Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9744

Benilde to open 4th campus in Manila by December

DE LA SALLE-COLLEGE of Saint Benilde (DLS-CSB) is targeting to open its Academic Building 4 (AB4) by December 2019.

In a statement, DLS-CSB said the 10-storey building, which will rise between Arellano and Ayala Streets in Manila, will house the School of Hotel, Restaurant, and Institution Management (SHRIM).

“With this fourth campus, we will be able to decongest our classrooms in the different campuses. We are going to have some high-end culinary arts laboratories and specialized experimental-experiential classrooms, where can be visited to see what it means to be teaching in the future,” Brother Dennis Magbanua FSC, president of DLS-CSB, was quoted as saying.

Designed by Architect Dan Lichauco of Archion Architects, AB4 will also have a Master Chef-inspired kitchen area and the first school-based Oenology Center which will be used to study wines. It will have a Learning Resource Center, a chapel, cafeteria and a student-run bistro called Solomon Restaurant.

Aside from SHRIM, the new building will host the School of Professional and Continuing Education (SPaCE), and support offices such as the Office of the Vice Chancellor for Administration, Office of the Vice President for Lasallian Mission and Student Life, satellite server of the Information Technology Department, as well as the satellite office of Finance, Registrar, General Administration and Services Departments.

“For inclusion, we are making sure that all of our facilities are PWD-ready and deaf and blind-friendly.” Benhur A. Ong, vice president for Administration, said.

D.M. Consunji, Inc. was tapped to construct the academic building. — Vincent Mariel P. Galang

Mitsubishi Electric unit targets 10-15% growth in revenues

By Denise A. Valdez
Reporter

INTERNATIONAL Elevator and Equipment, Inc. (IEE) said it is expecting to grow its revenues by 10-15% this year amid robust demand for elevators, escalators and air-conditioning units due to the booming construction industry.

The local affiliate of Japan-based Mitsubishi Electric Corp. said it has consistently been growing for the past 10 years and it remains bullish on the Philippines.

“The construction industry is growing. I think the [government’s massive infrastructure program] Build, Build, Build also affects that… We’re increasing, siguro mga [probably around] 10-15% growth. It’s doing good. Ang forecast namin [Our forecast] is another growth of 10-15% (this year),” IEE President Ramoncito A. Ocampo told reporters.

Mr. Ocampo said IEE is the current market leader for elevators and escalators in the Philippines, with a share of 40%.

“IEE is around 40%. We’re always number 1, since 1979, as far as I can remember. That is only elevator, escalator business,” he said.

Among its three business segments, IEE said elevators and escalators makes up 50% of its sales; air-conditioning at 30%, and generators at 10%. The rest are spread from across a number of investments, Mr. Ocampo said.

IEE Executive Vice-President Itsuo Arakawa said they are expecting improved financial performance in the coming years as the government takes on massive infrastructure projects such as the Metro Manila Subway Project and the North-South Commuter Railway.

“The market matured for many reasons, thanks to the growth of the economy. Also for the future, there are some government (projects coming up). Thanks to the government trying to do a better job for the infrastructure. So many of the new trains, metros coming up. If that happens… the development is coming as well,” he said.

Construction on the Japan-funded Metro Manila Subway Project is now under way. The government targets partial operations of the subway — covering the first three stations — in three years, while full operations is seen by 2025.

“That’s really a big factor for us. Right now there’s a lot of projects in the pipeline that they are planning,” Mr. Ocampo added.

Melecio B. Vivencio, vice-president and treasurer of IEE, also noted they are looking at adding security products to their service lineup in the coming years.

“Our strength is in the commercial buildings. So one potential product that we could handle in the future is the security system, particularly the card reader access system. And then the building management system. Because you could be a one-stop shop for building developers for their elevator requirements, aircon, genset (generator set), and of course the security and the building management system,” he said.

One Griffinstone woos multinationals, BPOs to Alabang

PREMIER office towers, such as the newly completed One Griffinstone, are attracting multinational companies and business process outsourcing (BPO) firms to relocate south of Metro Manila.

One Griffinstone is located along Commerce Avenue within Filinvest City in Alabang, Muntinlupa City.

“Our strategic location near the manufacturing sites of Calabarzon, full curtain-wall facade and grand lobby have been warmly received by the market,” Vincenzo Tagle, managing director of Griffinstone Inc., said in a statement.

One Griffinstone has a gross floor area of 23,000 square meters (sq.m.) with each floor having 1,522 sq.m. The building has been accredited by the Philippine Economic Zone Authority (PEZA), which means occupiers will be able to secure tax incentives.

With its sustainable and innovative features, the building also secured the Leadership in Energy and Environment Design (LEED) Gold certification.

“These have likewise made it attractive to BPOs seeking to upgrade their offices and to draw from the labor pools of Las Piñas, Parañaque, Cavite and other upcoming cities in the South,” said Miguel Manipol, associate director of leading global real estate services firm Leechiu Property Consultants — the exclusive leasing agent of One Griffinstone.

The building’s other tenants include companies that want to be closer to their factories in Laguna, and co-working spaces such as KMC Solutions and Launchpad that cater to the market in southern Metro Manila.

Designed by architect William V. Coscolluela of W.V. Coscolluela & Associates, One Griffinstone boasts of an all-glass facade. The 18-storey tower also has eight parking floors, two parking lifts, one service lift, and eight passenger lifts.

One Griffinstone is seen to attract more locators with the completion of several infrastructure projects in the area like the Metro Manila Skyway Stage 3.

Griffinstone Inc. is a joint venture of the Tagle family and Japanese company Meiji Sangyo Corp. Aside from One Griffinstone, the company is also the developer of Commerce Centers in Bonifacio Global City.

The company said it is planning to build more office and retail spaces in other areas in Metro Manila. — Vincent Mariel P. Galang

PAGSS submits O&M proposal for old Siargao airport

THE DEPARTMENT of Transportation (DoTr) said it received an unsolicited proposal from the private sector to handle the operations and maintenance (O&M) of the Siargao Airport (Sayak Airport) in Surigao del Norte.

Transportation Undersecretary for Aviation Manuel Antonio L. Tamayo told reporters last week Philippine Airport Ground Support Solutions, Inc. (PAGSS) submitted a proposal to take over the O&M and development of the air gateway to Siargao Island.

“PAGSS (submitted an unsolicited proposal) recently, I think February. It’s still being evaluated,” he said.

Mr. Tamayo noted, however, that the proposal is currently up in the air as the government also intends to relocate the airport in Siargao from its current location in the northern part of the island to somewhere in the center.

“Let’s put it this way. There are a lot of limitations with Siargao dahil mabundok sa paligid [because the surroundings are mountainous]… A lot of limitations. That’s why we’re looking into a new site as far as Siargao is concerned,” he said.

In September, the DoTr presented in a Senate budget hearing a proposed P500-million budget for the feasibility study and site acquisition for the new Siargao airport. Mr. Tamayo said about P400 million was eventually approved.

“Medyo nag-aalangan kami d’yan. Kasi may pondo na ‘yung bago diba (We have some questions about the proposal because the study for the new one is already funded),” Mr. Tamayo said.

PAGSS is the ground-handing services firm controlled by Jefferson G. Cheng. It is also part of the group that won the O&M contract for the Clark International Airport last year, together with Filinvest Development Corp., JG Summit Holdings Inc. and Changi Airports Philippines (I) Pte. Ltd.

Mr. Tamayo said should PAGSS be interested to invest in building the new Siargao airport, the DoTr would welcome the idea.

“There’s a possibility. We’re open to (official development assistance or public-private partnership) project. We’re open to anything,” he said.

