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DM Wenceslao posts flat earnings in 3rd quarter

D.M. Wenceslao and Associates, Inc. (DMW) posted flat earnings in the third quarter as expenses outpaced the growth of its revenues.

In a regulatory filing yesterday, the listed property and construction firm said its attributable net profit stood at P532.64 million in the July to September period, higher by 1% from a year ago.

DMW said its total revenues increased 30% to P682.82 million, while cost of sales and services surged 150% to P185.4 million.

For the first nine months of 2019, the company’s attributable net income stood at P1.65 billion, an increase of 11% from the same period last year.

Total revenues in the nine months grew 21% to P1.95 billion, coming mostly from recurring income which stood at P1.47 billion.

By business group, DMW’s land leasing segment contributed 38% of the revenues at P736.8 million, an increase of 2% from last year. Revenues from building rentals were up 7% to P594.3 million, while other revenues related to leasing jumped 10% to P142.2 million.

DMW booked P422.7 million in sales of residential condominium units, 464% higher than last year. The company said this was due to the increase in number of units that are qualified for revenue recognition this year.

Cost of sales and services as of September was P465.22 million, 76% up from the same period last year.

In a statement, DMW Chief Executive Officer Delfin Angelo C. Wenceslao said the company expects revenues to continue picking up in the months ahead due to new projects.

“On the operations front, we are on pace to hand over our first residential project, Pixel Residences, to customers as scheduled. We also continue to market MidPark Towers which is benefiting from the increased activity as nearby businesses open,” he was quoted as saying.

DMW said its MidPark Towers already recorded P5.8 billion in pre-sales as of yesterday, while its office segment sustained growth with a consolidated occupancy of 98%.

The company is allocating P4 billion for capital spending this year, which will support the increasing demand for residential projects in its properties in Aseana City. — Denise A. Valdez

Nintendo scores huge smartphone hit with Mario Kart Tour

NINTENDO CO. can finally claim a mega-hit smartphone game with its new Mario Kart Tour, which has been downloaded 123.9 million times in its first month and comfortably eclipsed the company’s previous mobile game debuts, Sensor Tower data showed.

“The racing app is Nintendo’s most successful mobile game launch by downloads so far, eclipsing Super Mario Run’s 21.8 million downloads more than five times over,” Katie Williams, mobile analyst at Sensor Tower, said in a blog post. The game also raked in revenue of $37.4 million in its first month, second only to Fire Emblem Heroes’ $67.6 million, according to the researchers’ data.

The Japanese giant, which reports earnings this week, was in need of such an unequivocal success more than four years after a much-ballyhooed entry into mobile gaming. Mario Kart Tour, which sparked a minor frenzy among gamers since it was announced in 2018, is not only part of one of the best-known racing franchises in gaming history, it’s regarded as the Nintendo title most suitable for smartphones in terms of moneymaking opportunities and features to hook players.

Separately, China’s State Administration of Press, Publication, Radio, Film and Television approved several imported games, including the Switch console version of Super Mario Bros. U Deluxe. Shares added to their morning gains and rose as much as 3.2%, the biggest intraday increase in more than two months.

Nintendo’s marquee title is up against stiff competition, however, which includes enduringly popular titles like Fortnite. There are also new big-name rivals entering the mobile realm, as exemplified by Tencent Holdings Ltd.’s Call of Duty Mobile, which attracted 20 million gamers within the first two days of its worldwide debut in October.

Mario Kart Tour could eventually earn $1 billion a year, research firm NewZoo estimated last year. That would be a welcome boost for a company whose efforts to date to court mainstream players, including with the Switch Lite, haven’t gone as well as initially anticipated. Known for iconic game franchises like Mario and Zelda, Nintendo has been experimenting with new hardware and software products as the rising popularity of smartphones hits its traditional market of gamers on home and portable consoles.

Still, Nintendo’s stock had been up about 26% this year on expectations that a strong game lineup will eventually drive hardware sales. The upcoming launch slate includes a new installment in the Zelda saga, Luigi’s Mansion and two Pokémon games. The stock hit a 15-month high in September, before losing ground after the Switch Lite’s disappointing debut. — Bloomberg

Dining Out (10/31/19)

 

Jollibee at cemeteries for All Saint’s, All Soul’s

JOLLIBEE is again making life convenient for Filipinos who flock to cemeteries and memorial parks on All Saints’ and All Souls’ Day by bringing their favorite Jollibee meals closer to them. From Oct. 30 to Nov. 2, Jollibee will have food booths in 275 cemeteries across the country, while 376 drive-through stores nationwide will be open to cater to those traveling to the provinces. Those who prefer to stay at home can also count on Jollibee to deliver their fastfood favorites by calling #8-7000.

