Home Blog Page 804

PSE approves SFA Semicon Philippines voluntary delisting

SFASEMICON.COM.PH

THE Philippine Stock Exchange (PSE) on Monday approved the planned voluntary delisting of SFA Semicon Philippines Corp. (SSP).

SSP’s shares will be delisted from the exchange’s official registry on Dec. 12, the PSE said in an announcement on its website.

On Nov. 25, SSP announced the completion of a tender offer by its South Korea-based parent company, SFA Semicon Co. Ltd. (SFA Korea), which took place from Oct. 14 to Nov. 12.

The tender offer saw 192.77 million common shares validly tendered, representing 9.43% of SSP’s total issued and outstanding shares.

The tendered shares were bought by SFA Korea at P2.22 apiece, equivalent to P427.96 million.

SSP disclosed its voluntary delisting plan in August. The company has business interests in the manufacturing and assembly of semiconductors and memory devices. — Revin Mikhael D. Ochave

LANDBANK charter amendments may hurdle House banks committee by next month

THE NEW CHARTER of the Land Bank of the Philippines (LANDBANK) is expected to be approved by the House of Representatives Banks and Financial Intermediaries Committee early next year, its chairman said on Monday.

Manila Rep. Irwin C. Tieng, who heads the House banks committee, said LANDBANK’s charter could be approved at the committee level as early as January.

“I don’t think we can release it by December… but we are allowed to have committee hearings during the breaks. So, even if we don’t have a session, we can request special approval from Congress to hold a hearing,” Mr. Tieng told BusinessWorld.

Bills seeking to amend LANDBANK’s charter are pending at the House and Senate banks committees. The proposals seek to increase the state-run bank’s capitalization to P1 trillion from the current P200 billion.

Mr. Tieng’s proposal states that P200 billion or 20% of LANDBANK’s capital stock shall be subscribed to by the National Government, while P163.79 billion or at least 81.89% of the total subscription will be paid by the state.

A separate bill also being considered by the House banks committee includes a provision mandating LANDBANK to allocate at least 60% of its total loan portfolio to farmers and fisherfolk.

“We will find out if there are other things that we need to change in their charter with regards to granting loans and collecting loans,” Mr. Tieng added. “Maybe we have to add some things regarding the granting of loans, such as the maximum amount and who can grant up to what amount, also the allowable period of loans. Those are the things we’re looking into.” — Kenneth Christiane L. Basilio

Arthaland projects P15-B GDV for Una Apartments

UNA APARTMENTS is the country’s first multi-certified mid-market residential development. — ARTHALAND.COM

PROPERTY developer Arthaland Corp. projects that its Una Apartments, a mid-market residential development in Biñan, Laguna, will have a gross development value  of P15 billion, according to a company official.

The five-tower project is located inside the 8.1-hectare Sevina Park in Biñan.

“The estimated GDV (gross development value) is P3 billion per tower,” Christopher G. Narciso, executive vice-president and business operations group head at Arthaland, said in a Viber message.

Tower 1, with all 396 units sold, is expected to be completed by the fourth quarter of 2026.

“Right now, we’re looking at completing the sell-out of the second tower, and launching the third tower by next year,” Mr. Narciso told a media briefing on Nov. 18.

Earlier this month, Arthaland broke ground for Tower 2, which will have 19 floors and around 400 units. It is expected for turnover by 2027. More than 60% of its units have already been sold.

A studio unit at Una measures 28 square meters (sq.m.), a one-bedroom unit-prime is 34 sq.m., and a one-bedroom unit-deluxe measures 42 sq.m. Each unit has a floor-to-ceiling height of 2.6 meters and its own balcony.

A commercial area will be built within the townhouse complex, according to Arthaland Senior Vice-President and Chief Sustainability Officer Oliver L. Chan.

“We plan to have our own commercial area for the basic necessities and the immediate needs of the residents. So, we’re starting to do that already, we’re planning for it and it should be up soon,” he told the briefing. He added that the company will also establish point-to-point transfer shuttles using electric vehicles to transport residents.

The complex also has a rainwater collection system to save water for irrigation, he noted.

Sevina Park is accessible via the Cavite-Laguna Expressway and is near key areas like the De La Salle University-Laguna Campus, hospitals, and other industrial estates.

On Nov. 14, Arthaland said it had raised P2.5 billion to fund the first two Una towers.

The project challenges the perception that sustainability is a luxury, said Arthaland Vice-Chairman and President Jaime C. González.

“At Arthaland, we are dedicated to creating a sustainable culture in how people live, how communities are built, and how we as property developers pursue our business,” he said in a video message. — Beatriz Marie D. Cruz

A true comedy club opens in BGC

OPENING NIGHT at Comedy Manila’s Brick Wall comedy club (L-R): Rex Navarrete, Roger Naldo, GB Labrador, Nonong Ballinan, Margie de Leon, Alexio Tabafunda, and James Caraan.

The official opening featured Rex Navarrete

THE stand-up comics of Comedy Manila are a fun bunch. There’s the irreverent barkada humor of KoolPals podcasters GB Labrador, Nonong Ballinan, and James Caraan. There’s the self-deprecating yet hilarious energy of Alexio Tabafunda (very well-executed fat jokes!) and Roger Naldo (very well-executed speech impediment jokes!). Meanwhile, Margie de Leon can charm a crowd with her sophisticated wit coupled with her down-to-earth demeanor.

It took 12 years for the comedy production house — now representing over 40 comedians — to have a home stage of its own, Mr. Labrador told the media at its official opening night last week (it has been open since September).

“We write our own jokes and represent our own humor onstage. That’s our goal,” said Mr. Labrador. “We have comedians representing different genders, cultures, and parts of the Philippines. With our own stage, people will be able to see a diverse range of stand-up on a weekly basis.”

BusinessWorld attended the launch, sampling the jokes by six comics that ranged from self-ridicule to more Philippine-specific topics like the distinct way of speaking of FlipTop rappers and the absurdity of seeing Catholic figures painted alongside anime characters on jeepneys. The highlight was Mr. Naldo recreating his experiences being misunderstood at a store because of his speech impediment, though his best joke was fictional — acting out what he would sound like if he were to be possessed by a demon. Mr. Tabafunda’s imitation of how a fat person’s neck appears when craned to seek out food was a close second.

While rude humor is expected (Mr. Caraan exaggerating the odd quirks of Iglesia ni Cristo prayers drew flak online from members of the religious group), shaking one’s head and grimacing at the offensiveness of some jokes is par for the course at stand-up comedy shows. Outside of the safe space of a comedy club or among a very tight-knit group of friends, no one would dare repeat many of these jokes in public.

“A lot of comics are good, or they have potential, but there’s no proper stage for everyone to shine and showcase their talents,” Mr. Labrador told BusinessWorld, on how stand-up comedy is best honed with a live audience.

“That’s the reason we have Comedy Manila, and now this proper stage at Brick Wall BGC.”

COMEDY MANILA’S GODFATHER
The headliner of the night, Filipino-American comedy legend Rex Navarrete, kept the audience laughing over his hour-long set. It’s clear that he’s in a league of his own, coming from the United States and providing humor as a Filipino in a land where he is a minority.

A stereotypical tito rambling on and on as a pilot checking in on his passengers during the flight? Check. A reenactment of young Rex bringing home an Irish immigrant friend who grows more and more bewildered by each Filipino quirk in his household (cue the horror of discovering leftover dinuguan in an ice cream container)? Check.

Mr. Navarrete’s situational comedy is unmatched — and for good reason. In the Q&A after his set, he cited a plethora of references. There’s Andy Bumatai, a Hawaiian of Filipino ancestry, who is unafraid to make fun of other cultures that make up the population of Hawaii, like Portuguese and Samoans.

“Hawaii has its own stand-up comedy scene that never made it to the mainland United States because it was very specialized and localized. They got different cultures mixing together and their way of getting along is to make fun of each other, to the point where you’re insulting your next-door neighbor who happens to be of another race,” Mr. Navarrete explained. “I learned some of the most racist jokes done about Filipinos, done by Filipinos there.”

He also cites British comedy like Monty Python sketches, which taught him “the art of the ridiculous,” and American institutions like Saturday Night Live, George Carlin, and Eddie Murphy.

For the Comedy Manila members in attendance, Mr. Navarrete was the blueprint, his comedy album and videos passed around online via Limewire in the early 2000s. When he came over to the Philippines in 2002 to perform for the first time, the stand-up comic scene was basically nonexistent.

He discovered a few of the comedians who now make up Comedy Manila while trying to find people who wanted to open that show for him — one of the seeds that kicked off the group’s homegrown movement.

“Rex is one of the guys who made it possible for this kind of stand-up to flourish here in the Philippines,” Mr. Labrador said. “Even if you don’t see him all the time, he’s messaging and congratulating us for every achievement, whether it’s a sold-out show or someone headlining his first Netflix special.”

“We don’t hear that from Jo Koy, actually,” he quipped, referring to the other well-known Fil-Am stand-up comedian, drawing laughs among the group.

A NEW HUB
Brick Wall has the quintessential comedy club atmosphere, and both patrons and newcomers can look forward to a diverse lineup, including observational humor, storytelling, and improvisation, performed by both local and international comedians. 

It is difficult to get to the venue, with BGC being notoriously nearly inaccessible to commuters and backed up with traffic for car owners and ride-hailing app users. But perhaps the “global crowd” in the area is suited to the diverse range of stand-up comedy that Brick Wall will offer.

In a statement, the venue said that it “will also host a variety of alternative entertainment options, including improv nights, comedy-themed trivia, live podcast recordings, and acoustic performances.”

Its food menu is decent (expect BGC prices, of course), filled with pub-style comfort food like chicken wings, nachos, shrimp, porkchops, and baby back ribs. It offers themed cocktails like the Impression, Heckler, and Carebear.

Mr. Labrador said that, despite the pandemic doing them favors by introducing a lot of people who were struck at home to stand-up comedy via YouTube, podcasts, and streaming platforms like Netflix, a physical venue still matters.

“There was no such thing as a venue back then, maybe just a bar or restaurant where we’d do an open mic. The challenge was to make the random people there laugh, and that’s how we got better.”

Brick Wall BGC is on the second floor of Uptown Parade, BGC, Taguig. It is open seven days a week, with The KoolPals’ open mic nights on Tuesdays and Comedy Manila’s showcases set for Wednesdays and Saturdays. — Brontë H. Lacsamana

On Philippine-Canada trade, and Argentina’s fiscal surplus

Last week a huge business delegation organized by the Canadian Embassy — the Team Canada Trade Mission (TCTM) — came to Manila. Upon the invitation of the embassy, I attended the Plenary Session, “Canada, the Philippines and the Indo-Pacific,” on Dec. 5 at the Grand Hyatt Hotel ballroom. It was full, with some 300 Canadian plus 400 Philippine business leaders, plus government officials from both countries in the room.

Keynote speakers were Minister Mary Ng of Canada’s Ministry of Export Promotion, International Trade and Economic Development, and Secretary Frederick D. Go, Special Assistant to the President for Investment and Economic Affairs of the Philippines. I also attended the TCTM gala dinner that day at the PICC.

Trade between the Philippines and Canada is not big yet. Data from the Philippine Statistics Authority (PSA) show that total merchandise trade (exports plus imports) was only $1.49 billion in 2023 and $1.05 billion in January-September 2024. The top three trade partners of the Philippines still are China, Japan, and the US, while other Asian neighbors fill up the top 10 (see Table 1).

Special credit goes to the Ambassador of Canada to the Philippines David Hartman, and Trade Counselors Eleonore Rupprecht, Guy Boileau and their staff for their hard work promoting the Philippines to Canadian business people. Thank you, Sirs, Madam.

INFLATION
Last week the PSA released the country’s inflation and labor data. The inflation rate in November was 2.5%, lower than the November 2023 level of 4.1%. The January-November average is now 3.2%.

The government economic team was understandably bullish. Finance Secretary Ralph G. Recto said that “We are very much on track in keeping our inflation within our target band for the entire year despite some challenges, such as strong successive typhoons that affected the agriculture sector.

“Economic Planning Secretary Arsenio M. Balisacan said that they focus on “price stability supported by prudent monetary policies and strategic trade measures in the near term, as well as improved access to quality job opportunities and productivity-enhancing reforms.”

Budget Secretary Amenah F. Pangandaman said that “public spending that raise agriculture and overall productivity especially infrastructures that facilitate faster mobility of goods and people continue to be prioritized to help stabilize prices and adequate supply of commodities.”

Later this week I will go to Argentina to meet some fellow free market leaders from other countries around the world. The choice of Argentina as the venue for the event was good because in November 2023, the people of Argentina elected a very articulate and dynamic leader, President Javier Milei.

Argentina has suffered from hyperinflation for many years, up to 133% in 2023 alone. Big government bureaucracies and spending that required heavy borrowing and money printing led to high interest and inflation rates. President Milei cut many subsidies and freebies, and certain bureaucracies, and this led to a sustained budget surplus this year.

I compared the budget balance of Argentina with five other large Latin American countries — Brazil, Mexico, Colombia, Chile, and Peru. All of them, especially Mexico, continue to suffer from large budget deficits. Argentina is the new odd-man-out in a positive way (see Table 2).

From the early to middle part of this year, Argentina’s inflation rate reached up to 200%+ mainly because President Milei removed price controls and slashed subsidies of various commodities and public services. But the inflation rate has since started to mellow. The fiscal surplus should lead to less borrowing, lower interest payments, and more public resources to finance public infrastructure that can reduce inflation pressure.

The Philippines has been moving to more market-oriented reforms, including the corporate income tax cut from 25% to 20% under the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) law. Argentina is also moving towards more market reforms. There should be synergy between both countries if they enter into more bilateral trade and investment partnerships.

Those sectors should include energy, and Argentine exports of beef, poultry, and pork. Their nuclear technology — applications in power generation, medicine and healthcare, agriculture, etc. — plus satellites and biotechnology, forensic anthropology, should be something that we can learn from and tap.

Argentina can also tap the Philippines’ electronics products and exports — tropical fruits — among others. The list between two market-oriented emerging economies on both sides of the Pacific can truly expand.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Mets Logistics eyes expansion with P7B from Growtheum Capital

METSLOGISTICS.COM

SINGAPORE-BASED private equity firm Growtheum Capital Partners (GCP) will invest P7 billion in Mets Logistics, Inc. to help advance its expansion in the cold storage logistics sector in the Philippines, the local cold chain solutions provider said on Monday.

“This investment will further our expansion plans and help us enhance our cold chain logistics capabilities, providing greater value to our customers and stakeholders,” Mets Chairman and President Eduard Tio said in a statement.

Established in 2010, the Philippine-based cold chain solutions provider operates cold storage facilities nationwide with over 100,000 total pallet positions, the company said.

GCP will invest P7 billion in Mets, while another P500 million from Mets’ founder shareholders will also be invested in the company to fund its expansion plans, the company said.

The closing of the investments is pending regulatory approvals, with PwC Philippines serving as the financial, tax, and legal advisor.

“Both Mets and GCP are committed to driving sustainable growth and creating long-term value, with the vision to address the shortage of reliable and high-quality cold storage services in the country,” the company said.

Amit Kunal, managing partner at GCP, said Mets’ core business aligns with its investment strategy, which is to help fund companies operating in healthcare, financial services, education, digital services, and consumer sectors. — Ashley Erika O. Jose

SB Capital changes name to Security Bank Capital and Investment Corp.

THE WHOLLY OWNED investment banking arm of Security Bank Corp. has changed its name to Security Bank Capital and Investment Corp. from SB Capital Investment Corp.

The investment house’s corporate name change has been approved by the Securities and Exchange Commission and took effect on Nov. 12, Security Bank said in a statement on Monday.

“This change aligns the firm with the BetterBanking brand of its parent company and aims to further enhance its corporate identity in the industry,” it said.

“Security Bank Capital will continue to provide the same level of excellence and comprehensive investment banking services to our valued clients. We are excited about this development and remain dedicated to supporting our clients’ financial goals with renewed vigor and a unified brand presence,” Security Bank Capital President and Chief Executive Officer Virgilio O. Chua said.

Incorporated in 1995, Security Bank Capital offers investment banking products and services like underwriting of equity and debt securities, project finance, mergers and acquisitions, loan syndications, and advisory services to public and private sector clients.

Security Bank Capital’s subsidiaries are leasing firm SB Rental Corp. and stock brokerage SB Equities, Inc.

Its listed parent Security Bank’s net income rose by 13.58% year on year to P3.01 billion in the third quarter amid higher revenues.

This brought its nine-month net profit to P8.45 billion, up by 11.62% from a year ago.

Security Bank’s shares went down by P1.80 or 2.12% to end at P83.20 apiece on Monday. — A.M.C. Sy

mySTAY targets 80% occupancy, growth in direct bookings for 2025

MYSTAY.PH

BUDGET hotel chain mySTAY Hotels is targeting to increase direct bookings and maintain an 80% occupancy rate next year, according to its chief executive officer (CEO).

“We’re actually maintaining around 80% occupancy…, which I believe is relatively higher in the industry regardless of star rating,” Reigine Valerie S. Banaag, CEO and general manager of mySTAY Hotels, told BusinessWorld on the sidelines of a Philippine Hotel Owners Association event on Nov. 18.

“We are actually increasing more of our direct market. Right now, we have different sources. The majority is, of course, online travel agencies,” she added.

mySTAY has four branches: mySTAY Hotel BGC East, which opened in September 2022; mySTAY Hotel BGC West, which opened in November 2022; and the last two branches, mySTAY BGC North and South, which opened in January and May last year, respectively.

mySTAY is set to release its own membership program next year, which is expected to increase bookings on its website.

Currently, most of mySTAY Hotels’ bookings come from third-party websites like Agoda and Booking.com, according to Ms. Banaag.

mySTAY Hotels features a modern-minimalist style, catering to budget-conscious millennials and Gen Z travelers.

The majority, or 80%, of its visitors are from the domestic market, while 20% are foreigners. Most of its bookings are for leisure, particularly for those who wish to visit BGC in Taguig City, Ms. Banaag said.

Guests can choose from different room options. The Deluxe Queen and Deluxe Twin rooms both measure 12 square meters (sq.m.), while the Loft Bunk room has an area of 10 sq.m. The Garden Suite, measuring 22 sq.m., is only available at mySTAY Hotel BGC South.

Room rates at mySTAY Hotels start at around P1,499 per night.

The four properties also include additional facilities such as a café, a co-working space, and a gym.

While the company has no concrete plans for expansion, Ms. Banaag said this could still be possible due to its high occupancy rate.

“For now, there are no concrete plans for expansion, but for me, with how it is looking with mySTAY, I can only be optimistic about the expansion of the brand,” she said.

mySTAY Hotels is the hotel brand of the Philippines Urban Living Solutions, Inc. (PULS), a rental housing development company catering to young professionals on a budget. In 2017, Sy-led SM Investments Corp. acquired a 61.2% stake in PULS. — Beatriz Marie D. Cruz

Entertainment News (12/10/24)


Facebook Live event for pet parents

BOEHRINGER INGELHEIM is set to host The Uninvited: Guard our Furkids from the Next Parasites, a Facebook Live event on Dec. 12, 6 p.m. The event will provide pet owners with expert advice on protecting their pets from parasites such as fleas, mites, and heartworms.  Featuring a veterinarian from the Philippine Animal Hospital Association as a special guest, the session will include practical tips, interactive games, and prizes. Influencers Angel Dei and Adrian Insigne, along with pet communities and partner veterinarians, will also join the discussion to share insights and experiences.


Armi Millare, Ena Mori to perform at Newport

NEWPORT WORLD RESORTS presents the show Sips & Sounds at El Calle Food and Music Hall on Dec. 13, 8 p.m. Solo singers Armi Millare and Ena Mori will deliver a night of live music celebrating OPM hits, good food, and drinks. Armi Millare is known for songs like “Oo,” “Tadhana,” and “Unti-Unti” and her latest singles “Roots” and “Say It Again.” Filipino-Japanese pop singer Ena Mori, whose hits include “Fall Inlove!” and “King Of The Night!,” recently won the Rule Breaker Award at the 2024 Billboard Philippines Women in Music event and topped NME Asia’s Best Albums in 2022 with Don’t Blame The Wild One!. Admission to the concert is free.


Jungkook docuseries premieres on Disney+

BTS member Jungkook’s three-part docuseries, Jungkook: I Am Still – The Original, is now streaming on Disney+. The series chronicles Jungkook’s evolution from being a BTS member to solo artist, capturing eight months of his journey as he records, performs, and films for his debut solo album, Golden. Set in New York, London, and Seoul, the series highlights Jungkook’s artistry, offering fans an intimate look at his whirlwind promotional tour. An extended cut of the theatrical release, The Original features 55 minutes of exclusive content, including performances of tracks like “Still With You” and “Shot Glass of Tears,” interviews with his dancers, and behind-the-scenes footage.


The Itchyworms returns to Japan for 2025 tour

FILIPINO BAND The Itchyworms is returning to Japan with their Akin Ka Na Lang… Japan! Tour which will run from Jan. 17 to 19, 2025. The tour will feature performances at Mr. Back in Saitama, Heaven’s Door in Sangenjaya, and Gamuso in Asagaya. The band promises a fresh setlist featuring more English-language tracks from their early catalog and surprises for fans. Following the Japan shows, the band plans to expand their international reach with tours across Europe, the UK, Australia, New Zealand, and Canada.


Unis unveils exclusive photocards for Filipino fans

SOUTH KOREAN girl group Unis has announced the release of exclusive photocards for their Filipino fans. Fans can now purchase a special bundle featuring two CURIOUS albums — Glow-Z and New-Z — for P1,499. Each album includes a photobook, CD-R, envelope, stickers, one random photocard, one special photocard, and a folded poster. Also, fans will receive two extra random, Philippine-exclusive photocards only available through this bundle via Universal Records’ Lazada and Shopee accounts.

The silent epidemic: HIV in the Philippines

FREEPIK

I’VE BEEN LOOKING at the HIV (human immunodeficiency virus) numbers here in the Philippines, and it’s both alarming and frustrating that they’re mostly ignored by the media and government departments that should be addressing the issue. HIV is the silent stalker that is coming for the Filipino youth.

The epidemic, once described as “low and slow,” has transformed into the fastest-growing in the Western Pacific. From just four new cases per month before 2010, the country now sees 58 new cases every day — a staggering 43,000% increase in daily incidence over the past 15 years.

While global HIV cases and AIDS-related deaths are declining, the Philippines is bucking the trend. Late presentation in care remains a concern, with 29% of new cases in January 2023 already showing advanced HIV disease at the time of diagnosis. Fear of a positive diagnosis, stigma, lack of confidentiality, judgmental healthcare providers, and lack of resources to get tested perpetuate this problem.

It’s young people who are getting HIV. Over 75% are under the age of 35 — not good from an economic or health perspective. It also means that if these young people don’t know their status, they have a long time to infect others.

Almost all people with HIV (PWH) in the country are contracting HIV from unprotected sex. Ninety six percent. Sure, Cebu has an issue with sharing needles, but it’s just 2% of all known cases.

The vast majority of people getting the virus are men who have sex with men (MSM). And before you think it’s just an issue for MSM, you know what else is increasing in the Philippines? Teenage pregnancy and sexually transmitted infections.

Research has shown that there is a lag — one to two years —between when Filipino teens start having sex and when they start using condoms. And even after that, many don’t use condoms consistently.

Given that HIV and teen pregnancy are two sides of the same coin, you’d expect the Department of Education (DepEd) would be teaching young people comprehensive sexuality education (CSE) as mandated by the 2012 Responsible Parenthood and Reproductive Health Act and the 2018 HIV and AIDS (acquired immunodeficiency syndrome) Policy Act. Sadly not. DepEd isn’t training teachers to do so.

You’d also expect the Department of Health (DoH) to be promoting condoms at every opportunity, but its website does not even mention condoms on the HIV page. The current prevention strategy is test and treat. Wild, when you consider that HIV is still incurable. Surely prevention is better.

But let’s give the DoH the benefit of the doubt and take a look at the test and treat strategy.

The HIV and AIDS Law (RA 11166) expanded access to HIV testing and treatment, allowing minors aged 15 to 17 to be tested without parental consent and introducing community-based and self-testing options.

More people tested means more positive cases found. The number of treatment hubs and primary HIV care facilities continues to increase but, according to the DoH, a third of all diagnosed individuals are not getting life-saving antiretroviral therapy.

PhilHealth reimbursements for HIV treatment are inconsistent, leaving facilities underfunded and care disrupted. As of mid-2023, the estimated cost to provide basic care (medicines, treatment of non-opportunistic infections, and hospitalizations, etc.) for all known cases was P3.5 billion annually, with additional billions needed for new cases. Like a snowball, the cost will continue to compound.

At the local level, non-government organizations like Roots of Health are stepping up to fill the gaps.

To prevent transmission, we’ve partnered with DepEd Palawan and Sanguniang Kabataan (SK) and taught sex ed to 100,000 young people. We partnered with the DoH and the Commission on Population and Development and reached 60 million on social media with reliable sexual and reproductive health information. We also distributed over 200,000 condoms across the province over the years.

To support testing and treatment, we directly trained 600 community-based screeners and collaborated with community-based organizations and SKs to screen 5,000 at-risk individuals. We linked those who tested positive to care.

Honestly, it’s not enough. We need the adults to put their discomfort aside and do better. We need teachers to teach students about the risks. We need health workers to cut the judgment and give young people condoms without having to provide IDs. Nobody wants young people having sex before they are ready, but that ship has sailed. It’s happening. The best we can do is prepare them and keep them as safe and protected as we can.

If HIV were a regular disease, the focus would be on prevention. But because adults are uncomfortable talking about sex, especially with young people, HIV is left to spread amongst the unwitting. Let’s hope the DoH under Dr. Teddy Herbosa takes it seriously.

In the meantime, talk to the young people in your life about consent, condoms, and contraception. It could literally save their life.

 

Marcus Swanepoel is the deputy director of Roots of Health, a reproductive health NGO in Palawan.

Filinvest Land plans P12-B bond issuance

FILINVESTLAND.COM

GOTIANUN-LED Filinvest Land, Inc.’s (FLI) executive committee has approved the issuance of up to P12 billion in bonds as part of the property developer’s fundraising plans, the company said on Monday.

The issuance will consist of peso-denominated fixed-rate bonds with a maturity period of up to ten years, FLI said in a regulatory filing.

FLI said the issuance will be the second tranche of its P35 billion shelf-registered peso-denominated bonds that was approved by the Securities and Exchange Commission in October last year.

In December last year, FLI raised P11.4 billion from the issuance of 3.5-year retail bonds with an interest rate of 6.983% per year. This was the first tranche of the P35-billion bonds program.

The proceeds from the issuance were earmarked for the property company’s capital expenditure program as well as to repay existing debts.

For the first nine months, FLI saw an 8% increase in attributable net income to P2.65 billion as total consolidated revenue and other income grew by 17% to P18.44 billion, led by higher booked residential real estate sales.

FLI shares were unchanged at 76 centavos apiece on Monday. — Revin Mikhael D. Ochave

UA&P economists’ book about PHL universal, commercial banks published by Palgrave MacMillan

UNIVERSITY of Asia and the Pacific (UA&P) professor Dr. Jovi C. Dacanay and her research associates Ella Mae O. Leonida and Michaela Nicole Meriño, both masteral graduates of the UA&P School of Economics, have achieved a breakthrough into international publishing with their book Bank Competition and the Effects on Financial Stability: Insights into the Emerging Banking Markets of the Philippines. Carefully peer-reviewed, Palgrave Macmillan recently published the book as part of its series on Studies in Banking and Financial Institutions.

The book explores the stability and efficiency of Philippine universal and commercial banks with an industrial organization framework and application of econometric methods. The authors find broad stability and efficiency among Southeast Asian banks but focus more on Philippine banks. The book shows that the top 20 Philippine banks have sufficient market power, efficiency and stability that enabled them to withstand economic disruptions like the recent coronavirus pandemic. It is the result of five years of research by the authors on the topic.