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Duterte threatens anew to sack MWSS officials

By Charmaine A. Tadalan, Reporter

PRESIDENT RODRIGO R. Duterte has threatened anew to sack Metropolitan Waterworks and Sewerage System (MWSS) officials if the water shortage continues during the El Niño period.

He also said he will appoint Filipino engineers working overseas to replace current MWSS officials.

“There are millions of Filipinos waiting outside…brighter than you. Kaya lang, hindi lang kilala kasi hindi mga politiko (but they’re not popular because they’re not politicians),” Mr. Duterte said at a campaign rally in Cagayan, Tuesday evening.

“I will not hesitate to replace you all.”

The president on March 20 told MWSS officials and water concessionaires to “shape up or ship out” and even threatened to terminate the concession agreements.

He further criticized the regulating body over its failure to prepare for El Niño.

“It comes with regularity…‘yang El Niño na ‘yan. Ilang tao kayo nandiyan (This El Niño comes with regularity, and how many of you are there?). And you do not prepare for it? And when it comes, walang tubig ‘yung mga tao? (The people don’t have water?)”

Mr. Duterte also repeated his warnings against the water concessionaires. “Why do you have to cause problem for the people when there are things that you can do at once… you derail everything in life,” he said.

“Kaya ako, pagka ganun, wala akong pasensya (On matters like this, I don’t have the patience). Either you can hack it or not. If you don’t, sorry.”

The President was supposed to decide on whether to fire MWSS officials on April 15, but Cabinet Secretary Karlo Alexei B. Nograles said this was moved to April 22.

“April 22 na lang, magre-reflect muna siya (He’ll reflect on it first). It will give him a chance also to study everything,” Mr. Nograles said on Wednesday at the Kapihan sa Manila Bay forum, streamed on Facebook.

SC slams OSG on drug-war documents

By Vann Marlo M. Villegas, Reporter

THE SUPREME COURT (SC) said the government’s releasing of documents in connection with its drug war does not pose a threat to national security.

The high court also slammed the Office of the Solicitor-General (OSG) for “arrogat(ing) upon itself the determination of the relevance of the (said) documents.”

“[C]ontrary to the claim of the Solicitor-General, the requested information and documents do not obviously involve state secrets affecting national security. The information and documents relate to routine police operations involving violations of laws against the sale or use of illegal drugs” the SC said in its April 2 resolution directing the Solicitor-General anew to release the said documents.

“These information and documents do not involve rebellion, invasion, terrorism, espionage, infringement of our sovereignty or sovereign rights by foreign powers, or any military, diplomatic or state secret involving national security. It is simply ridiculous to claim that these information and documents on police operations against drug pushers and users involve national security matters,” the high court also said.

SC Public Information Office Chief Brian Keith F. Hosaka announced on April 2 that the high court ordered the OSG to release all documents pertaining to the war on drugs. The resolution was released to media April 17.

The SC in December 2017 ordered the OSG to release the said documents after holding three-day oral arguments on two petitions questioning the constitutionality of the drug war.

This decision stemmed from the petitions of Center for International Law (CenterLaw) and FLAG in 2017 which sought the SC to stop the government’s war on drugs. CenterLaw asked for the issuance of writ of amparo protecting residents of 26 towns in San Andres Bukid, Manila from the war on drugs while the Free Legal Assistance Group (FLAG) raised questions on constitutionality.

The Court subsequently granted an August 2018 request by FLAG to be furnished with copies of the documents.

OSG on Sept. 4 that year furnished FLAG copies of the documents (classified as Category 2) connected only to its petitions, and filed a partial motion for reconsideration in which it claimed that the petitioners are not entitled to Category 1 documents as they contain “sensitive information” which could have national security implications.

Category 1 documents consist of lists of persons killed in legitimate police operations from July 1, 2016 to Nov. 30, 2017, as well as lists of deaths under investigation and of Chinese and Filipino-Chinese drug lords, among others.

“(W)e find that the OSG arrogated upon itself the determination of the relevance of the documents to the issues involved in the present petitions. To reiterate, we have ruled in our Resolution dated 3 April 2018 that the determination of whether particular evidence is relevant rests largely at the discretion of this Court,” the SC stated.

“We do not tolerate the OSG’s unilateral arrogation,” it added.

For its part, the OSG said in a statement April 4 that it “will faithfully abide with the Court’s directive.”

In a related development, the Philippine Drug Enforcement Agency(PDEA) said the conviction rate of drug cases increased in 2018.

