The Bangko Sentral ng Pilipinas (BSP) revealed online recently that the overall collection of its coin deposit machines (CoDMs) has exceeded P1.2 billion. The latest statistics are accurate of as January 15, 2025.
Based on the latest statistics, a total of P1,235,393,307.96 (14.07%% higher than the previous count of P1,082,972,600.36) in coins got deposited into BSP machines on 284,974 transactions from customers. In terms of physical quantity, 310,679,523coins were deposited.
Doing the math on the latest statistics, customers averaged P4,335.1088 per transaction at the machines (compared to the November 15, 2024 average of P4,231.9156 per transaction). As for the grand total Peso amount divided by the number of coins deposited, the average is P3.9764 per coin deposited (previous average was P3.8654 per coin deposited)
When it comes to the number of coins involved with each transaction, 310,679,523 coins divided by 284,974 transactions resulted in an average of 1,090.2030 coins per transaction (a slight drop compared to the previous average was 1,094.8293 coins per transaction).
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BSP coin deposit project deposits could hit P2 billion by the end of this year? When was the last time you deposited at least 50 coins into the nearest CoDM of the BSP? Do you think it is time for the BSP to add its coin machines in the Visayas and Mindanao regions?
Japanese motor giant Mitsubishi Motors Corp. (MMC) formally announced recently that it will be investing P7 billion in the Philippines which President Ferdinand “Bongbong” Marcos, Jr., welcomed, according to a Manila Bulletin news report.
To put things in perspective, posted below is an excerpt from the news report of the Manila Bulletin. Some parts in boldface…
President Marcos welcomed Mitsubishi Motors Corp.’s (MMC) P7-billion investment plan in the Philippines in the next five years, saying this will create more jobs for Filipinos.
Marcos expressed his appreciation to MMC during Mitsubishi President and CEO Kato Takao’s courtesy call to the President in Malacañan on Thursday, Feb. 6, to discuss the company’s investment plan in the Philippines.
During their meeting, Kato said MMC’s expansion plan includes adding a new production model at its Mitsubishi Motors Philippines Corp. (MMPC) plant in Laguna. Marcos welcomed this move as it would generate more jobs for Filipinos.
“The jobs that it will provide, that your investment will provide, are very important to us and certainly, vehicle manufacture is one of those,” President Marcos said.
In a Facebook post, the President described Mitsubishi as a valuable partner in his administration’s quest to boost the automotive industry.
“As a strong partner in our journey to strengthen the automotive industry and empower Filipino workers, we welcome Mitsbushi Motors Corporation’s plans to expand operations in the country,” he wrote.
“Mr. Takao Kato and I share the same goals of driving innovation, creating more jobs, and making sustainable transportation a reality for Filipinos,” he added.
During the meeting, Marcos said that MMC will be included in the government’s Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program, a new proposed version of the Comprehensive Automotive Resurgence Strategy (CARS) Program. He hoped MMC’s inclusion would help in its expansion plans.
For his part, Kato said the Philippines is MMC’s most important investment in Southeast Asia, citing its good and stable economy.
“In the ASEAN, (the) Philippines is our number one market,” Kato told the President.
Let me end this post by asking you readers: What is your reaction to this recent development? Do you think Mitsubishi’s ambitious investment plan will add a lot to the ongoing economic growth of the country?
Welcome back my readers, YouTube viewers and all others who followed this series of articles focused on YouTube videos worth watching. Have you been searching for something fun or interesting to watch on YouTube? Do you feel bored right now and you crave for something to see on the world’s most popular online video destination?
I recommend you check out the following topics and the related videos I found.
#1 Saving Private Ryan reaction videos – I still remember the day I saw Steven Spielberg’s Saving Private Ryan in the local cinema in 1998. It was a mesmerizing war movie experience. Considering its acclaimed status, commercial success and impact on pop culture, it is not surprising that the movie is the subject of many movie reaction videos on YouTube. That being said, I spotted a few must-see videos. If you have not seen the movie yet, watch it first. Otherwise, enjoy the videos below.
#2Woke game companies panic as gamers reject their games – There is no doubt that the woke virus and the pathetic DEI (Diversity, Equity and Inclusion) have infected a lot of video game companies, most notably Ubisoft and Electronic Arts. This explains why several video games ended up as creative promotions of identity politics, woke concepts and feminist garbage done at the expense of quality and fun. That being said, a lot of gamers collectively rejected the woke games by not buying them, as well as avoiding future woke releases. Be aware of the latest trends in video games by watching Adam Post’s analytical video below.
