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ABS-CBN interim permit recalled

THE House of Representatives reconsidered the second reading approval of House Bill (HB) 6732, which seeks to grant provisional franchise to ABS-CBN Corp. until October 31, 2020.

During the session on Monday, House Deputy Majority Leader Wilter Wee Palma II said lawmakers recalled the second reading approval to give way to members who wish to make interpellations and amendments to HB 6732.

The bill was approved on second reading on Wednesday last week, the same day it was filed by House Speaker Alan Peter S. Cayetano.

Albay Rep. Edcel C. Lagman raised constitutional concerns on the passage of the bill in first and second readings on the same day.

“This concurrent passage on first and second reading on the same day on 13 May 2020 violates Sec. 26 (6) of Art. VI of the Constitution which unequivocally requires three readings on separate days for a bill to become a law, unless certified urgent by the President,” he said in a statement on Monday.

Mr. Lagman, however, lauded the House leadership “for seeing the light on the need to reconsider the approval on second reading” of the bill.

He further encouraged the House leaders to expedite the consideration of the bills proposing for a 25-year renewal of the network’s franchise.

“The hearings on the franchise renewal bills should be calendared soonest to enable ABS-CBN to explain or traverse its alleged franchise violations and ventilate all other related issues once and for all,” he said.

ABS-CBN DEFENDS ASSIGNED FREQUENCIES
Separately on Monday, ABS-CBN said it had submitted on May 15 its written explanation to the National Telecommunications Commission (NTC) Legal Branch why the frequencies assigned to it should not be recalled.

The submission is required by the cease-and-desist order issued on May 5 by the commission against the media giant whose franchise had expired on May 4.

In its 19-page explanation, the network denied the conclusion made by the NTC that its “frequencies should be recalled on the ground that its legislative franchise had expired.”

“Recent events indicate that the grant of a legislative franchise to ABS-CBN is forthcoming. The recall of the assigned franchise would thus be a useless and costly exercise, in contravention of the intent and desire of Congress,” it said.

The media company added being allowed to retain its frequencies is “consistent with legislative policy.”

It argued that instant proceedings on the matter must be suspended as the Supreme Court has yet to decide on its petition to block the cease-and-desist order issued by the commission.

The network said the recall of the assigned frequencies “may only be done after hearing and compliance with the requisites of due process of law.” — Genshen L. Espedido and Arjay L. Balinbin

SEC orders shutdown of outsourcing firm CROWD1

THE Securities and Exchange Commission (SEC) has ordered the shutdown of CROWD1 Asia Pacific, Inc. for operating a “fraudulent investment scheme.”

The commission said on Monday that it had issued on May 12 a cease-and-desist order to the business process outsourcing firm that has been peddling and publicly promoting securities in the form of investment contracts without permits.

The company was found to be selling investments through educational packages for P6,000 and as much as P240,000.

It entices investors with different bonuses, such as a streamline bonus, a binary pairing bonus, a fear of loss bonus, a matching bonus, and a residual bonus from games and gambling apps.

“CROWD1 likewise touts a pairing incentive payable in euros to encourage member-investors to recruit new members,” SEC noted.

The corporate regulator said CROWD1 did not register for a secondary license to sell investment contracts nor registered with the agency to sell these anywhere in the Philippines, pursuant to the Securities Regulation Code.

“[I]t is clear that CROWD1 is not authorized to sell or offer its educational packages to the public because they are securities in the form of investment contracts, and CROWD1 does not have the requisite license from this Commission,” the order read.

The fraudulent scheme will “likely cause grave or irreparable injury or prejudice to the investing public,” it added.

The company claimed it generates income from online games and ushers in generating residual income for its member-investors from affiliate gaming companies, such as AFFIGLO and MIGGSTER.

The SEC has since warned the public of engaging with CROWD1. — Adam J. Ang

Ty-led GT Capital’s earnings slump 26% on COVID-19 impact

GT Capital Holdings, Inc. (GT Capital) booked a 26% drop in net income for the first quarter as the coronavirus disease 2019 (COVID-19) pandemic took a heavy toll on the profits of nearly all its business units.

The Ty-led holding firm reported earnings of P2.5 billion in the January-to-March period, down from the P3.4 billion it recorded the same period last year. Core net income declined 16% to 2.8 billion as consolidated revenues fell 13% to P39 billion.