Currently, Philippine Airlines (PAL) and Cebu Pacific offer direct flights to the surfing capital from Manila. Surigao del Norte 1st District Rep. Francisco Jose F. Matugas II said in August that arrivals totaled 600,000 in the seven months to July, half of them foreign. — Denise A. Valdez

Gov’t makes full award of T-bills as rates decline

THE GOVERNMENT made a full award of the Treasury bills (T-bill) it auctioned off on Monday, with yields ending mixed following the release of its second-quarter domestic borrowing schedule.

The Bureau of the Treasury (BTr) borrowed P15 billion as planned at its T-bills auction yesterday, with total bids amounting to P25.741 billion.

Broken down, the government borrowed P4 billion as programmed via the 91-day tenor yesterday as bids amounted to P8.808 billion. The average rate declined 15.2 basis points (bp) to 5.635% from the 5.787% logged in the previous auction.

The Treasury also made a full award of the 182-day papers as it accepted P5 billion as planned out of offers totalling P6.772 billion. The average yield, meanwhile, rose 3.1 bps to 5.958% from last week’s 5.927%.

For the 364-day T-bills, the BTr borrowed the programmed P6 billion out of the P10.161 billion tendered by banks and other financial institutions. Its average yield slid 8.3 bps to 5.961%% from the 6.044% tallied in the previous offering.

Following the auction, National Treasurer Rosalia V. De Leon said the Treasury saw a decline in yields after it trimmed the auction volume of the T-bills.

“Even for the short end of the curve, we saw also the decline in terms of the rates given the Treasury based on our second-quarter issuance program for the bills,” Ms. De Leon told reporters yesterday.

“The volume has been trimmed to P15 billion per auction from the P20 billion that we had in the first quarter. Supply has been reduced so that it eases in terms of the rate for the Treasury bills.”

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

Despite the reduced volume, Ms. De Leon said market appetite continues to be on the long end given the easing inflation expectation.

“We had a full award again. We see that given the expectation of moderation in inflation for March, so the appetite continues to be on the long end,” she said.

Analysts in a BusinessWorld poll said inflation likely maintained its descent in March, yielding a median estimate of 3.5% as rice and food prices dropped further.

If realized, it would mark the fifth straight month of deceleration coming from a nine-year high of 6.7% recorded in September and October 2018 and 5.2% in the same month last year.

Inflation data for March will be released by the Philippine Statistics Authority on Friday, April 5.

Sought for comment, a trader said the auction result was within market expectations.

“In terms of the rates, wala masyadong (there were no big) changes on the 182-day and one year. Malaki pa rin ‘yung volume niya. (The volume is still big),” the trader said in a phone interview.

The government plans 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.

PANDA BONDS
Meanwhile, Ms. De Leon said rural banks and asset management firms outside Beijing and Shanghai have expressed interest to participate in the upcoming sale of renminbi-denominated or “panda” bonds expected to be offered this quarter.

“They have also expressed eventually if the volume of our issuance will also be further bigger in terms of the volume,” Ms. De Leon said.

The country’s economic team went to China for a Philippine Economic Briefing in Beijing on March 20, followed by non-deal roadshows in Nanjing, Fuzhou, Suzhou and Xiamen to encourage Chinese businessmen to invest in the country.

In March last year, the government raised 1.46 billion RMB or about $230 million from its maiden panda bond offering, as it received overwhelming demand at 9.22 billion RMB. The three-year debt papers fetched a coupon rate of 5%.

“In terms of our registration…it’s higher than the previous issue that we have indicated of about $230 million equivalent in RMB,” she added, noting that the Treasury are looking at a tenor of between three and five years “if we upsize the issue.”

Apart from the panda bonds, the government will also look at offering yen-denominated or “samurai” bonds amounting to $1-1.5 billion in yen equivalent in the second half of the year. — Karl Angelo N. Vidal

Brit rock, female artists top Rock Hall of Fame induction

NEW YORK — Musicians and fans gathered in New York City on Friday for a night of British band nostalgia mixed with calls for more inclusion of women as Janet Jackson, Stevie Nicks, and The Cure were inducted into the 34th Rock and Roll Hall of Fame class.

