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Shakey’s net profit falls 35% on store closures

SHAKEY’S Pizza Asia Ventures, Inc. (Shakey’s) posted a 35% drop in net income for the first quarter as operations in its restaurant chain were halted by the Luzon-wide lockdown in March.

In a statement Monday, the restaurant chain operator said its net income fell to P114 million in the three-month period as gross revenues ended flat at P1.83 billion.

It noted it was recording a 21% systemwide sales growth in the first two months of the year, but it dropped in the following month with the implementation of quarantine restrictions in relation to the coronavirus disease 2019 (COVID-19) pandemic.

Only 9% of Shakey’s network of 290 stores were operational in the second half of March, and these stores were only servicing delivery and carry-out customers. Shakey’s ended the quarter with systemwide sales of P2.3 billion.

“The temporary closure of a significant number of our stores, combined with the impact of operating leverage and various fixed costs, dampened our bottom line during the period. We expect the second quarter to be worse, possibly the most challenging I’ve experienced in my career, as we feel the full effects of limited operations and incremental costs due to the crisis,” Shakey’s President and Chief Executive Vicente P. Gregorio was quoted in the statement as saying.

But he noted the company has made efforts to gradually reopen its store network. Some 256 stores or 91% of Shakey’s network have already resumed operations.

“We are grateful that our multi-channel and multi-format approach…has allowed us to weather through the challenges… We were able to re-open stores located outside malls early into the quarantine period, and our existing delivery and carry-out platforms gave us a strong base from which to build and support the growth in in-home food consumption,” Mr. Gregorio said.

“All these, I believe, put Shakey’s in a good position to bounce back, macro environment permitting,” he added.

Shakey’s stores that are not located in malls make up 46% of its store network. Sales from delivery and carry-out services made up 37% of its total sales for the period.

“We are… taking a more prudent approach over the next few months… In the meantime, we will continue to enhance and invest in existing delivery, digital, and carry-out platforms — building on what we have, as well as introducing new and exciting innovations,” Mr. Gregorio said.

Shares in Shakey’s at the stock exchange grew 27 centavos or 4.66% to P6.07 each on Monday. — Denise A. Valdez

AllHome doubles 2019 net income to P1.1 billion

VILLAR-LED AllHome Corp. (AllHome) doubled its net income in 2019 to P1.1 billion as revenues surged on the back of an aggressive store expansion.

In a statement Monday, the listed home development retailer said its 2019 performance marked a banner year for the company, as revenues shot up 68% to P12.1 billion.

“Together with AllHome’s debut in the stock market, 2019 was a milestone for the company also in terms of operations as we registered strong growth in both topline and bottomline numbers… We are very pleased with the company’s solid performance in achieving our full year target,” AllHome Chairman Manuel B. Villar, Jr. said in the statement.

The company attributed its robust performance last year to the opening of 22 new stores across the Philippines. This raised AllHome’s total assets to 45 stores, comprising 22 large mall-based, 10 large free-standing and 13 specialty stores.

AllHome President Benjamarie Therese N. Serrano said the company’s plan is to introduce new store formats to expand AllHome’s customer base.

“We will launch the first phase of AllHome which will be carrying majority of our Hard categories, to areas where it’s still in the early stage of housing construction with a plan to eventually expand it to a regular AllHome once home buyers ‘start to move-in’,” Ms. Serrano said.

AllHome said the coronavirus disease 2019 (COVID-19) pandemic has been posing a threat to its supply chain. But it said the proceeds from its stock market listing last year gives the company a layer of financial security to continue store expansion.

“We believe that the home improvement industry will bounce back as soon as the lockdown is lifted as there will be pent-up demand after staying at home for almost three months,” AllHome Vice-Chairman Camille A. Villar said.

AllHome has started reopening its store network as quarantine restrictions have started to ease. But as the COVID-19 pandemic still lingers, it will be maintaining safety protocols in stores such as requiring face masks and temperature checks and maintaining physical distancing of one to two meters for customers.

The company has also opened an online shop to accommodate customers without having to go to its physical stores.

Shares in AllHome at the stock exchange fell five centavos or 0.93% to P5.31 each on Monday. — Denise A. Valdez

Cebu Landmasters’ earnings dip 4% on higher costs, expenses

By Denise A. Valdez, Reporter

PROFITS of Cebu Landmasters, Inc. (CLI) slid 4% in the first quarter as its operating expenses outpaced the growth of its revenues.

In a regulatory filing Monday, the listed property developer said its net income attributable to the parent company stood at P572.23 million in the three-month period, down from P598.54 million in the same period last year.

Consolidated revenues improved 13% to P2.11 billion, lifted by growth across its various business segments and new contributions from its hotel segment, which opened in September 2019.

Real estate sales contributed P2.06 billion, higher by 11% due to increased sales in its properties in Cebu, Bacolod and Cagayan De Oro. But consolidated reservation sales dropped 27% to P2.82 billion due to the delay in launching new projects in the first quarter.

Commercial leasing added P16.6 million in revenues, up 13% from a year ago. This was attributed to CLI’s larger gross leasable area totaling 14,302 square meters (sq. m.) from last year’s 10,110 sq. m. The company finished the quarter with an occupancy rate of 87%.

Property management fees jumped 85% to P10.24 million after CLI completed and turned over two projects in 2019. Hotel operations opened a new revenue stream which contributed P20.69 million during the period.

However, the growth in its topline was dragged by higher costs and expenses. Cost of sales and services rose 27% to P1 billion due to construction work in new and existing projects and costs from hotel operations. Operating expenses grew 37% to P264.83 million due to an increase in salaries and employee benefits.

The company said it plans to take on 2020 with the launch of 14 new projects worth P19.4 billion. “We expect demand for quality housing and residential units to rise prompted by the greater desire for safer and better planned living environments in the aftermath of COVID 19 (coronavirus disease 2019 pandemic),” CLI Chairman and CEO Jose R. Soberano III said in a statement.

“Over the years, CLI has built a reputation for offering great value to its buyers and is ideally positioned to serve this rising demand,” he added.

In an online investors’ briefing yesterday, CLI Chief Finance Officer Beauregard Grant L. Cheng noted the company has already showed recovery in terms of reservations sales in April and May, which stood at P2.02 billion for the two months against P1.39 billion in the whole of second quarter last year.

“Despite the challenging environment, we were still able to generate P2 billion worth of reservation sales in April and May this year… [W]e already outpaced that of quarter 2 last year. This is a testament to how our business model has been able to adapt,” he said.

CLI is focusing on economic vertical and horizontal housing this year, especially in the Visayas and Mindanao regions where recovery is expected to unfold faster.

Mr. Soberano said CLI is setting its performance guidance for 2020 at plus or minus 10% for both its topline and bottomline.

“As we are quick to adapt to this new normal and catch-up to 100% site operations, we are aiming to achieve a full-year guidance that will closely match 2019 levels,” he said.

Shares in CLI at the stock exchange increased two centavos or 0.54% to P3.71 each on Monday.

Apex income up 28% on gold, silver prices

MINING company Apex Mining Co., Inc. reported a 28% increase in its consolidated net income for 2019 to P306 million due to higher gold and silver prices.

In a disclosure to the stock exchange on Monday, the company said its parent company net income before the share of subsidiaries’ losses rose 6% to P351 million.

Apex Mining’s revenues likewise climbed 6% to P5 billion, while the average gold price last year was at $1,389 per ounce while silver was priced at $16.1 per ounce.

In a statement, Apex Mining President and Chief Operating Officer Luis R. Sarmiento said the higher milling tonnage and recovery rates helped in augmenting the company’s lower gold output while increasing its silver production.

“The strengthening of the metal prices towards the latter part of the year, with gold breaking above $1,500 per ounce and silver reaching $17 per ounce, somewhat offset our lower production,” he said.

Milling throughput of the company’s Compostela Valley-based Maco mine increased to 711,788 tons, equivalent to a daily average of 2,063 tons while mill recovery was at 85.5%.

However, Apex Mining said its ore grade fell to 3.19 grams of gold per ton and 20.47 grams of silver per ton. The mining company sold 2% lower gold at 64,763 ounces while silver went up 22% to 369,616 grams.

“We could have produced more gold ounces this year were it not for the lower ore grade which we had to contend with passing through the lower grade zones of the Maco mine in the first half of the year,” Mr. Sarmiento said.

Apex Mining said the rehabilitation and construction work at the Benguet-based Sangilo mine of its wholly owned subsidiary Itogon-Suyoc Resources, Inc. continued in 2019.

The target operating date was moved to the first week of July due to the community quarantine imposed in Benguet province, as a result of the coronavirus pandemic.

“Developments are awaited over the Sampaguita gas field offshore northwest of Palawan covered by Service Contract 72 where wholly owned subsidiary, Monte Oro Resources & Energy, Inc. holds a 30% participating interest,” the company said.

On Monday, shares in Apex Mining rose 5.62% or P0.05 to close at P0.94 each. — Revin Mikhael D. Ochave

BDO boosts loan loss provisions by P20 billion

BDO UNIBANK, Inc. has increased its loan loss provisions to P22.1 billion as it factored in the impact of the coronavirus disease 2019 (COVID-19) and the government’s lockdown measures.

In a filing with the local bourse on Monday, BDO said it is boosting its loan provisions by P20 billion, which will add to the P2.1 billion it had already set aside in the first quarter.

“The move, following a comprehensive review of its loan portfolio, is anticipatory in nature and is meant to safeguard the bank’s balance sheet,” the bank said.

“With these additional provisions, BDO expects that its coverage ratio will remain strong and among the highest in the country,” it added.

The Sy-led lender said it will also allocate a total of 170 basis points as anticipated credit costs for the pandemic.

Citing government estimates that economic output could shrink by as much as 3.4% this year, BDO is factoring in a possible increase in delinquencies due to the disruptions in business operations, tightness in corporate activity, as well as a drop in consumption.

“While the bank expects an increase in the NPL (nonperforming loan) ratio, actual write-offs or losses are seen to be much less. Despite the additional provisions, the bank’s capital adequacy ratio is expected to remain stable…,” BDO said.

The lender’s NPL ratio was at 1.3% in the first quarter, while NPL cover was at 151.4%.

BDO’s capital adequacy ratio stood at 13.8% while common equity Tier 1 ratio was at 12.7% as of the first quarter. Total capital base reached P372.2 billion.

Aside from the additional loan loss provisions, BDO also declared cash dividends for the second quarter at P0.30 per share payable on June 29 to all stockholders of record as of June 17.

The bank’s net income dropped by 10.2% to P8.8 billion in the January to March period from the P9.8 billion recorded a year ago, dragged by the impact of the weak capital market to its investment portfolio. Meanwhile, net interest income amounted to P33 billion.

BDO’s shares ended trading at P99 apiece on Monday, down by P1.40 or by 1.39% from its Friday close. — L.W.T. Noble

PLDT Enterprise backs pandemic-hit businesses

THE Enterprise business of PLDT Inc. said it is ready to enable businesses trying to survive the coronavirus pandemic by helping them digitize their products and services.

“Technology has become a critical tool for businesses wishing to thrive during and after the pandemic. PLDT Enterprise — the b2b arm of the Philippines’ leading ICT and digital services provider — aims to support businesses in this endeavor with its latest strategic thrust,” PLDT Enterprise said in a statement on Monday.

It said that in order for enterprises to operate under the new business landscape, they should invest in digital technologies that would “strengthen their resilience and enable them to mitigate disruptions in the future.”

It noted that the coronavirus pandemic has caused the recalibration of business models among organizations.

“For instance, digital learning has now been put into the mainstream, brick-and-mortar businesses were forced to adopt e-commerce platforms, and multiple other industries sought to provide contactless transactions. And PLDT Enterprise intends to support more businesses in these digital transformation initiatives with its wide range of fixed, wireless, and ICT solutions,” PLDT Enterprise said.

Juan Victor I. Hernandez, senior vice-president and head for PLDT and Smart Enterprise Business Groups, said: “We at PLDT Enterprise stand with all the organizations in the private and public sector. As an ICT provider, we place it upon ourselves to help businesses rediscover and reinvent themselves using technology.”

He said the goal of PLDT Enterprise is to make a positive impact on every business.

“We wish to do that by providing the information and communications technology requirements of businesses across industries that will enable them to become more resilient and prepared for any other future disruption,” he said further.

