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PNB sells PNBGen to Alliedbankers Insurance

PHILIPPINE NATIONAL Bank (PNB) and PNB Holdings Corp. have sold all of their shares worth P1.5 billion in the lender’s nonlife insurance arm PNB General Insurers Co., Inc. (PNBGen) to Alliedbankers Insurance Corp. (ABIC) as the Lucio Tan group continues to consolidate its businesses.

In a disclosure to the local stock exchange on Monday, the Tan-led lender said its board of directors last week gave it the go signal sell all of their shareholdings in PNBGen to ABIC, subject to the necessary approvals from regulators.

“We wish to advise the Exchange that during its meeting held today, December 11, 2020, the PNB Board of Directors approved and confirmed the sale of 100% shareholdings of PNB and PNB Holdings Corp. in PNB General Insurers Co., Inc., to Alliedbankers Insurance Corporation for a total purchase price of P1,523,374,730.48, subject to regulatory and other necessary approval/s,” the statement read.

PNBGen is the nonlife insurance company of PNB, while the ABIC is the non-life insurance firm of LT Group, Inc.

PNB President and CEO Jose Arnulfo “Wick” A. Veloso said the sale is part of LT Group’s efforts to consolidate its nonlife insurance businesses.

“This consolidation brings together the geographic reach of PNBGen through the network of the bank and the product offerings and expertise of Alliedbankers,” Mr. Veloso said in a text message on Monday.

“This will build a bigger and financially stronger entity that is best positioned to be a responsible industry partner in line with the Insurance Commission’s (IC) aim to build a strong nonlife insurance industry,” he added.

With a net income of P126.861 million last year, ABIC was the 10th top performer in the non-life insurance industry, based on the unaudited quarterly financial reports submitted to the IC.

PNBGen meanwhile ranked 13th in 2019 with a net income of P101.6 million.

Based on net premiums written, PNBGen ranked 24th (P623.89 million) last year while the ABIC placed 28th (P473 million), based on separate data from the IC.

PNB saw its net income rise by four percent to P2.5 billion in the third quarter. Its assets grew 14% to P1.3 trillion as of end-September from P1.14 trillion at the end of 2019.

Shares in PNB went up by 25 centavos to P30.70 each on Monday from its previous close of P30.45 apiece. — Beatrice M. Laforga

John le Carre, author of Cold War spy novels, 89

John le Carre, the British novelist who captured the cloak-and-dagger intrigue of Cold War espionage in best-selling books such as The Spy Who Came In From the Cold and Tinker Tailor Soldier Spy, has died. He was 89.

Le Carre died Saturday evening in Cornwall, where he lived, said his agent, Jonny Geller of the Curtis Brown Group. His publisher, Penguin, said the cause of death was pneumonia, citing le Carre’s family.

Geller called the author “an undisputed giant of English literature.”

A former spy with UK intelligence agency MI6, le Carre wrote more than 20 books in a career spanning six decades. His tales of treachery, betrayal and duplicity made George Smiley one of the genre’s most well-known secret agents through novels by “the pre-eminent spy writer of the 20th century,” as le Carre was once described in the New York Times.

An unwilling recipient of numerous awards, le Carre didn’t compete for literary prizes, while accolades flowed from his peers. American writer Philip Roth called A Perfect Spy (1986) “the best English novel since the war,” and UK author Graham Greene said his 1963 breakthrough work, The Spy Who Came In From the Cold, was “the best spy story I ever read.”

AUTHOR FIRST
“In the old days, it was convenient to bill me as a spy turned writer,” le Carre wrote on his website. “I was nothing of the kind. I am a writer who, when I was very young, spent a few ineffectual but extremely formative years in British intelligence.”

Le Carre’s characters chronicled the amoral methods employed by Western and Communist-bloc intelligence services to expose double agents during the Cold War. The author, who made espionage terms such as “mole” and “honey trap” popular, adapted his plots after the 1989 fall of the Berlin Wall, giving them more contemporary settings. The Constant Gardener in 2001 linked corporate corruption to the murder of a UK diplomat’s wife in Kenya, while 2008’s A Most Wanted Man addressed the war on terrorism and money laundering after the Sept. 11 attacks.

His works produced for cinema or television include the 1965 film The Spy Who Came In From the Cold, starring Richard Burton, The Russia House, a 1990 movie starring Sean Connery with Michelle Pfeiffer, and 2014’s A Most Wanted Man, with Philip Seymour Hoffman.

TV ADAPTATION
Alec Guinness starred as Smiley in the BBC’s seven-part television adaptation of Tinker Tailor Soldier Spy in 1979 and its Smiley’s People three years later.

In his final work, Agent Running in the Field published in 2019, le Carre’s writing was more angry than in past novels. He channeled his deep indignation at Brexit and visceral dislike of the British government that enabled it to happen. Leaving the European Union was, according to the book, “an act of self-immolation” led by a “bunch of rich, elitist carpetbaggers posing as men of the people.”

And in describing the foreign secretary in the book as an “Etonian narcissistic elitist without a decent conviction in his body bar his own advancement,” Le Carre left little to the imagination about whom he was describing. Shortly before the book was published, Boris Johnson was UK foreign secretary.

David John Moore Cornwell was born Oct. 19, 1931, in Poole, a coastal town in the southern English county of Dorset. John le Carre was a nom de plume adopted while he was working in diplomatic postings for the British government, which prohibited him from publishing under his own name.

His mother, Olive, abandoned the family when he was five and they didn’t meet again until he was 21, when he tracked her down after his father had told him she was dead. His father, Ronnie, was a confidence man who mixed in London’s criminal circles, according to a 2011 article in the Telegraph newspaper.

He and his older brother, Tony, were forced to help his father elude the law, sparking the future author’s interest in secrets and deception.

‘BADLY BORN’
“I act like a gent, but I am wonderfully badly born,” the eloquently spoken author wrote on his website.

Le Carre attended Sherborne School, a boarding school in Dorset, before studying German literature at the University of Bern in Switzerland for a year and earning a degree in modern languages at the University of Oxford’s Lincoln College.

After teaching French and German at Eton College, le Carre became an intelligence officer for MI5, the domestic secret service. In 1960, he transferred to MI6, the foreign arm of British intelligence, serving undercover as second secretary at the embassy in Bonn and then as a political consul in Hamburg. While working as a spy in the early 1960s, le Carre wrote his first three Smiley books: Call for the Dead, A Murder of Quality, and The Spy Who Came In From the Cold.

“For some of us, this bleak and witty thriller was an introduction to grownup reality,” David Denby wrote in the New Yorker magazine in 2014 about le Carre’s third novel. “No pessimistic book ever gave as much pleasure.”

LEAVES MI6
Le Carre, who penned his books by hand, quit his post in 1964 to write full time. Titles that followed included The Looking Glass War (1965), The Honourable Schoolboy (1977), The Little Drummer Girl (1983), The Tailor of Panama (1996), and A Delicate Truth (2013).

He won the British Crime Writers Association Gold Dagger in 1963 for The Spy Who Came In From the Cold, the Commander of the Order of Arts and Letters award in France in 2005, and the Goethe Medal from Germany’s Goethe Institute in 2011.

With his first wife, the former Alison Sharp who died in 2009, le Carre had three sons, Simon, Stephen, and Timothy. After divorcing in 1971, he married Valerie Eustace the following year and had another son, Nicholas, who became a writer under the name Nick Harkaway.

“Artists, in my experience, have very little center,” he wrote on his website. “They fake. They are not the real thing. They are spies. I am no exception.” — Bloomberg

Tupperware inks deal with Robinsons Land

TUPPERWARE BRANDS Philippines, Inc. recently inked a service agreement for a build-to-suit flexible workspace with Robinsons Land Corp. (RLC).

In a statement, RLC said Tupperware will occupy office space at work.able in Cyber Sigma, Taguig City.

Work.able is RLC’s flexible workspace brand. The Gokongwei-led property developer ventured into flexible workspaces in 2019 with a facility in Cyberspace Gamma building in Ortigas Center, Pasig City.

It also has workspaces in Exxa and Zeta Towers at Bridgetowne, C-5 Road, Ugong Norte, Quezon City.

Century Properties plans P3-B unsecured fixed rate retail bonds

CENTURY PROPERTIES Group, Inc. on Monday said its board has approved the company’s application of public offering of unsecured fixed-rate peso denominated retail bonds in the amount of P2 billion with an oversubscription option of up to P1 billion.

A special board meeting was held on Monday, the company told the stock exchange.

The board also approved a resolution on the authority of Century Properties “to issue peso denominated retail bonds and the filing with the Securities and Exchange Commission of a registration statement and prospectus for the retail bonds under the provisions of the Securities Regulations Code.”

The company recently launched a new residential property in Pampanga, which offers 1,079 units valued at P1.9 billion.

It also recently expanded its office leasing business to a gross leasable area of 137,000 square meters, after it bought the 40% share of its joint venture partner in the Century Diamond Tower in Makati City.

