery and Tax Incentives for Enterprises (CREATE) on the deferred tax liabilities associated to the acquisition of MNHPI.

The company also pointed to its lower share in net loss at Sociedad Puerto Industrial Aguadulce S.A., its joint venture container terminal project with PSA International Pte Ltd. in Buenaventura, Colombia.

ICTSI handled 2.71 million twenty-foot equivalent units (TEUs) in the first quarter, 8% higher than the 2.51 million TEUs handled in the same period a year earlier.

The increase was “primarily due to improvement in trade activities as economies recover from the impact of the pandemic and new shipping lines and services at the company’s operations overseas,” it noted.

ICTSI shares closed flat at P128.50 apiece on Thursday. — Arjay L. Balinbin

LeBron James ‘Chosen One’ jersey, Maradona boots head to auction

May 7, 2021 | 12:05 am

LOS ANGELES — A high-school basketball jersey worn by LeBron James on a famous Sports Illustrated cover will go up for auction in July among 500 other pieces of sports memorabilia, Julien’s Auctions said on Wednesday. Mr. James was 17 when he wore the St. Vincent-St. Mary High School jersey on a 2002 cover of Sports Illustrated magazine under the title “The Chosen One.” He soon went straight from the school to become the first overall pick in the National Basketball Association (NBA) draft and has won four NBA championships. The green-and-white jersey is expected to sell for between $400,000 and $600,000, according to estimates from the auction house. The auction will take place live in Beverly Hills on July 17 and 18. Bidders can also participate online. Other items that will be offered include boots signed and worn by late Argentine soccer superstar Diego Maradona during his 1983-84 season with Barcelona, and a jersey he wore during a 1990 World Cup match against Brazil. The items are expected to fetch between $40,000 and $60,000 each. Maradona died in November at age 60. The auction also includes a Michael Jordan NBA rookie trading card, jerseys worn by the late NBA player Kobe Bryant and a golf glove signed and worn by Tiger Woods. The items will go on display at a public exhibition in Beverly Hills from July 12 to July 16. — Reuters

Asian Development Bank’s net allocable income hits $1.13 billion

May 7, 2021 | 12:05 am

THE ASIAN Development Bank’s (ADB) board of governors agreed on Wednesday to allocate a record high of $1.13 billion in the net allocable income booked in 2020 to support the bank’s operations.

The 2020 net allocable income increased by $62.5 million from the 2019 level on the back of higher profit from equity investments and sovereign lending operations, the ADB said in a statement on Wednesday.

Of the total, 65% or $734.3 million was set aside for the ordinary reserve that will support the bank’s capital adequacy and provide an earnings base to generate net income.

Meanwhile, around 26% or $292.4 million will go to the Asian Development Fund, a facility that provides grants to ADB’s low-income developing member countries, while 8% or $90 million will be for the Technical Assistance Special Fund. This provides a steady stream of funds for ADB’s technical assistance to countries.

The remaining $15 million will be for the Asia Pacific Disaster Response Fund, a source of urgent funding for its member countries that have been severely hit by natural disasters.

During the last day of the multilateral bank’s 54^th annual meeting, ADB President Masatsugu Asakawa laid out a five-point agenda for the Asia and the Pacific region to achieve a “lasting and equitable recovery.”

This involves measures focused on climate change, inequality, green infrastructure, regional cooperation and improved resource mobilization.

“Even as the COVID-19 (coronavirus disease 2019) pandemic took hold across the region, ADB did not lose sight of key long-term development agenda,” Mr. Asakawa said.

He said countries should include climate change, especially adaptation and resilience, in their development plans, while keeping their commitments to the Paris Agreement.

The region should also continue to address inequality through bigger investments in health, education and social protection after the coronavirus pandemic disproportionately affected the poor, he said.

At the same time, building green and digital infrastructure should be prioritized to create smart communities, attract more investments, and close the digital divide.

Deeper regional cooperation and integration in Asia and the Pacific is also crucial for developing countries so they can tap emerging opportunities amid renewed globalization.

Lastly, Mr. Asakawa said countries should continue to work on building their capacity to raise revenues to ensure they have enough resources to support sustainable growth and to respond more effectively in times of crises.

ADB’s lending hit an all-time high of $31.6 billion last year, half of which went to finance the pandemic response of countries.

“We will continue to deliver ADB’s unique synergy of finance, knowledge, and partnerships. And we will prioritize the quality of our assistance over quantity, meeting near-term needs with a clear vision for the future. If we stay on this course, I am confident the region will emerge from the current crisis even stronger than before,” Mr. Asakawa said. — B.M. Laforga

Globe to launch 5G roaming in Italy, more locations in North America

May 7, 2021 | 12:05 am

GLOBE Telecom, Inc. announced on Thursday that it would roll out fifth-generation (5G) roaming services in Italy and more locations in North America in the second quarter.

