DOCSLIB.ORG

May 5, 2021 the Pioneer Domestic Credit Rating Agency

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
May 5, 2021 the Pioneer Domestic Credit Rating Agency RATING NEWS May 5, 2021 The Pioneer Domestic Credit Rating Agency San Miguel Corporation’s Bond Issuance of up to P30 billion Receives Highest Rating Philippine Rating Services Corporation (PhilRatings) has assigned an issue credit rating of PRS Aaa for San Miguel Corporation’s (SMC), proposed bond issuance of P20 billion, with an Oversubscription Option of up to P10 billion. This will be the first issuance of SMC in relation to its three- year Shelf Registration of Bonds of up to P50 billion from 2021 to 2024. PhilRatings also maintained its issue credit rating of PRS Aaa, with a Stable Outlook, for the company’s P60 billion in outstanding rated bonds. Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. PRS Aaa is the highest rating assigned by PhilRatings. A Stable Outlook, on the other hand, indicates that the assigned rating is likely to be maintained or to remain unchanged in the next 12 months. The assigned ratings reflect SMC’s well-entrenched market leadership and the solid track record of subsidiaries; its ample liquidity, supported by stable cash flow generation; its manageable leverage position, as the progressive completion of capital-intensive projects reduces the need for debt financing, going forward; and its experienced management team, providing a large degree of assurance on the company’s bullish growth strategy and resilience. PhilRatings’ ratings are based on available information and projections at the time that the rating review was performed. PhilRatings shall continuously monitor developments relating to SMC and may change the ratings at any time, should circumstances warrant a change. SMC is one of the largest conglomerates in the Philippines, with diversified businesses ranging from beverages, food, packaging, fuel and oil, energy, infrastructure and cement, and with investments in property, car distributorship and banking services. The Company’s major subsidiaries enjoy strong market positions. These companies include: San Miguel Food and Beverage, Inc. (SMFB), a widely- recognized food and beverage company which holds market-leading positions in the beer, spirits and various food categories; San Miguel Yamamura Packaging Corporation (SMYPC), a leading packaging company which provides total packaging solutions to major food, pharmaceutical, beverages and personal care manufacturers; Petron Corporation (Petron) a leading integrated oil refining and marketing company in the Philippines, with an over-all market share of 24% as of the first half of 2020 (1H2020); SMC Global Power Holdings Corporation (SMC Global Power), one of the Philippines’ largest power companies, controlling 4,697 megawatts (MW) of combined capacity as of December 31, 2020, and which benefits from diversified fuel sources (including natural gas, coal and hydroelectric). SMC Global Power estimates its market shares of the National, Luzon, and Mindanao Grids at 20%, 27%, and 8%, respectively, as of December 31, 2020; and San Miguel Holdings Corporation (SMHC), the Group’s infrastructure arm which holds the concession rights to construct, manage, and operate one of the Page 1 of 2 country’s largest infrastructure networks. SMHC built the Tarlac-Pangasinan-La Union Expressway (TPLEX), South Luzon Expressway (SLEX), Skyway Stages 1, 2 and 3, the Southern Tagalog Arterial Road (STAR), the NAIA Expressway (NAIAx), and Bulacan Bulk Water Supply Project. It also operates and is currently expanding the Boracay Airport, while development works for the following projects are presently under progress: Skyway Stage 4, SLEX Toll Road 4 (SLEX-TR4), SLEX Toll Road 5 (SLEX-TR5), Mass Rail Line Transit Line 7 (MRT-7), Pasig River Expressway (PAREX), and the Manila International Airport. SMC benefits from its diversified business portfolio, deemed mostly as necessities, which are basic for daily living, amid the pandemic and quarantine restrictions. Furthermore, SMC’s management team is considered to have a solid background in managing the company’s operating environment, enabling the company to remain strong, resilient and bullish on its mid- to long-term prospects amid the ongoing COVID-19 pandemic. Consolidated net income in 2H2020 amounted to P25.9 billion, reversing the 1H2020 net loss of P3.99 billion that was largely due to the economy’s contraction and quarantine restrictions. The improvement of the performance in the second half resulted mainly from the sustained recovery of all major businesses, combined with effective cost-saving initiatives implemented throughout the SMC Group. Despite the recovery in 2H2020, though, consolidated net income in 2020 still dropped by 55% to P21.9 billion. Net cash flows provided by operating activities remained positive, amounting to P50.9 billion in 2020. Operating cash was mostly used for investments; in particular, additions to plant, property and equipment (PPE), as well as other non-current assets. As of 2020, current ratio stood at 1.6x. Cash from operations will continue to be positive for the forecast period 2021-2027. Cash outlay for PPE and other non-current assets will be highest in 2021 – 2023 as such will be allotted for the completion and operation of SMC’s major projects. As of end-2020, debt to equity ratio1 stood at 1.92x, an improvement from 2.16x in 2019 and within historical levels. Equity went up by 14% to P655.1 billion, mostly due to the balance of capital securities, amounting to P28.2 billion in 2020. The capital securities pertain to the issuance of US$500 million in senior perpetual capital securities (SPCS) and redeemable perpetual securities (RPS), net of documentary stamp taxes and other expenses directly related to the issuance. 1 Debt to equity ratio is computed by SMC according to the following formula: Total Liabilities / Equity Page 2 of 2.
