RLC plans mall in Pagadian City

March 23, 2021 | 12:05 am

ROBINSONS LAND Corporation (RLC) is planning to build a shopping mall in Pagadian City, Zamboanga del Sur.

In a statement, the Gokongwei-led real estate firm said it acquired a piece of prime property through public bidding in Pagadian City.

RLC President and CEO Frederick D. Go and Pagadian City Mayor Samuel S. Co recently sealed the deal awarding the property to the company.

“RLC plans to construct a shopping mall to service the growing needs of the city and its surrounding communities and barangays,” the company said.

Pagadian City is the capital of the province of Zamboanga del Sur and the regional center of Zamboanga Peninsula.

RLC reported a net income of P5.26 billion in 2020, lower than the P8.68 billion recorded in 2019.

“Amid the challenges of 2020, we adopted new ways of working and embraced a mind-set of innovation to continue serving our customers,” Mr. Go said in a March 2 statement.

“We capitalized on new opportunities for growth and accelerated our digital transformation initiatives to become more agile. As the business gradually recovers from the impact of community quarantines, we will continue to support our employees, business partners, and stakeholders.”

Royal Caribbean to return to the Caribbean with vaccinated guests in June

March 23, 2021 | 12:04 am

SOME of Royal Caribbean Group’s cruises will resume sailing in the Caribbean in June with vaccinated adult guests, ending a year-long hiatus brought on by the COVID-19 (coronavirus disease 2019) pandemic.

Adventure of the Seas and Celebrity Millennium ships will also have vaccinated crews and accept children under the age of 18 with a negative COVID-19 test, the company said on Friday.

“Returning to the Caribbean … marks the measured beginning of the end of what has been a uniquely challenging time for everyone,” said Lisa Lutoff-Perlo, chief executive officer of Celebrity Cruises, a division of Royal Caribbean.

Adventure of the Seas will homeport in Nassau, The Bahamas, with the itinerary also including stops in Cozumel, Mexico and Royal Caribbean’s own private island. Celebrity Millennium will homeport in Caribbean island St. Maarten.

Governments of The Bahamas and St. Maarten said the return to sailing could help boost their economies.

“The vaccines are clearly a game changer for all of us,” Royal Caribbean International Chief Executive Officer Michael Bayley said. — Reuters

Bria Homes completes 10 new projects

March 23, 2021 | 12:04 am

REAL ESTATE developer Bria Homes has completed ten new residential projects in key locations around the country.

In a statement, the company said it completed Bria Homes communities in Magalang in Pampanga; Norzagaray in Bulacan; General Trias and Trece Martires in Cavite; and Calamba and San Pablo in Laguna.

Bria Magalang touts its proximity to Clark International Airport, while the Bria projects in General Trias and Trece Martires are located near commercial centers in Cavite.

The 22-hectare Bria Calamba project is located in Barangay Bañadero, near heritage sites, hot springs resorts, retail establishments, hospitals and schools.

Bria Homes also finished the developments in General Santos in South Cotabato; Panabo and Tagum in Davao del Norte; and Dumaguete in Negros Oriental.

The projects in Tagum and Panabo are situated near major agro-tourism sites.

“We envision a day where all Filipinos will have access to a BRIA community, enjoying the comfort, peace, and quiet it offers no matter what the future may bring. For now, we excitedly welcome Bria’s prospective homeowners to our newly completed developments and look forward to further expansion through the years,” Rizalito “Red” J. Rosales, president and CEO of Bria Homes, said.

New infrastructure from the government’s Build, Build, Build program “will soon make domestic travel even easier for current and future Bria homeowners,” the Villar-led company said.

Bria Homes is a subsidiary of publicly listed company Golden MV Holdings, Inc.

Gov’t fully awards T-bills at higher rates

March 23, 2021 | 12:04 am

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday even as rates continued to climb across the board, with investors still worried about faster inflation.

