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Megaworld mandates banks to arrange dollar bond sale

MEGAWORLD CORP. has started planning for a dollar-denominated bond offering through the appointment of banks to arrange investor calls.

In a disclosure on Wednesday, the Andrew L. Tan-led property developer said its board of directors had chosen Citigroup Global Markets Ltd., The Hongkong and Shanghai Banking Corp. Ltd. (HSBC), Credit Suisse (Singapore) Ltd. and J.P. Morgan Securities plc for the unsecured notes.

Citigroup Global and HSBC will act as joint global coordinators, joint lead managers and joint bookrunners, while Credit Suisse and J.P. Morgan will act as joint bookrunners for the plan.

The banks have started a series of fixed-income investor calls on Wednesday, after which an offering of Regulation S only, dollar-denominated senior unsecured notes may follow, depending on market conditions.

A Regulation S offering means the securities are executed in countries outside the United States.

If the issuance goes through, proceeds from the sale will be used for general corporate purposes, such as supporting the company’s capital expenditures (capex), financing land banking plans and refinancing existing loans.

Megaworld has set its capex for the year at P36 billion, lower than its original plan of P60 billion, due to the impact of the coronavirus outbreak to its operations.

Its attributable earnings for the first quarter fell 9% to P3.5 billion, largely due to the impact of the pandemic to its hotel business, which revenues slid 4% to P551 million.

As of end-March, Megaworld’s interest-bearing loans and borrowings current and non-current amounted to P54.15 billion, and its bonds payable amounted to P24.7 billion.

On Wednesday, shares in Megaworld at the stock exchange added two centavos or 0.63% to close at P3.20 apiece. — Denise A. Valdez

Leica launches first 40MP camera M10R

By Zsarlene B. Chua, Senior Reporter

GERMAN premium camera manufacturer Leica has launched an update for its M series with the Leica M10R, its highest resolution model yet packing 40 megapixels, one of new products the company is introducing as they hope to recover steam at the end of their fiscal year due to the pandemic.

“We all have to work with some sort of prediction, with some sort of forecast. Unfortunately, this current situation does not allow us [that],” Sunil Kaur, managing director at Leica Asia Pacific, said during a digital conference on July 17 via Zoom.

Last year, he said, was the “second-best year” Leica had in its entire history though he declined to divulge specific numbers.

Mr. Kaur said they decided to “delete three months” into their predictions for the year: April, May and June, the three months hardest hit by the pandemic where “almost every country in the world suffered.”

The pandemic notwithstanding, he said the company continues to be “very aggressive in investing into the brand and we have many new products coming down in the pipeline.

“So in the last of those three months, we hope to be able to recover towards the fourth quarter of our financial year (January to March),” Mr. Kaur explained.

A testament to its continued bullishness is the Leica M10R, a full-frame rangefinder with its 40MP color sensor and featuring the quiet shutter introduced in the M10-P. The hefty 40MP sensor is said to “significantly reduce image noise as well as a wider dynamic range,” according to the product’s description on its website.

The M10R body (priced at P486,000) is virtually identical to the M10-P launched in 2018 and shares most of its key specs including 3-inch touchscreen rear displays, 100 to 50,000 ISO ranges, Maestro II image processors, and the company’s split-screen manual focus system. It also weighs 660g including the battery. Only, while M10-P has a 24MP sensor, the M10R has 40.

The other Leica camera with this much megapixels is the M10 Monochrom that only shoots in black and white.

Leica also promises excellent low-light performance while maximum exposure time has been increased to 16 minutes (using ISO 100).

The M10R body can also use all of the 29 different M lenses, even the earliest ones, though the “open aperture will show [the older lenses’] character a bit more than film or M9,” Stefan Daniel, Leica’s product division’s global director, said during the same conference.

“But for superb image quality, you are better served with a later design,” he added.

The Leica M10R will be available in July.

For more information, visit the Leica website at https://en.leica-camera.com/.

Enderun to open College of Architecture and Design

ENDERUN COLLEGES is opening a new College of Architecture and Design, with enrollment beginning in mid-August of this year. It will be offering two new professional undergraduate degree programs: Bachelor of Science in Architecture and Bachelor of Science in Interior Design.

“There are already many good schools for architecture and design. What Enderun hopes to do and to contribute to this space, is a systematic process of thought-leadership,” said Dr. Edgardo Rodriguez, President of Enderun Colleges and the Dean of the College of Business, Technology and Entrepreneurship during a press conference via Zoom last week. “We hope that students don’t just learn a craft, but learn the purpose of that craft.”

