Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 8143

BoI-approved investments more than double in 1st half

THE Board of Investments (BoI) said approved pledges more than doubled to P645.3 billion in the first half of 2020, led by the San Miguel Holdings Corp. subsidiary’s airport project in Bulacan.

The BoI, which accounts for the bulk of planned projects registered with investment promotion agencies (IPA), said the approved pledges rose by 112% from P304.4 billion in the same period last year.

Domestic investments jumped by 166% to P626.7 billion from P235.6 billion in the first half of 2019. In contrast, foreign investments plummeted by 73% to P18.6 billion from P68.9 billion.

“The robust bounce back despite the pandemic shows the country’s resilience as we begin the transition to easing out the restrictions after a prolonged lockdown of the economy,” Trade Secretary and BoI Chairman Ramon M. Lopez said in a statement.

“While we expect a lower GDP (gross domestic product) output in the second quarter than the first quarter due to the ECQ (enhanced community quarantine), there are already signs that the economy is humming back to life with industry conditions becoming stable.”

The economy contracted by 0.3% in the first quarter, as the ECQ started in mid-March. The second-quarter GDP is expected to be worse, as most business activity remained shuttered for most of the period.

The 96 approved projects in the first half of 2020 are expected to generate 27,082 jobs, up 57.3% from the same period last year.

The construction or infrastructure industry saw the biggest investment with San Miguel Aerocity, Inc.’s P530.8-billion airport project in Bulacan. The project, which is touted as an alternative to the Ninoy Aquino International Airport, will consist of four parallel runways, eight taxiways and three passenger terminal buildings on a 2,400-hectare property.

The BoI also reported a 785% spike in transportation investment to P86.7 billion. Real estate investments grew 16.5% to contribute P9 billion to the total. Investments in renewable energy/power, manufacturing, and accommodation reached P6.6 billion, P5.3 billion, and P3.8 billion, respectively.

Significant investments include Solarace 1 Energy Corp.’s P4.2-billion renewable energy project, followed by Primex Land, Inc.’s P3.6-billion housing project. Cebu Air, Inc. in March had two aircraft projects valued at around P3.3 billion each.

Other recent investments include Gigasol3, Inc.’s P2.4-billion 63 Megawatt solar project in Central Luzon, Royale Cold Storage North, Inc.’s P1.5-billion storage facility in Laguna, Heineken International BV’s P1-billion brewery plant, and Seaoil P654-million downstream petroleum project in La Union.

France led all foreign investment sources with P1.5 billion, followed by the Netherlands with P1.06 billion.

Asian countries took the third to sixth spots as investments from Japan, Malaysia, and India were valued at P790 million, P601 million, and P329 million, respectively.

Central Luzon took in the largest investment with P538.1 billion due to the Bulacan airport. The National Capital Region followed with P85.4 billion, followed by Calabarzon with P9.2 billion, Davao Region with P4.6 billion, and Northern Mindanao with P3.2 billion.

“It is important to highlight the strategic nature of the projects and their important contribution towards building a more modern Philippines. The project proponents have reaffirmed their commitment to the immediate implementation of these infrastructure, ICT and transport projects — towards completion in the medium-to long-term term. Prior to approval of the big-ticket projects, the BoI required them to provide written confirmation of their commitment,” Mr. Lopez said.

For full-year 2019, total approved commitments among investment promotion agencies rose 112.8% to P390.11 billion. BoI contributed 86.1% of total foreign direct investment pledges at P335.74 billion. — Jenina P. Ibañez

Gov’t takes 2nd look at unsolicited proposal for NAIA rehabilitation

The Ninoy Aquino International Airport (NAIA) has been operating way beyond its 30.5 million annual passenger capacity. — REUTERS

THE government is taking a second look at another unsolicited proposal to upgrade the Ninoy Aquino International Airport (NAIA), after the consortium of top conglomerates backed out of an earlier deal.

Manila International Airport Authority (MIAA) General Manager Eddie V. Monreal said the government is studying another unsolicited proposal for the NAIA rehabilitation, without naming the proponent.

