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BPI to seek regulatory approval for merger with BFSB by Sept.

BANK of the Philippine Islands will apply for regulatory approval for its planned merger with its thrift unit within the year. — BW FILE PHOTO

THE MERGER between Bank of the Philippine Islands (BPI) and its thrift unit BPI Family Savings Bank (BFSB) will now be up for regulatory approval after the listed lender’s stockholders okayed the plan.

BPI said in a filing on Tuesday that at least two-thirds of its stockholders — which constitutes a quorum — approved the planned merger, which was announced by the bank in January, on April 22.

“Next steps include the regulatory filings with the Bangko Sentral ng Pilipinas (BSP), SEC (Securities and Exchange Commission), BIR (Bureau of Internal Revenue), PDIC (Philippine Deposit Insurance Corp.) and PSE (Philippine Stock Exchange) before the end of September 2021,” the bank said.

The lender said the transaction will be effective once the SEC issues a Certificate of Merger.

“BFSB is 100% owned by BPI. Since it is not listed, the basis of the exchange will be the net asset value of BFSB as of Dec. 31, 2020 and the price of BPI shares as of Dec. 29, 2020,” BPI said in its filing.

“After the issuance of shares, the investment in the subsidiary account will be canceled, and treasury will be recognized for the newly issued BPI common shares,” it added.

The plan of merger was approved by BPI’s board of directors on Feb. 24 and was signed on March 23 by BPI’s former president Cezar P. Consing and BFSB President Maria Cristina L. Go.

“The merger of BPI and BFSB will create considerable value to the customers, employees and shareholders of the two entities. The customers of the combined BPI and BFSB will have access to all the products, via all the digital and physical channels, of both entities,” BPI said.

“The employees of the merged entity will have the ability to work across a larger, more varied bank; and potential synergies will create shareholder value,” it added.

BFSB has P278 billion in assets, making it the country’s largest thrift bank. It has about 3,000 employees with a portfolio focused on housing and auto loans.

Its parent BPI’s net income declined by 21.64% to P5 billion in the first quarter from P6.381 billion in the same period a year earlier.

BPI’s shares closed unchanged at P83 apiece on Tuesday. — L.W.T. Noble

TMC air medical services

THE Medical City (TMC) partnered with Ascent, an on-demand helicopter service, to provide air transfers between its facilities. Patients and personnel can fly to and from TMC locations and dedicated Ascent hubs within minutes. For example, The Medical City in Ortigas is now only 25 minutes away from its Clark branch. Ascent’s air services will include transport of medical personnel and sensitive medical cargo, such as organs or fragile medical equipment.

AC Energy’s 63-MW solar farm in Zambales goes online

AC ENERGY Corp.’s 63-megawatt (MW) GigaSol Palauig solar farm in Zambales has begun commercial operations, making it the first of five new plants that the Ayala-led company scheduled to go online this year.

“Despite the challenges in construction amidst the pandemic, GigaSol Palauig has begun generating power for supply to the Luzon grid,” AC Energy said in a regulatory filing on Tuesday.

The P2.39-billion solar facility will generate over 90 million kilowatt-hours (KWh) of clean power to support the country’s power demands, the firm said.

“The Palauig solar farm is the first of AC Energy’s five new plants to begin operating in 2021, making it quite an exciting year for the company’s Philippine operations,” Jose Maria P. Zabaleta, AC Energy chief development officer, said in the disclosure.

“This is all the more important as these new plants can help offset some supply shortfalls in recent months, and help to reduce the elevated prices seen in the market caused by these shortages,” he added.

AC Energy said it had also begun the construction of a 72-MW solar farm in Arayat-Mexico in Pampanga. The project, which is a joint venture with Citicore Solar Energy Corp., has a projected cost of P2.75 billion. The solar facility is set to begin operations by the summer of 2022.

The developments in the Central Luzon area are in line with the company’s renewables growth strategy. The firm earlier said that its 2025 plan is to exceed 5,000 MW of attributable capacity and generate at least half of its power from renewables.

