Thursday, March 1, 2018

POE PUSHES FOR NAIA EXPANSION

Sen. Grace Poe today said expanding the country's main gateway would be the main solution to address congestion at the Ninoy Aquino International Airport (NAIA).

Poe, chairperson of the Senate committee on public services, said the government should seriously consider the unsolicited proposals of the private sector for the rehabilitation and maintenance of NAIA.

"We have the interest of the private sector to be able to help the government... We have to admit that sometimes with the help of the private sector, we can implement projects faster and especially if the consortium is composed of credible investors," Poe told reporters in a chance interview after emerging from the Senate hearing on airport congestion.

NAIA, which only has two runways, was designed to handle 30 million passengers, but travelers who used the four terminals reached almost 40 million in 2016. NAIA was also consistently tagged as one of the worst airports in the world in recent years.

A "super" consortium composed of some of the country's biggest conglomerates and GMR-Megawide have submitted to the government their unsolicited proposals separately worth P350 billion and P150 billion to upgrade the highly congested NAIA.

"For as long as there's an agreement that they will not overcharge passengers and there are certain safeguards and guidelines, I think that we should welcome as much interest to be able to rehabilitate NAIA," Poe said.

Poe likewise touted the soon-to-open Cebu international airport terminal when she recently visited the province, saying the modern design of infrastructure projects that provide passenger efficiency can be achieved if the government works closely with reputable private firms.

"I visited the Cebu airport and they are going to inaugurate the new terminal and I see the promise of that. Hopefully more [airports will be modernized] but definitely it [bidder] has to be somebody with the track record and competence to be able to do this because government is so stretched and we need investors and expertise," the senator added.

Poe's proposal also comes as the Manila International Airport Authority (MIAA) plans to rationalize operations at Manila's four airports. Terminals 1 and 3 will be exclusive to domestic and international flights while Terminal 2 and 4 will be for domestic and international flights, meaning some domestic and international operations will have to be redistributed within NAIA and Clark airport, which is some 100 kilometers north of Manila.

The senator said distributing domestic operations is only a band-aid solution.

"Kahit saang terminal ilipat diyan ay puno na ang terminal, puno pa rin at magiging siksikan pa rin. Ang talagang solusyon diyan ay hindi paglilipat ng terminal ng mga ibang airline kundi pag-eexpand ng NAIA," she added.

"Kung i-expand natin ang NAIA, may malulugaran at hindi yung parang inilipat mo sa isang kwarto na masikip doon sa isang kwarto na masikip din. Kaya bigyan natin nang mas mahabang panahon na mapag-aralan ang maayos na paglilipat," Poe said.

Meanwhile, Poe said passengers should demand airline companies for a refund after it was reported that at least P250 million in unused terminal fee remains unclaimed from Cebu Pacific.

"A lot are paying the terminal fees but they don't actually take the flight, they are entitled to a refund... Sayang naman, kunin po ninyo ang pera ninyo," said Poe, who added that there should be an easier mechanism for processing of refunds.

Flag carrier Philippine Airlines and Cebu Pacific said they are processing requests for refund.

SM bags seafront property for P18B

The SM group has sealed a deal to buy a seafront property situated between its sprawling Mall of Asia shopping complex and the Solaire Resort and Casino from UK-based investment fund Ashmore and its local partner Eric Recto.

The transaction—worth at least P18 billion, or P180,000 per square meter for the 10-hectare prime parcel of reclaimed land —will give the real estate giant additional space on which to build residential condominium towers under the SMDC brand.

Speaking on condition of anonymity, an official involved in what is one of the biggest property deals in recent years said SM needed the property to “replenish its stock of condominiums” in the Manila Bay area due to the strong demand that has seen its current projects being taken up “almost 100 percent.”

“The demand for residential units in this area is so strong, including from Chinese buyers who have business interests in the country,” the official said.

The deal also marks the formal end of Ashmore’s involvement in the country in the private equity space, which started with a partnership with businessman Roberto Ongpin a decade ago and ended up in a divorce that saw both parties carving up a multibillion-peso business empire to settle the dispute.

Another source said the Ayala group, which is also building a mixed-use development on an adjacent property in partnership with the Wenceslao family who owns the land, first approached the Ashmore-Recto group in a bid to buy the property to expand their commercial project’s footprint.

