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Bloomberry units infuse P20 billion more in existing loan facility

SUBSIDIARIES of Razon-led Bloomberry Resorts Corp. have added P20 billion to its existing loan facility in an effort to reduce interest expenses.

In a regulatory filing on Tuesday, the company said its subsidiaries, Bloomberry Resorts and Hotels, Inc. (BRHI) and Sureste Properties, Inc. (SPI), signed an amendment to the P73.5-billion omnibus loan and security agreement for an additional P20 billion to its loan facility.

The company added that the facility was oversubscribed.

According to the disclosure, the additional loan will be available for two years from the agreement signing and can be used to save on interest payments.

It added that any amount borrowed can be paid within five years from the date of the first drawdown, while interest payments on the loan will be on a floating rate, and determined on a quarterly basis.

“The additional funding, if drawn, will be used to support the cash flow requirements of Solaire Resort and Casino, partially finance capital expenditures for the improvement and refurbishment of existing facilities at Solaire, and partially finance BRHI’s working capital requirements and other general corporate purposes,” it said.

In a separate statement on Tuesday, Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said BRHI plans to draw only the needed amount for the stated purpose and to reduce additional interest expenses.

“Securing an additional funding option during this difficult time is a landmark achievement for our company and a resounding vote of confidence by our lenders,” Mr. Razon was quoted as saying.

Participating banks in the amendment include BDO Unibank, Inc., China Banking Corp., Philippine National Bank, Robinsons Bank Corp., and United Coconut Planters Bank.

BDO Capital and Investment Corp. is the lead arranger and only bookrunner, while BDO Unibank, Inc.–Trust and Investments Group has been assigned as security trustee, facility agent, and paying agent.

“BRHI’s and SPI’s lenders also granted the deferment of financial covenant testing on the existing term loan facilities for the quarterly periods covering September 30, 2020 to June 30, 2023,” the disclosure said.

On Tuesday, Bloomberry shares at the stock exchange fell 4.32% or 37 centavos to end at P8.20 apiece. — Revin Mikhael D. Ochave

Of poets, writers, and artists

ONE doesn’t turn 70 everyday, and writer Alma Cruz Miclat decided that her 70th birthday was the perfect day to release the second volume of her book celebrating Filipino poets, writers, and artists.

“The bulk of the book consists of features about Filipino poets, writers, and artists who make our country proud,” she said during her birthday party cum book launch on Zoom on December 15. These were collated from her articles in the aforementioned daily, but also the National Commission for Culture and the Arts’ (NCCA) Sanghaya journals, among others.

The book Soul Searchers and Dreamers Volume II, is a sequel to the book released in 2015.

The 152-page, 8.5” x 11” hardbound book in full color has a stunning cover of an oil painting by the author’s departed daughter, designed by poet and artist Fidel Rillo. The foreword was written by Ms. Miclat’s editor, Thelma Sioson San Juan, who edited Inquirer’s lifestyle pages for 17 years.

Profiles featured in this book are National Artists Nick Joaquin and Napoleon Abueva, literary icons Gilda Cordero Fernando and Rogelio Mangahas, art gallery doyenne Norma Liongoren, art luminaries Danny Dalena, Imelda Cajipe-Endaya, Julie Lluch, Addie Cukingnan and Romeo Gutierrez, maverick artists Kublai Millan, Danny Rayos del Sol, Dexter Sy, Dansoy Coquilla, Azor Pazcoguin, Nasser Lubay and physician-artist Orestes P. Monzon as well as language stalwarts Teresita V. Ramos and Mario Ignacio Miclat, the late academic Ajit Singh Rye, diplomat Nona Zaldivar, entrepreneur Herman T. Gamboa, and man of the cloth Jose Maria de Nazareno.

Also included in the book were the several years the family spent in China, from 1971 to 1986 (during the turbulent Marcos regime). This had previously been published in the anthology Dark Days of Authoritarianism (2019). Ms. Miclat also wrote about her time during the community quarantine, particularly in the months of July to March.

Ms. San Juan wrote: “Alma’s writings could very well be a journey into the Filipino soul, a journey taken over the Filipino’s turbulent years, the tipping

points, the detours and false exits… This book is an echo of all that — a Filipino’s unending journey. Honest books such as this, in these trying times, make the journey a bit bearable, even enlightening.”

“I thought I had enough material for a sequel for my first Soul Searchers and Dreamers,” said Ms. Miclat. “In fact, what I wrote during these five years after I retired were more from what I wrote for 15 years from the time Maningning passed in 2000.”

“Retirement offered opportunities to write more…about art and advocacies I believe in,” she said. Explaining the title, she said, “I write about soul searchers and dreamers — artists and writers who have gone and left behind awesome works; those still around and continue to bring magnificent creations.”

The book is jointly published by the Maningning Miclat Art Foundation, Inc. (MMAFI)and Erehwon Center for the Arts. The book can be pre-ordered through maningningfoundation@gmail.com or 09189057311. Payment for the book can be coursed through BPI Savings Account No. 0326-0448-45; or GCash Banaue M. 09995042898. — Joseph L. Garcia

Treasury to borrow P140 billion from domestic mart in January

THE TREASURY will raise P140 billion from the local market next month. — BW FILE PHOTO

THE BUREAU of the Treasury (BTr) has set a P140-billion borrowing program for January, higher than the previous month, on expectations that demand will remain robust at the start of 2021.

In an advisory on its website, the BTr said it is planning to borrow P80 billion via Treasury bills (T-bills) and P60 billion from Treasury bonds (T-bonds) next month.

The January borrowing program is higher than the P120-billion plan for December. The Treasury fulfilled its borrowing program this month, making full awards of all its offerings and even opening its tap facility, even as some debt papers saw slightly higher yields.

“Program is based on auction performance during this quarter and market expectations on monetary authorities policy actions going into next year,” National Treasurer Rosalia V. de Leon told reporters via Viber on Tuesday.

Auctions for T-bills will be held weekly while the T-bonds will be offered fortnightly.

Every Monday, the BTr will offer P5 billion each in 91- and 182-day T-bills and P10 billion in 364-day securities.

Meanwhile, it will auction off P30 billion in five-year T-bonds on Jan. 5 and another P30 billion in seven-year notes on Jan. 19.

“We will start 2021 with a likely hefty demand given the attractive tenors the government is offering for the month of January if we were to based on previous auctions,” Kevin S. Palma, peso sovereign debt trader of Robinsons Bank Corp., said in a Viber message on Tuesday.

“With COVID-19 still very much at large all over the world, most central banks will likely keep its accommodative stance to combat its effects on the economy thereby liquidity is still expected to remain abundant,” Mr. Palma added.

The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board, in its last policy-setting meeting for the year on Dec. 17, kept benchmark interest rates unchanged at record lows.

The central bank cut rates by a total of 200 basis points (bps) this year. Many analysts expect that the BSP will continue to maintain a low interest rate environment to help spur economic recovery, with some saying it may even resume its easing cycle next year.

The government wanted to raise around P3 trillion this year from local and foreign lenders to help fund its budget deficit, which is expected to hit 7.6% of the country’s gross domestic product (GDP).

Gross borrowings reached P3.224 trillion in the first 10 months of 2020, exceeding the full-year program after the BTr received the new round of cash advances from the central bank in October worth P540 billion.

For next year, the government plans to borrow another P3 trillion to plug a projected deficit of 8.9% of GDP. — Beatrice M. Laforga

Globe, PLDT-Smart to roll out 4,000 cell sites 

GLOBE TELECOM, Inc. and PLDT, Inc. on Tuesday detailed their plans for 2021, including new cell tower installations in various parts of the country.

Ayala-led Globe committed to “fast-track cell tower installations in 24 more local government units (LGUs).”

In an e-mailed statement, Globe said several LGUs in Palawan, Nueva Ecija, Negros Oriental, Oriental Mindoro, Occidental Mindoro, Cebu, Quezon, Batangas, Bulacan, and Ifugao “have set up their respective one-stop shops to facilitate the issuance of permitting requirements for telcos.”

Joel Agustin, Globe senior vice-president for program delivery, said the company was hoping such LGUs would inspire others to support telcos in bringing better services to their customers in 2021.

Globe targets to install 2,000 cell towers next year.

In a statement on Dec. 15, the telco said it had installed at least 1,050 new cell sites and upgraded 10,876 sites this year “to further improve its connectivity and expand its coverage to include even the remotest provinces.”

PLDT said in a separate statement on Tuesday that it was expecting the rollout of its home broadband service to reach 48% of the total cities and municipalities nationwide this year.

PLDT plans to increase the capacity of its fiber-to-the-home network and lay out additional ports next year.

It said its fiber infrastructure is now at more than 422,000 kilometers.

“This fiber infrastructure supports Smart’s mobile networks, which cover 96% of the population and are present in 95% of cities and municipalities,” it said.

Smart Communications, Inc., PLDT’s wireless arm, plans to roll out 2,000 cell sites next year.

“To date, Smart has over 10,000 sites across the country, including more than 700 new cell sites fired up by the end of 2020 despite mobility restrictions and supply chain challenges due to COVID-19. These will help Smart increase its LTE population coverage, cover more municipalities and provide more capacity for dense areas,” PLDT said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

A BL story that transcends time

FOR those who can’t get enough of Boys Love (BL) content which came out this year, here’s another one you can look forward to — Happenstance is a BL series that tells the love between two people living in different timelines from director Adolf Alix, Jr.

“The story is very different from what others have been doing,” Mr. Alix said of the series in a press conference on Dec. 21 held via Zoom.

Mr. Alix said the idea about the series stemmed from an article he read online about a woman finding a bag filled with old love letters from a man named Fred courting a woman named Daday in the ceiling of their ancestral house.

He said that after reading the story — the story broke in June — he figured that people communicating through time can be a good material for a Boys Love series. He then contacted his long-time collaborator Jerry Gracio to write what is now Happenstance.

Happenstance is a nine-episode series about two people who meet despite living in different periods — one in 1974 and the other in 2020. Jose Manuel (played by Jovani Manansala), who lives in 1974, is grounded by his father (played by Alan Paule), a soldier, after he learns his son’s relationship with Luis (Shu Calleja), an activist. Meanwhile, Wade (Kiko Ipapo) lives in 2020 and is recovering from a recent breakup with Eric (Saviour Ramos) and while on vacation is stuck inside because of quarantine. A super moon phenomenon (where the moon looks larger than it is normally) leads Wade and Jose Manuel to meet each other through a mirror, fall in love, and deal with said love considering their own issues and them living in different timelines.

The series streams starting December 25 via the GagaOOLala streaming platform. “What is going to be interesting is to see the audience reaction on how the two characters will interact and meet given their limitations,” Mr. Alix said in a release.

This is Mr. Alix’s first Boys Love series and said that it was his way of helping “to develop the genre and to push it forward.”

“It’s an interesting time because the market has widened because aside from the ‘pink market,’ BL [content] also caters to women,” he said in the press conference.

Pink Market is a term used to describe the LGBTQ community (lesbian, gay, bisexual, transsexual, queer, etc.)

Boys Love as a genre originally came from Japan, a genre of fictional media featuring male characters falling in love and are traditionally created by women for women. During the pandemic, the country has seen a rise in popularity of BL content largely attributed to the success of the Thai TV series Together The Series which aired in February.

Happenstance starts streaming on Dec. 25 via GagaOOLala (www.gagaoolala.com). The streaming service has a subscription rate of P49 for 3 days, P109 for a week, and P159 for two weeks. — Zsarlene B. Chua

Phinma sells stake in solar firm to steel products unit UGC

LISTED company Phinma Corp. has sold its stake in a solar energy unit for around P218.35 million to a subsidiary as it rationalizes the ownership structure of its construction materials business.

In a regulatory filing on Tuesday, it said its steel products subsidiary Union Galvasteel Corp. (UGC) bought nearly 25 million of the shares of Phinma Solar Energy Corp. at P8.83 apiece. The shares were paid in full on Monday.

Phinma Corp. owns more than 97.84% of UGC.

“The purchase price is equivalent to Phinma’s cost of investment in Phinma Solar,” Phinma Corp. said.

The sale will consolidate UGC’s full ownership of Phinma Solar, which is jointly owned by Phinma Corp. and the steel products unit.

“Phinma Solar can add value in terms of product positioning and merging technology to complement the products and services offered by UGC,” Phinma Corp. said.

In a separate disclosure on Tuesday, Phinma Corp. said that its board of directors approved the subscription of 24.73 million shares in UGC.

“The additional investment will increase UGC’s equity in support of its investment in Phinma Solar,” the firm said.

Phinma Corp. is a holding company with interests in the education, steel products, housing, and business process outsourcing sectors. Its subsidiaries include UGC, Phinma Education Holdings, Inc., and Pamantasan ng Araullo, Inc.

Its shares on Tuesday improved 0.92% to finish at P9.89 apiece. — Angelica Y. Yang

Sumitomo Mitsui on the hunt for Asian bank, partner for US deals

SUMITOMO MITSUI Financial Group, Inc. is seeking to buy an Asian lender and team up with a global investment bank on US dealmaking, signaling its expansion plans remain undeterred by the pandemic.

Japan’s second-biggest bank is “studying specific targets” in Vietnam, the Philippines and India, Chief Executive Officer Jun Ohta said in an interview. It wants to find a partner to underwrite equity and bond sales in the US and elsewhere, after the lender was unable to fully take advantage of a corporate financing boom this year, he said.

The plans underscore how Sumitomo Mitsui is looking beyond the coronavirus-fueled recession to grow abroad, with rock-bottom interest rates and a shrinking population likely to hamper prospects at home for years to come.

“It may not immediately lead to a profit increase, but we’re going to buy what will provide a business platform in emerging countries from a long-term perspective,” Ohta said, explaining the rationale behind buying commercial banks in Asia. He didn’t identify the companies on his list of potential targets.

Sumitomo Mitsui is the most likely of Japan’s three so-called megabanks to purchase an Asian lender. Larger rival Mitsubishi UFJ Financial Group, Inc. recently said its acquisition phase is over after spending about $15 billion on banks in Indonesia, Thailand, Vietnam and the Philippines. Mizuho Financial Group, Inc. has indicated a lack of interest in buying Asian banks with physical branches.

Just a year ago, Sumitomo Mitsui failed in a bid for Indonesia’s PT Bank Permata, which was acquired by Bangkok Bank Pcl.

“It was very painful to miss out on Permata,” Mr. Ohta said, adding “we are thinking about the next move.” Sumitomo Mitsui already owns PT Bank BTPN in the Southeast Asian nation.

INDIA, VIETNAM
The Tokyo-based bank is “studying various ways” to enter the industry in India, Mr. Ohta said, even as lenders there struggle with mounting bad loans. Asked about Indian authorities’ recent decision to allow a foreign bank to take over a local lender, he said that since the move was designed to rescue troubled ones, potential targets need to be carefully examined for whether they can be turned around.

“The conditions aren’t great in India now, but that doesn’t mean we’ve given up on the country, given its growth potential,” he said. Sumitomo Mitsui has three branches in the nation.

He also said the bank’s 15% stake in Eximbank of Vietnam won’t be an obstacle to a possible acquisition of another lender in the country.

Shares of Sumitomo Mitsui fell 0.8% in Tokyo on Tuesday morning, taking this year’s decline to 22%, broadly in line with its two local rivals.

US DEALS
While Mr. Ohta said the bank also needs to consider acquisitions to boost its overseas investment banking business, he believes a more immediate solution is a tie-up with a big securities firm.

Such an arrangement would involve Sumitomo Mitsui offering loans in exchange for a bigger role in bond and stock underwriting, he said. Large investment banks capitalized on a rush to tap global equity and debt capital markets this year, exposing a weakness at Sumitomo Mitsui, he said, adding that boosting mergers advisory business is another challenge to address.

“We might even be able to team up with a bulge-bracket” firm, Mr. Ohta said, referring to an industry term for big investment banks. “We haven’t formed any specific plans yet, but some might be interested.” — Bloomberg

Holiday dinners for a cause

IT can almost be universally agreed that 2020 has not been a good year but people, restaurants, and brands continue to help families celebrate the holidays despite the challenges posed by this year.

Here’s a short list of those who want to make Christmas merry for others.

GOURMET GYPSY ART CAFE
In partnership with Bayanihang Marikenyo at Marikenya, the Maginhawa-based restaurant offering eclectic cuisine, will be sending sponsored Noche Buena Packages to families in Marikina affected by Typhoon Ulysses. The Noche Buena package costs P1,000, including a Rosemary and Garlic Roast Chicken, Baked Macaroni, and Fruit Salad; good for 6 to 8 persons. As of Dec. 14, according to a Facebook post, the group had received 200 pledges for the dinners. For more details, contact the restaurant at(02) 7211-1233 or 09953825736.

TITO’S HANDMADE VODKA
Tito’s Handmade Vodka has just launched its Food for Friends Program in the Philippines. Tito’s, based in Texas, is distributed in the Philippines by Liquor.PH.

The project aims to deliver over 300 free meals to food and beverage professionals affected by the COVID-19 Pandemic. The dinner distribution program is fueled by Love, Tito’s, the brand’s philanthropic arm. Participating restaurants include: Draft Gastropub, Wingman, and KAMPAI. All meals will be available for in-person pick up or delivery on Dec. 28 and 29. The distributor of Tito’s in the Philippines, Frank Kona Shrope of Liquor.PH, explained the reason for the project’s focus on the service industry.

“Many of us forget that the service industry is a relationship-based business. At the end of the day we have to help each other out, especially in times like this. When bars and restaurants started shutting down across Manila as early as March, I started worrying about the people who always took care of my friends and I. I have come to personally know so many workers in the industry who no longer have a stable income due to circumstances outside of their control. We know that a good meal doesn’t necessarily change those circumstances, but it is a concrete reminder that Tito’s Handmade Vodka and Liquor.PH have not and will never forget our service industry family.”

For interested parties, registration to get a free meal is now live through https://www.privycrm.com/fff-philippines, and are advised to do so before Dec. 26. A second round for Tito’s Food for Friends program runs again in early 2021. — JLG

DoE ‘respects’ Petron’s decision to close Bataan refinery — Cusi

THE Department of Energy (DoE) respects Petron Corp.’s move to shut down its oil refinery in Limay, Bataan as it is a business decision on the firm’s part, the agency’s top official said on Monday.

“That closure is a business decision by Petron. That, we respect because if they see that there is a better way to commercially operate, gagawin nila iyon (they will do that),” DoE Secretary Alfonso G. Cusi said in a press briefing.

His statement comes after Petron announced earlier this month that it would shutter its 180,000-barrel-per-day crude oil refinery, the country’s remaining refining facility after a rival closed its own.

Last week, Ramon S. Ang-led Petron said in a regulatory filing that it would be suspending operations at its plant in Bataan starting mid-January next year to minimize losses “in view of weak margins.”

Mr. Cusi said he supported Petron’s proposal to turn its refinery into a special economic zone under the Philippine Economic Zone Authority (PEZA).

“We want a PEZA zone to flourish in the country actively. As long as it [has a] positive impact to all, we want to promote that… It’s their business decision. They’ll present their proposal to us. [We’ll] just look at it. I don’t see any problem,” he said.

Mr. Cusi added that the closure of the country’s sole refinery would not affect oil supply.

“Ang gagawin din nila (What they will do is to) import the finished product and use their terminal as their storage for clean product instead of… crude oil. So, Petron is looking into also keeping their market share. That will not affect the supply of oil,” he said.

The firm’s move to close its Bataan refinery comes months after its rival Pilipinas Shell Petroleum Corp. announced the permanent shutdown of its 110,000 barrel-per-day refinery in Tabangao, Batangas, due to worsened margins and a drop in fuel demand amid the pandemic.

In the third quarter, Petron posted a P1.63-billion consolidated net income, which was largely driven by retailing margins. The firm said that despite the “modest” recovery, its refining segment continued to record losses because of thin margins.

Petron shares on Tuesday inched down 0.49% to finish at P4.10 apiece. — Angelica Y. Yang

CitySavings Bank raises P5 billion from corporate note issuance

CITYSAVINGS Bank, Inc. has raised P5 billion from its corporate note issuance meant to finance its asset expansion.

Some P1.5 billion out of the issuance will mature in three years, while the remaining P3.5 billion were notes with a tenor of five years, CitySavings Bank’s listed parent UnionBank of the Philippines, Inc. said in a filing with the local bourse on Tuesday.

The offer was oversubscribed as the notes were met with robust demand from financial institutions, the listed bank said.

The thrift lender’s corporate notes were “priced at the lowest end of the pricing range,” it added.

“The proceeds will be used to finance the [CitySavings’] bank’s asset expansion, particularly its loan portfolio, to extend the maturity profile of its liabilities, and to fund the bank’s other general corporate requirements,” UnionBank said.

BDO Capital & Investment Corp. served as the lead arranger and bookrunner for the issuance. Meanwhile, the issue’s co-arrangers were the Development Bank of the Philippines, Philippine National Bank, and Robinsons Bank Corp.

“We will continue to grow and evolve to become the finest mass market bank in the Philippines as we introduce more innovative solutions for a seamless customer experience,” CitySavings President and Chief Executive Officer Lorenzo T. Ocampo was quoted as saying.

Earlier this month, UnionBank also raised P9 billion via its own bond offering — P8.115 billion from three-year notes and another P885 million from 5.25-year bonds. — L.W.T. Noble

Ginebra Ako Awards Year 3 honors COVID-19 heroes

INDIVIDUALS and organizations that provided inspiration and encouragement through their deeds during this time of the coronavirus disease 2019 (COVID-19) pandemic were the recipients of the Ginebra Ako Awards in its third year.

This year, given the situation with the pandemic, Ginebra San Miguel, Inc. decided to salute those who moved to unite the country amid the difficult prevailing conditions under the theme “Pagkakaisa sa Gitna ng Pandemya.”

Established in 2018, the Ginebra Ako awards have been spotlighting real-life heroes who chose to make a difference in other people’s lives in their own capacities. This year’s awarding ceremony was held virtually on Dec. 18 and streamed via the Ginebra San Miguel Facebook page.

“This year, despite the pandemic, we still saw it fit to push through with the Ginebra Ako Awards … The end objective is to honor and shine light on our COVID-19 heroes. This year we garnered the most nominees, which is a testament to the number of people who put in the effort to help during this time of the pandemic. Hopefully the awardees will continue to be inspired in pushing their causes and be an inspiration to others,” said Emmanuel B. Macalalag, Ginebra San Miguel general manager during the ceremony.

Honored with the Pilipino Ako Award was Martin Xavier Peñaflor, CEO and chief architect of market research mobile application Tangere.

The 35-year-old was able to mobilize his app to accurately and quickly understand the situation on the ground and to figure out how to get help to those who were affected not only by the coronavirus pandemic but also of natural calamities like the Taal Volcano eruption in January and Typhoons Rolly and Ulysses in October and November.

The Pilipino Ako award is given to individuals or organizations that emphasize the value of unity in advancing their causes.

Other finalists for the award were Sr. Corrie Evidente, administrator of Hospicio de San Jose (first runner-up), and Ma. Cristina C. Evangelista, founder and project head of Rapid Deployment Hospitals (second runner-up).

The Matapang Ako Award, meanwhile, went to Minnie Pascual Klepacz, a nurse based in the United Kingdom and one of the proponents of Black Asian and Minority Ethnic (BAME) Network and the Filipino Nurses Association United Kingdom (FNA-UK).

Ms. Klepacz, 40, through FNA-UK, was able to address the concerns of Filipino nurses and provided support to them even outside of work, including cooking meals for colleagues who were recovering after being in intensive care due to COVID-19. She also organized virtual community events to offer comfort and reassurance to Filipino nurses.

The Matapang Ako award is given to persons or groups who went beyond their call of duty in uniting their fellowmen for a common purpose.

Zion Enrico Roque Licup, co-founder of iUplift Philippines (first runner-up) and Coleen Danielle Natividad, founder of Food For Frontliners PH (second runner-up) were the other finalists for the award.

For the Lalaban Ako Award, it went to the Emergency Quarantine Facility (EQF) project led by Dr. Glenn Angeles and Architect William Ti.

The EQF project provided hospitals with more space to safely and effectively treat COVID-19 patients, as well as give them space for health care workers to rest and recuperate, or even isolate if they have been infected.

To help them in their cause, Messrs. Angeles and Ti sought the help of their other friends and colleagues, namely, Engr. Dan Quiaoit, Prim Paypon, Maj. Carmelo Jaluague and Lt. Col. Banjo Badayos to form the core team of EQF.

The Lalaban Ako award is given to persons or institutions that used their talent and exemplified excellence in their craft to help those in need.

The other finalists for the award were Anthony James Bautista, Ph.D of LISA Logistic Indoor Service Assistant Robot (first runner-up) and Dr. Francis Aldrin Uy of USHER Technologies (second runner-up).

Awardees for each category each received P100,000, a certificate, and a trophy, while the runners-up per category received P25,000 and a certificate. — Michael Angelo S. Murillo

Aboitiz group leads Mindanao livelihood recovery program

THE corporate social responsibility arm and hydropower systems unit of the Aboitiz group announced that they would be rolling out a P450,000-livelihood recovery program in parts of Mindanao to help communities affected by the global health emergency.

In a press release on Tuesday, Aboitiz Power Corp.’s hydro subsidiary Hedcor, Inc. said that it would be helping the Aboitiz Foundation, Inc. (AFI) in donating egg machines to various associations in Bukidnon and Davao del Sur.

The egg machines, which come with hens and rearing cages with built-in feeding systems, can produce eggs within 16 months.

“This initiative is part of a bigger program by AFI [for partner cooperatives]. The program involves the provision of in-kind donations for livelihood recovery and training to select cooperatives nationwide,” Hedcor said in a statement.

The Aboitiz livelihood assistance program will also provide a month’s supply of poultry feeds and training from Pilmico, the integrated agribusiness and food company of Aboitiz Equity Ventures, Inc.

Hedcor said that it had been constantly collaborating with its partner communities since it began hydropower operations in Manolo Fortich, Bukidnon, and Santa Cruz, Davao del Sur. Hedcor operates the 69.8-megawatt (MW) hydro plant in Bukidnon, and the 42.5-MW Sibulan hydro plant in Davao del Sur. — Angelica Y. Yang

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