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Poverty incidence drops

LESS FILIPINOS fell into poverty in the first half of 2018, the Philippine Statistics Authority reported earlier this morning.

Results of the First Semester 2018 Official Poverty Statistics by the PSA placed poverty incidence among individuals — the proportion of Filipinos whose incomes fell below the per capita poverty threshold of P10,481 per month — at 21%, compared to 27.6% recorded in the first half of 2015.

The latest poverty data translates to a reduction of more than five million poor individuals to 23.1 million in 2018 compared to 28.8 million in 2015, the PSA noted in the press conference earlier this morning.

The subsistence incidence among Filipinos — or the proportion of those whose incomes fell below the P7,337-per-month food threshold — went down to 8.5% in the first semester of 2018 from 13% in the first semester of 2015.

Food threshold is the minimum income required to meet basic food needs and satisfy the nutritional requirements set by the Food and Nutrition Research Institute to ensure that one remains “economically and socially productive.”

Similarly, the poverty threshold is the minimum income needed to meet basic food and non-food needs such as clothing, housing, transportation, health, and education expenses.

Likewise, poverty incidence among Filipino families went down to 16.1% in the first half of 2018 from 22.2% in the first half of 2015.

The subsistence incidence among families — or the proportion of those who fell into extreme poverty — improved 6.2% from 9.9%.

In the first semester of 2018, on the average, incomes of poor families were short by 26.9% of the poverty threshold, the PSA noted.

This means that, on the average, an additional monthly income of P2,819 was needed by a poor family with five members in order to move out of poverty in the first semester of 2018.

The report marked the first set of official poverty statistics from the Family Income and Expenditure Survey 2018 which, according to the PSA, started to use a sample size of around 180,000 households “deemed sufficient to provide estimates at the provincial level and highly urbanized cities cognizant of the need for more disaggregated data.” — Marissa Mae M. Ramos

Tax amnesty set as BIR issues rules

By Melissa Luz T. Lopez
Senior Reporter

FILIPINOS with overdue tax payments may start availing of tax amnesty later this month, following the release of the official guidelines by the Bureau of Internal Revenue (BIR).

The country’s top tax-collecting body published Revenue Regulations (RR) No. 4-2019 on Tuesday which lays down the process to avail of tax amnesty for delinquent accounts up to year 2017.

Applications for tax amnesty will be available starting April 24, or 15 days after yesterday’s publication date.

Delinquent taxpayers have one year to file their request for amnesty, which will cover accounts seeking compromise settlements as they question the validity of the assessed taxes to be paid, or due to their “financial incapacity” to settle the entire amount.

The rules also cover employers’ delinquent withholding taxes and unpaid estate tax liabilities.

The RR defines delinquent accounts as those left unpaid despite being given final assessment notices or formal letters of demand by the BIR, as well as those which do not have appeals filed with the BIR commissioner or the Court of Tax Appeals over pending or disputed tax cases.

The amnesty will also cover those with tax evasion complaints or charges before the Department of Justice, prosecutor’s office or the courts.

The law sets varying amnesty rates for delinquencies charged to the basic tax.

For delinquent accounts and assessments that have been deemed final and executory, taxpayers will need to pay the equivalent of 40% of the basic tax assessed.

Those with tax cases that have been decided by the courts will have to settle 50% of the basic assessment, while those with pending criminal cases can choose to settle by paying 60% of the assessment.

Unremitted withholding taxes — personal income tax deducted from employee salaries — still have to be paid in full.

To apply for amnesty, a taxpayer needs to submit a Tax Amnesty Return (TAR) form that has been accomplished under oath, an acceptance payment form stating the amount which he paid to settle their dues, a certificate of tax delinquencies or liabilities issued by the BIR office with jurisdiction in his location and a copy of previous assessments issued by the bureau.

Non-large taxpayers must file their forms with their respective revenue district offices, while Large Taxpayers will have to submit these documents to the Large Taxpayers Division Office where they are registered.

Upon submission, the BIR has 15 calendar days to issue an Authority to Cancel Assessment, which will mean that the tax amnesty application has been accepted.

“Insofar as the tax delinquencies covered by the TAR is concerned, any notice, attachment and/or warrant of garnishment issued against the taxpayer by the concerned BIR office shall be set aside pursuant to the lifting of the said notices and warrants issued by the concerned BIR office,” the rules read, adding that availing of tax amnesty “does not imply any admission of criminal, civil or administrative liability” of the taxpayer.

This RR is treated as the implementing rules for Republic Act No. 11213, or the Tax Amnesty Act signed by President Rodrigo R. Duterte in February.

With the measure, the government hopes to raise P21.26 billion as Filipinos avail of the amnesty, which would allow them to pay their back taxes without being charged with compounding penalties for delayed settlement.

IMF joins other multilateral bodies in cutting Philippine growth outlook

THE International Monetary Fund (IMF) has also tempered its growth forecast for the Philippines this year, in the face of a projected drop in world output.

In its World Economic Outlook (WEO) report published on Tuesday, the IMF now sees the Philippine economy growing by 6.5% this year, slower than the 6.6% forecast given in 2018.

This mirrors scaled-down estimates given by other multilateral organizations earlier this month, and falls within the government’s lowered 6-7% target. The growth pace also compares to 2018’s 6.2% expansion.

The IMF’s estimate matches the rate given by the United Nations Economic and Social Commission for Asia and the Pacific (UN/ESCAP), and is faster than the downward-revised 6.4% forecast given by the World Bank and the Asian Development Bank last week. It also compares with 6.5% this year and 6.4% next year given last January by the UN Department of Economic and Social Affairs, the UN Conference on Trade and Development and the five UN regional commissions (including UN/ESCAP) in their joint World Economic Prospects 2019 report. The other multilateral bodies cited stronger growth in private consumption amid slower inflation, even as they cautioned some easing in government spending given delays in enactment of the P3.757-trillion 2019 budget.

According to the IMF, the Philippines will remain a growth leader in the region alongside Vietnam among the ASEAN-5. Growth for the sub-region — which also includes Indonesia, Malaysia and Thailand — has been retained at 5.1% this year and 5.2% for 2020, beating the trend as most forecasts were slashed. However, this will mean that growth will ease from 2018’s 5.2%.

The Philippines will later on emerge as the fastest-growing in the group, with the IMF pencilling in a 6.6% climb in 2020. Demand conditions are seen assisted by softer inflation, with overall price increases seen softening to 3.8% from last year’s 5.2%. Next year, inflation is seen to drop further to 3.3%, both well within the central bank’s 2-4% target.

Meanwhile, the country’s current account balance is seen at a narrower deficit. From an equivalent of 2.6% to gross domestic product (GDP), the gap is expected to narrow to 2.2% of GDP this year and then to 1.8% of GDP next year.

For the rest of the world, the IMF is seeing a rebound in market sentiment following some easing in the “tight” financial conditions experienced late 2018, as many central banks raised interest rates then.

However, concerns about a global slowdown persist.

“Industrial production figures and surveys of purchasing managers suggest that the slower momentum in global growth during the second half of 2018 is likely to continue in early 2019,” the global lender said.

Global growth is seen easing to 3.3%, down from the January forecast of 3.5% and slower than the 3.6% climb posted in 2018. However, world output is seen to bounce back to 3.6% in 2020.

“The retreat in part reflects the anticipated negative effects of the tariff increases enacted in 2018,” the IMF said, referring to the unresolved trade tensions between the United States and China coupled with the unwinding of their fiscal stimulus.

For the Euro area, growth is seen slowing amid softer household spending and “prolonged uncertainty” about the United Kingdom’s exit from the European Union.

Growth among advanced economies is seen easing to 1.8% from 2.2% last year, while expansion of emerging markets is seen softer at 4.4% from the 4.5% estimate under the latest WEO Update.

Over the medium term, the IMF sees global growth hitting a plateau at 3.6% as advanced economies see softer expansion while emerging markets “stabilize.”

“The medium-term growth forecast incorporates continued strong investment growth in emerging market and developing economies, accounting for more than one-third of their GDP growth rate during the projection horizon,” the report also read.

During the IMF’s annual health check on the Philippines in 2018, its team confirmed “strong” economic performance despite rising inflation and a “less favorable” external environment. — Melissa Luz T. Lopez

Manila Water moving to further improve supply

MANILA WATER Company, Inc. is set to increase the availability of water to 99% of its customer base after the installation of 18 line boosters for elevated areas as one of the technical measures to solve the water shortage in Metro Manila’s east concession zone.

“Other technical solutions that Manila Water is implementing to further increase water availability in the remaining pocket areas with intermittent water supply include valving and network adjustments, looping and interconnection of lines as well as other after-the-meter rectifications,” it said in a statement on Tuesday.

It qualified, however, that water availability at 99% means customers are receiving supply for eight to 12 hours at least at ground floor level.

The technical solutions are meant to extend water supply to elevated areas and those farthest from its central distribution system.

Line boosters are pumps installed along the pipeline to boost the pressure to a higher elevation and convey the water where it is needed.

Manila Water said that, to date, six line boosters had been installed in Quezon City, two in Makati City and Mandaluyong City, three in Taguig City, four in Marikina City, as well as additional three in Pasay City and Rizal province.

“More line boosters are scheduled for installation within the coming weeks at various locations in Quezon City and in Antipolo City, Binangonan and Rodriguez in Rizal,” the company said.

It said as of April 7, the company had been able to reduce the supply deficit to 75 million liters per day (MLD) from 150 MLD with the operation of its Cardona water treatment plant, which now delivers 31 MLD.

More supply comes from newly operated deep wells, which produce about 32 MLD and cross-border flows from west zone concessionaire Maynilad Water Services, Inc. amounting to 12 MLD.

REBATE?
Separately, the Metropolitan Waterworks and Sewerage System (MWSS) would not confirm reports that a rebate recommendation for Manila Water customers hit by the shortage has been finalized.

On March 20, Presidential Spokesman Salvador S. Panelo said President Rodrigo R. Duterte had met with officials of MWSS and the water concessionaires and had threatened to terminate their concession contracts amid the water shortage in Metro Manila’s east zone. He said the entities were told to submit a report by April 7.

MWSS Chief Regulator Patrick Lester N. Ty said in a mobile phone message on Tuesday that he had submitted a recommendation to the MWSS corporate office, but declined to give details. “I submitted it to the board last week. They were supposed to submit it already,” he said.

Mr. Ty said MWSS Administrator Reynaldo V. Velasco had been tasked by the agency’s board of trustees to announce and explain the recommendation.

“If I comment on it, it may appear that it’s the RO (regulatory office) and not the board that approved it,” he said, referring to the distinction between his office and the MWSS corporate office, which is under Mr. Velasco.

Mr. Velasco could not be reached by phone on Tuesday.

In an interview last month, Mr. Ty said his office could implement a rebate to compensate Manila Water customers hit by the shortage. The company later announced a waiver of the water bill of its severely affected customers and a waiver of the minimum charge for the rest of its 6.8 million customers.

He said that a rebate could be implemented by June or July, or way ahead of the discussions for the fifth rate-rebasing period. The current fourth regulatory period of the water concessionaire started in 2018 and will end in 2022. — Victor V. Saulon

Vista Land targets 1-M housing units in 10 years

VISTA LAND & Lifescapes, Inc. (VLL) said it can breach the one-million mark in terms of housing units in the next 10 years, as it aggressively expands in the provinces.

“Within 10 years we’ll probably get to a million (houses),” VLL President and Chief Executive Officer Manuel Paolo A. Villar told reporters during the company’s media briefing in Makati last week.

Mr. Villar noted that this was in line with the vision of his father, Manuel B. Villar, Jr., to build a million houses in his lifetime.

“And I think we’re in the process of doing that, we’ll do it much sooner than that,” the younger Mr. Villar said.

He noted that the company currently has between 400,000 to 500,000 housing units under its portfolio.

The listed property developer offers several housing brands depending on the target market. Camella Homes caters to the low-cost and affordable housing segment in the Mega Manila area, which the company noted accounted for 79% of real estate sales in 2018.

Communities Philippines also targets the low-cost and affordable housing segment but for projects outside Mega Manila. Mega Manila refers to Metro Manila and the neighboring provinces of Cavite, Laguna, Rizal, Batangas and Bulacan.

Meanwhile, the company also offers the Brittany brand for masterplanned communities for the high-end market. Its Vista Residences brand is mainly used for vertical residential projects in the Mega Manila area. It has also recently launched the Camella Condo Homes (COHO) brand last February, which will offer affordable condominiums.

VLL has since expanded to 146 cities and municipalities in the country. It has room for further expansion after ending 2018 with a land bank of 2,801 hectares.

“The opportunities are very high in the Philippines….We’re concentrating all of our investment locally,” the younger Mr. Villar said.

The company is set to launch P60 billion worth of projects this year, banking on the strong demand for both its residential and commercial projects.

To support this goal, VLL has set aside P40 billion in capital expenditures. This, however, is lower than 2018’s actual spending of P45.05 billion as the company has already completed its goal of having 1.3 million square meters in gross floor area for its commercial business.

Mr. Villar also said they plan to apply for a P20-billion shelf registration program with the Securities and Exchange Commission to finance future expansion plans, as the company only has P5 billion left from its previous registration.

VLL’s net income attributable to the parent grew 16% to P10.24 billion in 2018, after consolidated revenues also went up 15% to P41.5 billion. — Arra B. Francia

Cemex Philippines allots P7.5 billion for capex

CEMEX Holdings Philippines Corp. (CHP) looks to spend P7.5 billion in capital expenditures (capex) this year, mainly to support the expansion of its Antipolo cement plant.

In a presentation posted on its website, the listed cement manufacturer said about P6.775 billion of the allocation for the year will go to the expansion of Solid Cement Plant.

CHP earlier committed to spend a total of $235 million to boost Solid Cement plant’s capacity by 1.5 million metric tons (MT) from the current 1.9 million MT. The expansion will also increase the firm’s overall capacity by 26%.

Of this budget, CHP said it has already invested $64 million, $39 million of which are advances that will be capitalized in 2019 and 2020.

The new production line is seen to start operations by the fourth quarter of 2020, with its products to be sold in the National Capital Region and Southern Luzon.

The remaining P975 million from this year’s capex will fund maintenance requirements.

CHP also set a guidance of 8-10% growth in cement volumes. This is higher than the seven percent increase in cement volume it posted in 2018 versus 2017, driven by the infrastructure and residential sectors.

The company recently said that it plans to raise $250 million through a potential stock rights offering, in a bid to improve its capital structure as well as to support the Solid Cement expansion.

CHP swung to a net loss of P930 million in 2018, against a net income of P659 million in 2017. The company was affected by the landslide in Naga, Cebu which affected the operations of its supplier of raw materials. It also attributed the decline to higher foreign exchange losses and higher income tax expenses.

CHP is the local unit of Mexican cement and construction materials company Cemex S.A.B. de C.V. Its cement products are sold under three brands, namely Island and Rizal for Luzon, and APO for the Visayas and Mindanao. — Arra B. Francia

Cebu Landmasters looking for land in General Santos, Butuan

DAVAO CITY — Cebu Landmasters, Inc. (CLI) is on the lookout for properties in the cities of General Santos and Butuan City, where it plans to build mid-range horizontal projects.

CLI Chairman and President Jose R. Soberano III said they are scouting for land between five to 20 hectares which will be developed into residential subdivisions.

“That could be a development not too far away from the city center but not necessarily in the commercial area. Somewhere close by so that you can create the residential community,” Mr. Soberano told BusinessWorld on the sidelines of the recent launching of the Phase 1 of their Davao Global Township (DGT).

The target market would be the middle-income families.

“That is how I see the potential of GenSan and Butuan and all the cities that are getting to be stronger over the years,” he said, citing Digos City in Davao del Sur and Tagum City in Davao del Norte.

Mr. Soberano said these projects aim to help address the market needs and the housing backlog nationwide.

“Initially, as an entry point in our case, we wanted to address the issue of housing backlog and initially we would like to have an entry point serving the horizontal end of the market,” he said.

CLI’s existing ventures in Mindanao are in the cities of Davao and Cagayan de Oro.

In the Visayas, it has projects in its homebase Cebu, as well as in the cities of Mandaue, Dumanguete, Bacolod, Iloilo, and in Bohol province. — Maya M. Padillo

UST-CAFA artists reunite in show

FOUR YEARS ago, visual artist Maris Medina thought of organizing a reunion with her batch mates from the UST College of Fine Arts, Advertising batch 1980. With the help of social media, she was able to rekindle old friendships. Aside from a planned reunion, she spearheaded the idea of mounting a batch exhibit.

Ten artists committed to joining the exhibition. In 2016, the UST-CAFA batch 1980 mounted its first exhibit at the Sta Lucia Mall in line with the celebration of Grandparents Day.

Unfortunately, Ms. Medina passed away suddenly a year later. Her husband (and batchmate), painter and sculptor Alex Medina, stepped in to continue his late wife’s advocacy.

“We asked our classmates if they wanted to have a reunion… Until that time we were about to have an exhibit, there was a sudden death. So, that’s where I came in to continue pursuing the exhibit,” Mr. Medina told BusinessWorld in a mixture of English and Filipino, at the exhibit’s launch at the Philippine Heart Center in Quezon City on March 26.

“When she passed away, the idea died for almost a year and a half. So I thought, I needed to continue it since it was my wife’s dream,” Mr. Medina said.

This year, the UST-CAFA batch 1980 mounted its second exhibit titled, Dimensions at the Philippine Heart Center Lobby Gallery 10.

“We just followed what we really liked to do,” fashion designer Edgar San Diego said about the diversity of works.

On view are works by freelance photographer Willie De Vera, painter Jane Arieta Ebarle, photographer and painter Chito Ignacio, freelance interior designer Cecil Lane, photographer Jun Lopez, painters Vito Renato Panganiban and Jun Quinton, fashion designer Edgar San Diego, and sculptor Sheldon Villanueva. The exhibit includes abstracts, sculptures, portraits, and photo prints. Each artist also did a small work on paper incorporating their own aesthetics accented with red pigments which were posted side by side.

For the next exhibit, Mr. Medina hopes for the group to pursue artworks depicting social relevance.

If his wife were still around, she would have been happy to witness the continuation.

“Siyempre, happy ’yun (Of course, she would be happy),” Mr. Medina said. “She’d say, ‘Good job, my dear.’”

The Philippine Heart Center is located at East Ave, Diliman, Quezon City. Dimensions runs until April 13. — Michelle Anne P. Soliman

Kia PHL mulls launch of 4th model this year

THE logo of Kia Motors is seen during the 2019 Seoul Motor Show in Goyang, South Korea, March 28. — REUTERS

KIA Philippines is considering introducing a fourth model within the year, depending on the market response to the three models it launched so far.

“Well, I said three. But there could be a fourth…. We’re working on that feverishly,” Kia Philippines President Emmanuel A. Aligada told reporters last week in Pasay City.

“We’re tracking the response of the market,” he said when asked what model it would be.

The unit of AC Industrial Technology Holdings, Inc. is expected to make a decision within the second quarter, when the demand trend would be clearer.

At the Manila International Auto Show last week, Kia unveiled the Kia Stinger and reintroduced the Kia Forte.

Mr. Aligada said the Stinger will be Kia’s most expensive vehicle with a retail price of P3.23 million.

“The Stinger will not be a volume play… The message is this is a performance car. It has been driven in the Nürburgring where records are set. The message is the engine and technology of Kia is at par with the best,” Mr. Aligada added.

Nürburgring is a legendary Grand Prix racetrack located in Nürburg, Germany.

Meanwhile, the new Kia Forte has a new look and engine. The base model costs P1.095 million, while the model with the Gran Turismo badge costs P1.65 million.

For this year, Kia Philippines is targeting sales to hit 10,000, a jump from 2,238 sold in 2018.

“We need to hit 900 a month from April onwards. We’re still confident we can do that for the main reason that starting April, we have the full lineup,” Mr. Aligada added.

The first model launched this year was the Soluto, a small sedan which is expected to contribute half of the 2019 sales target.

Last year, the company saw a 57% decline in sales due to higher taxes and soaring inflation.

Kia Philippines is a unit of AC Industrials, Ayala Corp.’s automotive arm and wholly owned subsidiary. — Janina C. Lim

Sunico is new Steinway artist

RAUL SUNICO playing a Steinway piano.

THE melody of Ernani Cuenco’s “Bato sa Buhangin” filled the room, the polished notes coming from a Steinway & Sons Spirio player piano. When the recording ended, pianist and composer Raul M. Sunico stepped onstage and performed the same piece romantically with precision.

That day, the Steinway Boutique Manila named Mr. Sunico, a multi-awarded international concert pianist and composer, as its new Steinway Artist, the third Filipino Steinway Artist following Cecile Licad and Victor Asuncion.

According to Celine Goh, general manager of Steinway Gallery Singapore, a musician has to have virtuosity and have made a significant contribution to the local music industry to qualify as a Steinway artist.

“Being a Steinway artist, you have access to the worldwide dealership. If there’s no Steinway available at the venue [of your concert], you could approach one of our dealers so you can borrow a Steinway,” Ms. Goh told BusinessWorld in an interview prior to the evening ceremony at Steinway Boutique Manila in Shangri-La Plaza on March 21.

Founded in 1853 by German immigrant Henry Engelhard Steinway, the piano continues to be handcrafted with high standards for sound and investment value. Its models include the classic Steinway, the Boston, and the Essex. Classical pianist Lang Lang, jazz artist Diane Krall, and rock ‘n’ roll singer and pianist Billy Joel are included on the roster of Steinway artists.

“We’re using this platform to feature outstanding pianists in this region and to recognize them for their work and their effort,” Ms. Goh added.

Mr. Sunico is the current chair of the doctoral program in music of St. Paul University in Manila and is a faculty member at the UST Conservatory of Music. He was president of the Cultural Center of the Philippines (CCP) from 2010 to 2017. His awards include A 1986 TOYM (The Outstanding Young Men of the Philippines) Award for Music, the 2015 Presidential Order of Merit, and the FCCP Award for Excellence in Music from the Friends for Cultural Concerns of the Philippines in 2017. He has had international solo recitals in various countries and recorded around 50 albums.

“The piano is silent without the artist. So, you need artists to bring out the best of the instrument. We have a very exclusive group of renowned artist who come together in Steinway programs who represent the brand,” Ms. Goh said

THE MUSIC AND THE VIRTUOSO
In November 2018, Mr. Sunico was at the Steinway Hall in New York to record five Filipino pieces including Ernani Cuenco’s “Bato sa Buhangin” and Mike Velarde’s “Buhat” — his contributions to the growing Steinway Spirio library of Filipino music.

The Spirio is a high resolution player piano — a self-playing piano with a mechanism that operates the piano action via pre-programmed music. While in the old days the music of the player piano, also known as a pianola, was recorded on perforated paper, modern iterations such as the Spirio use more high-tech means.

“My reason for recording Filipino songs is to put the Filipino repertoire in the library of international pieces,” Mr. Sunico said at the ceremony.

The songs were recorded for Spirio pianos to accurately reperform. The high resolution technology of the Spirio is able to record the smallest details of sound. The piano is built with technology which can change the songs dynamics such as volume, speed, and pedalling while recording. After recording, the music can be played back through activating the Bluetooth of the piano and Spirio app through a gadget.

“Different pianos have different qualities. Without comparing it to other pianos, it has, of course, an excellent sound,” Mr. Sunico told BusinessWorld about playing a Steinway. “It is always inspiring to play and to listen to one.”

As a new Steinway Artist, Mr. Sunico will be performing in a concert series titled Pioneering Pianists of South East Asia at the Victoria Concert Hall in Singapore in June.

Steinway & Sons is located at Level 1 EDSA Shangri-la Plaza East Wing, Mandaluyong City. For more information, visit www.steinway-boutique.com.ph. — Michelle Anne P. Soliman

Yields on 10-year Treasury bonds may drop as March inflation eases

YIELDS on the ten-year bonds may decline following slower March inflation. — BW FILE PHOTO

THE RATE of the 10-year Treasury bonds (T-bond) on offer today will likely decline as market participants price in the latest domestic inflation print.

The Bureau of the Treasury (BTr) is offering on Wednesday P15-billion worth of reissued 10-year T-bonds with a remaining life of nine years and nine months.

