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Bloomberry sets up cruise terminal subsidiary

BLOOMBERRY Resorts Corp. said it has established a new subsidiary to handle its cruise terminal business.

In a disclosure to the stock exchange Friday, the operator of Solaire Resorts and Casino said it has set up Bloomberry Cruise Terminals, Inc. (BCTI).

The new unit is expected to complement the company’s tourism and leisure business, Bloomberry said.

BCTI’s first project will to operate a cruise terminal in the Port of Salomague in Cabugao, Ilocos Sur. Bloomberry subsidiary Sureste Properties, Inc. was earlier awarded a 10-year lease from the Philippine Ports Authority, giving it the right to construct, develop, manage, and operate cruise passenger facilities in the area.

The company will also manage the proposed Solaire Cruise Center & Yacht Harbor next to Solaire Resort and Casino at the state-run Entertainment City in Parañaque City.

The construction of the port is still subject to regulatory approval, but the Tourism Infrastructure and Enterprise Zone Authority has designated the property a Tourism Enterprise Zone.

Bloomberry Chairman Enrique K. Razon, Jr. has said the group will break ground for the $308-million Solaire Cruise Center in the third quarter, banking on the booming tourism industry.

The first phase of the project is scheduled to be completed by 2021, including the pier, retail outlets, food and beverage destinations, and immigration facilities.

Bloomberry is also building a second integrated resort and casino project in Quezon City. Called Solaire North, the project will rise 40 storeys on a 1.5-hectare property inside Vertis North in Quezon City. This is expected to serve the gaming market in Quezon City and nearby provinces such as Bulacan and Pampanga.

Bloomberry’s net profit attributable to the parent dropped 40% to P2.21 billion in the first quarter of 2019, after gross revenue rose 4% to P10.77 billion.

Bloomberry was unchanged at P11.60 on Friday. — Arra B. Francia

Basic takes over Phinma Energy stake in Batangas geothermal service contract

BASIC Energy Corp. said Friday that Phinma Energy Corp. has assigned to it “its entire and undivided” 25% stake in a geothermal service contract in Batangas province.

In a disclosure to the stock exchange, the listed company said the two had signed a deed of assignment in which Phinma Energy assigned its rights, interests, privileges, duties and obligations to the Mabini Geothermal Service Contract (GSC No. 8) because of the latter’s withdrawal from their joint operating agreement, which took effect on Aug. 21, 2018.

The deed of assignment transfers back to Basic Energy all of Phinma Energy’s participating interest in the service contract. It is subject to the approval of the Department of Energy.

Separately, Basic Energy told the stock exchange that its board during its regular meeting on Thursday, July 25, unanimously approved three corporate actions.

First, the board of directors approved a move to reschedule the company’s annual shareholder meeting to Oct. 23 from Aug. 28.

Basic Energy said the delay would enable it to secure the proxies necessary for the approval of the proposed increased in the authorized capital stock to P5 billion from P2.5 billion, or to 20 billion shares, with a par value of P0.25 per share, from 10 billion shares previously.

Also approved were proposed amendments to the articles of incorporation of Basic Diversified Industrial Holdings Corp. and the by-laws of Basic Renewables Corp. and Basic Biofuel Corp. by amending the principal address.

The board also cleared the proposed amendments in the by-laws of Basic Diversified Industrial Holdings Corp., Basic Geothermal Corp., iBasic Corp. and Southwest Resources Corp. by deleting the profit sharing provisions in the by-laws of the said companies.

On Friday, Basic Energy was unchanged at P0.27. — Victor V. Saulon

ABA takes stakes in food handling, terminal JVs

ABACORE Capital Holdings, Inc. (ABA) said it has entered ino partnerships with two companies to establish food handling and terminal facilities, in addition to other investments it plans to make.

In a disclosure to the stock exchange Friday, the listed company said its board has authorized its chairman and/or president to acquire 33% of a proposed joint venture company valued at P2.3 billion with the Tiu-Laurel family’s Frabelle Group. The purchase will be done through a share swap.

The JV will establish food terminal facilities.

