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Are bamboo homes the future?

By Vincent Mariel P. Galang
Reporter

CAN A MODEST house made of bamboo provide the solution to addressing the housing crisis in the Philippines?

For Cubo Modular, a start-up that designs and builds bamboo houses, the answer is yes.

Founded by Earl Patrick Forlales and Zahra Halabisaz Zanjani, Cubo has made it its mission to provide affordable, dignified housing to low-income Filipinos. On its website, the company says its vision is a Philippines “with no slums.”

Mr. Forlales, chief executive officer and co-founder of Cubo Modular, said the biggest problems for housing in the Philippines are accessibility and security. Urbanization has also pushed many Filipinos to move from their provinces to the city, forcing them to live in overcrowded, slum areas.

“There is an opportunity if we come up with a solution that has the services or at least the security of government housing, and accessibility,” he told BusinessWorld in an interview.

Cubo Modular is hoping its product — a housing unit made of bamboo — can help address the housing backlog. The company boasts that the unit can be built in just four hours.

“Because of that it’s a very fast solution and an easy deployable solution,” Mr. Forlales said. “Why don’t we adapt a manufacturing model that has longevity, then I believe we may have the solution.”

He had the idea for modular bamboo housing units in 2018. Later that year, Mr. Forlales won the top prize from the Royal Institution of Chartered Surveyors (RICS) Cities for Our Future Challenge. The contest called on young designers to address pressing issues such as rapid urbanization, climate change, and resource scarcity.

Cubo founders Earl Patrick Forlales and Zahra Halabisaz Zanjani

Ms. Zanjani later joined Mr. Forlales to further develop the idea into a business. They were both included in Forbes magazine’s 30 Under 30 Asia list last April.

Cubo uses engineered bamboo for its modular housing units. After growing the bamboo for three years, it will be harvested and treated to reduce moisture and improve its quality. An engineered bamboo can last for about 50 years.

“You put an engineered bamboo house alongside all of these, you would find out when a person enters a Cubo, the feeling is different. What we want to offer is place they can call their home. It kind of touches the cultural aspect of the Philippines, like a modern bahay kubo,” Ms. Zanjani, chief operating officer and co-founder of Cubo Modular, said during the interview.

Cubo offers two variants, a 14-square meter (sq.m.) unit, which is the same as a studio type and a 28-sq.m. unit, which is like a one-bedroom unit. A sq.m. is priced at P25,000.

“What we’re trying to do now is aggregate all the growers and plantations for at least three to five year, but for now we are sourcing it from abroad,” she explained.

In the next ten years, the company is targeting to produce 30,000 units and be able to help address the problem of homeless Filipinos, which is currently around 6 million. Cubo is also looking at licensing the technology in the future.

“We’ve been using bamboo for centuries, but even that’s the case we’ve been stuck with using in its raw form, which is the poles, but there’s a great opportunity for us if we turn it into engineered bamboo,” Mr. Forlales said.

Huawei braces for phone sales drop of up to 60 million overseas

HUAWEI Technologies Co. is preparing for a drop in international smartphone shipments of 40 million to 60 million as the Trump administration’s blacklisting hammers one of the Chinese tech giant’s most important businesses.

China’s largest technology company is crunching internal estimates and exploring options including pulling the latest model of its marquee overseas label, the Honor 20, people familiar with the matter say. The device begins selling in parts of Europe June 21 including France and the UK, but executives are monitoring the launch and may cut off shipments if it sells poorly as expected, they said, asking not to be identified discussing internal matters. Already, two of France’s largest carriers aren’t bothering with the Honor at all, two people familiar with the matter said.

Huawei sales and marketing managers are internally charting a drop in volumes of anywhere between 40 million to 60 million smartphones this year, the people said. That’s a big chunk of an international business that in 2018 accounted for almost half of the 206 million phones it moved. The unusually wide range underscores the uncertainty gripping Huawei, a Chinese national champion that Washington accuses of aiding Beijing in espionage — something the company has repeatedly denied.

On Monday, billionaire Huawei founder Ren Zhengfei confirmed the company had endured about a 40% drop in smartphone shipments abroad, which a company spokesman said referred to a fall over the past month. Mr. Ren expects Washington’s sanctions to curtail its overall revenue by about $30 billion over the coming two years, wiping out the networking giant’s growth. Mr. Ren was surprised at the extent to which Washington attacked his corporation, but Huawei will maintain its research budget while refraining from layoffs or major asset sales, he added.

