Home Blog Page 7638

Business, education groups support August school reopening

The government is targeting to open schools on Aug. 24. — PHILIPPINE STAR/MICHAEL VARCAS

SEVERAL business and education groups are urging the government to reopen schools on Aug. 24 as recommended by the Department of Education (DepEd).

“The sooner we bring back the Filipino youth to school, the sooner we can start rebuilding for a stronger Philippines, post-pandemic,” the statement, signed by the Philippine Business for Education, Makati Business Club, United Nations International Children’s Emergency Fund (UNICEF), Philippine Normal University, Catholic Educational Association of the Philippines, Action for Economic Reforms, and the Knowledge Channel Foundation, read.

The education and business groups said schools offer social protection, nutrition, health, and emotional support. They said that education is essential as the country rebuilds the post-pandemic economy.

The Department of Education has said classes are set to reopen in August, either face-to-face or virtually. President Rodrigo R. Duterte approved a proposal to allow limited face-to-face classes in low-risk areas.

The groups said that public health risks can be managed with planning and resources. They backed the use of face-to-face interactions with safety measures in low-risk areas, especially in poor communities with a low number of COVID-19 cases, an information technology infrastructure gap, and low learning outcomes.

They are asking local governments to help reopen schools safely.

“The earlier most schools can reopen the better; the less risk of long-term damage to the learning journeys and well-being of millions of Filipino children,” the groups said.

Schools located in low-risk areas must send requests to DepEd for limited face-to-face classes.

A teachers’ group in May said that opening schools before the spread of the virus has been contained could prove risky for educators and students.

The World Health Organization (WHO) in May said that decision-makers considering opening or closing schools due to the pandemic should consider the current understanding of COVID-19 and its transmission and severity in children, the local situation of the virus at the school location, and the school’s ability to maintain COVID-19 prevention.

President Rodrigo R. Duterte on July 17 signed Republic Act No. 11480, which would allow him to open schools later than August if there is a state of emergency or calamity. — Jenina P. Ibañez

Alsons keeps power projects on schedule

By Adam J. Ang

ALSONS Consolidated Resources, Inc. (ACR) said it would meet the target commercial runs for its energy projects in the pipeline.

Despite the pandemic’s impact, various projects of the Alcantara-led firm are well on-track for completion, carrying them out in a “controlled and safe” manner. It viewed these as the company’s “contribution” to the country’s economic recovery.

“Even though your company has been fortunate enough to be able to keep our projects on track, this situation brought about by the pandemic has had a considerable impact to our economy,” ACR Executive Vice-President Tirso G. Santillan, Jr. said during the company’s annual stockholders’ meeting, Thursday.

“We thus view our continuing pursuit of these upcoming projects as your company’s contribution to the economic recovery of our country by helping create new jobs and stimulate the local economies in the areas where we operate,” he added.

Having delayed a little during the lockdown months, Alson’s P4.5-billion hydropower plant in Maasim, Sarangani province will still be ready for its commercial launch over the next two years. The run-of-river generator, the company’s first entry into renewables, will have a 14.5-megawatt (MW) capacity.

Two other hydropower facilities in the pipeline: the 22-MW Sindangan plant in Zamboanga del Norte and the 42-MW Bago generator in Negros Occidental, are also under “advanced” stages of construction.

Its 105-MW San Ramon Power, Inc. (SRPI) coal-fired power plant in Zamboanga City is expected to have its engineering, procurement and construction contract signed within the third quarter of the year. The P16-billion baseload plant is set to go online in 2023.

Moreover, it is seeing no delays in the target turnover and occupancy of the two under-construction Ayala Land Premier towers within its 26-hectare mixed-use township project with Ayala Land, Inc. in Davao City.

Meanwhile, Alsons committed to keeping the lights on for all its customers.

“Your Company’s plants will continue to operate and supply power to our customers even as we continue to try our best to help the power distributors and consumers who have been adversely affected financially by the pandemic,” Mr. Santillan said.

In the first quarter, the listed firm’s earnings soared nearly three times year on year to P310 million as revenues jumped with the full run of its “income driver” 210-MW Sarangani Energy Corp. (SEC) coal-fired baseload facility.

Its revenues rose to P2.21 billion in the quarter, compared with P1.22 billion posted in the same period last year, due to the contribution of SEC’s 105-MW second unit, which came online in October last year.