ABA’s board also cleared its purchase of 30% of a JV with Subic Grains for the establishment of a logistics or food handling company.

The company will also invest P112.5 million through its wholly-owned unit Omnilines Energy International Network to acquire a 12% stake in a cement company.

ABA said these investments will not only translate to capital gains, but also generate long-term recurring income.

The company will also be issuing 1.8 billion shares with a par value of P1 each. This constitutes the remaining unsubscribed shares of the company’s authorized capital stock worth P5 billion.

“This is just an authority by the Board to issue the shares. Details on the subscriber and terms and conditions are not yet available,” the company said.

AbaCore earlier said it will increase its authorized capital stock to P6.5 billion to prepare one of its affiliates embark on a P155-billion energy project in Batangas with three Chinese state-owned companies: China Gezhouba Group Co. Ltd. (CGGC), China Petroleum Pipeline Engineering Co. Ltd. (CPP) and the China Harbour Engineering Corp. (CHEC).

The company’s board also authorized the chairman and/president to sign contracts and execute documents for the sale of properties of its subsidiaries that are expected to generate about P360 million in gains. These subsidiaries include Omnilines Energy International Network, Inc., Omnicor Industrial Estate & Realty Center, Inc., and Haves Insurance Management & Liability Agency, Inc.

ABA’s net loss attributable to the parent narrowed to P3.06 million in the first quarter of 2019, against the loss of P7.42 million a year earlier, as gross revenue surged 118% to P14.44 million.

ABA rose one centavo or 0.97% to close at P1.04 on Friday. — Arra B. Francia

BoI, firms from Japan’s Kyushu region sign deal to promote partnerships with PHL companies

THE Board of Investments (BoI) said Friday that Japanese firms based in the Kyushu region have formalized their interest in finding new business opportunities in the Philippines and have signed a memorandum of understanding with the agency.

“Kyushu’s focus on seeking new trading partners for their region is a perfect fit for the Philippines’ goal of creating new trade arrangements with non-traditional partners,” Trade Secretary Ramon L. Lopez, whose department controls the BoI, said in a statement.

Kyushu is the southernmost and third-largest of Japan’s main islands. Its largest city is Fukuoka.

Mr. Lopez said through the MoU, the BoI is confident of finding “complementarities” between industries in the Philippines and Kyushu.

Mr. Lopez, who is also BoI chairman, added: “the Philippines itself is committed to attracting investments that would strengthen the country’s industrial foundation, such as in heavy and upstream industries.”

He was a signatory to the MoU between the BoI and the Kyushu Economy International (KEI) through Kyushu Economic Federation Chairman Yutaka Aso at the New World Hotel in Makati City on July 16.

The BoI said the MoU aims to “promote economic exchange, deepen people-to-people understanding and friendship for mutual economic development in the Philippines and the Kyushu region of Japan.”

“Under the agreement, both parties will collaborate in the promotion of investments to encourage the establishment and expansion of businesses; information exchange; and provision of support to facilitate inward investments to each other,” it added.

Mr. Lopez said the Philippines and KEI could collaborate in many areas because of “natural synergies.”

He identified priority sectors as electronic manufacturing services; automotive and auto parts; aerospace parts; chemicals; shipbuilding; design-oriented furniture and garments; tool and die; and agri-business.

Other areas are in the services sector, including information technology and business process management (IT-BPM); transport and logistics; tourism; and in construction sectors.

Mr. Lopez said the Philippines can offer Kyushu firms opportunities in clean energy and electronics products, citing the country’s standing as the second-largest producer of geothermal energy in the world. Opportunities are also available in semiconductors and electronics, which account for more than half of the country’s total exports.

He said he was confident that the MoU would create more opportunities for trade and investment engagements between the two parties. It can also as “a jump-off point and a platform for discussions between the dynamic business communities of the Kyushu region and the Philippines,” he added.

The BoI described KEI as the primary organization for international economic exchanges in Kyushu and serves as a cooperative venture between local governments, economic organizations and private firms in the region.