A successful bid for the property would have given the Ayala-Wenceslao development a “commercially attractive” direct access to Manila Bay, the source said.

“But we understand their bid was a little conservative, and they refused to go higher,” said another official, who said the Ayala group’s offer price stood at “about half” of what the SM retail conglomerate eventually bought the property for.

“When the [SM] owners say ‘go,’ they really mean go,” the official said, explaining the aggressive acquisition price.

The property was formerly under a joint-venture agreement between Ongpin’s Alphaland Corp. and the Wenceslao family and was originally slated to become an exclusive yacht club called “Alphaland Marina Club.”

An ensuing dispute between Ongpin and the Wenceslaos resulted in the former partners dividing the property, with the former ending up owning the seafront portion

Read more: http://business.inquirer.net/246725/sm-bags-seafront-property-p18b#ixzz58TPk0oF7
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

Duggan’s Serra Mortuary President Dan Duggan heads the list of March birthday celebrants

Duggan’s Serra Mortuary President Dan Duggan heads the list of March birthday celebrants

DAN Duggan, the President of Duggan’s Serra Mortuary, heads the list of March birthday celebrants.   He will be celebrating his birthday on Easter Sunday, March 27.

Duggan’s Serra Mortuary is highly trusted by Filipino-Americans in the Peninsula, especially during their most trying times as they honor and pay respects to their loved ones who have passed away.

Other personalities celebrating their birthdays this March are:

  • March 1 - Royal Dynasty founder Nellie Cojuangco Tuazon, and Premiere Appliances owner Tony Premiere;
    • March 3 - Actress Maricel Soriano, Dr. Tita Martinez Picache of Danville, and United Airlines employee Edward Teofilo Cabrera;
    • March 4 - Morly Alinio, Beautiful actress Dawn Zulueta, Fiesta Filipina Restaurant grand lady Dorie Guevarra, and Pedro “Jonjing” Ejercito de Castro (nephew of Manila Mayor Joseph Estrada);
    • March 6 - Isabelle Diaz (daughter of the first Filipina Miss Universe and actress Gloria Diaz), and actress Gretchen Barretto;
    • March 8 - Former Senator Ramon Revilla, and actor Archie Alemania;
    • March 9 - Veteran actress Rosemarie Gil, Atty, KJ Petsas, and hair stylist Edmond Dizon;
    • March 10 - Philippines Today co-publisher Marilyn King Camilosa, Kapamilya actor JC de Vera, and character actor Paolo Contis;
    • March 11 - Singer and songwriter Jose Mari Chan;
    • March 12 - Raphael Robes;
    • March 13 - PR practitioner and talent manager Keren Pascual of KP&PR&EMS, Inc. and Myx VJ Sunny Kim;
    • March 14 - Homeland Security officer Ermin Apolinario, former Miss United Nations World winner Natty Averia Mendoza, and Pittsburg Filipina community leader Mathie Roldan Velasco;
    • March 16 - Pop Diva Kuh Ledesma;
    • March 17 - Daly City Councilman Mike Guingona, former Mr. United Nations-USA winner Roberto “Bobby” Tuason, and retired Navy Captain Jimmy Velasco;
    • March 18 - The pioneer of LuzViMin Association of Northern California Rey Reyes;
    • March 19 - Kapamilya actress Julia Montes;
    • March 20 - Batanguenos of Northern California best dressed matron Liza Manalo, and Kapuso actress Bianca King;
    • March 21 - Dennis Antenor, Jr., Statewide Realty proprietress Alicia Gabriana Atienza and Jeron Teng;
    • March 23 - Kapuso actors Geoff Eigenmann and Rocco Nacino;
    • March 24 - Actor Aljur Abrenica and swimmer Gian Berino;
    • March 25 - Leo Katigbak, Asian Journal Publications President Cora Macabagdal Oriel, photographer Ray Guarin and STAR Magic talent Matteo Guidicelli;
    • March 26 - Congresswoman Nancy Pelosi;
    • March 28 - Miss Earth beauty pageant Executive Producer Ramon Monzon;
    • March 30 - Thomasian USA founder Alice Pena Bulos, and SamTrans employee Eugene Cabugao;
    • March 31 - Entertainment producer Lerma de la Cruz.

    To all March celebrants, a very happy birthday!

    SM bags seafront property for P18B

    The SM group has sealed a deal to buy a seafront property situated between its sprawling Mall of Asia shopping complex and the Solaire Resort and Casino from UK-based investment fund Ashmore and its local partner Eric Recto.

    The transaction—worth at least P18 billion, or P180,000 per square meter for the 10-hectare prime parcel of reclaimed land —will give the real estate giant additional space on which to build residential condominium towers under the SMDC brand.

    Speaking on condition of anonymity, an official involved in what is one of the biggest property deals in recent years said SM needed the property to “replenish its stock of condominiums” in the Manila Bay area due to the strong demand that has seen its current projects being taken up “almost 100 percent.”

    “The demand for residential units in this area is so strong, including from Chinese buyers who have business interests in the country,” the official said.

    The deal also marks the formal end of Ashmore’s involvement in the country in the private equity space, which started with a partnership with businessman Roberto Ongpin a decade ago and ended up in a divorce that saw both parties carving up a multibillion-peso business empire to settle the dispute.

    Another source said the Ayala group, which is also building a mixed-use development on an adjacent property in partnership with the Wenceslao family who owns the land, first approached the Ashmore-Recto group in a bid to buy the property to expand their commercial project’s footprint.

    A successful bid for the property would have given the Ayala-Wenceslao development a “commercially attractive” direct access to Manila Bay, the source said.

    “But we understand their bid was a little conservative, and they refused to go higher,” said another official, who said the Ayala group’s offer price stood at “about half” of what the SM retail conglomerate eventually bought the property for.

    “When the owners say ‘go,’ they really mean go,” the official said, explaining the aggressive acquisition price.

    The property was formerly under a joint-venture agreement between Ongpin’s Alphaland Corp. and the Wenceslao family and was originally slated to become an exclusive yacht club called “Alphaland Marina Club.”

    An ensuing dispute between Ongpin and the Wenceslaos resulted in the former partners dividing the property, with the former ending up owning the seafront portion.

    Read more: http://business.inquirer.net/246725/sm-bags-seafront-property-p18b#ixzz5NtYk7f00
    Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

    Monsour back on the big screen

    Monsour del Rosario
    Fans of action star Monsour del Rosario would certainly be thrilled to know they’ll soon see their idol on the big screen. This, on the wake of Monsour’s winning as Taekwondo Man of the Year 2017 at the 2017 SEA Games in Korea. It was a great honor and distinction that he never expected, Monsour said in an interview.

    “I never expected it, to be first non-Korean and first foreigner and a Filipino at that to be given this award. I was floored and truly overwhelmed. I can die now with my legacy sealed with this award, something my children and their grandchildren and my countrymen will be proud of.”

    Adding to the honor is Monsour’s induction to the Taekwondo Hall of Fame. “I share this award to all my fellow Filipinos. This shows that the Filipino can also be on top of the world when he puts his heart into something.”

    Monsour promoted Taekwondo in his action films. This martial arts became known and popular in the Philippines because of Monsour who propagated it through his movies. It was the actor-now-politician who not only introduced Taekwondo but steered it to greater heights in the country.

    He may now be more passionate with public service starting when he became councilor of Makati in 2013 (on his second try) but martial arts in general, and Taekwondo in particular, will always be in his heart.

    And busy as he is with his work as a Solon, Monsour is finding time to go back to acting. He has several movies in the making. Among these is Trigonal’s “Fight For Justice” which is slated for showing in May. He is also doing the action-horror flick “Blood Hunters: Rise Of The Hybrids,” under the direction of Vincent Soberano.

    Also among his film projects is the romantic film “Because I Love You” to be directed by Joel Lamangan, and “Four Good Guys” produced by ALV Productions and Regal Entertainment, and slated to be shown in March.

    • • •

    Acoustic Night

    It will be a night of subtle music surrounded by art when Gateway Gallery hosts “Acoustic Night: Live Music” on March 2, 8 p.m. Headlined by momma’s darlings MYMP, one of the country’s premier acoustic bands, and “Pilipinas Got Talent” alum JRoa (also known as John Roa), the concert also features the Hinlalato Band.

    “Acoustic Night” partially benefits the Sampaloc Bible Christian Community and will go a long way in helping its members in raise funds to construct their own building.

    The show will be at the Gateway Gallery, located at the 5th Level of Gateway Tower in Araneta Center, Quezon City.

    • • •

    Adventure!

    Gabbi Garcia, star of GMA Network’s “Sherlock Jr” isn’t only beauty queen material, she is also in for adventure.

    Anything she is asked to do in the series, she delivers. Just recently, the actress was seen in a new activity – trail-biking which she did with her brother.

    No wonder, Gabbi and her leading man, Ruru Madrid who plays Sherlock Jr., have good chemistry.

    Meanwhile, Kyline Alcantara who plays the villain Cheska in “Kambal, Karibal,” had a fans meeting recently at the Sky Ranch in Tagaytay. She enjoyed bonding moment with fans and supporters. The TV series is Kyline’s biggest break so far.

    • • •

    Tidbits: Happy b-day greetings today, March 1, go to Deedee Sytangco, Capt. Rudy Herrera, Jose R. Veloso, Jucelle Baterna, Peachy Abacan, Maryo Labad, Grace Bautista, Carla Monique Pascual, Ed Joaquin, Teodoro López, Mina Cepeda Go, Sophia Montecarlo, Cassandra Ponti, Gian Ordonez turns 31 and Gino PadillaMarch 2: Cocoy Laurel, Alice Cuazon, Monette Guevarra, Dick Orense, Danny Mangahas, Mary Ann dela Cruz, Mark Anthony Lara and Gabby Eigenmann

    SM Prime may spend higher capex this year

    SM Prime Holdings Inc. (SMPH),  the shopping mall operator led by the Sy family, is increasing its capital expenditures (capex) this year to about P75 billion, mainly to buy its properties to expand its business all over the country.

    Jeffrey C. Lim, the company’s president, said SMPH last year spent close to P65 billion. He added this year’s capex will be higher as the company expands its land bank.

    Lim told reporters on Wednesday the company will open seven new malls and roll out from 12,000 units up to 15,000 units of residential units.

    He added that the company will list its issued P20 billion bonds at the Philippine Dealing and Exchange Corp. within the week. However, the remaining P20 billion that it already registered with the Securities and Exchange Commission may be issued by next year.

    “We have no plans this year,” Lim said. “We can do it maybe next year.”

    The new malls are mostly out of Metro Manila, while we will build one mall in China by the end of the year, he added.

    Other than in China, the company has no other investments overseas, Lim said.

    Nonetheless, SM Prime is now looking at other territories, he added.

    “Vietnam is one, probably mall and residential, but it is still in exploratory stage,” Lim said. I think that’s the better option for us.”

    He explained the company sees the Vietnam market as “okay.”

    “It’s more of the business opportunities and prospects. We are not looking at short term; it’s always long term,” Lim said. “So its beyond the five-year horizon; so we have to look for opportunities now. But its not something that we’ll also just go into, we have to properly evaluate and validate.”

    SMPH said it had a recurring net income growth of 16 percent in 2017 to P27.57 billion, from P23.8 billion in the prior year, as it expanded the reach of its main business: shopping malls. Consolidated revenues grew 14 percent to P90.9 billion in 2017, from P79.8 billion in 2016.

    Overall operating income improved by 15 percent to P40.6 billion in 2017, from P35.3 billion the previous year. Mall revenues grew by 9 percent to P53.2 billion last year, from P48.6 billion in 2016, according to documents provided by the company.

    Rent income improved by 11 percent to P45.3 billion from P41 billion in the previous year, due to rising contribution of rentals from new and expanded malls that were launched in 2016 and 2017. These were malls in San Jose Del Monte in Bulacan, Trece Martires in Cavite, East Ortigas in Cainta, CDO Downtown Premier in Cagayan de Oro, S-Maison at Conrad Manila, Puerto Princesa and Tuguegarao Downtown.

    SM Prime has 67 malls in the Philippines offering 8 million square meters of gross floor area and seven malls in China with 1.3 million square meters of gross floor area at 2017 year-end.

    SMIC credits expansion, economy for 6% net-income growth in 2017

    SM Investments Corp. (SMIC) credited expansion of the economy and of the business for the 6-percent net-income growth the company recorded last year.

    SMIC on Wednesday said its net income grew to P32.9 billion in 2017, from P31.2 billion in 2016. Consolidated revenues rose 9 percent to P396.1 billion, from P363.4 billion in 2016.

    “Our core businesses continued to deliver strong results in 2017 with recurring net-income growth of 9 percent, driven by overall growth in the economy and our nationwide expansion plans. Our property and specialty retail businesses delivered particularly strong results,” SMIC President Frederic C. DyBuncio said. “During the year SM made substantial investments in its banks and in new business opportunities, which we expect to contribute to higher earnings growth in future years.”

    Property accounted for 40 percent of total earnings, with banks comprising 38 percent and retail at 22 percent.

    Operations under SM Retail Inc., which consist of nonfood, such as the department stores and specialty stores, and food stores, reported total revenues growth of 7 percent to P297.4 billion, while net income stood at P10.4 billion.

    “The underlying performance of our retail operations remained good, led by strong growth in our higher margin specialty retailing and with the addition of the successful Miniso variety store chain during the year,” DyBuncio said.

    The food group, which includes supermarket, hypermarket and the Savemore and WalterMart brands, continued to expand mostly in provincial areas in 2017. The group added 42 new stores, most of which are stand-alone Savemore stores. SM’s food group continues to expand in various regions of the country with a multiformat growth strategy to address the lack of organized retail.

    At end-December 2017, SM Retail had a total of 2,032 outlets, comprising 59 department stores, 1,299 specialty retail outlets, 52 supermarkets, 47 hypermarkets, 181 Savemore, 46 WalterMart and 348 Alfamart stores. A total of 341 outlets were added in 2017 across the retail business portfolio.

    SM Prime Holdings Inc. reported its recurring net-income growth of 16 percent in 2017 to P27.6 billion, driven by the increase in rental revenue from malls, as well as the strong sales take-up of housing units.

    Lender BDO Unibank Inc. posted a net income of P28.1 billion in 2017. Net-interest income grew by 25 percent to P81.8 billion, driven by the 18-percent growth in gross customer loans to P1.8 trillion.

    China Banking Corp. (China Bank), meanwhile, reported net-income growth of 15 percent to P7.4 billion in 2017, on the back of sustained growth in core and fee-based businesses.

    SM moves closer to start P100-B Future City development

    The Sy family’s SM Group has moved a step closer in implementing its ambitious P100 billion reclamation project, dubbed as Future City, which will rise in a 600-hectare property spanning the cities of Pasay and Parañaque.

    The conglomerate recently obtained an Environmental Compliance Certificate, a requirement to be able to proceed with the project, sources said.

    The SM Group hopes to proceed with the project in the middle of the year.

    “With an ECC, it’s almost 90 percent approved,” said a source close to the Philippine Reclamation Authority (PRA), the government agency in charge of reclamation projects in the country.

    Sources, however, said they are still completing the requirements.

    “In the ECC, there are conditions that we have to comply with. We hired technical planners, dredging experts. We are there in that stage. Hopefully by the middle of the year, we can have the notice to proceed,” a source told The STAR.

    The P100 billion reclamation project is an integrated 600-hectare development that is envisioned to be complete with everything a city should have.

    The project will have commercial and residential components.

    The SM Group earlier contracted New-York listed firm Aecom Technology Corp., one of the world’s largest engineering companies, for the project’s master planning.

    The project involves the reclamation and development of roughly 600 hectares of land in both Pasay and Parañaque.

    The whole project is going to take an estimated three to five years to reclaim the land, sources said.
    Development of the 100-hectare Mall of Asia Complex in Pasay started way back in early 1990s but the mall only opened in 2006. MOA is considered among the biggest malls in the world.

    According to the PRA, the Las Piñas - Parañaque coastal bay project involves the reclamation of shallow portions of Manila Bay in the southwest of Manila.

    Las Piñas City has 431.71 hectares under its jurisdiction, while Parañaque City has 203.43 hectares.

    “This 635.14 hectare project is intended to be a government center, residential, industrial, educational and commercial zone. It is bounded by Asia World Properties in the north, and the City of Bacoor, Province of Cavite in the south,” the PRA said.

    Read more at https://www.philstar.com/business/2018/03/01/1792250/28LlhZHBmX74od1S.99#wxycD2W3jFbm2zPc.99