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No off-cycle rate cut, says Diokno

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno said they will not go for an off-cycle rate cut following the US Federal Reserve’s surprise move to ease as part of efforts to boost the economy amid risks of a slowdown due to the coronavirus disease 2019 (COVID-19) outbreak.

“The emergency half-point cut by the Fed matters. The fast-spreading COVID-19 and its likelihood of slowing global growth matters,” Mr. Diokno said in a text message on Wednesday night.

“One thing is certain: there will be no off-cycle MB (Monetary Board) move to cut policy rates,” he added.

The Fed on Tuesday cut rates by 50 basis points (bps) to a target range of 1% to 1.25% in an unscheduled meeting as the spread of the virus led to a change in the US central bank’s growth outlook, even as Fed Chair Jerome Powell said the economy remains strong.

The Fed last implemented a 50-bp cut in 2008.

Meanwhile, the BSP Monetary Board on Feb. 6 — its first meeting for the year — already cut rates by 25 bps as a “preemptive move” as COVID-19 caused fears of a possible economic slowdown in financial markets. This followed the 75 bps worth of cuts done in 2019.

The rates on the BSP’s reverse repurchase, overnight lending and deposit facilities now stand at 3.75%, 4.25%, and 3.25%, respectively.

Mr. Diokno said earlier this week another 25-bp cut is still on the table for the year, adding that they will assess anew the impact of the virus on the economy during the Monetary Board’s next policy-setting meeting on March 19. He also said last week that the central bank is not ruling out reductions worth 50 to 75 bps.

“The February inflation matters and so with the inflation prospects for the year. All these and more will serve as inputs to the MB’s decision on March 19,” Mr. Diokno said yesterday.

The Philippine Statistics Authority reported on Thursday that headline inflation slowed to 2.6% in February from 2.9% the prior month on the back of easing food, transport, and utility prices.

This result is closer to the lower end of the 2.4-3.2% estimate range given by the BSP Department of Economic Research on Friday last week.

This also compares to the three percent inflation estimate from a BusinessWorld poll of 17 economists held last week, which matches the central bank’s forecast average for the year.

The BSP wants inflation to settle within 2-4% this year.

Socioeconomic Planning Secretary Ernesto M. Pernia has said the virus could shave as much as one percentage point off full-year gross domestic product (GDP) growth if the outbreak continues until the end of the year.

The government targets GDP growth of 6.5-7.5% this year. — L.W.T. Noble

House OK’s lower capital requirement for foreign retailers

By Genshen L. Espedido

A PRIORITY MEASURE that aims to further open up the retail sector to foreign companies was approved on second reading at the House of Representatives on Wednesday.

House Bill (HB) No. 59 amends Republic Act (RA) No. 8762 or the Retail Trade Liberalization Act of 2000 by lowering the required minimum paid-up capital for foreign retail investors to $200,000 (around P10 million). Under the present law, enterprises with a minimum capital of $2.5 million or more may be fully owned by foreigners.

HB 59 also reduced the required locally manufactured products of foreign retailers to 10% of the aggregate cost of their stock inventory, from the current 30%.

“This bill is a priority measure of Malacañang and has the support of both the DTI (Department of Trade and Industry) and the DOF (Department of Finance). We are of the assumption that it will be passed on 3rd reading by next (week),” Valenzuela Rep. Weslie T. Gatchalian, chairman of the House Committee on Trade and Industry, said in a text message to BusinessWorld.

Mr. Gatchalian in a separate statement said the Retail Trade Liberalization Act had to be amended since it had “failed to meet its objective.”

“Over the course of its 19-year life, only 43 foreign retail investments have been recorded by the DTI (Department of Trade and Industry) creating only 22,000 jobs. Despite opening retail to foreign establishments, the prohibitive minimum capital requirement of $2.5 million prevented foreign retailers from investing in the Philippines. Thus, the expected job generation did not materialize and local goods and services did not become globally competitive because there was a lack of competition,” Mr. Gatchalian said in a statement.

Mr. Gatchalian also defended the lowering of the minimum paid-up capital to $200,000, saying “this amount puts foreign retailers beyond the scope of micro businesses which, according to the DTI, are valued only up to P3 million.”

The approved measure also removes the requirements under RA 8762 for foreign investors to acquire shares of stock of local retailers and for a public stock offering to be conducted by foreign-owned retail companies.

HB 59 also eased qualifications for foreign retailers to enter the Philippines. It removed the current law’s required net worth, number of retailing branches and five-year retailing track record conditions for foreign firms to enter the country’s retail industry.

At the same time, the bill allows only nationals “from/or judicial entities formed or incorporated in countries which allow the entry of Filipino retailers, to engage in retail trade in the Philippines.”

“These amendments would open up the Philippine retail industry which would result in greater variety of products, more competitive players, inflow of new technology, and more importantly, more jobs for Filipinos,” Tarlac Rep. Victor A. Yap, HB 59’s author, said in the bill’s explanatory note.

The measure is among the bills pushed by the Cabinet economic cluster for approval in the first regular session of the 18th Congress, which closes on June 5.

Counterpart measures in the Senate are still pending at the committee level.

Headline inflation rates in the Philippines

THE GENERAL INCREASE in the prices of widely used goods and services eased in February due to slower price adjustments in the heavily weighted food and non-alcoholic beverages and select nonfood commodities, the Philippine Statistics Authority (PSA) reported, lending support to the possibility of the central bank to cut policy rates soon. Read the full story.

Headline inflation rates in the Philippines

First Gen seeks DoE nod to build LNG import terminal

FIRST GEN Corp. said its subsidiary had applied for regulatory permit to start constructing an offshore terminal for liquefied natural gas (LNG) within its energy complex in Batangas City.

The Lopez-led company said the application of its unit FGEN LNG Corp. consists of the “construction works necessary to (i) modify First Gen’s existing liquid fuel jetty that will enable it to become multiple-use (allowing the receipt of large and small-scale LNG vessels as well as liquid fuel vessels, and (ii) build an adjunct onshore gas receiving facility.”

It said the unit applied to the Department of Energy (DoE) for a permit to construct, expand, rehabilitate and modify (PCERM) on the same day it disclosed the information to the stock exchange in a letter dated March 4, 2020.

Once completed, the project will allow First Gen to bring in a floating storage and regasification unit (FSRU) on an “interim basis” and hasten the introduction by FGEN LNG of the imported fuel to the Philippines.

“This innovation can readily serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates, and bring the country closer to its goals of energy security, expanded energy access and low-carbon future,” the listed energy company said.

It said the goals are among the stated objectives under the Philippine Energy Plan 2017-2040, which is crafted by the DoE.

“An FSRU is an LNG storage ship that has an onboard regasification plant capable of returning LNG back into a gaseous state,” it said.

First Gen said its unit anticipates that, if the PCERM is granted by the DoE, it will be able to start constructing the project as early as May this year, allowing it to receive imported LNG as early as the third quarter of 2022.

FGEN LNG believes that the project, and the early entry of LNG, will play a critical role in ensuring the energy security of the Luzon grid, the parent firm said, since the indigenous Malampaya gas resource “is expected to be less reliable in producing and providing sufficient fuel supply for the country’s existing gas-fired power plants, and even less so for additional gas-fired power plants.”

“The entry of LNG will encourage new gas-fired power plant developments, as well as industrial and transport industries to consider it as a replacement to more costly and polluting fuels,” it added.

First Gen said the project represents the initial phase of the FGEN Batangas LNG terminal, which was previously declared by the Energy Investment Coordinating Council through the DoE as an “Energy Project of National Significance” (EPNS) under Executive Order No. 30. Projects declared as nationally significant enjoy faster permitting from government agencies.

First Gen, the country’s leading gas power generation company, has around 2,000 megawatts (MW) in operating gas facilities comprising of four gas-fired power plants, namely: the 1,000-MW Santa Rita power plant, the 500-MW San Lorenzo, the 414-MW San Gabriel, and the 97-MW Avion power plant.

First Gen earlier said that its project could also potentially supply natural gas to the 1,200 MW Ilijan power plant. — Victor V. Saulon

James Bond movie release pushed back amidst virus fears

LONDON — The global release of the new James Bond film No Time to Die was postponed on Wednesday by seven months amid the coronavirus disruption that has closed movie theaters in China and caused widespread headaches for other Hollywood productions.

The release of Daniel Craig’s last outing as agent 007, being distributed internationally by Universal Pictures, will be postponed from the start of April until November, producers said.

“After careful consideration and thorough evaluation of the global theatrical marketplace, the release of No Time To Die will be postponed until November 2020,” a posting on the official James Bond Twitter account said.

The posting made no specific reference to coronavirus but follows reports in entertainment trade media last week of the cancellation of plans for the film’s red carpet premiere in China, Hollywood’s biggest overseas market.

Movie theaters have been closed in China since January and other nations, including Japan, South Korea and parts of Italy, are also closing theaters in a bid to stem the spread of the virus.

The Bond franchise is one of the movie world’s most lucrative, with 2015’s Spectre raking in $880 million at the box office worldwide, while Skyfall in 2012 grossed more than $1 billion globally.

No Time to Die cost an estimated $200 million to produce and was due to open in movie theaters from April 2 after a world premiere in London on March 31.

The James Bond postponement followed coronavirus disruptions to filming new movies and TV shows and delays in releasing US movies in China.

A planned three-week shoot in Venice, Italy, for Tom Cruise’s new Mission: Impossible film was postponed last week due to the outbreak, and producers of the CBS television global competition show The Amazing Race said last week they had temporarily suspended filming of a new season.

James Bond fan sites had also written to the studios behind the film this week, urging for a delay.

“With the Coronavirus reaching pandemic status, it is time to put public health above marketing release schedules and the cost of canceling publicity events,” fan website MI6-HQ.com wrote in an open letter.

“We have all waited over four years for this film. Another few months will not damage the quality of the film and only help the box-office for Daniel Craig’s final hurrah,” the letter added.

Wednesday’s post said the film will now be released in the United Kingdom on Nov. 12 and in the United States on Nov. 25.

DISNEY+ LAUNCH CANCELED
Meanwhile, Walt Disney has canceled some events planned to promote the European launch of its channel Disney+, a competitor to Netflix and Amazon Prime which will show The Mandalorian, the latest in the Star Wars movie and TV franchise.

Celebrities and executives were due to take to the red carpet in London on Thursday to promote the streaming channel, which becomes available to subscribers in Britain, France, Germany, Italy, and Spain on March 24.

The London Book Fair, a trade show for publishers that attracts 25,000 attendees from over 100 countries and was due to take place on March 10-12 has also been called off, organizers Reed Exhibitions said on Wednesday.

Both Disney and Reed cited concerns about international travel due to the coronavirus outbreak. — Reuters

PLDT allots P83-B budget this year

By Arjay L. Balinbin
Reporter

PLDT, Inc. is allocating P83 billion for capital expenditures (capex) this year, 36.1% higher than last year’s figure, to serve better the “fast-growing” data usage of its customers, the company’s top official said on Thursday.

It also reported a 19% growth in attributable net income to P22.52 billion in 2019, from the previous year’s P18.92 billion, driven by higher revenues from its data and broadband services.

PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan said in a briefing in Makati City on Thursday that the company is “hoping for a double-digit growth in its revenues” this year despite the ongoing coronavirus outbreak and the Taal Volcano eruption in January.

He said the coronavirus outbreak has not affected any of PLDT’s business as “the numbers were looking good in the first two months.”

“We are quite optimistic that 2020 will be a better year for us than 2019,” he added.

As for his assessment of PLDT’s performance in 2019, he said: “We used to be riding on the back of a donkey, now it’s probably a race horse.”

On this year’s capex, Mr. Pangilinan said: “To raise even further our service quality standards and attain unmatched customer experience (CX), PLDT has allocated a larger capex budget of P83 billion for 2020.”

He said P64.6 billion of the amount will be used for the company’s network and IT projects.

“In addition, P18.5 billion, inclusive of P5.5 billion carried over from 2019, are to be spent for broadband installations, which are projected to grow strongly in 2020,” he added.

For 2019, PLDT said had spent P72.9 billion of the P78.4 billion capex it had set for the year. Of the amount, P61 billion went to its network and IT expansion and transformation programs while P11.9 billion was used for the installation of broadband connections.

PLDT likewise reported that its telco core income, which excludes the impact of asset sales and Voyager Innovations, grew 13% to P27.08 billion from 2018’s P24.05 billion.

Service revenues grew 8% to P157.7 billion. The bulk or 67% of this came from data services.

Revenues from domestic voice fell 5% to P39.7 billion, while short message service (SMS) revenues plunged 16% to P8.6 billion. Revenues from international voice also went down 32% to P4.3 billion.

PLDT’s enterprise group contributed P39.2 billion, up by 5% from the previous year.

PLDT Home added P37.2 billion or 3% more from 2018, and wireless segment P72.1 billion or 20% higher.

“Despite continuing challenges, 2019 was a productive year, with revenues reaching record levels on the back of robust growth of our consumer wireless business. This was achieved in large part by making the needed investments in our data and IT networks. Moving forward, we shall continue pursuing a focused investment program to further improve our services, and consequently raise the level of customer experience,” Mr. Pangilinan said.

Massive Miami electronic-music fest up in air on virus concerns

PLANS FOR the Ultra Music Festival, one of the world’s biggest electronic-music events, were in flux Wednesday after Miami Mayor Francis Suarez met with the organizers over mounting coronavirus concerns.

Speaking after the meeting, Suarez promised an announcement on Friday.

“I would say there’s resolution, but there’s some loose ends that need to be tightened,” Suarez told reporters in Miami.

The three-day event, set to begin on March 20, drew 170,000 attendees from 105 countries last year. Founded in 1999, it’s scheduled to be held at Miami’s downtown Bayfront Park with a lineup that includes Flume, Martin Garrix, and Zedd.

Carlos Gimenez, the mayor of Miami-Dade County — which includes the city of Miami — tweeted Wednesday after Suarez’s remarks that nothing had changed thus far.

The multibillion-dollar concert business is already feeling the impact of the coronavirus. Acts such as BTS, Avril Lavigne, and the National have all canceled shows, but few of the summer’s biggest festivals have announced changes to their schedules. Coachella, one of the largest music festivals in North America, is still scheduled for two weekends in April.

The fallout will be temporary, according to Michael Rapino, chief executive officer of concert promoter Live Nation Entertainment Inc. “The show is not going away,” he said on an investor call on Feb. 27, speaking of concerts in general.

Some users on Twitter wondered what they’d do with their hotel reservations and tickets if the Ultra Music Festival ends up being canceled.

“Cancel all you want,” goes one Tweet by joel massey (@joeldmassey). “Thousands will be there in Miami unless Miami plans to refund our flight and hotel. Instead of being in bay park I’ll now get to explore all Miami has to offer. See you all in 16 days.” — Bloomberg

ICTSI income dips 52% after one-off charges

PROFITS of International Container Terminal Services, Inc. (ICTSI) last year plunged 52% to $100.4 million, attributable to non-recurring charges recorded during the period.

In a statement yesterday, the Razon-led port operator said its attributable net income last year was pulled by non-recurring charges amounting to $158.7 million. This tempered the 7% rise in revenues to $1.5 billion.

The bulk of the non-recurring charges are the $156-million impairment charges from the company’s operations of the Tecplata S.A terminal in Buenos Aires, Argentina. It was a result of lower projected cash flows in the terminal due to an updated business plan to address the “prevailing and challenging economic conditions in Argentina.”

The balance of the charges is the $2.7-million charge on the acceleration of the company’s debt issue cost, following its partial prepayment of its euro-denominated term loan.

Without the non-recurring gains and charges, ICTSI’s recurring net income last year grew 23% to $259.1 million.

The single-digit rise in revenues is due to a 5% increase in consolidated volume at 10.18 million twenty-foot equivalent units (TEUs). This is mainly from new terminals in Papua New Guinea and Brazil; improved activity in Subic, Congo and Iraq; and new shipping contracts in Australia, Poland, Croatia, Georgia and Mexico.

Consolidated cash expenses recorded a 3% uptick to $464.2 million, largely from the increase in volume handled, salary rate adjustments and unfavorable foreign exchange rates.

“ICTSI delivered a positive performance in 2019 with revenue and EBITDA increasing by 7% and 10%, respectively,” ICTSI Chairman Enrique K. Razon, Jr. said in the statement.

He noted, however, that the coronavirus disease 2019 (COVID-19) outbreak is challenging its volumes, especially in operations in Asia.

“[W]e are closely reviewing developments across the regions in which we operate. Whilst we cannot be certain how long this situation will last; we are seeking to mitigate this impact through rigorous cost control and increasing market share,” Mr. Razon said.

“ICTSI is an agile business and able to act swiftly to ensure the business remains robust during these uncertain times,” he added.

The company is allocating $270 million for capital expenditures (capex) this year, which it will use for the expansion of its terminals in Manila, Mexico and Congo. It spent $240.8 million in capex last year, 63% of its allocation of $380 million.

Shares in ICTSI at the stock exchange fell 60 centavos or 0.57% to P105.10 apiece on Thursday. — Denise A. Valdez

Taylor Swift is best-selling global artist in 2019

LOS ANGELES — Pop superstar Taylor Swift topped the list of the world’s best-selling music artists in 2019, thanks to the success of her album Lover, beating popular acts including Korean pop sensation BTS, recording industry group IFPI said on Monday.

It was the second time the 30-year-old singer-songwriter had led recorded music sales globally. The first was in 2014 when she debuted her album 1989.

Lover was Swift’s 7th studio album and included hits such as the title track, a ballad, and the upbeat single “ME!”

Just behind Swift in the 2019 rankings was British singer-songwriter Ed Sheeran, followed by rapper Post Malone, and teen singer Billie Eilish who swept the top Grammy Awards in January.

Queen, the rock band formed in London in 1970, landed in 5th place. The group’s music enjoyed resurgence after the release of the Freddie Mercury biopic Bohemian Rhapsody.

BTS, the popular South Korean boy band, finished in 7th place. — Reuters

D&L Industries profit down 18% to P2.6 billion as sales fall

By Denise A. Valdez
Reporter

EARNINGS of D&L Industries, Inc. (D&L) slumped 18% in 2019, dragged by lower sales due to the late passage of the national budget and the rise in inflation and interest rates.

In a briefing in Makati City yesterday, the Lao-led manufacturing firm reported a net income of P2.62 billion last year, down from P3.19 billion in the year prior.

Sales dropped 16% to P22.39 billion, weighed by declines in revenues across its four business segments: food ingredients (-10%), oleochemicals and other specialty chemicals (-29%), specialty plastics (-11%), and aerosols (-6%).

Of last year’s net income, the non-food business of D&L recorded the biggest decrease: the chemicals segment tumbled 35% due to lower biodiesel sales, and the plastics segment fell 18% due to the weak global auto industry and indirect effects of the trade war.

“It was pretty much consistent with what happened in the first nine months. We talked about the factors that affected our net income: late passage of the budget, inflation and interest rates going up… But in 2020 wala na lahat ’yan [all of those are gone],” D&L President and Chief Executive Officer Alvin D. Lao said.

He noted, however, that the new challenge this year is the coronavirus disease 2019 (COVID-19) outbreak. “Lahat positive sana eh [Everything was supposed to be positive]. But unfortunately, coronavirus may cause more risk for us. We’re now unable to really say what the outlook is for the year,” Mr. Lao said.

But unlike other firms that may be taking a harder hit from the outbreak, Mr. Lao said D&L is relatively less dependent from China, with exports to the country comprising only about 2% of its total revenues, and imports of raw materials about 10%.

He added that the supplies D&L gets from China can easily be substituted with alternatives from other parts of Asia such as Malaysia, Thailand and India.

“Even if we lose China as a market temporarily, it looks like we’ll gain some share also. For example, a car manufacturing company that shuts down operations in China may start buying from (other countries). So we might get business from there,” Mr. Lao said.

He noted D&L has competitors from across its four business segments that are more reliant on China, so the company expects to benefit from the customers of these rivals. “It looks like we’ll be able to gain market share by grabbing back customers who are not able to source raw materials from China,” he said.

D&L currently holds a 40% market share in high margin specialties food ingredients and 15-20% for commodity food ingredients. For chemicals, its market share is 40% for the high margin specialties and around 15-20% for commodities.

It also has more than 50% share in the specialty plastics business, and more than 80% in the domestically made aerosol business.

“At the end of the day, people still have to eat, still need to live in a house, drive a car, have appliances. Fundamentally, I don’t feel it’s that bad,” Mr. Lao said about the possible impact of COVID-19 to D&L.

The company is allocating P6 billion for capital expenditures through 2021, which will fund the construction of its 26-hectare facility in Batangas. Its spending last year reached P1.55 billion, up from P456 million in 2018.

Shares in D&L at the stock exchange closed P7.05 apiece on Thursday, down 39 centavos or 5.24% from the previous session.

DMCI Holdings posts 27% profit fall

CONSUNJI-LED DMCI Holdings, Inc. posted a 27% decline in consolidated net income to P10.5 billion in 2019 after its coal mining and power unit turned in lower contributions last year and a one-time goodwill impairment charge for a mine investment, it said on Thursday.

In a disclosure to the stock exchange, the diversified engineering conglomerate said its core net income dropped by 14% to P12.4 billion, excluding the non-recurring loss of P1.9 billion, mostly coming from the non-cash goodwill impairment.

In the fourth quarter alone, consolidated earnings fell 70% to P1.2 billion, largely because of a 47% reduction in earnings contribution from Semirara Mining and Power Corp. (SMPC) and a non-cash goodwill impairment charge of P1.6 billion for the Acoje mine assets of Zambales Diversified Metals Corp. (ZDMC) and Zambales Chromite Mining Co. (ZCMC).

“Market conditions and regulatory restrictions no longer support our original valuation of ZDMC and ZCMC so the Board decided to write-off the goodwill associated with these investments,” said DMCI Holdings Chairman and President Isidro A. Consunji in a statement.

Excluding non-recurring items, fourth-quarter core net income decreased by 25% to P3.1 billion.

ZCMC was idle in 2019 as it lacked the required permits to start operating. ZDMC was unable to resume full commercial production because of the absence of ancillary permits in other areas.

DMCI Holdings bought the two companies in 2014 when mid-grade nickel prices averaged $49. In 2019, the average selling price of mid-grade nickel plunged 45% to $27, reducing the saleable resource.

Last year, SMPC’s core net income fell 23% to P5.7 billion as power generation and average coal prices both decreased by 22%.

DMCI Homes faced a marked slowdown in project construction, resulting in a 4% drop in earnings contribution to P3 billion.

Affiliate company Maynilad Water Services, Inc. posted a 4% slide in net income contributions to P1.8 billion after higher amortization and depreciation expenses for its capital expenditure program.

D.M. Consunji, Inc. posted a 25% slump in net income share to P906 million with the absence of significant realized claims and savings from projects nearing completion.

In contrast, DMCI Power Corp.’s earnings contribution climbed by 31% to P611 million after the approval of a P1.13 per kilowatt-hour adjustment on its non-fuel tariff for its Aborlan power plant in Palawan.

An 82% rise in nickel shipment boosted DMCI Mining’s core earnings by 56% to P182 million.

Contributions from DMCI Holdings and other investments dipped by 6% to P223 million after a decline in interest income.

On Thursday, shares in DMCI Holdings dropped by 0.56% to close at P5.29 each.

Take 2 for successful OPM concert

AFTER A successful run last year, Viva Live is bringing back Playlist: the Best of OPM on April 3 at the Smart Araneta Coliseum in Quezon City. The concert brings together “the famed soloists of the biggest bands in Philippine pop music history,” according to a press release.

The one-night concert will features “the voices of the hit machines that formed the Pinoy’s romantic soundtrack during the ’80s and ’90s,” including Joey Generoso of Side A (“Forevermore,” “So Many Questions”), Wency Cornejo of Afterimage (“Next in Line,” “Habang May Buhay”), Jinky Vidal of Freestyle (“Before I Let You Go,” “So Slow”), Jay Durias of South Border (“Rainbow,” “Kahit Kailan”), Nina (“Love Moves in Mysterious Ways,” “Someday”), and Medwin Marfil of True Faith (“Perfect,” “Huwag na lang Kaya”).

Mr. Generoso, Ms. Vidal, Mr. Durias, and Mr. Marfil performed at the first Playlist concert in 2019.

Current hitmakers Janine Tenoso (who also performed in the first concert) and This Band (“Kahit Ayaw Mo Na,” “Hindi Na Nga”) will also be performing at the re-run.

Tickets to Playlist 2: The Best of OPM are available via TicketNet.com (8911-5555) or via Viva Live (8687-7236). Ticket prices range from P300 (General Admission) to P4,500 (VVIP). — ZBC

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