The company’s profits jumped 74% to P571.48 million in the third quarter due to gains from investment properties and non-recurring losses that were recorded the prior year. — Arjay L. Balinbin

BSP OKs new regulatory relief for savings and loan associations

THE BANGKO Sentral ng Pilipinas (BSP) will allow non-stock savings and loan associations (NSSLAs) to include accrued interest on some loans in their 2020 net profit, for the purpose of income distribution to members, as a way to extend relief to the industry during the pandemic.

Memorandum No. M-2020-088 signed by BSP Deputy Governor Chuchi G. Fonacier on Dec. 9 said the Monetary Board will allow NSSLAs to recognize as income their accrued interest on members’ unclassified loans outstanding from Sept. 15 to Dec. 31, net of general allowance for credit losses (ACL) of one percent of outstanding accrued interest receivable.

The period falls under the one-time 60-day loan moratorium provided by Republic Act No. 11494 or the Bayanihan to Recover as One Act.

In order be eligible, the Board of Trustees of an NSSLA should submit a certification of accuracy and integrity of income recognition that will be verified by the BSP in their next on-site examination.

Likewise, availing the measure will only be allowed if the distribution of accrued interest income net of ACL will not result in insufficiency of funds, borrowing to finance the net income distribution, restricted lending activities, or liquidity issues.

NSSLAs should also have no deficiency in ACL on loans and other risk assets, based on its latest approved report of examination.

NSSLAs interested to avail of the relief measure can submit the necessary requirements to the BSP’s Financial Supervision Department until Dec. 31.

NSSLAs gather deposits from their members which are then utilized to disburse loans meant to finance personal and home building expenses exclusive for military and uniformed personnel, teachers, employees, and market vendors, among others.

Cumulatively, these non-stock corporations service 1.4 million members across the country.

BSP Governor Benjamin E. Diokno has said they expect NSSLAs to exhibit sustained profitability and a stable performance despite headwinds caused by the coronavirus pandemic.

In August, the central bank issued tighter measures for “complex” NSSLAs or those with total assets of at least P5 billion.

The NSSLA industry’s assets stood at P260.2 billion as of end-2019, climbing by 19.9% from the end-2018 level of P226.4 billion. A huge chunk or about P205.5 billion of their assets are loans. — LWTN

Entertainment News (12/15/20)

MMFF to showcase student short films

THE ANNUAL Metro Manila Film Festival (MMFF) 2020 will feature short stories by promising student-filmmakers from all over the country. Several entries were supposed to be part of the initial 2020 Summer MMFF Student Short Film Competition, which was postponed due to the coronavirus (COVID-19) pandemic. The tilt, along with other activities, have been moved to be part of the annual MMFF Christmas edition. This year’s edition will be held online through Filipino streaming service Upstream. Some of the short films are AaBaKaDa; Sala, Salin-Laway; Sina Alexa, Xander at Ang Universe; and Paano Maging Babae, all of which are by Digital Filmmaking sophomores from the De La Salle-College of Saint Benilde School of Design and Arts. The other films in the line-up are Balik-Bayan from the University of Makati; Kyokok (Nilingaw) from the Western Mindanao State University; Lipstick and Paraisong Parisukat from the Philippine High School for Art; Laruang Baril from the Far Eastern University; and Garbo from the University of Southeastern Philippines. Together with this year’s full-length films, the students’ shorts are available for viewing worldwide starting Dec. 25 on the video-on-demand platform Upstream PH through this link: https://upstream.ph/mmff/. For more information about the screening guidelines as well as the featured films of the MMFF 2020, visit the official Facebook page: https://www.facebook.com/mmffofficial/.

Pinoy singers in We Bare Bears song challenge

THREE OPM artists — Reese Lansangan, Zipporah Temelloso, and The Juans — have released their version of the theme song of the Cartoon Network cartoon series We Bare Bears, which was originally sung by Estelle. Reese Lansangan’s acapella version can be seen here: https://youtu.be/vm5OofdLD7k, while  former Little Big Shots star Zipporah Temelloso’s beatbox version — featuring the Microphone Mechanics) — can be seen at https://youtu.be/hhd0aJRZO8c. Finally, the four singers who make up The Juans collaborate with Topps Sarap for their version which can be seen here: https://youtu.be/UqvZrt_3f5s. We Bare Bears: The Movie was released on Cartoon Network and the streaming service HBO GO in September.

Blahza and Seira release new single

ASIAN-American hip-hop artist Blahza and newcomer Seira have released a new emo-rap single, “GPS.” Reminiscent of Juice WRLD with its chill, spacey touch and laid-back delivery, the song follows the rapper’s journey to finding his way back to love. According to Blahza, the song is a reassurance of his loyalty and romantic affection for the love of his life, despite having to spend days apart from each other. The track also features up-and-coming rapper and singer Seira, who delivered a lilting, smooth performance.