Century Park’s Halloween treats

CENTURY PARK Hotel Manila offers spooky treats from Deli Snack, starting today until Nov. 2. There are the Wicked Chocolate Cupcakes (P75) with chocolate sponge and a buttercream icing. The Webbed Spider Super Moist Cake (P1,100), a super moist chocolate cake and melted marshmallows for the net. The Spooky Bloody Cake (P1,150) is a fancy pleasure, a red velvet sponge with strawberry purée covered in royal icing and cream cheese frosting. The themed desserts and pastries will also be served at Café in the Park from Oct. 31 until Nov. 2. Deli Snack is open daily from 8 a.m. to 8 p.m. For reservations, call 8528-5907, (632) 8528-5827 or e-mail foodbev@centurypark.com.ph.

McDonald’s new holiday desserts

MCDONALD’S has come out with its “Dreamy Delights,” special desserts for the holiday season — Rich Chocolate Pie, Coffee McFlurry with Oreo, Brown Sugar Sundae with Pearls, and Milk Tea McFloat with Brown Sugar Pearls. The Rich Chocolate Pie (P39) consists of a cocoa-flavored pie crust with dark chocolate filling made with cocoa beans from Ivory Coast, Ecuador, and Ghana. The Coffee McFlurry with Oreo (P49) is a vanilla soft serve sundae mixed with mild roast coffee syrup and crushed Oreos. Brown Sugar Sundae with Pearls (P49) is a vanilla soft serve sundae topped with brown sugar syrup and brown sugar pearls. The Milk Tea McFloat with Brown Sugar Pearls (P75) has either a black-tea base or a wintermelon tea base, with brown sugar pearls topped with thick vanilla soft serve. McDonald’s Dreamy Delights are already available at McDonald’s stores nationwide.

Diamond Hotel’s Christmas tree lighting

DIAMOND HOTEL Philippines welcomes the yuletide season by lighting up its 25-foot-tall Christmas Tree at the Lobby on Nov. 5, 5 p.m. It will be a whimsical white Christmas as the hotel will be decked out in white and gold finery, crystals and pearlized ornaments. To celebrate the annual tree lighting, there will be special performances by Bayanihan and the Pansol Choir. Santa Claus will also join the merriment. The hotel continues its tradition of giving to its chosen beneficiary which is Kanlungan ni Maria, a non-stock, non-profit organization with a mission to provide adequate and sufficient home care, basic and medical needs for the abandoned, sick, poor and homeless elderly. Guests are encouraged to donating P300 and hang a Christmas ornament with their name on the Charity Tree at the lobby. For details call 8528-3000.

Dollar bides time before Federal Reserve decision

TOKYO — The dollar traded narrowly as markets braced for a rate cut by the Federal Reserve later on Wednesday, while sterling steadied after Britain’s lower house of parliament approved calling an early election in December that might break the Brexit deadlock.

The dollar was steady against the euro at $1.1110 and flat versus a basket of six major currencies at 97.698 as investors awaited the Fed’s interest rate decision.

Against the yen, the greenback was also little moved at 108.84 yen, not far from its three-month high of 109.07 yen touched on Tuesday.

The US central bank is expected to cut its policy rate for a third time in a row when it concludes its two-day meeting on Wednesday.

After lowering interest rates in July and September, the central bank was expected to cut again by 25 basis points, taking the fed fund rate to 1.50% to 1.75%, a Reuters poll of economists found. Another cut is forecast for early next year, taking the rate to 1.25% to 1.5%, with no more changes expected for the rest of 2020.

“With a cut today completely priced in, markets are looking to the Fed’s stance on its policy outlook,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Investors are watching for any indication that further cuts are likely, with futures pricing suggesting more easing is expected in 2020. If that is not foreshadowed, traders expect the dollar to rise.

“If the market is going to price in the end of current rate-cut cycle, the dollar/yen could climb above 110 yen,” said Tohru Sasaki, head of Japan rates and FX research at JPMorgan.