The agency quoted Mr. Aso as saying: “We have sectors like semiconductors, automotive, agriculture and tourism. These are areas which are growing fast. Kyushu has reached a production output of nearly $400 billion per year and we would like to… (pave) the way for a larger share of Japan’s economy. We have a tagline, ‘Move Japan Forward from Kyushu.’ So we want to grow Kyushu to a larger economy.”

He added: “The Philippines has a large market with a young labor force. It is one of the most attractive places in Asia with one of the fastest growing economies. It is possible that a company in Kyushu will advance to the Philippines and cooperate with companies to create new businesses that Kyushu cannot do and develop it (across) the ASEAN region. We highly hope that this MoU will trigger business development between Kyushu and the Philippines.” — Victor V. Saulon

Peso continues rally ahead of US growth data

THE peso continued its rally against the dollar on Friday as traders positioned ahead of the release of US economic growth data by selling the greenback.

The local currency closed the week at P51.055 a dollar, up from P51.11 on Thursday. It opened the session at P51.20 a dollar, slid to as low as P51.21 and closed at its intraday high.

Trading volume climbed to $859.34 million from the $831.85 million.

“We saw strong dollar selling the whole day,” a trader said. “This is due to covering of position ahead of gross domestic growth data tonight from the US.”

The US economy likely expanded by 1.8% in the second quarter, according to a Bloomberg poll, from 3.1% a quarter earlier, dragged by trade tensions with China and tempered by strong consumer demand.

Another trader said the peso strengthened after the European Central Bank (ECB) said there was no risk of recession despite its broadly dovish tone last night. — Karl Angelo N. Vidal

UCPB president quits for ‘personal reasons’

UNITED Coconut Planters Bank (UCPB) President and CEO Higinio O. Macadaeg, Jr. has resigned for “personal reasons,” the state lender said in an emailed statement on Friday.

His resignation will take effect once accepted by President Rodrigo R. Duterte.

“UCPB would like to assure its clients and other stakeholders that there are procedures in place to ensure an orderly transition,” UCPB spokesperson Rona Gorayeb-Velasco said in the statement. “The bank will continue to provide and deliver its services to the public.”

Mr. Macadaeg was named UCPB president in 2016. — Beatrice M. Laforga

Central bank issues rules on bank investments

THE central bank on Friday said it had issued guidelines on investment activities of banks and quasi-banks.

In a statement, Bangko Sentral ng Pilipinas said the policy-setting Monetary Board approved the risk guidelines on July 11 “to set out the regulatory expectations in managing risks arising from investment activities.” It didn’t provide a copy of the actual guidelines.

According to the statement, banks and nonbanks are exposed to a wide range of financial instruments including bonds issued by emerging economies, complex structured products and other tradeable assets.

Financial institutions must conduct due diligence before making an investment, it said.

Due diligence for new basic debt paper acquired for trading or short-term profit taking may be made at the option of the financial institution as long as the resulting positions from the investments are still within allowed limits.

The guidelines are meant to be applied proportionately depending on the profile of a supervised firm and its investments, since banks and nonbanks have different structures and ranges of investment activities.

“The new guidelines likewise take into account the lessons learned during the 2008 financial crisis and the relevant guidance set out in the Basel Core Principles for Effective Banking Supervision,” it said. — Karl Angelo N. Vidal

BDO H1 profit posts higher H1 net earnings

NET INCOME at BDO Unibank, Inc. rose 54% in the first half to P20.2 billion from a year earlier on the back of its strong recurring income from core units and higher fee income, the lender said in a stock filing on Friday.

The bank also traced higher earnings to normalized trading and foreign exchange gains. It did not provide second quarter financial figures.

BDO shares fell by 2.4% or P3.70 to P148.20 each at the close of trading.

The lender’s net interest income rose by 24% to P56.9 billion as net interest margins increased to 3.99% from 3.5% a year earlier.

BDO said consumer loans rose by 7% to P2 trillion.

Meanwhile, its gross nonperforming loan ratio stayed at 1.2% while its bad loan cover was at 163.2%.

Deposits increased by 3% to P2.4 trillion as clients shifted to higher-yielding fixed income investments, primarily bank-issued bonds.

Non-interest income went up by 29% to P29.5 billion as fee-based income and insurance premiums posted double-digit growth.

Provisions reached P3 billion as BDO maintained its conservative credit and provisioning policies. — Beatrice M. Laforga

Loan growth buoys Metrobank Q2 earnings

METROPOLITAN Bank & Trust Co.’s (Metrobank) net income in the second quarter rose 15.5% to P6.48 billion from a year earlier, buoyed by sustained loan and margin growth as well as fee-based profit, the lender said in a statement to the stock exchange on Friday.

This brings the bank’s second-quarter earnings to P13 billion, 18% higher than a year earlier. Metrobank shares fell five centavos to P75 each at Friday’s close.

“We anticipate that the second half will bring even better opportunities as government spending on infrastructure projects continues to accelerate,” Metrobank President Fabian S. Dee said in the statement. “We will continue to make strategic investments in key areas of people and technology so we can deliver more meaningful banking experiences to all our customers.”

Metrobank traced higher earnings to double-digit growth in operating income. Net interest income grew 10% to P36.5 billion, accounting for almost three-quarters of the banks P50.2 billion revenue.

Net interest margin improved six points to 3.83%. Loans and receivables reached P1.4 trillion, 6% higher year on year, while its nonperforming loan ratio was at 1.5%.

Metro bank said credit demand was broad-based, with both the commercial and consumer segments posting mid- single-digit growth from a year earlier.

Metrobank’s deposits rose to P1.62 trillion as of end-June from P1.56 trilion a year earlier. The lender’s consolidated assets stood at P2.3 trillion as of end-June from P2.2 trillion a year ago. — Karl Angelo N. Vidal

Investors start digging in ahead of Fed meeting

LOCAL EQUITIES capped three weeks of increase on Friday, as investor appetite waned ahead of the United States Federal Reserve’s interest rate decision next week.

The 30-member Philippine Stock Exchange index (PSEi) fell by 88.19 points or 1.06% to close at 8,183.99 on Friday — down 1.04% on the week — while the broader all shares index dropped 38.24 points or 0.76% to 4,955.50.

Only one of the six sectoral indices ended with gains, and overseas investors reverted to selling mode after seesawing between net buying and net selling for much of the week.

“Local shares slid, alongside regional markets as investors worried that the Federal Reserve will not be as dovish as expected in its monetary policy announcement next week following strong economic data and remarks from the top European Central Bank official,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

The US Federal Open Market Committee, which is scheduled to meet on July 30-31 for its next monetary policy review, is expected to either steady benchmark interest rates or cut them by 25 basis points.

Wall Street closed lower overnight in the wake of disappointing quarterly earnings results, with the Dow Jones Industrial Average down by 0.47% or 128.99 points to 27,140.98, the S&P 500 index retreating by 0.53% or 15.89 points to 3,003.67, while the Nasdaq Composite index gave up one percent or 82.96 points to 8,238.54.

Asian indices ended mixed, with Japan’s Nikkei 225 and TOPIX down by 0.41% and by 0.4%, respectively; Hong Kong’s Hang Seng dropping 0.69% and South Korea’s KOSPI giving up 0.4%; while the Shanghai SE Composite and India’s S&P BSE Sensex firmed up by 0.24% and 0.08%, respectively.

Back home, industrial was the lone sector that ended in positive territory, rising 0.53% or 60.58 points to close at 11,467.74.

The rest went down, led by mining and oil which lost 2.08% or 167.16 points to 7,870.97, followed by financials that shed 1.33% or 25.04 points to 1,848.49, property which dropped 1.22% or 54.02 points to 4,347.09, services which slipped by 1.06% or 17.79 points to 1,651.90 and holding firms declined 0.96% or 78.23 points to 7,999.12.

Stocks that advanced were nearly equal those that dropped at 91 to 90, while 58 others ended flat.

Papa Securities Corp. Sales Associate Gabriel Jose F. Perez noted that Jollibee Foods Corp. (JFC) was now the PSEi’s top gainer, following losses incurred in the past two sessions due to its acquisition of loss-making The Coffee Bean & Tea Leaf.

“JFC’s comeback today may have been technically driven after the stock was oversold yesterday as shown by its RSI (relative strength index) indicator. Foreigners were net buyers of P287 million,” Mr. Perez said in an e-mail.

Shares in JFC jumped 6.78% or P16 to close at P252 each on Friday, topping the day’s list of most active stocks. The other four on Friday’s list of 20 most active stocks that gained were Robinsons Land Corp. (0.36% to P28); Ayala Corp. (0.31% to P983); Wilcon Depot, Inc. (0.25% to P15.94) and Robinsons Retail Holdings, Inc. (0.06% to P78 apiece).

Those that lost for the day included JG Summit Holdings, Inc. (-4.06% to P66.20); International Container Terminal Services, Inc. (-2.92% to P133); BDO Unibank, Inc. (-2.44% to P148.20); Manila Electric Co. (-2.39% to P375); Ayala Land, Inc. (-2.28% to P51.35) and PLDT, Inc. (-2.16% to P1,135).

Some 1.227 billion shares worth P5.903 billion switched hands, compared to Thursday’s 894.307 million issues worth P8.274 billion.

Friday saw P278.021 million net foreign buying, against Thursday’s net foreign inflows of P124.457 million. — Arra B. Francia

Chubs Chasers marks 4th year, offers 40% discount

In July 27, 2015, two curvy, food-loving ladies Dianne Manalansan and Chef Carvyna Alvarez got together and decided to create a hangout where families and friends can enjoy their own versions of classic personal favorites: a broad selection of comfort food combining Filipino and Western flavours into their own signature cuisine.

Walk into one of their stores and the “feel good” vibe immediately floods your senses. What with their perky greeting of “Hi, Sexy Guest!”, inspirational quotes hanging on the walls, and doodled messages drawn on the tables and ceiling, topped by a whiff of the aromatic steam and smoke coming from the kitchen, guaranteeing that you’ll have a lovely time inching your way across that plate you’re about to order.

Four years and three branches later, with their home branch situated along Visayas Avenue in Quezon City, another one at The Block in SM North EDSA, and a third one in SM City Telabastagan —a town in San Fernando, Pampanga, Chubs is positioning itself to boldly own the title “Pambansang Steak.”

“We pride ourselves in being one of very few places that offer affordably priced steaks, ribs, and roasts cooked Western-style, served in a uniquely Filipino way with our sweet and tangy sauce options, and side dishes that capture the Pinoy palate,” says Chef Alvarez.

From July 26 to 27, as they celebrate their fourth anniversary, Chubs Chasers offers 40% off of the total bill for two days, to say thanks and give back the love to their “Sexy Guests,” and let more people experience the whole menu that will make your mouths agree that #ChubbyIsDelicious.

BSP cites LANDBANK as ‘Outstanding CSF Lender’ and ‘Digital Trailblazer’

Bangko Sentral ng Pilipinas (BSP) Governor and Monetary Board Chairman Benjamin E. Diokno (right) presents to Land Bank of the Philippines (LANDBANK) President and CEO Cecilia C. Borromeo (3rd from left) the award for “Outstanding Credit Surety Fund (CSF) Lending Bank” during the 16th Awards Ceremony and Appreciation Lunch for BSP Stakeholders last July 10, 2019 at the BSP Complex in Manila. LANDBANK was also cited as “Digital Trailblazer in Financial Services.” Joining them are Monetary Board Member V. Bruce J. Tolentino (left) and LANDBANK Strategic Planning Group Head FVP Elcid C. Pangilinan.

With the theme “One Team One Goal: Resilient Partnership Towards Inclusive Economic Growth,” the BSP Awards recognized its outstanding partners that have supported its various initiatives and advocacy programs in 2018. The BSP-initiated CSF Program is a credit enhancement scheme to improve the bankability and credit worthiness of microenterprises and SMEs, including cooperatives, which often face difficulty in obtaining loans from banks due to lack of collaterals, credit knowledge, and credit records.

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