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AC Energy increases green bonds offering to reach $470 million

AYALA-LED AC Energy, Inc. (AC Energy) upsized its senior green bonds offering under its $1-billion medium-term note program by $60 million, expecting it to boost its clean energy investments amid a grueling business environment.

In a stock exchange disclosure on Thursday, parent Ayala Corp. said the latest five-year bonds with a coupon of 4.75% annually, which were issued via private placement, bring the energy company’s total dollar bonds issuance to $470 million.

“AC Energy’s Green Bonds further strengthen our liquidity and enable us to continue scaling up our renewable investments despite the challenging environment,” AC Energy President and Chief Executive Officer Eric T. Francia said.

The senior bonds now consist of $360-million five-year bonds that are due in 2024 and $110-million ten-year bonds that will expire in 2029. The additional bonds will be listed at the Singapore Exchange Securities Trading.

The energy firm has tapped The Hongkong and Shanghai Banking Corporation Limited as the dealer for the bonds.

AC Energy started the bonds program in 2019, the first Climate Bond Initiative-certified dollar-denominated green bonds listed in Southeast Asia. These were supported by the International Finance Corp. (IFC) and the Asian Development Bank (ADB).

The company later in November raised $400 million from the fixed-for-life bonds.

In the first quarter, AC Energy set aside around $455 million of the proceeds from the perpetual green bonds to 11 power projects with a combined capacity of 1,600 megawatts (MW) in Vietnam, Indonesia, and the Philippines. These include its latest greenfield projects and the purchase of additional stakes in Philippine energy projects.

AC Energy was recognized for its issuance as the Best New Green Bond Issuer by London-based IFC. The offering was recognized as the Best Green Bond and the company as the Best Issuer for Sustainable Finance (Corporate) in the Philippines by Hong Kong’s The Asset.

Further, the perpetual bond was awarded Best Corporate Bond in Asia Pacific by The Financial Times-run The Banker.

Earlier, the company made a bold commitment to divest from coal in the next decade as part of its updated environmental and social policy, while it pledged to scale up its renewables expansion in the region.

It is currently building several solar projects with a total of 180 MW in capacity in the Philippines and over 200 MW of both solar and wind facilities in Vietnam.

The company is seeking to widen its renewables capacity to 5,000 megawatts by 2025.

On Thursday, shares in Ayala Corp. inched up 0.71% to close at P780.50 each. — Adam J. Ang

Netflix’s adaptation of The Baby-Sitters Club aims at homebound families

When producer Naia Cucukov was in the sixth grade, The Baby-Sitters Club book series about preteen girls and their adventures in entrepreneurship helped her survive an awkward stretch of adolescence. Now, decades later, Cucukov is helping The Baby-Sitters Club get through an uncomfortable time in the entertainment industry.

On Friday, a new TV series based on the original stories by Ann M. Martin arrives on Netflix. Cucukov hopes the adaptation will resonate with a new generation of youthful, streaming-minded consumers who are stuck at home at a time when the school year is over yet many summer activities have been disrupted by the coronavirus pandemic.

The series is being made by Walden Media, where Cucukov oversees development and production. Not long ago, the production house, which is owned by billionaire Philip Anschutz, was primarily known for turning popular children’s books like The Chronicles of Narnia and Charlotte’s Web into major theatrical releases for the big screen. In recent years, however, Walden has been remaking its business model to capitalize on the rise of Netflix Inc. and other streamers.

“For Netflix and especially for Ann M. Martin, the creator of the series, we really wanted to maintain the integrity of what was in the books,” Cucukov said in an interview. “The strong female friendships, the feeling of inclusion for everyone, the idea that being a boss and an entrepreneur is something that is worthy of doing — all of those things, combined with the fact that we wanted to modernize it, was something that Netflix really encouraged.”

In recent years, many of Hollywood’s production houses have been rethinking their die-hard devotion to the big screen, becoming increasingly attracted to the television sets and laptops that are the domain of streaming services. Now, with most cinemas across the US dark, the trend is gaining momentum. “We’re in an environment now where the consumer is telling the major players, ‘This is how, where, and when I will consume your product,’” said Darrell D. Miller, founding chair of the entertainment and sports law department at Fox Rothschild LLP. “It’s forced major companies to reevaluate all their business practices as a whole.”

