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Manila Water subsidiary closes drinking water division

THE PURIFIED drinking water business unit of Manila Water Total Solutions Corp. (MWTS), a subsidiary of Manila Water Co., Inc., will be permanently closed on Oct. 31.

In a stock exchange disclosure on Wednesday, Ayala-led Manila Water said MWTS’ Healthy Family Business Division will close due to recurring losses and the inability to financially sustain its business operations.

“While the Healthy Family Business Division has in recent years made strong efforts to improve operations and profitability, the ever-increasing competition in the bottled water industry and the recent economic challenges have proved too difficult to cope and keep the business afloat,” Manila Water said.

The Healthy Family brand was launched in 2015 and ventured in the business of providing purified drinking water to customers.

MWTS will continue its operations based on its main purpose of engaging in water, wastewater and environmental services, Manila Water said.

In a separate disclosure, Manila Water said it has received a copy of the decision by the Philippine Competition Commission (PCC) regarding the proposal of Razon-led Trident Water Co. Holdings, Inc. to acquire shares in the company.

The water concessionaire said the PCC decided that the proposed acquisition of Trident Water will not result in the ‘substantial lessening’ of competition.

“The Commission resolved to take no further action with respect to the proposed transaction between Trident Water and Manila Water,” the disclosure said.

On Tuesday, PCC approved the move of Trident Water to acquire 51% voting interest in Manila Water.

Trident Water, a subsidiary of Prime Metroline Infrastructure Holdings, Inc., will secure the controlling stake after a subscription of 820 million common shares from the unissued capital stock of Manila Water.

On Wednesday, shares of Manila Water at the stock exchange rose 6.66% or P0.88 to close at P14.10 per share. — Revin Mikhael D. Ochave

Apple defeats Epic’s effort to restore Fortnite on App Store

APPLE, INC. was spared from having to immediately reinstate Epic Games, Inc.’s Fortnite on its App Store, an early court victory for the iPhone maker in an intensifying battle over the tolls charged to app makers.

But US District Judge Yvonne Gonzalez Rogers’s ruling late Monday wasn’t a total loss for Epic, as she granted the company’s request for a temporary order blocking Apple from limiting the game developer’s ability to provide Unreal Engine, key graphics technology, for other apps.

The mixed ruling comes as Apple faces a backlash from some app developers who say its standard App Store fee of 30% and others policies are unfair and designed to benefit the iPhone maker’s own services. The fight blew up Aug. 13 when Epic told customers it would begin offering a discounted direct purchase plan for items in Fortnite, and Apple then removed the game app, cutting off access for more than a billion iPhone and iPad customers.

Apple said the judge’s ruling recognizes that Epic’s problem is “entirely self-inflicted.”

“Our very first priority is making sure App Store users have a great experience in a safe and trusted environment, including iPhone users who play Fortnite and who are looking forward to the game’s next season,” the company said in a statement. “We agree with Judge Gonzalez-Rogers that ‘the sensible way to proceed’ is for Epic to comply with the App Store guidelines and continue to operate while the case proceeds.”

Epic didn’t respond to a request for comment.

Ms. Rogers said at a hearing Monday that the case isn’t a “slam dunk” for either side and cautioned that her temporary restraining order won’t dictate the final outcome of the litigation. She set a Sept. 28 hearing on Epic’s request for a preliminary injunction.

Epic breached its agreements with Apple by trying to make money on Fortnite purchases while accessing Apple’s platform for free, but didn’t breach any contracts related to Unreal Engine and developer tools, Ms. Rogers ruled.

By limiting Unreal Engine, “Apple has chosen to act severely,” hurting third-party developers who use Epic’s technology platform, Ms. Rogers said.

“Epic Games and Apple are at liberty to litigate against each other, but their dispute should not create havoc to bystanders,” she wrote.

Epic’s Unreal Engine is a suite of software used by developers to build 3-D games and other products. Cutting off Epic from Apple’s iOS and Mac developer tools would mean the gaming company can no longer distribute Unreal Engine to other developers, Epic said on Sunday in a legal filing. Microsoft Corp., which makes the Xbox, uses the technology for games developed for consoles, PCs and mobile devices, and is backing Epic in court.

