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LIPAD takes over operations of Clark airport

LUZON International Premier Airport Development Corp. (LIPAD) on Friday formally took over the operations and management of the Clark International Airport.

“I tell you LIPAD, paliparin ninyo ang paliparan na ito [flourish this airport]. Make it go, grow, and glow,” Transportation Secretary Arthur P. Tugade said during the turnover ceremony held at the New Passenger Terminal Building of the Clark International Airport.

LIPAD is the special purpose vehicle company formed by the North Luzon Airport Consortium (NLAC) composed of Filinvest Development Corp., JG Summit Holdings, Inc., Philippine Airport Ground Support Solutions, Inc., and Changi Airport Philippines (I) Pte. Ltd., which is a wholly-owned subsidiary of the Changi Airports International.

Formerly known as the North Luzon Airport Consortium, LIPAD was awarded the 25-year O&M contract for the Clark airport terminals in January. It will also develop commercial assets, operate and maintain facilities and fit-out of the new terminal.

Bi Yong Chungunco, chief executive officer of LIPAD, said four international airlines will start their operations at the Clark airport in the next few months, in addition to the 17 airlines.

Moreover, six food and beverage outlets will also operate inside the terminal soon.

“We are also in talks with the airline operators for the possible integration of the terminal fee in the airfares as part of our goal to provide a very seamless travel experience,” she said.

“We will continue towards expanding this network, connecting Clark to more domestic and international points, cementing its position as the premier gateway for Central and Northern Luzon…. We look forward to a close collaboration with DoTr (Department of Transportation), and BCDA (Bases Conversion and Development Authority) for the next 25 years,” she added.

Clark International Airport increased its number of passenger by 63% to 2.1 million passengers in the first half of the year. The airport handles 734 weekly flights from 17 airlines. It currently being developed as the alternative to the Ninoy Aquino International Airport (NAIA) in Pasay City. — Vincent Mariel P. Galang

De Lima co-accused arrested, claims he is police asset

AFTER two years on the run, one of Senator Leila M. De Lima’s co-accused on an illegal drug charge was captured on Friday by the National Bureau of Investigation (NBI) but claimed he was a police asset during the occurrence of the alleged crimes.

Joe Adrian T. Dera, who is also known as “Jad De Vera,” was arrested early Friday morning in Pampanga after remaining at large for two years. Mr. Dera did not surrender to authorities after the Muntinlupa Regional Trial Court (RTC) Branch 205 issued a warrant of arrest for him back in 2017 for violating the Comprehensive Dangerous Drugs Act of 2002.

“He is the only co-accused in the drug case filed against Senator Leila de Lima na hindi pa naaresto (who was not arrested yet),” NBI-Special Task Force (STF) Chief Gerald V. Geralde said during a briefing on Friday.

The NBI also denied that Mr. Dera is related to Ms. De Lima, after earlier reports said that he is the nephew of the detained senator.

“Wala kami na-gather na kamag anak siya (We did not gather any information that shows he is a relative),” said NBI Deputy Director Vicente de Guzman III during the same briefing.

NBI Director Ferdinand M. Lavin also dismissed Mr. Dera’s claims was working with the Philippine National Police (PNP) during at the time that the alleged offense by Ms. De Lima, who was then Secretary of the Department of Justice, happened.

“That’s what he claims but we cannot dwell on that, but as far as the investigation is concerned, it was testified that he has delivered these monies to then (Justice) Secretary De Lima,” he said

Mr. Dera’s legal counsel Raymond Lapad said that his client was really a police asset of the PNP and some of their evidence of this are documents that show his involvement with the PNP at the time.

“Ang position niya (his position) is that he was appointed as alpha or asset or agent by the PNP last Feb. 16. At that time I think De Lima was not anymore the secretary of justice, and we have the papers submitted to the DoJ and NBI confirming that fact that he was an agent, and there was an agreement and there was an oath of loyalty to comply with his duties to the PNP,” he said. — Gillian M. Cortez

12 arrested for investment scams

THE Securities and Exchange Commission (SEC), together with the National Bureau of Investigation (NBI), has arrested 12 people who are allegedly involved in investment scams.

In a statement issued Friday, the SEC said its Enforcement and Investor Protection Department (EIPD) and the NBI caught six people connected with SGP Dragon Trading Corp. and another six people under Requiza Poultry in separate entrapment operations in Quezon City this month.

They are now in the custody of the NBI for prosecutorial proceedings.

“There will be no letup in our fight against investment scams. As we remain firm in our commitment to clamp down fraudsters, we reiterate our advice to the public to exercise caution and discernment when offered an investment opportunity,” SEC Chairperson Emilio B. Aquino said in a statement.

Earlier this month, the commission issued an advisory against SGP Dragon for supposedly enticing the public to avail of purported foreign exchange market products for at least P1,000 in exchange for 1% to 2.5% in interest per day.

Under SGP Dragon’s scheme, “coaches” and “master traders” trade on behalf of investors, with live trading facilitated on its investment platform. The interest income may be withdrawn every 15 days following a lock-in period of 45 to 120 days, based on the package availed.

While SGP Dragon is a registered corporation, the commission noted that it is not authorized to offer, solicit, sell, or distribute any investment contracts or other forms of securities.

Meanwhile, the SEC also warned the public against Requiza Poultry, which was found to be promising investors 50% returns after a minimum investment of P3,500 for the purchase of 35 chicks. Investors in this scheme are made to wait 60 days to earn back their capital plus profit.

Like SGP Dragon, Requiza Poultry has no authority to solicit investments from the public. It is also not registered with the commission as a corporation or partnership.

The Securities Regulation Code states that people acting as salesmen, brokers, or agents of such investment scams may be held criminally liable with a fine of up to P5 million or imprisonment of up to 21 years or both. — Arra B. Francia

Defense Chief annoyed over presence of Chinese navy in PHL waters

DEFENSE Secretary Delfin N. Lorenzana on Friday expressed his annoyance over the continuous presence of Chinese warships in Philippine waters.

“Wala naman sila ginagawang masama na umaatake sa atin or whatever. Nakakainis lang dahil tubig natin at warships sila. Buti sana kung civilian, [pero] pinapatay pa nila yung identification system, so nakakainis lang (They are doing nothing wrong like attacking us or whatever. It’s just annoying because it is our water and their warships. It would be better if they were civilian, [but] they’re still turnign off the identification system, so it’s just annoying),” said Mr. Lorenzana during a chance interview with reporters at Camp Aguinaldo on Friday, Aug. 16.

The Armed Forces of the Philippines (AFP) earlier said that at least five Chinese warships had passed through the Sibutu Strait in Tawi-Tawi province in southern Philippines without notifying Philippine authorities.

He noted that the Philippine Navy allows the passage of foreign vessels along the Sibutu Strait as long as their automatic identification system is turned on.

“For as long as they do not shut off their AIS they can pass through without informing [us] because we allow passage there because it is international passageway,” said Mr. Lorenzana.

Mr. Lorenzana said that he is hoping that this matter will be discussed during President Rodrigo R. Duterte’s upcoming trip to China later this month.

“Sana ma-mention ito para matapos, irritant na kasi ito ngayon e (I hope this is mentioned so it can be finished, as it is an irritant now),” said the Defense chief.

For his part, AFP chief Gen. Benjamin R. Madrigal, Jr. said that they are doing their best to prevent any clashes between Philippine and Chinese ships.

“Naano naman natin ito, na itong mga bagay na ito to be able to prevent ’yung sinasabi nga ’yung, unintended. Halimbawa magkaroon ng unnecessary confrontations, mas maganda kung napagu-usapan ’yung mga coordinations like these at nagpapaalam para masiguro natin na hindi naman nava-violate ang ating territory (we consider these things to be able to prevent the unintended. For example, if there are unnecessary confrontations, it is best to discuss coordination like these and inform them so we can make sure our territory is not violated.),” said Mr. Madrigal in a chance interview with reporters.

He also called for respect of Philippine territory.

“Hindi lamang naman ’yung threat, kasama dyan ’yung respeto sa ating teritoryo, at respeto sa atin bilang kapwa bansa (It is not just the threat, included in this the the respect for our territory, and respect for use as a fellow nation) and all these had to be agreed through, of course, diplomatic arrangements,” said Mr. Madrigal.

On Thursday, Malacañang acknowledged that China is violating international law with the unauthorized entry of its warships into Philippine waters

Presidential spokesman Salvador S. Panelo said that he would discuss the issue with Chinese Ambassador Zhao Jianhua, who has invited him to dinner.

The United Nations tribunal in July 2016 ruled that China’s efforts to assert control over the South China Sea exceeded the law, rejecting its shared claims with Taiwan to more than 80% of the waterway.

China rejected the decision of the international court, and has continued with its island-building activities in areas also claimed by the Philippines, Vietnam, Brunei, Malaysia and Taiwan. — Vince Angelo C. Ferreras

PAO lawyers denounce anonymous report to Ombudsman

OVER A hundred lawyers under the Public Attorney’s Office (PAO) said that a recent report of PAO lawyers calling for the suspension of PAO Chief Persida V. Rueda-Acosta was part of a “demolition job” meant to malign the PAO.

This as the Office of the Ombudsman said in a statement release Friday that it is conducting a “preliminary investigation and administrative adjudication” against Ms. Acosta and forensics team chief Erwin Erfe “on corruption allegations within the agency including the controversial Dengvaxia vaccine issue.”

The statement quoted Ombudsman Samuel R. Martires as saying, “the corruption allegations against the high-ranking PAO officials will be judiciously scrutinized and the cases shall be resolved solely on the basis of the evidence presented by the parties.”

On Thursday, 107 PAO lawyers filed a “Manifesto (Re: Malicious Imputations against PAO Lawyers)” dismissing the claims made in an pleading sent to the Ombudsman on AUg. 8 asking for the preventive suspension of Ms. Acosta and Mr. Erfe for allegedly defrauding the government. The pleading was filed by persons who claimed they are public attorney’s under the Executive Support Staff, Field Operations and Statistics Service, and Legal Research Service departments of the PAO-Central Office, but who did not otherwise identify themselves.

The anonymous statement was an pleading related to the complaint filed in May by Wilfredo M. Garrido, Jr. against the Ms. Acosta and Mr. Erfe for falsification of public documents, malversation of public funds, illegal use of public funds, grave misconduct, serious dishonesty, and grave abuse of authority.

“The undersigned public attorneys herein CATEGORICALLY DENY the alleged subject anonymous manifestation that has become the subject of fake news. We did not write the subject manifestation, nay submitted the same to the Office of the Ombudsman,” the 107 PAO lawyers said in their manifesto.

The lawyers added that the claims made in the anonymous pleading were “fabricated” and that it was meant “to malign the PAO and other named officials therein, and prevent them from independently performing their duties.”

Both the Department of Justice (DoJ) and Malacañang declined to get involved in the complaint against the PAO Chief, adding that they will leave it up to Ombudsman Martires to further investigate the matter. — Gillian M. Cortez

Tourism industry earned P245 billion in first half

THE tourism industry earned some P245 billion during the first semester of 2019, according to the Department of Tourism (DoT).

The DoT on Friday reported that inbound tourism revenue reached P245 billion from January to June this year. The report comes after the DoT said earlier this week that 4,133,050 foreign tourists arrived in the Philippines last semester, 11.43% more than a year ago. That compares to a goal of 8.2 million for this year set under the National Tourism Development Plan 2016-2022.

“The corresponding total receipts from the six-month arrivals increased by 17.57% from the half-year gross revenues in 2018,” the DoT said in a statement Friday.

Revenues in June 2019 alone were an estimated P38 billion, 30.56% higher than that recorded in June 2018. Tourist spending per head increased 30.97% in June 2019 ($1,086.61 or P57,004.10) compared to June 2018.

The DoT also said that according to its visitor sample survey, this June the average tourist’s daily spend was $120.60, 28.64% more than the same month last year. Tourists also stayed 9.01 nights, up 1.81% compared to June 2018.

The DoT statement quoted Tourism Secretary Bernadette Romulo-Puyat as saying, “These economic numbers are exciting but the real purpose of why the government is working hard to push these numbers up year after year is for the Filipino people… At the end of the day, it is the number of lives changed for the better by tourism that would truly count.”

She said that “Tourism in 2018 was responsible for 5.4 million jobs…, contributing 12.7% or P22.2 trillion to the country’s Gross Domestic Product.” — Gillian M. Cortez

COA nixes Aviation Authority’s insurance investment

THE Commission on Audit (CoA) flagged a Civil Aviation Authority of the Philippines (CAAP) insurance investment saying it was done without approval of the Board members and without adequate criteria for the selection 10 insured officers.

Although the CAAP stressed that the investment — P500-million single-pay variable life insurance with the United Coconut Planter’s Life Assurance Corp. (COCOLIFE) — was approved by the board, the auditing agency said that “there is no duly signed Board Resolution approving the investment in single-pay variable life insurance, being a new mode of investment.”

COA added that the Board did not take an action on the investment based on the minutes of the meeting.

The auditors also noted that there were issues with the officers who were insured.

CAAP suggested that the officials to be considered as key men for the insurance should come from the ranks of Department Manager or above.

“It is also worthy to note that two of the 10 officers insured are political appointees and they generally serve at the pleasure of the President of the Philippines who is the appointing authority or are co-terminus with the President who has only three years left in office as of report date,” said CoA.

Hence, CoA recommended that CAAP should “recover the full amount of P500 million paid to COCOLIFE.” — Vince Angelo C. Ferreras

ACPC approves P1.5-B funding for SURE Aid

THE Agricultural Credit Policy Council (ACPC) has approved P1.5 billion in funding for the expanded Survival and Recovery Assistance Program for Rice Farmers (SURE Aid).

In a statement, ACPC said the program will be implemented by the Land Bank of the Philippines, which will also work with ACPC on crafting the program’s guidelines.

“This loan assistance is a manifestation of the strong desire of the government to help Filipino rice farmers,” DA Secretary William D. Dar said in a statement.

With the approval of the loan assistance, Mr. Dar said he is positive production and income of rice farmers will improve.

The SURE Aid funding was approved during the 66th Governing Council Meeting of ACPC last Aug. 15.

The program targets rice farmers affected by the reduction or loss of their income, providing loan assistance.

Starting Sept. 1, rice farmers farming one hectare and below may avail a one-time, zero-interest loan of P15,000 payable for up to eight years.

The National Food Authority will also buy the produce of the farmers who will avail of the loan assistance.

“We will continue to look at measures to improve the living conditions of our rural stakeholders. Rest assured that with RCEF (Rice Competitiveness Enhancement Fund), farmers will increase productivity and earn more,” Mr. Dar said. — VMPG

Ayala unit launches P16-B One Vertis Plaza

By Arra B. Francia, Senior Reporter

THE luxury residential unit of Ayala Land, Inc. (ALI) is venturing into its first office-for-sale project with the launch of the P16.1-billion One Vertis Plaza in Quezon City.

Ayala Land Premier (ALP) said Friday that it has already sold 65% of the 43-storey office tower, or about P10.6 billion. The average selling price of each square meter (sq.m.) has risen 20% to P352,000 by August, from its launch price of P269,000 per sq.m. in June 2018.

With office spaces ranging from 101 to 325 sq.m., each unit costs about P28 million to P114 million. The tower has a net saleable area of 60,784 sq.m., excluding the five topmost floors which ALP is keeping for itself.

The tower will provide 19 elevators, six basement parking levels, and one service lift. The company is likewise applying for LEED, or Leadership in Energy and Environmental Design, Gold certification.

ALP Head of Sales and Marketing Paolo O. Viray said floor buyers include local firms in the manufacturing and industrial sector, food, and pharmaceutical businesses. Companies involved in real estate and professional services have also bought small office units.

“Our market includes corporations looking for headquarter space in Quezon City, established companies looking for a place or needing an extension of their office in the north, and people already in the north that are upgrading,” Mr. Viray said in a press briefing in Makati Friday.

He added that more than 50% of the buyers are end-users, while the rest are investors.

Construction for One Vertis Plaza is now ongoing, with target completion by the second quarter of 2024.

One Vertis Plaza is located at the southern most tip of Vertis North, ALI’s 45-hectare mixed use estate in partnership with the National Housing Authority. It will stand next to a two-hectare green park, and will be surrounded by several retail establishments, Ayala Malls Vertis North, and the 438-room Seda Vertis North hotel.

“Vertis North presents a lot of value given the future infrastructure projects we expect to be available in the next few years,” Mr. Viray said, referring to the Metro Rail Transit Line 7 and the Metro Manila Subway.

ALI is spending P65 billion over a 10-year period for the estate’s development.

Meanwhile, ALP said it remains on the lookout for land banking opportunities for more office projects in the future.

“We continue to look for opportunities given the success of this project…We’re quite selective given the expectations for ALP and needs of the high-end market,” Joseph Carmichael Z. Jugo, ALP managing director, said in the same briefing.

KKR, Blackstone among bidders for stake in MPIC hospital unit

SINGAPORE — Buyout firms KKR, Blackstone and CVC are among bidders competing for a stake in the hospital unit of Philippines’ Metro Pacific Investments Corp. (MPIC), people with knowledge of the matter told Reuters.

MPIC, which has interests in power, water and other sectors, has said it plans to sell a 40% stake in Metro Pacific Hospitals at a valuation of $2-$2.5 billion, marking the country’s biggest healthcare deal.

The bidders are, however, valuing the hospital unit at about $1.5-$2 billion, pegging the valuation at 15 to 20 times next year’s estimated core profit of the unit, the people said.

The stake in the unit, the operator of 14 hospitals, many of which are among the country’s largest and most modern, has also attracted interest from other financial and strategic investors, the people said, declining to be named as the talks are private.

The interest in the subsidiary underscores a strong appetite for healthcare deals in emerging markets, which are benefiting from rising spending by a rapidly growing consumer class.

“There’s no asset of this sort in the Philippines. So, if you are looking to get exposure to local healthcare, this is a good play,” one private-equity executive said.

MPIC, which owns an 85.6% stake in the hospital unit and has said it plans to use the funds from the sale to expand this business, declined to comment.

More than half a dozen investors have submitted first-round indicative bids and could team up with other parties for their final offers, the sources said.

Singapore state investor Temasek Holdings is among those interested in the hospital unit, one person said.

KKR, CVC, Blackstone and Temasek declined to comment.

One of Temasek’s portfolio firms is Sheares Healthcare Group, which invests and provides healthcare services in Asia, focusing on China, India, the Philippines, Indonesia and others.

MPIC is a unit of First Pacific Co Ltd, that is owned by Indonesian tycoon Anthoni Salim.

HEALTHCARE ASSETS IN PLAY
Sources said while majority control was not being offered in Metro Pacific Hospitals, some bidders were keen to take a bigger stake by setting up different shareholding structures at a later stage. The Philippines’ 40% cap on foreign ownership will apply as the unit owns real estate.

Besides running hospitals, MPIC’s hospital subsidiary operates a network of primary care clinics and cancer centres.

