13 MARCH 2019

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10 BUSINESS Wednesday, 13 March 2019 Daily Tribune How often does one get a chance to meet with a living legend? This once-in-a lifetime encounter for me unexpectedly came up on 8 March when, together with several other directors and officers of the Financial Executives Institute of the Philippines (FINEX), we were granted the unique privilege to meet with Malaysian Prime Minister Tun Dr. Mahathir bin Mohamad for an intimate chat with this living legend in a private function room at his hotel. Apparently, the Prime Minister had fond memories of his visit in 2017 when we invited him to be the keynote speaker during our annual FINEX Week celebration. Prime Minister Tun Dr. Mahathir is 93 years old, making him the oldest serving head of state in the world. He was sworn in again as prime minister last May but was first elected in 1981 as the fourth Prime Minister of Malaysia when he was already 56, a retirement age for most people. His tenure as prime minister was interrupted in 2003 when he stepped down to give way to his handpicked, younger successor, Abdullah Badawi. A series of disagreements, however, with his anointed successor involving several of Dr. Mahathir’s pet projects (Petronas, Proton) and subsequently a banking scandal (1Malaysia Development Berhad) implicating Najib Razak in 2015 who had succeeded Badawi as prime minister prompted Dr. Mahathir’s renewed An encounter with a living legend: PM Mahathir Instead of a strong-man firebrand, he came across, at least to me, as a wise, soft-spoken and grandfatherly personality with his mellow voice of wisdom Cash-rich BTr snubs tap option The Treasury enjoys a good cash position and that fresh liquidity has been infused in the market with the latest retail Treasury bond exercise By Joshua Lao The long end of the yield curve traced a path on Tuesday similar to that taken just a day earlier by short-dated Treasury bills. The 10-year Treasury bond rate improved by 63.3 basis points to only 6.196 percent and helped cement the decision for the Bureau of Treasury (BTr) against opening the tap facility one more time to help raise funds for the nation’s coffers. That decision betrays the level of cash resources the BTr is able to deploy at a moment’s notice at present considering its more frequent use of the tap facility in the recent past. As a result, the BTr awarded in full the re-issued 10-year IOU while thumbing down the option to open the tap facility for still more funds. This also means Treasury officials have cash reserves at more comfortable levels than in the recent past as well. The 10-year bond rate averaged 6.196 percent, a 63.3 basis point drop from the previous 6.829 percent. All P20 billion worth of T-bonds were given away although the offering was more than twice oversubscribed having actually attracted bids aggregating P54.6 billion. Deputy Treasurer Erwin Sta. Ana said the declining outlook on inflation and acknowledgment from Bangko Sentral ng Pilipinas Governor Benjamin Diokno the monetary authorities now have more room for monetary easing helped push bonds rates lower. The BTr awarded in full the re-issued 10-year IOU while thumbing down the option to open the tap facility for still more funds. “I think the market is actually just looking at how inflation would be moving forward. So now that we have seen inflation falling within the (target) band already, then it just shows on the rates for this auction,” Sta. Ana told reporters. “And then there’s also, of course, news about possible easing by the BSP given the pronouncements of Governor Diokno in his interview. So, we think those are the catalysts for these rates,” he added. On the tap facility, Sta. Ana said the Treasury enjoys a good cash position and that fresh liquidity has been infused in the market with the latest retail Treasury bond (RTB) exercise. “We settled the five-year RTB sale today so that from a cash standpoint it’s actually better for us because of the settlement. We’re talking about P235.9 billion, almost P236 billion in fresh cash for us,” Sta. Ana said. “And then we had a full award (in T-bonds Tuesday) so we are in a good cash position. That doesn’t mean that when we open it (TAP), we’re in any worse position, but it’s very comfortable,” he added. interest in national politics, culminating in his election last year as the seventh Prime Minister of Malaysia. Dr. Mahathir, the youngest of nine siblings, was formally schooled as a medical doctor in Singapore (then part of Malaya) and had a successful practice as the only Malay doctor in his hometown, Alor Setar, in the state of Kedah. His father was of Indian descent, was a school principal and a disciplinarian, who was responsible for his focus on studies instead of sports, while his mother came from a long line of royal courtiers in Kedah. His political career, primarily centered on the rights of Malay bumiputras (sons of the soil) over the Malayan Chinese, has spanned more than 70 years starting with his fight for affirmative action for Malays when he was still in medical school. A fallout in 1959 with then Prime Minister Tunku Abdul Rahman over the continuing influence of the British military in the newly independent Malaysia reaffirmed his reputation as an intense Malay nationalist but also turned him into a political outcast. During this period, he authored a controversial book, The Malay Dilemma, that strongly advocated for the legislated economic entitlement rights of the native Malays over other races. After the resignation of Tunku in 1970, Dr. Mahathir re-emerged and rose in prominence as a nationalist politician. tuesday 12 March 2019 Like all strong leaders, Dr. Mahathir’s political life certainly has not been without controversy. He openly battled against Malaysia’s royalty and was successful in clipping the influence and powers of the royalty over the government. When Malaysian Chinese and extremist Islamic leaders threatened through protests the ruling mainstream Malay hegemony of the country, his administration did not hesitate to invoke stringent police powers resulting in the death of an extremist leader and the arrest of several of the Malaysian Chinese and Islamic extremist movement’s followers. You have to capture the minds of the people and know what the people want — income, good jobs, good schools. When his own deputy world-acclaimed Finance Minister Anwar Ibrahim locked horns with him on economic policies during the Asian financial crisis, Anwar was sacked and eventually landed in jail for several years and only recently freed after a reconciliation with Dr. Mahathir. On the economic front, his administration aggressively promoted major infrastructure development projects, but a major push for privatization of government enterprises was The Eagle’s Nest Bing Matoto PHILIPPINE STOCK EXCHANGE NAME OPEN HIGH LOW CLOSE VALUE (P) FINANCIALS BANKS ASIA UNITED 58.95 58.95 58.6 58.6 322,475 BDO UNIBANK 131.7 134 130.1 134 169,009,177 BANK PH ISLANDS 84.6 85.55 84.1 85.1 88,054,228.50 CHINABANK 27.6 27.65 27.5 27.5 1,104,610 EAST WEST BANK 12.16 12.26 12.16 12.22 2,776,432 METROBANK 76.7 78.4 76 76 228,076,687 PB BANK 13.86 13.86 13.84 13.86 293,560 PBCOM 21.8 22.9 21.8 22.9 26,380 PHIL