Megawide, 8990 Holdings break ground for new Cubao condominium

February 18, 2020 | 12:05 am

MEGAWIDE Corp. and 8990 Holdings, Inc. last week broke ground for a new condominium project in Cubao, Quezon City.

“We are proud to be working with 8990 Holdings, Inc. on their latest project, Urban Deca Towers Cubao. We are grateful for their continued trust in Megawide and we are committed to providing first-world construction solutions to meet their standards,” Eric Tan, Megawide deputy head of construction, said in a statement.

Urban Deca Towers Cubao is a 45-storey building with 2 basement levels, and will have both commercial and residential units. It is located on EDSA corner Mayor Ignacio Santos Diaz St., within close proximity to the MRT-3 Cubao Station and LRT-2 Araneta Center Cubao Station.

Mr. Tan said Urban Deca Towers Cubao will be built mainly with Megawide’s proprietary precast and formworks technologies.

Megawide and 8990 have also worked together on Urban Deca Homes Ortigas, which marked a milestone as it recently topped off the first building of its 22-tower residential condominium development.

Urban Deca Homes Ortigas is located on a 13-hectare property along Ortigas Avenue Extension, Barangay Rosario, Pasig City.

8990 Chairman Mariano D. Martinez said this is the developer’s largest project so far.

Once completed by 2024, the development will have a total of 19,046 units. The condominiums have two-bedroom and three-bedroom units ranging 35.57 square meters (sq.m.) to 42.07 sq.m.

“We want to make commuting easier for them as this is conveniently located near business establishments and even schools so it’s ideal for young professionals and small families,” Mr. Martinez said.

ICTSI transfers 30% stake in Papua New Guinea subsidiary to two community landowner groups

February 18, 2020 | 12:05 am

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said its unit in Lae, Papua New Guinea recently completed the transfer of 30% of its share to two local communities in the island country.

In a disclosure to the stock exchange on Monday, ICTSI said its subsidiary, ICTSI South Pacific Ltd. (ISPL), which owns 100% of South Pacific International Terminal Ltd. (SPICTL), forged agreements with community landowner groups Ahi Terminal Services Ltd. and Labu investment Ltd.

The agreement is for both Ahi and Labu to each acquire 15% stake of SPICTL.

“The signing of the agreements completes the transfer of the 30% of SPICTL to the local communities in compliance with the Terminal Operating Agreement,” ICTSI said.

To recall, ICTSI signed in 2017 an agreement with Ahi and Labu to establish a collaborative framework” in support of the port project in Lae.

ICTSI has 25-year concession agreements to operate ports in Lae and Motukea.

SPICTL would handle the deployment of cranes and other equipment at Port of Lae, the largest container handling facility in Papua New Guinea. Lae is the second largest city in the country.

Under the subscription and shareholders agreement between ICTSI and the two community landowner groups, Ahi and Labu would each have a 15% share subscription in SPICTL.

SPICTL would also hire workers from Ahi and Labu, as well as undertake projects to benefit host communities.

The company, led by tycoon Enrique K. Razon, Jr., reported 29.4% increase in its net income attributable to equity holders to $184.86 million for the nine months to September 2019. — Arjay L. Balinbin

BDO Leasing to appeal RS suspension with SEC

February 18, 2020 | 12:05 am

BDO UNIBANK, Inc.’s leasing subsidiary will appeal the decision. — *BW FILE PHOTO*

BDO LEASING and Finance, Inc. (BDOLF) will appeal the suspension of its registration statement (RS) with the Securities and Exchange Commission (SEC) after this was flagged for being “materially incomplete and inaccurate.”

This comes after parent bank BDO Unibank, Inc. sold its controlling stake in BDOLF to third parties and the revisions in BDOLF’s primary business to become a holding company.

In a filing with the local bourse on Monday, the leasing and financing arm of Sy-led BDO Unibank, Inc. said it wants to engage the SEC for a reconsideration of the regulator’s decision as soon as possible.

“BDOLF believes that there are no sufficient grounds for the suspension of its Registration Statement (RS),” it said, noting it has been transparent and timely with reporting material transactions.

“The protection of minority shareholders has always been considered by BDOLF. In particular, minority shareholders are vested with appraisal rights and the Mandatory Tender Offer will allow them to sell their shares at a premium,” BDOLF said.

Last week, the SEC’s Markets and Securities Regulation Department (MSRD) ordered the suspension of BDOLF’s registration statement, saying the information in the document has become “materially incomplete and inaccurate” after the company sold a controlling stake to third parties.

“The MSRD finds that the suspension of the RS is consistent with public interest and protection of investors as the RS is materially incomplete and inaccurate, and, if left unchecked, would tend to work a fraud on investors,” the SEC said on Feb. 14.

It cited that Rule 14 of the 2015 Implementing Rules of the Securities Regulation Code that an amended RS is needed to be filed with the SEC in circumstances such as a major change in the primary business of the issuer; reorganization of the company; or an increase in risk on the investment or on the securities covered by the registration.

Last month, BDO said it entered into an agreement to sell its equity stake worth 88.54% of BDOLF for about P5.451 billion as part of the restructuring of its leasing business. — LWTN

Second in romantic trilogy revolves around communication problems

February 18, 2020 | 12:05 am

IN A LOT of ways, To All the Boys 2: I Still Love You, is a set up before the big reveal that is the third movie in the series. The latest movie in the John Hughes-inspired romantic comedy series starring Lana Condor and Noah Centineo showed how the new couple navigates through their new relationship while semi-dealing with each of their issues.

Semi-dealing, because for people who have read the novels by Jenny Han, the show is a cute intermission piece for what happens in the third book.

The third film in the series, To All The Boys: Always and Forever, Lara Jean was shot back-to-back with the second film.

“My whole thing for the sequel is like I want her to use her voice better and I wanted her to take up more space. I think [in the sequel] she is not as alone — she has more supportive friends and family and the way she holds herself a little bit more upright,” Ms. Condor told the media during a video conference on Feb. 13.

(The video conference was held in lieu of the press tour and fan meet for the film which were cancelled because of the COVID-19 virus outbreak.)

She’s right: the first few scenes we see of Lara Jean Covey is her reveling in her new relationship with Peter Kavinsky, set to the tune of The Crystal’s “Then He Kissed Me.” She is walking confidently in the hallways of her school and is incredibly supportive of her friends, Chris and Trevor, dating.

But while the film is chockful of the romantic moments — the first date, the first kiss, and a paper lantern promise — which is expected of the genre, it also highlights that the foundations on which Lara Jean and Peter’s relationship is built on are not as solid as they think.

(Mild spoilers ahead.)

She may have found confidence but deep inside, Lara Jean is still insecure, especially with Peter starts hanging out with his ex, Gen. Her insecurities about the relationship lead her to grow closer to John Ambrose, one of the boys who had received her love letters.

Ms. Condor noted that what John Ambrose afforded Lara Jean was comfort and calm while Peter gives her passion and excitement.

But like any self-respecting John Hughes tribute, the conflicts turn out to be due to communication issues.

“Just be honest about where you’re coming from, and about what you’re dealing with in the moment with your significant other, you know, most things can be sorted or ironed out with communication,” Mr. Centineo said in the video conference.

Mr. Centineo said that Peter was not without faults as he is someone who is wont to pretend that something is okay when it isn’t and that is something he needs to grow out of.

“When I first watched the movie, I wanted to scream at Lara Jean… I do understand as a young person I understand her having a hard time [communicating and being honest with yourself and with others], but I definitely was screaming at the screen like ‘just say something’!” Ms. Condor said.

But despite the misgivings of both Peter and Lara Jean, Ms. Condor assured the press that while Lara Jean grow a lot in the sequel, “ultimately it’ll be most fulfilling when you watch the third movie.”

“She really comes fully into her own in the third movie,” she said.

For all its teenage angst, To All the Boys 2 presents the Korean concept of jung or jeong, or the unbreakable connection between people even when love turns to hate. Oh, and that we all need a fairy grandmother like Stormy (Holland Taylor).

To All The Boys 2: I Still Love You is directed by Michael Fimognari and is available on Netflix. — Zsarlene B. Chua

PBoC cuts rate for loans

February 18, 2020 | 12:04 am

THE People’s Bank of China cut the rate for one-year loans to support banks. — *WIKIPEDIA.ORG*

CHINA’S CENTRAL BANK provided medium-term funding to commercial lenders and cut the interest rate it charges for the money, a move widely anticipated by analysts to cushion the economy from the virus epidemic.

The People’s Bank of China (PBoC) offered 200 billion yuan ($29 billion) of one-year medium-term loans on Monday. The rate was lowered by 10 basis points to 3.15%, the lowest since 2017. The central bank also added 100 billion yuan of funds via 7-day reverse repurchase agreements, resulting in a net 700 billion yuan withdrawal of money from markets as some 1 trillion yuan of reverse repos matured on Monday.

The rate reduction is “in line with expectations, while the injection amount is relatively small as interbank funding is sufficient after the new year,” said Zhou Guannan, an analyst at Huachuang Securities Co. in Beijing. Zhou expects additional medium-term lending facility funding to be supplied in March.

Since the outbreak of the coronavirus worsened in late January, China’s central bank and government have announced small rate cuts, early bond sales, and various other targeted measures to calm financial markets and support companies. So far, there’s not been a massive increase in stimulus, although that may change if and when the coronavirus is brought under control.

Monday’s rate cut is likely to be matched by a similar reduction in the loan prime rate, which is the basis for pricing corporate and household loans. A Bloomberg survey showed economists expect the rate for 1-year loans to fall by 10 basis points when it’s announced on Feb. 20.

Futures on China’s 10-year government bonds reversed gains after the operation, falling 0.27% as of 3:11 p.m. in Shanghai. The yield on sovereign notes due in a decade rose 3 basis point to 2.896%.

“The injection is relatively small,” said Becky Liu, head of China macro strategy at Standard Chartered Plc, adding the operation will reduce incentives to chase Chinese government and policy bank bonds. “It means the PBoC does not intend to further lower front-end rates from here.”

“I don’t think investors are overly worried about a lack of liquidity as it’s a clear trend that the PBOC would ease,” said Zhou Hao, an economist at Commerzbank AG. “Any declines in bonds resulted from today’s operation will create an opportunity for investors to buy more debt. The 10-year sovereign yield may fall to 2.8% in the coming weeks.” — Bloomberg

Grand Hyatt residential condo to rise in BGC

February 18, 2020 | 12:04 am

FEDERAL LAND Inc. teamed up with Japanese financial firm ORIX Corporation to introduce Grand Hyatt Manila Residences, the first residential condominium in Southeast Asia carrying the Grand Hyatt brand.

Grand Hyatt Manila Residences is a two-tower development flanking Grand Hyatt Manila hotel — which will be part of Federal Land’s master-planned township, Grand Central Park in North Bonifacio Global City.

“Grand Hyatt Manila Residences exemplifies the brand’s signature level of grandeur,” the company said.

Customized a la carte services are available for residents. They can order directly from Gran Hyatt Manila, book the services of a private chef, avail of general cleaning and errand services, concierge assistance, limousine or transportation services, and pet care service.

Residences of Grand Hyatt Manila Residences will have automatic Globalist membership to the premier loyalty program for the Hyatt brand, World of Hyatt.

Occupancy cost in Manila premium offices among the world’s lowest, says JLL report

February 18, 2020 | 12:04 am

OCCUPANCY cost for premium office locations in Manila are among the lowest across the globe, a recent report by Jones Lang LaSalle (JLL) found.

In its Premium Office Rent Tracker report published last month, the real estate consultancy firm ranked Manila the 66^th in its review of 86 markets for the cost of rent for premium office spaces.

It said total occupancy cost in Manila is at $54 (about P2,731) per square foot (sq. f.) per year, making it the third most affordable among the Southeast Asian cities covered by the report.

The others are Malaysia’s Kuala Lumpur at $30 per sq. f. per year; Thailand’s Bangkok at $46 per sq. f. per year; Indonesia’s Jakarta at $60 per sq. f. per year; Vietnam’s Ho Chi Minh City at $78 per sq. f. per year; and Singapore at $117 per sq. f. per year.

“Manila continues to enjoy stable demand and growth in the office sector and we think this positive trend will continue to flourish in the coming years as we see more investment in infrastructure and quality office space,” JLL Philippines’ Head of Commercial Leasing Lizanne H. Tan said in a statement.

The report said affordability is still a consideration for companies in office hunting, and it encourages corporate occupiers to look for alternatives.

“Affordability continues to be a concern, particularly in the top-tier cities like Hong Kong, New York and London…. More affordable cities are also attracting greater corporate interest, such as Helsinki, Montreal, Denver and Manila,” it said.

Hong Kong, New York and London are all in the top five markets with the highest premium office rent across the globe, where Hong Kong leads the entire list with an annual occupancy cost of $313 per sq. f.

In the Philippines, office demand come from the information technology-business process management (IT-BPM) sector and corporate occupiers, particularly in the prime locations of Makati City and Taguig City.

These two cities, JLL Philippines said, are the top locations in terms of average annual rent at $431 (about P21,800) per square meter and $463 (about P23,418) per square meter, respectively.

“The presence of quality grade stock, strategic location, infrastructure accessibility, and talent agglomeration serve as key advantages of these districts,” it said.

Across the globe, technology firms are seen to drive up demand for premium office spaces, joined by companies in the banking and financial services sector.

“While optimal experience is by necessity specific to organizations and locations, experience levers include access to spaces for employees across a range of activities, which will be essential ingredients of premium office space going forward,” the report said.

“Sustainability and corporate responsibility are rising on corporate and personal agendas, so green features and services — from access to greenery to minimizing resource utilisation — are increasingly important,” it added. — Denise A. Valdez

Elton John ‘deeply upset’ after cutting short concert

February 18, 2020 | 12:04 am

SINGER Elton John is seen on a jumbotron as he reacts after prematurely ending his show at the Mount Smart Stadium in Auckland, New Zealand on Feb. 16, in this screen grab obtained from a social media video. — *REUTERS*

WELLINGTON — British singer-songwriter Elton John apologized to his fans in New Zealand late on Sunday after he lost his voice due to walking pneumonia and was forced to cut short a concert in Auckland.

John broke down in tears at Auckland’s Mt Smart Stadium after he was unable to sing despite receiving medical attention.

He took to his Instagram page on Sunday night to apologize to fans who had turned up for the show.

“I want to thank everyone who attended tonight’s gig in Auckland. I was diagnosed with walking pneumonia earlier today, but I was determined to give you the best show humanly possible,” he said in the post.

“I played and sang my heart out, until my voice could sing no more. I’m disappointed, deeply upset and sorry. I gave it all I had,” he added.

The legendary singer, who won an Academy Award this month for best original song in his own biopic, Rocketman, had to be assisted from the stage after attempting to launch into the song “Daniel,” the New Zealand Herald reported.

John had told the crowd early in the concert that he was ill and his voice was “shot,” but he was determined to put on a great show.

He struggled to perform “Candle in the Wind” and told the audience he did not know how long he could continue, the Herald said. He briefly left the stage but returned in a new costume.

Several songs later he had lost his voice entirely and the show was over. He was seen weeping and waving to a cheering crowd as he left the stage, assisted by medics.

The concert was part of John’s Farewell Yellow Brick Road tour.

He is to play two more Auckland shows — on Tuesday, Feb. 18 and Thursday, Feb. 20. Those shows are expected to go ahead as planned as doctors are confident John will recover, state broadcaster 1News reported on Monday, quoting the event promoter Chugg Entertainment. — Reuters

SGI Philippines reaches P1.3-B net worth requirement

February 18, 2020 | 12:03 am

SGI PHILIPPINES General Insurance Co., Inc. reported a P1.35-billion net worth years ahead of the 2022 deadline after its majority shareholder, Shriram General Insurance Co. Ltd., infused P624 million in fresh capital.

In a press release yesterday, Insurance Commissioner Dennis B. Funa said the Indian insurance firm Shriram’s infusion on Dec. 16 pushed nonlife insurer SGI Philippines’ net worth to P1.35 billion from P710 million previously.

Mr. Funa said this makes SGI Philippines compliant with the higher capital requirement ahead of deadline. Existing insurance companies are mandated to comply with a higher requirement of P550-million net worth in 2016, P900 million by end-2019 and at least P1.3 billion by December 2022.

SGI Philippines had said in October last year that it will be able to meet the minimum net worth requirement for 2019.

“The move on the part of SGI Philippines to comply with the last tranche of capital increase under the Amended Insurance Code is commendable as such action gives us the confidence that SGI Philippines has a solid source of capital to deliver its promises to the insuring public,” Mr. Funa was quoted as saying.

Earlier, the Insurance Commission (IC) ordered insurers to submit a capital build-up plan and five-year financial projection for the capital hike requirement.

“We required the companies to submit their respective capital build-up plan for us to see an overview of their respective course of action in order to comply with the law-mandated net worth increase and for us to evaluate their capability to comply with the net worth requirement,” he was quoted as saying.

If submitted early, he said the plan will give the companies time to explore their options to comply, such as cash infusion, by entering into merger, consolidation or acquisition.

The IC chief had said that based on preliminary and individual reports from firms, “majority” of nonlife companies are still in the process of complying with the higher solvency while only “about a couple” are still non-compliant.

He said they will know the exact figures this quarter once companies submit their respective financial statements for 2019. — B.M. Laforga

PHL gets 1st fully-automated cold storage facility

February 18, 2020 | 12:03 am

ORCA Cold Chain Solutions, a subsidiary of ISOC Holdings Inc., has opened the country’s first fully-automated cold storage facility in Bagumbayan, Taguig City.

The facility, which received Pioneer Status from the Board of Investments (BOI), features a high bay storage racking structure equipped with an Automated Storage and Retrieval System (ASRS) and a Warehouse Management System (WMS). These technologies boost efficiency in the storage and retrieval of pallets in the facility, while reducing human interaction to limit pilferage, contamination and spoilage.

“We are proud to bring ASRS into our shores, the technology has been present in our Southeast Asian neighbors and in the most advanced countries of the world. This is an achievement not just for ORCA, but for the country,” Yerik C. Cosiquien, ISOC Cold Chain president and CEO, said in a statement.

ORCA’s Taguig facility is 14 storeys and has capacity of 20,000 pallets. It is also the only cold storage facility vying for a Leadership in Energy and Environment Design (LEED) certification.

Eastern Communications earmarks P2.8B capex

February 18, 2020 | 12:03 am

INTERNET service provider Eastern Communications is allotting P2.8 billion in capital expenditures this year, or more than three times last year’s P850 million, to further expand its coverage and modernize its existing network.

“A total of P2.8-billion capital expenditure will be allotted as Eastern Communications envisions providing the Philippine businesses and households with innovative services and a faster, more reliable internet connection,” the company said in a statement on Monday.

It said it is aiming to establish a presence in Davao, Cagayan de Oro, Iloilo, Bacolod, Tarlac, Cagayan Valley and La Union.

The company is also targeting Cebu, Batangas, Laguna, Rizal, Cavite, Cebu, and Bulacan for its network expansion and modernization program.

The company also said its revenue for 2019 had increased by 22% to P3.3 billion. It attributed the growth to its wider coverage, increased sales and new products, including the upgraded cloud service and cyber defense.

Aileen D. Regio, co-coordinator of Eastern’s executive office, said: “Eastern Communications has transformed in terms of the services we’re now offering to our customers and we have also expanded our footprint in other key areas in the Philippines. Our goal this year is to go nationwide.” — Arjay L. Balinbin

How powerful was Harvey Weinstein? His film legacy paints a picture

February 18, 2020 | 12:03 am

AT THE heart of Harvey Weinstein’s New York rape trial is a power dynamic between a producer of some of the biggest culture-defining films of the past 20 years and two women who accuse him of abusing that stature by sexually assaulting them.

Weinstein, 67, has pleaded not guilty to raping Jessica Mann, a onetime aspiring actress, and to sexually assaulting Mimi Haleyi, a former production assistant on the show Project Runway, for which Weinstein was an executive producer.

Since 2017, more than 80 women have accused Weinstein of sexual misconduct. He has denied the allegations and said that any encounters were consensual.

During cross-examination, Weinstein’s attorneys questioned his accusers about whether they used Weinstein to land a Hollywood acting job, highlighting the influence he once wielded.

The power Weinstein had in Hollywood is reflected by the volume of films he produced through his two companies, Miramax and The Weinstein Company. Many of those films helped catapult actors to successful careers.

Weinstein and his brother Bob founded Miramax in 1979, selling it in 1993 to the Walt Disney Co. for $80 million. (Disney later sold Miramax.) The men stayed on until 2005, when they left to start The Weinstein Company.

After reports of misconduct against Weinstein surfaced in October 2017, Weinstein took an indefinite leave from The Weinstein Company, from which he was later fired.

The company filed for bankruptcy protection in 2018.

Weinstein’s current net worth is difficult to determine — in 2015 Forbes valued his stake in The Weinstein Company at $130 million.

Here are the top-grossing films from each of his production companies:

TOP FIVE WORLDWIDE-GROSSING FILMS FROM MIRAMAX

• Chicago (2002) — $306,776,732

• Shakespeare in Love (1998) — $289,317,794

• Bridget Jones’s Diary (2001) — $281,929,795

• The English Patient (1996) — $231,976,425

• Life is Beautiful (1997) — $230,098,753

TOP FIVE WORLDWIDE-GROSSING FILMS FROM THE WEINSTEIN COMPANY

• Django Unchained (2012) — $425,368,238

• The King’s Speech (2010) — $423,999,102

• Inglourious Basterds (2009) — $321,455,689

• Silver Linings Playbook (2012) — $236,412,453

• The Imitation Game (2014) — $233,555,708

SOURCE: Box Office Mojo

— Reuters