ACR currently runs four power generators with a combined capacity of 468 MW, serving over eight million households in 14 cities and 11 provinces in Mindanao.

On Thursday, shares in Alsons dipped 1.68% to close at P1.17 apiece.

ABS-CBN in talks with banks on debts

A GUARD passes by a logo of ABS-CBN at the network’s entrance, a day it was shut down by the National Telecommunications Commission, May 6. — PHILSTAR/MICHAEL VARCAS

By Arjay L. Balinbin, Reporter

ABS-CBN CORP. is now in talks with creditor banks on its long-term debts, expressing confidence that it will be able to satisfy its financial obligations despite the impact of the non-renewal of its broadcast franchise on overall operations.

“We are not aware of other material contracts, nor have we received any claims or demands, the payment obligations of which will be adversely affected by the resolution (by the House Committee on Legislative Franchises),” the listed media company said of its discussions with banks.

Voting 70 to 11, the House of Representatives Committee on Legislative Franchises had rejected the application for a franchise renewal of ABS-CBN — a media company critical of President Rodrigo R. Duterte — saying the broadcaster was “undeserving” of the privilege.

ABS-CBN said the House decision “significantly affects” its media, networks and studio entertainment (MNSE) operations, particularly the free-to-air business.

“For the unaudited period ended Sept. 30, 2019, 68% of the revenues of this MNSE segment was free-to-air advertising, which revenue amounted to P15.9 billion as of said period,” the company noted.

“On an unaudited consolidated basis, free-to-air advertising was approximately 50% of the company’s unaudited consolidated revenue for the period ended Sept. 30, 2019,” it added.

ABS-CBN said it plans to continue to operate in other businesses that do not require a broadcast franchise, namely: international licensing and distribution, digital and cable businesses, and syndication of content through streaming services.

The company has carried out cost-cutting measures, which include rationalizing capital expenditures and streamlining manpower requirements.

“The company is likewise confident that any payments or financial obligations that may arise under its customary or usual business agreements are manageable and will not have a material adverse impact on ABS-CBN at this time,” the network said.

“They have lower overhead now so the savings from that could be used to make their payment obligations. The revenue from its other business units as well would go to payment obligations,” Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a phone message.

“If the business can focus on other platforms to generate revenue, mainly digital, that may help,” he added.

The company vowed to honor all its existing obligations for goods delivered and services rendered by third-party suppliers. It is also willing to negotiate “new terms” for such obligations when needed.

ABS-CBN said further it would pursue all “available remedies” while complying with relevant legal requirements “to be able to sustain its current and future business operations, which do not necessarily involve broadcast only.”

The Bankers Association of the Philippines said recently it was confident that banks could manage their credit portfolio in relation to the non-renewal of the ABS-CBN broadcast franchise.

Shares in ABS-CBN on Thursday closed 29.91% lower at P10.36 apiece.

AC Energy, Marubeni’s Axia team up for Rizal diesel-fired power plant

AYALA-LED AC Energy Philippines, Inc. (ACEPH) is set to partner with the Philippine energy unit of Japan-based Marubeni Corp. to build a diesel-fired plant in Rizal.

On Thursday, ACEPH told the stock exchange that it signed a shareholders’ deal with Axia Power Holdings Philippines Corp., which will buy half of both shares and economic rights in Ingrid Power Holdings, Inc., the Ayala unit’s corporate vehicle of the 150-megawatt Ingrid power plant project in Pililla, Rizal.

It also agreed to provide 5% of the economic rights in the project to ACE Endevor, Inc., one of its subsidiaries, while the company will hold the remaining 50% of the shares and 45% of the economic rights.

The Rizal plant will supply peaking and reserve power to the Luzon grid. It is expected to go online in the first quarter of 2021.

The joint venture has yet to secure the approval of the Philippine Competition Commission.

It was not the first time that the Ayalas teamed up with the Marubeni unit. They had jointly run the coal-fired power plants of South Luzon Thermal Energy Corp. in Batangas until AC Energy bought Axia’s stake in the project in November 2019.

In October last year, ACEPH, formerly Phinma Energy Corp., acquired the shares of AC Energy, Inc. in ACE Endevor, which is then AC Energy Development, Inc., and Ingrid Power, in a share-swap agreement.

Later in December, the listed energy company infused P570 million into Ingrid for the construction of the said power generator.

Shares in ACEPH fell 2.61% to close at P2.24 each on Thursday. — Adam J. Ang

Megaworld to launch residential condo tower in Bacolod township

MEGAWORLD CORP. is building a new condominium tower in Bacolod City that could raise P1.6 billion in sales for the company.

In a statement, Thursday, the property developer said it is planning to launch a 14-storey residential building within its 34-hectare The Upper East township.

The project is set for completion in 2025 and will be the third residential property in the township.

To be called One Manhattan, the tower will have 260 units varying from studio (up to 33 square meters), one bedroom (up to 85 sq. m.), two bedrooms (up to 112 sq. m.) and three bedrooms (up to 153 sq. m.).

The units that have one to three bedrooms will have different layout choices, such as bi-level garden units and loft units with lanai or balcony.

The property will also have amenities such as a wall climbing facility, putting green, mini track oval with gym and outdoor Jacuzzi.

It will likewise feature an exclusive bar and lounge at the roofdeck, a private dining room, adult and kiddie pools, pool deck with an outdoor shower area, game and entertainment room, function hall, reading nooks, outdoor seating areas and an outdoor children’s play area.

“This is our first residential development in Bacolod with more generous unit layouts and sizes, as well as generous unique amenities. Our loft units are first of their kind because we hope to give the best for Bacolod,” said Jennifer Palmares-Fong, Megaworld Bacolod vice-president for sales and marketing, in the statement.

The company noted condominium prices in the township have appreciated by 40% since it opened its first residential project in 2018.

Megaworld’s The Upper East township is planned to be Bacolod’s commercial and business process outsourcing (BPO) district, inspired by New York City’s Upper East Side.

The company is investing P35 billion to develop the township over a 10-year period, which will include building mixed-use commercial centers, residential condominiums, BPO buildings, IT parks, and transportation and retail businesses across the property.

Earnings of Megaworld dipped 9% to P3.5 billion in the first quarter, attributable to the decline of its hotel business whose revenues fell 4% to P551 million.

Shares in Megaworld at the stock exchange slid six centavos or 1.88% to P3.14 each on Thursday. — Denise A. Valdez

San Miguel to issue $500-million perpetual securities

By Denise A. Valdez, Reporter

SAN MIGUEL CORP. (SMC) is issuing $500-million perpetual securities under its $3-billion medium-term note and securities program.

In a disclosure to the exchange on Thursday, the conglomerate said it had agreed to sell the senior perpetual capital securities with a fixed initial distribution rate of 5.5% per annum.

As perpetual securities, the fixed-income bonds will have no maturity date. Investors, instead of redeeming their investments, are paid through a steady stream of interest earnings.

SMC tapped BofA Securities, Inc. and Standard Chartered Bank as joint lead managers, DB Trustees (Hong Kong) Ltd. as trustee, and Deutsche Bank AG, Hong Kong Branch as paying agent for the planned issuance.

The securities will be listed on the Singapore Exchange Securities Trading Ltd.

SMC’s $3-billion (about P148.25 billion) note and securities program allows it to issue notes and perpetual capital securities in tranches. Proceeds from the bonds are meant to support the company’s infrastructure projects and refinance existing loans.

Among the projects the bond program may support are the construction of its P62.7-billion Metro Rail Transit Line 7 project and the P734-billion Bulacan airport project, SMC said in earlier disclosures.

In the first quarter, SMC reported loans payable amounting to P169.36 billion and total current liabilities amounting to P426.59 billion. Its net debt-to-total equity stood at 0.85x.

The company posted an attributable net loss of P1.27 billion for the three-month period, swinging from its attributable net income of P5.71 billion a year ago, due to the impact of the coronavirus pandemic to its operations.

Shares in SMC at the stock exchange fell P1.60 or 1.60% to P98.20 apiece on Thursday.

Missing live performances?

Book a 15-minute personal online show for P600

THESE ARE desperate times especially for artists who thrive under stage lights and in front of audiences. As the pandemic continues to rage, and live performances are halted, the next best thing is to perform online and that’s what the LOVE Project aims to do: hire performers for digital performances.

“Theater is all about the live experience… You don’t get that by watching a show on the internet. But these are desperate times, and theater companies must find ways to survive. And I guess for now, online is the way to go in this ‘new normal’ until it is safe,” Menchu Lauchengco-Yulo, Full House Theater Company co-artistic director, said during a digital conference on July 14 via Facebook.

The LOVE Project (Live On-Request Virtual Entertainment) is an initiative by casino-resort Resorts World Manila (RWM) and its in-house production company Full House Theater Company as a way of keeping artists performing and surviving using their craft.

“The LOVE Project is a platform that allows artists to remain creative and connect to their audiences and we sort of enabled them to bring entertainment directly to the homes of the people… who enjoy their art,” Michael Stuart Williams, Full House Theater Company co-artistic director, explained during the same conference.

The project started in June and features a roster of artists from the theater company, the Philippine Ballet Theater, and regular performers in various RWM venues including the Grand Bar and Lounge and El Calle Food & Music Hall.

“[Y]ou can have the experience of watching from the front row in the safety of your home. You can even give this experience as a gift to your loved ones for any occasion, or just to say you miss them. Plus you get to support world-class Filipino artists,” says a post on the project’s Facebook page.

Those interested in hiring an artist for a performance can do so by visiting the Project’s Facebook page (https://www.facebook.com/TheLOVEProjectOfficial/) and check the art cards of the performers and fill out their forms. Read the guidelines and pay the fee (a 15-minute performance is P600) to confirm booking, then wait for the Zoom or Google Meet invite on the specified performance date.

“During the pandemic, I didn’t know what to do… the LOVE Project is a beautiful, well-thought of platform for us artists to be able to express ourselves and to be able to reach out [to our audiences],” singer and theater performer Jon Joven said during the conference. 

The project, Mr. Williams said, also benefits the performers as their audience can book and pay for their performances without having to go through handlers, ensuring that the money goes straight to the artists themselves.

The current roster includes 31 artists including Hans Dimayuga of “Tuso” and The Voice of the Philippines fame, the trio Singing Sensations (Cris Pastor, Charlotte Ferguson, and Jasmine Fitzgerald), and singers Jay Kent and Rox Puno.

The online nature of the project also allows it to continue even beyond the pandemic, Mr. Williams said.

“This whole online paradigm of performance is a reality. It is one of the things that has been born out of this pandemic and now you cannot go back and say it didn’t exist or it didn’t happen… even though those things (live performances) may come back in some way, shape, or form this online paradigm will continue — it could run parallel [to regular shows],” Mr. Williams said. — Zsarlene B. Chua

Villars’ Streamtech wants to boost internet-providing capability

VILLAR-LED Prime Asset Ventures, Inc. (PAVI) is looking to ride on the increased use of the internet nationwide through its telecommunications subsidiary Streamtech Systems Technologies, Inc.

In a statement on Thursday, Streamtech said it is planning to take over the internet operations of Planet Cable, Inc., a local multi-system operator that offers cable TV services, cable internet and digital video broadcast across the country.

Streamtech said once it completes the deal with Planet Cable, it will take over the company’s operations in Metro Manila, Regions I, III and IV-A, Iloilo province and Davao.

This would grow Streamtech’s existing portfolio of services, which currently include fixed broadband for residential customers and small- and medium-sized enterprises, and direct internet access.

At the moment, Streamtech’s clients are mostly concentrated on Villar-led companies such as Vista Land & Lifescapes, Inc., Camella Homes and PrimeWater.

“We have high hopes of providing internet services to the farthest reach possible, also in line with our commitment to provide high-quality services to Filipinos across the country. We are very confident that we can greatly boost the internet experience of our existing and future customers,” PAVI Founder and Owner Manuel Paolo A. Villar said in the statement.

Streamtech was one of the companies that bought bid documents from the government when it did an auction for a new telco player in 2018. It eventually decided not to join the bidding. — Denise A. Valdez

Best-of-the-best stand-up comics lighten up 2020 with online performance

IF YOU find yourself having very few things to laugh about in 2020, Comedy Manila might be able to help.