Ms. Nicks, who made history on Friday as the first woman inducted twice into the prestigious group, kicked off the night with a performance of some of her biggest hits, such as “Stand Back” and “Edge of Seventeen.” She was inducted in 1998 as a member of rock band Fleetwood Mac.

“She’s so wise and serene. She sees all the romance and drama in the world and she celebrates it,” said singer Harry Styles, who introduced Ms. Nicks on stage for her induction.

However, one of the standout moments of the evening was when Ms. Jackson, 52, took the stage and called on the Rock and Roll Hall of Fame committee to induct more female artists during the annual ceremony. She also acknowledged her musical family for their impact on popular culture.

“Never in a million years did I expected to follow in their footsteps. Tonight your baby sister has made it,” said Ms. Jackson, who did not perform at the ceremony. “And Rock and Roll Hall of Fame please, in 2020, induct more women.”

Singer Janelle Monae dubbed Ms. Jackson “the legendary queen of black girl magic” for hits such as “What Have You Done For Me Lately” and “Escapade” and said she was the blueprint for creating socially conscious music.

“We celebrate you for giving us memories that we wish we could bottle up and save for the next lifetime,” Ms. Monae said. “History is not complete without you, Janet.”

The Rock & Roll Hall of Fame, which is located in downtown Cleveland, Ohio, sends ballots to more than 1,000 artists, historians, and members of the music industry to select inductees. Artists are eligible for induction 25 years after the release of their first recording.

The 2019 list of inductees was largely dominated by British artists, featuring bands such as The Zombies, Roxy Music, Def Leppard, and Radiohead, who did not perform during the show.

The Cure performed hits such as “Just Like Heaven,” while Def Leppard ended the night with a rocked-out jam session that featured classics “Photograph” and “Pour Some Sugar On Me.”

Ms. Jackson declined to take questions from reporters and did not mention the Leaving Neverland documentary on cable channel HBO about her late brother, Michael Jackson. — Reuters

Fuel prices set to decline on Tuesday morning

AFTER seven straight weeks of price increases, the cost of gasoline this week will decline by P0.10 per liter along with the prices of diesel and kerosene.

In their advisories on Monday, oil companies said the price cut will take place at 6:00 a.m. on Tuesday, April 2. Diesel will fall P0.30 per liter, while kerosene by P0.20 per liter.

Diesel prices have been on the rise for most weeks so far this year, except for the rollback on the first week of February and March. The same price behavior was seen in kerosene.

As in the past, the oil companies said local prices follow the movement of prices in the international market.

With this week’s increase, the year-to-date adjustment in the price of gasoline stands at a net increase of P6.65 per liter, while the price of diesel is at a net increase of P3.25 per liter.

Pilipinas Shell Petroleum Corp. was the first to issue an advisory on Sunday. As of Monday afternoon, the other companies that sent their advisories include PTT Philippines Corp., Total Philippines Corp., Phoenix Petroleum Philippines, Inc., Eastern Petroleum Corp. and Seaoil Philippines, Inc.

Last week, the prices of gasoline, diesel and kerosene increased by P0.65, P0.10 and P0.10 per liter, respectively.

Separately, Petron Corp. and Eastern Petroleum said on Monday that the price of liquefied petroleum gas (LPG) increased this month.

Eastern Petroleum raised the cost of its cooking LPG by P1.24 per kilogram or by P13.64 for an 11-kilogram cylinder. Petron increased its LPG prices by P1.25 per kilogram. It also hiked the price of AutoLPG by P0.70 per liter.

“These reflect the international contract price of LPG for the month of April,” Petron said. — Victor V. Saulon

Duterte appoints Ignacio as new SSS president, CEO

PRESIDENT RODRIGO R. Duterte appointed Social Security System (SSS) Officer-in-Charge Aurora C. Ignacio to take the helm of the state pension fund, replacing resigned Emmanuel F. Dooc.

