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Singapore firm in talks with LGUs, PPP Center for projects

By Arjay L. Balinbin, Senior Reporter

THE SINGAPOREAN government, through Infrastructure Asia, is in talks with local government units (LGUs), Public-Private Partnership (PPP) Center, and Development Bank of the Philippines (DBP) for infrastructure projects.

“We are going to have a meeting with the Asian Development Bank. We are going to engage with the PPP Center and close to 15 LGUs to talk about waste again,” Seth Tan, executive director of Infrastructure Asia (Singapore), told BusinessWorld in a recent online interview.

To recall, DBP and Infrastructure Asia signed an agreement in September 2019, during Singaporean President Halimah Yacob’s state visit to the Philippines, on knowledge-sharing to support infrastructure development in the country. Infrastructure Asia and PPP Center also signed a deal to help local agencies implement PPP projects.

“Hopefully, we will be able to understand what is needed on the ground through these discussions and be able to bring different types of partners and solutions providers that will address their needs,” Mr. Tan said.

Infrastructure Asia, a project facilitation office under the Singapore government, aims to tap into the capabilities of its private partners to meet the region’s infrastructure needs.

“A lot of companies, not just Singaporean companies but also multinational companies, are very good at infrastructure. If we manage to get them involved in infrastructure projects, that is a win for us because they also hire Singapore-based workers, and they also pay Singapore taxes. So although we are not-for-profit, we hope that through our efforts, some of these companies will end up making positive business because when they win, in a way, Singapore’s ecosystem wins. If they bring very good infrastructure to the Philippines, the Philippines wins as well. So this is our model,” Mr. Tan said.

Asked to cite specific opportunities it sees in the Philippines, he said: “I think, listening to our counterparts at DBP and PPP Center, waste seems to be an area of interest.”

“But it is not all the time about the classical waste-to-energy projects, because unlike Singapore, which is a city where everything is concentrated, the Philippines has many islands and many small cities; hence, sometimes, the volume or quality of waste may not be suitable for large-scale waste-to-energy projects, so maybe where we can bring ideas, solutions providers, and investors, would be in the mid-size waste management projects,” Mr. Tan said.

“It may not always be the waste-to-energy project, maybe processing the waste into something that can be used in the construction industry or maybe treating the waste,” he added.

Another area of interest is the digitalization of water utilities, which will help reduce non-revenue water. Another is the area of climate adaptation, which includes climate mitigation and newer forms of renewables.

Mr. Tan said some of the main activities of the Infrastructure Asia are improving access to financing across the infrastructure life cycle, connecting good-fitting solutions to infrastructure demand, project structuring, capacity building, and facilitating the sharing of infrastructure knowledge and know-how, among others.

Shakey’s posts P215-M income after two quarters of losses

SHAKEY’S PIZZA Asia Ventures, Inc. (SPAVI) reported a net income of P215 million for the fourth quarter of 2020, which was also boosted by tax benefits due to the company’s negative profitability for the year following the losses it incurred.

“We are pleased by the improvements we saw towards yearend, which gave us the confidence to further invest in future growth, readying ourselves to better compete in the ‘new normal’ whilst creating jobs amidst the Philippines’ tough economic environment,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said in a statement on Monday.

In the first quarter of 2020, the company reported a net income of P114 million. The company swung to losses in the middle of the year, with P167 million incurred in the second quarter and P171.95 million lost in the third quarter.

SPAVI’s EBITDA (earnings before interest, tax, depreciation, and amortization) amounted to P400 million in the fourth quarter, improving from the P6 million seen in the previous quarter.

The company said its system-wide sales for the period grew by 33% from the previous quarter to P1.8 billion from P1.4 billion. SPAVI attributed the increase in sales to the holiday season, increased dine-in transactions, and deliveries.

For 2020, SPAVI incurred a net loss of P247 million, down by over 70% from the consolidated net income of P865 million earned in the previous year.

About 91% of the company’s stores were temporarily closed at the end of March last year.

“Despite our net loss for the year, we’ve managed to pull through with positive cash flows, improved cost structures, and greater ability to address off premise demand thanks to the gallant efforts of our team and the numerous business innovations we’ve been put into place,” Mr. Gregorio said.

Full-year EBITDA totaled P635 million, declining by nearly 68% from P1.97 billion seen in the previous year.

“On a same-store basis, excluding the impact of closed stores, sales were down 30% year on year,” the company said without disclosing specific figures.

Total sales for the year amounted to P6.6 billion, which the company said is 64% of its 2019 sales.

“We are hopeful that dine-in continues to recover this year, but are nonetheless managing the fact that guests will likely continue to need convenient and flexible out-of-store options,” Mr. Gregorio said.

SPAVI is planning to restart a store network expansion strategy that was initially put in the backburner due to the pandemic. Stores from this project will require smaller investment requirements compared to its traditional stores so its payback periods are short, while returns are high.

It is also looking to build locations which will have Shakey’s, Peri-Peri Charcoal Chicken, and R&B Milk Tea stores in one location.

The company is also planning to launch “ghost kitchens or kitchen extensions” for its delivery businesses with a “31 Minute, If It’s Late, It’s Free” promo in selected Metro Manila areas.

“Moving into 2021, the ability to stay nimble and adapt to the ever-changing environment will be of utmost importance,” Mr. Gregorio said.

On Monday, SPAVI shares at the exchange fell by 0.14% or P0.01 to close at P7.07 apiece. — Keren Concepcion G. Valmonte

A Minute With: Family Reunion cast on relatable story lines

NEW YORK — Netflix sitcom Family Reunion returns for its second season next week, bringing its mix of comedy and family conflicts back to television screens.

The NAACP Image Award-winning show, which premiered in 2019 and whose first season was presented in two parts, follows a Black family, the McKellans, after they move from Seattle to Columbus, Georgia, to be closer to their relatives.

Reuters spoke to cast members Anthony Alabi, Tia Mowry-Hardrict, and Loretta Devine about the series’ return and its popularity.

Below are excerpts edited for brevity and length.

Q: Why do you think the show is popular?

Alabi: I think we’re relatable. … People see the joy and the positivity in the family and the characters. … I’m sure it’s happened in other shows, but just in recent history, for once, people can watch the show and see that being Black isn’t one-size-fits-all. I think in any family, there’s different opinions, there’s different points of view and I think that’s OK. And that’s something that needs to be seen.

Mowry-Hardrict: I also think that the story lines are authentic to the culture. … We all know that … in African-American culture, there’s a sort of religious component to our family dynamic. And I love the way that we are staying true and authentic with that part of African-American culture.

Q: How does the show mix socially conscious themes and humor?

Devine: That was one of the aims of the show from the very beginning: to tackle some of the culture and for people to get to know Black people that they are not acquainted with a little bit better by going inside their family.

Now they’ve come to a point where their lives are changing … because the finances are not the same as they were in the first season. So, now there are new struggles that we will be attacking. There’s a lot of music and dance because we didn’t want the COVID-19 (coronavirus disease 2019) pandemic view to be what everybody had to deal with. — Reuters

BSP, CDA tie up for credit surety fund for micro, small businesses

THE two entities formalize the implementation of Republic Act No. 1074. — BW FILE PHOTO

THE Bangko Sentral ng Pilipinas (BSP) partnered with the Cooperative Development Authority (CDA) to implement the Credit Surety Fund (CSF) Cooperative Act of 2015 in a move that could pave the way for sustainable financing for small businesses.

The CSF takes the place of hard collateral for loans extended to qualified cooperative and micro-, small-, and medium-sized enterprises (MSMEs).

“The BSP is committed to support the development of the CSF as a vital credit infrastructure for sustainable MSME financing,” BSP Governor Benjamin E. Diokno said in a statement.

The two entities inked the memorandum of agreement last month to formalize the implementation of Republic Act No. 10744.

The CSF fund is generated primarily from the contributions of well-capitalized cooperatives and local government units, as well as government financial institutions such as the Development Bank of the Philippines, Land Bank of the Philippines, and the Philippine Guarantee Corp.

There are 55 CSFs across the country, of which 14 are registered as cooperatives while the rest have pending registration processes with the CDA.

“Having a shared responsibility under the CSF law, the [agreement] clearly spells out the respective roles and responsibilities of the parties for a proper and effective implementation of the law and the implementing rules and regulations,” CDA Chairman Orlando R. Ravanera said in a statement.

Based on the law, the CDA is the lead implementer for the registration regulation, monitoring and supervision of CSF cooperatives.

Meanwhile, the BSP is expected to spearhead the promotion; creation and organizational development of CSF cooperatives; facilitate acquisition by CSF cooperatives of technical assistance; and assist the CDA in setting the criteria and qualifications for CSF cooperatives.

