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New Music (08/25/20)

Nicole Laurel Asensio releases new single

SINGER Nicole Laurel Asensio is launching her first new single in a long time “Silong,” on Aug. 28 via Spotify. The song was one of 49 unfinished songs and poems that she had worked on years ago and found on an old hard drive last year. She decided to give the song another shot. She worked with Itchie Montilla, an ex member of the Philippine Madrigal Singers, who gave lyrics to her melody. The song was recorded with Michael Alba on drums, Karel Honasan on Bass, Ira Cruz on guitar, Nikko Rivera on keys, Michael Guevarra on saxophone, Lester Sorilla on trumpet, Isla Antinero on trombone, Ted Amper on cello, and Jobri Cimafranca on violi, with vocals by Ms. Asensio.

Dominic Chin releases ‘Alone’

SINGAPORE POP ARTIST Dominic Chin has released “Alone,” the 6th single from his upcoming debut EP License To Cry, via Singapore indie label Umami Records. In this deeply personal song, the singer-songwriter lays bare his struggles with anxiety disorder. The singer clarifies that “Alone” is not a song meant to uplift anybody. “It’s a song to let people who struggle with anxiety issues like me to know that they are not alone, and that I too struggle with it on a day to day basis and I’m still here.” Chin’s debut EP License To Cry is scheduled for release on Oct. 9, followed by his debut show at the Esplanade Singapore on Dec. 26. Dominic Chin creates music with his distinct voice and a blend of electro-pop, soul and R&B, starting out by covering songs on YouTube in 2010. After the viral success of “You First Believed,” a tribute song he wrote for Singapore founding father Lee Kuan Yew in 2014, he  start writing more originals, releasing his first single “CLSE2U,”  followed by “Shy,” “ Here,” “Aware,” and “Better.” Hi songs have been featured on major Spotify editorial playlists including Electro Mix and Singapore’s Top Acts.

BTS releases new song ‘Dynamite’

IN ITS new single “Dynamite,” along with a music video, which comes only six months after the K-Pop group’s last album, BTS sings of joy and confidence, treasuring the little things in life that make life truly valuable and special. The song aims to bring a new surge of much-needed “energy” to reinvigorate the global community in the midst of COVID-19 (coronavirus disease 2019). Creative contributors to “Dynamite” include David Stewart and Jessica Agombar, known for “What A Man Gotta Do” by the Jonas Brothers and “I Love You’s” by Hailee Steinfeld. The disco pop track marks the superstar group’s first song to be released completely in English. The first TV performance premiere of “Dynamite” will be at the 2020 MTV Video Music Awards on Aug. 30.

RCBC issues $300 million in additional Tier 1 notes

RIZAL COMMERCIAL Banking Corp. (RCBC) on Thursday issued $300 million of additional Tier 1 securities as it looks to boost its capital.

The bank priced the Reg S-only dollar-denominated five-year non-cumulative subordinated additional Tier 1 securities at 6.5%, it said in a disclosure on Monday.

“The proceeds of the offering are intended to be used to (1) support and finance medium-term to long-term asset growth and other general corporate purposes; and (2) comply with and maintain sufficient buffers above the minimum capital thresholds required by the BSP (Bangko Sentral ng Pilipinas),” RCBC said.

The bank said this is its first additional Tier 1 note issue out of the country.

Orders for the notes peaked at more than $825 million for its initial guidance of 6.75% and demand from 57 accounts was at over $600 million for its final price guidance level of 6.5%, RCBC said.

The offering saw orders mainly from asset managers (59%), followed by private banks (24%) and hedge funds (17%).

“By geography, Asian accounts allocated 79% and Europe accounts 21%,” RCBC added.

Last week, Moody’s Investors Service gave the issuance a Ba3 rating, citing its permanent write-down feature.

Credit Suisse Group AG served as the sole global coordinator and sole bookrunner for the transaction.

In July, the Yuchengco-led lender sold P16.616 billion worth of two-year bonds priced at 3.25%. Proceeds from the issuance are meant to support the bank’s activities and refinance debt obligations.

RCBC’s net profit declined 40.9% year on year to P802 million in the April to June period from P1.356 billion dragged by higher loan loss provisioning which offset better trading gains. Meanwhile, its net earnings in the first semester improved 17% to P3.11 billion.

RCBC’s shares finished trading at P16.20 apiece on Monday, down by 20 centavos or by 1.22% from its previous close. — Luz Wendy T. Noble

SEC approves Manila Water capital increase to P4.4 billion

EAST ZONE water concessionaire Manila Water Co., Inc. has received approval to increase its authorized capital stock to P4.4 billion after amendments to its articles of incorporation were cleared by the Securities and Exchange Commission (SEC).