NATL BANK 60.05 62.65 60.05 61.4 78,822,866.50 PSBANK 58.9 58.9 58.8 58.8 14,703 RCBC 26.55 26.55 26.4 26.5 2,731,620 SECURITY BANK 167 167 166 167 81,278,058 UNION BANK 61 61 60.5 61 200,000 OTHER FINANCIAL INSTITUTIONS BRIGHT KINDLE 1.35 1.36 1.35 1.36 17,610 BDO LEASING 2.26 2.34 2.26 2.34 13,880 COL FINANCIAL 18.1 18.1 18.1 18.1 2,590,110 FIRST ABACUS 0.58 0.62 0.58 0.62 12,220 FERRONOUX HLDG 4.47 4.47 4.47 4.47 8,940 FILIPINO FUND 7.86 7.86 7.81 7.81 21,097 MEDCO HLDG 0.46 0.47 0.455 0.455 161,000 MANULIFE 800 800 800 800 8,000 NTL REINSURANCE 0.97 0.98 0.96 0.96 455,690 PHIL STOCK EXCH 184.6 184.6 183 183 67,924 VANTAGE 1.13 1.13 1.13 1.13 13,560 INDUSTRIAL ELECTRICITY, ENERGY, POPWER & WATER ALSONS CONS 1.42 1.46 1.42 1.42 2,880,060 ABOITIZ POWER 33.8 35.05 33.8 35 122,474,550 BASIC ENERGY 0.243 0.243 0.236 0.243 31,200 FIRST GEN 21.5 21.95 20.4 20.7 133,087,815 FIRST PHIL HLDG 73.7 73.9 73.7 73.9 4,931,448 MERALCO 372 376 370.6 376 47,007,126 MANILA WATER 27 27 26.3 26.6 3,748,735 PETRON 6.76 6.79 6.66 6.75 44,779,426 PETROENERGY 3.77 3.78 3.77 3.77 558,030 PHINMA ENERGY 1.32 1.34 1.32 1.33 11,764,710 PHX PETROLEUM 11.74 12 11.74 12 1,769,282 PILIPINAS SHELL 49 49.55 48.95 49.3 19,346,700 SPC POWER 6.48 6.48 6.4 6.4 548,640 FOOD, BEVERAGE & TOBACCO AGRINURTURE 15.26 15.28 14.9 14.9 8,316,678 BOGO MEDELLIN 89.55 97.95 89.5 97.95 45,736 CNTRL AZUCARERA 16 16.2 15.82 16.2 58,968 CENTURY FOOD 15.48 15.7 14.94 15.7 2,554,022 DEL MONTE 6 6.3 5.96 6.1 67,731 DNL INDUS 11.32 11.34 11.26 11.32 1,960,854 EMPERADOR 7.52 7.6 7.52 7.52 746,983 SMC FOODANDBEV 109 112.8 107.8 109 224,431,351 ALLIANCE SELECT 1.02 1.04 1.01 1.03 954,430 GINEBRA 26.6 27.85 26.5 27 15,251,245 JOLLIBEE 312 317 311 317 44,132,774 MACAY HLDG 11.52 11.52 11 11 107,312 MAXS GROUP 12.18 12.28 12.06 12.06 1,701,464 MG HLDG 0.2 0.2 0.197 0.197 296,010 PEPSI COLA 1.38 1.39 1.36 1.37 5,670,790 SHAKEYS PIZZA 12.32 12.32 12.28 12.28 136,504 ROXAS AND CO 1.85 1.86 1.85 1.85 216,500 RFM CORP 4.67 4.68 4.67 4.67 14,020 ROXAS HLDG 2.68 2.68 2.68 2.68 2,680 UNIV ROBINA 140.2 141.2 138 141.2 44,263,911 VITARICH 1.65 1.65 1.62 1.63 6,426,370 VICTORIAS 2.67 2.67 2.65 2.65 137,960 CONSTRUCTION, INFRASTRUCTURE & ALLIED SERVICES CONCRETE B 71.05 71.05 71.05 71.05 7,105 CEMEX HLDG 2.54 2.7 2.53 2.65 42,643,760 DAVINCI CAPITAL 6 6 5.97 5.97 652,002 EAGLE CEMENT 15.78 15.78 15.72 15.72 686,226 EEI CORP 8.96 8.96 8.71 8.8 5,411,393 HOLCIM 9.61 9.61 9.57 9.6 26,230,259 MEGAWIDE 19.84 20.1 19.84 19.9 21,950,331 TKC METALS 1.06 1.06 1.01 1.01 384,000 VULCAN INDL 1.44 1.45 1.36 1.37 7,675,740 CHEMICALS CHEMPHIL 120 120 120 120 12,000 CROWN ASIA 1.85 1.91 1.85 1.91 13,130 EUROMED 1.65 1.65 1.65 1.65 19,800 LMG CHEMICALS 4.26 4.26 4.2 4.2 426,760 MABUHAY VINYL 3.52 3.6 3.5 3.59 60,130 PRYCE CORP 5.85 5.87 5.85 5.87 35,120 ELECTRICAL COMPONENTS & EQUIPMENT CONCEPCION 41 41 41 41 2,050,000 GREENERGY 3.05 3.08 2.65 2.65 85,966,830 INTEGRATED MICR 13.04 13.3 12.68 12.72 6,397,820 IONICS 1.66 1.69 1.64 1.69 493,890 PANASONIC 6.16 6.16 6.16 6.16 1,848 SFA SEMICON 1.33 1.33 1.3 1.3 410,020 CIRTEK HLDG 29.45 29.5 29.4 29.5 1,476,440 HOLDING FIRMS ABACORE CAPITAL 0.78 0.79 0.77 0.78 11,165,850 ASIABEST GROUP 21 21 20.25 20.55 804,455 AYALA CORP 930 933 925 925 162,595,375 ABOITIZ EQUITY 57.2 58.1 57.1 58 181,173,652.50 ALLIANCE GLOBAL 15 15.16 14.96 15 139,052,548 ANSCOR 6.62 6.62 6.5 6.51 71,011 ANGLO PHIL HLDG 0.74 0.76 0.74 0.75 263,150 ATN HLDG A 1.41 1.43 1.41 1.41 4,627,180 ATN HLDG B 1.42 1.44 1.42 1.44 32,720 COSCO CAPITAL 7.46 7.7 7.46 7.5 8,524,344 DMCI HLDG 11.16 11.38 11.16 11.2 55,574,216 FILINVEST DEV 14 14.66 14 14.64 40,436,726 FORUM PACIFIC 0.24 0.255 0.24 0.24 152,430 GT CAPITAL 965 996 965 974.5 193,742,460 HOUSE OF INV 6.13 6.13 6.13 6.13 109,114 JG SUMMIT 66.1 67.2 64.55 65 114,112,115.50 LODESTAR 0.58 0.58 0.55 0.57 442,110 LOPEZ HLDG 5.03 5.1 5.03 5.04 3,804,753 LT GROUP 16.12 16.82 16.12 16.42 44,247,712 MABUHAY HLDG 0.56 0.56 0.56 0.56 60,480 METRO PAC INV 4.87 4.95 4.87 4.94 52,993,610 PACIFICA 0.04 0.041 0.04 0.04 128,700 PRIME ORION 3.03 3.03 2.99 2.99 3,197,100 REPUBLIC GLASS 2.56 2.56 2.56 2.56 25,600 SOLID GROUP 1.36 1.37 1.36 1.37 13,620 SYNERGY GRID 450 450 450 450 45,000 SM INVESTMENTS 930 946 925.5 946 175,774,460 SAN MIGUEL CORP 174.1 176.9 171.4 174 267,283,718 SOC RESOURCES 0.79 0.79 0.78 0.78 74,300 TOP FRONTIER 275.2 282.8 275 282.8 119,906 WELLEX INDUS 0.24 0.24 0.24 0.24 163,200 ZEUS HLDG 0.37 0.38 0.355 0.36 7,400,200 PROPERTY ARTHALAND CORP 0.92 0.93 0.9 0.91 875,230 ANCHOR LAND 10.46 10.46 10.46 10.46 6,276 AYALA LAND 43.15 43.55 42.8 42.9 266,028,800 ARANETA PROP 1.88 1.88 1.87 1.87 44,970 BELLE CORP 2.43 2.43 2.39 2.4 1,841,590 A BROWN 0.79 0.8 0.78 0.78 1,014,150 CITYLAND DEVT 0.91 0.93 0.91 0.93 92,840 CROWN EQUITIES 0.24 0.249 0.239 0.245 1,183,110 CEBU HLDG 6.6 6.86 6.5 6.86 13,172 CEB LANDMASTERS 4.3 4.3 4.2 4.23 1,082,540 CENTURY PROP 0.5 0.51 0.49 0.495 4,081,390 CYBER BAY 0.41 0.41 0.405 0.405 532,050 DOUBLEDRAGON 20.8 21.2 20.25 20.25 15,742,035 DM WENCESLAO 9.99 10.18 9.92 10.08 24,768,194 EMPIRE EAST 0.54 0.54 0.5 0.52 2,180,300 EVER GOTESCO 0.13 0.13 0.13 0.13 23,400 also marked by the lack of transparent biddings that would eventually pave the way for favoring Malay bumiputras closely identified with the ruling party, UMNO. At the height of the Asian financial crisis, he refused to follow the IMF’s protocol of high interest rates and severe austerity measures. Although an economic outlier because of Dr. Mahathir’s stubborn refusal to adhere to the IMF, Malaysia recovered faster than its Asian neighbors. An outspoken critic of the West, particularly Great Britain and the USA, he labeled them as oppressors who imposed their values on Asians and continues to be a leading voice in the Non-Aligned Movement, an aggrupation of 125 countries who are not aligned with or against any power bloc. The highly colorful and controversial personality that is a hallmark of Dr. Mahathir’s political life was however not evident during our chat with him last week. Instead of a strong-man firebrand, he came across, at least to me, as a wise, soft-spoken and grandfatherly personality with his mellow voice of wisdom barely picked up by my phone recorder. Here are some quotes and paraphrased nuggets he intimately shared with us: Peace with neighboring countries and, above all, domestic peace within the country, is crucial to the region and a country’s development, a not too subtle reference to the ongoing West Philippine Sea controversy and our delicate estrangement with our Muslim brethren in Mindanao; To be a good leader means “You have to capture the minds of the people and know what the people want — income, good jobs, good schools;” Brain drain is a waste to a country’s resources and should be discouraged, but is difficult to prevent because of the wide disparity of wages; Malaysia’s stock market is highperforming because it vigilantly oversees the governance of listed companies to ensure that there is no manipulation in the values of the stocks. Regulations are transparent and foreign investors are welcomed and provided legal assurances that their investments can be freely repatriated; To avoid a so-called debt trap that is now the grist of business opinion columns in the context of the country’s push for infrastructure, he believes “a country should build infrastructure only when you can afford it… don’t borrow money unless you can earn to repay… otherwise it is like selling when you borrow;” On the drug menace, Malaysia observes due process but imposes without exception the death penalty. He confessed to losing sleep once when he had to personally affirm the execution of a drug dealer found guilty; Finally, for us seniors, on the secret of his longevity: “I never really retired… Don’t stop working. Don’t stop using your muscles. Be active mentally. Read. Write.” Until next week… one big fight! NAME OPEN HIGH LOW CLOSE VALUE (P) FILINVEST LAND 1.51 1.52 1.5 1.52 9,422,630 GLOBAL ESTATE 1.26 1.27 1.22 1.24 2,033,600 8990 HLDG 11.88 12.2 11.7 11.98 26,526,064 PHIL INFRADEV 1.95 1.97 1.86 1.87 8,622,790 CITY AND LAND 0.92 0.92 0.92 0.92 23,000 MEGAWORLD 5.52 5.53 5.39 5.49 62,777,544 MRC ALLIED 0.395 0.395 0.39 0.395 3,253,600 PHIL ESTATES 0.455 0.455 0.445 0.45 2,529,900 PRIMEX CORP 2.82 2.87 2.79 2.86 120,860 ROBINSONS LAND 23.5 23.7 22.8 23.7 27,101,150 PHIL REALTY 0.45 0.45 0.45 0.45 148,500 ROCKWELL 2.02 2.03 2.01 2.02 90,750 SHANG PROP 3.15 3.15 3.12 3.12 522,660 STA LUCIA LAND 1.58 1.58 1.53 1.56 801,290 SM PRIME HLDG 38 38.4 36.7 36.7 417,566,870 STARMALLS 7.02 7.14 6.9 7 1,273,776 SUNTRUST HOME 0.81 0.82 0.75 0.8 474,600 PTFC REDEV CORP 43.05 45.2 43.05 45.2 48,440 VISTA LAND 7.22 7.35 7.18 7.2 54,087,646 SERVICES Email bing_matoto@yahoo.com. MEDIA ABS CBN 21.3 21.4 21.2 21.3 3,002,570 GMA NETWORK 5.73 5.73 5.71 5.71 541,906 MANILA BULLETIN 0.6 0.63 0.6 0.62 1,346,430 TELECOMMUNICATIONS GLOBE TELECOM 1,890 1,910 1,865 1,878 65,981,975 PLDT 1,090 1,113 1,089 1,107 127,088,055 INFORMATION TECHNOLOGY APOLLO GLOBAL 0.045 0.046 0.044 0.046 503,900 DFNN INC 7 7 7 7 353,500 ISLAND INFO 0.128 0.131 0.127 0.131 300,060 ISM COMM 5.44 5.44 5.23 5.28 31,544,595 JACKSTONES 3.29 3.29 3.29 3.29 3,290 NOW CORP 2.89 2.9 2.82 2.84 4,001,980 TRANSPACIFIC BR 0.435 0.44 0.43 0.43 1,676,550 PHILWEB 2.8 2.8 2.76 2.79 3,043,570 TRANSPORTATION SERVICES 2GO GROUP 11.88 12.16 11.84 12.16 273,582 CEBU AIR 83 84.5 81.5 81.5 10,537,971.50 CHELSEA 5.62 5.88 5.62 5.83 4,423,661 INTL CONTAINER 114.9 120.4 114.3 119 448,794,606 LBC EXPRESS 15.5 15.5 15.24 15.26 67,136 LORENZO SHIPPNG 0.9 0.91 0.89 0.91 34,910 MACROASIA 19.6 20.3 19.6 19.94 23,836,095 METROALLIANCE A 1.98 1.98 1.9 1.96 188,650 METROALLIANCE B 1.95 1.95 1.95 1.95 1,950 PAL HLDG 10.38 10.48 10.38 10.44 375,244 HARBOR STAR 2.95 3.09 2.94 2.94 24,151,430 HOTEL & LEISURE ACESITE HOTEL 1.28 1.28 1.28 1.28 16,640 BOULEVARD HLDG 0.073 0.077 0.072 0.075 18,928,680 DISCOVERY WORLD 2.25 2.26 2.11 2.15 48,010 WATERFRONT 0.66 0.68 0.66 0.67 450,910 EDUCATION IPEOPLE 11 11 11 11 67,100 STI HLDG 0.71 0.72 0.7 0.71 786,220 CASINOS & GAMING BERJAYA 2.86 2.88 2.79 2.88 1,300,540 BLOOMBERRY 11.72 11.94 11.66 11.8 66,247,164 PACIFIC ONLINE 9.21 9.21 9.21 9.21 1,842 LEISURE AND RES 3.28 3.34 3.27 3.3 877,830 MANILA JOCKEY 4.7 4.91 4.7 4.9 495,740 PH RESORTS GRP 5 5 4.9 4.99 525,730 PREMIUM LEISURE 0.91 0.91 0.9 0.9 1,657,480 TRAVELLERS 5.62 5.62 5.6 5.6 907,830 RETAIL METRO RETAIL 3.07 3.07 2.99 3 5,983,490 PUREGOLD 48.7 48.7 47.5 47.7 8,090,905 ROBINSONS RTL 85 86.5 85 86 20,574,010.50 PHIL SEVEN CORP 135 135 134 135 3,171,887 SSI GROUP 2.38 2.41 2.36 2.39 34,234,340 WILCON DEPOT 15.5 16.08 15.5 15.7 160,446,204 OTHER SERVICES APC GROUP 0.435 0.435 0.43 0.43 51,700 EASYCALL 14.72 14.9 14.56 14.58 2,614,380 GOLDEN BRIA 376 381.6 371.2 380 1,220,456 IPM HLDG 7.1 7.1 7.07 7.07 53,130 PAXYS 3.08 3.4 3.08 3.4 18,800 PRMIERE HORIZON 1.28 1.3 1.22 1.22 41,006,070 SBS PHIL CORP 8.34 8.34 8.34 8.34 270,216 MINING & OIL MINING ATOK 13.6 13.6 13.6 13.6 2,720 APEX MINING 1.47 1.48 1.44 1.45 4,875,150 ABRA MINING 0.0021 0.0021 0.002 0.0021 1,924,600 ATLAS MINING 2.91 2.95 2.91 2.91 327,520 BENGUET A 1.17 1.17 1.15 1.15 139,100 COAL ASIA HLDG 0.295 0.295 0.295 0.295 29,500 CENTURY PEAK 2.24 2.26 2.24 2.26 1,850,750 FERRONICKEL 1.49 1.49 1.48 1.49 3,508,330 GEOGRACE 0.255 0.255 0.247 0.255 274,180 LEPANTO A 0.125 0.126 0.121 0.121 487,340 MANILA MINING A 0.0081 0.0081 0.0081 0.0081 24,300 MARCVENTURES 1.09 1.09 1.08 1.09 35,850 NIHAO 1.08 1.08 1.03 1.07 27,940 NICKEL ASIA 2.68 2.71 2.65 2.65 7,933,560 OMICO CORP 0.6 0.62 0.6 0.62 52,840 ORNTL PENINSULA 0.94 0.94 0.93 0.93 93,250 PX MINING 4 4.03 3.9 3.92 4,907,080 SEMIRARA MINING 20 20.35 20 20.1 24,072,630 UNITED PARAGON 0.0074 0.0076 0.0073 0.0073 228,200 OIL ORNTL PETROL A 0.012 0.013 0.012 0.013 349,300 ORNTL PETROL B 0.012 0.012 0.012 0.012 81,600 PHILODRILL 0.012 0.012 0.011 0.011 39,200 PHINMA PETRO 3.16 3.3 3.16 3.3 88,820 PXP ENERGY 14.34 14.36 14 14.06 32,561,168 PREFERRED AC PREF B1 470 470 470 470 202,100 AC PREF B2 497 497 497 497 4,970 DD PREF 98.35 98.35 98.35 98.35 14,752.50 SMC FB PREF 2 980 980 980 980 39,200 FGEN PREF G 102.5 102.5 102.5 102.5 20,500 LR PREF 0.99 0.99 0.98 0.98 103,570 MWIDE PREF 101 101 101 101 555,500 PNX PREF 3B 103.5 103.5 103.5 103.5 23,805 SFI PREF 1.8 1.8 1.8 1.8 1,800 SMC PREF 2B 75.45 75.45 75.45 75.45 2,263.50 SMC PREF 2C 76.85 76.95 76.7 76.95 1,583,096 SMC PREF 2D 72.6 72.6 71.4 71.4 3,677,602 SMC PREF 2F 75 75 75 75 15,000 SMC PREF 2H 72 72.05 71.9 72 6,363,515 SMC PREF 2I 72.4 72.4 72 72 756,850 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 20.2 20.2 20.1 20.2 705,405 GMA HLDG PDR 5.58 5.59 5.58 5.59 89,438 WARRANTS LR WARRANT 1.88 1.88 1.85 1.88 98,260 SMALL, MEDIUM & EMERGING ITALPINAS 4.91 5.07 4.91 5.06 2,673,400 MAKATI FINANCE 2.69 2.69 2.69 2.69 8,070 XURPAS 1.37 1.41 1.36 1.38 7,030,040 EXCHANGE TRADED FUNDS FIRST METRO ETF 115.5 115.5 115.3 115.3 508,938
Wednesday, 13 March 2019 Daily Tribune BUSINESS 11 DMCI grows order book to P27.9B Contractor D.M. Consunji Inc. (DMCI) accelerated its order book annually by 12 percent to P27.9 billion in 2018 after signing P12 billion worth of new projects, among it the first local Ikea outlet and luxury condominium project The Estate Makati. Building and infrastructure took up the bulk of the order book at P11.2 billion and P11.1 billion, respectively. DMCI alone recorded P1.6 billion in net income in 2018, up by 22 percent from P1.28 billion in 2017. ADB issues 15-year rupiah-linked bond Proceeds from the bonds will be mobilized to support ADB’s local currency lending in Indonesia The Asian Development Bank (ADB) has raised 1.2 trillion Indonesian rupiah (about $84 million) from a new issue of offshore Indonesian rupiah-linked bonds. The transaction was structured as a 15-year fixed rate bond maturing in March 2034, making it the longest tenor local currency bond ever issued by ADB. Previously, ADB had issued 10- and 11-year bonds in Chinese renminbi, Indian rupees and Indonesian rupiah, but longer maturities had proven elusive. ADB has supported the development of the region’s capital markets since 1970, having issued in multiple currencies and formats. “The growth of local currency bond markets is of strategic importance to developing countries in Asia,” said ADB treasurer Pierre Van Peteghem. “But the challenge often remains in sourcing funding with sufficient tenor to support ADB’s long dated loans. With this 15-year bond issue, ADB is not only solving that mismatch, but also establishing a benchmark for other issuers to follow.” The bond issue, denominated in Indonesian rupiah but settled in US dollars, was underwritten by JP Morgan as sole lead manager. The new issue bears a semi-annual coupon of 7.80 percent. The bonds were placed 70 percent in Europe and 30 percent in Americas, with institutions, banks and retail investors participating. Proceeds from the bonds will be mobilized to support ADB’s local currency lending in Indonesia. In 2017, ADB committed $2.035 billion in sovereign and non-sovereign loans, technical assistance, and grants to Indonesia. Indonesia is among ADB’s largest sovereign borrowers. The transaction was structured as a 15-year fixed rate bond maturing in March 2034, making it the longest tenor local currency bond ever issued by ADB. ADB is a regular borrower in the mainstream international bond markets but has also led issuance in developing Asia as part of its efforts to promote domestic bond markets as an alternative to bank lending. So far this year, ADB has raised $180 million from bond issues in Kazakhstan and the Philippines. ADB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members — 49 from the region. Energy projects stood at P2.7 billion, with value of plant and utilities contracts at P2.9 billion. DMCI is looking at further growing the order book since revenue recognition for most of the projects are set for this year and in 2020, DMCI senior vice president for business strategy and development Rebecca Civil said during a briefing late last week. “There will be little left for 2021 so we need to add this year. Maybe next quarter we’ll already have news,” Civil said, adding that most of the existing projects will be completed next year. DMCI alone recorded P1.6 billion in net income in 2018, up by 22 percent from P1.28 billion in 2017. Construction for the local outlet of the famous Swedish furniture brand will cost P1.6 billion, Civil said. AJBajo While BdO Unibank sees the global economy heading for more moderate growth this year, it still makes sense to diversify into global investments and seize opportunities in markets outside the Philippines for growth over the long term. Through BdO’s Global Feeder Funds, investors can gain access to the US, China, Japan, European and global equity markets. The funds started 2019 with very strong returns ranging from 12 percent to 18 percent in dollar terms as of end February 2019. Based on fund performance figures published by www.uitf.com, the BdO China Equity Feeder Fund landed the top spot for dollar-denominated global equity funds with its 18.4 percent return since the start of 2019. Customers look at Apple Watch products at an Apple store in Shanghai. Convenience is prompting a growing number of tech-savvy Chinese consumers to embrace the use of smart devices. China Daily Tanglawan could break ground early It is possible for Dennis Uy and his partners at Tanglawan Philippines LNG Inc. to complete the feasibility study and actually break ground and execute the project a few months than earlier believed. This was learned from Uy himself on Tuesday when he met with editors hosting the "Straight Talk with Daily Tribune." Uy According to him, it is “reasonable to expect” that the feasibility study upon which the final investment decision would be based could be completed within the year It should also be reasonable for the project actually to break ground “also within the year.” Uy, whose Phoenix Petroleum has Strong start for BdO feeder funds The fund feeds into the BlackRock Global Funds (BGF) China Fund which is primarily invested in a portfolio of equities and equity-related instruments of China-related companies traded both onshore and offshore China. According to Fritz Ocampo, chief investment officer of BdO Trust and Investments Group, the rally in the Chinese stock market this year is due to improving sentiment toward China as its policy environment become more supportive and concerns on the trade war has eased. BdO currently manages six US dollar-denominated global feeder funds. All six funds found their way to the top 10 dollar-denominated equity UITF in the country, including its newly-launched fund, the BdO Global Equity Index Feeder Fund at rank 3. Smart, Nokia team up PLDT wireless arm Smart Communications Inc. (Smart) and Nokia have signed a memorandum of understanding (MoU) to pilot the deployment of fifth-generation (5G) wireless broadband technologies and services in schools. Under the MoU, PLDT, Smart and Nokia will collaborate in identifying innovative real world and enterprise-led 5G standalone (5G SA) solutions, such as artificial intelligence, drones and Internet of Things (IoT) applications, for use in schools, colleges and universities. This will be done through the combined capabilities of the PLDT-Smart 5G Technolab in Makati and the Nokia Technology Center in Quezon City. 5G SA relies solely on 5G for data transmission, and allows the full benefit of 5G capabilities to be tested and demonstrated. In contrast, 5G NSA (non-standalone) combines the use of 5G and existing 4G/LTE resources to transmit data. “We are happy to partner with Nokia to help develop intelligent solutions and technologies partnered with China National Offshore Oil Corp. (CNOOC) subsidiary Gas and Power Group Co. Ltd., said while the authorities granted them the notice to proceed only in early January, the feasibility study is “50 percent done.” “We are working quite fast to finish our final investment decision and hopefully break ground in the next few months. But then again, these are big-ticket projects and it is not that simple. We have to ensure the project is feasible,” he said. Previously, Energy Secretary Alfonso Cusi gave the project proponents six months from 21 December 2018 “to do all the submissions” necessary to complete the construction of a 1,100-megawatt gas-fired power plant. PLDT and Smart are excited to work with Nokia in realizing their 5G vision. for the benefit of the Philippine education sector,” said PLDT-Smart chairman and CEO Manuel Pangilinan. “As the country’s leading and most trusted technology enabler, PLDT and Smart are excited to work with Nokia and the academe in realizing our 5G vision,” said Ernesto Alberto, PLDT- Smart chief revenue officer. The MoU also covers deploying 5G SA technologies and innovative products and services, such as 5G handsets and applications, for example. The mandatory submissions include a timeline plotting the execution of each detail to the project not to mention the need to find an offtaker and such “of the commercial viability or the project will not push through.” Uy’s optimism, therefore, is a measure of the confidence he holds that the project will break ground a little earlier than anticipated and the project pursued to its full completion. Fresh and hot! Not one, but two fresh and new sections will now also be served piping hot each weekend! The Daily Tribune is pleased to present Living Spaces, for property news and features; and Techtalk, for information and technology. We are as excited as you are, dear readers!
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Page 13 and 14: ATENEO WANTS HIGHER PERCH P14 BEIJI

13 MARCH 2019

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