“The beauty of a living space must go hand in hand with its sustainability,” he said.

Citing their strengths, Mr. Rodriguez underlined their partnerships in institutions here and abroad, with Enderun’s goal of bridging the academe and practice. “Unlike other undergraduate schools, our internships in Enderun can last a full year… it’s really starting a job,” he said, also citing over 800 partnerships around the world.

Of course, the COVID-19 (coronavirus disease 2019) pandemic has put a damper on things, especially since Mr. Rodriguez says that plans for the college have been cooked up for more than four years. “The pandemic has made this launching difficult, but perhaps… it has only given [it] the right time to launch. The underlying theme of the new college’s focus is moving out of architecture and design’s comfort zones into new urgent realities and challenges.”

As mentioned above, enrollment begins in mid-August. Financial aid scholarships and grants may be awarded to deserving students. The semester would be broken in half, with the first half commencing online. By September, the college will gauge the pandemic situation in the country and make a decision regarding blended learning. — JLG

Tech firm Appscape launches location-based job app

By Jenina P. Ibañez, Reporter

A TECH COMPANY is launching a location-based job recruitment app aiming to back 500 companies’ employment efforts this year.

Appscape Corp. developed the LapitJobs application platform and LapitTauhan recruitment portal for businesses, which the company said would help business recruitment efforts amid the pandemic.

Appscape President and Chief Executive Officer Ralph David A. Du, in a phone interview on Wednesday, said the app has a map displaying available jobs at the users’ location.

He said this feature could help circumvent public transportation challenges by connecting prospective employees to jobs closer to them.

The app will show users their net pay, estimated transportation costs, and deducted taxes.

The entire application process can also be done online, including online interview scheduling and document submission. Mr. Du said the company is also distinct in terms of efficiency.

“Very physical pa ’yung dating ng documents (in other platforms)… It takes three to five days and then magbayad ka in actual. For businesses na kailangan mo ng tao ngayon, three to five business days — hindi siya masyadong option kasi ’yung operations mo naha-hamper na eh (The arrival of documents is still very physical in other platforms… It takes three to five days, then you have to pay. For businesses that need manpower now, three to five business days — that is not an option because your operations are being hampered).”

The platform, however, does not have government document verification tools, and does not request for company files with the Department of Trade and Industry, and Bureau of Internal Revenue.

“Hindi siya (documents) guarantee na legitimate ’yung business (The documents do not guarantee that the business is legitimate). All the applicant has to know that there’s a job opening then kayo na bahala magtingin (it’s up to you to check),” Mr. Du said.

LapitTauhan was launched in June for early company registration while the LapitJobs app will be rolled out this week.

To assist hiring during the pandemic, the company will be giving free job ads until the end of the year.

Other job platforms have also been rolling out programs addressing the pandemic. Jobstreet’s program for job-seekers includes a COVID-19 microsite offering job reports for employers. It introduced a new feature called #WorkNow to flag immediate hiring opportunities and availability.

The Philippine unemployment rate surged to 17.7% in April from a year earlier, the highest since the government adopted new definitions for the Labor Force Survey in 2005. This translates to 7.25 million unemployed Filipinos, or more than three times the 2.27-million unemployed a year earlier.

Yields on BSP’s term deposits slip on surprise reserve ratio cut

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits slipped on Wednesday after the reduction in smaller banks’ reserve requirement ratios.

Tenders for the BSP’s term deposit facility (TDF) totaled P526.55 billion on Wednesday, more than the P320 billion on the auction block. This was also above the P510.385 billion in bids logged last week for the P260-billion offer.

The seven-day papers attracted bids amounting to P198.595 billion, surpassing the P130 billion on offer as well as the P216.735 billion seen on July 15.

Accepted yields for the one-week term deposits ranged from 1.75% to 1.7588%, a slightly wider band compared to the 1.75% to 1.76% margin seen last week. With this, the average rate for the tenor stood at 1.7554%, dipping by 0.03 basis point (bp) from last week’s 1.7557%.

For the 14-day papers, tenders hit P201.9 billion, higher than the P120 billion on the auction block and also beating the P184.52 billion in bids last week for the P110 billion up for grabs.

Lenders asked for returns ranging from 1.75% to 1.757%, a marginally slimmer band compared to the 1.75% to 1.76% recorded a week ago. This caused the average rate for the two-week papers to settle at 1.7549%, down by 0.15 bp from the 1.7564% fetched in the previous offering.