PDEA noted there were 41,583 cases filed in court in 2018, of which 13,111 resulted in conviction — 46.82% higher compared with 35% in 2017.

In a statement on Tuesday, PDEA Director General Aaron N. Aquino attributed this to the efforts of PDEA’s lawyers, but also cited cases that were “dismissed or indeterminately delayed because of the failure or negligence of some prosecutors to take advantage and make use of pretrial measures and remedies.”

The PDEA chief also credited his agency’s Project Court Watch program in its efforts on the legal front. — with Vince Angelo C. Ferreras

Sison blames military ‘diehards’ for disruption of peace talks

By Vince Angelo C. Ferreras

COMMUNIST PARTY of the Philippines (CPP) founder Jose Maria C. Sison blamed anew the military for the delay in peace talks between the government and communist rebels.

“In the experience of the National Democratic Front of the Philippines (NDFP) in negotiating with the Government of the Republic of the Philippines (GRP), the reactionary pro-US military officers at the highest level have always interfered to stop the peace negotiations,” Mr. Sison said in a statement on Wednesday, April 17.

The exiled communist leader added: “Under every administration from the Ramos regime to the current Duterte regime, peace negotiations are held only for a few months before the reactionary military diehards intervene to pressure their commander-in-chief to slow down or to declare the suspension or termination of the peace negotiations.”

President Rodrigo R. Duterte said last month he is ending peace negotiations and told communist rebels to just talk to the next administration. Recently, the President said he wants a peace panel to be composed of at least two civilians and three military officials.

“Under the pressure of the military, Duterte has terminated and practically killed the peace negotiations since he issued Proclamation 360 on November 23, 2017. And he has proceeded to drive more nails into the coffin of the GRP-NDFP peace negotiations,” Mr. Sison said.

He said one of the reasons behind the military’s intrusion in the peace talks is that the government “cannot obtain the surrender of the armed revolutionary movement of the people through a protracted and indefinite ceasefire.”

Another reason he cited is that the National Democratic Front of the Philippines “is gaining credit for pushing social, economic and political reforms to address the roots of the armed conflict.”

The CPP founder said of the government’s planned localized peace negotiations: “No one would ever be authorized by the NDFP National Council to negotiate with the GRP or its military under conditions completely under the control of the murderous Duterte regime. And no revolutionary in his right senses would ever surrender himself to the brutal and corrupt enemy.”

Sought for comment, Department of National Defense Spokesperson Arsenio R. Andolong said: “The DND and the AFP have always been supportive of the peace talks. Unfortunately, it is Joma Sison and his cohorts who have used the formal peace talks to delay and take advantage of the ceasefire mechanism to regroup and step-up their deceptive recruitment and exploitation of vulnerable sectors.”

Mr. Andolong added, “He and his now tiny band of misguided loyalists had 50 years to really show their love for our country and fellow Filipinos but they failed by engaging in deception and terror.”

Labor chief reaffirms repatriation team to be sent to Libya

LABOR SECRETARY Silvestre H. Bello III reaffirmed an earlier announcement that it will send an augmentation team that will supervise the repatriation of overseas Filipino Workers (OFWs) in conflict-stricken areas of Libya.

“Sinabi ko dapat before Thursday or Friday (I said the team should be deployed by Thursday or Friday),” Mr. Bello told reporters on Tuesday, following an advisory by the Department of Foreign of Affairs (DFA) on the situation in Tripoli.

He added, “We are sending an augmentation team composed of three administration staff (members) and three welfare officers.”

The DFA upgraded the crisis level from Alert Level 2 to Alert Level 3 or Voluntary Repatriation phase in the Libyan capital. Also covered under the Alert Level 3 are areas within the 100 kilometer radius of Tripoli: Tajoura, Ghot Romman, Qaraboli, Qasr Khiyar, Esbea, Tarhuna, Bani Waled, Gharyan, Aziziya, Warshifana, Zawia, Surman, and Sabratha.

With the exception of Tripoli and the cited locations in its outskirts, Level 2 crisis alert or restriction phase remains elsewhere in Libya.

“Only four OFWs have expressed their desire to come back (and it shows) hindi pa serious ang situation (the situation isn’t serious),” the Labor Chief said.

Last week, the Philippine Overseas Employment Administration (POEA) issued Governing Board Resolution (GBR)03-2019 calling for a total deployment ban of OFWs to the North African state. — Gillian M. Cortez

Construction spending growth seen slowing due to election ban, budget

THE Department of Trade and Industry (DTI) expects growth in the “low teens” for the construction sector this year, slower than the nearly 16% posted in 2018, due to the election ban on public infrastructure projects and the delayed 2019 budget.

Asked last week about a possible slowdown in construction spending this year, Trade Secretary Ramon M. Lopez said in a mobile message: “Less than quarter of year impact if we consider budget impasse in quarter 1 of this year that affected the BBB (Build, Build, Build) projects, as well as other local infra projects affected by election ban,” Mr. Lopez said.

“[C]onsidering almost 16% growth last year, we still can hit double digits, low-teens growth,” he added.

According to the Philippine Statistics Authority, construction spending in 2018 totaled P625.23 billion, up 15.9%, accelerating from 5.3% in 2017.

Barry G. Paulino, Philippine Contractors Association executive director, also said that the recently resolved 2019 budget standoff and the election ban on public works will “certainly” affect the sector but he expects a recovery after the May elections.

“We expect the growth to continue,” Mr. Paulino told BusinessWorld in an earlier interview, adding the construction projects initiated by the private sector will still drive much of the sector’s spending for this year.

Under the recently launched 10-year road map, industry spending is projected to hit P130 trillion by 2030.

The road map, if implemented, also estimates that the construction work force will grow 82.05% to 7.1 million workers from the 3.9 million in 2019.

Among the recommendations of the road map is legislating a long-term infrastructure plan to continue ongoing projects even when governments turn over every six years.

Construction industry stakeholders said they will submit within the year a formal proposal for lawmakers to look into the possibility of legislating a 30-year infrastructure master plan.

The road map proposed that a National Infrastructure Masterplan be allocated a minimum budget equivalent to 5% of GDP and other initiatives to determine appropriate financing modes for public infrastructure projects.

Asked when the proposal will be submitted to Congress, Liberito V. Espiritu, a member of the Domestic Construction Board, one of the implementing bodies of the Trade Department’s Construction Industry Authority of the Philippines, said it will be done within the year.

“We are hoping for legislation in which a certain percentage of the projects in the Philippines will be allocated for the industry,” Mr. Espiritu told BusinessWorld on the sidelines of the road map’s official launching event.

Mr. Lopez said ideally, the 30-year master plan will build on the “Build, Build, Build” program.

“We have to start preparing for the legislation for the infrastructure program. That is very important to ensure the implementation… to continue the aggressive momentum [of the country’s infrastructure growth],” he told BusinessWorld earlier at the road map launch. — Janina C. Lim

Galunggong imports to be suspended as fishing season opens

THE Department of Agriculture said that it is planning to suspend the importation of round scad, or “galunggong,” as the fishing season for the species opens.

“Open season na ng isda ngayon [It’s the open season for the fish now]. In fact, we’re intending to suspend the importation kasi sagana na yung isda [because the domestic supply is ample],” Agriculture Secretary Emmanuel F. Piñol told reporters recently.

When asked when the suspension will be implemented he said, “Baka pagbalik ko, after the Holy Week (Possibly when I return from the Holy Week holidays).”

Bureau of Fisheries and Aquatic Resources (BFAR) National Director Eduardo B. Gongona told BusinessWorld in a text message: “Since last year we have allowed the importation of about 117,000 metric tons of fish. Primarily round scad for the wet markets. About 17,000 metric tons ordered in the last quarter of 2018 were delivered. The 100,000 additional (has been) allocated to qualified importers.”

In terms of local production, he said he has no final information yet, though the prospects are positive. “There is more local fish production, so suspension of fish importation may happen. It depends on the suspension. For now we are not issuing any more import permits,” he said.

Early this year, the BFAR called for the protection of municipal waters to help the regeneration of the round scad fishery.

Fisheries output declined 1.13% by value in 2018, narrowing from the previous year’s 1.73% fall.

In August, ahead of the closing of the fishing season, the DA and the fisheries industry agreed to a plan to import round scad, a major source of protein for low-income Filipinos and a possible driver of inflation if supply is short.

Mr. Piñol later amended the administrative order permitting the imports, allowing their direct sale to wet markets. The original order allocated the imports to food processors.

According to the Philippine Statistics Authority (PSA), fisheries production volume in 2018 was 4.35 million metric tons (MMT), up 0.92% year on year.

Round scad production fell 8.15% year on year. Milkfish, or bangs, fell 3.9%; yellowfin tuna fell 11.91%; and tiger prawn fell 2.76%. On the other hand, production of seaweed, skipjack, and tilapia rose 4.45%, 4.33%, and 3.25%, respectively. — Vincent Mariel P. Galang

Russian company orders 2 tons of mangoes a week from Guimaras growers

THE Department of Agriculture (DA) said a Russian company has placed an order of 2 metric tons of mangoes a week with growers in Guimaras.

“The Exim Pacific company… has initially placed an order of 2 metric tons of Guimaras mangoes every week as soon as the farmers are able to export,” Agriculture Secretary Emmanuel F. Piñol told reporters this week.

“It’s a major breakthrough for us in the Eastern European market. We’re hoping that this will be the beginning of our entry into the European market,” he added.

The mangoes will be shipped to Russia via Bangkok pending the development of more direct shipping links.

The DA has said that it is expecting mango imports to Russia to start as early as April. Foreign demand for mangoes has been building up in the past two years pending development of sufficient capacity in the Guimaras mango industry and other key growing areas like Zambales, Pangasinan, Cebu, Iloilo, the Davao Region, the Zamboanga Peninsula, and Cotabato.

The DA has said that it learned that mangoes are selling in Russia for about P1,000 each, mainly varieties imported from Thailand, India, and Pakistan.

According to the Philippine Statistics Authority (PSA), mango output in the fourth quarter of 2018 rose 0.5% year on year to 27,620 metric tons (MT). Zamboanga Peninsula accounted for 26% of total output, while Caraga and Northern Mindanao accounted for 24.1% and 15.4%, respectively.

The Carabao mango was the top variety, accounting for 22,560 MT or 81.7% of the total.

Aside from mangoes, the DA is also looking into exporting coconut oil, banana, and shrimps to Russia.

Meanwhile, Mr. Piñol said that the Philippines will be joining the Bel-Agro Festival in Belarus in June to further explore the Eastern European market. — Vincent Mariel P. Galang

Palay prices remain under pressure on prospect of cheaper imports

THE AVERAGE farmgate price of palay, or unmilled rice, remained on a downtrend in late March as domestic producers remained under pressure due to expected competition from cheaper foreign rice brought in more freely under the terms of the Rice Tariffication Law.

The price of palay, the form in which rice is sold by farmers, fell 0.16% week-on-week to P18.80 per kilogram (kg) in the fifth week of March, according to the Philippine Statistics Authority (PSA).

The average wholesale price of well-milled rice fell 0.30% week-on-week to P40.49 per kg. At retail, the average price of well-milled rice fell 0.34% week-on-week to P44.07.

The average wholesale price of regular-milled rice fell to P36.73 per kg from P36.88 a week earlier.

The price declines come even amid pressure on domestic supply caused by El Niño losses. According to PSA data, first quarter palay output is estimated to fall 1.3% year-on-year to 4.56 million metric tons (MT).

The standing crop in January had been estimated to yield 4.65 million MT.

The average farmgate price of yellow corn grain rose 0.29% week-on-week to P13.91 per kg.

The average wholesale price of yellow corn grain was P18.48 per kg, down 0.70% week-on-week. At retail, the price declined 0.66% from a week earlier to P23.92.

The average farmgate price of white corn grain was unchanged at P15.29 per kg during the week, while rising 1.46% week-on-week to P22.99 at wholesale.

At retail, the average price of white corn grain rose 0.89% week-on-week to P29.38 per kg.

Separately, the National Food Authority (NFA) said Wednesday that it was able to exceed the 2 million-bag mark for domestic palay procurement.

In a statement, the agency said that as of April 17, palay procurement was 2.12 million bags, with 845,891 bags purchased in the first two weeks of April, accounting for 66.65% of the 1.26 million bags bought in the first quarter of the year.

The NFA’s mission has been refocused away from imports to maintaining a buffer stock with purchases from domestic farmers, and its purchases reflect the attractiveness to farmers of its buying price.

Previously, the NFA price represented the floor of the market as the buyer of last resort, with private traders tending to corner the harvest.

As of April 2, El Niño crop damage mainly for rice and corn was estimated at P5.05 billion, on lost volume of 276,568 metric tons (MT) and affecting 177,743 hectares and 164,672 farmers.

Damage to rice was estimated at P2.69 billion on lost volume of 125,590 MT, affecting 111.851 hectares and 108,845 farmers. Damage to corn was reckoned at P2.36 billion on 150,978 MT of lost production, affecting 65,892 hectares and 55,827 farmers. — Vincent Mariel P. Galang

NGCP activates new facilities serving Bataan, Pampanga

THE NATIONAL GRID Corp. of the Philippines (NGCP) said it energized an expanded substation and transmission line in Bataan, ensuring more reliable transmission of power in the province.

The privately-owned grid operator said the facilities, which are components of the 230-kilovolt (kV) Bataan grid reinforcement project, include transmission line 3 for the Hermosa, Bataan combined cycle power plant, and its substation bay 81.

It said the facilities strengthened power transmission and the dispatch of the full capacity of existing and incoming generating plants.

“With the continuous load growth to service the rising demand for power in Luzon, particularly in Bataan and the nearby province of Pampanga, there is a need to increase the capacity of the existing 230-kV corridor to improve transmission services in the area,” the company said in a statement on Wednesday.

It said the energization of the Bataan 230kV grid reinforcement project allowed the system to meet demand and enabled the more stable and reliable power distribution to its customers.

NGCP, which is in charge of operating, maintaining, and developing the country’s power grid, said the project aims to accommodate the connection of the 600-megawatt coal-fired power plant in Limay, Bataan.

The project has an approved cost of P3.3 billion from the Energy Regulatory Commission (ERC). It is included in the list of energy projects of national significance (EPNS) in January 2019 of the Energy Investment Coordinating Council, which is led by the Department of Energy (DoE).

“This project will help address low voltage concerns in Luzon, if any, and improve the quality of power transmitted to distribution utilities, industries, and businesses which we serve in the area,” NGCP said.

NGCP said the project complies with the “N-1 standard” set by the Philippine Grid Code, which is the grid’s ability to withstand a major system disturbance with minimal disruption.

The other components of the Bataan 230-kV project, such as the Limay substation and San Rafael substation are up for completion by the third quarter of 2019, it said.

“We continue to appeal for the support and cooperation of the public, especially the local government units, to help us achieve our target energization for these projects which will greatly benefit our customers by ensuring the stable and uninterrupted transmission of power across the grid,” NGCP said.

NGCP, which is controlled by majority shareholders Henry T. Sy, Jr. and Robert G. Coyiuto, Jr., has 29 projects designated as EPNS by the DoE-led council.

In all, the projects have a total ERC-approved cost of P90.291 billion. They will enjoy a faster permitting process, including immediate and automatic approval of applications within five working days. — Victor V. Saulon

PCC seeking authorization to review completed mergers

THE PHILIPPINE Competition Commission (PCC) said it intends to form a task force that will look into previously-approved mergers and acquisitions to review how the deals developed amid fast-evolving regulations and industry structures.

PCC Chair Arsenio M. Balisacan said the proposal is being studied by the Office of the President as well as to the Department of Budget and Management.

It forms part of a broader proposal to seek a restructuring of the commission.

“We really need to do that because as you know we approved so many mergers. We need to also review what happened to these mergers and acquisitions,” Mr. Balisacan told BusinessWorld last month in Quezon City.

“It’s possible that policies have changed, regulations have changed and even the structure of the industries has changed. We need to see what happened to these,” he added.

The task force to review the progress of approved deals will be controlled by the PCC’s enforcement division.

The PCC was created by Republic Act 10667, or the Philippine Competition Act of 2015, to review mergers and acquisitions and ensure that such deals do not result in a substantial lessening of competition.

The PCC has the power to review completed deals on its own authority, or motu propio, if it finds evidence or reasonable ground that the deal, even if it falls below the notifiable threshold values, is anticompetitive.

The commission has conducted a motu proprio review on only one transaction so far: the Grab-Uber deal which resulted in Grab Holdings, Inc’s unit MyTaxi. PH Inc., taking a dominant position in the transport network vehicle services market, with the market power to raise prices and reduce the quality of its services.

To date, PCC has approved 169 out of 179 merger transactions by Filipino and international companies. The approved transactions are worth a combined P2.83 trillion. — Janina C. Lim

4 energy projects classified ‘of national significance’

By Victor V. Saulon, Sub-Editor

THREE hydroelectric power projects, including those of the Aboitiz group’s in north Luzon, and one wind farm have been certified as energy projects of national significance by the Department of Energy (DoE) this month.

DoE data show the addition of the SN Aboitiz group’s Olilicon hydropower project and Alimit pumped storage had secured the certification as of April 10, 2019, along with Rio Norte Hydro Corp.’s 19.7-megawatt (MW) Ilaguen 3A hydropower project and Rizal Wind Energy Corp.’s 600-MW Rizal wind power project.

SN Aboitiz Power (SNAP), a joint venture of Norway’s SN Power AS and Aboitiz Power Corp., is developing the hydroelectric power plant in Alimit, Ifugao province through SN Aboitiz Power-Ifugao, Inc.

The Alimit hydropower complex is composed of three facilities: the 250-MW Alimit pumped storage project, the 120-MW Alimit hydroelectric plant, and a 20-MW Olilicon hydro power plant, which would bring in a total 390MW of electricity to the grid and help in securing power supply. The proposed facilities are in the municipalities of Aguinaldo, Lagawe, Lamut and Mayoyao.

In an interview in October 2018, SNAP President and Chief Executive Officer Joseph S. Yu said the company’s application was submitted in late September, making it among the latest addition to the hundreds of applications so far received by the DoE since the President signed Executive Order 30 in June 2017.

EO 30 intends to establish a simplified approval process and harmonize the relevant rules and regulations of all government agencies involved in the permitting process.

SNAP was issued the renewable energy service contract for the project in 2014. The signed agreement brings the renewable energy company and Ifugao a step toward building the first hydro power facility in the province.

On Oct. 4, SNAP and the municipal governments of Aguinaldo, Lagawe, and Mayoyao signed a framework agreement on the proposed Alimit hydropower complex to be located in Ifugao province.

The agreement outlines the cooperation, collaboration and obligations between and among SNAP as project proponent and the municipalities as hosts during the development and operation phase of the project.

Rio Norte Hydro Corp., a subsidiary of Citicore Renewable Energy Corp., is developing its run-of-river hydro-power project in Brgy. San Miguel, Echague along the Ilaguen River.

The hydro project is expected to supply 85 million kilowatts of energy yearly to the cities of Cauayan and Santiago, and the municipalities of Alicia, Angadanan, Cabatuan, Cordon, Echague, Jones, Luna, Ramon, Reina Mercedes, San Agustin, San Guillermo, San Isidro and San Mateo.

Aside from lower power rates, the community is also expected to benefit from the project’s socioeconomic development and infrastructure programs.

Data on the Rizal wind warm are not readily available at the DoE except for its proponent, which is Rizal Wind Energy Corp.

Rockwell earnings jump 21% in 2018

ROCKWELL Land Corp. saw its earnings jump by a fifth last year, driven by higher leasing income from the Power Plant Mall’s expansion and sustained reservation sales for its residential projects.

The Lopez-led property developer reported its attributable net income rose 21% to P2.55 billion last year from P2.14 billion in 2017.

Consolidated revenues ended the year at P15.68 billion, up 9.7% from P14.30 billion in the previous year.

The residential development segment contributed 86% of Rockwell Land’s revenues. Residential sales increased by 7% to P13.4 billion last year was “largely influenced by higher construction accomplishment for Edades Suites and Rockwell Primaries’ The Vantage as well as higher bookings of 32 Sanson, Grove and Vantage.”

Reservation sales grew by 30% to P14.9 billion, thanks to Proscenium, Arton and Aruga Resort & Residences — Mactan, which was launched in 2018.

Rockwell Land’s commercial development segment saw revenues surge 40% to P2 billion last year.

“Leasing Income, which accounts for bulk of the segment revenues, grew from P1 billion to P1.5 billion due mainly from the mall expansion and RBC (Rockwell Business Center) Sheridan,” the company said.

Retail operations generated P1.2 billion in revenues, 26% higher than in 2017 as the Power Plant Mall in Makati City added 5,600 square meters of leasable space. Cinema operations posted P277.7 million in revenues as the company opened six new cinemas at the mall.

For the office leasing segment, Rockwell Land said revenues more than doubled to P451 million due to a higher demand for occupancy in RBC Sheridan and 8 Rockwell. The Rockwell-Meralco BPO venture likewise added P701.4 million, up 2% year on year.

Hotel operations fell 9.3% to P283.5 million, after Aruga at the Grove was shuttered in September 2017. Rockwell Land is building Aruga Hotels Makati, which is expected to open by 2020. The Aruga Resort Mactan, located in Punta Engano, Lapu-Lapu City in Cebu, is currently in the planning stages.

“The Company spent a total of P12.7 billion gross of VAT for project and capital expenditures in 2018. Bulk of the expenditures pertained to development costs of Proscenium, Aruga Hotel in Makati, Aruga Resort and Residences — Mactan and final payments for new retail and office projects in 2018,” Rockwell Land said.

Rockwell Land is a subsidiary of First Philippine Holdings Corp., which owns a 86.58% stake as of end-December 2018. — Denise A. Valdez

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