Britney Spears and Backstreet Boys release new single

BRITNEY Spears and the Backstreet Boys surprised music fans with the release of their collaborative track “Matches,” released last week via RCA Records. The Ian Kirkpatrick and Michael Wise-produced track is featured on the new edition of Britney’s 2016 album, Glory, along with recently released songs “Swimming In The Stars” and “Mood Ring (By Demand).” The song is currently at No. 2 on iTunes Philippines, while the deluxe edition of the album that it’s part of, peaked at No. 1 a few hours after the track’s release. For more information, visit Britney Spears’ official website www.britneyspears.com and the Backstreet Boys’ official website https://www.backstreetboys.com/. Britney Spears and Backstreet Boys’ “Matches” is out now on all digital platforms worldwide via Sony Music.

Fate: The Winx Saga on Netflix

FROM The Vampire Diaries’ Brian Young comes Fate: The Winx Saga, a live-action reimagining of the Italian cartoon series Winx Club by Iginio Straffi. Fate: The Winx Saga follows the coming-of-age journey of five fairies attending a magical boarding school in the Otherworld where they must learn to master their magical powers while navigating love, rivalries, and monsters that threaten their existence. The series stars Abigail Cowen, Hannah van der Westhuysen, Precious Mustapha, Eliot Salt, Elisha Applebaum, Sadie Soverall, Freddie Thorp, Danny Griffin, Theo Graham, and Jacob Dudman. The six-part series will premiere globally on Netflix on Jan. 22.

HBO Asia presents Taiwan original show

THE HBO Asia original Taiwan production of Adventure of the Ring explores how a misadventure brings out the true meaning of love. Adventure of the Ring, which premiered with two episodes on Dec. 13 on HBO and HBO GO, tells the stories of different couples who come in contact with an engagement ring. The show stars Chris Wang and Allison Lin.

Floods hurt property valuations in Marikina

PARTS OF Metro Manila experienced heavy flooding when a string of typhoons hit the country in November.

Sheila G. Lobien, CEO of the Lobien Realty Group, said in a statement the property valuations in flooded areas have been severely affected.

She noted land values in Marikina are around P40,000 to P70,000 per square meter (sq.m.), just below Caloocan land values of between P35,000-P65,000 per sq.m.

To compare, land valuations in Muntinlupa/Alabang are between P120,000-P140,000 per sq.m., while those in Quezon City, Ortigas and Bay City peak at P280,000 per sq.m. Property values in Bonifacio Global City and Makati City reach P350,000 and P400,000, respectively.

Ms. Lobien said property buyers should conduct due diligence when picking locations for offices and homes, avoiding areas located along fault lines, prone to flooding and other disasters.

In flood-prone areas, Ms. Lobien said cities should have a clear zoning mechanism for residential and commercial spaces.

“The government and private sector should really invest on infrastructure that will make the developments flood-ready,” she said, noting rivers should be dredged and flood control mechanisms strengthened.

Apex Mining reports 69 COVID-19 cases in Davao de Oro mine site

APEX MINING Co., Inc. said that 69 employees and contractors working at its Maco Mine in Davao de Oro had tested positive for the coronavirus disease 2019 (COVID-19).

In a stock exchange disclosure on Monday, Apex Mining President and CEO Luis R. Sarmiento said underground operations at the mine site and mill plant would be scaled down after a part of its workforce is in quarantine due to the reported cases.

He said the company had strengthened the implementation of all safety measures in the site, while all offices and work areas of the COVID-19 patients had been temporarily closed and underwent disinfection.

“Alternative work arrangement for the office employees has been implemented to minimize the disruption of support activities,” Mr. Sarmiento said.

“At the moment, the mine’s medical unit, in coordination with the local government, is conducting contact tracing for employees who may have direct contact with the COVID-19 patients,” he added.

In October this year, Apex Mining’s subsidiary Itogon-Suyoc Resources, Inc. (ISRI) in Itogon, Benguet was included in a localized lockdown after COVID-19 cases were reported in a barangay within the province.

At the time of the company’s statement, it disclosed that around 80 COVID-19 positive cases were reported in its Sangilo mine.

During the third quarter of 2020, Apex Mining posted an attributable net income of P679.56 million, higher than the P148.94 million it posted in the similar period a year ago, due to better revenues and higher gold prices.

The company’s revenues for the July to September period also rose 102.3% to P2.59 billion.

