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DMWAI unit tops off office building

ASEANA HOLDINGS, INC. recently topped off its newest office development in Parañaque City.

In a statement, the subsidiary of D.M. Wenceslao & Associates, Incorporated (DMWAI) said 8912 Asean Ave. building is on track to be completed by the first half of 2021.

Despite uncertainty brought by the pandemic, DMWAI Chief Executive Officer Delfin J. Wenceslao, Jr. is keeping a positive outlook on the construction and real estate industry.

“However, celebrating a milestone of one of our developments that is included in our five-year pipeline projects despite the challenges that we are currently facing is something that should not be overlooked. This only demonstrates the dedication, commitment and competence of our team and the trust that we have earned in the decades-long relationships and partnerships with our internal and external stakeholders, clients and vendors,” he said.

8912 Asean Ave. is a 15-storey office development along Asean Avenue, located across Ayala Malls Manila Bay. The project has around 69,000 square meters of leasable office and retail spaces with four levels of parking.

EuroPelikula features in Cinemalaya

SELECTED short films focusing on environment and climate change will be screened in EuroPelikula, one of Allied Festival partners of Cinemalaya, now ongoing in the Cinemalaya Philippine Independent Film Festival until Aug. 16.

The films are offered for free on the Vimeo platform.

A film festival presented by the European Union, EuroPelikula is screening A Sunny Day by Moroccan director Faouzi Bensaïdi, Hungry Seagull by Chinese director Leon Wang, Olmo by Italian director Silvio Soldini, Tuã Ingugu by Brazilian director Daniela Thomas, Kokota: The Islet of Hope by Craig Norris, Qurut by Shahrbanoo Sadat, In One Drag by Alireza Hashempour, and Tant de Forets by Burku Sankur and Geoffrey Godet.

A Sunny Day is a short film on how men and women survive under the impact of a changing climate, in a distant and near future, both fantastic and absurd. Hungry Seagull focuses on the lives of a family of seagulls living on an island not far from the mainland, and how they survive amidst the threat of offshore overfishing and the pollution of the marine environment.

Olmo is about an 80-year-old grandfather, and his grandson Giulio who read an article from a newspaper about melting glaciers, the greenhouse effect, methane and CO2.  Instead of going to school, the two go on an adventure looking for an old tree. Tuã Ingugu captures the relationship between the Xingu community and their river, and the emotions of one of them when he is taken to see Sao Paulo rivers.

Kokota: The Islet of Hope tells about a man who visits a tiny neighboring islet called Kokota, and tries to help after seeing the island teeter towards a collapse due to climate change and deforestation. Qurut is about a woman who cooks quruti, one of the most popular meals in the entire Afghanistan, especially in central Afghanistan. For some years people have been making less and less quruti as they struggle to feed their animals because the mountain pastures have dried up.

In One Drag tells the story of a man who leaves a building late in the evening to light a cigarette and smoke it in one drag. He casually flicks the stub away, and then all the cigarette butts in the city become alive. Tant de Forets is a short film based on a poem of Jacques Prévert which speaks of the irony of the fact that newspapers warn us about deforestation although they are made of paper themselves.

The EU signed a cooperation agreement with Cultural Center of the Philippines (CCP) this year, which immediately was translated to EuroPelikula, a platform to feature films from Europe at the CCP, but was unfortunately stopped due to the pandemic.

The Allied Festival section of the Cinemalaya Festival features selected shorts from international film programs, held in collaboration with the Japan Foundation, European Union, the Embassy of the Islamic Republic of Iran, and the Embassy of Mexico.

From The Japan Foundation’s Eiga Sai Film Festival, the films My Little Goat by director Misato Tomoki, and A Japanese Boy Who Draws by director Kawajiri Masanao will be screened.

From Iran, the film I am American by director Omid Mirzaei will be featured.

From Mexico, the film Bruma by writer and director Max Zunino will be shown.

In view of the COVID-19 situation, the 16th edition of Cinemalaya has migrated to the online platform Vimeo. For details, visit www.cinemalaya.org or www.culturalcenter.gov.ph, or contact the CCP Media Arts at 8832-1125 local 1704 to 1705 and the CCP Box Office at 8832-3704.  Check out the official CCP and Cinemalaya Facebook and Instagram accounts.

Rediscount facility untapped amid BSP’s easing measures

BANKS did not tap the rediscount facility of the Bangko Sentral ng Pilipinas (BSP) in July as policy easing measures have already boosted liquidity in the market.

“For the period covering Jan. 1 to July 31, total availments under the peso rediscount facility remains at P20.7 billion as there was no availment in July,” the central bank said in a statement on Monday.

Lenders last touched the facility in March and April for peso rediscount loans worth P20.7 billion.

This is lower compared to the P116.574 billion in loans from the facility recorded from January to July 2019.

Banks likewise left the facility untapped from November 2019 to February 2020.

The BSP’s rediscount facility allows banks to get hold of additional money supply by posting their collectibles from clients as collateral.

In turn, the banks may use the cash — in peso, dollar or yen — to disburse more loans for corporate or retail clients and service unexpected withdrawals.

The halt in rediscount availments is a sign of high liquidity in the market, said UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion.

“We know that liquidity has been high recently with the various monetary actions of the BSP since February to address the impact of the COVID-19 pandemic. Demand for the facility may remain subdued as long as liquidity remains high in the coming months,” Mr. Asuncion said in an e-mail.

The BSP slashed the reserve requirement of universal and big banks by 200 basis points (bps) to 12% in April to provide a liquidity boost during the lockdown. The move freed up some P200 billion into the financial system.

The central bank in July also reduced the reserve requirement ratios of thrift and rural banks by 100 bps to three percent and two percent, respectively, releasing about P10 billion in liquidity.

The BSP has also allowed banks’ lending to micro-, small, and medium-sized enterprises as well as to some large enterprises hit by the pandemic to count as reserve compliance.

AUGUST RATES
Meanwhile, for this month, all peso loans, regardless of maturity, will be priced at 2.75%, which is the lending rate of the BSP.

For dollar-denominated loans, applicable rates are at 2.24875% for all tenors.

Yen loans are priced at 1.94483% regardless of maturity. — Luz Wendy T. Noble

Roxas and Co. posts P195-M net loss

ROXAS AND CO., Inc. (RCI) reported a net loss attributable to equity holders of P195.12 million in the second quarter, wider by 13% compared with the previous year’s losses after the suspension of its operations due to lockdown protocols during the period.

The quarter’s net loss brings the company’s first-half losses to P341.92 million, an expansion of 35.9% from a year ago due to the effects of the Taal volcano eruption along with the business disruption from the quarantine measures to contain the spread of the coronavirus disease 2019 (COVID-19).

“The COVID-19 pandemic resulted in the temporary closure of all our hotel operations in Any Resort Tagaytay and Go Hotels in Metro Manila as well as the shutdown of the Roxas Sigma Agriventures, Inc. (RSAI) coconut processing plant in Tupi, South Cotabato,” the company said in its disclosure to the stock exchange.

RCI said its operating expenses for the first six months declined 9.5% to P168.46 million compared with P186.05 million in the same period a year earlier, as a result of the company’s continued efforts to cut controllable expenses.

Its consolidated revenues for the first half fell 50% to P206.25 million after the suspension of its hotel operations.

RCI said the Go Hotels resumed operations in mid-April but served as quarantine facilities for home-bound overseas workers while its RSAI plant reopened only in May.

Meanwhile, the company said it would proceed with its plans and projects to establish continued growth such as efforts to develop and increase processed coconut export sales and maximize plant capacity, and limit the land development of Hacienda Palico to the ongoing residential project in Nasugbu, Batangas in 2020.

“The company will be doing a reforecast of its directions and performance in order to determine if there is a need to provide for impairment losses,” the disclosure said.

RCI has interests in real estate, sugar and ethanol manufacturing. Some of its companies include RSAI, Roxas Holdings, Inc., and Roxaco Land Corp.

On Monday, shares in RCI fell 0.85% or P0.01 to close at P1.16 per share. — Revin Mikhael D. Ochave

Zadia’s first tower nears completion

EQUUS PROPERTY VENTURE, Inc., a subsidiary of Greenfield Development Corp., recently held a topping off ceremony for the first tower of Zadia in Greenfield City, Sta. Rosa, Laguna.

Construction of Zadia Tower 1 is being completed, with turnover set by 2021. Zadia Tower 2 is scheduled to break ground within the year.

The mid-rise condominium’s Towers 1 and 2 are already sold out, while pre-selling for Zadia Tower 3 started in January.

“We planted the idea of Greenfield City with the intention of providing spaces that give importance to a high quality of life. With the topping off ceremony of Zadia’s first tower and construction of our future developments in the process, we are happy to see the seeds we once sowed start to flourish and bear fruit,” Duane A.X. Santos, executive vice-president and general manager of Greenfield Development Corporation, said in a statement.

Greenfield City is a 400-hectare development in Sta. Rosa, Laguna.

How PSEi member stocks performed — August 10, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, August 10, 2020.

Household spending plunges in Q2, shifts towards essential goods

Household spending plunges in Q2, shifts towards essential goods

Peso strengthens as Diokno signals steady policy stance

THE PESO strengthened against the greenback on Monday as the central bank chief signaled rates are likely to be maintained in the upcoming policy-setting meeting.

The local unit closed at P49.01 per dollar, appreciating by 3.10 centavos from its P49.041 finish on Friday, data from the Bankers Association of the Philippines showed.

Monday’s close is its strongest in more than three years or since it finished at P48.95 per dollar on Nov. 11, 2016.

The peso opened Monday’s session at P49.05 per dollar. Its weakest was at P49.06 while its strongest showing was at its close of P49.01 against the greenback.

Dollars exchanged dropped to $409.3 million on Monday from the $647.4 million logged on Friday.

The peso gained after Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said they do not need to raise rates at the moment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

This comes ahead of the Aug. 20 policy-setting meeting of the Monetary Board.

“Signals of no local policy rate cuts supported the peso,” Mr. Ricafort said in a text message.

Mr. Diokno said in a television interview on Monday there is “no compelling reason” to slash rates further following the 175 basis points in cuts so far this year.

“I don’t see a strong reason why we should have another policy cut,” Mr. Diokno said.

Rates on the BSP’s overnight reverse repurchase, lending, and deposit facilities are at record lows of 2.25%, 2.75%, and 1.75%, respectively.

Meanwhile, a trader said the peso strengthened on expectations of a continued rise in the country’s dollar reserves.

Gross international reserves stood at a record $93.32 billion at end-June, rising by a tenth from a year ago and by $30.5 million from its May level, BSP data showed. This has already surpassed the central bank’s $90-billion projection for the year.

For today, the trader expects the local unit to move between the P49 to P49.20 levels against the dollar while Mr. Ricafort gave a forecast range of P48.95 to P49.10. — L.W.T. Noble

Bargain hunting pushes benchmark index higher

THE MAIN INDEX started the week with gains as investors continued looking for bargain stocks following last week’s sell-off.

The bellwether Philippine Stock Exchange index (PSEi) picked up 84.90 points or 1.45% to close at 5,930.92 on Monday. The broader all shares index increased 45.84 points or 1.32% to end at 3,513.37.

“Bargain hunting spilled over to the start of the week as the latest (United States) employment report showed the economy added more jobs than expected last month…,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

The Nasdaq closed lower on Friday, as data showed a sharp slowdown in US employment growth and investors worried lawmakers would fail to agree on another fiscal stimulus bill to bolster the economy from a coronavirus-induced recession.

The S&P 500 and the Dow Jones index ended flat to slightly higher on the day.

With the benchmark S&P 500 index now about 1.5% below its record high, defensive sectors including utilities and real estate were among the gainers. Tech-related stocks, which have fueled a Wall Street rally since March, posted the biggest declines and helped push the Nasdaq down more than 1% during the session.

The United States reported adding 1.8 million jobs in July, its third straight month of improvement, to boost its slowing economy that saw a record 20.5 million job losses in April.

The Dow Jones Industrial Average rose 46.50 points or 0.17% to 27,433.48; the S&P 500 gained 2.12 points or 0.06% to 3,351.28; and the Nasdaq Composite dropped 97.09 points or 0.87% to 11,010.98.

Leftover optimism, as well as bargain hunting, brought the PSEi up on Monday, particularly from a push from the property sector.

“Investors picked up on (the property) sector after it had the biggest loss last week of 3.46% week-on-week,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a text message. The property index rose 72 points or 2.56% to 2,884.12 on Monday.

Most of the other sectoral indices also ended the session with gains. Holding firms grew 103.76 points or 1.73% to 6,076.56; industrials increased 107.34 points or 1.39% to 7,822.97; services added 15.94 points or 1.12% to 1,437.12; and mining and oil climbed 43.85 points or 0.75% to 5,856.25. The only index in red territory was financials, which shed 6.06 points or 0.54% to 1,115.65 at the end of session.

Monday’s value turnover of P4.88 billion was down from Friday’s P10.92 billion. Some 82.96 billion issues switched hands.

“Trading…remained tepid with value turnover of P4.88 billion only, lower than year-to-date’s average of P6.5 billion, indicating that some investors are on the sidelines waiting for the fresh strong catalyst to move the market,” Ms. Alviar said.

Advancers outnumbered decliners, 125 against 74, while 45 names ended unchanged. Net foreign selling dropped to P714.27 million from P6.78 billion in the last session. — Denise A. Valdez

PhilHealth probe to continue as chief takes medical leave

A SENATE investigation of the Philippine Health Insurance Corp. (PhilHealth) for alleged corruption will continue even if the agency’s chief executive officer takes a medical leave, a lawmaker said on Monday.

“It won’t stop our inquiry and other witnesses and testimonies from coming out,” Senate President Vicente C. Sotto III said in a mobile phone message. “It won’t also stop the filing of charges against erring officials of PhilHealth if warranted.”

PhilHealth President and CEO Ricardo C. Morales told CNN Philippines he wanted to go on leave after being diagnosed with cancer in February. He said he had been undergoing chemotherapy.

“They said it’s not wise to change horses in the middle of the stream, and that was what I was trying to avoid,” he said. “In this case, nature has intervened and we’ll have to take the doctor’s advice.”

“I have relayed to my bosses my intention, so it’s up to them to decide,” Mr. Morales said.

The Senate Committee of the Whole will resume its probe on Tuesday. The state-owned insurance company allegedly bought overpriced items and gave financial aid to ineligible health facilities.

Mr. Sotto said Mr. Morales would attend the hearing via teleconferencing. Also invited were officials from the Commission on Audit, Department of Information and Communications Technology and the Presidential Anti-Corruption Commission (PACC).

The PACC last week said it had recommended the filing of charges against three dozen PhilHealth officials, which the Senate may adopt in its committee report.

“We will listen to them,” Mr. Sotto said, referring to officials from the anti-graft body. “We will ask for evidence and the reason why they’re recommending this,” he said at an online briefing.

The Senate committee might recommend that charges be filed by the Office of the Ombudsman and the Department of Justice once it ends its investigation, he said.

Meanwhile, Mr. Sotto said public officials like Mr. Morales, who complained about his illness being reported on, have no privacy.

“When you hold a high public office, you are a servant of and answerable to the people,” he said in a separate phone message. “There is no privacy. If you cannot stand the heat, get out of the kitchen.”

PhilHealth Vice-President for Operations Augustus de Villa last week quit his job but promised to cooperate with the congressional probe. Mr. De Villa, a retired military officer, said he had briefed Mr. Morales about his resignation.

Former PhilHealth anti-fraud legal officer Thorsson Keith told senators at a hearing the agency’s top officials had pocketed P15 billion through fraudulent programs.

He said the sum came from overpriced equipment the agency had bought, as well as from a program that gave financial aid to health facilities amid a coronavirus pandemic. Mr. Keith called PhilHealth executive committee officers in-house mafia members.

The agency allegedly gave advance payments to health institutions by up to three months during the pandemic, even if only P1 billion had been liquidated.

PhilHealth has denied the allegations.

Meanwhile, Justice Secretary Menardo I. Guevarra said PhilHealth officials should take a leave pending investigation.

“If they are not hiding anything, they can take a leave of absence to enable the investigators/auditors to freely complete their inquiry,” Mr. Guevarra, whose office is also conducting a probe, told reporters in a Viber group message.

“Besides, the national privacy commission has repeatedly declared that the Data Privacy Act may not be used to hinder the conduct of legitimate government investigations,” he added. — Charmaine A. Tadalan and Vann Marlo M. Villegas

DoH allots P2.4B for COVID-19 vaccines

THE Department of Health (DoH) has allotted P2.4 billion for coronavirus vaccines in its budget for next year. The amount could change depending the price of vaccines once they become available, it said.

President Rodrigo R. Duterte on Friday said China had promised to prioritize the Philippines once it finds a vaccine.

Finance Secretary Carlos G. Dominguez III also said the government was planning to buy 40 million doses for 20 million people under its free vaccination program.

Health authorities said they would start the trial of the Japanese anti-flu drug Avigan as treatment for the coronavirus on Aug. 17. The drug will be given to a hundred patients aged 18 to 74.

Japan in April said it would send the drug manufactured by Fujifilm Toyama Chemical Co., Ltd. to 38 countries, including the Philippines after clinical trials.

DoH reported 6,958 new infections on Monday, bringing the total to 136,638. The death toll rose to 2,293 after 24 more patients died, while recoveries increased by 633 to 68,159, it said in a bulletin.

DoH said there were 66,186 active cases, 92% of which were mild, 7.2% did not show symptoms, and less than 1% each were severe and critical.

Of the new cases, 4,163 came from Metro Manila, 400 from Laguna, 363 from Rizal, 312 from Cavite and 178 from Bulacan.

More than 1.6 million people have been tested, it said.

Health authorities on Sunday warned the public against buying and selling convalescent plasma — antibody-rich products collected from eligible donors who have recovered from COVID-19 (coronavirus disease 2019) — because these are “illegal, reckless and dangerous.”

The Philippine Blood Center and Philippine Red Cross-Port Area are the only certified non-hospital collection facilities, while the Philippine General Hospital and St. Luke’s Medical Center are the only ones allowed to collect plasma for treatment, it said in a statement. — Vann Marlo M. Villegas

DepEd claims to be ready for school opening on Aug. 24

EDUCATION authorities on Monday said the agency was ready to start classes on Aug. 24 despite criticisms about the viability of online learning amid a coronavirus pandemic.

Education Secretary Leonor M. Briones dismissed calls to put off basic education classes this year, which she said could negatively affect students.

The Philippines is also one of the two remaining countries — Cambodia is the other one — that have yet to open classes this year, she told an online news briefing.

Technical glitches marred the launch of the Education department’s school readiness program on Monday, according to ABS-CBN News.

The agency was supposed to showcase the different learning strategies that it will enforce starting this month, including radio, television, and learning modules.

President Rodrigo R. Duterte earlier said he would not allow face-to-face classes until a vaccine for the coronavirus is found.

The Education department earlier said 18.2 million students had enrolled for this year, 17.4 million of whom were public school students. Enrollment ended on July 15.

Education officials earlier said less than half of the country’s 800,000 public school teachers had been trained for distance learning amid a coronavirus pandemic, leading senators to question the school system’s readiness to start online classes this month.

Some senators also criticized the agency for failing to map out areas where different learning methods would be used. — Gillian M. Cortez

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