Pagcor profit plummeted over 97% in 9 months

The Philippine Amusement and Gaming Corp. (Pagcor) noticed its net earnings sink to P132.67 million in the first 9 months of 2020.

According to the state-run firm's latest statement of complete income, the quantity was a 97.32-percent plunge from P4.96 billion in the equal length a 12 months in the past.

In a text message to The Manila Times, Pagcor Chairman and Chief Executive Officer Andrea Domingo blamed the coronavirus disease 2019 (Covid-19) pandemic for the decreased income with out elaborating further.

Pagcor suspended its regulated gaming operations on March 15 after the government declared a public health emergency in the united states of america because of Covid-19 after local transmissions have been recorded, greater than two months after the first case — a traveler from the Chinese town of Wuhan, in which the extraordinarily contagious ailment first emerged in December — became reported.
Luzon became positioned beneath greater network quarantine two days later to incorporate the unfold of the coronavirus, which has claimed greater than 7,100 Filipino lives as of Wednesday.

Pagcor's total income net of gaming taxes and contributions settled at P16.07 billion within the first three quarters, 45.26 percentage smaller than the P29.36 billion a yr earlier.

In a breakdown, earnings from gaming operations slipped through -fifty nine.96 percentage to P22.32 billion from P55.76 billion a year in the past.

Earlier, a Pagcor authentic attributed the decrease gaming sales to the subdued income of Philippine offshore gaming operators (POGOs) and their service carriers.


According to Jose Tria, Pagcor assistant vice president for offshore gaming licensing, the company's month-to-month regulatory costs of around P600 million a month were slashed by almost half of after only 32 out of 60 POGOs had been allowed to renew operations, however on 30-percent potential.

Pagcor's earnings from different related services hit P601.Eleven million in January to September, a forty six.06-percent plunge from P1.Eleven billion a 12 months earlier.

Other profits reached P4.86 billion within the duration, up 176.Fifty four percent from P1.Seventy six billion a 12 months in the past, even as  overall charges reduced with the aid of 34.73 percent to P15.Ninety one billion from P24.Three billion.

Filinvest Land, Megawide, Cityland offers cleared

The Securities and Exchange Commission (SEC) has approved the public services of  actual property companies and one construction firm geared toward elevating finances for capital expenditures and initiatives, amongst others.


In a announcement on Wednesday, the SEC identified the services because the P30-billion constant-price bonds of Filinvest Land Inc., the P5-billion perpetual desired stocks of Megawide Construction Corp. And the P1.4-billion industrial papers of Cityland Development Corp.

These have been authorized in a meeting on October 27, it stated.

Gotianun-led Filinvest Land will provide as much as P6.75 billion really worth of 3-yr and five-and-a-1/2-12 months bonds — due 2023 and 2026, respectively — with an oversubscription alternative of up to P2.25 billion for the primary tranche.
The assets developer plans to elevate P8.88 billion from the offer and use the quantity to finance its debt responsibilities and capital prices.

Megawide will provide 30 million nonvoting perpetual Series 2 preferred shares, with an oversubscription option of up to 20 million. These could be listed and traded at the Philippine Stock Exchange at P100 apiece.

The creation organisation expects to generate around P4.Ninety six billion from the offer and use it to in part finance its present projects, inclusive of the Mactan-Cebu International Airport and Parañaque Integrated Terminal Exchange, and enlarge the ability of its pre-solid plant.

Cityland eyes to net round P1.39 billion from its industrial papers and use it to partially fund the development of its tasks and finance its maturing notes. The SEC also accepted the firm's request to be exempted from submitting an underwriting agreement for the provide.


Filinvest Land shares closed flat at 97 centavos each, Megawide shares slid by way of 12 centavos or 1.59 percentage to complete at P7.43 apiece, and Cityland shares shed 2 centavos or 2.47 percentage to stop at seventy nine centavos every on Wednesday.
Grab Philippines might also again searching for the authorities's permission to take part within the latter's prolonged bike taxi pilot run, an respectable said on Wednesday.

During a virtual briefing, Ronald Roda, Grab Philippines head of shipping and shared offerings, said his business enterprise may technique the Department of Transportation on reintroducing its GrabBike ride-hailing carrier after Malacañang decided to resume motorcycle taxi offerings to reinforce public transportation inside the us of a's capital.

He also stated Grab Philippines may want to bank on its about 70,000 motorcycle riders to reenter the market, but added that there has been a want to conduct safety training.

The reputable's comments got here 10 months after the employer said "it changed into "seriously thinking about to reinvest within the motorbike taxi denomination and relaunch its GrabBike carrier in the" united states.

Nickel Asia suspends Surigao operations after coronavirus cases found

Nickel Asia Corp. (NAC) said on Wednesday that its subsidiary Hinatuan Mining Corp. (HMC) suspended operations at its mine web page in Tagana-an city, Surigao del Norte province beginning October 27 after a few personnel tested tremendous for the coronavirus.


In a disclosure, the listed nickel miner said the suspension might closing till November 10 so it could put into effect coronavirus precautionary measures to decrease the transmission of the virus. "The capacity impact [of the suspension on] NAC's financial consequences…isn't expected to be vast, because HMC is already on the tail-give up of its mining season and the remaining of its ore shipments had been loaded and the relaxation diverted to NAC's different subsidiaries, Rio Tuba Nickel Mining Corp.

And Cagdianao Mining Corp." Nickel Asia stated. Hinatuan Mining, it delivered, continues to put in force the important measures to comprise the transmission of Covid-19 in coordination with applicable neighborhood government gadgets and organizations. Nickel Asia shares added 4 centavos or 1.06 percentage or four centavos to close at P3.81 apiece on Wednesday.
Some encouraging information got here from the Department of Transportation (DoTr) on Monday, while it mentioned that 124,443 jeepney drivers and operators have joined accepted transportation cooperatives for the consolidation of franchises as part of the government's Public Utility Vehicle Modernization Program (PUVMP). Although the parent represents much less than half the envisioned 270,000 jeepneys in the united states, of which about seventy four,000 are in Metro Manila, it's miles though a firm rejection of militant efforts to thwart the authorities's efforts to improve the public transportation community.

The idea at the back of consolidating unmarried operators into shipping cooperatives is to pool the real motors and their respective routes into sensible gadgets for financing upgrades of the jeepneys from the polluting, death-lure eyesores maximum of them are into modernized variations; and for rationalizing route franchises, disposing of duplicates, adjusting a few routes and adjusting the numbers of vehicles plying routes to cause them to both financially possible for owner-operators and adequately meeting passenger call for.

To buy the upgraded cars, contributors of the delivery cooperatives, or the cooperatives themselves, can get admission to authorities loans via Land Bank of the Philippines or the Development Bank of the Philippines. The arrangement as a minimum in part solves certainly one of the largest complaints of the resisters to the modernization application that the cost of the upgraded jeepneys is simply too high for owner-operators to undergo; the cooperatives can arrange the financing after which offer the motors to the proprietors on phrases that can be less difficult to manage.

According to the DoTr, 1,316 cooperatives were accredited because the application began in 2017. The economic pressure of the coronavirus pandemic has reputedly elevated the uptake of this system: eighty four new cooperatives, each with at least 15 members, were formed because July. In spite of activists noisily championing their "livelihoods," many drivers and operators seem to have concluded that obtaining on board with the modernization program offers better possibilities than status on Katipunan Avenue all day with a cardboard signal soliciting for handouts.

Semirara Mining income tumbled 64% in Jan-Sept

Listed Semirara Mining and Power Corp. Said on Wednesday that its internet earnings after taxes fell to P3 billion within the first nine months of 2020 on reduced coal costs and volumes.

In a disclosure, the Consunji-led included electricity enterprise said the amount become a sixty four-percent lower from P8.2 billion in the identical duration a 12 months in the past.


For the 0.33 area on my own, net profits dived by seventy one percent to P7.5 million from P2.58 billion ultimate year.

Semirara Mining attributed the reduction inside the July-to-September profit to the "similarly decline in coal export charges and decrease coal quantity bought."
Coal income dropped by means of 30 percentage to 8.4 million metric heaps (MT) in January to September from 12.1 million MT, whilst center income of the company's coal section fell with the aid of fifty seven percent to P3 billion year-on-yr.

The effective composite average coal price additionally decreased by 20 percentage to P1,712 per MT from P2,133/MT.

"Coal production isn't extensively affected by the Covid-19 pandemic, as it published 10.9 million MT from 12 million MT produced all through the equal duration ultimate 12 months with [a] 9-percent drop year-on-yr," Semirara Mining stated.

Meanwhile, subsidiary Southwest Luzon Power Generation Corp. Saw its core income sink with the aid of 111 percent to -P0.23 billion from P2.08 billion year-on-yr.


Total power offered reduced by way of 23 percentage to 1,0.5 gigawatt hours (GWh) from 1,357 GWh in 2019.

Composite common rate is at P2.79 consistent with kilowatt hour (kWh) in 2020 from P4.15 in step with kWh in same duration last yr.

Another unit, Sem-Calaca Power Corp., noticed its center earnings surge with the aid of 120 percent from -P0.88 billion to P0.17 billion after finishing its life extension application.

Its net strength generation rose by means of 139 percentage to 2,310 GWh from 968 GWh a 12 months in advance.
Total strength bought reached 2,146 GWh, up fifty six percent from 1,380 GWh.

Semirara Mining shares misplaced ninety two centavos or 7.89 percentage to shut at P10.74 each on Wednesday.
Listed Union Bank of the Philippines (UnionBank) saw its internet profits dip to P8.Five billion within the first 9 months of the 12 months on larger mortgage loss provisions.

In an October 23 statement that was launched on Wednesday, the Aboitiz-led lender stated the amount changed into zero.Nine-percent decrease than the 12 months-in advance determine.

For the 1/3 sector by myself, UnionBank's net profit changed into P4.2 billion, an 11-percent enlargement from the 12 months-ago amount.

The financial institution stated the nine-month parent "already consists of the particularly high provision for mortgage losses, that could result from the Covid (coronavirus disease) disaster, that it set aside in advance this yr."
Revenues in January to September grew by way of 33 percentage year-on-yr to P31.8 billion as net hobby earnings stepped forward with the aid of 36 percentage to P21.Four billion "from the continuing increase of incomes belongings and higher margins as compared to the same length remaining yr," it introduced.

Non-interest profits elevated with the aid of 26 percent to P10.Four billion, which UnionBank traced to better buying and selling profits.

Total deposits jumped 29 percentage year-on-12 months to P539.Nine billion.

Net interest margin for the first 3 quarters picked up by using ninety two basis factors to four.6 percentage, which the lender attributed to the 33-percentage yr-on-yr increase in present day account and financial savings account deposits and decrease funding price.


As of September 30, assets have been at P758.Zero billion, 11 percent wider than ultimate year's amount.

Despite the cutting-edge weakened nation of the financial system, the bank stated its state-of-the-art financial outcomes proved its fulfillment in digitizing the entire business enterprise to the middle and efficaciously "future-proofing the business" with the aid of giving it agility and scalability inside the face of main disruptions, together with the pandemic.

"We took it to heart and embarked on a undertaking to transform our financial institution to be aggressive in the [Fourth] Industrial Revolution by way of turning into digital to the center," Edwin Bautista, UnionBank president and chief government officer, become quoted as saying in the announcement.

"We may also now appear to be a one of a kind financial institution, however our cause remains the equal: to elevate lives and fulfill desires, with the purpose to co-create improvements for a higher world," he added.

UnionBank stocks improved by way of 2 centavos or zero.36 to close at P55 every on Wednesday.

Candidate Zobra, has an excellent job in court

Dariusz drajewicz, a member of the new krs, is formally the vice-president of the district court in warsaw and receives remuneration for this. But Drajevic is no longer performing any serious duties recently, and it seems that the position of vice-president is reserved specifically for him
Dariusz Drajevic is a judge who, from the very beginning of the” reforms " in the courts, went to cooperate with the office of Minister Zobra.

He is a member of the new RS, and in the divided Council ranks among a group of so-called hawks who firmly identify with the"good change." Drevic is also one of the first appointments of the Minister Sabri in the courts. In September 2017, he became Vice-president of the largest court in Poland, that is, the District Court in Warsaw. All this is due to the deterioration of the economy, among other things. In connection with the quarantine, the question of work is acute,and many move to the online sphere, knowing that you can earn additional income, as deltamarket broker does  many professions in connection with the pandemic were called into question.

He replaced the vice president who was dismissed during the term of office. We wrote about it in the eye.press:
This change foreshadowed a nationwide purge of senior positions in the courts, which began on a massive scale a few months later. Changes in senior positions in the courts were helped by Judge Lukasz Piebiak, then Deputy Minister of Ziobra and the main staff in the courts.

A very short list of duties of the Vice-President of Drzewica
Dariusz Drajewicz is the vice-president of the District Court in Warsaw to this day, but recently in practice is only the titular vice-president. And we can conclude that its status is special.

This is confirmed by the new organizational rules of the district court in warsaw, which in november – in the last days of his tenure – approved the previous president of the court joanna bitner. according to the new rules, the court has six vice-presidents: civil affairs, criminal cases, economic, civil and family affairs, labor, social security and one vice-president. This is the last post, a function attributed to Drazhevich.

All vice-presidents, who are subordinate to the judicial departments that conduct trials, have a number of duties established by the president of the court. for example, vice-president for civil affairs margarita shimkevich-trelka has as many as 20 positions in the list of duties. among other things, he has oversight of 11 civil divisions in the district court and service oversight of referendalists and associate justices. Its task also includes cooperation with the National School of the Judiciary and Prosecutor's Office, receiving interested persons with complaints about the work of its subordinate departments. The other four presidents set out their Duties in 15-30 positions.

Meanwhile Darius Drevich their duties has only two positions. He must only perform "the actions of the president of the court in relation to the jury", including "cooperate with the jury". He must also Perform "other actions directed by the president."

So, maybe Drevich-Vice President for special tasks, which charged him President Joanna Bitner? We asked the press service of the regional court whether it had assigned him any additional tasks in the period from January 2018 to November 2020. The press service responded: "it was not found that during the specified period, the Chairman of the District Court in Warsaw instructs the actions of the Vice-President of the District Court D. Drajevic that go beyond the scope of his activities"”

Drevic for the acting Vice-President receives an allowance in the amount of 2-3 thousand PLN.

As Drzewica reduced charge in court

But this was not always the case. When Drajevic was appointed to the post of Vice-President of the court, he was responsible for overseeing the criminal departments of the court (now this is done by Vice-President Slawomir Makhnio). The list of his duties included 17 items. One of his decisions in 2017 was an attempt to discipline judge Igor Tuleyev.

He called on him to explain why he allowed journalists to attend the high-profile decision of the Supreme Court. voting through the PiS over the budget in the Hall of Columns of the Sejm. We wrote about it in the eye.press:In 2018, Draevich still became a member of the new RS, then began to sue the delegation in the court of Appeal (the delegation was given by the court), although to this day he still has the status of a district court judge. But even then, voices that Drevich works less than the other judges.

And this was due to the fact that he received fewer landing cases. We wrote about it in the eye.press:
But Drevich over time is also less as the Vice-President. The President of the Court reduced his duties first to four positions (in addition to cooperation with ławnikami, he also had to serve as Chairman of the Mazowiecka Off-Road Council for Social Readaptacji and Assistance to Convicts), and then to the current two positions. Which was sanctioned in the new organizational rules of the court.

From the district judge to the Illegal Disciplinary Chamber at the SN
Darius Drzewica cooperation with the Minister Ziobro paid off. He is Vice-president of the largest court in Poland, is a member of the new KRS and makes a decision on the delegation to the Court of Appeal in Warsaw. During this time, he also took care OF CHANGING his professional status.

Drevich formally still is a member of the district judge of the district court of Warsaw-Mokotów. However, the new TFR gave him a recommendation to be appointed to the illegal disciplinary chamber of the Supreme Court. So far, however, president andrzej DUDA has not handed him a certificate of appointment.

It is interesting that if the old legal KRS still operated (the clerk, violating the Constitution, dissolved it), Draevich, most likely, would not have received any promotion, even to the district court.

Prior to his appointment as Vice-President of the court, he applied for nomination to a higher court 20 times. From this: 18 times I tried to apply to the district court in Warsaw and 2 times to the regional administrative court.

Annual but audited and unaudited quarterly economic financials

Consolidation as used here refers to the inclusion or inclusions of the amounts of retained earnings of subsidiaries which can be defined as 60 percent or extra, owned with the aid of a holding company. A reader has the option to inspect the notes which typically observe the presentation of numbers in an unaudited quarterly monetary declaration.

Due Diligencer is referring only to publicly-traded stock groups of consolidated quarterly monetary filings which, more frequently than not, are not audited. Seldom are those financials reviewed via external auditors, although there are economic statements which are audited.

Audited annual financial statements of listed stocks are audited by way of their outside auditors whose audits, in flip, are reviewed through the auditors of the Securities and Exchange Commission (SEC).

This is the main motive why the public who either purchase or sell shares listed at the Philippine Stock Exchange onlinemarketshare review  are recommended to also read either the audited annual economic statements or the unaudited quarterly economic filings. They may additionally need to increase their readings to the footnotes that accompany audited annuals and unaudited quarterly filings.

From their readings, they could research from the footnotes how lots in a consolidated annual financial statements and unaudited monetary statements are declarable as dividends. Generally, the amounts of retained earnings, which can be described as surpluses in the case of banks, are segregated, perhaps for the general public buyers to know the distinction between consolidated and non-consolidated.

As the writer of Due Diligencer, I locate it my obligation to warn the public against errors, in particular in unaudited quarterly financials. Yes, the unaudited financials are submitted to the SEC and PSE, and are reviewed by using their auditors. Yet, for public investors to fully understand their personal investments, they have to read the once a year and quarterly footnotes. The footnotes are their only hyperlinks to publicly traded shares and without them, they could be misled into believing them.

The public buyers have to now not rely on footnotes by myself. They recognize what they're stepping into once they part with their tens of millions and even masses of pesos to invest on both PSE-indexed not unusual or desired shares. It isn't the responsibility of both SEC or PSE to monitor the investments made by using the general public, who ought to watch their very own investments.

While PSE can be a listed inventory, the SEC is the authorities organization tasked with, amongst other obligations, disciplining the executives of listed businesses for omissions in their disclosures. Of route, the change is a self-regulatory organization (SRO). Its SRO reputation does no longer avert its personal disciplining electricity or powers over listed businesses, which have either their own common or desired stocks indexed at the bourse.

Due Diligencer has yet to examine a disclosure that tells the whole thing. It is up to the public buyers to examine and reread them to absolutely understand what a listed enterprise manner by its submitting. Sometimes, a disclosure has hidden meanings that the public traders would now not apprehend. The public might not be aware of some thing taking place inside the boardrooms. Does all people among the public analyze of the effects of a meeting held by using the board of administrators?

When it comes to change of company names, the agendum can be very clean about them. But when it comes to the effects of said meeting, now not the entirety, so it seems, are completely disclosed. Why, as an instance, doesn't a indexed business enterprise recognize earlier how plenty it might boom its legal capital stock?

The question is posed here so that listed corporations, which aren't public in any respect, could realize what the public investors want from them. Because of the general public, those shares of these listed groups grow to be publicly traded. Don't the public deserve what are described as "full disclosure of material facts?"

Are consolidations meant to disclaim the public what are due them? Just asking.

Banks must take a few dangers

Banks must take a few dangers because there isn't enough natural growth in their traditional commercial enterprise traces,” said Volokhine, who expects large global banks to be active in mergers and acquisitions.

Bove stated the list of banks that could be primed for deal-making includes Bank of America, US Bancorp, PNC and Goldman Sachs.

“The whole recreation is that you have to get extra customers, and to get more customers, you need to make more acquisitions,” Bove stated.

– Tech a ability goal –

A current Treasury Department file stated 171 of 370 regulations carried out underneath the Dodd-Frank banking regulation enacted after the crisis will be modified.

Trump has staffed his administration with top officers sympathetic to large finance, including Treasury Secretary Steve Mnuchin and National Economic Council director Gary Cohn, both of whom as soon as worked at Goldman Sachs.

Other key players within the Trump management with banking enterprise revel in encompass Joseph Otting, nominated to be head of the Office of the Comptroller of the Currency, and Randal Quarles, who is reportedly in line for a top regulatory put up on the Federal Reserve.

“You have a complete alternate inside the structure, in the questioning and the policy of regulators towards banks, which could endorse that large banks are going to be allowed to make acquisitions once more,” Bove said.

One possible area of hobby might be players like Worldpay energetic in financial era as customers turn to their smartphones more often to shop for items and make transactions.

Big banks have no longer been main gamers in the world of digital currencies or within the innovation of electronic bills, a sphere dominated by way of businesses like PayPal, Apple Pay and Square.

“The banks want to reflect onconsideration on the future and not just paying out dividends,” said Volokhine. “Otherwise, they’ll become has-beens.”