UNE 12, 2022.

Filipinos have celebrated this day as their day of independence when we were freed from Spanish
colonization. For the homeowners of BF Resort Village (BFRV) in Las Piñas City, this date marked their freedom from
the old board of directors who were all loyal to the Villar clan. A new 11-man board, all from the Reform BFRV Party,
was elected by the homeowners.

BFRV is a private-gated subdivision located in southern Metro Manila. It used to be a project of the Banco Filipino
(BF) before it was abruptly closed by the government in 1985.

Friendship route

The subdivision opened some of its gates to the public in conformity with Las Piñas City Ordinance 715-06, Series of
2006, enacted on July 24, 2007. The ordinance designated specific public and private roads which formed the
"friendship route" with the objective of easing and decongesting the traffic flow along the main thoroughfares of Las
Piñas City.

Ten streets within BFRV were included in Paragraph 18, Section 2 of the ordinance. These are BF Resort Avenue,
Abel Nosce Street, Augusto Barcelona Street, Domingo Street, Gov. Licaros Street, Anselmo Trinidad Street,
Carnival Park Street, Lalaine Bennet Street, Onelia Jose Street and Gloria Diaz Street.

The same ordinance authorized the city mayor to issue friendship route stickers for "easier identification of vehicles
belonging to Las Piñas City residents and prevent nonresidents from gaining access to villages and subdivisions
(Section 7)."

Take note that the ordinance itself contained a penal clause – "Any person who shall violate Sections 3, 4 and 5 of
this ordinance shall be liable to a fine of five thousand pesos (P5,000) or imprisonment of six (6) months or both such
fines of P5,000 and imprisonment at the discretion of the court. If the violation is committed by a partnership or
corporation or association the president, general manager or person in charge therefrom, shall be liable therefor."

Sen. Cynthia Villar spearheaded the construction of the Zapote River Drive a few years back. A portion of this river
drive enters BFRV on a road that is not part of the 10 designated streets and exits toward Marcos Alvarez Street.
Only those motorists with valid friendship stickers are allowed to use this river drive.

A short span bridge (named Cavite Bridge) over a portion of the Zapote River was constructed, linking the end of
Onelia Jose Street to the Villar Sipag Farm in Bacoor, Cavite. Thus, a new BFRV gate was opened to accommodate
those passing from Las Piñas City going to Bacoor, Cavite.

The present controversy stems from this Cavite Bridge. The old board of directors tolerated this in exchange for a
P10-million annual donation from Senator Villar. However, most of the BFRV homeowners resented this, citing
"security" as the main concern.

The new board of directors, as part of their campaign promise, restricted access to the Cavite Bridge.

The battle

The historic Battle of the Bridge happened centuries ago, believed to be in the year 634, between Arab Muslims and
Persian Sassanian forces at the banks of the river Euphrates.

Now, the new Battle of the Bridge seems to be between Senator Villar and the BFRVHAI (BF Resort Village
Homeowners Association Inc.). According to media reports, "Senator Cynthia Villar is suing the BF Resort Village
Homeowners Association for restricting access to the bridge connecting the subdivision in Las Piñas to her family's
farm in Bacoor, Cavite." Further, she claimed that "her family spent P35 million for the construction of the bridge" and
that she "donates P10 million a year to the homeowners' association for the repair of the roads inside the village
because its developer is broke."

I requested the BFRVHAI, through its new president, Euan Toralballa, to issue an official statement in response to
these issues, but they failed to provide me with one at the time of writing.

Netizens and residents of BFRV have differing views on these issues. Some have questions that need answers, but
nobody wants to give those answers. Who really spent for the construction of the Cavite Bridge? Was it not part of
the government-funded Zapote River Drive access road? Was the construction of the bridge approved by the
BFRVHAI and the city councils of Bacoor and Las Piñas?

One lingering question is whether or not BFRVHAI is ready to square off with Senator Villar before a court of law. The
homeowners' associations normally ultimately succumb in the end and toe the line of the powerful politicians. Initially,
BFRVHAI limited access to the bridge from 8 a.m. until 5 p.m. only. With the threats being flaunted around, they
changed it to 5 a.m. to 10 p.m.

Will this be another Battle of the Bridge? At any rate, the battle lines have been drawn. Let us just wait and see who
will blink first.

By the way, I found out that Las Piñas City friendship stickers can be ordered by anyone through a popular online
platform. The price ranges from P609 to P2,794. Is this online selling sanctioned by the city government of Las
Piñas? Remember, City Ordinance 715-06 has a penal provision.

Philippine tycoon Dennis Uy has reached a deal to sell a 45% stake in the Malampaya gas project to shore up the
finances of his Udenna holding company. (Source photos by Shell and Getty Images) 
CLIFF VENZON, Nikkei staff writerJuly 29, 2022 18:29 JST

MANILA -- Philippine tycoon Dennis Uy has reached a deal to sell a 45% stake in the critical Malampaya gas project

to ports and casino billionaire Enrique Razon, as the former moves to tackle his group's debt problems.

Uy, a Davao-based entrepreneur and campaign donor to former President Rodrigo Duterte, made an aggressive, debt-

funded expansion push in recent years. But his debt load was put in focus this week after a consortium of banks

served Uy's Udenna holding company a debt default notice, which the company addressed on Monday.

On Friday, Razon's Prime Infrastructure Capital said it signed an agreement to buy MEXP Holding -- owned by an

Udenna subsidiary -- which last year struck a deal to buy a 45% stake in the Malampaya natural gas project from Shell

for up to $460 million. Malampaya provides a fifth of the Philippines' power requirements.

Udenna still owns another 45% stake in Malampaya which it earlier bought from Chevron for $565 million. State-

owned PNOC Exploration owns the remaining 10%.

Prime Infrastructure, which is preparing for an initial public offering, said its deal requires approval from the

Department of Energy and PNOC.

Uy's latest asset sale comes at a time when his group's finances are under growing investor scrutiny. A sell-off recently

hit Udenna's listed subsidiaries after news emerged that the company had been served with a debt default notice by a

consortium of banks.

Udenna on Monday said that the obligations in question had been settled to the satisfaction of the banks. The

company also stressed it "did not fail to make any interest or principal repayments" on its debt to the consortium

banks.

Uy has either acquired or invested in over a dozen companies in recent years, and ventured into capital-intensive

sectors like telecommunications and casinos. But privately held Udenna's finances were squeezed by the pandemic,

prompting Uy to divest assets or shelve further expansion.

Udenna reported a net loss of 8.6 billion pesos ($156 million) in 2020, reversing a net profit of 3.3 billion pesos the

year before. Total assets stood at 310.3 billion pesos while total liabilities amounted to 254.5 billion pesos, nearly half

of which was current.

Responding to a newspaper column published this week about its liabilities to local suppliers, Uy-led fuel retailer

Phoenix Petroleum told the Philippine Stock Exchange that recovery from the pandemic has been set back by the war

in Ukraine and threats of recession.

"Despite these, we, in Phoenix Petroleum, are working tirelessly to deliver on our commitments to customers,

partners and stakeholders," the Udenna unit said.

ATMORE, ALABAMA — 
An Alabama inmate convicted of killing his former girlfriend decades ago was executed Thursday night despite pleas
from the victim’s family to spare his life.

Joe Nathan James Jr. received a lethal injection at a south Alabama prison after the U.S. Supreme Court denied his
request for a stay. Officials said he was pronounced dead at 9:27 p.m. after the start of execution was delayed by
nearly three hours.
James, 50, was convicted and sentenced to death in the 1994 shooting death of Faith Hall, 26, in Birmingham. Hall’s
daughters have said they would rather James serve life in prison, but Alabama Gov. Kay Ivey said Wednesday that she
planned to let the execution proceed.

Prosecutors said James briefly dated Hall and he became obsessed after she rejected him, stalking and harassing her
for months before killing her. On Aug. 15, 1994, after Hall had been out shopping with a friend, James forced his way
inside the friend’s apartment, pulled a gun from his waistband and shot Hall three times, according to court
documents.

Hall’s two daughters, who were 3 and 6 when their mother was killed, said they wanted James to serve life in prison
instead of being executed. The family members did not attend the execution.

“Today is a tragic day for our family. We are having to relive the hurt that this caused us many years ago,” the
statement issued through state Rep. Juandalynn Givan’s office read. Givan was a friend of Hall’s.

“We hoped the state wouldn’t take a life simply because a life was taken and we have forgiven Mr. Joe Nathan James
Jr. for his atrocities toward our family. ... We pray that God allows us to find healing after today and that one day our
criminal justice system will listen to the cries of families like ours even if it goes against what the state wishes,” the
family’s statement read.

Ivey said Thursday that she always deeply considers the feelings of the victim’s family and loved ones, but “must
always fulfill our responsibility to the law, to public safety and to justice.”

“Faith Hall, the victim of repetitive harassment, serious threats and ultimately, cold-blooded murder, was taken from
this earth far too soon at the hands of Joe Nathan James Jr. Now, after two convictions, a unanimous jury decision
and nearly three decades on death row, Mr. James has been executed for capital murder, and justice has been served
for Faith Hall.

She said the execution sends an “unmistakable message . . . that Alabama stands with victims of domestic violence.”

The execution began a few minutes after 9 p.m. CDT following a nearly three-hour delay. James did not open his eyes
or show any deliberate movements at any point during the procedure. He did not speak when the warden asked if he
had any final words. His breathing became labored, with deep pulsing breaths, and slowed until it was not visible.

Alabama Corrections Commissioner John Hamm, responding to a question about why the execution was delayed,
said the state is, “very deliberate in our process in making sure everything goes according to plan.” He did not
elaborate. Hamm also said James, who showed no movements at any point, was not sedated.

The execution took place at a prison that houses the state’s death row. An inmate put signs in a cell window calling the
execution a “murder.”

A Jefferson County jury first convicted James of capital murder in 1996 and voted to recommend the death penalty,
which a judge imposed. The conviction was overturned when a state appeals court ruled a judge had wrongly
admitted some police reports into evidence. James was retried and again sentenced to death in 1999, when jurors
rejected defense claims that he was under emotional duress at the time of the shooting.

James acted as his own attorney in his bid to stop his execution, mailing handwritten lawsuits and appeal notices to
the courts from death row. A lawyer filed the latest appeal with the U.S. Supreme Court on his behalf Wednesday. But
the request for a stay was rejected about 30 minutes before the execution was set to begin.

James asked the justices for a stay, noting the opposition of Hall’s family and arguing that Alabama did not give
inmates adequate notice of their right to select an alternate execution method. He also argued that Ivey’s refusal
violates religious freedom laws because the Quran and the Bible “place the concept of forgiveness paramount in this
situation.”

The state argued that James waited too late to begin trying to postpone his execution and “should not be rewarded for
his transparent attempt to game the system.”

MANILA, Philippines — Philippine Seven Corp. (PSC), the operator of the 7-Eleven convenience store chain in the
country, will continue to expand closer to residential areas and boost its product offerings to include more essential
items.

PSC president and CEO Jose Victor Paterno said the company would  continue to come up with innovative products
and services even as it grapples with supply chain problems which have hit companies across the globe.

“We saw an increase in demand for essentials. We will be doing more of that but we’re facing supply challenges.
We’re addressing that as well,” Paterno said in a press briefing after the company’s annual stockholders meeting
Thursday.

The company reported revenues of P45.1 billion in 2021, up 3.4 percent despite the profound impact of the
pandemic. The company posted a net loss of P461 million last year from a net loss of P419 million the year before,
owing to the one-time impact of the new CREATE law on deferred tax assets.

The easing of mobility restrictions in late 2021 also helped increase same-store sales growth (SSSG) to 8.5 percent
by the fourth quarter.  Systemwide sales, which aggregates sales of all stores, rose 1.8 percent to P47.2 billion last
year.

“Despite the numerous economic challenges of the COVID-19 pandemic, we are pleased to close 2021 on a positive
note. We believe the company’s results validate our commitment to meet constantly changing customer needs – via
innovative products and services, and thus affirming our correct direction in this post-pandemic world,” PSC chairman
Jose Pardo said.

The exclusive licensor of 7-Eleven in the Philippines credits the growth to its various key initiatives.

These include  pivoting store expansion to residential areas, enhancing in-store payments services and the
introduction of cash recycler ATMs.

“In 2020, we saw how work-from-home arrangements impacted our stores in various central business districts,”
Paterno said.

Thus, in mid-2020 and 2021, PSC opened stores in residential areas to cater to the needs of hybrid workers who now
spend more time at home than in the offices and in CBDs.

“We had net openings of only four stores in Metro Manila in 2021 versus 73 in the rest of Luzon, and continue to lay
our bets in this fashion until we see more proof of resurgence in the cities,” Paterno  said.

The installation of cash recycler ATMs in over 1,200 stores, also contributed to the increase in customer traffic.

The store operators deposit their sales for the day in the ATMs and the machine recycles the cash to fund the
withdrawals of customers of the partner banks.

For this year, PSC plans to add at least 1,500 more cash recycler ATMs across parts of Visayas and Mindanao.
PSC will partner with more fintech companies to provide services to customers, as this has accelerated growth in
service income.

“We believe that partnering with new digital players will be an opportunity that, because of our assets, we are
uniquely positioned for,” he said.

WASHINGTON (Reuters) -- The U.S. economy contracted again in the second quarter amid aggressive monetary

policy tightening from the Federal Reserve to combat high inflation, which could fan financial market fears that the

economy was already in recession.

Gross domestic product fell at a 0.9% annualized rate last quarter, the Commerce Department said in its advance

estimate of GDP on Thursday. Economists polled by Reuters had forecast GDP rebounding at a 0.5% rate.

Estimates ranged from as low as a 2.1% rate of contraction to as high as a 2.0% growth pace. The economy contracted

at a 1.6% pace in the first quarter.

The second straight quarterly decline in GDP meets the standard definition of a recession.

But the National Bureau of Economic Research, the official arbiter of recessions in the United States defines a

recession as "a significant decline in economic activity spread across the economy, lasting more than a few months,

normally visible in production, employment, real income, and other indicators."

Job growth averaged 456,700 per month in the first half of the year, which is generating strong wage gains. Still, the

risks of a downturn have increased. Homebuilding and house sales have weakened while business and consumer

sentiment have softened in recent months.

The White House is vigorously pushing back against the recession chatter as it seeks to calm voters ahead of the Nov.

8 midterm elections that will decide whether President Joe Biden's Democratic Party retains control of the U.S.

Congress.

Treasury Secretary Janet Yellen is scheduled to hold a news conference on Thursday to "discuss the state of the U.S.

economy." While labor market remains tight, there are signs it is losing steam.
A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits

decreased 5,000 to a seasonally adjusted 256,000 for the week ended July 23. Economists polled by Reuters had

forecast 253,000 applications for the latest week.

Jobless claims remain below the 270,000-350,000 range that economists say would signal an increase in the

unemployment rate. Slowing economic growth could, however, encourage the Fed to step back from hefty interest

rate increases, though much would depend on the path of inflation, which is way above the U.S. central bank's 2%

target.

The Fed on Wednesday raised its policy rate by another three-quarters of a percentage point, bringing the total

interest rate hikes since March to 225 basis points. Fed Chair Jerome Powell acknowledged the softening economic

activity as a result of tighter monetary policy.

ANILA, Philippines — Malampaya stake The infrastructure arm of tycoon Enrique Razon has moved forward with its
plans to acquire ownership in the Malampaya deep-water gas-to-power project.

In a statement, Prime Infrastructure Capital Inc. said that its subsidiary Prime Exploration Pte. Ltd. has signed a share
purchase agreement to acquire MEXP Holding Pte. Ltd. (MEXP) from Udenna Corp. of Davao businessman Dennis
Uy.

MEXP previously signed an agreement with Shell Petroleum NV, acquiring Shell Philippines Exploration BV (SPEX)
from the latter.

SPEX owns a 45-percent participating interest in the Malampaya deep-water gas-to-power project and is the operator
of the project’s consortium.

The other members of the consortium are Udenna subsidiary UC38 LLC and the PNOC Exploration Corp. (PNOC
EC), which hold 45-percent and 10-percent participating interest in the project, respectively.

Prime Infra said the change in control of SPEX from Shell to Prime Infra is subject to the consent of PNOC EC and
the Department of Energy.

“Once such consents are given and the transition process for a safe and seamless handover of operations is
completed, Prime Infra will assume full ownership and control of SPEX,” it said.

