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Gov’t fully awards T-bills as rates decline

THE GOVERNMENT made another full award of the Treasury bills (T-bill) it auctioned off on Monday, with yields declining across the board following the announcement of a series of cut in big banks’ reserve requirement ratio (RRR).

The Bureau of the Treasury (BTr) borrowed P15 billion as planned at its T-bills auction yesterday, with total bids amounting to P50.3 billion, more than thrice the amount it wanted to raise.

Broken down, the Treasury accepted P4 billion as planned for the 90-day papers out of the P16.16 billion offered by banks and other financial institutions. The average rate slipped 13.1 basis points (bp) to 5.258% from the 5.389% quoted in the previous offer.

The government also made a full award of the 182-day T-bills it placed on the auction block, borrowing P5 billion as planned versus total offers amounting to P17.938 billion. The average yield also declined by 6.8 bps to 5.7% from last week’s 5.768%.

The Treasury likewise fully awarded the 364-day debt papers, accepting P6 billion out of the total bids worth P16.17 billion. Its average yield slid 6.7 bps to 5.869% from the 5.936% tallied in the previous auction.

RRR REDUCTION
Following the auction, National Treasurer Rosalia V. De Leon said the results were within expectations.

“As expected, with the 200[-basis-point] reduction in the [reserve requirements], so you unleash more liquidity. Coupled with the previous policy cuts…we expect rates really to be going down significantly,” Ms. De Leon told reporters yesterday.

The Bangko Sentral ng Pilipinas (BSP) on Thursday announced a series of reductions in the reserve ratio of universal and commercial lenders. The rate will be reduced to 17% effective May 31, 16.5% effective June 28, and to 16% effective July 26.

Big banks are currently required to keep in reserve at least 18% of their deposits. The BSP has said that trimming big lenders’ reserve requirements by a percentage point will likely unleash about P90-100 billion into the financial system.

“We also saw strong participation in the auction. [We saw] 3 to 4 times oversubscription than what we have offered given that liquidity is very abundant,” Ms. De Leon added.

Sought for comment, Robinsons Bank Corp. trader Kevin S. Palma said good participation persisted during yesterday’s auction.

“A lot of investors may be putting liquidity to work ahead of a P13.5-billion T-bill maturity on May 22,” Mr. Palma said in a Viber message.

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

SAMURAI BONDS
Meanwhile, Ms. De Leon said that the planned issuance of yen-denominated or samurai bonds is “still on the table” as the government calibrates its borrowing program.

“That’s still on the table. We just have to review the amount,” the National Treasurer said. “For now, based on our program, the only one overseas borrowing is the samurai (bonds) and we’ll have to calibrate the amount given that we have to see the whole fiscal status — the status of our fiscal program spending and revenues.”

Finance Secretary Carlos G. Dominguez III said on Friday that he will discuss with Ms. De Leon the country’s borrowing program for the rest of the year.

“Our expenditures really went down. Our deficit went down to 2.1%… It depends on what we need. If we find out that we can cover everything from the domestic market, we’d much rather do that,” the Finance chief told reporters last week.

The BTr previously said it is looking at offering samurai bonds amounting to $1-1.5 billion in yen equivalent next semester.

However, Ms. De Leon said yesterday that the Treasury is looking at a “benchmark-sized” issuance, with the timing still depending on market conditions and the cash position of the government.

BENCHMARK
“Yeah, always benchmark. $500-750 [million is the] benchmark equivalent to US,” she said. “Probably, we’re looking at [tenors of] three, five or seven, then 10. We are looking at three tenors right now.”

The government returned to the Japanese bond market in August last year, raising 154.2 billion in samurai bonds with tenors of three, five and 10 years.

The Philippines, one of Asia’s most active sovereign bond issuers, wants 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.

Last week, the government raised 2.5 billion renminbi ($363.3 million) from its second sale of three-year yuan-denominated “panda” bonds, days after it issued €750-million worth of eight-year global bonds in Europe. — Karl Angelo N. Vidal

Trade war to weigh on Singapore dollar

THE SINGAPORE DOLLAR is poised to weaken further as the escalating trade war between the world’s two largest economies weighs down growth in the export-dependent city-state.

Poor export data that landed Friday underscore the downward pressure on the currency’s nominal effective exchange rate, which has quietly crept away from the upper end of the band that monetary policy makers use to keep Singapore on an even keel.

With no deal in sight between the US and China, revised gross domestic product (GDP) figures due Tuesday are the next thing to watch for clues on the trajectory of the Singapore dollar, which has slipped about 1% this month.

“Given the small size of the Singapore economy and the subdued outlook in the electronic sector, risk is for more weak economic data to come,” said Frances Cheung, head of Asia macro strategy at Westpac Banking Corp. “Potentially weak data may push MAS (Monetary Authority of Singapore) expectations toward a more dovish side.”

Larger declines in other Asian currencies caught in the crossfire between China and the US has deflected attention from the simmering signs of weakness in the Singapore dollar. A closer look shows that six-month forward discounts on the greenback against the currency narrowed to the tightest level in 16 months last week.

The International Monetary Fund warns that the risks to the economy are tilted to the downside and that the Monetary Authority of Singapore’s response to the challenge should be “ data dependent.”

Looking beyond Tuesday’s data, a projected narrowing in the so-called output gap this year is also likely to keep inflationary pressures in check and weigh on the Singapore dollar.

The MAS said last month that economic output is currently running above the city-state’s potential rate but that the gap will narrow. — Bloomberg

Do companies fear the law? The signs say no

CORPORATIONS cannot seem to avoid misconduct. Ford Motor recently announced a criminal probe of its emissions and fuel economy testing, federal investigators are examining Goldman Sachs’ involvement in a large-scale fraud in Malaysia, and Facebook’s legal woes with user privacy have been well documented over the past year.

The question is whether large penalties imposed on companies deter them from future bad behavior. The answer appears to be “no.”

Take Wells Fargo, for instance. For years, the bank created fake accounts for customers to inflate cross-selling of its products. That resulted in a $185-million penalty from regulators in 2016. That year it was also hit with a $1.2-billion penalty for improper mortgage lending practices. Then early last year, the Federal Reserve, the bank’s primary regulator, ruled that the bank could not expand its balance sheet, crimping its ability to grow. But the penalties imposed have had minimal effect on a bank that had earned over $22 billion in 2018.

Goldman paid a $550-million penalty in 2010 for misleading investors in a collateralized debt obligation tied to subprime loans. But in recent years the firm has become the focus of a criminal investigation for its role in helping to sell bonds on behalf of 1Malaysia Development Berhad, or 1MDB, that turned out to be a multibillion-dollar fraud. A partner at the firm, Tim Leissner, pleaded guilty to charges of conspiracy to commit money laundering and conspiracy to violate the Foreign Corrupt Practices Act. His former deputy, Roger Ng, is also accused of helping a Malaysian businessman, Jho Low, loot 1MDB of billions of dollars to finance a lavish lifestyle.

Prosecutors are pushing for Goldman to plead guilty to charges related to its involvement with 1MDB. The company has continued to blame “rogue” employees for its problems. Even if the firm does plead guilty, the impact on its operations should be minimal.

How much Goldman may pay in a settlement is anyone’s guess, but a figure between $2 billion and $3 billion would roughly equate to the loss suffered by the Malaysian government from the 1MDB fraud. In 2018, Goldman earned $10.4 billion, so the payment, while unwelcome, is unlikely to have too much of an impact on the firm.

Importantly, the Securities and Exchange Commission, if past cases are any guide, is likely to grant Goldman a waiver from the “bad actor” rules, which would make it more difficult to access the capital markets.

Facebook disclosed in its most recent quarterly report that it created a $3-billion reserve to resolve an investigation by the Federal Trade Commission that the company may have violated a 2011 privacy consent decree with the agency. The company also said that “it is reasonably possible that we may incur a substantial loss in some of the other cases, actions or inquiries” that it is facing over its privacy practices.

Even after creating the reserve, Facebook’s net income was $2.4 billion last quarter, so any future payments are unlikely to have a significant effect on its future profits.

“A fine in the low billions of dollars would amount to a slap on the wrist for Facebook,” Representative David Cicilline, Democrat of Rhode Island, said at the time.

Indeed, news of the potential penalty does not seem to have caused investors much consternation. Facebook’s shares rose on the day of the announcement as the company reported stronger revenue and usage.

Late last month Ford disclosed in its quarterly filing a criminal investigation into its emissions certification process. The company also noted that “we cannot provide assurance that it will not have a material adverse effect on us.” That is a nice way of saying it does not know the size of the penalty it might face from the federal government and different states. Despite that bad news, Ford’s stock price finished the day up 10% after announcing robust sales and earnings.

All that suggests companies have little to worry about from government investigations and penalties that may be assessed. Senator Elizabeth Warren, Democrat of Massachusetts, is pushing to change that. She introduced a bill that would allow prosecutors to pursue charges against executives for negligently permitting or failing to prevent a criminal violation by the company. Whether this proposal will gain any traction in Congress is an open question, but it would certainly get the attention of chief executives if they discover problems inside the company.

But the Justice department under President Trump has favored deferred and non-prosecution agreements rather than guilty pleas. The penalties imposed have been relatively small over the past two years, compared with those seen at the end of the Obama administration.

That raises the question of whether the friendlier climate in Washington will engender greater compliance, or foster the view that a violation will result in only an expensive speeding ticket. — The New York Times

Women honored at Cannes, as gender parity drive draws scrutiny

By Sarah White

CANNES, France — Movie stars including Salma Hayek and Eva Longoria celebrated the role of women in cinema at a glitzy gala in Cannes on Sunday, amid a drive to promote gender equality in the industry that is still falling short of what many campaigners hoped for.

Cannes’ film festival, the world’s most important cinema showcase, last year signed a pledge to get an equal number of men and women in its top management by 2020 that is gradually gathering momentum at similar European and U.S. events.

“We have so much work to do and I just think we can’t let up,” Ms. Longoria told journalists at the Women in Motion dinner at Cannes, part of a program set up by luxury group Kering PRTP.PA to push for gender equality in cinema.

Chinese actress Gong Li, the star of Farewell My Concubine, was awarded a prize for her career at the event.

At Cannes, four women are contending for this year’s top Palme D’Or film prize, including Franco-Senegalese Mati Diop and France’s Celine Sciamma, out of 21 entries — or just under 20% of the total.

Elsewhere, the proportion has sometimes been higher, with over 40% of the films competing at Berlin’s festival in February made by women.

“We hear a lot about how times are changing and improving, and it’s true. The idea is to support that trend. (But) the figures still don’t look good,” said Delphyne Besse, a film sales specialist and one of the founders of 50/50 by 2020, the collective behind the gender parity pledge signed by Cannes.

Of the 47 film festivals that have so far backed the drive globally, 38% have female heads, according to the lobby group’s figures.

SHORT SHRIFT
Industry insiders said the slow progress was reflected in everything from the short shrift female directors still got in the media to their under-representation at industry events.

“Women have been making films for 11 decades now,” British actress and star of zombie movie The Dead Don’t Die Tilda Swinton told a news conference earlier this week.

“There are countless films by women. The question is why don’t we know about them,” she said, adding that even obituaries for female filmmakers tended to be dwarfed by those dedicated to men.

Cannes’ organisers have said they were not planning to introduce quotas dictating the gender balance of the films.

“Cannes is only at the end of the chain. This needs to start with encouragement at film schools,” festival director Thierry Fremaux said last week.

The cinema showcase is looking to include more women its board, however, and the festival jury this year was more balanced.

Ms. Diop, director of Atlantics, said festivals were still a logical starting point to highlight women’s work in the industry.

“It starts with the films, there is no festival without films, so it is an extraordinary exhibition that will give the films much bigger exposure,” she told Reuters in an interview. — Reuters

Horizon Land fast tracks projects

FEDERAL LAND, Inc. is fast-tracking developments under its main brand Horizon Land in Pasay, Manila and Cavite, amid continued strong demand for homes.

In a statement, the property unit of GT Capital Holdings, Inc. said construction continues for Palm Beach West, a four-tower resort-inspired project in Bay Area, Macapagal Boulevard, Pasay City.

A concrete pouring ceremony was recently held for Baler, the project’s fourth tower. Set for completion by 2022, Baler offers 236 units, ranging from studio, one bedroom, two bedroom, and three bedroom units.

At the same time, Horizon Land recently broke ground for the last of eight towers at its Peninsula Garden Midtown Homes in Paco, Manila. The Mimosa Tower will have 20 floors with a total of 240 units, and expected to be finished by 2021.

Horizon Land is also developing a Mediterranean-inspired community Florida Sun Estates in General Trias, Cavite. It broke ground for the community’s Orlando Model House Cluster that featured three model houses. It also started construction on the amenity area of the Orland phase of the community.

“All of these developments are master-planned communities ideal for families, young professionals, retirees, business owners, or immigrants — different types of home buyers seeking to settle in a safe and well-designed neighborhood while staying close to the city center where business hubs, educational institutions, medical facilities, as well as commercial and industrial establishments abound,” the company said. — V.M.P.Galang

UnionBank starts P3-B bond offer

UNIONBANK OF the Philippines, Inc. is offering about P3 billion in three-year peso-denominated bonds to raise fresh funds for expansion.

The Aboitiz-led lender is raising at least P3 billion in senior fixed-rate bonds, with an option to oversubscribe, until May 24 unless adjusted.

Jose Emmanuel U. Hilado, UnionBank senior executive vice president and chief financial officer, told BusinessWorld the proceeds from the fund-raising activity will be used to “lengthen out funding maturity profile.”

The three-year debt papers carry a coupon of six percent per annum to be paid quarterly until May 2022.

The bonds will be issued and listed on the Philippine Dealing and Exchange Corp. on June 3.

The notes will be sold in denominations of P100,000 and in increments of P50,000 thereafter.

The Hongkong and Shanghai Banking Corp. and ING Bank N.V. will serve as the joint lead arrangers and bookrunners of the transaction. The global banks also act as selling agents alongside UnionBank.

The P3-billion offer is part of UnionBank’s P20-billion bond or commercial paper program announced last year.

In December, it issued P11 billion in two-year fixed-rate bonds with a coupon rate of 7.061% per annum, larger than the initial offer size of P5 billion.

Banks can now raise fresh funds through corporate bonds, after the Bangko Sentral ng Pilipinas relaxed its rules by doing away with having to secure approval from them. BDO Unibank, Inc., Metropolitan Bank & Trust Co. and Philippine National Bank have recently issued peso-denominated bonds to diversify funding sources.

The ninth largest bank in the country in asset terms posted a P2.16-billion net income in the first three months of the year, down 26% from P2.93 billion recorded in the same quarter in 2018.

Shares of UnionBank closed at P61.10 apiece on Monday, up P1.10 or 1.83%. — Karl Angelo N. Vidal

NLEX to expand Subic Freeport expressway

NLEX Corp. is expanding the Subic Freeport Expressway (SFEx) to accommodate more vehicles going to and from the Subic Bay Freeport Zone.

In a statement Monday, the toll road subsidiary of Metro Pacific Tollways Corp. (MPTC) said it signed a P1.6-billion deal with Sta. Clara International Corp. for the SFEx Capacity Expansion Project.

“The project — which involves the construction of two additional expressway lanes, two new bridges at Jadjad and Argonaut, and a tunnel — aims to better accommodate the growing number of vehicles going in and out of the Subic Bay Freeport,” NLEX said.

The company will install LED lights along the SFEx to ensure the safety of motorists, particularly those driving at night.

“The SFEx Capacity Expansion is seen to improve traffic in the area and promote road safety as the new lanes will segregate northbound and southbound motorists along separate carriageways,” NLEX said.

The SFEx expansion is also seen to complement the efforts of the Subic Bay Metropolitan Authority (SBMA) to improve its airport and seaport, widen roads, and build the SBMA Corporate Center.

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

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

MSO plays music from Queen and your favorite video games

THE Manila Symphony Orchestra (MSO) will help us relive the sweet memories of our youth and childhood as they do repeat performances of “Bohemian Rhapsody in Blue” this weekend at the Ayala Museum’s ground floor. “Bohemian Rhapsody in Blue” will feature the Philippines’ award-winning guitarist Noli Aurillo, regarded by many critics as one of the top guitarists in the country. Together with the MSO, Mr. Aurillo will perform music by Dvorak, Gershwin, and, of course, Freddie Mercury and his unforgettable band, Queen. “Video Game Symphonic” will showcase music from several anime and well-loved video games such as Final Fantasy, Monster Hunter, Pokémon, Super Mario, and Angry Birds. There will also be surprise pieces. “Bohemian Rhapsody” in Blue will be held on May 25, 7 p.m., at the ground floor of Ayala Museum, Makati Avenue corner De La Rosa Street, Greenbelt Park, Ayala Center, Makati City. Video Game Symphonic will be held the next day on May 26, Sunday, 7 p.m., also at the ground floor of Ayala Museum. Tickets are available at www.ticketworld.com.ph or call 891-9999. Tickets are also available at the Ayala Museum.

DMWAI tops off Pixel Residences

A SUBSIDIARY of D.M. Wenceslao & Associates, Inc. (DMWAI) recently topped off its first residential condominium development in Aseana City, Parañaque City.

Pixel Residences, a project of Aseana Residential Holdings Corp. (ARHC), is a 15-storey residential development with 170 units. It offers studio, one-bedroom, and two-bedroom units with sizes ranging from 36 square meters (sq.m.) to 88 sq.m. Construction started in 2017.

“In less than one year, this low-density residential development swiftly sold out its 170 units, a resounding success amid a highly competitive development landscape,” the company said in a statement.

Designed by CASAS + Architects, the project will have a pixel-patterned façade and naturally ventilated corridors. It will also have retail areas and amenities such as indoor gym, indoor swimming pool, a function hall, and a kid’s play area.

“We want our residents to go home to a peaceful space amidst the busy city living. Pixel Residences is where people can live their life with comfort, safety and security,” Julius M. Guevara, vice president for corporate planning of DMWAI, said in a statement.

Pixel Residences is located within the DWAI’s mixed-use flagship project Aseana City. — V.M.P.Galang

Nordic money managers hoard banks amid scandal

THE BIGGEST Nordic asset managers are either holding on to, or increasing, stakes in banks dragged down by vast money laundering scandals.

In a region where the concept of ethical investing is regularly held up as a goal, none of the big institutional investors contacted by Bloomberg said they would consider divesting shares of banks under investigation for laundering. A number have taken advantage of share-price declines to add to existing stakes.

At the top of the list is Norway’s $1 trillion sovereign wealth fund, which this month underlined its intention to remain a long-term investor in the Nordic banks caught up in dirty money affairs. The biggest pension funds in Denmark and Sweden have made similar statements. The funds Bloomberg spoke to said it was their intention to stay invested in order to take on a more activist role.

“Of course we take it very seriously,” said Eva Halvarsson, the chief executive officer of one of Sweden’s biggest pension funds, AP2. “We have shares in all the banks and are also cooperating with them in our role as asset managers. We follow the developments closely and have contacts at various levels.”

STAYING ACTIVE
“It’s important that we wait and see how things develop,” she said. “But it’s of course in the cards for us to stay active and have a dialogue. They need to explain what they are doing about it and how they see their future.”

Danske Bank A/S and Swedbank AB are being investigated in Europe and the US amid allegations they handled billions of dollars in dirty money from the former Soviet Union via their Estonian units. Those who reportedly benefited from the transactions include convicted felon Paul Manafort and ousted Ukraine President Viktor Yanukovych, among others. Nordea Bank Abp is also under investigation for laundering, though allegations against it are on a much smaller scale.

Preliminary charges have already been brought against a number of former Danske executives, including its ousted CEO, Thomas Borgen. Swedbank fired its CEO, Birgitte Bonnesen, amid allegations she misled the public about the severity of the bank’s laundering scandal. Bloomberg Intelligence estimates that Danske may be facing a fine of about $1 billion in the US, and as much as $500 million from investor lawsuits against it.

“I have a great understanding for the complexity of it but of course the banks need to take it seriously in order to regain trust,” Halvarsson said.

ESG INVESTING
The pension industry’s commitment to scandal-hit banks may raise questions around the principles of responsible investing based on environmental, social and governance (ESG) concerns. ESG investing guidelines aren’t standardized, making it hard to know what distinctions money managers are making. At the same time, there’s a school of thought that says staying invested in companies involved in unethical behavior is a better way to wield influence than divesting.

John Howchin, the secretary general of the Council on Ethics that sets guidelines for a number of Sweden’s AP pension funds, said “that’s the way we work,” in an interview. “We stay and work together with the companies, as long as we think it gives results.” He said that the ethics council has a global focus, while it’s up to the individual funds to take a stance on local investments.

In Norway, the CEO of the wealth fund, Yngve Slyngstad, says they “have a good dialogue” with the banks under investigation for money laundering. “Even so, we will remain long-term investors and it goes without saying that, as an investor in these banks, we have an expectation that the board will address these issues.”

BUYING BANKS
Some of the biggest funds in the Nordic region are adding to their stakes in the banks. ATP and PFA, Denmark’s two biggest pension firms with a combined portfolio of about $210 billion, have both bought up shares of Danske Bank since the scandal broke. Allan Polack, the CEO of PFA, points to the bank’s ability to make money as a key consideration. He says PFA is “very pleased” with Danske’s commitment to its dividend.

Analysts seem to agree. By far the majority of analysts covering Danske are advising clients to buy or hold on to the stock. Most recently, Barclays upgraded its recommendation on Danske to overweight.

Finland’s Varma Mutual Pension Insurance Co., which manages more than $50 billion, sold its Danske shares in 2018 but tripled its Swedbank stake. Ilmarinen Mutual Pension Insurance Co., another big Finnish fund, also added to its Swedbank holding.

Institutional investors have mostly stuck around as others have fled. Danske’s share price plunged almost 50% last year, while Swedbank is this year’s worst-performing financial stock in Europe, having lost roughly a quarter of its value. Nordea fell about 25% last year, broadly in line with the European financial stocks on average.

The declines have forced Danske and Swedbank to the bottom of the ladder when measuring market values of the six biggest Nordic banks. Nordea remains the region’s biggest. But DNB ASA of Norway, which has largely steered clear of laundering scandals, is now the second-biggest Nordic lender.

Sampo Oyj, Nordea’s biggest investor, says it’s time to look past the allegations, declaring that the “era of large scandals is over.” Sampo Chairman Bjorn Wahlroos, who also used to run the board of Nordea, said earlier this month he’s satisfied that the bank has in the meantime allocated as many resources to its anti-money laundering work “as is physically possible.” — Bloomberg

PhilRealty capital stock hike gets SEC approval

PHILIPPINE Realty and Holdings Corp. (PhilRealty) has secured regulatory approval to increase its authorized capital stock to P8 billion, as it looks to acquire more property assets from different firms.

In a disclosure to the stock exchange on Monday, PhilRealty said the Securities and Exchange Commission (SEC) approved amendments to its articles of incorporation that will bring its authorized capital stock to P8 billion composed of 16 billion shares with a par value of 50 centavos apiece.

Its previous authorized capital stock stood at P4 billion divided into eight billion shares at 50 centavos each.

The listed property developer earlier said that the increase will allow it to issue new primary shares to Greenhills Properties, Inc. (GPI) and Meridian Assurance Corp. (MAC), in exchange for several prime real properties.

GPI will be transferring two vacant lots in Bonifacio Global City covering a total of 3,200 square meters (sq.m.) to PhilRealty.

Meanwhile, MAC will hand over three office condominium units and six parking units in the Philippine Stock Exchange Center, formerly called the Tektite Building, in Ortigas Center. These properties span 699 sq.m. in total floor area. The company will also contribute two commercial condominium units and two parking units covering a total of 223 sq.m. in BGC’s Icon Plaza.

PhilRealty’s net income attributable to the parent jumped by 72% to P18.49 million in the first quarter of 2019, despite a nine percent decline in gross revenues to P233.40 million.

The company noted in a regulatory filing that lower costs offset the three percent decline in sales of real estate for the period. Rental income also grew by 16% due to more leasable spaces owned by PhilRealty at the time.

Shares in PhilRealty climbed 3.57% or 1.50 centavos to close at 43.50 centavos each at the stock exchange on Monday. — Arra B. Francia

Mariwasa offers Luxurio tiles

MARIWASA Siam Ceramics, Inc. introduced porcelain tile brand Luxurio, which combines durability with design.

Luxurio offers a wide range of timeless, modern and minimalist tile designs for different requirements and applications. The tiles are easy to clean and maintain, and durable enough to withstand heavy foot traffic, even in commercial areas.

“We’ve built our brand and reputation on delivering uncompromising quality with each product and service. Homeowners, builders, contractors and all our other customers can expect the same with the Luxurio Porcelain Tiles, which combine great aesthetic, durability and easy handling to suit different requirements in residential or commercial applications,” Mariwasa President Jakkrit Suwansilp said.

Customers can avail of after-service support for Luxurio Porcelain Tiles through Tyler the “Professional Tile Installer (tyler@mariwasa.com and 717-6901 loc. 2278).

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