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Italpinas earnings breach P100-M mark in 2018

ITALPINAS Development Corp. (IDC) posted a P120.56-million net income in 2018, breaching the P100-million mark for the first time.

IDC’s net income last year was double the P59.9-million profit recorded in 2017.

For 2018, revenues surged 94% to P368.52 million from P147.4 million in the previous year.

“We would like to maintain the trend … In terms of gross sales, we booked around P360 million. We would like to double this year… Next year, we want to double our sales and continue with the growth percentage that we have been able to achieve in the past year,” IDC Chairman and Chief Executive Officer Romolo V. Nati said in a press briefing held on Tuesday in Taguig City.

Mr. Nati said the company hopes to sustain its growth momentum in the next few years.

“Actually, our plan is bigger. In terms, in span of five years we like to replicate in the growth that we experienced starting from 2013. It means we want to achieve a net profit of billions in the next five years, if we will be able to replicate the growth we delivered so far,” he said. IDC recorded a net income of P5.3 million in 2013.

IDC attributed its strong growth in 2018 to sales of its projects, particularly Primavera City in Cagayan De Oro City.

Located near SM City CDO, Primavera City is a mixed-use residential condominium project with six mid-rise buildings and one high rise tower. Broken down, 281 units will be allotted for residential, while 39 will be for commercial/office for the first phase.

Another project developed by IDC is Primavera Residences located within the Pueblo de Oro township also in Cagayan De Oro City. The two tower project, which has 298 units, has been sold out and has completed its turnover.

IDC is also developing the Miramonti project in Sto. Tomas, Batangas.

Shares in IDC went up by 1.63% or 0.08 centavos to close at P4.98 apiece on Tuesday. — Vincent Mariel P. Galang

7 go-to Manila churches for Visita Iglesia

A HOLY WEEK tradition among Filipino Roman Catholics is Visita Iglesia (visit churches). On that day Catholics visit seven (or more) churches to reflect and pray before the Blessed Sacrament in each church. Many residents of the metropolis opt to visit seven churches within the original city of Manila as they are not too far from each other.

The Century Park Hotel in Malate has come up with a list of churches in Manila which can be visited on Holy Thursday (and suggests stopping by the hotel after for a bibingka [rice cake] and hot chocolate at Cafe in the Park before heading back home).

1. San Sebastian. Famous for being the only all-steel church in Asia, San Sebastian in the Quiapo district of Manila is more properly known as the Minor Basilica of San Sebastian. The original 17th century church was made of wood and was burnt to the ground during an uprising by Chinese residents in 1651. In a string of bad luck, the church, rebuilt in stone and brick, was destroyed three more times by fire and earthquake. Finally, the Gothic Revival-style church was rebuilt in steel to be both fire- and earthquake-resistant.

2. Quiapo Church. One of the most famous churches in the country, Quiapo Church is more formally known as the Minor Basilica of the Black Nazarene, home of a statue of Jesus carrying the cross which is said to be miraculous. The image was carved in Mexico and was burned on its way to the Philippines — thus its descriptive name. In January, an enormous procession transports the statue from Luneta Park back to the church, taking hours to traverse the 2.5 kilometer route. It was estimated that this year’s procession drew 5 million devotees. Large numbers of devotees visit every Friday, walking on their knees to the sculpture to ask for miracle and for forgiveness.

3. Binondo Church. One of the oldest churches in Manila, Binondo Church is also known as Minor Basilica of Saint Lorenzo Ruiz and Our Lady of the Most Holy Rosary Parish. It was built by the Dominicans and is located in Manila’s Chinatown, Binondo. It became a place of worship for converted Chinese Christians back when the trade between Chinese and Filipinos started to increase. Destroyed by the British in 1762, it was rebuilt in 1852. Only the bell tower of the original 16th century church still stands, its octagonal pagoda-like which reflecting the composition of the area’s original residents. Today, it serves Binondo residents and curious tourists.

4. San Agustin. One of the few structures within Manila’s original walled city of Intramuros to survive the Battle of Manila at the tail end of World War II, San Agustin is the Philippines’ oldest church (it was completed in 1607). Built by the Augustinians, it was modeled after the churches in Mexico and has a richly decorated interior including an exceptional trompe ’loeil ceiling. The attached convent building houses a large museum focusing on the country’s religious history.

5. Manila Cathedral. San Agustin Church’s neighbor inside Intramuros — it is just down the road — the Manila Cathedral is dedicated to the Immaculate Conception or the Virgin Mary. Initially built as a simple parish church in 1571, it was reconstructed multiple times after being damaged or destroyed by fire, earthquakes, and war. Its current incarnation was finished in 1958. The cathedral now sports LED lighting, an advanced sound system, and carbon-retrofitted structural foundations which add a modern detail to its beautiful Roman stone facade.

6. Malate Church. Along Roxas Blvd., just behind Plaza Rajah Sulayman, one finds a small but beautiful house of prayer, the Malate Church, also known as Our Lady of Remedies Parish Church. The Baroque-style church houses a statue of Nuestra Señora de los Remedios, the patroness of childbirth, that was brought over from Spain. The church has recently undergone considerable restoration.

7. Baclaran Church. Technically in the city of Parañaque rather than Manila, it is still within easy reach down Roxas Blvd. One of the largest Marian (a church devoted to the Virgin Mary) churches in the Philippines, the Baclaran Church is also known as the National Shrine of Our Mother of Perpetual Help. The shrine was established by Redemptionists when they began the novena to the Virgin in 1948 which quickly drew a multitude of devotees who go to the church every Wednesday to attend Mass and pray the Novena to Our Mother of Perpetual Help.

PBCom books higher net income on loans, yields

PHILIPPINE BANK of Communications (PBCom) posted higher net income in 2018 driven by improvements in loan volume and yields.

In a regulatory filing Tuesday, the Co-led lender said it posted P626.2 million in net earnings in 2018, up 57.96% from the previous year’s P396.4 million.

The bank said its higher bottom line last year stemmed from the “growth in corporate and consumer loan volume and improvement in yields.”

Net interest income of PBCom grew 7.3% to P3.11 billion in 2018 from P2.9 billion the previous year, bolstered by “better performance” from regular income streams.

Loans and receivables were at P60.1 billion last year, higher by 12.6% from 2017’s P53.4 billion, on the back of an expansion in corporate and consumer loan volume.

Despite an increase in loans handed out, PBCom managed to lower its non-performing loans (NPL) by P7.6 million. Consequently, the lender’s gross NPL ratio declined to 4.4% in 2018 from 5.09% the previous year as a result of improved collection efforts.

Meanwhile, the bank’s deposit base grew 4.66% to P74 billion from P70.7 billion the prior year on the back of the bank’s aggressive marketing strategy to improve its funding mix by focusing on low-cost deposits. Last year, current and savings accounts comprised 38% of PBCom’s total deposit base.

The bank also shored up P2.9 billion from its maiden offering of 5.5-year long-term negotiable certificates of deposit in October.

Meanwhile, interest income from investment and securities grew 4.95% year-on-year on the back of “better market conditions and portfolio mix.”

Overall, total assets of the PBCom Group stood at P103.7 billion at end-2018, up 9.16% from the previous year’s P95 billion.

Capital adequacy ratio was at 14.56%, well above the minimum regulatory requirement of 10%.

“2018 was not an easy year, but the bank put its effort on building the blocks for its sustainable growth, focusing on customer deepening and acquisition, particularly within the identified ecosystem, product development, personnel training and engagement and capacity building,” PBCom President and Chief Executive Officer Patricia May T. Siy was quoted as saying in a separate statement.

In 2014, retail tycoon Lucio L. Co bought a stake in PBCom for nearly P6 billion, making Puregold the bank’s biggest single shareholder.

PBCom shares closed at P21.90 apiece on Tuesday, up 50 centavos or 2.34%. — K.A.N. Vidal

Alliance Select income increases by 76%

ALLIANCE Select Foods International, Inc. (ASFII) reported its net income attributable to equity holders of the parent rose 76% to $2.52 million in 2018, on the back of robust sales of tuna.

In a regulatory filing, the General Santos City-based seafood company said its revenues jumped by 35% to $97.13 million last year, from $72.19 million in the year prior.

“Overall, it was a record year for our company following a series of high points for (ASFII). 2017 was our turnaround year. Our 2018 result shows that the positive trajectory is sustainable and long-term,” Raymond K.H. See, ASFII president and CEO, was quoted as saying in a statement.

The bulk of revenues or 71% came from tuna-related products, with the rest from salmon-related products.

ASFII said revenues for tuna segment grew 59%, while the salmon segment saw a 3% decline in revenues.

“The continuous enhancement of key processes in the organization enabling instantaneous response of bid/offer requests, well-timed procurement of raw materials, efficient production and dependable delivery of orders translated to volume growth in export canned tuna business by 36%,” the company said.

On the other hand, ASFII attributed the flat revenues from salmon-related products to the “re-focus on branded products in the USA and supply issues resulting from the algae bloom in 2017 in New Zealand.”

Finance costs surged 91% to $1.5 million in 2018 due to higher borrowing rates and increased working capital requirements to support its operations.

In a statement, ASFII said it introduced new products such as pouched tuna variants and frozen tuna loins for export, and launched Bay of Gold, a premium brand of sustainably caught tuna with no preservatives.

“Alliance plans to implement and continue several strategic initiatives and optimization measures to sustain the growth trajectory of the Company, with a renewed focus on expanding business opportunities both within the Philippines and in the countries where we are present. In 2019, we will continue to build and grow. The strong foundation of work and systems our team has been putting in place will continue to bring us forward,” Mr. See said.

3D laser imaging shines new light on Last Supper site

JERUSALEM — The arched stone-built hall in Jerusalem venerated by Christians as the site of Jesus’ Last Supper has been digitally recreated by archaeologists using laser scanners and advanced photography.

The Cenacle, a popular site for pilgrims near Jerusalem’s walled Old City, has ancient, worn surfaces and poor illumination, hampering a study of its history.

So researchers from Israel’s Antiquities Authority and European research institutions used laser technology and advanced photographic techniques to create richly detailed three-dimensional models of the hall built in the Crusader era.

The project helped highlight obscure artwork and decipher some theological aspects of the second-floor room, built above what Jewish tradition says is the burial site of King David.

“We managed, in one of the… holiest places in Jerusalem, to use this technology and this is a breakthrough,” Amit Re’em, Jerusalem district archaeologist at the Israel Antiquities Authority, told Reuters of the project, which began in 2016.

Mr. Re’em pointed to reliefs of what he described as the symbols of the Agnus Dei, a lamb that is an emblem of Christ, and the Lion of Judah on keystones in the hall’s vaulted ceiling.

“It tells the story of this room,” Mr. Re’em said.

“It delivers the message of the Last (Supper) Room, Christ as a Messiah, as victorious, as a victim — and the lion, the lion is a symbol of the Davidic dynasty. They combine together in this room.”

Some archaeologists have questioned whether the room is the actual venue of the Last Supper, the final meal which the New Testament says Jesus shared with disciples before his crucifixion.

Ilya Berkovich, a historian at the INZ research institute of the Austrian Academy of Sciences who worked on the project, said the endeavor opens “incredibly new horizons” with enormous potential. — Reuters

Allianz PNB Life names Grenz as new president

ALLIANZ PNB Life Insurance, Inc. has named its new chief executive officer (CEO) effective June as its current head will be moving internally.

In a statement on Tuesday, Allianz PNB Life said its chief operating officer Alexander Grenz has been promoted as the president and CEO of the insurance firm effective June 1.

The company’s present chief Olaf Kliesow will be moving internally to take the role of global head of rewards & performance at Allianz SE.

Mr. Grenz has been with the Allianz Group for over 15 years, having a “deep understanding and experience of insurance management in the region and in the Philippines.”

During his stint as Allianz PNB COO, Mr. Grenz was responsible for the insurer’s operations, technology, and transformation functions.

“[H]e is a dynamic leader with a strong track record of delivering quality performance. [W]e’re confident he will take the company towards its next phase of growth,” Allianz Asia Pacific Regional CEO George Sartorei was quoted as saying in the statement.

Mr. Sartorei also expressed gratitude to Mr. Kliesow for “his outstanding leadership in the last years.”

“During his tenure, he has consistently delivered top and bottom line growth ahead of its market, as well as strengthened our distribution channels and solutions for our Filipino customers.”

Mr. Kliesow has been with Allianz since 2010, being the president and CEO of Allianz PNB Life for the past three years. He has also served as the president of the Philippine Life Insurance Association, Inc. (PLIA) since 2018.

PLIA General Manager George C. Mina said the association is awaiting the resignation of Mr. Kliesow.

“This resignation and who will succeed him will be discussed during the next PLIA board meeting on May 14,” Mr. Mina said in a text message.

He added that there is still no official date for Mr. Kliesow’s resignation yet, although the “agreement” is May 15.

Allianz PNB Life expects to book “low double-digit” growth this year amid improving macroeconomic conditions. — KANV

PetroEnergy bottom line gets lift from Maibarara-2 geothermal plant

YUCHENGCO-LED PetroEnergy Resources Corp. reported a 63% increase in consolidated net income last year to P695 million driven by several factors, including the additional revenue from its geothermal power plant in Sto. Tomas, Batangas.

