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Cebu Landmasters sells nearly 60% of units in new condo project

Listed property developer Cebu Landmasters, Inc. (CLI) launched its newest condominium project Mandtra Residences with nearly 60% of units in the first tower sold after three weeks.

Mandtra Residences is the first in the list of projects CLI is collaborating with Cebu Homegrown Developers, Inc.

“Our partnership believes in the innate dynamism and abilities of Cebuano entrepreneurs and professionals and hope to meet their aspirations beginning with well-planned residential communities,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement on Friday.

He said the joint project allows CLI to have access to “high value locations” to offer a new generation of Cebuano entrepreneurs and professionals “upgraded” living spaces.

“Our exceptional sales velocity indicates we are indeed meeting a highly felt need,” he added.

The P3-billion project features condominium units ranging from 21 square meters (sq.m.) to 41 sq.m., priced from P2.35 million to P4.17 million.

Mandtra Residences will have three towers occupying a 12,405 sq.m. property.

“The planning of this Mandtra project happened in the middle of 2020, in the middle of the uncertainty, but also in the middle of being aware of what kind of home would be healthier, what kind of home would be better and safer,” Jose Franco B. Soberano, CLI director, executive vice president, and chief operating officer, said in an online launch on Friday.

The first tower will have 26 floors with 595 units, from studios to one-bedroom units. Some of these condominium units feature balconies. It is set to be completed in 2025.

The Madtra project includes a retail podium, a sky garden, clubhouse with swimming pools, jogging paths, a fitness gym, and a chapel. These “have been designed to provide homeowners a multi-faceted urban sanctuary.”

Over 7,000 sq.m. of space will be dedicated to amenities.

“You can be assured that the well-being of our residents is prioritized,” Mr. Franco Soberano said.

“Cebu Landmasters [continues] to be very optimistic on what’s in store for 2021,” Mr. Jose R. Soberano III said in the online launch. CLI shares at the stock exchange rose by 1.6% or P0.09 on Friday to close at P5.70. — Keren Concepcion G. Valmonte

PLDT Global eyes expansion of digital services in Asia through Taiwan’s Chief Telecom

PLDT Global Corp. announced on Friday that it is partnering with Chief Telecom Inc. for the expansion of its digital services in Taiwan.

PLDT Global said its partnership with Chief Telecom, a Taiwan-based telecommunications services provider, should also enable the Philippine firm to expand its services to the “rest of Asia.”

The partnership will provide enterprise customers with a “one-stop shop offering connectivity services across borders, for fast service delivery and competitive offerings via cloud connection, enhanced business continuity services, and security,” PLDT Global said in an e-mailed statement.

Chief Telecom provides cloud services, submarine cable infrastructure, and carrier neutral internet data center services in the region, according to PLDT Global.

Tim Chiang, Chief Telecom senior vice president, said the partnership is a “win- win arrangement” for the Taiwanese firm.

“Through this partnership, we can focus on the growing opportunities for enterprises in Taiwan to expand their business operations across Asia,” he said.

PLDT Global is a communications infrastructure and technology platforms provider.

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. — Arjay L. Balinbin

Filinvest Land unit seeks approval for REIT offering

Filinvest Land, Inc. (FLI) subsidiary Cyberzone Properties, Inc. (CPI) has filed on Friday the registration statement with the Securities and Exchange Commission (SEC) for its real investment trust (REIT) initial public offering (IPO).

Up to 1.63 billion CPI common shares owned by FLI will be sold through a secondary offer worth P8.30 per share. An overallotment option of 163.42 million CPI common shares, called the option shares, may be availed by a stabilizing agent or a relevant affiliate.

“An application will be made for the listing of the offer shares, together with the rest of the shares of the company, on the main board of the Philippine Stock Exchange, Inc. (PSE),” CPI said in its prospectus.

Both offer shares will be subjected to the same terms and conditions.

Net proceeds are estimated to reach P13.03 billion. Should the overallotment option be exercised, net proceeds may reach P14.35 billion.

“The entire proceeds from the offer will be used by the selling shareholder in accordance with its reinvestment plan,” CPI said in its REIT prospectus.

CPI also plans to change its corporate name to Filinvest REIT Corp., as it seeks to list as Filinvest Development Corp.’s REIT platform. The company is now in the process of applying for the amendment of its articles of incorporation with the SEC.

“The offer shares will be listed and traded on the main board of the PSE under the trading symbol ‘FILRT,’” CPI added.

CPI’s REIT portfolio will include 16 office towers, including one with space for retail in Northgate Cyberzone, Filinvest City, Alabang, and a Cebu-based officer tower with a retail component.

FLI and CPI tapped BPI Capital Corp. as its joint global coordinator, bookrunner, and underwriter. UBS AG Singapore Branch was also selected to act as joint global coordinator and bookrunner.

If the regulatory bodies approve CPI’s REIT IPO plan under Filinvest REIT Corp., it will be the third REIT listing in the country and the second REIT offering this year. — Keren Concepcion G. Valmonte

Clark Freeport Zone sewage treatment facility set for upgrade

CLARK WATER Corp. and Clark Development Corp. (CDC) are set to upgrade the wastewater treatment process of the sewage treatment facility that serves the Clark Freeport Zone to meet environmental standards set by the government.

Clark Water, the water and wastewater provider of the Clark Freeport Zone, said in a statement on Friday that its facility will undergo preparatory works before the upgrade, such as sludge removal to boost water flow and maximize its processing capacity.

“These activities will increase its overall treatment efficiency and prepare the facility for the installation of upgrades,” Clark Water said in the statement.

Clark Water, a wholly owned subsidiary of Manila Water Philippine Ventures, Inc., said the facility is capable of treating around 27 million liters of wastewater per day.

Manuel R. Gaerlan, CDC president and chief executive officer, said the upgrade of the wastewater treatment plant is a big investment for the water provider, and will have an economic impact to locators and investors in Clark Freeport Zone.

“This why we are working together to ensure that we will be able to set in place acceptable solutions that will balance the interest of the locators while complying with the Environment Department’s Administrative Order 2016-08 on biological nutrient removal,” Mr. Gaerlan said in the statement.

Mr. Gaerlan added that the CDC is finalizing the revised compliance action plan to be submitted to the Environment Department. To recall, CDC is a government owned and controlled corporation that manages the Clark Freeport Zone.

Meanwhile, Clark Water Corp. President and Chief Executive Officer Virgilio C. Rivera, Jr. said the company is committed to its advocacy of environmental sustainability by providing quality wastewater services to the locators of the Clark Freeport Zone.

“We are determined in meeting the environmental standards set by the government and we are working closely with CDC to ensure that we take care of the current and future water supply and wastewater services needs of our customers especially the locators who are major contributors to the export economy of the country,” Mr. Rivera said in the statement. — Revin Mikhael D. Ochave

Nestlé-DENR to build materials recovery facility in Caloocan

Food and beverage manufacturer Nestlé Philippines, Inc. has partnered with the Environment department to build a materials recovery facility (MRF) in a barangay in Caloocan City and co-develop learning materials on solid waste management.

The initiative aims to increase the country’s capacity for proper waste disposal.

Officials from Nestlé and the Department of Environment and Natural Resources (DENR) inked the memorandum of agreement (MoA) on Friday in a virtual signing event.

Under the MoA, Nestlé will build an MRF in Brgy. 164 in Caloocan City. Once completed, the facility will be operated and maintained by the barangay.

DENR Undersecretary for Finance, Information Systems and Climate Change Analiza R. Teh said the department will provide technical assistance and monitoring of the facility, based on applicable environmental rules.

“With the additional MRF, we hope to see improved waste collection efficiency, [the] servicing [of] less-accessible households, reduced quantity of solid waste to be disposed to dumpsites, increased recovered recyclable materials for income opportunities, the promotion of livelihood programs … and changed attitudes and habits amongst residents,” Ms. Teh said during the virtual signing.

The MRF will receive mixed waste for sorting, segregation, composting, and recycling. It must be established in each barangay or barangay cluster, according to the DENR.

In a separate press release issued on Friday, DENR Secretary Roy A. Cimatu was quoted as saying that the MRF will allow Brgy. 164 “to comply with government regulations for the proper disposal of wastes” and effectively manage the inflow and outflow of wastes.”

During the virtual signing, Nestlé Senior Vice President and Head of Public Affairs and Sustainability Arlene T. Bantoto said that the firm is looking to build two more MRFs in cities in the coming months, and “will continue to find innovative ways to tackle the country’s plastic waste challenge.”

Nestlé Chairman and Chief Executive Officer Kais Marzouki said based on the MoA, Nestlé and the DENR will also be co-developing modules on how local government units (LGUs) can implement Republic Act No. 9003 or the Ecological Solid Waste Management Act of 2000.

He was quoted as saying that the partnership aims to provide additional learning materials to LGUs so that they can educate communities on the importance of proper waste management.

In a recorded message aired during the virtual signing, Mr. Marzouki said that, with the MoA, the firm has “renewed its solidarity with the government in caring for the environment.”

In August last year, Nestlé emerged as the first multinational consumer goods company in the country to achieve plastic neutrality, as it was able to recover and co-process the equivalent amount of plastic the firm put out in the market, according to Mr. Marzouki.

Nestle has committed to make its packaging 100% recyclable by 2025. — Angelica Y. Yang

First Philippine Holdings’ attributable net income slides 22%

Lopez family-led First Philippine Holdings Corp. (FPH) reported a 22% decline in its attributable net income last year to P9.9 billion as revenues dropped due to the economic disruptions caused by the pandemic.

In a disclosure to the local bourse on Friday, the holdings firm said that its attributable net income last year reflected the 21% fall in its recurring net income to P9.4 billion.

FPH said the decline in recurring income was caused by weaker operating results of its energy, real estate, and construction and energy service segments, which mainly reflected the financial impact of the lockdown restrictions imposed by the government.

However, the firm said that its recurring income was “partly tempered by the net non-recurring gains largely caused by the proceeds from insurance claims, the Feed-in-Tariff rate escalation adjustments, and favorable foreign exchange movements during the year.”

FPH added that these gains were “partially offset by pandemic-related expenses” incurred by the group.

It said total revenues slipped 20% or P26.3 billion to P107.3 billion last year.

“The decline was largely caused by the economic disruptions of the COVID-19 pandemic that brought about lower sales of electricity caused by lower demand and spot market prices; lower commercial leasing and geothermal well drilling revenues; and lower volume of electrical transformer sales,” FPH said in its regulatory filing.

On Tuesday, FPH announced that it had bought some 712.2 million common shares or 15.68% of Lopez Holdings Corp.’s total issued and outstanding common shares via a block sale at the exchange on March 18.

Lopez Holdings is the holding firm for the Lopez family’s investments in broadcasting and cable, telecommunications, power generation and distribution, and banking.

FPH’s major business segments are in power generation, real estate development, manufacturing, and construction and other services. Its other activities include construction, geothermal well drilling, and oil transporting, among others. Shares of FPH in the local bourse improved 0.86% or 60 centavos to close at P70.60 apiece on Friday. — Angelica Y. Yang

Diokno warns of risks associated with transition away from coal power

The Philippines needs to take into account the financial risks that may come with its plans to move away from coal energy, Bangko Sentral ng Pilipinas (BSP) governor Benjamin E. Diokno said.

“While we are accustomed to physical risks such as typhoons and earthquakes, we should focus our attention as well to the transition risks that arise from migrating out of fossil fuels,” Mr. Diokno said in a statement Friday.

“This may seem like a very long-term risk, but in reality, it also takes a long period to properly move towards low greenhouse gas emissions, especially for a country that is traditionally dependent on fossil fuels,” he added.

He made the remarks during a recent meeting of the Financial Stability Board (FSB), a global body that monitors the international financial system.

The FSB was created in 2009 to advise economies on achieving financial stability.

The Department of Energy (DoE) is planning to move away from coal in favor of cleaner energy sources. It has a target of sourcing 66% of energy requirements from clean or renewable sources after 20 years.

In October, the DoE stopped endorsing new coal power plant projects while allowing foreign investors to take full ownership of geothermal plant projects.

“This is the very point of financial stability. We have to assess the systemic risks, most especially those that we do not readily see, and make choices with the welfare of the general public in mind, across various constituents, across varying conditions, and across periods of time,” Mr. Diokno added.

Mr. Diokno co-chairs the FSB Regional Consultative Group for Asia. — Beatrice M. Laforga

PHL palay output projected at 19.68 million MT by USDA

PHILIPPINE production of palay, or unmilled rice, is expected to rise 1.6% in marketing year 2021-2022 to 19.68 million metric tons (MT), the US Department of Agriculture (USDA) said.

In its Grain and Feed Annual report, the USDA’s Foreign Agricultural Service estimated an increase in the rice harvest area of 1.1% to 4.75 million hectares.

The USDA projected yield per hectare at 4.14 MT, against 4.12 MT a year earlier. Milled rice production for the period is also expected to increase 1.6% to 12.4 million MT.

“The interventions established by Republic Act No. 11203 or Rice Tariffication Law and the Rice Competitiveness Enhancement Fund (RCEF), including the greater than expected tariff revenue from rice imports, will begin to take effect,” the USDA said.

Signed in 2019, the law liberalized rice imports by private entities. To mitigate the effects on farmers, the law called for P10 billion to be allocated yearly to the RCEF to fund farm mechanization, seed distribution, crop insurance, and instruction in planting methods.

The USDA said rice imports are expected to be stable at 2.2 million MT due to higher domestic production as a result of RCEF and other support programs.

The USDA projected a decline in corn production in marketing year 2021-2022 of 2.4% to 8 million MT.

It cited low farmgate prices and reduced demand for feed for both hogs and broiler chickens. It also projected demand for corn to drop 2.8% to 8.60 million MT.

“Feed consumption (yellow corn) is expected to decline by 250,000 MT to 6.5 million MT, while food consumption (white corn) will stay flat at 2.1 million MT,” the USDA said.

Corn imports during marketing year 2021-2022 are also projected to drop 33.3% to 500,000 MT.

The USDA said wheat imports are also projected to decline 2.9% to 6.6 million MT, due to weak hog feed demand as a result of the African Swine Fever (ASF) outbreak.

“The disease continues to spread to new regions of the country, including now in the Visayan island of Leyte,” the USDA said.

Import demand for milling wheat for human consumption is expected to be flat “due to continued coronavirus disease 2019 (COVID-19) economic restrictions,” it added.

Thee USDA said wheat consumption is expected to drop 2% to 6.5 million MT for the milling year.

The Philippine Department of Agriculture (DA) has a production target of 20.47 million MT forpalay for the calendar year, as well as 2.5% growth in farm sector output. — Revin Mikhael D. Ochave

World Bank sees Customs modernization as tax-free way to boost gov’t revenue

The automation of the Bureau of Customs’ (BoC) processes is expected to raise government revenue without introducing new taxes. the World Bank said

The BoC launched on Friday the Philippine Customs Modernization Project, which hopes to bring the agency’s systems in line with international standards, while reducing the costs associated with trade.

“We expect this to reduce unregistered foreign trade and expand the country’s tax base and duty base. This will lead to an increase in the government revenue without implementing additional taxes,” Ndiame Diop, World Bank country director for Brunei, Malaysia, the Philippines and Thailand, said during the virtual launch Friday.

Mr. Diop said Customs reforms implemented by other countries boosted their duty and tax collections by anywhere from 11% to 300%.

“The project will reform the way the Bureau of Customs operates, thereby enhancing its dual goals of revenue generation and trade facilitation,” Finance Secretary Carlos G. Dominguez III said in the same event.