Among the hurdles faced by MSMEs when it comes to financing are collateral requirements. The BSP is also exploring putting up a supply chain financing scheme that will include an electronic platform where MSMEs can leverage the credit profile of their major customers that are larger firms to avail loans. — Luz Wendy T. Noble

The big rethink for businesses, travel industry

By Damien Pfirsch

IT’S BEEN just over a year since coronavirus disease 2019 (COVID-19) shook the world, and it has inevitably changed the way we live and work. While the impact has been widespread, the pandemic has also taught businesses valuable lessons — ways to make lemonade out of lemons — in a time where the “new normal” is fraught with changes and uncertainty.

MOVE FAST
The pandemic’s unpredictability has intensified the need for businesses to act fast to not only solve problems at hand, but protect and prepare for the future. For example, vaccines would have typically taken years to develop, but companies’ pandemic readiness and response helped create COVID-19 shots in under a year.

More than investing in technology that will help us be agile and adapt to the evolving landscape, it’s also about the people driving the technology that’s fundamental. Creating a company culture of innovation and flexibility is crucial, as motivated employees will be empowered to move things along. Companies that will do best are the ones that can innovate across multiple fronts simultaneously and go-to-market in record times — whether it’s across their technology, products, programs or services.

To help businesses pivot and expand their travel offering, at Agoda we worked tirelessly to significantly reduce the amount of time taken — from months to mere weeks — to implement our white label product solutions for partners, as well as developing a comprehensive GoLocal initiative offering domestic deals to help accommodation partners capitalize on the domestic travel market and generate more bookings.

DIVERSIFY
To effectively deal with a crisis, it’s also necessary to identify opportunities that may arise from it. In a time of disruption and shrinking consumer demand, businesses have been forced to reignite their entrepreneurial fire, reconsider their offering and look for new market gaps they can continue to address. Hotels, for instance, have pivoted to offer novel types of hotel packages to adapt to current trends, such as “work from hotel” and day use packages. In the Philippines, a number of hotel restaurants created takeout and delivery meal packages to cater to events that moved virtually.

The effects of the pandemic also led to a significant shift in consumer behavior, driving demand for contactless payment and reliance on e-commerce. Fintech players partnered with banks to support traditional merchants, large and small, who lack digital payment methods with the technology to accelerate adoption. Restaurants and hotels instead of reinventing the wheel, tapped on food delivery providers to ensure business continuity.

OPEN COLLABORATION
Unified collaboration between governments, businesses, experts and individuals will remain     critical in the recovery and reinvigorating of economic growth in the post-COVID-19 era. The most unlikely of partners could cooperate to help navigate challenges ahead.

Even within the travel industry, the pandemic has shown us how working together can be hugely beneficial for all parties. At Agoda, we continue to work closely with our sister companies including Booking.com to deliver greater value and increased efficiencies for our partners and travelers, including experimenting with better ways to cross-sell our inventories and tech solutions. Another example is hotels and online travel agents (OTAs) working together to create solutions that address customers’ needs for flexibility and assurance of hygiene.

Of course, enhanced collaboration between private and public sectors to address short-term and long-term challenges will be key in building resilience and bolstering economic recovery. That could be governments reviewing stimulus measures and policies to protect public welfare, jobs, businesses, and the private sector providing their technology and industry expertise that will help respond to the current landscape.

THE LONG GAME
Last but not least, as with past crises, things will not remain as they are now. It is important that business leaders also set their sights on the long game while maintaining agility to respond to shorter-term needs when necessary — develop talent, relationships, solutions and opportunities that navigate the company closer to its long-term goals.

 

Damien Pfirsch is chief commercial officer at Agoda.

SEC extends deadline for general information sheet submission

THE Securities and Exchange Commission (SEC) extended the general information sheet (GIS) submission deadline to give corporations time to adjust to the online submission tool and as the country’s strict lockdown measures are extended.

“The adjusted deadline applies to stock corporations, which held their annual stockholders’ meetings prior and during the enrollment period for the newly launched SEC Online Submission Tool (OST),” the corporate regulator said.

The enrollment period for the online portal will run from March 15 until Dec. 15. Stock corporations are required to use the OST beginning this year, while nonstock corporations have until 2022 before they are required to enroll and use the platform.

A notice the corporate regulator issued to corporations on March 31 noted that all stock and nonstock corporations are given 90 days from the date of their annual stockholders’ meeting or annual members’ meeting to submit their GIS.

“For instance, a corporation that held its annual meeting on March 30 will have until June 28 to submit its GIS. Meanwhile, a corporation originally due to submit the report on or before March 12 will have an additional 60 days, or until May 11, to comply with the requirement,” the SEC explained.

The date of the meeting will be determined by the corporations’ board of directors or trustees, or it may follow the date stated in their by-laws.

“The adjusted deadline also covers corporations which failed to hold their annual meetings in 2020 and were initially given until January 30, 2021 to submit their GIS,” the commission said.

These corporations have until April 30 to submit copies of their GIS through the online portal for stock corporations, while nonstock corporations have the option of submitting it over-the-counter.

Over-the-counter submissions by stock corporations will be allowed only if their authorized filer encountered a problem while using the OST, which should be backed with proof of the error message.

The commission said its main office in Pasay City is operating with a skeletal workforce due to the reimposed enhanced community quarantine. The SEC Electronic Records Management Division will only accept annual reports and other documents from those with appointments.

Shortened operating hours will be implemented in the payment centers in the commission’s main and Ortigas office. Transactions will be accepted in the main office until 2:30 p.m.

SEC’s Company Registration and Monitoring Department said only the following services will be offered on-site: receiving of applications, releasing of certificates, certificate typing/printing, stamping of books, and preparation of source documents.

“The public is advised to transact business online, as the SEC will continue implementing work-from-home and other alternative work arrangements, in accordance with the guidelines issued by the Civil Service Commission,” the SEC said. — Keren Concepcion G. Valmonte

Treasury fully awards bonds, while yields move sideways

TOTAL BIDS reach P67.488 billion, more than thrice the offering. — BW FILE PHOTO

THE government fully awarded Treasury bills (T-bills) on Monday amid lower demands while yields moved sideways ahead of expected beyond-target inflation.

The Bureau of the Treasury awarded P25 billion in T-bills on Monday as programmed. Total bids reached P67.488 billion, more than thrice the offering but lower than the P79.33 billion in demand a week earlier.

It also opened its tap facility to offer P5 billion in one-year T-bills, National Treasurer Rosalia V. de Leon told reporters in a Viber message.

Broken down, tenders for the three-month papers reached P12.65 billion, beyond the P5-billion program but failing to beat the P22.537 billion in bids last week. The average rate for the 91-day debt papers increased by 2.6 basis points (bps) to 1.295% from 1.269% on March 29.

Meanwhile, it borrowed P8 billion as planned through 182-day T-bills, as the tenor saw bids drop to P16.712 billion from P21.507 billion in the previous auction. The six-month papers fetched an average rate of 1.646%, inching up by 3.7 bps the 1.609% quoted previously.

Lastly, the Treasury fully awarded P12-billion in one-year securities, with tenders higher at P38.126 billion from the P35.466 billion a week earlier. With this, average rate of the 364-day debt papers stood at 1.912%, down by 1.4 bps from the 1.926% the previous Monday.

“Risk aversion drove strong buying interest on haven assets particularly on front end with inflation print seen same as last month,” Ms. De Leon said.

A trader in a phone call also said investors adopted cautious sentiment as they await inflation data to be reported on Tuesday, causing T-bill yields to move sideways on Monday.

A BusinessWorld poll of 13 analysts yielded a median estimate of 4.8% for March headline inflation due to elevated food and fuel prices.

If realized, this would be quicker than the 4.7% in February and the 2.5% in the same month of 2020. It would also mean inflation beyond the 2-4% target set by the central bank for the third straight month.

The official March inflation data will be released by the Philippine Statistics Authority this Tuesday.

This April, the Treasury eyes to raise P170 billion through the local bond market by raising P100 billion in weekly T-bills and P70-billion via fortnightly auctions of T-bonds.

The government is looking to borrow P3 trillion in total this year from both domestic and external sources to help fund its budget deficit, which is seen to hit 8.9% of gross domestic product. — Luz Wendy T. Noble

Entertainment News (04/06/21)

CCP Arthouse Cinema April screenings

THE CULTURAL Center of the Philippines (CCP) Arthouse Cinema presents Patriots and Earth Warriors, a collection of films and documentaries from Cinemalaya and Gawad Alternatibo, for its April offerings. The month-long film series put the spotlight on Filipino bravery, and the various environmental issues that the world is facing. Stream the curated film selection for free this month at the CCP Vimeo Channel.  To watch the films, go to vimeo.com/ondemand/patriotsandearthwarriors and use the promo code WARRIORS. Film offerings from April 16 to 23 are Ana Agabin’s 24K and Nonilon Abao’s Dagami Daytoy. 24K takes a peek into the secret world of treasure hunting in the Philippines. Meanwhile, Dagami Daytoy puts the spotlight on the years of destruction to the rich, ancestral land, culture, and relationships in Nueva Vizcaya by a large-scale foreign mining company. For more information, follow and like the CCP Media Arts official Facebook page. Visit the CCP website at www.culturalcenter.gov.ph.

Coming soon on Netflix: an animated film, fantasy series

THE FANTASY series Shadow and Bone premieres on April 23 on Netflix. Based on Leigh Bardugo’s bestselling Grishaverse novels, Shadow and Bone is set in a war-torn world where lowly soldier and orphan Alina Starkov has just unleashed an extraordinary power that could be the key to setting her country free from the threat of the Shadow Fold. Directed by  Lee Toland Krieger, Shadow and Bone is a Netflix production from 21 Laps Entertainment, starring Jessie Mei Li , Archie Renaux, Freddy Carter, Amita Suman, Kit Young, and Ben Barnes. Watch the trailer at www.facebook.com/watch/?v=1356298298053208. Meanwhile, Netflix will start showing Sony Pictures Animations’ The Mitchells Vs. The Machines on April 30. The animated film follows an ordinary family who find themselves saving the world from the robot apocalypse. It all starts when creative outsider Katie Mitchell is accepted into the film school of her dreams, eager to leave home and find “her people.” Her nature-loving dad insists on having the whole family drive her to school and bond during one last road trip. But then the family suddenly finds itself in the middle of the robot uprising. Directed by Mike Rianda, the film features the voices of Abbi Jacobson, Danny McBride, Maya Rudolph, Mike Rianda, Eric Andre, and Olivia Colman. Watch the trailer at www.youtube.com/watch?v=Od49DzfmWXQ.

Cast of Money Heist Korean adaptation announced

NETFLIX announced the cast of the Korean adaptation of its Spanish Original Series La casa de Papel (Money Heist). The Korean Original Series cast includes Yoo Ji-tae (The Swindlers, Money, Svaha: The Sixth Finger) as “the Professor,” and Kim Yunjin (Seven Days, Ode to My Father, Lost, Mistresses) as Seon Woojin, an inspector at Task Force Team. Directed by Kim Hong-sun, the Korean adaptation is set on the Korean peninsula, and will bring new life into the familiar storyline in 12 episodes. The Original Series centers around members of the gang recruited by the Professor, hostages, and Task Force Team tackling the heist. The Korean adaptation will launch globally as Netflix Original Series.

Strong women on HBO GO and HBO in April

WOMEN’S month is officially over but HBO GO offers more movies and shows with leading ladies who have a mind of their own and aren’t afraid to stand their ground on HBO GO and HBO. Made for Love stars Cristina Milioti in a comedy series that is a darkly absurd and cynically poignant story of love, divorce and technology. Three episodes premiered on April 1 exclusively on HBO GO followed by three episodes and two episodes on the subsequent two Thursdays. The classic Jane Austen novel Emma gets a remake headed by Anya Taylor-Joy, portraying the smart and wealthy Emma Woodhouse as she uses her wits and charm to match-make couples, resulting in romantic missteps. Emma will premiere on April 10, 9 p.m., on HBO GO and HBO. An alternate Victorian-era London is the setting for the upcoming HBO original series The Nevers which premieres April 12, 9 a.m., on HBO GO and HBO. A new episode premieres every subsequent Monday. In the show, a group of people known as the “Touched” are individuals — mostly women — who manifest a wide range of abnormal abilities, from charming to disturbing. Among them, Amalia True, a mysterious, quick-fisted widow, and Penance Adair, a brilliant young inventor, emerge as champions of this new underclass. Kate Winslet stars as a small-town Pennsylvania detective who investigates a murder while her life is falling apart in the upcoming HBO limited series The Mare of Easttown which will premiere on April 19, 10 a.m., exclusively on HBO GO and HBO with new episodes premiering every subsequent Monday. The HBO Max Original movie Superintelligence premieres on April 24, 9 p.m., exclusively on HBO GO and HBO. The mundane life of Carol Peters is turned upside down when she starts getting snarky backtalk from her TV, phone and microwave. She thinks it’s all a complicated prank but the truth is she’s been selected for observation by the world’s first superintelligence, with a plan to take over the world. Women shall rise against Gideon in the fourth season of The Handmaid’s Tale with three episodes premiering on April 29, 6 p.m., on HBO GO with new episodes premiering subsequently every Thursday. The Black Lady Sketch Show is back for a second season to bring in more dynamic entertainment this April 24, on HBO GO. This award-winning series of sketches celebrate the diverse experiences of African-American women, addressing stereotypes, challenges, insights and more. This season, Laci Mosley and Skye Townsend join the core cast members of Robin Thede, Gabrielle Dennis and Ashley Nicole Black. Stream or download these movies and shows on HBO GO.

