ONE OF THE top rivalries at ONE Championship gets another serving as bantamweights Bibiano “The Flash” Fernandes of Brazil and Kevin “The Silencer” Belingon of the Philippine go at it once again in a title fight later this year.
Part of another stacked card set for Japan on Oct. 13, reigning ONE world bantamweight champion Fernandes and erstwhile champ Belingon meet for a fourth time under the promotion.
The title fight is included in “ONE: Century” set for Tokyo which celebrates ONE Championship’s 100th show since opening shop early in the decade.
ONE: Century also includes Singapore’s Angela Lee against China’s Xiong Jingnan for the ONE women’s atomweight title, the Philippines’ Brandon Vera versus Myanmar’s Aung La N Sang for the ONE light heavyweight title, and grand prix finals in kickboxing and lightweight and flyweight divisions.
ONE chairman and founder Chatri Sityodtong made the announcement.
Messrs. Fernandes and Belingon last met in March this year also in Japan where the former reclaimed the bantamweight belt over the latter by way of disqualification after Mr. Belingon was punished for illegal strikes at the back of Mr. Fernandes’ head.
Both fighters did not like how the match ended and sans a conclusive ending to the fight, a mandatory rematch was set by ONE. — Michael Angelo S. Murillo
4-9. IM John Marvin Miciano 2345, CM John Merill Jacutina 2333, Johann Cedrick Gaddi 2038, Jayson Danday 2014, Romulo Curioso 2016, FM Alekhine Nouri 2011, 6.5/9
10-21. Christian Mark Daluz 1815, Mark Jay Bocojo 1759, Earl Rhay Mantilla 1883, Darry Bernardo 2038, Jasper Faeldonia 1771, Michael Concio Jr 2101, Gal Brien Palasigue 1766, Melito Ocsan Jr. 2120, Julius Gonzales 1749, Jan Daryl Batula 2130, Neil Richmond Miranda 1743, Mark Gerald Reyes 1989, 6.0/9
No. of Participants: 116
Time Control: 90 minutes play-to-finish with 30 seconds added to your clock after every move from move 1
International Master-elect Jeth Romy Morado
Jeth Romy Morado and Rhenzi Kyle Sevillano, both Far Eastern University (FEU) Tamaraws, tied for first in the 2019 Philippine Junior Championship. Morado was declared the winner on tie-breaks but both players were awarded the National Master title.
Morado is on a roll. If you will recall he won the Shell National Youth Champion (rapid chess) in 2017, the final year of the competition as Shell ended its sponsorship after 25 years. In 2018 he played board 2 in the powerhouse FEU chess team which dominated the 2018-2019 NCAA chess competition. In addition to the team gold he also got an individual gold medal for his 11/14 (nine wins, four draws, one loss) performance on board 2 and was also adjudged UAAP Rookie of the Year. And now he is the Philippine Junior (Under-20) Champion, and the newest National Master of the country. Not that he needed that title since he is an International Master (IM)-elect, having already achieved the required norm performances and is just waiting for the official title to be conferred upon him by the World Chess Federation (FIDE).
Jeth is a tactical monster as you will see in the following game.
Jacutina, John — Morado, Jeth [B10]
2019 National Junior Chess Championship (6.1)
Jacutina is so wrapped up in his plans that he forgets to check for Black threats. The correct move here is 16.Ba3 and now if Black takes the c2 pawn then 16…Qxc2 17.Qxc2 Nxc2 18.Bxd6 and White is winning the e5 pawn after which his position would be clearly superior.
16…Bc5! 17.Rc1
The b5–pawn is immune to capture because of 17.cxb5 Qa7 18.Qe2 Nc2.
17…Nh5 18.Kg2 Bxh3+! 19.Kxh3 Bxf2 20.Nh4
He cannot save the exchange. 20.Re2 Bxg3 21.Kg2 Nd3 22.cxb5 Qd7 23.Re3 Nf2! with …Qd7–h3–h1 checkmate coming up.
Threat is 35…Rxh4+ 36.Nxh4 Rh1+ 37.Kg3 Qxh4+ 18.Kf3 Rh3+ with mate to follow.
35.Kh3 Rh1+ 36.Rh2 Qxf3# 0–1
A convincing win over John Merill Jacutina, another teammate from the standout FEU UAAP chess team and the third highest rated player in the tournament
Rhenzi, a veteran of Asian Youth tournaments, had a bad start. He was upset by Jethro Aquino (50th seed!) in round 3 but gathered himself and stormed back with six consecutive wins to finish neck-to-neck with his FEU teammate. Among his victims was the erstwhile tournament leader IM Daniel Quizon (all of 15 years old) who fell in the last round and was relegated to solo 3rd place.
Sevillano, Rhenzi — Quizon, Daniel [B41]
2019 National Junior Chess Championship (9.1)
Can White win a pawn? Let’s see: 23.Ndxb5 Nxb5 24.Nxb5 If Black takes the e4–pawn then White has a counter against d6. 24…Bxe4 25.Rxc8 Qxc8 26.Nxd6 Bxd6 27.Rxd6 Qc7 28.Rd1 (Now 28.Qd1 Black has a counter: 28…Bd5 29.Ra6 Qc4 30.Ra7 Qe4) 28…Ba8 Yes, White wins a pawn but Black gets some counterplay down the long diagonal.
White will win the b5 and d6 pawns once he gets his rooks and king into position. Black has to get some counterplay fast.
37…d5
For example if Black just moves his rooks back and forth White will move up the board: 37…Rb7 38.Re2 Rd7 39.Rd5 Rb7 40.Kg2 Rd8 41.Kf3 Rdb8 42.Rf5 Rc7 43.Kg4 Rcb7 44.Bd5 Rd7 45.Rf7 Re8 etc.
Despite the loss IM Daniel Quizon maintained his reputation as the most promising up-and-comer in the Philippine chess scene, The son of a motorcycle mechanic from Dasmariñas, Cavite, he is the reigning East Asian Junior champion (that is where he got his IM title) and already has one GM norm (you need three to get the GM title). He also inflicted the only defeat on Morado here.
Quizon, Daniel — Morado, Jeth [B18]
2019 National Junior Chess Championship (8.1)
Black needs to get counterplay against the White king: 39…Rd1+ 40.Kg2 Qd3 41.Rg5+ Kf8 42.Qh8+ Ke7 43.Re5+ Kd7 the threat of …Qf1+ drawing the white king out gives black some chances.
Black resigns because of 55…Kg6 56.Rh6+ Kf5 57.Qxf7+ Rf6 58.Rh5+ etc.
The 14-year-old, a sixth grader from San Miguel Elementary School in Dasmariñas City, makes no secret of his objectives: “I have no other dream but to become a super Grandmaster someday.”
IM John Marvin Miciano was the heavy favorite to win the Junior chess title. And why not? He is the Asian Under-18 Champion and part of the FEU stable of unending chess talents, the closest thing we have in the Philippines to a national school of chess. This is perhaps the biggest achievement of GM Jayson Gonzales (well, not counting his GM title, of course) as he single-handedly built up the FEU chess program into the strongest in the country. And I am not exaggerating. I should also mention the great support he is getting from the FEU administration, starting from its Chairman, Mr. Aurelio Montinola.
Miciano won his first four games but then lost of eventual champion Jeth Morado and he his momentum was gone.
Miciano, John — Palasigue, Gal Brien [E63]
2019 National Junior Chess Championship (6.2)
Gal Brien Palasigue is a blitz specialist who plays for San Beda in the NCAA. He was part of Team Philippines which represented the country in the Asian Schools Championship in 2017.
Small nuances like this are typical of IM Miciano. The plan is that, if all else fails, he can exchange off all the pieces and then win the endgame with his queenside pawns.
He may not be the Philippine Junior Champion, but don’t worry too much about John Miciano. He is only 19 years of age, already an International Master, and still has another year to campaign in the junior ranks. I expect to see the medals and trophies pour in before he is done.
Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas (UST) for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
In retrospect, the writing was on the wall long before the doors of free agency opened yesterday. Kevin Durant wasn’t going to return to the Warriors, not after his much-publicized flare-up with teammate Draymond Green early in the 2018-19 season fed into the narrative that his joining them in 2016 was for his benefit and not theirs. For all his talents and evident status as their best player over the last three years, he could not quite shake off the reasonable contention that they were already formed and formidable to begin with. So in line with his objective to cement his legacy as an all-time great, he simply had to start anew elsewhere.
The question, therefore, wasn’t if Durant was leaving the Warriors, but where he wanted to go. And, for a while, even as officials of the two-time defending champions were slowly prepping for his departure, speculation had him bound for Gotham. It made sense, and the Knicks, given their location in the media capital of the world, seemed primed to provide him with the spotlight he requires to carve his path to greatness. And they themselves believed it, too, dealing erstwhile cornerstone Kristaps Porzingis in order to free up two maximum-salary slots, one for him and another for his good friend Kyrie Irving.
Unfortunately for the Knicks, nothing in the National Basketball Association is etched in stone. They may have received the kind of verbal commitments that emboldened owner James Dolan to publicly declare their 2019 offseason a success even though it was still months away, but they should have known enough not to count chickens before making sure there were eggs to hatch. Pro hoops annals are replete with stories of spurned suitors burned by players who changed minds at the last instant. And, if their early confidence had any legs to stand on, Durant and Irving somehow changed minds somewhere along the way.
Perhaps the two All-Stars weren’t going to the Knicks in the first place. And in support of this line of thinking, pundits can point to Irving’s change of representation to Roc Nation midway through the season. The agency cum entertainment company is owned by Jay-Z (once minority stakeholder of the Nets) and which just so happens to have as its president Michael Yormark (brother of Brett Yormark, chief executive officer of the Brooklyn franchise). Even Durant telegraphed his transfer, tapping Nets physician Martin O’Malley of the Hospital for Special Surgery to operate on his torn Achilles tendon.
In any case, the designs became clear to the Knicks, who didn’t bother to present Durant with a maximum offer in New York. Instead, franchise officials trekked to Los Angeles, where they closed deals with Julius Randle and Taj Gibson as soon as allowable yesterday. The result is a humongous win for the Nets, who, as late as three years ago, looked to continue languishing under the weight of poor decisions by previous dispensations, but who now face an extremely bright future headlined by marquee names in for the long haul.
True, the Nets won’t be championship caliber though the 2019-20 season. With Durant needing the whole year and parts of the next campaign to recover from his injury, they will lack the competitiveness to challenge for the hardware. That said, Irving and DeAndre Jordan are superb consolation prizes that should get them a meaningful playoff stint. Meanwhile, the neighboring Knicks are left to wonder what the heck happened. Once again, disappointment was snatched from the throes of triumph. And, once again, developments underscore the capacity of decision makers to continually attract bad luck. The Garden deserves stars. Maybe one day, stars will believe they deserve the Garden as well.
Anthony L. Cuaycong has been writing the 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.
Truck solutions company now distributes range of Dongfeng trucks
Autokid Truck Solutions is now the premiere distributor of Dongfeng trucks in the Philippines. By forging a partnership with Dongfeng Automotive Co., Ltd. (DFAC) and Dongfeng Commercial Vehicle Co., Ltd (DFCV), Autokid now carries a range of light, medium and heavy-duty trucks for various needs of local businesses.
To celebrate this milestone, Autokid hosted “Drive Your Business: The Autokid-Dongfeng Grand Launch” last June 26.
For light-duty missions, the Dongfeng Captain series provides both power and efficiency. Trucks in this series feature modern cabin interiors, smart safety and driving features, and efficient Euro IV engines. These come in dropside, aluminum van, refrigerated van and FB type, double cabin and mini-dump, boom type, and other body options.
Autokid also presented the Dongfeng KR for medium-duty truck requirements. Featuring a capable engine powered by Cummins and Yuchai, the Dongfeng KR addresses urban and intercity transport, as well as challenging construction jobs. It comes in cargo, dump, cement mixer, and boom type body options.
Looking for heavy-duty logistical needs? The Dongfeng KL is a reliable and powerful choice. The 10-wheeler tractor head variant features a reliable power train, smart safety and driving features, and a powerful 380-horsepower Cummins Euro V engine. Available in tractor head or cargo truck variants, the Dongfeng KL meets transport requirements in fast, clean and dependable ways.
From left to right: Aleck Wei, Regional Manager of DFAC; Zhou Peng, DFAC’s General Manager for Southeast Asia; Hu Jianyuan, General Manager of DFAC’s Overseas Business Department and General Manager of Wuhan Dongfeng Trade Co. Ltd.; Kevin McHale Yao, Chief Executive Officer of Autokid; Eric Darryl Lim, Executive Vice-President of Autokid; and Marvin Tiu Lim, President of Autokid.
For heavy-duty construction needs, the Dongfeng KC Dump Truck is equipped with a strong power train, solid chassis, and a 375- horsepower Cummins Euro engine. The Dongfeng KC easily adapts for heavy construction site use, mining operations, and an array of off-road and heavy-duty missions.
For other business requirements, Autokid promises to provide the right truck. This existing lineup of Dongfeng trucks can be reconfigured to match special purpose vehicle (SPV) needs. Besides the launch of its newest trucks, Autokid also announces its commitment for better after-sales services.
Autokid’s truck parts arm, Truckstop aims to provide the widest selection of brand new and original spare truck parts for one’s business. In the coming months, interested customers can order truck parts online through Autokid’s website https://shop.autokid.com.ph.
The company also provides truck repair services through its Autokid Service Care. Its main facility, located in Sta. Rita, Bulacan, has 80 service bays for truck repairs. Soon, Autokid will open a new service center in Bulacan City, which will have over 50 service bays.
Autokids service centers are manned by TESDA-accredited mechanics who are trained to repair trucks of all brands — especially those with Euro IV engines. This is a noted development as more businesses are transitioning to Euro IV.
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INFLATION likely resumed easing last month following a surprise uptick in May, according to most analysts in a BusinessWorld poll late last week who cited declines in food and fuel prices.
A poll among 12 economists yielded a 2.9% estimate median for June inflation, close to the ceiling for the Bangko Sentral ng Pilipinas’ (BSP) own 2.2-3.0% range for the same month.
If realized, this would match December 2017’s pace and would be the slowest since the 2.6% clocked in August the same year.
It also compares to actual inflation of 3.2% in May and 5.2% in June last year.
The Philippine Statistics Authority (PSA) is scheduled to report official June price data on July 5.
“In terms of inflation, there were more than enough oil price rollbacks this month that may determine the level of prices and these are definitely on further downtrend,” Ruben Carlo O. Asuncion, chief economist of the UnionBank of the Philippines, Inc., said in an e-mail late last week.
Robert Dan J. Roces, assistant vice-president and economist of Security Bank’s Treasury Group, said that despite rice prices going down in the last two months, markups were still seen among fish and beef prices.
PSA data show average retail price of well-milled rice fell by 2.3%, 2.7% and 2.7% year-on-year in the first to third weeks of June, respectively, to P43.02 per kilogram (/kg) as of the third week, while average retail price of regular milled rice dropped by 4.1%, 4.4% and 4.7% annually in the first to third weeks, respectively, to P38.68/kg as of the third week.
Mr. Roces said the African Swine Fever poses as a risk to the food index as pork prices may go up faster due to lack of supply.
“In the heavily-weighted food and non-alcoholic beverages index, we see that although rice prices have consistently been going down for the last two months, fish and beef prices still register higher markups. Additional upside risks to the food index now include restrictions on pork imports from African Swine Fever high-risk countries, providing markets some shortfall in supply, this driving prices up as well. The additional ban on pork imports from Korea imposed today may well seep into July supply levels as well,” Mr. Roces said.
“In the fuel index, pump prices have slightly risen in the last two weeks as renewed tensions in the Middle East began lifting oil prices. Crude prices have also been hit by concerns that the US-China trade dispute will lead to slower economic growth,” he added.
“But core OPEC (Organization of the Petroleum Exporting Countries) may still be able to balance the market in the short term by responding to consumer demand and produce beyond its targets depending on market conditions.”
Michael L. Ricafort, head of Rizal Commercial Banking Corp.’s Economic and Industry Research Division, gave the lowest estimate along with Bank of the Philippine Island’s Vice-President and lead economist Emilio S. Neri, Jr. at 2.6%.
Mr. Ricafort said his estimate was “largely due to still relatively lower global crude oil prices, stronger peso exchange rate, and higher base/denominator effects, thereby offsetting the effects of the mild El Niño drought that led to some upticks in the prices of some local food/agricultural products.”
Supporting imports, the peso finished P51.24 against the US dollar on Friday, appreciating by 3.9% from June 2018’s P53.34 close, while the local currency’s weighted average amounted to P51.233 to the greenback, 4.1% stronger than the year-ago P53.404, according to data from the Bankers Association of the Philippines.
“On other external factors, the lingering US-China trade war, slowest economic growth in China in nearly 30 years and Brexit-related uncertainties have slowed the growth economic outlook, global trade and global inflation also partly/indirectly leading to slower inflation in the Philippines,” Mr. Ricafort added.
HSBC Global Research said that it expects slower inflation in the coming months after giving a 2.8% estimate for June.
“The pace of sequential inflation likely remained steady due to higher food and education prices, albeit a decline in pump prices,” HSBC said in its Global Economic Calendar.
“Nevertheless, we expect inflation to decline further in the months ahead, potentially dropping below three percent for the majority of 2H19. We expect full-year inflation to average three percent in 2019, arriving at the midpoint of the BSP’s 2-4% target.”
Nicholas Antonio T. Mapa, senior economist at the ING Bank Manila, said that utility prices, along with lower cost of food and fuel, would contribute to inflation’s slowdown.
“Inflation will most likely be slower than the previous print because of favorable base effects, lower domestic pump prices and the overall improvement in supply chains resulting in slower food inflation,” Mr. Mapa said.
“Utility prices will also contribute to the slowdown in price gains as we saw lower price increases for this sector with Meralco generation charge down in June 2019 from its level in 2018. Transport costs will likely be almost flat as domestic pump prices contracted from the same time in 2018,” he added.
The overall rate of Manila Electric Co. (Meralco) — the country’s biggest electricity distributor — dropped for the second straight month by P0.1948 per kilowatt hour (/kWh) to P10.0918/kWh in June from P10.2866/kWh in May.
In a separate note on Friday last week, Euben Paracuelles, executive director and senior economist for Southeast Asia at Nomura Securities Company Ltd’s Research Division, said that he expects headline inflation to fall “below the mid-point of BSP’s 2-4% target at around 2.9% y-o-y in June from 3.2% in May” and the year-ago 5.2%.
“This not only reflects a lower crude oil price average so far this month but also likely slightly lower core inflation, which is consistent with moderating GDP growth in Q1,” Mr. Paracuelles had explained.
Core inflation, which strips out volatile food and oil prices, clocked in at 3.5% in May from 3.6% a year ago, taking its year-to-date pace to 3.7%, faster than the 3.6% headline inflation in 2019’s first five months.
He added that he expects headline inflation to slow further to 2.1% next quarter on the back of falling rice retail prices, after the government liberalized importation, as well as base effects from price increases in the wake of tax hikes in January last year.
Rice accounts for about 9.59% of the theoretical basket of goods used by a typical household that is the basis for computing year-on-year overall price changes, while liquid fuel, solid fuel, gasoline and electricity contribute 0.13%, 1.22%, 1.28% and 4.8%, respectively. — Reicelene Joy N. Ignacio
RESIDENTIAL prices rose at a faster clip in the first quarter from a year ago and from October-December 2018, fueled by increases for condominiums and townhouses that offset reductions for single detached/attached houses and for duplex units, the Bangko Sentral ng Pilipinas (BSP) reported late on Friday, citing movements of its Residential Real Estate Price Index (RREPI) that tracks the average change in prices of various types of housing units based on bank housing loan data.
On an annual basis, overall housing prices rose by 3.1% in the first quarter, compared to 2.1% a year ago and October-December’s nearly flat 0.5%, according to RREPI data attached to a BSP press release.
On a quarter-on-quarter basis, overall prices increased by 1.6%, turning around from a year-ago 0.9% dip and faster than the 1.3% increase clocked in last year’s concluding quarter.
HOUSING CATEGORIES
In terms of housing type, prices of condominiums led the increase with a 10.9% annual increment, compared to two percent a year ago and 0.6% in October-December 2018.
Townhouses followed a 9.6% overall hike in prices that was nevertheless slower than the 13.8% clocked a year ago and October-December 2018’s 11.4%.
Increases for these two categories offset an eight percent drop in prices of duplex units that was a reversal of the year-ago 44.2% surge and bigger than the 3.7% drop in last year’s concluding quarter, as well as a 1.7% fall in prices of single detached /attached houses that was bigger than the year-ago 0.6% dip but smaller than October-December’s 1.9% reduction.
On a quarter-on-quarter basis, duplex units led the increase with a 22.5% surge that was slower than the year-ago 28.2% but was still a turnaround from a 14.5% fall in October-December last year.
Townhouses followed with a 3.5% increment that was slower than the year-ago 5.2% but slower than fourth-quarter 2018’s 1.7%.
Single detached/attached houses came next with a 2.9% increase that was largely steady from the year-ago 2.7% and a turnaround from October-December’s one-percent fall, while condominium prices edged up by just 0.7% that was nevertheless a turnaround from a year-ago 8.7% fall but was much slower than the four percent increase recorded in 2018’s final quarter.
BY LOCATION
Metro Manila residential property prices increased by 8.7% annually overall in the first quarter, faster than 2.7% a year ago and the 1.6% recorded in last year’s concluding quarter, fueled by 11.6%, 1.8% and one percent increases for condominiums, townhouses and single detached/attached houses, respectively that offset a 65.9% plunge for duplex units.
The picture was different in areas outside the National Capital Region (NCR), where prices edged up by a nearly flat 0.4% overall in the first quarter that was slower than the year-ago 0.9% increment but was a turnaround from October-December’s 0.8% reduction.
In the provinces, townhouses led the increase with a 13.9% hike, followed by duplex units’ 7.8% and condominiums’ 6.8% that offset a 1.8% drop for single detached/attached houses.
HOUSING LOANS
The BSP added that, in the first quarter, about 74% of residential real estate loans (RRELs) were for acquisition of new housing units, particularly single detached units (46.2%), condominiums (44.5%) and townhouses (8.6%).
By area, most of such loans in Metro Manila were for the purchase of condominiums, while those outside NCR were for single detached houses.
By region, Metro Manila accounted for 42.5% of the total RRELs in the first quarter, followed by the Cavite-Laguna-Batangas-Rizal-Quezon or CALABARZON region just south of Metro Manila that is the country’s main industrial hub (28.5%), Central Luzon (9.1%), Central Visayas (6.5%), Western Visayas (4.4%), Davao Region (2.6%) and Northern Mindanao (two percent).
Metro Manila and these six other regions accounted for 95.6% of total housing loans granted by banks in the first quarter.
BSP Circular No. 892, dated Nov. 16, 2015, requires all 46 universal and commercial banks as well as 53 thrift banks in the Philippines to submit a quarterly report on all RRELs granted for the generation of the RREPI. — with RJNI
THREE MORE MEMBERS of the Allied Care Experts (ACE) Medical Group secured clearance from the Securities and Exchange Commission (SEC) for their respective initial public offerings (IPO) worth up to P1 billion each.
In a statement, the country’s corporate regulator said it has approved the registration statement of ACE Medical Center Gensan, Inc.; ACE Dumaguete Doctors, Inc. and ACE Medical Center Bohol, Inc. at its June 27 en banc meeting.
ACE Medical Center Gensan has applied for the registration of 228,000 shares, with the plan to offer 36,000 common shares in blocks of 10. The first 600 blocks will be issued at P200,000 per block, the next 1,600 blocks will be sold for P250,000 per block, the next 800 blocks will be offered at P300,000 each, while the remaining 600 blocks will be at P400,000 each.
The company will use the expected P987.93-million proceeds from the offering for the construction of ACE Center-Gensan starting next month. The six-storey facility will have 200 beds in Barangay Lagao, General Santos City, and is envisioned to be a Level 2, multidisciplinary specialty medical facility.
Meanwhile, ACE Center Dumaguete has registered 186,000 shares, of which 36,000 will be offered to the public in blocks of 10. The first 2,400 blocks will be at P250,000, the following 800 blocks at P300,000, and the balance of 400 blocks at P400,000.
The Dumaguete-based firm expects to net P987.89 million from the offering, which will be used for loan payment, pre-operating expenses, hospital equipment and fixtures, construction, and land improvements.
The company is currently building an eight-storey hospital with 100 beds in Cimafranca Subdivision, Daro, Dumaguete City. The facility was 94.06% completed as of May 31 and is scheduled to be inaugurated before yearend.
For ACE Medical Center Bohol, 30,000 common shares will be offered to the public in three equal tranches of P250,000, P350,000 and P400,000 for every block of 10 shares.
The company estimates net proceeds at P987.89 million, to be used for loan payment, medical equipment, additional working capital, construction, architect and professional fees, land improvement, and furnishing.
It is likewise building an eight-storey hospital with 176 beds in Barangay Mansasa, Tagbiliran City. As of May 31, the facility is already 91.3% complete. The first five floors were inaugurated last March, while the remaining floors are set to be completed by Oct. 31.
Physicians and medical specialists who want to practice in the three hospitals are required to subscribe to the offer shares.
At the same time, they will still undergo a screening process provided in the articles of incorporation, bylaws and internal rules of each of the companies.
Investors will be entitled to benefits and privileges such as discounts on medical and dental services in all medical facilities that have entered into a memorandum of agreement with the corporations. These benefits may be extended to the principal investor’s spouse, dependents and natural parents.
Other members of the ACE Medical Group have opted for an IPO to finance the construction of their hospitals.
The Commission en banc has already approved the planned maiden offerings of ACE Medical Center-Iloilo, ACE Malolos Doctors and ACE Medical Center- Butuan. — Arra B. Francia
INFLATION likely resumed easing last month following a surprise uptick in May, according to most analysts in a BusinessWorld poll late last week who cited declines in food and fuel prices. Read the full story.
THE DEPARTMENT of Transportation (DoTr) will start requiring all proponents of airport projects to draft concession agreements patterned after the one signed with the North Luzon Airport Consortium (NLAC) for the operations and maintenance (O&M) of the Clark International Airport.
Transportation Secretary Arthur P. Tugade told reporters last week that he wants to cut the process of negotiation with airport proponents shorter by making a “template” for the concession agreements.
“Clark is existing, so lahat ng proyekto, unsolicited proposal sa airport na existing, kailangan lang na i-pattern ko doon para wala nang diskusyon (The concession agreement for Clark airport is existing, so all projects, existing unsolicited proposals for airports, will just need to follow that pattern so there will be no more discussions),” he said.
“Pag sinabi kong i-pattern, i-pattern mo sa kondisyon, i-pattern mo sa assumptions, i-pattern mo sa lenggwahe. Baguhin mo lang ‘yung mga financial numbers. Kasi syempre, airport, different size, different kwan. So kailangan baguhin ‘yun (When I say pattern, I mean pattern the conditions, the assumptions, the language. Change only the financial numbers because airports have different sizes and specifications. So it’s the financials that change.)”
The concession agreement for Clark airport — as discussed in the information memorandum of the Bases Conversion and Development Authority (BCDA) in its O&M bidding last year which NLAC participated in — outline separate government and private sector roles the project.
NLAC consists of Gotianun-led Filinvest Development Corp.; Gokongwei-led JG Summit Holdings, Inc.; Philippine Airport Ground Support Solutions, Inc. (PAGSS) and Changi Airports Philippines Pte. Ltd.
Among others, the government is tasked to regulate landside aeronautical fees and slot allocation, while the concessionaire handles all market risks as well as insurance for damage to assets. In case of force majeure, costs will be shared between the government and the concessionaire.
The terms also said the government will “indemnify concessionaire from material adverse government action.”
Mr. Tugade said adoption by airport project proponents of the Clark O&M concession agreement template should make the process of regulatory approval “much faster.”
Currently, the DoTr — after awarding original proponent status (OPS) — draws up concession terms after negotiations with the private sector groups concerned and submits the project to the National Economic and Development Authority’s Investment Coordination Committee (NEDA-ICC) for evaluation. The project needs the final approval of the NEDA Board, led by President Rodrigo R. Duterte, to proceed to implementation.
Mr. Tugade said this “ping-pong” process will be eliminated by letting a concession agreement that’s been analyzed by the Department of Finance be the model for all concession agreements.
“Ano pa kukwenstyunin nila doon kung same template? Nagkakagulo-gulo lang kasi ito na ‘yung ‘Ifs,’ ‘Perhaps’… Hay naku, sundan mo na lang ‘yung wording ko (What else would they question if it’s the same template? It only takes longer because of the ‘Ifs,’ ‘Perhaps.’… So just follow my wording),” Mr. Tugade said.
This new rule comes as the DoTr has four unsolicited airport development proposals that have been given original proponent status and endorsed to the NEDA-ICC: the consortium of seven conglomerates for the Ninoy Aquino International Airport; Aboitiz InfraCapital, Inc. for the Bohol-Panglao International Airport; Chelsea Logistics and Infrastructure Holdings Corp. for the Davao International Airport; and Mega7 Construction Corp. for the Kalibo International Airport.
“We’re still awaiting the revisions of their concession agreement before we can re-endorse it to NEDA… They have to revise it based on the instruction of the secretary,” Transportation Undersecretary for Planning Ruben S. Reinoso, Jr. said in a phone call Sunday.
Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy said in a mobile phone message at his group has been informed of the DoTr’s new plan and is “still studying” it.
“We have to review the details as how will it affect our proposals… But, by the initial looks of it, our proposals will not have much changes if we have to really adopt such Clark model,” he said.
Other projects that were given original proponent status are the Laguindingan airport by Aboitiz InfraCapital and the Iloilo and Puerto Princesa airports by Villar’s Prime Asset Ventures Inc.
The DoTr is also reviewing a proposal by Udenna Infrastructure Corp. for the Bacolod-Silay International Airport and by PAGSS for the Sayak Airport in Siargao.
“All O&M proposals for existing airports with pending approval, including those already under evaluation by ICC, need to revise draft concession agreement to adopt Clark O&M CA. Panglao and Laguindingan agreed to comply,” Mr. Reinoso said.
NUMEROUS CHANGES mark the mid-cycle refresh of Honda’s compact crossover, the BR-V. Formally launched last week, the updated vehicle was conceptualized by its designers with an “enhanced SUV image” touting a “masculine and premium look with its sleeker design and advanced features.”
This launch helps to highlight a promising year thus far for the Japanese car maker. In a speech, HCPI President and General Manager Noriyuki Takakura revealed that the company was able to post sales growth despite “challenges since 2018” due to “factors such as excise tax, unfavorable foreign currency and inflation.” From January to May this year, HCPI moved 8,660 units — 5,030 vehicles in the passenger car segment and 3,630 units classified as commercial vehicles.
The all-new Honda Brio, launched just last April 23, performed exceedingly well with 610 units already sold. “This translated to a 1,257% increase versus its predecessor year on year. Thank you very much for your contribution to this success,” underscored Mr. Takakura.
Meanwhile, the Honda BR-V, first unveiled locally at the 6th Philippine International Motor Show (PIMS) in 2016, has already sold more than 14,500 units — earning some industry awards along the way such as the 2017 People’s Choice Award for the Subcompact SUV of the Year and 2017 Best Compact Crossover (Two-Wheel Drive).
“Indeed, the BR-V (has) had good reception in the Philippine market (since) it became the first affordable seven-seater SUV and… Honda’s second best-selling model,” continued the executive. Significantly, the vehicle has been produced in the country since last year. “This also means the BR-V will always be available to our customers with no waiting time.”
EXTERIOR CHANGES
Honda designers went for increasing the perceived heft in the BR-V’s exterior through a new chrome front grille paired with a redesigned front bumper, with the rear bumper also being reworked. LED daytime running lights are available for the 1.5 V CVT variant, complementing the standard halogen and fog lights on it and the 1.5 S CVT.
The BR-V also receives newly designed 16-inch alloy wheels and power folding door mirrors with integrated side turn signals. Both variants still get a roof rail, while the 1.5 V CVT is fitted with a shark fin antenna.
INTERIOR REWORKS
At the heart of the infotainment system of the 1.5 S CVT is a seven-inch capacitive touchscreen display, with the 1.5 V CVT getting Apple CarPlay and Android Auto on top of that. A reverse camera is now standard on the two variants.
A new leather interior distinguishes the higher-spec 1.5 V CVT, accentuated with red portions on the door panel armrest, and red stickers on the steering wheel and shift knob. A Dark Steel theme rounds out the changes within.
SAME ENGINE
A 1.5-liter i-VTEC engine delivering 120ps at 6,600rpm and 145Nm 4,600rpm still powers both variants. Mated to Honda’s Earth Dreams Technology continuously variable transmission (CVT), the engine “delivers a smooth, refined, and fuel-efficient driving performance,” according to an HCPI release.
The 1.5 V CVT variant comes with smart entry and push start system, and additionally boasts paddle shifters for easier shifts. Honda’s Eco Assist System, which consists of the Econ mode and Eco-Coaching Ambient Light, is also available to encourage conscientious, efficient driving.
SAFETY SUITE
The BR-V boasts Honda’s G-force Control (G-Con) collision safety body that “dissipates G-forces in the event of a crash, and disperses it away from the vehicle’s occupants on impact.” Common to both variants are driver and front passenger SRS air bags, anti-lock brakes with electronic brake force distribution (EBD), hill start assist, vehicle stability assist (VSA) that restricts sideway skidding during cornering, and speed-sensing auto door lock that activates when the vehicle accelerates. Child seats can be latched on to Isofix anchors. Honda reports that the BR-V received a 5-Star ASEAN NCAP rating in the Adult Occupancy Protection (AOP) category.
The new Honda BR-V is available starting today at all 38 Honda dealerships nationwide. It comes in six colors: Platinum White Pearl (1.5 V CVT only), a new color available for an additional P20,000; Passion Red Pearl (1.5 V CVT only), also a new color; Taffeta White (1.5 S CVT only); Lunar Silver Metallic; Modern Steel Metallic; and Premium Amber Metallic (now also available for 1.5 S CVT).
The 1.5 V CVT variant is priced at P1.155 million; the 1.5 S CVT goes for P1.035 million. For more information, visit any authorized Honda Car dealership today or the official Web site www.hondaphil.com.
IN A press conference held last week at Greensun in Makati City, Grab, Southeast Asia’s leading app, and Citi, the largest pan-regional credit card issuer, have teamed up to offer a co-branded Citi Grab credit card that promises users of a life in the fast lane with exclusive offers and rewarding features.
The co-brand card, an extension of the deepening partnership between Citi and Grab, is first introduced in the Philippines, and will soon be available in other Southeast Asian territories with Thailand following the Philippine launch in the second half of the year.
“Citi has been a long-term partner since 2016 and there is great synergy between both Citi and Grab. The Citi Grab credit card is a natural next step as we create more value for our users. With the Citi Grab credit card, cardholders will be introduced to a whole new level of access, value, and convenience. This will bring us one step further in realizing our vision of becoming the leading everyday super app in SEA,” said Huey Tyng Ooi, managing director of GrabPay Singapore, Malaysia, and the Philippines.
“We are delighted that the Philippines will be the first market to launch the Citi Grab co-brand credit card. We are excited to work with Grab to offer the best value proposition to Grab’s all-digital consumer base,” said Manoj Varma, Consumer Bank head, Citi Philippines.
Citi Grab cardholders can enjoy:
• 10x points earning on all Grab spend — from getting a ride to getting deliveries.
• Platinum Tier upgrade for the first 6 months giving cardholders priority booking benefits and dedicated customer support.
• 3x points on dining, entertainment and online subscriptions, while all other spend will earn 1 point for every P30 spend.
• 12 free Grab rides upon sign up equivalent to P2,500 worth of GrabPay Credits upon spending the first P10,000 within 60 days of using the card. Cardholders can also get free Grab vouchers worth P2,000 when they use the card to top up their GrabPay Wallet with at least P1,000. Membership fees for principal and supplementary cards are also waived for the first year.
• Greater convenience by going cashless, when using Citi points to pay for Grab services.
The co-brand card partnership expands an ongoing collaboration between Citi’s Consumer Banking business and Grab that dates back to 2016. Citi has participated in Grab’s financing round through Citi Ventures, the bank’s venture capitalist arm.
In 2016, Citi and Grab announced their first partnership across six markets in Southeast Asia. In what is a regional-first, the partnership enabled Citi cardholders to use their earned points and miles to pay for rides on the Grab platform.
Since then, the partners have systematically widened the scope of their cooperation to include all of Grab’s services. This includes incentives for topping up the GrabPay wallet, to gifts and cash back benefits for spending on Grab services.
The new Citi Grab co-brand credit card allows both companies to leverage each other’s strengths. Grab will be able to offer its users credit card benefits and rewards, and extend its offering to Citi’s affluent cardholder base in the region. Citi will be able to scale its business through Grab’s unique mobile-first user base.
Grab’s partnership with Citi is a reflection of the everyday super app’s commitment to continue on improving its services to bring greater convenience to its users.
“We believe that the way moving forward is to harness the benefits of the digital economy, and as such, Grab will always put prime importance to innovations in the spaces that it operates — be it transport, food delivery, parcel services, or payments. Partnering with the best companies in the region like Citi allows Grab, as an everyday super app, to offer more reliable, convenient, and rewarding services to its users,” Grab Philippines President Brian Cu said.
A COCONUT products manufacturer is looking to raise up to P7.7 billion via an initial public offering (IPO) in October.
In a statement, Axelum Resources Corp. said it has filed an application for an IPO with the Securities & Exchange Commission (SEC) and Philippine Stock Exchange (PSE). The company did not say when the application was filed.
Romeo I. Chan, chairman of Axelum, said the company is planning to sell up to 700 million primary shares and up to 430 million secondary shares.
“We hope to raise up to P7.7 billion at a price of up to P6.81 per share. The final offer price shall be determined prior to the scheduled listing of the IPO hopefully in October of this year,” Mr. Chan was quoted as saying.
If approved, Axelum’s IPO could be one of the first to push through this year. The last company to go public at the local bourse was property developer D.M. Wenceslao & Associates Inc. in June 2018.
Axelum appointed First Metro Investment Corp. (FMIC), the investment banking arm of the Metrobank Group, as issue manager, bookrunner and lead underwriter of the IPO.
Henry J. Raperoga, president of Axelum, said the company is planning to use the proceeds to ramp up its expansion.
“The net proceeds from the primary offer will be used to fund our strategic acquisitions, expand our domestic and international distribution networks, install new manufacturing facilities for new products, and improve and expand the company’s existing manufacturing facilities. A portion of the proceeds will also be utilized to retire our loans, reduce payables, and for other capital expenditure requirements,” Mr. Raperoga said.
Asked whether there would be an appetite for the IPO, Timson Securities, Inc. Trader Jervin S. de Celis said, “Well, if the company’s plan is to use the proceeds of the IPO for business expansion then it can attract investors. Since the company is also export-oriented and sells their wide array of coconut products to international market, that makes it a factor to consider among investors who would like to diversify their portfolios.”
Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said it would be better for the company to have the IPO after the US-China trade tensions have subsidied.
“Once the trade war between the US and China is resolved… I think the IPO for this, since it’s a consumer industry, will have a good start as long as it’s on the proper timing… siguro mga (maybe around) fourth quarter pa ’yan,” he said in a phone interview.
Axelum is described as a fully integrated manufacturer of coconut products such as coconut water, desiccated coconut, coconut milk powder, and coconut cream for both domestic and international use.
Its main production facility is located in Medina, Misamis Oriental, while two manufacturing and distribution facilities are in the United States and Australia.
The company supplies its products to international food and beverage companies, confectioneries, bakeries, supermarkets, and food service industry in United States, Canada, Australia, New Zealand, Eastern Europe, Europe, Middle East, Japan, and parts of Asia.
Axelum said its direct or indirect customer-base and end-users include global brands such as Vita Coco, The Hershey Co., ConAgra Foods, Kellogg’s, Quaker, Nestlé, Russell Stover, Unilever, Kroger, Mondelez International, Ferrero, Kraft Foods, General Mills, Campbell’s, Mars, Cadbury Schweppes, and Calbee.
It also has retail products such as Fiesta Coconut Milk Powder and Fiesta Tropicale Coconut Water. — Vincent Mariel P. Galang