On Monday, shares in Apex Mining at the stock exchange fell 2.78% or five centavos to end at P1.75 per piece. — Revin Mikhael D. Ochave

Metro Manila among the most ‘competitive’ markets for office occupiers

Metro Manila among the most ‘competitive’ markets for office occupiers

How PSEi member stocks performed — December 14, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, December 14, 2020.


Peso climbs as US OKs vaccine use

THE PESO strengthened versus the greenback on Monday, supported by optimism after the United States approved the use of a vaccine against coronavirus disease 2019 (COVID-19).

The local unit closed at P48.05 per dollar on Monday, appreciating by two centavos from its Friday finish of P48.07 versus the greenback.

The peso opened the session at P48.10 against the dollar, which was also its weakest showing for the day. Meanwhile, its intraday best was at P48.04 versus the greenback.

The volume of dollars that changed hands amounted to $358.8 million, dropping from the $540.85 million seen on Friday.

The peso strengthened versus the dollar on the back of positive market sentiment on the progress on the use of a vaccine in the US, a trader said.

“The peso appreciated from market optimism after the US FDA (Food and Drug Administration) officially approved over the weekend the Pfizer [Inc.]’s COVID-19 vaccine for emergency use,” the trader said in an email.

The coronavirus vaccine, developed by Pfizer and its German partner BioNTech, gained emergency-use approval from federal regulators late on Friday, clearing the way for distribution to begin a mere 11 months after the United States documented its first COVID-19 infections, Reuters reported.

Healthcare workers and elderly residents of long-term care homes will be first in line to get the inoculations of a two-dose regimen given about three weeks apart.

Public health officials have warned Americans not to become complacent about wearing masks and avoiding crowds in the meantime.

More than 100 million people, or about 30% of the US population, could be immunized by the end of March, US Operation Warp Speed chief adviser Dr Moncef Slaoui said in an interview with Fox News Sunday.

Another source of risk-off sentiment on the dollar was the one-week extension of an expiring federal funding, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a text message.

Reuters reported that President Donald J. Trump on Friday signed the extension deal, buying more time for talks on a spending bill and further COVID-19 relief measures.

The US Senate passed the bill on the same day following its Wednesday approval in the House. The expiration of the federal funding will mean partial shutdown for government programs such as airport operations and activities of the US State Department.

The US Congress is now working to pass a $1.4-trillion bill meant to maintain federal operations until September 2021.

For today, Mr. Ricafort expects the peso to trade from P48 to P48.10 per dollar while the trader expects the local unit to move within the P48 to P48.20 range. — with Reuters

PSEi extends rally as investors await BSP review

THE LOCAL MARKET closed higher on Monday, sustaining its rally, as investors await the upcoming policy meeting of the central bank.

The 30-member Philippine Stock Exchange index (PSEi) climbed 35.19 points or 0.48% to close at 7,281.35, while the broader all shares index rose 19.78 points or 0.45% to end at 4,338.51.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the local bourse closed higher as investors await the result of the policy meeting of the Bangko Sentral ng Pilipinas (BSP) on Thursday.

“The PSEi kick started the week as investors made bets ahead of the BSP meeting on Thursday and the continued Christmas rally,” Mr. Limlingan said in a mobile phone message.

The central bank is likely to keep its key policy rates at the record low levels on Thursday, 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 on Dec. 17.

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

AAA Southeast Equities, Inc. Research Head Christopher John Mangun credited the market’s climb to the lack of selling pressure at the start of trading.

“Trading today is a clear indication that investors remain confident with current conditions and are willing to hold positions for the longer term,” Mr. Mangun said in an e-mail on Monday.

“The US Food and Drug Administration’s approval of Pfizer and BioNTech’s COVID-19 vaccine also helped in extending gains this Monday,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message.

Meanwhile, Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the market sustained its rally despite foreigners turning net sellers.

Net foreign outflows reached P816.66 million, a turnaround from the net inflows worth P212.08 million on Friday.

Most of the sectoral indices at the PSE were gainers on Monday, with property being the sole decliner, going down 28.27 points or 0.76% to 3,690.96.

Financials improved 23.7 points or 1.59% to 1,510.30; mining and oil went up 104.96 points or 1.12% to 9,410.93; industrials increased 101.04 points or 1.07% to 9,521.96; services jumped 8.74 points or 0.57% to 1,542.3; and holding firms gained 37.44 points or 0.5% to 7,493.31.

Advancers bested decliners, 134 to 75, while 58 names ended unchanged.

Some 46.02 billion issues valued at P8.93 billion switched hands on Monday, down from the previous session’s 75.92 billion shares worth P9.89 billion.

“Immediate resistance may be placed at 7,500, while nearest support is pegged at 6,700,” Timson Securities’ Mr. Pangan said. — Revin Mikhael D. Ochave