The P5 billion project was partly financed by an $88-million loan from the World Bank, which was approved in October.

The automation of processes should increase accountability, dramatically reduce face-to-face interactions and reduce delays at the border, Mr. Diop said.

“The launching of this project is very timely. The pandemic has magnified the importance of modernizing our systems to thrive in the new digital economy. Now more than ever, we need more revenue to fund not only our COVID-19 response, but also our economic recovery program,” Finance Secretary Carlos G. Dominguez III said at the launch.

The project will be partially implemented by 2023 and enter full operations by 2024, Mr. Dominguez said.

Mr. Diop also said digitalization will improve the resiliency of Customs in trade facilitation, after the pandemic highlighted the bottlenecks that could result in shipping goods when borders are shut down.

Mr. Dominguez said a steering committee will be set up to further support the project’s implementation.

“When this project is done, we expect to see more efficient port operations, dramatic gains in reducing corruption in the agency, and a major increase in our trade volumes. The project will allow us to be at the cutting edge in the application of new technologies to achieve the best revenue performance. All these will support the sustainable and long term growth of our economy,” he said.

The BoC beat its collection target in February by 9.5%, after collecting P46.15 billion.

The BoC has been tasked to generate P620 billion in duties and taxes this year, up 15% from actual collections of P537.687 billion in 2020. — Beatrice M. Laforga

PHL smart city projects, fintech, agriculture offered up for Singapore investment

The Philippines considers digitization projects like smart city initiatives, financial technology, and agriculture as potential areas of collaboration with investors from Singapore, officials said.

In his speech at the Philippine Chamber of Commerce and Industry (PCCI) Philippines-Singapore Business and Investment Summit Friday, Philippine Ambassador to Singapore Joseph del Mar Yap said the pandemic crisis has opened up opportunities that also include, automation and e-commerce as companies effect a transformation to adapt to the post-pandemic realities, Mr. Yap said.

Trade Secretary Ramon M. Lopez added that priority sectors being promoted to Singapore include services, infrastructure, public-private partnership (PPP) projects, and startups.

The strategic intent of this approach is to provide “basic necessities, supporting the fourth Industrial Revolution, address supply chain gaps, develop a more modern Philippines, and generate high-value jobs,” Mr. Lopez said.

Mr. Lopez noted pending measures facilitating greater trade and investment like the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill.

“Under the ratified version of the bill, qualified activities or projects can enjoy the incentives package for a maximum of 17 years. These include four to seven years of Income Tax Holiday (ITH), and a 5% Special corporate income tax (or CIT) rate based on Gross Income Earned (GIE) for 10 years, in lieu of all national and local taxes, among others,” he said.

“There is obviously a wide scope of complementation and industry collaboration between the Philippines and Singapore, and we invite our potential and existing partners in Singapore to explore these business opportunities,” Mr. Lopez added.

Finance Secretary Carlos G. Dominguez III said: “I urge the Singapore business community to take a much closer look at the investment opportunities in the Philippines. I hope that our strong fundamentals, fiscal stamina, pro-business environment, and effective governance will continue to make us a promising investment destination for Singapore investors.”

“The best way forward for the region is to resume integration and cooperation in earnest. We are each other’s best allies in recovery. We create products for each other’s consumers. A surge in demand later this year should translate into an expansion of our manufacturing activities and more robust investment flows,” Mr. Dominguez added.

PCCI President Benedicto V. Yujuico said the areas of “great opportunity” in the Philippines are: “Number one, agriculture – both in vegetables and fruits. Number two, aquaculture, the growing of fish and shrimp. Number three, financial technology and microfinance. Number four, renewable energy: wind, solar, or run of river power plants. Number five, medical and healthcare, and, number six, science park land development.”

“If there are any Singapore companies that are interested in these six specific business areas, the PCCI has counterpart businessmen who have the capability and willingness to go into joint ventures,” he said.

Bangko Sentral ng Pilipinas governor Benjamin E. Diokno said country is a “smart investment destination” for potential Singapore investors.

