Home Blog Page 9544

Wholesale prices of construction materials in NCR ease in April

By Marissa Mae M. Ramos, Researcher

THE wholesale price growth of construction materials in Metro Manila rose in April, albeit at a slower pace, the Philippine Statistics Authority (PSA) said on Friday.

The construction materials wholesale price index (CMWPI) grew 1.5% year-on-year in April, against an increase of 1.6% in March.

The deceleration in the CMWPI was driven by a further decline in fuels and lubricants to minus 19.2% in April from minus 5.7% in March. Electrical works, and plumbing fixtures and accessories/waterworks also contributed to the slowdown with 0.7% (from 1.4%) and 1.2% (from 1.4%), respectively.

The year-on-year growth in other commodities remained unchanged from the previous month: tileworks (17.5%); PVC pipes (7.5%); glass and glass products (7.1%); galvanized iron sheets (2.8%); sand and gravel (1.4%); concrete products and cement (1.3%); painting works (0.9%); doors, jambs, and steel casement (0.6%); and reinforcing and structural steel (0.3%).

The wholesale price of plywood also continued to decrease at the same rate at minus 0.4% in April while flat growth was noted in asphalt and machinery and equipment rental.

Meanwhile, faster increments were recorded in lumber (4.4% from 3.3%) and hardware (5.0% from 4.7%).

“The slower year-on-year increase in wholesale prices of construction materials in April… may be attributed to the sharp decline in oil/petroleum products (near two-decade lows) that, in turn, led to lower prices of construction materials based on oil/petroleum… largely due to slower demand and reduced economic activities with the ECQ (enhanced community quarantine) in Luzon for the whole month of April and the lockdown in many countries around the world,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an email.

Among the economic activities restricted during the ECQ, the economist said, were construction, real estate, and other related activities that dampened demand for construction materials.

“For the coming months, any gradual easing of the lockdown would lead to some resumption of construction, infrastructure, and other real estate activities… Thus, there may be some slight pick-up in the prices of construction materials in the coming months, but could still be limited and could remain relatively lower with the expected gradual resumption of business activities, including construction, infrastructure, and real estate activities,” he added.

NPC releases guidelines on work-from-home operations

THE NATIONAL Privacy Commission (NPC) has released guidelines for data security for work-from-home (WFH) operations, encouraging institutions to use only authorized software and organization-issued devices.

The NPC on Friday said in a statement that public and private organizations should ensure personal data protection as WFH measures will likely remain as part of the “new normal” in managing the coronavirus disease 2019 (COVID-19) crisis.

The commission said organizations should issue computers and information communications technology resources like USB flash drives, and use personal devices only if providing organization-issued resources is impractical.

“Such practice, however, must be governed by the organization’s Bring Your Own Devices (BYOD) policy.”

Organizations have been implementing WFH measures since the start of the enhanced community quarantine that limits the number of workers allowed for on-site operations, with some companies retaining these measures even after restrictions have relaxed.

The NPC also encourages the use of authorized software and video conferencing, discouraging the storing of digital files in external services and software. The commission reminded organizations that they should have security updates on devices, including antivirus scanning and operating system security patches.

Web browsers, the commission said, should be up-to-date and properly configured. The NPC encourages private browsing, disabling password autofill, preventing tracking, and checking password exposure breaches and control permissions on internet browsers.

When using home-based WiFi, the NPC said to ensure reliable internet connection and to avoid visiting malicious web pages. The commission also recommended creating private workspaces at home to avoid accidental viewing from others.

The NPC said WFH should be given the same level of data protection ensured by the Data Privacy Act for the measures to remain sustainable.

“Given the public health emergency (PHE) that the country faces, the National Privacy Commission (NPC) supports the adoption of the WFH setup as a viable strategy to balance the need to preserve the health and well-being of an organization’s workforce with the need to continuously operate and provide services to the public,” Privacy Commissioner Raymund Enriquez Liboro said. — Jenina P. Ibañez

PHL among countries with lowest video quality

THE PHILIPPINES was among the countries with the lowest video quality experience in the past quarter even as it showed a large improvement, a global mobile analytics company said.

OpenSignal said in its The State of Mobile Network Experience 2020 report that Philippine users’ video experience grew by 32%, the fourth largest increase in percentage among 100 countries. The report is based on data collected from more than 43 million devices in the first quarters of 2019 and 2020.

Video experience improved from “Poor” to “Fair,” with the country ranking 91st out of a 100 countries.

