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Cebu Air earnings hit P9B

CEBU AIR, Inc. reported a net income of P9.12 billion for 2019, or more than double its net income a year ago of P3.92 billion, driven by its core business.

In a disclosure to the stock exchange on Monday, the operator of budget carrier Cebu Pacific said its revenues grew 14.4% to P84.81 billion last year from P74.11 billion it generated for the year 2018.

This growth was mainly driven by the passenger segment of the airline operator’s business which contributed P61.68 billion to the total revenues, 13.7% higher than the previous year’s P54.26 billion.

“This was mainly attributable to the 10.8% growth in passenger volume to 22.5 million from 20.3 million last year as the Group increased capacity. The increase in average fares by 2.6% to P2,745 from P2,675 last year also contributed to the increase in revenues,” the listed airline operator said.

Cebu Air’s ancillary revenues grew 21% to 17.38 billion from the previous year’s P14.36 billion while the cargo segment contributed P5.75 billion, up 4.7% from the figure in 2018.

The company said the growth in ancillary revenues was driven by the increase in passenger traffic coupled with pricing adjustments and increased volume of certain ancillary products and services.

To recall, Cebu Air’s net income plunged 50.6% to P3.9 billion in 2018, from P7.9 billion in the previous year, due to the “challenging macro environment.”

The airline’s flying operations expenses last year increased by P349.25 million or 1.2% to P30.26 billion due to the increased in pilots’ training costs. However, fuel expenses went down by 3.3% or P39.48 million, the company said.

To support its plans to increase the airline’s frequency on its current routes and to add new city pairs and destinations, Cebu Air said it will have 63 aircraft deliveries beginning this year until 2026.

“The Group is also set to venture into the dedicated freighter market making it the only passenger airline in the Philippines with dedicated cargo planes. The first converted ATR 72-500 freighter aircraft was received in August 2019 while the second will be delivered within 2020,” it added.

But the airline operator also noted that the coronavirus disease 2019 (COVID-19) is expected to “adversely affect” its financial health.

“While it is difficult to predict when operating conditions will improve, the Group believes that [the COVID-19] remains a going concern, given the measures undertaken, its liquidity position, its access to short and long term funding, and the strong relationships it has with major suppliers,” Cebu Air said further. — Arjay L. Balinbin

Davao hotels to shelter health workers

DAVAO CITY — The iconic Apo View Hotel, the oldest in the city at over 70 years, is one of the local businesses that have temporarily suspended operations due to the coronavirus disease 2019 (COVID-19) outbreak.

Apo View Hotel, however, kept its rooms open for health workers who are at the frontline of the fight against the spread of COVID-19.

“To support the government with its battle against COVID-19, Apo View Hotel has opened its doors and offered free room accommodation to our frontline healthcare workers… This is to show our gratitude to the frontliners who have been risking their lives and working tirelessly to help our countrymen in this time of need,” said hotel manager Leah S. Adolfo in a text message.

Ms. Adolfo said they actually started housing 50 staff of the state-owned Southern Philippines Medical Center, the designated COVID-19 hospital in the city, even before news broke of health workers being asked to leave their rented lodgings as neighbors fear contamination.

She added that Apo View’s management firm, Global Comfort Group Corp., which is behind the Eurotel and Icon hotel brands, has also opened more than 400 rooms in other parts of the country to frontliners.

Several other hotels and motels in the city have since welcomed health workers following a call from the local government and the Davao City business chamber.

These include Blue Lotus Hotel; the Oyo Hotel chain which includes the Davao Airport View, Circle-B Suites, Chateau Cinco Dormitel, D’Airbus Inn, Yellow Pad, Sharana Pensionne, and Capital O World Palace; and Oh George! Drive-Inn.

“We are thankful for them for allowing the nurses and BPO (business process outsourcing) workers to stay. They will allow them safer and easier access to their workplaces while complying with government requirements,” Davao City Chamber of Commerce and Industry Inc. President John Carlo B. Tria said in a statement last week.

