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Export industry roadmap under review

By Jenina P. Ibañez, Reporter

THE Trade department is reviewing its long-term export targets after the pandemic-induced global downturn stymied the sector’s growth.

Trade Undersecretary Abdulgani M. Macatoman said the Philippine Export Development Plan (PEDP) 2018 to 2022 is now being reassessed in light of current developments.

Signed by President Rodrigo R. Duterte last year, the PEDP is a roadmap prepared by the Trade department to increase goods and services export revenues to $122-130.8 billion in 2022.

“We are reviewing and assessing the PEDP’s strategies, indicators and export targets to see if such are still doable or not and continue to be optimistic that we will be able to still achieve even the low-end target of $122 billion in 2022 hand-in-hand,” he said at the online National Export Congress on Thursday.

The PEDP uses various strategies for export development, including the reduction of regulatory impediments, improvement of access to trade financing, the use of free trade agreements, and the creation of support packages for select products and services sectors.

Trade Secretary Ramon M. Lopez said that the PEDP is reviewed periodically.

“We’ve proposed revisions aligned with the pandemic effects and impact to our economy,” he said during the same event.

Mr. Lopez added that the department is developing an upskilling program for workers, which he said is part of export development.

“This will develop our human resources, which is our country’s greatest asset. We call on our partner-agencies — the Technical Education and Skills Development Authority (TESDA), the Commission on Higher Education (CHEd), and the Department of Education (DepEd) — to help us,” he said.

The Philippine Exporters Confederation, Inc. (Philexport) on Monday said that export revenues will likely reach at least $100 billion in 2022, about a fifth lower than the government target, mostly because of the global economic slowdown caused by the coronavirus pandemic and calamities this year.

The industry group had said that the $100 billion would depend on the extent of government assistance for the industry.

Year to date, goods exports declined by 13.8% to $45.87 billion by September, data from the Philippine Statistics Authority showed. Total merchandise exports were valued at $70 billion in 2019.

Mr. Macatoman asked the private sector to help the government as it develops policy reforms to improve export performance.

RESILIENCE
At the same event, ASEAN-Japan Center Secretary General Fujita Masataka said that the Philippines must digitalize its trade and services sectors to boost the resilience of its participation in the global value chain.

He suggested that the country improve its telecommunication infrastructure and information technology facilities for e-commerce. The Philippines and Japan, he added, can work together to develop these digital networks.

“Philippines BPO/BPM (business process outsourcing/business process management) service should be more digitized, otherwise (it would be) losing competitiveness areas under the new normal,” Mr. Masataka said.

He added that the governments should reconsider strategies for international production, as global foreign direct investment is likely to decline this year.

“The Philippines should provide an environment conducive to the operations of Japanese companies through, for example, assisting them to maintain and rebuild more resilient global value chains,” Mr. Masataka said, adding that the government must resist protectionism.

Telcos’ revenue growth seen stable next year

By Arjay L. Balinbin, Senior Reporter

MOODY’S INVESTORS Service on Thursday said it expects the revenue growth of Philippine telecommunications companies to remain stable in 2021.

“Revenue growth of operators in emerging markets will remain stable,” Moody’s Investors Service said in its 2021 outlook report for the telecommunications sector in Asia Pacific.

Emerging markets refer to Bangladesh, China, India, Indonesia, Malaysia, Pakistan (up to 2017), and the Philippines.

Moody’s noted that “rising” data consumption and broadband usage in the Philippines “continue to drive revenue growth, although partially offset by declines in legacy voice and messaging services.”

“Heightened competition will weigh on growth when a new player, DITO, enters the market in 2021-22,” it added.

As for the entire Asia-Pacific region, Moody’s said telco revenue will grow 3.5%-4% next year, as the sector “bounces back” from the decline in the first half of 2020, which was caused by the coronavirus pandemic.

“Capital spending will be high at about 22% of revenue, but we expect companies to fund spending largely with internal cash,” Moody’s said.

It also expects the free cash flow to remain “negative.”

“But some reduction in shareholder returns will lead to gradual improvement,” it added.

Moody’s identified six themes that will shape global credit next year, namely: policy challenges, digital transformation, social trends, uneven recovery, rising debt burdens, and environmental impact.

