Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 8641

Curbs to foreign investments still in Senate sights

THE SENATE can be expected to approve a measure easing foreign investment restrictions next year, a key lawmaker said.

Senator Imee R. Marcos, chairwoman of the Senate’s Economic Affairs committee, said the chamber will resume plenary deliberations of the bill when Congress resumes work on Jan. 20, 2020.

“Malamang next year na kasi ang daming nira-rush… (That bill will likely be approved next year because other priorities are being rushed…),” Ms. Marcos said on the sidelines of a Dec. 10 media event in Pasay City, particularly citing the measure further raising tax rates on alcohol products, electronic cigarettes and vapor products that was approved on Dec. 18, ahead of lawmakers’ Dec. 21, 2019-Jan. 19, 2020 Christmas-New Year break.

She cited the possibility that the measure may hurdle the bicameral conference committee before the first regular session ends on June 5 next year.

“I’m hopeful,” Ms. Marcos said when asked on that possibility. “Sa palagay ko papasok na dahil, unang-una, ’yung House natapos na; ikalawa, ilang beses na nabanggit ni Presidente doon sa kanyang SoNA at sa iba’t-ibang business chambers at foreign group (I would think it stands a chance of approval by then because, first of all it has been approved by the House and, secondly, it has been cited by the President in his State of the Nation Address and by various business chambers and foreign groups).”

Other Senate leaders would not respond to requests for comment on when this measure could be approved.

The proposed amendment to the decades-old Republic Act No. 7042, or the Foreign Investment Act of 1991, is among the administration’s legislative priorities for the first regular session of the 18th Congress. It is also on the list of bills that 14 local and foreign business groups submitted to Malacañang and Congress last July.

The measure, under House Bill No. 300, secured final-reading approval at the House of Representatives on Sept. 9.

The House version excludes “practice of profession” from the coverage of the Foreign Investment Negative List (FINL), a provision absent in Senate Bill No. 1156.

Both versions also reduce the minimum employment requirement to 15 from 50 direct local hires for small- and medium-sized domestic enterprises that are established by foreign investors with paid-in capital of at least $100,000.

“Hindi naman (This measure is not) contentious as such pero siguro (but) there are divergent opinions on whether we should have a very basic scheme putting limits at $100,000 or 15 employees as opposed to the old much more demanding higher requirement,” Ms. Marcos said.

The bill also provided that the FINL be amended annually, instead of the current two-year interval. The 11th FINL was updated in October 2018, three years and five months since the last FINL was issued in May 2015, under then president Benigno S.C. Aquino III. — Charmaine A. Tadalan

More needed to open up biomass dev’t

THE MOVE by the Department of Energy (DoE) to allow full foreign ownership of biomass power plants has done little to attract more investments in projects involving the renewable energy technology, local developers said.

“Only if there is FiT (feed-in tariff),” Don Mario Y. Dia, president of Biomass Renewable Energy Alliance, Inc. (BREA), told reporters last week when asked on the impact of the DoE move.

FiT is the guaranteed rate awarded by the government agency to early movers in the renewable energy (RE) space.

Developers who build RE power plants within a set deadline receive the subsidized tariff for their output, which is usually higher than market rates.

“How can you attract foreign investors, ang titingnan nila (what they are looking for are) what are the incentives behind it,” said Mr. Dia, who is also vice-chairman of Negros Island Biomass Holdings, Inc.

The holding firm has lined up three biomass projects on Negros island for inclusion in the government’s FiT program.

Alberto R. Dalusung III, who has served as consultant for biomass projects, said foreign investors are looking for certainty.

“They look for a power supply agreement (PSA). The FiT is the power supply agreement,” he said.

PSAs are contracts between power plant developers and “off-takers” of their energy output, mostly power distribution companies. These contracts include their agreed rate for each kilowatt-hour sold.

“The companies are going elsewhere in Southeast Asia,” Mr. Dalusung added.

LOCALS LOOKING ELSEWHERE
Mr. Dia said even local companies are investing overseas in markets that are awarding feed-in tariff to developers such as Vietnam and Myanmar.

He described BREA as the most representative organization for the biomass industry.

In the Philippines, the FiT scheme for biomass has a capacity installation target of 250 megawatts. Developers were in a race to complete their projects before the end-2017 deadline to avail of the subsidized rate.

However, deadline came with the full subscription to the installation target.

This prompted the DoE to agree to the scheme’s extension to end-2019 or upon successful commissioning of projects covering the unsubscribed balance of the target, whichever comes first.

Mr. Dia said about 10 companies would go over the installation target set by the DoE.

In October, the DoE announced that it had opened biomass energy development to full foreign ownership to encourage the growth of the sector that has lured only a few investors even after the FiT scheme gave them a fixed and subsidized rate for their power output.

“In these new guidelines, we opened up the biomass sector to foreign corporations,” Marissa P. Cerezo, director at the department’s Renewable Energy Management Bureau, had said, adding that the DoE has done away with the previous 60%-40% ownership rule in favor of Filipinos.

She said the reason for allowing foreign ownership in biomass development is that the bureau believes this project does not use a natural resource, hence, no foreign ownership limit should apply.

Biomass energy projects use agricultural waste to produce energy. The DoE has also classified waste-to-energy projects under biomass development, thus widening the sector’s scope.

“We don’t have the local technology on biomass yet so with this policy opening up to foreign companies, we believe that a lot more foreign companies will engage in biomass development or waste-to-energy development,” she said. — Victor V. Saulon

How much do families spend on Noche Buena?

How much do families spend on Noche Buena?

Dichotomous luxe in all-new Bentley Flying Spur

Text and photos by Kap Maceda Aguila

SINGAPORE — Larger yet lighter, sporty yet luxurious, powerful yet fuel-efficient. The dichotomies come, well, fast and furious in the third generation of Bentley Flying Spur. First launched globally in June this year, the four-door Bentley is now poised to gradually roll out to the Asia-Pacific market as the UK car maker formalized its entry into the region with a launch in this city.

Riding on the same MSB platform as its Continental GT sibling and extended family member Porsche Panamera, the Flying Spur is touted to be vastly different from its outgoing precursor. In a release, Bentley declared that this new Flying Spur boasts about 2,000 changes — all perhaps leading to the vision of making it the epitome of “sports sedan agility and modern limousine refinement.”

In an interview with Velocity, Bentley Motors Communications Director Wayne Bruce, on hand for the launch, said that he thinks the four-door grand tourer “is the world’s fastest sedan,” while simultaneously not making much of it. Bentley claims an electronically governed top rate of 333kph. Now that goal was an important one, specific one. Mr. Bruce shares that 333kph is an important figure in Germany to be accepted in the super sedan class. With that, he comments, “I’ve been told by engineers it could go faster.”

The aforementioned new platform allowed Bentley to move the front axle forward by 130 millimeters — extending the Flying Spur’s wheelbase. In turn, this made possible an increase in “Prestige Mass,” or what designers call the “visible area of sheet metal between the front-door shutline and the wheel — bestowing the new model with its unique, more dynamic character.”

The new Flying Spur sheds 38 kilos from the weight of the second generation, owing to all-aluminum exterior panels. In fact, the “rear body side panel is the largest superformed aluminum panel in any car you can buy today.” Bentley employs its own method to create the panels — involving heating sheets to more than 500 degrees Centigrade before each part is cut to shape by a high-power laser.

Bentley’s famous W12 engine — or, rather, the newest iteration of it — dwells under the hood. Even if the name is the same, Mr. Bruce maintains this is a “completely new design” which is 15% more efficient than its forebear. This is made possible as the system shuts off six cylinders when not needed.

The 6.0-liter twin-turbocharged heart delivers 635ps at 6,000rpm and 900Nm from 1,350 to 4,500rpm — enabling the Flying Spur to reach 100kph from standstill in 3.8 seconds. Here’s a bit of trivia from Mr. Bruce: Bentley guarantees the windshield wipers to work at 333kph.

For the first time, the all-wheel drive Flying Spur will now have all-wheel steering as well. Despite its 5.18 meters length, the vehicle will display a tighter turning circle in low speed as the rear wheels move opposite the front pair. Meanwhile, when at high speed the rears will turn in the same direction for “increased nimbleness.”

“There are certain characteristics that our customers and our future customers want and demand from a Bentley because it’s a Bentley. There’s the handcrafted-ness; there’s the beautiful, elegant, understated design. There’s power you just take for granted — effortless power when you want it. This car is not loud like a McLaren, for example,” Mr. Bruce shares with this writer. “Increasingly, because Bentley owners use their cars as a daily driver, they expect all the modern technology accessible to them, which is why one of the big differences between this car and its predecessor is driver assist systems (it has around a dozen).”

At the front, the Flying Spur exhibits undeniable heft and presence, and is unmistakably Bentley — aided by muscular lines “that sweep over the haunches and the full length of the car.” For the first time in the model, the Flying B hood ornament (which has been redesigned for the company’s centenary) is retractable. It is electronically deployed and illuminated — linked to the welcome lighting sequence and keyless entry system as the driver approaches the vehicle.

The grille bears a gloss-black finish with chrome surround and vertical vanes calling to mind the 1957 Bentley S1 Continental Flying Spur. Customers may choose either black or bright chrome in the lower grille.

Headlamps feature LED matrix lighting as standard. This allows the driver “to operate on main beam all the time, automatically cutting a hole in the beam around oncoming vehicles to avoid dazzling other drivers. Matrix headlights feature unique, cut-crystal effect detailing. A chrome sleeve was added behind the cut element, making them sparkle even when not lit.”

Again, owing to its vaunted “duality,” the Flying Spur promises that “passengers in the rear enjoy exactly the same standard and quality of experience as those in the front.” A multi-functional five-inch color touchscreen remote control is mounted in the rear atop the center console. It “integrates seamlessly into the console but can be removed at the touch of a button for remote use,” allowing backseat passengers control over many of the car’s features such as the window blinds, climate control, and rear seat massage function.

When unoccupied, the front seat can be moved forward by the rear passenger for more space. Key vehicle data can also be pulled up, and control to the audio system, mood lighting, and key sections of the navigation system is possible as well.

Customers will have their druthers from among three audio systems. The standard has 10 speakers and 650 watts of sound; a Bang & Olufsen steps it up with 16 speakers (with illuminated grilles) and 1,500 watts of sound; then the Naim for Bentley delivers 18 speakers (with two active bass transducers) and 2,200 watts of sound — in addition to a 21-channel amplifier, eight DSP sound modes, and illuminated speaker grilles.

All-new seats, covered in handstitched “3D leather,” offer heating and cooling, active bolsters, and top tilt to support the upper back. Impressive 14-way adjustment and five massaging modes, among other accoutrements, are available. Rear occupants also get entertainment tablets situated on the back of the front seats — giving them access to the Bentley Multimedia System. The devices can access the Google Play store and feature their own internal memory.

Of course, vehicles at this price point offer bespoke options. “We’ve also tried to broaden the breadth of how the car looks,” Mr. Bruce declares. There are 17 colors in the standard exterior palette. If that’s not enough, an extended palette offers an additional 40-something hues. There’s a so-called black-line trim, various color splits and even different-colored hides.

And if the plethora of choices prove overwhelming, Bentley comes to the rescue by offering “co-creation” through retailers. “You can meet with a Bentley designer to sit with you,” he explains. This designer will get a sense of what the customer wants through his or her lifestyle and choices. He might ask for the kind of hotel the customer goes for or even preferred food. “They’ll come up with what they think should be your Flying Spur.”

For now, the Flying Spur will get the storied W12, but talks are rife about it getting a V8 sometime in the future. When asked about it, the executive replies with a smile, “You could guess that a V8 could be in or plans; we haven’t said when. You could also guess that we’re working on a plug-in hybrid.”

What is sure is that every Bentley model (including the Flying Spur, of course) by 2023 will have an electrified variant, and that a pure EV will be released in 2025.

There’s no hard stop as of yet for the beloved W12 — and the internal combustion engine, for that matter — but Mr. Bruce did offer up valuable insight: “We can see the world is changing. We don’t want a luxury car to go the way of the fur coat.”

Bentley Manila shared with Velocity that Filipinos can expect the all-new Flying Spur in Manila “around March” next year, and the distributor is already taking reservations. And, yes, there are already names on that list.

Subaru Philippines kicks off Spot That Subie contest

MOTOR IMAGE PILIPINAS, Inc., the exclusive distributor of Subaru vehicles in the Philippines, invites you to keep your eyes open from now until Dec. 31 for our zebra-striped Subaru Forester. Look for it online in Facebook or out on the city, then come visit BGC, C5 Pasig, Greenhills or Manila Bay to get exclusive gifts.

How? There are two easy ways:

Limited edition Subaru laptop bags await the first 10, while equally great merchandise are also up for grabs. Catch and spot that Subie! Available only at Subaru C5 Pasig, BGC, Greenhills or Manila Bay until the end of December.

Visit https://www.subaru.asia/ph/spotthatsubie for more details.

Naughty or Nice: Last minute gifts for the holiday rush

WELL, someone’s been naughty this year: you’re shopping for gifts the day before Christmas Eve! Don’t worry, we’ve got your back. Our gift guide is arranged alphabetically, but it will be up to you to decide whether your gift will be “nice” (practical, affordable, and may or may not support an advocacy), or naughty (delectably luxurious to cover up for the guilt from not shopping earlier).

BEAUTY BAR
Beauty Bar becomes a one-stop-shop for the latest, most effective personal care essentials from all around the world for the holidays. Among its interesting products are:

Hurraw lip balm. Using organic, vegan, and raw products, this lip balm brand offers a variety of flavors and variants: Hazelnut Tinted Lip Balm, Baobab Banana, Papaya Pineapple, Mint, Almond, Licorice, Chai Spice, Earl Grey, and Chocolate.

Miss Kay, an international perfume brand, whose new limited-edition collection is inspired by the magical glow of a wintery night sky. Named The Star Collection, this set includes three exclusive scents: Shine Bright, Milky Way, and Enchanted, and packaged in a festive and gliterry holographic gift box. Then there is the Smashbox Holiday Collection 2019-Cosmic Celebration, a collection of makeup sets whose packaging was designed by California artist Jessica Weymouth.

For ladies who love to be pampered, Beauty Bar’s Somerset gift set includes bath and body products from the Somerset Toiletry Company. Its product offerings include luxury hand creams and body lotions to scented candles and room diffusers. It also includes a range of cute and quirky soaps in animal shapes which come in a deluxe presentation box. Extend the feeling of the holidays with Somerset’s all year-round gift collection, which includes Luxury Soap on a Rope, Scented Bath Salts, Mini Hand Care Sets, Bath Fizzer Bars and boxed Greeting Cards with a heart-shaped soap.

Beauty Bar has branches at Alabang Town Center, Power Plant Mall, SM Mall of Asia, Shangri-La Plaza Mall, The Podium, Robinsons Galleria, Eastwood Mall, Trinoma Mall, Robinsons Place Midtown, Greenbelt 5, Lucky Chinatown Mall, Bonifacio High Street Central Square, Ayala Center Cebu, Marquee Mall, Robinsons Place Magnolia, Glorietta, UP Town Center, and Estancia Mall.

IMONO JEWELRY
It’s non-tarnish, hypoallergenic, and it’s shiny. This yuletide season, Imono Jewelry introduces a new collection, Evolve and Shine, featuring a mix of gold, silver, and colorful stones, handpicked by actress and brand ambassador Lovi Poe. There are minimalist rings that can be stacked and modern bracelets with playful pendants and tiered necklaces that can be worn to the office, on a night out, or even when travelling. Check out the complete collection on www.imonojewelryph.com or follow @imonojewelry on Instagram and Facebook.

JILL BY JOJIE LLOREN
For the Holiday season, Jill has come out with a collection called The Healing, inspired by crystals that are believed to have curative effects on the body, the soul, and presumably the world. Crystal prints liven up the pieces, and tied details suggest mending and healing. The general silhouette is loose and liberated. Fabrics are soft and refined. Colors range from restful pastels like rose quartz to vibrant jewel tones like turquoise. Crystal images are printed on some of the collection pieces. Jill by Jojie Lloren is exclusively available at Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Gateway, Rustan’s Alabang, Rustan’s Cebu and Rustans.com.

MONTBLANC
With the new Meisterstück Calligraphy Collection, the brand highlights the Flex Nib, which allows for more elaborate and more expressive calligraphy, enabling a variety of writing styles and delivering a remarkable writing sensation (it’s also made of gold). Then there’s the StarWalker collection, which includes a Precious Resin edition in all black with contrasting metal fittings, a Doué edition with a black resin barrel paired with a metal cap or forepart, and a sleek full Metal edition. Each edition is available as a fountain pen, ballpoint and fineliner pen. Meanwhile, the Meisterstück Le Petit Prince Special Edition is on its second installment, and features The Aviator, a character from the well-loved novella.

Don’t forget the watches: Montblanc’s timepieces for the holidays include the smartwatch Summit 2, a digital interpretation of fine watchmaking. It features the Tiles on Wear OS by Google that provide quicker access to the information and actions most often checked with a simple swipe, and offering more ways to customize the information that matters the most to the watch’s owner. It also features the latest Snapdragon Wear 3100 chipset by Qualcomm for enhanced performance, improved battery life and a weeklong time-only mode. Montblanc is available at Rustans Makati, Rustans Shangri-La, Rustan’s Cebu, Greenbelt 5, City of Dreams and Resorts World.

MUJI
Sober up from all the holiday frenzy with the visual silence of gifts from Muji. Whether for a student or a working professional, Muji Stationery gift sets are created to help anyone organize their thoughts, tasks, or schedules, and even help increase their efficiency and productivity. Some of these bundles include the brand’s popular gel ink pens, as well as the new 2020 planners and calendars.

The Muji Home Gift Bundles are composed of items that are not only lovely additions to anyone’s home but are also pieces that will make any space more comfortable to live in. Some of these bundles include the best-selling Aroma Diffuser, as well as soft room slippers that make each step at home a relaxing one.

The Muji Travel Gift Bundles are perfect for those who enjoy traveling whether for business or pleasure. One bundle includes the Portable Aroma Diffuser that allows anyone to relax anywhere, as it diffuses fragrant mist without the use of heat or water. Another bundle consists of the compact clear cases filled with PET Bottles that can be used to carry any travel essentials such as toiletries or skincare. The promo runs until Dec. 27.

PACSAFE
From the brand favored by safety-conscious travelers, comes the MetroSafe LS100 Econyl. It is lightweight and has security features such as anti-theft zipper and RFID blocking pockets which make this bag versatile and perfect for everyday use. This bag is also made from Econyl regenerated nylon fiber. The MetroSafe LS100 Econyl is available in all Pacsafe branches in Metro Manila.

POLAR
Italian eyewear Polar goes beyond a usual pair by giving high definition vision. The brand sports qualities that may want you to rethink your glasses for the next year: polarized filters in the lenses, for a crisp visual experience with more natural and vivid colors; anti-scratch, oil, and water-resistant coating; and finally, UVA, UVB, and UVC protection filters. Plus, did we mention they’re cute, with just the right amount of European flair? Polar is available at Sarabia Optical branches.

SAIBON
The Saibon shampoo bar is a gift that plants a tree. For every shampoo bar bought (P380) native tree seedlings such as narra, kamagong, and antipolo will be planted as part of the Forests for Life movement, a campaign to bring back Philippine forests. Hand-crafted by organic farmers in Dumingag, Zamboanga del Sur, the Saibon shampoo bar is made with natural ingredients good for both you and the environment. It comes in three variants: Calamansi, Cucumber, and Activated Charcoal. As for the trees your purchase will help plant, every seedling donation is maintained by local farmers. This covers seedling preparation, planting, and three years of protection and maintenance by partner communities. The shampoo bar’s biodegradable wrapper also serves as a ticket to one of Haribon’s tree planting activities in 2020. Saibon shampoo bars are available at http://bit.ly/saibon or on Shopee at http://bit.ly/saibonshopee.

SPIRE JEWELRY
Online jewelry seller, Spire Jewelry, now brings high-quality, personalized jewelry to the Philippines. The Israel-based internet seller offers an array of customizable, high-quality necklaces and rings, made with special gemstones and gold-plated metals. Each piece is handcrafted by local artisans, and all the designs of the necklaces and rings are personalized with your (or your special someone’s) name. Items from Spire’s Heart Collection range in price from P1,450 to P2,200. Other collections include Monogram, Infinity, and Bar necklaces, all within the same price range. The Name Rings are priced at P1,550. All the custom jewelry products can be purchased online through Cash On Delivery (COD.) Spire Jewelry pieces are now available through https://spire.store/.

TIM TAM ONG
Intricate, sculptural and dazzling, each piece in designer Tim Tam Ong’s Flight of Fancy collection is inspired by the beauty and movement of winged creatures such as birds, bees, butterflies and dragonflies. Ever inspired by nature, the designer creates wearable statement jewelry with precious and semi-precious stones from around the world. The collection, available at Tim Tam Ong boutiques, captures the festive nature of the holidays through color, shine and larger-than-life design.

In Flights of Fancy, a golden peacock with a brilliant blue sapphire body grows a train embellished with semi-precious stones; an octagon-cut emerald becomes bejeweled bees; a dragonfly attaches itself to an amethyst. Each sculptural piece evokes movement and mimics the textures of nature, inspired by the designer’s recent trip to Bali. Her earrings, as in all of her collections, are made up of detachable pieces that can be worn separately and can be mixed and matched. Tim Tam Ong works with local goldsmiths in creating each necklace and earring that goes into her collections. Tim Tam Ong’s Flights of Fancy holiday collection is available at her boutiques in Power Plant Mall, Rockwell Center, and LRI Design Plaza, Makati City.

URBANIZE
One of Urbanize’s best-selling bags is the classic CabinZero 44L orange backpack. Its lightweight and compact design, with multiple internal compartments, makes it a perfect handcarry bag for different types of adventures.

The CabinZero 44L orange backpack is available in all Urbanize stores in Metro Manila.

For more safety features, U-Elements is offering the Defender 122 backpack. It is engineered to be theft-proof with its high-technology security identification lock system powered by a fingerprint scanner. It also features various outer and inner compartments and a card pocket on its straps to keep everything neat and sorted.

Also available at Urbanize is the K2 spill-proof tumbler from Santeco, a brand that promotes green and low-carbon lifestyles. It features double vacuum insulation to keep the liquid warm for 12 hours and cold for 24 hours. With its entire body made of premium stainless steel (inside and out), the K2 is made for the adventurous type.

Urbanize branches are located at SM Megamall Atrium, SM North EDSA The Block, Robinsons Ermita, Lucky Chinatown Mall, UP Town Center, Gateway Mall, Edsa Shangri-La Mall, Glorietta 3, Uptown Mall BGC, Venice Grand Canal, The District-Imus, Ayala Serin — Tagaytay, Ayala Malls the 30th, SM Seaside City Cebu and SM Ecoland Davao, and online through www.urbanize.com.ph.

VIRLANIE FOUNDATION
The Virlanie Foundation’s holiday campaign is encouraging everyone to be the hero of at least one street child. The foundation’s holistic approach is embodied through its seven pillars of intervention, providing the most disadvantaged children with comprehensive services: basic needs, proper care, social support, education and opportunities for their families to generate income. This Christmas, give a gift that lasts in three ways: be a sponsor by upholding your chosen advocacy and create a unique relationship with your supported children; recruit sponsors and encourage friends and relatives to sponsor children and get a chance to win a round-trip ticket to France; or donate by support the holistic needs of the children for one day, one week or one month. Contact Ashley Venerable (Communication Manager) at ashley.venerable@virlanie.org. A countdown clock is available on the website, virlanie.org, to know how many are left to contribute to the Christmas campaign.

Toyota donates P2M to support Mindanao quake victims

IN THE TRUE SPIRIT of bayanihan, Toyota Motor Philippines Corporation (TMP) assists earthquake victims in Mindanao through the “Helping Hands Mindanao Mission” of the Metrobank Foundation (MBFI).

TMP donated a total of P2 million to purchase 1,000 retractable tents to serve as temporary shelters for the affected families in the areas of North Cotabato and Davao del Sur where the damage was most severe.

TMP Vice-Chairman Dr. David Go (second from left) turned over the check donation to MBFI President Aniceto Sobrepeña. They are joined by TMP Foundation Assistant Vice-President Ronald Gaspar (left) and MBFI Executive Director Nicanor Torres.

PSE targets to release revised voluntary delisting rules by Q1

By Denise A. Valdez
Reporter

THE Philippine Stock Exchange, Inc. (PSE) is targeting to release the revised rules on voluntary delisting by the first quarter of 2020.

PSE President and Chief Executive Officer Ramon S. Monzon told reporters last week the bourse operator is “committing” to have new delisting rules out by the first quarter as a response to complaints on the recent delistings of Melco Resorts and Entertainment (Philippines) Corp. and Travellers International Hotel Group, Inc.

“Ilalabas namin [We’ll release the draft] for comment beginning of the year. Give it two weeks for comments, then we’ll assimilate the comments. Hopefully by February we draft our final rules, then have it approved by the board. Submit it to SEC (Securities and Exchange Commission) for their approval, and then that will be the new delisting rules,” he said.

The PSE published earlier this month its proposed amendments to its voluntary delisting rules which focused on changing required approvals and tender offer price.

For the required approvals, the PSE wants companies to gain the approval of all independent directors and stockholders that own at least 75% of its total outstanding and listed shares. It must also ensure that votes against the delisting plan would not exceed 10% of a company’s total outstanding and listed shares. This is an amendment from the current practice of requiring only the approval of a company’s board to delist.

For the tender offer price, the PSE is proposing to consider whichever will be the highest of three indicators: the fairness opinion price of a company as given by an independent valuation provider, its highest closing price in the last six months, or its volume weighted average price (VWAP) for one year. This would change the current practice of basing the tender offer price only on fairness opinion.

Mr. Monzon said some listed companies gave preliminary comments that noted the 75% stockholder approval is too high. But the PSE is arguing that this figure is benchmarked from other foreign exchanges and is “not made up.”

But he noted the PSE received a valid comment on the tender offer price amendment, where companies are saying that if the highest price for the past six months is considered, it may reflect an unusual, one-day spike that would skew the value unfairly.

“That’s a valid comment. We have to address that,” Mr. Monzon said.

After the holidays, the PSE will collect more comments from underwriters and investors before a final review of the proposed amendments.

Meanwhile, Mr. Monzon said the PSE is looking to increase the required capitalization of brokers to P100 million from P30 million as part of its streamlining efforts.

“Right now, our capitalization is still at P30 million, minimum… I think that’s too low at this day and age,” he said.

With the increased capitalization, the PSE is hoping brokers “can afford the right number of employees to ensure proper segregation of actions.”

Mr. Monzon said the case of R&L Investments, Inc. — which reported losing more than P700 million due to a rogue clerk that transferred client shares into another account — could have been avoided had the company been able to employ different persons to handle various functions within the brokerage.

Iloilo City considering extended prohibition on pork from Luzon

THE Iloilo City Veterinarian’s Office said it is planning to make permanent or at least extend the 90-day ban on pork and by-products from Luzon.

“We will recommend to extend the ban. We have to look after the industry because we feel that it is very important,” City Veterinarian Dr. Tomas J. Forteza Jr. said in an interview last week.

The Department of Agriculture has said that African Swine Fever (ASF). cases are on the decline.

The initial temporary ban was ordered by Mayor Jerry P. Treñas in October following reports of ASF cases in various parts of Luzon.

The city government has hired 40 additional personnel to be part of the Task Force ASF that monitors pork and pork products retailers as well as entry points in the city.

Mr. Forteza noted that during recent inspection rounds, they found pork products in markets and supermarkets shipped in from Mindanao and Cebu but which were originally manufactured in Luzon.

“There are possibilities that infected meat might enter the city because we have monitored pork products which were declared from Mindanao and Cebu but we know these products (were made) in Luzon, so we still have to verify,” he said.

The Western Visayas Region’s Veterinary Quarantine Officer expressed support for Iloilo City’s plan.

“If they can extend this one, the veterinary quarantine office will support it because we don’t want ASF getting into the region,” Dr. John Roel C. Hilario said.

Mr. Hilario said the office have so far confiscated and dispose of 7,000 kilograms of pork and pork products without proper documentation coming through the region’s airports and seaports.

The regional hog industry is valued at P7.69 billion with a total hog population of 1,250,681 head as of Jan. 1 this year, based on data from the Regional Veterinary Quarantine Office.

Mr. Forteza said there is more than enough supply in the region to meet demand.

“Before this problem came up, we were shipping pork to Cebu and Luzon, that’s why the price now dropped because we have oversupply,” he said. — Emme Rose S. Santiagudo

Comic book artist Gerry Alanguilan, 51

The award-winning graphic novel, Elmer, by Gerry Alanguilan.

COMIC BOOK artist Gerry Alanguilan, the man behind the award-winning graphic novel Elmer, died at the age of 51 after battling several ailments over the past few years. His death was confirmed by his wife and colleagues on Facebook on Saturday.

His wake, according to ABS-CBN News, is at his home in San Pablo, Laguna. He will be interred at the San Pablo Memorial Park.

Mr. Alanguilan is survived by his wife Ilyn Florese.

“Gerry Alanguilan passed away tonight. Our condolences to Ilyn (Mr. Alanguilan’s wife). He left us with a legacy of great works that inspired many artists. We will miss you dearly,” KOMIKON, a non-profit organization promoting Filipino comics, posted on its page on Dec. 21.

On his last blog post dated Dec. 14, Mr. Alanguilan noted that it was such a “constant struggle every day” but said that it hadn’t “gotten in the way of me thinking creatively.”

Mr. Alanguilan was born on Jan. 20, 1968 in San Pablo, Laguna. He originally studied to be an architect at the University of Santo Tomas but in 1994, he published his first work, Wasted, with Alamat Comics and went for a career as a comic book illustrator instead.

Wasted told the story of a man bent on revenge and trying to hold on to his sanity. The work was initially created to only be seen by his friends and was circulated via photocopy. It became so popular that it was picked up by Alamat Comics.

In 2006, Mr. Alanguilan published Elmer, a book set in a world where chickens suddenly gain human intelligence and the ability to speak. Its main character, Jake Gallo, is a second generation intelligent chicken who inherits his father’s diary chronicling his struggle for equal rights spanning 20 years.

Often compared to George Orwell’s Animal Farm, Elmer won the French ACBD Prix Asie Award and Prix Quai des Bulles award in 2011 and was nominated for the 2011 Best New Graphic Album at the Eisner Awards.

Mr. Alanguilan also curated the Komikero Komiks Museum in San Pablo, Laguna featuring works by prominent Filipino graphics artists such as National Artists Alfredo Alcala and Francisco Coching.

Mr. Alanguilan was known as the inker for local and international titles like Wetworks, X-Men, Superman: Birthright, Wolverine, High Roads, Fantastic Four, and Silent Dragon where he worked alongside Leinil Francis Yu who did the pencils.

His last work was inking the new Marvel X-Men titles with artwork and cover art done by Mr. Yu. — Zsarlene B. Chua

Mazda caps off 2019 with launch of refreshed Mazda2

By Ulysses Ang

COMING as a big surprise to wrap up the year, Bermaz Auto Philippines, the official distributor of Mazda vehicles in the country, has finally brought in the refreshed subcompact Mazda2. It features the Evolved KODO styling along with a slew of enhancements for improved comfort and handling.

Despite its positioning as Mazda’s most affordable offering, the 2020 Mazda2 doesn’t scrimp on design or craftsmanship. In fact, just as the Mazda3 and Mazda6 has done in the compact and executive car segments respectively, the refreshed Mazda2 brings a heightened sense of premium, typically absent in the subcompact car category.

Outside, the refreshed Mazda2 gains a front clip reminiscent of its larger Mazda6 sibling. This Evolved KODO design brings the new trademark elements — the simplified LED lighting elements, large wing grille with mesh inserts, and resculpted bumpers to the smallest member of the Mazda family. A new design for its standard 16-inch wheel complete the changes.

Inside, the 2020 Mazda2 brings more premium features such as new, more supportive seats derived from the brand’s Skyactiv-Vehicle Architecture technology. With that, it promotes an S-shaped spine that helps resist unnecessary head movement enhancing a driver’s sense of stability. Improved interior materials including the use of satin chrome on the air vents and inner door handles complement the standard 7-inch Mazda Connect infotainment system which now has Apple CarPlay and Android Auto as standard.

Under the Mazda2’s hood remains the 1.5-liter Skyactiv-G engine. However, it gains the improvements found in the Mazda3 for enhanced fuel efficiency and performance. It has a bit more power — 110 horsepower (up 2 horsepower) at 6,000rpm and 141Nm of torque (up 2Nm) at 4,000rpm from before. The sole transmission for 2020 is a 6-speed automatic with Sports Mode and steering wheel paddle shifters.

But while its powertrain is relatively unchanged, the Mazda2 features a re-tuned suspension for a smoother, more comfortable riding feel. It also adds several noise-fighting measures to realize a quieter cabin. It also gains G-Vectoring Control Plus. Part of Mazda’s Skyactiv-Vehicle Dynamics package, it builds on the original merits of GVC which uses engine torque to control a car’s swaying and pitching by lightly applying a brake force to the outer wheels for greater stability. This enables the car to better handle emergency avoidance maneuvers and offers more confidence-inspiring controllability in various situations, including high-speed lane changes and driving on slippery roads.

Fans of Mazda’s subcompact offering will be surprised to know that for 2020, Bermaz Auto Philippines is bringing in a lone variant dubbed the Mazda2 1.5 Elite. According to Steven Tan, president of Bermaz Auto Philippines, the reasoning behind this is to reduce showroom complexity. For readers with sharp memories, this naming convention echoes the Mazda3’s. Available still in both sedan and hatchback flavors, both carry a P995,000 price tag. Sales of the 2020 Mazda2 1.5 Elite start next week.

Manila Water continues slide amid regulatory uncertainty

AYALA-LED Manila Water Company, Inc. was one of the most actively traded issues last week as investors bet on the future of the concession agreements of the country’s two largest water companies.

A total of 356.51 million shares of Manila Water worth P2.44 billion exchanged hands on the trading floor from Dec. 16 to 20, making it the fifth-most traded stock in the local bourse, the Philippine Stock Exchange data showed.

Manila Water dipped by 25.7% on a week-on-week basis to P7.44 per share last Friday from P10.02 apiece on Dec. 13. Meanwhile, it went down by 72.1% since the start of the year.

“Investors have been speculating on the future of the concession agreement of both Manila Water and Maynilad Water Services, Inc.,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in an e-mail interview last Friday.

Philstocks Financial, Inc. Research Head Justino B. Calaycay, Jr. said that Manila Water caught the investors’ attention following President Rodrigo R. Duterte’s tirades against the two water concessionaires earlier this month.

“The uncertainties that arose out of the issue have jolted investors, pushing them to the sell side,” Mr. Calaycay said in a text message last Friday.

“However, an easing of the concerns with hints of assurances from regulators for at least a renegotiation of the agreements gave long term and even speculators something to look forward to,” he added.

Last Dec. 3, Mr. Duterte threatened to file economic sabotage cases against Manila Water and Maynilad over supposed onerous provisions in their contracts with the government.

Justice Secretary Menardo I. Guevarra said last Wednesday that the government is targeting to finish its version of the revised contracts for the water companies before the end of December.

The Metropolitan Waterworks and Sewerage System’s administrator said in a statement last Friday that it had given the two water concessionaires a chance to renegotiate new terms of their contract with the government.

Manila Water’s concession covers the east zone of Metro Manila, which includes Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, most parts of Quezon City, portions of Manila, as well as the following towns of Rizal: Angono, Antipolo, Baras, Binangonan, Cainta, Cardona, Jala-Jala, Morong, Pililia, Rodriguez, San Mateo, Tanay, Taytay, and Teresa.

Manila Water revenues climbed 15.4% to P5.60 billion in the third quarter, bringing the nine-month top line to P16.14 billion, up 10.1% from year-ago levels.

Meanwhile, Manila Water’s attributable net income during the July-September period rose 8.7% to P1.49 billion. Year to date, however, it declined 10.6% to P4.41 billion.

Philstock’s Mr. Calaycay said “clearing up of the concession agreement” remains a crucial driver of its income growth.

“The company fundamentals are okay, but given that the concession is the primary driver, it held sentiments hostage. [This means] the fate of [its] share price and the company insofar as the market is concerned hinges on day-by-day developments on how the concession agreement talks progress,” he said.

“Things were going quite well for the company until this issue came up and changed the picture,” Mr. Calaycay added.

Meanwhile, Regina Capital’s Mr. Limlingan has revised the full-year estimate on Manila Water’s net income to reach P5.8 billion in 2019 as operating expenses nearly doubled on a quarter-on-quarter basis.

This week, Mr. Limlingan placed the stock’s support and resistance levels at P6.60 and P8.00, respectively.

For Mr. Calaycay, he said that Manila Water will be priced on a “day to day basis” depending on the developments on its concession agreement talks.

He gave its initial support at P6.90-P7.20 and resistance at around P7.50-P7.70. — E. C. Aruta, Jr.

1...8,6408,6418,642...12,801Page 8,641 of 12,801
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube