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Gov’t increases stake in UCPB to 97%

The government increased its stake in the United Coconut Planters Bank (UCPB) to 97% from 75% previously, the Department of Finance (DoF) said, while placing a P30 billion deposit to support the bank.

In a statement Friday, Finance Secretary Carlos G. Dominguez III said the government converted into special preferred shares P12 billion worth of notes that UCPB had issued to the Philippine Deposit Insurance Corp. (PDIC).

UCPB issued the notes to PDIC in 2009 as part of the bank’s recapitalization program.

The notes are convertible to special preferred shares and the PDIC exercised this option, “effectively increasing the government’s shareholdings in UCPB to 97%,” PDIC President Roberto B. Tan was quoted as saying.

Mr. Tan added that the Bureau of the Treasury (BTr) also made a P30 billion deposit to UCPB to support the bank.

Mr. Dominguez, who chairs the PDIC board, said the move “reaffirms the government’s commitment to support the bank.”

In a Viber message, he told reporters Friday that the administration has been following the concept of “strengthening the capital bases and rationalizing the structures” of government-owned financial institutions including UCPB, Land Bank of the Philippines (LANDBANK), the Development Bank of the Philippines and the Overseas Filipino Bank (OFBank).

“[The policy has] the objective of improving their level of service and value for their stakeholders, the Filipino people. This latest move of PDIC of converting the capital note it held to more permanent special preferred shares in UCPB is totally in line with the above objective,” he said.

“We expect the Board of UCPB to consider re-orienting their focus on serving the farmers and processors of coconut andother vegetable oil products, but balancing their portfolio with exposure to other industries and clients in the middle market,” Mr. Dominguez added. — Beatrice M. Laforga

SEC approves Ayala Land’s REIT offering

The real estate arm of Ayala Corp. has secured the nod of the Securities and Exchange Commission (SEC) for its real estate investment trust (REIT) offering.

In a statement on Friday, the corporate regulator said the commission’s en banc considered “favorably” the registration statement of Ayala Land, Inc. for its proposed REIT initial public offering of 1.092 billion common shares on the main board of the Philippine Stock Exchange (PSE).

Ayala Land’s AREIT, Inc., formerly known as One Dela Rosa Property Development, Inc., will offer as much as 47.86 million new common shares and up to 409.019 million existing common shares, with an over-allotment option of up to 45,688,700 secondary shares, at a maximum price of P30.05 each.

AREIT is seen to fetch at least P1.33 billion in proceeds from the primary offer which it can use to acquire the building of Teleperformance in Cebu to expand its portfolio.

Currently, AREIT owns three commercial buildings: Solaris One, Ayala North Exchange, and  McKinley Exchange. Its portfolio excludes the land on which the buildings stand.

Meanwhile, Ayala Land can raise as much as P13.31 billion if the greenshoe option was fully exercised, allowing the public to own almost half of AREIT’s issued and outstanding common shares.

The SEC said Ayala Land will retain its 41.16% stake in the company, while AyalaLand Offices, Inc., its other unit, will hold the remaining 9.39% interest by the end of the offering.

AREIT plans to sell the shares from July 27 to 31 and list them on the stock exchange on Aug. 7.

BPI Capital Corp. will serve as the global coordinator for the share sale. It will also be the sale’s bookrunner, together with UBS AG Singapore, and lead underwriter, along with PNB Capital and Investment Corp. and SB Capital Investment Corp.

AREIT filed with the SEC its registration statement in February, a month after the agency issued the revised implementing rules and regulations of Republic Act No. 9856, or the REIT Act.

The Ayala unit has yet to receive the SEC’s order of registration and permit upon determination of its compliance with regulatory requirements.

AREIT Fund Managers, Inc., previously known as AyalaLand Commercial REIT, Inc., will manage the company’s assets, focusing on generating rental income and increasing its assets over time, while AREIT Property Managers, Inc., formerly Next Urban Alliance Development Corp., will supervise its leases, sell properties, and run the maintenance and repair of the structure and utilities of the properties, among others.

The REIT law states that an offering company should reinvest the net proceeds from its shares sale in real estate and/or infrastructure projects in the Philippines within a year.

