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NLEx segment C3-R10 to open in June

By Arjay L. Balinbin, Reporter

NLEX Corp. targets to open by end-June the 2.6-kilometer C3-R10 Section of the North Luzon Expressway (NLEx) Harbor Link Segment that is expected to improve commuter mobility between airports, seaports, and growth corridors in the north and south.

“[We are] targeting opening by end of next month, June,” NLEX Corp. Senior Vice-President for Communication Romulo S. Quimbo, Jr. told BusinessWorld in a phone message on Wednesday.

He was referring to the elevated C3-R10 Section of the NLEx Harbor Link Segment 10, which is now 95% complete.

The segment goes through the new Caloocan Interchange in C3 Road, Caloocan City to Radial Road 10, and Navotas City. It connects to the opened NLEx Harbor Link Segment 10 that traverses Karuhatan, Valenzuela City, Governor Pascual Avenue in Malabon City, and 5th Avenue/C3 Road, Caloocan City.

NLEx opened the Malabon Exit of the Harbor Link C3-R10 Section in February. The entire expressway was expected to be operational in March, but it did not materialize when President Rodrigo R. Duterte locked down the island of Luzon to contain a coronavirus pandemic.

Mr. Quimbo said over the weekend that the company had resumed work on its major projects as the National Capital Region shifted to a more relaxed community quarantine. Among those projects are the construction of the Harbor Link C3-R10 expressway and the rehabilitation of the five-kilometer Candaba Viaduct in Pampanga.

In a news release on Wednesday, the company said construction activities on the NLEx Connector and the Subic Freeport Expressway (SFEx) Capacity Expansion have also resumed.

According to Mr. Quimbo, there would be “slight adjustments” in the projects’ timelines to completion. “Our planning teams are now confirming the delivery dates. We are always ready to accelerate the project delivery,” he said.

Public and private construction projects have been allowed to resume under the “modified enhanced” community quarantine but workers must be housed and fed onsite and observe physical distancing rules, among other requirements for construction work during the pandemic.

“We have complied with the safety protocols laid out by the government for the implementation of infrastructure projects amid modified enhanced community quarantine,” NLEX Corp. President and General Manager J. Luigi L. Bautista was quoted as saying in the release.

“With the acceleration of these projects, we can help the government in its aim to revitalize the economy despite the ongoing health crisis,” he added.

NLEX Corp. said it would also resume work on the additional lanes at Clark South Toll Plaza.

“Despite the challenging times, our team remains committed to accomplish our big-ticket projects and continue the 24/7 service to our customers and other stakeholders,” Mr. Bautista said.

SMIC profit hit by pandemic

PROFITS of SM Investments Corp. (SMIC) dropped 16% to P9 billion in the first quarter, pulled by income declines in its retail, property and banking segments.

In a statement Thursday, the holding company of the SM Group said the ongoing coronavirus disease 2019 (COVID-19) pandemic has negatively affected its profitability, as the enhanced community quarantine (ECQ) limited its operations.

Consolidated revenues grew to P111.12 billion for the quarter, improving from P109 billion in 2018. But mall closures and other ECQ-related disruptions dragged SMIC’s bottomline.

Per segment, banking made up 46% of SMIC’s net income, property comprised 44%, and retail accounted for the remaining 10%.

BDO Unibank, Inc. generated a net income of P8.8 billion, falling from P9.8 billion in the same quarter the previous year. This was somewhat tempered by China Banking Corp., which generated a 19% increase in earnings to P2.2 billion during the period.

Property arm SM Prime Holdings, Inc. posted 5% lower net income at P8.3 billion during the three months. Its revenues fell 3% to P25.8 billion as malls were closed due to COVID-19-related quarantine measures.

SMIC said mall operations made up 47% of SM Prime’s consolidated revenues, therefore the forced mall closures negatively affected its earnings. Revenues from Philippine malls fell 16% to P11.3 billion, while total mall rental income fell 12% to P10.1 billion.

The residential unit of SM Prime under SM Development Corp. softened the impact of the declining mall business by growing revenues 23% to P11.4 billion. This segment made up 44% of SM Prime’s topline, which improved due to reservation sales worth P24.8 billion.

Other business segments under SM Prime recorded consolidated revenues of P2.2 billion.

Retail segment SM Retail, Inc. slumped 56% to P1.2 billion. Under this segment are food-related units SM Markets, WalterMart and Alfamart, and non-food units The SM Store and Specialty Retail. Consolidated revenues from this segment increased 3% to P81 billion.

“The ECQ and broader pandemic started to weigh on our performance during the first quarter,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said in the statement.

Despite the weak first quarter turnout, SMIC said its balance sheet is strong enough to give it flexibility to adapt to changing customer needs and behaviors.

“We are actively enhancing digital and delivery services across all our core businesses, while also working to support and protect our employees, customers, MSMEs (micro-, small- and medium-sized entrepreneurs) and business partners,” Mr. DyBuncio said.

SM has started gradually opening its mall network over the weekend for areas where quarantine measures have been relaxed by the government.

Shares in SMIC at the stock exchange gained P15 or 1.83% to P835 each on Thursday. — Denise A. Valdez

Del Monte completes sale of shares in Philippine unit

DEL MONTE Pacific Ltd. has completed the sale of shares in its Philippine subsidiary Del Monte Philippines, Inc. (DMPI) to a Singapore-based investor for $120 million (about P6.07 billion).

In a disclosure to the local exchange yesterday, Del Monte said it has signed a deal with Singapore’s SEA Diner Holdings Pte. Ltd. together with its wholly-owned subsidiaries DMPI and Central American Resources, Inc. to sell 335.68 million shares in DMPI, equivalent to 12% of its paid-up ordinary shares.

This is lower than the supposed $130-million agreement that the parties signed in January to sell 363.65 million DMPI shares to SEA Diner.

“The completion of the DMPI sale marks the beginning of a partnership with (SEA Diner), a leading investment company focused on investing in leading companies in the consumer sector in China and the ASEAN region. This transaction is a testament to DMPI’s solid standing and future prospects for growth as a food company,” Del Monte said.

“The group looks forward to working with the Investor (as a new shareholder of DMPI) in expanding the group’s footprint in the Philippines and other export markets,” it added.

Del Monte said then that SEA Diner was planning to focus more heavily on investments in food products, noting it has already invested over $1 billion in consumer businesses across the ASEAN and China.

Del Monte is a manufacturer of canned fruits, juice drinks, tomato sauce, spaghetti sauce and culinary mixes.

The company said net proceeds from the transaction is estimated at approximately S$149.4 million (about P5.34 billion). This will be used to pay outstanding loans of Del Monte owed mainly to Philippine banks.

“The company will make periodic announcements as to the use of the net cash proceeds as and when such proceeds are materially disbursed and whether such a use is in accordance with the stated use and in accordance with the percentage allocated,” it said.

Del Monte posted a 159% jump in net income to $6.67 million in the third quarter ending January. Its shares in the stock exchange picked up 14 centavos or 3.66% to P3.96 each on Thursday. — Denise A. Valdez

SEC warns violators of grace period for lenders

THE Securities and Exchange Commission (SEC) is warning lenders to comply with adjusting payment schedules in consideration of quarantine measures imposed since mid-March.

In an advisory on Thursday, the corporate regulator reminded all financing and lending companies to implement a minimum 30-day grace period for loans due during the quarantine period.

This is required by Republic Act No. 11469, or the Bayanihan to Heal As One Act, which looks out for borrowers struggling to commit to loan payments because of challenges brought by the enhanced community quarantine.

“The commission is currently investigating (financing and lending companies) that allegedly refuse to comply with the said law,” the SEC said.

“Any violation or noncompliance shall be dealt with to the full extent of the law,” it added.

Aside from the grace period, the law requires that lenders do not impose interest on interest, fees and other charges to future payments or amortizations. Interest accrued during the grace period may also be paid on a staggered basis over the remaining life of the loan.

If violated, lenders may be punished with two months of imprisonment, or a fine of between P10,000 and P1 million, or both. — Denise A. Valdez

Marathon online concert series raises P80 million

THE marathon concert series Bayanihan Musikahan has raised more than P80 million in donations to benefit various organizations and communities after two and a half months of nightly online concerts.

And it is still going strong.

“I haven’t met a team of people as highly motivated, intelligent, and industrious as this team who have brought their respective expertise to the table and raised more than [P80 million] to help alleviate the plight of the most vulnerable of our brothers and sisters living in Metro Manila and outlying provinces,” National Artist for Music Raymundo “Ryan” Cayabyab said in a release.

The online concert series — organized by Mr. Cayabyab and four others — was named after his late-night music show, Ryan Ryan Musikahan, which ran from 1988 to 1995. The online concert series, which started on March 19, has had more than 100 concerts so far.

The first season — which ran from March to April — featured performances by Lea Salonga, Martin Nievera, Ebe Dancel, Sponge Cola, Top Suzara, and Noel Cabangon, among many others. The second season — which started in April and is ongoing — has featured performances by Regine Velasquez, Ogie Alcasid, Jennylyn Mercado, and Dennis Trillo, among others.

“The coming together of individuals in the music industry, civil society, and the urban poor community leaders has been remarkable,” Danilo A. Songco, CEO of PinoyMe Foundation, a foundation which supports microfinance institutions, was quoted as saying in the release. Mr. Songco is one of the organizers of the program.

The project was created in the early days of the Luzon-wide COVID-19 lockdown in order to send help to the most vulnerable people in the National Capital Region.

Initially, the project aimed to raise enough money for 15,000 food packs. The concert series was expected to run for only a week or two, but it quickly turned into something bigger than the organizers ever imagined.

“We thought we might make a million bucks — tops. Maybe P5 million, but that kind of number was outside the ballpark,” Trina Belamide, songwriter and music producer and one of the organizers of the program, said on Bayanihan Musikahan’s official Facebook page on May 21.

As of May 20, according to the project’s Facebook page, they have raised more than P82 million.

The donations are managed by Philippine Business for Social Progress (PBSP) and the funds were converted to 100,000 food packs for informal settlements in Metro Manila, Cebu, Laguna, Cavite, and Pampanga. The funds were also used to “subsidize a barangay quarantine center” in Quezon City, to feed more than 300 homeless people temporarily housed in colleges and university campuses, and for a grant given to the Artists Welfare Project Inc. to help performing arts workers. They also managed to tap rice and vegetable farmers from Benguet, Nueva Vizcaya, and Bicol to supply items for the food packs and helped those farmers transport their produce to the capital.

“The music persists that it will be remembered beyond the pandemic, perhaps years from now, as citizen action as art,” said Jay Adlao Block, head of events organizer Outbound Asia, of Bayanihan Musikahan which she helped run, in a Facebook post on May 20.

ONLINE CONCERT EXPERIENCE
“It is the worst time, and the best time for musicians, creative artists, and composers. The worst time, because there are no jobs available, no live performances, no gigs, no regular work that are needed for recordings, for live TV or taped TV shows, etc.,” Mr. Cayabyab said.

But it is also the best time because it affords them the opportunity to “practice more, have more time perfecting our craft because there are not many distractions and no traffic that eats up a person’s work hours.”

Online concerts, he said, feel more intimate as performers can interact with their audience — but it does leave them with a feeling of hollowness as “performers feed off of the energy given by spontaneous reactions from the audience like applause and standing ovations.

“Without these reactions, a performer would have to make tremendous adjustments to their psyche,” he explained.

To view past performances, catch new performances live, and for more information about the cause, check the Bayanihan Musikahan Facebook page. — Zsarlene B. Chua

PXP Energy reports loss as oil output declines

PXP Energy Corp. incurred a consolidated net loss of P40.4 million in the first quarter, compared to P7 million it earned in the same period in 2019, as oil revenues fell with output in its Palawan well declining.

In a disclosure to the stock exchange, Thursday, the former Philex Petroleum Corp. reported a 79% drop in overall petroleum revenues to P6.1 million in the January-March period, compared with P29.7 million it recorded in the same quarter last year.

The revenue dive was caused by a 38% decline in output and a 60% decrease in crude oil price in its Galoc oil production under the Department of Energy-awarded Service Contract 14C-1, mirroring the fall in global demand due to the coronavirus disease 2019 (COVID-19) pandemic.

Assets impairment reached P20.2 million in the period due to the “lower-than-expected future returns” in its oil well as an impact of the crash in global crude oil prices.

The oil firm’s subsidiary Pitkin Petroleum Ltd., which owns a 25% equity interest in Peru’s Marina 1X exploration well under Block Z-38 Contract, said the exploration period of the oil block was extended until the end of the year.

KEI (Peru Z-38) Sucursal del Peru of Australian firm Karoon Energy Ltd. holds a 40% stake in the oil prospect located in the Tumbes Basin, while London-based Tullow Oil plc owns the remaining share.

Last February, the consortium plugged and abandoned the well for lack of oil and exhibiting minor gas. However, it is expecting to produce forward plans for the block after evaluating its drilling results.

Meanwhile, the company’s application with The Philodrill Corp. to explore Area 7, a possible oil discovery site located in the Sulu Sea, remains pending with the Department of Energy (DoE). The block is among the pre-determined areas offered by the department under its Philippine Conventional Energy Contracting Program,

On Thursday, shares in PXP Energy fell by 4.82% to close at P5.13 each. — Adam J. Ang

QR Code menus, elevator foot pedals, and disinfectant sprays: how public spaces are adapting to the pandemic

AS countries start to tentatively reopen after locking down in order to slow the spread of the virus that causes COVID-19, businesses around the world are having to adapt to new norms like social distancing, hand washing, and disinfection. Here are some methods an Italian restaurant, a Thai mall, and a Japanese pub have come up with.

ITALY EATERY RIPS UP PAPER MENUS
Say arrivederci to paper menus.

As Italian restaurants reopen after a business-bruising coronavirus lockdown, owners are turning to safe eating practices to entice customers back.

“Finally after two-and-a-half-months of imprisonment, I’ve managed to come out, not just to go to the supermarket but to a restaurant. It’s great satisfaction and if you eat well, it is even better,” said Stefano Prati, 53, who had just finished eating a plate of pasta alla carbonara, a Roman speciality, on Wednesday at Da Enzo, a restaurant tucked away in the Trastevere neighborhood.

Restaurateurs, who reopened on Monday, have bent over backwards to give clients a safe dining experience.

At Da Enzo’s, that means no paper menus. Instead, a waiter holds up a QR scan code. Customers point their smart phones at it and a menu comes up on their screen with the day’s specialties.

Customers, even older ones, are adapting.

“They’re a bit surprised at first, some fear they won’t be able to use it, but then they realize it’s very easy and they’re happy,” said owner Maria Chiara Di Felice, 37.

Chefs wear masks, gloves, and safety goggles as they fry carciofi alla Romana, or artichokes Roman style, to perfection.

Tables have been reduced by almost half and re-arranged to be at least one meter apart, with stickers of the restaurant’s logo dotted in rectangles on the floor to keep them there.

After patrons leave, staff disinfect tables and chairs.

The neighborhood doesn’t bustle with tourists like before the outbreak but Di Felici is optimistic.

“My hopes are probably those shared by everyone — which is that even if very gradually, I hope that we can come back to living, in some way at least, the life we lived before. Nothing more than this,” she said.

THAI MALL PUTS PEDALS IN LIFTS
Meanwhile, a mall in Thailand has swapped lift buttons for foot pedals in an effort to prevent the spread of the coronavirus as well as help restore normalcy and get shoppers spending again.

Customers at Bangkok’s Seacon Square were surprised and confused this week to find pedals in front of the elevators and inside, but they welcomed the new hands-free enhancement as a smart move to stay healthy.

“They did a good job in preparing this. I feel much safer because we use our hands to do various things all the time,” said a customer who disclosed only her first name, Watcharaporn.

“Now that we can use our foot to press the elevator, it’s really great.”

Thailand opened malls and department stores on Sunday for the first time since March, its second phase of relaxing measures as the number of new coronavirus cases slows. It has confirmed 3,034 cases and 56 deaths.

Prote Sosothikul, vice-president of Seacon Development, which oversees the mall, said the foot pedals gave shoppers some peace of mind. “The easiest way to get infected is when you touch an object that has been contaminated,” he said. “Eventually touch your face and the virus will go into your mouth, your eyes, or whatever. So we came up with this idea of hand-free, foot-operated elevator.”

JAPANESE PUB AIMS TO CLEAN UP
As Japan’s restaurants and bars slowly open up from a coronavirus lockdown, many are looking to reassure the public that dining out is safe again and one Japanese-style izakaya pub thinks it has found the perfect solution.

The pub in Tokyo’s normally bustling Shinjuku district has installed a machine that sprays customers with hypochlorous acid water as they enter.

Customers are first greeted by a hostess — on a monitor, of course — who instructs them to disinfect their hands and check their temperature with a thermometer provided.

They then step into a machine that looks like an airport security scanner, or a car-wash for humans, to get sprayed with a fine mist of the chlorine-based disinfectant for 30 seconds.

Customers then pick up a map that guides them to their seat where they order with smartphones.

Throughout the process they have not come into contact with a single person.

“We wanted to develop a system that is in accordance with the new lifestyle and something that is a high model that could prevent infection,” said the president of the Kichiri&Co. group that owns the pub.

“It’s still an experiment, but once we develop the system, we want to share the know-how at each of our restaurants.”

A clear acrylic screen is set up between each diner to further minimize the risk of infection, and it seems to work.

“I feel safe,” said one woman customer who didn’t want to be identified. “But being in there for 30 seconds was a bit long. I was like, when will this be over.”

Kichiri has also installed a spraying booth, which cost more than 700,000 yen ($6,493), at a pub in Osaka city, where the government is expected to lift a coronavirus emergency on Thursday. It remains in place in Tokyo. — Reuters

VLF 2020: the boundlessness of a couple’s relationship

PALANCA award winner and filmmaker Dustin Celestino and director Roobak Valle reunite for their second collaboration in VLF 2020 KAPIT: Lab in the Time of Covid (A Virtual Labfest Lockdown Edition).

Thanks to the ongoing COVID-19 pandemic, the Virgin Labfest, the Cultural Center of the Philippines’ festival of new, unstaged one-act plays, is going online this year, with live streamed performances and readings, among others.

Celestino and Valle’s Doggy follows an engaged couple where the woman’s sexual peculiarity becomes the source of man’s repressed anger.

In the story, the playwright presents the escalating arguments between the partners throughout their relationship.

“They learn new things about each other during their engagement party,” Mr. Celestino told BusinessWorld in a Zoom interview on May 18. At the party, the couple and the other guests play “Never Have I Ever,” a game where participants take turns saying something that they have never done (e.g. “Never have I ever been arrested”). But if it is true for other participants, they either (depending on the game variation) take a shot of liquor or put down a finger which means that they lose a “life.”

“Because of that game, the guy will learn many things about the girl, [which] he didn’t know before,” Mr. Celestino said.

The couple in the story, Mr. Celestino noted, have been together for about five years prior to getting engaged. “By that time, you’re assuming that you know everything about your partner. When you learn something new, you feel betrayed to some extent,” he said.

The fictional couple will be played by real-life couple Che Ramos Cosio and Chrome Cosio.

Since this year’s festival has been adapted for a digital platform, director Roobak Valle will explore different camera angles for the play.

“I [had] blocked the whole play in one angle. Then I was told that we can experiment from different angles,” Mr. Valle said. The production team has also minimized the use of music for the opening and closing.

RELATIONSHIPS ARE DEEP
The story also touches on feminism, gender, consent, the value of intimacy in relationships, and the basic idea of monogamy.

“For [some] people, the primary function of a marriage is sexual exclusivity,” said Mr. Celestino. “May mga taong iniisip na, if that is the primary rule, tapos hindi ako masaya sa sex namin, is that enough reason to end the relationship (There are people who think that, if that is the primary rule, and one is not happy with their sex life, is that enough reason to end the relationship?)”

A key component in the story is the fight between the couple prior to the wedding. “The fight [in the play] happens one week before the wedding,” Mr. Valle said, adding that it will lead the audience to wonder as they watch whether the wedding pushes through or not.

The production is also currently working to invite a psychologist specializing in couples therapy for a possible debriefing after the show, to discuss on how couples can deal with arguments.

“Ang lalim ng pinaghuhugutan ng debate ng mag-asawa, so we need an authority [on the matter] to discuss about it,” Mr. Valle said. (Because of the depth of the source of a couple’s argument, we need an authority to discuss it.)

“Malalim ang mga relationships (Relationships are deep). There are so many nuances that could make and break a relationship and one of the hardest things to do is to maintain a relationship,” Mr. Celestino said. He stated that after the show, “Maraming mapag-uusapan yung mga couples na manonood (The couples who watch will have a lot to talk about).”

Doggy will stream live on June 10, 3 p.m., and June 26, 2 p.m.

Aside from the revisited plays and staged readings, viewers can also catch the VLF Playwright’s Fair online with this year’s playwrights talking about their work on June 11-14, 17-20, 25-27 at 8 p.m. Meanwhile, the Virgin Labfest 2020 Writing Fellowship Program will culminate in an online staged reading of the fellows’ works on June 28 at 2 and 5 p.m.

For more details and show schedules, visit https://www.facebook.com/culturalcenterofthephilippines/ and https://www.facebook.com/thevirginlabfest/. — Michelle Anne P. Soliman

FLI profit falls on operational halts

EARNINGS of Filinvest Land, Inc. (FLI) dropped 25% in the first quarter due to business disruptions caused by the coronavirus disease 2019 (COVID-19) pandemic.

The Gotianun-led real estate company said its attributable net income slid to P1.35 billion from P1.79 billion in the previous year. Its gross revenues likewise declined 29% to P5.15 billion.

“The results reflect the impact of the COVID-19 enhanced community quarantine (ECQ) in the latter half of March that affected operations and delayed construction activities,” it said in a statement.

Revenues from real estate sales fell 39% during the quarter, which FLI traced to lower sales take-up in 2019 and project delays due to the ECQ. The company also gave a grace period to its homebuyers to help in the ongoing pandemic.

Rental revenues inched up 4% to P1.79 billion because of growth in its office leasing segment. The sustained operations of office buildings despite the ECQ offset lower revenues from retail malls, which slowed due to the waiving of rent for establishments that were closed since mid-March.

“Our focus right now is to serve our customers thru financial relief for our affordable and middle income clients during ECQ as well as new safety protocols and conveniences for our homeowners,” FLI President and Chief Executive Officer Josephine Gotianun-Yap said in a statement.

“As we deal with the effects of the pandemic, we are also reviewing and reassessing our plans,” she added.

