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Hotel chain to convert some rooms into office space

By Zsarlene B. Chua, Reporter

ROBINSONS HOTELS and Resorts (RHR) is turning some of its hotel rooms into private office spaces and offering long-stay services in several Go Hotels, as it addresses changing consumer demand amid the pandemic.

The hospitality arm of Robinsons Land Corporation launched its Work-To-Go program at two Go Hotels and two Summit Hotels.

Long stay services under the Home-to-Go program are being offered at three Go Hotels: Go Hotels Otis-Manila, Go Hotels Ortigas Center, and Go Hotels Mandaluyong.

The group has been planning to offer long stays or dormitory services, but this was pushed forward because of the pandemic, Arthur D. Gindap, senior vice-president and business unit general manager at RHR, said in a digital briefing on July 1.

“Our five-year plan is to actually add about eight to ten dorms countrywide. So [Home-to-Go] is already a product we were working on and we just advanced its [implementation] because of the current situation, and the need, and the demand. The request to have this product is simply from a transportation perspective,” Mr. Gindap said.

RLC is set to open its first dormitory within its Bridgetowne township in Quezon City by late-2021. The property will have 640 rooms and over 2,000 beds.

“We are also looking into offering [private offices] in our properties in the Visayas and Mindanao GoHotels and all our different Summit properties,” Joy de Mesa, group director of sales and marketing at RLC, said in the same briefing.

So far the Work-To-Go program is available at Go Hotels properties in Ortigas and Mandaluyong, and Summit Hotel Magnolia (Quezon City) and Greenhills. Around 30% of the rooms at these hotels will be converted into private offices for rent.

Go Hotels Ortigas has 198 rooms, Go Hotels Mandaluyong has 223 rooms, Summit Magnolia has 82 rooms, and Summit Greenhills has 100 rooms.

In total, budget hotel brand Go Hotels has 15 locations while the more upscale Summit Hotels has six hotels in its portfolio.

To date, Ms. De Mesa said Go Hotels Ortigas has “30 to 40 rooms” occupied under the Home-to-Go program. They are set to ink contracts for the Work-to-Go program.

“The reason why the product is very, very attractive to the desired market is because of the proximity of the location of the properties. Most or all of them are actually located beside shopping malls,” Roseann Coscolluela-Villegas, director of corporate public relations at RLC, said in the same briefing.

The Work-to-Go program’s monthly rates start at P16,200 net for an 18 square meter (sq.m.) unfurnished private office for two people, up to P48,000 for a 56 sq.m. room. The rate includes Wi-Fi access, weekly cleaning services, utilities, and access to a common pantry area. A setup with office furniture will incur additional charges.

Long-stay services under the Home-to-Go program are priced starting at P18,000 a month for two people. The rate includes basic utilities and Wi-Fi access. The rate is available until December 31.

“We would like to be able to have this offer available whenever we think that the market is still very much responsive to it… given the very positive response of the market to our programs, we see this to be a part of our offerings that we sell out to the market on a daily basis,” Ms. De Mesa said.

FUTURE OF HOSPITALITY
During the briefing, Mr. Gindap noted that he foresees recovery and return to the company’s pre-COVID-19 numbers to take “as much as 12 months and might even be up to 12 to 18 months.”

“So I say to all our associates we need to be optimistic but we also need to be realistic,” he said before adding that expansion plans will be “slightly delayed.”

“Even if we went full blast and we were to open in six months’ time, there just wouldn’t be people there to take our new hotels. So we are proceeding [to open] seven hotels between this and next year,” Mr. Gindap said.

These seven hotels are: Summit Hotel Naga, Go Hotel Naga, Go Hotel Tuguegarao, Westin Sonata, Summit Gensan, H2G Bridgetown, and Fili Hotel in Bridgetown.

Mr. Gindap said he also expects consumers to tighten their purses in the near-term, and domestic tourism to lead recovery.

With RHR’s portfolio of budget brands like Go Hotels and more upscale brands like Summit and Dusit Thani, he believes they are in “a great position to handle the business.”

Cinemalaya 2020 announces short films finalists

THE Cinemalaya Philippine Independent Film Festival has announced the 10 finalists who will compete in the Short Film Category.

The finalists are: Ang Gasgas na Plaka ni Lolo Bert by Janina Gacosta and Cheska Marfori; Ang Pagpakalma sa Unos (To Calm the Pig Inside) by Joanna Vasquez Arong; Excuse Me Miss Miss, Miss by Sonny Calvento; Fatigued by James Robin M. Mayo; Living Things by Martika Ramirez Escobar; Quing Lalam ning Aldo (Under the Sun) by Reeden Fajardo; Pabasa Kan Pasyon by Hubert Tibi; Tokwifi by Carla Pulido Ocampo; Utwas by Richard Jeroui Salvadico and Arlie Sweet Sumagaysay; and The Slums by Jan Andrei Cobey.

Because of the COVID-19 pandemic, the country’s biggest independent film festival will transition to virtual theater via Vimeo. This year’s festival will focus on Short Films in Competition, Gawad CCP Para sa Alternatibong Pelikula at Video, Cinemalaya Retrospectives, Short Films in Exhibition and many more.

Co-produced by the Cultural Center of the Philippines and the Cinemalaya Foundation, Cinemalaya 2020 will run from Aug. 7 to 16.

Benguet Corp. swings to profitability

BENGUET Corp. reported a turnaround in its first-quarter with a net income of P56.7 million after the mining company recorded a marked improvement in its revenues during the period.

In the same quarter last year, the company registered a net loss of P60.56 million.

In a disclosure to the stock exchange, the company said its revenues rose 119% to P408.46 million versus P186.52 million.

Benguet Corp. credited the higher revenues in the first quarter to the sale of three boatloads of nickel ore with an aggregate volume of 158,650 tons valued at P205.2 million.

The company’s Acupan gold project milled 10,114 tons of ore, which produced 1,979 ounces of gold.

The average grade of ore milled fell to 6.09 grams of gold per ton compared with 6.94 grams of gold per ton during the same quarter in 2019. “Milling rate improved by 16% to 111 tons per day during the quarter compared to 96 tons per day in the same period last year,” the disclosure said.

The company’s Sta. Cruz nickel project under its wholly owned subsidiary Benguetcorp Nickel Mines, Inc. has posted net earnings of P20.07 million for the quarter.

Meanwhile, Benguet Corp. said its Irisan lime project posted pre-tax earnings of P3.3 million for the quarter, lower than the P8.8 million it earned in the same period last year, due to lower sales volume at 1,647 tons.

“The company will continue to be affected by the government’s imposed lockdown due to coronavirus disease 2019 (COVID-19) infection which caused disruption of operations,” the disclosure said.

However, Benguet Corp. said it had implemented precautionary strategies and protocols to address the risks from COVID-19 and provided alternative work schemes such as skeletal manpower to ensure continued business operations.

“The company is confident that its wholly owned subsidiary, BNMI will continue to market its saleable stockpiled nickel ores,” the disclosure said.

The company’s total assets increased 0.9% to P6.98 billion while its total consolidated liabilities were at P2.51 billion for the quarter.

On Monday, shares in Benguet Corp. “A” fell 4.29% or P0.06 to close at P1.34 per share while Benguet Corp. “B” retreated 4.67% or P0.07 to end at P1.43 apiece. — Revin Mikhael D. Ochave

Tranquil residential haven in Antipolo

MEGAWORLD Corp. subsidiary Global-Estate Resorts, Inc. (GERI) is developing the 640-hectare integrated lifestyle community Eastland Heights in Antipolo City.

Described as a “tranquil slice of residential haven,” Eastland Heights offers views of the Sierra Madre mountains.

Architect JJ Acuna was quoted as saying in a statement that people now long for “more ventilation, more daylight, access to greenery, and indoor-outdoor spaces at home” amid the pandemic. Lots at Eastland Heights range from 300 square meters (sq.m.) to 2,000 sq.m.

The community also hosts a 36-hole Forest Hills Golf Course, and Springs — a Bali-inspired water leisure park. Other amenities include a fitness center, tennis and basketball courts, pocket gazebos, picnic tables, a pool bar, and an event pavilion.

Crown Asia expects recovery through Build, Build, Build

CROWN Asia Chemicals Corp. (Crown Asia) is optimistic for recovery as it remains contracted to provide supplies for some of the country’s major infrastructure projects.

In a statement to the stock exchange Monday, the listed manufacturer of polyvinyl chloride (PVC) compounds said it is primed to bounce back after posting lower revenues in the first quarter due to the coronavirus disease 2019 (COVID-19) pandemic.

“[Crown Asia] continues to supply ongoing and upcoming infrastructure projects such as railways, expressways, airports and other flagship projects under the government’s Build, Build, Build Program, after a lull as a result of the COVID pandemic,” it said.

It noted it had participated in several infrastructure projects in the past such as the NAIA Expressway, New Clark International Airport Terminal, Skyway Stage 3, Cavite-Laguna Expressway and Manila-Cavite Expressway.

“Over the past years, Crown Pipes were used in premier industrial, commercial and residential projects of reputable clients… Crown Pipes continues its presence in the construction sector whether in projects (or) various trade segments,” it said.

Crown Asia’s topline in the January-to-March period fell 5% to P320.75 million due to a slowdown in its domestic sales. It said in a regulatory filing the imposition of a Luzon-wide lockdown in mid-March, which halted construction activities, affected the flow of its revenues.

But its net profit still managed to gain 6% to P45.43 million on the back of a decline in finance costs because of the repayment of car loans and foreign exchange rate differentials.

The government’s Build, Build, Build program, which the company banks on to boost its revenues, has taken the back seat in the first quarter because of the COVID-19 pandemic. Infrastructure spending fell 12.4% to P156.1 billion, 18% short of the target P191.1-billion spending for the period.

But the projected infrastructure spending for next year, as announced on June 7, sits at P1.13 trillion to help catch up after this year’s delays.

Shares in Crown Asia at the stock exchange picked up two centavos or 1.02% to close at P1.98 each on Monday. — Denise A. Valdez

Harry Potter fan sites step back from Rowling over transgender views

LOS ANGELES — Two of the biggest Harry Potter fan sites on Thursday distanced themselves from author J.K. Rowling because of her beliefs on transgender issues, calling them at odds with the message of empowerment in her best-selling books.

Websites The Leaky Cauldron and Mugglenet said they would no longer provide links to the British author’s personal website, use photos of her, or write about achievements that do not relate to the Wizarding World she created.

The joint statement by the fan sites said Rowling’s views on “marginalized people (are) out of step with the message of acceptance and empowerment we find in her books and celebrated by the Harry Potter community.”

It follows a lengthy personal essay by Rowling last month in which she detailed her research and beliefs on transgender issues, including examples of where she thought demands by transgender activists were dangerous to women.

The essay was widely criticized by LGBTQ advocacy groups as divisive and transphobic.

Rowling’s seven Harry Potter novels about a boy wizard have sold more than 500 million copies worldwide and were turned into eight blockbuster movies. She followed up with a spin-off movie franchise Fantastic Beasts and Where To Find Them.

The fan sites, which together have more than one million Facebook followers, said they found it difficult to speak out against Rowling because they had admired her work for so long, but said “it would be wrong not to use our platforms to counteract the harm she has caused.”

“While we don’t condone the mistreatment JKR (Rowling) has received for airing her opinions about transgender people, we must reject her beliefs,” the statement added.

Rowling’s representatives declined to comment on Friday’s statement. — Reuters

Gov’t upsizes award of T-bills

THE GOVERNMENT hiked the volume of Treasury bills (T-bills) it borrowed on Monday as rates continued to plummet across-the-board.

The Bureau of the Treasury (BTr) on Monday raised P24 billion via T-bills out of P116.9 billion in total tenders, which was more than five times the initial offer of P20 billion.

It borrowed P7 billion through 91-day debt papers, higher than the programmed P5 billion, from bids totaling P32.657 billion. The three-month papers fetched an average rate of 1.649%, down 9.7 basis points (bps) from the 1.746% logged in the auction last week.

It also borrowed P7 billion via 182-day T-bills, more than the P5-billion plan, as the tenor attracted tenders worth P34.574 billion. The average rate for the six-month T-bills declined by 14.2 bps to 1.75% from 1.892% previously.

Meanwhile, the BTr made a full P10-billion award of 364-day papers out of bids worth P49.669 billion. The one-year instruments fetched an average rate of 1.855%, down by 12.5 bps from the 1.98% seen last week.

National Treasurer Rosalia V. de Leon told reporters that rates plunged due to the central bank’s decision to benchmark interest rates by 50 bps last month.

Benchmark rates now stand at record lows of 2.25%, 2.75 and 1.75% for the central bank’s overnight reverse repurchase, lending and deposit facilities, respectively.

The Bangko Sentral ng Pilipinas (BSP) Monetary Board has slashed key policy rates by a total of 175 bps so far this year to mitigate the impact of the coronavirus pandemic on the economy.

Ms. De Leon added the market remains awash with cash, especially now that the BTr has repaid around P38 billion in maturing debt.

“[The low rates can be] attributed to [the] 50-bps cut and strong liquidity. We have P38.35 billion maturities back to the system,” she said via Viber.

Meanwhile, a bond trader said the market remains liquid due to dampened borrowing activity as firms are postponing plans to expand their businesses due to the ongoing pandemic.

“[There’s] just too much liquidity at the moment as a result of less borrowing activity by corporates and companies deferring their expansion plans,” the trader said.

Latest BSP data showed bank lending growth in April slowed to 12.7% from 13.6% in March, which was attributed to slower economic activity due to the lockdown.

On Tuesday, the BTr will offer P30 billion in fresh 10-year Treasury bonds (T-bonds).

The government has set a P205-billion borrowing program for July and will offer P145 billion in T-bills via weekly auctions and P60 billion in T-bonds to be auctioned off every other week.

It borrows from local and foreign lenders to plug its budget deficit seen to hit 8.4% of gross domestic product this year. — B.M. Laforga

NBI Clearance Center opens at mall

THE National Bureau of Investigation (NBI) Offsite Clearance Center will be open at the Trade Hall, Expansion Building of Robinsons Novaliches until July 31.

The center operates from 10 a.m. to 5 p.m., Mondays to Friday.

All applicants for the NBI clearance should register at clearance.nbi.gov.ph and pay online before going to the center.

All applicants should go only on their appointment date.

Physical/social distancing and wearing of face masks should be observed at all times. Accompanying person will not be allowed at the venue.

Only 500 applicants will be accommodated every day.

Cisco offers interest-free financing to SMEs

TECHNOLOGY firm Cisco Systems, Inc. (Cisco) announced on Monday its interest-free financing program for small and medium enterprises (SMEs) to help them invest in technology and accelerate their digital transformation during the pandemic.

“The 0% financing program will provide SMEs access to necessary technological enablers from Cisco that include software, hardware and services without breaking their budget,” Cisco said in a statement e-mailed to reporters on Monday.

SMEs, under the program, will enjoy a three-year, full payout lease plan “where they pay equal 36-month payments on their Cisco purchases,” which cost between $20,000 and $300,000.

Cisco launched the program amid the coronavirus virus pandemic that has badly affected SMEs in the country.

Cisco Managing Director for the Philippines Karrie C. Ilagan said: “The outbreak of COVID-19 (coronavirus disease 2019) has had a huge impact on SMEs across the country. However, the situation has also brought about a rapid shift in mindset of SMEs to be more receptive to the idea of integrating technology in various aspects of their business and accelerate their digital transformation journey not as a means of survival in the current environment but also for driving future growth.”

Cisco noted that many SMEs are now looking to adopt technology and digitize their operations.

“The new program from Cisco provides financial support to SMEs that seek to equip themselves with the necessary tools and solutions to accelerate their business in the new digital era. These include tools for virtual meetings and collaboration, cybersecurity solutions and networking equipment,” the company also said.

Raz Mohamad, Cisco’s director of commercial and small business for the ASEAN region, noted that SMEs are the backbone of Southeast Asian economies, accounting for over 85% of total businesses and making up the main contributions to private sector employment in the region.

“They are currently facing the biggest challenges to their operations. Technology can help solve some of their key challenges and revitalize their operations. It is more important than ever for partners like Cisco to provide the much-needed assistance, not just through our solutions and expertise but also through programs that can help alleviate financial concerns,” he added. — Arjay L. Balinbin

UK’s Royal Mint celebrates singer Elton John with new commemorative coin

LONDON — Elton John on Monday became the second artist to be honored by Britain’s Royal Mint with a commemorative coin paying tribute to the decorated British singer-songwriter.

The coin, designed by artist Bradley Morgan Johnson, depicts John’s distinctive straw boater’s hat, and fashions his trademark glasses out of a pair of musical notes.

“It really is a fabulous honour to be recognized in this way,” Mr. John, 73, said.

“The last few years have contained some of the most memorable moments of my career, and this is another truly humbling milestone on my journey.”

John, who was knighted in 1998, is the second artist to be commemorated under the Royal Mint’s Music Legends series after rock band Queen.

He has sold more than 250 million records, with hits like “Candle in the Wind,” “Your Song,” and “Bennie and the Jets.”

John has been forced to postpone a lengthy farewell tour due to the COVID-19 pandemic.

The Royal Mint also said it was working with John to create a special one-off collectors piece to be auctioned later in the year, to raise money for charity at a time where many in the sector are struggling. — Reuters

BDO, Metrobank offering dollar-denominated bonds

BDO UNIBANK, Inc. (BDO) and Metropolitan Bank & Trust Co. (Metrobank) are offering 5.5-year dollar-denominated bonds to raise funds for business purposes and to refinance liabilities, the banks said in separate disclosures on Monday.

BDO is offering at least $500 million in 5.5-year fixed-rate dollar-denominated notes, the proceeds of which will be used for general business purposes.

The bank said the size of the offer will be based on the US dollar benchmark, which means at least $500 million.

The notes will carry a fixed coupon, with an initial price guidance of T+235 basis points (bps).

The Sy-led bank said the notes are part of its $5-billion euro medium-term note program.

The lender has tapped Standard Chartered Bank to act as the global coordinator of the offering. Standard Chartered Bank (B&D), BofA Securities, Inc., meanwhile, will serve as joint lead managers and joint bookrunners.

The notes will be listed on Singapore Exchange Securities Trading Ltd.

BDO last week raised P36 billion in 1.75-year fixed-rate bonds, upsized from its initial P5-billion offer due to strong demand.

In January, the lender raised P40.1 billion via 2.5-year bonds carrying a 4.408% rate per annum.

BDO’s net income declined by 10.2% from a year ago to P8.8 billion in the first quarter as weak markets hit the bank’s investment portfolio.

Its shares slipped by 2.46% on Monday, shedding P2.45 to close at P97.50 apiece versus its P100 finish on Friday.

METROBANK
Meanwhile, Metrobank is looking to offer 5.5-year dollar-denominated unsecured notes to refinance its existing debt.

The Ty-led lender said the offering will be a Regulation-S only 5.5-year dollar-denominated senior unsecured notes and will be subject to market conditions.

“This is the bank’s first issuance of foreign currency senior debt in recent history, under the $2 billion Medium Term Notes (MTN) Programme,” Metrobank said via text message.

“Please expect more details as we firm up the plans for the offering,” it added.

The bank said UBS and First Metro Investment Corp. will serve as the joint global coordinators and joint bookrunners for the offering.

Meanwhile, it said the joint lead managers are Mitsubishi UFJ Financial Group, Inc. (MUFG) and SMBC Nikko Capital Markets Ltd.

“Proceeds will be used to refinance existing indebtedness,” the bank stated in the disclosure.

Moody’s Investors Service yesterday assigned (P)Baa2 long-term foreign and local currency senior unsecured ratings to the long-term senior unsecured component of Metrobank’s $2-billion MTN program.

“The (P)Baa2 ratings assigned to the senior unsecured component of the MTN program are in line with MBT’s Baa2 foreign and local currency deposit ratings, and reflect the bank’s baa2 baseline credit assessment (BCA) and

Moody’s expectation of a very high probability of support from the Government of the Philippines (Baa2 stable) in times of need,” Moody’s said. “The ratings do not receive an uplift because the bank’s baa2 BCA is already at the same level as the sovereign rating.”

Moody’s said Metrobank’s BCA reflects its healthy asset quality, stable profitability supported by low-cost deposits, high capital levels, and strong funding and liquidity.

“Asset risk for MBT is rising because of the coronavirus outbreak, but Moody’s expects its asset quality to remain robust, underpinned by a loan composition that is weighted toward financially sound corporates. Profitability pressures because of slower loan growth and higher credit costs will be somewhat offset by its resilient net interest margin,” the debt watcher said.

Metrobank’s latest issuance marks the second time it is tapping the capital market this year following an offering last month.

The bank raised P10.5 billion in 1.25-year peso-denominated notes in June, marking the sixth issuance out of its P100-billion bond and commercial program.

The notes carry an interest rate of three percent per annum.

Metrobank’s net income declined by 9.33% to P6.1 billion in the first quarter as it increased loan loss provisions due to the pandemic.

Its gross operating revenue rose 13% to P27.6 billion.

Shares in Metrobank closed at P37.9 apiece on Monday, down by P1.05 or 2.7% from Friday’s close of P38.95 each. — B.M. Laforga

Keepr implements safety protocols

KEEPR STORAGE PH is implementing a strict no-contact policy for all clients and personnel, as it resumed operations after Metro Manila was downgraded to a general community quarantine.

“We as consumers value our health more than anything during these times. Having certain protocols in place has helped our business meet our customers’ demands and needs, without having to sacrifice our commitment to our clients… Already, we are seeing more and more businesses pivot to distance-enabled transactions, and we expect this to continue for quite a while, or at least until we have beaten the virus,” Keepr founder Anna Moncupa said in a statement.

Keepr’s guidelines include placing delivery items in a dedicated space accessible to its storage specialists; using in-house bins to store and transport clients’ items; and the use of face masks and personal protective equipment when picking up items.

“Our current policies are not only centered on safety, it was structured with limited resources in mind. With limited public transportation, Metro Manila has minimal workforce available at the moment. Having these contactless procedures when offering moving and storage gives our customers cost-efficient alternatives without them having to look for more manpower,” Ms. Moncupa said.

Keepr offers fully customizable storage solutions for business and personal use.