“As of April 30, Globe has already rolled out 5G roaming in the following European locations in partnership with Telia Company: Denmark, Estonia, Finland, Norway, and Sweden,” the Ayala-led telco said in an e-mailed statement.

“Globe roamers in Italy will also experience 5G technology by June 3 via Telecom Italia,” it added.

The company also targets to “announce more locations” in North America, in partnership with AT&T, within the second quarter.

The expansion of 5G roaming services into more countries is being done in preparation for the return of global travel.

“Despite the setback in both business and leisure travels caused by the global pandemic, we are firm in our vision for our customers to readily experience the power of 5G technology once the world is open and safe for traveling,” said Coco Domingo, Globe vice president for Postpaid and International.

Globe said its 5G network is currently available in 16 countries: Kuwait and Qatar through Ooredoo; Saudi Arabia through STC; Taiwan through Taiwan Mobile; Thailand through AIS Thailand; United Arab Emirates through Du and Etisalat; Hong Kong through CSL; South Korea through SK Telecom; Singapore through Singtel; Turkey through Turkcell; Oman through Omantel; and Finland, Denmark, Sweden, Norway and Estonia via the Telia Company. — Arjay L. Balinbin

Last Debenhams to close on May 15

May 7, 2021 | 12:04 am

LONDON — British department store retailer Debenhams will permanently close its remaining stores on May 15, bringing the curtain down on 242 years of trading. Debenhams, founded in London in 1778, started a liquidation process in December, dealing a hammer blow to Britain’s retail sector. While it has struggled for years, the impact of COVID-19 lockdowns pushed it over the edge. Having already announced 52 store closures up to May 8, Debenhams said on Wednesday its remaining 49 stores would close on either May 12 or May 15. Debenhams has been holding closing down sales, offering up to 80% off fashion and homewares. “Over the next 10 days, Debenhams will close its doors on the high street for the final time in its 242 year history,” Debenhams said. “We hope to see you all one last time in stores before we say a final goodbye to the UK high street.” While Debenhams physical presence in the UK will die, the brand will live on. In January, online fashion retailer Boohoo purchased the Debenhams brand out of administration for 55 million pounds. — Reuters

Credit Suisse Group boosts hiring across Asia-Pacific to tap fast-growing markets

May 7, 2021 | 12:04 am

CREDIT SUISSE Group AG has boosted its headcount by more than 100 across Asia-Pacific this year as the Swiss lender seeks to increase the share of revenue it draws from the region’s fast-growing markets.

Almost half of the net hires were done since mid-March, according to people familiar the matter, a period during which the bank has grappled with the fallout from its ties to collapsed family office Archegos Capital Management and supply chain financier Greensill Capital. The number excludes its India operations and information-technology center, the people said, asking not to be named discussing hiring.

Chief Executive Thomas Gottstein has said growth in Asia-Pacific was strong during a quarter when the lender was pushed into the red by a $4.7 billion hit from the Archegos debacle, which also prompted the ouster of a string of senior executives. Pretax income from the region more than doubled to $577 million.

Recent additions at its investment bank include Dragi Ristevski, who joined from Citigroup, Inc. as Asia-Pacific head of financial sponsors; and Rachel Li, a managing director from Haitong Securities Co. Li will focus on new economy and telecommunication, media and technology coverage in China, the people said.

Credit Suisse has also lost some staff in an increasingly heated search for talent. LGT Private Banking recently poached a senior private banker in Tokyo to spearhead a new operation in Japan. He’s among several former Credit Suisse staff who have joined or are in the process of joining LGT, the people familiar said last month.

Those departures came after Russ McFarland, a desk head for Credit Suisse in Tokyo, left to join Bank of America Corp.

A Hong Kong-based spokeswoman at declined to comment.

Credit Suisse has previously outlined plans to triple its headcount in mainland China, joining other banks in a push as the nation opens its $53 trillion financial market.

It targets raising the Asian share of its total revenue to 25% from about 20%, people familiar said last year. Much of the expansion will be focused on advisory and investment banking services for the ballooning ranks of China’s rich.

In its wealth business, recent additions include Ray Chun from Citigroup, Inc. in Hong Kong, the people said. Also hired were Klara Chan, formerly at JPMorgan Chase & Co., and Arleen Sy from HSBC Holdings Plc in Hong Kong, according to an internal memo obtained by Bloomberg News and confirmed by a spokeswoman.

The bank recently promoted Dominique Boer to market group head Singapore in private banking, according to the memo.

The bank has reported a net hiring of 30 relationship managers in the first quarter for Asia. — Bloomberg

San Miguel profits soar to P17.2 billion in first 3 months

May 7, 2021 | 12:04 am

SAN MIGUEL Corp. (SMC) on Thursday reported a net income of P17.2 billion for the January-to-March period of the year, “further strengthening its recovery from the COVID-19 (coronavirus disease 2019) pandemic.”

Its recorded profits were 15 times higher than the P1.1-billion income generated in the first quarter of 2020. The company said nearly all of its business segments finished the period strong.

“We’re encouraged by these improvements, as they reflect that our businesses are definitely headed towards full recovery,” Ramon S. Ang, president and chief operating officer of SMC, said in a statement.

First-quarter consolidated revenues inched down by six percent to P201.2 billion from P214.07 billion year on year as pandemic restrictions continued to affect businesses of Petron Corp., San Miguel Brewery, Inc. (SMB), and SMC Infrastructure.

Meanwhile, the company’s consolidated operating income soared by 175% to P32.2 billion from last year’s P11.73 billion due to lower raw material costs and cost-cutting measures implemented.

SMC’s EBITDA (earnings before interest, taxes, depreciation, and amortization) posted a 52% growth to P41.02 billion from the P26.97-billion seen in the first quarter of last year.

San Miguel Food and Beverage, Inc. (SMFB) saw its profits grow by 66% during the period to P9.68 billion from P5.82 billion year on year, while consolidated revenues bumped up by 11% to P76.36 billion from P69.02 billion.

“This was attributable to sustained all-time high volumes from the spirits division and higher sales from the food and beer divisions,” the company said.

SMFB’s operating income reached P12.57 billion, 45% higher than the P8.64 billion seen in the first three months of 2020.

Meanwhile, SMFB brewery division SMB’s income grew by 45% to P5.45 billion from P3.77 billion during the quarter. Operating income improved by 25% to P6.75 billion from P5.38 billion.

Consolidated revenues of SMB inched up by two percent from last year’s sales to P28.85 billion from P28.40 billion.

“[However,] consolidated volumes, which continue to be affected by various quarantine restrictions and liquor bans in the domestic operations, ended at 51.5 million cases, down by 11%,” the company said.

Ginebra San Miguel, Inc., another SMFB division, finished the quarter with a 120%-growth in net income to P1.04-billion from P474 million in the same period last year. Sales grew by 52% to P11.34 billion, while its operating income went up by 88% to P1.29 billion.

“The boost in performance was brought about by a combination of strong consumption, wider distribution, better selling prices, and lower alcohol cost,” SMC said.

San Miguel Foods saw an increase in its network of community resellers, and new products in the seafood and plant-based segment leading to net income growth of 107% to P3.39 billion from last year’s P1.64 billion.

Operating income for San Miguel Foods went up by 75% to P4.53 billion from P2.59 billion, while revenues went up by nine percent to P36.18 billion from P33.16 billion.

“Revenues from the protein, animal nutrition & health, and the prepared & packaged segments increased by 11%, 13%, and 6%, respectively,” the company said without disclosing specific figures.

The SMC Global Power Holdings Corp. saw its profits go up by 141% to P7.78 billion from last year’s P3.22 billion, sales meanwhile went down by three percent to P27.37 billion from P28.3 billion.

“This was mainly due to continuing quarantine restrictions and lower spot sales, which were mitigated by higher average realization prices,” SMC said.

Meanwhile, Petron finished the quarter with a profit of P1.73 billion, a reversal of its P4.87-billion loss in the same period last year. Consolidated revenues went down by 20% to P83.31 billion from P104.62 billion.

“While sales volumes continue to improve, the slowdown in demand due to the COVID-19 (coronavirus disease 2019) pandemic, is still evident in [first-quarter] volumes of 19.4 million barrels, 21% lower than the 24.7 million barrels sold in the same period in 2020,” the company said.

SMC Infrastructure’s net sales went down by seven percent during the first three months of the year to finish at P4.33 billion compared with last year’s P4.66 billion, while the segment’s operating income declined by 33% to P1.18 billion from P1.77 billion.

“Despite the challenges ahead, we’re determined to sustain our performance and continue taking on meaningful projects and investments that will help our economy recover,” Mr. Ang said.

Shares of San Miguel at the stock exchange on Thursday improved by 0.26% or P0.30 to close at P114.80 each. — Keren Concepcion G. Valmonte

Tarlac solar farm boosts PetroEnergy’s earnings

May 7, 2021 | 12:03 am

YUCHENGCO-LED PetroEnergy Resources Corp. said on Thursday that its attributable net income to the parent firm rose 9% to P319 million in 2020 on the back of higher revenues from its solar plant in Tarlac.

“[PetroEnergy’s] strong financial performance in 2020 was driven largely by the full-year operations of its 20 MW Tarlac-2 solar plant, the latter’s higher than forecasted revenues due to prolonged ‘summer’ in 2020, and FIT (feed-in tariff)-rate adjustments,” it said in a regulatory filing.

The operations of the solar plant have offset lower oil revenues from the company’s oil ventures in Gabon, West Africa as a result of a lower average crude oil price at $49.72 per barrel last year compared with 2019’s $64.94 a barrel.

PetroEnergy said it was able to maintain a “healthy consolidated financial position in 2020” because of its overall revenue and income growth.

In its disclosure, the firm said that its consolidated net income increased by 21% to P640 million in 2020. Meanwhile, its equity attributable to the parent for the year rose 8% to P5.3 billion.

PetroEnergy is engaged in petroleum production through the Etame consortium in Gabon, and in renewable energy in the Philippines through its unit PetroGreen Energy Corp.

PetroGreen’s subsidiaries and affiliates are: the 65%-owned Maibarara Geothermal, Inc., which owns the 20 MW Maibarara Geothermal Power Project (MGPP) in Santo Tomas, Batangas and its expansion, the 12 MW MGPP-2; the 40%-owned PetroWind Energy, Inc., which owns the 36-MW Nabas Wind Power Project in Nabas and Malay, Aklan; and the 56%-owned PetroSolar Corp., which owns the 50-MW-direct current Tarlac Solar Power Project.

Shares in PetroEnergy at the local bourse improved 2.50% or 10 centavos to finish at P4.10 apiece on Thursday. — Angelica Y. Yang

Meghan to publish children’s book based on husband and son

May 7, 2021 | 12:03 am

LONDON — Meghan, Britain’s Duchess of Sussex, is to publish a children’s book next month titled The Bench about the relationship between a father and son based on her husband Prince Harry and the couple’s child Archie, the publisher said on Tuesday. The book is the latest venture by Meghan and Harry, Queen Elizabeth’s grandson, since they stepped down from royal duties and moved to Los Angeles last year with Archie, who celebrates his second birthday later this week. Illustrated by artist Christian Robinson, The Bench will be published on June 8, with Meghan narrating an audiobook version, publisher Random House Children’s Books said. “The Bench started as a poem I wrote for my husband on Father’s Day, the month after Archie was born. That poem became this story,” the duchess said in a statement. “My hope is that The Bench resonates with every family, no matter the makeup, as much as it does with mine.” Meghan, who is pregnant with the couple’s second child, is not the first royal to venture into the world of children’s literature. Heir-to-the-throne Prince Charles wrote The Old Man of Lochnagar based on stories he used to tell his young brothers, while Sarah Ferguson, the Duchess of York, has also penned a number of children’s stories. — Reuters

Singlife targets higher PHL market share

May 7, 2021 | 12:03 am

SINGAPORE LIFE Philippines (Singlife Philippines) is targeting to grow its customer base to 150,000 by yearend and capture 10% of the overall market by 2025 as the fully digital life insurer eyes to expand its reach in the country.

“What we put ourselves as a target is that we do want to have, like 10% of the people with a life insurance policy in 2025 should be with Singlife,” Singlife Philippines CEO Rien Hermans said in a briefing on Thursday.

Mr. Hermans said they also aim to hit P350 million in annualized premium equivalent this year.

“We do not want to grow immediately to become a number one player in the market, but we do want to grow to be very significant in the number of customers we have,” he added.

The local unit of the Singapore Life Private Ltd. currently has two products in the market covering insurance against dengue and coronavirus disease 2019 (COVID-19) and an income protection suite through GCash, which Singlife Philippines partnered with in October 2020. The GCash Insurance Marketplace, an online marketplace for life insurance products, was announced in July 2020.

Singlife Philippines said it had more than 32,500 policyholders and P34.2 million in annualized premium equivalent as of April.

The company plans to team up with two new digital network partners to expand its distribution channels and reach more customers, its top official said.

“We are always on the lookout for partners that can offer our products in their digital platforms. Ideally, there should be a significant overlap between our target market and their customer base,” Mr. Hermans said.

Singlife Philippines will also add two new insurance products to be sold through GCash, as well as introduce a direct-to-customer product allowing policyholders to take control of their finances, similar to the Singlife Account launched by its parent in Singapore in 2019.

Mr. Hermans said they will also be introducing their own variable universal life (VUL) insurance policies, minus the penalties in case customers want to end their coverage ahead of schedule.

He noted that the company’s target market is the country’s growing middle class as it focuses on targeted but flexible life insurance products that can be accessed anytime.

Instead of hiring agents, he said the company uses digital solutions to boost their sales and improve customer service while saving on operational costs.

“The big difference [of the company against existing players] is actually in the technology. We are able [to operate] on low costs, be very flexible and directly respond to the customer’s needs,” Mr. Hermans said.

Singlife Philippines secured its license to operate from the Insurance Commission in February 2020 to become the first fully digital life insurance company in the country.

It launched its first products later in the year. — B.M. Laforga