Prime Infra said it is working  with Shell and Udenna to achieve a smooth transition of SPEX to Prime Infra.
“We look forward to this opportunity to partner with Prime Infrastructure and PNOC EC, as we explore more ways to
fulfill our common vision to make Malampaya continue to operate safely and reliably to strongly support our country’s
need for indigenous and sustainable energy for many years to come,” said Uy, chairman and CEO of Udenna.

One of the country’s most important power assets, Malampaya produces natural gas to power plants in Batangas City
that account for around 20 percent of the country’s total electricity requirements.

It began operations in 2001, with the consortium’s license for the project set to expire in 2024.

Prime Infra chairman Enrique Razon said its acquisition of MEXP reflects the company’s shared commitment with the
national government to help maintain energy security and independence in the transition to a renewable energy-
fueled Philippine economy.

“We believe that gas is an important transition fuel in the near-term, reducing the need for baseload fossil fuels like
coal. Hence, we intend to accelerate investments on the Malampaya gas field to improve the output of existing wells
and, if possible, develop new wells in the area once the license extension is secured from the government,” Razon
said.

The Philippines has recorded its first case of monkeypox, a Department of Health (DOH) official bared on Friday.

At a briefing in Malacañang, Health Undersecretary Dr. Beverly Ho said the patient is 31 years old. She declined to
divulge more details about the patient, including the gender.

Ho said the patient arrived from abroad on July 19. She added that the patient had prior travel to countries with
monkeypox cases, and was only tested for monkeypox on Thursday, July 28.

"The case has been discharged well and is undergoing strict isolation and monitoring at home," Ho said, adding that
the DOH has recorded 10 close contacts of the patient.

Ho said three of the 10 close contacts were in the same household as the patient. The close contacts have not
manifested any symptoms yet, she said.

"No symptoms for the current close contacts, that's why they're all on quarantine, they're being observed," Ho said.

"All have been advised to quarantine and are being monitored by the Department," she added.

"The DOH assures everyone that our public surveillance systems are able to detect and confirm monkeypox cases."

Ho advised those with travel history in countries with confirmed monkeypox cases and are now experiencing
symptoms to immediately seek medical attention.

At the same time, Ho said discussions with the United States government to secure vaccines for monkeypox are still
ongoing.

"Well, now our discussions are ongoing. I think we have mentioned it in our previous press conferences, we are
working with the US government to secure the vaccines," Ho said.

"There is not a lot that is available in the market also, that it is only a select population group that will have to be
vaccinated. Again, it is not like COVID that all of us need to be vaccinated," she added.

Press Secretary Trixie Cruz-Angeles, meanwhile, said President Ferdinand "Bongbong" Marcos Jr. wants to increase
public awareness about monkeypox and the measures being taken by the government to prevent its spread.

"First of all, it’s only one case, number one. Number two, as you can see, it doesn’t affect the entire population.
Number three, this is not like COVID that can be spread by air very easily and could possibly be fatal. This is not
particularly fatal, but it is of concern," Cruz-Angeles said.
"His primary concern was to get the information out so that people will be aware, but also to be aware that the
systems of the DOH (Department of Health) are in place and that this is not the same as COVID," she added.

Symptoms

The DOH said monkeypox is a virus transmitted to humans through close contact with an infected person or animal,
or contaminated materials.

A viral infection resembling smallpox and first detected in humans in 1970, monkeypox is less dangerous and
contagious than smallpox, which was eradicated in 1980.

The first symptoms can include a fever, headaches, sharp muscle pains, fatigue, a rash, as well as swollen and
painful lymph nodes, according to an Agence France-Presse explainer.

The World Health Organization (WHO) on July 23 declared the monkeypox outbreak — which has affected nearly
16,000 people in 72 countries, according to a tally by the US Centers for Disease Control and Prevention (CDC) — to
be a global health emergency, the highest alarm it can sound.

Ninety-five percent of cases have been transmitted through sexual activity, according to a study of 528 people in 16
countries published in the New England Journal of Medicine.

Overall, 98% of infected people were gay or bisexual men, and around a third were known to have visited sex-on-site
venues such as sex parties or saunas within the previous month. —KBK/RSJ, GMA News

ANILA, Philippines — Share prices snapped a three-day rally to finish in the red yesterday as investors cashed in
following reports that the US – the world’s largest economy – likely fell into recession in the second quarter.

“Profit taking brings local equities down following concerns on global growth, after the US reported the second
straight quarter of GDP contraction,” AB Capital Securities said in a note.

The Philippine Stock Exchange index (PSEi) dropped 63.33 points or  0.99 percent to close at 6,315.93 while the
broader All Shares index dropped 26.14 points or 0.76 percent to finish at 3,398.82.

The US economy unexpectedly contracted in the second quarter, raising the risk that the economy is on the cusp of a
recession, technically defined as two consecutive quarters of economic contraction.

Earlier this week, the US central bank hiked rates by a widely expected 75 basis points, its steepest rate hikes in a
generation, to tame a four-decade high inflation print.

Meanwhile, the PSEi is poised for a recomposition after the latest  review showed that Semirara Mining and Power
Corp. (SCC) was qualified to be a member of the 30-company main index.

SCC will replace Security Bank Corp. (SECB) effective Aug. 8.

“This is the last index recomposition with a free float requirement of at least 15 percent. As announced in August
2021, companies should have a public ownership level of at least 20 percent to qualify for index inclusion in the next
review period. We expect companies that would like to remain index constituents but have a free float of less than 20
percent to take the necessary corporate action to address this concern,” said PSE president and CEO Ramon
Monzon.

Seven securities, meanwhile, were added to the sectoral indexes.

RCBC will join the Financials index while Benguet Corp. is set to be a constituent of the Mining and Oil index. The
Property index will add 8990 Holdings and DDMP REIT Inc.

Phinma Corp., Shakey’s Pizza Asia Ventures Inc. and Synergy Grid & Development Phil Inc. will all be part of the
Industrial index.

The Philippine Stock Exchange Inc. (PSE) announced Friday that the composition of the PSE index (PSEi)—the local
stock barometer—has changed.

In a statement, the PSE said that its index review from July 2021 to June 2022 showed that Semirara Mining and
Power Corporation (SCC) was qualified to be a member of the 30-company PSEi.

Consunji-led SCC will replace Security Bank Corporation (SECB) in the main index.

The change in the composition of the PSEi will take effect on August 8, 2022.

To qualify for inclusion in the PSEi, a listed firm should be among the top companies in terms of liquidity and market
capitalization, the local bourse operator said.

"This is the last index recomposition with a free float requirement of at least 15%. As announced in August 2021,
companies should have a public ownership level of at least 20% to qualify for index inclusion in the next review
period," said PSE president and CEO Ramon Monzon.

"We expect companies that would like to remain index constituents but have a free float of less than 20% to take the
necessary corporate action to address this concern," he added.

The PSE said its sector indices would also see minor changes with the addition of seven securities.

Rizal Commercial Banking Corporation will become a component of the Financials index, while Benguet Corporation
is set to be a constituent of the Mining and Oil index. 

The Property index will see the addition of 8990 Holdings, Inc. and DDMP REIT, Inc. (DDMPR). Phinma Corporation,
Shakey’s Pizza Asia Ventures, Inc., and Synergy Grid & Development Phils., Inc. will be part of the Industrial index.

The PSE MidCap and Dividend Yield (DivY) indices, which were launched in March 2022, will likewise see a revamp
of their 20-member composition.

SCC will be taken out of the PSE MidCap index following its PSEi inclusion, together with Cebu Air, Inc.,
DoubleDragon Corporation, and Filinvest Land, Inc., according to the PSE.

Taking their place as PSE MidCap stocks are AyalaLand Logistics Holdings Corp., DDMPR, SECB, and Union Bank
of the Philippines, it added.

The PSE DivY index, on the other hand, will see the inclusion of the four Real Estate Investment Trusts (REITs) that
debuted in 2021, namely DDMPR, Filinvest REIT Corp., MREIT, Inc. and RL Commercial REIT, Inc. 

Securities that will be removed from the PSE DivY are Robinsons Land Corporation, Robinsons Retail Holdings, Inc.,
SECB, and Universal Robina Corporation, the PSE said. —VBL, GMA News

This article PSE shakes up main index: Semirara in, Security Bank out was originally published in GMA News Online.
Ultra bilyonaryo Ricky Razon has moved closer to clinching control of the Malampaya deep-water gas-to-power
project from Duterte crony Dennis Uy.

Better in Filipino hands: Ricky Razon ‘poised’ to wrest control of Malampaya gas field from Dennis Uy

Prime Exploration, the wildcatting arm of Razon’s Prime Infrastructure Capital, signed a share purchase
agreement to acquire MEXP Holding Pte. Ltd. (MEXP),a subsidiary of Uy’s Udenna Corporation, which bought
Shell Philippines Exploration’s (SPEX) 45 percent stake in Malampaya for $460 million in May 2021.

Bloomberry climbs, PH Resorts falls after Ricky Razon moves to take over Dennis Uy’s Cebu, Clark casino
hotels

Prime did not reveal the purchase price for the shares of SPEX which operated Malampaya since the start of its
commercial operations 21 years ago. The change in ownership is subject to approval by the PNOC-Exploration
(which holds a 10 percent interest in Malampaya) and the Department of Energy.

The SPEX acquisition was signed nearly two months since Razon started the process of acquiring control of
Malampaya from Uy who also owns 45 percent of Malampaya which he bought from Chevron for $565 million
in 2019.

Dennis Uy folds: Ricky Razon to take over Cebu, Clark resorts of cash-strapped PH Resorts

“Once such consents are given and the transition process for a safe and seamless handover of operations is
completed, Prime Infra will assume full ownership and control of SPEX,” said Prime which did not give details on
when it would complete the purchase of Uy’s other 45 percent stake.

Razon said his takeover of Malampaya was aimed at maintaining the country’s energy security and
independence amid the shift to renewable energy.

“We believe that gas is an important transition fuel in the near-term, reducing the need for baseload fossil fuels
like coal. Hence, we intend to accelerate investments on the Malampaya gas field to improve the output of
existing wells and, if possible, develop new wells in the area once the license extension is secured from the
government,” said the Prime chairman.

The service contract of Malampaya, which supplies 20 percent of the country’s electricity needs, is set to expire
in 2024.

Wala ng mautangan? Cash-strapped PH Resorts of Dennis Uy moves back Emerald Bay Cebu casino
completion to Q3 2023

Uy is currently disposing off his business empire’s assets which he amassed from a debt-fueled expansion
during the six years of his fellow Davaoeno and patron, former President Rodrigo Duterte. Razon had
previously agreed to buy Uy’s casino resort projects in Cebu and Clark Freeport.

Philex Mining Corp. is upbeat about its prospects this year given President Bongbong Marcos’ positive
pronouncements on the industry.
Company chairman Manuel V. Pangilinan said that apart from the robust outlook for global metal prices, recent
government pronouncements supporting a revitalized mining industry bode well for Philex.

“These should encourage renewed investor interest and confidence in responsible mineral resource
development. It is time to slay the dragon of our much maligned past, and welcome right and principled mining
as a major participant to authentic nation-building,” Pangilinan said.

For his part, Philex president Eulalio B. Austin Jr. said that while global uncertainties persist because of the
continuing threat of Covid-19 and emerging variants as well as the Russian invasion of Ukraine that disrupted
the global supply chain, the company is optimistic that 2022 would be another good year.

Philex is set to begin the development of the first phase of the Silangan project this year, which will process
around 2,000 tons of ore per day. This will be ramped up to 12,000 tons a day or four millions tons per year by
the 12th year of operations.

The Silangan mine is targeted to start commercial operations in the first quarter of 2025.

Philex reported a 16 percent growth in its first half core earnings this year to P1.33 billion on the back of
sustained operating costs and expenses. Revenues for the first half improved by 6.8 percent to P5.43 billion.

Aboitiz Equity Ventures (AEV) saw its profit decline by 12 percent to P11.8 billion in the six months ending June
this year due to lower contributions from its power generation, banking, food and infrastructure units.

For the second quarter, however, AEV’s net income jumped 60 percent year-on-year to P7.9 billion, boosted by
non-recurring gains of P2 billion.

Subsidiary AboitizPower accounted for 52 percent of the total income contributions during the first half, while
financial services accounted for 31 percent.

AboitizPower’s income contribution to AEV amounted to P5.2 billion, 34 percent lower than the P7.8 billion
recorded a year ago.

UnionBank pumped in P3.1 billion, down 26 percent year-on-year.

Non-listed food units Pilmico Foods Corp., Pilmico Animal Nutrition Corp., and Pilmico International Pte. Ltd.
saw their income plunge by 84 percent to P194 million.

For the infrastructure group, Republic Cement & Building Materials Inc’s income contribution to AEV declined by
87 percent yo P177 million on the back of lower market demand for cement due to increases in the prices of
steel and other construction materials, pre-election construction ban and post-election transition.

Aboitiz Land Inc. and its subsidiaries and Lima Land, Inc., was the only bright spot, with consolidated earnings
growing more than three-fold to P1.2 billion.

“We ended the first half of 2022 with our Great Transformation well underway, with a new chief transformation
officer leading a strong governance network of leaders overseeing our cultural, technological, operational, and
ultimately financial transformations,” Aboitiz Group president and CEO Sabin Aboitiz said.

“From an investor’s standpoint, our primary objective is to make sure these transformations produce a
‘techglomerate premium’ wherein the synergy between all the group’s components is strengthened to the point
where the group as a whole becomes much more valuable than the sum of its parts, such that in the overall
outcome we become a top choice in our stakeholders’ ecosystem,” he added.

Shari-Shari is “share” plus “sari-sari” store

Accessible and simple

Sari-sari local village stores are integral to Filipino life. They are the go-to for convenience and affordability, whether
to satisfy cravings for favorite snacks or provide basic, daily, and emergency needs.

 
Inclusive and affordable
The sari-sari stores allow Filipinos access to products they can buy in small units, or in Filipino “tingi”.
 

Helping Filipinos achieve financial freedom

In rural and remote areas, they act as primary stores and trading centers where people usually congregate. The
collective of sari-sari stores around the country account for a large share of sales of fast-moving consumer goods so
they hold a valuable part in the Philippine economy.
“We’ve seen the problem and experienced the solution first-hand. 
We have the technical capabilities to share the experience with our fellow Filipinos.”
OUR STORY
Our story is like any Juan's story. Our parents raised us with the single-track path - study hard, complete a degree,
get a job, marry, buy a house, and raise a family. 

None of our parents and grandparents invested in the shares market but relied only on traditional income sources –
wages, and profits from small businesses. This upbringing left us with gaps in financial literacy. 

In addition to economic barriers, we encountered psychological barriers to investing and started getting into the PSE
market quite late, in our late 30s and early 40s. 

We want to change this mindset. We want to break these barriers and help Filipinos, especially the younger
generation, including our children, to get financially literate and get investing early.

In the middle of the global pandemic, in 2020, we compared how easy it was to get into the shares market in other
countries than it was in the Philippines. We tried different platforms that allowed us to buy into the New Zealand,
Australia, and US Share Markets almost as easy as ordering food online. Fees in these platforms are relatively
affordable, shares can be bought in fractions, and apps are user-friendly. We thought it would be great if Filipinos had
access to similar investing opportunities. 

Shari-Shari was started by founders who have a unique combination of IT, finance, and business experience who
know the problem by heart, experienced the solution and can build the model that is tailor-fit for their fellow Filipinos.

Shari-Shari Innovations Inc. is a technology provider incorporated in the Philippines with an Operator of Payment
System registration under Bangko Sentral ng Pilipinas (BSP). Shari-Shari is not a financial advisor. Brokerage
services are provided by its partner US broker-dealer,  a FINRA/ SIPC member. Nothing on this website is an offer to
sell or a solicitation of an offer to buy securities, products or service.

The content on this website is for illustrative and informational purposes only and any historical returns, expected
returns or projections are hypothetical in nature. Any company stocks and ticker symbols that appear on this website
are incidental and are displayed for illustrative purposes only and do not constitute a recommendation for a particular
security. Investing involves risk & investments may lose value, including the loss of principal. Past performance does
not guarantee future returns. Before investing, carefully consider your investment objectives, time horizon, and overall
risk tolerance as well as the information stated in the product offering prospectus.