Apple has said that Epic Chief Executive Officer Tim Sweeney sought a “side” deal seeking an exclusive storefront for Fortnite, a move that Apple executives argued would fundamentally upend how the App Store works. Mr. Sweeney maintains he wasn’t asking for special treatment but for Apple to make the same option available to all developers.

Of the 2.2 million apps available on the App Store, the 30% fee is billed to more than 350,000. Apple reduces the fee to 15% after a consumer uses a subscription for more than a year.

The case is Epic Games, Inc. v. Apple, Inc., 20-cv-05640, US District Court, Northern District of California (Oakland). — Bloomberg

Social media, insulated bags, and seeking help

Seasoned online food entrepreneurs give advice on how to move online

WITH more people spending time at home, many have parlayed both their time and ability into cooking -— and some of them have even translated that into a new career. San Miguel’s Home Foodie held a webinar last week with two seasoned online food entrepreneurs to help budding businesses get up on their feet.

Joseph John Viel (otherwise known as JJ) is known as a chef for the former Cucina Rusticana. His restaurant closed prior to the pandemic, but even before quarantine had been imposed he had already shifted to online food deliveries, as well as having food kiosks and joining Sunday bazaars. “I decided to pour my whole attention to the home-based business instead,” he said, after the quarantines affected the later businesses. “It started after I was done with my restaurant,” he said about his online business, Commissario by Chef Joseph Viel. After he had closed, a lot of his old customers asked if they could still buy food from him.

Another webinar speaker, Dave Cervantes, had worked in several restaurants and kitchens, and had his own online business, Tickle Tongue Pastries. Busy with his career, Tickle Tongue went into a bit of a hiatus, but after the pandemic struck, he decided to resurrect the online pastry shop with a new name, 22 Grams Patisserie.

While Mr. Cervantes is known for his cookies (especially one made with bananas and chocolate), Mr. Viel is known for his traditional Italian dishes, an influence from his Italian heritage. On his menu are Osso Buco, Chicken Parmigiana, a Cerveza Negra Beef Roast, and for dessert, a Mango Cream Pie.

The pair talked about the shift to online and deliveries: for example, ordering from Mr. Cervantes means setting a preferred date. The products are baked on the dawn of the date provided by the customers to ensure freshness. The system also allows him to only make the exact amount, so little or none of the products are wasted. On consistency, he says “there’s always a recipe that we follow to make it consistent.”

As for Mr. Viel, he changed his menu to make the items more travel-worthy. “Some items I totally removed, because I did not want to compromise the quality at all,” he said. For others, he just changed the packaging to protect the food’s freshness and temperature, but it also helps that he makes sure that the riders he hires for deliveries have insulated boxes to maintain the quality.

Social media has been instrumental to Mr. Viel’s success. “Thanks to social media, between Instagram and Facebook — and for those who may not know, I’m also on TikTok.  It really helped boost the brand. It kind of won the hearts of people.”

“I wouldn’t say sensation,” he replied when he was called a TikTok sensation by a webinar host. “But sure, if you want to call me that.” His TikTok is known for videos with his cat, his fitness journey, and his one-minute recipe videos.

“Do not get discouraged in the beginning,” he said of using social media. “I’ll tell you right now there’s a huge possibility that not many people will really bother to try your product. Keep pushing, keep promoting. The moment you start garnering followers, use the power of testimonials.” Customers usually thank him for their orders, and he asks if he could post compliments by customers on his food. “That’s more or less the way to capture your crowd,” he said, comparing online testimonials to how word-of-mouth reviews used to boost restaurants.

“You want to find a good balance between making a good profit and still catering to those who would still want to spend for your product,” said Mr. Viel, giving advice about starting your own business. “The problem with other online sellers, in my humble opinion, is it tends to be too expensive.” He also says that due to safety concerns, restaurants should prioritize takeouts and cut costs where they can — like for rent.

