Stocks recover slightly; Ayala, BPI lead gainers

STOCKS slightly rose Wednesday even as investors grow increasingly concerned about stalled US debt ceiling talks aimed at averting a painful default.

The PSE index, the 30-company bellwether of the Philippine Stock Exchange, picked up 12 points, or 0.19 percent, to close at 6,615.95 as two of the six subsectors advanced.

The broader all-shares index lost 2 points, or 0.06 percent, to settle at 3,525.36 on a value turnover of P3.80 billion. Losers outnumbered gainers, 101 to 68, while 50 shares were unchanged.

Six of the 10 most active stocks ended in the green, led by Ayala Corp. which climbed 2.64 percent to P699.50 and Bank of the Philippine Islands which rose 1.94 percent to P105.00.

The peso barely moved to finish at 55.77 against the US dollar. Meanwhile, most Asian markets traded lower Wednesday. The optimism that flowed through trading floors at the start of the week has given way to trepidation, with several Republicans questioning an early June deadline, and some even saying the country is nowhere near running out of cash anyway.

All eyes are now on Washington, where President Joe Biden and House Speaker Kevin McCarthy have had a number of meetings to find a path to lifting the borrowing limit from the current $31.8 trillion.

The two men said Monday that talks had been “productive” and they were

In Brief

ACEN plans to sell P25b worth of preferred shares

ACEN Corp., the listed energy platform of the Ayala Group, said Wednesday it plans a public offering of 25 million preferred shares at P1,000 apiece for a total of P25 billion to support its renewable energy expansion. ACEN said in a disclosure to the Philippine Stock Exchange it filed a registration statement with the Securities and Exchange Commission for the shelf-registration of up to 50 million preferred shares and the proposed public offer and sale of 25 million of such preferred shares. The company said the preferred shares with a par value of P1 would be offered in tranches, which may be comprised of one or more series per tranche, at the discretion of ACEN, under the securities program. The proposed public offer and sale will comprise 25 million preferred shares comprising of up to 12.5 million preferred shares, with an oversubscription option for another 12.5 million preferred shares at an offer price of P1,000 apiece in up to two series at the discretion of the company. Alena Mae S. Flores

Insular Life’s profit rose 35% to P5.2b in 2022 confident a deal would be coming.

INSULAR Life, the first and largest Filipino-owned life insurer in the country, said Wednesday it posted a consolidated net income of P5.2 billion in 2022, up 35 percent from P3.87 billion in 2021 on robust consumer spending as the economy continues to reopen.

InLife president and chief executive Raoul Antonio Littaua attributed the significant improvement in sales to the commitment of the agency and its bancassurance and group business. “The men and women behind our distribution channels champion the noble mission of helping Filipinos achieve their financial goals and secure the best future for their families,” he said.

Republicans have set cutting spending next year to 2022 levels as a “red line”, but Democrats have so far refused to commit to that.

On Tuesday, Republican Representative Ralph Norman warned that McCarthy had said the two sides were “not anywhere near close” to an agreement.

The Speaker also tweeted: “With just 9 days left to go, Republicans remain the only ones in Washington who have actually done anything to lift the debt limit and avoid default.”

However, White House Press Secretary Karine Jean-Pierre struck a more upbeat tone, saying: “We are seeing movement.”

“Both sides have to understand that they’re not going to get everything that they want.” With AFP

Pag-IBIG Fund members saved all-time high of P27.51b in four months

PAG-IBIG Fund members saved a record P27.51 billion in the first four months of 2023, up by 10 percent year-on-year.

“We are happy that Filipino workers are saving more with Pag-IBIG Fund. Their trust and confidence in our savings programs continue to grow as proven by our record-high members’ savings collections for January to April,” said Secretary Jose Rizalino Acuzar, who leads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund board of trustees.

“This is good news because the increase in the savings collected shall allow us to finance the increasing demand for our home loans, in line with our objectives under the Pambansang Pabahay para sa Pilipino Housing or 4PH Program of President Ferdinand Marcos Jr.,” said Acuzar.

Pag-IBIG Fund chief executive Marilene Acosta said the increase in savings was not confined to the mandated Pag-IBIG regular savings of its members. She also attributed the record-high collections to the continued popularity of the agency’s Modified Pag-IBIG 2 Savings Program.

The amount voluntary saved by members under MP2 Savings in the first four months reached an all-time high of P13.89 billion, or 14 percent higher than P12.14 billion in the same period last year.

The MP2 Savings is Pag-IBIG Fund’s voluntary savings program that yields higher dividends compared to the agency’s regular savings program. The program has a five-year maturity period and a minimum savings requirement of only P500.

Consolidated total revenues climbed 12 percent to P25.9 billion from P23.2 billion in 2021, and consolidated members’ equity also went up by 18 percent to P50.6 billion from P42.8 billion.

InLife also posted a 43-percent increase in its new business annualized premium equivalent to P1.9 billion. This represents the highest growth in the 10 largest life insurers and an improvement in its ranking from 12th to 9th place. Julito G. Rada

PH, UK agree to explore

preferential trade deal

THE Philippines and the UK agreed to grow bilateral trade and explore the mutual benefits of the Developing Countries Trading Scheme—a preferential trade agreement similar to the EU’s Generalized System of Preferences as they concluded the fourth round of bilateral economic dialog on May 19, 2023.

Trade Undersecretary Ceferino Rodolfo underscored DCTS as a solid framework that ensures the Philippines trade relations with the UK and the British Investment Partnerships. The UK aims to launch the DCTS in the Philippines this year.

“We thank the UK government for the partnership and collaboration over the years. The Philippines will continue to work with the UK government to realize concrete opportunities and foster more synergies in areas of mutual interest—in trade, investment, renewable energy, to name a few,” Rodolfo said. The partnership statement signed by both parties showed they agreed to continue to address market access concerns to promote a level playing field and eliminate trade barriers; drive investment opportunities, including through the BIP which can help mobilize private and public finance as well as technical expertise to support sustainable infrastructure development; and promote an enabling business environment through ease of doing business, regulatory excellence and digitalization. Othel V. Campos

JACKSTONES, INC. (“Corporation”) will be held on 19 June 2023 at 9:00 A.M. through remote communication to discuss the following agenda:

1. Call to Order;

2. Determination of Existence of Quorum;

3. Approval of Minutes of the 13 June 2022 Annual Stockholders’ Meeting;

4. Report of the President;

5. Approval of Audited Financial Statements for Calendar Year (“CY”) 2022;

6. Ratification of All Acts and Resolutions of the Board of Directors and Management Adopted from 13 June 2022 to 19 June 2023;

7. Election of Directors (including the Independent Directors);

8. Appointment of External Auditor;

9. Reaffirmation of the validity of the Stockholders’ Resolution ratifying the Amendment of the Corporation’s By-Laws;

10. Consideration of Such Other Business as May Properly Come Before the Meeting; and

11. Adjournment

A brief explanation of each agenda item, the detailed Definitive Information Statement for CY2022, the procedures for the registration for the Annual Stockholders’ Meeting and the voting in absentia, and the procedure for attendance by proxy can be accessed in Jackstones, Inc.’s website at http://jackstonesinc.com/ wp-content/uploads/2023/05/JAS-2023_Definitive-InformationStatement.pdf, or in the Philippine Stock Exchange Electronic Disclosure Generation Technology at https://edge.pse.com.ph/ openDiscViewer.do?edge_no=419ec643fa57e7bc9e4dc6f6c

9b65995

The Organizational Meeting of the Board of Directors will follow soon after the Annual Stockholders’ all stockholders who registered through the link sent to their emails starting 8:00 AM of 04 June until the adjournment of the

June 2023 Meeting. The requirements and procedure of the Online Voting and Election can be found on our website at https://www. apmcbacolod.com/governance/ Stockholders who cannot attend via remote communication or vote in absentia may participate in the meeting by executing a PROXY in favor of another person or the Chairman which proxy must be notarized. For corporations, the submission must be accompanied by a Certification from its Corporate Secretary stating the authority of the representative/corporate officer to represent and sign on behalf of the Corporation. The suggested Proxy Form in PDF may be downloaded from https://www.apmcbacolod. com/governance/. The Proxy Form must be received and validated by the Corporate Secretary not later than 5:00 PM of 04 June 2023 through email at businessoffice@ apmcbacolod.com and hard copies at Asia Pacific Medical Center Bacolod, Inc.

Allied Care Experts Medical Center Bacolod Inc.), Room 4, Ground Floor, MC Metroplex Bldg., BS Aquino Drive,

NEW LANDBANK PRESIDENT. Seasoned banker Lynette Ortiz takes her oath as the 11th president and chief executive of Land Bank of the Philippines before Finance Secretary and LandBank chairman Benjamin Diokno at the DOF Building in Manila. This follows her recent appointment by President Ferdinand Marcos Jr. Ortiz brings with her over 30 years of extensive experience in local and international banking. Prior to her appointment, Ortiz served as the first Filipino CEO of the Standard Chartered Bank Philippines, a post she held since October 2016. She led strategies to grow the local franchise across the various client segments and deliver sustainable financial performance. She also held various senior posts in risk management, treasury, corporate finance and capital markets in foreign and local institutions.

By Alena Mae S. Flores

THE Energy Regulatory Commission said Wednesday 72 of the 348 approved projects of the National Grid Corp. of the Philippines suffered delays, which the company attributed mostly to right-ofway issues and the COVID-pandemic.

ERC chairperson Monalisa Dimalanta said the completion of six backbone national projects or those of national significance and 66 others was delayed. Dimalanta said during the Senate committee on energy hearing 33 delayed projects are in Luzon, 19 in the Visayas and 14 in Mindanao.

She said the ERC was still studying if it could impose penalties over the project delays.

NGCP spokesperson Cynthia Perez-Alabanza apologized for the delays, but said there were factors beyond the company’s control.

“I would like to clarify and express our apologies for the delayed projects. We admit there are delayed projects, but we do something about it... It’s normal for some disturbance on a day to day,” Alabanza said.

Director JP Habac with the cast of iWantTFC’s latest offering, ‘Drag You and

By Nickie Wang

KALADKAREN , Ice

Seguerra , and Jon Santos , each in their own unique way, emphasize the importance of having a show that allows them to portray characters they can personally relate to. They are part of iWantTFC’s Pride Month offering, Drag You and Me , a modern family rom-com drama about drag culture that celebrates love in all its forms.

Highlighting the importance of

own identity.

“I think it’s about time that the young members of the community have their own role model whom they resonate within many aspects of their life,” she said.

Santos, meanwhile, sees Drag You and Me as a means of social commentary, using humor to address sensitive topics and challenge prevailing attitudes. By portraying characters that resonate with him, Jon aims to highlight the human experience, expose societal biases, and create moments of reflection and introspection.

“I feel so blessed to be part of a show that tells this kind of story. It’s a love letter to the community and it’s nice to be seen. As a televiewer it’s so nice to know that you are seen and somebody knows your heart, somebody knows your story and knows how you feel,” Santos enthused. The latest iWantTFC original series star Andrea Brillantes with JC Alcantara and Christian Bables. It highlights self-expression and a sense of belonging within one’s chosen family.

Real-life drag queens Brigiding, Viñas Deluxe, Xilhouete, and Precious Paula Nicole will help bring the colorful story to life. Drag You and Me revolves around the life of the fearless and fabulous Betty (Andrea), also known by her drag name ‘Valentine Royale,’ a cisgender woman and the ultimate LGBTQIA+ ally. Betty ends up joining Manila Queen Supreme, the grandest drag competition in the country, in order to earn money and save her family’s gay comedy bar. However, her fellow competitors are unaware that she is a woman and not a real drag queen. Her drag queen dreams get complicated when her friendship with Jason/Shania (JC),