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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

Gov’t close to finishing vaccine agreement with China’s Sinovac

By Gillian M. Cortez and Vann Marlo M. Villegas, Reporters

THE GOVERNMENT is expected to finalize a procurement deal for coronavirus vaccines with Chinese drug maker Sinovac Biotech Ltd. this week, according to its vaccine czar.

“We want to finalize the final negotiations so that we can firm up the other terms and we are looking at the exact time of distribution,” Carlito Galvez, Jr., the chief enforcer of anti-COVID-19 (coronavirus disease 2019) efforts, told a news briefing on Monday.

He added that negotiations continue so the government could meet its March 2021 target to get the vaccines. The government also expects to get a second tranche of vaccines in the latter part of 2021.

Sinovac is the government’s top pick for vaccine orders for its mass immunization program that will start next year. The government seeks to immunize 20 million Filipinos yearly in the next three years.

The government is also in talks with nine more vaccine developers. Other than Sinovac, the Philippines is looking to import vaccines from two other Chinese vaccine makers that are in advanced stages of clinical trials — the China National Pharmaceutical Group Co., Ltd. (Sinopharm) and CanSino Biologics.

“The Chinese have announced they are ramping up production,” Philippine Ambassador to China Jose Santiago L. Sta. Romana said at the same briefing “They want 500 million doses within the next 12 months.”

The Department of Health (DoH) reported 1,339 coronavirus infections on Monday, bringing the total to 450,733.

The death toll rose to 8,757 after 24 more patients died, while recoveries increased by 41 to 418,723, it said in a bulletin.

There were 23,253 active cases, 85.1% of which were mild, 5.7% did not show symptoms, 5.9% were critical, 3% were severe and 0.32% were moderate.

Quezon City reported the highest number of new cases at 147, followed by Davao City at 124, Rizal at 65, Laguna at 50 and Manila at 49.

DoH said six duplicates had been removed from the tally, while two recovered cases were reclassified as deaths. Nine laboratories failed to submit their data on Dec. 13, it added.

In a separate statement, the agency said there were now 192 licensed COVID-19 testing laboratories nationwide.

About 5.9 million Filipinos have been tested. The positivity rate was at 8.7% as of Dec. 12, it said.

Meanwhile, five participants in the coronavirus clinical trials of the Japanese anti-flu drug Avigan have completed their trials, Health Undersecretary Maria Rosario S. Vergeire told an online news briefing.

She said 16 participants had been recruited as of Dec. 7, nine of whom were ongoing and two withdrew. Patient recruitment continues, she added.

The clinical trials for Avigan started on Nov. 20.

There are four participating hospitals for the trials. These are the Philippine General Hospital, Dr. Jose N. Rodriguez Memorial Hospital, Quirino Memorial Medical Center and Sta. Ana Hospital.

Ms. Vergeire last month said the sample size for the Avigan trial had been expanded from 96 to 144 and the criteria were eased to recruit more patients.

Japan in April said it would send the vaccine made by Fujifilm Toyama Chemical Co., Ltd. to 38 countries, including the Philippines after clinical trials.

Also on Monday, the Management Association of the Philippines (MAP) said company chief executives were cautiously optimistic about economic prospects.

MAP President Francisco E. Lim, citing a September survey, said 59% of them were confident about revenue prospects in the next 12 months and 83% expected the economy to recover in one to three years.

“The roll-out of the vaccines, especially if their acquisition and distribution are accelerated, will certainly boost this confidence and hasten the economic recovery of our country,” he said in an e-mailed statement.

US and Philippines resume coast guard training exercises

THE UNITED States and the Philippines have resumed their training program on small boat operations for the Philippine Coast Guard amid a coronavirus pandemic, according to the US Embassy.

The US Coast Guard held the second phase of the program on Nov. 16 to Dec. 11 to capacitate 16 local coast guard instructors who will in turn train other personnel, it said in an e-mailed statement on Monday.

“This was the first training event conducted by the US Coast Guard in the Philippines since the onset of the COVID-19 pandemic,” the embassy said.

The program is part of US-Philippine cooperation to enhance the maritime law enforcement capability of the local coast guard.

The first phase of the series was held on Feb. 24 to March 6, before the entire Luzon island was placed under a strict lockdown to contain the pandemic.

The US embassy earlier said the curriculum included pre-mission planning, risk management, docking, towing and navigation.

The coronavirus pandemic has not only delayed the coast guard training program, but has also resulted in the cancellation of the war games this year. The US-Philippine war games were originally set for May 4 to 15. Charmaine A. Tadalan

Global labor group cites deteriorating state of human rights

AN INTERNATIONAL labor group on Monday called for the declaration of a human rights emergency in the Philippines after authorities arrested six union organizers and a journalist.

The Council of Global Unions called on the United Nations Human Rights Council and the International Labour Organization to consider as an emergency “the deteriorating human rights condition in the Philippines.”

International bodies should also send “their missions to investigate human rights and trade union repression in the country and help reverse the situation,” the group said in a statement.

The arrest of union leaders “is yet another blow to the trade union movement in the Philippines,” it said. “Killings among activists and rights defenders as a way of instilling fear and silencing the people have not ceased.”

Police arrested a journalist and several labor leaders in separate operations last week over alleged illegal possession of firearms and explosives — the common charges against activists.

Bagong Alyansang Makabayan Metro Manila Chairman Raymond V. Palatino said the arrests were the “handiwork of a terrorist regime.”

Mr. Palatino said President Rodrigo R. Duterte should be held responsible for intensified attacks against his critics.

“It was his speech of red-tagging activists which unleashed the brutal forces of the state and targeted those who are condemned as enemies of the government,” he told a news briefing attended by relatives of the suspects.

“A President intolerant of opposition and determined to wage an all-out war against communists, a judge issuing questionable search warrants, police fabricating evidence, public servants red-tagging activists — all of these were reflected in the recent crackdown,” Mr. Palatino said.

A Quezon City judge issued the warrants for the arrest that allowed police to raid the homes of the suspects.

A Supreme Court circular allows the executive judges of the Manila and Quezon City trial courts to issue search warrants that can be served outside their jurisdictions.

Data from human rights group Karapatan showed that at least 188 human rights defenders have been killed under the Duterte administration, while 426 activists and community organizers have been arrested. — Kyle Aristophere T. Atienza

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