“Don’t be afraid to seek help,” was Mr. Cervantes’ advice. “Don’t be afraid to start, especially right now… We have to focus on what we do, and if we’re focused, then eventually, we’ll be able to create efficient and effective procedures to start our business.”

To order from Mr. Viel, follow his store on Instagram and Facebook @commissarioph. As for Mr. Cervantes, his cookies and cakes are available on Facebook @22gramspatisserie, and on Instagram @22grams.mnl. — Joseph L. Garcia

San Miguel river dredging resumes

THE P1-BILLION dredging project of San Miguel Corp. (SMC) in the Tullahan-Tinajeros river system has removed 2,150 truckloads of silt and garbage after resuming operations in June.

SMC President and Chief Operating Officer Ramon S. Ang said that around 20,000 cubic meters of silt and garbage had been extracted from the river system as of Aug. 25.

“The company has been removing 600 tons of solid waste on a daily basis that go to disposal sites designated and approved by the Department of Environment and Natural Resources (DENR),” he said.

The dredging project, launched in February this year in partnership with the DENR, is part of SMC’s plan to solve flooding in Bulacan and parts of Central Luzon.

“We’re just starting with phase one of the project, covering a 5.25-kilometer stretch of river system from Navotas to Malabon City. We have a long way to go, but we are fully committed to this long-term project that will benefit so many people and our environment,” Mr. Ang said.

He said the bigger objective of the dredging project is to solve flooding problems in low-lying provinces such as Bulacan, where SMC plans to construct a new international airport. He said the dredging activities in Tullahan-Tinajeros play a major part in the plan.

“The dredging will clean up and deepen the river system, increasing its capacity to handle heavy rains and allowing for floodwaters to flow more freely and drain into Manila Bay,” Mr. Ang said.

He said Tullahan River is a spillway for water flowing from Angat and Ipo dams heading to Manila Bay, thus the need to maintain its depth.

“Based on studies by the Department of Public Works and Highways (DPWH), we will need to deepen the river by five meters. Some parts have gone to as low as one to two meters. The accumulation of silt and trash that has caused this is also the primary reason for the heavy incidence of floods in the low-lying areas beside the river, including Bulacan province,” Mr. Ang said.

Meanwhile, he said the airport project and its flood mitigation component would serve as a long-term solution to the flooding issues affecting Bulacan, amid claims from some sectors that the construction will only worsen the flooding situation.

“It will not make sense for us to build an airport here if we do not address these issues. We will do everything to ensure this huge investment in our country will benefit millions of Filipinos and the country for many generations,” Mr. Ang said. — Revin Mikhael D. Ochave

CloudCfo optimistic on growth despite pandemic

By Arjay L. Balinbin, Senior Reporter

THE RESILIENCE of Philippine startups and small and medium enterprises (SMEs) amid the pandemic crisis is keeping CloudCfo, Inc., an outsourced accounting and finance service provider, optimistic about ending the year with positive growth.

“We have been encouraged by the resilience that so many startups and SMEs have shown here in the Philippines in the face of the pandemic. While many businesses have had to rethink their business models and transition to survival mode during this pandemic, companies are finding ways to adapt and become more flexible,” CloudCfo Founder and Chief Executive Officer Mickael Cardoso Das Neves told BusinessWorld in an e-mail interview on Aug. 24.

“Since March, we have had to revise our budget and targets several times as the entire economy responds and attempts to adapt to the pandemic. We still aim to end the year with double-digit growth versus 2019, yet we will remain cautious until things become a bit more certain,” he added.

CloudCfo currently services over 100 Philippine-based companies. It offers outsourced finance services, including accounting, bookkeeping, tax compliance, financial reporting, payroll, budgeting, financial forecasts, catch-up accounting, strategic financial advisory and virtual CFO services.

Mr. Cardoso said uncertainty is a major challenge for the company this year, but it will continue with its growth plans, including recruiting top talents as they are the main drivers of the service company.