The discrimination against health workers, along with the logistical challenges of getting to and from medical facilities amid the community quarantine restrictions around the country, has also been reported in other areas such Iloilo City and the National Capital Region.

But response has been swift not just from commercial establishments, but local officials and the private sector in general.

In Iloilo, the local government-owned Iloilo City Community College was immediately identified as a temporary lodging facility. Donations of beds, mattresses, pillows, and linens poured in, including those from hotels in the city.

Iloilo Mayor Jerry P. Treñas, in a post on his Facebook page on March 22, hailed strong “public-private partnership” in addressing the COVID-19 health crisis, emphasizing the need for continued joint efforts to protect the medical workers in particular.

He wrote, “Please keep in mind that if they (frontliners) cannot eat or sleep well, they cannot go to work. Who will take care of you if you will be infected?” — Maya M. Padillo and Carmelito Q. Francisco

A tiger tale

TV REVIEW
Tiger King: Murder, Mayhem, and Madness
Netflix

STREAMING service Netflix just dropped a new true-crime documentary series, Tiger King: Murder, Mayhem, and Madness, (Tiger King) a little over a week ago and the internet has not stopped talking about how crazy the people and the entire situation is. And seeing that the documentary hasn’t hit the Top 10 list in the Philippines just yet, here’s a review to whet the appetite of those who haven’t seen it yet.

Tiger King, directed by Eric Goode and Rebecca Chaiklin, is about a little-known but highly interconnected society of big cat conservationists and private zoo owners and their mutual dislike for each other. At the center of the conflict is Joe Exotic (Joseph Allen Maldonado-Passage), a flamboyantly gay owner of more than 200 big cats who runs a zoo called the Greater Wynnewood Exotic Animal Park in Florida, and Carole Baskin, the owner of conservation group Big Cat Rescue, also in Florida.

While one of the directors of the documentary said that the series started when they were investigating the wildlife trade in the US (and saw a snow leopard sitting in the back of a truck under the hot Florida sun), it is quickly apparent that the seven-episode series isn’t as much about big cat conservation as it is about the crazy characters collecting big cats.

(Note: Snow leopards are listed as vulnerable by the International Union for Conservation of Nature.)

We have, on the one hand, Mr. Maldonado-Passage, who runs a private zoo along with “other misfits” — former felons and such. He feeds his animals and his crew with rejected or expired meat from the local supermarket, and also roadkill. He also has a reality show called Joe Exotic TV and “makes” country music. Subsequent articles about the documentary revealed that he lip synced all his songs in the two albums he produced.

He was also married two husbands at one time.

On the other hand, we have Carole Baskin, who has made it her mission to give big cats a “good home until they die.” One of the main conflicts in the series from the third episode on is how Ms. Baskin may have had a hand in the disappearance of her second husband, Don Lewis.

Also featured in the series is Bhagavan “Doc” Antle who runs a high-end private zoo in Myrtle Beach, South Carolina. He claims to spend $10,000 to feed one tiger a year, and yet has so many women working for him for pittance. He also sleeps with these women in something like the Playboy Mansion — but with tigers.

Mr. Maldonado-Passage and Ms. Baskin are involved in a years-long feud over Mr. Maldonado-Passage’s treatment of his animals. She manages to stop his performances in malls across the US, which put a huge dent in his finances, so he threatens violence.

The documentary so loves focusing on the hatred Mr. Maldonado-Passage has for Ms. Baskins that there is a montage of how many times he talked about her.

It all ends when Mr. Maldonado-Passage was arrested for hiring someone to murder Ms. Baskins, a crime that landed him in prison in 2018. He has to stay there for 22 years.

Is it a compelling documentary? Yes, if you can get over the cringe-inducing scenes showing how much of a mess they all are (a large part of that is Mr. Maldonado-Passage’s music which plays in several episodes), and the sadness one feels over the fact that none of these people are treating exotic animals the way they should be treated.

