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FDI net inflows bounce back in May

THE CENTRAL BANK sees net inflows of foreign direct investments to reach $4.1 billion this year. — REUTERS

FOREIGN INVESTMENTS into the Philippines jumped by 42% in May, reversing three months of decline due to the coronavirus pandemic’s impact on investor confidence, the central bank said on Wednesday.

Data from the Bangko Sentral ng Pilipinas (BSP) showed net inflows of foreign direct investments (FDI) rose to $399 million in May from $280 million a year ago. Inflows in May also improved by 28% from April’s $311 million.

Despite the rebound in May, year-to-date FDI inflows declined by a fourth to $2.379 billion from $3.196 billion a year ago.

“The stronger FDI performance during the month (of May) relative to the level last year was on account of the increase in nonresidents’ net investments in equity capital and debt instruments,” the BSP said in a statement.

In May, net investments in debt instruments climbed 40.8% year on year to $236 million, while reinvested earnings dropped by 23.7% to $85 million.

Equity other than reinvestment of earnings shot up to $738 million from $1 million last year. This as placements rose by 8.1% to $80 million while withdrawals plunged by 96% to $3 million.

During the month, placements came mainly from Japan, Singapore and the United States where restriction measures were gradually eased. The BSP said most investments went to the manufacturing, financial and insurance, and real estate industries.

Inflows to equity and investment fund shares also increased by 44.8% to $162 million year on year.

The BSP said FDI net inflows could reach $4.1 billion this year, more than half its $8.8-billion projection given last year.

In 2019, FDI net inflows fell by 23.1% to $7.647 billion as investor sentiment was weighed down by global uncertainty, regulatory risks and delays in the Philippines’ tax reform program.

The rebound in May amid the lockdown could be due to lagged effects of FDI entry in the country, said John Paolo R. Rivera, an economist from the Asian Institute of Management.

“This growth may be due to agreements and transactions already sealed maybe as early as 2019 which took effect only during this period,” Mr. Rivera said in a text message.

“Alternatively, the Philippines has alternative locations where FDIs are directed,” he said.

“Not all FDIs settled in COVID-19 hardly hit areas such as NCR (National Capital Region). The diversity of possibilities for an archipelagic economy like the Philippines might have been a factor for sustained FDI growth,” he added.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the higher FDI inflows in May may could lift sentiment in the country as it grapples with the coronavirus crisis.

“Even if it were coming from a rather low base, the green sign is a welcome sign for an economy needing positive news, especially from domestic economic data,” Mr. Asuncion said in an e-mail.

Analysts said urgent policies will make or break the recovery track for FDI in the coming months as the COVID-19 pandemic weighs on investor sentiment.

Policy reforms that will be critical to FDI inflows include the passage of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill and amendments to the Public Service Act (PSA), Mr. Asuncion said.

The first bill, which will slash income tax to 25% from 30% is pending at the Senate. Amendments to the PSA, which will lift foreign ownership restrictions in certain sectors is also being tackled by a Senate committee.

The Philippines’ ability to control the coronavirus pandemic will determine whether it can attract more FDI, Mr. Rivera said.

“Note also that other ASEAN countries are very successful in containing the pandemic — they are all potential destinations for FDIs,” he added.

On Wednesday, the Health department reported 2,218 new coronavirus infections, bringing the total to 226,440. The death toll has reached 3,623. — Luz Wendy T. Noble

Philippines leaps to 50th place in global innovation index

By Jenina P. Ibañez, Reporter

THE Philippines moved up four spots to 50th out of 131 economies on an annual list that measures their performance in innovation, becoming one of four Asian countries with the most significant progress.

The Global Innovation Index 2020, which is prepared by Cornell University, INSEAD, and the World Intellectual Property Organization, said the Philippines joined China, Vietnam, and India as countries that have shown the biggest improvement in ranking.

The Philippines reached its highest rank so far as it breaks into the top 50, after ranking 100th as recently as 2014. In 2019, the Philippines jumped 19 spots to 54th.

Philippines improves in global innovation index ranking

The country’s innovation input jumped six places to 70th, while its innovation output climbed one spot to 41st. The former measures institutions, human capital and research, infrastructure, as well as market and business sophistication. The latter measures knowledge, technology, and creative output.

The Philippines according to the report improved the most in market sophistication, ranking 86th. It placed higher in investments (85th), mostly due to improved ease of protecting minority investors (71st).

