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AboitizPower seeks to raise P30B from retail bonds

PROCEEDS of the first tranche will be used for debt refinancing and/or for general corporate purposes. — ABOITIZPOWER.COM

ABOITIZ POWER Corp. is looking to raise P30 billion by issuing retail bonds, which it plans to sell in tranches depending on market conditions, the energy company told the stock exchange on Tuesday.

It said its board had approved on Dec. 14 the filing of a registration statement under the shelf registration program of the Securities and Exchange Commission for peso-denominated fixed-rate retail bonds.

AboitizPower also said its board had approved on Monday the issuance of the first tranche of retail bonds worth P4 billion, which is scheduled to be rolled out in the first quarter next year.

The retail bonds have an oversubscription rate of P4 billion, and they will be made available to the public “subject to market conditions” next year. The company intends to list the first tranche with the Philippine Dealing and Exchange Corp. (PDEx).

“Proceeds of the first tranche of the Retail Bonds will be used for refinancing of corporate debts and/or for other general corporate purposes,” AboitizPower said.

The company’s planned debt offering comes after its announcement last month that it had scheduled the two units of a subsidiary’s 1,336-megawatt (MW) supercritical coal-fired power plant in Dinginin, Bataan to start operating commercially around the middle of next year.

AboitizPower said the first unit of GN Power Dinginin Ltd. Co. is set to synchronize with the grid by the end of the year and start operating by the second quarter of 2021.

The second unit will be synchronized and start earning commissioning revenues by the second quarter of next year. It is scheduled to start operating commercially by the third quarter. The two units have an identical capacity.

AboitizPower, which accounted for nearly half of Aboitiz Equity Ventures, Inc.’s income as of the third quarter, said its ownership of the plant allows it to surpass its 4,000-MW target “attributable” capacity while serving the country’s base load energy demand.

AboitizPower did not give details on its attributable capacity or its share in the new energy generating project. GNPower Dinginin is a joint venture of AC Energy, Inc., AboitizPower subsidiary Therma Power, Inc. and Power Partners Ltd. Co. — Angelica Y. Yang

Lopez Holdings files petition to delist from stock exchange

LOPEZ HOLDINGS Corp. has asked that its common shares be delisted from the bourse’s main board after its stocks’ public float fell below the minimum public ownership requirement with the completion of an associate firm’s tender offer.

In a statement dated Dec. 14 but disclosed to the Philippine Stock Exchange on Tuesday, the holding firm said it had filed a petition for voluntary delisting of its 4,628,672,611 common shares from the Philippine Stock Exchange, which requires listed companies to have a minimum public ownership of 10%.

The voluntary delisting follows Lopez Holdings’ disclosure on Dec. 1 about its board’s nod on the tender offer of First Philippine Holdings Corp. (FPH) to acquire from shareholders a minimum of 20% and a maximum of 45.56% of the total issued and outstanding common shares. The shares were priced at P3.85 apiece.

Excluded from the tender offer are the shares owned by its ultimate parent entity, Lopez, Inc., which has agreed not to tender its common shares.

Lopez Holdings also said that a fairness report from independent financial adviser KPMG/R.G. Manabat & Co. dated Dec. 14 provides that the fair value of the listed common shares ranges from P2.34 to P3.92 each as of the cut-off date, Sept. 30, 2020.

As such the tender offer price of P3.85 per share is within the computed range of Lopez Holdings’ equity value per share, the firm said.

It quoted the financial adviser as saying that the price is deemed “fair and reasonable from a financial point of view, as of the cut-off date.”

As of Nov. 30, Lopez, Inc. owned 54.44% of the listed and outstanding common shares of Lopez Holdings, while the remaining 45.56% was owned by the remaining shareholders.

On Tuesday, shares in Lopez Holdings at the stock exchange were down 0.27% at P3.72 each.

Gov’t makes full award of bonds as yield drops on strong demand

THE GOVERNMENT on Tuesday made a full award of its offer of reissued 10-year Treasury bonds (T-bonds) as its yield dropped, with investors continuing to prefer safe-haven securities as the coronavirus pandemic stretches on.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued 10-year papers. Demand for the T-bonds reached P70.45 billion, more than double the offered amount. This brought the outstanding volume for the series to P94.94 billion.

To accommodate the excess demand, the Treasury also opened its tap facility to borrow another P10 billion via the tenor.