PLDT, Inc. Chairman and Chief Executive Officer Manuel V. Pangilinan has said he expects “better numbers for 2021.”

PLDT recently reported a 95% growth in its attributable net income for the third quarter.

It said the period was an “all-time high” across its different business segments because of the spike in customer demand for digital services.

The company posted an attributable net income of P7.41 billion, up from the P3.79 billion it generated in the same period last year.

Meanwhile, Globe Telecom, Inc. saw a 22% drop in its third-quarter attributable net income to P4.39 billion.

Globe said its service revenues declined 3% to P36.68 billion, driven by the sustained drop in traditional voice and mobile SMS, but partly mitigated by the increase in the mobile data segment.

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.

Republic Cement looks to co-process 10M plastic sheets, bags

THE RESOURCE RECOVERY arm of Republic Cement Services, Inc., ecoloop, plans to co-process a minimum of 10 million plastic sachets or bags per day by next year as part of its efforts to alleviate the country’s waste problem, officials said on Thursday.

Republic Cement President and CEO Nabil Francis said this is an “ambitious” target that they hope to achieve.

“(We) would like to commit to a very ambitious target next year, and this target is to co-process not less than 10 million equivalent (of) plastic sachets or plastic bags per calendar day starting from the very beginning of next year,” Mr. Francis said in a virtual briefing with reporters.

Angela Edralin-Valencia, ecoloop director, said the new target is twice the amount of plastic waste which is being co-processed by the firm.

“It’s going to be double what we are currently doing, and it’s just the beginning,” Ms. Valencia said.

Although the co-processing plant has been working with private organizations such as Nestlé Philippines as of early this year, ecoloop was only introduced to media on Thursday. The resource recovery group of Republic Cement has since participated in more than 30 private and public sector partnerships across the country.

Co-processing involves the reuse or recovery of thermal and mineral properties of qualified waste materials for manufacturing cement.

The method uses heat to destroy residual waste, which would otherwise end up in landfills and waterways, Republic Cement said.

“The recovered heat content from the qualified wastes partially replaces the heat from traditional fossil fuels such as coal and petcoke. Recovered minerals similar to the chemical composition of sand and clay also replace raw materials used in cement production,” the firm said in a separate statement.

Mr. Francis said this is a “proven and viable waste management solution.”

Asked how different co-processing is from incineration, the firm said in a statement that the former had safeguards to contain emissions.

“ecoloop utilizes the cement kiln co-processing method, where emissions are contained and managed within the kiln and any ash produced fully integrated into the stable microstructure of clinker, a key ingredient of cement. On the other hand, some forms of incineration are purely for waste disposal without any energy or material recovery aspects,” Republic Cement said.

However, a representative from No Burn Pilipinas, an alliance of environmental, justice, climate, rights and health groups against waste incineration, said otherwise.

“Co-processing in cement kiln process and other processes in cement manufacturing is the same and in fact worse than incineration within the context of waste conversion to energy,” No Burn Pilipinas Senior Campaigner Glenn Ymata said in an email interview with BusinessWorld.

Mr. Ymata explained that co-processing still involved burning and this “emits pollution, greenhouse gases, and poisonous toxic fumes such as dioxins and furans.”

“(T)ake note also that these furnaces have no/limited pollution/emission control devices, otherwise, the cost of the final product (cement) will skyrocket because maintaining air pollution/emission control devices, especially for dioxins and furans, is very, very expensive,” he said.

Republic Cement is owned by Aboitiz Equity Ventures, Inc. and Irish building materials company CRH. — Angelica Y. Yang

Globe signs P5-billion loan facility for capex

GLOBE TELECOM, Inc. announced on Thursday that it had signed a P5-billion loan facility with the Land Bank of the Philippines.

In a disclosure to the stock exchange, the Ayala-led telco said the loan would be used to finance its general financing and corporate requirements for capital expenditures (capex).

Globe said it spent P33.4 billion for capital expenditures as of end-September.

More than 80% was spent on data-related requirements, it added.

“This investment has benefitted Globe’s customers as evidenced in the latest global report of Opensignal naming Globe as one of the most improved telecommunication companies in the world in terms of video experience,” Globe noted.

The telco expects to meet in this quarter its full-year guidance of capital expenditures amounting to P50 billion.

It continues to focus on “increasing capacity and upgrades nationwide for better internet experience for Filipinos,” it added.

Globe President Ernest L. Cu said on Tuesday that the company is hoping to complete its network upgrades by next year to immediately address the rising demand for connectivity.

The company recently reported a 22% drop in its attributable net income for the third quarter to P4.39 billion.

Globe is also hoping that its fourth-quarter performance will be better than the third quarter as the economy gradually reopens.

Globe shares closed 1.50% higher at P2,030 apiece on Thursday. — Arjay L. Balinbin

Ben&Ben the most streamed artist in PHL

THE NINE-PIECE pop folk band Ben&Ben sits atop the list of most streamed artists in the Philippines in this year’s Spotify Wrapped 2020, the music streaming service’s annual compilation of what people listened to and enjoyed within the year.

The band, known for its sentimental songs such as “Lifetime,” “Sa Susunod na Habang Buhay,” and “Doors,” first entered the Spotify Most Streamed Artist list in 2019, placing fourth in a year that saw a local artist — rock band December Avenue (“Kung Di Rin Lang Ikaw,” “Sa Ngalan ng Pag-Ibig”) — topping the list for the first time.

Ben&Ben, which spent the year recording new songs (and possibly a new album) in quarantine, also saw its most recent album, Limasawa Street, sit at the third spot in the Most Streamed Albums in 2020.

The band also topped the Most Streamed Groups list and the Most Streamed Local Artist.

Joining the band in the Most Streamed Artist list this year are (in order of appearance) K-pop juggernaut BTS, American pop stars Taylor Swift and Justin Bieber, and K-pop girl group BlackPink. Ben&Ben is the only local artist in the list.

Imahe” by local alt-rock band Magnus Haven was the country’s Most Streamed Song of the year, followed by Justin Bieber’s “Intentions” and Ben&Ben’s “Make It With You” in the second and third spots respectively.

On the global front, Puerto Rican rapper Bad Bunny occupies the top spot on the Most Streamed Artists Globally while his album YHLQMDLG is also the Most Streamed Global Album.

Bad Bunny is followed by Drake, J Balvin, Juice WRLD, and The Weeknd on the male-dominated Most Streamed Artist Globally list.

The Weeknd may not have occupied the top spot on the aforementioned list but he has the Most Streamed Song — “Blinding Lights.” — Zsarlene B. Chua

SPOTIFY WRAPPED 2020 PHILIPPINES’

Most Streamed Artists

Ben&Ben

BTS

Taylor Swift

Justin Bieber

BlackPink

Philippines’ Most Streamed Female Artists

Taylor Swift

Ariana Grande

Moira Dela Torre

Dua Lipa

Billie Eilish

Philippines’ Most Streamed Male Artists

Justin Bieber

Lauv

Ed Sheeran

Matthaios

Post Malone

Philippines’ Most Streamed Groups

Ben&Ben

BTS

BlackPink

LANY

Maroon 5

Philippines’ Most Streamed Albums

~how i’m feeling~, Lauv

The Album, BlackPink

Limasawa Street, Ben&Ben

Map of the Soul: 7, BTS

Changes, Justin Bieber

Philippines’ Most Streamed Songs

Imahe” by Magnus Haven

“Intentions” by Justin Bieber feat. Quavo

“Make It With You” by Ben&Ben

“Beautiful Scars” by Maximillian

“Someone You Loved” by Lewis Capaldi

Philippines’ Most Streamed Local Artists

Ben&Ben

Moira Dela Torre

Matthaios

December Avenue

Parokya Ni Edgar

Philippines’ Most Streamed Local Songs

Imahe” by Magnus Haven

“Make It With You” by Ben&Ben

Pagtingin” by Ben&Ben

Teka Lang” by Emman

Hindi Tayo Pwede” by The Juans

Philippines’ Most Streamed

Pinoy Hip-Hop Artists

Matthaios

Skusta Clee

ALLMO$T

Flow G

Emman

Philippines’ Most Streamed

Pinoy Hip-Hop Songs

Teka Lang” by Emman

Marikit” by Juan Caoile, Kyle

“Vibe With Me” by Matthaios, Lonezo

Malayo Ka Man” by Jr Crown, Kath, Cyclone, Young Weezy

“Catriona” by Matthaios

Philippines’ Most Popular Podcasts

Sleeping Pill with Inka

Adulting with Joyce Pring

Boiling Waters PH

Stories After Dark

TED Talks Daily

Philippines’ Most Popular Podcast Genres

Lifestyle & Health

Arts & Entertainment

Society & Culture

Stories

Education

SPOTIFY 2020 WRAPPED GLOBAL TOP LISTS:

Most Streamed Artists Globally

Bad Bunny

Drake

J Balvin

Juice WRLD

The Weeknd

Most Streamed Female Artists Globally

Billie Eilish

Taylor Swift

Ariana Grande

Dua Lipa

Halsey

Most Streamed Albums Globally

YHLQMDLG, Bad Bunny

After Hours, The Weeknd

Hollywood’s Bleeding, Post Malone

Fine Line, Harry Styles

Future Nostalgia, Dua Lipa

Most Streamed Songs Globally

“Blinding Lights” by The Weeknd

“Dance Monkey” by Tones and I

“The Box” by Roddy Ricch

“Roses – Imanbek Remix” by Imanbek and SAINt JHN

“Don’t Start Now” by Dua Lipa

Most Popular Podcasts Globally

The Joe Rogan Experience

TED Talks Daily

The Daily

The Michelle Obama Podcast

Call Her Daddy

Most Popular Podcast Genres Globally

Society & Culture

Comedy

Lifestyle & Health

Arts & Entertainment

Education

UnionBank raises P9 billion from bond offering

UNIONBANK OF THE Philippines, Inc. raised P9 billion from its sale of two tenors of bonds, which will be used to ramp up the bank’s funding capacity and expand business operations.

The Aboitiz-led bank sold P8.115 billion via three-year notes and P885 million in 5.25-year bonds for a total of P9 billion in fresh funding, thrice its initial plan to raise at least P3 billion, it said in a disclosure to the local stock exchange on Thursday.

The three-year notes fetched an interest rate of 2.75% while the 5.25-year bonds were quoted at a 3.375% rate.

The debt papers will be issued  and listed on the Philippine Dealing & Exchange Corp. on Wednesday, Dec. 9.

This issue is the third out of the bank’s P39-billion bond program launched last year.

UnionBank said the dual-tranche bond offer saw strong demand from investors.

“The third drawdown from the bank’s program is part of our ongoing efforts to extend term liabilities, expand funding base, and also support its business expansion plans,” Jose Emmanuel U. Hilado, UnionBank senior executive vice-president chief financial officer and treasurer, was quoted as saying.

The Hongkong and Shanghai Banking Corp. Ltd. (HSBC) and Standard Chartered Bank (SCB) acted as the joint lead arrangers and bookrunners for the transaction. They were also selling agents along with UnionBank.

The latest issuance was the bank’s first dual-tranche offering issued under Bangko Sentral ng Pilipinas (BSP) Circular No. 1010, while its 5.25-year bonds is the longest tenor the lender has issued so far.

The BSP circular issued in 2018 simplified the process for universal and commercial banks looking to raise funds via bonds. The measure aims to help deepen the country’s capital markets.

UnionBank’s net profit climbed 11% from a year ago to P4.2 billion in the third quarter on higher recurring income.

This brought its nine-month net income to P8.5 billion, down 0.9% year on year due to higher loan loss reserves amounting to P7.5 billion in the period amid impact of the coronavirus pandemic on the economy.

UnionBank shares closed P65.50 apiece on Thursday, up 0.31% or by 20 centavos from its P65.30 finish the day before. — Beatrice M. Laforga

DoLE finds safety violations in Skyway accident

THE Department of Labor and Employment (DoLE) has ruled that contractors working on the Skyway Extension project violated occupational safety and health (OSH) rules that led to the death of a motorist.

In an order dated Dec. 2, DoLE-National Capital Region Director Sarah Buena S. Mirasol ordered EEI Corp. and subcontractors Mayon Machinery Rentrade and Bauer Foundations Philippines, Inc. to jointly pay an administrative fine of P170,000 a day “until the violations are fully rectified.”

The DoLE said the violations include the absence of safety signage and safety officers during the construction of the elevated road.

On Nov. 14, the builders dropped a steel girder during construction, leading to the motorist’s death.

Mayon Machinery was also ordered to pay an administrative fine of P80,000 for every day of non-compliance. The company was also ordered to submit copies of its OSH program and guidelines on crane operations.

Bauer Foundations was ordered to pay P130,000 for every day of non-compliance and submit proof of safety equipment and signage available to workers.

In a Philippine Stock Exchange disclosure Thursday, EEI confirmed the DoLE order. — Gillian M. Cortez

World Bank Group’s IFC assigns new country manager for the Philippines

THE INTERNATIONAL Finance Corp. (IFC), a member of the World Bank Group, has assigned Jean-Marc Arbogast as the new country manager for the Philippines, it said in a statement on Thursday.

Mr. Arbogast is a French national that has recently served as the adviser to IFC’s vice president for corporate strategy and resources, where he contributed in the creation of strategic priorities of the institution.

He has also worked as the senior investment officer of IFC’s Infrastructure and Natural Resources group, the statement said.

“The COVID-19 pandemic has already taken a heavy toll on households and businesses in the Philippines. IFC’s priority is to help drive a sustainable and inclusive recovery in the country. I look forward to engaging with the government, the private sector, and all relevant stakeholders to revitalize the key sectors that can drive economic growth and create jobs,” Mr. Arbogast was quoted as saying in the statement.

IFC is the private-sector arm of the World Bank that offers advisory services, solutions and financing facilities for the private sector.

The new country manager will work on building IFC’s portfolio and come up with new investment and opportunities that will improve its impact in the Philippines, the statement said.

“Jean-Marc brings a wealth of knowledge to his new role that will help IFC to optimize opportunities and mobilize the private sector to deliver impactful investments in the Philippines. Under his leadership, we are confident of creating new markets and opportunities where they are needed most, especially in these challenging times,” said Vivek Pathak, IFC’s Regional Director for East Asia and the Pacific.

Before joining the institution, Mr. Arbogast was an investment banker at the Bank of America Merrill Lynch in New York, United States where he gave advice to industrial and agribusiness international firms about mergers and acquisitions and capital markets transactions.

He obtained a graduate business degree from Yale University and a master’s degree in Aeronautical Engineering at an engineering school in France.

IFC has invested over $3 billion in more than 100 private companies in the Philippines since 1962.

It mainly focuses on mitigating the impacts of climate change in the country, widening financial inclusion, promoting sustainable infrastructure and boosting the private sector’s capacity.

“This will better support the Philippines throughout the COVID-19 pandemic and help drive inclusive growth during the country’s eventual recovery,” the statement read. — Beatrice M. Laforga

History made at night

VIDEO REVIEW
Midnight in a Perfect World
Directed by Dodo Dayao

I THOUGHT Violator — Dodo Dayao’s debut feature — one of the most intriguing of recent horrors, Kurosawa Kiyoshi’s punk bastard remake of Rio Bravo with elements of the apocalypse substituting for Hawks’ handy sticks of dynamite. With Midnight in a Perfect World he steps up his game: this time he’s proposing an entire utopian society Aldous Huxley style, with a trace of fascism at the edges of this seductive demented vision.

It’s the Philippines in some undisclosed future and, as one of the lead characters puts it,, “everything works.” Trains run on time, floods are a thing of the past, pollution in the Pasig River has been cleaned up; only people in this much improved New Society don’t seem that much happier, suggesting Dayao subscribes to the belief that if humans could remove every source of dissatisfaction in their lives they’d be forced to invent something new to complain about.

In this case folks do: localized power failures occur throughout the city and people disappear in the recurring darkness —  unsure how or why, but they’re never seen again. We see the aftermath of one such “blackout” — Tonichi (Dino Pastrano) wakes up bloodied in the middle of the road, staggers to his girlfriend Deana’s apartment, pounds on the door. No answer. She’s joined the ranks of the desaparecidos, the Argentinian term for the 30,000 kidnapped and killed sometimes vanished without a trace between 1973 and 1990, an echo of and deliberate allusion to present president Rodrigo Duterte’s murderous drug war (27,000 and counting). There are differences of course: the drug war’s minions leave bodies with crude signs displaying crudely written warnings (“I AM A DRUG PUSHER DON’T IMITATE”) or a Batman logo; these disappeared don’t even leave a presence on social media, their existence lingering only in the memories of those who cared. This is the future, where deletions are done cleanly, digitally.

You wonder: why a utopia as opposed to a dystopia — was it Dayao’s figleaf attempt to conform to the DJ Shadow song whose title he’s adopted? I’ve had that question asked of Philip K. Dick’s alternate-history classic The Man in the High Castle, where the Axis Powers win World War II (why set the story in the relatively enlightened Japanese-run West Coast instead of the Nazi-dominated East Coast?) and this was my belated long considered reply: Dick then (and Dayao now) wasn’t going for the easy drama; he wanted a dystopia that wasn’t completely bleak, that works relatively well but with subtle deeply ingrained flaws — a dysfunctional utopia if you like, a society with genuine appeal that after all is said and done is still basically wrong. Pure speculation on my part, but the fact that Dick is mentioned early in the film leads me to suspect I’m on the right track.

Dick isn’t the only influence — there’s David Lynch, whose Red Room is the likely inspiration for Dayao’s safehouse with its nightmare wallpaper and no-exit ambiance; there’s Kurosawa Kiyoshi’s Pulse which suggests loneliness is a worse fate than death; there’s Shane Carruth’s dense looping narratives (and before that Chris Marker’s La Jetee); and there’s Jonathan Glazer’s Under the Skin which I’m not a big fan of but does have a suitably eerie look and feel. Dayao wears his influences lightly however, and tosses in a distinctly Filipino streetwise punk sensibility; you can recognize much of where he’s coming from (but not all), and where he’s going is anyone’s guess.

The film is a difficult watch, to be candid. Horror is an essentially conservative genre with ruthless demands: you must have a simple setup, you must make clear where the danger is coming from and how (“why” is optional, an answer more often given than denied), you must ratchet up the tension in clearly defined often predictable incremental doses. Dayao proceeds to break these rules as often as he can, as thoroughly as he can: the threat is vague — mainly learned in second hand snatches, through hearsay — the tension often forsaken for a pervasive sense of dread, the horror more glimpsed than clearly seen.

Helps to have good people collaborating: shadowy camerawork by Albert Banzon (Fuccbois, Balangiga, Ordinary People, Violator, Todo Todo Teros, basically more great Filipino independent productions than I can track) and the relatively newer Gym Lumbera (Violator); deep dank colors by Biba Abiera (Apocalypse Child), eccentric editing by Lawrence S. Ang (Respeto, Salvage); eclectic score by Erwin Romulo, Malek Lopez, Juan Miguel Sobrepena, peculiarly subterranean sound design by Corinne De San Jose (Season of the Devil), claustrophobic production design by Benjamin Padero and Carlo Tabije — Dayao has you strapped to a motorized chair programmed to head for unknown locations but at least the chair is superbly fashioned and upholstered, with badass colors.

Helps that Dayao devotes the first half of the film to sketching a quartet of vivid characters: the aforementioned Tonichi; the sad sensible Mimi (Jasmine Curtis-Smith); the cool Glenn (Anthony Falcon [Agent X-44!]); the sleek adventurous Jinka (Glaiza de Castro). Tonichi seems to be dating Jinka and Mimi has a drink with Glenn but they talk to each other with the familiarity of good old friends. Tonichi cares for his mother Ella (Dolly De Leon), Mimi for her father Fabian (Soliman Cruz); the two are shipping their parents, more an idle dream than a serious plan. Dayao doesn’t dwell too long on these connections — he has plenty of other fish to fry — but the sketches do help his characters stay in mind, so you care if they survive, or die violently, or (most disturbing of all) are abstracted into oblivion.

Does Dayao succeed? I say he stumbles as well as soars, but there’s a crazed integrity to his stubborn need not to walk the well trod path; he’s out there in the ether, in the deep dark, and you follow at your peril. One of the best of the year, easily.

The film is available until Dec. 6, 11:59 p.m., with English subtitles by the director at: https://www.gmovies.ph/content/vod/midnight-in-a-perfect-world/5fbb13f57740987b6072c582

Century Properties starts turnover of units in Mandaluyong and QC projects

CENTURY PROPERTIES Group, Inc. has started the turnover of 1,200 units valued at P4.5 billion at its newest Mandaluyong and Quezon City projects.

Partial move-in has started for The Residence at Commonwealth in Quezon City and Acqua Private Residences in Mandaluyong City, the company said in a press release on Thursday.

This includes the first half of the 1,015 units at The Residences Commonwealth Quirino East and West Towers, or the sixth and seventh buildings of the 4.4-hectare development.

Turnover of 185 more residential units at Acqua Private Residences Tower 6 started last month. But the 310-unit hotel area of the building is temporarily closed, and the hotel launch has been postponed to follow safety measures during the pandemic.

Century Properties plans to complete 1,600 units in its property Residences at Azure North in San Fernando, Pampanga by the second quarter next year. Some amenities, including a wave pool, will be done in the second half of 2021.

The firm posted a P1.1 billion net income for the first nine months of 2020. Profits surged 74% to P571.28 million in the third quarter due to gains from investment properties and non-recurring losses recorded the previous year.

“(The company is) maintaining strong earnings while sustaining the growth of its affordable housing (under PHirst Park Homes) and leasing segments,” the statement said.

Century Properties also recently launched the first 500 units of its seventh affordable housing community, the 10-hectare PHirst Park Homes in Magalang, Pampanga.

This expands the company’s presence north of Metro Manila after it opened an 18-hectare PHirst Park Homes Pandi in Bulacan. — Jenina P. Ibañez

BSP sets rules for nonbanks’ crime reporting

THE CENTRAL BANK has laid out guidelines for the reporting of crimes and its resulting losses for nonbank financial institutions (NBFIs).

Circular No. 1104 signed by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Nov. 27 requires pawnshops, money service businesses, and nonstock savings and loan associations to file reports on crime and losses within 10 calendar days since their knowledge of the incident.

“Previously, deadline is five working days from date of the knowledge of the crime, now the reporting timeline is 10 calendar days from knowledge of the crime/incident. This is to align with the reporting deadline for banks,” BSP Deputy Governor Chuchi G. Fonacier said in a text message.

Ms. Fonacier said the 10-day deadline is not applicable to reporting of event-driven reports that are IT-related or cyber-related, which need to be reported within two hours.

“Monetary penalty is imposed for delayed submission of reports,” Ms. Fonacier said.

NBFIs need to report to the BSP crimes involving amounts of P20,000 or more, whether these are fulfilled, frustrated or attempted. Such incidents include those that result in loss or destruction of properties and pawned articles.

In filing the report, pawnshops are required to include a notarized list of lost items, police reports, and files related to the settlement of the pawned items as supporting documents.

In the event that an investigation and evaluation of the initial report is needed, a complete report should be submitted as a follow-up not later than twenty days after the conclusion of an investigation. — L.W.T. Noble

Wages seen rising 5.6% in 2021

WAGES in the Philippines are projected to increase by 5.6% next year but the uncertainty inflicted by the pandemic could cloud prospects for higher pay and bonuses, according to a survey by consulting firm Mercer.

In its Total Remuneration Survey (TRS) 2020, Mercer said Philippine companies will raise pay by an average of 5.6% in 2021. The equivalent raises for this year averaged 5.3%.

However, companies remain “cautious” after the coronavirus disease 2019 (COVID-19) crisis disrupted operations and might delay salary hikes.

“Due to the uncertainty, more than half of the companies have indicated that they will delay the increase of salaries or revise salary increment levels. With sustained pressure on businesses to keep costs down, we see that companies are taking a cautious approach with regard to salary budgets,” Mercer Career Business Leader for the Philippines Floriza Molon said in a statement.

The survey also found that variable bonuses for 2020 decreased by 16%. Ms. Molon said bonuses could fall next year because of the crisis. Some 50% of respondents said it is “too early to tell” whether bonuses will fall next year, while 14% said they expect a reduction.

“Ninety-one percent of companies provided bonuses in 2020, reflecting their strong performance in 2019. However, we foresee a decrease in bonus payouts in 2021 due to the uncertain economic environment,” she said.

The Mercer survey was conducted on 416 Philippine companies from various industries between April and June, with additional surveys conducted in July and August. — Gillian M. Cortez