The Bureau of the Treasury (BTr) raised P20 billion via the T-bills on Monday as total bids reached P64 billion, making the offering over three times oversubscribed. The demand seen yesterday was also higher than the P42.43 billion recorded at last week’s auction.

The Treasury also opened its tap facility to raise another P5 billion from the one-year securities as the increase in the tenor’s rate was marginal.

Broken down, the BTr borrowed P5 billion as planned via the 91-day papers, with total tenders reaching P12.572 billion. The three-month papers fetched an average rate of 1.336%, higher by 10.4 basis points (bps) than the 1.232% seen last week.

The Treasury also raised P5 billion as programmed from the 182-day instruments as the tenor attracted P22.638 billion in bids. The six-month papers’ average yield climbed by 19.1 bps to 1.718% from 1.527% previously.

Lastly, the government made a full P10-billion award of the 364-day T-bills it offered on Monday from total tenders of P28.798 billion. The one-year securities were quoted at an average rate of 1.997%, inching up by 0.7 bp from the previous week’s rate of 1.99%.

“Rates continue to creep up with lingering concerns on higher inflation,” National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction.

A bond trader shared the same view, but noted that T-bill rates are still lower than the country’s inflation print.

“The market sees the need for the government to borrow more since less economic activity means lower revenue collections. And right now, the government will likely be able to borrow short term as there’s not much demand for long-end tenors,” the trader said via Viber.

Headline inflation stood at 4.7% in February, picking up from 4.2% in January and 2.6% in February 2020, the government reported earlier this month. It was also the fastest pace since the 5.1% print in December 2018.

Year to date, February inflation settled at 4.5%, already beyond the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target for the year.

BSP Governor Benjamin E. Diokno said earlier this month that the central bank is not inclined to tighten monetary policy yet as they see the uptick in inflation as “temporary,” with pressures coming from the supply side.

The Monetary Board will meet to review its policy settings on Thursday.

On Tuesday, the Treasury is looking to raise P30 billion from reissued 10-year Treasury bonds (T-bonds) which have a remaining life of nine years and three months.

It wants to raise P160 billion from the local bond market this month, broken down into P100 billion in T-bills to be offered weekly and P60 billion via fortnightly auctions of T-bonds. — Beatrice M. Laforga

Sky Fiber upgrades broadband plans

March 23, 2021 | 12:04 am

SKY CABLE Corp. has upgraded its home internet subscription plans as the pandemic resulted in more customers working or studying remotely and needing faster internet speeds.

“Subscribers will continue to have broadband plans from Sky that are affordable but in addition get faster speeds that will entirely meet their needs,” said Claudia Suarez, Sky’s consumer products group head, in a statement.

For a P999 monthly fee, subscribers can get up to 20 megabits per second (Mbps) from the previous speeds of 5Mbps or 10Mbps. The upgrade is also available in the other Sky Fiber unlimited broadband plan options such as its highest speed plan, which was previously at 150Mbps but has now leveled up to 200Mbps for the same price of P3,499 monthly.

“Sky Fiber’s internet plans were designed to assist Filipino households to cope with their combined demand for remote work, e-learning, online entrepreneurship, or content streaming,” Ms. Suarez added.

A plan at 40Mbps is priced at P1,499 per month, while a plan at 80Mbps is priced at P1,999 per month.

Alan Supnet, Sky’s head for consumer broadband products, said in a Zoom press launch on March 19 that Sky Fiber is “set to change the game with the challenges in the new normal.”

“With the challenges that we still face today in relation to the ongoing pandemic, we in Sky realized the importance of home internet in our daily activities. Our consumers always say that, ‘Internet is life.’ And we clamor for a reliable provider that can give them a good balance between internet speeds and price,” he said.

Sky Fiber is also offering unlimited broadband plus HD cable bundle speed plans of up to 120Mbps. For P2,999 a month, subscribers can get to smoothly stream online videos with a speed of 120Mbps from a previous speed of 60Mbps, while also having access to over 60 cable channels.

Sky Fiber also introduced the Sky Evo, a digital box that offers access to over 190 Sky cable channels, 5,000 downloadable apps, and pre-installed content streaming apps such as iWantTFC, HBO GO, YouTube, Prime Video, and Spotify.

Jose Joevel Rivera, who heads the research and product development division, said the Evo box is able to support the changing needs of customers.

“It is the first Android TV-based set to be launched in the Philippines that can support both cable, IPTV and OTP. We realize that customer-watching behavior is changing and they keep on switching from live television to on-demand,” he said.

The Sky Fiber “super speed” plans are available in Metro Manila, Bulacan, Rizal, Cavite, Laguna, Batangas, Cebu, Dumaguete, Bacolod, Iloilo, and Davao.

Baguio, Gen. Santos, and Zamboanga can experience fiber-fast speeds of up to 80Mbps. — Michelle Anne P. Soliman

Widower turned sleuth reflects on old age in Oscar-nominated Chilean documentary

March 23, 2021 | 12:03 am

BUENOS AIRES — An 83-year-old widower on a mission to investigate potential abuse at a nursing home reveals telling lessons about the trials of growing old in Chilean filmmaker Maite Alberdi’s Oscar-nominated documentary The Mole Agent.

Although the story rings like the plot of a fiction film, the drama that unfolds is real. The tender and touching feature film, nominated for best documentary, is the only Latin American nominated for an Academy Award.

With equal doses of humor and film noir, the 90-minute documentary tells the story of Sergio Chamy, a confounded but enthusiastic sleuth who barely knows how to handle a cell phone. He enters incognito into a senior home that is inhabited by elderly people from many different backgrounds finding one common denominator — loneliness.

“The detective movie is just an excuse to talk about another topic, an excuse that is both funny and an original starting point … [the film] is not about the case or the detective,” said Ms. Alberdi, 37, in an interview with Reuters by Zoom.

The intimate film questions the stereotypes of old age, using details of an universally appealing tale to reflect on the sense of abandonment felt by many elderly people who live in nursing homes. According to Ms. Alberdi, the aging population in Chile has the highest suicide rate. “Scientifically we have sought to help people live longer … everyone wants to live longer, but no one wonders what they want from that extension of life,” she said.

During the filming, the residents of the home did not know that Sergio, who took the job to distract himself after losing his wife several months before, was a “spy” and found out only after the film was finished. “When we told them what it was about and they saw it, they laughed at the situation, more than anything else, they couldn’t believe that they hadn’t realized” that Sergio was a mole, said Ms. Alberdi.

Available on Netflix, The Mole Agent premiered at Sundance, and won the Audience Award at the San Sebastian Film Festival. It was also a finalist at the Goya Awards and is the first Chilean film to be nominated for an Oscar for best documentary feature film.

Ms. Alberdi’s documentary will compete with the South African Netflix production My Octopus Teacher, Collective from Romania, and the US films Crip Camp and Time.

The director said she hopes the nomination will open doors to other Latin American women who dream of making films. “This marks a turning point not only for me but for many who will come after me (…) That is what fills me the most with pride, creating new dreams,” Ms. Alberdi said.

The Oscar awards ceremony will be held on Apr. 25. — Reuters

AllHome boosts online shopping with easy payment methods

March 23, 2021 | 12:03 am

VILLAR-led AllHome Corp. has made online and onsite shopping more convenient by providing customers with several payment options for their purchases.

In a statement on Monday, the company said customers could opt for several payment method such as: cash, debit card or credit card with zero percent interest installment for up to 12 months; mobile payment services such as AllEasy, GCash, and PayMaya; bank to bank transfers or cash on delivery for orders done online or through personal shopper service; or layaway plans through Aeon and Home Credit.

AllHome Chairman Manuel B. Villar, Jr. said the company is boosting its e-commerce platform and is offering convenient payment methods in order for more customers to have access to its products.

“By enabling customers to shop and pay online, we are also offering them the experience of shopping at their leisure. AllHome is committed to boosting consumer confidence, which is critical as the market continues to recover from the pandemic. We remain optimistic that our efforts today will create a lasting impact on our new future,” Mr. Villar said in the statement.