In a separate disclosure on Tuesday, AC Energy said that it signed a deed of agreement with its parent firm AC Energy and Infrastructure Corp. (ACEIC), which will subscribe to 16.69 billion common shares at P5.15 apiece in the listed company. The total transfer value amounts to P85.92 billion.

After the transaction, ACEIC will own 76.03% of AC Energy’s capital stock from 55.99% at present.

In turn, AC Energy will own 100% of the outstanding common and redeemable preferred shares of AC Energy International, Inc.

On its website, the company said that it hopes to add 1,400 MW to its attributable capacity “with the planned infusion of AC Energy International.”

Shares of ACEN in the local bourse shed 0.99% or 7 centavos to finish at P6.98 apiece on Tuesday. — Angelica Y. Yang

Spotify’s new tie-up to allow listeners play music, podcasts from Facebook app

ALEXANDER SHATOV/UNSPLASH

STOCKHOLM —  Spotify on Monday said it has partnered with Facebook to allow listeners to play music and podcasts directly from the social network’s iOS and Android apps.

Facebook last week said it planned to launch several audio products, including Clubhouse-style live audio rooms and a way for users to find and play podcasts.

The new integration is rolling out in 27 markets, including the US and Canada, with additional markets to follow in the coming month, Spotify said in a statement.

Spotify’s paid subscribers would be able to access full playback without advertisements without leaving the Facebook app.

Apple last week said it will launch podcast subscriptions, which will let users pay to unlock new content and additional benefits like ad-free listening, intensifying competition with Spotify.

Both Spotify and Facebook have been fighting Apple on different fronts, from privacy changes on iOS devices to the 30% fee levied on app developers to use the iPhone maker’s in-app purchase system.

Apple has said its App Store helped Spotify to benefit from hundreds of millions of app downloads to become Europe’s largest music streaming service. — Reuters

BSP sets rules for nonstock savings associations

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) has released new guidelines meant to boost corporate governance in nonstock savings and loan associations (NSSLAs) following its issuance of rules on the screening and monitoring of officials of BSP-supervised financial institutions.

Circular No. 1115 Series of 2021 signed by BSP Governor Benjamin E. Diokno outlines the duties, responsibilities and qualifications of members of NSSLAs’ board of trustees, officials, and employees.

“[T]hese guidelines take into account the unique challenges of governance related to the member-driven nature of NSSLAs, as well as existing applicable governance,” the circular said.

The circular said the BSP can look through its own records to determine the qualifications of a trustee. Members of an association’s board of trustees will also be required to attend a special seminar on corporate governance in compliance with BSP-prescribed syllabus.

It said the Monetary Board will be the confirming authority for trustees, presidents and chief executive officers of NSSLAs with assets of P10 billion and above.

Meanwhile, the Financial Supervision Sector will be in charge of confirming trustees and chief executives of NSSLAs with assets below P10 billion, as well as NSSLAs’ treasurers, heads of internal audit, risk management and compliance functions, and other officers with rank of senior vice-president and above.

Monetary Board or BSP approval will not be required for the re-election or re-appointment of officers.

The circular also defined a complex NSSLA as an institution with assets of at least P6 billion. These institutions should satisfy at least one of the following characteristics: having more than two thousand members; operating non-conventional delivery platforms such as electronic platforms or agents; or has a network of at least five service units, whether branches or satellite offices.

Meanwhile, NSSLAs with operational limits that do not meet qualifications of the complex type will be considered as “simple NSSLAs.”

Aside from the board of trustees, complex NSSLAs should have committees focusing on audit, risk oversight, corporate governance, and membership. On the other hand, a simple NSSLA is expected to have at least audit and membership committees.

The BSP said an NSSLA’s president or CEO will be primarily responsible for achieving targets for conduct and behavior, implementing strategies, and promoting the long-term interest of an NSSLA.

Meanwhile, associations with assets of at least P5 million are required to have a full-time manager to take charge of their operations.