The stand-up collective is holding a show aptly named Online Show Of The Future, on Saturday, July 25, at 8:30 p.m., via Zoom. Tickets are priced at P600, but an all-headliner show featuring James Caraan, Nonong Ballinan, GB Labrador, Victor Anastacio, Yuki Horikoshi, Alex Calleja, and Ryan Rems, and Red Ollero will make it worth it.

Mr. Ollero discussed the line-up for Saturday: “We were doing ‘Best of Comedy Manila’ shows in theaters all over Metro Manila. These are bona fide headliner comedians, the best of the best, each one of these comics can headline their own shows. When we do these shows, we get a big venue so it’s even more awesome.”

The show, Mr. Ollero said, is “basically a Zoom call, and we use the Spotlight feature on whoever is performing. And these are all live performances, no pre-recorded sets; we want to simulate being in a live show.”

Of course, part of a show’s fun for everyone in the room, both for the performers and the audience, is the sound of shared laughter. It’s hard to imagine working up a crowd that isn’t quite there, but, as Mr. Ollero said in an e-mail: “Physically they’re not [present], but thanks to video conferencing technology, we can actually get live feedback from them. It’s possible to respond to their laughter, and do whatever kind of crowd work you want to.”

“Nothing beats the live experience but this has some advantages,” he said. “Like you don’t have to go through traffic to catch the show, you don’t even have to be in the same city or country!”

“We’re going to keep using this format until we can do live shows again, whenever that may be. We don’t know how long this pandemic will last, so we’re getting comfy with this in the meantime.”

Due to live performances and mass gatherings being placed on hold, many of Comedy Manila members have brought their jokes online via online shows (some weekly, some daily). Asked about how these members are bearing up, he said, “They’re doing quite well, some of them have gotten a good number of followers and I’m happy for them. I mean, it still doesn’t fill up all the business we lost because of COVID-19, but I’m hoping eventually it will.”

We’ve passed at least two seasons of grief due to a virus and other forces. While the prospect of a laugh or two might sound alien in these circumstances, Comedy Manila holds on. Asked about why they thought of staging the show, Mr. Ollero said, “It’s simply because we love doing what we do. At its very core, we do stand-up because we love doing it. Brand relevance, ticket sales, those are just things we worry about so we have more awesome shows.”

“Every member of our group is like that, even before the lockdown. I opened for Jo Koy in MOA Arena for 9,000 people; my next show I was in front of 10 people in the basement of a Chinese restaurant. Some shows may be more special than others, but all of them I love doing. It’s a big ‘fuck you’ to the virus. Even though people can’t gather in one place it doesn’t mean the show stops.”

And it isn’t hard to find laughter in the middle of a pandemic. “There’s a lot to laugh about almost every day,” said Mr. Ollero. “The best comedians can write jokes about anything. And during times like right now, people could use a good laugh. Laughter can take people to a place where the real world can’t affect you, even for just a moment.  It’s gonna be worth it.”

For tickets to the show, visit facebook.com/ComedyManila, and click the link https://ticket2me.net/e/27923/BestofComedyManilaOnline. The page also displays schedules of their members’ shows. — Joseph L. Garcia

Uy’s PH Resorts rushes tourism project for 2021

LISTED PH Resorts Group Holdings, Inc. of businessman Dennis A. Uy is expediting the opening of its integrated tourism resort in Cebu to 2021 despite the coronavirus disease 2019 (COVID-19) pandemic.

In a statement to the exchange on Thursday, the company said its management is planning the early opening of Emerald Bay by the end of next year, against the original schedule of opening in the second quarter of 2022.

The early opening will involve 122 gaming tables for mass, premium mass and junkets, 600 electronic gaming machines and 270 hotel room bays. Come 2022, the company will increase its gaming capacity and hotel rooms.

The whole Emerald Bay project will have a total of 146 gaming tables, 729 electronic gaming machines, 780 hotel room bays and five villas.

“Despite the challenges of COVID-19, we are diligently working on the completion of the first phase of Emerald Bay,” PH Resorts Chief Operating Officer Jose Angel Sueiro was quoted as saying in the statement.

“Our team continues working to ensure to reduce project costs without sacrificing quality. Our focus is getting Emerald Bay to open on time without cutting corners,” he added.

PH Resorts started the construction of Emerald Bay in Mactan Island in December 2017. Mr. Uy said the completion of the project is seen to help the company recover from the effects of the COVID-19 pandemic.