Meanwhile, the 28-day tenor was met with bids totaling P126.06 billion, higher than the P70 billion auctioned off by the central bank as well as the P109.13 billion seen a week ago for the P60 billion on offer.

Yields on the one-month papers ranged from 1.75% to 1.76%, thinning slightly from the 1.75% to 1.765% margin seen last week. This caused the tenor’s average rate to settle at 1.756%, 0.25 bp lower than the 1.7585% recorded a week ago.

The TDF is the central bank’s primary tool to mop up excess liquidity in the financial system and to better guide market interest rates.

“[The] results show continued market interest for the BSP’s deposit facilities even with the public offering of the Bureau of the Treasury’s Retail Treasury Bonds, indicating sufficient liquidity in the financial system,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

The marginally lower yields came following the latest reserve requirement ratio (RRR) cut announced by the Bangko Sentral ng Pilipinas on Tuesday, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“The least slight easing in TDF auction yields came a day after the surprise 100-bps cut in the RRR of thrift banks and rural/cooperative banks that effectively infuse about P10 billion of additional peso liquidity into the financial system,” Mr. Ricafort said in a text message.

The reduction will bring down the reserve ratios of thrift banks to three percent and to two percent for rural and cooperative banks effective July 31.

This followed the 200-bp reduction in the RRR of universal and commercial banks to 12% in April.

The Monetary Board is authorized to slash banks’ RRR by up to 400 bps this year to boost liquidity in the financial system amid the ongoing crisis. — Luz Wendy T. Noble

Apple to remove carbon from supply chain, products

APPLE, INC. said on Tuesday it plans to remove carbon emissions from its entire business, including its products and sprawling supply chain, over the next decade.

The iPhone maker said its global corporate operations such as offices and data centers are already carbon neutral but that it will extend its effort to the thousands of suppliers that contribute to its products.

Apple said it aims to achieve 75% of the goal by reducing emissions, with the remaining 25% coming from carbon removal or offset projects such as planting trees and restoring habitats.

For its supply chain, Apple aims to address what are termed “scope three” emissions, which come indirectly from a company’s value chain. In Apple’s case, this means contract manufacturers such as Hon Hai Precision Industry Co. Ltd.’s Foxconn.

Apple said 74% of its overall carbon emissions are generated by product manufacturing. To address the scope three emissions from manufacturing, Apple said it will help set up a $100-million “US-China Green Fund” to provide capital investments to suppliers for energy efficiency projects.

The company has also been working with suppliers to reduce emissions by using recycled materials, saying its iPhones now use recycled rare earth elements in a component called the taptic engine.

Rare earth elements are energy-intensive to mine but are often used in amounts too small to make recycling economical. Apple said it has created a robot to recover the materials from some of its devices.

Apple said its carbon removal or offset efforts will come via a fund to assist projects such as restoring mangrove ecosystems in Colombia and savannas in Kenya. The company did not disclose a dollar figure for the fund.

Apple’s nature-based carbon removal strategy contrasts with other companies such as Microsoft Corp., which earlier this year said it would invest $1 billion over the next four years in engineering-based carbon removal technologies.

Apple’s most recent environmental report, covering fiscal 2018, put its carbon footprint at 25.2 million tons. — Reuters

The pandemic is changing the city and home

BIKE commuters navigate through traffic as they carefully cross the EDSA-Aurora intersection in Quezon City during the first day of work for some essential employees on Monday. Bike commuting is highly encouraged by the Department of Transportation as a better alternative to public transportation which helps with the proper physical distancing in the “new normal” amid the COVID-19 pandemic.  – MIGUEL DE GUZMAN/PHILSTAR

THE pandemic is forcing people to look at how their cities and homes really work for the kinds of lives they live today. Cities, it turns out, are less than user friendly for pedestrians and bikers — an age-old problem that has suddenly come to the fore with the disappearance of public transportation thanks to the need to control the spread of COVID-19 (coronavirus disease 2019). Meanwhile, open plan homes, it turns out, are less workable when the space has to be shared to do things that were done outside the home pre-pandemic.

These issues were discussed during a webinar by Enderun Colleges called “The Future of Architecture & Design: Reshaping Our Cities, Buildings and Homes” on July 17. The talk was led by architect, urban planner, and chair of the advisory board for the Enderun College of Architecture and Design (see related story) Felino Palafox, Jr., with Architects Gelo Mañosa and Jojo Tolentino, and Interior Designer Chat Fores.

“Urban planning sets the states for the other disciplines to come in: architecture, engineering, urban design, interior design and other disciplines in the built environment,” said Mr. Palafox.

A master planner of communities here and abroad, he has a lot to say about Manila’s transportation system and roadways. “Metro Manila is an example of how not to do it,” he said.

For example, he cites that biking and walking are nor priorities in Metro Manila, the nation’s capital. “Unfortunately, in our part of the world, they don’t even consider walking and bicycles as the first mode of transportation. Especially with this pandemic with social distancing, we have put forward our recommendations to make our cities more walkable and bike-able.”

These would include linear parks along major highways, and converting a third of road corridors to walking spaces (another third would go to landscaping, and a final third would go to vehicles). “Cars are the worst kind of urban transport,” he declared. “Transportation should be about the movement of people: how many people per lane, per hour.” He pointed out that only 2% of people own cars, and yet 100% of them are pedestrians because “Once you leave your car, you are a pedestrian.” The goal for him is, “I believe you should be within 20 minutes walking, bicycle, and [using] public transportation to all your destinations.”

He also said we should be utilizing our waterways, such as the Pasig River. The river banks could serve as promenades and bikeways, with him pointing out that in other countries waterfronts are “the front door of development,” while here, they become “the back-of-the-house basurahan (waste bin).”

Mr. Palafox even has a solution for reducing criminality: less walls. When “there are more eyes in the public realm” there is less criminality, he said. “Criminals are more scared of windows,” he noted, showing a slide of a skyscraper. “Behind a window is a potential witness,” he pointed out.

“We have to re-educate policymakers.”

NO MORE OPEN PLAN HOMES
Meanwhile, Gelo Manosa, CEO of Manosa and Co., Inc., and Manosa Partners, made predictions of how home design will change after the pandemic. One big change would be that the open floor plans espoused by real estate agents might have to take a back seat to more traditional partitions, as more people spend time in homes and have to compartmentalize their lives within it.

“Open planning would prove to be a hindrance for a home,” he said.

Setting off office spaces, learning spaces, and entertainment spaces, and partitions, movable dividers and the like would be key. Important spaces would be work-from-home rooms, learning areas for children, and fitness areas (due to social distancing and gym closures). Finally, balconies, gardens, and vertical gardens (in smaller spaces) might prove to be a necessity to commune with nature.

Foyers and mud rooms, which weren’ always popular here, might take new precedence. Previously ignored entrance halls, after all, might have to be used for disinfecting our things and ourselves when returning from an expedition outside where the virus lurks.

He also pointed out that less is more; saying that during the pandemic, “We started learning that we could survive with a lot less.” — Joseph L. Garcia

Dining In/Out (07/23/2)

Discovery Primea’s Tapenade reopens

DISCOVERY PRIMEA’S Restaurant Tapenade fires up its stoves once again after shutting down for four months due to the COVID-19 pandemic. It has reopened with enhanced safety protocols and a menu highlighting its best-loved dishes. Guests can sit down and order their Tapenade favorites, from its stone-baked pizzas to items from the grill. Guests dining in can enjoy Tapenade’s high ceilings, spacious layout, and low customer density design. Safety reminders must be acknowledged by guests before entering the restaurant. Chefs and servers are equipped with personal protective equipment such as face masks, face shields, and gloves. Tables for two are installed with acrylic dividers. Menus are now in the form of QR codes to lessen surface contact, while table markers are available to help guests observe social distancing. The restaurant is also cleaned and disinfected thoroughly before and after service. The rich and savory flavors of Mediterranean cuisine remain at Tapenade. Among the dishes served are Shrimps En Gabardina, a Spanish-style tempura accompanied with Guindilla aioli dip, Wagyu & Beef Mushroom Paella with black pepper aioli, and the Salumi Pizza with Italian guanciale, fennel sausage, bacon, salsiccia picante and mozzarella. There are also fresh off the grill selections such as US Lamb Chops Scottadita with rosemary, honey and mint, served with a side of baby greens, and the Mediterranean Beef Kebab with basmati rice with cashew, raisins, eggplant, and cilantro. Making a guest appearance on the menu is The Gilarmi Burger, a constant contender in lists of best burgers in Manila: a hefty Angus patty layered with cheese, lettuce, tomato, bacon, topped with fried egg. It comes with a generous serving of onion rings and French fries. For those who prefer to dine at home, Tapenade On the Go remains available for takeout and via food delivery apps. To view the full menu of its takeout options, visit https://bit.ly/2ZS7IB8. Restaurant Tapenade is open on Tuesday to Sunday, from 11:30 a.m. to 8:30 p.m.  Advanced reservations are highly encouraged. For bookings, call 7955-8891 or 7955-8892.

Yellow Cab pizza and chicken wings promo

YELLOW CAB is now offering its House Pizza Time promo. Get two nine-inch Classic pizzas in two flavors with edge-to-edge toppings, Hawaiian and Pepperoni, and 16 pieces of fried chicken wings in up to four flavors of your choice. Feast on this for P999, saving as much as P316.  Promo runs until Oct. 4. Place orders for Curbside pick-up, take-out, and delivery. This offer is also available via GrabFood, FoodPanda, and LalaFood. All Yellow Cab stores comply with proper operating guidelines. For more information, visit https://www.facebook.com/YellowCabPizzaOfficial.

Kuya J opens more branches for dine-in and takeout

KUYA J — known for serving Filipino comfort food like Crispy Pata, Kare Kare, and Lechon Baka — is reopening more branches around the country for takeout or dine-in. Kuya J branches which are open include those in Otis, Robinsons Place Manila, Eastwood, Waltermart North EDSA, SM Megamall, SM San Lazaro, SM Cubao, SM East Ortigas, SM Marikina, SM Sucat, SM Southmall, SM Legazpi, SM Novaliches, SM Valenzuela, SM Ormoc, SM Lipa, SM Sta. Rosa, SM Pampanga, SM San Mateo, Paseo de Magallanes, Venice Grand Canal Mall, Festival Mall, Robinsons Imus and Robinsons Naga. More branches are slated to reopen in the near future. To ensure the health of all customers, strict safety measures are in place such as wearing masks, observance of social distancing, checking of temperature and placement of alcohol dispensers inside the restaurants. Kuya J employees are also required to undergo the necessary sanitary procedures to guarantee safe food handling. Delivery is available via www.centraldelivery.ph. For updates on branch reopenings and other news, follow @kuyajresto on Facebook and Instagram.

Jollibee resumes dine-in operations

JOLLIBEE has reopened its doors for customers and resumes operations in over 1,000 branches nationwide, following and implementing strict safety measures and sanitation protocols in compliance with the health protocol guidelines set by the Department of Trade and Industry for dine-in restaurants and fast-food establishments. These procedures are also captured in an online video, “Beeda ang Safety at Saya,” which is available on Jollibee’s Facebook page and YouTube channel. The store team goes through a rigorous safety process, including temperature checks and accomplishing a daily health form, before reporting for duty. Members of the crew are also required to wear face masks, face shields, and gloves when in the stores, and thoroughly sanitize all utensils every day. Meanwhile, store fixtures and hard surfaces such as doors and tables are cleansed every 30 minutes, and self-order kiosks (SOKs) are disinfected after every use. The tables inside the stores are equipped with table guards and markers, this way, customers who are sharing a table can have added protection. Jollibee has Hygiene Ambassadors to remind customers of the safety measures and to ensure that all protocols are being followed. Before entering the store, customers are required to go through a three-step safety check — sanitizing shoe soles via a disinfectant mat, strict wearing of face masks, and contactless checking of temperature. To strengthen COVID-19 monitoring and contact tracing, customers are also required to fill out a health declaration form in compliance with the DTI guidelines. One-meter physical distancing is practiced inside, with floor markers to serve as guides. Numbered cue cards are also given to both dine-in and take-out customers to manage the number of customers inside the store.  When ordering, counter guards are installed and “No-Touch” transactions are observed to keep both the crew members and customers safe. And to lessen physical interaction, cashless payments can be made by customers through Happyplus card, credit card, debit card, or PayMaya. Jollibee also applies the same safety standards in preparing food orders and “No-Touch” protocols for delivery via jollibeedelivery.com or the #8-7000 hotline.

McDonald’s offers new Mcdo Party Box

PARTY PLANNING is now easier with the all-in-one McDo Party Box, now available for as low as P1,699. The McDo Party Box comes complete with food and party gear, plus it does not require advance ordering or pre-booking. Aside from the food, the McDo Party Box includes party hats, activity tray mats, assorted mystery classic Happy Meal toys, balloons, and a limited edition McDo pillow. There are four McDo Party Box bundles to choose from: two sets are good for five pax and are available at P1,699, and the other two sets are good for 10 pax,and are priced at P2,999. Pick between the McSpaghetti bundle, or the Chicken McNuggets bundle, both of which also comes with the original Chicken McDo, BFF Fries, and Regular Coke. The McDo Party Box is now available in select stores nationwide. Order via Drive Thru, Take Out, or McDelivery (bit.ly/McDeliveryPartyBox), App, Chatbot, or by calling the hotline 8888-6236 (for NCR), without the need to do any advance ordering or pre-booking. For more information, visit the link bit.ly/McDoPartyBox.

SMIC lists P5.6-billion bonds

SM INVESTMENTS CORP. (SMIC) has issued and listed P5.6-billion bonds at the Philippine Dealing and Exchange Corp. (PDEx) on Wednesday.

In a disclosure to the stock exchange, the listed conglomerate said it had enrolled the fixed-rate notes at PDEx specifically targeted for qualified institutional buyers.

The notes will have a yield of 2.875% per annum and will mature on Jan. 22, 2022.

SMIC tapped BDO Capital & Investment Corp. and China Bank Capital Corp. as joint lead arrangers for the issuance.

The company did not specify the intended use of the proceeds from the issuance.

Based on records from the PDEx, SMIC’s P5.6-billion bond listing makes for its fifth listed securities at the local bond market.

The rest are P11.67-billion bonds due 2021, P7.68-billion bonds due 2022, P20-billion bonds due 2023, P3.33-billion bonds due 2024.

Last week, SMIC also applied for the shelf registration of a P30-billion bond program with the Securities and Exchange Commission. From this program, the company intends to do an initial issuance of up to P15-billion bonds, inclusive of a P5-billion oversubscription option.

SMIC booked P9 billion in profits for the first quarter, down 16% year-on-year due to the slowdown in its retail, property and banking units. It has set capital expenditures for the year within P94 billion to P98 billion.

Shares in SMIC at the stock exchange fell P10 or 1.08% to P915 each on Wednesday. — Denise A. Valdez

BSP regulatory relief measures in effect until 2021

THE CENTRAL BANK will extend the effectivity of its regulatory relief measures until March 2021 and is also open to lengthening this depending on how the crisis plays out.

Memorandum No. M-2020-057 signed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier on July 21 said the Monetary Board approved the amendments to the operational relief measures for BSP-supervised financial institutions laid out in Memoranda Nos. M-2020-011 dated March 19 and M-2020- 015 dated March 30.

“This shall be effective until March 31, 2021. The period of applicability may be extended depending on the developments of the COVID-19 (coronavirus disease 2019) situation,” the new memorandum said.

Among the relief measures that will be extended will be the higher single borrower’s limit (SBL) of 30% from 25%, which was only supposed to be effective for six months starting March.

The SBL limits banks’ credit exposure to reduce risks that may arise from a borrower’s default.

The BSP is also reducing the maximum penalty that may be imposed for reserve deficiencies to the overnight lending rate, currently at 2.75%, plus 10 basis points (bps) until March 2021. Previously, it was the overnight lending rate plus 50 bps.

This is on the condition that the “maximum reserve deficiency of the BSFI (BSP-supervised financial institution) shall be 200 basis points, and the excess above that shall be subject to regular penalties.”

The reserve requirement ratios of universal and commercial banks, thrift and rural lenders are at 12%, three percent and two percent, respectively.

The relaxation of notification requirements for temporary closure of bank branches and head offices and also changes in banking hours will also be extended until March 2021. Lenders are required to inform the public of such through their websites and social media accounts.

“The temporary closure of said unit beyond one year shall be deemed as a permanent closure and surrender of license of the bank branch/branch-lite unit or NSSLA (nonstock savings and loan association) service unit,” Ms. Fonacier said.

Reports or documents submitted via e-mail will also be deemed authorized without the need for a physical signature so long as these are in accordance with guidelines set by the BSP. — L.W.T. Noble

Google Meet to roll out new security features for video meetings

ALPHABET, Inc.’s Google said on Tuesday it will roll out new security features on its videoconferencing platform, Meet, to prevent the participation of uninvited users in video meetings.

The firm said it is giving meeting hosts increased control over who can “knock” and join their meetings along with other features such as the option to block attempts from users who are not logged into a Google account to join a meeting.

For example, the company said, if a knocking request from a user to enter a meeting has been denied multiple times, the user will be automatically blocked from sending more requests.

The security features comes at a time when the usage of videoconferencing services is rocketing because of lockdowns and pandemic-led social-distancing measures.

Rival Zoom Video Communications, Inc. also rolled out security updates in response to multiple reports of “zoombombing,” where strangers barge into private calls having gained access to an invite or meeting number. — Reuters

How PSEi member stocks performed — July 22, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, July 22, 2020.

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