Net income attributable to equity holders of the parent firm reached P421 million or more than double the previous year’s P191 million, the company told the stock exchange on Tuesday.

Aside from PetroEnergy’s 12-megawatt (MW) Maibarara-2 geothermal plant, which went on commercial operations on April 30, 2018, the other income growth driver cited by the company is the “record” power generation by its Nabas wind farm “due to very high capacity factors in the first and third quarters of last year.”

The company also attributed the profit growth to a 20% increase in oil revenues after the strengthening of global crude oil price to $70.10 per barrel in 2018 from $53.20 per barrel in 2017.

“We are pleased that our calibrated diversification and expansion are paying off not only for our shareholders but for our host communities as well,” said PetroEnergy President Milagros V. Reyes.

“Increases in our revenues translate to higher national government royalty share for indigenous energy resources development, increased ER (Energy Regulation) 1-94 remittances to both national and local governments, and more direct and sustained community partnership projects,” she added, referring to the Department of Energy’s regulation.

PetroEnergy, through its renewable energy holding unit PetroGreen Energy Corp., operates four power generating units — the 20-MW Maibarara-1 and 12-MW Maibarara-2 geothermal plants under Maibarara Geothermal, Inc.; the 36-MW Nabas-1 wind farm by PetroWind Energy, Inc.; and the 50-MW Tarlac-1 solar plant under PetroSolar Corp.

The listed company also derives revenues from petroleum operations through its Etame oil concession in offshore Gabon, operated with its US, Chinese, and South African consortium partners.

On Tuesday, shares in PetroEnergy slipped by 0.66% to close at P4.55 each. — Victor V. Saulon

New book explains Mary’s many titles

Book
A Sky Full of Stars
By Joby Provido
Central Book Supply, Inc.
188 pages

THE influence of a Jewish girl has crossed oceans of time and space. Thousands of years after her birth, Mary, whom according to Christian texts was chosen by God to bear his only son, Jesus Christ, into being, is venerated today as The Mother of God.

Prayers are said every day to Her, including the Litany of the Blessed Virgin Mary, a repetition of the names and titles ascribed to the Virgin (numbering over 50). These are usually said after the rosary, or after a group prayer, and includes such epithets as Mother Most Chaste, Mystical Rose, and Refuge of Sinners.

A book by Joby Provido called A Sky Full of Stars explains in detail the origin and meaning of the titles of Mary. The book was launched earlier this week in Sto. Domingo Church’s Café Inggo. The origins of the Litany of the Blessed Virgin Mary, for example, was explained in the book — it was approved by Pope Sixtus V in 1587, and history places the prayers’ origin from Marian devotions in the Shrine of Our Lady of Loreto.

The book’s title, A Sky Full of Stars, is derived from Mary’s title of Refuge of Sinners. In the 13th century, a Cistercian monk had a dream that Mary was surrounded by monks from other orders, but Mary assured the favor of his order by spreading her cloak, and revealing the Cistercians taking refuge in it. The dream became a popular motif in art, expanding the Virgin Mary’s cloak to shelter many people. Eventually, the Virgin’s cloak began to be depicted as the sky to represent an all-encompassing shelter, with the stars under it symbolizing everyone who seeks refuge.

“I didn’t understand the titles,” said Mr. Provido when asked why he wrote the book. Outside his religious devotion, Mr. Provido teaches web design at the De La Salle — College of Saint Benilde. To answer his questions, he looked to ecumenical letters, papal encyclicals, Church proclamations, and other writings from eminent theologians.

“It’s people who have a devotion to Mary,” he said about the book’s target audience. “People who have been praying the litany who don’t undertand the titles.”

Protestant movements during the Reformation, continuing until today outside the Catholic Church do not always agree with Mary receiving such veneration, and even argue that Marian devotions approach idolatry. Mr. Provido hopes that the book can reconcile such differences. “Maybe if they read the book, they’ll understand why we’re saying all of these things… they are meant to show us her virtues that we’re supposed to follow.”

The world has changed the face of Christian faith, or, in the hearts of others, has erased it completely. An invocation to Mother Mary, usually an appendix for a rosary session that may have already gone long enough, can be easily ignored. What then is the use of the Litany right now, in the 21st century? Studies show that the repetition of phrases, like in Christian prayer and other forms of meditation, positively affects brain activity. Mr. Provido agrees with this, saying, “It slows us down, it keeps your mind clear.” He points out, however, that the words are not meaningless — “We’re meditating also on her virtues.”

More importantly, he cites the Litany’s space in people’s lives by placing it in perspective of today’s world: wars are fought, children are killed, cathedrals burn. “The one thing that comes to mind is a sense of hopelessness. You hear a lot about people committing suicide — it stems from a lack of hope. I think when we look at the examples of Mary, when we meditate on [Her] virtues, it’s always about hope.”

The book is available online through ourcatholicfaith.net, Amazon (physically and through Kindle), and at Sto. Domingo Church’s Café Inggo. — Joseph L. Garcia

People’s Bank of China calls for more policy coordination to support growth

BEIJING — China’s central bank on Monday called for more coordination between the country’s monetary policy, fiscal policy and other policies as Beijing seeks to fend off risks and maintain stable economic growth.

Some positive changes have occurred in the structural adjustments of the Chinese economy in the first quarter, but deep problems remain amid uncertainties, the People’s Bank of China (PBoC) said in a statement on its website following a quarterly meeting of its monetary policy committee.

The PBoC did not elaborate on what the structural adjustments have been.

The central bank reiterated its pledge to continue with a prudent monetary policy that is neither too loose or too tight, and ensure reasonably ample liquidity in the interbank market. It repeated that Beijing will not resort to “flood-like” stimulus.

Iris Pang, Greater China economist at ING, expects the tax cuts and additional infrastructure spending planned by the government to amount to 4 trillion yuan ($596.45 billion) this year.

“With a sizeable 4 trillion yuan fiscal stimulus this year and a monetary easing policy that has created 40% credit growth in the first quarter alone, we expect the Chinese economy to grow above the 6% lower boundary target set by the government,” said Pang in a note on Monday.

China will report the first-quarter economic growth pace on Wednesday.

A Reuters poll showed that growth likely cooled to the weakest pace in at least 27 years, but a flurry of measures to boost domestic demand may have put a floor under slowing activity in March.

To encourage more lending, the PBoC has already slashed banks’ reserve requirement ratio (RRR) five times over the past year and is widely expected to ease policy further in coming quarters to spur lending and reduce borrowing costs, especially for small and private firms vital for growth and job creation.

The central bank will seek a balance among currency exchange rate, interest rate and international balance of payment, the PBoC said, adding that it will steadily push forward interest rate reforms.

The yuan currency will be kept basically stable, it said. — Reuters

How does the Philippines compare with its neighbors in terms of vulnerable employment?

How does the Philippines compare with its neighbors in terms of vulnerable employment?

How PSEi member stocks performed — April 16, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, April 16, 2019.

 

BIR targeting unregistered foreign POGO workers

THE Bureau of Internal Revenue (BIR) said that it has launched a campaign targeting unregistered foreign workers, prioritizing those employed by Philippine Offshore Gaming Operators (POGOs), in order to force them to pay income tax.

BIR Deputy Commissioner Arnel SD. Guballa told reporters in Quezon City Monday that an interagency task force including the Department of Labor and Employment (DoLE) is addressing the problem of untaxed foreign workers.

“DoLE will now require foreigners, before they are given work permits, to obtain a Tax Identification Number (TIN) from the BIR,” he said.

He added that the BIR will go back as many years as necessary with its tax assessments of unregistered foreigners.

Last month, Senator Leila M. de Lima filed a resolution seeking an inquiry into the alleged noncompliance of gaming firms, citing Finance Secretary Carlos G. Dominguez III’s claim that the government is losing an estimated P3 billion in tax revenue a month due to nonpayment of personal income tax by foreign POGO workers.

Mr. Guballa said that the BIR has estimated that 130,000 foreigners are working in the POGO industry, but added that the campaign will extend to all unregistered foreigners, including those in “economic zones like Clark and Subic, including mga consultants, engineers, designers, and IT workers,” Mr. Guballa said.

Mr. Guballa estimated the unregistered foreign non-POGO workers at 2,000.

Mr. Guballa said that BIR is still validating which of these foreigners are not paying taxes. The Bureau intends to complete the validation exercise by end of April.

Earlier, the Department of Finance (DoF) asked the Philippine Amusement and Gaming Corporation (PAGCOR) to require all POGOs to be registered with the BIR as a prerequisite for being issued a license to operate.

The DoF also wants PAGCOR, along with the Department of Justice (DoJ), DoLE, the Department of Trade and Industry (DTI), and the Securities and Exchange Commission (SEC) to cooperate in compiling the database of foreign workers employed by POGOs. — Reicelene Joy N. Ignacio

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