“We must plan for growth well in advance to ensure we have the right team in place to meet anticipated demand,” he added.

SEAF Women’s Opportunity Fund recently invested in CloudCfo as it saw great potential in the company, SEAF Investment Director Rowena Reyes said in a statement.

“SEAF’s partnership with CloudCfo will support the development of its proprietary technology and the expansion of its presence in the Philippines to accommodate its growing work force,” she added.

CloudCfo said it plans to use the investment “to grow faster across three key business areas: investment in technology, further development of their in-house expertise and staff as well as the expansion of its services within the market.”

Mr. Cardoso noted the pandemic has shown the benefits of technology for accounting.

“In the midst of alternative working arrangements and internal restructurings, businesses have been leveraging cloud accounting solutions to minimize disruption and maintain oversight and management across their accounting, finance and compliance functions. We expect this trend to continue as more and more businesses transition to digital,” he said.

West Wing cast reuniting to boost turnout for US elections

LOS ANGELES – The cast of television’s award-winning political drama The West Wing are getting back together for a special to promote voting in November’s US elections.

Martin Sheen – a political activist in real life who played the liberal-leaning US President Jed Bartlet on the NBC show – will reunite with his fictional White House staffers, portrayed by Bradley Whitford, Allison Janney, Rob Lowe, Dule Hill, Janel Maloney and Richard Schiff, HBO Max said on Tuesday.

The one-off special will include new material by creator Aaron Sorkin and will air on streaming platform HBO Max ahead of the Nov. 3 elections to raise awareness of the nonprofit When We All Vote group co-chaired by former first lady Michelle Obama.

“This was a way to use us getting back together to make a statement about getting people out to vote,” Whitford told NBC’s Today show as he announced the reunion.

“The farther we get away from that show, I think I speak for everybody in the cast, the luckier we feel to have been able to be a part of a show that was such an amazing creative experience, and most importantly to me, celebrated a non-cynical vision of public service,” Whitford added.

The West Wing ended its seven-year run in 2006 after winning more than 20 Emmy Awards.

The special will feature a staged performance of an episode from the third season titled “Hartsfield’s Landing,” in which Bartlet plays chess with his close aides while awaiting the results of a state primary election.

The episode will be shot in Los Angeles in early October under social distancing and other coronavirus safety guidelines now being adopted by the film and television industry. — Reuters

PBEd, Globe team up on youth skill training

THE Philippine Business for Education (PBEd) is teaming up with Globe Telecom, Inc. in providing communications support for youth trainees under its jobs training program.

In a statement on Wednesday, PBEd said it had forged a partnership with Globe, which will provide P600,000 worth of SIM cards and load allowance to 600 trainees under the nonprofit group’s workforce development project YouthWorks PH.

The trainees are part of the pilot run of YouthWork’s flexible training for work program that hones the job readiness skills of out-of-school youth. 

Besides providing more than a half a million worth of communication support for the trainees, Globe will also offer modules under its digital thumbprint program, which will educate trainees on online behavior and the proper use of technology.

PBEd Executive Director Lovelaine B. Basillote said in a statement on Wednesday that the partnership “is a testament to the private sector’s commitment to work hand-in-hand with other stakeholders in the education and workforce development sectors.”

“With this, the youth are given access to programs that will help them become productive and eventually employed,” she added.

Globe Senior Vice-President for Corporate Communications Ma. Yolanda C. Crisanto said the company believes in getting involved in measures that will help the underserved youth especially during the coronavirus disease 2019 (COVID-19) crisis.

“This partnership is a joint commitment to support high-potential young Filipinos to cope with the challenges brought about by the COVID-19 pandemic which disrupted learning, upskilling and employment,” she said in the statement.

The trainees will be assigned to mentors who will utilize online modules on employability which includes communication, professionalism and leadership, critical thinking, and interpersonal skills.

The program will also offer technical vocational modules from the Technical Education and Skills Development Authority’s online program. The national rollout of the program will be this October.

YouthWorks PH is PBEd’s youth employability partnership with the United States Agency for International Development launched in 2018.

