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PBB earnings go up in first nine months

PHILIPPINE Business Bank’s (PBB) net income rose in the first nine months of the year on the back of the expansion of its core businesses, it reported yesterday.

The Yao-led bank’s net earnings jumped by 67.9% to P1.024 billion from January to September against the P610.2 million it recorded during the same period last year, it said in a disclosure to the local bourse on Monday. It did not provide third-quarter financial results.

PBB President and CEO Rolando R. Avante attributed the increase in the bank’s profit to the one-time gain from its consolidation with Insular Savers Bank (ISB) this year as well as the “favorable” market conditions.

“The bank’s interest differential business showed robust profitability as interest rates continued to stabilize. PBB was also able to capitalize on a favorable treasury trading environment,” Mr. Avante was quoted as saying.

As of September, PBB’s net interest income increased 18% to P3.22 billion from P2.73 billion in the same period in 2018.

Total loans and receivables inched up by 4.98% to P84.3 billion from the P80.3 billion during the same period last year.

PBB’s total deposits stood at P88.5 billion, P8.8 billion higher from a year ago, while its low-cost funds grew by 27% to P37.8 billion from last year’s P29.8 billion.

Its core income also went up 24.1% to P1.334 billion from P1.075 billion a year earlier.

The bank’s total resources stood at P108.6 billion at end-September, increasing by P12.3 billion from the year-ago figure.

Meanwhile, shareholder’s equity stood at P12.7 billion with a book value per share of P18.75 net of preferred shares.

Its annualized return on average equity and return on average assets stood at 11.36% and 1.34%, respectively.

“While our profits in the last nine months are supplemented by a one-time gain on the consolidation of ISB, the strong interest differential business the Bank has been developing continuous to drive our profit numbers. Over the last five years, we have grown our assets by 15.3% and our net book value per share by 10.6%,” Mr. Avante said.

“The bank’s branch expansion will continue as we enlarge our nationwide distribution footprint. The bank’s continuing upskilling of its account management culture should assist in increasing our fee-based income. We also remain opportunistic with regard to the bank’s inorganic growth initiatives,” he added.

PBB shares closed at P12.70 apiece on Monday, down 0.78% or 10 centavos. — B.M. Laforga

Amaia expands in Bacolod

AMAIA LAND is launching a new condominium project in Bacolod City, Negros Occidental.

The affordable housing unit of Ayala Land, Inc. is developing Amaia Scapes North Point, which offers studio and deluxe residential units.

This month, Amaia Scapes introduced a new modern unit series called the Townhome, which has sizes ranging from 45 to 80 square meters (sq.m.) and Bungalow Pod New Gen, which are sized from 60 to 85 sq.m.

The 3,625-sq.m. project is located along San Juan St., Barangay 8, Bacolod City. Residents will have easy access to commercial and medical establishments, transport stations, and an upcoming ALI commercial development. Bacolod-Silay International Airport is just 13 kilometers away.

Amaia Scapes North Point’s facilities include a swimming pool, a children’s pool plus play area, landscaped garden, and a multi-purpose venue for the use of residents and their guests. It also has 102 parking slots.

Cebu Pacific, AirAsia launch new domestic routes

LOW-COST carriers Cebu Pacific and Philippines AirAsia, Inc. started operating new domestic flights.

The Gokongwei-led Cebu Pacific launched a direct flight between Cebu and Busuanga, which is the gateway to Coron, Palawan.

The operation of the Cebu-Busuanga flights is being carried out by Cebu Pacific’s wholly owned subsidiary Cebgo.

“The first flight departs Cebu at 7:25 a.m., and arrives in Francisco B. Reyes Airport at 9:00 a.m.; while its return flight leaves Busuanga at 9:20 a.m. and arrives in Cebu at 11:00 a.m.,” Cebu Pacific said in a statement on Monday.

“The second flight leaves Cebu at 10:25 a.m., and lands in Busuanga at 12:05 p.m.; while its turnaround flight departs at 12:25 p.m. and arrives at 2:10 p.m.,” it added.

Apart from the new Cebu-Busuanga route, Cebu Pacific, along with Cebgo, flies to 37 domestic and 27 international destinations.

Meanwhile, Philippines AirAsia started offering its thrice-daily service between Manila and Bacolod on Monday.

For the Manila-Bacolod route, the first 80-minute flight will depart Ninoy Aquino International Airport at 8:20 a.m., and the last one will depart Bacolod at 9:30 p.m.

“We are excited to celebrate this milestone and to paint the Negros Island skies red. AirAsia’s presence in the region will make air travel more affordable not just for Negrenses but for everyone who wants to explore this part of the country,” AirAsia Philippines Chief Executive Officer Ricardo P. Isla said during the inaugural ceremony at the Bacolod-Silay International Airport on Monday morning.

Bacolod is the 11th domestic destination that AirAsia Philippines operates out of Manila. Overall, the carrier has more than 500 domestic and international flights weekly coming from its hubs in Manila, Clark, Cebu and Kalibo. — Arjay L. Balinbin

Robinsons Land bags awards

ROBINSONS Land Corporation (RLC) recently received several awards at the recent DOT Property Awards Philippines 2019.

The Best High-Rise Development award went to Cirrus at Bridgetowne, while the Best Value for Money Development award was given to Sync located at Bagong Ilog, Pasig City.

“These citations continuously show the commitment of Robinsons Land Corporation to excellence and high-quality standards,” the company said.

UnionBank books higher bottom line at end-September

UNIONBANK of the Philippines, Inc. posted double-digit growth in its net profit at end-September, driven by robust revenues on the back of more earning assets and strong trading gains.

In a disclosure to the local bourse on Monday, the bank said its net income grew 40% to P8.5 billion in the first nine months. It did not provide third-quarter figures.

The bank attributed the increase to strong trading gains and improved interest margin which rose by 100 basis points in the third quarter.

“Net income for the year was boosted by strong trading gains, as well as improvement in our margins. Net interest margin in 3Q2019 increased by 100bps compared to its low during the start of the year. Additionally, consumer and middle-market loans sustained healthy growths,” Jose Emmanuel U. Hilado, UnionBank treasurer and chief financial officer, was quoted as saying.

UnionBank’s return on equity stood at 12.6%.

The lender’s total loans also climbed 10% year-on-year to P346.3 billion.

This was mainly driven by the 37% increase in the parent bank’s credit card business as well as the growth in consumer loans, small-and-medium enterprises banking and commercial lending, increasing by 31%, 42% and 13%, respectively, the bank said.

The bank’s total assets stood at P685.8 billion as of end-September, 6.66% higher than the P643 billion booked in the same period in 2018.

“We recorded solid growth across the different business segments. CitySavings [Bank] also stabilized — delivering around P15 billion in salary loan releases and 9,000 motorcycle units during the third quarter,” UnionBank President Edwin R. Bautista said.

“We are fortunate that the substantial improvement in margins and trading gains from favorable market conditions have converged,” Mr. Bautista added.

UnionBank shares finished at P60.05 each on Monday, up 85 centavos or 1.44% from Friday’s close. — Beatrice M. Laforga

What’s Going On (10/29/19)

Robinsons Malls hours during Undas

ROBINSONS MALLS has special mall hours on Nov. 1 to mark All Soul’s Day. The following Robinsons Malls in Luzon will open from noon until regular closing hours. These include Robinsons Galleria, Robinsons Magnolia, Robinsons Place Manila, Robinsons Otis, Robinsons Galleria South, Robinsons Place Dasmariñas, Forum Robinsons, Robinsons Place Gen Trias, Robinsons Place Imus, Robinsons Town Mall Los Baños, Robinsons Place Malolos, Robinsons Metro East, and Robinsons Sta. Rosa. Regular mall hours will be followed in the following malls: Robinsons Angeles, Robinsons Place Antipolo, Robinsons Cainta, Robinsons Place Ilocos Norte, Robinsons Place Las Piñas, Robinsons Place Lipa, Robinsons Luisita, Robinsons Town Mall Malabon, Robinsons Novaliches, Robinsons Place Naga, Robinsons Place Pangasinan, Robinsons Place Santiago, Robinsons Starmills, Robinsons Tagaytay, Robinsons Place Tuguegarao, and Robinsons Place Palawan. In the Visayas, the following malls will be open from noon until regular closing hours: Robinsons Place Bacolod, Robinsons Cybergate Cebu, Robinsons Place Dumaguete, Robinsons Fuente Cebu, Robinsons Galleria Cebu, Robinsons Place Iloilo, Robinsons Place Jaro, Robinsons North Tacloban, Robinsons Place Ormoc, Robinsons Place Pavia, Robinsons Place Tacloban, Robinsons Place Antique, and Robinsons Place Roxas. At Robinsons Cybergate Bacolod, regular mall hours will be implemented. The following Mindanao malls will be open from noon until regular closing hours: Robinsons Place Butuan, Robinsons Cagayan De Oro, Robinsons Cybergate Davao, Robinsons Place Tagum, and Robinsons Place GenSan. Regular mall operations will be implemented at Robinsons Place Valencia and Robinsons Place Iligan. For details visit www.robinsonsmalls.com.

Spookfest 2019 at DreamPlay

CHOCOL8 at The Garage is offering a selection of handcrafted Halloween chocolates.

DREAMPLAY at City of Dreams will be holding a Spookfest from Oct. 31 to Nov. 1 again this year. Now on its fourth year, Spookfest 2019 will include adventures, games, prizes, and other surprises. For P1, 499, the Spookfest VIP Package is inclusive of an all-day pass at DreamPlay’s attractions with express check-in and attraction entry; and passes to DreamWorks’ Halloween movie, a pumpkin cookie-making session and other activities such as “Shrek or Treat” Scavenger Hunt pass, Bean Bag Toss Competition, and “Shrek It Out” costume contest. The package also comes with freebies such as a special Spookfest tote bag and an Ogre Scream Milk Shake. The “Shrek or Treat” Scavenger Hunt will be held at 1 and 5 p.m. on both days. Children competing in groups have to solve the mystery of the Missing Pumpkin Puzzle. Each of the puzzle comes with a prize, and the first group to piece together their pumpkin puzzle is in for a bigger surprise. An overnight stay at Nobu Hotel Manila with breakfast for two and a “Best in Costume” DreamPlay plaque are at stake for kids who will come in their scariest and most creative Halloween costumes for the “Shrek It Out” costume contest on Nov. 1 at 3 p.m. For an additional P150 and/or P250, VIP pass holders can also participate in a face-painting session and/or a pumpkin-coloring activity, respectively. DreamPlay is located at the upper ground floor at The Shops at the Boulevard. Meanwhile, The Garage’s VR Zone will hold The Fright Feast from noon to midnight on Nov. 1. Thrill-seekers can play the Hospital Escape Room (which requires a minimum of two players and maximum of four) with the group escaping with the shortest time possible winning P2,500 worth of vouchers valid at City of Dreams Manila’s operated food and beverage outlets. Meanwhile, Chocol8 at The Garage is offering a selection of handcrafted Halloween chocolates until Nov. 3. Choices include a box of Halloween Pralines (P999 net) in shapes such as skulls and Halloween pumpkins; as well as other Halloween-themed treats. For inquiries, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

Halloween at New World Makati

NEW WORLD Makati Hotel’s Café 1228 offers a fang-tastic buffet feast for lunch and dinner from Nov. 1 to 3. Halloween-themed sweet treats at the dessert station and loot bags with Ovaltine snacks and products will be given to diners for the duration of the promotion. The Fang-tastic Feast is priced at P2,888 inclusive of taxes and service charge. For bookings call 8811-6888 extension 3339 or e-mail FBreservations.manila@newworldhotels.com.

How PSEi member stocks performed — October 28, 2019

Here’s a quick glance at how PSEi stocks fared on Monday, October 28, 2019.

 

How have salary workers’ average wages fared after accounting for inflation?

How have salary workers’ average wages fared after accounting for inflation?

Trade dep’t drafting e-commerce regulations for 2022 road map

THE Department of Trade and Industry (DTI) said it concluded a technical assistance agreement with the University of the Philippines (UP) Law Center, which will help put together its e-commerce industry plan.

The law center’s input on regulating the industry forms part of the DTI’s drafting of the Philippine e-commerce road map to 2022.

DTI Undersecretary Rafaelita M. Aldaba and UP Law Dean Fides Cordero-Tan signed a Memorandum of Understanding to establish the partnership on e-commerce policy, DTI said in a statement Monday.

Under this partnership, the UP Law Center will provide the DTI’s e-Commerce Program Office with scholarly and technical assistance in reviewing the Philippine e-commerce Roadmap 2016-2020 and in drafting the new road map.

DTI is currently consulting on the plan with digital platforms, financial technology companies, and logistics service providers.

The agency also held sessions with e-commerce stakeholders “to identify issues and concerns as well as recommendations in formulating the e-Commerce Philippines 2022 roadmap.”

The UP Law Center will assist the DTI in drafting regulation and implementing e-commerce policy.

The center will also work on the enhancement of DTI’s consumer and merchant protection policy, including the integration of e-Commerce-specific regulation and online dispute mechanisms.

The DTI in August announced more aggressive e-commerce targets, saying that the sector is now expected to account for 40-50% of gross domestic product by 2022. The previous estimate, contained in the older road map, was 25% of the economy by 2020. — Jenina P. Ibañez

Palace threatens ‘drastic action’ against water companies

PRESIDENT Rodrigo R. Duterte will take extreme action against water concessionaires that fail to address the ongoing water crisis, up to and including cancellation of their contracts, his spokesman said.

In a briefing Monday, Salvador S. Panelo said water concessionaires need to “shape up or ship out” if they prolong the water crisis in Metro Manila and the government will be compelled to act against them.

“I suppose the fact that they have not undertaken proper measures that will prevent the evolution of this upcoming crisis again would be a factor that would make the President decide on drastic action against them,” Mr. Panelo said, noting that Mr. Duterte has previously considered a course of action that includes “tanggalin yung kontrata” (contract cancellation).

The two concessionaires responsible for providing water to the capital are Maynilad Water Services, Inc. (Maynilad) and Manila Water Co. (Manila Water).

The crisis began earlier this year when water levels in Angat Dam, the ultimate source of the capital’s water, and La Mesa Dam, which is fed by Angat, fell below critical level. Water levels in Angat Dam continue to recede with the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) saying over the weekend that Angat’s water level is at 185.64 meters, down 0.23 meters from the day before but still a little above the critical level of 180 meters. The weather service added that it forecasts a water crisis in the next two months.

The water shortage experienced in Metro Manila and nearby provinces has prompted both service providers to implement daily rationing as long as 12 hours.

The government is currently moving forward on the Kaliwa Dam Project as a long-term solution for Metro Manila’s supply needs, supplementing Angat. The project is set to finish in 2023 and will be built by China Energy Engineering Corp.

Asked about the Kaliwa Dam project at an oath-taking ceremony, the President told reporters in Malacañang that he is considering the use of “police power” including property confiscation to see the project through, if warranted.

The project has been opposed by legislators and non-government organizations, saying that the construction of the dam will affect the homes and livelihood of indigenous peoples in Rizal and Quezon. Some have also raised questions on the process behind the issuance of an environmental clearance certificate (ECC) by the Department of Environment and Natural Resources (DENR) to the Metropolitan Waterworks and Sewerage System (MWSS).

An investigation into Kaliwa Dam is pending in the House.

Mr. Panelo said that if the House investigation shows that it will produce no benefits, the project could be shut down.

“If the findings show that it against the interest of the people there, then it can be rescinded If the findings show that it is against the interest of our country, then the Chinese government will understand as it would do the same if they are placed in the same situation,” he said.

He added that a Japanese firm has written to explain the project’s drawbacks, and that he has forwarded the letter to the agencies concerned. — Gillian M. Cortez

Bill outlines tax perks for corporate farming

A PARTY-LIST legislator representing farmers has filed a bill providing for incentives to companies that invest in contract farming with cooperatives or agrarian reform beneficiaries.

Economic Affairs Committee chair and AAMBIS-Owa Rep. Sharon S. Garin filed House Bill No. 3369, which will become the Corporate Farming Program Act if passed. It lists tax incentives for corporations and partnerships that make such investments, including exemptions from custom duties and value added tax (VAT).

“The private sector drives the growth of most ASEAN economies. We acknowledge that the participation of the private sector is crucial in our goal to uplift the lives of small and marginalized farmers, and subsequently, the state of the agriculture sector,” Ms. Garin said in a statement Monday.

The bill in particular will exempt from customs duties imports of agricultural inputs such as seed, fertilizer, and machinery among others; and a VAT exemption for importing fertilizer, seed and seedlings.

Other incentives include credit programs from the government and private banks.

Qualified corporations or partnerships may avail of the incentives by entering management contracts or joint venture arrangements with agrarian reform beneficiaries.

They may also enter into contractual arrangements with farmers’ organizations and agrarian reform communities, in which the company will provide production input and technical services and then acquire the produce.

Under this arrangement, local government units will be empowered to identify appropriate land for corporate farming.

Under the bill, corporations and partnerships may also lease private agricultural land for rice and corn production through an agreement with landowners, farmers’ organization or agrarian reform communities.

The bill provides for lease agreements of seven years, renewable for another seven.

“Corporate farming assures higher income for our farmers because it will allow them to partake of the margins in primary production and the rest of the value chain to which they are not normally entitled.” — Charmaine A. Tadalan

Private investment seen crucial to rural development, experts say

GOVERNMENTS need to find ways to attract private investment to rural communities, and need to recognize these communities’ potential for driving economic growth, experts told the Rural Development and Food Security Forum 2019 organized by the Asian Development Bank (ADB).

“Rural demand spurs growth… This is where agriculture becomes very important. Moving beyond, it’s not just thinking that urban (communities) trigger demand, but realizing that rural communities are huge consumers and they are very large,” Mekhala Krishnamurthy, head of the Sociology/Anthropology department of India’s Ashoka University, said during the forum Monday in Pasig City.

The three-day forum was organized by the ADB in partnership with the International Food Policy Research Institute (IFPRI) and the International Rice Research Institute (IRRI).

ADB is urging members to pay more attention to rural development and promote effective land and water resources management, thereby enabling sustainable food production.

“ADB will proactively assist our developing member countries to increase agricultural productivity and profitability, enhance food safety, and improve climate resilience and sustainability,” ADB President Takehiko Nakao said during his speech.

Ms. Krishnamurthy said that farms are facing a variety of risks which could spiral out of control if not handled properly.

“The frequency of risks has escalated and has become more common, but equally so has the complexity. This makes it extremely difficult for farmers (to) manage… It also makes it exceedingly challenging for those of us considering solutions to these kinds of risks,” she said.

These are some of the risk factors that also scare away the private sector from agriculture.

The risks make public sector-led intervention more necessary.

Akmal Siddiq, chief of Rural Development and Food Security Thematic Group under the Sustainable Development and Climate Change Department of the ADB, said that there is a need for smarter policy that will make agriculture attractive to private investment.

“Agriculture in just about every country is considered to be unsophisticated, less desirable, and not a very fancy sector to work in,” he said.

“What ADB would like to do under our strategy 2030 going forward is try to convince our member governments that they need to change their policy. Set out regulatory frameworks which would enable agriculture to become more profitable,” he explained.

Agriculture Secretary William D. Dar said governments need to assist firms in executing their programs for agriculture.

“What is the role of the government? We will be involved in training the farmers… enhancing that partnership between the big and small farmers. We will see to it that this will be replicated in other areas,” he said.

Shenggen Fan, director general of IFPRI, said governments should consider urban and rural areas to be part of one economy with no artificial boundaries between the two.

“How can we make sure that rural and urban areas are one? Number one is to improve infrastructure and policy,” he added. — Vincent Mariel P. Galang

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