Load more

Recommended publications
  • 06 SEPTEMBER 2020, SUNDAY Headline STRATEGIC September 06, 2020 COMMUNICATION & Editorial Date INITIATIVES Column SERVICE 1 of 1 Opinion Page Feature Article
    06 SEPTEMBER 2020, SUNDAY Headline STRATEGIC September 06, 2020 COMMUNICATION & Editorial Date INITIATIVES Column SERVICE 1 of 1 Opinion Page Feature Article DENR: Much ado over Baywalk makeover Published 6 hours ago on September 6, 2020 01:10 AM By MJ Blancaflor Bright ideas are not the monopoly of critics. This, the Department of Environment and Natural Resources (DENR) emphasized Saturday as it took a swipe at critics of Manila Bay’s “white sand” makeover, saying the project was reviewed by “smart” employees of the agency. In a radio interview, Environment Undersecretary Benny Antiporda lamented that critics were quick to “insinuate” that the P389-million project was senseless. “That’s what they said as well when we had closed Boracay. But those noisy groups did not say anything when we finished the project,” Antiporda told DZBB. “Not all intelligent people are from them. There are also smart people in the DENR and the Department of Public Works and Highways who studied this project,” he added. His remarks came after environmental groups raised alarm on the DENR’s move to pour artificial sand on Manila Bay’s shores, saying the project is focused on aesthetics but has little to offer on rehabilitation and restoration. The plan is to add a one-meter thick of synthetic sand at the 500-meter stretch of Manila Bay to make it look like Boracay. Antiporda belied claims that the pulverized dolomite rocks poured in the bay’s naturally gray shoreline could easily be washed out by storm surges, adding that engineering interventions like Geotubes were in place.
    [Show full text]
  • 1St Quarter Accomplishment
    PES Monitoring Report PHILIPPINE NATIONAL CONSTRUCTION CORPORATION 2019 WEIGHT OBJECTIVE / MEASURES FORMULA RATING SCALE ST Target 1 QUARTER ACCOMPLISHMENT SO 1 Maximize Stakeholder Value Construction and Development of Real Properties Signed Lease Contract with Tokogawa Global Signed Lease Contract for Porac 4% Corp. for Porac Property dated 30 January Porac Property SM1 2019 (Annex A) Signed Lease Contract with Ley Construction All or Nothing Signed Lease Contract for the 3 FCA 4% & Development for FCA Parking area dated Areas in FCA Property Actual May 8, 2018 (Annex B) Accomplishment Bicutan 4% Disposition of Bicutan Property No update yet Actual / Target x Weight SM2 Percentage of Satisfied Customers 8% 90% No survey conducted yet 0% = If less CUSTOMERS STAKEHOLDERS/ than 80% SUBTOTAL 20% SO 2 Establish Sound Legal and Ethical Internal Investment Framework Expansion of Presidential Decree (P.D.) Actual Filing of Bill for the Amendment SM 3 5% All or Nothing No update yet 1894 Accomplishment of P.D. 1894 SO 3 Improve Internal Systems and Procedures • Creation of ISO Core Team (Annex C-1) • ISO 9001:2015 Interpretation and Actual Application Training of Employees (Annex SM 4 ISO Certification 6% All or Nothing ISO Certification 9001:2015 Accomplishment C-2) • Formulation of Quality Policy (Annex C-3) • Business Process Mapping (Annex C-4) SO 4 Enhance Mobility of People and Commerce Construction and Development of Expressway INTERNAL PROCESS • Signed Memorandum of Understanding with Philippine Skylanders International, Memorandum of Agreement on Inc. (PSI) for PAREX Project dated March a. Pasig River Expressway Project Actual SM 5 5% All or Nothing PAREX Submitted to the NEDA 15, 2017 (Annex D-1) (PAREX) Accomplishment and GCG for Approval • Certification on Extension of MOU with PSI dated May 10, 2018 (Annex D-2) 1 Page As of 30 April 2019 PES Monitoring Report 2019 OBJECTIVE / MEASURES FORMULA WEIGHT RATING SCALE Target 1ST QUARTER ACCOMPLISHMENT b.
    [Show full text]
  • Metro Manila Bridges Project
    Initial Environmental Examination June 2021 Philippines: Metro Manila Bridges Project Prepared by the Department of Public Works and Highways for the Asian Development Bank. CURRENCY EQUIVALENTS (as of 11 May 2021) Currency unit – peso/s (₽) ₽1.00 = $0.02 $1.00 = ₽47.89 ABBREVIATIONS NOTE In this report, "$" refers to United States dollars. This initial environmental examination is a document of the borrower. The views expressed herein do not necessarily represent those of ADB's Board of Directors, Management, or staff, and may be preliminary in nature. Your attention is directed to the “terms of use” section on ADB’s website. In preparing any country program or strategy, financing any project, or by making any designation of or reference to a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area. PHI: Metro Manila Bridges Project 3 Priority Bridges, Marikina Initial Environmental Examination TABLE OF CONTENTS EXECUTIVE SUMMARY ..............................................................................................................................10 I. INTRODUCTION ..................................................................................................................................18 A. RATIONALE ......................................................................................................................................................................... 18 B. OBJECTIVES OF THE PROJECT
    [Show full text]
  • C O V E R S H E
    C O V E R S H E E T for SEC FORM 20-IS SEC Registration Number A 1 9 9 7 0 1 4 5 1 C O M P A N Y N A M E N L E X C O R P O R A T I O N PRINCIPAL OFFICE ( No. / Street / Barangay / City / Town / Province ) N L E X C O M P O U N D , B A L I N T A W A K , C A L O O C A N C I T Y Form Type Department requiring the report Secondary License Type, If Applicable 2 0 - I S C O M P A N Y I N F O R M A T I O N Company’s Email Address Company’s Telephone Number Mobile Number [email protected] 8-580-8900 – No. of Stockholders Annual Meeting (Month / Day) Fiscal Year (Month / Day) 18 - December 31 CONTACT PERSON INFORMATION The designated contact person MUST be an Officer of the Corporation Name of Contact Person Email Address Telephone Number/s Mobile Number Ms. Maria Theresa O. Wells [email protected] 8-580-8900 – CONTACT PERSON’s ADDRESS NLEX Compound, Balintawak, Caloocan City NOTE 1 : In case of death, resignation or cessation of office of the officer designated as contact person, such incident shall be reported to the Commission within thirty (30) calendar days from the occurrence thereof with information and complete contact details of the new contact person designated. 2 : All Boxes must be properly and completely filled-up.
    [Show full text]
  • Neaiiionnn A
    () neaiiionnn a ZJiA wzuxiwtitn rim iír'iVA ,IriVJ,ir,JrViQiri,t!r,4 !rtw,iimnrAiI!tFtkx,HriiItiY) UNEP Regional Seas Reports and Studies No. 116 Prepared in co-operation with , s1 4t Association of Sojtheast Asian Marine Scientists i1llaI1DI Note: This document was prepared for the United Nations Environment Progranme (UNEP) with the editorial assistance of the Association of Southeast Asian Marine Scientists (ASEAMS) under the project FP/5102-82--05 as a contribution to the development of the action plan for the protection and development of the marine and coastal areas of the East Asian Seas Region. The designations employed and the presentation of the material in this document do not imply the expression of any opinion whatsoever on the part of UNEP concerning the legal status of any State, Territory, city or area, or of its authorities, or concerning the delimitations of its frontiers or boundaries. For bibliographic purposes this document may be cited as: ASEAMS/UNEP: Proceedings of the First ASEAMS Symposium on Southeast Asian Marine Science and Environmental Protection. UNEP Regional Seas Reports and Studies No. 116. UNEP, 1990. p eoz-O®R iL V - : - I.-.-- - - A9A ZS UNITED NATIONS ENVIRONMENT PROGRAMME Proceedings of the Finil A SEA MS Symposium on Southeast Asian Marine Science and Environmental Protection UNEP Regional Seas Reports and Studies No. 116 Prepared in co—operation with C9 = Association of Southeast Asian Marine Scientists IJNEP 1990 PREFACE The United Nations Conference on the HtNnan Envirorinent (Stockholm, 5-16 June 1912) adopted the Action Plan for the Hisnan Environment, including the General Principles for Assessment and Control of Marine Pollution.
    [Show full text]
  • A Policy Brief on Philippine Roads and Rail Infrastructure
    A Policy Brief on Philippine Roads and Rail Infrastructure AUTHOR JOHN D. FORBES is a private business consultant, author, and public speaker. He is Senior Adviser of the Arangkada Philippines Project at the American Chamber of Commerce of the Philippines (AmCham) and chairman of its Legislative Committee. He is also a senior counselor for Vriens and Partners Pte. Ltd. of Singapore. John is the author of Arangkada Philippines 2010: A Business Perspective and two AmCham Roadmaps to More Foreign Investment in the Philippines. The American Enterprise Institute published his monograph Jamaica: Managing Political and Economic Change in a Third World Democracy. He received his education from Georgetown University, Princeton University, and Harvard University and served as an American diplomat for 25 years, beginning in Vietnam and the Philippines. John worked in the Bureau of East Asia and Pacific Affairs, the Bureau of Congressional Affairs, the Policy Planning Staff, the US Congress, and as a Special Assistant to the Undersecretary for Political Affairs. POLICY BRIEF EDITORIAL TEAM: Editor-in-Chief: John D. Forbes Managing Editor: Sarah Kathrina F. Gomez Economic Researcher: Charles John P. Marquez Research Assistant: Lia Angela H. Daus Cover: Christina Maria D. Tuguigui Layout: Mary Grace Dilag-Mojica LIST OF SPONSORS • American Chamber of Commerce of the Philippines, Inc. • Australian-New Zealand Chamber of Commerce of the Philippines • Bankers Association of the Philippines • Canadian Chamber of Commerce of the Philippines • Confederation of Wearable Exporters of the Philippines • European Chamber of Commerce of the Philippines • Foundation for Economic Freedom • Japanese Chamber of Commerce and Industry of the Philippines, Inc.
    [Show full text]
  • Follow-Up Survey on Roadmap for Transport Infrastructure Development for Greater Capital Region (Gcr)
    REPUBLIC OF THE PHILIPPINES NATIONAL ECONOMIC DEVELOPMENT AUTHORITY (NEDA) FOLLOW-UP SURVEY ON ROADMAP FOR TRANSPORT INFRASTRUCTURE DEVELOPMENT FOR GREATER CAPITAL REGION (GCR) FINAL REPORT SUMMARY August 2019 JAPAN INTERNATIONAL COOPERATION AGENCY (JICA) ALMEC Corporation PP JR 19-003 REPUBLIC OF THE PHILIPPINES NATIONAL ECONOMIC DEVELOPMENT AUTHORITY (NEDA) FOLLOW-UP SURVEY ON ROADMAP FOR TRANSPORT INFRASTRUCTURE DEVELOPMENT FOR GREATER CAPITAL REGION (GCR) FINAL REPORT SUMMARY August 2019 JAPAN INTERNATIONAL COOPERATION AGENCY (JICA) ALMEC Corporation TABLE OF CONTENTS 1 INTRODUCTION ....................................................................................................... 1 2 ASPIRATIONS .......................................................................................................... 1 3 CURRENT AND FUTURE CONDITIONS .................................................................. 2 4 DEVELOPMENT DIRECTIONS ................................................................................ 6 5 ROADS ................................................................................................................... 11 6 PUBLIC TRANSPORTATION ................................................................................. 17 7 GATEWAY PORTS AND LOGISTICS .................................................................... 22 8 TRANSIT ORIENTED DEVELOPMENTS ............................................................... 24 9 IMPLEMENTATION ...............................................................................................
    [Show full text]
  • Paving the Road to Property Growth Infrastructure Implementation to Sustain Property’S Growth Amid Disruption
    Colliers Flash | Infrastructure | Manila | 5 March 2021 Paving the road to property growth Infrastructure implementation to sustain property’s growth amid disruption Insights & recommendations INFRASTRUCTURE SPENDING LOWER GLOBAL Despite Covid-19’s disruption to the NOW AT 4.5% GDP INFRASTRUCTURE RANKING Philippine property market, Colliers recommends developers continue Data from the DBM* show that infrastructure spending reached The need for quality infrastructure is reflected in the country’s global maximizing the government’s plan of PHP681 billion (USD14 billion) in 2020, down 23% from the PHP881.7 ranking compared to its regional peers. Data from the World ramping up infrastructure development billion (USD18.5 billion) in 20191 as the government realigned funds for Economic Forum (WEF) show that the Philippines ranked 96th in by implementing the following: its COVID-19 response. Infrastructure spending accounted for about infrastructure out of 141 countries in 2019, down from 92nd in 4.5% of GDP in 2020, down from 5.4% in 2019. The government plans 2018. This will likely propel the administration to ramp up • Strategic landbanking in areas outside to spend at least PHP1.17 trillion (USD24.5 billion) in 2021 or 5.9% of infrastructure spending. In our opinion, the infrastructure push of of Metro Manila as infrastructure GDP, higher than the 2-4% average from 2011 to 20162. the government should benefit the real estate industry and provide spending should enable decentralization developers an impetus to redevelop viable areas into integrated from the urban core to the provinces communities. around Metro Manila. • Expansion of mixed-use developments outside the capital region.
    [Show full text]
  • The World Bank Halcrow Group Limited
    The World Bank A Tale of Three Cities: Urban Rail Concessions in Bangkok, Kuala Lumpur and Manila Final Report 2nd December 2004 Halcrow Group Limited This paper was commissioned for the ADB-JBIC-World Bank East Asia and Pacific Infrastructure Flagship Study. The views expressed are those of the author only The World Bank A Tale of Three Cities: Urban Rail Concessions in Bangkok, Kuala Lumpur and Manila Report 2nd December 2004 Halcrow Group Limited Halcrow Group Limited Vineyard House 44 Brook Green London W6 7BY Tel +44 (0)20 7602 7282 Fax +44 (0)20 7603 0095 www.halcrow.com Halcrow Group Limited has prepared this report in accordance with the instructions of their client, The World Bank, for their sole and specific use. Any other persons who use any information contained herein do so at their own risk. © Halcrow Group Limited 2004 Halcrow Group Limited Vineyard House 44 Brook Green London W6 7BY Tel +44 (0)20 7602 7282 Fax +44 (0)20 7603 0095 www.halcrow.com Contents Executive Summary ES1 ES.1 The Case Study Experience ES1 ES.2 Future Policy ES2 ES.3 Problems to be Avoided ES6 ES.4 Best Practices to Pursue ES7 PART A THE CASE STUDY EXPERIENCE 1 1 Introduction 1 1.1 The Report 1 1.2 Our Approach 1 1.3 Rationale for MRT Systems 2 1.4 Structure of the Report 3 2 The Concession Projects 4 2.1 Introduction 4 2.2 The City Environments 4 2.3 The Concession Projects 5 2.4 Development of the Projects 8 3 Assessment of the Concession Projects 13 3.1 Basis of Assessment 13 3.2 Has a Beneficial Private Concession MRT Project been Implemented?
    [Show full text]
  • 52083-002: Malolos-Clark Railway Project
    Environmental Monitoring Report Semi-annual Environmental Monitoring Report No. 1 March 2020 PHI: Malolos-Clark Railway Project – Tranche 1 Volume V September 2019 – March 2020 Prepared by the Project Management Office (PMO) of the Department of Transportation (DOTr) for the Government of the Republic of the Philippines and the Asian Development Bank. CURRENCY EQUIVALENTS (as of 30 March 2020) Currency unit – Philippine Peso (PHP) PHP1.00 = $0.02 $1.00 = PHP50.96 ABBREVIATIONS ADB – Asian Development Bank BMB – Biodiversity Management Bureau Brgy – Barangay CCA – Climate Change Adaptation CCC – Climate Change Commission CDC – Clark Development Corporation CEMP – Contractor’s Environmental Management Plan CENRO – City/Community Environment and Natural Resources Office CIA – Clark International Airport CIAC – Clark International Airport Corporation CLLEx – Central Luzon Link Expressway CLUP – Comprehensive Land Use Plan CMR – Compliance Monitoring Report CMVR – Compliance Monitoring and Validation Report CNO – Certificate of No Objection CPDO – City Planning and Development Office DAO – DENR Administrative Order DD / DED – Detailed Design Stage / Detailed Engineering Design Stage DENR – Department of Environment and Natural Resources DepEd – Department of Education DIA – Direct Impact Area DILG – Department of Interior and Local Government DOH – Department of Health DOST – Department of Science and Technology DOTr – Department of Transportation DPWH – Department of Public Works and Highways DSWD – Department of Social Welfare and Development
    [Show full text]
  • Chapter 6 Row Acquisition
    CHAPTER 6 ROW ACQUISITION CHAPTER 6 ROW ACQUISITION 6.1 GENERAL ROW ACQUISITION PROCEDURE Delay in ROW acquisition is one of the serious problems of infrastructure projects, particularly PPP projects. ROW acquisition requires numerous research works, documentations and constant dialogue with the affected people. It should be understood that ROW acquisition requires length of time, so that it should be started as early as possible with enough staff, logistic support, and timely disbursement of budget. ROW acquisition steps are as follows and detailed procedure is discussed in the succeeding pages; ROW ACQUISITION STEPS STEP – 1 : Highway Design Drawing with Delineation of ROW STEP – 2 : Preparation of IROW Plan STEP – 3 : Preparation of Parcellary Plan STEP – 4 : Prepare Estimate of Land Acquisition Cost and Improvement Cost STEP – 5 : Negotiated Sale STEP – 6 : Validation and Evaluation of IROW Claims STEP – 7 : Expropriation Proceedings, when Negotiated Sale is failed STEP – 8 : Transfer of Transfer Certificate of Title (TCT) to the Republic of the Philippines 6-1 Related Laws or Department Order STEP-1: Highway Design Drawing with Delineation of R-O-W (Plan & Profile) • Plan and Profile (Scale: 1/1,000 ~ 1/2,000 • Road Right-of-Way (IROW) Limit Map STEP-2: Preparation of IROW Plan (Scale 1/2,000) • Legal Framework: Objective: As part of the Detailed Engineering Design, main objective is to delineate the centerline of the roadway so that extent of the area required to accommodate the proposed alignment can be identified. − RA No. 8974 To facilitate subsequent preparation of parcellary plans, affected (2000) lots, existing structures, improvements, etc are already identified and plotted on a Settlements Map.
    [Show full text]
  • 04 SEPTEMBER 2020, FRIDAY Headline STRATEGIC September 04, 2020 COMMUNICATION & Editorial Date INITIATIVES Column SERVICE 1 of 1 Opinion Page Feature Article
    04 SEPTEMBER 2020, FRIDAY Headline STRATEGIC September 04, 2020 COMMUNICATION & Editorial Date INITIATIVES Column SERVICE 1 of 1 Opinion Page Feature Article LMB, LRA working to link databases Published September 3, 2020, 11:48 AM by Ellalyn De Vera-Ruiz The Land Management Bureau (LMB) and the Land Registration Authority (LRA) are working on linking together their respective land information databases as they aim to provide the public a seamless and worry-free land-related transactions in the coming months. A joint memorandum circular is now being drafted that would allow both agencies to link together their land information databases using a software intermediary called Application Programming Interface (API). API will connect the LMB’s Land Administration and Management System (LAMS) with the LRA’s Philippine Land Registration and Information System (PHILARIS). LMB is the agency responsible for providing direction and technical support to the Department of Environment and Natural Resources (DENR) field offices on land management and administration, while the LRA is an attached agency of the Department of Justice that handles the registration and transfer of land titles issued through administrative and judicial proceedings. LMB Director Emelyne Talabis said the data-sharing innovation is part of the government’s intensified efforts to cut red tape and improve the quality of frontline services to the public, pursuant to Ease of Doing Business and Efficient Government Service Delivery Act of 2018. “The new system will relieve land title applicants from directly requesting and submitting land records from each agency as part of the verification and registration requirements,” Talabis said. “This will significantly reduce turnaround time in the processing of land transactions,” she added.
    [Show full text]