In an appointment paper dated March 28, Mr. Duterte named Ms. Ignacio as the new president and chief executive officer of the SSS after being the officer-in-charge of the agency. The document was released to the media on Monday.

Prior to her officer-in-charge stint, Ms. Ignacio served as the chairperson of Social Security Commission, the policy-making body of the SSS, and was the first woman who held the position.

She was also an assistant secretary for special projects in the Office of the President. In July 2017, she was appointed as the “focal person” for queries on the Duterte administration’s crackdown on illegal drugs.

“As the Focal Person, she helped the Inter-Agency Committee on Anti-Illegal Drugs (ICAD) in harmonizing all anti-illegal drug government programs,” Ms. Ignacio’s resume posted on SSS’s website read.

Ms. Ignacio obtained her Bachelor of Science degree in Commerce, Banking and Finance from the Centro Escolar University.

She was appointed a day before the implementation of the 45-day ban on appointments ahead of the May 13 midterm polls.

Mr. Dooc filed his “voluntary and irrevocable” resignation from the SSS’ top post early last month following the effectivity of the pension fund’s amended charter. Republic Act No. 11199 or the Social Security Act of 2018 was signed by Mr. Duterte in February, repealing its charter which was signed into law in 1997.

The SSS has yet to provide a statement regarding Ms. Ignacio’s appointment. — KANV

4 power plant units go on unplanned outage

THE Luzon grid lost a total of 1,226 megawatts (MW) on Monday as four power plant units went on an unplanned outage that resulted in the thinning of reserves.

The Department of Energy (DoE) said a yellow alert notice had been issued covering 11 a.m. to 12 noon, and 2 p.m. to 4 p.m. The notice was lifted by grid operator National Grid Corporation of the Philippines (NGCP) at 3:30 p.m., the department said.

The DoE identified the plants that went on an unscheduled shutdown as unit 2 of the Masinloc plant at 344 MW; unit 1 of Pagbilao plant at 382 MW; unit 1 of South Luzon Thermal Energy Corp. at 150 MW; and unit 2 of the Malaya plant at 350 MW.

Other power plants have operated at a capacity lower than its rated output, namely: unit 2 of the Calaca plant at 200 MW from 300 MW; unit 2 of Southwest Luzon Power Generation Corp. at 100 MW from 150 MW; and unit 3 of the Pagbilao plant at 315 MW from 420 MW.

The DoE said it was “closely coordinating with the power industry players to ensure the delivery of electricity services to consumers.”

“It includes the facilitation of incoming plants that are undergoing commissioning and testing such as Masinloc 3 for Luzon and TVI2 (Therma Visayas, Inc. unit 2) for Visayas,” it said in a statement.

The DoE did not disclose the peak demand on Monday nor the available capacity during the day. It previously said that the agency and the NGCP will no longer be disclosing yellow alert notices until after they were lifted.

NGCP earlier expected Monday’s available generating capacity for Luzon at 11,559 MW as against an expected peak demand of 10,178 MW. The DoE earlier said that it wanted reserve power to be at least 25% of the day’s peak demand.

As this developed, consumer group Laban Konsyumer, Inc. (LKI) asked the DoE and the Energy Regulatory Commission to be transparent on the status of power plants to allow electricity users to monitor the power situation of the grid on a daily basis.

“It would be best if the government could provide consumers a list of all the plants and an inventory of when these power plants scheduled shutdown. There should be contingency plans in place for unscheduled outages due to technical problems and/or force majeure,” LKI President Victorio Mario A. Dimagiba said in a statement. — Victor V. Saulon

Eton Centris unveils mural

ETON Centris recently unveiled a huge, colorful mural on the wall of its Centris Station mall along EDSA corner Quezon Avenue in Quezon City.

The company commissioned renowned artists Dee Jae Pa’este and Archie Oclos of Kapwa Studios to do the 678 square-meter mural, as part of Eton Centris’ efforts to become the “a go-to place for public art enthusiasts.”

“This beautiful mural is a milestone for Eton Centris because it is the largest of its kind in a lifestyle space. We want it to reflect the atmosphere, energy, and soul of the place. The vibrant colors communicate that Eton Centris is a place that is always full of celebration and life,” said Assistant Vice President for Eton Centris, Marjorie G. Abot.

The mural is the first of three murals to be unveiled by Eton Centris in the next few months.

Mr. Pa’este’s works have been featured in establishments in Poblacion, Makati, Bonifacio Global City, New York, and Japan, while Mr. Oclos was included in “Forbes 30 under 30” list for his works dealing tackling social issues.

“I feel that as an artist, I have the responsibility to share our art and uplift people through it. Something this bright, large, and beautiful can change someone’s atmosphere when they see it on their ride or walk home,” Mr. Pa’este said.

PHL proposes scheme to cap fisheries subsidies

THE Philippines has proposed to the World Trade Organization (WTO) a scheme to cap monetary subsidies for fisheries which offers more flexibility for developing and least-developed member groups.

The Philippines, along with other five other members, introduced a total of four proposals debated at the March 27-29 meeting of the WTO Negotiating Group on Rules on Fisheries Subsidies.

The Philippines’ informal proposal does not represent an official position, and includes a formula that will determine the acceptable levels of monetary support. It differs from a United States-Australia joint proposal for individual, negotiated amounts.

The Philippine proposal classifies members into four types, each with a different subsidy cap: a developed or developing country belonging to the top 10 marine capture producers, a developing countries member that is part of the top 10 but whose large-scale commercial fishing is minimal, other remaining developing countries, and least-developed countries (LDCs).

Linking state-backed monetary support for fishing to illegal unreported and unregulated (IUU) fishing in disputed waters, the Philippines earlier proposed that WTO members eliminate subsidies to fishing in waters where there are conflicting territorial claims or otherwise broker some sort of cooperation between or among themselves.

During the last meeting, the Philippines said it was working on a comprehensive proposal where the capping approach makes up only a portion.

The WTO has agreed to adopt at this year’s Ministerial Conference a comprehensive fisheries subsidies deal, negotiations for which started in 2001.

The target to clinch a deal by year’s end is in fulfillment of the United Nations’ Sustainable Development Goal 14.6, which calls for the prohibition and elimination, by 2020, of fisheries subsidies that contribute to IUU fishing and to overcapacity and overfishing, with appropriate special and differential treatment accorded to developing countries and LDCs. — Janina C. Lim

Rolling Stones delay tour as Jagger seeks medical help

LONDON — The Rolling Stones have postponed a tour of the United States and Canada to give singer Mick Jagger time to receive medical treatment, the veteran rock band said on Saturday.

“I’m devastated for having to postpone the tour but I will be working very hard to be back on stage as soon as I can,” Mr. Jagger said on Twitter, without providing further details.

“I’m so sorry to all our fans in America and Canada with tickets. I really hate letting you down like this.”

Fans were quick to reply to his post, wishing him well.

The 75-year-old rock star was expected to make a full recovery, the band’s publicist said.

“The doctors have advised Mick that he is expected to make a complete recovery so that he can get back on stage as soon as possible,” the publicist said in a statement.

The band’s North American tour had been scheduled to run from April 20 until June 29.

The Stones have had to cancel sell-out concerts in the past, like in Las Vegas in 2016, when Mr. Jagger contracted laryngitis.

Some misadventures of lead guitarist Keith Richards, the co-author with Mr. Jagger of hits such as “Satisfaction” and “Brown Sugar,” have also caused show postponements and cancellations during the band’s 50-year-long career.

The group had to cancel gigs in 1990 when Mr. Richards infected his finger, and the start of a European tour was postponed in 1998 when he fell off a ladder in his home. Some 2006 shows were also delayed when Mr. Richards fell from a coconut tree while on vacation. — Reuters

1...9,7439,7449,745...12,819Page 9,744 of 12,819
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube