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Wilcon Depot income soars by 84% on increased sales

WILCON Depot, Inc. on Thursday said its first-quarter net income grew by 84% to P604.41 million from P276 million a year ago after sales bumped up by 19.4%.

“We’re happy with our first-quarter results and that we were able to achieve this despite the challenges brought about by the recent spike in COVID-19 (coronavirus disease 2019) cases and the reimposition of the ECQ (enhanced community quarantine) in Metro Manila and nearby provinces,” Lorraine Belo-Cincochan, president and chief executive officer at Wilcon, said in a statement posted on the exchange.

The listed home and construction supply retailer said all of its branches remained open even as Metro Manila was put under strict lockdown, but had shorter operating hours due to the imposed curfew hours.

Topline sales rose to P6.68 billion from P5.59 billion, with comparable sales improving by eight percent on the back of sales in Luzon stores.

Wilcon said shops in depot format contributed 97.2% to the total net sales. Depot format stores generated P6.49 billion in the first quarter.

Its Home Essentials segment accounted for 2.1% or P140 million of Wilcon’s total sales. Meanwhile, the Project segment made up for the 0.7% balance, contributing P48 million.

Gross profit grew 28.1% to P2.42 billion from P1.89 billion in the first quarter of 2020.

Operating expenses totaled P1.56 billion, an 8.3% increase from P1.43 billion as the company carried on with its expansion plans.

Wilcon said most of its P595-million capital expenditure for the quarter was spent in putting up new stores and warehouses. It is eyeing to open seven more stores in addition to the two launched in January.

“We now have 65 stores, fulfilling our IPO commitment ahead of schedule. Moving forward, we have placed adequate flexibility in our expansion plans, should market conditions warrant a shift — either it be a pause or an acceleration,” Ms. Belo-Cincochan said.

Year on year, EBITDA (earnings before interest, taxes, depreciation, and amortization) improved by 75.6% to P1.03 billion from P587 million.

On Thursday, Wilcon shares at the local bourse went down by 0.34% or six centavos to close at P17.50 apiece. — Keren Concepcion G. Valmonte

China Bank net profit up 61%

CHINA BANKING Corp. saw its net profit surge by 61% to P3.6 billion in the first quarter, buoyed by the strong growth in its core business, the bank told the stock exchange on Thursday.

China Bank said its net income grew from the P2.2 billion profit it booked in the same period of 2020 on the back of strong net interest revenues and buffers and as it kept its expenses minimal.

Its net profit in the first quarter translated to a return on equity of 13.4%, up from 9.2% last year, and a return on assets of 1.4%, also higher than 2020’s 0.9%.

“Amid the economic downturn due to the pandemic, China Bank continued to post strong growth in its core businesses, to provide higher pandemic-related buffers, to absorb the one-time impact of the CREATE (Corporate Recovery and Tax Incentives for Enterprises Act) law on deferred tax assets, and to keep the growth of operating expenses moderate despite adjusting priorities for pandemic-related expenses,” it said in a statement.

The bank’s net interest income grew by 16% to P9.2 billion in the first quarter from P7.9 billion in the same period the year prior, mainly because of the 52% drop in interest expense. It posted a net interest margin of 4.2%, higher than the year-ago level of 3.8%.

Its income from fees and other charges tripled to P3.6 billion in the first three months of 2021 from P1.2 billion a year ago on the back of strong gains from trading and securities.

Meanwhile, China Bank posted P12.7 billion in net revenues last quarter, up 40% from P9.1 billion in the first three months of 2020.

Operating expenses rose 6% to P6.2 billion. Its cost-to-income ratio was at 49%, down from 64% in the same quarter last year.

China Bank said its gross loan portfolio shrank by 3% to P572 billion from P592 billion a year ago due to weak demand for credit.

Despite the drop in credit, its nonperforming loan (NPL) ratio went up to 3.8% at end-March from 1.7% the year before. It continued to ramp up its loan loss provisions to P2.2 billion from P412 million last year. Consolidated NPL coverage was at 86%, with a corresponding NPL coverage ratio of 100% for the parent bank.

On the funding side, China Bank saw its total deposits inch up by 4% to P817 billion in the first quarter, with its current and savings account (CASA) deposits jumping 23% year on year to P505 billion, resulting in a higher CASA ratio of 62% from 52% last year.  Time deposits, however, went down 17% to P311 billion.

China Bank said its total equity rose by 12% from a year ago to P109 billion, with its common equity Tier 1 ratio at 14.53% in the first quarter, up from 12.14% a year ago, while its capital adequacy ratio rose 15.43% from 13.02%.