The company has a plan to launch a total of P13.4-billion worth of residential projects this year. In the first three months, FLI has already launched three projects worth P2.1 billion.

Ms. Yap said the priority will be to complete projects that are already under construction and those that will address the immediate needs of clients and homebuyers.

“We will be launching residential projects and selectively expand in new territories within the country. We have moved a large part of our planned launches to 2021 though we can easily accelerate their launches if there is an improvement in market demand,” she said.

Apart from residential projects, FLI is also looking to complete new office buildings and a logistics hub in New Clark City.

“We have reconfigured our processes to maximize the use of digital technology that we have implemented in the past to service the needs of our clients and our suppliers. Meanwhile, we are also preparing for the economy’s eventual recovery,” Ms. Yap said.

Earlier this week, FLI said it earmarked P16 billion for capital expenditures this year.

Shares in FLI at the stock exchange closed flat on Thursday at 93 centavos each. — Denise A. Valdez

Unbanked Filipinos to decline by 2025

THE COUNTRY’S unbanked is expected to be reduced to 20% of the population in five years’ time from the more than half that have yet to open accounts with financial institutions, according to a study.

A report by software firm Backbase and market research firm International Data Corp. (IDC) titled “Fintech and Digital Banking 2025 Asia Pacific” said financial technology firms or fintechs will help fill the inclusion gap in the Philippines.

“Unbanked and underbanked segments in the Philippines are expected to cut by half to around 20% of the bankable population [by 2025],” the report said.

2017 data from the World Bank showed only 34.6% of adult Filipinos have formal bank accounts. The Bangko Sentral ng Pilipinas (BSP) wants to raise this to 70% by 2023.

The study showed more Filipinos will be keen on digital financial transactions by 2025, with 75% of total payments expected to be done electronically and with 80% of customers seen registering new accounts with institutions other than their primary banks.

“Today, incumbent banks across Asia Pacific are faced with the pressing need to up the ante on digital-first banking due to intensified customers’ need for availability, access, and control of digital channel interactions,” the report said.

The volume of electronic payments in the country increased to comprise 10% of total transactions in 2018 from a mere 1% in 2013, according to a study by Better-than-Cash Alliance. Meanwhile, the value of e-payments rose to 20% of the total in 2018 from the 8% seen in 2013.

BSP Governor Benjamin E. Diokno wants 20% of the transactions done digitally by the end of this year.

OPPORTUNITIES
Meanwhile, restrictions on physical movement caused by the coronavirus disease 2019 (COVID-19) has opened up opportunities for the fintech sector as more businesses look to digitize in order to keep their operations moving, according to an official from a global fintech company.

This is evident in the pickup in the use of digital banking services during the enhanced community quarantine (ECQ), according to Frederic Ho, vice-president for Asia and the Pacific at US-headquartered payments firm Jumio Corp.

“Key operations such as remittances and money transfers, food deliveries, and any other business function that can no longer depend on a physical presence to interact with customers are now going digital,” Mr. Ho said in an e-mailed response on Friday.

Jumio’s Mr. Ho said fintechs’ growth in the country has been strengthened by the increase in digital activities during this crisis.

“There is an opportunity to further solidify trust and confidence among Filipinos in fintech by pushing for bolstered security practices within the segment to ensure protection against sophisticated online fraud and data privacy compliance,” he said.

The Department of Trade and Industry has said fintech transactions in the Philippines are seen rising to $10.5 billion by 2022 from the $5.7 billion logged in 2018. — L.W.T. Noble

WFH during quarantine: DF Art Agency’s Derek Flores

BEFORE the quarantine, Derek Flores, artist manager (he handles artists like Pong Bayog, Marrie Saplad, Bryan Teves, Anna Bautista, and Angelo Quintos) and managing director of DF Art Agency Inc., would meet with artists to discuss future projects and exhibits (both local and abroad), attend art related events, meet with collectors, and regularly correspond with artists, galleries, and clients. Now that he is stuck at home like most everyone else, he is dealing with an occasionally poor Wi-Fi signal and cabin fever while trying to stay in touch.

HOW ARE YOU NEGOTIATING WITH ARTISTS AND CLIENTS DURING QUARANTINE?
Negotiation with both artists and clients are done through communication platforms such as Viber, WhatsApp, Instagram and e-mails. The art industry in the Philippines is so small that we basically know each other so there is already a built-in trust structure.

WHAT IS YOUR PREFERRED MEETING METHOD AND WHY?
I rarely use these apps unless required by the clients or artists. The digital age we are living in brought us plenty of options to stay connected. Zoom, Teams, and Google meet are some of the most popular online video conferencing tools .

WHERE IS YOUR “HOME OFFICE”?
I have a small study table in my condo unit. This is where I work most of the time.

WHAT TIME DO YOU START YOUR WORK DAY? IS IT EARLIER OR LATER THAN YOUR USUAL SCHEDULE? WHAT TIME DO YOU END?
Luckily for me, my job allows me to be flexible. I don’t follow a daily time schedule — but I am accessible anytime for my clients, artists, galleries, and co-art brokers.

DO YOU TAKE BREAKS?
It really depends on my schedule; some days are busier than others. If I have spare time, I catch up on the news and talk to my friends. Netflix, cooking, and exercise are part of my daily routine during quarantine.

WHAT DIFFICULTIES OR CHALLENGES DID YOU EXPERIENCE? ANY DISTRACTIONS?
I have experienced Wi-Fi connection problems and weak network signals from time to time. Unscheduled phone calls from friends and relatives and television are also distractions. Cabin fever is also real.

WHAT IS THE MOST IMPORTANT LESSON YOU HAVE LEARNED FROM WORKING FROM HOME?
I learned to separate work life from home life, stay connected, motivated, and learn to be tech-oriented. — Michelle Anne. Soliman

GERI earnings rise 11% on sustained revenues

PROPERTY developer Global-Estate Resorts, Inc. (GERI) booked an 11% increase in earnings last year on sustained real estate sales and higher leasing revenues.

In a statement Thursday, the listed subsidiary of Megaworld Corp. said its net income for 2019 stood at P1.9 billion, growing from the P1.7 billion it recorded the year prior.

Consolidated revenues rose 12% to P8.5 billion on the back of strong returns across its revenue streams.

Real estate sales contributed P6.1 billion, driven by condominium sales and residential and commercial lot sales from its properties in Boracay Newcoast, Twin Lakes and Southwoods City. The company’s sales reservation booked a record P19 billion in 2019, adding P11-billion worth of new projects in its portfolio.

Leasing operations added P747 million in revenues, up 75% from the previous year. GERI attributed it to the opening of Twin Lakes Hotel and the reopening of hotels in Boracay after its six-month rehabilitation in 2018.

“Our available residential inventory in our various tourism townships, which are mostly in the provinces such as Southwoods City, Boracay Newcoast, Eastland Heights, Sta. Barbara Heights, Arden Botanical Estate, and Hamptons Caliraya, will allow us to sustain our real estate sales moving forward,” GERI President Monica T. Salomon said in the statement.

“These developments outside Metro Manila provide residential buyers with the needed breathing space and fresh air in natural surroundings — which are what most buyers and investors are looking for right now,” she added.

The company has eight integrated tourism developments in its portfolio, equivalent to over 3,300 hectares of land. These are located in Laurel, Batangas; Biñan, Laguna and Carmona, Cavite; Las Piñas City; Boracay Island; Sta. Barbara, Iloilo; Antipolo, Rizal; Lumban-Cavinti, Laguna; and Trece Martires, Cavite.

Shares in GERI at the stock exchange picked one centavo or 1.27% to close at 80 centavos each on Thursday. — Denise A. Valdez

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