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

Malls try to woo back shoppers

SHOPPING MALLS continue to implement health and safety protocols to ensure their customers can have a safe shopping experience, as Metro Manila is now under a general community quarantine.

Following government guidelines, mall operators are implementing standard health protocols such as requiring all customers to wear face masks and conducting temperature checks upon entry.

Malls have also placed hand sanitizers, alcohol dispensers and foot baths at entrances. A few open shops have also provided alcohol dispensers for customers.

For some shoppers, the malls’ measures give them some peace of mind, despite worries about the coronavirus.

Marie Soriano (not her real name) has not gone to a mall since the implementation of the enhanced community quarantine in mid-March.

“Nakakapanibago mag-punta sa mall ngayon. Maganda na may mga alcohol pero medyo nakakakaba pa rin, even if naka-mask na (I’m not used to going to the mall today. It’s good that there is alcohol but still kind of nervous, even if I wear a mask),” she said before going inside the Ayala Trinoma Mall in Quezon City.

To discourage people from lingering, mall operators are required to set the air conditioning temperature at 26 Celsius and to remove free Wifi.

Malls are also limiting the number of people allowed to go inside, and to implement social distancing. Customers are asked to observe a two or three-step gap when using the escalator, while floor markings indicate where customers are supposed to stand while in line.

Araneta City opened its three Quezon City malls — Farmers Plaza, Gateway Mall and Ali Mall — on Monday. Since Farmers Plaza and Gateway are adjacent to the Metro Rail Transit Line 3 and Light Rail Transit Line 2, respectively, the company said it is implementing heightened security and sanitation at the entrance of the two malls.

“As we slowly go back to our usual daily routine, we continue to comply with the directives of the national and local government. This is to ensure that the City of Firsts will remain a safe place for everyone,” Antonio T. Mardo, senior vice-president for operations of Araneta City, said in a statement.

SHOPPING
To cater to customers who are still wary of going outside, some mall operators are now offering personal shopper services, as well as online delivery or pick-up services.

Vista Mall and its anchor stores AllHome and All Day Supermarket have expanded personal shopper services amid the “new normal.”

“Adopting new and innovative ways to enable customers to still purchase essentials and other needs for their homes has become a priority for Vista Mall and its business partners,” the Villar-led company said in a statement.

AllDay Supermarket launched its personal shopper delivery service at the onset of the enhanced community quarantine. Other brands under the AllValue Group such as AllHome, AllSports, AllToys and Finds Discount Store, which have stores at Vista Malls, also offer the personal shopper service through Viber. Customers can have the items either delivered or picked up.

At Ayala and Robinsons Malls, customers can order in advance from selected open mall tenants via phone call or SMS and get the order at the designated stations outside the mall. Ayala Malls has a service called DriveBuy, while Robinsons Malls has pickup stations in Robinsons Place Manila, Robinsons Galleria and Robinsons Magnolia. — Cathy Rose A. Garcia

Bayanihan Musikahan says goodbye, having raised over P122 million

AFTER two and a half months of nightly online concerts to raise funds for poor communities affected by the lockdown, Bayanihan Musikahan says goodbye after raising more than P122 million for its beneficiaries.

“Bayanihan Musikahan is a coming together of different sectors to raise funds,” National Artist for Music Raymundo “Ryan” Cayabyab said in a video posted on the online concert series’ Facebook site on Sunday.

“Artists are naturally emphatic so it wasn’t very difficult for them to decide to join us… while most of them are not so familiar with online streaming and [while] most of us needed assistance to prepare the stage, to prepare the sound [in normal concerts], well this time they did it on their own,” he said.

The online concert series — organized by Mr. Cayabyab and four others — was named after his late-night music show, Ryan Ryan Musikahan, which ran from 1988 to 1995. The online concert series, which started on March 19, had more than 170 concerts.

The show featured performances by Lea Salonga, Martin Nievera, Ebe Dancel, Sponge Cola, Top Suzara, Noel Cabangon, Regine Velasquez, Ogie Alcasid, Jennylyn Mercado, and Dennis Trillo, among numerous others.

Its final show, held on May 30, saw performances by Chito Miranda, Ebe Dancel, Noel Cabangon, Louie Ocampo, Mike Villegas, Bayang Barrios, Yumi Lacsamana, and Kate Torralba. An encore concert by Gary Valenciano was held the same night in a separate stream on Mr. Valenciano’s Facebook page.

The project was created in the early days of the Luzon-wide COVID-19 lockdown in order to send help to the most vulnerable people in the National Capital Region.

Initially, the project aimed to raise enough money for 15,000 food packs. The concert series was expected to run for only a week or two, but it quickly turned into something bigger than its organizers ever imagined.

“The beauty of Bayanihan Musikahan is its end-to-end system, we have a platform where artists can perform and entertain the public and attract them to donate to our cause,” Danilo A. Songco, CEO of PinoyMe Foundation, a foundation which supports microfinance institutions, said in the same video. Mr. Songco is one of the organizers of the series.

The donations were managed by Philippine Business for Social Progress (PBSP) and the funds were converted to more than 100,000 food packs for informal settlements in Mega Manila, its nearby provinces, and Cebu. The funds were also used to aid performing arts workers who were left without jobs.

They also sourced produce from farmers in Benguet, Nueva Vizcaya, and Bicol for the food packs and helped those farmers transport their produce to the beneficiaries.

Their system ensured that “all our assistance goes to the beneficiaries,” said Mr. Songco, and this contributed to the success of the project.

“I believe mounting Bayanihan Musikahan was certainly groundbreaking. Imagine we were creating content that was normally done live, straight from our homes. We were completely adapting to the new normal by simply jumping into it. It was quite something as we were pioneering something in the digital space,” Jay Adlao Block, head of events organizer Outbound Asia, said in the video. Ms. Adlao Block was also one of the organizers of the program.

“We still have a long way to go before the pandemic ends, but now we are certain that musicians, artists, singers, creatives, community leaders, we are not going to leave our countrymen behind,” Mr. Cayabyab said in the vernacular. — Zsarlene B. Chua

Gov’t hikes T-bill award

THE GOVERNMENT hiked the volume of Treasury bills (T-bills) it awarded on Monday, even opening the tap facility anew as bids soared while rates moved sideways.

The Bureau of the Treasury (BTr) on Monday borrowed P26 billion via T-bills on Monday, higher than its original P20-billion program.

Total bids reached P83.995 billion yesterday, the bulk of which were for one-year securities, prompting the BTr to open the tap facility to offer an additional P10 billion in 364-day papers to accommodate excess demand.

Broken down, the Treasury raised P7 billion from the 91-day T-bills, higher than the P5-billion program, out of tenders worth P17.35 billion. The average rate for the three-month papers stood at 2.046%, slightly lower than the 2.058% fetched in the auction last week.

It also raised the programmed P5 billion from 182-day papers as demand reached P15.55 billion. The average rate for the six-month T-bills inched up by 0.4 basis point (bp) to 2.118% from 2.114% previously.

The government also increased to P14 billion the volume of 364-day T-bills it accepted from its plan to raise just P10 billion as bids for the tenor hit P51.095 billion. The average yield on the one-year papers declined 8.8 bps to 2.42% from last week’s 2.508%.

National Treasurer Rosalia V. de Leon said the strong demand for short-term tenors showed investors continued their flight to safety, stretching to the longer tenor as they sought higher yields.

“Sentiment continues to be in safe assets but try to stretch yield with one-year tenor,” Ms. De Leon told reporters yesterday via Viber.

A bond trader said the strong demand, especially for the one-year papers which were over five times oversubscribed, indicated that investors are seeking safety from government bonds as they don’t see growth potential ahead.

“Really stronger demand for one- to five-year tenors now as shown by this auction. [This could] mean they don’t see growth potential in that horizon. Mainly due to [business] restructuring,” the trader said.

The trader noted some companies have been announcing restructuring plans recently, such as Jollibee Foods Corp. allotment of P7 billion to rationalize and adapt to the changing behavior of consumers, as well as BDO Unibank, Inc.’s move to expand its loan loss provisions to P22.1 billion from P2.1 billion previously in anticipation of higher nonperforming loans.

“The only reason 91- and 182- day can’t go lower is because investors would want to insure against inflation. So far, we see 91- and 182-day yield below the CPI (consumer price index) of 2.3%,” the trader added, referring to the central bank’s point projection for May headline inflation.

The Bangko Sentral ng Pilipinas’ Department of Economic Research last week said headline inflation for May likely settled between 1.9% and 2.7%, giving a point projection of 2.3%.

Meanwhile, Ms. De Leon said they will continue to monitor the local market for developments for a possible jumbo bond issue or another sale of retail Treasury bonds (RTB).

“[We remain] watchful of developments and risk return tolerance of investors,” she said when asked if the Treasury is eyeing more issuances amid the robust liquidity in the local market.

The government plans to borrow P170 billion from the local market in June: P110 billion via weekly T-bill auctions and the remaining P60 billion in Treasury bonds to be offered fortnightly. — Beatrice M. Laforga

Some government services reopen at Robinsons Malls

SATELLITE branches of some government agencies have reopened inside Robinsons Malls, as the lockdown restrictions have been relaxed.

Robinsons Malls Lingkod Pinoy Center (RMLPC) hosts offices of Social Security System (SSS), Department of Foreign Affairs (DFA), National Bureau of Investigation (NBI), Land Transportation Office (LTO), Home Development Mutual Fund (Pag-IBIG), Philippine Health Insurance Corp. (PhilHealth), Professional Regulation Commission (PRC), among others.

The following offices are now open:

SSS
Robinsons Place (RP) Valencia in

Bukidnon (9 a.m.-6 p.m.)

RP Dasmariñas (10 a.m.-3 p.m.)

RP Imus (10 a.m.-3 p.m.)

RP Palawan (10 a.m.-6 p.m.)

RP Naga (10 a.m.-5 p.m.)

RP Palawan (10 a.m.-6 p.m.)

RP Dumaguete (9 a.m.-5 p.m.)

RP Ormoc and RP Roxas

(8 a.m.-5 p.m.)

RP GenSan (10 a.m.-6 p.m.)

PAG-IBIG
RP Valencia (8 a.m.-5 p.m.)

RP Ilocos (9 a.m.-5 p.m.)

RP General Trias (10 a.m.-5 p.m.)

RP Imus (10 a.m.-5 p.m.)

RP Naga (10 a.m.-5 p.m.)

RP Antique (10 a.m.-5 p.m.)

RP North Tacloban (8 a.m.-3 p.m.

every Monday, Thursday and Friday)

RP Ormoc (9 a.m.-3 p.m. every

Monday, Thursday and Friday)

PHILHEALTH
RP Palawan (10 a.m.-6 p.m.)

RP Jaro and RP Roxas (9 a.m.-6 p.m.)

PHLPOST
RP Dasmariñas (10 a.m.-3 p.m.)

RP Imus (10 a.m.-5 p.m.)

RP Palawan (10 a.m.-6 p.m.)

Robinsons Starmills in Pampanga

(10 a.m.-3 p.m.)

RP Lipa (10 a.m.-6 p.m.)

Robinsons Luisita (8 a.m.-5 p.m.)

RP Antique (10 a.m.-5 p.m.)

RP Roxas (9 a.m.-6 p.m.)

RP Ormoc (8 a.m.-5 p.m.)

NBI
RP Dasmariñas (10 a.m.-3 p.m.)

RP General Trias (10 a.m.-5 p.m.)

PRC also reopened at Robinsons Galleria, RP Manila, Robinsons Novaliches, RP Las Piñas, Robinsons Sta. Rosa in Laguna, RP Pangasinan, RP Ilocos in Ilocos Norte, Robinsons Starmills in Pampanga, RP Palawan in Puerto Princesa City, RP Santiago in Isabela, RP Naga, RP Dumaguete, RP Bacolod, RP Iloilo, RP Ormoc, RP Gensan, and RP Butuan. PRC requires appointments made through their website before going to any of their offices.

DFA has also restarted operations at selected Robinsons Malls, such as Robinsons Galleria, Robinsons Novaliches, RP Santiago, RP Ilocos, RP Pangasinan, Robinsons Starmills Pampanga, RP Lipa, RP Palawan, RP Santiago, Isabela, RP Dumaguete, RP Bacolod, RP Iloilo, RP North Tacloban and RP GenSan. Operating hours are also varied per location but mostly between 9 a.m. to 6 p.m.

The Bureau of Immigration in RP Ilocos is open from (8 a.m.-5 p.m.), while RP Dasmariñas, RP Palawan, RP General Santos branches are open for inquiries.

LTO offices are now open for license application & renewal and vehicle registration and renewal in the following branches: RP General Trias (10 a.m.-5 p.m.), RP Imus (10 a.m.-5 p.m.) and RP Palawan (8 a.m.-6 p.m.).

Palawan oil field to halt production in September

An oil field located northwest of Palawan is set to be closed in September, Oriental Petroleum and Mineral Corp. (OPMC) said in stock exchange disclosure, Monday.

The cessation of operation for Block C-1 of Service Contract 14, or the Galoc Block, has been set on Sept. 24, according to its operator Galoc Production Co. (GPC).

This was decided 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 Department of Energy (DoE), which awarded the service contract, has been notified of the move. OPMC, along with partners, is currently seeking its approval to receive an initial abandonment fund to implement its suspension plan.

“GPC has relayed its total commitment to the long-term future of the Galoc asset and is currently evaluating several scenarios to retain flexibility for the earliest possible production re-start as and when the market conditions improve,” OPMC said.

In November last year, the DoE certified GPC as an energy project of national significance. — Adam J. Ang

Company focuses on plants for health

SEKAYA, a brand that focuses on plant-based products, has added to its product lines, expanding its reach towards skincare, food supplements, and powdered vegetables for shakes and smoothies.

“We’re committed to developing high-quality plant-based products that can improve their lives,” Bernice Gonzalez, Sekaya marketing head, said during a May 27 digital press conference.

Sekaya (short for Sentro ng Katutubong Yaman) is the consumer brand of Unilab, Inc.’s Synnovate Pharma Corp., which focuses on functional food supplementation in the natural health landscape. It launched its first line of botanical infusions in 2018.

Infusions — unlike tea which only contains leaves — include bark, roots, and other plant parts.

The three new lines focus on different markets: the Raw Actives is a line of plant-based superfoods for athletes, Botanicare is its skincare line, and Sekaya Food Supplements is the company’s first 100% locally sourced supplements.

The Raw Actives line has five products: Daily Greens (P1,900 for 60 servings) which include spinach and kale, Barley Greens (P1,800 for 60 servings), Maca Factor which include maca roots (P1,500 for 100 servings), Powerbeet (P1,500 for 30 servings), Vegan Protein which has a mixture of pea protein and brown rice (P2,500 for 30 servings), and Pea Protein (P1,800 for 30 servings). The items in the line can be taken in smoothies or mixed with water to make a juice.

The Botanicare line only has one product, the Aloe Ferox, a water-based gel cream moisturizer said to be easily absorbed and which contains 99% cape aloe (Aloe ferox). It costs P780.

Its Food Supplements line also has just one product for now, but the company has positioned the line as being composed of “premium, pharma-grade, natural food supplements that are 100% sourced and manufactured in the Philippines, designed to address the needs of Filipinos,” according to a release.

Its first product, Sekaya Organic Moringa, comes in 500 mg capsules that cost P980 per bottle. Moringa is touted as an antioxidant and is said to boost the immune system.

“Moving forward… all our future launches are going to focused now on local products,” Ms. Gonzalez said.

The plan for the brand is to come up with “more than a hundred products in the next five years,” for the food supplements line, according to Abigail D. Nepomuceno, director and business unit head of Synnovate.

“The Philippines is very rich in terms of natural resources and so we should be the first one promoting our natural products… it just lacked the science as of now,” she added.

The company, she said, is working with the country’s Department of Science and Technology on a “standardization study on local herbs,” and are sourcing five products from the department’s Industrial Technology Development Institute and the Philippine Council for Health Research and Development.

The said products, which Ms. Nepomuceno declined to give specifics on, are “supposed to come in the next year or so” and that “most of them would be locally sourced.”

Sekaya products will be available via Lazada in June. For more information, visit the Sekaya Facebook page. — Zsarlene B. Chua

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