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Harry Potter fan sites step back from Rowling over transgender views

LOS ANGELES — Two of the biggest Harry Potter fan sites on Thursday distanced themselves from author J.K. Rowling because of her beliefs on transgender issues, calling them at odds with the message of empowerment in her best-selling books.

Websites The Leaky Cauldron and Mugglenet said they would no longer provide links to the British author’s personal website, use photos of her, or write about achievements that do not relate to the Wizarding World she created.

The joint statement by the fan sites said Rowling’s views on “marginalized people (are) out of step with the message of acceptance and empowerment we find in her books and celebrated by the Harry Potter community.”

It follows a lengthy personal essay by Rowling last month in which she detailed her research and beliefs on transgender issues, including examples of where she thought demands by transgender activists were dangerous to women.

The essay was widely criticized by LGBTQ advocacy groups as divisive and transphobic.

Rowling’s seven Harry Potter novels about a boy wizard have sold more than 500 million copies worldwide and were turned into eight blockbuster movies. She followed up with a spin-off movie franchise Fantastic Beasts and Where To Find Them.

The fan sites, which together have more than one million Facebook followers, said they found it difficult to speak out against Rowling because they had admired her work for so long, but said “it would be wrong not to use our platforms to counteract the harm she has caused.”

“While we don’t condone the mistreatment JKR (Rowling) has received for airing her opinions about transgender people, we must reject her beliefs,” the statement added.

Rowling’s representatives declined to comment on Friday’s statement. — Reuters

Gov’t upsizes award of T-bills

THE GOVERNMENT hiked the volume of Treasury bills (T-bills) it borrowed on Monday as rates continued to plummet across-the-board.

The Bureau of the Treasury (BTr) on Monday raised P24 billion via T-bills out of P116.9 billion in total tenders, which was more than five times the initial offer of P20 billion.

It borrowed P7 billion through 91-day debt papers, higher than the programmed P5 billion, from bids totaling P32.657 billion. The three-month papers fetched an average rate of 1.649%, down 9.7 basis points (bps) from the 1.746% logged in the auction last week.

It also borrowed P7 billion via 182-day T-bills, more than the P5-billion plan, as the tenor attracted tenders worth P34.574 billion. The average rate for the six-month T-bills declined by 14.2 bps to 1.75% from 1.892% previously.

Meanwhile, the BTr made a full P10-billion award of 364-day papers out of bids worth P49.669 billion. The one-year instruments fetched an average rate of 1.855%, down by 12.5 bps from the 1.98% seen last week.

National Treasurer Rosalia V. de Leon told reporters that rates plunged due to the central bank’s decision to benchmark interest rates by 50 bps last month.

Benchmark rates now stand at record lows of 2.25%, 2.75 and 1.75% for the central bank’s overnight reverse repurchase, lending and deposit facilities, respectively.

The Bangko Sentral ng Pilipinas (BSP) Monetary Board has slashed key policy rates by a total of 175 bps so far this year to mitigate the impact of the coronavirus pandemic on the economy.

Ms. De Leon added the market remains awash with cash, especially now that the BTr has repaid around P38 billion in maturing debt.

“[The low rates can be] attributed to [the] 50-bps cut and strong liquidity. We have P38.35 billion maturities back to the system,” she said via Viber.

Meanwhile, a bond trader said the market remains liquid due to dampened borrowing activity as firms are postponing plans to expand their businesses due to the ongoing pandemic.

“[There’s] just too much liquidity at the moment as a result of less borrowing activity by corporates and companies deferring their expansion plans,” the trader said.

Latest BSP data showed bank lending growth in April slowed to 12.7% from 13.6% in March, which was attributed to slower economic activity due to the lockdown.

On Tuesday, the BTr will offer P30 billion in fresh 10-year Treasury bonds (T-bonds).

The government has set a P205-billion borrowing program for July and will offer P145 billion in T-bills via weekly auctions and P60 billion in T-bonds to be auctioned off every other week.

It borrows from local and foreign lenders to plug its budget deficit seen to hit 8.4% of gross domestic product this year. — B.M. Laforga

NBI Clearance Center opens at mall

THE National Bureau of Investigation (NBI) Offsite Clearance Center will be open at the Trade Hall, Expansion Building of Robinsons Novaliches until July 31.

The center operates from 10 a.m. to 5 p.m., Mondays to Friday.

All applicants for the NBI clearance should register at clearance.nbi.gov.ph and pay online before going to the center.

All applicants should go only on their appointment date.

Physical/social distancing and wearing of face masks should be observed at all times. Accompanying person will not be allowed at the venue.

Only 500 applicants will be accommodated every day.

Cisco offers interest-free financing to SMEs

TECHNOLOGY firm Cisco Systems, Inc. (Cisco) announced on Monday its interest-free financing program for small and medium enterprises (SMEs) to help them invest in technology and accelerate their digital transformation during the pandemic.

“The 0% financing program will provide SMEs access to necessary technological enablers from Cisco that include software, hardware and services without breaking their budget,” Cisco said in a statement e-mailed to reporters on Monday.

SMEs, under the program, will enjoy a three-year, full payout lease plan “where they pay equal 36-month payments on their Cisco purchases,” which cost between $20,000 and $300,000.

Cisco launched the program amid the coronavirus virus pandemic that has badly affected SMEs in the country.

Cisco Managing Director for the Philippines Karrie C. Ilagan said: “The outbreak of COVID-19 (coronavirus disease 2019) has had a huge impact on SMEs across the country. However, the situation has also brought about a rapid shift in mindset of SMEs to be more receptive to the idea of integrating technology in various aspects of their business and accelerate their digital transformation journey not as a means of survival in the current environment but also for driving future growth.”

Cisco noted that many SMEs are now looking to adopt technology and digitize their operations.

“The new program from Cisco provides financial support to SMEs that seek to equip themselves with the necessary tools and solutions to accelerate their business in the new digital era. These include tools for virtual meetings and collaboration, cybersecurity solutions and networking equipment,” the company also said.

Raz Mohamad, Cisco’s director of commercial and small business for the ASEAN region, noted that SMEs are the backbone of Southeast Asian economies, accounting for over 85% of total businesses and making up the main contributions to private sector employment in the region.

“They are currently facing the biggest challenges to their operations. Technology can help solve some of their key challenges and revitalize their operations. It is more important than ever for partners like Cisco to provide the much-needed assistance, not just through our solutions and expertise but also through programs that can help alleviate financial concerns,” he added. — Arjay L. Balinbin

UK’s Royal Mint celebrates singer Elton John with new commemorative coin

LONDON — Elton John on Monday became the second artist to be honored by Britain’s Royal Mint with a commemorative coin paying tribute to the decorated British singer-songwriter.

The coin, designed by artist Bradley Morgan Johnson, depicts John’s distinctive straw boater’s hat, and fashions his trademark glasses out of a pair of musical notes.

“It really is a fabulous honour to be recognized in this way,” Mr. John, 73, said.

“The last few years have contained some of the most memorable moments of my career, and this is another truly humbling milestone on my journey.”

John, who was knighted in 1998, is the second artist to be commemorated under the Royal Mint’s Music Legends series after rock band Queen.

He has sold more than 250 million records, with hits like “Candle in the Wind,” “Your Song,” and “Bennie and the Jets.”

John has been forced to postpone a lengthy farewell tour due to the COVID-19 pandemic.

The Royal Mint also said it was working with John to create a special one-off collectors piece to be auctioned later in the year, to raise money for charity at a time where many in the sector are struggling. — Reuters

BDO, Metrobank offering dollar-denominated bonds

BDO UNIBANK, Inc. (BDO) and Metropolitan Bank & Trust Co. (Metrobank) are offering 5.5-year dollar-denominated bonds to raise funds for business purposes and to refinance liabilities, the banks said in separate disclosures on Monday.

BDO is offering at least $500 million in 5.5-year fixed-rate dollar-denominated notes, the proceeds of which will be used for general business purposes.