“At the sub-pillar level, strengths for the Philippines are in trade, competition, and market scale (20th), knowledge absorption (7th), and knowledge diffusion (8th),” it said.

“Other relative strengths include indicators utility models by origin (8th), productivity growth (6th), high-tech net exports (3rd), ICT services exports (8th), firms offering formal training (7th), creative goods exports (10th), e-participation (19th), and high-tech imports (1st).”

In terms of weaknesses, the Philippines ranked 104th in regulatory environment as the cost of redundancy dismissal puts the country at 113th.

Under market sophistication, the country’s credit was at 118th, with ease of getting credit at 113th.

Science and Technology Secretary Fortunato T. dela Peña, writing a chapter in the report, said the Philippines has been working to fund more projects outside Metro Manila.

He supported the Philippine Innovation Act, which will scale up education and research, as well as the Innovative Startup Act, which incentivizes businesses working on innovative entrepreneurship.

“The need to integrate policies and programs to propel innovation initiatives in the country should follow a whole-of-government approach,” he said.

The Department of Science and Technology (DoST) in February said it planned to improve the country’s ranking through research in  key agricultural sectors like coconut and livestock.

Mr. Dela Peña had said that the department would continue to provide research support for start-ups at the development stage.

The top 10 countries in the Global Innovation Index were: Switzerland, Sweden, the United States, United Kingdom, Netherlands, Denmark, Finland, Singapore, Germany and South Korea.

Other Southeast Asian countries on the list include Malaysia (33rd), Vietnam (42nd), Thailand (44th), Brunei (71st), Indonesia (85th) and Cambodia (110th).

Philippines improves in global innovation index ranking

THE Philippines moved up four spots to 50th out of 131 economies on an annual list that measures their performance in innovation, becoming one of four Asian countries with the most significant progress. Read the full story.

Philippines improves in global innovation index ranking

NG debt swells to P9.2 T

NATIONAL GOVERNMENT (NG) debt rose by 1.2% to P9.16 trillion as of end-July, as it borrowed more to finance its coronavirus disease 2019 (COVID-19) response and offset weak revenues amid the economic slowdown.

Data from the Bureau of the Treasury (BTr) on Wednesday showed the debt portfolio was 18.5% higher than its end-December 2019 level of P7.73 trillion.

About two-thirds of the debt was sourced domestically, while 32% came from external sources.

Outstanding domestic debt edged up 1.1% to P6.25 trillion from the end-June level of P6.19 trillion, as the government availed itself of more loans and issued more local government securities.

To date, domestic debt has risen by 22% or P1.1 trillion higher since the start of 2020.

Outstanding government securities issued inched up 1.1% to P5.955 trillion from July and 13.4% up year on year.

The external debt stock hit P2.908 trillion as of end-July, up 1.5% from P2.864 trillion in June and higher by 14% from a year ago.

The increase was largely due to more loans that month worth P64 billion, pushing the outstanding foreign loans by 4.9% to P1.226 trillion. The total was 26% higher year on year.

The BTr said the debt stock rose by P18.75 billion due to the appreciation of third-currency denominated external loans, which more than offset the P38.88 billion net effect of a stronger local currency.

The Treasury said the peso appreciated to P49.114 against the greenback at the end July from P49.79 a dollar in end June.

Between January and July, the government got P280 billion ($5.7 billion) in program loans from foreign lenders and P15.05 billion ($310 million) in project loans. Proceeds from these loans will be used for the government’s pandemic response and infrastructure program.

Offshore bond issuances have reached P1.682 trillion so far, down 0.8% from a month ago but still 6.3% higher year on year.

“The total NG guaranteed obligations decreased by P1.18 billion or 0.3% month-on-month to P458.83 billion in July.,” BTr said.

The lower level of guarantees was due to the net redemption of both local and external guarantees amounting to P0.33 billion and P0.42 billion, respectively,” it added.

The government plans to borrow P3 trillion this year to plug its budget deficit, seen to hit 9.6% of gross domestic product.

It plans to maintain a 74:26 borrowing mix in favor of domestic sources to mitigate external volatilities and shocks. — B.M.Laforga

BoC beats collection goal in August

THE Bureau of Customs (BoC) on Wednesday said it surpassed its reduced collection target by nearly a third in August, although year-to-date revenues were still down as import volume continued to be affected by strict lockdown measures.

Citing preliminary data, BoC said in a statement it collected P44.631 billion last month, exceeding its P33.675-billion target by P10.96 billion. This marked the third straight month the bureau exceeded its revenue goal, which was slashed amid an economic slowdown.

“The BoC’s positive revenue collection performance (against the monthly target) is attributed to the improved valuation and intensified collection efforts of all the ports,” it said.

However, the August collection was still 16.7% lower than the P53.59 billion posted in August 2019, based on separate data from the Bureau of the Treasury.

The decline was largely due to lower import volume, Vincent Philip C. Maronilla, assistant commissioner heading the Post Clearance Audit Group and the BoC’s spokesman, said in a Viber message.

“Although the volume is starting to increase, it’s still down compared with the same period last year,” he added, without providing details.

Customs said nine of the 17 collection districts — Tacloban, Zamboanga, Aparri, Limay, Clark, Cebu, Subic, Cagayan De Oro and Davao — exceeded their targets last month.

In the eight months to August, the bureau generated P347.636 billion, 3.95% higher than its P334.44-billion target for the period but still lower by 15.5% year on year.

The impact of the strict lockdown from mid-March to May on trade volume continued to hurt the bureau’s collections, according to Mr. Maronilla.

Official data showed merchandise imports dropped by 29% from a year ago to $39.03 billion in the first half.

“We are, however, confident we can recover the deficit in the next few months,” he added.

Customs must collect P506.15 billion for the full year 2020, 6.6% less than the previous goal of P542 billion and nearly a third lower than its pre-pandemic target of P730 billion.

Much of the country was placed under a strict lockdown from mid-March to May before quarantine rules were slowly eased starting June.

Metro Manila is now under a general community quarantine until Sept. 30. — Beatrice M. Laforga

Fruitas eyes more partners for store expansion

FRUITAS Holdings, Inc. targets to open more multi-product stores in 25 new locations by yearend as it partners with more food retailers.

In a statement on Wednesday, the food and beverage kiosk operator said it is trying to secure new locations for its store network expansion, and 10 new stores would open by end-September.

Fruitas in May said part of its strategy to cope with the coronavirus pandemic is opening free-standing stores that offer different products. The stores will carry the brands Babot’s Farm and Soy & Bean.

To support this plan, the company has been partnering with food retailers to carry their products or create its own brand.

It said it has partnered with Carmen’s Best Ice Cream and Malaysia’s Jim’s Recipe to carry their ice cream and sponge cake products in selected locations.

It is also working with a Chinese bakery in Manila to produce mooncake under Soy & Bean. Fruitas is building a new production facility for its soy products.

The company said it is looking to introduce branded nuts, coffee beans and cacao beans from Babot’s Farm. It is also planning a deal with a bakery.

“We have long-term confidence in the Philippine economy and like the Filipino in adversity, we will remain focused on building a better future,” Fruitas President and Chief Executive Officer Lester C. Yu said in the statement.

Since the start of the pandemic, Fruitas has partnered with Pan de Manila, Bukidnon Milk Company and PeriPeri Corp. to expand its distribution channels. It has allotted P270 million for capital spending to convert and expand its stores.

Fruitas posted a P12.35-million net loss in the six months through June, reversing its P51.97 million net income in the same period last year after most of its stores were closed when Luzon was under a strict coronavirus lockdown.

It had 1,068 stores as of end-2019, distributed across more than 20 brands such as Fruitas Fresh from Babot’s Farm, Buko Loco, De Original Jamaican Pattie, Johnn Lemon, Juice Avenue, Black Pearl, and Sabroso Lechon.

Fruitas shares shed 0.85% or a centavo to P1.17 each on Wednesday. — Denise A. Valdez

Appellate court junks damage lawsuit against Semirara

SEMIRARA Mining and Power Corp. said a claim for damages filed by a building company has been junked for good.

The Court of Appeals denied the appeal of Bauer Foundations Philippines, Inc., which sued the Consunji-led power company for damages after its drilling operations were allegedly disrupted eight years ago, Semirara told the stock exchange on Wednesday.

The miner hired Bauer in 2012 to drill 122 holes at its coal mining area on Semirara Island in Caluya, Antique province in southern Philippines.

“The agreement generally covered the construction of numerous drilled shafts of 1.2-meter diameter with a depth of 150 meters to be filled with grout and/or concrete,” it said.

But since Bauer was only able to use one rig, instead of two, Semirara then mobilized its own rig, anticipating that the construction company would not be finished within the agreed period. The work was expected to be completed by January 2013.

Bauer’s lone rig broke down on Jan. 18, 2014, and two days later, it pulled out its equipment and discontinued operations in the mining area. It only completed 87 holes, Semirara said.

In May that year, Bauer sued Semirara before a Quezon City court against Semirara. It claimed damages worth P7 million for the unfinished 35 holes, as well as P500,000 in exemplary damages and P100,000 in litigation costs.

“Contrary however to the allegations of Bauer, it is Bauer which failed to perform and deliver based on the timeline as agreed,” Semirara said.

Three years later, the court dismissed Bauer’s lawsuit, prompting it to elevate the case to the appellate court in November 2017.

Semirara shares lost 0.41% to P9.80 each at the close of trading on Wednesday. — Adam J. Ang

Cirtek resells P545-M bonds to repay debt

CIRTEK Holdings Philippines Corp. has reissued P545.2 million worth of bonds to refinance its short-term debt and support the capital spending of its US-based unit.

The electronics manufacturer told the exchange on Wednesday it listed the debt at the Philippine Dealing and Exchange Corp. (PDEx) earlier this week.

The bonds, which will mature on Feb. 18, 2021, were reissued under Cirtek’s P2-billion commercial paper program. The Securities and Exchange Commission gave the company a permit to sell securities in February.

“The company intends to use the proceeds from the offer to partially retire its short-term obligations maturing in 2020, and to finance working capital requirements of its subsidiary, namely Quintel USA, Inc. as it takes part in the creation of a truly 5G-enabled world,” it said.

The debt securities got a PRS A credit rating from Philippine Ratings Services Corp., which means the company has above average capacity to meet its obligations.

In July, Cirtek listed P494 million of debt on PDEx also maturing on Feb. 18, 2021, under the same P2-billion commercial paper program. Proceeds from the offer were likewise meant to support the company’s short-term loans and the capital expenditures of its US subsidiary.

Cirtek earlier said Quintel USA was seeking to participate in 5G deployment in the US by selling antennas.

On Tuesday, Cirtek told the exchange its board of directors had approved the sale of as many as 33 million preferred shares through a private placement, to be offered to qualified buyers at $1 each.

The shares will come from the company’s unissued preferred B2 shares.

Cirtek’s net income more than doubled to $2.63 million in the first quarter due to improved margins and lower expenses.

Cirtek shares lost 1.57% or nine centavos to P5.65 each at the close of trading on Wednesday. — Denise A. Valdez

Government asked to allow motorcycle taxis during crisis

MOTORCYCLE taxi company JoyRide on Wednesday urged the government anew to let motorcycle taxis operate amid limited public transportation during a coronavirus pandemic.

While Congress is discussing measures that seek to legalize motorcycles as a new mode of transportation, the government can extend the pilot study on its viability, which ended in March, JoyRide business adviser Edwin D. Rodriguez said by telephone on Wednesday.

Congressmen on Tuesday supported the return of motorcycles on the road during a hearing, JoyRide spokesman Jose Emmanuel M. Eala said by telephone.

The House transportation committee supposedly wanted to endorse this to an inter-agency task force against the coronavirus.

“The recommendation was to resume the motorcycle taxi service and extend the pilot run,” Mr. Eala said.

Once the task force approves the congressional recommendation, it will be referred to the Transportation department, which is the implementing agency, he added.

“We cannot go full blast insofar as modes of transportation are concerned,” Mr. Eala said. “It is the position of ride-hailing service providers that the motorcycle taxi is a better alternative at this time.”

Transportation Assistant Secretary Goddes Hope O. Libiran said Congress might have to pass a resolution for another pilot program on motorcycle taxis.

“There has to be a recommendation from Congress before the task force can decide,” she said in Filipino.

Mr. Eala said the original pilot expired but was extended on Dec. 23 for three more months. “I think the idea of the House of Representatives is to urge the inter-agency task force to extend the pilot run in the same manner,” he added. — Arjay L. Balinbin

Here’s the beef

Wolfgang’s Steakhouse goes into micro-catering

By Joseph L. Garcia, Reporter

I RECEIVED two boxes last week, and opening them opened new doors for me in the kitchen.

The boxes, which contained a Roast Beef Sandwich Kit and a T-Bone Kit, are part of the delivery menu from Wolfgang’s Steakhouse, offered online, from desserts and appetizers at about P500 each, to a full-blown kit with all the bells and whistles (including drinks, two appetizers, and either bread or chips) at almost P6,000. They come from a steakhouse that began in 2004 in chic Park Avenue in New York, based on the decades-long tradition from former Peter Luger (another storied steakhouse) when its former head waiter, Wolfgang Zweiner, opened his own. The Philippine branch started operation in 2016 at Resorts World.

The boxes also form part of the restaurant’s latest venture: a micro-catering service that aims to serve two to 10 people (in pre-pandemic times, they could serve more). With a minimum catering charge of about 6% attached to menu prices, one can have the experience of Wolfgang’s in your very own home. This can include waiting staff, tableware, and a personal chef to cook in one’s home kitchen (the additions would increase the price from P488 to P988 per head, depending on the package one orders). One can choose from set menus which include wine, specialty cocktails, canapés, and more; from the a la carte menu; or have a set menu created according to one’s budget.

Finally, for a party big (or special enough), the restaurant rolls along the mobile kitchen for you: a steak truck, with a fully equipped kitchen. “There’s something special about seeing the truck come to your house, and then have the team cook for you and your family,” said Raymund Magdaluyo, Managing Partner of Wolfgang’s in the Philippines, during a webinar last week.

As for the food: the roast beef in the sandwich was red, aggressive, with a masculine firmness and forward flavor. It was topped with cheese, and the sourdough’s pillowy chew was an excellent counterpoint to the beef’s strength. I dipped it in the beef au jus, and the first bite drove me into a frenzy. I bit and chewed and swallowed that sandwich as if I hadn’t eaten in days. Oddly enough, it was as if I could hear the din of a lunch crowd with each bite. Savoring it was no problem: the beef’s flavor stood out more than well enough despite the wild way in which it was consumed.

The steak was a different animal. It was as big, if not bigger than my face. I rendered the two slabs of bacon that came with it (though I found out later that these were meant to be appetizers), and seared the steak in its fat. Well — I can’t quite judge fairly for myself if it was good, seeing as I made it myself. During the webinar, Wolfgang’s executive chef Chris Oronce was asked if the steaks for delivery were idiot-proof. He laughed at the question, then adopting a serious tone, he said, “We provide our customers with the proper cooking procedures,” he said. He meant the little cards in the box with instructions, which I merely gave a cursory look. “We try to explain to  the customers the easiest way possible. Whatever equipment they have, it’s also possible. But to have the same effect — it’s a 50/50 chance to it. You really have to have experience when cooking steaks, especially when they’re as thick as ours.” Well – I think I made a passable effort, with a bit of a crust on the meat and a doneness crossing from rare to medium rare. The meat tasted aggressive, with a bit of a sharpness in its taste (probably from the dry-aging for more than 25 days) and an overall tender texture.

If I could do it, so could you. After I finished with the meal, I sat on my couch, trembling slightly, and smiling. I felt as if I had done something decent people shouldn’t have been doing while the sun was up.

“You know what our customers love? They don’t have to dress up. They could just be in their pajamas, or whatever. I think that’s when they feel they’re special, when they can eat Wolfgang’s steaks while in their house clothes,” said Mr. Magdaluyo. “It doesn’t need to be expensive. I really feel that especially during our times, special occasions have to be celebrated.”

For bookings, visit https://delivery.wolfgangssteakhouse.ph/catering, send an e-mail to catering@wolfgangssteakhouse.phL, or call Wolfgang’s Steakhouse Catering at 0917-702-8913.

Apple prepares 75M 5G iPhones alongside new Watches and iPad

APPLE, INC. has asked suppliers to build at least 75 million 5G iPhones for later this year, roughly in line with last year’s launch, in a sign that demands for the company’s most important product is holding up in the midst of the global pandemic and recession.

The Cupertino, California-based technology giant anticipates shipments of these next-generation iPhones may reach as high as 80 million units in 2020, according to people familiar with the situation. Apple plans to launch four new models in October with fifth-generation, wireless speeds, a different design, and a wider choice of screen sizes, said the people, who asked not to be identified discussing unannounced products.

Among a comprehensive product refresh in the fall, Apple is also preparing a new iPad Air with an edge-to-edge iPad Pro-like screen, two new Apple Watch versions and its first, over-ear headphones outside the Beats brand. A smaller HomePod speaker is in the works, too. An Apple spokeswoman declined to comment.

Suppliers to the Silicon Valley giant rose on Tuesday: Taiwan Semiconductor Manufacturing Co. and LG Display Co. closed 2% up; lens supplier Largan Precision Co. climbed 4.1%; and headphones assembler Goertek Inc. gained 2.1%. Apple rose 2% at 10:07 a.m. in New York.

Apple and its manufacturing partners always ramp up production ahead of the rollout of new iPhones each fall. In the summer of 2019, suppliers were preparing to make components for as many as 75 million handsets. The target in 2018 was similar, so this year’s goal of 75 million to 80 million units is a bullish sign. Key iPhone assembly partner Hon Hai Precision Industry Co., also known as Foxconn, has put up several notices on WeChat over the past month recruiting workers for its main iPhone campus in the central Chinese city of Zhengzhou.

While the COVID-19 outbreak has hammered the global economy and disrupted supply chains, Apple is seeing strong demand for iPhones, iPads and Mac computers from people working and studying remotely. Revenue from iPhones crushed Wall Street expectations in the most recent quarter. The device still generates almost half of Apple’s sales, and that often tops 60% in the holiday season. Apple shares have soared 76% this year, making it the first US company to surpass $2 trillion in market value.

APPLE’S IPHONE ERA
The four new phones will be split into two basic and two high-end models for the first time, and all will feature OLED displays with improved color and clarity. The two regular iPhones will come in a new 5.4-inch size and a 6.1-inch option, while the Pro devices will offer a choice of a 6.1-inch or an enlarged 6.7-inch display, which will be the largest Apple’s ever put in an iPhone.

All of the new smartphones will have updated designs with squared edges similar to the iPad Pro, and the high-end phones will continue to use stainless steel edges versus aluminum sides on the cheaper variants. The company is also planning a dark blue color option on the Pro models to replace the Midnight Green of 2019’s iPhone 11 Pro line.

At least, the larger of the Pro phones will have the same LIDAR camera as on the latest iPad Pro, which allows augmented-reality apps to have a greater understanding of their surrounding environment. Among the most significant improvements of the new handsets will be the new A14 processor, upgrading speed and power efficiency.

Some Apple employees testing the new devices think that the new 6.7-inch screen is one of this year’s most notable improvements, the people familiar with the situation said. A few testers have also found that some of the current 5G networks are not improving connection speeds much, the people added.

SMARTPHONE SNAPSHOT
Apple plans to ship the lower-end phones sooner than the Pro devices, according to people familiar with the staggered release strategy. During a recent conference call, Apple said the new iPhones would ship a “few weeks” later than last year’s models, which started shipping Sept. 20. This year’s rollout is on course to be the latest, since the release of the iPhone X in November 2017.

The design of this year’s iPhones and many features were finished before COVID-19 spread, but the pandemic did create issues for final testing and delayed the start of production by several weeks. While the new iPhones won’t ship until later, Apple’s iOS 14 software will arrive in September, the people said.

The new Apple Watch lineup will include a successor to the Apple Watch Series 5 and a replacement for the Series 3 that will compete with lower-cost fitness devices, such as those from Fitbit Inc.

The smaller HomePod will help Apple renew its push into the smart home at a lower price, albeit with fewer speakers inside the device than the current $299 model. While the first HomePod was praised for its audio quality, consumers have panned its limited Siri functionality and price. Earlier this year, Apple merged some of the Apple TV and HomePod engineering teams as it looks to renew its focus on home devices.

Apple has also been developing a new Apple TV box with a faster processor for improved gaming and an upgraded remote control, however that device might not ship until next year, according to people familiar with its development. The company is working on a feature for the new remote similar to Find My iPhone that would make the TV accessory easier to find. The company’s other product in development is called AirTags, designed for locating physical items, which will be equipped with a leather carrying case, Bloomberg News has reported. — Bloomberg

Grab extends operations up to midnight

RIDE-HAILING company Grab Philippines on Wednesday said its GrabCar and GrabTaxi services have started operating until midnight in three major areas.

In a statement, Grab said its GrabCar and GrabTaxi services would operate from 5 a.m. to midnight in Metro Manila, Cebu and Pampanga.

“Before, it was up until 10 p.m. and now we expanded it to until midnight,” Grab spokesman Arvi P. Lopez said in a phone message.

The company said it continues to provide free coronavirus tests to its drivers and delivery partners.

Grab also implements cashless transactions between passengers and drivers via GrabPay, debit or credit card.

Drivers and passengers must wear face shields and face masks throughout the trip.

Drivers can also cancel bookings if the passenger fails to wear the required face mask and shield, Grab said.

The Land Transportation Franchising and Regulatory Board (LTFRB) allows ride-hailing services such as Grab to charge a cancellation or no-show fee of P50.

Passengers will be charged if they cancel a booking more than five minutes after confirmation. A booking may also be canceled if a driver is at least 15 minutes late. — Arjay L. Balinbin

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