In a disclosure to the stock exchange on Monday, the Ayala-led water provider also announced the SEC’s approval to increase its carved-out shares to 900 million unissued common shares, which are reserved for cash, properties, or assets to carry out its business as approved by the company’s board of directors.

“The proposed amendment to the Seventh Article of the Articles of Incorporation will give more flexibility to the company in raising capital through the issuance of additional shares,” Manila Water said in the disclosure.

The company’s new authorized capital stock, which was one of the items changed in the seventh article of the articles of incorporation, is P900 million higher compared with its previous capitalization of P3.5 billion.

Further, Manila Water also changed its common shares to 4 billion with a par value of P1 each, from the previous 3.1 billion at a value of P1 each.

Another change that secured the SEC’s approval was the amendment of Manila Water’s second article, with the inclusion of the phrase “including investing, owning, or holding interests in similar businesses, and to provide assistance, funding and guarantees and suretyships to subsidiaries, affiliates or any entity in which the corporation has lawful interest.”

“The rationale for the amendment is to expressly include the authority to enter into contracts of guarantee and/or suretyships,” Manila Water said.

The water concessionaire recently reported a 1% climb in its net income during the first half of the year to P2.48 billion despite weak performances from its subsidiaries. Revenues rose 3% to P10.88 billion compared with P10.53 billion a year ago.

On Monday, shares in Manila Water in the stock exchange fell 0.74% or P0.10 to close at P13.50 each. — Revin Mikhael D. Ochave

Sta. Lucia Land touts projects in key cities

WITH the ongoing coronavirus pandemic, it’s now even more important to wisely choose the location of your home.

Local governments of Pasig, Marikina and Manila, as well as the municipality of Cainta in Rizal, have stepped up in helping their residents cope with the “new normal.” These LGUs have regularly distributed relief goods and cash aid, and strictly implemented health and safety protocols.

“We have seen what these cities and their leaders have done to lighten the load of their constituents. Thus, it comes as no surprise to see people wanting to move and relocate in areas like Pasig and other parts of the metro where the battle against COVID-19 (coronavirus disease 2019), while not completely won, is somewhat better addressed and dealt with,” Sta. Lucia Land President Exequiel Robles said in a statement.

Sta. Lucia Land has developed residential subdivisions and vertical communities within these cities. These include Sta. Lucia Residenze, Acropolis Loyola, Orchard Towers, Cainta Greenland and Pasig Greenland.

“For those looking to acquire homes that could serve as their sanctuary during and beyond the pandemic, we encourage them to look into our various projects in the area. As one of the first movers in these cities, we believe that we really understand what the market wants and that we’ve managed to create and build projects that would help further increase the value and livability of these cities,” Mr. Robles said.

Philippine stock market continues to post market cap decline (as of July 2020)

Philippine stock market continues to post market cap decline (as of july 2020)

How PSEi member stocks performed — August 24, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, August 24, 2020.

Peso rises on Bayanihan II progress

THE peso strengthened on Monday as lawmakers near the approval of the second stimulus fund to mitigate the effects of the coronavirus disease 2019 (COVID-19).

The local unit closed at P48.62 versus the dollar, appreciating by six centavos from P48.68 on Thursday, data from the Bankers Association of the Philippines showed.

The peso started Monday’s session at P48.66 per dollar. It hit a low of P48.69 while its best showing was its closing level.

Dollars traded sank to $481.8 million on Monday from Thursday’s $788.66 million.

An analyst attributed the peso’s climb to the recent committee approval of Bayanihan II which aims to provide up to P165 billion in assistance to those affected by the virus, especially the poor and small businesses.

“The peso closed stronger amid the market optimism over the recent progress on the Bayanihan II bill,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The Bicameral Conference Committee agreed last Thursday to add the P25-billion standby fund to P140 billion of the Bayanihan II or the Bayanihan to Recover as One Act. They expect the bill to be ratified this week.

Mr. Ricafort added that the peso remained attractive as the Bangko Sentral ng Pilipinas (BSP) decided last week to hold interest rates at current levels amid manageable inflation.

The BSP’s policy-setting Monetary Board kept rates on the overnight reverse repurchase, lending and deposit facilities at their record lows of 2.25%, 2.75% and 1.75%, respectively.

Meanwhile, Mr. Ricafort said the dollar depreciated as US yields continued to sink amid growing COVID-19 cases there.

“Weakness in the dollar was due to near record low in US interest rates and bond yields at close to 0%, reducing the attractiveness of the currency with much lower returns.”

Mr. Ricafort expects the peso to move within the P48.55 to P48.70 per dollar range today. — K.K.T. Jose

PSEi sinks to 5,900 level on heavy foreign selling

By Denise A. Valdez, Senior Reporter

THE MAIN INDEX returned to the 5,900 level on Monday due to the absence of a strong catalyst, which caused a sell-off in more than half of blue-chip stocks.

The benchmark Philippine Stock Exchange index (PSEi) lost 61.82 points or 1.02% to close at 5,943.58, while the broader all shares index dropped 32.49 points or 0.9% to end at 3,540.57.

“The local bourse declined due to lack of strong fresh leads in the market that have triggered net foreign selling worth P1.04 billion, dragging the market below the 6,000 psychological line,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a text message.

Investors remained trading with local coronavirus cases in mind as infections grew to 189,601 as of Sunday. Some 2,378 new cases were reported, of which 1,022 came from Metro Manila.

Across the world, 23.42 million coronavirus cases have been tallied by Johns Hopkins University, of which 808,681 have died.

At the close of the market, 17 out of 30 PSEi members declined, led by SM Prime Holdings, Inc. (-3.23%), San Miguel Corp. (-2.91%) and Ayala Land, Inc. (-2.39%).

Ten PSEi members increased, among which are PLDT, Inc. (2.34%), Universal Robina Corp. (2.04%) and Ayala Corp. (1.78%).

“Only a handful of PSEi issues ended with gains today, particularly sectors that have remained strong despite the pandemic,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail on Monday.

Half of sectoral indices ended in green territory: mining and oil rose 90.98 points or 1.60% to 5,773.89; industrials gained 65.52 points or 0.84% to 7,857.78; and services climbed 3.33 points or 0.23% to 1,453.60.

On the other hand, property slid 72.95 points or 2.52% to 2,811.68; holding firms fell 77.33 points or 1.23% to 6,169.72; and financials shed 9.16 points or 0.81% to 1,121.78 at the end of session.

“The property index took the biggest hit again today as property heavyweights, (Ayala Land) and (SM Prime) continued lower, wiping out all of its gains in June and July as mall revenues continue to drop as the masses avoid crowded areas,” Mr. Mangun said.

Value turnover on Monday stood at P10.27 billion with 2.28 billion issues switching hands, up from the last session’s P4.05 billion with 1.5 billion issues.

Decliners outnumbered advancers, 112 against 72, while 59 names ended unchanged.

Meanwhile, Asian shares advanced for a second straight session on Monday, underpinned by coronavirus hopes after US regulators authorized the use of blood plasma from recovered patients as a treatment option, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside of Japan jumped 0.8%, edging closer to a six-month high touched last week.

Japan’s Nikkei reversed early losses to be last up 0.3%. Chinese shares rose too with the blue-chip CSI 300 index adding 0.8%. — with Reuters

Palace: Duterte won’t give an inch of territory to other states

PRESIDENT Rodrigo R. Duterte won’t give an inch of Philippine territory to other states, the presidential palace said on Monday after Manila protested alleged Chinese aggression in the South China Sea.

“Our President is consistent, he will not give even an inch of our national territory or sovereign rights to any other state,” Presidential Spokesman Harry L. Roque said at an online briefing on Monday.

The sea dispute won’t affect bilateral talks on trade and investment with China, he added.

“Unresolved issues on our territory won’t hamper our diplomatic bilateral relations with China,” Mr. Roque said in Filipino. “Trade and investments can be pushed.”

The Department of Foreign Affairs last week protested a three-month old incident at a disputed shoal in the South China Sea, where the Chinese coast guard allegedly seized fish aggregating devices from Filipino fishermen.

The shoal is a prime fishing site seized by Beijing in 2012 after a standoff that prompted Manila to sue China at an international tribunal.

China in response called out the Philippine government, asking it to “stop illegal provocations.”

China claims more than 80% of the South China Sea based on old maps that it says are prove sovereignty. Vietnam, Malaysia, Brunei and Taiwan also have claims.

Meanwhile, military commanders said the Philippines should maintain an “unequivocal” position over its claims in the South China Sea amid China’s continuing encroachment.

“The first capability that we need is really the wherewithal to extend this message — that this government is serious about protecting it’s rights,” Southern Luzon Commander Lt. Gen. Antonio G. Parlade, Jr. told the Commission on Appointments.

“It doesn’t matter if we only have a few floating vessels, a few fighter jets. As long as we are clear and we are unequivocal about this position, then the message would be very clear to other governments,” he added.

Mr. Parlade, whose appointment was being considered by lawmakers, cited the need to integrate efforts among the Defense, Foreign Affairs and Environment departments and the Philippine Coast Guard in protecting Philippine waters.

The country loses $79 billion in annual fish catch from Cagayan de Oro to Zambales alone, Mr. Parlade said, citing a University of the Philippines study.

“That’s because we don’t have maritime or fishery policies,” he said. “We don’t have enough security elements to protect our fishermen.”

DFA did not give any other details of the Scarborough Shoal incident, but also protested China’s “continuing illicit issuances of radio challenges to Philippine aircraft conducting legitimate regular maritime patrols.”

China’s coast guard routinely warns foreign planes and ships passing through international waters. 

The Philippine protest came amid what the US and its allies see as provocative Chinese activities and military exercises in disputed parts of the waterway. Vietnam on Thursday complained about the presence of Chinese bombers on the Paracel islands.

Armed Forces spokesman Maj. Gen. Edgard A. Arevalo told lawmakers at the appointment hearing the agency needs more aircraft and patrol craft so it can continue sea patrols.

The appointment body later confirmed the appointments of Mr. Parlade, Mr. Arevalo and 13 other senior officers of the Armed Forces. — NPA and Charmaine A. Tadalan

COVID-19 cases top 194,000; 3,010 dead

THE Department of Health (DoH) reported 4,686 new coronavirus infections on Monday, bringing the total to 194,252.

The death toll rose to 3,010 after 13 more patients died, while recoveries increased by 729 to 132,042, it said in a bulletin.

There were 59,200 active cases, 91.5% of which were mild, 6.1% did not show symptoms, 1% were severe and 1.4% were critical.

Metro Manila had the most number of new cases with 2,519, followed by Laguna with 286, Cavite with 218, Bulacan with 189 and Rizal with 179, DoH said.

Eight of the new deaths were from Metro Manila, two were from the Calabarzon region and one each were from Bicol, Central Visayas and Davao.

DoH said the death rate in the country was at 1.55%, lower than the 3.4% average globally. The local infection rate was at 10.5%, higher than the less than 5% benchmark of the World Health Organization.

The reproduction number of the disease was at 0.864 as of Aug. 10, meaning one person can infect one more, the agency said.

It added that it takes 9.79 days for cases to double, and 14 days for deaths to double.

More than 2.1 million individuals have been tested for the virus, the agency said. — Vann Marlo M. Villegas

Lawmakers lecture high-ranking officer on ‘prior restraint’

SENATORS on Monday rejected calls to regulate social media for terror activities through the rules that will enforce the country’s expanded law against terrorism.

Senator Franklin M. Drilon said the law does not contain a provision allowing authorities to regulate social media.

“We do not recall any provision of the Anti-Terror Act which would authorize the regulation of social media,” he told high-ranking military officers undergoing confirmation hearings at the Commission on Appointments.

Southern Luzon Command head Lt. Gen. Antonio G. Parlade, Jr. told lawmakers he agrees with Armed Forces chief of staff Lt. Gen. Gilbert Gapay’s proposal to regulate social media through the law’s implementing rules.

“We all know that social media is being used by elements, organizations to destabilize the government,” he told the appointment body when asked by Mr. Drilon about his position on Mr. Gapay’s earlier statements.

“As we speak, even on social media, they are talking about how to make bombs, molotov bombs,” he added.

But Mr. Drilon reminded him that the law does not have a provision on social media use, adding that regulating the platform constitutes “prior restraint” that violates the Bill of Rights.

Senator Panfilo M. Lacson, the principal author of the measure, backed Mr. Drilon and said the law requires authorities to establish “intent and purpose” in committing terrorism.

“Just a piece of advice: When you issue statements, be very careful, and be very conscious because when you say you want to regulate social media, that’s what Senator Drilon is calling prior restraint,” he said.

“And that is not the legislative intent of the anti-terrorism law when we deliberated on it on the floor and when we passed it,” he added. Mr. Lacson asked the military officer to relay this advice to Mr. Gapay.

Meanwhile, the Office of the Solicitor General asked the Supreme Court to cancel the oral arguments for various lawsuits questioning the validity of the law.

In an urgent motion, the agency said the hearings were unnecessary and “unsafe and impractical” amid a coronavirus pandemic. 

“To be sure, conducting oral arguments through videoconference would not necessarily address the logistical conundrum and health risks caused by this pandemic,” it said.

The court should instead require the plaintiffs and defendants to file their pleadings, it added.

The Solicitor General also argued the lawsuits contained factual questions that are better handled by lower courts.

Court spokesman Brian Keith F. Hosaka earlier said the tribunal would hold hearings in the third week of September.

More than two dozen lawsuits were filed against the government questioning the legality of the law that allegedly arms the state to quell dissent and violate human rights.

The Anti-Terrorism Act, which took effect on July 18, considers attacks that cause death or serious injury, extensive damage to property and manufacture, possession, acquisition, transport and supply of weapons or explosives as terrorist acts.

It also allows the government to detain a suspect without a warrant for 14 days from three days previously. — NPA and Vann Marlo M. Villegas

Regional Updates (08/24/20)

Twin bombings kill 9, wound dozens in Jolo

A bombing in a town on a restive southern Philippines island killed nine people and wounded dozens on Monday, among them soldiers and civilians, the military said, with Islamist militants suspected of being behind the attack. Two explosions believed to be homemade bombs were triggered within one hour of each other in the main urban center on the island of Sulu, a stronghold of the Abu Sayyaf, a militant group that has pledged allegiance to Islamic State. It was the biggest attack in the town since January 2019, when twin suicide bombings before Sunday service at a Jolo church killed more than 20 people and wounded at least 100. A faction of Abu Sayyaf was blamed for that attack, which Philippine authorities said involved Indonesian bombers. The first blast on Monday happened around noon in front of a food center, outside of which two military trucks were parked, the army said. A second blast followed later, but there were no immediate reports of casualties from that incident. That first bomb killed five soldiers and four civilians and 16 military personnel were among dozens wounded, said Lieutenant General Corleto Vinluan, head of the Western Mindanao command. Lieutenant Colonel Ronaldo Mateo, a military spokesman, said the bomb was attached to a parked motorcycle. There was no immediate claim of responsibility and police said an investigation was underway. Abu Sayyaf was founded in the 1990s with its roots in a separatist cause that it long since abandoned. It is active in the Sulu archipelago of Mindanao, where hundreds of military have been deployed to try to destroy the group, which has been linked to Islamic State and al Qaeda. The group’s various factions have grabbed headlines, most recently for suicide bombings, but also for banditry, piracy and kidnap for ransom, for which it has become notorious for beheading captives, among them westerners. — Reuters

PLDT, Globe vow additional lines at COVID-19 hospital command center

THE COUNTRY’S two biggest telecommunication companies — PLDT, Inc. and Globe Telecom, Inc. — have pledged to provide more lines at the government’s One Hospital Command Center for managing calls relating to treatment of the coronavirus disease 2019 (COVID-19). In a virtual briefing on Monday, Palace Spokesperson Harry L. Roque said PLDT Chairman Manuel V. Pangilinan is “committing additional… landlines.” Mr. Pangilinan, also the company’s president and chief executive officer, said in a phone call during the briefing, “We will do that right away.” Globe Telecom Co-Vice Chairman Fernando Zobel de Ayala made the same commitment, saying, “We’ll do, and you know that we’re always assisting, Secretary.” The One Hospital Command Center was launched earlier this month to improve patient access to both private and public hospitals in the capital, where majority of the country’s COVID-19 cases are located. Health Undersecretary Leopoldo J. Vega, in the same briefing, said the center has so far received more than 1,000 calls. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Gillian M. Cortez 

Land reform beneficiaries to get reservation areas in Cotabato

A TOTAL OF 4,463 hectares of reservation areas are set to be distributed to agrarian reform beneficiaries in Cotabato, the Department of Agrarian Reform said. Cotabato Provincial Agrarian Reform Program Officer II Reynaldo G. Anfone said there are more than 3,000 beneficiaries from several barangays in the towns of Arakan and President Roxas. The reservation areas to be distributed are under the University of Southern Mindanao (USM) and Cotabato Foundation College of Science and Technology (CFCST). “The USM and CFCST reservation areas with an approximate of 7,200 hectares were allocated to the educational institutions under Proclamation No. 428 signed by then-President Carlos P. Garcia in 1957,” Mr. Anfone said. The beneficiaries include farmers belonging to Mailuminado Farmers Association, Inc., Arakan Progressive Peasant Organization, Tinanan Kulamanon Lumadnong Panaghiusa (TIKULPA), Kilusang Magbubukid ng Pilipinas (KMP) and Apo Sandawa Lumadnong Panahiusa sa Cotabato. — Revin Mikhael D. Ochave

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