Yesterday’s offering was the Treasury’s last regular auction for the year.

The 10-year T-bonds, which have a remaining life of six years and four months and carry a coupon rate of 4.75%, were quoted at an average rate of 2.791% yesterday, declining by 194.1 basis points (bps) from the 4.732% fetched during the previous auction of the series.

National Treasurer Rosalia V. De Leon told reporters after the auction that investors continue to favor government securities in their search for returns, as seen in the demand logged yesterday.

“We saw big volume tendered and lower bids versus secondary for the security. [We] saw interest shift to belly of curve for yield pickup as GS [government securities] auctions wrapped up for the year,” Ms. De Leon told reporters in a Viber message.

She added that within-target headline inflation prevented yields on government debt from climbing.

Headline inflation stood at 3.3% in November, quicker than the 2.5% in October on the back of an uptick in food prices and energy costs.

Despite this, the year-to-date increase in the consumer price index settled at 2.6%, still within the Bangko Sentral ng Pilipinas’ (BSP) target of 2-4% for 2020.

The central bank expects headline inflation to average at 2.4% this year.

Meanwhile, a trader said investors continue to tread the market cautiously amid uncertainties caused by the pandemic.

“With ample liquidity and with BSP seen to keep its monetary policy settings accommodative, investors continue to place their funds to safer options such as government securities,” the trader said in a Viber message.

The BSP’s policy-setting Monetary Board will hold its last review for the year on Thursday, Dec. 17.

The central bank will likely keep its key policy rates at their current record low levels as it considers the recent uptick in the country’s inflation rate, according to analysts.

A BusinessWorld poll last week showed all 15 analysts do not expect the Monetary Board to go for another rate cut at its seventh and final policy meeting for the year.

The BSP unexpectedly slashed rates by 25 bps last month, citing the need to provide support amid continued uncertainty caused by new virus cases globally and the impact of a recent string of typhoons.

The central bank has lowered policy rates by 200 bps this year.

However, many analysts believe the BSP will resume its easing cycle as early as the first quarter of 2021 to help the economy bounce back as recovery prospects remain dim.

The Treasury wanted to borrow P120 billion from domestic lenders in December: P60 billion in weekly T-bill auctions and P60 billion in fortnightly T-bond offerings. It made full awards of all its offerings even as rates on some papers inched higher.

The government wants 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. — LWTN

Cost-cutting measures help boost Victorias Milling’s profit

LISTED sugar miller Victorias Milling Co., Inc. (VMC) posted a 2.8% rise in attributable net income to P840.03 million for its fiscal year that ended on Aug. 31, 2020, carried by higher revenues and lower operating expenses.

“Efforts were focused in attaining target production efficiencies, which delivered optimum results as well as in adopting cost reduction measures that helped protect profit margins and lowered operating expenses considerably,” the company said in a stock exchange disclosure on Tuesday.

In the previous year, the company’s attributable income was at P817.49 million.

For its 2020 fiscal year, revenues rose 24.7% year-on-year to P6.96 billion, against P5.58 billion in 2019, due to higher milling service income at P2.21 billion.

VMC said sugar sales dropped, but this was offset by its distillery segment results. Refined sugar and raw sugar sales went down 23.1% and 7.1% to P1.86 billion and P1.56 billion, respectively.

However, ethanol sales climbed 18.7% to P705.11 million, from P594.26 million in 2019, while alcohol sales jumped to P118.37 million. 

“Ethanol volume sold increased by 10% and price was favorable compared to last year. The group also introduced a rubbing alcohol brand V-Protect to the market due to necessity and increased demand during the height of the pandemic,” the disclosure said.

Meanwhile, VMC’s operating expenses fell 30.1% to P594.25 million against P850.11 million last year.

“The level of operating expenses significantly decreased compared last year due to lower professional fees and contracted services, representation, taxes and licenses, among others,” the disclosure said.

Located in Negros Occidental, VMC has business interests in integrated raw and refined sugar production, food, power, distillery, and recreation.

The company’s subsidiaries include Victorias Foods Corp., Canetown Development Corp., Victoria’s Golf & Country Club, Inc., Victorias Agricultural Land Corp., and Victorias Green Energy Corp.