Walden is a case in point. For years, the company approached each of its projects the same way, maintaining a 50% ownership stake while teaming up with a major studio to split all the costs down the middle, including marketing. Each side would then receive half of the movie’s earnings.

The approach yielded mixed results. Walden’s initial film based on the C.S. Lewis fantasy novels, The Chronicles of Narnia: The Lion, the Witch and the Wardrobe, was a box-office smash, generating almost $750 million in global ticket sales. But other films with more modest budgets, such as City of Ember and How to Eat Fried Worms, failed to break even.

In the early 2010s, Walden’s then-chief operating officer Frank Smith, a veteran of New Line Cinema, began advocating for a shift in strategy. With the financial crisis squeezing the box office, studios were releasing fewer movies, resulting in less opportunity for Walden and everybody else.

By 2015, when Smith was elevated to chief executive officer, streaming video services were taking off. Young viewers and their parents, Walden’s core demographic, were connecting with a new wave of animated movies and TV series. Smith decided that in addition to live-action movies, Walden would expand into animation and begin to make TV series. In particular, he aspired to start working with Netflix.

At the time, Netflix didn’t have a department dedicated to family films and had only recently started pouring money into original series. “A lot of the time it was us talking to executives who were maybe making more adult content and trying to figure out how to wedge our way in there,” Cucukov said. “Luckily, at a certain point, people realized that this is a very viable way for kids and families to watch content.”

In addition to Netflix, Walden now has projects in development with Apple Inc., Amazon.com Inc. and Walt Disney Co.’s Hulu. Working with streaming companies has forced Walden executives to rethink the company’s way of doing business. Netflix favors upfront payments for content while minimizing the kind of ancillary financial rewards, such as licensing deals, that are the lifeblood of the traditional movie-making business. These days, while Walden owns some of its projects, it has also begun working as a producer-for-hire on others.

“We’re much more nimble, and you have to be to stay competitive in this business,” Smith said. “Because if I insist only on some 50-50 ownership, or something, that model isn’t going to work for the streamers.”

The shift in strategy is paying off in unexpected ways. When the coronavirus took hold of the US in March, Hollywood productions came to a halt. Theaters across the country closed. Walden was just finishing filming The Baby-Sitters Club, its first series for Netflix. The show suffered some delays in post production because of the virus but ultimately was able to move forward. It will debut at a time when many movies scheduled for theatrical release this summer are still in limbo.

Walden’s move into animation has been well-timed. The company is creating its second animated movie, Rumble with Paramount Pictures, due for release in 2021. Rumble and other animated projects have been able to carry on production because much of the work can be done remotely at a safe social distance.

As the coronavirus continues to shake up Hollywood, Smith sees Walden’s old model fading quickly in the rearview mirror. The production company doesn’t plan to abandon the big screen, but will probably never hold up big-budget, live-action theatrical releases as the gold standard again. “It was changing before,” said Smith. “Now post-COVID, we’re in a completely different landscape. What’s going to motivate people to go into the theater, and wear a mask and sit through a movie right now?” — Bloomberg

Altus Property net earnings fall 21% due to mall closure

EARNINGS of newly listed Altus Property Ventures, Inc. (APVI) fell 21% in the first quarter due to mall closure during the Luzon lockdown.

In a regulatory filing Thursday, the former subsidiary of Robinsons Land Corp. said its net income in the three-month period declined to P14.84 million from P18.67 million the same period last year.

Its revenues were flat at P33.62 million from last year’s P33.34 million due to the temporary and partial closure of its Robinsons Place Ilocos mall when lockdowns were implemented due to the coronavirus disease 2019 (COVID-19) pandemic.

Costs and rental services similarly fell 14% to P6.79 million because of depreciation of various fixed assets. Gross income during the period stood at P26.83 million, up 5% year on year.

However, general and administrative expenses rose 74% to P7.74 million because of higher professional fees, taxes and salaries, among others. The mall closure also resulted in lower billings of utilities, pulling APVI’s other income by 70% to P743,536 and weighing on its bottomline.

Despite the first quarter turnout and the ongoing COVID-19 pandemic, the company said its financial position remains healthy as its total assets stood at P708.18 million and its total equity at P600 million as of end March.

APVI listed its shares at the stock market last week by way of introduction, which is expected to help the company pursue new opportunities for future expansion. JG Summit Holdings, Inc. owns 60.97% of APVI’s outstanding capital stock.

Shares in APVI closed at P39.50 apiece on Thursday, down P2.60 or 6.18% from a day ago. — Denise A. Valdez

‘Help!’ cry British musicians, warning of crisis in live music industry

PAUL McCartney, Ed Sheeran, and The Rolling Stones were among some 1,500 musicians who called on Thursday for the British government to help the live music business survive the novel coronavirus outbreak.

“The future for concerts and festivals and the hundreds of thousands of people who work in them looks bleak,” the musicians wrote in an open letter to British Culture Secretary Oliver Dowden.

“Until these businesses can operate again, which is likely to be 2021 at the earliest, government support will be crucial to prevent mass insolvencies and the end of this world-leading industry.”

The letter called for a clear timeline on when music venues could reopen, as well as support for businesses and jobs.

Dowden responded to the musicians in a tweet on Thursday saying he is “pushing hard for these dates & to give you a clear roadmap back.” He said decisions on reopening of live music venues would be difficult as it relates to the future of social distancing.

Music venues, concerts and festivals — including the annual summer Glastonbury festival — were shuttered or cancelled in March when the COVID-19 pandemic took hold in the country.

Britain, whose death toll from pandemic is approaching 55,000, showed a Reuters tally of official data sources, is in the process of gradually reopening retail stores, schools and pubs.

The musicians in the letter said live music added 4.5 billion pounds ($5.6 billion) to the British economy and supported 210,000 jobs across the country in 2019.

The appeal was signed by musicians across genres and generations, including Rod Stewart, Eric Clapton, Bob Geldof, Coldplay, Sting, and Dua Lipa, as well as producers and operators of concert halls and clubs. — Reuters

Philodrill sheds P18 million as oil revenues dip

THE Philodrill Corp. lost P18 million in the first quarter as its revenues from petroleum projects took a dive.

Its overall revenues dwindled by 59% to P30 million in the first three months of 2020 from P73.2 million it posted in the same period in 2019.

This was mainly dragged down by the 79% drop in petroleum revenues to P14 million over P62.6 million for the same quarter last year.

The decline in petroleum revenues was due to the falling crude prices and output volume in the January-March period.

Its combined gross production level faltered to 172,097 barrels from 213,619 barrels in the same period a year ago. The average price per barrel fell to $23.70, compared to $67.53 from last year.

Philodrill shed P18 million in earnings over a net income of P9 million in the same quarter last year.

The listed oil and gas exploration and development company runs nine petroleum projects under various service contracts in the country.

Earlier, Galoc Production Co., the operator of the Galoc oil field in Palawan, announced the temporary suspension of operations in the petroleum prospect starting September 24. This came after Rubicon Offshore International, which owns the floating production storage and offloading vessels used in the oil field, ended its service to the production block.

The Galoc oil field under Service Contract 14 C-1, in which the company holds a minority interest, produced 173,600 barrels, slightly lower than 185,671 barrels it yielded in the previous quarter.

Meanwhile, its joint application with PXP Energy Corp. to explore Area 7, a possible oil discovery site located in the Sulu Sea, remains pending with the Department of Energy. The block is one of the pre-determined areas offered by the department under its Philippine Conventional Energy Contracting Program. — Adam J. Ang

Mickey Mouse fans ‘over the moon’ as Tokyo Disney reopens

URAYASU, Japan — Tokyo Disney Resort welcomed visitors on Wednesday for the first time in four months after being closed due to the coronavirus, with fans practicing social distance as they returned to see Mickey Mouse and other beloved characters.

Visitors in face masks queuing on floor marks clapped as the gates of the Magic Kingdom reopened, and were encouraged to clean hands, pay without cash, and avoid screaming while enjoying one of Japan’s largest theme parks.

The resort will operate at a 50% capacity for the foreseeable future, while parades and shows remain suspended. But the new norm did not dampen the enthusiasm of Disney lovers like university student Momoka Mitsui.

“I’m over the moon just to be able to get inside Disneyland,” said the 18-year old who visited the park with a friend, both sporting face masks and matching Mickey Mouse headbands.

Tokyo, which has seen the highest number of coronavirus cases in Japan, allowed amusement parks to reopen in mid-June — later than those in some other regions — after the government lifted the national state of emergency in late May.

Other precautions being taken to protect against the disease at the park include temperature screening and the mandatory use of face masks, according to operations procedures published on the Tokyo Disney Resort’s website last week.