The bank said the size of the offer will be based on the US dollar benchmark, which means at least $500 million.

The notes will carry a fixed coupon, with an initial price guidance of T+235 basis points (bps).

The Sy-led bank said the notes are part of its $5-billion euro medium-term note program.

The lender has tapped Standard Chartered Bank to act as the global coordinator of the offering. Standard Chartered Bank (B&D), BofA Securities, Inc., meanwhile, will serve as joint lead managers and joint bookrunners.

The notes will be listed on Singapore Exchange Securities Trading Ltd.

BDO last week raised P36 billion in 1.75-year fixed-rate bonds, upsized from its initial P5-billion offer due to strong demand.

In January, the lender raised P40.1 billion via 2.5-year bonds carrying a 4.408% rate per annum.

BDO’s net income declined by 10.2% from a year ago to P8.8 billion in the first quarter as weak markets hit the bank’s investment portfolio.

Its shares slipped by 2.46% on Monday, shedding P2.45 to close at P97.50 apiece versus its P100 finish on Friday.

METROBANK
Meanwhile, Metrobank is looking to offer 5.5-year dollar-denominated unsecured notes to refinance its existing debt.

The Ty-led lender said the offering will be a Regulation-S only 5.5-year dollar-denominated senior unsecured notes and will be subject to market conditions.

“This is the bank’s first issuance of foreign currency senior debt in recent history, under the $2 billion Medium Term Notes (MTN) Programme,” Metrobank said via text message.

“Please expect more details as we firm up the plans for the offering,” it added.

The bank said UBS and First Metro Investment Corp. will serve as the joint global coordinators and joint bookrunners for the offering.

Meanwhile, it said the joint lead managers are Mitsubishi UFJ Financial Group, Inc. (MUFG) and SMBC Nikko Capital Markets Ltd.

“Proceeds will be used to refinance existing indebtedness,” the bank stated in the disclosure.

Moody’s Investors Service yesterday assigned (P)Baa2 long-term foreign and local currency senior unsecured ratings to the long-term senior unsecured component of Metrobank’s $2-billion MTN program.

“The (P)Baa2 ratings assigned to the senior unsecured component of the MTN program are in line with MBT’s Baa2 foreign and local currency deposit ratings, and reflect the bank’s baa2 baseline credit assessment (BCA) and

Moody’s expectation of a very high probability of support from the Government of the Philippines (Baa2 stable) in times of need,” Moody’s said. “The ratings do not receive an uplift because the bank’s baa2 BCA is already at the same level as the sovereign rating.”

Moody’s said Metrobank’s BCA reflects its healthy asset quality, stable profitability supported by low-cost deposits, high capital levels, and strong funding and liquidity.

“Asset risk for MBT is rising because of the coronavirus outbreak, but Moody’s expects its asset quality to remain robust, underpinned by a loan composition that is weighted toward financially sound corporates. Profitability pressures because of slower loan growth and higher credit costs will be somewhat offset by its resilient net interest margin,” the debt watcher said.

Metrobank’s latest issuance marks the second time it is tapping the capital market this year following an offering last month.

The bank raised P10.5 billion in 1.25-year peso-denominated notes in June, marking the sixth issuance out of its P100-billion bond and commercial program.

The notes carry an interest rate of three percent per annum.

Metrobank’s net income declined by 9.33% to P6.1 billion in the first quarter as it increased loan loss provisions due to the pandemic.

Its gross operating revenue rose 13% to P27.6 billion.

Shares in Metrobank closed at P37.9 apiece on Monday, down by P1.05 or 2.7% from Friday’s close of P38.95 each. — B.M. Laforga

Keepr implements safety protocols

KEEPR STORAGE PH is implementing a strict no-contact policy for all clients and personnel, as it resumed operations after Metro Manila was downgraded to a general community quarantine.

“We as consumers value our health more than anything during these times. Having certain protocols in place has helped our business meet our customers’ demands and needs, without having to sacrifice our commitment to our clients… Already, we are seeing more and more businesses pivot to distance-enabled transactions, and we expect this to continue for quite a while, or at least until we have beaten the virus,” Keepr founder Anna Moncupa said in a statement.