A trader interviewed on Monday expects that the 10-year bonds would fetch an average rate from 5.85-6%, which if realized will be lower than the rate fetched during the previous auction.

On March 12, the BTr made a full award of the reissued 10-year bonds. Carrying a coupon rate of 6.875%, the IOUs fetched an average rate of 6.196%, 63.3 basis points lower than the 6.829% quoted when the instruments were offered in January.

At the secondary market on Monday, the 10-year debt notes were quoted at 5.87%, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

The trader said investors will factor into their bids the “recent release of inflation” and “possibility of RR (reserve requirement) [ratio] cuts” by the Bangko Sentral ng Pilipinas (BSP).

Inflation came in at 3.3% in March, slower than the 3.8% print in February and tallying a sharper slowdown than what market players expected. This is the slowest pace since January 2018 and marks the fifth straight month of decline since November.

The March result prompted market players to take the slower inflation print as a green light for cuts in key interest rates.

However, the BSP cautioned against swift plans to cut borrowing costs, saying they need to be watchful about the El Niño episode as well as rising global oil prices.

Meanwhile, another bond trader said the average rate of the debt papers on offer today will likely land between 5.8% and 6% as “traders unwind their position following statements that RRR or policy [will be] cut only when CPI (consumer price index) is near 3% (midpoint) of 3% to 4%.”

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.

It is looking to borrow 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. — K.A.N. Vidal

Robinsons Land opens 1st luxury resort in Cebu

ROBINSONS Land Corp. (RLC) is entering the luxury resort category with the opening of Dusit Thani Mactan Cebu.

In a statement, the Gokongwei-led property firm said its first luxury resort, located in the northwestern tip of Mactan island, is being managed by Thailand’s Dusit International.

“We are proud of our real estate development experience, and are driven to constantly introduce new and exciting brands and concepts to this quality-conscious market. As the market matures in sophistication and as competition continues to increase, introducing a global brand will further fortify our presence in Cebu,” Arthur G. Gindap, senior vice-president and business unit general manager of Robinsons Hotels and Resorts, was quoted as saying.

David Baldwin, Dusit Thani Mactan Cebu general manager, said the resort will soon offer an exclusive water transfer service to and from the Mactan-Cebu International Airport located 11 kilometers away.

“We are building our docks so that we may offer water transfers for arriving and departing guests. The Marina is just a short ride from the airport, where guests will board a catamaran for a lovely ride to Dusit Thani Mactan Cebu,” Mr. Baldwin said.

The resort has an open-air lobby featuring stunning views of Magellan Bay and the hills and mountains of Liloan.

“While the scale and design of the see-through lobby gives a great first impression, our striking 100-meter Infinity Pool is already a guest favorite. This goes hand-in-hand with the beautiful sunset views, as we are the only western-facing resort in Mactan. This creates so many beautiful photo opportunities. There are no bad angles here, thus we’re sure to be a favorite spot for selfies,” Mr. Baldwin said.

The hotel has nearly 300 hotel rooms, including deluxe rooms with either garden or sea views, Dusit Club Rooms, and spacious suites. It also offers three-bedroom suites called the JG Suite and the Admiral’s Suite.

All rooms have complimentary Wi-Fi, internet-ready television, coffee and tea-making facilities, among others.

To take advantage of the Cebu’s popularity as a destination for meetings, incentives, conferences, and exhibitions, Dusit Thani Mactan Cebu has six events venues. The 1,235 square meter (sq.m.) Dusit Ballroom, said to be the largest pillarless ballroom in Mactan, can accommodate 600 to 1,000 guests depending on the set-up.

The hotel has a number of food and beverage outlets such as Sea Breeze Cafe, the Sunset Bar, a poolside sports bar and gastro pub; and the Dusit Club Lounge.

“Dusit Thani Mactan Cebu combines the best of Filipino and Thai hospitality and grace, and we look forward to contributing to Mactan’s hospitality landscape. The growth of internationally-known resort brands like Dusit Thani in Mactan and the new international terminal at MCIA are strengthening Mactan’s position as the country’s top tourism destination. We are proud to enter the dynamic Mactan market,” Mr. Baldwin said. — Vincent Mariel P. Galang

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