“While there is a relationship between download speeds and the quality of the Video Experience, the strength of the correlation between the two declines as speeds increase,” the report said, noting that the Czech Republic and the Netherlands tied for first place in video experience even though they have a gap in average download speeds.

The Philippines ranked 83rd in terms of download speeds, up 21.5% to 8.5 megabits per second (Mbps).

Philippine smartphone users are able to spend 81.5% of their time connected to 4G signal, up 12.6% since 2019 and one of the largest increases in the Asia Pacific.

OpenSignal said 5G adoption needs to accelerate to improve overall download experience, but they maintained that markets still need to provide users with a good mobile 4G experience.

“This older 4G technology is the foundation of mobile experience, for 4G users and also as a necessary foundation for offering 5G services.”

OpenSignal added that the impact of the coronavirus disease 2019 pandemic on business makes the future of mobile networks uncertain.

“But the habits formed during the crisis, and the critical role of mobile telecoms in everyone’s lives in these difficult times, will lead to many mobile initiatives in the years ahead,” the report said.

“People are connecting through voice and video communications more than ever — highlighting the importance of different ways of measuring the quality of the real-world mobile experience.” — J.P. Ibañez

Face masks required as Metro Manila malls reopen today after two months

METRO MANILA malls are requiring the use of face masks as they reopen today after being shut for two months due to the strict lockdown enforced in response to the COVID-19 pandemic.

In separate statements on Friday, Megaworld Corp. and Robinsons Malls confirmed that they are reopening their malls starting May 16. It is unclear when SM Supermalls will be restarting operations although it has issued guidelines to do so safely.

Meanwhile, Ayala Land has said that its Metro Manila malls will open on May 18, but gave no details as of press time.

After two months of the stricter enhanced community quarantine, Metro Manila has been placed under modified enhanced community quarantine, and the malls are now allowed to partially reopen. Only non-leisure stores allowed to do business, while restaurants may operate for take out and delivery only, with no in-house dining allowed.

Stores that may operate include those that sell hardware, clothing and accessories, books and office supplies, baby care supplies, pet supplies, information technology and electronic equipment, toys, flowers, jewellery, novelties, antiques, and perfume. Mall branches of government frontline services can also open

Barbershops and salons, as well as gyms, cinemas, karaoke bars, playrooms, travel agencies, and personal care services like massage parlors may not reopen.

The mall operators confirmed that free WiFi connection will be suspended, and air conditioning will be limited as per orders. These measures are meant to deter people from loitering in the malls.

Megaworld said its safety measures include social distancing, mandatory thermal checks, compulsory wearing of face masks, and cashless transactions. Only customers between the ages of 21 and 59 will be allowed to enter, and they must present their IDs at the entrance.

“Contactless purchases including the use of mobile or cashless transactions at select stores, and the establishment of designated pick-up counters and drive-through stations for online takeout orders and deliveries are also among the new additional measures to be implemented to protect and give shoppers more options,” Megaworld said.

Robinsons said that it is applying a “no face mask, no entry” policy and will be checking customers’ temperature. Customers will also be required to follow three-step gaps between other customers in escalators, while elevators will have marked areas for standing.

SM is requesting that customers limit their activities to buying essentials and accessing non-leisure services.

“Hallways and common areas will have floor directional arrows to encourage one-way customer traffic to help people avoid coming into close contact with others. Safety Protocol Officers have been deployed to reinforce Safe Malling measures,” it said in a statement.

SM has conducted antibody rapid testing for all employees, including janitors and security guards, and provided them with personal protective equipment.

The mall operators will be conducting sanitizing measures, with SM and Robinsons placing antiseptic dispensers and disinfectant foot mats at the entrances of their facilities. Megaworld has placed disinfection chambers at its mall entrances.

“We want to make sure that anyone visiting and working in our malls would feel safe and well taken care of,” Robinsons Malls Senior Vice-President and General Manager Arlene Magtibay said. — Jenina P. Ibañez

FDCP issues guidelines for film, TV production shoots

THE Film Development Council of the Philippines (FDCP) on Friday announced its guidelines for production shoots in the entertainment industry under modified enhanced community quarantine (MECQ). These will include conducting casting via video and limiting production staff.

Film, TV, and music production are among the industries permitted to operate with 50% of their regular workforce during the MECQ period.