Its assets stood at P1.003 trillion as of March, growing by 2% from the P984 billion recorded at end-March 2020.

“We will further strengthen our liquidity position, maintain adequate capital, and enhance credit risk management while working with our customers who are severely impacted by the pandemic,” China Bank Chief Finance Officer Patrick D. Cheng was quoted as saying.

Shares in China Bank went up by 1.69% or 40 centavos to close at P24 apiece on Thursday. — B.M. Laforga

Sneakers from Michael Jordan’s rookie season up for sale at Sotheby’s

MICHAEL JORDAN game worn 1985 player sample Air Jordan 1s — SOTHEBYS.COM

GENEVA — A pair of red sneakers worn by NBA champion Michael Jordan in 1984-85, at the start of his Chicago Bulls career, is expected to fetch over $100,000 and possibly much higher at an online auction next month, Sotheby’s said on Wednesday.

The auction house has estimated the red and white “Air Jordan 1” sneakers at 100,000-150,000 Swiss francs ($110,000-$164,000). Another pair, identical but bearing Mr. Jordan’s autograph, was sold for $560,000 at an auction last year.

“They are obviously a pair of iconic design and something that really collectors focus on as one of the (Holy) Grails and one of the ‘must-have’ pieces,” said Josh Pullan, managing director of Sotheby’s global luxury division. “We hope we see them fly,” he told Reuters.

Billed “Gamers Only,” the sale will be the first Swiss auction devoted to sneakers. Mr. Jordan’s shoes are the star lot among 13 pairs from former NBA stars including Kareem Abdul-Jabbar, Patrick Ewing, Stephen Curry, and Scottie Pippen.

Mr. Jordan’s shoes, of which one is a size 13 and the other 13.5, were designed by Nike’s creative director Peter Moore, Sotheby’s said. — Reuters

Meralco extends ‘no-disconnection’ policy until mid-May

BW FILE PHOTO

MANILA Electric Co. (Meralco) said on Thursday that it is stretching its “no-disconnection” policy in its franchise area until May 14 after the government’s decision to extend the second strictest lockdown level in the capital and nearby areas.

“We hope this additional extension will help ease the burden of our customers, while providing the necessary relief and additional time for them to settle their bills,” Meralco First Vice-President and Chief Commercial Officer Ferdinand O. Geluz said in a media release.

“Given the current situation and the extended MECQ (modified enhanced community quarantine), we continue to take into consideration the challenges our customers are facing amid these difficult times,” he added.

Mr. Geluz said that business operations, including meter reading and bill delivery services, will continue throughout the period.

He assured the distribution utility will strictly implement health protocols for the safety of its workers and customers.

While the firm’s billing centers will remain open during business hours, Meralco encouraged customers to reach out on its social media pages and through its hotline first “as a precaution to the rising coronavirus disease 2019 (COVID-19) cases.”

Mr. Geluz added that Meralco crews will be on standby to respond to any emergencies.

The development comes shortly after President Rodrigo R. Duterte extended the modified enhanced community quarantine in Metro Manila and the provinces of Bulacan, Rizal, Laguna, and Cavite in a bid to contain the new surge of COVID-19 infections.

Two weeks ago, Meralco extended its no-disconnection policy until the end of April after the government placed the National Capital Region and nearby areas under MECQ.

Shares of Meralco in the local bourse improved by 1.7% or P4.60 to close at P275.80 apiece on Thursday.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., which has interest in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang

Digital payments continue to surge

FREEPIK

THE COUNTRY continues to see growth in digital payments a year into the pandemic crisis, and this could gain more momentum amid government initiatives, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

“In March this year, the combined volume and value of PESONet and InstaPay fund transfers reached 39 million and P552.3 billion, respectively,” Mr. Diokno said in a virtual briefing on Thursday.

“Volume increased by 369% and value by 184% compared to figures posted in March 2020, or a year since the pandemic’s outbreak,” he added.

Under the National Retail Payment System of the BSP, PESONet is the electronic fund transfer service that handles batch fund transfers for amounts beyond 50,000 which is credited to the receiver’s end by the end of a banking day. Meanwhile, InstaPay is its retail counterpart which facilitates payments lower than P50,000 that can be transferred in real time.

Mr. Diokno said there are 77 banks and e-money issuers that coursed transactions through PESONet and 52 via InstaPay as of end-March.

The EGov Pay facility where consumers can settle payments to government institutions and agencies also saw a surge in both volume (1,775%) and value (6,603%) at the end of the first quarter from a year earlier, he added.

The BSP chief expects digital transactions to continue rising this year on the back of several initiatives on the way, including multiple settlements for the PESONet, which is expected to be rolled out by the fourth quarter.

“With more batch settlements in a day, end-users will have greater flexibility and convenience in making payments,” he said.

The central bank is also working to launch by the third quarter an interoperable bills payment facility, which will facilitate transactions related to utility, rent, loan amortizations and other periodic or recurring financial obligations.

This facility will be available “even if if the transaction accounts of the customer and the biller are maintained in different payment service providers”, Mr. Diokno said.

Meanwhile, a request to pay facility is expected to be ready by the fourth quarter, which would allow payees to remind their payors about collections of non-recurring receivables.

“Payors will find it easier to make payment since they need not initiate the payment and provide several details such as a payee’s account details and amount to be settled,” Mr. Diokno said.

The central bank targets to make the country cash-lite by 2023, where e-payments make up 50% of total transactions, both in terms of volume and value. — L.W.T. Noble

Retiree cash package of P20,000 due to be disbursed next month

THE Employees’ Compensation Commission (ECC) said it will start disbursing its one-time P20,000 cash package for retirees starting next month.

In a briefing Thursday, ECC Executive Director Stella Zipagan-Banawis said the one-time cash aid will be automatically released along with the retirees’ regular pensions. She said pensioners do not have to apply for the P20,000 assistance by going to the Social Security System or the Government Service Insurance System.

“Mag-uumpisa ito mari-release itong Mayo. Meron naman pong schedule ang ating mga pensioners halimbawa tulad ng mga private pensioners kung kailan mare-receive ang pension nila kasama ng P20,000 doon (We will start releasing in May. The pensioners will have a schedule — in the case of private-sector pensioners, they will get the P20,000 along with their regular pensions),” she said.

Ms. Zipagan-Banawis said 20,000 private-sector pensioners and 12,000 public-sector retirees will benefit from the package.

President Rodrigo R. Duterte ordered the packages to be drawn up while appearing on television earlier this month. The release is authorized by Administrative Order No. 39 and covers EC pensioners classified as permanently partially disabled, permanently totally disabled, or are survivors of a person eligible for a pension.

The ECC said it hopes to fully release the package within two or three months. The assistance will cover all EC pensioners who have received at least one form of pension assistance between January 2020 and May 2021. — Gillian M. Cortez

Spotify launches podcast subscription platform to challenge Apple

STOCKHOLM — Spotify launched on Tuesday a paid subscription platform for podcasters in the United States and plans to expand in other regions in the coming months, a week after Apple unveiled a similar service.

A podcaster could mark episodes as subscriber-only and publish them on Spotify and other podcast listening platforms, the company said in a statement.

Spotify, the world’s most popular paid music streaming service, said it won’t take a commission from podcast creators’ subscriber revenue for the next two years, and planned to charge a 5% fee starting in 2023. Online stores such as Apple’s app store usually charge developers a fee for purchases made on their platforms.

Spotify filed a complaint two years ago with European Union regulators saying that the fees Apple charges for taking payments through the store had made it unfairly difficult for rivals to compete for music subscribers.

Apple competes with Spotify for music streaming and earlier this month unveiled a subscription platform that will cost $19.99 per month and will provide creators the tools they need to offer podcast subscriptions.

Spotify has selected 12 independent podcasters to publish subscriber-only bonus content in their existing podcast feeds, and the company will also expand the programme to more creators over the coming months.

National Public Radio (NPR) will publish five ad-free shows for paid subscribers from May 4, including How I Built This with Guy Raz and Planet Money. — Reuters

Entertainment News (04/30/21)

Pop Talk gets new timeslot starting May 1

THE REVIEW show Pop Talk moves to a new time slot, airing every Saturday, 9:50 p.m., on GTV beginning May 1. For the past 10 years, Pop Talk’s host Tonipet Gaba has toured the country in search of the restaurants, resorts, places, and experiences to try out and review. Kicking off its new time slot this Saturday, Mr. Gaba will take viewers on a retrospective tour of some of the best places and destinations that the program has visited from Luzon, Visayas, and Mindanao. Joining him are special guests The Lost Recipe stars Mikee Quintos and Kelvin Miranda, who have also recently rediscovered the charms of Old Manila. Actress Katrina Halili, on the other hand, gives viewers a virtual tour of the timeless beauty of her home province, Palawan. Viewers abroad can catch Pop Talk via GMA Life TV.

Rock band Polymerase releases EP

AFTER being inactive for several years, independent band Polymerase released an EP, Unostentatious, on March 20 via bandcamp.com. Polymerase started in 2014 in Quezon City, with brothers Vincent and VN Jose but became inactive until the pandemic in 2020, when both brothers thought of resurrecting it. It was only after Vincent Jose, (guitars/bass) posted a sample on Facebook that the group’s drummer, Francis Ilagan, put on the tracks for drums. The sound they constructed ranges from psychedelic-doom, to sludge, space rock, stoner metal, and everything in between. The demo can be streamed and downloaded at polymerase.bandcamp.com and can be checked on the group’s Facebook page. The band is planning to release another album by the end of the year.

PascualLove online concert

IN CELEBRATION of its 75th anniversary, pharmaceutical company Pascual Laboratories presents the PascualLove: From Our Family To Yours, the Digital Concert which will stream online on April 30, 7 p.m. It will feature performances from Rivermaya and Music Hero. The digital concert will be streamed via the WISH FM 105.7 YouTube Channel (https://www.youtube.com/user/WishFM1075official/featured).

H.E.R. releases new single

AFTER bagging Song of the Year at the 63rd Grammy Awards and Best Original Song at the 93rd Academy Awards, H.E.R. returns with a brand new single “Come Through,” featuring multi-platinum, Grammy Award winner Chris Brown. Written by H.E.R., Chris Brown, Cardiak, and Tiara Thomas, and produced by Cardiak, the R&B track will be part of H.E.R.’s new album, Back Of My Mind — to be released this summer via MBK Entertainment/RCA Records. “Come Through” (featuring Chris Brown) is available to stream on Spotify.

Move to Heaven, Ghost Lab on Netflix

COMING soon to Netflix is the show Move to Heaven which follows a young man with Asperger’s syndrome and his guardian who end up working as trauma cleaners — people who deal with the items left behind by the newly deceased. Move to Heaven is based on the nonfiction essay “Things Left Behind” written by Kim Sae-byul. Director Kim Sung-ho of How to Steal a Dog and writer Yoon Ji-ryun of Angel Eyes team up to present diverse stories left behind by the deceased, told from the perspective of Geu-ru who has Asperger syndrome. Move to Heaven will be released on May 14 on Netflix. An upcoming film on Netflix is Ghost Lab, a thriller about supernatural experiments that cross the boundaries between life and death. Directed by Paween Purijitpanya, it stars “Tor” Thanapob Leeratanakachorn, “Ice” Paris Intarakomalyasut and “Nychaa” Nuttanicha Dungwattanawanich. The film is produced by GDH, a film studio subsidiary to the Thai entertainment conglomerate GMM Grammy. Ghost Lab is GDH’s first title to be exclusively available on Netflix. It is also the first locally produced Thai title in Dolby Vision. It premieres on May 26.

GMA Network ‘pUSo together this Summer’ campaign

GMA Network’s latest campaign, “pUSo Together this Summer,” reminds everyone that despite the challenging times, we can pull through as long as we’re united. With a colorful background that reminds viewers of fun under the sun, “pUSo Together this Summer” features some of the network’s programs. The summer campaign jingle, “pUSo Together this Summer,” composed by Natasha Correos, with lyrics from Jann Fayel Lopez, is sung by The Clash Season 2 Grand Champion Jeremiah Tiangco. Watch “pUSo together this Summer” on GMA Network’s official website www.gmanetwork.com or on the GMA Network YouTube channel.

AllHome opens third Visayas branch in Bacolod City

VILLAR-LED AllHome Corp. launched its third Visayas branch situated in Bacolod City, which is also the company’s 53rd store in the country.

“As the center of communication and trade in Negros Occidental, Bacolod is an ideal location for AllHome’s newest branch. After establishing AllHome’s footprint in Cebu and Iloilo, we are looking forward to building a solid customer base in Bacolod,” Camille A. Villar, vice-chairman of AllHome, said in a statement on Thursday.

AllHome Bacolod is housed at GM Cordova Ave-Buri Road, Honorato Manalo St., Barangay Mandalagan, Bacolod City.

“By aggressively pursuing expansion, we are hopeful that it will give the country’s economy a much-needed push towards progress,” AllHome Chairman Manuel B. Villar, Jr. said.

The store caters to contractors, architects, interior designers, and home owners through its homebuilding products through what it calls its “modern-day home depot.”

“We continue to enhance our physical presence in order to cater to more design professionals and home owners across the Visayas region,” Ms. Villar said.

AllHome has a “Park and Shop” concept to allow customers to go straight to AllHome without going through the mall.

Personal shopper service is also available, which may be accessed through the company’s Viber community and it also has an online shopping store for its customers’ convenience.

“AllHome remains upbeat as we enter another year in this challenging time,” Mr. Villar said.

Shares of AllHome at the local bourse grew by 2.9% to close at P8.15 each from P7.92. — Keren Concepcion G. Valmonte

PruLife to focus on protection products as pandemic continues

PRULIFEUK.COM.PH

PRULIFE UK’s focus on selling protection products rather than investment-linked offerings helped the insurer improve its standing in the industry last year and made it “weather-proof”, its president and chief executive officer Antonio G. de Rosas said in an online briefing on Thursday.

“We wanted this company to be weather-proof. Savings and investment products do well only when markets do well, but protection products do well whether markets do well or not,” Mr. De Rosas said.

The insurer’s new business annual premium equivalent (NBAPE) rose 3.7% to P7.95 billion in 2020 from a year earlier, making it the top among local players in the category. The NBAPE measures the value of regular premiums from sold products and 10% of one-time premiums written for a given year.

Mr. de Rosas said they also focused on their own agency as most banks already have their own partnerships with insurance firms.

“First thing we did was we fixed our agency structure and compensation system so that agents will be encouraged to perform and moreover be promoted,” he said.

Moving forward, Mr. de Rosas said he continues to see opportunity for growth as the country’s insurance market remains untapped. He said their digital investments could help them reach their goals.

“Because of our geographical nature, a lot of people who can be insured are in remote islands and it will be hard to access them through sales agents, that is why we are investing a lot in technology,” he said.

Mr. de Rosas added that they are exploring bringing down the cost of premiums to make them affordable.

“Right now, it’s only the middle class who can afford this product and we’d like to democratize that and even offer products which are “sachet” in nature so that they can reach even those who are actually in the Class D and Class E markets,” he said.

Pru Life recorded the third highest net premiums worth P30.98 billion in the life insurance industry in 2020. It was fourth in terms of assets with P117 billion. — LWTN

ILO calls for greater investment in workplace safety, health

THE International Labor Organization (ILO) called for greater investment in occupational safety and health (OSH) infrastructure in their national crisis management preparations.

In a statement Wednesday, ILO Director-General Guy Ryder said, “There could be no clearer demonstration of the importance of a strong, resilient, occupational safety and health environment. Recovery and prevention will require better national policies, institutional and regulatory frameworks, properly integrated into crisis response frameworks.”

The ILO detailed the need for economies to prepare workplaces for future health emergencies and pandemics in a report, Anticipate, prepare and respond to crises. Invest now in resilient OSH systems.

The report noted that COVID-19 has touched all aspects of work globally, and that building on OSH initiatives will protect workers and economies from unforeseen large-scale emergencies similar to the pandemic.

“Acknowledging that robust national OSH systems are key to safeguarding lives and livelihoods, it is vital to ensure that they are well-resourced to better absorb the impacts of any challenges head on, and to bolster public and private institutions,” according to the report.

The ILO also said social dialogue is important in improving OSH conditions, adding that all protocols imposed should be acceptable to both management and employees. — Gillian M. Cortez

MacroAsia unit secures nod on deeds of assignment for mineral agreements

MACROASIA Corp. said its mining subsidiary secured the government’s approval on the deeds of assignment for two mineral production sharing agreements (MPSAs).

The listed company said in a regulatory filing on Thursday that its subsidiary MacroAsia Mining Corp. (MMC) received an order from the Department of Environment and Natural Resources (DENR) that approved the deeds of assignment for its MPSAs.

“MPSA Nos. 22-2005-IVB and 221-2005-IVB shall now be recorded in the name of MMC,” the company said in the regulatory filing.

According to MacroAsia, the MPSAs award the exclusive rights to explore, develop, and commercially utilize nickel, chromite, iron, and other associated mineral deposits within the contract area in Palawan.

“On Dec. 1, 2005, the DENR and MacroAsia executed MPSA Nos. 220-2005-IVB and 221-2005-IVB covering the 1,113.98 and 410 hectares, respectively, situated in Brooke’s Point, Palawan,” the company said.

“On June 7, 2019, MacroAsia executed deeds of assignment in favor of its wholly-owned subsidiary, MMC, wherein MacroAsia assigned to the latter, all its rights and interests under the MPSAs as mentioned. These deeds of assignments were submitted for approval of the DENR as required by law,” it added.

On Thursday, shares of MacroAsia at the stock exchange rose 2.36% or 11 centavos to finish at P4.78 apiece. — Revin Mikhael D. Ochave

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