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33 deaths due to dengue reported in Central Visayas

DENGUE CASES in Central Visayas increased to 5,339 during the Jan. to March 16 period this year, with 33 deaths recorded. Department of Health officials in the region reported that in the same period last year, there were 1,598 cases with 11 deaths. Cebu province had the most cases at 3,471 with 25 fatalities. Bohol had 923 with six deaths; Negros Oriental, 888 cases with two deaths; and Siquijor, 55 with no casualty. Senior health program officer Ma. Michelle Acosta called on all local government units to reactivate their respective anti-dengue ordinances to hasten and strengthen the response measures to the situation. Ms. Acosta also appealed to homeowners to be cooperative when rural health unit personnel visit them to conduct misting operations. — The Freeman

Robinsons Cybergate Magnolia gets ecozone status

PRESIDENT RODRIGO R. Duterte has designated the Robinsons Cybergate Magnolia located along Aurora Boulevard in Quezon City as an information technology center. Mr. Duterte signed Proclamation No. 699 on March 19, a copy of which was released to Palace reporters on March 20. The building has a gross floor area of 18,314 square meters and is part of the mixed-use complex developed by Robinsons Land Corp., the real estate arm of JG Summit Holdings, Inc. This designation was upon the recommendation of the Philippine Economic Zone Authority. — Arjay L. Balinbin

CA upholds libel conviction of Mejorada

THE COURT of Appeals (CA) has affirmed the conviction for four counts of libel of former Iloilo provincial administrator Manuel P. Mejorada. In a three-page resolution, the CA denied the motion for reconsideration of Mr. Mejorada in which he cited that the Pasay Regional Trial Court (RTC) Branch 118 erred in imposing imprisonment as penalty instead of a fine. “(T)he judicial discretion granted to judges to rule on the appropriate penalty for the crime of libel must necessarily involve the exercise of judgement on the part of the court,” the CA said. The case filed by Senator Franklin M. Drilon involves four articles indicating that he intervened in various projects of Iloilo City “by manipulating them as well as benefitting himself by unwarranted gains.” In a statement, Mr. Mejorada said he will bring the case before the Supreme Court as he believes that there was no libel as the element of the injury was not established when Mr. Drilon failed to testify. “Injury in libel is personal and nobody but the complainant can tell the Court on how he felt about the alleged libelous publications. I am confident this issue on the failure of Senator Drilon will be given due consideration,” he said. — Vann Marlo M. Villegas

GenSan gov’t orders nightly patrols, allocates P13-M additional fund for neighborhood security amid recent crime reports

GENERAL SANTOS CITY Mayor Ronnel C. Rivera has ordered the city police and barangay officials to conduct joint nightly patrols amid a recent rise in reports of crimes such as carjacking. In a meeting earlier this week, Mr. Rivera also announced that a P13 million monthly fund has been allocated for distribution to the 26 villages to beef up security measures. Barangay officials are required to present their peace and order plan to have access to the fund. “We are calling on the public and the residents of General Santos City to help in keeping our city safe by providing us with critical information as well as cooperation in our law enforcement efforts,” Mr. Rivera said in a statement. Also this week, the local government distributed eight new patrol cars and several firearms to the police force. Meanwhile, Col. Raul S. Supiter, head of the GenSan City police, warned residents against “unverified news reports that have gone viral in social media lately.” Mr. Supiter cited postings on “alleged kidnapping of children and other reports that have not been validated or reports that have been blown out of proportion.” He said the local police are working double time to resolve confirmed crimes, noting that they have already made two arrests in the series of carjacking incidents and filed charges against the gunman and mastermind behind the killing of a barangay chairman.

GenSan now has own legislative district

PRESIDENT RODRIGO R. Duterte has signed into law a measure “creating the lone legislative district” of General Santos City, an independent city categorized as highly urbanized in the SOCCSKSARGEN (South Cotabato-Cotabato-Sultan Kudarat-Sarangani-General Santos City) Region. “The First Legislative District of the Province of South Cotabato is hereby reapportioned in order to create the Lone Legislative District of General Santos City to commence in the next national and local elections after the effectivity of this Act,” states Republic Act No. 11243, signed on March 11, and a copy released on March 20. South Cotabato’s first legislative district now covers the municipalities of Polomolok, Tampakan, and Tupi. — Arjay L. Balinbin

Holcim Davao plant former workers seek union recognition, regularization

PROTESTING WORKERS who have been dismissed from the Holcim Philippines, Inc. plant in Davao City, hired through contractor Fort Steel Cargo Integrators Inc., pressed on their call to be reinstated and be given regular employment status. In an open letter to the company, a copy of which was sent to BusinessWorld, the group All Unfairly Dismissed Workers of LafargeHolcim Davao who are also members of the labor union Dahewu-Sentro, said their three basic demands are: “1. Stop hiring of scabs by reinstating all of us direct to LafargeHolcim with full back wages without a labor-only contractor Fortsteel; 2. Recognize our union membership in DAHEWU-SENTRO; and, 3. Fairly implement voluntary regularization by complying with the Collective Bargaining Agreement of DAHEWU-SENTRO and LafargeHolcim…” The group said they are standing pat on these conditions, noting that most of them have been working for the company “side by side with the regular rank-and-file workers” for 10 to 30 years. In a statement earlier this month, Holcim Philippines said it is “closely coordinating” with contractor Fort Steel “for the immediate resolution of this matter.” — Carmelito Q. Francisco

Nation at a Glance — (03/21/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.
Nation at a Glance — (03/21/19)

Ayala Land Offices opens new Clock In flexible workspace in Vertis North

Ayala Land Offices (ALO), the office leasing arm of Ayala Land, Inc., recently opened its latest flexible, co-working space under the brand name Clock In in Vertis North, a sprawling mixed-use development of its parent company in Quezon City.

The new Clock In occupies 800 square meters of space on the sixth floor of Vertis North Corporate Center 1, which is in close proximity to critical transportation hubs, major Metro Manila arteries, a slew of retail establishments, residential properties and hotels.

It is the fourth Clock In flexible workspace to go online since Ayala Land entered the shared office space business in 2017, after the one at the Penthouse of the Makati Stock Exchange building in Makati City and the other two in Bonifacio Global City (BGC) in Taguig City. Three more are scheduled to open by the end of the year — at The 30th in Pasig City, at Ayala North Exchange in Makati City and Alabang Town Center in Muntinlupa City.

According to Carol Mills, Vice President and Head of Ayala Land Offices, rapid advancements in mobile technology and connectivity are changing the way people work, resulting in jobs that are based online and the realization of businesses that tasks can be performed under flexible conditions.

“We are leveraging the synergies of Ayala Land to address the growing demand for shared spaces that inspire innovation and collaboration,” she said.

At the opening of Clock In Vertis North, she said they were pleased with the occupancy of Clock In Makati and BGC, noting that the take-up was fast within the first year.

“We were able to expand our tenant base to include start-up companies, small, medium enterprises and companies that perhaps could not have been able to locate in our traditional offices,” Ms. Mills said.

A flexible workspace like Clock In has huge advantages such as fully furnished facilities and services. Its plug-and-play simplicity meshes well with the always-on-the-go work styles prevalent today. It also entails low start-up costs and flexible lease terms and provides passport access across all Clock In locations.

That’s why it’s incredibly popular among start-ups, small and medium-sized enterprises, digital nomads, freelancers, road warriors and swing-space seekers, and it is beginning to catch on with large corporates, specifically those that deploy project-based teams in satellite offices.

Designed as a modern twist to an English pub, Clock In Vertis North features a workspace that can seat up to 185 people, fostering collaboration and productive discourses among tenants. It has 23 private offices, a 28-seater co-working space, two meeting rooms (an 8-seater and a 12-seater), and an event space for a variety of purposes, including company presentations, product launches and mixers.

All tenants get to enjoy fast Internet connection of up to 80 mbps, maintenance services, administrative and IT support, unlimited supply of coffee and tea, among other perks.

Ms. Mills added, “In this fast-paced digital world, new skills and business models are needed to thrive. Companies are recognizing that in order to attract and retain top talent, they need to be more community-minded and this should be reflected in the kind of work environment they provide. Clock In by Ayala Land Offices offers the environment for the new generation of businesses to begin.”

For more information, visit http://www.clock-in.com.ph.

Bad debts outpace total bank loans’ rise

SOURED DEBTS held by Philippine banks rose in 2018 to outpace the growth in total loans at a time of higher interest rates and rising commodity prices.
Non-performing loans (NPLs) held by banks hit P178.532 billion last year, 16.7% more than the P152.985 billion in 2017, according to data the Bangko Sentral ng Pilipinas (BSP) released on Tuesday.
NPLs are loans left unpaid for at least 30 days beyond due date. These are considered risky assets given the slim chance borrowers would settle such liabilities.
The growth in soured debts outstripped the 13.6% increase to P10.076 trillion in total loans handed out by banks.
As a result, industry NPLs took a bigger slice of total loans at 1.77% in 2018, compared to the preceding year’s 1.73%.
Problem debts held by universal and commercial banks grew 16.4% to P113.518 billion from P97.531 billion as of end-2017, faster than the total loan portfolio of these big lenders that expanded by 14.6% to P9.018 trillion.
This pushed big banks’ NPL ratio to 1.26% of total loans from 1.24% in 2017, capping declines observed since 2013.
Across the Philippine banking system, past due loans — which refer to all types of loans left unsettled beyond payment date — soared 44.2% to P253.582 billion, data showed.
Restructured debts fell 14.9% to P39.713 billion.
Still, banks added just a little to their reserves to cover prospective loan losses. The lenders set aside P187.342 billion, just 1.7% more than the previous year’s allowance for possible defaults.
This eroded the banks’ coverage ratio to just 104.93%, still enough to cover the entire NPL stash but significantly less than the 120.44% provision the year prior.
Philippine banks made a cumulative P178.835 billion in 2018, up 6.4% from the P168.075-billion profit the previous year.
BSP Deputy Governor Chuchi G. Fonacier said that the higher NPL may be attributed to a “stricter definition” of past-due and non-performing loans as provided under a recent circular.
The higher NPLs also came after the BSP raised benchmark borrowing rates by a total of 175 basis points in 2018 in five successive rate hikes meant to rein in inflation expectations as consumer prices surged by as high as 6.7% in September and October. The key rate rose to 4.75% from three percent in early 2018, which in turn pushed market yields higher.
The central bank monitors NPL ratios of banks and other firms in order to keep track of asset quality and maintain the soundness of the financial system.
In a March 6 webcast, S&P Global Ratings said the higher NPLs do not ring alarm bells just yet, noting that the ratio “continues to remain very low.”
At the same time, the global debt watcher cited the rapid rise of interest rates as well as currency volatility as key risks to bank profiles.
“We expect the uptick in NPLs to continue in 2019 as well,” Nikita Anand, S&P’s associate for Financial Institutions Ratings, had said then. — Melissa Luz T. Lopez

Regulator mulls Manila Water penalties

THE METROPOLITAN WATERWORKS and Sewerage System (MWSS) said on Tuesday it was studying the prompt imposition of penalties against the Manila Water Company, Inc. for current service disruptions, marking a shift from its statement the day before that penalties will have to be incorporated in rate rebasing done every five years.
Leaders of the MWSS were summoned to a meeting with President Rodrigo R. Duterte that was to take place late in the afternoon of the same day in Malacañan Palace.
“We are studying that right now. We are exploring that option of imposing it by June or July,” MWSS-Regulatory Office Chief Regulator lawyer Patrick Lester N. Ty told the Senate Committee on Public Services when pressed on the matter in a public hearing.
The committee, led by Senator Grace S. Poe-Llamanzares, questioned Mr. Ty after he said the regulator does not have authority to promptly impose penalties for noncompliance with requirements in concession agreements.
It was the same stand he took the day before in a hearing at the House of Representatives, prompting Speaker Gloria M. Arroyo to tell reporters afterwards that lawmakers will have to tighten sanctions under such deals.
In the same hearing on Tuesday, Senate President Vicente C. Sotto III said Article 10.4 of the concession agreement between the MWSS and Manila Water provided that failure to meet any service obligation for more than 60 days, or 15 days “in cases where the failure could adversely affect public health or welfare”, will subject concessionaires to financial penalties.
“The amount of any such penalty shall be equal to 25% of the costs that, in the reasonable opinion of the Regulatory Office, the concessionaire will incur in order to meet the service obligation in question,” the provision read in part.
Mr. Ty explained that the MWSS penalizes concessionaires through rate rebasing, noting that the same provision said that penalties “shall be rebated to customers” every five years.
“Admittedly, the regulatory office has only been imposing it during rate rebasing, but there’s no provision that prohibits the regulatory office from doing that earlier,” Mr. Ty said.
CAUTIOUS
He said the regulator is looking at imposing any sanction by July since the immediate priority is to restore services to all areas in Metro Manila’s “east zone” that has been entrusted to Manila Water since 1997.
“One, we want to focus first on fixing things; second, we expect the next monthly bill will be very low because the usage of everyone will be very low; and third, of course, to observe due process,” Mr. Ty said.
“If we just impose [penalties] on Manila Water, they can actually file an arbitration case and — I’m not sure if you’ve known — we have been losing our arbitration cases,” he added, to which Ms. Poe responded: “Maybe you should get better lawyers.”
For his part, Manila Water President and Chief Executive Officer Ferdinand M. dela Cruz said the company will comply with penalties that MWSS will impose, provided these are in accordance with the concession agreement.
“We will comply with the process and there’s a process and whatever comes out of that performance review and the required penalties, if it is within the framework of the concession agreement process, Manila Water will comply,” Mr. dela Cruz told the panel.
Among others, the concession agreement requires provision of “uninterrupted 24-hour supply of water to all connected customers in the service area”.
SUMMONED TO MALACAÑANG
In a chat with reporters on Tuesday afternoon, Presidential Spokesperson Salvador S. Panelo said Mr. Duterte was scheduled to meet later that day with MWSS officials to check on compliance with his order to the agency last Friday to instruct Metro Manila’s two water concessionaires to tap more water from Angat Dam in order to improve service delivery.
“Siguro mage-explain ’yung MWSS… Siguro magre-report sila kung ano na nangyari. Di ba may directive siya? baka magre-report, O, ano na nangyari sa directive ko,’ baka ganun,” he told reporters.
In his statement last Friday, Mr. Panelo said: “The President is aware and concerned about the (suffering) of the residents of Metro Manila due to the present water crisis.”
He added that Mr. Duterte ordered the MWSS to “demand from the Manila Water Company, Inc., Maynilad Water Services, Inc. and other responsible offices to release water from Angat Dam by noon time today, March 15.”
He said further that the expected water releases “should be sufficient for 150 days to cover affected areas in Metro Manila.”
“In the event of failure to act or comply with this directive, the President will personally go to them and make the responsible officers account for such failure,” Mr. Panelo also said.
Water services have improved somewhat since then as Manila Water secured the green light to tap deep wells to augment supply for a limited time. — Charmaine A. Tadalan with ALB

Feb. marks fourth straight month of BoP surplus — BSP

THE COUNTRY’s external position remained in surplus in February to mark the fourth straight month of net dollar inflows, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.
The Philippines’ balance of payments (BoP) position recorded a $469-million surplus last month, narrowing from January’s $2.704-billion surfeit but turning around from the $429-million deficit seen in February 2018.
The BoP measures the country’s transactions with the rest of the world at a given time. A surplus means more funds entered the Philippines compared to money pulled out by foreign investors.
The central bank on Tuesday attributed the positive BoP to bigger net foreign currency deposits held by the national government, coupled with strong income from the BSP’s overseas investments. The BSP added that its foreign exchange operations boosted the BoP tally.
The Bureau of the Treasury raised $1.5 billion from the sale of 10-year dollar bonds to foreign investors in January, which was followed by a two-week offer of five-year retail Treasury bonds that started late February.
The February figure also reflects the higher gross international reserves that month, totaling $82.78 billion. Currency traders have said that the BSP likely bought more dollars to rebuild the reserves, which had slipped to a seven-year low in 2018 as the monetary authority used the amount to cushion the peso’s drop.
Year-to-date, the BoP tally now stands at a $3.17-billion surplus, turning around from the $961-million deficit in 2017’s first two months. This compares to the $3.5-billion deficit the central bank expects for 2019, as well as the $2.306-billion gap incurred in 2018.
“The surplus may be attributed partly to remittance inflows from overseas Filipinos in January 2019 and net inflows of foreign portfolio investments for the first two months of the year, which was a reversal of the net outflows reported in January-February 2018,” the BSP said in a press release.
The central bank attributed 2018’s huge BoP gap to a wider trade deficit. The current account deficit — which measures external goods trade — stood at an all-time-high $7.9 billion in 2018, bigger than the $2.2 billion recorded in 2017 and surpassing the $6.4-billion projection of the BSP. — Melissa Luz T. Lopez

Moody’s: PHL among least affected by Sino-US trade row

THE PHILIPPINES is among the economies least affected by simmering trade tensions between the United States and China, Moody’s Investors Service said in a March 19 note, citing its relatively low exports to Beijing compared to those of other Asian economies.
In a report, the credit watcher placed the Philippines in the middle of the pack in terms of the impact of the still unresolved tariff wars between the world’s two biggest economies.
Thailand, Vietnam, Taiwan and Malaysia are seen to benefit the most out of the trade war, as they are likely to receive the trade and investment opportunities diverted from China. These four economies scored the highest in terms of export similarity, which means that they can offer roughly the same manufactured goods that are sourced from China.
The Philippines was found better-positioned to benefit than the likes of Sri Lanka, Cambodia and Bangladesh.
“The weakening of export shipments over the past year has been broad-based, reflecting the deteriorating outlook for global growth and, in particular, China,” Moody’s said in its note. “Lower import demand from the region’s largest economy reflects both domestic and external factors, including slower domestic demand as credit availability has tightened and the trade dispute with the US.”
China was the country’s biggest trading partner in 2017, as it is the source of $21.394 billion worth of imports and received $8.699 billion of Philippine goods exports, according to latest full-year trade data of the Philippine Statistics Authority.
In the same note, Moody’s attributed slower capital formation growth in the Philippines and Indonesia to rising interest rates against the backdrop of growing current account deficits and exchange rate volatility.
At the same time, stronger public spending on infrastructure can be expected to “contain further weakening” of investments.
Hong Kong and Mongolia are expected to see the biggest slowdowns in economic growth due to their significant trade exposures to China, alongside Singapore, Vietnam and Taiwan. — Melissa Luz T. Lopez

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