“We didn’t expect the damage to be this serious,” he told author-investor George Gilder and MIT Media Lab founder Nicholas Negroponte during a panel discussion in Shenzhen. “We did make some preparations, like the damaged plane I talked about. We only protected the engine and fuel tanks, but failed to protect other parts.”

The US in May blacklisted Huawei, choking off the American components and software it needs to run its businesses. That includes updates for the Google Android system that powers all its smartphones abroad. Without that software, devices like the Honor 20 wouldn’t be able to run critical apps like Google Maps and Gmail.

“Huawei will lose access to Play Store and key Google apps like YouTube and Gmail. Users will have to sideload or look for alternative app stores,” Counterpoint analyst Tom Kang wrote in a report following the ban. “The impact on emerging markets will vary. However, Europe, Japan, and Latin America will be heavily affected.”

Huawei, a smartphone vendor with volumes second only to South Korea’s Samsung Electronics Co., declined to comment on the estimates. Huawei spokesman Glenn Schloss said launches were “proceeding.”

Priced at 399 pounds ($500), the Honor 20 runs on the most advanced Android 9 software and is the latest in a line that’s won over budget-conscious consumers, including in the US. While it’s powered by the company’s own Kirin chip, meaning it doesn’t need Qualcomm Inc. processors, the ban will hamstring consumers’ ability to update the OS or download the latest Google apps.

Longer term, Huawei is developing more of its own chips and mobile software to reduce its reliance on foreign technology. The company is delving into higher-end areas such as foldable devices. But it’s delaying the launch of the foldable Mate X to September to conduct more testing, CNBC cited a spokesperson as saying last week.

Huawei has also touted a self-developed operating system as an Android alternative, but it will take time for the Chinese company to persuade developers across the globe to create separate apps tailored for the OS.

Faced with lukewarm international demand, Huawei — which in 2018 overtook Apple, Inc. to become the world’s No. 2 smartphone vendor — is turning inward.

Huawei aims to grab as much as half of the smartphone market in China in 2019 to offset the decline overseas, the people said, citing internal discussions about year-end goals. While the domestic market is shrinking, Huawei hopes to boost shipments by investing in marketing and expanding distribution channels, one of the people said. Some executives have argued that the target was too high to achieve, the person added.

Huawei’s China smartphone market share could grow to as much as 45% versus a previous estimate of between 30%-35% thanks to “a more proactive sales strategy” after the Trump ban, TF International analyst Ming-Chi Kuo wrote in a report on Wednesday. — Bloomberg

T-bill yields decline on strong demand

By Karl Angelo N. Vidal, Reporter

THE GOVERNMENT made a full award of the Treasury bills (T-bill) it placed on the auction block yesterday, as market participants await the results of US central bank’s policy meeting this week.

The Bureau of the Treasury (BTr) on Monday raised P15 billion as planned via T-bills auction, with the offer fetching bids totalling P43.1 billion, nearly thrice the amount the government wanted to borrow.

Broken down, the government made a full award of the 91-day debt papers, borrowing P4 billion as planned versus total offers amounting to 7.45 billion. The average yield declined by 10.2 basis points (bp) to 4.453% from the 4.555% fetched in the previous auction.

The Treasury also awarded P5 billion as planned for the 182-day IOUs out of the P17.88 billion offered by banks and other financial institutions. The average rate slipped 6.7 bps to 4.856% from last week’s 4.923%.

The BTr likewise fully awarded the 364-day T-bills, accepting P6 billion out of total tenders worth P17.734 billion. Its average yield slid 1.9 bps to 5.05% from the 5.069% tallied in the previous auction.

At the secondary market yesterday, the rates on the three-month, six-month and one-year T-bills were at 4.605%, 4.928% and 5.101%, respectively.

National Treasurer Rosalia V. De Leon said the Treasury saw strong market participation yesterday given the “very liquid” position of investors.

“For this month, (the market is waiting for) another 50 bps cut in the RRR (reserve requirement ratio),” Ms. De Leon said yesterday.