“Dalawa po ang nag-submit n’yan noong nagkaroon tayo ng unsolicited proposal, ’yan po ay pag-aaralan natin at kung sila po ay tatanggapin nila ’yung dati pong na-aprub ng NEDA-ICC (National Economic and Development Authority-Investment Coordination Committee-Cabinet Committee), ay baka po tayo magpatuloy doon sa pangalawa (There were two unsolicited proposals submitted, and we will study it. If they are willing to accept the one that has been approved by NEDA-ICC, then I think we can proceed with the second proponent),” he said at a Laging Handa briefing on Monday.

However, Mr. Monreal said this is not final and guidelines would have to be ironed out.

In 2018, the consortium of Megawide Construction Corp. and India’s GMR Infrastructure Ltd. also submitted an unsolicited proposal for the rehabilitation of the country’s main gateway.

Megawide officials were unavailable for comment.

According to Section 10.6 of the revised implementing rules and regulations of the Build-Operate-Transfer law or Republic Act No. 6957, the “second complete proposal will only be entertained if the first one is rejected.”

“Otherwise, the second proposal will be considered only if there is a failure in the negotiation of the first proposal or during the ‘invitation for comparative proposals.’”

MIAA, as the primary grantor of the rehabilitation project, has terminated any further negotiations with the consortium composed of Aboitiz InfraCapital, Inc; AC Infrastructure Holdings Corp.; Alliance Global Group, Inc.; Asia’s Emerging Dragon Corp.; Filinvest Development Corp.; and JG Summit Holdings, Inc.

MIAA has also revoked the original proponent status and approvals earlier granted to the consortium.

Finance Secretary Carlos G. Dominguez III said last week there are two other proponents interested in the project at the terms the government has indicated.

Mr. Monreal said he was not aware of the two new proponents.

In a statement issued on July 7, the super consortium said the “far-reaching and long-lasting consequences of the coronavirus pandemic on airline travel, airline operations and airport passenger traffic necessitated a review of the assumptions and plans to ensure that the NAIA project will be viable in the new normal.”

The group said it could only proceed with the NAIA project under the options it had proposed.

In September 2018, the NAIA consortium obtained the original proponent status from the Department of Transportation to rehabilitate, upgrade, expand, operate and maintain the country’s main gateway for 15 years.

The NAIA, which has four terminals, has been operating beyond its 30.5 million annual passenger capacity. It recorded 45.3 million passengers in 2018. — Arjay L. Balinbin

‘Sin’ tax collections bounce back in June

Tax collections from tobacco and alcoholic products rose in June, as lockdown restrictions eased in most parts of the country. — REUTERS

THE government’s tax take from alcohol and tobacco products bounced back in June after two months of contraction, as restrictions eased around the country.

In a statement, the Finance department said excise tax payments of large taxpayers on tobacco products reached P18.1 billion in June, up 36.1% from a year ago and nearly triple its P6.56-billion target for the month.

Excise tax collections from alcoholic beverages hit P7.35 billion, up 7.6% from a year ago and exceeded its P3.15-billion monthly target by 133%.

This brought total collections from “sin” products to P25.45 billion last month, up 26.43% from P20.13 billion in June 2019. This was a reversal from the 43% decline in May and 99% drop in April, when the enhanced community quarantine and localized liquor bans were still in place.

The data is based on the Bureau of Internal Revenue’s (BIR) collections from large taxpayers.

In a text message on Monday, Finance Undersecretary Gil S. Beltran attributed the higher collection to loosened restrictions on mobility of people in key regions, including Metro Manila, last month.

From January to June, tax collection from tobacco products totaled P61.47 billion, breaching the revised P43.6-billion target by 41%.

Excise tax collection from alcohol products reached P27.46 billion in the first half, exceeding the P20.95-billion goal by 31%.

The government had revised its “sin” tax collection target for the year, amid the economic downturn.

As of May 12, the Department of Finance (DoF) projected recently passed “sin” tax bills will yield P13.2 billion in additional revenues for the government this year, lower than the previous estimate of P37.1 billion.