PBEd describes itself as “the business community’s response to the need for greater education and economy alignment.” — Gillian M. Cortez

Timely, comprehensive telehealth for all

Globe-supported KonsultaMD meets medical concerns of both consumers, LGUs

As the coronavirus disease 2019 (COVID-19) disrupted many medical appointments that take place physically, the perks of telehealth have been further realized. Nowadays, these services greatly help not only individuals, but also organizations and communities.

KonsultaMD (KMD), a local subscription-based telehealth service that has been running for around five years, offers a comprehensive set of solutions that not only caters to individual patients, but also to companies and local government units (LGUs).

KMD provides Filipinos access to skilled and licensed Filipino doctors for medical advice, general health information, and proper medication. KMD can also dispense e-prescription, e-laboratory request, and e-medical certificate for its users. Aside from these basic services, KMD offers mental health services as well.

KonsultaMD can be accessed via its mobile app, its website, or even through a hotline. These various channels, coupled with the service’s availability anytime, enable KonsultaMD to attend to medical concerns fast.

“We’re the only telehealth service that provides immediate access to Doctors. No appointment needed. Call the KMD hotline and it’s the doctor that answers you immediately. And you can call anytime. 24/7,” Cholo Tagaysay, Chief Operating Officer of KonsultaMD, shared during an online forum organized by Liveable Cities Philippines and the League of Cities of the Philippines, in partnership with Globe Telecom and KonsultaMD.

While telehealth should not replace face-to-face doctor appointments, Tagaysay added it is the next best thing amidst the situation; and that is where most Filipinos find themselves at present.

Aside from providing service fast, KonsultaMD is affordable. P1,000 is the average for a doctor’s consultation fee, yet with KMD one can consult a doctor for as low as P15, which can cover unlimited access to the doctor for a week.

While telehealth, in its essence, provides no option for cash payments and instead offers credit card or online banking payment, Konsulta MD enables users to pay using their mobile phone load.

In addition, KonsultaMD has full-time doctors that are deployed around the clock (7 a.m.-3 p.m., 3 p.m.-11 p.m., and 11 p.m.-7 a.m.). KonsultaMD is operated by Global Telehealth, Inc., a joint venture of 917Ventures, a wholly-owned subsidiary of Globe Telecom, and Mexico’s Salud Interactiva. For Tagaysay, its link with Globe highly empowers the service’s capability to meet the telehealth needs of various clients.

Empowering communities with telehealth

Beyond serving consumers, KonsultaMD also partners with companies, the national government, and LGUs, the COO added.

Over its five years, many companies — among them leaders in insurance, banking, retail & convenience, and realty industries — have entrusted their healthcare with KonsultaMD.

“KMD is provided as an additional layer to their HMO. This is particularly relevant because most employees are working from home. So, telehealth is really the most relevant benefit an employee can receive,” Tagaysay said.

KonsultaMD has also been working closely with government agencies, the COO added. With its partnership with the Department of Health, the telehealth service provided free consultation with the department’s volunteer-doctors on the platform. It also partnered with Overseas Workers Welfare Administration, providing free consultation to quarantined Overseas Filipino Workers.

Moreover, KonsultaMD is also helping LGUs improve their healthcare services by providing telemedicine options for constituents, augmenting health centers, and enabling appointments with local doctors in local hospitals.

KonsultaMD is helpful in areas where there is a lack of smartphones and internet connection. As shared by Tagaysay in the online forum, which was attended by numerous city and municipal officials, Konsulta MD provided certain areas in the province of Sorsogon access to ‘virtual doctors’.

Powered by Globe’s duo-enabled handset, plus KonsultaMD’s basic diagnostic equipment, those virtual doctors have filled in those times when there are no local doctors present in health centers. 

“It’s a full end-to-end solution that KMD can provide uniquely because we’re part of the Globe family,” KonsultaMD’s COO noted.

Get unlimited access to comprehensive healthcare with KonsultaMD. You can download the KonsultaMD app on Google Play or Apple AppStore, call their hotline at (02) 7798-8000, or visit their website at www.konsulta.md. 

For partnerships with KonsultaMD, send an email to info@globaltelehealth.com.ph.

Fitbit unveils stress-tracking smartwatch with Google deal pending

OAKLAND, CALIFORNIA — Fitbit, Inc. on Tuesday unveiled a fitness tracker and two smartwatches, including one that purports to help monitor users’ stress levels, as the company’s pending sale to Alphabet, Inc.’s Google remains mired in antitrust reviews globally.

The Fitbit Sense, priced at $329, replaces the Ionic as the 13-year-old company’s most expensive smartwatch, excluding a limited edition model. It also is the first to measure electrodermal activity, or how well skin conducts electricity, which varies with sweating and can indicate stress. The feature is pending approval from health regulators.

Fitbit research scientist Samy Abdel-Ghaffar said a new stress score would help users decide whether to take on a fresh project or instead take a break, sleep early or meditate.

The company also announced the Versa 3 smartwatch, priced at $229 and upgraded from its predecessor to include a GPS sensor and phone-calling functionality; and the Inspire 2 activity tracker, running $100 with a tweaked design.

The devices ship in late September, with pre-orders available immediately.

The company has lost wearables market share to Apple, Inc. and others since going public five years ago. Fitbit announced last week that a new content subscription to stoke revenue growth has 500,000 paying users, but shares barely moved.

About 5% of wearables shipped last year globally came from Fitbit, behind leader Apple’s 32% share, according to tracker IDC.

Aiming to challenge Apple together, Google agreed to buy Fitbit for $2.1 billion last November. But competition regulators in the UK, United States and many other jurisdictions are weighing whether the acquisition would unfairly deepen Google’s data about users’ habits. Fitbit said the reviews may delay closing the deal to 2021.

Meanwhile, Google and Fitbit are partnering. Sense and Versa 3, by late this year, will allow users to communicate with the Google Assistant helper, similar to Fitbit’s existing integration with Amazon.com, Inc.’s Alexa. — Reuters

TDF yields inch higher as BSP keeps rates steady

YIELDS ON the term deposits auctioned off by the Bangko Sentral ng Pilipinas (BSP) mostly climbed on Wednesday following its decision to maintain benchmark rates and due to expectations of faster inflation this year.

Demand for papers under the BSP’s term deposit facility (TDF) totaled P391.67 billion on Wednesday, higher than the P270 billion on the auction block. This also surpassed the P372.23 billion in bids logged last week for the P230 billion up for grabs.

Broken down, the seven-day deposits attracted tenders amounting to P145.84 billion, beating the P110-billion offering as well as the P135.31 billion in bids recorded the prior week.

Rates for the one-week papers ranged from 1.75% to 1.88%, marginally wider than the 1.75% to 1.8% range logged in the previous week. This brought the average rate for the tenor to 1.7834%, inching up by 1.26 basis points (bps) from the 1.7708% seen on Aug. 19.

For the 14-day deposits, tenders hit P163.54 billion, going beyond the P110-billion offering and the P157.75 billion in bids last week for the P90 billion up for grabs.

Accepted yields were seen from 1.76% to 1.95%, a slimmer band compared to the 1.75% to 2% logged the previous week. This brought the average rate of the two-week deposits to 1.8317%, down by 0.3 bp from the 1.8347% logged a week ago.

On the other hand, demand for the 28-day papers amounted to P82.29 billion, surpassing the P50 billion offered by the central bank as well as the P79.17 billion in bids seen last week for the P50 billion auctioned off.

Banks asked for yields ranging from 1.7655% to 1.9518%, a narrower range compared to the 1.7532% to 2% logged a week ago. This caused the tenor’s average rate to hit 1.8481%, gaining 2.49 bps from the 1.8232% seen on Aug. 19.

“Results of Wednesday’s auction continue to show ample liquidity in the financial system,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

Yields on the term deposits mostly inched higher after key rates were maintained in the fourth policy review of the Monetary Board last week, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message on Wednesday.

The BSP last Thursday kept the rates on its overnight reverse repurchase, lending and deposit facilities at record lows of 2.25%, 2.75%, and 1.75%.

BSP Governor Benjamin E. Diokno said the decision to go for a “prudent pause” was backed by the stable inflation and some shoots of recovery in economic activity.

Mr. Diokno said earlier this week they still have space to ease policy settings further if needed.

The central bank has already slashed rates by 175 bps so far this year to provide support to the economy and the market amid the pandemic.

“TDF yields were also slightly higher after the BSP estimated higher inflation,” Mr. Ricafort added.

The BSP on Thursday hiked its 2020 inflation forecast to 2.6% from the 2.3% it gave in its June policy review. The 2021 and 2022 forecasts were also increased to 3% (from 2.6%) and 3.1% (from 3%), respectively. All forecasts for the said years are still within the 2-4% target of the central bank.

Mr. Dakila last week said they adjusted their inflation outlook following faster-than-expected inflation in June and July. — L.W.T. Noble

AUB tweaks loan schemes amid pandemic

ASIA UNITED Bank Corp. (AUB) has modified loan schemes for borrowers heavily hit by the coronavirus crisis following its assessment of individual accounts.

“We are offering a restructured loan option for auto, housing and salary loan borrowers who belong to industries badly affected by the pandemic,” AUB Senior Vice- President and Consumer Loans Group Head Leo F. Intalan said in an e-mail.

AUB Chairman and Chief Executive Officer Abraham T. Co said in the bank’s annual stockholders meeting held virtually in July that they will review accounts individually to address the concerns of and help customers that experienced “economic damage without the fault of their own” due to the coronavirus disease 2019.

Mr. Co also acknowledged then that the pandemic will likely affect the quality of their assets.

The lender has also adjusted some arrangements for their borrowers in its credit card segment.

“Qualified cardholders are offered the pandemic installment program, which allows them to pay their outstanding balance on installment up to 24 months at a monthly add-on interest rate that is lower than the regular interest on partial payments,” AUB First Vice-President and Card and Acquisition Business Head Mags V. Surtida said. 

There was a mandatory grace period imposed for loan payments due to the lockdown measures in previous months. This eventually ended in June when restrictions were eased, with banks deciding on a case-to-case basis regarding loan arrangements that could give relief for consumers.

The Bayanihan II bill ratified by Congress provides for another 60-day mandatory grace period for loan payments, including credit cards.

AUB’s net earnings declined 24% year on year to P1.114 billion in the second quarter amid higher loan loss provisions due to the pandemic. In the first semester, net income also dropped 10% to P2.3 billion.

Its shares closed unchanged at P45 apiece on Wednesday. — Luz Wendy T. Noble

ABS-CBN to stop 12 news programs in provinces

EMBATTLED media company ABS-CBN Corp. announced on Wednesday the shutdown of 12 of its news programs in the provinces.

In a statement, the Lopez-led company said its 12 TV Patrol programs will have their final newscasts on Friday.

“This unfortunate development is the latest service affected by the denial of ABS-CBN’s franchise by the House of Representatives on July 10, which also led to the closing of ABS-CBN Regional’s operations,” it said.

The network airs news programs on its 21 regional stations.

ABS-CBN’s Regional Head Tata C. Sy noted the network has been serving families in remote areas that are “not reached by other television signals.”

“But more than delivering breaking news, ABS-CBN Regional news teams are also the first to bring aid and relief to communities struck by calamities,” she added.

ABS-CBN Regional will also stop producing new episodes of its nine morning shows.

Last week, the network reported an attributable net loss of P3.16 billion for the second quarter from a profit of P695.80 million in the same period in 2019.

ABS-CBN’s total revenues for the second quarter dropped 55.17% to P4.68 billion from P10.44 posted.

The network announced last month that it would implement a retrenchment program effective at the end of business day on Aug. 31.

The company’s theme park business, KidZania Manila, will permanently close starting Aug. 31. — Arjay L. Balinbin

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