Staff members are also asking guests to refrain from screaming loudly on rides, in accordance with guidelines first published by Japan’s main amusement park associations in May.

Masahiko Endo, a 37-year-old care worker from Tokyo, said he agreed with the decision to limit the number of guests entering the park located some 15 kilometers away from central Tokyo.

“I hope the pandemic will be contained soon, so that Disney can go back to being a place anyone can visit,” he said, clinching a Duffy the Disney Bear toy.

Tokyo Disney Resort, consisting of both Tokyo Disneyland and Tokyo DisneySea, is the third Disney-themed park globally to reopen following the coronavirus pandemic, according to operator Oriental Land.

It attracted over 32.5 million visitors annually in 2018 and had sales of 437 billion yen ($4.06 billion) in fiscal 2019. — Reuters

Cosco sets P3.6B capex, posts 79% income fall

RETAIL holding firm Cosco Capital, Inc. (Cosco) is allocating P3.6 billion for capital expenditures (capex) this year as it reported 79% lower earnings in the first quarter after accounting for last year’s non-recurring gain.

In a regulatory filing, the Lucio L. Co-led company said its attributable net income during the January-to-March period stood at P1.41 billion, down from P6.85 billion in the same period last year.

But its core net income, which excludes last year’s one-time gain from selling its equity interest in Liquigaz Philippines Corp., rose 13% to P2.32 billion.

Consolidated revenues grew 15% to P43.09 billion, largely attributed to the 17% increase in grocery retailing revenues to P40.95 billion.

Cosco said it saw some climb in sales in both Puregold stores and S&R warehouses due to the heightened consumer buying with the coronavirus outbreak. However, the growth was tempered by the temporary closure of S&R restaurant outlets in malls and central business districts.

The liquor distribution segment recorded revenues of P1.85 billion during the period, down 13% from a year ago. The imposition of a quarantine in mid-March also came with the declaration of a liquor ban, which affected its sales volume to fall 9%.

Revenues from the real estate segment likewise fell 3% to P526 million, attributed to the temporary closure of malls and commercial establishments, resulting in the waiving of rentals and other fees from tenants.

The specialty retail segment, which accounts for the operations of Office Warehouse, Inc., posted a 14% revenue drop to P536 million because of temporary store closures following the lockdown.

Of the company’s capex budget of P3.6 billion this year, some P3.4 billion will go to the Puregold Group, P150 million to the real estate group, and P50 million to Office Warehouse. Capex will be funded by internally generated cash, and if necessary, by short term bank credit.

Shares in Cosco at the stock exchange picked up six centavos or 1.1% to close at P5.50 each on Thursday. — Denise A. Valdez

Carl Reiner, comedy pioneer, 98

LOS ANGELES — Carl Reiner, a driving force in American comedy as a writer for television pioneer Sid Caesar, partner of Mel Brooks, and creator and co-star of the classic sitcom The Dick Van Dyke Show, died at age 98 of natural causes, his assistant said on Tuesday.

His career spanned seven decades and every medium from theater and recordings to television and movies, including directing Oh, God!, three collaborations with Steve Martin, and a role as an elderly con man in the revived Ocean’s Eleven series.

Mr. Reiner passed away on Monday night at his home in Beverly Hills, his assistant Judy Nagy told Reuters on Tuesday.

He was still taking voice roles in his 90s and had a key role in If You’re Not in the Obit, Eat Breakfast, a documentary about people who keep busy into their 90s.

Mr. Reiner is survived by three children, including Rob Reiner, director of several hit movies and known for playing Archie Bunker’s son-in-law “Meathead” in the hit TV comedy All in the Family. Mr. Reiner’s wife of 64 years, Estelle, died in 2008.

Rob Reiner on Twitter mourned his father’s passing, saying, “As I write this my heart is hurting… He was my guiding light.”

His father was also active on Twitter. His final tweet on Monday was in praise of British playwright and composer Noel Coward, whom he lauded as “the single most prolific writer of musical comedies, plays, songs and films.”

Tributes to Mr. Reiner poured in from across the show business spectrum.

Comedian Sarah Silverman noted the comedy legend’s accomplishments as well as his generosity. “Never left his house empty handed — book, space pen, Swiss Army knife. RIP to a man that embodies the word mensch,” she wrote on Twitter.

Late-night comedy host Stephen Colbert simply tweeted “The Greatest” in a post accompanying a picture of Mr. Reiner as a young man.