Republic Act (RA) No. 11346 and RA 11467 slapped higher excise tax rates on cigarettes, electronic cigarettes, vapor and alcohol products.

The DoF said total excise taxes collected from large taxpayers increased by 16.4% to P31.06 billion in June.

Collection of excise taxes from other sweetened beverages reached P3.02 billion to exceed the revised P2.53-billion target. Excise tax collected from petroleum products inched up 2.6% to P2.1 billion year on year, but fell short of its P4.3-billion target for the month by 51% due to limited public transportation.

The BIR collected P124 million in excise taxes on automobiles last month, P368 million from minerals, and P2 million from non-essentials.

Despite the pickup in June, excise tax collections from large taxpayers still fell by 24.23% to P128.59 billion in the first six months of 2020. But this exceeded the downgraded target of P113.64 billion by 13.15%. — B.M.Laforga

Risks seen in ABS-CBN franchise denial

By Jenina P. Ibañez, Reporter

THE PROCESS denying the renewal of ABS-CBN Corp.’s broadcast franchise could prove to threaten foreign direct investment as it undermines the rule of law, an economist said.

Investors with sophisticated technology and intellectual property rights in the technology, manufacturing, and media industries are sensitive to a weak rule of law regime, Ateneo School of Government Dean Ronald U. Mendoza said in an e-mail on Sunday.

“Rule of law is even more important in the most sophisticated industries — the same ones we hope to attract in order to keep on growing and producing jobs,” he said.

He explained that the impact of the lawmakers’ vote to deny the franchise expands beyond media freedom, with the process reflecting how biases could enter what should have been an evidence-based regulation.

Citing the recent episode on water concessionaire contracts, he said that the ABS-CBN decision “signals how being on the wrong side of the political powers-that-be could threaten your investments. The mere existence of that risk already connotes vulnerability to corruption; and credit rating agencies should call it for what it is: regulatory and political risk.”

Mr. Mendoza said that investments in gambling, such as Philippine offshore gaming operations, could thrive in environments with weak rule of law.

“Clearly, weak rule of law debilitates our development prospects in terms of overall investment levels, and also in the poorer quality investments that would tend to ‘tolerate’ such an environment,” he said.

The House of Representatives Committee on Legislative Franchises on Friday denied ABS-CBN’s 25-year franchise extension request, voting 70 to 11.

John Forbes, senior advisor of the American Chamber of Commerce of the Philippines, in a mobile message Sunday said that observers are still assessing the impact of the vote on investments.

“Foreign investors sometimes pay less attention to media freedom in Asia, for example in China, Singapore, and Vietnam where it is tightly controlled. But the Philippines has been different. The potential displacement of 11,000 employees during a depression is surprising when there is no government unemployment insurance,” he said.

Fitch Solutions Country Risk & Industry Research had said that the “politicization” of the telecommunications sector would discourage investment in the industry, criticizing the regulator National Telecommunications Commission after it ordered cease-and-desist orders against ABS-CBN and its affiliate SKY Cable Corp. on June 30.

Responding to the report, Mr. Forbes said “both media and telco are closed to foreign investment so their interest is low.”

European Chamber of Commerce of the Philippines President Nabil Francis said in a mobile message Sunday that preserving one of the largest sources of credible information is crucial during the public health crisis.

“One of the issues affecting currently foreign investors is the impossibility to come to the country,” he said, referring to business travel restrictions. “Some people might be interested to invest but they cannot enter.”

He described press freedom as “a key issue for foreign investors.”

The Philippine Stock Exchange suspended the trading of ABS-CBN Corp. shares on Monday.

A tale of two boys wins top prize in Nespresso film tilt

Tsinelas

THE story of two boys and one slipper won the top prize in the fifth installment of the Nespresso Talents Vertical Film Competition. The film, Tsinelas, by Charlene Tupas was described by the jurors as “enlightening” and “open minded in [their] vision of the world.”