The BSP also requires a bond from officers and employees that have access to money or negotiable securities before entering their duties. This will provide for indemnity to the NSSLA against the loss of money or security by reason of dishonesty.

Central bank data showed there are currently 63 registered NSSLAs. These associations collect savings from members of certain industries that are used to finance the personal loans of members.

Prior to its circular on NSSLAs, the BSP also released guidelines on corporate governance on the hiring and performance management of bankers. — LWTN

MakatiMed cardiac cath lab

MAKATI MEDICAL CENTER (MakatiMed) opened an advanced Cardiac Catheterization Laboratory (Cardiac CathLab) which allows doctors to perform complex yet minimally invasive interventional cardiology and electrophysiology procedures with equipment that offers optimal imaging and positioning. The Cardiac CathLab is equipped with the Philips Azurion 7 C20, a new machine that uses a reduced radiation dose while maintaining excellent image quality for cardiac catheterization in both 2D and 3D. Procedures that can be performed at MakatiMed’s Cardiac CathLab include left and right heart catheterization (coronary angiography and angioplasty), intravascular ultrasound, intra-aortic balloon pump insertion, transcatheter aortic valvular replacement, endovascular aneurysm repair (EVAR), thoracic endovascular aortic repair (TEVAR), pacemaker insertion, implantable cardioverter defibrillator insertion, placement of implantable cardiac resynchronization devices, septal ablation, and electrophysiology studies. Contact MakatiMed at mmc@makatimed.net.ph or makatimed.net.ph.

Meralco’s Radius Telecoms offers ‘RED Fiber’ to ease transactions amid lockdown

TELECOMMUNICATIONS services provider Radius Telecoms, Inc., a subsidiary of Manila Electric Co. (Meralco), is offering better connectivity to consumers with its latest fiber broadband service “RED Fiber.”

The service should address customers’ “overwhelming need” for connectivity amid the pandemic crisis, Radius Telecoms said in an e-mailed statement.

“Certain areas are implementing granular lockdowns brought about by this global health crisis. Having a grand product launch doesn’t feel right at the moment. But at the same time, we want to continue creating ways to serve our customers safely and efficiently. That is why we launched RED Fiber online — to provide ease of transaction for our customers,” Radius Telecoms President and Chief Executive Officer Exequiel C. Delgado said.

The company was launched in November last year. Its services are currently available in Greater Metro Manila, Calabarzon (Region IV-A), and parts of Central Luzon.

It also has a partnership with Cignal TV to launch dual-play plans. The objective is to give consumers “unlimited fiber internet plus premium channels,” Radius Telecoms said. The company promises “90% service reliability and 33% minimum speed” for its fiber internet home plans.

RED Fiber plans start at P1,699 per month inclusive of a 20-megabits per second connection bundled with IPTV (internet Protocol television) from Cignal TV, it added.

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., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

US TV audience for revamped Oscars at record low

LOS ANGELES — US television ratings for Sunday’s reinvented Oscars ceremony plummeted to a new low, according to preliminary Nielsen data for a show that USA Today called “a train wreck” and the New York Times described as “a dead room.”

The audience on Walt Disney Co.’s ABC broadcast network averaged 9.85 million, 58% below last year’s final tally of 23.6 million viewers for the film industry’s highest honors. Final numbers that include people who watched at bars and restaurants are expected to be released on Tuesday.

The slide reflects a trend among live awards shows during the coronavirus pandemic. TV audiences for September’s Emmys and the Grammy Awards in March also drew their lowest audiences ever. Ratings for the Golden Globes in February fell 60% from a year earlier.

Hoping to draw viewers while adhering to pandemic safety measures, this year’s producers tried a few new things. The awards were broadcast for the first time at a historic train station in downtown Los Angeles in a more intimate setting with only nominees and their guests.

With movie theaters closed for much of the past year, studios held back crowd-pleasing blockbusters. The films competing for Oscars were smaller movies watched mostly at home on streaming services. Even before the pandemic, TV audiences were dropping as viewers flocked to streaming and social media postings.

The show featured a historic best director win for Chloe Zhao, who became the second woman and first woman of color to take home that prize. Her film, Nomadland, won best picture.

Producers encouraged longer acceptance speeches and stripped the usual comedy and musical performances. One light moment came late in the three-hour telecast when nominee Glenn Close briefly danced to the 1988 funk hit “Da Butt.”

Instead of saving best picture for last, producers broke with custom and ended with best actor. The honor went to Anthony Hopkins, who was not in attendance, making for an abrupt ending.

Reactions from film and TV critics were harsh.

“The Oscars were a train wreck at the train station, an excruciatingly long, boring telecast that lacked the verve of so many movies we love,” USA Today reviewer Kelly Lawler wrote. “The trade-off — whether because of the smaller crowd, the social distancing, or the sound quality in the cavernous space — was what felt like a dead room, both acoustically and emotionally,” the New York Times TV critic Mike Hale wrote.

Many noted that the show featured few clips from the nominated films. “So there was a missed chance to tantalize viewers with actual footage of actors acting, of scores soaring, of Tenet’s visual effects inverting,” Entertainment Weekly reviewer Darren Franich wrote.

Some praised the producers for shaking up traditions for a show that has been criticized as stale. Time magazine said the event was “more entertaining than the average pre-COVID Oscars.”

ABC owns broadcast rights for the Oscars until 2028. — Reuters

BoJ signals prolonged easing on pressure from virus, cuts price outlook

WIKIPEDIA.ORG

TOKYO — Japan’s central bank maintained its massive stimulus on Tuesday and projected inflation missing its 2% target for years to come, as fresh curbs to combat a spike in coronavirus disease 2019 (COVID-19) cases overshadow the boost to growth from solid global demand.

The Bank of Japan (BoJ) also warned of “high uncertainty” on how much the pandemic could drag on growth, signaling its readiness to keep its money spigot wide open for the foreseeable future.

Japan last week declared a third, two-week state of emergency for Tokyo, Osaka and two other prefectures to contain the pandemic, clouding prospects for a fragile economic recovery.

In a quarterly report released after Tuesday’s rate review, the BoJ slightly revised up its growth forecast and stuck to its view the world’s third-largest economy would recover as robust US and Chinese demand underpins exports.

But the central bank cut this year’s price forecast and predicted for the first time that inflation would stay well short of its 2% target beyond Governor Haruhiko Kuroda’s term, which ends in early 2023.

“It’s true that under the current forecasts, inflation won’t reach 1% even in fiscal 2023. That means achievement of our 2% target will be beyond fiscal 2024,” Mr. Kuroda told a news briefing.

But he said inflation was gradually expected to accelerate as Japan’s economy emerges from the pandemic’s initial hit.

“The global economy has recovered quite clearly and world trade has rebounded to pre-pandemic levels. Japan’s exports and output continue to increase, helping lift corporate profits and capital expenditure,” he said.

CELLPHONE FEES BLAMED FOR DOWNGRADE
As widely expected, the BoJ maintained its short-term interest rate target at -0.1% and that for 10-year bond yields around 0%.

“What’s notable was the BoJ’s cautious price outlook through fiscal 2023,” said Takashi Miwa, chief economist at Nomura Securities.

“It suggests the BoJ will have no choice but to continue its ultra-loose policy even after Mr. Kuroda’s current term ends.”

The BoJ trimmed its core consumer inflation forecast for the fiscal year that began in April to 0.1% from 0.5% estimated in January.

The cut was due largely to the effect of cellphone fee cuts, the BoJ said. When excluding such transitory factors, consumer inflation is moving on a “firm note,” it added.

“While it will take time, consumer inflation will gradually heighten towards the BoJ’s target,” the report said.

The central bank projects inflation to accelerate to 0.8% in fiscal 2022 and 1.0% the following year, the report showed.

Markets largely expected the BoJ to stand pat, after it conducted a review of its tools in March to make them sustainable enough to weather an expected prolonged battle to fire up inflation.

Eight years of stimulus attempts by Mr. Kuroda have failed to fire up inflation to his 2% target. Japan’s core consumer prices fell for the eighth straight month in March as the blow from the pandemic weighed on consumption and wages. — Reuters

Safe Shelter project

LA SALLE Green Hills (LSGH) relaunched Safe Shelter Project 2, an initiative that provides accommodations to medical frontliners. The institution has once again converted classrooms and other amenities to provide hospitality and relief to its guests until localized lockdowns improve. LSGH accepts in-kind donations for water gallons (for dispensers), cup noodles, instant coffee, bread, biscuits, cookies, and pastries. They may be dropped off at the school’s Gate 3 along Ortigas Avenue. Safe Shelter 2 benefits hospitals such as The Medical City, Ospital ng Maynila, Philippine General Hospital, and Cardinal Santos Medical Center. For more information, contact Keanne Palatino, Safe Shelter 2 project head for externals, at +639088178734. Upon resumption of regular operations in LSGH, thorough disinfection and deep-cleaning of the campus will be implemented to guarantee the health and safety of all.

AbaCore partners with A Brown on mining, energy projects

AbaCore Capital Holdings, Inc. has partnered with A Brown Co., Inc. for the development of energy and mining projects.

In a regulatory filing on Tuesday, the listed mining company said it had signed a memorandum of understanding with A Brown for the said projects.

Under the partnership, AbaCore will have its affiliates that possess properties in its energy hub in Batangas to provide a site to Vires Energy Corp., a wholly owned subsidiary of A Brown, for its liquefied natural gas regasification facility and power plant.

“[AbaCore] will cause its affiliates to transfer approximately 20,000 square meters of land in the energy hub to be the site of the energy project at P9,500 per square meter, payable in cash by [A Brown],” the disclosure said.

Vires Energy obtained its notice to proceed with its natural gas project on April 22 from the Department of Energy in its target location in Batangas, which is also the location of AbaCore’s energy hub, it added.

Aside from the gas project, A Brown will join in the mining operations of AbaCore’s subsidiary Abacus Goldmines Exploration and Development Corp., which has a subscribed and paid-up capital of P500 million.

Abacus has 102 mining claims across 6,731 hectares of area in Mindanao.

“The gold prospects are within the recently emerging gold district of Davao del Norte, Agusan del-Sur, and Agusan del Norte, where a number of workable gold deposits were discovered,” the disclosure said.

On Tuesday, AbaCore shares at the stock exchange increased 0.88% or one centavo to finish at P1.14 apiece. A Brown stocks jumped 4.26% to close at P0.98 each. — Revin Mikhael D. Ochave

Arts & Culture (04/28/21)

PPO holds chamber music concert

THE Philippine Philharmonic Orchestra (PPO) will stage its fifth Chamber Music Concert on April 30, 8 p.m., streamed via the CCP and PPO Facebook Pages and CCP YouTube Channel. The PPO Chamber Music Concert Series is the orchestra’s online alternative in bringing classical music to the Filipino audiences since social gatherings are prohibited due to the pandemic. The series also highlights the different instruments of the orchestra while performing music composed for small ensembles. Violinist Christian Tan and pianist Maryanne Espina will play Sonata for Violin and Piano in C Major No. 8 Opus 30 by Ludwig Van Beethoven. For more information, visit the CCP website www.culturalcenter.gov.ph or follow the official CCP and PPO Facebook pages.

PETA’s Rak of Aegis goes online

PHILIPPINE Educational Theater Association (PETA) together with Organisasyon ng Pilipinong Mang–Aawit (OPM) and The Philpop Musicfest Foundation (Philpop) present the pay-per-view streaming of the jukebox musical Rak of Aegis on July 31, Aug. 1, 7, and 8 via www.ticket2me.net. Rak of Aegis Online is the banner project of PETA’s fundraising campaign dubbed as #TakePETAbeyondCOVID, and a part of the Linggo ng Musikang Pilipino 2021 celebration. Featuring songs from the popular 1990s band Aegis, the jukebox musical tells the story of impoverished community Barangay Venezia, which has been submerged in floodwater for months. The popular musical has had seven runs through the years and is going onscreen for the first time. Tickets for Rak of Aegis Online will be available online by May. The streaming cast as well as further ticketing details will be announced soon. For details follow PETA’s social media pages: Facebook www.facebook.com/petatheater; Instagram @petatheater; Twitter @petatheater; YouTube www.youtube.com/petatheateronline.

TV host releases book on the biz of beauty, wellness

TV HOST Joby Linsangan Moreno has written a new e-book, Beauty and the Biz, featuring success stories of well-known Filipino celebrities and personalities who ventured into the business of beauty and wellness. Her 25 subjects who are active in the salon, skin and body care, and fashion industry include talk show host Boy Abunda, celebrity fitness coaches Jim and Toni Saret, and top make-up artist RB Chanco. The e-book is published by ABS-CBN Books. Beauty and the Biz is now available on amazon.com.  For details, follow ABS-CBN Books on Facebook www.facebook.com/abscbnbooks and Instagram (@abscbnbooks).

Virtual gallery holds solo exhibit featuring Jill Arwen Posadas

ON MAY 7, Virtual ArtistSpace will open Hothouse, the first virtual and 16th solo exhibition of Filipino visual artist and writer, Jill Arwen Posadas. Hothouse features a collection of half-human, half-plant portraits rendered in watercolors to approximate the presentation of traditional botanical illustrations. In creating the works for this exhibition, the artist used plants that are endemic to or found in the Philippines. Hothouse will be on view virtually on view starting May 7, 6 p.m. until May 27. The link to the exhibition will be posted on ArtistSpace Facebook and Instagram pages (@artistspacegallery).

Rodel Tapaya exhibits in Hong Kong

HONG KONG’S Tang Contemporary Art gallery is holding “Random Numbers,” the latest solo exhibition by contemporary artist Rodel Tapaya showcasing the artist’s most recent body of work. The exhibit is ongoing until May 15. In this new exhibition, the artist’s overarching interest in reflecting upon ideas based in the common human experience continues as part of his artistic practice, as does his interest in presenting an interface between imagination and reality, but represents a departure from his previous artistic investigations.

Ballet e-book virtual launch and roundtable discussions

LET’S Learn Ballet!, an e-book which tackles the best practices required for successful training of beginners in the highly disciplined art form, by former Ballet Philippines soloist Nina Anonas is set to be released through an online book launch followed by roundtable discussions on May 2. The book is an innovative learning tool designed to reinforce weekly lessons on proper form and techniques. An ideal guide for instructors and learners, it features over 80 worksheets that visually simplify and explain the fundamentals of the performance art while fostering the creativity of the aspiring dancers. Ms. Anonas was a principal dancer of the Manila Metropolis Ballet and the Junge Ballett Compagnie Frankfurt as well as a featured international artist at Ballett Frankfurt. The associated roundtable discussion, which touches on critical points in teaching ballet, will feature the author, together with Chelo Borromeo Gemina, Artistic Director of ACTS Manila; and Elizabeth Rae, a former soloist of Oakland Ballet in California, London Theatre Ballet, Compania Balletto Classico Italy, Östgôta Ballet Sweden and Frankfurt Ballet Germany; Rosemary Frost, Artistic Director of Ringwood Ballet; Susan Lucas, former principal dancer of Birmingham Royal Ballet and teacher for Royal Ballet School; as well as Vella Damian, founder of the Association of Ballet Academies Philippines and Philippine Ballet Theater and instructor and director of the Vella C. Damian School of Dance. Let’s Learn Ballet! is published in collaboration with Benilde Hub of Innovation for Inclusion and Ballet Brains, Inc. The free and public online e-book launch and discussions will be held via Zoom on May 2, from 4 to 6 p.m. To register, visit the official pages of Benilde Arts and Culture Cluster (https://www.facebook.com/benildearts/) and Benilde HiFi (https://www.facebook.com/benildehifi).

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