Tarsier Records launches new acts

ABS-CBN’s international-forward music label Tarsier Records is building up its artist roster by introducing new acts in its family through the campaign “Class of 2021.” The lineup announcement comes as the ABS-CBN Music label evolves from being the home of electronic dance music or EDM that catered to millennial-gen Z listeners in its first cycle to having a catalog shaped by its artists’ growth, the music they create, and the sound of today. The “Class of 2021” features top Filipino talent and original signees such as Iñigo Pascual, Kiana V, Sam Concepcion, Markus, Moophs, Subzylla, Edana, Kyler, YUZON, and Xela. Other familiar names who shape the label this year are KZ Tandingan and Bugoy Drilon, Chi and Gabs Gibbs of the musical duo GIBBS, former Boyband PH member Russell Reyes, TikTok viral content creator-singer-songwriter Zion Aguirre, and singer-songwriters SAB and Miguel Odron. Some up-and coming acts to watch out for are rapper Dotty (f.k.a. marc), R&B artists daze, Annette, and Gessie, Spotify Radar 2021 folk-gospel-neo-soul act allen&elle, Singapore-based Filipino artists Tonie Enriquez and Dave Anounuevo, Asian DJ-producers Arthur Tan and Kaiyo, indie artist Recio, and the youngest of the batch Ocean Crosby, a teenage guitar whiz and singer-songwriter. Learn more about Tarsier Records’ “Class of 2021” on its social media accounts @tarsierrecords and listen to the label’s official Spotify playlist at https://bit.ly/tarsierrecords.

‘Amatz’ featured in The Falcon And The Winter Soldier

HIP HOP artist and rapper Shanti Dope’s single, “Amatz” (released in March 2019) was featured in the third episode of The Falcon and The Winter Soldier on  Disney+. The first season of The Falcon and The Winter Soldier premiered on March 19. It is an American TV miniseries based on Marvel Comics characters Sam Wilson (Falcon) and Bucky Barnes (Winter Soldier). Set in the Marvel Cinematic Universe, it takes place after the events of the film Avengers Endgame (2019). The “Amatz” official music video can be seen on Universal Records YouTube Channel (www.youtube.com/watch?v=ugGJ3tzw7Rk) and streamed on all digital stores worldwide under Universal Records.

R&B singer Gio Marlo releases debut single

NEWBIE singer-songwriter Gio Marlo enters the OPM scene with R&B and soulful tunes. Currently pursuing a degree in music production, Mr. Marlo has released his debut single “Akala,” about how the person you hope to love hurts you instead. Mr Marlo’s covers on TikTok include songs by the Eraserheads, Noel Cabangon, Ben & Ben, Bruno Mars, Ed Sheeran, and Justin Bieber. “Akala” is now available on Spotify, Apple Music, YouTube Music, Amazon Music, Deezer, and all digital stores worldwide under Universal Records. Watch the lyric video at the Universal Records Philippines YouTube page (www.youtube.com/watch?v=nlQB_urp-bo).

iWantTFC travel shows for summer

FROM beach trips, food crawls, island hopping, fun travel adventures to inspiring heart-to-heart talks, iWantTFC offers an array of original and Metro shows that will give viewers the total summer experience even when they are stuck at home. These free shows are now available on iWantTFC: Aja! Aja! Tayo sa Jeju, a tour of South Korea’s Jeju island along with hosts Robi Domingo, Kristel Fulgar, Shine Kuk, and Donny Pangilinan; Pia’s Postcards where Pia Wurtzbach journeys around local and foreign destinations; Wreck Hunters, dive deep into the ocean with hosts Wowie Ong and Ernie Lopez in this iWantTFC original docuseries; Beached with Marc Nelson, Maggie Wilson, and Rachel Peters who travel to breathtaking islands in the Philippines; Unlisted, Robi Domingo and Sue Ramirez take viewers to underrated tourist attractions and learn about Philippine history in this iWantTFC original docuseries; The Crawl, Edu Manzano and Margarita Fores search for good and exquisite food; Chasing Flavors, chef and columnist Claude Tayag discusses iconic Filipino dishes; Driven features Tricia Centenera interviewing strong-willed and independent women including Gina Lopez, Iza Calzado, social entrepreneur Kaye Tinga, and designers Zarah Juan and Patty Ang; Find the Wasabi in Nagoya, take a trip to Japan in the reality-game travelogue with Khalil Ramos, Singaporean singer-actor Daniel Sher, and Thai actor-model Tay Tawan. These shows can be viewed on the iWantTFC app (iOs and Android) or on iwanttfc.com.

Philippine hotel operators still optimistic about long-term recovery amid pandemic

HOTELS in the Philippines can be optimistic about recovery in the long term as local tourism and staycations drive up demand, but most Asia Pacific investment interest this year is focused on other countries, JLL Philippines said.

The real estate services firm said that the hospitality industry was one of sectors most affected by the pandemic last year, yet Philippine hotel operators are optimistic that the industry would transition into recovery.

“Most hotel operators are trying to determine the best estimated return of airline traffic. Hotels definitely see tourism picking up as soon as flight restrictions are lifted — it is only a matter of timing, which is heavily dependent on the roll-out of the COVID-19 vaccine. Local tourism and staycations are also being encouraged to push demand,” JLL Philippines Head of Capital Markets Ryan Isip said in a press release on Wednesday.

“We are already seeing opportunities in the market for opportunistic acquisitions. Several groups are already looking for this type of transactions, typically management contracts in core locations,” he added.

Tourism revenues last year dropped 83% to P81.4 billion after pandemic-related restrictions prompted a significant decline in foreign visitors, the Tourism department said.

The Philippines again put up travel restrictions to arrest the spread of COVID-19, banning most foreign travelers from entering the country until April 21. The stricter lockdown in Metro Manila and nearby regions also restricts local travel.

JLL in January polled 100 of its clients, finding that 70% of investors are bullish on the Asia Pacific hotel market this year. The company estimates $7 billion in transactions this year, or 20% higher than 2020.

Interest is, however concentrated in Japan, with 52% of investors viewing the country as desirable for hotel investment. Investors are also interested in Australia (31%) and China (22%).

A quarter of investors are still cautious about deploying capital, JLL said, as they seek clarity on pandemic recovery before committing more funds.

“The past year has been all about protecting cash flow and this will continue for the coming 12 to 18 months. Seasoned owners realize that now is the time to invest in existing hotels, with little displaced business,” JLL Hotels and Hospitality Group Managing Director Xander Nijnens said.

“However, it is a balancing act in keeping operating costs flexible, while investing ahead of the recovery to edge in front of competitors and meet guest needs.

Mr. Isip said that JLL Philippines is optimistic about hotel investment in the Philippines in the long term.

“Acquisitions during this period should be opportunistic and investing while the hospitality sector is under pressure will yield good results in the long run.” — Jenina P. Ibañez

Villar group launches vaccination program VHealthy

THE VILLAR group launched its vaccination program called VHealthy, which covers educational campaigns on coronavirus disease 2019 (COVID-19) safety protocols and the significance of getting vaccinated against the virus.

“We are committed to inform and to engage our employees on the benefits of the vaccine, and to create a healthy and safe workplace for them and our clients,” Manuel Paolo Villar, president and chief operating officer of Vista Land & Lifescapes, Inc. (VLL), said in a statement on Monday.

The VHealthy program includes webinars featuring resource speakers from related organizations and other health experts.

The group said it ordered vaccines for its employees from United States’ Moderna and British firm AstraZeneca, Plc. The vaccination program will cover all of its employees and workers across the country.

It is also planning to allow employees to access vaccines for their families and household members.

“Ensuring the health and safety of our employees is our top priority. The vaccine will not only help build immunity from the virus, but will also help boost consumer confidence to go out again. Hence, the vaccine will not only save lives, but jobs and businesses, as well,” VLL Chairman Manuel B. Villar, Jr. said.

The group said it offered free COVID-19 testing for its employees when the initial lockdown restrictions were lifted last year, which prompted the resumption of office work. The group provided shuttle services to employees as well. Workplaces and sites were disinfected.

COVID-19 tests are still being offered to employees depending on their exposure to someone found to be infected with the virus. Offices are still being regularly disinfected, while shuttle services remain.

“It is by helping each other during this time that we can start our journey to economic recovery,” the VLL chairman said.

Some of the company’s forum halls were converted into COVID-19 facilities to assist the government in its efforts on mitigating the pandemic. It also installed public handwashing stations. Several donations were also given to hospitals and frontliners.

VLL shares at the stock market went up by 0.27% or P0.01 to close at P3.75. — Keren Concepcion G. Valmonte

Security Bank credit rating affirmed by Japan agency

SECURITY BANK Corp.’s A- credit rating was maintained by Japan Credit Rating Agency (JCR), citing the bank’s relatively robust domestic business base, high profitability, and solid capital base.