Keepr’s guidelines include placing delivery items in a dedicated space accessible to its storage specialists; using in-house bins to store and transport clients’ items; and the use of face masks and personal protective equipment when picking up items.

“Our current policies are not only centered on safety, it was structured with limited resources in mind. With limited public transportation, Metro Manila has minimal workforce available at the moment. Having these contactless procedures when offering moving and storage gives our customers cost-efficient alternatives without them having to look for more manpower,” Ms. Moncupa said.

Keepr offers fully customizable storage solutions for business and personal use.

National Reinsurance Corp sets stockholders’ meeting via remote communication

The 2020 Annual Stockholders’ Meeting of NATIONAL REINSURANCE CORPORATION OF THE PHILIPPINES will be conducted virtually on August 7, 2020, Friday, at 3:00 P.M.

For complete information on the Company’s annual meeting, please visit www.nat-re.com/investor-relations/annual-stockholders-meeting.

Revenge is a fool’s errand

VIDEO GAME REVIEW
The Last of Us Part II
Sony PlayStation 4

Not surprisingly, The Last of Us Part II dominated gaming news since the leaks spread on the internet in late April. Anticipation, already eager to begin with given the proven value of the source material, was further fueled by third-hand information. On the flipside, not a few quarters found cause to draw thoroughly unfair conclusions; after all, the game had yet to hit retail shelves, and any discussions on particulars of that title, or argued lack thereof, bordered on speculation. If there was any benefit to all the talk, though, it was that Sony wound up committing to a release date. Earlier in the month of the leaks, it was postponed indefinitely due to the novel coronavirus pandemic‘s effects on international distribution.

And so The Last of Us Part II officially rolled out on June 19 — with optimism, to be sure, as the culmination of six years of hard work by director Neil Druckmann and the same Naughty Dog team that served up its multi-awarded predecessor on the PlayStation 3 in 2013. The good news is that the developer’s latest work doesn’t just show its pedigree; it betters what had hitherto been the California-based company’s magnum opus. Forget about the fears on the basis of the leaks. It has everything that enabled The Last of Us to stand out — everything and more.

In The Last of Us Part II, players pick up the story through the eyes of Ellie five years from where The Last of Us left off. The central character is now 19 years old and living in a settlement in Jackson County, Wyoming, where Joel’s brother Tommy also lives. Surrounded by peers in a loving community, life is good for her — at least under the new normal in post-apocalyptic United States. She has settled in and seems to be enjoying herself. Unfortunately, her happiness doesn’t last. Shortly into the story, someone close to her is tortured and killed. Brimming with rage at the turn of events, she is moved to travel the countryside and avenge the brutal death by any means necessary. Using stealth, trickery, her trusty knife, and her guns, she carves a path through bandits, soldiers, and the Infected, all in an effort to right the wrongs she has suffered.

In terms of gameplay, The Last of Us Part II is pretty much like The Last of Us, albeit packed in a much prettier package. This means the same old routines of exploring ruined buildings and cities, scavenging for supplies, crafting equipment and upgrades, and battling hordes of humans, infected or otherwise. This means that large parts of gameplay are devoted to stealth sequences, requiring players to duck behind cover and eliminate enemies wisely and quietly. In these stealth sections, players are expected to do whatever they can to sneak, shoot, or stab their way through preset paths. While these stealth sequences feel less rigorous compared to modern stealth games like, say, Metal Gear, there’s still a surprising amount of freedom available while skulking about in the shadows. Paths tend to be linear, but these often branch out in multiple directions, giving players the ability to flank enemies or even avoid them. Sound and sight play key roles, and knowing when to make noise and when to stay out of sight and out of mind can mean the difference between life and death.