By business segment, banking arm Metropolitan Bank & Trust Co. (Metrobank) contributed a net income of P6.1 billion, lower by 9% year-on-year and making up 59.3% of the pie. This decline is due to Metrobank’s reaction to the COVID-19 pandemic, doubling provisions to P5 billion which weighed on its bottomline.

Automotive arm Toyota Motor Philippines (TMP) added P1.5 billion in net income, down 20% from last year and comprising 19.2% of the group’s total. Retail vehicle sales dropped 23% to 25,686 units, as most of TMP’s dealers were closed in end-March due to the quarantine.

Real estate unit Federal Land, Inc. was the only business segment that posted an income growth during the first quarter, surging 98% to P375 million. This was due to the 86% jump in reservation sales and 40% increase in lease revenues, resulting in a 33% growth in consolidated revenues to P3.3 billion.

GT Capital’s stake in Metro Pacific Investments Corp. (MPIC) resulted in a net income of P300 million, declining 47% from a year ago due to the slowdown in MPIC’s toll roads, water and rail segments.

Insurance unit Philippine AXA Life Insurance Corp. added a P367 million to the net income, slumping 55% from last year due to the 30% market value decline in its equities portfolio as a result of the quarantine.

Despite this, GT Capital President Carmelo Maria Luza Bautista said he is confident the company will recover as it adapts to the changing environment triggered by the COVID-19 pandemic.

“We are confident that we can bounce back from the current worldwide disruptions and adapt our strategies to the ‘new normal’ conditions of the marketplace,” he was quoted as saying in a statement.

“Given the diversity of our investment portfolio, the strong position we hold in the sectors we are in, our solid financial position, and our strategic partnerships, we believe that our group will be more resilient in coping with today’s difficult environment,” Mr. Bautista added.

Shares in GT Capital at the stock exchange lost P12 or 3% to close at P388.40 apiece on Monday. — Denise A. Valdez

Del Monte raises $1.3B to boost balance sheet

THE American unit of Del Monte Pacific Ltd. has raised $1.3 billion from bond issuances to trim loan facilities and recapitalize its balance sheet.

In a disclosure to the stock exchange Monday, Del Monte said its subsidiary Del Monte Foods, Inc. (DMFI) was able to generate new financing to reduce its total loan facilities to $950 million from $1.4 billion.

The new financing is composed of $500 million from a five-year bond issuance, $450 million from a new three-year asset-based loan (ABL), and $378 million from selling equity to parent firm Del Monte.

As DMFI issued the five-year senior secured notes and signed a three-year ABL, it took a $150-million investment in new equity from its parent firm Del Monte, and converted $228 million of its second lien repurchase loans into common equity in DMFI.

The completion of these transactions resulted in a recapitalization of the company’s balance sheet, allowing it to lay out new plans for Del Monte’s future growth.

“This transaction is an important milestone for DMFI and the (Del Monte Group),” Del Monte Managing Director and Chief Executive Officer Joselito D. Campos, Jr. said in the statement.

“In this new market environment, Del Monte has seen significantly increased demand for its healthy, shelf-stable products across all product lines. Today’s recapitalization and de-levering position the company to take full advantage of these new market opportunities,” he added.

DMFI claims to be the leading producer, distributor and marketer of plant-based food products in the United States, owning brands such as Fruit Naturals, Orchard Select, SunFresh and Fruit Refreshers.

“We are tremendously gratified to see such enthusiasm for the Del Monte story among investors. We appreciate this recognition of the company’s recent performance, the success of our asset-light cost management initiatives, and our plans for growth and profitability going forward,” DMFI President and Chief Executive Officer Greg Longstreet said in the statement.

Shares in Del Monte at the local bourse closed flat on Monday at P3.96 apiece. — Denise A. Valdez

Biogas project of MPIC unit, Dole receives Japanese gov’t subsidy

A waste-to-energy project by a unit of Metro Pacific Investment Corp. (MPIC) with Dole Philippines, Inc. received the first tranche of subsidy, which is up to 50% of its qualified capital cost, from the Japanese government.

In a statement on Monday, the conglomerate said the biogas project of METPower Venture Partners Holdings, Inc. in South Cotabato was recognized as a joint crediting mechanism (JCM) model project by Japan’s Ministry of the Environment, a first of its kind in the country, which is expected to meet both countries’ greenhouse gas (GHG) emission reduction targets.

In November 2018, the two companies entered into a deal to put up two biogas facilities for Dole Philippines’ canneries which would process organic fruit waste and harness biogas to produce 5.7 megawatt-equivalent of clean renewable energy.

The facilities are said to reduce GHG emissions by approximately 50,000 tons of carbon dioxide equivalent per year from fossil fuel substitutes.

“With this JCM Model Project recognition, we have further validation of the considerable environmental benefit our biogas plants bring in curbing the greenhouse effect and capturing methane emissions for alternative fuel use,” METPower Chief Executive Officer Karim C. Garcia said.

Japan through the project is promoting advanced low-carbon technologies, systems, and infrastructures meant to reduce GHG emissions. It implements the program under bilateral cooperation with partner countries.

METPower expects further cash distributions from Japan’s Environment Ministry to arrive in 2021.

The MPIC unit’s construction of the biogas facilities was affected by delays caused by the coronavirus disease 2019 (COVID-19) pandemic. It expects the facilities to start running in the first half of 2021.

Further, the company is also developing new projects, such as a carbon dioxide recovery and organic fertilizer distribution facility.

MPIC is one of the three 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. — Adam J. Ang

LRTA allows Globe to erect cell sites along LRT-2 line

GLOBE Telecom, Inc. has obtained the go-signal from the Light Rail Transit Administration (LRTA) to build cell sites along the stretch of LRT-2’s line from Santolan Station in Quezon City to Recto Station in Manila.

In a statement, Globe said it would erect the cell sites while Metro Manila is under the modified enhanced community quarantine (MECQ).

LRTA Administrator Reynaldo I. Berroya was quoted as saying: “This is the perfect opportunity for Globe to improve its services along our route. The ECQ has prevented us from operating, but as they say when a door gets shut, a window opens. Globe can build and expand its capacity while the trains are not allowed to transport passengers.”

“We expect that when the ECQ is lifted and thousands of passengers go back to riding our trains, they will find comfort that they will have good and reliable service while they travel,” he added.

For his part, Globe President and Chief Executive Officer Ernest L. Cu said: “The pandemic has impacted our lives in so many ways. While it has resulted in many challenges, we would like to dwell more on the opportunities for us to improve our services. With LRTA’s support and trust, we are doing our best to give our commuting public a better experience when they return and ride the Megatren once again.”

Undersecretary Eliseo M. Rio, Jr. had said only about 400 cell sites were erected in the first quarter of the year, well below the government’s target of building 1,785 each quarter to meet the broader goal of 50,000 cell sites nationwide in seven years. — Arjay L. Balinbin

Century Properties profit up 32% in 2019

CENTURY Properties Group, Inc. (CPG) posted a 32.2% growth in net earnings for 2019, driven by higher contributions from its affordable housing and commercial leasing segments.

In a statement Monday, the listed property developer said its net income last year stood at P1.48 billion, rising from the P1.12 billion it recorded a year ago.

Its consolidated revenues jumped 34% to P14.32 billion, which it attributed to bigger contributions from its horizontal affordable housing and leasing segments.

CPG has not disclosed its 2019 annual report yet, but it said net income contributions from horizontal affordable housing grew to 25% from 17% the year prior, and contributions from leasing expanded to 19% from 5% in the same comparable period.

This is part of the company’s medium term plan of focusing on expanding the two business segments, “to achieve a healthy balance of revenue mix with its vertical developments business.”

CPG completed 866 affordable house and lot units in Cavite and Pampanga in 2019. It also maintains commercial leasing properties in Bonifacio Global City and Makati City.

Contributions from the residential condominium segment is at 55% last year from 76% in 2018. The balance are contributions from CPG’s property management business.

“With CPG’s new business lines affordable housing and commercial leasing taking up 44% of the net income, our company’s financial results for 2019 show that we have kept on track with our strategic business expansion,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. was quoted in the statement as saying.

“With the success of our company’s diversification strategy, CPG is now in a much better position to sustain growth and take on emerging market opportunities and challenges, and continue improving its operational efficiencies while exercising business prudence and maintaining a healthy balance sheet,” he added.

Shares in CPG at the stock exchange slipped 1.43% to 35 centavos each on Monday.

Meanwhile, Filinvest Land, Inc. (FLI) said its earnings grew 7% to P6.28 billion last year due to double-digit increases in its rental and residential segments.

The real estate arm of Gotianun-led Filinvest Development Corp. posted a 16% growth in consolidated revenues to P25.67 billion. This was lifted by a 25% increase in rental revenues to P7.01 billion and an 18% rise in residential revenues to P17.01 billion.

FLI also announced deferring some of its 2020 projects to next year due to the ongoing pandemic, resulting in a reduced capital expenditure budget of P16 billion this year. This will be allocated to new residential projects, additional office buildings, an innovation park and township developments.

Shares in FLI at the stock exchange closed flat at 91 centavos each on Monday. — Denise A. Valdez

Nora Aunor makes her online debut

TANGHALANG Pilipino has released the “monovlog” Lola Doc starring award-winning actress Nora Aunor through its online platform PansamanTANGHALAN.

“We will invite actors to support Tanghalang Pilipino’s new platform with the intention of giving honor to the frontliners,” veteran actor and Tanghalang Pilipino’s Artistic Director Fernando “Tata Nanding” Josef told BusinessWorld in a Zoom interview on May 16.

The series of vlogs is meant as a tribute to medical practitioners and ordinary people who become heroes as they navigate the pandemic.

Written by Layeta Bucoy, Lola Doc features a senior frontliner (Aunor) who talks about the pains of losing her husband in a pandemic, remaining strong for their family, and courageously facing the risk of catching the deadly virus to attend to the sick.

Lola Doc is the second Tanghalang Pilipino monovlog following Lolo Doc — starring Mr. Josef — about a senior frontliner turned asymptomatic COVID-19 patient.

Mr. Josef noted that after filming the first vlog, he and Ms. Bucoy saw the potential in expanding it into a series, and invited Ms. Aunor to star in the second vlog.

“Isang napakagandang akda tungkol sa ating mga bagong bayani, ang mga doctors, at ang kanilang mga sakripisyo (It is a beautifull story about our modern heroes, doctors and their sacrifices),” Ms. Aunor said in a press release.

“Naka-ilang beses ko rin akong take sa monovlog bago maging satisfied sa aking nagawa (It took me a few takes of the monovlog before I was satisfied with what I had done),” she added. The veteran actress recorded eight versions of the monovlog.

Lola Doc premieres on Tanghalang Pilipino’s YouTube channel at 6 p.m. on May 21 which is the award-winning actress’ 67th birthday.

To watch the performance, visit http://youtube.com/tanghalangpilipino. For more information, visit https://www.facebook.com/tanghalangpilipino/. — Michelle Anne P. Soliman

Real estate sector to be more ‘active’ once economy recovers

By Luz Wendy T. Noble
Reporter

THE Philippine real estate sector may become more “active” next year, as the economy is anticipated to bounce back after the pandemic subsides.

“Our view is that the recovery of the property sector in 2021 hinges on the pace of expansion of Philippine and global economies. Given a strong rebound of Philippine growth in 2021, a more active property sector is also expected,” Lyn I. Javier, BSP managing director for policy and specialized supervision, said in an e-mailed response to BusinessWorld earlier this month.

Ms. Javier cited historical data from property consultancy firm Colliers International Philippines that showed demand for segments, particularly office and residential, usually wane in the wake of an economic crisis.

Colliers International has said land values in the National Capital Region may decline by 5-15% in the fourth quarter of the year, as rental rates and selling prices plummet. Take-up rates across property segments are also seen to slump.

“Following the lower projections of real gross domestic product (GDP) growth in 2020, it is expected that impact across all segments, depending how long the crisis will be resolved, could be seen,” Ms. Javier said.

The country’s economic output shrank by 0.2% in the first quarter of 2020, the first contraction since the fourth quarter of 1998 during the Asian financial crisis.

Ms. Javier said the country’s banking industry is armed with a “strong position” to weather the crisis, including risks that may arise from the property segment.

“Banks have sufficient capital and liquidity buffers to withstand potential loan losses and liquidity constraints posed by the current ECQ (enhanced community quarantine),” she said.

The banking industry as a whole, Ms. Javier said, has maintained key metrics beyond regulatory minimum, including the capital adequacy ratio of 15.4%, a liquidity coverage ratio of big banks at 169.9%, among others.

“This is reflective of the sound underwriting practices of banks,” Ms. Javier said.

“Preliminary assessment disclosed that the expected rise in their NPLs (nonperforming loans) could be readily covered by their loan-loss provisions and capital buffers,” she added.

WFH during the ECQ: CIMB Bank’s Vijay Manoharan

WHAT has it been like to be an expat in the Philippines during an extraordinary mandated work from home situation?

For CIMB Bank Philippines CEO Vijay Manoharan he has found joy in gardening and he has had his dog interrupt an online board meeting. Beyond being the country chief of one of Malaysia’s largest banks, Mr. Manoharan talked about how being a father changed while in the midst of a lockdown.

This interview was lightly edited.

TELL US ABOUT WHAT IT’S LIKE TO HEAD CIMB PHILIPPINES DURING A LOCKDOWN. HOW HAS THE TEAM FARED SO FAR?
Nobody had planned to be put in this situation to the extent of the current arrangement. We always had discussions about doing some form of alternate work arrangement, but nothing mandatory like this. But I’m quite optimistic with how the team has been working. We actually have pulled through this in the sense that for us, the business almost has not skipped a beat.

When I speak to my people, they tell me they are as productive as [they are] focused. Surprisingly, they even say that relationships and connections with their fellow colleagues have actually improved with this remote arrangement.

In the early days, the first week of getting into this arrangement, I was quite worried. I didn’t know whether we could run the bank, effectively serve our customers, effectively fulfill our regulatory obligations. But now, it’s a pleasant surprise, we have actually been able to meet all our must do’s.

HOW DO YOU MAINTAIN “NORMALCY” WITH YOUR TEAM AND WHAT HAVE YOU LEARNED SO FAR FROM HOW YOU’VE CONDUCTED OPERATIONS DURING THE LOCKDOWN?
We do twice a day check-ins, morning and evening, so that the team engagement stays. Sometimes it’s a bit light-hearted. There’s also business. But there’s also some time for just some casual stuff to catch up and see how everyone is doing.

We also have held our virtual town hall meeting, once a month for March and April. So we get 150 to 200 people, everyone on video, for a virtual town hall. During our physical town hall, we only have 50% attendance. With a virtual town hall everybody can attend.

During online meetings, I noticed people seem to be more focused because we are looking at each other. But in the [physical] meeting room, sometimes people tend to get distracted, so this video set-up works too.

HOW DOES A WORK DAY AT HOME FOR YOU LOOK LIKE? DO YOU HAVE A DEDICATED PLACE AT HOME WHERE YOU WORK?
Some days it’s rigid, and some days there’s actually some flexibility. Some days I have a free 30 minutes or an hour with no meetings and I can go play with my dog. I can go to the garden and look at the plants. I can sit down with my son and look at his homework.

I have a fixed place which is here in my second living room. Because I have two kids, we each have our own fixed spaces. It helps in terms of the laptop setup. Nobody crosses my corner and I don’t cross theirs. We have our “safety zones.” We don’t hear each other whenever we have our own calls.

CAN YOU SHARE AN INTERESTING STORY THAT HAPPENED WHILE YOU WERE WORKING FROM HOME?

So I was on an online board meeting with the chairman in Malaysia and my dog goes crazy and starts to bark and bark. That was quite embarrassing. I had to mute myself because I had to shout at my dog to be quiet. He just got excited for no reason at all — during my board meeting.

WHAT IS IT LIKE TO BE AN EXPAT LIVING IN MANILA DURING A LOCKDOWN?
For me, my immediate family is here, so Manila is home. It would be different if I was here and my family was left in Malaysia. But now it’s going to be two months [since the lockdown started]. And there are certain obligations in Malaysia for some extended family which I have responsibility over, and those things start to loom. At least for me, I used to go back once a month. That sort of lingers in your mind.

HAVE YOU ANY NEW HOBBIES?
I started gardening by growing vegetables — which I’ve never done in my life. But I noticed it’s a Filipino thing. Even my neighbors, they all started doing it. So I thought, okay, if they’re doing it, and I’ve got time on my hands and I’m not going anywhere on the weekends, I’ll try it too. I have corn, okra, pechay, and radish, among others.

Normally when you had [to go to] work, and you’d want to release your stress, you’d grab a drink at the bar. Now, I walk up to the vegetable plot and look at the vegetables and it’s probably my stress reliever.

WHAT LESSONS HAVE YOU LEARNED FROM THIS SITUATION THAT YOU WILL LIKELY BRING WITH YOU WHEN THINGS GET BETTER AND WORK GOES BACK TO “NORMAL”?

No matter how much I’ve spoken about this setup being effective, there is still something about social interaction. There is an element about holding someone, touching someone, seeing someone, which makes us humans unable to go on completely virtually. I also think about the psychology of people. How do different people think about being remote? We are learning that even though we are separate, we are still a team.

I think I’ve also learned to appreciate family. I get to see my kids the whole day. When I’m in the office, I only see them 30 minutes in the morning, one hour at night. I think that the family bonding certainly has improved a hundred fold. Honestly, once I go back to office, I’m gonna miss this arrangement. It will feel different. — Luz Wendy Noble

Gov’t upsizes award of T-bills

THE GOVERNMENT hiked the volume of Treasury bills (T-bills) it awarded on Monday as rates dropped across-the-board on strong demand.

The Bureau of the Treasury (BTr) on Monday borrowed P24 billion via T-bills from total bids of P103.8 billion, which was five times higher than the initial P20-billion offer.

To accommodate excess demand, the BTr also opened the tap facility to offer another P5 billion in one-year papers.

Broken down, it upsized to P7 billion the volume of 91-day T-bills it awarded from the programmed P5 billion out of total bids worth P29.334 billion. The three-month papers fetched an average rate of 2.09%, down 17.9 basis points (bps) from the 2.269% seen in the previous auction last week.

It also raised P7 billion via 182-day papers, P2 billion more than the P5-billion program, as the tenor attracted bids worth P33.7 billion. Rates for the six-month papers also went down by 18.1 bps to 2.193%.

For the 364-day securities, the government made a full award of the P10 billion offer from P40.771 billion in total bids at an average rate of 2.653%, which declined 10.8 bps from 2.761% last week.

National Treasurer Rosalia V. de Leon said supportive policy moves from the Bangko Sentral ng Pilipinas (BSP) allowed yields to keep its downward trend.

“Strong reception to T-bill auction at much lower rates reflecting liquid tone of market aftermath of supportive actions of the BSP,” Ms. De Leon told reporters via Viber.

“Flight to safety continues,” she added.

The BSP Monetary Board cut benchmark rates by a total of 125 bps so far this year, with the latest reduction being a 50-bp off-cycle cut on April 16.

This brought benchmark rates to record lows of 2.75% for the overnight reverse repurchase facility and 3.25% and 2.25% for the overnight lending and deposit facilities, respectively.

BSP Governor Benjamin E. Diokno has signaled a pause in monetary easing, citing “manageable inflation environment and stable inflation expectations,” after the central bank aggressively slashed key policy rates to help cushion the blow of the coronavirus pandemic on the economy.

“Market is still very liquid. It could also be an indicator that with companies shelving expansion plans, there’s a clear lack of demand for money at the moment,” a bond trader said via Viber yesterday.

On Tuesday, the BTr will offer P15 billion in 35-day T-bills.

The government is planning to borrow P170 billion from the local market this month: P110 billion via its weekly T-bill auctions and the remaining P60 billion via Treasury bonds to be offered fortnightly. — Beatrice M. Laforga

AyalaLand Logistics posts 26% profit growth

THE logistics arm of Ayala Land, Inc. (ALI) reported a 26% increase in attributable profit in the first quarter, driven by higher industrial lot sales and warehouse leasing revenues.

AyalaLand Logistics Holdings Corp. (ALLHC) booked an attributable net income of P143.41 million in the three-month period, up from P113.57 million in the same period a year ago.

Its consolidated revenues rose 21% to P1.19 billion on the back of larger contributions from lot sales and warehouse leasing.

Industrial lot sales surged 112% to P351.3 million and warehouse leasing revenues jumped 45% to P109.2 million.

Revenues from commercial leasing was flat at P185.7 million because of quarantine measures related to the coronavirus pandemic. It said in a statement it was forced to close Tutuban Center and South Park Center in mid-March when the government started implementing the enhanced community quarantine in Luzon.

Cost and expenses during the period stood at P930.22 million, up 12% from last year on higher operating expenses and cost of real estate sold.

“Our efforts to build up our assets in 2019 with additional industrial estates and logistics facilities have been notable in delivering these first quarter results. We believe that continuously growing and enhancing our assets will effectively bring the company forward,” ALLHC President and Chief Executive Officer Maria Rowena M. Tomeldan said in the statement.

Shares in ALLHC at the stock exchange shed four centavos or 2.37% to P1.65 each on Monday.

Meanwhile, ALI’s parent Ayala Corp. (AC) said it had paid taxes amounting to P9.86 billion ahead of the June 14 deadline to boost the government’s fund in supporting pandemic relief efforts.

In a statement, AC said it was trying to do its part in strengthening the public-private partnership to combat the virus outbreak.

“We are committed to help the President tackle the many challenges he has to deal with and are confident that by working together, our country can overcome each challenge, save lives, and gradually put the country back on a path of growth,” brothers Jaime Augusto and Fernando Zobel de Ayala said.

Shares in AC at the stock exchange lost P30 or 4.48% to P640 each on Monday. — Denise A. Valdez

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