On Tuesday, shares in VMC at the stock exchange remained at P2.50 per piece. — Revin Mikhael D. Ochave

Citigroup mocked by asset managers on $900-M error: ‘Take the money and run’

RECIPIENTS of Citigroup, Inc.’s $900-million error couldn’t help but mock the bank — and that could help it get the money back.

As it fights to recover funds it sent Revlon, Inc. lenders in August, Citibank is working to convince a judge that the 10 asset managers it’s suing knew the payment was a mistake. At a trial on Monday, lawyers for the bank cited electronic chats between employees of some of the investment firms as evidence.

“I feel really bad for the person that fat-fingered a $900-million payment,” a vice-president at HPS Investment Partners told another executive the day after the Aug. 11 transfers, according to an excerpt highlighted in court. “Not a great career move.”

“How was work today, honey?” the vice-president said a little later, imagining both sides of the dinner table conversation that night at home. “It was OK, except I accidentally sent $900 million out to people who weren’t supposed to have it.”

By Aug. 14, after major news media had reported the bungled payment, another HPS vice-president was discussing the transfer with a third, and riffed on the title of a 1970s hit by the Steve Miller Band, according to a court filing by Citibank.

“As Steve Miller said, ‘take the money and run,’” he quipped.

The response came with a smiley face: “We have not paid the money back :).”

However embarrassing to Citibank, the mocking chatter at HPS in the wake of the biggest banking error in recent memory could work in its favor. The bank, acting as administrative agent on the Revlon loan, wired the $900 million out of its own pocket. It argues that the lenders must return the money since it was clearly sent in error and isn’t theirs to keep. It has cited the language to show the firms knew it didn’t mean pay off the Revlon loans.

The trial, which is being held by videoconference without a jury before US District Judge Jesse Furman in Manhattan and is in its fourth day, shines a light on a mistake that Citibank has already had to explain to federal regulators and that has forced it to tighten its controls. The case is being closely followed on Wall Street, especially in the syndicated loan industry.

CHANGE OF HEART
Citibank, which meant to make a far smaller periodic interest payment, has recovered about $390 million of the whopping error and sued asset managers for creditors that refused to give back $508 million.

The defendants say the transfers were the exact amount owed their clients under a 2016 loan to the struggling cosmetics company and that nothing about the payment led them to think it was a mistake. Among the 10 firms the bank sued are HPS, Symphony Asset Management, Brigade Capital Management and New Generation Advisors.

Frederick Bailey Dent, an equity member and portfolio manager at New Generation, initially advised his team to return the wires and keep only the funds that were due, according to written testimony. But in subsequent internal messages read out in court on Monday, Mr. Dent said “wait” and told his team to hang on to the money — though he added that the firm “probably can’t recognize the gain until we’re sure we can keep it.”

Scott Crocombe, managing director at HPS, testified that he took part in discussions at the firm of the huge unexpected transfer the day after HPS received it. Under questioning by John Baughman, a lawyer for Citibank, Mr. Crocombe said he didn’t know about the payment until learning of an error notice the bank sent out almost 20 hours later.

The judge, who will determine the outcome of the case, asked Crocombe to explain his thinking on why Revlon would pay off the loan rather than make a much smaller payment on unsecured bonds outstanding that triggered a November due date.

“There are situations in which a borrower or management, or the board of a borrower, if they become concerned about preference payment issues,” would make the decision to pay secured debt, Mr. Crocombe said.

HPS manages investments for 18 clients that hold about $134.1 million of Revlon’s 2016 term loans, according to a filing Mr. Crocombe made with the court.

The case is Citibank NA v. Brigade Capital Management, 20-cv-6539, US District Court, Southern District of New York (Manhattan). — Bloomberg

Have a ballet Christmas

WHAT was ostensibly a webinar about shopping and gift-giving proved to be wrapping for Ballet Philippines’ gift for this season: a Facebook Live premiere with the cooperation of Rustan’s called “A Season of Giving” became a launchpad for Ballet Philippines’ Christmas productions, Christmas Fantasy and Maligayang Pasko.

The speakers at the webinar — which was held on Dec. 14 at the Ballet Philippines (BP) Facebook page — included Rep. Cristal Bagatsing, Tessa Prieto-Valdes, Pinky Tobiano, Dina Tantoco, BP President Kathleen Liechtenstein, and BP Core Dancer Jemima Reyes. The other ladies discussed what they plan to give and hope to receive on Christmas, while Ms. Liechtenstein discussed the production.