Shares in Ayala Land on Friday dropped by 2.88% to close at P32 apiece. — Adam J. Ang

DoubleDragon targets P17-B proceeds from planned REIT

DoubleDragon Properties Corp. is expecting to raise P16.97 billion from the first series of its real estate investment trust (REIT) offering, the application of which will be filed next month.

In a stock exchange disclosure on Friday, the listed property developer said it had chosen P50.89-billion worth of leasable assets of its joint venture firm DD Meridian Park Development Corp. (DDMP) to make up the first tranche of its upcoming offer.

The seven properties under this series have a combined area of 248,349 square meters (sq.m.) or over a fourth of DoubleDragon’s total leasing assets with 803,000 sq.m.

The company owned by businessman Edgar “Injap” J. Sia II said it will use the P16.97 billion proceeds from the REIT offering to build a 450,000 sq. m. leasable building to add to its portfolio.

DoubleDragon is set to file its REIT listing application with the Securities and Exchange Commission and the Philippine Stock Exchange in August. It targets to list its offer in October.

The DDMP complex is jointly owned by DoubleDragon and the Yujuico family. It sits on a 5-hectare commercial property at the corner of Macapagal Avenue and the Epifanio Delos Santos Avenue (EDSA) Extension at Bay Area, Pasay City in Metro Manila.

The company plans to list 200,000 to 250,000 sq. m. of properties via REIT each year by 2025.

It noted that its total equity stood at P44.5 billion in the first quarter. With the REIT listing, DoubleDragon expects that it will be raised to P50 billion.

“REITs are a good way to recycle capital for expansion of the Company’s portfolio and raise equity to further boost its balance sheet. Since the offer will only cover 33.33% of the REIT basket, DoubleDragon will retain majority of the REIT assets so it will remain consolidated in the Company’s balance sheet,” DoubleDragon Chief Investment Officer Hannah Yulo-Luccini said.

She claimed that the company’s offer has an “attractive” size that would entice both foreign and local investors.

The Sia-led firm said two under-construction buildings within the DDMP complex are slated to be offered over the next two to three years.

It eyes to complete a leasable portfolio of 1.2 million sq. m. over the next two years.

Shares in DoubleDragon inched up 0.59% to close at P17.10 each on Friday. — Adam J. Ang

Globe identifies 27 areas for new cell sites

Globe Telecom, Inc. plans to add more cell sites in Metro Manila and 26 other provinces beginning this month as it targets to further expand its network capability before the end of the third quarter.

“Globe is set to expand further its network capability with simultaneous undertaking of cell-site builds in different parts of the country including  Aklan, Albay, Batangas, Bohol, Bulacan, Cebu, Davao del Sur, Iloilo, Laguna, Metro Manila, Maguindanao, Negros Occidental, Pampanga, Pangasinan, Quezon, Zamboanga, Sulu, Capiz, Nueva Ecija, Nueva Vizcaya, Tarlac, Palawan, North Cotabato, Leyte, Bukidnon, Benguet, Zambales and more starting this month until the end of the third quarter of 2020,” Globe said in a statement e-mailed to reporters on Thursday.

Globe President and Chief Executive Officer Ernest L. Cu has appealed to local government units to relax their permitting requirements so that telecommunications companies can fast-track the execution of their cellular tower projects.

“We are investing billions of pesos to connect the rest of the public to the digital world to enable things like working and learning from home and yet, there are so many obstacles along the way. I think it is really incumbent upon our local officials to provide telecom infrastructure to their constituents. Telco is like water or power. It is something that people need and want,” he said in a statement last week.

The company has committed to spend P63 billion in capital expenditures this year.

Globe reported in May that it was able to spend P10.7 billion in the first quarter, “22% higher than last year and representing 29% of gross service revenues.”

Bulk of the capex spending went to data-related requirements.

Globe also advised its customers in the areas in which the projects will be implemented that they may experience temporary service disruptions such as loss of signal or internet connectivity for at least an hour anytime during the day. — Arjay L. Balinbin

PLDT Enterprise backs up struggling small businesses

PLDT Enterprise is offering a business “solutions bundle” that is specifically designed to help struggling micro, small and medium enterprises (MSMEs) restart their operations during the pandemic.

The package, which is offered free of charge in the first three months of use,  provides business and connectivity solutions and enables MSMEs to digitize their operations.

“With businesses having varied needs beyond data access, the offer comes with an array of add-on solution options to choose from ranging from software, hardware and services” PLDT Enterprise said in a statement e-mailed to reporters on Thursday.

It said PayMaya, Cyber Security, and digital collaboration tools are some of the tools offered under the package to help MSMEs build online presence, accept online payments, improve productivity and collaboration, and enhance operations.

“The overall cost of the bundle will differ, depending on the add-ons selected by customers,” it added.

The company said the Trade department had signified its support for the said initiative.

“Our MSMEs make up the largest portion of business today. With the effects of the pandemic slowing down business activity, members of the private and public sectors must come together to look for novel ways to stimulate business activity,” Trade Secretary Ramon M. Lopez was quoted as saying in the statement.

Juan Victor I. Hernandez, ePLDT president and chief executive officer, said: “With our current situation posing many financial pressure on MSMEs, we have endeavored to design a customizable solution that goes beyond basic connectivity to enable them to kickstart their operations while striving for financial recovery.”

Mr. Hernandez also serves as senior vice-president and head for PLDT and Smart Enterprise Business Groups.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Stocks end in positive territory due to late bargain hunting

THE LOCAL equities market closed the week in positive territory due to last minute bargain hunting after starting weak on Friday as coronavirus disease 2019 (COVID-19) cases in the Philippines and the rest of the world continue to rise.

The benchmark Philippine Stock Exchange index (PSEi) rose 4.8 points or 0.07% to close at 6,197.38 while the broader all-shares index increased 7.08 points or 0.19% to end at 3,652.6.

“The market ended sideways today, gaining just 4 points from yesterday’s (Thursday’s)close to end the week. The market was weaker in the early part of the session as sentiment was dampened by the apparent resurgence of coronavirus disease 2019 (COVID-19) cases in the United States,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a text message.

As of June 10, the total number of COVID-19 cases globally is at almost 12.27 million, with the United States having the highest confirmed cases at 3.12 million, according to the Johns Hopkins University Center for Systems Science and Engineering COVID-19 dashboard.

Back home, the Department of Health (DoH) on Thursday reported 1,395 new cases that brought the total number of COVID-19 cases in the country to 51,754.

Meanwhile, Philstocks Financial, Inc. Research Associate Claire T. Alviar said the market ended higher due to last minute bargain hunting led by the rally of SM Prime Holdings, Inc. (SMPH), San Miguel Corp. (SMC), and First Gen Corp. (FGEN)

On Friday, SMPH stocks rose P1.40 or 4.59% to end at P31.90 per share, while SMC shares went up 4% or P4.00 to close at P104 apiece, and FGEN shares improved P0.95 or 3.96% to end at P24.95 per piece.

“Aside from rising COVID-19 cases globally and locally, investors braced themselves for the second quarter economic data that are coming out which already anticipated to be dismal,” Ms. Alviar said in a text message.

For Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan, the market’s slight increase may be due to investors reacting to the announcement of President Rodrigo R. Duterte that the country’s economy will be gradually opened.

“On one end market participants are bullish, but on the other side, there are bearish investors who fear that the country may revert back to stricter quarantine measures if the rise on COVID-19 cases continue,” Mr. Pangan said in a text message.

More than half of the sectoral indices declined on Friday’s close.

Mining and oil fell 147.02 points or 2.68% to 5,334.06; financials retreated 4.57 points or 0.37% to 1,221.74; services shrank 4.21 points or 0.29% to 1,435.47; and holding firms went down 9.13 points or 0.14% to 6,529.26.

On the other hand, property rose 27.24 points or 0.92% to 2,981.19 and industrials climbed 16.88 points or 0.22% to 7,661.54.

Decliners outpaced advancers 115 to 82 while 47 names ended unchanged.

Value turnover stood at P5.17 billion with 2.26 billion issues switching hands, higher than P5.09 billion with 1.42 billion issues on Thursday.

Net foreign selling was also higher at P1.41 billion, compared to P649.66 million the previous day.

Mr. Lisbona said that after being tested several times, the market is seen to remain at the 6,130 support level.

“Absent any shocks, we are looking at the market to trade between 6,130 and 6,400 in the coming sessions,” Mr. Lisbona said.

“We’ll have to see next week if the base formed above the 6,000 area holds,” Timson’s Mr. Pangan said. — Revin Mikhael D. Ochave

Peso weakens on collapse in May trade

The peso weakened against the dollar following the release of dismal trade data in May, reflectng the shutdown of economic activity during the lockdown.

The peso closed at P49.485 to the dollar, against its P49.41 finish Thursday, according to data from the Bankers Association of the Philippines.

Week-on-week, the peso appreciated from its P49.55 close on July 3.

The peso opened at P49.50, hitting a low of P49.52 and a high of P49.45.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said currency weakened Friday following the release of trade data for May.

“The peso closed weaker today versus the dollar after the trade deficit/net imports data (were released),” he said in a text message.

In May, merchandise exports fell 35.6% year-on-year to $3.99 billion, according to preliminary data from the Philippine Statistics Authority. Meanwhile, merchandise imports declined 40.6% to $5.85 billion.

The trade deficit narrowed 48.9% to $1.865 billion.

A trader said the peso also weakened ahead of expected US data.

“The peso weakened ahead of a likely recovery in US producer price inflation reports to be released Friday night,” he said in an e-mail.

The US will report the June producer price index for final demand on July 11.

In May, the index rebounded 0.4% after slipping 1.3% in April, which was its biggest decrease since the series was revamped in December 2009, according to Reuters. — Luz Wendy T. Noble

Reactions to Congress’s rejection of ABS-CBN’s franchise renewal

The House of Representatives denied ABS-CBN’s franchise application, voting 70 to 11. Several senators and organizations took to Twitter to react:

• Senator Risa Hontiveros condemned the “politicking” that took place with the issue, claiming that the rejection of the renewal creates a chilling effect on Filipino media.

• Senator Sonny Angara lauded the 11 congress members that voted “no” to the denial for a franchise renewal.

• Kabataan Representative Sarah Elago said that one does not have to be a Kapamilya member to fight for justice and democracy.

• Carlos Conde, Researcher at Human Rights Watch covering the Philippines, provided context, reminding the public that President Rodrigo R. Duterte’s contempt for the TV network was well-known.

• Human Rights Watch Philippines called the move a “grievous assault on press freedom.”

• The National Union of Journalists in the Philippines said that the House of Representatives of the 18th Congress of the Philippines “declared itself enemy of democracy.”

• Statement of ABS-CBN President and CEO Carlo Katigbak:

We are deeply hurt that the Committee on Legislative Franchises has denied the franchise application of ABS-CBN. We believe that we have been rendering service that is meaningful and valuable to the Filipino public. Nevertheless, we would like to thank the Committee for allowing us a chance to air our side on all the issues raised against us.

ABS-CBN would like to thank all the congressmen who stood by their bills to renew our franchise, or who spoke out on our behalf during the hearings. We are forever grateful.

We also thank everyone who expressed their support and offered their prayers for us. We could not have gotten to this point without you.

We remain committed to public service, and we hope to find other ways to achieve our mission. Together with our employees and our audiences all over the world, we share in your sadness over this setback. We look forward to the day when we can again reunite under our broadcast. Mga Kapamilya, thank you for keeping the faith with us.

Kapit lang, muling magliliwanag ang kwento ng bawat Pilipino.

Not all reactions were on the side of ABS-CBN.

• Jay Sonza, former broadcaster, congratulated the House of Representatives.

• Mabuhay ang House of Representatives, Committee on Legislative Franchises, Committee on Good Government and Public Accountability and the men and women of Congress.

• Malou Tiquia, policy analyst and political strategist, offered a Latin phrase that translates to “the work is completed.”

• Opus efficitur. Remember the date, 07102020. #Boom

Pag-IBIG Fund offers promo rates on home loans to boost economy 

Top officials of Pag-IBIG Fund announced on Thursday (July 09) that they are offering promo rates on their home loans of as low as 4.985 percent per annum until the end of the year, in a move to help members acquire homes and help boost the national economy amid the pandemic.

The agency is offering special low rates of 4.985 percent per annum under a 1-year repricing period and 5.375 percent per annum under a 3-year repricing period. These are its lowest-ever rates under its Regular Housing Loan program, and are available to members getting new home loans until the end of 2020 only.

These further reduced the agency’s previous rates, already pegged at a low 5.375 percent per annum for the 1-year repricing and 6.375 percent per annum for the 3-year repricing period. Meanwhile, interest rates for its Affordable Housing Program, available for low and minimum-wage earners, remain at its lowest with a subsidized home loan interest rate of 3 percent per annum.

“By offering these special rates to our members, we are spurring economic activity in the housing industry, which has a ripple effect on the national economy. This is a win-win situation because our members get to take advantage of these home loan rates, while their purchase of their homes will help generate more jobs to help get our economy back on track.  This then, is our contribution to our nation’s journey to recovery, as led by President Duterte,” said Secretary Eduardo D. del Rosario of the Department of Human Settlements and Urban Development (DHSUD) and Chairman of the 11-member Pag-IBIG Fund Board of Trustees.

With the Pag-IBIG Board’s approval of the promo rates on July 9, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the special rates shall take effect immediately and shall be enjoyed by incoming home loan borrowers until December 29, 2020

“We review our rates regularly and have never repriced it upward under the Duterte administration. Our ever-improving quality of portfolio has allowed us to keep the rates low under our Risk-Based Pricing Model. But this time, we are offering something special. In consideration of the impact of the pandemic on the livelihood of our members, we reduced our home loan rates by as much 100 basis points for the next six months because we want to help members who are thinking of buying a home to take advantage of our lower-than-lowest rates.  Even amid the pandemic, now is the best time to buy a home with a Pag-IBIG Housing Loan” Moti said.

Online automotive retail booms during community quarantine, says AutoDeal

Online car-buying platform AutoDeal.com.ph has seen an astonishing increase of 72% in the number of dealerships utilizing its platform since the beginning of the enhanced community quarantine. Many new brand partnerships at the OEM-level have joined the AutoDeal ranks. Such household or soon-to-be household names like Kia, Maxus, Chery, Suzuki, Mitsubishi, and Isuzu are all taking the initiative to drive their sales online and to further enhance their presence.

All of these brands are in addition to AutoDeal’s roster of already-existing partners which now account for more than 468 car dealerships, a figure that represents approximately 75% of all new car dealerships in the country.

As the number one online automotive marketplace in the Philippines, AutoDeal contributes to more than 30,000 vehicle sales per annum through its industry-leading volume of partner dealerships nationwide. The company expects more sales to be driven from online services and attributes this to the growth of ‘on-demand’ consumerism, which has been rapidly accelerated as a result of the recent pandemic.

“We’ve been driving a high volume of vehicle sales even before the quarantine. The rise of on-demand services has shown that consumers don’t want to wait, fall-in-line, or perform unnecessary travel to acquire services and information that can be readily provided online. The community quarantines have accelerated this requirement for consumers while at the same time forcing dealers to reflect on their digital strategies with more urgency than ever before,” stated AutoDeal co-founder Christopher L. Franks.

AutoDeal.com.ph’s platform allows consumers to do research, find promos, and connect with dealerships online. These site features equip the individual with a wide range of car-buying tools that allow for the best prices along with the best and most convenient route to car ownership. Prospective clients can also find dealerships that are most convenient for them to transact with or the one that gives them the best possible deal and experience.

Following these core features is the new ‘Buy Online’ feature that unlocks another aspect of the car-buying experience, which is reserving a unit especially for the customer. This new ‘button’ adds to the list of innovations and provides anyone with the means to make an online reservation without having to leave the comforts of their own home to physically go to a dealership to just browse.

Consumers will find that browsing the AutoDeal website yields pertinent information to the consumer with transparent and up-front facts meant to help them along with their purchase. A comprehensive online ecosystem ensures that customers get high-quality responses from partner dealerships. Thanks to the lead-management system that is pioneered by the company, dealers can easily manage their inquiries from prospective clients. The combination of consumer and dealer-facing technology is what enables AutoDeal to be successful in generating regular vehicle transactions across its platform.

With all that being said, with more partners and more brands brought into the fold, AutoDeal assures a stronger and more comprehensive user experience for its website. Dealership visits will only be needed to either see the unit in person or to pick up the released vehicle, thus limiting the amount of social contact and exposure that an individual might have when purchasing a brand new automobile. Social distancing and other factors that serve as hurdles to complete a transaction will not be much of a problem with these online services.

External trade continues to plunge in May

THE COUNTRY’S exports and imports continued to decline in May by double digits, the Philippine Statistics Authority (PSA) reported this morning.

Preliminary PSA trade data showed merchandise exports shrank by 35.6% year on year to $3.99 billion compared to a 49.9% decline in April and a 1.8% growth in May 2019.

Likewise, merchandise imports plummeted 40.6% to $5.85 billion versus the declines of 65.3% in April and 1.2% in May last year.

The May figures marked the 13th and third straight month of decline for imports and exports, respectively.

Exports of goods from January to May figured in at $22.56 billion, down by 20.7% compared to the $28.43 billion in 2019’s comparable five months. This was way below the revised four percent contraction expected this year by the Development Budget Coordination Committee (DBCC).

Likewise, merchandise imports dropped 29.9% to $32.4 billion on a cumulative basis against the DBCC’s target of a 5.5% contraction for the year.

The trade deficit in May was recorded at $1.87 billion, narrower than the $3.65-billion shortfall a year ago. On a cumulative basis, the trade balance logged in a $9.84-billion deficit, smaller than the $17.79-billion deficit in the same five months last year. – Marissa Mae M. Ramos

Take an active role in shaping ‘better normal’ — JAZA

by Patricia B. Mirasol

Healthcare, education, and financial services are industries experiencing mass disruption due to COVID-19 (coronavirus disease 2019), said Ayala Corp. (AC) Chair and Chief Executive Officer Jaime Augusto Zobel de Ayala, who advised taking an active role in shaping the new normal to make it better and more resilient.

“Our lives aren’t merely about anticipating and adjusting,” he said, on the second day of the National Academy of Science and Technology’s 42nd Annual Scientific Meeting. “Let’s take a more active role in shaping the new normal. Let’s not just play defensively.” 

MASS DISRUPTIONS

Mr. Zobel discussed how COVID-19 has surfaced both gaps and opportunities in specific industries. Below are excerpts from his talk.

On healthcare 

According to Mr. Zobel, there was an increase in the interest and usage of telemedicine during the quarantine period. HealthNow, a free web-based teleconsultation platform under AC’s healthcare unit, registered 11,000 patient consultation requests during its pilot phase between April to June. “The shift to alternative healthcare delivery models will persist even after the pandemic has ended,” Mr. Zobel said. 

On education

Mr. Zobel observed that teachers and students are pivoting to distance learning “with varied levels of success.” Online education, he added, has several desirable features: convenience and flexibility; access to rich content micro-credentials; and learning analytics and customized instruction. “Admittedly, there are growing pains and infrastructure challenges; these will be steadily overcome,” he said.

On financial services

The Bangko Sentral ng Pilipinas has been encouraging fintechs and traditional banks to innovate. “Digital finance has immense potential to improve the reach and speed of financial services,” said Mr. Zobel, who added that that digital finance can drive financial inclusion, particularly for the 66% of Filipinos who remain unbanked.

BETTER NORMAL

The new normal is a unique opportunity to solve even greater challenges, said Mr. Zobel, who added that “building a better and more resilient normal” requires two critical components: a deeper and more holistic understanding of stakeholders, and tighter science-industry-government partnerships.

“Generating deep stakeholder insight requires an integrative approach to understanding their pain points,” he said. “This crisis has created a new environment. I say embrace it. Strengthen the link to science-industry-government partnerships and use science to create a new set of paradigms for doing things.” 

The continuing scourge of public transport was given as an example in the talk for how the country could come together in reimagining mobility and using technology to create a safe, convenient, and affordable riding experience.

According to the Ayala Corp. Chair, a crisis always exacerbates existing problems and surfaces new challenges—and innovation always emerges after every crisis. “We can do more than just forecast and adapt,” Mr. Zobel said. “We all have a role to play.”

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