“With flexible payment terms and modes of payment, shoppers are in for a more hassle-free experience as they browse items for sale across AllHome’s seven categories: furniture, appliances, linen, homeware, hardware, construction, and tiles and sanitary wares,” AllHome Vice-Chairman Camille A. Villar said in the statement.

During the height of strict quarantine measures in April last year, AllHome launched its own e-commerce platform that made the company’s products available to customers across the country.

On Monday, shares of AllHome at the stock exchange fell 1.39% or 11 centavos to finish at P7.80 per share. — Revin Mikhael D. Ochave

The Executive Centre to open in Makati City in Q2

March 23, 2021 | 12:03 am

FLEXIBLE WORKSPACE provider The Executive Centre (TEC) is entering the Philippine market with a flagship office in Makati central business district.

In a statement, TEC said it will open its flagship center in Ayala Triangle Gardens Tower 2 within the second quarter.

The company is hoping to target domestic and multinational businesses looking for workspace solutions within prime locations.

“Philippines is an exciting opportunity to develop our presence globally while supporting the strategic growth of our members with our premium flexible workspace solutions that is currently lacking in this market,” TEC Philippines Country Manager Josh Alfafara said.

Mr. Alfafara noted many companies are shifting to more agile business models, and increasingly favor flexible workspaces over long-term leases.

“As we move into a ‘new normal,’ we foresee that even the most traditional of businesses will see the benefits of our unique premium flexible workspace offerings,” he said.

TEC opened in Hong Kong in 1994 and now has more than 150 centers in 32 cities and 14 markets. The company said it is the third largest serviced office business in Asia with annual turnover in excess of $237 million.

Peso seen to depreciate vs the dollar on rising US yields, global oil prices

March 23, 2021 | 12:03 am

THE PESO is expected to weaken further versus the dollar in the next three to six months amid higher US bond yields and oil prices, Fitch Solutions Country Risk and Industry Research said. — *BW FILE PHOTO*

THE PESO will continue depreciating versus the dollar in the next three to six months due to headwinds such as higher US bond yields and oil prices, as well as the fresh surge in infections, Fitch Solutions Country Risk and Industry Research said in a report.

“We believe emerging market currency volatility, including for the peso, is likely to remain elevated over the coming months, while oil prices will remain elevated will be an additional headwind to the currency,” Fitch Solutions said in a note on Monday.

It noted the peso has weakened by 1.2% as of March 16, making it an underperformer in the broader MSCI Emerging Markets Currency Index that depreciated by 0.6% in the same period.

Global developments including rising US bond yields and oil prices are expected to cause the peso to decline further versus the dollar, Fitch Solutions said. It expects the unit to move at an average rate of P48.40 per dollar this year from P47.50 previously.

“Our view for a temporary trend of higher US Treasury yields means emerging market currencies are likely to suffer, particularly in overvalued or growth underperforming markets,” Fitch Solutions said.

US benchmark yields have been rising in the past weeks, with the 10- and 30-year Treasury papers reaching their highest yields since January 2020 and August 2020 on Thursday, Reuters reported.

Meanwhile, Fitch Solutions said the increase in oil prices puts pressure on the peso’s strength as this could increase the country’s import bill.

The increase in infections here has also hurt investor sentiment in the country and local financial markets, Fitch Solutions said.

“Another lockdown could see foreign investor sentiment around the peso weaken even further,” it said.

Officials from the Bangko Sentral ng Pilipinas (BSP) meanwhile said the currency is likely to remain stable even with these risks and as the crisis drags on.

“Possible forces that can support the peso will be expected pickup in demand from the external sector as the global economy continues to improve,” BSP Department of Economic Research Senior Director Zeno R. Abenoja said in an online briefing on Friday.

The central bank last week said it expects both exports and imports to grow by 8% (from 5%) and 12% (from 8%) this year.