“This is Ballet Philippines’ gift of gratitude to you all; our way of saying thank you for supporting BP OnStream,” she said during the webinar. BP OnStream was launched last July to offer an alternative to the performances canceled due to the community quarantine restrictions in place. These included master classes, seminars, and performances. “Through your support, we are able to continue helping the arts and beauty of ballet.”

Christmas Fantasy was choreographed by BP’s new Artistic Director, Russian Mikhail Martynyuk, with music from Tchaikovsky’s Children’s Album. The performance begins with a gentle rendition of Tchaikovsky’s Maman. It was staged and shot at the SDA Theater of De La Salle – College of St. Benilde’s School of Design and Art Campus. The staging was understandably spartan: a single candle on a carved table, with a projected backdrop, changing from an Italian village to a Russian ballroom, to a snow scene. Musical accompaniment was provided by a piano, dispensing with an orchestra. Other excerpts performed were from the same album, including “The Sorcerer,” a Polka, the “Italian Song,” the “Tarantella,” and the “Prince and the Sugarplum Fairy” (this time from holiday classic The Nutcracker).

Maligayang Pasko, meanwhile, was choreographed by guest artist Joseph Philips, and was accompanied by classic Christmas carols performed by the London Philharmonic Orchestra. Dancers in Filipiniana costumes created by Patis Tesoro dance to the familiar strains of “Silent Night,” “Good King Wenceslas,” and “The First Noel.”

Core Dancer Ms. Reyes spoke about the differences of performing then and now, used as she is to the Christmas pageantry at the Cultural Center of the Philippines (CCP), where Ballet Philippines holds court. “I grew up performing in the CCP. It’s been my home, and I really hold on to that place so dearly. Given the circumstances, given the pandemic, I’m very grateful we’re still able to dance and perform for people who are staying home. Maybe it feels a little different performing in an empty theater, with just cameras in front of us moving.

“But it still is a performance, onstage,” she said. “I still felt like it was a show. For some reason, I was nervous at some point. It felt like the feeling like [when] I’m about to go onstage. That kind of rush. I don’t know why.

“The stage was different, the view while we were dancing was different, but the joy of dancing on stage was the same. Maybe even more now, because I know how precious our time onstage is.”

Watch the performance and other offerings by Ballet Philippines at facebook.com/balletphilippines and at ballet.ph. — Joseph. L. Garcia

Fast Group prepares for COVID vaccine distribution

FAST LOGISTICS Group is planning to expand its existing facilities in the country and take part in the distribution of coronavirus vaccines, after CVC Capital Partners, a private equity and investment advisory firm, committed to invest P6 billion in the company.

“The investment of CVC here amounting to P6 billion, which goes directly to the company, will be used to accelerate our growth here, including expansion of the present facilities that we have. We will definitely be investing also in digital transformation and technology, and looking also at other opportunities [to increase our footprint through] mergers and acquisitions here,” Bonifacio O. Doroy, Fast Group director, said at a virtual press briefing on Tuesday.

William B. Chiongbian II, the group’s president and chief executive officer, said Fast Group would “definitely be in the supply chain for vaccines.”

“We have a number of customers… We are now trying to liaise with the offices, the vaccine czar, and the private side,” he added.

Brice Cu, managing director at CVC, said the equity and investment advisory firm had been working closely with Fast Group “for a year” now.

“[We] have made excellent progress on a number of important strategic initiatives, most notably in building a pipeline of attractive acquisition opportunities,” he added.

Fast Group said its clients include Nestlé, Johnson & Johnson, Procter & Gamble, and NutriAsia.

It also works with healthcare services provider Zuellig Pharma and consumer goods company Green Cross. — Arjay L. Balinbin

China offers $145B to banks as liquidity tightens

CHINA INJECTED CASH into the financial system by offering medium-term loans, in the government’s latest effort to ensure the country’s banks have sufficient liquidity.

The People’s Bank of China (PBoC) added 950 billion yuan ($145 billion) of one-year cash via the medium-term lending facility (MLF) on Tuesday, more than offsetting the 600 billion yuan that matures in December. That’s the fifth straight month of net injections using the tool. It kept interest rates on the loans unchanged at 2.95%.

