Quick fix

August 20, 2019 | 8:29 pm

For all the question marks DeMarcus Cousins brought with him when he latched on to the Lakers early last month, there was to be no doubting his value. Signed to a $3.5-million deal, he would have been a cinch to start for a powerhouse squad that includes perennial All-Stars LeBron James and Anthony Davis. In nominal terms, his salary, significantly lower than the $5.3 million he inked with the Warriors for the previous season, is just 231^st of the 450 to be drawn by players on official franchise rosters. In other words, he was pegged to be a bargain-basement contributor who, at the very least, figured to give the purple and gold much-needed depth.

Not anymore. Last week, Cousins blew his left knee while working out in Las Vegas. Subsequent tests revealed him to be suffering from a torn anterior cruciate ligament, requiring surgery and thus keeping him out for the entire 2019-20 season. Even as he was already deemed damaged goods prior to joining the Lakers, he carried with him the potential to be a difference maker; after all, he has sported career norms of 21.2, 10.9, 3.2, 1.4, and 1.2 since being drafted fifth overall in 2010. At worst, he would have been productive in spurts — and especially with Davis loathe to spend time at the center slot.

That Cousins would succumb to yet another injury wasn’t wholly unexpected, hence his availability at just above the veterans minimum. On the other hand, not even his most ardent critics could have foreseen him claiming the hoops trifecta in a span of 18 months. In January 2018, he went under the knife to repair his left Achilles. Four months ago, he went down due to a torn left quadriceps. And while his determination to succeed may get him back sooner rather than later, the recovery period is nonetheless long and arduous.

Which brings the Lakers to a point they never thought they could consider: reaching out to Dwight Howard to replace Cousins in the lineup. That they’re thinking of doing so even after an acrimonious breakup in 2013 speaks volumes of the relative dearth of alternatives. To begin with, he’s also far from physically sharp; last season, he missed all but nine games in November due to a variety of ailments, including one that compelled him to have spinal surgery. Perhaps more importantly, he has excess baggage that may well disrupt a locker room best described as volatile, with so many new faces needing stability and not unpredictability.

Granted, the Lakers wouldn’t be putting themselves in the best position to win if they didn’t look at all possible recourses, renewing ties with Howard included. It should be the last resort, however — even more of a nuclear option than, say, taking Joakim Noah in. No doubt, they’re angling for a quick fix, and crossing their fingers Cousins will convalesce faster than projected and be ready for spot duty in the postseason. And, in this regard, doing nothing now avoids he prospect of taking a step back later.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

City of Dreams Manila to harness solar power

August 20, 2019 | 1:29 pm

City of Dreams Manila and Meralco’s Renewable Energy subsidiary, Spectrum mark edits partnership through an environmental sustainability and carbon reduction venture. The 1.2MWp solar installation project is expected to improve City of Dreams operational efficiency by utilizing self-generated energy. Spectrum’s Chief Operating Officer Victor L. Risma IV, said the forecast reduction in consumption can power 1,000 residential homes with an average monthly consumption of P1,500. “We thank City of Dreams Manila for partnering with Spectrum in their goal towards carbon footprint reduction and energy efficiency. This validates One Meralco Group’s role as an enabler of technologies and intelligent power use, this time via solar. We are looking forward to bringing environmental stewardship to the forefront with current and prospective platforms and partnerships.” Meralco, along with its subsidiaries, continue to seek partnership with its customers, companies, and Local Government Units to successfully implement new technologies as part of its collaborative effort to pave the way for responsible and sustainable initiatives. The solar rooftop will be installed at the resort’s parking building and is targeted to be completed by December 2019.

Watch Art Grand Exhibition Singapore 2019

August 20, 2019 | 9:00 am

Singapore and Southeast Asia are extremely important markets for Patek Philippe. In this part of the world, craftsmanship and artisanal skills as cultivated by the Genevan manufacture are highly esteemed. To delight connoisseurs of such crafts, Patek Philippe is organizing its fifth watch exhibition from September 28 to October 13, 2019, the largest one of its kind ever. Needless to say, the “Watch Art Grand Exhibition Singapore 2019” is also presenting a room dedicated explicitly to the city-state and its neighboring countries alongside a broad selection of historic timepieces from the Patek Philippe Museum in Geneva.