The JCR rating affirmation on March 29 noted the lender’s financial stability was maintained based on its high loan-loss provision coverage ratio and capital adequacy ratio, paired with high profitability through high net interest margin, the bank said in a statement on Monday.

The unchanged rating also includes the impact of Security Bank’s alliance with MUFG Bank, it added.

“JCR also holds that Security Bank’s non-performing loan ratio will continue to be controlled at a manageable level if the economy recovers steadily as the pandemic subsides because the bank has strengthened its credit management for individual borrowers,” the bank added.

The bank’s provision coverage ratio stood at 115% as of end-2020. Meanwhile, its common equity Tier 1 ratio was at 19.2%, among the highest in the industry.

The bank said its equity ratio was improved partly due to the equity investment of MUFG Bank, which boosted its capital base, its 2020 net income, and the decline in risk assets due to tighter lending and sale of securities.

“Our strong capital position is an important pillar which both our customers and employees can rely upon to weather the challenges brought by the COVID-19 pandemic,” Security Bank President and Chief Executive Officer Sanjiv Vohra.

Security Bank’s net income declined 26.7% in 2020 to P7.4 billion from P10.1 billion in 2019 as it beefed up loan provisions amid the pandemic.

The lender’s shares closed at P120.80 on Monday, slipping by 20 centavos or by 0.17% from its previous close. — Luz Wendy T. Noble

Japanese luxury hot spring resorts operator eyes US locations

A JAPANESE hotel operator known for its high-end hot spring resorts is betting that the traditional concept could work in the US.

Hoshino Resorts, a 107-year-old company famed for its luxury retreats in beautiful Japanese locales, aims to open its first location on the US mainland in the next three to five years, said Chief Executive Officer Yoshiharu Hoshino, whose family founded the business. The closely-held company has scouted locations and held discussions with real-estate developers and investors, he said. One ideal spot, in his view, could be Saratoga Springs, about a three-hour drive from New York City and Boston.

To build a new facility with a partner, Hoshino would seek out a location in the US with such potential. The culture of visiting hot springs for relaxation and restorative treatments already exists in the US, although many of the most sought-after spots still remain wild, with no resort infrastructure around them. Hoshino designs and operates hot spring resorts, typically owned by real-estate developers and investors.

“My personal goal is to bring traditional Japanese hot spring resorts to North America,” Hoshino, the fourth generation in his family to run the firm, said in an interview on Bloomberg TV. “There are so many hot spring resources in the US.”

A new US location would attract Americans who want to experience some of the culture of Japan but may be hesitant — or unable — to travel internationally. The company, which has a property in Hawaii, plans to resume its search for a suitable spot once COVID-19 curbs ease, Hoshino said.

Hoshino Resorts operates several hotel brands for a range of budgets, but is best-known for its high-end Hoshinoya resorts.

While the coronavirus has fundamentally changed travel, opportunities still exist, according to Hoshino. Back in Japan, the company will be careful about developing hotels in urban areas because of oversupply from a recent tourism boom, leaving many operators in those places under financial strain.

Hoshino Resorts opened its first location in Karuizawa, a mountain resort town and popular getaway for Tokyoites, in 1914. When Hoshino became the head of the company in 1991, he began taking over struggling spa resorts and turning them into luxury Japanese-style stays that Hoshinoya is now known for. Many were originally developed during Japan’s real-estate bubble era in prime locations, but an economic recovery and influx of tourists before the pandemic made them viable again for a resorts operator like Hoshino.

The sprawling properties tap into concepts long appreciated in Japan, such as scenic natural environments and locally sourced cuisine. Rooms at the resorts are minimalistic and usually have a confluence of Japanese elements, such as tatami straw mat floors and sliding shoji doors, and modern necessities.

The company was profitable in 2020, boosted by a domestic travel subsidy program and demand from Japanese holidaymakers who would’ve usually gone overseas, Hoshino said. Japan has had fewer coronavirus cases than most other wealthy countries and the government hasn’t enforced strict curbs on movement, unlike many other places.

Hoshino said he only expects Tokyo-area hotels to be impacted by the decision to ban foreign spectators from the Summer Olympics, and that travel and business at Hoshino Resorts should return to pre-COVID levels in 2023.

The company operates 43 properties in Japan and three overseas — in Hawaii, Taiwan and Bali. It will open its first location in China this year — in Zhejiang province just south of Shanghai.

“We’ve been in business for more than 107 years, and it’s now time to think about the next 100 years of developing hot spring hotels globally,” Hoshino said. “I want to lay that foundation while I’m the head of this company.” — Bloomberg

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