Tigers, in particular, have expiration dates once they get too big to be considered cute, and it’s expensive to keep an adult tiger.

For those who want to watch the series, know that this isn’t about conservation — it’s about people keeping big cats for money. So if you’re looking for a documentary about the ethics of exotic animal trade, this is not for you.

But the characters are colorful, and strange, and, frankly, nauseating — but it makes for good content. Tiger King was popular enough that Netflix ordered a limited series days after the documentary series hit the service. — Zsarlene B. Chua

Pilipinas Shell income up 11% to P5.6 B

PILIPINAS SHELL Petroleum Corp. posted an 11% year-on-year jump in net income in 2019 on the back of its marketing activities and savings from refinery costs.

The oil company told the Philippine Stock Exchange on Monday that it recorded P5.6 billion in net income, as it spent P6 billion in expanding its retail network, supporting refinery growth projects, and bolstering supply and distribution capabilities.

According to Pilipinas Shell Vice-President for Retail Randolph T. Valle, the company’s retail volume grew by 1.2% with premium fuel penetration at 27% despite high excise taxes, lifted by marketing activities, along with its loyalty programs and network expansion.

The company added 53 new fuel retail stations, operating a total of 1,126 sites in 2019.

Meanwhile, its non-fuel business saw earnings rise by 15%.

Its overall commercial fuel volume expanded by 9%, driven by its bitumen business, which supports the government’s Build, Build, Build program. The oil firm’s Bitumen Production Facility has more than doubled its operating profits in the year as it ramped up its footprint nationwide and exported to five countries.

“The marked volume growth across our business segments last year was not by chance; it is the result of consistent strategy and clear-cut focus on our objectives,” Pilipinas Shell President and Chief Executive Officer Cesar G. Romero said.

Meanwhile, its refinery saved almost P700 million last year in structural costs to counter the depressed regional refining margins. In December, it turned to low sulfur fuel oil, which yields higher margins compared to high sulfur fuel oil.

The company has started building its integrated hydrogen manufacturing facility that could process more crude oil varieties and more quality fuels, as well as its integrated energy system, which could create a more sustainable energy footprint from solar energy, natural gas, and battery storage.

Amid the spread of the novel coronavirus disease 2019 (COVID-19) pandemic, Pilipinas Shell said it maintains its operations to provide stable fuel supply in areas under enhanced community quarantine.

“We continue to look for ways to appropriately support our key stakeholders and business partners, and commit to make the right sustainable decisions for the company in this time of challenges and uncertainties,” Mr. Romero said.

On Monday, shares in Pilipinas Shell fell by 1.07% to close at P18.50 each. — Adam J. Ang

Microstudio developer waives minimum lease requirement

By Denise A. Valdez
Reporter

MICROSTUDIO DEVELOPER Point Blue is waiving its minimum lease requirements to help those in need of a place to stay while Luzon is under quarantine.

The company said in a statement it is now allowing new and existing tenants to pay a minimum rent of one month for units, from the previous lease requirement of a minimum of three months.

“Typically, developers charge more for shorter leases, since it’s more difficult operationally. In our case, we made the decision to keep our pricing the same. Our priority was to provide a solution for people who need it,” Point Blue Chief Executive Officer JR Yujuico said in an e-mail to BusinessWorld.

Point Blue has a total of 750 microstudios in its six buildings so far: 400 microstudios in four buildings near Bonifacio Global City and 250 microstudios in two buildings in Makati City. Each microstudio is fully furnished with one bed and a private bathroom.

Since the government announced the lockdown in Metro Manila on March 12 initially, Mr. Yujuico said Point Blue has received “an unusual amount of inquiries” for short-term leases. This prompted the company to remove the three-month minimum lease requirement as “it became increasingly obvious that people were in need.”

The entire island of Luzon is now under enhanced community quarantine until April 12, as the government tries to contain the spread of the coronavirus disease 2019 (COVID-19).