After Dubai in 2012, Munich in 2013, London in 2015, and New York in 2017, Patek Philippe has now picked Singapore as the venue for its new large-scale exhibition, an event with which it can showcase its expertise and creations. In ten theme rooms spanning 1800 m2, aficionados of superior watchmaking artistry and the public at large can immerse themselves into the world of Patek Philippe as if they were personally visiting the historic salons on Rue du Rhône in Geneva, the manufacture in Plan-les-Ouates, or the Patek Philippe Museum. It is a unique opportunity to take a backstage look into the last independent, family-owned watchmaking manufacture. The exhibition coincides with the launch of several limited-edition watches and also presents a rich collection of Rare Handcrafts timepieces inspired by the cultural and artistic traditions of the countries in this region.

A tribute to Singapore and its neighboring countries in Southeast Asia

On the occasion of the 200^th anniversary of Singapore, Patek Philippe salutes the city-state and its neighboring countries in Southeast Asia with a specially appointed exhibition complex. For this glimpse into the history, culture, art, and natural surroundings of a region to which it is deeply committed, the manufacture is introducing a selection of timepieces that in this breadth will be united in one place for probably the first and just as likely for the last time because it includes extraordinary exhibits on loan from museums and private collectors. The role of Singapore as a hub of trade between the Far East and the Occident is impressively exemplified with a Genevan pocket watch that depicts the port of Canton in miniature painting on enamel; it was commissioned for the Chinese market around 1830 (S-112). The Patek Philippe dome table clock (reference 20074M) decorated with the “Thai Ornaments” motif in cloisonné enamel infused with silver spangles pays homage to the exceptional aesthetic sensitivity of these countries as expressed by architectural decorations and traditional textiles. A pair of peach-shaped pendant watches (S-303A-B) crafted in Geneva for the Chinese market around 1810 highlights the uniqueness of the regional flora and fauna. The marvels of the submarine cosmos can be admired in cloisonné enamel on the Patek Philippe dome table clock themed “Tropical Island” (reference 20087M). Two of the Patek Philippe pocket watches (P-1457) on display once belonged to King Rama V of Siam (now Thailand); they emphasize the cultural uniqueness of the region. The legendary dynamic of Southeast Asia with its promising future is depicted on a Patek Philippe dome table clock (reference 1677M) that was crafted in 2015 to commemorate the 50^th anniversary of Singapore’s independence; it shows the famous Esplanade.

An exceptional choice of timepieces from the Patek Philippe Museum

Inaugurated in 2001, the Patek Philippe Museum in Geneva is now considered one of the world’s foremost horology museums. At the exhibition in Singapore, visitors have the opportunity to admire some of its treasures, many of them true rarities. This is the very first time that such a large number of timepieces have left their home on the Lake of Geneva to be showcased abroad. Like the museum in Geneva, the Museum Room has two departments. The “Antique Collection” shows a panorama of horological history with some of the earliest portable watches, including a drum watch crafted in Nuremberg (S-892 / Germany) in 1548, enameled pocket watches, musical automata, and timepieces from the ateliers of Europe’s most illustrious watchmakers. The “Patek Philippe Collection” shows a cross section of the manufacture’s most beautiful creations from 1839 until today, including the pocket watch that Antoine Norbert de Patek obtained in 1842 for his 30^th birthday (P-1), the first Swiss-made wristwatch (P-49 / 1868), the first documented wristwatch with a perpetual calendar (P-72 / 1925) as well as some of the most famous supercomplications such as the Calibre 89 (the world’s most complicated portable mechanical watch for over 25 years), and the Star Caliber 2000 (21 complications).

A public exhibition with free admission

The “Watch Art Grand Exhibition Singapore 2019” is a free public exhibition hosted in the facilities of the prestigious Marina Bay Sands Theater in the heart of Singapore. To gain admission, visitors must first reserve their free tickets (access to the booking platform on www.patek.com). For the occasion, Patek Philippe is producing a richly detailed catalog that shows all exhibited pieces. An audio guide with narration in Mandarin or English is available on request. Opening hours are extended until 10 p.m. on Fridays and Saturdays. Family days with children’s activities are scheduled on two Sundays.

Opening hours

Sunday – Thursday:

• 10 a.m. to 7 p.m. (last admission 6 p.m.)

(except October 13: exhibition closes at 5 p.m., last admission 4 p.m.)

Extended hours:

• 10 a.m. to 10 p.m. (last admission 9 p.m.) Fridays on October 4 and 11, and Saturdays on October 5 and 12

Family days:

• Sundays on October 6 and 13 from 10 a.m. to 5 p.m.