The company posted an attributable net loss of P138.27 million in the first quarter, jumping from P59.26 billion a year ago, due to the impact of the pandemic to the tourism industry. It operates Donatela Resort & Sanctuary in Panglao Island, which was temporarily closed due to the pandemic.

“We remain very committed to the long-term growth story of tourism and gaming in the Philippines. While many challenges remain, we are confident of overcoming them as we see some recovery by the time the first phase of Emerald Bay is completed and opened to the public,” Mr. Uy said.

PH Resorts has applied to do a follow-on offering of up to 450 million common shares to raise up to P1.13 billion for the company. The amount will be used to partially fund the construction of Emerald Bay, it said.

The company remains bullish on the project amid the ongoing COVID-19 pandemic, which results in limited mobility due to containment efforts of the government. The virus has infected 72,269 and killed 1,843 in the Philippines as of Wednesday.

Shares in PH Resorts at the stock exchange gained seven centavos or 3.06% to P2.36 each on Thursday. — Denise A. Valdez

Kim Kardashian asks for compassion as Kanye West struggles with bipolar disorder

LOS ANGELES — Kim Kardashian on Wednesday asked for compassion and empathy for her rapper husband Kanye West’s struggles with bipolar disorder that have led to a series of rambling public remarks on subjects ranging from politics to his marriage.

Kardashian’s statement on her Instagram stories account was her first public comment on weeks of interviews, public appearances and Twitter comments by West that have raised concern about the Grammy-winning singer’s mental health.

“As many of you know, Kanye has bipolar disorder,” she wrote, calling him a “brilliant but complicated person.”

Kardashian did not mention West’s stated plan to run for the White House in the November 2020 election. West held a rally in South Carolina at the weekend under his self-styled Birthday Party banner but has not outlined any coherent political policies.

“Those who are close with Kanye know his heart and understand his words sometimes do not align with his intentions,” Kardashian wrote.

Kardashian’s comments followed another late-night series of tweets from West, including one where he said he was trying to divorce Kardashian. His tweet was swiftly deleted. The couple married in 2014 and have four children.

Earlier this week West tweeted that his family was trying to get him committed to a psychiatric institution.

West announced he had bipolar disorder in 2018 and has in the past lamented that he feels medication stifles his creativity. He was hospitalized for psychiatric treatment in 2016.

Bipolar disorder is a form of mental illness characterized by unusual mood swings between extreme energy and activity and depression, according to the National Institute of Mental Health. It can be treated with a combination of medication and therapy.

Kardashian, a cosmetics businesswoman who first found fame on the TV reality show Keeping Up With the Kardashians, said she and her family were trying to get help for West, and spoke about the stigma and misunderstandings around mental health.

“Those that understand mental illness or even compulsive behavior know that the family is powerless unless the member is a minor,” she said.

She said individuals themselves have to engage in the process of getting help, no matter how hard family and friends try.

“I kindly ask that the media and public give us the compassion and empathy that is needed so that we can get through this,” she added. — Reuters

SEC extends deadline for filing corporate annual reports anew

THE Securities and Exchange Commission (SEC) is extending the deadline for submission of Integrated Annual Corporate Governance Reports (I-ACGRs) for another month due to the continuing effects of the coronavirus pandemic.

In a July 22 notice on its website, the regulator said it is allowing publicly listed companies to submit their I-ACGRs until Sept. 1, a month later than the originally adjusted deadline on July 30.

The extension will automatically apply without submitting a request with the SEC. But companies that choose to submit their I-ACGRs on or before July 30 will still be allowed to do so.

Originally, companies listed at the Philippine Stock Exchange are required to submit their I-ACGRs with the SEC every May 30 of each year.

But in April, the SEC extended the deadline to July 30 due to the impact of the coronavirus pandemic to business operations.

Aside from the I-ACGR, the SEC has moved several deadlines for other reportorial requirements over the past months to give leeway to companies that are struggling from the effects of the pandemic.

Among these is the deadline for submission of 2019 annual reports and audited financial statements, which was moved to June 30. The submission of annual financial statements and general information sheets is also allowed until August.

At the moment, the SEC is accepting submission of reports through e-mail, for soft copy, and courier, for hard copy, to prevent the spread of the coronavirus among its personnel. — Denise A. Valdez