Author: Michael Chen

As the Philippines reopens its borders, visitors from 39 countries can now enjoy Globe 5G mobile services when they arrive in the country. Countries where Globe has inbound roaming partnerships include Australia, Belgium, Bulgaria, Canada, China, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hong Kong, Indonesia, Ireland, Israel, Italy, Japan, Kuwait, Lithuania, Luxembourg, Macau, Netherlands, Norway, Oman, Portugal, Russia, Saudi Arabia, Singapore, Slovakia, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, UAE, USA, and Vietnam. Through its ongoing network upgrade and expansion, Globe enables tourists to experience 5G in major Philippine destinations. Its 5G network now covers 93 percent of…

SM Prime Holdings, Inc. has filed with the Securities and Exchange Commission (SEC) an application for a permit to sell for the third tranche issuance of fixed-rate bonds in the amount of Php5 billion with an over subscription option of up to Php5 billion with maturity of 7 years. The issuance is part of the Company P100 billion Shelf Registration of Fixed Rate Bonds approved by the Commission on 12 February 2020 under SEC MSRD Order No. 6 series of 2020 dated 28 February 2020.

The Philippines is poised to be the next hyperscalers hub in the Asia Pacific (APAC) region as the country’s digital and economic profile continues to gain ground amid the coronavirus pandemic, according to government executives. Hyperscalers are global technology companies providing cloud and internet-based services, which require huge amounts of space, power, and connectivity because of their massive customer base and user demand surges. Alibaba, Google, Microsoft, Amazon, and Facebook are just some of the major and more prominent industry players. “After being widely-recognized as the outsourcing capital of the world, this is the natural next step for the Philippines…

The Asian Development Bank (ADB) has approved a $400 million policy-based loan to the Philippines to help improve local governments’ capacity to provide high-quality public services, especially during the coronavirus disease (COVID-19) pandemic. The Local Governance Reform Program Subprogram 2 will help strengthen local government units’ (LGUs) service delivery framework, modernize local public financial management, and improve LGUs’ financing and investment framework. “Much is expected from LGUs, especially now, as they are at the forefront of public service delivery during the COVID-19 pandemic,” said ADB Public Finance Economist for Southeast Asia Aekapol Chongvilaivan. “The reform program will help ensure local…

The Asian Development Bank (ADB) has approved a $60 million financing package to improve the climate resilience of transport and water supply infrastructure in Viet Nam’s south-central coastal provinces of Binh Dinh and Quang Nam, especially in remote upland districts with large ethnic minority communities. The Climate Resilient Inclusive Infrastructure for Ethnic Minorities Project I will upgrade 121.8 kilometers of roads using climate-resilient design standards, construct 115 kilometers of water supply pipelines, and help provide reliable weather and climate data in a timely, cost-effective manner. About 243,000 people, including 126,300 from ethnic minority groups, are expected to benefit from the…

Private equity real estate investment manager Firmus Capital Pte Ltd has acquired Le Quest Mall, a single-storey commercial property at Bukit Batok Street 41 (the “Mall”), in a deal brokered by OrangeTee Advisory. The acquisition follows the firm’s recent acquisition of a property in Toa Payoh, which was subsequently leased to Tesla Singapore, and brings its newly launched Firmus Opportunity Fund VCC’s (the “Fund”) total assets under management to S$200 million. Lim Su Kiat, Chief Executive Office of Firmus Capital and Fund Manager of Firmus Opportunity Fund VCC, said, “With global risk tolerance on an unprecedented downtrend, there is a…

Cebu Landmasters, Inc.(CLI) has increased its stake in Ming-Mori Development Corporation (MMDC) from 20 to 80 percent via acquisition of shares from other MMDC shareholders. The transaction was approved by CLI’s board of directors during its regular meeting last 19 August 2021. On August 20, 2021, the payment for the acquisition of the additional 60 percent of MMDC worth Php 159,499,500.00 representing 6,379,980 shares were executed immediately. CebuLandmasters, Inc. gives its full commitment to this significant undertaking by increasing its’ ownership to 80 percent. Cebu Landmasters, Inc. gives its full commitment and financial backing to this significant undertaking by increasing…

The Bureau of Immigration (BI) announced that foreigners currently abroad who are hired to work in the Philippines by employers based here will soon be allowed to preapply their work visas before entering the country. Immigration Commissioner Jaime Morente disclosed that he just issued an operations order allowing companies who wish to engage the services of foreigners who are still abroad to apply for a 9(g) working visa on behalf of these expatriates. BI reportedly adopted the new procedure pursuant to a resolution of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) which authorizes the issuance…

Forage is pleased to announce it has closed a USD$25 million Series B funding round led by Blackbird Ventures, with participation from Telstra Ventures, Citi Ventures, Gaingels, Cap Table Coalition, ETF@JFFLabs and existing investors Lightspeed Venture Partners and FundersClub. This latest round of funding, just one year after their Series A, comes after a period of significant growth for the company, with 1.8 million candidates turning to Forage’s virtual experience programs to build career skills and experience during the pandemic. The new funding will allow Forage to invest in its core product, virtual experience programs, as well as focus on…

The Bureau of Internal Revenue has extended the deadline of filing of returns and payment of taxes, as well as submission of reports and attachments, that fall within the period from August 6 to August 20, 2021 for taxpayers under Enhanced Community Quarantine (ECQ) and Modified Enhanced Community Quarantine (MECQ). Said extension has been issued in response to the possible surge of COVID-19 cases due to the Delta variant placing the National Capital Region and other areas in the country under ECQ and MECQ. Under Revenue Memorandum Circular (RMC) No. 91-2021, the deadline falling within the said dates are extended…

The Philippines has committed to advancing digitalization and innovation, productivity, inclusivity, and sustainability to achieve food security in responding to the immediate global health crisis and economic shock brought about by the COVID-19 pandemic. Agriculture Secretary William Dar signed the commitment — on behalf of the Philippine government and President Rodrigo Roa Duterte — during the virtual 2021 APEC Food Security Ministerial Meeting, on August 19, 2021, along with 20 other members of the Asia Pacific Economic Cooperation (APEC). During his privilege speech, Secretary Dar said the DA is keeping a close watch on trends and technological developments in the…

Matrixport, Asia’s fastest growing digital assets financial services platform, has expanded its management team with recent appointments of Justin Buitendam and Omid Zadeh as Directors of Business Development & Sales. These senior hires are part of a wider talent acquisition programme to scale-up capabilities in support of Matrixport’s global expansion. Based in Australia, Justin is a senior addition to the business development team in Asia, while Omid will lead business development in EMEA, based in the United Kingdom. Having held senior trading and portfolio management roles with companies including Macquarie Bank, Transmarket Group, RKR Capital and Refco, Justin has over…

The Social Security System (SSS) informs its members and covered employers that Sickness Notification (SN), Sickness Benefit Application (SBA), and Sickness Benefit Reimbursement Application (SBRA) filing deadlines remain extended for sicknesses or injuries occurring on 01 March 2020 until the lifting of all types of community quarantine being implemented in the country. SSS President and CEO Aurora C. Ignacio said the SSS implemented the extension since May 2020 to help members and covered employers avoid reduction in their sickness benefits or have rejected claims. “We understand the current situation that our stakeholders are facing. This is the reason why we…

Eastern Visayas posted 3.2% Inflation Rate (IR) in July 2021. This IR is 0.1 percentage point lower compared with the 3.3% IR in June 2021. This July IR of the region is 1.5 percentage points higher than the recorded 1.7% IR in the same period last year. In comparison with the national average IR, the regional IR is 0.8 percentage point lower than the 4% national IR in July 2021. Among the provinces, Samar posted the highest IR at 6.9% in July 2021. Eastern Samar’s IR came next at 6.1%, then Biliran at 4.5%. The lowest IR was noted in…

The Aboitiz Group and the Philippine Red Cross (PRC) renewed their agreement for the ship management of M/V Amazing Grace, the country’s only humanitarian vessel. The Aboitiz Group has been supporting the ship management of M/V Amazing Grace since 2017. This year’s extension of ship management services through Abojeb Company will ensure that the ship can continue to effectively fulfill its mission to provide and deliver timely humanitarian services. The M/V Amazing Grace was instrumental in sending urgent relief assistance to the communities in Catanduanes that were badly affected by Super Typhoons Rolly and Ulysses on Nov. 2020. Key signatories…

Newly listed Filinvest REIT Corp. (FILRT) posted a net income of P1.05 billion in the first half of 2021, 8 percent higher than the same period last year. This was on the back of revenues that reached P1.96 billion and costs and expenses that were kept at P863 million. The increase in net income was further supported by lower provisioning for taxes mainly caused by the derecognition of projects transferred to parent company, Filinvest Land, Inc. (FLI). “We are pleased with the results of our first-half performance considering the general economic climate. The BPO sector, which accounted for 90 percent…

Shakey’s Pizza Asia Ventures Inc (PSE: PIZZA), the Philippines’ leading full-service restaurant chain, delivered a positive bottomline of Php14 million in the first half of 2021, an upswing from the Php290 million net loss reported in the same period last year. The first half of 2020 saw the height of strict quarantine restrictions in the country brought about by COVID-19. Systemwide sales in the second quarter grew to Php1.63 billion, 43% higher compared to the same period in 2020. The increase is driven by strong same-store sales growth (SSSG) of 31% notwithstanding the dine-in restrictions implemented at the end of…

AC Energy Corporation (PSE: ACEN) and UPC Solar Asia Pacific through its the joint venture company UPC-AC Energy Solar, announced the start of commercial operations of its two maiden solar farms in India, the 140 MWp (100 MWac) Sitara Solar and 70 MWp (50 MWac) Paryapt Solar. UPC-AC Energy Solar is poised for a landmark year, with the company gearing up to start the construction of 420 MWp (300 MWac) more of solar assets in India within the year. In July 2020, UPC-AC Energy Solar announced the commencement of construction of Sitara Solar located in the Jodhpur District of the…

The Bureau of the Treasury (BTr) has teamed up with the country’s leading banks to let small investors buy at easy terms Retail Dollar Bonds (RDBs) that the government is planning to issue this year to fulfill part of its domestic financing requirements for 2021. In a report to Finance Secretary Carlos Dominguez III, the BTr said several banks have expressed support for its issuance of RDBs, and agreed to set the minimum initial deposit and average daily maintaining balance requirement to zero for those who would want to purchase these US dollar-denominated securities. The issuance of RDBs is part…

With the recent onslaught of heavy rains, the Civil Service Commission (CSC) urged government agencies to adopt safety and health standards in the workplace to protect their employees from risks due to disasters and emergencies. Chairperson Alicia dela Rosa-Bala said, “Hazards at work, especially those that may result from natural calamities such as volcanic activities and typhoons, may be inevitable but there are things we can do to prevent or at least minimize the negative impacts on people and property.” She said that adequate preparation would help ensure the continuous delivery of services to the public amid any disruptive event.…