For the impatient or the clumsy, however, going loud is always an option, and it’s in this mode that the gameplay of The Last of Us Part II veers from its older sibling. These changes may be subtle, even very subtle, but those who’ve played The Last of Us will be able to note the improvements. For one, animations look and feel much smoother. Enemies react to damage realistically, thus providing no small measure of satisfaction when taking down foes with gunfire. Additionally, melee combat now proves much more fluid with the addition of a dodge button. It’s not akin to Resident Evil 3’s invulnerable dodge; that said, it gives players the opportunity to go toe to toe with several melee enemies and take them down without absorbing much damage.

Gunplay in The Last of Us Part II also winds up much tighter. Make no mistake: The lack of ammunition is still a problem. However, the times players are forced to use their precious ammo leads to some form of catharsis. The variety of weapons isn’t very large, but the overall arsenal does give enough options to face down enemies, whether those affected by the mutated Cordyceps fungus or more crafty human opponents. Unlike in The Last of Us, there’s never a helpless foreboding of inevitable death — not when shotguns, explosives, arrows, and Molotov cocktails are all within reach.

Choice becomes absent, though, in how the story of The Last of Us II plays out. Just like in The Last of Us, the narrative is pretty much set in stone, and players become unwilling spectators thrown into the middle of it. This isn’t bad per se; even if the first half of the game is a fairly standard revenge story, major parts are still able to shine. More critical quarters may be promoted to boil it down to something as simple as Ellie going out, Ellie killing people, and Ellie trying to track down her nemesis, but there can be no doubting the impact of the quieter moments of the first half. They’re very, very good, with the all-too-infrequent guitar segments, in particular, serving as highly effective counter-programming to the bouts of gunplay, stealth, and murder.

Where the plotline of The Last of Us II purposely becomes divisive is in its second half: Even as Ellie focuses on revenge, much effort is given to show the antagonist’s brighter side. There’s a clear focus on how “normal” and vulnerable the latter truly is. Indeed, a large part of the narrative focuses on humanizing past foes; for instance, non-playable characters Ellie has slaughtered make reappearances as friends and comrades. Clearly, the intent is to show that there’s more to digest than just Ellie’s side of the story. And as complicatedly brave as the decision to layer the dramatis personae may be, it works.

Notably, significant parts of the second half of The Last of Us II show the characters in unguarded moments. Players then find cause to empathize with their troubles; people treated as stepping stones to Ellie’s quest for revenge in the first half come alive and are given more nuance and depth in the second. Again, hints of the unique design choice abound, among them the frequent notes on the families and friends of enemies gunned down. There is a pervasive emphasis on forgiveness, however difficult — including forgiveness of self; for example, players are forced to kill a dog at one point, only to encounter it later as a friend.

In this regard, the wave of mixed emotions that The Last of Us Part II engenders is prompted. Should they be excited when they’re so close to vengeance? Should they then be ashamed that they’ve been roped in on a mission that’s ultimately pointless and self-destructive? When all is said and done, whether the remorse is earned — or even felt — depends on how players view the conscious decisions they made en route. From start to finish, the game shows the painstaking work Naughty Dog has done to keep players immersed and invested heavily in complicated characters. Through lifelike animations and silky-smooth gameplay elements, they’re then obliged to question why they enjoyed the bits and pieces of violence and gore.

Granted, it’s easy to see what type of feeling The Last of Us Part II is going for; revenge is a fool’s errand, and the story clearly has a deeper emphasis on self-reflection, on forcing the players to think about the lasting consequences of their actions. And for those who believe in Naughty Dog’s objective, it works; specific segments, especially in the second half, invoke introspection and deep thought — with the intent to turn what should be joy at finally reaching the final goal into something else, and at the very least an acknowledgment that maybe not everything done along the way was right.

Critics, and there are myriad, will claim with reason that the lack of choice in The Last of Us Part II spoils its intentions. Because there is no alternative but to proceed onward through thick and thin, the morals it wants to espouse fail, they argue. This works in other games, as being good and bad were clear-cut decisions that players were able to take; Dishonored, for instance, offered just rewards for the harder, non-lethal path compared to the grimmer, darker ending awaiting the easier, more lethal approach. In a game like that, such self-reflection would work as there was an active choice in the matter.