The ten theme rooms

Cinema

The historic Patek Philippe film is screened here.

Current Collection Room

This room is reserved for the presentation of the current collection. Its interior was inspired by the appointment of the Patek Philippe salons on Rue du Rhône in Geneva.

Napoleon Room

The seductive effect of this room is that it spirits visitors away to the Patek Philippe salons in Geneva, treating them to a fantastic motion-picture panoramic view of Lake Geneva. This is also where the limited special editions created explicitly for the market in Southeast Asia are displayed.

Museum Room

Like the Patek Philippe Museum in Geneva, this room is subdivided into two departments, one for the Antique Collection, the other for the Patek Philippe Collection.

Rare Handcrafts Room

Artisans demonstrate techniques, especially enameling, with which wristwatches and table clocks are decorated. A selection of watches that would be unthinkable without ancestral skills underscores Patek Philippe’s commitment to rare handcrafts.

Watchmakers Room

Master watchmakers from Patek Philippe invite visitors to take a close look at the inner workings of mechanical timepieces.

Grand Complications Room

A unique overview of the most complicated and innovative Patek Philippe timepieces concentrated in one place. They contributed considerably to the reputation of the manufacture.

Movements Room

This space is dedicated to the extensive range of Patek Philippe movements — from simple calibers to highly elaborate ones developed for the world’s most complicated watches.

Interactive Room

This room allows visitors to immerse themselves in the heart of the Patek Philippe manufacture and the architecture of its movements.

Singapore and Southeast Asia Room

This room pays tribute to Singapore’s 200^thanniversary as well as the grand heritage of Singapore and all of Southeast Asia with its rich historic, cultural, artistic, and natural legacy.

Bahay Bakasyunan sa Camiguin: Rising from downfall through technology

August 20, 2019 | 7:56 am

Nestled in the unspoiled island of Camiguin in southern Philippines is a quaint tropical resort named Bahay Bakasyunan sa Camiguin. This resort, surrounded by stunning seascapes and lush greenery, offers a perfect refuge away from the noise and chaos of the metropolis.

Apart from its enchanting natural beauty, what makes this resort successful amid the increasingly more sophisticated hospitality industry is the persistency of its management to embrace technological innovations in its operations.

The current owners of Bahay Bakasyunan sa Camiguin were once captivated by its charm during their stay in the resort as guests. Suzette Good, who lives in Palm Spring – a city in California deemed as “the playground of the stars” – said that she, together with her husband, Al Good, fell in love in the place. The latter decided to buy the resort, and, fortunately, acquired it in 2009.

“It was once a dream to have this place for vacation. I dreamt of having a place for the stars,” Mrs. Good said. “I imagined myself to own a place where the stars spend their vacation and that’s [happened to be the] Bahay Bakasyunan sa Camiguin.”

When Mr. and Mrs. Good entered as the resort’s new owners, things didn’t come so easy. They had to address some challenges, including the traditional way of how the business was run.

“When we bought Bahay Bakasyunan sa Camiguin, all I can see is the ‘non-computer world’ where they don’t use point-of-sale system and so on,” Mrs. Good shared. “So we needed to drive the business and start to invest into computers. We needed to innovate and compete with the market.”

The owners faced more challenges along their way; there was even a time when the business suffered from a big loss. But that doesn’t have to stop there, according to Ms. Good, noting that there are 50 employees who depend on the resort to earn a living. In this challenging time, the management took the risk to invest their last finances in marketing and technology, which resulted in the rise of the resort’s occupancy rate this year.

“I take challenges in a positive way. There are lots of downfalls with the business but we just need to resist it all. It’s a measure of how tough your decision making is,” Mrs. Good said.

Technology and Internet have a crucial role in the present age of hospitality industry, according to Mrs. Good. In Bahay Bakasyunan sa Camiguin, in particular, technology plays a big part to boost the resort’s marketing initiatives, as well as reaching its potential market through social media, e-mails, and instant messaging.

“To add, we based our decision making in our reports, and technology-filtered all our data. Technology helps the business in so many ways, like inquiry of the guest/s in our Web site, booking, payment, etc. All work smoothly. And with Globe Internet connectivity, it’s simply perfect,” Mrs. Good said.

Five years from now, Mrs. Good is optimistic that Bahay Bakasyunan sa Camiguin will be the top resort by choice and the first to be rated with 5-star in the entire island of Camiguin.