FDCP chairperson Liza Diño-Seguerra spoke at a briefing on Friday before the MECQ takes effect for Laguna, Cebu City, and Metro Manila starting March 16.

Meron tayong guidelines bago magshoot (We have guidelines before shooting), pre-production, production and post production,” she said.

These guidelines include on-set health precautionary measures. Among these are that production companies must provide face masks for their workers; interior spaces must have adequate ventilation; and holding areas for talents and crew must be outdoors as much as possible.

A nurse must be present during filming and temperature checks of all people present in the shooting is mandatory.

Social distancing measures will also be strictly observed. Cameras and camera men must be two feet away from the talents during filming. Handwashing stations must be available for everyone, and costumes and wardrobes must be cleaned immediately after use.

A maximum of 50 people will be allowed on set, and casting can be done via videoconference or self-made tapes. As much as possible, only a skeleton workforce must be employed and a limited number of talents and crew.

The FDCP also said that the following kinds of scenes will be restricted during the MECQ: night club scenes, political demonstrations, church congregations, parades and similar festivities, sports or any public tournaments, and large concerts.

For catering on sets, only single-serve beverages and food will be allowed. When serving sit down meals, a distance of one meter between each person must be observed.

While only 50% workforce is allowed for most industries under the MECQ, the film and audiovisual industry are allowed to operate at 75% capacity in areas under a general community quarantine provided that safety protocols are complied with. — Gillian Cortez

A time to laugh: how some performers react when the pandemic hits their gigs

Let me start with a familiar story: a wrestler, two comedians, and a comic book artist all walk into a bar… except they don’t, because there’s a pandemic, and we’re all still stuck at home.

Standup comedian Micah Andres had wrestler, lawyer, and musician Trian Lauang, comic book creator Rob Cham, and comedian and writer Israel Buenaobra over on his webshow, Nagmamarunong, late last month to talk about their situations in quarantine, and to see as well the new directions they may take when it comes to performing acts during the pandemic. “A lot of people do overlook artists during the ECQ. A lot of us have artist friends who we should be reaching out to kasi feeling ko nasisiraan na sila ng ulo (because I feel that they’re going crazy),” began Mr. Andres.

Mr. Andres asked everyone when they last had a gig. As a member of a band, Mr. Lauang said, “2019!” Apparently, in years past, they would begin collecting gigs late in January or in Februray, but the eruption of Taal volcano earlier this year interrupted that. March and a pandemic rolled in after that. “On the band front, we are doing absolutely nothing,” he said, and was greeted by laughs. He cites the difficulty of exchanging ideas over chat, as well as not being in a studio.

He said it’s his gig in wrestling that might be most affected. Aside from the fact that there wouldn’t be live audiences to watch them, “In wrestling, you get used to getting hurt… if you don’t do that for a long time, sobrang maninibago na naman kami (it will feel like we are starting over all over again).”

“That’s what scares the most of us right now. Kaya pa ba namin tumanggap ng sakit ng katawan (can we still deal with physical pain)?”

Meanwhile, Mr. Andres asked Mr. Cham about how being under a community quarantine affects his art. “A lot of [time] is spent watching the news; trying to pay attention to what’s happening.” He admited that he sometimes finds himself in a funk, not being able to draw anything. “Getting clients is a lot harder. Trying to talk to clients; trying to get paid is a lot harder because usually it’s bank deposits.”

Mr. Buenaobra keeps himself busy with a comedy webshow. “The show keeps me sane, kahit papaano (somehow). It gives me a reason to put on a T-shirt.”

Mr. Cham made a point about why performers like his co-panelists and artists like him are having a hard time. “People can’t really spend that much on culture. In the case of you guys as comedians, musicians, and wrestlers, you need a public venue to do that. On my end, will they spend on art?”

Mr. Buenaobra thought about the scene for performers like him when the lockdown ends, as we enter what everybody calls “The New Normal.” “Kailangan pa natin magbenta ng tickets para kumita tayo. Iyon ang mahirap dito (We’ll need to sell tickets to earn. That’s what’’s hard here).” He also noted that the restaurants and bars they normally perform in might be reluctant to take them in due to their own losses during the lockdown. Mr. Lauang pointed out that a lot of those places may not even survive.

As mass gatherings are not allowed right now, they were asked when they could start performing again. “Kayo ba, gusto niyo magperform (you guys, would you like to perform) for a crowd shortly after ECQ is lifted?” Mr. Lauang pointed out the risks involved in wrestling, which would entail body contact between performers, increasing a risk of infection. “Would you risk that for something [that is] not necessarily an essential service?”

Mr. Buenaobra said, “Ang matutuloy lang siguro ay iyong Open Siomaic every Tuesday kasi ganoon kakonti iyong tao,” making a joke about his small audience draw during a gig at a Quezon City bar.

Since he also performs from home via a webshow, he points to a new direction of comedy. “Masasanay tayo na for comedians na mag-perform in front of a camera (We’ll get used as comedians to perform in front of a camera).” But he noted the difficulties of this — that there would be “Minimal or no feedback at all,” since you can’t always hear laughter online. “Ano pang magagawa ng laugh reacts sa baba?,” he said, referring to the laughing reaction button Facebook employs. He also joked about the slow internet speeds in the country: “Naka-panlimang joke ka na, unang joke mo pa lang tinatawanan (You’re on your fifth joke, and they’re still just laughing at your firste).”

As a wrestler, Mr. Lauang bills himself as the “Inch for Inch Best Wrestler in The World” (it’s a joke about his height) but still said pretty big words: “We’ll find a way. That’s the thing about art: it’s always growing, it’s always evolving. We’ll find a way, because we want our [stuff] out there for people to consume.” — Joseph L. Garcia

DLSU’s A Fire in the Soul cantata gets limited online showing

To mark the 70th anniversary of the declaration of St. John Baptist de La Salle as the Patron of Teachers, De La Salle University will stream A Fire in the Soul, a cantata about the De La Salle Brothers during World War II, from May 15 to 17 on its YouTube channel.

It also serves as a tribute to acclaimed Lasallian artist and director Peque Gallaga, who passed away recently.

Created by Gabby Fernandez, A Fire in the Soul was one of the highlights of the yearlong centennial celebration of De La Salle University in 2011. Vicente Garcia Groyon wrote the libretto and Von de Guzman composed the music.

The cantata may be viewed at the DLSU YouTube channel at www.youtube.com/dlsu100.

SM Prime profit slips 5% amid mall closures

By Denise A. Valdez, Reporter

SM Prime Holdings, Inc.’s profit slipped by 5% dip in the first quarter, as its shopping malls in the Philippines and China were forced to close due to the coronavirus disease 2019 (COVID-19) outbreak.

In a statement Friday, the Sy-led property developer said its consolidated net income in the first three months of 2020 fell to P8.3 billion from P8.8 billion the same period last year.

Total revenues dropped 3% to P25.8 billion, as its mall business, which accounted for 47%, suffered due to enhanced community quarantine (ECQ) implemented in Luzon in mid-March.

Malls in the Philippines saw a 16% decline in revenues to P11.3 billion, as mall rental income fell 12% to P10.1 billion. SM Prime had limited the operations of its mall network in the country to essential stores starting mid-March.

The company earlier announced it will waive rent for all tenants in its shopping malls that are not able to operate during the ECQ period.

In China, the company operates seven malls which closed as early as January 25 due to the COVID-19 outbreak. They reopened starting February 10 and are now running at 80% capacity and slowly getting regular foot traffic.

SM Prime’s residential segment, operated by SM Development Corp. and comprising 44% of the company’s total revenues, posted a 23% growth in revenues to P11.4 billion. This was attributed to higher reservation sales amounting to P24.8 billion.

SM Prime also noted it has an inventory of 16,000 units -equivalent to 12 months of sales, making it sufficient to temper the expected construction delays in new projects due to the lockdown measures currently in place.

Other business segments added P2.2 billion in revenues, with operating income sliding 9% to P1.1 billion. This accounts for SM Prime’s office leasing segment, which continue to operate under quarantine as its tenants are mostly business process outsourcing companies. SM also operates hotels, including Taal Vista Hotel which was closed in late January due to the eruption of Taal Volcano.

“The company’s first quarter results reflect the business disruption impact of the quarantine measures implemented last March 16, which affected primarily our leasing businesses,” SM Prime President Jeffrey C. Lim said in the statement.

“The residential segment has still shown strong growth in the first three months, abating the effect of revenue losses in the malls segment. The balance between our recurring and developmental income streams sustains our healthy financial position during this pandemic,” he added.

Despite the economic decline brought by the pandemic, SM Prime said it is keeping its allocation for capital expenditures this year at P80 billion, which will focus on projects with sustainable returns in the long term.

“We believe that in crisis like this, flight to quality will be the driver for consumers and buyers, and SM has the solution and right product,” SM Prime Chairman Henry T. Sy, Jr. said.

Shares in SM Prime at the stock exchange shed P1.60 or 5.23% to P29 apiece on Friday.

Earnings of Lucio Tan-led conglomerate surge in Q1

By Denise A. Valdez, Reporter

LT Group, Inc. reported a 41% surge in profits in the first quarter, lifted by growth in its tobacco and property segments.

The listed conglomerate of tycoon Lucio C. Tan posted a attributable net income of P6.21 billion in the three-month period, up from P4.42 billion during the same period last year. Total revenues climbed 15% to P25.22 billion.

By business segment, the tobacco arm accounted for 80% of LTG’s earnings at P4.99 billion. Banking unit Philippine National Bank (PNB) contributed P761 million or 12%, while Tanduay Distillers, Inc. (TDI) accounted for P199 million or 3%. Property segment Eton Properties Philippines, Inc. added P168 million or 3%; and beverage arm Asia Brewery, Inc. (ABI) pitched in P74 million or 1%.

The remaining 1% is from LT Group’s 30.9% stake in Victorias Milling Co., Inc., which contributed P91 million to the company’s total attributable income.

The tobacco firm’s earnings surged 76% to P5 billion, owing to the higher share of premium Marlboro and an increase in prices since late August 2019. Volume dropped 9% in the three months, which LT Group warned may keep plummeting due to the government’s higher excise tax on tobacco.

“(LT Group) is not against tax increases, but believes that the hikes should be moderate. Continual price increases to pass on higher excise taxes may result in further volume drops,” it said.

PNB generated a net income of P1.37 billion during the period, 30% lower from the first quarter of 2019. Provisions for credit losses expanded to P3.36 billion from P346 million last year as it anticipated an economic decline due to the on-going coronavirus pandemic.

Tanduay’s net income fell 15% to P199 million, as higher alcohol costs resulted in lower margins for the company. A 4% drop in volume was offset by the price increase per case in January, which resulted in a 9% increase in revenues from the liquor segment. However, revenues from the bioethanol segment fell 8% due to lower volumes and selling prices.

Property arm Eton posted a 13% profit increase to P169 million, which it traced to an increase in rental income and improvement in gross profit margins for real estate sales. The company currently has 181,000 square meters of office space for lease and 43,000 square meters of retail space.

ABI, which produces products such as Cobra energy drink, Vitamilk soymilk and Absolute and Summit bottled water, saw a 10% decline in net income to P74 million. It said some equitized loss in a joint venture dragged its bottomline as revenues were flat during the period.

As the Philippines continues to face the coronavirus pandemic, LT Group said it is confident in the strength of its balance sheet, as its debt-to-equity ratio was at 3.86:1 with the bank and at 0.16:1 without the bank.

Shares in LT Group at the stock exchange ended flat on Friday’s trading at P7.18 apiece.

ABS-CBN says shutdown to ‘significantly impact’ revenues

ABS-CBN Corp. on Friday said the shutdown of its free-to-air television and radio operations “will significantly impact” the company’s media, networks, and studio Entertainment (MNSE) operations which generate billions of pesos in annual revenues.

The Lopez-led media giant told the stock exchange that revenues from MNSE operations stood at P23.3 billion in the period ended September 2019. Of the total, P15.9 billion or around 68% came from free-to-air advertising.

ABS-CBN said on a consolidated basis, free-to-air advertising accounted for around 50% of the company’s consolidated revenue for the first nine months of 2019.

“The actual impact on MNSE operations is difficult to estimate at this point since it will depend, among other things, on the duration of the time its television and radio stations are off-air, and its ability to generate alternative sources of revenues to make up for the shortfall,” ABS-CBN said.

“Even as the impact of the COVID-19 pandemic on the Philippine and global economy is yet to be fully realized, the order will put additional financial burden on the Company,” it added.

ABS-CBN shut down its free-to-air television and radio stations last May 5, after the National Telecommunications Commission issued a cease-and-desist order against the company after its franchise expired on May 4.

ABS-CBN said it continues to produce and distribute content via active channels, including The Filipino Channel (TFC) and ABS CBN News Channel (ANC), which were not affected by the NTC’s order.

“The Company is exploring alternative means to reach its audience and substitute sources of revenues, such as but not limited to, expanding its digital platforms and developing new products,” it said.

It likewise maintains the operations of its cable, satellite, and broadband business, digital and interactive media unit, as well as consumer products and experiences segment.

ABS-CBN said it will continue implementing cost control measures, reducing general administrative expenses or overhead, and rationalizing capital expenditures.

It is currently crafting measures to protect the welfare and interest of its employees who are affected by the network’s shutdown.

The company said it will pay all its bank debts on time and committed to “honor all existing obligations for goods delivered and services rendered by its third party suppliers.”

As of end-September 2019, ABS-CBN sad its long-term debts amounted to P21.34 billion.

Last May 13, the House’s Committee of the Whole approved on second reading House Bill No. 6743 which grants the network a franchise until October 31, 2020.

Meanwhile, in Senate, two bills on its franchise are still pending. One bill seeks to grant the company a 25-year franchise, while the other will provide a provisional franchise that will allow its operation to continue until June 30, 2022.

“The Company is confident that it has not committed any violation of the terms of its franchise, permits, and licenses or any applicable law or regulations as to merit the non-renewal of its franchise or suspension of its broadcast operations as a consequence,” it told the stock exchange. — A.J. Ang

ATI’s Q1 earnings slump as container volumes fall

Asian Terminals, Inc. (ATI)
Courtesy of Asian Terminals, Inc.

PORT OPERATOR Asian Terminals, Inc. (ATI) halved its profits in the first quarter as its ports saw lower container volumes amid the coronavirus disease 2019 (COVID-19) pandemic.

In a regulatory filing Friday, the listed firm said its attributable net income slumped 68% to P472.16 million in the January to March period, as revenues dropped 29% to P2.58 billion.

“Revenues from South Harbor (SH) international containerized cargo operations and Batangas Container Terminal (BCT) decreased from last year by 29.3% and 39.7%, respectively, on account of lower container volumes resulting from the negative impact of COVID-19. Container volumes at SH and BCT declined by 20.8% and 18.8%, respectively,” it said.

ATI said costs and expenses climbed 3% to P1.36 billion, partly due to labor costs related to the COVID-19 crisis. Expenses for security, health, environment and safety rose 8% to P56.3 million as the company bought supplies to combat the spread of the coronavirus.

Other expenses grew 5% to P60.7 million, accounting for donations and community investment programs that ATI rolled out in relation to the pandemic.

Amid the COVID-19 crisis, ATI said its ports will remain operational 24/7 to ensure the “unhampered flow of food, medicines, medical supplies and other vital commodities in the supply chain.”

DMW profits fall 12% on last year’s one-time gain

EARNINGS of D.M. Wenceslao and Associates, Inc. (DMW) fell 12% year-on-year in the first quarter after the absence of last year’s one-time gain.

In a statement Friday, the property and construction firm said its attributable net income stood to P445.4 million in the January-to-March period, lower than the P507.1 million it recorded the same period last year.

Excluding the P300-million other income it saw in 2019, DMW said its net income would have grown 71% this year.

DMW’s revenues surged 72% to P1.02 billion, driven by record-high growth in its leasing and residential segments. Revenues from the leasing segment climbed 4% to P512.7 million, while revenues in the residential segment soared 398% to P498.1 million.

The growth in the leasing segment was triggered by sustained occupancy and higher rates in new leases. The rise in residential revenues was supported by higher project completions and additional accounts recognized.

“We continue to show good progress against our strategic priorities of enhancing our earnings base and profitability by developing a portfolio of high-quality real estate projects, resulting in our highest quarterly revenues without land sale,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.

“While we expect the risk of delays to our project construction schedule and potential weaker near-term demand due to COVID-19 (coronavirus pandemic), we believe that the overriding strategy we laid out at the time of our IPO (initial public offering) remains relevant and will enable us to weather and respond to market uncertainty as well as to pursue new opportunities that will emerge as a result of the crisis,” he added.

The company also announced its board of directors has approved undertaking a P1-billion share buyback program to enhance and improve shareholder value. It noted this will affect DMW’s minimum public ownership, but committed to bring it back up to the required percentage within 12 months.

“The share buyback program will not involve any active and widespread solicitation from the stockholders and will be implemented in the open market through the trading facilities of the Philippine Stock Exchange… The share buyback program will not affect any of the company’s prospective and existing projects and investments,” it said.

Shares in DMW at the stock exchange inched up six centavos or 0.90% to P6.70 each on Friday. — Denise A. Valdez

ADVERTISEMENT
ADVERTISEMENT