Singapore sovereign wealth fund GIC, which bought a 14.4% stake in the hospital unit in 2014, and has an option to boost its holding via an exchangeable bond, is open to paring its stake, the people said. GIC declined to comment.

The Philippine sale process comes months after the Asian hospital business of Columbia Pacific Management, estimated to be valued at $2 billion, was launched, other sources said.

The sale of Columbia Pacific’s Asia hospital business attracted keen interest from many investors, but steep valuations for the portfolio of mid-sized medical facilities on offer, mainly in India and Malaysia, affected the process.

A buyout firm and a strategic buyer are expected to jointly acquire part of the Columbia Asia business at a lower-than-expected valuation, the sources added.

There was no reply from Columbia Pacific to a Reuters email sent outside U.S. opening hours. — Reuters

Crown Asia profit rises by 53% in Q2

CROWN Asia Chemicals Corp. reported a 53% increase in its net income in the second quarter, driven by improved infrastructure operations, higher sales, and wider market reach.

In a regulatory filing, the listed manufacturer of polyvinyl chloride (PVC) and Crown pipes said it grew its profit to P45.74 million in the three-month period ending June from P29.86 million it booked in the same period last year.

Revenues grew 28% to P379.75 million in the second quarter from P297.52 million, year-on-year.

This led to a 27% jump in its first-half earnings to P88.4 million, as revenues rose 18% to P718.27 million. Crown Asia said the topline growth was driven by “increase in export sales, more aggressive sales efforts, broader geographic market, and market segment diversification.”

The company noted that growth was also mirrored in all its divisions, namely PVC Compounds, PVC Pipes, polypropylene random copolymer (PPR) and high-density polyethylene (HDPE) Pipes and PVC Roofing.

Crown Asia said it expects growth to be sustained for the rest of the year, as it continues with efforts to improve fuel operations and revenues.

The company also completed its 2019 dividend pay-out of P0.09 per share.

Incorporated in 1989, Crown Asia engages in the production of plastic compounds, plastic pipes, and other related products, which are used directly and indirectly in the construction and telecommunications industries.

It was tapped as the supplier of pipes for the Cavite-Laguna expressway and the Metro Manila Skyway Stage 3.

Shares in Crown Asia dropped 3 centavos or 1.46% to close at P2.02 apiece on Friday. — Vincent Mariel P. Galang

Bill seeks regulation of ATM transaction fees

THE Bayan Muna Party-list has refiled a bill regulating fees and charges on transactions done via automated teller machines (ATM).

Representatives Carlos T. Zarate, Ferdinand R. Gaite, and Eufemia C. Cullamat filed House Bill 4019 or the “ATM Fee Regulation Act of 2019” which regulates charges on ATM transactions such as balance inquiry, deposit, withdrawal, and fund transfer.

The bill also requires the posting of fees on the monitor before any transaction.

“Banks are likewise required to disclose the amount of fees they charge and collect from ATM user for every transaction. The fees shall be conspicuously posted on the screens of automated teller machines prior to the completion of any transactions,” the bill read.

According to the bill’s explanatory note, banks are charging P10 to P15 for interbank withdrawals and P2 for interbank balance inquiries.

The bill penalizes any bank officials who will violate the law with a P50,000 to P200,000 fine or imprisonment for two months up to one year.

Makati City 2nd district Rep. Luis Campos Jr. earlier filed House Resolution 210 for an inquiry into the increase of ATM transaction fees.

Mr. Campos on Friday called on the Bangko Sentral ng Pilipinas (BSP) to name the banks that have already submitted applications to increase their transaction charges following the lifting of the six-year moratorium on ATM fees.

The BSP said earlier this week that less than 10 banks have applied to adjust their ATM fees.

“While it might be understandable for the smaller banks with fewer ATMs to want to raise their fees, it might be harder for the bigger banks to justify their plans to jack up charges,” Campos said. — V.A.C. Ferreras

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