“The reform momentum will help fuel the Philippines’ recovery, address structural issues, and continue to enhance the Philippines’ competitiveness as a leading investment destination. You are welcome to do business with us and be part of our exciting post-COVID narrative,” Mr. Diokno added.

The economy slumped by a record 9.5% last year due to the pandemic, but is expected to rebound by 6.5-7.5% this year.

Among the other bills that the economic team is supporting were the amendments to Foreign Investment Act, the Public Service Act, and Retail Trade Liberalization Law. — Arjay L. Balinbin, Beatrice M. Laforga

Food Security summit scheduled for late April

A NATIONAL Food Security Summit has been scheduled for April 28-29, the Department of Agriculture (DA) said.

According to a special order signed March 23, Agriculture Secretary William D. Dar said the two-day food security summit will tackle, among others, the pork shortage resulting from the African Swine Fever (ASF) outbreak.

Mr. Dar said the DA will present the actions it has taken to address broader issues in the agriculture sector.

It created an Advisory Committee, National Steering Committee, and various subcommittees to oversee the conduct of the summit, the DA said in the special order.

In February, the President’s Spokesman Herminio L. Roque, Jr. said Malacañang is calling for a food security summit after surging pork prices needed to be capped following herd losses arising from the spread of ASF.

Mr. Roque said the summit’s deliverables include a national food security plan ensuring the uninterupted flow of agricultural commodities and stable food prices.

President Rodrigo R. Duterte signed Executive Order No. 124 on Feb. 1, implementing price controls on pork and chicken products.

The EO, which took effect on Feb. 8 and will remain effective until April 8, capped the prices of pork shoulder (kasim) at P270 per kilogram, pork belly (liempo) at P300 per kilogram, and whole chicken at P160 per kilogram.

According to the DA’s price monitoring report Friday, the price of kasim ranged from P310 to P360 per kilogram, while liempo was at P340-P380. — Revin Mikhael D. Ochave

COVID seen more disruptive to women’s careers due to domestic responsibilities

Working women are far more likely than men to have their careers disrupted because of expectations they will take charge of household duties during the pandemic, the Makati Business Club, Inc. (MBC) said, citing a study it conducted with the UN Women C-suite Project.

“Nearly 70% of women experienced negative changes in their work-life routines and believe their career progression will slow down as well,” Angie Zafra, head of the MBC-UN Women C-Suite Project said at an online forum Friday.

“The experiences of working women during this crisis has led to the realization that many women are either planning to take a career break or exit the workforce due to anxiety, burnout, and competing priorities at home,” she added.

The study took in the responses to online surveys of 200 respondents to look into how the pandemic has impacted their professional and personal lives. Online interviews were also conducted with executive-level workers.

“Women have been burned out physically, emotionally, and psychologically during the COVID-19 lockdown. Some women also reportedly suffered from domestic violence,” according to the report, known as “Women in the Philippine C-Suite.”

In Luzon, 42% of female and 16% of male respondents said their careers were affected by the pandemic. Of the women who said they were affected, 10% were demoted or had their working hours reduced “because of home duties,” while 21% saw their salaries cut.

“COVID-19 has increased the amount of care work responsibilities of women,” the report said. “Assisting children in their homeschooling typically fell on women.

Some 80% of married women said they received assistance from their spouses during the lockdown, while 100% of men said their spouses helped them.

The report found that “women and men (79%) equally prioritize family… over their careers.”

Male respondents also said they have “stepped up” in taking on household responsibilities. The men said they are now more selective with work projects to increase time spentnwith their families.

Women account for 39% of the global workforce, but 54% of women lost their jobs during the pandemic. The study found that more women worked in heavily affected sectors such as education, hospitality and apparel.

“(Companies must) identify measures to protect vulnerable employees, retain employees who may be overburdened by current difficulties, and determine what works in the ‘new normal’ as part of business recovery from COVID-19,” according to the report. — Keren Concepcion G. Valmonte

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