Last year, exports slumped 10.1% to $63.8 billion from a year earlier while imports shrank 23.3% to $85.6 billion, based on data from the Philippine Statistics Authority.

“[W]e also foresee the GIR (gross international reserves) remaining adequate, this constitutes a good factor and could also support the peso moving forward,” Mr. Abenoja added.

Latest central bank data showed GIR stood at $109.082 billion as of end-February. The BSP expects the country’s reserves to reach a record $114 billion by yearend.

“We actually have become more optimistic… All of these are going to argue of continued stability in our foreign exchange position,” BSP Deputy Governor Francisco G. Dakila, Jr. said at the same briefing. — L.W.T. Noble

Filinvest Land unit to increase overallotment option for share sale

March 23, 2021 | 12:02 am

THE board of directors of Filinvest Land, Inc. (FLI) has approved the initial public offering (IPO) of the common shares of subsidiary Cyberzone Properties, Inc., with the overallotment option increased to 163.42 million common shares from 163.08 million.

The company said a stabilizing agent or affiliate may avail of the option shares.

FLI will be offering up to 1.63 billion common shares of Cyberzone Properties through a secondary offer. Shares will be priced up to P8.30 apiece.

Same terms will apply to secondary shares and option shares.

The IPO is now going through the registration requirements of the Securities and Exchange Commission.

FLI will also need to adhere to the listing requirements of the Philippine Stock Exchange and the requirements of the revised implementing rules and regulations of the REIT (real estate investment trust) Act of 2009. — Keren Concepcion G. Valmonte

Ravers feel the music at socially distanced silent disco

March 23, 2021 | 12:02 am

BARCELONA — Barcelona ravers have found a way to get round COVID-19 curbs on clubs by holding outdoor silent discos in some of the city’s best-known locations.

On Sunday, people welcomed the first day of spring by putting on their headphones and busting some moves at Mar Bella beach along Barcelona’s famous seafront — all while respecting social distancing regulations.

“It’s been incredible, really cool. I didn’t expect there’d be so many people,” said therapist Andres Mellado, 41. “At first it seems a bit odd dancing in the middle of Barcelona and people were stopping to look, but it’s beautiful … It’s a great thing to do on a Sunday morning, come here and connect a bit to the music,” he said.

What started off as a fun meet-up between friends has grown into a regular Sunday morning event, the Tribu Silent Disco. One took place at the famous Magic Fountain in the neighborhood of Montjuic.

“(We asked ourselves) what could we do to boost dancing now that there are so many restrictions? And we had the idea to do it outdoors and with headphones,” Silent Disco co-founder Xavi Panella told Reuters.

“First we told friends and acquaintances and then people joined because we do it outdoors and in beautiful places where we don’t bother anyone and we maintain a safe distance.” — Reuters

Developers urged to adjust prices

March 23, 2021 | 12:02 am

THE GLOBAL coronavirus pandemic has affected the property industry, as foreign investments fell and projects are put on hold.

Travel restrictions and stringent bank loan standards have also hampered the property industry’s recovery.

“Developers should consider repositioning their products, readjusting their prices to suit the current market, and developing creative marketing strategies such as offering virtual house viewing in order to stay competitive during this challenging time,” Marivic Españo, P&A Grant Thornton chair and CEO, said in a statement.

On the other hand, demand for affordable housing appears strong as buyers take advantage of record-low interest rates and the slump in property prices.

“We anticipate a surge in transactions when the COVID-19 situation is more stable as we foresee a lot of first-time homebuyers and investors will be taking this opportunity to own a house for their own stay or for renting or for investment purposes,” Ms. Españo said.

In line with its ASEAN focus services launch, the member affiliates of Grant Thornton in the Philippines, Cambodia, Malaysia, Singapore, Thailand and Vietnam are holding a webinar on March 24 to give insights on the current market landscape and growth opportunities for the property industry in the ASEAN region.

Sarkunan Subramaniam, managing director of Knight Frank Malaysia, along with tax experts from Grant Thornton Philippines and other ASEAN offices, will be speaking in the webinar.