SMC to convert parts of Ortigas head office into urban farms

March 2, 2021 | 12:02 am

SAN MIGUEL Corp. (SMC) is set to convert parts of its head office complex in Ortigas into small urban farms that will be tended by company employees.

SMC President Ramon S. Ang said in a statement on Monday that a plot of land will be given to interested employees and support job workers which will be used as space to grow any produce.

“In this time of pandemic, many Filipinos are looking for ways to earn extra income, or at the very least, make sure they have sufficient supply of food. Realizing the importance of food security, many are also exploring growing their own food. That is why we thought of this simple project to help our maintenance workers, as well as our own employees,” Mr. Ang said.

Dubbed “Malasakit Garden,” participating employees can opt to bring their harvest home or sell their produce at a small farmers market to be established inside the Ortigas head office complex.

Mr. Ang said the project aims to increase food supply for the workers or serve as an additional source of income, adding that SMC has teamed up with non-profit group SEED Philippines, which will be in charge of teaching company employees on how to do urban farming.

“We are excited to see how our participants will make this project their own. They will have freedom to decide what they want to plant, and how they will make the garden thrive. Our role ultimately is to provide them support so they can make the most of the lot,” Mr. Ang said.

“Our hope is that they can really grow to like planting, they can hone their skills, and it becomes a practical life skill for them,” he said.

Mr. Ang added that he hopes the project can encourage other businesses to convert urban spaces into functioning ecological areas and assist in promoting agriculture.

Meanwhile, SMC said SEED Philippines teaches organic production, soil management, planting materials production, and pest and disease management. The group aims to help solve poverty in low-income families via programs on agricultural entrepreneurship.

To recall, SMC has been assisting local farmers through the launch of various livelihood training programs in communities at Bulacan and Quezon province, and also via the SMC-Better World Diliman community center that provides a market for excess farm produce.

The company said it also purchases corn and cassava directly from local farmers for its raw material requirements.

On Monday, SMC shares at the stock exchange rose 1.83% or P2.30 to end at P128 each. — Revin Mikhael D. Ochave

Debt engineers tackling climate change with bonds to rewild land

March 2, 2021 | 12:02 am

FOR GREEN FINANCE enthusiasts, a new flavor of debt could emerge this year — nature bonds.

Sales of green bonds — which typically raise money for clean energy projects — are expected to grow by a third this year to record levels, as governments and companies look to capitalize on booming demand at the same time as bolstering their image. Yet academics and activists say this alone isn’t enough to save the planet.

They’re lobbying for securities that more explicitly protect the natural world — and are likely to get a hearing from policy makers when the United Nations meets in coming months to discuss biodiversity and climate change. Those issues are climbing up the agenda as governments decide how to spend trillions to recover from the virus.

“Sovereign bonds are obviously so important now with the crisis response and then the economic recovery, and nature should be right at the heart of that,” said Nick Robins, a professor at the London School of Economics’ Grantham Research Institute and a former fund manager. “Nature-based solutions for climate change can be very labor-intensive, so if you’re thinking about financing a green recovery they are a really good place to prioritize your public spending.”

Countries could pay less interest on the debt if they meet environmental targets. That’s a similar approach to so-called sustainability-linked bonds for companies, which have been exploding in use this year.

Research organization Finance for Biodiversity Initiative has a framework for how such “nature-performance bonds” could operate in practice. It’s in talks together with the World Bank, the US, China and European countries to also potentially offer debt relief to emerging-market nations if they can green their borrowing in this manner.

There are also alternative suggestions. Henry Boucher, deputy chief investment officer at Sarasin & Partners LLP, was spurred into action after the Intergovernmental Panel on Climate Change pointed to land use as accounting for a quarter of man-made greenhouse gas emissions.

He’s called his proposal “Eden bonds.” His idea is for governments to issue long-term debt to buy private land and essentially pay investors interest to keep it wild. Investors could then supplement this income by selling carbon credits or credits linked to species restoration. When the bond matures, the government would pay back its debt, leaving the public sector owning the land.

“We’re getting to a point where we have very little natural-capital stock left,” said Mr. Boucher in an interview. “Why issue more debt to buy land today when you are already maxed out on issuance to pay for the pandemic? The answer is that climate change and biodiversity loss are even bigger problems.”

While the management of nature may significantly affect nations’ long-term economic outlook — an issue especially pertinent to commodity producers — so far investors have mostly focused on more conventional considerations such as debt-to-growth ratios. It’s only now that governments and credit rating agencies are looking to put a price on climate risks or opportunities.

Existing bond frameworks have already been used in some cases to preserve nature. Poland issued the first sovereign green bond in 2016, saying it would spend some of the money on natural parks. France also put biodiversity protection as one of the uses for its inaugural offering, while the Seychelles pioneered blue bonds in 2018 to support sustainable fisheries.

The topic of biodiversity will be the focus of a UN conference in China in May and then a theme at the next major climate change conference in November in Glasgow. It’s expected to lead to more specific targets after dozens of countries pledged last year to reverse biodiversity loss by 2030.

“We keep talking about nature as the birds that we have to protect, as the endangered species,” said Nina Seega, research director for sustainable finance at the Cambridge Institute for Sustainability Leadership. “Whereas in all actuality, nature is crop diversity which guarantees we have food to put on our tables. Nature is the ability of bees to provide pollination services that are vital for food production.”

As demand for environmental, social and governance assets takes off, specialist investors are keen. The risk, however, is a fragmentation of the green finance market, with so many different flavors of bonds.

“If there’s a way for sovereigns to do that in a mainstream-market way, a benchmark issuance that’s index-eligible, you can have your cake and eat it,” said Christopher Kaminker, who leads the sustainable investment team at Lombard Odier Investment Managers. — Bloomberg

Billie Eilish film offers intimate look at teen music sensation

March 2, 2021 | 12:02 am

LONDON — A new documentary captures Billie Eilish’s meteoric rise to fame, in an intimate portrayal of the teenager recording music at home, passing her driving test, going through a relationship break-up and meeting her idol Justin Bieber.

Billie Eilish: The World’s a Little Blurry follows the American singer-songwriter’s close relationship with her family, performing on stage, on the road, meeting fans and collecting five Grammy Awards, the music industry’s highest honors.

Filmmaker R.J. Cutler first met Ms. Eilish, known for her unique sound, when she was 16, describing her as “real and awesome and easy and quirky and funny and somebody I thought I’d love to make a movie about.”

“It’s the story of this … remarkable figure … who is simultaneously going through a kind of artistic arrival … and … professional arrival and … coming of age,” he told Reuters.

Ms. Eilish, now 19, and her producing partner brother Finneas are regularly shown making music together at home, rehearsing songs such as the theme for the upcoming James Bond movie No Time To Die.

“It’s very exciting to see how they work together and collaborate together,” Mr. Cutler said. “It’s very natural.”

The film, released on Apple TV+ on Friday, features home footage of Eilish as a child and shows her working on her chart-topping album When We All Fall Asleep, Where Do We Go?. It ends with her Grammys win last year, when she became the youngest person to scoop the top four awards in one night.

Mr. Cutler said his team had complete editorial control over the film, which also shows Ms. Eilish battling health issues and learning to deal with fame.

In one scene, she is seen telling an audience: “This is so weird you guys, I’m nobody. I don’t know why you like me.” — Reuters

Tagaytay hotel adapts to ‘new normal’

March 2, 2021 | 12:02 am

OPENING a business amid a pandemic is not ideal, but a new hotel in Tagaytay City is adapting to the “new normal.”

In a statement, Hotel Casiana said it has been strictly implementing health protocols mandated by the Inter-Agency Task Force on Emerging Infectious Diseases and the Department of Tourism to ensure a safe vacation for all guests.

Physical social distancing is observed in common areas of the hotel. Staff and guests are required to wear face masks and face shields.

Hotel Casiana said its rooms have a commercial-type air purifying machine. Guests receive a care kit containing alcohol, face masks, and disinfecting wipes. A trash bin for face masks is available.

The hotel also offers spa services for guests in their own rooms. Massage therapists wear proper personal protective equipment and face masks, and bring sanitized towels and linens.

Hotel Casiana is located along the Tagaytay-Nasugbu main highway, near the Mahogany Market and Taal Lake.

Robinsons malls offer bike parking, repair stations

March 2, 2021 | 12:01 am

ROBINSONS MALLS is now offering bike parking and repair stations at its shopping centers nationwide.

In a statement, the Robinsons Malls said the bike parking areas are well-lighted and can accommodate over 60 bicycles.

At the repair stations, various tools such as screwdrivers, open wrenches, multi-function folding knife, t-socket head screw wrench, tire levers, allen wrench set and a manual air pump are available for use.

Both the parking and repair station are free to use.

“Robinsons Malls’ Bike Parking and Repair Stations are easy to spot as these are whimsically designed and strategically located inside the mall’s parking area, some near the mall entrances and public road access,” the company said.

DBP dollar bond issue gets ‘BBB’ rating

March 2, 2021 | 12:01 am

THE DEVELOPMENT BANK of the Philippines’ (DBP) planned issuance of dollar-denominated unsecured notes has been given an expected grade of “BBB” by Fitch Ratings.

“We expect a high probability of extraordinary state support for DBP, if needed, due to its strategic policy role, full state ownership, systemic importance as the second-largest state-owned bank in the Philippines with around 5% share of system assets, and the state’s ability to provide support,” Fitch said in a note on Monday.

The debt watcher said the expected rating for the planned issuance may be lowered in case of any significant reduction in the bank’s state ownership, influence and support.

On the other hand, an upgrade in the sovereign rating of the Philippines could lead to higher rating for the debt instruments.

Fitch affirmed its “BBB” rating for the Philippines in May last year, although it downgraded its outlook to stable from positive amid a pandemic-induced recession.

BusinessWorld reached out to DBP for details about the planned issuance but did not receive a response as of press time.

DBP in December raised P21 billion from two-year peso-denominated bonds that carry a coupon rate of 2.5%.

It also served as lead issue manager for the government’s ongoing offering of retail Treasury bonds, together with Land Bank of the Philippines. — LWTN

AboitizPower to supply renewable energy to Wells Fargo branch

March 2, 2021 | 12:01 am

ABOITIZ Power Corp. announced on Monday that its unit would be supplying 7,500 megawatt-hour (MWh) of renewable energy yearly to Wells Fargo International Solutions LLC-Philippines to help the latter meet 65% of its electricity requirements.

The supply to Wells Fargo’s branch in Taguig City is bundled with a renewable energy (RE) certificate, it added in a press release.

AboitizPower said that the renewable power would be sourced from its subsidiary AP Renewables, Inc.’s Tiwi-MakBan geothermal plants in Laguna, Batangas, and Albay. The company said that the power would be bundled with International Renewable Energy Certificates (I-REC).

An I-REC is an energy attribute certificate that allows end-users to make reliable claims that their energy usage comes from renewable sources.

AboitizPower added that the power supply agreement would supply more than half or 65% of Wells Fargo electricity requirements.

“Wells Fargo’s recent purchase agreement with AboitizPower represents an important step in the next phase of the bank’s renewable energy goal — to transition to a higher mix of long-term renewable energy contracts and significantly increase deployment of on-site generation to support the development of net-new sources of renewable energy,” AboitizPower said.

The company said that with the purchase agreement, Wells Fargo joins a group of companies that are shifting to RE or “Cleanergy”, which is AboitizPower’s brand for RE.

For Wells Fargo Chief Social Impact and Sustainability Nate Hurst, RE projects such as AboitizPower’s Tiwi-MakBan’s geothermal facility are crucial in helping the international bank mitigate the impacts of climate change.

“If we focus on markets where our energy needs are the greatest, we can advance our operational goals in a more sustainable way while also empowering job creation and care for the environment in communities where our employees live and work,” he said in a statement.

Wells Fargo Philippines Corporate Properties Group Head Edzel Ritchie Reyes said that the bank’s purchase agreement with AboitizPower is an “important additional step in their sustainability journey.” — Angelica Y. Yang

Entertainment News (03/02/21)

March 2, 2021 | 12:01 am

Hayu shows final season of Keeping Up with the Kardashians

THE 20^th — and final — season of the Kardashian-Jenner reality show premieres on Mar. 19 on Hayu. Witness what’s next for Khloe and Tristan, if there will be a reconciliation between Kourtney and Scott, and if the show will shed light on Kim’s ugly crying teaser on her Instagram during the last day of filming. Access unlimited shows with a subscription. Sign on to hayu.com with a weekly plan for P49 or a monthly plan for P149 with a free trial.

Army of the Dead is coming to Netflix

ZACK Snyder’s Army of the Dead will premiere May 21 on Netflix. Set during a zombie outbreak in Las Vegas, the show follows a group of mercenaries who venture into the quarantine zone to pull off the greatest heist ever attempted. The show stars Dave Bautista, Ella Purnell, Omari Hardwick, Ana De La Reguera, and Theo Rossi.

Heroes are coming to HBO GO, HBO, and Warner TV

ALL kinds of heroes from WarnerMedia are coming to HBO GO, HBO, and Warner TV this month. There is Zack Snyder’s directors’ cut of Justice League which will premiere at the same time as the US on Mar. 18, exclusively on HBO GO. In the fifth installment of the DC Extended Universe film series, Batman and Wonder Woman — determined that Superman’s sacrifice in Batman vs. Superman: Dawn of Justice is not in vain — join forces to recruit a team of metahumans to protect the world from a threat of catastrophic proportions. Meanwhile, The Flash returns to Warner TV for a seventh season, starting Mar. 3, 9 p.m. After a cliffhanger last season which saw the new Mirror Master victorious and still-at-large in Central City, The Flash must regroup in order to stop her and find a way to make contact with his missing wife. Season 2 of Batwoman airs on Warner TV (Cignal: 235 [HD] and SkyCable: 34 [SD], 197 [HD]) on Mondays at 9:50 p.m. As Ryan Wilder’s Kryptonite wound grows more severe, it hinders Batwoman’s ability to protect Gotham City. Michael B. Jordan portrays the life of Bryan Stevenson in his history-making legal battle in the series Just Mercy on HBO and HBO GO, starting Mar. 20, 9 p.m. After graduating from Harvard, Bryan, heads to Alabama to defend those wrongly condemned or who were not afforded proper representation, with the support of local advocate Eva Ansley. One of his first, and most incendiary, cases is that of Walter McMillian (Jamie Foxx), who, in 1987, was sentenced to die for the murder of an 18-year-old girl, despite a preponderance of evidence proving his innocence and the fact that the only testimony against him came from a criminal with a motive to lie. In the years that follow, Bryan becomes embroiled in a labyrinth of legal and political maneuverings and overt and unabashed racism as he fights for Walter, and others like him, with the odds — and the system — stacked against them.

Dramedy Genera+ion debuts on HBO GO

THE MAX Original dramedy Genera+ion will premiere at same time as the US exclusively on HBO GO with three episodes on Thursday, Mar. 11. The series continues with two new episodes on Mar. 18, two more on Mar. 25, and one episode on Apr. 1. An additional eight episodes comprising the second half of the season will debut later this year. Genera+ion is a half-hour dark comedy series following a diverse group of high school students whose exploration of modern sexuality (devices and all) tests deeply entrenched beliefs about life, love and the nature of family in their conservative community. Stream or download Genera+ion on HBO GO.

Tala drops new single

SINGER/songwriter Tala (full name: Tala Gil) has released a new single, “24,” inspired by the simulation video game Stardew Valley. The song also talks about moving away from the city and missing a place you’ve never been to or a person you’ve never actually met. The song is out now on Spotify, Apple Music, YouTube Music, Amazon Music, Deezer, and other digital stores worldwide under Universal Records.

Eve Alai releases new single

SINGAPORE-based electronic artist Eve Alai teamed up with UK based artist Arjun Ratwatte and Sri Lankan producer Madaid on a new single titled “Summer.” The song can be heard via this link: https://www.umamirecords.sg/summer/.

Zack Tabudlo releases ‘80s-inspired track

ZACK Tabudlo returns with a bright, 1980s pop-inspired number about a girl who gives hints of love and interest, but is afraid of commitment. Released via Island Records Philippines, the single “Elizabeth” was loosely inspired by his admiration for actress Liza Soberano; hence, the title’s relation to the actress’ real name outside of showbiz. With its pulsating beats and retro-futurist sheen, the song is heavily indebted to the New Wave hits of the ‘80s. “Elizabeth” is out on all digital platforms worldwide via MCA Music, Inc.

Manufacturing purchasing managers’ index of select ASEAN economies, February (2021)

March 2, 2021 | 12:00 am

MANUFACTURING ACTIVITY in the Philippines remained in expansionary mode for a second straight month in February, as demand picked up with the reopening of more businesses, a survey conducted by IHS Markit showed. Read the full story.

How PSEi member stocks performed — March 1, 2021

March 2, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, March 1, 2021.

Peso steady on PMI data, vaccination

March 1, 2021 | 9:00 pm

THE PESO closed unchanged versus the greenback on Monday as the market priced in steady manufacturing activity in February and the start of the government’s vaccination drive.

The local unit closed at P48.59 per dollar on Monday, unchanged from its Friday finish, data from the Bankers Association of the Philippines showed.

The peso opened Monday’s session at P48.60 per dollar. Its weakest showing was at P48.67 while its intraday best was at P48.54 against the greenback.

Dollars traded slumped to $678.45 million on Monday from the $1.325 billion logged on Friday.

The peso’s steady close came following the release of the latest February purchasing managers’ index data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

IHS Markit reported yesterday that the Philippines’ manufacturing PMI in February was at 52.5 for the second straight month, going beyond the 50-neutral mark and signifying growth.

The country’s reading was second best in the region next to Singapore (55.2) and was better than Vietnam (51.6) and Indonesia (50.9), Malaysia (47.7), Thailand (47.2), and coup-stricken Myanmar (27.7). It was also higher than the ASEAN average of 49.7.

A trader, meanwhile, attributed the peso’s flat finish to mixed market sentiment due to optimism over the start of vaccinations in the country and the stronger US personal consumption expenditure (PCE) inflation data released on Friday.

The Sinovac vaccines donated by the Chinese government arrived in the Philippines on Sunday and some healthcare workers were inoculated on Monday.

Meanwhile, US consumer spending increased by the most in seven months in January as the government doled out more pandemic relief money to low-income households and new COVID-19 infections dropped, positioning the economy for faster growth in the first quarter, Reuters reported.

Despite the strong rebound in consumer spending reported by the Commerce department on Friday, price pressures were muted. Inflation is being closely watched amid concerns from some quarters that US President Joseph R. Biden’s proposed $1.9-trillion COVID-19 recovery package could cause the economy to overheat.

Consumer spending, which accounts for more than two-thirds of US economic activity, jumped 2.4% last month. That was the biggest gain since last June and ended two-straight monthly declines. Personal income shot up 10%, the largest increase since last April when the government disbursed the first round of stimulus checks. Income rose 0.6% in December.

Inflation was benign last month. The PCE price index excluding the volatile food and energy component rose 0.3% after a similar gain in December. In the 12 months through January, the so-called core PCE price index increased 1.5% after advancing 1.4% in December.

The core PCE price index is the Fed’s preferred inflation measure for its 2% target, a flexible average.

For today, Mr. Ricafort gave a forecast range of P48.55 to P48.65 per dollar, while the trader sees the peso moving between the P48.50 to P48.70 band. — L.W.T. Noble with Reuters

Stocks climb on surge in US yields, vaccine arrival

March 1, 2021 | 9:00 pm

LOCAL STOCKS climbed on Monday as investors chose to stay in the market after yields on US bonds surged last week.

The Philippine Stock Exchange index (PSEi) climbed 78.11 points or 1.15% to finish 6,872.97 on Monday, while the all shares index went up by 45.1 points or 1.09% to close at 4,165.4.

“Shares in the Philippine market closed on the positive as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message on Monday.

“The major US averages tumbled in rapid fashion as the 10-year Treasury yield soared as high as 1.6% in a sudden move that some described as a ‘flash’ spike,” Mr. Limlingan added.

Yields on the benchmark 10-year US Treasuries surged above 1.6% last week for the first time in a year amid weaker-than-expected bids for offered seven-year notes, Reuters reported. However, US bond yields slid sharply on Monday, with the benchmark 10-year US Treasury yield falling about 5 basis points to 1.403%, off Thursday’s one-year high of 1.614%.

COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said the easing of US yields boosted sentiment on the local market as it eased investor concerns.

“Progress on the inoculation of the vaccines that recently arrived may have improved the sentiment,” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun added in an e-mail.

“The Philippine manufacturing sector recorded its second month of expansion in February as manufacturers rebuilt their inventory in anticipation of increased demand. This also confirmed the economy’s recovery to investors,” he added.

All sectoral indices went up on Monday. Holding firms climbed by 96.05 points or 1.38% to 7,016.13; industrials added 86.71 or 1% to finish at 8,742.05; property went up by 33.47 points or 0.96% to 3,490.61; financials rose 13.38 points or 0.9% to 1,490.57; mining and oil increased by 49.2 points or 0.52% to 9,380.87; and services inched up by 6.48 points or 0.44% to end at 1,459.84.

Value turnover declined to P8.34 billion on Monday with 8.72 billion shares switching hands from the P13.74 billion with 12.28 billion issues traded on Friday.

“Trading volumes declined as some investors opted to stay on the sidelines because of the uncertainty,” Mr. Mangun said.

Advancers outnumbered decliners, 149 versus 76, while 48 names closed unchanged.

Net foreign selling went down to P861.24 million on Monday from P972.65 million recorded the previous trading day.

Mr. Mangun said the local index may move towards the 7,000 mark in the coming days.

Meanwhile, COL Financial’s Mr. Barredo said he expects the market to close at 6,980 to 7,100. — Keren Concepcion G. Valmonte with Reuters