The need to buoy the amount of liquidity in the financial system has becoming more pressing after a spate of corporate defaults squeezed lending in China’s interbank market. As the PBoC seeks to stabilize the amount of debt in the economy, its policy of tapering stimulus has pushed up money-market rates. Higher borrowing costs spilled over to government bonds, which are on track for an eighth month of losses. That would be their longest losing streak in 13 years.

Demand for cash typically increases toward the end of the year, as banks withhold it for regulatory checks. This month, lenders also need another 2.4 trillion yuan to repay short-term interbank debt and buy newly issued government bonds.

“Banks are still under rather big funding pressure,” said Ming Ming, head of fixed-income research at Citic Securities Co. The move was not in conflict with the authorities’ plan to exit pandemic-related emergency measures, he added.

China’s money market rates declined following the MLF injection, with the benchmark seven-day repurchase rate sliding 6 basis points to 2.04% as of 10:38 a.m. local time. Futures on 10-year government bonds climbed 0.23%.

The economy strengthened in November, supported by strong demand from home and abroad, data released on Tuesday showed. The country’s industrial output rose 7% last month from a year earlier, in line with the median estimate in a Bloomberg survey of economists. Its retail sales expanded 5% in the period.

In its monetary policy report released last month, the PBoC said the macro leverage ratio will likely stabilize, following comments from a deputy governor earlier in the month that exiting emergency support measures was only “a matter of time” and “necessary.” A gauge tracking China’s level of debt has surged to 277% of the country’s gross domestic output, the highest since Bloomberg started compiling the data in 2014.

Government bonds have continued to retreat this month, even after the PBoC unexpectedly added 200 million yuan via the MLF at the end of November. The yield on China’s 10-year notes is still near the highest since May 2019.

The PBoC typically conducts MLF operations on or around 15th day of every month. Some 300 billion yuan of one-year funds matured on Dec. 7, and another 300 billion yuan will come due Dec. 16. Separately, the central bank on Tuesday drained a net 50 billion yuan in short-term funding by letting most of its seven-day reverse repurchase agreements mature. — Bloomberg

And the top tweets are…..

SINCE all of us have been glued to a screen at one point or another during this pandemic, we’ve all contributed somehow to this year’s selection of top tweets — presented in a webinar by Twitter last week.

Taking home the country’s Top Retweet and Most Liked Tweet was singer Sam Smith’s tweet about a Filipino boy singing at a karaoke machine. The tweet, posted on Feb. 8, read in capital letters, “Who is this kid!!!!!? You are out of this universe whoever you are.” This tweet garnered 8,100 replies, 313,600 retweets, and one million likes.

Other notable tweets included a sketch of a snail by Twitter user @titsay, with the snail saying, “Slow progress… is still progress.” @titsay captioned the tweet, “Do not be too hard on yourself.” This account had 138,000 retweets and 344,900 likes. A tweet by user @akarri promoted body positivity, showing common microaggressions towards Filipina bodies. This tweet had 123,000 retweets and 173,000 likes.

A saga about an online dating catfishing scam, a thread by user @JzanVern posted on March 30, was the country’s most “Quote Tweeted Tweet” with 197,500 retweets, 245,300 likes, and 12,100 replies.

Meanwhile, celebrities ruled the roost for the most tweeted hashtags for this year: pop group #sb19, love team #mayward (about Maymay Entrata and Edward Barber), #mainemendoza, #morhot, #maymayentrata, #aldenrichards, #donkiss, #edwardbarber, #kissesdelavin, and #karjon. Most of the celebrities’ main accounts on this list also entered the list of the Most Tweeted-about Accounts. For sports, athletes Ricci Rivero and CJ Cansino’s conversations trended and placed them at Top 1 and Top 2 for the Most Tweeted-about Sports Account in the Philippines. Third, Fourth and Fifth Placers were NBA teams the Los Angeles Lakers, Miami Heat, and the Golden State Warriors.

Meanwhile, Twitter launched its #BestofTweets 2020 Philippines Awards to celebrate brands that created outstanding campaigns. These included the HomeSURF199 campaign for Globe, while Smart Communications, Inc. was awarded Best Brand Voice. The Andok’s chicken chain was awarded for Best Use of Video for the #ChibokNgPasko campaign, which featured actor Piolo Pascual. The Best Brand Launch on Twitter was given to Gatorade Ion’s campaign with brand ambassador Kathryn Bernardo, and Jollibee’s Valentine’s Campaign, #KwentongJollibee, was named as having the Best Connection to Culture.

The 10 most tweeted-about brands in the Philippines were (in descending order) Spotify, Netflix Philippines, Apple, Shopee Philippines, Google Philippines, Lazada Philippines, Grab Philippines, Samsung Philippines, Pepsi Philippines, and PLDT.

“In this time of upheaval, there was no rule book to go by, or tried and tested method to keep audiences engaged. Instead, brands and marketers have had to roll with the punches and learn as the year evolved. This meant really listening to and connecting with their communities, before reaching out in an authentic and genuine way. We’ve been humbled and inspired by how brands throughout the region have leveraged Twitter to tap into conversations and cultural moments. And as we look to the New Year, it’s clear that community building will only increase in importance,” said Arvinder Gujral, Twitter Managing Director, Southeast Asia, in a press release. — JL Garcia

Megawide loses OPS for NAIA rehab project

MEGAWIDE Construction Corp. announced on Tuesday that the government had revoked its original proponent status (OPS) for the proposed P109-billion Ninoy Aquino International Airport (NAIA) rehabilitation project.

“Today, the Manila International Airport Authority (MIAA) announced the revocation of the partnership of Megawide and GMR Infrastructure’s original proponent status,” Megawide said in a statement via Viber.

Megawide said it would “immediately file a motion for reconsideration” for the proposed project.

“At all stages, Megawide has complied with all requirements and interpretations of the government for its unsolicited proposal. There are no justifiable grounds to deny the Filipino people a transformed NAIA,” it said.

No reason for the revocation of the OPS was mentioned in Megawide’s news release.

Last month, Megawide said the National Economic and Development Authority-Investment Coordination Committee had asked for the full submission of the requirements from the consortium “to demonstrate capabilities to deliver a first-world NAIA.”

Megawide said it submitted on Nov. 20 additional documents to prove its financial capability to undertake the project. — Arjay L. Balinbin

FWD Life gains market share on digitization efforts

FWD Life Insurance Corp. has cornered a higher market share in the country and is bullish their digitization efforts will continue to help them reach more clients in 2021, said its president and chief executive officer Li Hao Zhuang.

The firm on Tuesday launched a financial literacy app to help educate more Filipinos about the necessity of having an insurance plan.  

“In the second quarter, we know that we increased our market share by 50% from 5% to almost 8% market share,” Mr. Zhuang said in a briefing on Tuesday, citing figures from the Insurance Commission (IC). 

The official said this was because they were able to do remote operations since the start of the lockdown.

“On the agency side, actually, we saw a 20% increase in the number of policies,” he added.

FWD Life inked a partnership deal with the Medical City over the weekend, Mr. Zhuang said. Earlier this year, the company also tied up with players from different industries, including Cebuana Lhuillier Pawnshop, Asalus Corp. (which operates under brand name Intellicare), and Lazada.

It also launched an app called FWD Affiliate PH where users can earn points and freebies whenever they share financial literacy contents from the app to their social media and via messenger apps.

“We see this to help us reach as many Filipinos as possible, to educate them, to help them consider insurance,” Mr. Zhuang said.

The insurer’s total premium income climbed 25% to P9.55 billion in 2019 from P7.65 billion in 2018, data from the IC showed. — LWTN

Converge ICT gives free speed upgrades as subscribers hit 1 million

FIBER internet provider Converge ICT Solutions, Inc. announced on Tuesday its existing and new users would be given free speed increases of up to 300 megabits per second (Mbps), after it hit one million subscribers.

“Converge ICT celebrates this milestone, and in the spirit of Christmas, by giving free speed increases to its customers of up to 300 Mbps,” the listed company said in a statement.

The company said the plans of its old and new customers would be permanently upgraded for free starting Dec. 15.

“New subscribers can also enjoy their first month completely free when they apply for any Converge plan from December 12, 2020 to January 31, 2021,” it added.

Converge Founder and Chief Executive Officer Dennis Anthony H. Uy said, “We want to ensure they receive uninterrupted reliable Internet that will allow them to stay connected to their loved ones this Christmas.”

“This offering is exclusive for existing Plan 1500 Subs who only need to pay an additional P99 per month to enjoy 10Mbps on top of their plan,” Converge said. — Arjay L. Balinbin

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