“On the other hand, if the market is going to price in two more cuts after this month’s expected cut, the pair could fall to mid-107 yen level,” he added.

Optimism that Washington and Beijing would finalize the first stage of a trade deal next month had boosted risk assets in recent days, but markets turned wary on the prospect this could be delayed.

A US administration official said on Tuesday an interim trade agreement between the United States and China might not be completed in time for signing on the sidelines of an Asia-Pacific summit in Chile next month, but that does not mean the accord is falling apart.

Meanwhile, hopes that a disorderly Brexit can still be avoided supported the pound.

Britain will hold its first December election in almost a century after Prime Minister Boris Johnson won approval from the lower house of parliament on Tuesday for an early ballot aimed at breaking the deadlock over the UK leaving the European Union. The bill calling for a Dec.12 election now goes to the House of Lords for approval.

On Monday, the EU agreed to a three-month flexible delay to Britain’s departure.

Before settling back, the pound climbed as high as $1.2903 overnight on news that an election date was likely to be agreed.

“Sterling has struggled to hold onto modest knee-jerk gains because the outcome of an election is highly uncertain,” said Ray Attrill, head of FX strategy at National Australia Bank.

While Mr. Johnson seeks to gain a parliamentary majority to ratify his Brexit deal, the outcome of the election remains unpredictable, with large numbers of voters fatigued and enraged by the Brexit process over the past three years. Both major parties, the ruling Conservatives and opposition Labor, have suffered an erosion of support among their traditional vote banks.

Sterling last stood at $1.2865.

Elsewhere, Chinese yuan inched up marginally as investors awaited the outcome of the Fed meeting and more clarity on how Sino-US trade negotiations are going.

In the spot market, onshore spot yuan was last changing hands at 7.0650, 25 pips firmer than the previous late session close.

Prior to market opening, the People’s Bank of China set the midpoint rate at a two-month high of 7.0582 per dollar, 35 pips firmer than Tuesday’s fix. — Reuters

Axelum completes P250-M plant expansion

AXELUM Resources Corp. has completed a P250-million project to expand its spray-drying line in its Misamis Oriental plant, which is seen to double the company’s capacity in producing coconut milk powder.

In a statement yesterday, the newly listed coconut manufacturer said the completion of the expansion project will increase the daily capacity of its plant to 20 metric tons (MT) of coconut milk powder from the current 10 MT. This is equivalent to an annual capacity of 4,800 MT for the plant.

Axelum President and Chief Operating Officer Henry J. Raperoga said coconut milk powder is “one of the most profitable” for the company, hence its effort to improve capacity in producing such.

“The new spray-drying line will allow us to develop new products from agglomerated — or instant — coconut milk powder,” he was quoted as saying in the statement.

Axelum is anticipating an increase in global demand for coconut-based products, particularly for organic coconut milk powder. It said earlier this month it secured an order to export 170 MT of organic coconut milk powder valued at around $1.3 million.

“Pound-for-pound, the selling price of coconut milk powder is three to four times that of our mainline product desiccated coconut. Coconut milk powder and desiccated coconut are produced from the same raw material. Thus, the addition of this new spray-drying line enables us to shift production to higher margin products,” Mr. Raperoga said.

He also said Axelum wants to tap the growing market of health-conscious consumers worldwide that are willing to spend more for organic products.

“[T]he company is exploring the introduction and production of more gluten-free, dairy-free, and organic variants of existing product offerings. The expansion will permit us to actively pursue the development of these products,” he said.

Axelum was able to produce about 2,400 MT of coconut milk powder last year, of which 1,300 MT was exported and 872 MT was distributed domestically. The product added P658 million in gross revenues to the company last year. — Denise A. Valdez

Apple revamping smart home efforts

APPLE INC. is ramping up hiring for a team that is working on new smart-home software and devices in an effort to catch up in a field where Google and Amazon.com Inc. have dominated, according to people with knowledge of the matter.

The company is seeking engineers to work in its Cupertino, California, headquarters and in San Diego as part of a group revamping Apple’s smart-home platform. The overhaul is designed to spur more outside accessory and appliance makers to connect smart-home products such as lights and garage doors with the iPhone and Apple’s voice-activated digital assistant, Siri. The team also is exploring the possibility of building new home devices beyond the HomePod speaker.