#3 US President Trump’s plan for the American takeover of the Gaza Strip – I can clearly say that US President Donald Trump’s announcement of a plan for America to take over the Gaza Strip (which is physically located within Israel and borders Egypt in the southwest) to redevelop it was both totally surprising and very ambitious. For decades now, Gaza has been a hot spot of Islamic terrorists – notably Palestinian terrorist group Hamas – who were able to arm themselves heavily, launched countless attacks against Israel, and even enriched themselves by abusing the countless humanitarian donations they received. That being said, Trump’s plan makes a lot of sense and if implemented (only after Israel concludes its war against the terrorists), it could change the tone of the Middle East. Watch and learn the details from the video below.
#4 Democrats keep getting dumber and dumber – Ever since Donald Trump returned as President of the United States, the remaining Democrats in power only turned more chaotic and dumber. In his show, Ben Shapiro explains in detail why the Democrats have gotten dumber. Watch the video below.
#5 Trump’s ban and the trans hysteria – In case you missed the news, US President Trump signed an executive order that banned men from participating in women’s sports events. In short, men who identify as women (read: transgender) are not allowed to compete with the real women in their sports activities. Since then, the transgendered mob and LGBTQ have turned chaotic. Very clearly, the Satanic Leftists do NOT care about fairness in sports, do NOT care about the protection of women, and they do NOT care about common sense! Watch and learn from the videos below.
#6 VKunia reacts to Mission: Impossible – Ghost Protocol – Remember back in 2011 when Tom Cruise had a successful return with Mission: Impossible Ghost Protocol? Since then, the Hollywood superstar kept coming back as Ethan Hunt in more sequels and the Mission: Impossible film franchise still remains essential for both Cruise and Paramount. Witness how the 2011 MI movie impacts VKunia in her reaction video below.
#7 PatmanQC examines the history of the Superman arcade game – Back in 1989, I played the Superman arcade game developed by Taito. Even though it was repetitive and had generic villains to fight with, it was still a fun experience for me. Looking back at it, it was one of the early Superman-related video games that was made with fun and quality in mind. It even came with the iconic theme from the movie. To learn more about the history of the Superman arcade game, watch PatmanQC’s video.
#8 GoodBadFlicks examines The Cannonball Run – Released in 1981, The Cannonball Run is a action-comedy movie inspired by a real-life cross-country outlaw road race. The film had a huge cast that includes Roger Moore, Burt Reynolds, Farrah Fawcett, Jackie Chan and others. To learn more about what made the movie fun to watch and what else inspired its creation, watch GoodBadFlicks’ video below.
Was there anyone in your local community who got scammed many times last year? Based on the findings of the Cybercrime Investigation and Coordinating Center (CICC), cybercrime complaints more than tripled in 2024 and victims lost almost P200 million as well, according to a news article by the Philippine News Agency (PNA).
To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…
The Cybercrime Investigation and Coordinating Center (CICC) on Friday said there were a total of 10,004 cybercrime complaints filed with their office in 2024, more than three times the 3,317 complaints in 2023.
In a statement Friday, CICC Executive Director Undersecretary Alexander Ramos said the total amount lost by cybercrime victims reached almost PHP198 million last year alone.
He attributed the exponential increase in the number of complaints to the growing awareness of the public on cybercrimes and their willingness to report.
“In previous years, people were not aware that they were being scammed and many were not also aware of where to file their complaints,” Ramos said.
Of the total, around 3,534 complaints, or 35 percent were consumer fraud, these include non-delivery of goods or services and fake advertisements.
On the other hand, there were 3,242 online fraud complaints, or 32 percent of the total. This includes financial fraud, impersonation, job scams, investment scams, and love scams.
Other types of complaints were unsolicited communication, illegal access, identity theft, sexual cybercrimes, phishing, and cyberlibel.
He added that GCash was the top wallet used by victims of consumer fraud, online fraud, and phishing, with a total loss of PHP76.49 million to its users.
Other financial platforms used by victims were BPI with PHP28.47 million losses, GoTyme with PHP15.38 million, and PayMaya with PHP13.99 million.
He called on victims of scams to call the government’s toll-free hotline at 1326.
Let me end this post by asking you readers: What is your reaction to this recent development? Were you scammed in 2024? Do you think that banks and e-wallet companies should enhance security of their respective apps to protect their users from the cyber criminals and scammers? Do you personally know anyone who lost a lot of money because he or she got scammed while using GCash?
Now that the global scandal of the United States Agency for International Development (USAID) has been exposed, there is a list of connected projects here in the Philippines (more than 30 projects according to a recent Philippine Star news report) and the disturbance is only growing. The administration of US President Donald Trump has been examining the spending and projects of USAID, and the Democrats have been outraged which is not surprising because a lot of USAID projects are based on their Leftist and woke agenda.
This past December, the Manila Bulletin reported a project involving USAID (specifically the United States Agency for International Development – Clean Cities, Blue Ocean or USAID-CCBO for short) and the City Government of Parañaque (through its City Environment and Natural Resources Office called CENRO for short) in the form of a mural painting emphasizing “environmental stewardship and youth empowerment through community-based initiatives.”
To put things in perspective, posted below is an excerpt from the December 12, 2024 Manila Bulletin news report. Some parts in boldface…
The city government of Parañaque, through its City Environment and Natural Resources (CENRO), together with the United States Agency for International Development – Clean Cities, Blue Ocean (USAID CCBO), conducted a mural painting event on Dec. 11 promoting environmental stewardship and youth empowerment through community-based initiatives.
Parañaque City Mayor Eric Olivarez said the event, with the theme “Raising Awareness on Solid Waste Management and Marine Litter Pollution,” was held at the City Material Recovery Facility in Barangay La Huerta and was participated by students from Parañaque National High School – Main
They were accompanied by their principal, Gerry Lumaban, and teacher Winnie Freda Cabero.
The students’ artistic talents were showcased during the activity under the guidance of AG Sanio, a renowned Filipino muralist, conservationist, photographer, landscape architect, and environmental advocate.
Within the context of the Manila Bulletin news report, it’s hard to see if there is anything wrong or questionable about the Parañaque City project involving USAID. It is also not yet clear how much American taxpayer’s money was spent by USAID on the project (a mural painting). Perhaps in due time, the Trump administration will find all the details about it.
The December 2024 project is not the first time that Parañaque’s CENRO was involved with USAID which you can see by clicking here. This past January, the USAID – CCBO team visited Parañaque to “conduct a dry run of the Waste Sorting Line.”
For the newcomers reading this, if you want to learn about USAID and what the scandal is all about, watch and learn from the YouTube videos below. The scandal is only growing.
Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, are you aware of the project in your city involving the scandalous USAID? If you have seen the project, do you find it questionable or acceptable? Do you think the project in Barangay La Huerta benefits the citizens of Parañaque at all? Do you think projects that emphasize climate change or environmentalist propaganda are needed in Parañaque City at all? Can you speculate how much in American taxpayer Dollars were spent by USAID in Parañaque City? If you are an American, how do you feel about your tax Dollars being spent in several USAID projects in the Philippines and around the world?
For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673
The United States Agency for International Development (USAID) – the independent agency of the American government responsible for administering civilian and foreign aid – was exposed big-time by the Trump administration revealing a growing list of overseas projects funded by American taxpayers’ money.
These projects were approved by the failed Biden-Harris administration and a lot of them are related with the toxic DEI (Diversity, Equity and Inclusion) and woke principles of the Satanic Left which explains why the Democrats are angry and outraged now.
To put things into perspective, posted below is the Sky News Australia news video plus the related news report (some parts in boldface)…
White House Press Secretary Karoline Leavitt has blasted the United States Agency for International Development for having “insane priorities”.
USAID was formed in the early 1960s to administer humanitarian aid programmes on behalf of the United States government around the world.
The United States spent around $US68 billion on international aid in 2023, according to government data. Ms Leavitt publicly took aim at the agency’s Diversity, Equity and Inclusion projects.
Some of the projects listed included $1.5 million to advance DEI in Serbia’s workplace, $70,000 for a production of a DEI Musical in Ireland, $47,000 for a transgender opera in Colombia and $32,000 for a transgender comic book in Peru.
For the newcomers reading this, USAID was founded in the 1960s which was the result of US Congress approving the Foreign Assistance Act in 1961 which mandated the agency’s creation and was followed with the executive order of then US President John F. Kennedy.
Going back to the USAID scandal, it is one thing for America to come up with taxpayer-funded overseas projects to help foreigners, it is completely another thing to have projects that emphasized the Satanic Leftist ideologies. Seriously, does the $32,000 for a transgender comic book in Peru and the $70,000 for a DEI musical production in Ireland have anything relevant with USAID’s traditional purposes of disaster relief, poverty relief, bilateral interests and socioeconomic development. USAID was also abused by the Democrats to fund Leftist news media outlets as well. For more insight, watch the videos below.
But there is still a lot more! The list of questionable overseas projects funded by USAID continues to grow and it includes funding for terrorism, contraception, opium growth, sex change and more. Posted below is the excerpt from the CBN News story (some parts in boldface).
Senator Joni Ernst (R-Iowa) published another list of projects and programs she says the agency has funded over the years until DOGE stepped in.
“From funneling tax dollars to risky research in Wuhan to sending Ukrainians to Paris Fashion Week, USAID is one of the worst offenders of waste in Washington… all around the world,” Ernst posted to X this week.
The Iowa senator gave more detail in a thread noting the organization spent millions on wasteful projects including:
* “A whopping $20 million to create a Sesame Street in Iraq
* $2 million for Moroccan pottery classes and promotion
* $2 million promoting tourism to Lebanon
* More than $9 million of USAID’s ‘humanitarian aid’ intended to feed civilians in Syria ended up in the hands of violent terrorists, including an affiliate of Al Qaeda in Iraq.“
Ernst points out that millions of dollars were sent to farmers in Afghanistan to get them to grow food crops instead of opium.
“The results: opium poppy cultivation across the country nearly doubled, according to the U.N.,” Ernst wrote.
“USAID has long been a reckless, out-of-control, unaccountable rogue agency,” she concluded. “USAID has failed to put the American people first and routinely tried to cloak its actions in secrecy. Those days are over.“
A White House fact sheet also contends that American taxpayer dollars were inadvertently used to fund terrorism.
It notes:
* As much as $10 million was used by an al Qaeda-linked group for meals.
* $78,000 to a non-profit linked to designated terrorist organizations including Pakistan’s Falah-e-Insaniat Foundation — even after an inspector general launched an investigation.
* $15 million in taxpayer funds to Taliban-controlled Afghanistan to help distribute ‘oral contraceptives and condoms.’
The fact sheet lists millions of dollars in additional wasteful spending, including:
* $6 million was used to fund tourism in Egypt
* $2.5 million for electric vehicles for Vietnam
* $1.5 million to ‘advance diversity equity and inclusion in Serbia’s workplaces and business communities.’
Here in my native Philippines, there were several projects and recipients of USAID as reported by the Philippine Star. Environmental – check, health – check, assistance for LGBT – check, a mural painting event – check.
Thank the Lord for the return of US President Donald Trump whose administration has been working hard to restore dignity and meritocracy in America. The Trump administration is focused on wiping away the Democrats’ corruption and waste of taxpayers’ funds.
Let me end this piece by asking you readers: What is your reaction to the USAID scandal? Did your local government participate in any USAID-related projects that were done locally in recent years? Are you tired of seeing wokeness, Leftist and DEI being emphasized in USAID projects that were launched during the years of the failed Biden-Harris administration? Do you think USAID should be abolished and the countries that benefited from it should move on and launch their own projects to help their respective people independently?
The economic growth of the Philippines for the year 2024 has officially been declared by national authorities at 5.6%, according to a Philippine News Agency (PNA) news article (which itself emphasized 2024 4th quarter economic growth of 5.2%). By comparison, the national economy grew by 7.6% in 2022 and 5.6% in 2023.
To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…
The Philippines was the third highest-growing economy in the region in the fourth quarter of last year despite the impacts of geopolitical tensions and the series of typhoons that hit the country.
Philippine economic growth settled at 5.2 percent in the fourth quarter of 2024, bringing the full-year economic growth to 5.6 percent.
“While this falls short of our target of 6.0 to 6.5 percent, we are positioned as the third fastest-growing economy in the region, trailing Vietnam (7.5 percent) and China (5.4 percent) but outpacing Malaysia (4.8 percent),” National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon said in a briefing Thursday.
Edillon said the country faced numerous setbacks like extreme weather events, geopolitical tensions, and subdued global demand.
“While some challenges affect the entire economy, others exert pressure on specific sectors. Consequently, our economic performance in 2024 hinged on the impact of these factors on various sectors and whether we can mitigate the negative effects or enable a swift recovery,” said Edillon.
Last year, economic growth was mainly driven by the industry and services sectors.
National Statistician Dennis Mapa said that among the major economic sectors, industry and services grew by 5.6 percent and 6.7 percent, respectively, last year.
Growth in the manufacturing sector, however, was hampered by subdued global due to geopolitical tensions and the slow recovery of advanced economies. Agriculture, forestry, and fishing declined by 1.6 percent.
Edillon said the six typhoons that hit the country in the fourth quarter, caused disruptions in crop production, livestock, and fisheries. On the demand side, household final consumption expenditure expanded by 4.8 percent.
“During the fourth quarter, we had a succession of typhoons again in October until mid-November and this dampened the growth momentum and travel plans. Although we did see that there was increased spending on travel, transport, recreation and culture but still it was not enough to counter the slowdown in other expenditure items,” said Edillon.
Government final consumption expenditure, meanwhile, grew by 7.2 percent, while gross capital formation rose by 7.5 percent. Exports of goods and services went up by 3.4 percent, while imports of goods and services increased by 4.3 percent.
Building resilience – Edillon noted that the key to economic growth is to build resilience and ensure adaptability to changing preferences.
“To achieve resilient economic growth, we need to diversify our sources of growth,” she said.
Edillon cited the need to encourage more investments in sectors that require workers with higher-level skills.
To keep food inflation low and stable, Edillon said the government must anticipate potential shocks and continue to employ multi-pronged approaches.
“Looking ahead to 2025, we want to regain our growth momentum driven by strategic investments and initiatives designed to strengthen resilience and lay the foundation for long-term inclusive growth,” she said.
Edillon said the government will also ramp up efforts to further develop the country’s infrastructure and boost economic competitiveness by streamlining business processes.
According to Edillon, the government will also expand new free-trade agreements.
To support the recovery in the agriculture sector, Edillon said the government through the Department of Agriculture, will fast-track the implementation of the National Rice Program, invest in irrigation facilities, and fully utilize the increased provision for the Rice Competitiveess Enhancement Fund to improve farm productivity.
Edillon said tourism will also help boost economic growth.
“The government will explore easing visa requirements and actively participate in initiatives such as the proposed ASEAN common visa policy to enhance visitor inflows,” she said.
Edillon said the government will also strengthen the country’s talent pipeline through reskilling and upskilling programs to boost growth in the information technology and business process management (IT-BPM) sector.
Let me end this post by asking you readers: What is your reaction to this recent development? Were you surprised that the 2024 economic growth of the Philippines ended below 6%? What do you think will help the national economy grow by at least 6% this year?
Welcome back my readers, YouTube viewers and all others who followed this series of articles focused on YouTube videos worth watching. Have you been searching for something fun or interesting to watch on YouTube? Do you feel bored right now and you crave for something to see on the world’s most popular online video destination?
I recommend you check out the following topics and the related videos I found.
#1 VKunia’s Akira reaction video – In recent times, I published blog post that had several videos of reviews, analysis and exploration of the 1988 anime feature film Akira. This time around, I posted for your viewing pleasure the Akira reaction video of VKunia. What I like about it is that VKunia herself is quite reactive to what was shown. Watch her reaction video below…
#2Royal Space Force: The Wings of Honnêamise reviewed and analyzed by Cinemology 101 – Way back in 1985, the ambitious anime feature film Royal Space Force: The Wings of Honnêamise was released in theaters and eventually made its way into the West with English translation in the cinemas in 1988 and on home video a few years later. While I was not exactly entertained by it on home video, I still was left intrigued by its highly imaginative world, art and animation quality that was comparable in some ways with Akira. YouTuber Cinemology 101 (AKA The Cinemologists) posted its review and explanatory video of the film which is very comprehensive to watch.
#3 Hong Kong Action cinema of the 1980s revisited – If there is anything I miss from the 1980s, it is the dynamic action that came in different styles from the Hong Kong action movies of the time. By comparison, I am disgusted with Hollywood’s so-called modern approach of recording action that involves shaky camera handling and the quick cuts on editing. In Hong Kong action movies, the filmmakers recorded action with stable camera handling and using the right angles to capture the action visibly and clearly. Watch and learn from the video below…
#4 PatmanQC examines Teenage Mutant Ninja Turtles: Turtles in Time arcade – Back in 1991, Teenage Mutant Ninja Turtles: Turtles in Time was released in the arcades and it became a big hit for Konami as it earned the approval of the critics and the coins of many gamers who paid for bouts of fun. The game was designed to be very playful and it also had a lot of stuff that resonated with TMNT fans. To find out who were responsible for the game and what inspired their work, watch the in-depth video by PatmanQC.
#5 Lunar games retrospective by Xygor Gaming – In case you missed the news, the first two Japanese role-playing games (JRPGs) of the Lunar series – Lunar: Silver Star Story Complete and Lunar 2: Eternal Blue – will be released for modern consoles in a package on April 18, 2025 called Lunar Remastered Collection. If you are fond of Japanese RPGs of the 1990s or if you want to discover what the Lunar series is about, watch the in-depth retro gaming retrospective video by Xygor Gaming.
#6 Sorority House Massacre explored by GoodBadFlicks – Recently, it was revealed that the 1986 horror movie Sorority House Massacre will be released on 4K Blu-ray this coming April. I never saw the movie but heard that it was criticized for being too familiar with a certain slasher horror movie from 1978. Regardless, you can learn about it by watching GoodBadFlicks’ explanatory video and perhaps it can provide insight as to why the movie is being released on 4K Blu-ray.
#7 US President Trump’s efforts against illegal immigration make waves overseas – Even though I am not an American citizen, I personally oppose illegal immigration. I simply believe that no government should ever let lots of foreigners to trespass into the country, violate the national sovereignty and consume taxpayer-funded resources. It is a great thing that Donald Trump is officially back as US President and this early, his efforts fighting illegal immigration is making a lot of impact even overseas. The Leftist leader of Colombia gave in to Trump in humiliating fashion, and you can learn all about it in the Sky News Australia video below. Lastly, let me remind you all that illegal aliens are criminals by default, and they certainly are NOT refugees.
#8 Palestinian discredited! – By now, many of you should know that I will always stand with Israel and the Jewish state. Let me tell you the truth that Palestine never started as country, never started as people but rather it started as a name imposed by the evil Roman empire on Israel centuries ago. The Palestinian identity only started in the 1920s, and the Palestinians have a history of chaos, violence and disruption. History and the facts are on the side of Israel, not the Palestinians. Watch and learn from the video below…
#9 Assorted videos of The Matrix – If have seen 1999’s The Matrix, do you personally consider it to be the most revolutionary action movie of all time? Was it the most definitive movie of 1999? Or have you forgotten much about it? If you are feeling nostalgic about the movie, watch the videos below.
Have you been to Festival Mall in Alabang lately? Some things might change in the near future as the ownership of the shopping and lifestyle mall (first opened in May 1998 as Festival Supermall) is being transferred by the Gotianun Group to Filinvest REIT Corporation (FILRT) in a deal worth more than P6 billion, according to a Manila Bulletin business news report.
To put things in perspective, posted below is the excerpt from the Manila Bulletin business report. Some parts in boldface…
The Gotianun Group is transferring ownership of its flagship Festival Mall-Main Mall in Filinvest City, Alabang, Muntinlupa City to Filinvest REIT Corporation (FILRT) in a P6.26 billion deal that marks the real estate investment trust’s entry into the retail leasing business.
In a disclosure to the Philippine Stock Exchange, Filinvest Land Inc. (FLI) said it is selling the 26-year-old Festival Mall to FILRT in exchange for 1.63 billion FILRT shares at an issue price of P3.85 per share under a tax-free property-for-share swap transaction.
“The transaction fulfills FLI’s commitment as the sponsor of FILRT to continually support the growth and expansion of its REIT portfolio through the infusion of high-quality income-generating real estate assets,” FLI said.
It added that, upon the Securities and Exchange Commission’s (SEC) approval of the transaction, FLI and FILRT shall execute a lease agreement for the building.
In a separate disclosure, FILRT said the issue price represents a 30 percent premium over the 30-day volume weighted average price of P2.94 per FILRT share, and falls within the fair value price range provided by FTI Consulting’s Fairness Opinion and LeeChiu Property Consultants, Inc.’s Valuation Report.
The property was appraised by Leechiu Property Consultants, and a fairness opinion was provided by FTI Consulting. A discounted cash flow (DCF) approach was used as the primary method to determine the value of the property.
Under the DCF approach, the future cash flows of the property were discounted using a weighted average cost of capital (WACC) based on a capital asset pricing model. A direct capitalization approach was also used as a secondary reference for the valuation of the property.
For the valuation of the shares, FTI Consulting used various methodologies such as the DCF approach, a dividend discount model, and a comparable public companies’ method, to arrive at a range of values for the fair value of FILRT shares.
The primary common shares to be issued by FILRT to FLI will come from the unissued common shares of FILRT. This will be subject to the approval by FILRT’s shareholders and regulatory approvals.
Upon the SEC’s approval of the transaction, FLI and FILRT shall execute a lease agreement for the property.
“Pursuant to the approval of the transaction, the Board approved the conduct of a special stockholders’ meeting (SSM) to be held on March 4, at 10:00 AM. The record date for the determination of stockholders entitled to notice and right to vote at the SSM is February 10, 2025,” the firm said.
FILRT’s diversification into mall leasing comes after its expansion into the hospitality space with the acquisition of 2.9 hectares of land owned by Filinvest Development Corporation (FDC) in Boracay Island for P1.05 billion in cash.
The land is being leased by Boracay Seascapes, Inc. (BSI), the building owner of Crimson Resort & Spa Boracay and a subsidiary of FDC.
FILRT President and CEO Maricel Brion-Lirio said this is the company’s first asset infusion since its initial public offering and “not only increases the distributable income to our shareholders in the immediate term but also supports our goal of delivering stable dividends and increasing the potential for capital appreciation in the longer term.”
Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City who happens to be a frequent visitor or shopper of Festival Mall, do you think the incoming, new owners will be able to make improvements on the mall somehow? Do you hope that the original cinemas of Festival Mall will get renovated and reopened with the latest cinema technologies in the future?
For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673
For the lead economist of Bank of the Philippine Islands (BPI), the economy of the Philippines will accelerate this year in connection to rising household consumption as well as other factors, according to a Philippine News Agency (PNA) news article.
To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…
Growth of the Philippine economy is expected to accelerate this year, driven by the continued expansion of household consumption, an economist from the Bank of the Philippine Islands (BPI) said.
“We expect the Philippine economy to expand by 6.3% in 2025, outpacing the previous year’s performance, with household consumption remaining its biggest driver,” BPI lead economist Jun Neri said in a commentary released late Wednesday.
Neri earlier forecast a 6.1 percent economic growth for 2024.
Neri said factors sustaining household consumption growth such as remittance inflows, remained in place despite the economic slowdown in major economies.
“With aging populations abroad driving the demand for labor, the impact of headwinds on remittances like trade barriers and anti-immigration sentiment will likely be limited. Remittances also have a strong track record of stability and growth even in times of crisis, as seen during the pandemic,” he said.
Neri said the country’s low unemployment rate is also expected to support consumption.
“This should continue to drive the growth of household income and the expansion of the middle class,” he said.
Latest data from the Philippine Statistics Authority showed that the unemployment rate further went down to 3.2 percent in November last year from 3.6 percent in November 2023.
Consumer spending, meanwhile, is expected to grow at a faster pace this year as inflation remains at a manageable level.
“This improvement will likely be most apparent in discretionary spending after a period of slower growth caused by high inflation, as consumers focused more on essentials,” said Neri.
Inflation will likely settle at 3.5 percent this year, well within the government’s 2 to 4 percent target, Neri said.
Meanwhile, he said the recent reduction in interest rates and banks’ reserve requirement ratio (RRR), will also help boost economic growth.
To recall, the Bangko Sentral ng Pilipinas reduced policy rates for a total of 75 basis points this year.
The BSP also reduced the RRR of universal and commercial banks and non-bank financial institutions with quasi-banking functions by 250 basis points.
Let me end this post by asking you readers: What is your reaction to this recent development? Did you think the economy of the Philippines will be able to grow by at least 6.3% this year?
Author Carlo Carrasco 