In any case, The Last of Us Part II can proudly say it achieved what it set out to do. It’s certainly a much-improved version of The Last of Us; at the basest level, the improvements to the combat mechanics, the extremely high quality of its action setpieces, and the adrenaline rush fights induce are all worth the effort. And, yes, it succeeds in its efforts to prod and provoke, and to get players to remember it long after they’ve finished it. The efficacy of the lingering taste, though, depends on how much the story hits home. In this light, those who enjoyed the original game should get a leg up. If nothing else, they’ll be able to approach the sequel’s story with an open mind.

All told, The Last of Us Part II stands as a testament to Naughty Dog’s commitment to the franchise. A lot of love and effort was clearly put into it, and its quality permeates every nook and cranny of its production. Granted, it can be hard to appreciate at times; for all its polish and seamless transitions from story to gameplay, and vice versa, it’s a decidedly acquired taste. Then again, Druckmann himself said it’s not meant to be fun. Perhaps it’s just meant to be, period. Highly recommended.

THE GOOD

• Superb gameplay elements, with a healthy mix of action, stealth, and peace and quiet

• Solid gunplay and melee combat, with decent stealth mechanics to give players good variety

• Good selection of guns, upgrades, and difficulty and accessibility options, which is to say most anyone can play the game in any number of ways

THE BAD

• Linear story with linear stage design

• Very gritty and serious plot

• Controversial ending

RATING: 9.5/10

POSTSCRIPT: CrossCode makes no bones about its conceit. In fact, it trumpets its willingness to straddle seemingly incongruous situations. As a single-player role-playing game set within a massive multiplayer online RPG, it has players control Lea, an avatar who has lost both her memory and her voice, in an effort to solve the mysteries behind the development. And, what’s more, she gets to mingle in the physical world as well. Thus, two stories in two settings get intertwined on the way to the denouement.

Significantly, CrossCode makes Lea’s progress within the CrossWorlds MMORPG run just about like any other player’s character in real life. She’s a Spheromancer with the capacity to launch both ranged and close-quarter attacks during inevitable combat phases. There’s likewise a large portion of interaction with other characters, including with some slated to join in exploration, as well as a fair amount of crafting and farming in order to raise attributes to the levels required to take the measure of opponents in battle. Parenthetically, skill trees are extensive and can open up more opportunities, particularly chain attacks, in this regard.

Simply put, CrossCode gives off a decidedly MMORPG vibe without players actually needing to go online. And, creditably, it proves to be just as deep and as populated, not to mention as aesthetically and aurally pleasing as the best ones in the industry; the 16-bit art style complements the throwback music, adding to the lure and allure of the gameplay. If there are any negatives, they’re in the frame rate drops when the screen gets busy, and in the audio glitches that occasionally crop up.

On the whole, though, CrossCode proves to be worth its $19.99 price tag as a well-made port of the crowdfunded release on the personal computer. With progressively challenging puzzles through seven themed dungeons, it’s a satisfying 50-hour romp that gives off a Zelda-esque vibe in an MMORPG environment. Sweet.

THE GOOD:

• Solid gameplay

• Balanced and fair combat mechanics

• Visually and aurally pleasing

THE BAD:

• Populated screens lead to frame drops

• Audio glitches evident on occasion

• Side quests can be repetitive

• Grinding required

RATING: 8.5/10

THE LAST WORD: The much-awaited NBA 2K21 has three covers slated for its release. All-Star Damian Lillard will be on copies for current-generation platforms, while presumptive Rookie of the Year Zion Williamson will grace offerings for the PlayStation 5 and Xbox Series X. Meanwhile, the Mamba Forever Edition, available for all systems, will feature — who else? — hoops legend Kobe Bryant. The versions will retail for P3,190, P3,690, and P5,390, respectively.

The cover athletes were chosen for a reason. As explained by Alfie Brody, vice-president of Global Marketing at NBA 2K, Lillard, Williamson, and Bryant “represent different eras of the game of basketball.” Significantly, the next-generation version is being built from the ground up to take advantage of cutting-edge architecture. Moreover, the overlap of hardware generations will be addressed through the implementation of measures allowing for cross-progression and shared virtual credits within the same console family. Parenthetically, the Mamba Forever Edition provides owners with an extra copy of the game on the other generation within the same console family.

NBA 2K21 be available worldwide on the PS4, Xbox One, Nintendo Switch, PC, and Google Stadia on Sept. 4. It will likewise be a launch title for the PS5 and Xbox Series X this coming holiday season. The franchise has hit the top of video game simulation charts with every iteration in the last 10 years, and it figures to do the same this year.

MPTC unit pays second tranche of concession fees for CALAX

METRO Pacific Tollways Corp. (MPTC) said its subsidiary MPCALA Holdings, Inc. had paid in advance the second tranche of the concession fees for the Cavite-Laguna Expressway (CALAX).

In a statement e-mailed to reporters on Monday, MPTC said MPCALA paid the Department of Public Works and Highways (DPWH) P4.368 billion, ahead of the July 10 due date.

“The payment is the second of six tranches amounting to P27.3 billion in total concession fees under the 35-year CALAX concession,” MPTC said.

The tollways group paid the first tranche of P5.460 billion in July 2015.

MPTC Chairman Manuel V. Pangilinan said: “It is our privilege to be the government’s private sector partner in this project of national significance. And despite this COVID-19 pandemic, our work continues to serve our communities, and our people.”

The group also paid in advance on May 1 its tax dues valued at P 1.03 billion.

“This payment will help enable the national government to fund development projects, high-priority resource management programs, operations, and concession-support activities,” DPWH Secretary Mark A. Villar was quoted as saying in the statement.

The whole CALAX project covers 45.3 kilometers of expressway linking the Manila-Cavite Expressway (CAVITEx) from Kawit, Cavite to the South Luzon Expressway (SLEx) at the Mamplasan Interchange in Biñan, Laguna.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

RCBC eyes at least P3 billion from two-year bonds

RIZAL COMMERCIAL Banking Corp. (RCBC) is looking to raise P3 billion in fresh funds as it taps the domestic bond market for the second time this year.

RCBC said in a filing with the local bourse on Monday that the fixed-rate bonds will have a tenor of two years and a fixed interest rate of 3.25% per annum.

“The funds raised from the bonds will be utilized to support asset growth, refinance maturing liabilities, and other general funding purposes,” it said.

RCBC said the minimum issue size for the bonds is at P3 billion, with an option to upsize under certain market and other conditions.

Its public offer period started on Monday, July 6, and will end on July 17, subject to adjustments.

Meanwhile, the issuance and listing of the bonds at the Philippine Dealing Exchange Corp. is set on July 27.

The bonds will be the fifth tranche of RCBC’s P100-billion bond and commercial paper program of which P62.45 billion remains unissued.

The sole lead arranger and book runner for the transaction is ING Bank N.V. Manila, while RCBC Capital Corp. served as the financial advisor. Both ING and RCBC Capital are selling agents of the bonds.

In April, RCBC raised P7.05 billion from two-year fixed-rate bonds that carry a coupon rate of 4.848%. The proceeds from the issuance will be used to support asset growth and to improve the bank’s liability structure.

The Yuchengco-led bank’s net income climbed 77% year on year to P2.3 billion in the first three months of 2020, boosted by its strong core business and trading gains.

RCBC’s shares finished trading at P17.04 apiece on Monday, down by two centavos or by 0.12% from its previous close. — Luz Wendy T. Noble

Ayala Malls gives free bikes for frontliners

AYALA MALLS has teamed up with Life Cycles PH to provide free bicycles for frontliners.

UP Town Center, through Life Cycles PH, has donated 21 free bicycles so far for health care workers who require transportation to and from home. To avail of the service, they can present a company ID for verification and monitoring at the Life Cycle Station along Phase 1, near Mercury Drug in UP Town Center.

Ayala Malls has also installed bicycle racks in all its malls.