Effective June 28, the Bangko Sentral ng Pilipinas (BSP) will trim universal and commercial banks’ RRR by 50 bps to 16.5%. It will also implement a similar cut in thrift banks’ reserve ratio to bring it down to 6.5%.

Another 50-bp cut will be implemented next month to bring down the reserve ratios of big banks and thrift lenders to 16% and 6%, respectively.

The BSP already slashed lenders’ reserve ratios by a percentage point effective May 31 to 17% for universal and commercial banks, 7% for thrift banks, and 4% for rural and cooperative banks, unleashing billions of pesos into the financial system.

“We’re also waiting for the results of the FOMC (Federal Open Market Committee) meeting starting tomorrow,” Ms. De Leon said on Monday.

The US Federal Reserve’s policy-making FOMC is expected to keep benchmark rates steady during its June 18-19 meeting, although the US central bank is still seen to trim its interest rates sometime this year.

“The expectation is that the Fed will maintain but there’s also the high likelihood in the next policy meeting that they might go for a (cut),” Ms. De Leon added.

Sought for comment, Robinsons Bank Corp. trader Kevin S. Palma said market players continued to put their extra cash in the T-bills, as seen in the demand for the debt papers.

“Investors continued to park their funds in short-term papers amid prospects of monetary policy easing both by the Fed and the BSP within the year,” Mr. Palma said in a text message yesterday.

The BSP will also meet to review its policy settings this Thursday. Six out of 10 economists polled by BusinessWorld said the central bank will likely keep rates steady, while the rest see another 25-bp cut in benchmark yields.

The government plans to borrow P315 billion from the domestic market this quarter, broken down into P195 billion in T-bills and P120 billion through Treasury bonds.

It is looking to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of the country’s gross domestic product.

Citadines Cebu City to open in 3rd quarter

By Bjorn Biel M. Beltran
Special Features Writer

INTERNATIONAL LODGING owner-operator The Ascott Limited (Ascott), in partnership with developer Cebu Landmasters Inc. (CLI), announced that it will be opening the doors to its first property outside of Metro Manila within the third quarter.

Once operational, the new Citadines Cebu City will be the fourth Citadines Apart’hotel property in the Philippines, joining Citadines Salcedo Makati, Citadines Millennium Ortigas Manila, and Citadines Bay City Manila.

“We see great interest in Cebu, especially among young professionals and business travelers who combine their business and leisure goals at the same time. Therefore, Citadines Cebu City is targeting young, independent travelers who are visiting Cebu and desire modern comforts, business connectivity, and customized services,” Daniel Wee, country general manager for The Ascott Limited Philippines, said in a briefing.

Ascott and CLI are planning to put up more hotel projects in the Visayas and Mindanao region. Citadines is Ascott’s fastest growing brand, while CLI has risen to become one of the leading developers in the Visayas and Mindanao regions.

This is in line with Ascott’s ambitious expansion to grow its assets internationally. In April, the company announced that it has secured contracts to manage 14 properties with over 2,000 units across eight countries — China, Germany, India, Indonesia, Japan, Malaysia, Thailand, and Saudi Arabia. Three of the 14 new properties will open under its co-living ‘lyf’ brand, and will launch in the cities of Fukuoka in Japan, Kuala Lumpur in Malaysia and Shanghai in China by 2020.

With the help of CLI, Ascott plans to have 1,600 units operational within the Philippines by 2022 in key cities such as Cebu, Cagayan de Oro, Davao, Dumaguete, and Iloilo in the next few years.

“We’re confident that Ascott will further invigorate the Visayas and Mindanao area in the next few years, by providing the options that travelers are looking for,” said Mr. Wee.

Located within the multipart complex at the Base Line development area, Citadines Cebu City is within close proximity to famous tourist spots such as the Fuente Osmeña Circle, the provincial capitol, Magellan’s Cross and the Taoist temple.

Three’s company in comedy night

DEEPAK CHANDRAN was an IT engineer based in Singapore when boredom hit him so hard he decided to become a stand-up comedian. Now, together with Indian comedian Sorabh Pant and Australian comedian and actor Imaan Hadchiti, the three are coming to Manila for a one-night, two-hour comedy special on June 22 at the Tent in Enderun Colleges in Taguig City.

