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SEC warns against BTXTraders.com, Seashore, Discovery Resorts

THE Securities and Exchange Commission (SEC) has issued new warnings to the public against investing in groups that it said do not have licenses from the government.

In separate advisories on its website, the regulator identified BTXTraders.com, The Seashore Beach Club, Inc. (Seashore) and MAV Discovery Beach Resort Development Corp. (Discovery Resorts) as unauthorized investment groups.

This means they failed to obtain the necessary registration with the SEC and do not have a permit or license to solicit investments from the public.

“The public is advised not to invest or stop investing in any scheme offered by any individuals/agents/entities representing to be agents of BTXTraders.com,” it said in one advisory.

“[T]he public is hereby advised to exercise caution in dealing with any individual or group of persons engaged in securities solicitation for and on behalf of Seashore and Discovery Resorts. The public is further advised not to invest or to stop investing in the securities being offered by the subject entities or their representatives,” it said in the other.

In the case of BTXTraders.com, the SEC said the scheme involves enticing the public to invest P1,000 to P1 million in exchange of daily profits through bitcoin, non-farm payroll (NFP) and NFP investment group.

It claims to be headquartered in the United States and engaged in mining bitcoin, pay-to-click, bitcoin faucets, bitcoin trading, bitcoin lending, binary trading with bitcoin and make money with bitcoin affiliates.

But the SEC records show BTXTraders.com is not registered with the commission and do not have the secondary license required to solicit investments.

It also said the promise of “ridiculous rates of return with little or no risks” should be a red flag for a Ponzi scheme, which is the method of using money from new investors to pay earlier investors.

On the other hand, the case of Seashore and Discovery Resorts involves selling shares in the membership beach clubs to the public.

Shares in the San Juan, Batangas project are offered at P834,900 while shares in the Coron, Palawan project are offered at P900,000. It promises a profit sharing of 30% of its annual net income to be divided among members, 20% income referral, lifetime membership and certain discounts.

The SEC said this is equivalent to selling proprietary shares or securities, and should therefore be registered with the commission to be authorized.

However, Seashore and Discovery Resorts do not have the secondary license to operate such activity, although they are registered corporations.

The SEC noted Seashore was ordered to shut down in August 2017 through a cease-and-desist order because of its non-registration of securities and brokers/dealers and engagement in activities outside its authority.

For violation of the Securities Regulation Code, persons that are engaged in the schemes of the identified groups may be penalized with a fine of up to P5 million, imprisonment of up to 21 years, or both. — Denise A. Valdez

Pia Wurtzbach, Jeremy Jauncey in livestream fundraiser for WWF

TO RAISE funds to support World Wide Fund for Nature (WWF) Philippines’ environmental front liners and partner communities, Miss Universe 2015 Pia Wurtzbach and WWF-US Ambassador Jeremy Jauncey will host the latest installment of the organization’s Digital Fundraising Hour, streaming live on July 15, 8 p.m. in the Philippines and 8 a.m. EST on WWF-Philippines’ official Facebook page.

The couple will be talking about sustainability, how people can practice this in their communities and homes, and how everyone can do their part for the planet, one individual act at a time.

Mr. Jauncey has been actively championing “smart conservation” and sustainable tourism as a WWF-US Ambassador since 2018, and Ms. Wurtzbach supported WWF-PH’s recent fundraising initiatives over the summer under the “Supporting The Lives of Those Who Support Ours” campaign.

The Digital Fundraising Hour is WWF-PH’s one-hour livestream program where celebrities, changemakers, and public figures come together to spread awareness on pressing environmental issues and encourage viewers to practice and contribute to the organization’s conservation efforts.

Originally launched as a series of physical mall events headlined by WWF-PH ambassadors and advocates, the organization has shifted the campaign to digital platforms to continue advocating for conservation even during the COVID-19 (coronavirus disease 2019) pandemic.

WWF-Philippines will be holding more online campaigns, events, and programs in the months to come. For the complete lineup and schedule, stay tuned to WWF-Philippines’ official social media pages.

Gov’t makes full award of T-bills

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday as rates continued to drop across-the-board amid strong liquidity in the market.

The Bureau of the Treasury (BTr) on Monday borrowed P20 billion as planned via T-bills as its offer was almost five times oversubscribed, with bids amounting to P93.974 billion.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers out of the total tenders worth P21.065 billion. The three-month papers fetched an average rate of 1.587%, down 6.2 basis points (bps) from the 1.649% seen during last week’s auction.

It also made a full award of the 182-day T-bills, raising P5 billion from total bids of P27.1 billion. The average yield for the six-month papers also slipped 6.3 bps to 1.687% from 1.75% previously.

For the 364-day securities, the government accepted the programmed P10 billion, with the tenor attracting bids of P45.809 billion. The one-year T-bills fetched an average rate of 1.782%, down 7.3 bps from the previous week’s 1.855%.

On Friday, rates of the 91-, 182- and 364-day debt papers stood at 1.695%, 1.735% and 1.879%, respectively, at the secondary market, based on the PHP Bloomberg Valuation Service Reference Rates.

National Treasurer Rosalia V. de Leon told reporters that yields declined further as investors want to invest in safe-haven assets like government securities, especially in short-term tenors like T-bills.

“Rates dropped because investors prefer safe havens and shorter tenor government securities,” Ms. De Leon said in a Viber message.

Meanwhile, a bond trader said via Viber that strong liquidity in the market pulled down rates further.

“Also, now most banks already lowered their deposit rates. So people are looking for safe investments but with higher rates,” the trader added.

Bangko Sentral ng Pilipinas data showed domestic liquidity or M3, the broadest measure of money supply in an economy, grew 16.6% in May to P13.7 trillion, slightly faster than the 16.2% increase in April.

However, despite faster growth in money supply, bank lending remained slow, with the rise in outstanding loans by universal and commercial banks slowing to 11.3% in May from the 12.7% logged in April.

Meanwhile, the BTr will start offering five-year retail Treasury bonds (RTBs) on Thursday to raise at least P30 billion. The retail bond offer targets small investors as the papers are deemed low-risk instruments with relatively high yields.

The upcoming retail bond issue will be the government’s second one for the year and 24th overall, following its offer of three-year RTBs in February where it raised a record P310.8 billion.

“RTBs are more safe, very minimal risk since (these are) government issued. And investing in RTBs, you invest for your future and support government towards a quick recovery. That is more rewarding,” Ms. De Leon said.

She added that the exchange offer program for the RTBs, where bondholders can swap eligible papers for the new issue, is an incentive for investors as they do not have to wait for the maturity of their holdings of retail papers to invest in these fresh bonds.

The RTBs are scheduled to be offered from July 16 until Aug. 7. The BTr said it can increase the award volume and may also close the offer period earlier as needed.

The RTBs will be listed on the Philippine Dealing and Exchange Corp. (PDEx).

The Treasury also opened more online channels where investors can avail of the RTBs, launching UnionBank of the Philippines, Inc.’s BONDS.PH mobile application.

The government has set a P205-billion borrowing program for July and will offer P145 billion in T-bills via weekly auctions and P60 billion in Treasury bonds to be auctioned off every other week.

It borrows from local and foreign lenders to plug its budget deficit seen to hit 8.4% of gross domestic product this year. — B.M. Laforga

Cavite Light Industrial Park ready for ‘new normal’

CATHAY Land, Inc. expects Cavite Light Industrial Park (CLIP) to take advantage of the spike in demand for logistics, industrial and suburban residential spaces, as more people look for safe and accessible integrated communities amid the pandemic.

Cathay Land President Jeffrey Ng said CLIP’s industrial component is “ready to take in new locators that will set up the most modern, safe and highly competitive manufacturing, logistics, warehousing, cold-storage and commissary operations.”

Mallorca Villas, which is part of CLIP’s Mallorca City, is targeting professionals and executives who want bigger houses to allow them to work from home while their children take online classes.

“Experts are one in saying that due to the COVID-19 pandemic, crowded cities will give way to suburban developments where people can work and live in an environment that is safe and provides ample space for flexible work and schooling arrangements. We, in Cathay Land, recognize this, which is why have taken fresh initiatives to make sure we can provide this kind of safe and modern environment to CLIP locators and residents,” Mr. Ng said.

Located in Silang, Cavite, CLIP is an ideal site for logistics and industrial investors in the Cavite-Laguna-Batangas area.

Cathay Land is now offering commercial lots with an average cut of 300 square meters (sq. m.) inside the Mallorca City. Commercial lots are also offered at Mallorca Villas. Lot buyers can build structures up to 15 meters high.

“The industrial and commercial components of CLIP are ready for locators who are now shifting to the New Normal of doing business,” Mr. Ng said.

Corporate regulator sets new schedule for filing of annual reports

THE Securities and Exchange Commission (SEC) has extended until August the filing schedule of annual reports due to the closure of its office in the next two weeks.

The corporate regulator issued a new schedule on its website where companies that were previously scheduled to submit their annual reports from July 1-24 will be allowed to do so next month.

This follows the closure of the SEC main office in Pasay City and temporary payment center in Mandaluyong City until July 26 for disinfection after several employees tested positive for coronavirus disease 2019 (COVID-19).

The adjusted schedule is as follows: companies whose registration numbers end with 1 or 2 must submit within July 1-10 and Aug. 10-14; with 3 or 4 within July 13-17 and Aug. 17-20; with 5 or 6 within July 20-24 and Aug. 24-28; with 7 or 8 within July 27-30; and with 9 or 0 within Aug. 3-7.

To recall, the SEC allowed the submission of annual reports such as annual financial statements and general information sheets to its office via courier since end-June.

For annual financial statements, the schedule is based on the last digit of a corporation’s SEC registration or license number. General information sheets may be submitted any time until Aug. 31.

As in the past weeks, companies may submit their filings through courier by using the SEC Express System and SEC Express Nationwide Submission (SENS) platforms.

The SEC Express System lets companies request plain and authenticated copies of documents online, while SENS allows the submission of hard copies of the reports through a courier. Both may be accessed through their respective websites: https://secexpress.ph and https://sens.secexpress.ph.

The regulator also allows companies to submit scanned copies of their signed reports through e-mail.

If a company’s headquarters is located outside Metro Manila, it may continue submitting hard copies of reports with the SEC extension offices. This applies for all regions except the SEC office in Cebu City, which is still under a strict lockdown.

The SEC said despite having its Manila office locked for the meantime, it will continue operating remotely to minimize service disruption. — Denise A. Valdez

Three generations of Bollywood’s Bachchan family hit by COVID-19

MUMBAI — Revered Bollywood actor Amitabh Bachchan’s daughter-in-law and granddaughter have joined him and his son in testing positive for COVID-19 (coronavirus disease 2019), the family said on Sunday, in one of the highest-profile cases of the pandemic sweeping India.

From hospital with his father in Mumbai, Amitabh Bachchan’s son Abhishek said his wife and former Miss World Aishwarya Rai Bachchan and their eight-year-old daughter had also been infected by the new coronavirus.

“Aishwarya and Aaradhya have also tested COVID-19 positive. They will be self quarantining at home,” he tweeted, saying other family members had tested negative and thanking Indians for their wishes and prayers.

“My father and I remain in hospital till the doctors decide otherwise. Everyone please remain cautious and safe. Please follow all rules!” added Abhishek Bachchan, 44, also an actor.

He and his father were admitted on Saturday to hospital, where health officials said on Sunday they were stable.

Seventy-seven-year-old Amitabh Bachchan is one of India’s most beloved personalities, and some fans were conducting Hindu prayer rituals for the whole family.

“It’s shocking to know that one of the richest and most talented, educated family (sic) can get infected. We can only hope the family recovers as it’s important for the morale of millions,” tweeted one fan Jayant Sathe.

INDIA’S CASES SOAR TO NEARLY 850,000
The elder Bachchan had a near-fatal accident in 1982 when a table hit him in the abdomen while shooting a fight scene. That triggered an outpouring of love, with one fan said to have walked backwards from southern Hyderabad city to Mumbai in his honor.

Aishwarya Bachchan, 46, who often features on “most beautiful” lists, has also worked in several Bollywood and Hollywood films. She is a brand ambassador for some multinational companies, including L’Oreal.

Amitabh Bachchan, who endorses dozens of Indian and global brands, has a net worth estimated to be over $100 million.

India has the world’s third highest COVID-19 case load, registering a record increase on Sunday that took the number of infections to nearly 850,000. Partial lockdowns have been reimposed in some densely populated areas.

Federal health ministry data showed that more than 27,100 new cases were reported in the previous 24 hours, while deaths increased to 22,674.

An official in the prime minister’s office told Reuters that senior bureaucrats and ministers had been asked to show restraint on tweeting about the Bachchan family to avoid speculation and ensure there was equality of treatment for all patients.

The father and son are being treated at Nanavati Hospital in Mumbai despite showing only mild symptoms.

Authorities have been sanitizing Amitabh Bachchan’s upscale residence in Mumbai, spraying disinfectant inside the compound and on cars parked outside.

He has been a prominent figure in the fight against the coronavirus, appearing in public service advertisements where, in his trademark baritone, he urges people to wear masks, wash hands frequently and maintain social distance.

India’s film industry recently resumed shoots after a months-long hiatus following a nationwide lockdown in late March. But actors over 65, such as Amitabh Bachchan, have been banned from the sets because of their vulnerability. — Reuters

Century Properties restarts high-rise project construction

CENTURY Properties Group (CPG) resumed construction operations for several of its projects in Makati, Quezon City, and San Fernando in Pampanga.

The developer said it conducted coronavirus disease 2019 (COVID-19) rapid testing of nearly a thousand workers and site personnel, as well as completing requirements such as the provision of on-site quarters and facilities for its project sites in Century City, Makati; the Residences at Azure North in San Fernando, Pampanga; and the Residences at Commonwealth in Quezon City.

In May, CPG tested over 800 workers in the five project sites of affordable housing unit PHirst Park Homes located in Tanza, Cavite; Lipa, Batangas; San Pablo and Calamba, Laguna; and Pandi, Bulacan.

Overall, CPG has tested more than 1,735 construction workers and site personnel.

“Despite the most challenging circumstances, we are forging ahead with construction work to deliver our commitment to our buyers, but with the proper safety measures for our people. Critical health protocols like this contribute to the safety and wellbeing of the communities and cities where we operate in,” CPG President and CEO Marco R. Antonio said in a statement.

GCash to offer Singlife products

MOBILE WALLET firm GCash and digital insurance company Singapore Life (Singlife) Philippines have teamed up to launch an online marketplace to sell life insurance products.

In a press release on Monday, Globe Telecom, Inc.’s GCash said it partnered with Singlife Philippines so users can buy life insurance products through its electronic wallet (e-wallet) platform.

The insurance products will add to the current lineup of the GCash services such as savings, on-demand credit and investments.

“After offering customers a new, more customer-friendly way to do banking transactions, partnering with Singlife Philippines will allow us to also offer our clients access to a number of meaningful life insurance products that cater to their financial well-being,” GCash President and Chief Executive Officer Martha Sazon was quoted as saying.

Singlife Philippines secured its license from the Insurance Commission in February to become the first fully digital life insurance company in the country.

“Partnering with GCash, the biggest e-wallet platform in the Philippines, makes perfect sense as our goals are aligned. We offer simple and flexible products at affordable prices to a large base of customers,” Singlife Philippines CEO Rien Hermans said in the same statement.

Mr. Hermans had said they were eyeing to launch their initial products by April but pushed this back due to the coronavirus pandemic.

“We believe that everyone should have access to financial products that support them to manage their financial lives efficiently. By using digital technology, we can simplify products, make them affordable for a larger market, and design them to be customer centric. Our products adjust to your needs and give you the best value for your money,” Mr. Hermans said.

Officials from Singlife Philippines did not respond when asked for more details on the partnership.

GCash said the recent tie-up will be “one of many partnerships” the e-wallet company will make as it “continues to work with local industry leaders to offer the best insurance options to the people in the market.” — Beatrice M. Laforga

NLEX seeks toll hike as it completes Harbor Link C3-R10 section

NLEX CORP. has asked the Toll Regulatory Board (TRB) to allow it to raise toll rates following the completion of the 2.6-kilometer NLEX Harbor Link section between the new Caloocan Interchange, C3 Road/5th Avenue and the new Navotas Interchange in R10/Mel Lopez Boulevard.

In a bulletin published in newspapers on Monday, NLEX Corp. said: “As indicated in the investment proposal, the construction of the C3-R10 Section Project involves a P6.5-billion investment. Thus, in order to allow NLEX Corp. to recoup the costs arising from the C3-R10 Section project, it was proposed that the investment recovery shall involve two components.”

Such components are the additional P2 to the existing open toll system toll rate (per entry) and the extension of the 2008 TRB-approved authorized toll rate formula for the entire Manila North Expressway Project until 2037.

NLEX Corp. is seeking to implement the following toll rates: P51.33 (from P49.07) for class 1 vehicles (cars), P128.34 (from P122.68) for class 2 vehicles (mini vans and buses), and P154 (from P147.21) for class 3 vehicles (large truck and trailers).

“The petition will start the regulatory review process by TRB. Upon approval, the additional toll will be applied to the existing toll rate charged on entry in Balintawak, Mindanao Ave., Karuhatan, Paso de Blas, Meycauayan, Marilao and Bocaue SB toll barrier,” the company said in a statement e-mailed to BusinessWorld on Monday.

The new NLEX Harbor Link section, which features the new Caloocan interchange with on and off ramps along Grace Park; the new Malabon Exit with off ramp on Dagat-Dagatan Avenue; and the new Navotas Interchange with on and off ramps on North Bay Boulevard South, has addressed the worsening traffic conditions and offered an alternative route for commuters and truckers, currently affected by traffic choke points along Quezon Avenue, EDSA, and A. Bonifacio in Manila, NLEX Corp. said.

“The new section has also improved travel time between the Mindanao Toll Plaza and the Port Area in Manila to just 15 to 20 minutes,” it added.

NLEX Corp. is under Metro Pacific Tollways Corp., the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Katharine Hepburn’s love letters to Howard Hughes up for auction

LOS ANGELES — She signed off as “Country Mouse” and called him “My most excellent boss.”

She was Hollywood star Katharine Hepburn and he was eccentric entrepreneur Howard Hughes. Many of her letters to him are going up for auction in Los Angeles for the first time on July 23.

The emerald and diamond engagement ring Hughes gave to Hepburn in 1938 is also for sale, and is expected to fetch between $20,000 — $30,000 at the Profiles in History auction.

Brian Chanes, head of consignment relations at Profiles in History, said the items were rare because of their personal nature.

“Very little has really eked out because he (Hughes) was such a private individual,” Chanes said. “We have over 55 hand-written letters, love notes, bedside notes from Katharine Hepburn. They were lovers for about a year, a year and a half, from 1937 to ‘38 and they’re very, very juicy.”

Hughes and Hepburn never married but their romance, which was chronicled in the 2004 movie The Aviator, was a huge celebrity story at the time.

The letters are expected to fetch up to $15,000 at the auction.

Hepburn used pet names and pseudonyms like C. Mouse and Mrs. H.R. Country when signing the letters, which showered the movie mogul and millionaire businessman with praise.

“My most excellent Boss” begins one. In another, The Philadelphia Story actress called him “brilliant as Einstein,” and “graceful as a gazelle.”

The letters and engagement ring are part of a wider collection of Hughes’ documents and personal belongings that were acquired from the family of the late Vernon C. Olson, who was private accountant to Hughes.

Other items include the two-tone jacket Hughes wore while piloting his huge Spruce Goose flying boat, his trademark fedora hat and contracts for multiple movies. — Reuters

Mandatory masks, Mickey at a distance as Walt Disney World reopens

MICKEY waved from a distance and visitors wore colorful face masks with mouse ears on Saturday as Florida’s Walt Disney World opened to the public for the first time in four months amid a surge of coronavirus cases in the state.

Walt Disney Co. welcomed a limited number of guests to its two most popular parks at the sprawling Orlando complex, the world’s most-visited theme park resort, with a host of safety measures designed to reassure visitors and reduce the chances of catching the sometimes deadly virus.

Executives felt confident they had a responsible plan for reopening in phases during the pandemic, said Josh D’Amaro, chairman of Disney’s parks, experiences and products division.

“This is the new world that we’re operating in, and I don’t see that changing anytime soon,” D’Amaro said in an interview on Saturday after he greeted guests and workers at the park.

Disney’s reopening of parks in Asia helped provide assurance about moving ahead in Florida, he added. Disneyland Shanghai opened in May, followed by the Disneyland parks in Hong Kong and Tokyo in June and July, respectively.

“I feel really good about our environment,” D’Amaro said. “We’re taking this seriously.”

Disney did not say how many people entered Walt Disney World on Saturday, but D’Amaro said he saw “really good demand” for reservations in the short term and into 2021.

At the Magic Kingdom and Animal Kingdom, the two parks that reopened Saturday, guests and employees wore face masks, underwent temperature screenings, and were told to social distance everywhere from streets to rides. Plexiglass separated rows in lines, and ground markings indicated where people should stand.

Epcot and Disney’s Hollywood Studios, the two other Walt Disney World parks, are scheduled to reopen on Wednesday.

The resort suspended parades, fireworks and other activities that draw crowds, as well as up-close encounters with Mickey Mouse, Cinderella and other characters. Instead, characters appeared on floats or on horseback.

‘SO HAPPY TO BE BACK’
Some pictures online showed people close together waiting to get in. Disney employees, called cast members, began enforcing distancing requirements after about 30 minutes, Carlye Wisel, a journalist who writes about theme parks, said on Twitter.

Other videos showed people inside staying apart, cheering, taking selfies and enjoying the park without long lines. “I’m so happy to be back!” a fan who calls herself That Crazy Disney Lady said in a video posted on YouTube.

Florida has emerged as an epicenter of COVID-19 (coronavirus disease 2019) infections. Over the past two weeks, the state reported 109,000 new coronavirus cases, more than any other US state.

Still, many Disney fans and workers were eager for Disney World to open its gates. The resort employs 77,000 people.

Disney said it had trained employees to nudge guests who become lax about the rules. Plentiful signs and audio announcements every 10 minutes reminded visitors of the new measures.

“There is a shared responsibility here so guests are going to have to do their part,” D’Amaro said.

Coronavirus shutdowns have devastated Disney’s film, TV and theme park businesses. Having guests back at Walt Disney World is key to the company’s financial recovery. About 75% of the parks unit’s operating income comes from Orlando, Imperial Capital analyst David Miller estimates.

Florida’s governor, Ron DeSantis, approved Disney World’s reopening plans in late May, before the current surge.

About 750 stage performers were absent because of a dispute over coronavirus testing. The Actors Equity union wants Disney to provide regular testing of members who must perform without masks.

Disney has said it is following health experts’ recommendations to focus on other safeguards. If employees seek tests on their own, Disney’s health insurance will cover it, according to a source familiar with the matter.

Seven other unions reached agreements with Disney on conditions for returning to work.

Shanghai Disneyland has increased capacity from its original limit of 20%, or about 16,000 people a day, when it re-opened in May. Guest surveys showed “exceptionally strong” satisfaction with the Shanghai experience and the safety measures, D’Amaro said. — Reuters

Work on Sonora Garden Residences resumes

WORK on Sonora Garden Residences, the joint venture project of Robinsons Land Corp. (RLC) and DMCI Homes in Las Piñas, has restarted after lockdown measures eased in Metro Manila.

“Construction of Sonora Garden Residences is moving forward, taking into consideration the national and local governments’ guidelines and requirements in preventing the spread of COVID-19,” RLC DMCI Property Ventures, Inc. said in a statement.

The three-building condominium development is located within the Robinsons Mall Las Piñas Complex, near Alabang-Zapote Road. Construction started late last year.

The resort-inspired condominium development is seeking to attract professionals and startup families, with units ranging from 28 to 83.5 square meters with balcony.

Seventy percent of the property’s land area will be devoted to open spaces, gardens, and amenities.

Units at Sonora Garden Residences are now pre-selling at P4.07 million upwards.

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