The effort is headed by Andreas Gal, the former Mozilla chief technology officer who joined Apple last year when his company Silk Labs was acquired by the iPhone maker. Gal is leading the software side of the team reporting to Arun Mathias, a lieutenant to software chief Craig Federighi, who oversees wireless software engineering. Silk Labs developed an artificial intelligence-based platform for linking together internet-connected devices.

Apple has posted 15 job listings on its website since last month for engineers to work on the company’s platform, called HomeKit, smart-home devices and related software and has shared other listings on third-party job boards. The company has also been privately recruiting potential candidates from the internet-connected devices industry. Apple already has hired several new engineers and managers this year from Amazon, Qualcomm Inc. and other companies.

An Apple spokeswoman declined to comment about the company’s plans.

Gaining a foothold in the smart-home market is critical for Apple as it looks for new offerings beyond the iPhone and seeks ways to keep people buying its products and services. The company first dipped its toe into the area in 2014 with the launch of HomeKit, a Siri-connected platform that connects smart-home devices to Apple products like the iPhone, iPad, Apple Watch, and HomePod. Apple offers a Home app on most of its devices, letting users lock and unlock doors, connect to sprinklers, open blinds, and control media on TVs and speakers using its AirPlay protocol. While Amazon and Google have opened up their Alexa and Google Assistant to third-party products, the Siri voice assistant is only available on Apple devices, but it can control third-party products via HomeKit.

Apple’s HomePod, its one home device other than the Apple TV, hasn’t gained widespread popularity with consumers due to its price, reliance on Apple services and smaller base of connectable smart devices. Apple has focused on mobile devices like iPhones, iPads, and Apple Watches as well as computers, and Amazon and Google have shown little to no ability to compete with Apple in those areas.

Apple’s two smart-home devices compare with dozens of offerings like the Echo and Nest Hub Max from Amazon and Google, respectively. More importantly, Amazon and Google’s smart-home ecosystems are far larger than Apple’s. Apple lists about 450 compatible HomeKit devices on its website from third-party device makers. Amazon says that Alexa works with 85,000 smart-home products from 9,500 manufacturers and that consumers have linked tens of millions of home devices to Alexa. Google says its home platform works with more than 10,000 devices from 1,000 brands. Apple’s approval process for third-party accessories is known to be stricter than others.

Apple’s HomePod speaker has 5% market share compared with 70% for Amazon smart speakers and 20% for Google speakers, according to Consumer Intelligence Research Partners. The Apple TV set-top box, in addition to Google’s Chromecast, has fallen far behind Roku Inc. and Amazon in TV appliances. In the overall smart-speaker market, according to International Data Corp., Apple has only 2% share compared to 25% for Amazon and 22% for Google, including the companies’ own products and third-party devices.

Some of Apple’s job listings mention supply chain expertise and developing wireless, battery-powered devices with camera modules, indicating exploration into new home appliances. Apple has said it plans to release a new cloud storage feature for security cameras later this year, which could potentially play into the company’s future plans. A few years ago, teams inside Apple explored creating a wide range of smart-home accessories, such as modules for opening and closing windows, cabinets, and doors, but those efforts were put on hold, according to a person with knowledge of the work.

Apple’s smart-home initiative is one of a few major projects underway at the company. Apple also has teams working on self-driving car technology, an augmented-reality headset that could debut as early as next year, an iPhone with support for 5G networks for next year and Mac computers that run on custom Apple chips rather than processors from Intel Corp. — Bloomberg

How PSEi member stocks performed — October 30, 2019

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 30, 2019.

 

Who makes more money?

Who makes more money?

DoH makes pitch for sin taxes to close UHC funding gap

By Gillian M. Cortez
Reporter

THE Department of Health (DoH) said higher sin taxes will be required to fund expanded outpatient benefits and health insurance coverage for poor patients when the Universal Health Care (UHC) Law takes effect next year.

In a briefing Wednesday, Health Undersecretary Rolando Enrique C. Domingo said the imminent rollout of UHC makes it urgent to pass the proposed Package 2+ of the Comprehensive Tax Reform Program because this will be used to subsidize PhilHealth, the government health insurance program, which will move to universal coverage next year, as well as expand the scope of covered outpatient treatment.

“Most of the money that is earmarked for UHC coming from sin taxes will go to primary health care at ang enrollment ng mga kababayan natin na hindi makakbayad sa sarili nila sa PhilHealth kaya (and to enrol all Filipinos who are not able to pay for PhilHealth which is why) we really need that collection,” he said.

Package 2+ will increase taxes of alcohol, heated tobacco products and e-cigarettes.

The proposed budget of the DoH for 2020 is P160 billion, lower than the P254 billion needed in order to effectively roll out UHC next year. The UHC, signed in February, with its Implementing Rules and Regulations (IRR) released earlier this month, authorizes the enrolment of all Filipinos in PhilHealth, greatly expanding the insurance scheme’s responsibilities.

Under UHC, PhilHealth will have direct contributors paying their own premiums, and indirect contributors — the poor — who will be subsidized by the government.

Around P30 billion to P40 billion is expected to be collected under the proposed tax measures, according to Department of Finance (DoF).

The government proposal to raise taxes on sin products is also premised on future savings from long-term health improvement in the general population, in the form of reduced future health complications for smokers and drinkers.

At the briefing, Finance Assistant Secretary Antonio G. Lambino II estimated that the equivalent of 1% of GDP is spent on alcohol consumption.

“Aabot sa P211.2 billion ang magiging economic cost ng pagkonsumo ng alcohol sa taong 2020. Ang halagang ito ay katumbas ng one-third ng kabuuang gastos ng bansa sa health care (The economic cost of consuming alcohol is P211.2 billion in 2020. This is more than one third of the total spending on health care),” Mr. Lambino said.

The DoH said that more Filipinos have picked up the habit of using e-cigarettes and vaporizers, many of them young. Mr. Domingo said he received reports of children at the elementary level using these devices.

The DoH released an administrative order (AO) in June that regulates the use, sale, import, and manufacture of e-cigarettes and vapes but the order is currently subject to a court injunction pending challenges to the order’s legality.

The DoH’s position is that using these products is unsafe despite their being allegedly 95% safer than traditional tobacco products.

In other countries, reports have emerged of e-cigarette or vaping product use-associated lung injury (EVALI), with the US alone having more than 1,600 cases.

“We have been getting a few cases that we are going to be reported to our regional offices for validation and we hope to be able to present this to the press very soon,” he added regarding EVALI cases in the Philippines.

Regulation of shipping charges could hurt competitiveness

THE government’s plan to regulate the fees charged by international shipping lines that operate in the Philippines will likely disrupt the trade and negatively affect the country’s competitiveness, according to a study conducted by a University of the Philippines professor.

In a presentation of his “Study on International Shipping in the Philippines” in Manila Wednesday, Epictetus E. Patalinghug, a professor emeritus at the University of the Philippines-Virata School of Business, said the proposed Joint Administrative Order (JAO) that seeks to regulate the fees and charges of international shipping lines that operate in the country “will likely disrupt the trade and affect the competitiveness of the Philippines.”

Mr. Patalinghug noted at the Wallace Business Forum at the Sofitel Hotel that the JAO drafted by Department of Finance (DoF), Department of Trade and Industry (DTI), and Department of Transportation (DoTr) has not been yet been finalized.

The DTI said in a statement earlier this year that the purpose of the order is “to address the reported concerns of the business sector regarding the prevalent high shipping charges and port congestion.”

Mr. Patalinghug’s study found that “there is no collusion in the industry and that the imposition of shipping fees and charges is following internationally acceptable standards.”

The study said the “intense” competition in the international shipping industry has resulted in the oversupply of vessels, leading some shipping companies to “impose origin and destination surcharges on top of freight rates to recover their losses.”

He recommended that shipping companies “may voluntarily post in their websites all-in freight charges, unbundling the basic freight rate from the itemized surcharges;” and JAO, in the short run, “may refocus its thrust… to drafting monitoring rules and guidelines specifying the criteria and procedures to be followed by carriers when they impose surcharges.”

Mr. Patalinghug’s study also noted that the long-term goal of government policy is to “build regulatory capacity in a single agency tasked to promulgate rules and regulations on surcharges that can be imposed by international shipping lines’ service providers.”

He noted that international shipping contributes to increased Philippine trade in the ASEAN region, as well as with China, Japan, South Korea, India, Hong Kong, Taiwan, Germany, and the United States.

“The volume and value of imports and exports grew at an average annual rate above 5% for the 2010-2018 period,” Mr. Patalinghug said during his presentation.

He said port efficiency should also be improved, noting that port infrastructure accounts for more than 40% of transport costs.

“Inefficient ports have higher handling costs,” he said.

He also argued that private entities “should handle the commercial side of terminal operations and management” while the government should focus on “policy-making, regulating environment, safety, and content regulations.”

He said the JAO wants freight rates to include all surcharges and other fees. Citing the World Shipping Council’s position, he said: “Surcharges are really separated by shipping lines from base freight rates to specifically address and recover distinct and identifiable costs separate from basic transport service.”

Mr. Patalinghug also noted that the Association of International Shipping Lines, Inc. has questioned the legal authority of the Bureau of Customs to regulate the imposition of surcharges. He told reporters during an interview that JAO, if pursued, “may face legal issues.” — Arjay L. Balinbin

First year of TRAIN raised P84B in extra revenue, reduced poverty slightly — study

LOWER personal income taxes and increased excise on key commodities generated additional revenue of over P84 billion for the government in the first year of the Tax Reform for Acceleration and Inclusion (TRAIN) Law, while reducing poverty and income inequality “very slightly,” according to a study published by a research institute affiliated with De La Salle University.

The study, “Assessing the Potential Impacts of the Tax Reform for Acceleration and Inclusion and the Build, Build, Build Program,” published by the university’s Angelo King Institute for Economics and Business Studies, found “clear increases in the capital stock which drive economic growth, with the industry sector leading the way and the services and agricultural sectors lagging.”

It said the government had increased capital available to spend on the flagship infrastructure program, known as “Build, Build, Build,” as well as its social programs like rice subsidies, fuel vouchers and unconditional cash transfers — safety-net items implemented to cushion the blow of higher fuel prices resulting from the increased excise tax.

“Results suggest that TRAIN I has prompted additional revenue in social programs and infrastructure spending,” according to the study.

Republic Act No. 10963 or the TRAIN Law, which went into force in January 2018, also raised excise taxes on sugar-sweetened beverages and automobiles.

Simulations conducted by the institute also estimated additional revenue of P136.2 billion in the second year — 2019 — and P184.7 billion and 185.6 billion in subsequent years.

It said the tax hikes added about 0.69% percentage points to inflation in 2018, while contributing less in 2019 — 0.54 percentage points and continuing downward through 2022, as “higher growth would significantly dominate the inflationary effects.”

It said tax reform has “reduced poverty and reduced income inequality very slightly” based on its simulations.

It added that a scenario that held personal income tax rates unchanged was found to possibly generate ”higher government revenue which may prompt higher spending and allocation to additional social programs and infrastructure in addition to higher economic growth and a greater reduction in poverty.” — Beatrice M. Laforga

Joint exploration talks convene in Beijing

THE Philippines and China convened on Monday the first meeting on joint oil and gas development in the West Philippine Sea, the Department of Foreign Affairs (DFA) said Wednesday.

The meeting of the Inter-Governmental Joint Steering Committee on Cooperation in Oil and Gas Development, created during President Rodrigo R. Duterte’s August meeting with Chinese President Xi Jinping, was held in Beijing on Oct. 28.

“The Committee had a candid, in-depth and friendly exchange on cooperation arrangements under the MoU (Memorandum of Understanding),” the DFA said in a statement.

The Committee also “agreed to further push forward communication and coordination on oil and gas development, with a view to achieving progress in accordance with the MoU.”

Mr. Duterte, during his visit, raised the Philippines’ claim over the disputed waters, as affirmed by the Permanent Court of Arbitration.

Mr. Xi, however, asserted that China refuses to recognize the 2016 Hague ruling that invalidated its claim based on the so-called nine-dash line, which is found in maps fencing off much of the sea. The line extends far beyond Chinese territory and skirts the coastlines of other claimants like Vietnam, thereby denying their claims to a broader exclusive economic zone.

The Philippine delegation was led by Foreign Undersecretary for Policy Enrique A. Manalo, while the Chinese panel was led by Vice Foreign Minister Luo Zhaohui.

Also present were Assistant Secretary for Maritime and Ocean Affairs Generoso DG. Calonge and Energy Undersecretary Donato D. Marcos.

The Committee is set to convene for a second time in early 2020.

On Monday, the Philippines-China Bilateral Consultation Mechanism (BCM) on the South China Sea convened for a fifth time to discuss practical maritime cooperation and enhancement of dialogue. The BCM is also scheduled to meet within the first half of 2020. — Charmaine A. Tadalan

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