Point Blue’s microstudios are available for single or double occupancy with prices ranging from P13,200 to P15,000 a month, inclusive of a high-speed internet connection.

The company is targeting to develop 3,000 microstudios in Makati by 2022 in partnership with AboitizLand, Inc. Before the COVID-19 outbreak, Mr. Yujuico said the company was on track to open a new building every one to two months.

However, the increasing number of COVID-19 cases in the Philippines has forced the company to stop work on 11 buildings, each in different stages of design and construction.

“What’s for sure is that during this time, it’s difficult to think about growth. We need to plan for every scenario and make sure our company can look after our Point Blue community,” Mr. Yujuico said.

“Our business does have a solid foundation and I do think we are well-positioned to expand even further in the longer term. In the immediate term, we are in full support of the government’s measures to address COVID-19 and keep our communities healthy,” he added.

From sofas and kitchens, music stars hold coronavirus concert fundraiser

LOS ANGELES — Billie Eilish sang on her sofa, Elton John played a keyboard belonging to his children, and the Backstreet Boys sang in harmony from five locations as dozens of musicians put on a fundraiser for the warriors against a coronavirus.

Those who performed from their homes for the IHeart Living Room Concert for America also included Mariah Carey, Camila Cabello, Alicia Keys, Shawn Mendes and Sam Smith.

The one-hour show, broadcast on Fox television without commercials, was the biggest joint effort in the pandemic to lift spirits, raise money for those in the frontlines, and remind Americans to wash their hands and keep their distance.

“There’s doctors, nurses and scientists on the frontlines. They’re living proof that most superheroes don’t wear capes,” said John, who hosted the show from his kitchen.

“We hope this bit of entertainment can feed and fuel your souls.”

All the performances and appearances by celebrities ranging from comedian Ellen DeGeneres to R&B artist Lizzo and country singer Tim McGraw were filmed on phones, home cameras or online platforms.

The songs were interspersed with short personal stories from nurses, doctors, truckers, grocery staff, and other essential workers as millions of Americans entered a third week subjected to orders to stay home.

Dr. Elvis Francois, a surgeon from Rochester, Minnesota, stole hearts on social media with an emotional rendition of “Imagine” performed in medical scrubs.

“Did this doctor just out sing every artist that’s performed?” one viewer, Ender Wiggins, asked on Twitter.

The concert, also broadcast on iHeart radio stations nationwide, urged listeners to donate to charities Feeding America, and First Responders Children’s Foundation.

The amount raised was not immediately known, but more than $1 million was donated in the first 10 minutes, courtesy of $500,000 from household goods giant Procter & Gamble and a matching sum from Fox Television.

“My heart goes out to people who have lost loved ones and also those who are losing their jobs,” said Lady Gaga, clad in pink sweatpants and a hoodie.

Alicia Keys, singing “Rise Up,” Dave Grohl performing “My Hero,” and Billie Joe Armstrong of Green Day’s acoustic version of “Boulevard of Broken Dreams” spoke to the hardships of millions of those working or laid off as stores, restaurants, gyms, and movie theaters have shut down.

“After we come out of this horrible thing, I hope we are nicer to each other, and fairer to one another,” John said. — Reuters

Gov’t rejects all bids for T-bills

THE GOVERNMENT rejected all bids for the Treasury bills (T-bills) it offered on Monday following the surge in rates as investors prefer to keep their cash amid the coronavirus disease 2019 (COVID-19) pandemic.

The Bureau of the Treasury (BTr) on Monday rejected all bids for the T-bills worth P17.2 billion across all tenors versus its initial plan to raise P20 billion.

Broken down, total bids for 91-day papers only reached P7.6 billion, short of the P10-billion program. Had the Treasury made a full award of these bids, the three-month papers would have fetched an average rate of 4.517%, a 149.3-basis-point (bp) surge from the 3.024% fetched in the March 16 auction.

Bids for the 182-day T-bills were also below the P5-billion plan, with total tenders reaching just P4.06 billion. Had the BTr made a full award, the average rate for six-month papers would have settled at 4.259%, up 86.1 bps from the 3.398% fetched previously.

The Treasury likewise rejected bids worth P5.55 billion for the 364-day papers, even as the total was above the P5-billion plan. If the tenor was fully awarded, the one-year securities would have fetched an average rate of 4.402%, up 85 bps from the previous rate of 3.557%.

Yesterday was the third consecutive auction where the BTr rejected all tenders due to higher rates, or since it made a partial award of T-bills on March 16, the day before the Luzon-wide enhanced community quarantine was implemented.

National Treasurer Rosalia V. de Leon told reporters via Viber after the auction that they decided to not accept any tenders as “all bids [were] over the roof,” adding that she “heard banks are giving out ultra high deposit rates.”

However, Ms. De Leon said the 35-day T-bills the BTr will reintroduce on Tuesday “should be appealing” to investors as they have to “put their money to work.”

“[35-day papers have] very short maturity so funds will be available when needed. There is still opportunity cost for holding to cash,” she said.

For Robinsons Bank Corp. peso debt trader Kevin S. Palma, “the BTr once again flexed its strong cash position and opted to reject bids for a second straight week.”

“Market players sought higher yields due to continued global uncertainties surrounding COVID-19,” Mr. Palma added.

REPURCHASE AGREEMENT
Meanwhile, Ms. De Leon said the BTr received yesterday the payment for P300 billion worth of three-month government securities that the central bank had agreed to buy last week.

She said the papers were “revenue neutral,” with the repo rate and deposit rate at zero percent.

The Bangko Sentral ng Pilipinas’ repurchase agreement with the Treasury is renewable for another three months.

The proceeds will be used to help fund the government’s efforts to address the COVID-19 pandemic.

Luzon was placed under enhanced community quarantine until April 12 to contain and slow the spread of the virus that has infected 1,418 and killed 71 in the country as of Sunday afternoon.

The Treasury has set a P190-billion local borrowing program for April, broken down into P130 billion in T-bills and P60 billion in Treasury bonds.

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is capped at 3.2% of gross domestic product. — B.M. Laforga

SMC allots P500M for health workers’ protective gear

SAN MIGUEL CORP. (SMC) has set aside P500 million to buy personal protective equipment (PPE) for frontline health workers, the listed conglomerate said on Monday, as it called on local manufacturers to boost production to ensure a steady supply.

SMC said it was tapping its global network of suppliers to buy PPE that doctors, nurses and other healthcare workers desperately need to continue saving lives amid the coronavirus disease 2019.

“It’s very crucial that we get more PPE — protective masks, gloves, surgical gowns, among others — out there as fast as we can. We are hoping to fill the gap and continue supporting our government in whatever way we can. Our healthcare workers and government responders are risking their own lives to save ours but they are running out of equipment to protect themselves,” SMC president and Chief Operating Officer Ramon S. Ang said.

He also urged local manufacturers to retool their facilities, if they can, to produce these equipment and ramp up production to secure the supply chain.

SMC said it had been repurposing most of its facilities to respond to the need for more protective items and food for the hardest-hit communities. Its unit Ginebra San Miguel Inc. retooled its liquor plants nationwide to produce rubbing alcohol to help front liners fighting the outbreak.

The hammer strikes

Warhammer: Chaosbane Magnus Edition
Microsoft Xbox One

Even casual gamers will recognize Warhammer not just from its immensely successful tabletop simulation. The sheer number of good-quality titles the franchise has churned out, particularly of late, has made it ubiquitous. From Fathshark’s coop-horde-and-hero-offering of Warhammer: Vermintide 2 to Creative Assembly’s turn-based grand strategy release of Total War: Warhammer, the Warhammer fantasy behemoth has continually put its best foot forward. Warhammer: Chaosbane continues to propel the momentum, albeit in its own way — bringing forth its distinct spin on the action RPG genre while still retaining the best parts of what made the Warhammer setting stand strong.

In Warhammer: Chaosbane, gamers take control of one of four characters — a human, a dwarf, a high elf, and a wood elf — as they seek to undo a curse that has befallen Magnus, leader of the Empire. Only by their chosen hero’s hand can the curse be undone, through a journey to unravel the plot behind the Emperor’s life. They set out to battle monsters and demons, cleave foes in half, learn new and better skills, and thwart those that stand in their way. Derivative? Perhaps. Those familiar with the franchise’s overarching narrative will no doubt find the story of its latest offering somewhat generic. Yet again is the world thrust into mortal peril, and yet again must fate rely on a handful of brave adventurers to face the darkness.

The beauty of the Warhammer: Chaosbane, though, isn’t in the composition so much as it is in the rendition. The series’ greatest strengths have never emanated from how finely tuned and intricate its plots are. Rather, they come from how well it is able to convey the bleakness of its setting. In this regard, Warhammer: Chaosbane does so beautifully, and longtime fans will no doubt tell just how much effort went into making the characters come to life on screen. Through all the locations and even all the enemies, it manages to prove true to its roots and retain its classic look, as if taken straight out of one of the tabletop rulebooks.

In Warhammer: Chaosbane, gamers are compelled to travel from ruined cities to dilapidated sewers and dark forests — all familiar settings that it presents quite well. En route, they rely on their chosen character’s abilities to bring them victory. Compared to more traditional role-playing games laced with action, Warhammer: Chaosbane is much more similar in design to such notables as Torchlight and Diablo, with whole sections of gameplay devoted to mowing down hordes and hordes of enemies with spells, weapons, and abilities. While this does make enemies feel like cannon fodder, it does so with the intention of making the experience fluid, fast, and responsive. Warhammer: Chaosbane continuously wants players to watch their positioning during combat, leading to a frantic but enjoyable romp through level after level as they press forward.

To be sure, Warhammer: Chaosbane isn’t perfect by any means. While its setting and atmosphere are on point, it finds itself taxed with one encounter too many, with the horde-rush bent coming off as spammy and ultimately flat. Combat is pretty fun at the start, when new abilities pop up and new weapons and armor sets make their mark. When the same waves of enemies seemingly keep pouring out of every crevice in the map, however, it conveys the impression that fights are just blended together. There are no buildups, no really big set pieces to go through, and, aside from the main chapter bosses, no really threatening enemies to overcome. Amid all the engagements, gamers invariably ask: What does the world really have to fear when the swarms of monsters are easily defeated?

In the final analysis, it’s probably what brings Warhammer: Chaosbane down the most. The general ease at which gamers can tear through it leaves a lot to be desired. After all, why engage in smart play when simply smashing into most enemies proves just as effective? Why go for superior positioning or use complex spells when brute force meets the same objective? And when every encounter feels decidedly non-threatening, it loses the impact and sense of urgency the Warhammer setting is best known for, and exposes it as a fairly mediocre ARPG experience with a very nice Warhammer skin.

Make no mistake, Warhammer: Chaosbane is extremely fun. At its core, it’s easily one of the more interesting ARPG games to date, brimming with atmosphere and character that only the Warhammer universe can bring. Because it asks so little of its players, however, it tends to make the game feel far worse. At best, it comes off as a pretty good way to acquaint new players to the Warhammer universe. It introduces the setting’s important concepts and characters while providing plenty of bang. It could have been something more, true, but it’s still a Warhammer title, and it’s still pretty good.

THE GOOD:

Great art and character design

Pretty fun and fast-paced combat

Really brings out the grim tone of the Warhammer universe

THE BAD:

Pretty repetitive combat past the early stages

Voice acting leaves much to be desired

Decidedly average gameplay past the first few hours

RATING: 7.5/10

POSTSCRIPT: Square Enix will be bringing an enhanced version of Nier to the Xbox One, Sony PlayStation 4, and Personal Computer. Stylized as NieR Replicant ver.1.22474487139, the high-definition remaster, to be developed by Toylogic, will be based on the Nier Replicant version and will feature re-recorded music and wholly revamped Japanese voice acting. Announced over the weekend in a livestream celebrating the title’s 10th anniversary release, it figures to rely on the talent of NieR: Automata senior game designer Takahisa Taura in bringing forth new characters and, in all likelihood, new endings.

Significantly, Square Enix also announced during the livestream the development of Nier Re[in]carnation, an all-new title for mobile platforms spearheaded by SEVEN’s CODE and Blade X Lord designer Applibot. It’s slated to be a free-to-play title available on iOS and Android, with in-app purchases for those less inclined to grind. Not coincidentally, Nier series creator Yoko Taro will have his highly anticipated RPG SINoALICE debuting on mobile platforms shortly. This release will include a couple of crossover chapters featuring NieR characters.

THE LAST WORD: The Resident Evil: Resistance open beta release continues to be available on Xbox One. It has been pulled from the virtual shelves of the PlayStation Network and Steam due to technical issues. Matchmaking has, in particular, proven difficult for users of the aforementioned platforms. The title has faced criticism for its radical change in direction to a four-against-the-world offering, but Capcom has notably stuck to its guns, insisting that the revised gameplay is just what the 24-year-old franchise needs to stay fresh.

Life insurers extend grace period due to COVID-19

LIFE INSURANCE FIRMS extended the grace period for premium payments to up to 91 days to give relief to clients amid the coronavirus disease 2019 (COVID-19) outbreak.

In separate press releases yesterday, Insular Life Assurance Co, Ltd. (InLife), Sun Life of Canada (Philippines), Inc. and Manulife Philippines said they are extending the grace period for premium payments for their clients.

Sun Life said the extended grace period for premium payments due from Feb. 15 to May 31 is applicable for all holders of its traditional life insurance policies, variable universal life insurance policies and pre-need plans.

For Inlife, it further extended the grace period to 91 days from the 60 days it previously announced for InLife policyholders with individual insurance with payment due dates falling within the said period.

”As the country and the whole world are gripped with urgent challenges caused by the COVID-19 pandemic, we strive to respond as quickly as we can to lessen our customers’ worries and let them focus on their health and well-being,” announced InLife President and CEO Mona Lisa B. Dela Cruz.

Manulife Philippines, in a statement yesterday, said it will also extend its premium payment period to 60 days for those due on March 16 to April 30.

The life insurance firms also reiterated that their policies will cover COVID-19.

Manulife Philippines said its policyholders who will be diagnosed with COVID-19 until June 30 will receive additional hospitalization benefit coverage of P1,500 per day up to 10 days. For those with critical illness coverage, clients could avail of the one-time diagnosis benefit of P10,000 if they tested positive for the disease.

“We are closely monitoring this situation and continuously looking for ways to make lives better for our customers during these unprecedented times. By offering COVID-19 coverage benefits, we hope to lessen our customers’ worries about its potential financial burden on their families, so they can focus instead on recovering and getting better,” said Manulife Philippines President and CEO Richard Bates.

For Inlife, COVID-19 coverage will be available for all of its policyholders, both with individual and group life policies, except for those who only availed of an accident-only policy.

It said the daily cash benefit when confined due to COVID-19 will be available to holders of its I-Heal plan, Premium Protect Series (InLife Premium Protect 1000, InLife Premium Protect, and InLife Premium Protect Plus “or any individual insurance plans with hospitalization riders.”

“Likewise, hospitalization of members of group hospitalization plans due to COVID-19 will be paid based on terms earlier announced to our corporate clients,” Ms. Dela Cruz said.

Its health maintenance organization subsidiary, Insular Health Care (IHC), will also cover claims of COVID-19 cases, despite the health agreements excluding diseases that were declared as epidemic and should not be coverable.

“IHC has basis to invoke epidemic exclusion clause. But we decided to continue to cover COVID-19 cases, setting higher limits to how much we can cover. We are inspired by the feedback we are receiving from our members who have benefited from the COVID-19 health care coverage. This is an affirmation of our positive impact on society,” IHC President and CEO Noemi G. Azura said.

Meanwhile, Sun Life said daily hospitalization benefits can be availed by policyholders of Sun First Aid and Sun First Aid Plus, including those with Hospital Income Benefit rider in their policies, if diagnosed and confined due to COVID-19.

“Those who file claims that meet the definition of a covered critical illness (CI) caused by COVID-19 will enjoy prioritized claim status,” it said in a statement.

“Beneficiaries of an insured client under a Sun Life insurance plan could also file for death benefit claim if the latter will succumb to the COVID-19 “or any of its complications,” it said.

These may be uncertain times but our country has prevailed through many challenges before. We are one with the entire Filipino nation as we forge ahead through these trying times. Let us all stay strong and keep believing that brighter days are in the horizon,” Sun Life CEO and Country Head Benedicto C. Sison was quoted as saying.

The life insurer also urged all of its policyholders to review their agreements and “if they are entitled to benefits relating to COVID-19.”

The firms have also opened its digital facilities to expedite processing. For Sun Life, it said it will accept digital copies of requirements when making insurance claims but will be subjected to verifications while InLife has its individual “customer portal” to do their transactions, including request for “policy loans, claims, maturities, top-ups, fund withdrawals, fund switching and premium payment.”

The Insurance Commission earlier allowed insurance firms to launch their own initiatives to provide additional benefits or coverage to clients affected by COVID-19, without the need to secure prior regulatory approval.

The regulator also urged all insurers, mutual benefit associations and health maintenance organizations to voluntarily waive some provisions on contracts and agreements to provide relief for clients during the public health emergency. — B.M. Laforga

RLC prioritizes welfare of its frontliners

ROBINSONS LAND CORPORATION (RLC) is ensuring the welfare of its security guards, engineering personnel, and housekeeping personnel in its properties amid the Luzon-wide lockdown.

The property developer has closed most of its hotels, office buildings, and residential properties, while still operating essential shops such as supermarkets and pharmacies.

In a statement, RLC said its frontliners, whom it described as “modern-day heroes,” that continue to work to ensure the properties are secure and clean despite the challenging times.

For instance, Robinsons Malls has provided sleeping quarters, shower rooms and food for those personnel who opt to stay inside the mall during the enhanced community quarantine.

“Choosing to work in this trying times is a difficult decision but for them, providing the necessary work is essential to themselves and the company. While they make sure everything is up to order, they give a sense of continuity, ensuring people that there’s still a safe place to come back to after the quarantine,” RLC said.

Metro Retail earnings fall 19.7%

METRO RETAIL Stores Group, Inc. (MRSGI) reported a 19.7% drop in net income last year due to the implementation of a new accounting standard.

In a statement, the Cebu-based retailer said its net income after tax for 2019 stood at P776 million, primarily due to the P363.7-million impact of implementing the Philippine Financial Reporting Standard (PFRS) 16 accounting standard.

PFRS 16 took effect on Jan. 1, 2019, requiring companies to “recognize all leases on their balance sheet except for relatively small-value assets and leases with terms of 12 months or less,” a guide from accounting firm PwC Philippines said.

MRSGI said without the effects of implementing PFRS 16, the company’s net income would have grown 18% last year.

Total sales in 2019 rose 11.3% to P36.8 billion, resulting in an operating income growth of 21.5% to P1.06 billion.

“MRSGI’s push to increase its store network to serve emerging cities and municipalities in Visayas, Central Luzon and the Bicol region was vital to the homegrown retailer’s strong performance,” the company said.

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