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Sponge Cola launching 6th album with ‘intimate’ one-night concert

ONE OF the most popular rock bands in the country, Sponge Cola, is set to launch its sixth studio album, Sea of Lights, via an intimate one-night concert on March 29, 7 p.m., at the Power Mac Spotlight, Circuit Makati.
The concert will bring to the stage not only the new songs off of the album but also the songs that the 16-year-old band is known for including “Nakapagtataka,” “Bitiw,” “Tuliro,” “Tambay,” “Gemini” and so many more.
“[The term ‘Sea of Lights’] was first coined by Rakista Radio [because] there’s this thing we do when we play live,” the band’s vocalist, Ysmael “Yael” Yuzon, said during a March 18 press conference in Luxent Hotel in Quezon City.
The band — composed of Mr. Yuzon on vocals, Erwin “Armo” Armovit on guitars, Reynaldo “Gosh” Dilay on bass and Ted Mark Cruz on drums — usually asks the audience to turn on their phones’ flashlights and wave while they are performing certain songs like “Jeepney,” which they performed in the 2017 Dinagyang Festival in Iloilo.
“We just claimed the term and made it the title of the album,” he said.
The album is said to “celebrate the sound and musical style” the band is known for while also “experimenting with new sounds into the mix.”
The band has already released some songs from the album: “Phantoms,” “Paliyabin Na Ang Lahat,” “Meron Ba?,” and “Promises (featuring Karylle).”
“The song [“Promises”] was the instrumental [Mr. Armovit] played during my wedding,” Mr. Yuzon said.
Mr. Yuzon married singer Karylle (Ana Karylle Padilla Tatlonghari-Yuzon, the daughter of singer Zsa Zsa Padilla) in 2014.
During the press conference, it was remarked that the band has been in the business for almost two decades and now that another decade is ending, Mr. Yuzon said that this makes him feel nervous playing the concert.
The band was formed in 2003 after Mr. Yuzon and Mr. Dilay met in Ateneo de Manila High School as members of the school’s theater guild, Teatre Baguntao. They initially got their start by playing in high school band competitions and earned modest popularity in other campuses.
They were then joined by Mr. Armovit and drummer Christopher “Chris” Cantada who left the group in 2008 due to health problems. Mr. Cantada then went on to have a successful YouTube career.
Mr. Cruz joined the band as its drummer in 2009.
They wanted to name the group Sponge after Robert Smith Surtees’ 1853 novel, Mr. Sponge’s Sporting Tour but heard of a Detroit-based grunge group already named Sponge so they decided to add “Cola” to their name to make it easy to remember.
The group’s first self-titled EP was released in 2003, which included five original songs including “Jeepney.” The songs, including their cover of Madonna’s “Crazy for You,” helped the band enter the mainstream, getting radio airplay.
Sponge Cola’s first album, Palabas, was released in 2004 and the title was a homage to their roots in theater.
“We just want to create a show people will enjoy. It’s a party with people we’ve been with for so long,” Mr. Yuzon said of the concert.
The intimate concert venue, he said, works in their favor as they will be able to see people even if they’re situated at the back.
“It’s a good venue, even if you’re behind we can see you,” he said, noting that this will lend to more interactions with the audience.
Aside from Sponge Cola, the concert will also feature performance by Leanne & Naara, Gloc-9, Karylle, and I Belong to the Zoo.
The Sponge Cola Sea of Lights concert will be held on March 29, 7 p.m., at the PowerMac Spotlight, Circuit Makati. Ticket cost P2,250 and include a physical copy of the album. Tickets are available via www.smtickets.com. — Zsarlene B. Chua

Cebu Pacific to mount Cebu-Shanghai flights

CEBU PACIFIC said it is offering a new flight linking Cebu to Shanghai in China as it sees growing demand for the route.
In a statement on Monday, the budget carrier said the new service will open on Apr. 15 and will have six weekly flights from Monday to Saturday.
“We want to provide more international connections from other hubs in the Philippines and by connecting our Cebu hub to Shanghai, we offer travelers from the Visayas and Mindanao a compelling and easy option to access another top vacation destination,” Cebu Pacific Vice-President for Marketing Candice Jennifer A. Iyog was quoted as saying.
The Gokongwei-led firm had earlier said it wants to increase the capacity of its Cebu hub by 20% by the end of 2019. It is currently offering direct flights from the city to Hong Kong, Macau, Narita, Incheon and Singapore.
Last year, Cebu Pacific President Lance Y. Gokongwei said the new planes that the carrier is scheduled to receive this year may likely be used for new routes to China, connecting to secondary cities such as Chengdu and Xi An.
The company is expecting to take delivery of six Airbus A321neos, five A320neos and one ATR 72-600 within the year. Cebu Pacific posted a net income of P3.9 billion in 2018, down 50% on high fuel prices and volatile Philippine peso. — Denise A. Valdez

PHirst Park Homes sees strong demand for affordable housing

By Vincent Mariel P. Galang
Reporter
PHIRST PARK Homes, Inc. continues to see robust demand for affordable housing projects, as it recently launched a new community in San Pablo, Laguna.
“The study says right now (demand is) about six million and it’s going to grow. With the pace we’re going now, it’s going to grow to 12 million by 2030,” Ricky M. Celis, president and chief executive officer of PHirst Park Homes, told reporters, citing a study by the Housing and Urban Development Coordinating Council (HUDCC).
The joint venture company of Century Properties Group, Inc. (CPG) and Mitsubishi Corp. launched its third affordable housing community — PHirst Park Homes San Pablo which will have 1,640 units on an 18.5-hectare property.
The first two PHirst Park Homes are located in Tanza, Cavite, and Lipa City, Batangas.
The affordable housing brand generally caters to families with monthly household income of between P40,000 to P100,000. Generally, homeowners are a mix of the locals and families of overseas Filipino worker (OFW).
Mr. Celis said these groups are greatly underserved which is why the company wants to focus on them.
Unit prices range from P1.3-P1.9 million for a 40-square meter (sq.m.) two-storey unit to P2.7-P3.3 million for a 54 sq.m. two-storey single detached unit.
The houses can be expanded depending on the total lot area.
For PHirst Park Homes San Pablo, the community promotes health and fitness through facilities such as monkey bars, cross trainers, domical bars, foot reflexology area, and pull up bars.
There will also be a clubhouse, swimming pool, water play area, playground, outdoor cinema, and a basketball court. There will also be a shuttle that will allow homeowners to go around the community.
PHirst Park Homes San Pablo is located along Maharlika Highway, Brgy. San Ignacio, and can be accessed through South Luzon Expressway via Santo Tomas Exit. It is also just a few minutes away from SM City San Pablo.
HOUSING TARGET
PHirst Park Homes is aiming to launch 15 communities with about 33,000 housing units within five years.
To achieve this, Mr. Celis said the company is set to launch this year two more communities in Laguna and Bulacan, respectively,
He said two to three more communities will also be introduced in 2020.
“The 15 were actually chosen based on the criteria… where do we want to establish projects is where demand is, where people can afford, and where there are opportunities including transport, either existing or there is a planned infrastructure,” Mr. Celis noted.
These infrastructure projects include the Metro Rail Transit (MRT) Line 7 which will connect Metro Manila and Bulacan, as well as the Bulacan International Airport, Philippine National Railway North 2, and the Cavite Laguna Expressway.
Although there are developers are ramping up their projects in the provinces, Mr. Celis said the challenge now is to ensure their projects will stand out.
“It’s a question of how do you stand out… The arena right now is very simple. There is big demand and it’s a question of how do you stand out and stand out on a sustained basis,” he noted.

BTr makes partial award for T-bills

By Melissa Luz T. Lopez, Senior Reporter
THE GOVERNMENT made a partial award for Treasury bills (T-bills) on offer yesterday, rejecting bids for three-month papers as demand shifts towards longer tenors.
The Bureau of the Treasury (BTr) raised P17.455 billion out of the P20 billion programmed for Monday’s T-bills auction as yields saw mixed movements.
The state accepted P3.455 billion out of the P6.605 billion tenders for the 91-day papers, just half the P6 billion which the Treasury wanted to raise this week.
The rejection came as the state had to cap accepted yields at 5.85% after some banks wanted returns as high as 6.1%. As a result, the three-month notes fetched an average rate of 5.787%, barely changed from the 5.786% yield fetched during the March 18 offering.
On the other hand, the bureau was able to maximize their planned fund raising via the 182-day and 364-day papers.
The 182-day IOUs received P11.76 billion worth of bids, which allowed the BTr to raise its P6-billion target this week. It also fetched a lower rate of 5.927%, six basis points (bp) lower than last week’s 5.987% return.
The government also shored up P8 billion from the one-year debt notes, with demand reaching P12.818 billion. The average yield also slid to 6.044% from 6.051% previously.
Deputy Treasurer Erwin D. Sta. Ana said the latest T-bill auction results reflect the shifting market appetite towards longer tenors.
“The demand really is coming now from the long end,” Mr. Sta. Ana told reporters. “[I]t looks like it’s going to follow the inflation trajectory. So the interest rates may behave that way, assuming there are no other shocks that are involved. We may see that following the inflation path.”
Inflation has been on a downward path since hitting a nine-year peak of 6.7% in September and October last year. February’s 3.8% reading also marked the first time in a year when inflation returned to the 2-4% target range set by the Bangko Sentral ng Pilipinas (BSP).
BSP Deputy Governor Diwa C. Guinigundo said last week that the Philippines may be “out of the woods” already in terms of inflation, with the downtrend seen sustained until later this year. However, the central bank chose to stay prudent and kept benchmark interest rates unchanged last Thursday.
The BSP scaled down their inflation forecast to three percent this year from 3.1% previously, which would mean a sharp drop from 2018’s 5.2% average.
Sought for comment, a bond trader said demand for bonds are currently skewed towards tenors longer than five years, amid fears of a global recession which has started to bite financial markets.
“The yield curve of US Treasuries have inverted — that’s a sign of recession. But actually, a recession is good for bonds because they are considered safe haven (investments),” the trader said by phone.
He added that for T-bills, yields will “slowly but surely decline” to track the trend for consumer prices.
Mr. Sta. Ana added that they are due to release the borrowing program for the second quarter “within the week.” He declined to give specific details, but noted that they will “follow the demand” for longer-termed papers.
Delays in enacting the P3.757-trillion national budget — which has been the subject of a Congressional row for three months now — will not affect the BTr’s fund-raising plans just yet.
“We look at the financing requirement in general for the entire whole year. So we assume that requirement will be met so regardless of the timing of the approval of the budget, we would need to operate as if it’s the 2019 funding requirement that we are funding,” Mr. Sta. Ana added.
“Of course, the biggest factor is market conditions so if we see it’s conducive to borrow, we will seize the opportunity.”
The Treasury is looking to borrow P360 billion during the first three months of this year through a mix of short and long-term papers. The state also raised P235.935 billion from the sale of five-year retail Treasury bonds earlier this month, which are meant to support the state’s spending plans for 2019.

In a class all its own

BlazBlue CentralFiction
Nintendo Switch
CONSIDERING that BlazBlue CentralFiction marks the culmination of an overarching narrative spanning three other releases over a full decade, it’s fair to wonder if Arc System Works and Aksys Games jumped the gun by making it the first title in the series to see appearance on the Nintendo Switch. True, the middle of last year saw BlazBlue: Cross Tag Battle hit store shelves and earn a fair share of followers on the hybrid console. Then again, the latter is more an all-star spectacle that features intellectual properties from prominent franchises and makes use of otherwise-foreign premises.
In contrast, BlazBlue CentralFiction is, well, central to the fiction. It picks up from where BlazBlue: Chrono Phantasma left off and provides a satisfying denouement to the story arc introduced in BlazBlue: Calamity Trigger and further fleshed out in BlazBlue: Continuum Shift. All 28 characters from its immediate past predecessor are back, bringing the aggregate number to a whopping 36, and all are afforded deep, compelling backgrounds that add to the series’ lore. On the flip side, the information is a lot to take in, even for gamers bent on understanding the motivations of protagonists and the manner in which they everything is tied together.
Admittedly, newcomers may well find themselves overwhelmed by the sheer volume of information BlazBlue CentralFiction is able to impart. The operative word is, of course, “able,” with gamers given the option to skip through the half-hour-long recap of the Azure Saga via cutscenes and on-screen text. It is satisfying and extremely well presented, to be sure; the anime art style fits the long-running look of the franchise, and the localization of the original Japanese language tracks are spot-on, making even those leaning toward convenience almost forget the absence of English voiceovers in the otherwise-complete Special Edition version for the Switch.
To be sure, it’s a testament to the strength of BlazBlue CentralFiction’s mechanics that it works absent the depth and breadth of the chronicles of Ragna the Bloodedge. Gamers keen on skipping the elaborate, if confusing, sketch are nonetheless rewarded by an extremely balanced roster of characters unmatched in and by any fighting title on the Switch. With each character boasting of unique combo sets unleashed via properly timed button presses, extensive practice becomes essential even for franchise habitues. That said, those not quite prepared or inclined to put in the requisite hours are offered the “Stylish Type,” which allows for the combos to be pulled off with far less effort.
BlazBlue CentralFiction on the Switch packs a wallop, earning its Special Edition badge by including off the bat every single downloadable content and update hitherto released on other platforms. The menu offerings — from Story to Arcade to VS to Score Attack to Speed Star — are plentiful, and provide a bevy of customization options and, where appropriate, online matchmaking and leaderboards. Of particular interest is the Grim of Abyss mode, which has gamers choose a character and guide it through dungeon after dungeon where hordes of enemies and bosses await. Along the way, they benefit from buffs and upgrades by way of Grimoires.
Parenthetically, BlazBlue CentralFiction leans on a rich combat system that rewards aggressiveness and precision in equal measure. The level of complexity is unmatched and certain to please veterans of the genre, with the various tutorials and supplements proving critical to success. Apart from the fighting-game-staple Training option, there is the Challenge mode catering to the mastery of combos, which, when properly chosen and executed, can deal significant damage and become crucial to advancement.
To be sure, BlazBlue CentralFiction is aided in no small measure by its exquisite aesthetics and sounds. The hand-drawn animations jump out of the display, even with the Switch undocked, bursting into gorgeous blends of colors that serve to further highlight the frenetic pace of fights. Meanwhile, the bombastic music complements the activity on screen but makes sure not to drown out the voice tracks. And, yes, the action remains constant throughout; whether at home or on the go, no discernible frame drops or stutters occur, thereby keeping gamers focused on the tasks at hand.
On the whole, BlazBlue CentralFiction earns its $49.99 price tag. Featuring a myriad of goodies off the grid and online, it presents unparalleled depth and fairness; for all the characters on offer, balance is retained and competitiveness is ensured. And given the replay value, it won’t be a surprise to see gamers invest in a pro controller or arcade stick and subsequently get the most out of their experience. It’s in a class all its own as an exhaustive fighter with sweeping role-playing-game elements. Nothing else comes close.
THE GOOD:
• Fleshed out narrative
• Completes the Azure Saga
• Provides extremely balanced gameplay
• Contains all content previously released in other platforms
• Presents myriad online and offline options
THE BAD:
• Storyline can be convoluted and confusing
• No English dub
• No touchscreen options
• Requires investment of time and effort for maximum returns
RATING: 9/10

Bria Homes ramps up expansion

MASS HOUSING developer Bria Homes is ramping up its expansion throughout the country this year.
A subsidiary of Golden Bria Holdings, Inc., Bria Homes has a portfolio of 50 developments in 40 towns and cities, covering over 700 hectares of land.
In Luzon, Bria has projects in the provinces of Pangasinan (Urdaneta), Tarlac (Paniqui), Pampanga (Magalang and San Fernando), Bataan (Mariveles and Hermosa), Cavite (General Trias, Trece Martires, and Indang), Batangas (Balayan and Lipa), Bulacan (Plaridel, Santa Maria, San Jose Del Monte, and Norzagaray), Rizal (Teresa, Binangonan, and Baras), Laguna (Calauan, Calamba, Sta. Cruz, San Pablo, Alaminos, and Bay), and Camarines Sur (Pili and Iriga).
In Visayas and Mindanao, Bria is present in Negros Oriental (Dumaguete), Samar (Calbayog), Leyte (Ormoc), Misamis Oriental (Cagayan de Oro, Balingasag, and Gingoog), Bukidnon (Manolo Fortich, Valencia), Davao del Norte (Tagum, Panabo, and Carmen), Davao del Sur (Davao City and Digos), North Cotabato (Kidapawan), and South Cotabato (General Santos City).
“Due to very high demand for our projects, we are looking to expand further and remain committed to our long-term mission of addressing the country’s housing problem and helping thousands of Filipino families achieve the dream home that they deserve,” Rizalito “Red” J. Rosales, president and CEO of Bria Homes, said in a statement.
Bria offers house models such as the Elena, a 22 square meter (sq.m.) unit on a 36 sq.m. lot; Bettina, a 44 sq.m. unit on a 36 sq.m. lot; and Alecza, a 36 sq.m. unit on a 81 sq.m. lot.

OSG wants High Court to dismiss PT&T petition

THE Office of the Solicitor General (OSG) asked the Supreme Court (SC) to dismiss the petition of Philippine Telegraph & Telephone Corp. (PT&T) that sought to reverse its disqualification from the third telco selection process and the declaration of Mislatel consortium as the provisional new major player.
In its 38-page comment filed on Jan. 21, Solicitor General Jose C. Calida disputed the argument of PT&T that the New Major Player-Selection Committee (NMP-SC) committed grave abuse of discretion when it declared Mislatel as the provisional new major player, claiming that Mislatel’s congressional franchise had been revoked.
“Based on the Document Verification Report and the Supplemental Document Verification Report submitted to the NMP-SC, the submitted Selection Documents of Mislatel group is found to be complete, valid and duly executed,” Mr. Calida said.
The OSG also cited a Nov. 13, 2018 letter from the House of Representatives committee on legislative franchises, which indicated it had not received any notice that any judicial or quasi-judicial body revoked or canceled Mislatel’s franchise.
Mr. Calida also noted the NMP-SC did not commit grave abuse of discretion when it disqualified PT&T in the selection process since the company failed to submit a certification of technical capability.
The PT&T filed its petition before the High Court on Nov. 12.
The OSG said the petition should be dismissed since PT&T did not exhaust the available administrative remedies and violated the hierarchy of courts.
It said PT&T should have filed a petition with the National Telecommunications Commission en banc when its motion for reconsideration was denied instead of going straight to the SC.
“It is settled that, before a party is allowed to seek the intervention of the courts, it is pre-condition that he avail himself of all administrative remedy within the administrative processes afforded him,” Mr. Calida said.
Mislatel consortium is composed of Mindanao Islamic Telephone Co., Inc., Udenna Corp., Chelsea Logistics Holdings, Corp. and China Telecom Corp. Ltd. — V.M.Villegas

SSS aims to collect P13 billion from OFWs’ mandatory contributions

By Karl Angelo N. Vidal, Reporter
THE SOCIAL SECURITY System (SSS) expects to collect P13 billion during the first two years of the implementation of the mandatory contributions from overseas Filipino workers (OFW).
In a press conference at its main office in Quezon City on Monday, officials said the state pension fund is looking to collect P13 billion worth of contributions from OFWs during the first two years of implementation of the compulsory coverage, which will be implemented starting June.
This is higher than the P6.35 billion collected from OFWs last year under its voluntary program.
Republic Act No. 11199 or the Social Security Act of 2018 was signed by President Rodrigo R. Duterte last month, repealing its charter signed into law in 1997. The amended charter requires the pension fund to provide coverage for land-based and sea-based OFWs.
“In a span of two years, we’re looking at possible four million possible OFWs who will be mandatory covered by the SSS,” SSS Senior Vice-President and Head of International Operations Division Joy A. Villacorta said.
The SSS, along with the Department of Labor and Employment (DoLE) as well as the Department of Foreign Affairs (DFA), will seek to negotiate with various countries to secure bilateral labor agreements that would allow overseas employers to shoulder their share of the OFW’s SSS contribution.
Under the amended charter, 8% of the 12% rate will be shouldered by the employer and 4% by the employee starting in April, from the current 7.37%-3.63% split.
However, land-based OFWs will be covered in the same manner as self-employed individuals for now, meaning that they will have to shoulder both employer’s and employee’s share.
“All land-based OFWs are now covered in the same manner as self-employed individuals. Being considered as such, they will shoulder both. But in the meantime, they may have the option to contribute only at the minimum salary credit of P2,000,” SSS Senior Vice- President and Chief Legal Counsel Voltaire P. Agas said.
“We are trying to negotiate now memorandum of agreement and undertaking with DoLE, particularly the POEA (Philippine Overseas Employment Administration), for the collection of the SSS contribution,” he added.
Meanwhile, sea-based OFWs are already considered covered as the employer’s share are being shouldered already by their manning agencies.
Ms. Villacorta added that the previous bilateral agreements between the SSS and other counties do not cover the new provisions under the amended charter.
“It’s only under the new law that the requirement on negotiating bilateral labor agreements are mandated as an undertaking of DoLE, DFA and SSS,” she said.

Two K-pop fan meets in two days

By Cecille Santillan-Visto
Fan Meeting
So Ji Sub Asia Tour “Hello” Manila
March 16, 7 p.m.,
New Frontier Theater
In the hierarchy of Korean stardom, there are legitimate superstars, true celebrities, award-winning actors, and chart-topping singers. Only a few who can rightfully claim to belong to each class and 41-year-old So Ji Sub is one of them. So when he visited Manila for his first fan meeting two weeks ago, the Titas of Manila expectedly came in droves, beating their millennial K-pop counterparts to the box-office. Mr. So of Oh My Venus and My Secret Terrius fame is recognized, and rightfully so, as the total package, who has more to offer than those freshly minted, lip syncing teenage idols.
The Master’s Sun lead is also an accomplished essayist and author, releasing at least two books. His knight-in-shining-armor persona made him relatable to the Pinoy audience and the roles he played in his recent dramas put Hugh Grant’s Notting Hill character, William Thacker, to shame.
This writer has watched most of Mr. So’s work and was admittedly starstruck for most of the event. But his humble demeanor made him all the more endearing, particularly when he told a die-hard fan who refused to entertain suitors, to keep him in her heart but look elsewhere for the man who will make her happy.
“We all have our ideal type but I think it’s difficult (to find). But the person you will meet will eventually become your ideal type… So don’t think with your head but choose with your heart (that someone) who will care for you truly and love you sincerely,” he said.
Mr. So, who is called “coach-nim” for his character in the series Venus where he played a wealthy fitness buff, made the ladies at the New Frontier Theater swoon when he sang Barry Manilow’s “Can’t Smile Without You” during the opening. Wearing an all-white ensemble, he later gifted a lucky fan who flew in from the United States with a special necklace and a signed Polaroid photo.
“Hello” Manila was the seventh and last stop of his six-country Asian tour, which included Hong Kong, Japan, and Indonesia. It was one of the best K-pop fan meetings in recent months, owing to its variety and audience interaction.
The first half was largely fan service, with Mr. So sharing some personal information and eagerly playing a “what’s-in-the-box” game. He told the crowd about his first visit to the Philippines in his 20s when he came to shoot a music video. He said he wants to return to enjoy the beach and get himself a tan.
“I am happiest with my fans. As I am ending the tour, I know that all these memories will come back rushing when I return to Korea,” said Mr. So, who also performed the melancholic “Picnic,” a cut from his album, 6pm Ground, and originally a collaboration between him and Korean singer, Younha.
He obliged his followers by agreeing to wear a pair of angel’s wings, a flower crown, and recording a morning call where he said: “Hello, gumising ka na. Mahal na kita.” (Wake up already. I love you already.)
What made the fan meeting, produced by Pulp Live World, special was the second half, which was a mini concert where the three-man hip-hop group, Soul Dive, gave Mr. So able support. Ditching his white suit for a black and silver get-up complete with bling and backward cap, the actor-singer threw a curve ball when he sang iKON’s smash hit, “Love Scenario.” It was a treat especially for Filipino fans as performing K-pop covers is unusual.
The Battleship Island star, who used the pseudonym “G” early in his hip-hop career, rocked the New Frontier theater with his rendition of “So Ganzi,” “AOAOAO,” and “So Love.” Together with Ji Sub, Zito, Nuck, and D. Theo, he fired up the crowd with “Boy Go,” “Eraser,” and “Cola Bottle Baby.”
At the end of the meeting, Mr. So had separate photo and hi-touch sessions with VIP ticket holders.
With more Korean acts performing in the Philippines, as expectations grow with each event. So Ji Sub, superstar-celebrity-actor-singer rolled in one, certainly delivered. There are no signs of let-up despite his age and given the right projects and nary a scandal, this star will undoubtedly continue to shine.

Federal Land launches Mi Casa

THE PROPERTY unit of GT Capital Holdings, Inc. is set to bring Hawaii’s tropical atmosphere to Pasay City through the first tower at its residential development Mi Casa.
In a statement, Federal Land, Inc. said it will complete Hawaii, the first tower in the development, in January 2023. The tower will have a total of 158 condominium units, with sizes ranging from 45.5 square meters (sq.m.) for a one-bedroom unit, 61.5 sq.m. to 66 sq.m. for a two-bedroom unit, and 113 sq.m. to 137.5 sq.m. for a three-bedroom unit.
Mi Casa is a vertical residential project located within Federal Land’s mixed-use development Metro Park in the Bay Area in Pasay City. The whole development will have four towers in total.
Outdoor amenities include lap pool, wet play area, outdoor shower, kiddie pool, barbecue area, lounge pool, and children’s playscape. Indoor facilities include a gym, movie room, kids’ play room, function room, lounge area, library, meeting room, and a day care room.

SMC starts construction of SLEx extension to Quezon

THE tollways unit of San Miguel Corp. (SMC) is starting the construction of the South Luzon Expressway Toll Road 4 (SLEx TR-4) to help ease traffic in the south of Metro Manila.
In a statement on Monday, the company said South Luzon Tollway Corp. (SLTC) will break ground today on the 66.74-kilometer toll road, which is expected to cut travel time to and from provinces in the south and the metro.
“Once we finish this tollway, the peace and order situation in Quezon and Bicol will improve. Local tourism will improve. New businesses will emerge. Progress will be brought to the level of the small towns and barangays,” SMC President Ramon S. Ang said in the statement.
The four-lane highway will start in Sto. Tomas, Batangas and end in Brgy. Mayao, Quezon. It is designed to reduce travel time between the two points to 45 minutes from the usual three hours once it opens in 1.5 years.
Mr. Ang said he expects to inaugurate the project in 36 months.
The SLEx TR-4 project costs P13.1 billion, based on a brief on the Department of Public Works and Highways (DPWH) website. It involves six sections, namely the 11.32-kilometer portion from Sto. Tomas to Makban, Laguna; 12.75 kilometers to San Pablo, Laguna; 7.5 kilometers to Tiaong, Quezon; 15 kilometers to Candelaria, Quezon; 10.21 kilometers to Tayabas Quezon; and 9.96 kilometers to Brgy. Mayao, Quezon.
“We believe that the TR-4 will further unlock the economic potential and promote tourism in Laguna, Batangas, Quezon and Bicol provinces. With the growing population of Metro Manila, more and more people and businesses will move to these provinces due to these areas’ proximity,” Mr. Ang added. — Denise A. Valdez

China has a lot of financial opening up to do, says central bank

THE OPENNESS of China’s financial markets to the rest of the world isn’t high, so there’s a lot of room for increased access, according to People’s Bank of China Governor Yi Gang.
Yi said foreign financial services institutions should be treated the same as domestic ones in terms of shareholding proportions, scope of business and licenses. Speaking at a forum in Beijing on Sunday, he said the central bank will focus on providing more hedging tools in 2019 to help investors manage risks.
Officials made repeated pledges at the China Development Forum over the weekend to open up more of the economy to foreign companies and ensure a level playing field with domestic firms. The government is also seeking to bring foreign expertise and capital into play at a time of slowing economic growth, high debt levels and concerns about long-term financial stability.
“We need to improve the financial risk prevention mechanism in line with financial opening-up. The opening of the financial sector isn’t the origin of financial risks, but the opening could add to the complexity of risk control,” Yi said. He also promised to help people hedge their money in Chinese markets, something that foreign companies and investors have been asking for.
“An important task for this year is to study how capital markets can more accurately determine prices, supply sufficient types of hedging tools so that all types of investors can more effectively manage risks,” Yi said. He added that increasing the type of financial instruments available enables optimization of asset allocation.
The Chinese currency is a topic in the ongoing trade talks with the US, with the Trump administration concerned about Beijing’s potential devaluation to blunt the impact of tariffs. According to Yi, a flexible currency exchange rate is a “complementary” step in China’s opening as it helps absorb risks. Top officials have previously promised that they won’t use manipulation of the yuan to gain a trade advantage.
“The central bank has already withdrawn from day-to-day interventions and now more and more market participants are getting used to a flexible exchange rate,” Yi said, repeating an earlier pledge on exchange-rate reform.
DEBT SALES
Also at the weekend, top officials pledged to lower tariffs and expedite debt sales in 2019 as they seek to manage the economic slowdown while tackling the standoff with the US. Vice Premier Han Zheng said the government will continue to cut import taxes and create a first-rate environment for foreign businesses, though he didn’t add details on tariff cuts.
The government will speed up bond sales and the use of the funding to boost domestic demand, Finance Minister Liu Kun said at the same event.
“Fiscal policy will play a bigger role in supporting the real economy” in spite of slowing revenue growth, Liu said, repeating a plan to reduce taxes and fees by at least two trillion yuan ($298 billion) this year. About 70% of the planned cuts will come from taxes while the rest from lower social security premiums and other fee reductions, he said. — Bloomberg

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