“I would call myself a comic with ‘range,’” Mr. Chandran was quoted as saying in a press release. “I can switch between easy light subjects to pretty dark areas with ease. I could make a family, a bunch of drunks laugh with the same amount of ease.” He added that his influences include Louis C.K., Patton Oswalt, Jim Gaffagan, and Mike Birbigila. He has been doing comedy for three and a half years.

Mr. Chandran described his material as something that is “mostly structured around what I see in the society and how it influences my life.”

“It could be anything from religion, politics, office culture, relationships etc. I write jokes about programming, math problems, yoga, poverty, parents, capitalism,” he said in the release.

In a video excerpt of a performance, Mr. Chandran talked about downloading an alarm clock that only turns off once he solves a math problem. He said when the alarm clock rings, he gets up, solves the problem in two minutes and goes back to sleep.

But things changed when he got an American roommate who downloaded the same alarm clock and when he couldn’t solve the problem, he would wake Mr. Chandran up to solve it for him.

“It suddenly became a community math problem solving,” he said.

ONE OF INDIA’S TOP 10 COMEDIANS
Joining Mr. Chandran onstage for Two and a Half Men is Sorabh Pant, an Indian comic who has performed in more than 250 shows in around the world and was named by the Times of India as one of “India’s Top Ten Comedians” in 2012.

Mr. Pant started as a writer for television. In 2008, he went onstage and opened for Indian comic Vir Das, and in 2011, he launched his first comedy special — Pant on Fire — which was staged in India, Dubai, Dhaka, and the US.

He came up with a second comedy special, Traveling Pants, in 2012 where he talked about the cultures of people in India and around the world.

That same year, Mr. Pant founded The East India Comedy company and recruited some of India’s top comedians including Atul Khatri, Kunal Rao, and Sapan Verma. He left it in 2017 to go solo “and chart his own path,” according to an interview with the IWMBuzz website.

His material has been described by the Dubai Night Planner website as, “over the top,” “manic,” and occasionally, “marginally unstable.”

HALF MAN
Two and a Half Men is hosted by Imaan Hadchiti, an Australian comic and actor who stands at 107 cm tall (3’5”). He has been doing comedy since he was 15 years old and much of his material focuses one the way people of normal stature react to him.

He describes his comedy as “disarmingly cheeky and honest.”

“As a shameless, self promoting, independent artist, there is an obligation to mention that in his 12-year career he has performed in festivals all around the world from Australia and the UK. Recently he has moved to the booming comedy scene in Berlin,” Mr. Hadchiti said in the release.

He has performed at the Adelaide Fringe Festiva and the Melbourne International Comedy Festival.

Two and a Half Men will be held on June 22, 8:30 p.m. (doors, food station and bar open at 6:30 p.m.), at the Tent at Enderun College, McKinley Hill, Taguig City. Ticket prices are P1,500 for Standard and P2,000 for VIP. Tickets are available via 0920-971-7055 or 0917-570-3057. — Z.B. Chua

ICTSI says it is preferred bidder for new terminal in Cameroon

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) on Monday said it was chosen as the preferred bidder to develop, operate and maintain a newly built port in Cameroon.

“On 14th of June 2019, ICTSI has been declared preferred bidder for the concession of the development, operation and maintenance of the Multi-Purpose Terminal of the Port of Kribi by the Port Autonome de Kribi,” the Razon-led port operator told the stock exchange.

ICTSI and the port authority will now start “exclusive concession contract negotiations” before they may proceed with the final contract signing.

If ICTSI succeeds in securing the contract, it will be the operator of the multi-purpose terminal for 25 years, or until 2045.

The Port of Kribi is noted for having a deep draft, and the multipurpose terminal that ICTSI is poised to operate has a 265-meter berth and a 10-hectare yard.

“Kribi port is surrounded by the Kribi Industrial Area, a 262-square kilometer reserved land destined to accommodate new industrial and logistical developments supporting the Cameroon-Chad-CAR (Central African Republic) Corridor economic growth,” ICTSI said.

The listed firm currently operates 30 terminals based on data from its website, spread across the Philippines, Asia Pacific, Latin America, Europe, Middle East and Africa.

In Africa, ICTSI already operates Matadi Gateway Terminal in Congo; and the Madagascar International Container Terminal Services Ltd. in Toamasina, Madagascar.

It was also supposed to operate the South Port Container Terminal at Port Sudan, until its contract was suspended earlier this year after protests from workers.

ICTSI saw its attributable net income grow 77% to $72.4 million in the first quarter, driven by a strong operating income and lower financing charges. — Denise A. Valdez

Bank of Japan to stand pat despite trade war and dovish Fed outlook

TOKYO — The Bank of Japan (BoJ) is expected to maintain its massive stimulus program on Thursday and signal its readiness to ramp up monetary support if growing risks such as the escalating US-China trade war threaten the economy’s modest expansion.

Many BoJ policy makers are wary of using their dwindling policy ammunition any time soon as years of ultra-low interest rates strain financial institutions’ profits, say sources with knowledge of the central bank’s thinking.

But the darkening outlook is also forcing them to brace for the likelihood of another economic downturn and brainstorm ideas on how to respond, they say.

Adding to the uncertainty are heightening market expectations the US Federal Reserve will start to cut interest rates to fend off the damage from the trade war with China.

While such rate cut expectations have kept a floor on stock prices so far, an actual cut by the Fed could push down the dollar and trigger an unwelcome yen spike that hurts Japan’s export-reliant economy, some analysts say.

“There may be no immediate need for action,” one of the sources said. “But with uncertainty over the outlook so high, the BoJ would need to think about how to respond if a shock hits the economy.”

At the two-day rate review ending on Thursday, the BoJ is widely expected to keep its short-term rate target at -0.1% and a pledge to guide the 10-year government bond yield around zero percent. The Fed meets this Tuesday and Wednesday.

The BoJ board is likely to maintain its view Japan’s economy continues to expand moderately as a trend, but debate whether its projection of a rebound in overseas growth later this year remains valid, the sources say.

At a post-meeting news conference, BoJ Governor Haruhiko Kuroda is likely reinforce his view the central bank is ready to deploy additional stimulus if the economy loses momentum to hit its 2% inflation target.

Japan’s economy expanded an annualized 2.1% in January-March but many analysts predict growth to slow in coming quarters as the US-China trade row hurts global trade. A scheduled domestic sales tax hike in October may also cool consumption, they warn.

Many in the Bank of Japan prefer to wait for more data, such as the central bank’s “tankan” quarterly business sentiment survey due July 1, to see how deeply the trade tensions could hurt domestic demand, the sources say.

“Domestic demand, including capital expenditure, is still firm. The key is to see whether this will remain the case,” a second source said.

Japan’s annual core consumer inflation hit 0.9% in April, remaining distant from the BoJ’s target, despite years of heavy money printing by the central bank.

Many analysts say the BoJ has very little tools left to fight the next recession, with its negative rate policy hurting financial institutions’ margins and long-term yields already hovering below zero. — Reuters

Why co-living spaces are on the rise in the metro

DEMAND for co-living spaces has been growing, as young workers prioritize convenience and cost when looking for a place to live in the metro.

In its report “Co-Living in Costly Cities-Asia Pacific,” JLL (Jones Lang LaSalle) defined co-living as “a form of housing where residents with similar interests and values share living space.”

“The demand drivers that support the development of the co-living sector stem from changing demographics, financial considerations and tech advancements. The flexible co-living model is filling-in the gaps of a residential market that’s been under-served for too many years,” JLL said.

The concept of shared living spaces is not new, but JLL said there is now a more organized system with an emphasis on the 4Cs — collaboration, convenience, cost and community.

JLL said co-living spaces provide convenience to working professionals who need to live near their offices.

“Co-living offers flexible and shorter lease terms and often monthly lease options. Co-living contracts generally cover all services and move-in requirements. The spaces are fully furnished, utilities are set-up, and cleaning and maintenance services taken care of,” it added.

Co-living spaces are also more cost-efficient, as residents can share the cost of utilities, Wi-Fi, and cleaning services.

“While, a co-living space may cost more than a room in a shared apartment at first glance, once all the additional costs like move-in and move-out, agent fees, utilities, maintenance and furniture depreciation are factored in, the pricing is relatively similar — with the added benefit on having flexible lease terms,” JLL said.

People also opt for co-living spaces because of the feeling of community and the chance to collaborate with others.

“Catering to a young, aspirational demographic, residents within co-living spaces enjoy the collaborative benefits that the community provides. Some co-living models cater entirely towards a certain profile or profession, with co-living operations that specifically house ‘digital nomads,’ blockchain communities or tech start-ups,” JLL said.

In the Philippines, co-living spaces include dormitels, which is a combination of a dorm and hotel services. Majority of dormitels can be found in the fringes of business districts Bonifacio Global City and Makati City. These cater to young professionals who give importance to affordability, location, convenience, and safety.

Some dormitels in the country include iDorm, Bonifacio Point, MyTown New York, and MyTown Auckland, and the Flats Amorsolo, all of which are located in the Makati City area.

Major property developers are now making an entry into the new market. In 2017, SM Investments, Corp. bought 61.2% of Urban Living Solutions, Inc.’s MyTown brand, while Ayala Land, Inc. opened in 2018 its first dormitel, The Flats Amorsolo, and the second one this year, The Flats BGC 5th Avenue.

“JLL believes that co-living is a solution to address growing housing needs due to urbanization and provides an additional option to the different living types within Metro Manila,” the real estate services company said. — Vincent Mariel P. Galang

Echoes PH joins Fête de la Musique 2019

ECHOES PH is joining this year’s Fête de la Musique with a secret lineup and a space for open jam. Dubbed as the “Discovery Stage,” this pocket stage will be held at Warehouse Eight, on June 22, 7 p.m. to 1 a.m. Entrance is free.

According to a press release, “A brainchild of Warehouse Eight and Kwago, Echoes PH is a Manila-based independent platform and community for musicians and poets to play and show a different side of them in an intimate space where the audience is not expecting to be entertained but just to embrace and celebrate the beauty of pure self-expression.”

Kwago and Echoes PH co-founder Czyka Tumaliuan emphasizes that their stage at Warehouse Eight is a well thought-of social experience, not just a live music performance.

“We’re so excited to join Fête for the first time. Echoes is ultimately about creating a safe space for poets and musicians to share their music and connect to their listeners in a deeper way, and we’re still keeping this spirit on June 22 by designing a social experience, not just a gig,” she said.

“We are not just doing a ‘secret lineup’ as a gimmick. We want our community to be engaged, to be excited. We’re dropping hints to our line up through our social media because we are playing a game with our community,” Ms. Tumaliuan added.

“The roster invited are musicians we feel deserve the spotlight. We are the only stage that is letting people who want to share their craft openly play after the set lineup and jam with other musicians, which is a way of us to go back to the roots of fête where everyone and anyone is encouraged to celebrate the beauty of music,” Warehouse Eight and Echoes PH co-founder Kayla Dionisio said.

The Discovery Stage will be featuring Drunk Barista and Artist’s Block in the event, two liquor brands who will be giving away free alcohol during the gig. Echoes will have their usual roving film camera as well and have invited Sunny16 Lab and Film Folk to have booth for film enthusiasts. There will be a silkscreening pop-up for people who wants to have their tote bags and shirts designed in the space.

DoE denies Gas2Grid request to delay start of drilling operations

THE Philippine Department of Energy (DoE) has rejected Gas2Grid Ltd.’s request to push back the start of drilling operations on the Nuevo Malolos-1 Deepening to the end of July, the Sydney-based oil and gas exploration company said on Monday.

In a disclosure to the Australian Securities Exchange (ASX), Gas2Grid said it had requested the DoE to delay until end of July the commencement of drilling operations due to force majeure.

“The DoE notice not approving the extension to commence operations under Force Majeue will now impact on the proposed capital raising,” the company said.

It also noted the DoE denied its request in a letter dated May 17, but this was only received by the company on June 14.

“The DoE also advised the company to commence drilling operations in accord with the conditions of the two-year extension which includes drilling Nuevo Malolos-1 Deepening by the 3rd of July, 2019. Failure to comply risks termination of the service contract,” Gas2Grid said.

The company said it will challenge the DoE decision.

Gas2Grid said the company had to defer the start of drilling operations after its expatriate drilling engineers were unable to start work on the site due to the May 13 elections.

“In addition, local drilling crew advised their preference to wait until after the election before determining timing to commence site operations. The company therefore had no choice but to defer commencing site work until end of July, 2019 and formally request the DoE grant deferral of the start date under Force Majeure, provided for under Service Contract (SC) 44,” Gas2Grid said.

Gas2Grid Ltd. is an Australian company created in 2004 for domestic and international oil and gas exploration. Its assets include a 750- square kilometer Petroleum SC 44, located onshore Cebu Island in the Philippines which had been issued for a seven year period.

BPI AMTC’s UITF surpasses $100M in assets under management in Q1

BANK of the Philippine Islands’ asset management arm said its unit investment trust fund remained the largest of its kind at the end of the first quarter. — BW FILE PHOTO

THE UNIT investment trust fund (UITF) of BPI Asset and Management Trust Corp. (AMTC) remained the largest of its kind in the industry as of end-March, tallying larger returns compared with globally renowned index.

In a statement on Monday, the asset management subsidiary of Bank of the Philippine Islands (BPI) said its BPI Global Equity Fund-of-Funds breached the $100-million mark in assets under management to remain the largest UITF in the industry at the end of the first quarter.

“This is good news not only for us but most especially for our investors as we continue to offer growth opportunities to our clients through various global funds,” said BPI AMTC President Sheila Marie Tan. “We strive to open more doors for Filipino investors with promising investment opportunities beyond the Philippine markets.”

The investment vehicle beat the returns of Morgan Stanley Capital International (MSCI) World Index by 0.94% year-to-date to 2.58% over two years as of the previous quarter, it said.

The MSCI World Index is made up of large and mid-cap equities of 23 developed markets such as the US, UK, Japan, Hong Kong and Singapore.

Key challenges to the fund were economic downturns in the previous years such as the yuan depreciation in the last quarter of 2015, Brexit talks in the second quarter of 2016, as well as other events in 2018 such as the trade war, US inflation scare and geopolitical tensions in Europe and Syria. However, during these periods, BPI AMTC said its UITF posted an outperformance of 1.59%, 0.86% and 2.41%, respectively.

The UITF managed by BPI AMTC invests in a diversified portfolio of global equity collective investment schemes managed by State Street Global Advisors, Wellington Management, Capital Group and UBS Asset Management.

Investors may park funds starting at $500 through BPI Online or through BPI or BPI Family Savings Bank branches.

Bria Homes bets big on Laguna

Bria Homes has six projects in Laguna.

MASS HOUSING developer Bria Homes is bullish on Laguna, where it sees demand for “superior quality but affordable homes.”

The Bria Homes has six property developments in the province, one each in Calauan, Sta. Cruz, San Pablo, and Alaminos, and two in Calamba.

“Laguna, one of the most progressive provinces south of the metro, has long been considered a prime residential location, thanks to its proximity to Metro Manila,” the company said, adding the province’s growing business and employment opportunities is a big draw.

Bria Homes Calamba, located in Brgy. Bañadero, offers 2,556 units on a 33-hectare property. Bria Homes Calamba Executive, located in Brgy. Majada Out, will have 1,269 units on 17 hectares of land.

In Calauan, Bria Homes has a 12-hectare property in Brgy. Mabacan that offers 1,401 units. “Its strategic location along the Calauan-San Pablo Highway makes it a nice investment for future homeowners,” the company said.

Bria Homes Sta. Cruz features 1,359 units on an 11-hectare land along the Calumpang-Sta. Cruz road in Brgy. San Jose.

The property developer also launched a 19-hectare project in San Pablo which offers 2,503 units. In Alaminos, Bria Homes unveiled a 10-hectare project with 1,191 residential units.

Bria Homes has affordable housing options, ranging from rowhouses, townhouses, and single firewalls. Prices start from P500,000 for a rowhouse to P1.5 million for a single firewall house.

Each subdivision has a covered basketball court, landscaped gardens, parks, and playgrounds.

Bria Homes is a subsidiary of Golden Bria Holdings, Inc., a listed real estate company. In the first quarter of this year, Golden Bria reported its net profit climbed 68% to P402.2 million, driven by a 52% increase in revenues to P1.79 billion.

First quarter real estate sales went up 53% to P1.75 billion, which was attributed to a “significant” jump in residential unit sales for Bria Homes, and rising sales of memorial lots for Golden Haven.

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