New York Governor Andrew Cuomo also hailed the enduring comedy of the Empire State native, saying on Twitter, “He made America laugh — a true gift.”

Mr. Reiner expressed his approach to his work in his book My Anecdotal Life, when he said, “Inviting people to laugh at you while you are laughing at yourself is a good thing to do. You may be the fool but you are the fool in charge.”

Mr. Reiner, the Bronx-born son of a watchmaker, started in entertainment as a teenager in a touring theater troupe that performed Shakespearean plays. His career took a decisive turn after he joined the Army Signal Corps during World War Two.

Recruited into a special unit that put on shows for the troops, Mr. Reiner began writing and performing his own comedy material.

Returning to New York City after the war, Mr. Reiner appeared in several Broadway musicals, including a lead in Call Me Mister, before he was hired to join Caesar’s popular TV sketch comedy series Your Show of Shows in 1950.

Mr. Reiner was part of Caesar’s ensemble of performers as well as a celebrated writing team that included then-unknown talents such as Brooks, Neil Simon, and Larry Gelbart.

Mr. Reiner and Brooks remained close into their late 90s with Mr. Reiner telling USA Today in 2019 that they got together regularly to watch game shows and movies.

Brooks called him “a giant, unmatched in his contributions to entertainment,” in a tweet on Tuesday.

“A tired cliche in times like this. But in Carl Reiner’s case, it’s absolutely true. He will be greatly missed,” Brooks said.

2000-YEAR-OLD STRAIGHT MAN
Brooks joined Mr. Reiner in creating the “2,000-Year-Old Man” routine in which Mr. Reiner interviewed the world’s oldest living man, played by Brooks, who deadpans satiric, first-person anecdotes of history in a thick Jewish accent.

Asked why the cross became a symbol for Christianity, for example, Brooks replied: “It was easier to put together than the Star of David.”

Originally ad-libbed by Mr. Reiner and Brooks at a party, the sketch evolved into a perennial TV favorite and basis for five comedy albums, the latest of which earned a 1998 Grammy Award.

When Your Show of Shows ended its 4-1/2-year run in 1954, Mr. Reiner followed Caesar to his next series, Caesar’s Hour, and earned his first two Emmys.

Encouraged by his wife to develop a TV show as his own, Mr. Reiner began work on a sitcom pilot loosely based on his experiences with the Caesar shows, titled Head of the Family, casting himself as a TV writer with a wife and two kids.

Network executives initially passed on the project, unhappy with Mr. Reiner as the lead character, Rob Petrie. But CBS ultimately picked up the series in 1961, recast and retitled for its new star, The Dick Van Dyke Show.

Mr. Reiner, who earned several Emmys writing and producing the hit series, played the recurring role of Petrie’s boss, the temperamental variety show host Alan Brady.

A reprisal of his Alan Brady role three decades later, for a guest spot on the 1990s sitcom Mad About You, earned Mr. Reiner yet another Emmy.

Besides helping transform its creator and star into household names, The Dick Van Dyke Show launched the career of Mary Tyler Moore, who played Rob Petrie’s wife. The series, considered a TV sitcom classic, ended its run in 1966.

The following year, Mr. Reiner made his feature film directing and producing debut with Enter Laughing, which he adapted from a Joseph Stein play that was based on Mr. Reiner’s semi-autobiographical 1958 book of the same name.

He later directed George Burns in the title role of the 1977 comedy film Oh God! before collaborating with Steve Martin for a string of movies, including The Jerk, Dead Men Don’t Wear Plaid, and The Man with Two Brains.

Starting in 2001, he made a big-screen comeback playing elder con artist Saul Bloom, who comes out of retirement to join George Clooney, Brad Pitt and others in the blockbuster remake of the 1960s heist film Ocean’s Eleven. Mr. Reiner returned to that role in two Ocean’s sequels.

But Mr. Reiner never strayed far from television, continuing to make guest appearances on various shows such as Two and a Half Men and Hot in Cleveland well into his 90s, as well as keeping up a busy Twitter account.

Mr. Reiner wrote four volumes of memoirs, including I Just Remembered in 2014, as well as children’s books. — Reuters

New York attorney general announces $19 million settlement in Harvey Weinstein lawsuits

AN agreement has been reached to settle for nearly $19 million two sexual misconduct lawsuits on behalf of multiple women against imprisoned former Hollywood mogul Harvey Weinstein, attorneys said on Tuesday.

But lawyers representing six of the women who have made accusations against Weinstein called the proposed deal a “complete sellout” that did not require the 68-year-old former film producer to accept responsibility or pay out of his own pocket.

The settlement, which still must be approved by a federal judge and a bankruptcy court, would resolve a lawsuit filed against Weinstein, his production company, and his brother in 2018 by the New York Attorney General’s office.

It would also bring an end to a separate class-action lawsuit brought in 2017 on behalf of nine women who accused Weinstein of sexual harassment or assault, New York Attorney General Letitia James said.

“After all the harassment, threats, and discrimination, these survivors are finally receiving some semblance of justice,” James said on Twitter.

She said the deal would release the women from non-disclosure agreements that prevented them from speaking publicly about Weinstein, once one of Hollywood’s most powerful men.

A lawyer who represented the class of women who brought the 2017 lawsuit, Whitney Siehl, called her clients heroes who had “ignited a movement” by going public with their accusations.

But attorneys Douglas Wigdor and Kevin Mintzer said the settlement was “deeply unfair” to their clients and other women who would have no right to pursue claims against Weinstein and others in court.

“We are completely astounded that the attorney general is taking a victory lap for this unfair and inequitable proposal, and on behalf of our clients, we will be vigorously objecting in court,” Wigdor and Mintzer said in written statement.

Weinstein was found guilty in Manhattan criminal court in February of sexually assaulting former production assistant Mimi Haleyi and raping former aspiring actress Jessica Mann, convictions hailed as a victory for the #MeToo movement. He was sentenced the next month to 23 years in prison.

Weinstein, who has been accused of sexual misconduct by more than 100 women stretching back decades, still faces trial on rape and sexual assault charges in Los Angeles. — Reuters

Italpinas earnings grow 69% on sustained sales from new projects in Q1

Profits of green property developer Italpinas Development Corp. (IDC) surged 69% in the first quarter due to a double-digit growth in revenues and higher interest income from sales.

The listed firm said in a regulatory filing Thursday its net income for the three-month period stood at P15.622 million, up from last year’s P9.26 million.

Its net sales likewise grew 25% to P134.46 million, attributable to the launch of new projects such as the first phase of Miramonti and the second phase of Primavera City. The latter, it said in a statement, was already 50% sold as of end March.

The company said it was optimizing capital expenditures to help preserve cash amid the coronavirus disease 2019 (COVID-19) pandemic. General and administrative expenses fell 4% to P34.29 million while finance costs dropped 35% to P8.84 million.

However, gross expenses at the end of the quarter rose 30% to P111.79 million due to a 53% jump in cost of sales to P77.49 million.

“Despite the expansion in its operations due to increasing number of projects, the company is continuously implementing measures to cut-cost. Further, there was a decrease in fixed overhead brought about by the COVID period,” IDC said.

“We believe that after the COVID situation, green buildings are more relevant than ever before. Well-ventilated buildings with direct access to outdoors spaces and presence of abundant natural lights and other sustainable features are more attractive to the market now than before,” IDC Chairman and CEO Romolo Nati said in the statement.

He added the continued rise in the company’s sales despite the pandemic “is a confirmation that market interest is definitely shifting towards green and accessible real estate products outside the main cities.”

Shares in IDC at the stock exchange climbed nine centavos or 4.48% to P2.10 each on Thursday. — Denise A. Valdez

Robocash to set up digital bank in PHL

ROBOCASH GROUP is seeking to raise $5 million before it conducts an initial public offering (IPO) as it eyes to launch a bank in the Philippines.

“To start activities by September 2020, the group is now raising $5 million to be used as regulatory capital for a Philippine banking license,” Robocash said in a statement on Thursday.

Australia-based KTM Capital and Foster Stockbroking managed the pre-IPO round and would be on board again for the planned IPO at the end of the year on the Australian Stock Exchange (ASX).

While it considered other bourses in the US, London and Singapore, Robocash said it found ASX to be the most appropriate for its needs.

“We have chosen the ASX because it welcomes fintech companies and, at the same time, it will allow us to feel confident there with our size of business,” Robocash said in an e-mail.

Robocash is looking to raise $70 million which may be allocated to set up a bank in the Philippines and for its expansion in other Asian markets. It said the fundraising could imply post-money market capitalization of over $340 million.

The firm said its planned Una Bank, which will be geared towards digital banking, will be completely in-house. It eyes to roll out an all-digital application process and have cards delivered via courier.

“With Una Bank, we aspire to provide the fastest and the most convenient access to a debit/credit card,” it said.

“We expect to have 40,000 active cardholders in a few months after our online bank goes live in the Philippines,” Robocash Group Founder and CEO Sergey Sedov was quoted as saying in the statement.

Robocash is a loan provider from Russia that ventured into the Southeast Asian market through its Philippine launch in 2017. Golden Legacy Financing Corp. served as its partner for its local lending operations.

“As for the neobank, my group of shareholders will not be involved in that project,” Felipe Jose N. Zamora III, president and CEO of Golden Legacy Financing Corp. said in a text message yesterday.

Sought for comment, BSP Deputy Governor Chuchi G. Fonacier said she is “not aware of a submission for an application for banking license” from Robocash.

The Securities and Exchange Commission (SEC) in December revoked Robocash’s authority to operate as a financing company in the country, saying it was operating branches without a license.

Robocash yesterday said the SEC’s findings only concerns offline activities and there was “no malpractice found in the online segment.” It said the order has not been implemented and Robocash Finance Corp. has appealed regarding the ruling.

“The company has taken all necessary legal steps to appeal the order and fully restore its license and is now awaiting the decision,” Robocash said. “Hopefully, the result will be positive and the license will be fully restored.”

Robocash Group also said the revocation of the authority to operate as a financing firm came after they sold their stake in the joint venture Robocash Finance Corp. (RFC) in November 2019.

“Since then, Robocash Group has only assisted RFC in servicing existing customers and established its own Financing company in the Philippines (Digido Finance Corp.). The latter will focus on online activities completely,” it said.

SEC en banc meetings have been suspended for now due to the pandemic.

Asked whether the firm’s issue with SEC will affect the BSP’s decision on a bank license for Robocash, Ms. Fonacier said: “It will depend on their compliance with BSP’s requirements in so far as the licensing of a bank is concerned.”

Robocash said they are doing their “best to stay compliant with all BSP requirements.” — Luz Wendy T. Noble

‘Balik Scientist’ program announces new returnees

THE science and technology department’s “Balik Scientist” program has introduced its lineup of Filipino expatriate scientists who signed up to work in the Philippines, the National Academy of Science and Technology (NAST) said.

In a virtual news conference, the NAST introduced five academicians and four corresponding members who are either expatriates or foreign citizens of Filipino descent agreed to return to the Philippines for short-term or long-term engagements.

Annabelle P. Villalobos, a chemist in the corresponding member program, said: “I have (relatives) who are also scientists. The problem is they are too young and they still want to be developed more before coming back to the Philippines. The Balik Scientist program is very attractive for me. If you really want to serve, you can do a lot of things,” she said.

Ms. Villalobos, a biochemist who serves as a consultant with Johnson & Johnson Biopharmaceuticals, was a chemistry graduate of the University of San Agustin and holds a Master of Science in Biochemistry from the University of the Philippines. Her doctorate was granted by the University of Cincinnati and served as a postdoctoral research fellow at the University of Pennsylvania.

She has a short-term engagement in the Philippines with Central Mindanao University in Bukidnon, where she formerly served as head of the department of chemistry.

The Balik Scientist program is authorized by Republic Act 11035 and is open to science and technology experts who are Filipino or of Filipino descent. They must possess advanced degrees and specialize in areas identified by the Department of Science and Technology as priority fields.

The academicians joining the program are Arnel N. del Barrio, who specializes in ruminant nutrition; Windell R. Rivera, medicinal science; Maribel G. Nonato, chemistry; Christopher P. Monterola, physics; and Charlotte M. Chiong, medical sciences.

Corresponding members, apart from Ms. Villalobos, are Francis L. de los Reyes III, who specializes in environmental engineering; Gonzalo C. Serafica, chemical engineering; and Ramon B. Gustilo, orthopaedics.

In an interview with Asian Scientist, Jaime Montoya, executive director of the Philippine Council for Health Research and Development, said one of the problems encountered by the program is the lack of accommodation for the families of scientists on short-term engagements.

“The program is still evolving… But when you become a Balik Scientist, more than the incentives and the research environment in the Philippines, it is the love for your country that will push you to come back,” Mr. Montoya said.

As of mid-2019, the program had signed up 526 scientists. — Patricia B. Mirasol

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