“I was impressed by the short films that were sent to Nespresso this year. All of them were stories of virtue, stories of hope and it was heartwarming [that] at the end of every story, it goes back to you being a human being, you being a Filipino, especially now,” filmmaker Antoinette Jadaone, one of the jurors of the competition, said in a Zoom press conference on July 9.

Director and writer Jose Javier Reyes, also a juror in the competition, noted that the film’s use of split screen while using vertical frames was innovative.

The other jurors for the festival were World Wide Fund for Nature & World Vision Ambassador and host Marc Nelson, Nespresso Asia Regional Business Development Manager Fabio de Gregorio, and Novateur Coffee Concepts Managing Director Patrick Pesengco. Novateur Coffee Concepts is the distributor of Nespresso in the Philippines.

The vertical film competition, first launched in 2016, challenged filmmakers around the world to “bring new angles to an old format with stories told through vertical short film,” according to its website.

This year’s theme is “Virtuous Circles” which is all about how one small good deed could create a ripple effect to benefit the world, with stories told through two to three-minute shorts.

Of the 83 entries submitted for the competition, Tsinelas, Cheat Day by Ramil Lantican, and My Brother by Massah Gonzales-Gamboa, won the top prize, second, and third places, respectively.

The other films that made it into the top 10 were Jemma by Chloe Villavelez, Ilaw by Andrei Fonseca, The Challenges of Doing Good by Gary Georgec, Sama-sama by Roman Marcus Abad, Imong Anihon Imong Gitanom by Breech Asher, Dreamers by Ej Gagui, and Padayon by Clanch Dayve Belleza.

Tsinelas is a day in the life of two boys from different backgrounds, each dealing with personal challenges, who meet and where one’s help has a great impact on the other’s life. Cheat Day follows a teacher who finds herself in a ruckus when her students execute a secret surprise, while My Brother narrates a boy’s admiration for his older brother, who continues to be his role model.

“I have been a thespian for a long time and this is my first time directing a picture… I haven’t been to film school so I committed myself to the world cinema and the endless possibilities of sculpting through time. Tsinelas is my biggest and the most difficult [challenge,]” Ms. Tupas said during the conference.

The winners of the Nespresso Talents Vertical Film Competition received €1,500 for the grand prize winner, while the second and third places received €1,000 and €500. All of them got a trophy and a Nespresso coffee machine and capsules. The grand prize winning film will be brought to the Cannes Film Festival in 2021 and showcased alongside the winners from other countries.

The vertical film competition was held in more than 40 countries around the world, amassing works from 743 filmmakers. The Philippines was the only Southeast Asian country to join the competition. Some of the other countries which held their own competitions were Mexico, France, Spain, the Czech Republic, Greece, Poland, Romania, Mainland China, Russia, and Belgium.

“If there is any takeaway I have from the experience of judging all these films is the fact that the Filipino’s talent for filmmaking is just so wide and at the same time it was so deep. It is so refreshing to see all these fresh voices, going from students on to professionals, competing with the challenge of doing a vertical film and at the same time exploring a theme and interpreting it in a manner which is both personal and hopefully universal,” Mr. Reyes said, before adding that seeing the possibility that the entrants to the competition will be inheriting the tradition of Filipino filmmaking makes him feel that “we will be great and even greater hands.” — Zsarlene B. Chua

Alleged violations best taken to proper forum, says lawmaker

THE ALLEGED violations of ABS-CBN Corp. should have been taken to a proper forum, instead of serving as basis for the cancellation of its franchise, a senator said on Monday.

Senator Grace S. Poe-Llamanzares said that while the issues raised during the 12 marathon hearings at the House of Representatives were important, those were not the only factors in deciding the fate of a franchise.

“In any company, there will always be those that have legitimate claims against them, but there is a proper forum for that. It’s not really tantamount to a cancellation,” Ms. Poe-Llamanzares, who chairs the Public Services Committee, said over CNN Philippines, Monday.

She also said the committee report that denied the network a 25-year franchise is “very vague” as it failed to include statements from key sources to back their findings.

“For it to be compelling and for it to merit the signature of your members, you have to be able to substantiate and cite a particular statement from a resource person detailing why you have come up with that decision for that committee report,” she said.

The House Committee on Legislative Franchises on Friday rejected the network’s application for a franchise with a vote of 70 to 11 even as relevant government agencies have cleared it of any violation. These include Bureau of Internal Revenue (BIR), Securities and Exchange Commission (SEC) as well as the Department of Labor and Employment (DoLE) and the Department of Justice (DoJ).

“Not only did we have the BIR, SEC defend there were no violations, including DoLE, in fact and we also had the DoJ come up with an opinion that there was no violation, in terms of the ones that are being referred to the DoJ,” she also said. “So I don’t know what the particular basis of Congress was in coming up with this alleged violations with ABS-CBN.”

She also compared the process to when Congress granted the transfer of controlling assets of the Mindanao Islamic Telephone Co., Inc. (Mislatel) to the Mislatel consortium, which later became DITO Telecommunity Corp.

“When they acquired the franchise, part of the franchise agreement states that you should be operational within a certain period. Mislatel was dormant for the longest time and yet Congress looked past that and granted them the franchise,” Ms. Poe-Llamanzares said.

CAYETANO DEFENDS GOVERNMENT
At the House of Representatives, Speaker Alan Peter S. Cayetano defended the government against critics on the denied ABS-CBN’s franchise renewal.

“It wasn’t the government who shut ABS-CBN down, rather it was their owners’ playing fast and loose with our laws in the past decades, that made the shutdown inevitable,” he said on Monday in a statement.

He said that the actions of the House had been aimed at “addressing the same fundamental injustices.”

Mr. Cayetano maintained his conviction that “private interests should be kept at the same arms-length distance as government from controlling the media.”

“We simply put an end to the privilege of one family in using a public resource to protect and promote their private interests,” he added.

Meanwhile, House Minority Leader Bienvenido M. Abante, Jr. said that President Rodrigo R. Duterte’s criticisms were a big factor in the Congress’ decision to junk the media giant’s franchise renewal.

“I think there is a big factor. Every President would have a big factor in the influence of the other congressman particularly when it comes to party affiliation,” he said on Monday in an interview with ANC.

Mr. Abante voted to grant the network a fresh 25-year franchise on Friday as he cited the importance of approving the extension and elevating the discussions to the plenary.

The representative said that members of the House “must all be heard on the issue.”

Agusan del Norte 1st District Rep. Lawrence H. Fortun, who was also in favor of the network’s franchise renewal, said that the grant of the franchise is “largely a political question.”

“I would say that how the committee arrived at the decision might be a little questionable, but that decision has to be respected being the political question,” he said.

Mr. Fortun said that the motion for reconsideration is a good option to pave way for more discussion on the issue.

He also noted: “If the members are not swayed and would insist on their vote earlier, the 70-11 already presents the grim prospect for the motion for reconsideration succeeding in the committee.” — Charmaine A. Tadalan and Patricia S. Gajitos

Instituto Cervantes organizes a webinar on the dialogue between Muslims and Christians in the PHL

INSTITUTO CERVANTES in Manila will broadcast the online talk “Inter-religious Dialogue: Muslims and Christians in the Philippines,” on July 15, 6 p.m. Datu Muss Lidasan and Catholic priest Ángel Calvo will give their thoughts on the coexistence of both faiths in current Philippine society.

Muss Lidasan is the Executive Director of the Al Qalam Institute of the Ateneo de Davao and is a member of the Bangsamoro Transition Authority. For his part, the Claretian priest Ángel Calvo is the President of the Peace Advocates Zamboanga Foundation, Inc. and of the Zamboanga-Basilan Integrated Development Alliance. Both work to promote a dialogue and understanding between communities of the two different faiths.

The talk, to be moderated by Javier Galván, the Director of the Instituto Cervantes in Manila, will also be attended by Juan Pita, the Coordinator General of the Spanish Agency for International Development Cooperation, who will summarize the actions that the Agency carries out in Mindanao to contribute to the peace process, and which focus on measures to support the communities affected by the armed conflicts.

Also, Monsignor López Romero, the Archbishop of Rabat, will speak from Morocco during the webinar with a recorded message. López Romero, who was appointed Cardinal last year by Pope Francis, has been a leading promoter of the dialogue between Muslims and Christians for many years.

Since the COVID-19 pandemic broke out, the Instituto Cervantes in Manila, the cultural arm of the Embassy of Spain in the Philippines, has ​​organized a webinar every month on cultural aspects that are of special interest to the Filipino public.

This talk will be broadcasted in English with simultaneous Spanish translation on July 15, 6 p.m., through the Zoom platform with the link https://zoom.us/j/94121131561.

The talk can be accessed as early as 15 minutes before it starts. Audience members who would like to receive a certificate of attendance may request for one at least one day before the date of the webinar and give proof of having followed the activity once the event has concluded.

For further information and updates on this event, check out http://manila.cervantes.es or the Instituto Cervantes’ Facebook page: www.facebook.com/InstitutoCervantesManila.

Arthaland offers virtual tours for Laguna township

By Jenina P. Ibañez, Reporter

ARTHALAND Corp. is launching guided virtual tours for its township development Sevina Park in Biñan, Laguna, while some prospective buyers hold off on purchases while unable to see the property during the lockdown.

Interest in the development in terms of e-mails and calls spiked by around 100% during the lockdown, but Arthaland SVP for Sales Operations Oliver L. Chan confirmed in an online interview on Thursday that there has been some delays in purchases as buyers wait for the lifting of the lockdown.

“That’s normal as of the moment, but I think it’s more of the Filipino culture that they want to see it themselves, so during the hard ECQ (enhanced community quarantine) we did get some people saying that okay I’m very much interested but can I wait until after the ECQ so I can visit the model units?” he said, adding that some customers decided to purchase units after online meetings.

The virtual tours, guided by Arthaland sales people, will be launched on June 30.

“The guided virtual tour shows completely the different specifications and advantages of investing in our project,” Mr. Chan said.

Details on Sevina Park can also be viewed via their mobile application. Arthaland will also put up a virtual concierge on the property, where individuals can speak to a customer service representative through a monitor.

The spike in interest, according to Vice-President for Marketing Ma. Angelina B. Magsanoc, comes from a shift in priorities among buyers during the pandemic.

“The crisis has really reinforced or has changed the mindset of people significantly. Before, walang pake with the environment, they’re not really into it… people’s priorities have changed. It’s now into keeping safe, keeping healthy, so that’s why our sustainable projects now are highlighted,” she said.

She said the property offers large open spaces and uses non-toxic materials. The air filter and air-conditioning systems are screened by the US Green Building Council.

The eight-hectare Sevina Park is the first township in the country to attain the Leadership in Energy and Environmental Design (LEED) platinum certification for neighborhood development.

Mr. Chan said that to achieve the certification, Arthaland paid attention to the types of materials used in designing the property and disposal measures during construction, and incorporated rain water collection for plant irrigation, among others.

The township has a total of 108 vilas ranging from two to four bedrooms with 138 to 182 square meters each.

Amenities include a social hall, fitness hub, game area, yoga and dance studio, a children’s play area, open activity laws, walking paths, activity deck, a 25-meter pool, leisure pool, children’s pool, and sun deck.

The company had sold 90% of its first tranche a few weeks after its first release in November, rolling out a second tranche by February 2020.

Turnover of villas begins in mid-2021 or up to the third quarter next year, while turnover for apartments and the commercial block will be scheduled for a later date.

Mr. Chan said that Arthaland continues to be on track in its five times growth in five years plan.

SEC warns against BTXTraders.com, Seashore, Discovery Resorts

THE Securities and Exchange Commission (SEC) has issued new warnings to the public against investing in groups that it said do not have licenses from the government.

In separate advisories on its website, the regulator identified BTXTraders.com, The Seashore Beach Club, Inc. (Seashore) and MAV Discovery Beach Resort Development Corp. (Discovery Resorts) as unauthorized investment groups.

This means they failed to obtain the necessary registration with the SEC and do not have a permit or license to solicit investments from the public.

“The public is advised not to invest or stop investing in any scheme offered by any individuals/agents/entities representing to be agents of BTXTraders.com,” it said in one advisory.

“[T]he public is hereby advised to exercise caution in dealing with any individual or group of persons engaged in securities solicitation for and on behalf of Seashore and Discovery Resorts. The public is further advised not to invest or to stop investing in the securities being offered by the subject entities or their representatives,” it said in the other.

In the case of BTXTraders.com, the SEC said the scheme involves enticing the public to invest P1,000 to P1 million in exchange of daily profits through bitcoin, non-farm payroll (NFP) and NFP investment group.

It claims to be headquartered in the United States and engaged in mining bitcoin, pay-to-click, bitcoin faucets, bitcoin trading, bitcoin lending, binary trading with bitcoin and make money with bitcoin affiliates.

But the SEC records show BTXTraders.com is not registered with the commission and do not have the secondary license required to solicit investments.

It also said the promise of “ridiculous rates of return with little or no risks” should be a red flag for a Ponzi scheme, which is the method of using money from new investors to pay earlier investors.

On the other hand, the case of Seashore and Discovery Resorts involves selling shares in the membership beach clubs to the public.

Shares in the San Juan, Batangas project are offered at P834,900 while shares in the Coron, Palawan project are offered at P900,000. It promises a profit sharing of 30% of its annual net income to be divided among members, 20% income referral, lifetime membership and certain discounts.

The SEC said this is equivalent to selling proprietary shares or securities, and should therefore be registered with the commission to be authorized.

However, Seashore and Discovery Resorts do not have the secondary license to operate such activity, although they are registered corporations.

The SEC noted Seashore was ordered to shut down in August 2017 through a cease-and-desist order because of its non-registration of securities and brokers/dealers and engagement in activities outside its authority.

For violation of the Securities Regulation Code, persons that are engaged in the schemes of the identified groups may be penalized with a fine of up to P5 million, imprisonment of up to 21 years, or both. — Denise A. Valdez

Pia Wurtzbach, Jeremy Jauncey in livestream fundraiser for WWF

TO RAISE funds to support World Wide Fund for Nature (WWF) Philippines’ environmental front liners and partner communities, Miss Universe 2015 Pia Wurtzbach and WWF-US Ambassador Jeremy Jauncey will host the latest installment of the organization’s Digital Fundraising Hour, streaming live on July 15, 8 p.m. in the Philippines and 8 a.m. EST on WWF-Philippines’ official Facebook page.

The couple will be talking about sustainability, how people can practice this in their communities and homes, and how everyone can do their part for the planet, one individual act at a time.

Mr. Jauncey has been actively championing “smart conservation” and sustainable tourism as a WWF-US Ambassador since 2018, and Ms. Wurtzbach supported WWF-PH’s recent fundraising initiatives over the summer under the “Supporting The Lives of Those Who Support Ours” campaign.

The Digital Fundraising Hour is WWF-PH’s one-hour livestream program where celebrities, changemakers, and public figures come together to spread awareness on pressing environmental issues and encourage viewers to practice and contribute to the organization’s conservation efforts.

Originally launched as a series of physical mall events headlined by WWF-PH ambassadors and advocates, the organization has shifted the campaign to digital platforms to continue advocating for conservation even during the COVID-19 (coronavirus disease 2019) pandemic.

WWF-Philippines will be holding more online campaigns, events, and programs in the months to come. For the complete lineup and schedule, stay tuned to WWF-Philippines’ official social media pages.

Gov’t makes full award of T-bills

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday as rates continued to drop across-the-board amid strong liquidity in the market.

The Bureau of the Treasury (BTr) on Monday borrowed P20 billion as planned via T-bills as its offer was almost five times oversubscribed, with bids amounting to P93.974 billion.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers out of the total tenders worth P21.065 billion. The three-month papers fetched an average rate of 1.587%, down 6.2 basis points (bps) from the 1.649% seen during last week’s auction.

It also made a full award of the 182-day T-bills, raising P5 billion from total bids of P27.1 billion. The average yield for the six-month papers also slipped 6.3 bps to 1.687% from 1.75% previously.

For the 364-day securities, the government accepted the programmed P10 billion, with the tenor attracting bids of P45.809 billion. The one-year T-bills fetched an average rate of 1.782%, down 7.3 bps from the previous week’s 1.855%.

On Friday, rates of the 91-, 182- and 364-day debt papers stood at 1.695%, 1.735% and 1.879%, respectively, at the secondary market, based on the PHP Bloomberg Valuation Service Reference Rates.

National Treasurer Rosalia V. de Leon told reporters that yields declined further as investors want to invest in safe-haven assets like government securities, especially in short-term tenors like T-bills.

“Rates dropped because investors prefer safe havens and shorter tenor government securities,” Ms. De Leon said in a Viber message.

Meanwhile, a bond trader said via Viber that strong liquidity in the market pulled down rates further.

“Also, now most banks already lowered their deposit rates. So people are looking for safe investments but with higher rates,” the trader added.

Bangko Sentral ng Pilipinas data showed domestic liquidity or M3, the broadest measure of money supply in an economy, grew 16.6% in May to P13.7 trillion, slightly faster than the 16.2% increase in April.

However, despite faster growth in money supply, bank lending remained slow, with the rise in outstanding loans by universal and commercial banks slowing to 11.3% in May from the 12.7% logged in April.

Meanwhile, the BTr will start offering five-year retail Treasury bonds (RTBs) on Thursday to raise at least P30 billion. The retail bond offer targets small investors as the papers are deemed low-risk instruments with relatively high yields.

The upcoming retail bond issue will be the government’s second one for the year and 24th overall, following its offer of three-year RTBs in February where it raised a record P310.8 billion.

“RTBs are more safe, very minimal risk since (these are) government issued. And investing in RTBs, you invest for your future and support government towards a quick recovery. That is more rewarding,” Ms. De Leon said.

She added that the exchange offer program for the RTBs, where bondholders can swap eligible papers for the new issue, is an incentive for investors as they do not have to wait for the maturity of their holdings of retail papers to invest in these fresh bonds.

The RTBs are scheduled to be offered from July 16 until Aug. 7. The BTr said it can increase the award volume and may also close the offer period earlier as needed.

The RTBs will be listed on the Philippine Dealing and Exchange Corp. (PDEx).

The Treasury also opened more online channels where investors can avail of the RTBs, launching UnionBank of the Philippines, Inc.’s BONDS.PH mobile application.

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 Treasury 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

Cavite Light Industrial Park ready for ‘new normal’

CATHAY Land, Inc. expects Cavite Light Industrial Park (CLIP) to take advantage of the spike in demand for logistics, industrial and suburban residential spaces, as more people look for safe and accessible integrated communities amid the pandemic.

Cathay Land President Jeffrey Ng said CLIP’s industrial component is “ready to take in new locators that will set up the most modern, safe and highly competitive manufacturing, logistics, warehousing, cold-storage and commissary operations.”

Mallorca Villas, which is part of CLIP’s Mallorca City, is targeting professionals and executives who want bigger houses to allow them to work from home while their children take online classes.

“Experts are one in saying that due to the COVID-19 pandemic, crowded cities will give way to suburban developments where people can work and live in an environment that is safe and provides ample space for flexible work and schooling arrangements. We, in Cathay Land, recognize this, which is why have taken fresh initiatives to make sure we can provide this kind of safe and modern environment to CLIP locators and residents,” Mr. Ng said.

Located in Silang, Cavite, CLIP is an ideal site for logistics and industrial investors in the Cavite-Laguna-Batangas area.

Cathay Land is now offering commercial lots with an average cut of 300 square meters (sq. m.) inside the Mallorca City. Commercial lots are also offered at Mallorca Villas. Lot buyers can build structures up to 15 meters high.

“The industrial and commercial components of CLIP are ready for locators who are now shifting to the New Normal of doing business,” Mr. Ng said.

1...8,1428,1438,144...13,057Page 8,143 of 13,057
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube