SM DEVELOPMENT Corporation (SMDC) has started listing its projects on online real estate platform Lamudi, as part of its efforts to expand its market reach and address buyers’ demands in the “new normal.”
“During the pandemic, we’ve discovered the power of online selling. Our sales come both from our physical broker network and also through the internet,” SMDC President Jose Mari Banzon was quoted as saying in a statement sent by Lamudi.
Property firms are turning to online listings as community quarantine restrictions are still in place. Lamudi had noted a 31% increase in site visits from returning platform users from March to April 2020, the height of the strict lockdown in Luzon.
Mr. Banzon said SMDC has allocated funds for its overseas agents to create interactive websites and a 360-degree view of showrooms. “What we want is for the website to sell the Philippines, sell real estate in the Philippines, and give the potential buyer the capability to do the transaction through the internet,” he said.
AN AFFILIATE of gaming and technology Filipino firm DFNN, Inc. has acquired 92% of the issued share capital of a casino operator listed on the Australian Stock Exchange (ASX), the company told the local bourse on Monday.
This comes around two months after DFNN’s affiliate HatchAsia, Inc. received a letter of no objection from Australia’s Foreign Investment Review Board on its planned acquisition of majority of Australian casino operator Silver Heritage Group Ltd.
HatchAsia, which is 18.98% owned by DFNN, is engaged in building solutions for fintech, gaming and payment solutions for utilities, among others.
DFNN said that HatchAsia had gained control of the Australia-based Silver Heritage.
“Today, DFNN was informed that on January 22, 2021 (professional services firm) KPMG (and) Deed Administrators of SVH disclosed to the ASX the completion and execution of the Deed of Company Arrangement (DOCA) effecting the acquisition of 92% of the issued share capital of the latter,” DFNN said.
The Philippine firm said that additional information would be disclosed to the Philippine Stock Exchange “as necessary.”
In September, DFNN signed a deal to purchase a majority stake in Silver Heritage. It added that the acquisition was worth P18.74 million or AU$530,000 in cash, and 3% of issued shares.
Silver Heritage operates and manages casinos in Nepal and Vietnam. It also manages electric gaming operations in Laos and Cambodia.
DFNN shares on Monday were unchanged at P4.96 apiece. — Angelica Y. Yang
RFM Corp. said on Monday that preliminary data for 2020 showed its consumer brands posted double-digit growth rates last year, pointing to better revenue and income figures for the food and beverage manufacturer.
In a regulatory filing, it said the Selecta Fortified Milk brand expanded 56%, while the Fiesta and Royal pasta brands rose 44% and 16%, respectively.
RFM added that its White King hotcakes and other bowl mixes rose 36% as consumers cooked more in the homes amid the pandemic-induced lockdown. It did not disclose values other than the growth rates.
“While the 2020 audited financials are still not available, anecdotal evidence points to a better performance in 2020 compared to 2019 in revenues and income,” RFM President and Chief Executive Officer Jose Ma. A. Concepcion III was quoted as saying.
In 2021, Mr. Concepcion said the company would continue to control its expenses and capital expenditures as the situation remains uncertain due to the pandemic.
RFM has a strong balance sheet, he added, to support the continuation of the company’s dividend policy and share buyback programs.
“While RFM continues to look out for any M&A (merger and acquisition) opportunities to boost shareholder value, the organic growth in milk, ice cream, pasta, and mixes will be our growth drivers for 2021,” he said.
Meanwhile, RFM announced the approval of its board of directors for a cash dividend worth P350 million to be payable on March 8.
In its regulatory filing on Monday, the company said the cash dividend is at P0.10387 per share, as of record date Feb. 8, and is one of the two dividend declarations made every year.
According to RFM, its dividends per share have increased to 21 centavos in 2020, against 16 centavos in 2019.
“At the end 2020 share price of 4.56 per share, the dividend yield is 4.6%,” the company said.
On Monday, shares in RFM at the stock exchange rose 2.81% or 13 centavos to close at P4.75 each. — Revin Mikhael D. Ochave
Nicole Asensio new single “Love Me Or Don’t” drops Jan. 29
FILIPINO singer Nicole Laurel Asensio isn’t begging for anyone’s love in her new single “Love Me Or Don’t,” to be released January 29 on music streaming service Spotify. The song, said to be written in a span of 15 minutes according to a press release, details the feelings of a person who “has been hurt many times, smiled through it to put up a front and reached their breaking point” and eventually finds freedom to tell their lover that they don’t need them to feel complete.
Smart streams Korean music show M Countdown
LOCAL telecommunications company Smart is now streaming K-Pop chart show M Countdown since January 21 via smart.com.ph/Pages/GigaFest. The show airs live every Thursday at 5 p.m. with replays at 9 p.m. Smart subscribers will be able to enjoy special features such as multi-view experience, which allows them to watch the event through different angles, including angles locked on their favorite K-pop group member.
Paper Satellites launches new single
IN A SPAN of five years, Paper Satellites have been churning out tropical-infused indie rock songs that certainly had its rickety charms, most prominent of the bunch is “Golden Age” — a brash, unapologetic anthem that calls back to the days when Arctic Monkeys’ “Whatever People Say I Am, That’s What I’m Not” and Twin Door Cinema Club’s “Tourist History” were the jam. Fast forward to 2021, the quartetcontinues to ride the familiar train with a dancier, groovier approach. “Towns,” their latest single under Lilystars Records, balances pop’s pleasure principle with their penchant for guitar-driven hooks, synth-noodling pipes, and big, ecstatic choruses. “Sound-wise, we took inspiration from various guitar-based artists such as Bombay Bicycle Club, Two Door Cinema Club, and a bunch of other bands with ‘Club’ in their names,” says vocalist and guitarist Jyle Macalintal. “It was also inspired by the music one hears from small town festivals.” The song is now out in various music streaming platforms worldwide.
Netflix confirms second season of Bridgerton
AFTER a highly successful first season, Netflix announced the second season of Regency-era series Bridgerton with the new season focusing on the life of Lord Anthony Bridgerton (played by Jonathan Bailey, the oldest of the brood. Based on the book series by American author Julia Quinn, the show is scheduled to enter production in the spring of 2021.
WeTV adds anime Demon Slayer to library
ANIME Demon Slayer: Kimetsu no Yaiba is now available for streaming on WeTV. Based on the Japanese manga series, written and illustrated by Koyoharu Gotōge, the show follows the story of Tanjiro Kamado, a young boy whose life changes after a tragic event. All episodes of the series are now available on the streaming service. Monthly subscription to WeTV is at P59 while quarterly subscription is at P159, an annual subscription is at P599. The app is available on both Google Play Store and Apple App Store.
REVISIONS to the implementing rules and regulations (IRR) of the law strengthening the country’s anti-money laundering measures will follow key legislative amendments, Anti-Money Laundering Council (AMLC) Executive Director Mel Georgie B. Racela said on Monday.
“The IRR amendments will be substantially similar to the statutory amendments in order to minimize any potential controversy and avoid further delays to its approval,” Mr. Racela said in a text message.
The reconciled version of House Bill No. 7904 and Senate Bill No. 1945 was approved by the Bicameral Conference Committee on Jan. 12, just weeks before the Feb. 1 deadline set by the Financial Action Task Force (FATF) for the country to comply with its recommendations and avoid being gray-listed. The changes are meant to strengthen Republic Act (RA) No. 9160 or the Anti-Money Laundering Act (AMLA) of 2001.
Mr. Racela said the AMLC has been “taking parallel moves in the IRR draft to beat the deadline.” He added they have yet to receive the official enrolled bill version.
“The enrolled bill is still with Congress, particularly in the Senate from the last I heard,” he said.
The bicameral panel last week reconciled key differences in their earlier proposals and finalized covered transactions to include a P25-million threshold for tax crimes and a threshold for real estate single cash transactions in excess of P7.5 million.
Lawmakers also included a provision to allow the AMLC to apply for a subpoena through the court. Initially, the House proposed to grant the regulator power to issue subpoenas on its own, but this was not included in the Senate’s version.
Quirino Representative Junie E. Cua, who chairs the House Committee on Banks and Financial Intermediaries, previously said they adjusted provisions related to subpoenas in accordance with the Constitution.
“This is one of the amendments where the representatives of the Senate and the House of Representatives found a middle ground. So we will respect this outcome as it is a “better than nothing” version,” Mr. Racela said.
The Philippines has been under a FATF observation period since 2019 and needs to address the gaps in its measures against dirty money and terrorism financing to avoid the gray list. The country was removed from the gray list in February 2005 after its inclusion in 2000.
Legislators have warned that being deemed a jurisdiction with lax measures on anti-money-laundering and counter-terrorism financing could impact remittance and investments as transactions will have to undergo stricter scrutiny, higher fees, and longer processing.
Recommended improvements by the FATF on the country’s counter-terrorism financing measures have already been addressed through the controversial RA No. 1149 or the Anti-Terror Act of 2020. — Luz Wendy T. Noble
D.M. WENCESLAO & Associates, Inc. (DMW) said it signed an agreement with Manila Electric Company (Meralco) for a substation within its Aseana City township project.
In a statement, the developer said the Aseana-1 Substation Project is set to break ground within the first quarter and targeted for completion by the second half of 2022.
The substation will boost the power supply capacity in Aseana City.
Aseana City is a 107-hectare mixed-use development situated between the Mall of Asia Complex and Entertainment City. Locators include City of Dreams Manila, Ayala Malls Manila Bay, S&R Membership Shopping, Department of Foreign Affairs, Singapore School Manila, Sequoia Hotel, Honda Manila Bay, among others.
“Aseana City is a master-planned community that connects people to home, work, play, and more. And as our community continues to grow, we want to give them the security and assurance of future-proof resources that are mindfully-designed to allow them to live a comfortable life,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.
THE PESO strengthened against the greenback on Monday following the stock market’s climb and signals of more inclusive policies in the United States to help combat the coronavirus pandemic.
The local unit closed at P48.079 per dollar, appreciating by 0.6 centavo from its P48.085 finish on Friday, data from the Bankers Association of the Philippines showed.
The peso opened the session at P48.07 per dollar. Its weakest was at P48.085 while its strongest showing was at P48.05 against the greenback.
Dollars traded declined to $763.05 million on Monday from $1.09 billion on Friday.
The peso was backed by the local stock market’s gains, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.
The Philippine Stock Exchange index rose 25.67 points or 0.36% to close at 7,071.50 on Monday.
Meanwhile, a trader said the market was bullish on the policies of the new US administration.
“The peso appreciated as investors cheered after President Biden remarked about his initiative to put the US back into the global community, which was a departure from his predecessor’s stance,” the trader said in an e-mail.
The US COVID-19 strategy revealed late last week shows the administration of US President Joseph R. Biden, Jr. has been taking steps to help poorer countries secure vaccines and securing more funding through legislation meant for international efforts, Reuters reported.
“The Biden-Harris administration will seek funding from Congress to strengthen and sustain these efforts, as well as other existing multilateral initiatives involved in fighting COVID-19,” according to the strategy.
Mr. Ricafort expects the peso to move within the P48.04 to P48.09 band on Tuesday while the trader gave a forecast range of P48.00 to P48.10 per dollar. — L.W.T. Noble with Reuters
LOCAL SHARES bounced back on Monday as investors picked up bargains at the last minute and on news of a $1.9-trillion economic stimulus package being pushed in the United States.
Ending its six-day decline, the 30-member Philippine Stock Exchange index (PSEi) rose 25.67 points or 0.36% to close at 7,071.50 on Monday, while the broader all shares index rose 8.96 points or 0.21% to 4,250.65.
Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the local market improved as investors study the new stimulus package being pushed by US President Joe R. Biden.
Officials in Mr. Biden’s administration tried to head off Republican concerns that his $1.9-trillion pandemic relief proposal was too expensive on a Sunday call with Republican and Democratic lawmakers, some of whom pushed for a smaller plan targeting vaccine distribution, Reuters reported.
Lawmakers from both parties said they had agreed that getting the COVID-19 vaccine to Americans should be a priority, but some Republicans objected to such a hefty package only a month after Congress passed a $900-billion relief measure.
“We can’t wait,” White House Principal Deputy Press Secretary Karine Jean-Pierre told reporters. “Just because Washington has been gridlocked before, doesn’t mean it needs to continue to be gridlocked.”
As of Monday, the US led all countries in terms of coronavirus disease 2019 (COVID-19) cases at 25.12 million, based on data from the Johns Hopkins University COVID-19 dashboard. The country also has the most deaths at 419,209.
Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the market improved on bargain hunting.
“Last minute bargain hunting sent the local market higher on Monday. With this, the local bourse breaks its six-day losing streak,” Mr. Tantiangco said in a mobile phone message.
Sectoral indices ended mixed. Financials inched up 21.76 points or 1.5% to 1,470.88; property climbed 41.16 points or 1.15% to 3,609.27; and services gained 4.83 points or 0.31% to 1,540.96.
Meanwhile, mining and oil declined 109.25 points or 1.17% to 9,212.70; industrials retreated 73.73 points or 0.8% to 9,101.37; and holding firms lost 11.82 points or 0.16% to 7,213.33.
Value turnover on Monday reached P9.11 billion with 79.86 billion issues switching hands, lower than the P11.39 billion, with 135.08 billion issues traded in the previous session.
Decliners beat advancers, 129 against 92, while 39 names ended unchanged.
Net foreign selling amounted to P311.43 million, lower than the P1.42 billion logged on Friday.
“We’ll have to observe if the index continues to hold its 7,000 support, with 7,300 being the nearest resistance area,” Timson Securities’ Mr. Pangan said. — Revin Mikhael D. Ochave with Reuters
AGRICULTURE Secretary William D. Dar said price manipulation by traders and wholesalers is behind the high retail prices of commodities such as pork and chicken.
In a virtual briefing Monday, Mr. Dar said the Department of Agriculture (DA) has asked the Philippine Competition Commission to investigate traders and wholesalers allegedly involved in the manipulation of supply, leading to increased prices.
“Let us not sow panic among consumers. We have enough food in the country. Food prices are being manipulated by wholesalers and traders,” Mr. Dar said.
“During my visit to Batangas last Saturday, traders are the ones dictating farmgate prices. They are manipulating prices. Their profits are too much,” he added.
To bring prices down, Mr. Dar said the DA has proposed an executive order to President Rodrigo R. Duterte that will impose a price ceiling on pork and chicken in the National Capital Region for 60 days.
Once issued, it will cap the price of pork shoulder, or kasim, at P270 per kilogram (kg), pork belly, or liempo, at P300, and dressed chicken at P160.
Mr. Dar said the price ceiling is to prevent businesses from illegally manipulating the prices of basic necessities and assist consumers during the pandemic.
According to the DA’s Monday price monitoring report, the retail price of kasim was between P350 and P400 per kg., while liempo prices were between P380 and P440 and chicken between P160 and P180, well above the DA’s suggested retail prices (SRP).
In November, a price freeze on selected basic commodities was also implemented after President Rodrigo R. Duterte placed Luzon under a state of calamity following a series of typhoons, which hit key food-growing areas and disrupted the transport of goods to market.
Mr. Dar said the focus is now on traders and wholesalers via a proposed competition investigation.
Mr. Dar said the DA is planning to increase its minimum access volume (MAV) allocation for pork imports to 162,000 metric tons (MT), from the current 54,000 MT.
Pork products imported under MAV are charged a 30% tariff, while those outside the MAV are charged 40%.
Meanwhile, Trade Secretary Ramon M. Lopez in a statement Monday called for the creation of a registry of stakeholders involved in the agriculture supply chain. The registry will help future investigations identify the source of sudden price increases.
Mr. Lopez also said that local government units should start a dialogue with retailers regarding the implementation of the SRP.
In a statement Monday, Samahang Industriya ng Agrikultura Chairman Rosendo O. So said prices are high because the supply of pork in Metro Manila has to be sourced from distant growing areas like the Ilocos and Bicol region. He added that the prices of feed and inputs have also increased.
Mr. So claimed that the hog industry has lost P134 billion due to African Swine Fever, while the poultry industry is being affected by the entry of imports.
“The farmgate price of pork is now between P230 to P250 per kilogram in Luzon. Chicken farmgate price is between P115 to P120 per kilogram. How will traders bring these to Metro Manila? It is high time that the DA help producers,” Mr. So said. — Revin Mikhael D. Ochave
THE Bureau of Internal Revenue (BIR) said it collected P1.67 trillion worth of taxes through electronic payment channels last year, or 86% of the P1.94 trillion total, after the pandemic shut down many face-to-face online payment channels.
Around 21.5 million or 94% of the 22.86 million tax returns filed last year were submitted online, according to the Department of Finance (DoF), citing preliminary data from BIR Commissioner Caesar R. Dulay.
Only 6% or 1.38 million tax returns were filed manually in 2020, with taxpayers also restricted in their mobility by the quarantine.
Taxes collected from the PayMaya mobile application, the latest addition to the BIR’s pool of electronic payment channels, amounted to P4.98 billion.
The DoF said the BIR’s collections overall were down 11.23% from the P2.19 trillion in 2019, but exceeded the P1.6-trillion target for 2020 by 15%.
The Development Budget Coordination Committee (DBCC) reduced its projection for government revenue last year as tax collections slumped due to weak consumption and business closures during the pandemic.
Other accredited electronic payment platforms of the BIR were the Gcash e-wallet app, the Land Bank of the Philippines e-payment portal Linkbiz, the PayTax service of the Development Bank of the Philippines, the UnionBank Online app and PESONet.
It launched in April pilot operations for its web-based Internal Revenue Integrated System, which will centralize the processing of taxpayer information. The system is targeted for full launch by the end of 2021, according to the bureau.
It also opened the Electronic Audited Financial System, under which businesses can submit their financial statements to the agency digitally. An e-appointment facility was set up in October for taxpayers to raise concerns online. — Beatrice M. Laforga
THE Philippine Competition Commission (PCC) has raised fines for violations of competition rules like cartel behavior in pricing and unauthorized mergers by 10%.
Firms found to be participating in cartels, abuse of market dominance, and unauthorized mergers can now be fined up to P110 million, while those that refuse to follow the commission’s rulings or are late in submitting merger notifications can be fined up to P2.2 million.
Submission of wrong or misleading information to the commission can lead to fines of up to P1.1 million, the commission said in a statement Monday.
Companies subject to the Philippine Competition Act (PCA) or Republic Act No. 10667 are not allowed to use their dominance or significant market power to deter competition or employ secret agreements to fix prices.
Under the law, PCC may adjust its penalties for inflation every five years.
PCC Chairman Arsenio S. Balisacan said that this adjustment ensures that the law can sufficiently deter firms from engaging in anti-competitive behavior.
“Along with effective detection and prosecution of infringements, increasing PCC’s fines is meant to deter cartelistic and abusive business practices that take advantage of consumers amid the pandemic,” he said.
While the range of fines has been adjusted, the commission said that companies will ultimately be penalized based on “the gravity and duration of the infringement, profits derived from the illegal conduct, and consumer harm.”
The new fines will take effect on Feb. 9 and will apply to violations committed after that date.
The PCC has imposed P162.5 million in fines since 2016. — Jenina P. Ibañez