Globe myBusiness, in partnership with Department of Trade and Industry, salutes our Filipino SMEs for their job well done. It honors every entrepreneur whose determination and passion has become the backbone of the Philippine economy. #SaludoSMEs for your hard work and contribution for a more wonderful ‘Pinas!

1st Colonial Grill: A spicy success achieved through innovation

August 20, 2019 | 7:55 am

In 2004, Elmer “Boy” Aspe and his wife Rowena Aspe opened up a restaurant named 1^st Colonial Grill in Legazpi City, Albay, with the goal of promoting delectable Bicolano fare, especially the classic, well-loved dishes.

Like many small food business owners that came before them, the couple went through some growing pains in the first few years of running their restaurant. They were, in Mr. Aspe’s word, “losing.” One problem was that even though 1^st Colonial Grill offered a lot of dishes, it had a hard time serving them within 10 minutes, Mr. Aspe said. This predicament forced a major shift in strategy.

“What we did later was to focus on bestsellers,” Mr. Aspe said. It also led to another realization: the restaurant’s menu had main courses but lacked dessert options. But instead of adding common desserts, like ice cream, the couple sought to create one that was consistent with the reason why they established a restaurant in the first place.

Using two of the staple ingredients in many Bicolano cuisines – sili (chili pepper) and gata (coconut milk) – they came up with an innovative product that has become especially popular with their restaurant’s diners: sili ice cream.

But the couple did not stop there; they collaborated with several local government units in the Bicol region to make “Bicol Flavors,” a range of ice cream flavors representing Bicol provinces. Besides sili, which represents Albay, the other flavors are pili (for Sorsogon), latik (Catanduanes), pineapple (Camarines Norte), cacao (Camarines Sur) and carmelado (Masbate). There’s one more flavor that’s meant to symbolize the entirety of Bicolandia: tinutungan na bigas (toasted rice).

Owing to its offerings, which now include the aforementioned desserts, 1^st Colonial Grill has become a household name in Bicol’s culinary scene. It has even won several awards and been named one of Albay’s best restaurants.

Myriad print and local publications have written about the restaurant, acclaiming its dishes particularly the sili ice cream, and a number of local television shows have featured it. Mr. Aspe noted that they now feel “a sense of pride” for owning the restaurant.

The success of 1^st Colonial Grill has also stemmed from how the couple tackles the challenges that come their way. “We never stop. We are always persistent,” Mr. Aspe said of dealing with the problems of their restaurant business.

He added they hire consultants and attend workshops and expos abroad to keep themselves abreast of the latest food and technological trends. Technology has been particularly helpful. Through technological innovations like GCash, a mobile payment system of Globe Telecom, the restaurant manages to achieve efficiency.

Soon, more and more people will get to try 1^st Colonial Grill’s renowned sili ice cream and other lip-smacking cuisines. Mr. Aspe said they have recently established a venture, ELJ Comida Corp, in an effort to expand their restaurant into a chain. It is also in the business of distributing ice cream and bottled products to supermarkets. The couple has set up another food business, Xinyi Chicken Taiwan Stick Foods, which they hope to grow, too.

As the SME arm of Globe, it is the goal of Globe myBusiness to help every enterprise reach its full potential through industry-specific tips, lessons from experts in the field, and business solutions tailored to answer every business owner’s needs. Globe myBusiness salutes Filipino SMEs for the important role they play in nation-building. #SaludoSMEs

For more information, visit https://mybusiness.globe.com.ph.

Firms vie for a 3rd of oil, gas fields offered

August 20, 2019 | 12:33 am

By Victor V. Saulon
Sub-Editor

SEVEN GROUPS have bid for areas offered for petroleum exploration by the Department of Energy (DoE) in a contracting round that seeks to revive efforts to find another Malampaya.

“We’re happy to get a third of the pre-determined areas,” DoE Assistant Secretary Leonido J. Pulido III told reporters on Monday during the opening of bids.

Four entities bid for four out of the 14 pre-determined areas offered by the department, while three entities “nominated” or proposed to explore areas outside the department’s list.

RISK PERCEPTION
Mr. Pulido said the number of prospectors should be viewed based on how the country fared in terms of petroleum exploration over the years.

“If you look at the context of the Philippines, we are currently competing against markets from Africa, we’re currently competing for investments from the US,” he said.

“In a lot of these international companies, the tendency really is to — shall we say — invest in areas that are very, very stable, where the risk is less.”

The DoE on Monday opened the bids for the 14 pre-determined areas — mostly offshore — under its Philippine Conventional Energy Contracting Program (PCECP) that embodies the department’s bid to spur exploration of areas in the country with potential oil and gas reserves.

Up for grabs were: one in Cagayan, three in east Palawan, three in Sulu Sea, two in Agusan-Davao, one in Cotabato, and four in west Luzon. The application period is 180 days. None of the areas lies in waters contested by China and the Philippines.

The four companies that submitted bids were Israel’s Ratio Petroleum Ltd. (Area 3-East Palawan Basin); Sulu Sea Energy Resources Development Corp. (Area 6-Sulu Sea Basin); the partnership of The Philodrill Corp. and PXP Energy Corp. (Area 7-Sulu Sea Basin); and Esmaulana Global Ventures Company, Inc. (Area 6-Sulu Sea Basin).

Under PCECP, companies may also nominate other areas of interest at any time of the year. Their proposals will be subjected to challenge within a 60-day period.

The three companies that proposed to explore other areas are Sulu Sea Energy (Sulu Sea Basin); Troika Giant Power Corp. (Northwest Palawan Basin); and Superior (SG) Shipyards, Inc. (Southeast Luzon Basin).

“Please expect a formal notice regarding the completeness of your submission or the incompleteness thereof… within the next seven to 10 days,” Mr. Pulido told the bidders.

He said the bids are subject for evaluation and a final decision will be released after 15 working days.

Mr. Pulido added that DoE officials will continue encouraging other investors, especially foreign entities, to bid for the pre-determined areas or to nominate their preferred sites.

A delegation will be off next week to Argentina to promote the country’s exploration program, he added.

“The truth is we have to recognize the fact that the Philippines is essentially a frontier country as far as energy resource is development is concerned,” he said.

“We do have an existing territorial dispute. In the discussions that we’ve had with different agencies around the world, we do recognize that the Philippines is not exactly marketable,” Mr. Pulido noted.

“So there is difficulty, there is a challenge there and we are working on that.”

The department had expressed hope that the contracting round would result in finding another Malampaya, the offshore Palawan project that fuels five power plants in Batangas province with a combined capacity of 3,211 megawatts.

That natural gas field is estimated to be depleted by 2022-2024.

Filipino youth more ready than SE Asian peers to work abroad

August 20, 2019 | 12:32 am

By Gillian M. Cortez
Reporter

MORE THAN half of Filipino youth want to go abroad to land jobs, while the Philippines had the smallest percentage of this segment saying they would like to stay in the country to work, according to an online survey covering six Association of Southeast Asian Nations (ASEAN) members which the World Economic Forum published on Aug. 16.

The 2019 survey, which covered 56,000 individuals in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam aged 15- to 35-years-old and which was run last month, “examined the attitudes of ASEAN youths to jobs and skills, and the impact of technology on the future of work,” a summary of findings read.

The Forum conducted the survey online in partnership with Sea, the Singapore-based internet company that operates digital entertainment, e-commerce and digital financial service businesses known as Garena, Shopee and AirPay. Users of Shopee and Garena were invited to take part in the survey, with responses of only those aged 15- to 35-years-old considered for the report.

Survey results showed, among others, that 47.1% of Philippine respondents “would like to work in my home country”, the smallest percentage compared to 48.1% in Thailand, 51.5% in Malaysia, 54.5% in Vietnam, 60.4% in Indonesia and 65.7% in Singapore.

At the same time, 30.3% — the biggest percentage among respondents across the region — of Philippine respondents “would like to work in another ASEAN country” compared to 27% in Malaysia, 24.5% in Thailand, 23.1% in Vietnam, 22.6% in Indonesia and 12% in Singapore.

Intra-regional percentages were close in terms of wanting to work outside Southeast Asia: 21.5% in Malaysia, 22.3% in Singapore, 22.4% in Vietnam and 22.6% in the Philippines. Indonesia and Thailand were outliers with 17% and 27.4%, respectively.

Citing work by Ricardo Hausmann, professor on the Practice of Economic Development at the John F. Kennedy School of Government at Harvard University in the United States, the report said individuals seek “knowhow” — which is different from education in that it involves development of practical skills rather than theoretical knowledge — by working in foreign companies in a home country, through technology transfer brought by foreign workers or by “spending time overseas and learning new skills.”

Sought for comment, Calixto V. Chikiamco, board director at the Institute for Development and Econometric Analysis, Inc., said in a mobile phone message on Sunday that “[m]any of the jobs here are in low-level, unstable service jobs,” even as “[d]omestic growth has been strong the past five years compared to the past.”

According to the Philippine Statistics Authority, there were around 2.3 million Overseas Filipino Workers (OFW) worldwide as of 2018, with about 37.1% of them working in elementary occupations.

“Our youth may be more comfortable working abroad due to English proficiency and the OFW network [composed of friends and relatives]…” Foundation for Economic Freedom Fellow Vicente B. Paqueo said in a separate text message on Sunday.

Of the six ASEAN members covered by the survey, the Philippines also had the second-smallest percentage of respondents “who aspire to be an entrepreneur” at 18.7%, higher only than Singapore (16.9%). Indonesia topped the region in this regard with 35.5%, followed by Thailand (31.9%), Vietnam (25.7%) and Malaysia (22.9%).

In terms of acknowledgement of the need for “lifelong learning,” “the picture varies by country”: the Philippines had the highest percentage of respondents who believe their “current education and skills are already out of date,” Vietnamese had the highest proportion of those believing their skills need to be constantly updated over time, while Thai respondents were the most confident about the durability of current skills.

Global survey finds ASEAN youth willing to upgrade their job skills amid potential technological disruptions

August 20, 2019 | 12:32 am

More companies close in on maiden share sale

August 20, 2019 | 12:31 am

By Arra B. Francia
Senior Reporter

COCONUT PRODUCTS manufacturer Axelum Resources Corp. and home improvement retailer AllHome Corp. are one step closer to launching their market debuts after securing clearance from the Securities and Exchange Commission for their initial public offering (IPO).

In a statement issued Monday, the country’s corporate regulator said it has approved in its en banc meeting the IPO of Axelum Resources and AllHome, who plan to raise up to P7.695 billion and P20.7 billion, respectively.

In a preliminary prospectus posted on its Web site, Axelum Resources said it will offer 400 million treasury shares and 300 million new common shares to the public, alongside 430 million existing common shares held by CP Compass Singapore Pte. Ltd. The company has set a maximum offer price of P6.81 per share.

It has hired First Metro Investment Corp. as issue manager, bookrunner and lead underwriter for the transaction.

Under its timetable, the company looks to finalize the offer price by Sept. 19, with the offer period to run from Sept. 23 to 27.

It targets to list on the main board of the Philippine Stock Exchange (PSE) by Oct. 4.

Based on the sale of primary shares alone, Axelum Resources expects P4.408 billion in net proceeds from the IPO. Bulk of the proceeds will be used for the company’s target acquisitions in order to expand its reach further to the United States, Europe (including eastern Europe), Middle East and major countries in Asia.

Axelum Resources currently has its main production facility in Medina, Misamis Oriental. It also has two manufacturing and distribution facilities in the US and Australia, as well as distribution agents in key cities in the world.

Meanwhile, Villar-led AllHome plans to offer of up to 1.125 billion shares, consisting of up to 750 million primary shares and up to 375 million secondary shares. It will also offer up to 168.75 million shares as part of the overallotment option.

AllHome is looking at a preliminary offer price of up to P16 per share. Considering only primary shares, the company expects P11.46 billion in net proceeds from the sale which will be used for construction of 19 new stores this year and another 19 stores in 2020.

Part of the proceeds will also be used for debt repayment and general corporate purposes.

The company tapped UBS AG, Singapore Branch as the offer’s sole global coordinator and joint bookrunner. CLSA Limited and Credit Suisse (Singapore) Limited will act as joint bookrunners, while PNB Capital & Investment Corp will act as local lead underwriter. China Bank Capital Corp. will also serve as co-lead local underwriter.

AllHome targets to list its shares on the main board of the PSE by Oct. 1 after an offer period that will run from Sept. 18 to 24.

Both companies now await final clearance from the Philippine Stock Exchange, Inc. to proceed.

“I think the performance of AllHome and Axelum Resources will be dependent on the market sentiment on their IPO dates and how optimistic investors will be,” Timson Securities, Inc. Equity Trader Jervin S. De Celis said in a mobile phone message.

KEPWEALTH SOARS AT DEBUT
SEC’s approval comes after the maiden listing of property leasing and asset management company Kepwealth Property Phils, Inc. (KPPI) on Monday, where it raised P384.8 million.

“I was told that the company intends to use the funds from this share sale to diversify its asset base and acquire office space in key cities in Metro Manila to boost its total leasable space. Expanding its leasing portfolio bodes well for the company, especially as prospects of the property sector remains upbeat. The growth potential of KPPI will surely be promising once additional revenue is generated from its planned acquisitions,” PSE quoted its chairman, Jose T. Pardo, as saying in his welcome remarks during the company’s listing ceremony.

Shares in KPPI soared 41.99% or P2.41 to close at P8.15 apiece on its first trading day, riding general optimism at the PSE index, which increased by 142.37 points or 1.82% to finish 7,938.35.

“KPPI’s strong performance today may be attributed to the presence of day traders who took advantage of the wide price range of the stock as well as retail investors who chased the price when it started rallying,” Mr. De Celis said.

PHL external payment position turns around

August 20, 2019 | 12:30 am

By Mark T. Amoguis
Senior Researcher

THE COUNTRY’s external financial position turned around in July from the preceding month and a year ago, fueled by dollar inflows from the central bank’s foreign exchange operations and income from its investments abroad, the Bangko Sentral ng Pilipinas (BSP) said in a press release on Monday.

The Philippines’ balance of payments (BoP) position posted a $248-million surplus in July, a turnaround from deficits of $404 million in June and $455 million in July last year.

The BoP measures the country’s transactions with the rest of the world at a given time. A surplus means more foreign funds entered the Philippines compared to what was taken out.

The central bank said inflows from the BSP’s foreign exchange operations and income from its investments abroad “were offset partially… by outflows which were reflected in the payments made by the NG on its foreign exchange obligations” in July, the central bank said in its press statement.

The BoP in the seven months to July reached $5.036 billion, similarly turning around from a $3.712-billion year-ago deficit.

The central bank attributed the seven-month surplus to remittance inflows from overseas Filipinos last semester as well as net inflows of foreign direct investments in the five months to May.

The central bank noted that the latest BoP reflects the final gross international reserve level of $85.18 billion as of July, “a more than ample liquidity buffer” equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income.

This also translates to 5.2 times the country’s debt falling due in a year as well as 3.8 times such short-term debt plus principal payments on medium- and long-term loans of both public and private sectors due within the next 12 months.

“The month-on-month change can be attributed to the global uncertainties brought by the general sentiment on the US-China trade war,” Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc., said in an e-mail when sought for comment. “Inflows, portfolio and investment are influenced by how the protracted trade issues may conclude. These uncertainties may continue and may contribute to volatility in the BoP,” Mr. Asuncion said.

The central bank expects the country to book a BoP surplus of $3.7 billion this year, a turnaround from the $2.306-billion deficit recorded in 2018.

One Vertis Plaza set to become QC’s premiere office address

August 20, 2019 | 12:07 am

By Cathy Rose A. Garcia
Associate Editor

QUEZON CITY will soon have its first AAA, premium-grade office building, as Ayala Land Premier (ALP) starts work on One Vertis Plaza within the Vertis North complex.

Towering over the Vertis North skyline, the 43-storey One Vertis Plaza is poised to become the city’s premiere corporate address when it is completed by the second quarter of 2024.

“With our newest project, we’re able to expand our portfolio beyond the residential,” Paolo O. Viray, ALP head of sales and marketing, said during a briefing last Aug. 13.

One Vertis Plaza is the luxury developer’s first foray into office spaces for sale.

Asked what took ALP so long to venture into the office sector, ALP Managing Director Joseph Carmichael Z. Jugo said the company wanted to secure the right location and they found it in Vertis North.

“A growing demand for high-quality, headquarter-type corporate offices, coupled with Vertis North’s unrivaled accessibility to major thoroughfares, transportation hubs, and commercial centers presented an ideal address for ALP’s pioneer office tower,” he said.

Bordered by major thoroughfares EDSA and North Avenue, Vertis North was the perfect location for the project. It is also near an existing Metro Rail Transit (MRT) Line 3 station and the Unified Grand Central Station that is currently under construction. The central station will link MRT Lines 3 and 7, Light Rail Transit Line 1 and the Metro Manila Subway.

Vertis North, which was launched in 2012, now has high-rise condominiums, a Seda hotel, a shopping mall and corporate offices.

The Vertis North Corporate Center has over 123,000 square meters (sq.m.) of leasable office space in three towers, plus another two towers planned.

Below the corporate center is Ayala Malls Vertis North, which has more than 40,000 sq.m. of gross leasable space. Across from the mall is Seda Vertis North, which has 438 hotel rooms, conference rooms and a ballroom.

Ayala residential brands Alveo and Avida have also launched nine residential towers with nearly 7,000 units.

A two-hectare park called Vertis North Gardens is also being developed. Similar to the Ayala Triangles in Makati City, the wonderful park is meant to be the “green lung” giving residents and employees in the area a space to walk and relax.

BUILDING FEATURES
One Vertis Plaza will rise at the south end of the Vertis North Gardens.

“It has an all-glass facade that provides a timeless, elegant design. We expect this building to look good 20 years from now,” Mr. Viray said.

Aidea, Inc. was tapped as the architect and interior designer for the project.

One Vertis Plaza will have a sprawling motorcourt and a double volume-height lobby that will give tenants a grand sense of arrival. It will have 19 elevators, including 16 high-speed lifts with a destination control system.

The Plaza will feature restaurants and cafes that open up to the Vertis North Gardens, while The Square will be the main food hall.

One Vertis Plaza offers prime office spaces ranging from 101 to 325 square meters in floor area. There are 200 units available in the Mid Zone (5^th to 25^th floors) and 130 units in the High Zone (26^th to 38^th floors) — all for sale.

For the top floors or the Executive Zone (39^th to 43^rd floors), ALP will retain ownership of the 42 units which will be leased out.

While the nearby Vertis North Corporate Center already caters to business process outsourcing firms, One Vertis Plaza is looking to attract companies that need headquarter-type corporate offices in Quezon City — often considered the gateway to the north.

Mr. Jugo said companies in manufacturing, food, and pharmaceutical industries have already invested in the building. He noted these are companies that are looking to set up their headquarters, upgrade their existing offices, or open an extension office to cater to clients in Quezon City and north of Metro Manila.

As of August, the average selling price at One Vertis Plaza is P352,193 per square meters. ALP officials said nearly 70% of the available office spaces have been taken up.

Cignal to invest P200M in next 2 years on content production

August 20, 2019 | 12:06 am

By Denise A. Valdez, Reporter

CIGNAL TV, Inc. is investing about P100 million annually over the next two years to produce its own content in order to future-proof itself as the local television industry goes digital.

Vitto Angelo P. Lazatin, Cignal TV vice-president and head for content management, acquisition and strategy, said Cignal is expanding its content library in preparation for the growth of digital platforms.

“After years of carrying other people’s channels and other people’s programs, we knew that we had to put ourselves in a position where we started to own some of our content. You could look at that as really kind of future-proofing ourself,” he told reporters on Monday.

“When you produce your own content, there are many different ways to monetize it…Certainly there’s going to be a lot of our resources that are going to be going into Cignal Entertainment and (creating) our original content,” he added.

Cignal Entertainment is the company’s original production unit, which announced yesterday it is bringing one of its original movies — Ang Babaeng Allergic Sa WiFi — to global streaming platform Netflix on Aug. 21.

The film will be the first from Cignal Entertainment’s library of five theatrical releases and about 10 series to make it to the international platform. It will be streamed globally except in China, Taiwan, Japan and India.

“We’re very proud that our film will finally be shown to a global audience by Netflix. The film’s acquisition gives Cignal Entertainment the opportunity to share our creative vision to the rest of the world,” Cignal TV President and Chief Executive Officer Jane J. Basas was quoted as saying in the company’s statement yesterday.

Mr. Lazatin said that in the four countries not covered by the Netflix contract, Cignal Entertainment signed different agreements to sell either a separate licensing deal for the movie or just its format.

“One more reason why we got into this business is because there’s more ways to be able to make revenue beyond ticket sales and subscriptions. You can sell the format and license of the shows,” he said.

Cignal TV currently has 2.1 million subscribers on its network. It also handles a mobile streaming platform Cignal Play, which Mr. Lazatin said will be relaunched in October as a standalone product for Cignal’s original content and shows from its partners such as HBO and AXN.

Cignal TV is a subsidiary of MediaQuest Holdings, Inc. Hastings Holdings, a unit of MediaQuest, has a stake in BusinessWorld through the Philippine Star Group, which it controls.

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