Manila Bulletin
MANILA, Philippines — Listed cement manufacturer Holcim Philippines, Inc. Wednesday said it has adjusted its prices by 6% in Luzon effective last month largely due to high cost of coal.
This would translate to P10 increase in price per 40 kilogram bag of Holcim cement in Luzon, but Holcim said current prices per bag differ from area to area. Hardware stores are selling now at P190 to P200 per bag of cement. The other two big cement manufacturers Lafarge and Cemex, however, have not yet notified of any price adjustment.
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Wednesday, July 13, 2011
Tuesday, July 12, 2011
MPIC details plans for share sale gains
NEIL JEROME C. MORALES
BusinessWorld
METRO PACIFIC Investments Corp. (MPIC) plans to disburse the entire P8.64-billion proceeds from its recent share sale within the year, with spending eyed not just for toll roads in the company’s pipeline but also “new businesses not necessarily disclosed.”
On Friday, MPIC sold 2.4 billion shares to Metro Pacific Holdings and some “qualified buyers” at P3.60 apiece, 5% lower than the P3.79 closing price on Thursday.
The share sale had increased the total number of outstanding shares by roughly 5% and thus had caused Metro Pacific Holdings’ interest to drop to 56.54% of MPIC instead of 59.63%. Shareholdings of the public, inclusive of the investors to the offer, meanwhile increased by 3.1%.
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BusinessWorld
METRO PACIFIC Investments Corp. (MPIC) plans to disburse the entire P8.64-billion proceeds from its recent share sale within the year, with spending eyed not just for toll roads in the company’s pipeline but also “new businesses not necessarily disclosed.”
On Friday, MPIC sold 2.4 billion shares to Metro Pacific Holdings and some “qualified buyers” at P3.60 apiece, 5% lower than the P3.79 closing price on Thursday.
The share sale had increased the total number of outstanding shares by roughly 5% and thus had caused Metro Pacific Holdings’ interest to drop to 56.54% of MPIC instead of 59.63%. Shareholdings of the public, inclusive of the investors to the offer, meanwhile increased by 3.1%.
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Saturday, July 9, 2011
San Miguel invites 5 banks for power unit IPO
Reuters/ABS-CBN News
MANILA, Philippines - San Miguel Corp. said on Friday it has invited three foreign and two local investment banks to assist in the public offer of its power arm within this year.
San Miguel has invited Goldman Sachs Group Inc., UBS AG, and Standard Chartered Bank, and local investment banks ATR Kim Eng and SB Capital Corp., a unit of Security Bank, to manage the planned initial public offering within this year, it said in a statement to the stock exchange.
San Miguel also clarified its unit SMC Global Power Holdings Corp. would be offering its shares to the public, not San Miguel Energy Corp., as it disclosed on Thursday.
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MANILA, Philippines - San Miguel Corp. said on Friday it has invited three foreign and two local investment banks to assist in the public offer of its power arm within this year.
San Miguel has invited Goldman Sachs Group Inc., UBS AG, and Standard Chartered Bank, and local investment banks ATR Kim Eng and SB Capital Corp., a unit of Security Bank, to manage the planned initial public offering within this year, it said in a statement to the stock exchange.
San Miguel also clarified its unit SMC Global Power Holdings Corp. would be offering its shares to the public, not San Miguel Energy Corp., as it disclosed on Thursday.
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Cebu Pacific sees lower 2011 profit on fuel costs
Reuters/ABS-CBN News
MANILA, Philippines - Budget carrier Cebu Air Inc. said on Thursday high fuel costs were hurting the airline industry, but the strength of Asian economies would support the growth of low-cost carriers (LCC) in the region.
Cebu Air, operator of the country's largest budget airline Cebu Pacific and a unit of conglomerate JG Summit Holdings Inc., expects a lower net profit this year compared to 2010's P6.9 billion on costlier fuel and lower passenger load, Chief Executive Lance Gokongwei said.
However, profit in the second quarter was likely to exceed its net income in January to March because the airline had raised its fuel surcharge in late March, he told reporters.
"2011 is proving to be a tough year for all airlines, particularly with the issue of rising fuel costs and increasing competition," Gokongwei told reporters.
First-quarter net income was P1.2 billion, down 23% from a year earlier.
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MANILA, Philippines - Budget carrier Cebu Air Inc. said on Thursday high fuel costs were hurting the airline industry, but the strength of Asian economies would support the growth of low-cost carriers (LCC) in the region.
Cebu Air, operator of the country's largest budget airline Cebu Pacific and a unit of conglomerate JG Summit Holdings Inc., expects a lower net profit this year compared to 2010's P6.9 billion on costlier fuel and lower passenger load, Chief Executive Lance Gokongwei said.
However, profit in the second quarter was likely to exceed its net income in January to March because the airline had raised its fuel surcharge in late March, he told reporters.
"2011 is proving to be a tough year for all airlines, particularly with the issue of rising fuel costs and increasing competition," Gokongwei told reporters.
First-quarter net income was P1.2 billion, down 23% from a year earlier.
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MPIC sells shares to fund tollway ventures
BusinessWorld
METRO PACIFIC Investments Corp. (MPIC) has raised P8.64 billion through a private placement for its toll road projects, the firm said in a disclosure on Friday.
The transaction involved 2.4 billion shares which were sold at P3.60 apiece, 5% lower than the P3.79 closing price on Thursday. The firm saw its shares end Friday at P3.60 per.
"This undertaking prepares us for the planned expansion of our toll roads business that will bring us closer to realizing our vision of connecting the North Expressway to the South into one seamless highway," Jose Ma. K. Lim, president and CEO, said in the disclosure.
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METRO PACIFIC Investments Corp. (MPIC) has raised P8.64 billion through a private placement for its toll road projects, the firm said in a disclosure on Friday.
The transaction involved 2.4 billion shares which were sold at P3.60 apiece, 5% lower than the P3.79 closing price on Thursday. The firm saw its shares end Friday at P3.60 per.
"This undertaking prepares us for the planned expansion of our toll roads business that will bring us closer to realizing our vision of connecting the North Expressway to the South into one seamless highway," Jose Ma. K. Lim, president and CEO, said in the disclosure.
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Monday, June 27, 2011
Meralco buys Aboitiz unit for coal plant
ENJD
Business World
MANILA ELECTRIC Co. (Meralco) has moved to acquire a controlling stake in the Aboitiz Power Corp. unit that is building a 600-megawatt coal-fired plant in Zambales, disclosures filed with the local bourse showed.
RP Energy has the development rights over the coal-fired power plant planned to rise at the Subic Bay Freeport Zone. The planned acquisition falls in step with Meralco’s plans to start building a 1,500-megawatt (MW) power generation portfolio starting with a 600-MW base load plant and a 150-MW peaking plant by 2014.
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Business World
MANILA ELECTRIC Co. (Meralco) has moved to acquire a controlling stake in the Aboitiz Power Corp. unit that is building a 600-megawatt coal-fired plant in Zambales, disclosures filed with the local bourse showed.
RP Energy has the development rights over the coal-fired power plant planned to rise at the Subic Bay Freeport Zone. The planned acquisition falls in step with Meralco’s plans to start building a 1,500-megawatt (MW) power generation portfolio starting with a 600-MW base load plant and a 150-MW peaking plant by 2014.
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Fitch upgrades PLDT credit rating, may raise score further
Kathleen A. Martin
BusinessWorld
PHILIPPINE LONG Distance Telephone Co. (PLDT) has bagged another credit score upgrade, this time from Fitch Ratings which noted the improved climate in the country and possible gains from the telco’s acquisition of rival Digital Telecommunications Philippines, Inc. (Digitel).
The telecommunications giant’s long-term foreign currency issuer default ratings was raised to BBB- from BB+ with a stable outlook, Fitch said in a statement late on Friday.
Its credit score for debts in local currency was meanwhile raised to BBB+ from BBB, with the outlook for this rating on “positive watch.”
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BusinessWorld
PHILIPPINE LONG Distance Telephone Co. (PLDT) has bagged another credit score upgrade, this time from Fitch Ratings which noted the improved climate in the country and possible gains from the telco’s acquisition of rival Digital Telecommunications Philippines, Inc. (Digitel).
The telecommunications giant’s long-term foreign currency issuer default ratings was raised to BBB- from BB+ with a stable outlook, Fitch said in a statement late on Friday.
Its credit score for debts in local currency was meanwhile raised to BBB+ from BBB, with the outlook for this rating on “positive watch.”
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EDC seals $175M loan facility with 7 foreign banks
Amy R. Remo
Philippine Daily Inquirer
MANILA, Philippines—The Energy Development Corp., the country’s largest geothermal energy producer, closed on Monday a six-year $175-million transferable syndicated term loan facility with seven foreign banking groups.
In a disclosure to the Philippine Stock Exchange, EDC said it would use the proceeds of the loan solely to refinance the company’s existing three-year $175-million transferable syndicated term facility maturing on June 2013.
The new loan, EDC said, effectively lengthened the remaining life of the existing facility to six years from two years and has substantially lowered interest costs.
The total firm underwritten commitment received from the seven banks was in excess of $600 million, three times more than the target amount.
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Philippine Daily Inquirer
MANILA, Philippines—The Energy Development Corp., the country’s largest geothermal energy producer, closed on Monday a six-year $175-million transferable syndicated term loan facility with seven foreign banking groups.
In a disclosure to the Philippine Stock Exchange, EDC said it would use the proceeds of the loan solely to refinance the company’s existing three-year $175-million transferable syndicated term facility maturing on June 2013.
The new loan, EDC said, effectively lengthened the remaining life of the existing facility to six years from two years and has substantially lowered interest costs.
The total firm underwritten commitment received from the seven banks was in excess of $600 million, three times more than the target amount.
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Wednesday, June 8, 2011
Inflation leaves analysts guessing rates
A. S. O. Alegado
BusinessWorld
AN INFLATION RATE in May that settled at the lower end of the central bank’s 4.5%-5.5% estimate for that month has left analysts guessing on next week’s rate-setting action.
Two banks said they expect the Bangko Sentral ng Pilipinas (BSP) to pause from its two rate hikes last March and May when it meets on June 16, while another believes the fact last month’s inflation rate was the highest in more than a year warrants continued monetary policy tightening.
The central bank has raised key rates twice, so far, this year, by 25 basis points (bps) in each occasion. The last such action, last May 5, raised these rates to 4.5% for overnight borrowing and to 6.5% for overnight lending.
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BusinessWorld
AN INFLATION RATE in May that settled at the lower end of the central bank’s 4.5%-5.5% estimate for that month has left analysts guessing on next week’s rate-setting action.
Two banks said they expect the Bangko Sentral ng Pilipinas (BSP) to pause from its two rate hikes last March and May when it meets on June 16, while another believes the fact last month’s inflation rate was the highest in more than a year warrants continued monetary policy tightening.
The central bank has raised key rates twice, so far, this year, by 25 basis points (bps) in each occasion. The last such action, last May 5, raised these rates to 4.5% for overnight borrowing and to 6.5% for overnight lending.
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MetroPac firms up plans for Cebu expressway, Clark airport
NEIL JEROME C. MORALES
BusinessWorld
METRO PACIFIC Investments Corp. (MPIC) is firming up plans to build a toll road in Cebu and operate an airport in Clark with the projects’ feasibility studies expected to be completed by the second half of the year, officials said.
“Hopefully before the year ends, we can come up with the [results of a Cebu toll road] study,” Ramoncito S. Fernandez, president of MPIC unit Metro Pacific Tollways Corp., told BusinessWorld in a chance interview.
Metro Pacific Tollways has also reported plans to spend P25 billion for three big-ticket projects in the next four years. Segment 9 -- the four-lane, 2.42-kilometer (km.) stretch -- is eyed to connect NLEx to MacArthur Highway in Valenzuela City while the two-lane, 5.65-km.
Segment 10 is planned to run through MacArthur Highway to Radial Road R-10. These come on top of the 13.2-km. connector road that will link NLEx at C-3 Road to Skyway 1 along South Luzon Expressway in Makati.
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BusinessWorld
METRO PACIFIC Investments Corp. (MPIC) is firming up plans to build a toll road in Cebu and operate an airport in Clark with the projects’ feasibility studies expected to be completed by the second half of the year, officials said.
“Hopefully before the year ends, we can come up with the [results of a Cebu toll road] study,” Ramoncito S. Fernandez, president of MPIC unit Metro Pacific Tollways Corp., told BusinessWorld in a chance interview.
Metro Pacific Tollways has also reported plans to spend P25 billion for three big-ticket projects in the next four years. Segment 9 -- the four-lane, 2.42-kilometer (km.) stretch -- is eyed to connect NLEx to MacArthur Highway in Valenzuela City while the two-lane, 5.65-km.
Segment 10 is planned to run through MacArthur Highway to Radial Road R-10. These come on top of the 13.2-km. connector road that will link NLEx at C-3 Road to Skyway 1 along South Luzon Expressway in Makati.
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Aboitiz coal plant bags Davao council approval
JOEL B. ESCOVILLA
BusinessWorld
DAVAO CITY -- Aboitiz Power Corp.’s plans to build a 300-megawatt, coal-fired power plant here has been granted endorsement by nearly all local councilors, thus paving the way for permits from the mayor and other state agencies to be released.
The city council also approved a corollary resolution on first reading that amends the site’s zoning to accommodate the power plant.
All but one councilor endorsed the P25-billion project at Tuesday’s regular session.
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BusinessWorld
DAVAO CITY -- Aboitiz Power Corp.’s plans to build a 300-megawatt, coal-fired power plant here has been granted endorsement by nearly all local councilors, thus paving the way for permits from the mayor and other state agencies to be released.
The city council also approved a corollary resolution on first reading that amends the site’s zoning to accommodate the power plant.
All but one councilor endorsed the P25-billion project at Tuesday’s regular session.
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SMC pursues big foreign acquisition
JAMES A. LOYOLA
Manila Bulletin
MANILA, Philippines — Diversifying conglomerate San Miguel Corporation expects to seal an agreement for a major acquisition of an Asian company in July this year.
In an interview with reporters, SMC president Ramon S. Ang said the target company is one that SMC has been eyeing for a long time and they just could not let the opportunity pass even though the firm has shifted focus in its investment strategy from overseas expansion to domestic diversification.
While not naming the company or the industry its in, Ang said it is a company with ‘very big potential, very profitable and has a good network.”
“We can’t let this opportunity pass,” Ang said Tuesday at a briefing after San Miguel’s annual stockholders’ meeting.The target company in Asia is “very profitable and it has a big potential,” he said, declining to elaborate. San Miguel, a brewer for more than a century, plans to double its power- generation capacity in five to seven years, Chairman Eduardo Cojuangco told shareholders today.
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Manila Bulletin
MANILA, Philippines — Diversifying conglomerate San Miguel Corporation expects to seal an agreement for a major acquisition of an Asian company in July this year.
In an interview with reporters, SMC president Ramon S. Ang said the target company is one that SMC has been eyeing for a long time and they just could not let the opportunity pass even though the firm has shifted focus in its investment strategy from overseas expansion to domestic diversification.
While not naming the company or the industry its in, Ang said it is a company with ‘very big potential, very profitable and has a good network.”
“We can’t let this opportunity pass,” Ang said Tuesday at a briefing after San Miguel’s annual stockholders’ meeting.The target company in Asia is “very profitable and it has a big potential,” he said, declining to elaborate. San Miguel, a brewer for more than a century, plans to double its power- generation capacity in five to seven years, Chairman Eduardo Cojuangco told shareholders today.
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Monday, June 6, 2011
SMC diversification paying off, say investment houses
Doris C. Dumlao
Philippine Daily Inquirer
The 120-year-old San Miguel Corp. is starting to reap the fruits of its diversification into a conglomerate that no longer relies on its steady but maturing traditional businesses of food and beverage production, analysts said.
SMC, which is holding its annual stockholders’ meeting Tuesday, is now getting more coverage from foreign equity researchers for the first time since its entry into new businesses—power, oil refining, infrastructure, mining, banking and telecommunications—three years ago. Its shares have become more actively traded at the local stock exchange compared with the last two years when many investors were uncertain about its corporate strategy.
With its transformation, Goldman Sachs said in a May 31 report that SMC was now “well-placed” to benefit from the strong growth of its new businesses, citing its strong position in oil refining, power generation and electricity distribution (with its stake in Meralco).
“We believe SMC’s transformation is yet to be fully completed (oil refinery upgrade to be fully completed in end-2013 and material infrastructure contribution starts only in 2016), and see more potential upside from current levels,” Goldman Sachs added.
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Philippine Daily Inquirer
The 120-year-old San Miguel Corp. is starting to reap the fruits of its diversification into a conglomerate that no longer relies on its steady but maturing traditional businesses of food and beverage production, analysts said.
SMC, which is holding its annual stockholders’ meeting Tuesday, is now getting more coverage from foreign equity researchers for the first time since its entry into new businesses—power, oil refining, infrastructure, mining, banking and telecommunications—three years ago. Its shares have become more actively traded at the local stock exchange compared with the last two years when many investors were uncertain about its corporate strategy.
With its transformation, Goldman Sachs said in a May 31 report that SMC was now “well-placed” to benefit from the strong growth of its new businesses, citing its strong position in oil refining, power generation and electricity distribution (with its stake in Meralco).
“We believe SMC’s transformation is yet to be fully completed (oil refinery upgrade to be fully completed in end-2013 and material infrastructure contribution starts only in 2016), and see more potential upside from current levels,” Goldman Sachs added.
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Philex January-May output up 60% to P6.72B
MADELAINE FAYE D. CABRERA
Malaya Business Insight
Philex Mining Corp., the country’s largest and most profitable gold and copper producer, yesterday said production from January to May this year increased 60 percent to P6.72 billion from P4.21 billion in the same period last year.
Philex said shipments in the first five months of this year rose 44 percent to P4.72 billion from P3.28 billion.
Rogelio Laraya, Philex senior adviser, said the Padcal mine in May alone delivered 810,763 dry metric tons (DMT) of ore, resulting in 5,881 DMT of concentrates containing 62.19 grams of gold per DMT, 24.38 percent copper, and 59.48 grams of silver per DMT.
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Malaya Business Insight
Philex Mining Corp., the country’s largest and most profitable gold and copper producer, yesterday said production from January to May this year increased 60 percent to P6.72 billion from P4.21 billion in the same period last year.
Philex said shipments in the first five months of this year rose 44 percent to P4.72 billion from P3.28 billion.
Rogelio Laraya, Philex senior adviser, said the Padcal mine in May alone delivered 810,763 dry metric tons (DMT) of ore, resulting in 5,881 DMT of concentrates containing 62.19 grams of gold per DMT, 24.38 percent copper, and 59.48 grams of silver per DMT.
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Aboitiz subsidiary to power Batangas power distributor
BC/VS, GMA News
The Energy Regulatory Commission (ERC) on Monday approved a three-year power supply contract between AP Renewables Inc. and First Bay Power Corp.
AP Renewables, a unit of the Aboitiz Power Corp., will be sourcing the power for Firs Bay from the Tiwi Geothermal Power Plant in Albay and the Makban Geothermal Power Plants in Laguna and Batangas.
Since acquiring the power plants, AP Renewables has been the assignee of the National Power Corp. (Napocor) contracts which includes First Bay. Two years ago, First Bay asked the ERC to extend the transition supply contract from Oct. 25, 2009 to Jan. 25, 2010.
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The Energy Regulatory Commission (ERC) on Monday approved a three-year power supply contract between AP Renewables Inc. and First Bay Power Corp.
AP Renewables, a unit of the Aboitiz Power Corp., will be sourcing the power for Firs Bay from the Tiwi Geothermal Power Plant in Albay and the Makban Geothermal Power Plants in Laguna and Batangas.
Since acquiring the power plants, AP Renewables has been the assignee of the National Power Corp. (Napocor) contracts which includes First Bay. Two years ago, First Bay asked the ERC to extend the transition supply contract from Oct. 25, 2009 to Jan. 25, 2010.
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BSP may raise key rates to head off inflation
Ronnel W. Domingo
Philippine Daily Inquirer
The Bangko Sentral ng Pilipinas may decide to raise its key policy rates by 25 basis points next week as inflation is expected to peak in the next few months, according to Standard Chartered Bank.
As a result, the BSP’s overnight borrowing rate may rise to 4.75 percent, and the lending rate to 6.75 percent.
Authorities are scheduled to meet on June 16 to decide on the monetary policy.
In a research note, Standard Chartered raised the gross domestic product (GDP) growth forecast for the Philippines this year to 5.7 percent from 5.4 percent in light of “more sustainable growth dynamics.”
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Philippine Daily Inquirer
The Bangko Sentral ng Pilipinas may decide to raise its key policy rates by 25 basis points next week as inflation is expected to peak in the next few months, according to Standard Chartered Bank.
As a result, the BSP’s overnight borrowing rate may rise to 4.75 percent, and the lending rate to 6.75 percent.
Authorities are scheduled to meet on June 16 to decide on the monetary policy.
In a research note, Standard Chartered raised the gross domestic product (GDP) growth forecast for the Philippines this year to 5.7 percent from 5.4 percent in light of “more sustainable growth dynamics.”
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Thursday, June 2, 2011
Manila’s ICTSI launches bid to buy Singapore’s Portek
G7Finance.com
MANILA, June 1 (Reuters) – The Philippines’ International Container Terminal Services Inc (ICTSI)on Wednesday launched a takeover bid for Singapore’s Portek International Ltd, offering to buy its shares at a 69 percent premium to market prices.
The Manila-based port operator offered S$1.20 for each Portek share, valuing the port operator at around S$180 million ($146 million). Portek shares had closed at S$0.71 on Tuesday.
ICTSI, with a market value of around $2 billion, said in a stock exchange disclosure its ICTSI Far East Pte Ltd unit made the conditional offer through financial adviser HSBC .
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MANILA, June 1 (Reuters) – The Philippines’ International Container Terminal Services Inc (ICTSI)on Wednesday launched a takeover bid for Singapore’s Portek International Ltd, offering to buy its shares at a 69 percent premium to market prices.
The Manila-based port operator offered S$1.20 for each Portek share, valuing the port operator at around S$180 million ($146 million). Portek shares had closed at S$0.71 on Tuesday.
ICTSI, with a market value of around $2 billion, said in a stock exchange disclosure its ICTSI Far East Pte Ltd unit made the conditional offer through financial adviser HSBC .
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Megawide bags P1.5B Belle casino project
Doris C. Dumlao
Inquirer.net
Newly listed Megawide Construction Corp. has bagged a P1.5-billion contract for a casino complex being developed along Manila Bay by leisure estate and gaming firm Belle Corp.
In a statement on Wednesday, Megawide said the new contract for the succeeding phases of Belle Grande Manila Bay complex includes construction of structural and civil works of two hotel towers, four condotels and an additional casino floor.
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Inquirer.net
Newly listed Megawide Construction Corp. has bagged a P1.5-billion contract for a casino complex being developed along Manila Bay by leisure estate and gaming firm Belle Corp.
In a statement on Wednesday, Megawide said the new contract for the succeeding phases of Belle Grande Manila Bay complex includes construction of structural and civil works of two hotel towers, four condotels and an additional casino floor.
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Metro Pacific to raise capital stock to P30B
CMA/VS, GMA News
Metro Pacific Investments Corp. (MPIC), the local unit of Hong Kong-based First Pacific Co. Ltd., has received the nod from the Securities and Exchange Commission to raise its authorized capital stock.
In a disclosure to the Philippine Stock Exchange on Thursday, MPIC said its authorized capital stock will be raised to P30.05 billion from P24.24 billion.
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Metro Pacific Investments Corp. (MPIC), the local unit of Hong Kong-based First Pacific Co. Ltd., has received the nod from the Securities and Exchange Commission to raise its authorized capital stock.
In a disclosure to the Philippine Stock Exchange on Thursday, MPIC said its authorized capital stock will be raised to P30.05 billion from P24.24 billion.
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Tuesday, May 31, 2011
MPIC, SMC seeking foreign partners with track record in train operations
Paolo G. Montecillo
Philippine Daily Inquirer
Two major potential bidders for the joint Light Rail Transit (LRT) and Metro Rail Transit (MRT) operations contract are currently searching for foreign partners that can give them the technical expertise to operate the commuter train lines.
San Miguel Corp. president and chief operating officer Ramon S. Ang on Monday said the company was in talks with several foreign groups that would enable the conglomerate to take on the project.
Optimal Infrastructure Inc., a unit of SMC, was among the 16 companies that have so far bought bid documents for the five-year P14-billion project from the Department of Transportation and Communications.
The government has said that no local bidder was qualified to take on the project, given the need for a background in operating trains, as stipulated in the terms of reference.
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Philippine Daily Inquirer
Two major potential bidders for the joint Light Rail Transit (LRT) and Metro Rail Transit (MRT) operations contract are currently searching for foreign partners that can give them the technical expertise to operate the commuter train lines.
San Miguel Corp. president and chief operating officer Ramon S. Ang on Monday said the company was in talks with several foreign groups that would enable the conglomerate to take on the project.
Optimal Infrastructure Inc., a unit of SMC, was among the 16 companies that have so far bought bid documents for the five-year P14-billion project from the Department of Transportation and Communications.
The government has said that no local bidder was qualified to take on the project, given the need for a background in operating trains, as stipulated in the terms of reference.
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SMC set to sell 49% stake in power-generation units
Amy R. Remo
Philippine Daily Inquirer
Conglomerate San Miguel Corp. plans to sell as much as 49 percent of its stake in power-generation assets, according to president Ramon S. Ang.
On the sidelines of the Manila Electric Co. (Meralco) annual stockholders’ meeting on Tuesday, Ang told reporters that San Miguel wanted to retain only 51 percent or a controlling interest in these assets.
He was, however, quick to dismiss speculations that SMC was selling assets due to challenges in the local energy industry. He also noted that the company was not doing this merely to raise funds, as San Miguel had more than enough cash.
“We have over $3.5 billion,” Ang said.
When asked how the conglomerate will conduct the divestment, Ang said SMC may either sell interests in San Miguel Energy Corp. (SMEC), the company’s energy investment arm, or sell on a per-asset basis, “whichever may be easier.”
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Philippine Daily Inquirer
Conglomerate San Miguel Corp. plans to sell as much as 49 percent of its stake in power-generation assets, according to president Ramon S. Ang.
On the sidelines of the Manila Electric Co. (Meralco) annual stockholders’ meeting on Tuesday, Ang told reporters that San Miguel wanted to retain only 51 percent or a controlling interest in these assets.
He was, however, quick to dismiss speculations that SMC was selling assets due to challenges in the local energy industry. He also noted that the company was not doing this merely to raise funds, as San Miguel had more than enough cash.
“We have over $3.5 billion,” Ang said.
When asked how the conglomerate will conduct the divestment, Ang said SMC may either sell interests in San Miguel Energy Corp. (SMEC), the company’s energy investment arm, or sell on a per-asset basis, “whichever may be easier.”
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PNB, Allied merger nearing completion
Manila Bulletin
MANILA, Philippines — Philippine National Bank (PNB) and Allied Banking Corp., both controlled by tycoon Lucio Tan, expect to finalize the merger this year following months of close negotiations with US regulators on the disposition of Allied Bank's 28 percent equity in California-based Oceanic Bank.
PNB President Eugene Acevedo is confident that talks with US regulators will yield definitive results in the next months. "We've been talking (with US regulators) in the last 4-5 months and we have had constructive discussions with them (on) what is acceptable. We're hoping to get the show on the road by the end of this year," he said.
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MANILA, Philippines — Philippine National Bank (PNB) and Allied Banking Corp., both controlled by tycoon Lucio Tan, expect to finalize the merger this year following months of close negotiations with US regulators on the disposition of Allied Bank's 28 percent equity in California-based Oceanic Bank.
PNB President Eugene Acevedo is confident that talks with US regulators will yield definitive results in the next months. "We've been talking (with US regulators) in the last 4-5 months and we have had constructive discussions with them (on) what is acceptable. We're hoping to get the show on the road by the end of this year," he said.
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Meralco to put up 300-MW coal-fired power plant
Amy R. Remo
Inquirer.net
Manila Electric Co., the country’s biggest power distributor, said it planned to put up a 300-megawatt coal-fired power plant in an area north of Manila.
This is the second project being eyed for the $2.3-billion, 1,500-megawatt power generation portfolio that Meralco is planning to build. The first, which was announced earlier, is the 150-MW Liquefied Natural Gas (LNG)-fired plant in Laguna.
Meralco will likely start the construction of the coal-fired power generation plant this year. It is targeted for completion in 2014.
In a briefing following the company’s stockholders’ meeting on Tuesday, Meralco chief operating officer Oscar Reyes said Meralco might be spending about $2 million to produce a megawatt of power from this coal facility. This means the project may cost at least $600 million (roughly P27 billion).
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Inquirer.net
Manila Electric Co., the country’s biggest power distributor, said it planned to put up a 300-megawatt coal-fired power plant in an area north of Manila.
This is the second project being eyed for the $2.3-billion, 1,500-megawatt power generation portfolio that Meralco is planning to build. The first, which was announced earlier, is the 150-MW Liquefied Natural Gas (LNG)-fired plant in Laguna.
Meralco will likely start the construction of the coal-fired power generation plant this year. It is targeted for completion in 2014.
In a briefing following the company’s stockholders’ meeting on Tuesday, Meralco chief operating officer Oscar Reyes said Meralco might be spending about $2 million to produce a megawatt of power from this coal facility. This means the project may cost at least $600 million (roughly P27 billion).
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PSE study shows stock market investors near the 500,000 mark
Manila Bulletin
MANILA, Philippines — The Philippine Stock Exchange (PSE) said investor accounts grew 4.8 percent to 498,838 in 2010 from 476,194 accounts the previous year.
In a study conducted by the PSE, retail or individual accounts continued to grab the lion’s share at 95 percent or 474,002 of total accounts while institutional accounts or those held by corporations cornered 5 percent.
“We are pleased to note that the number of investors is nearing the 500,000 mark. We remain cognizant of the challenges facing the PSE as not even a percent of the population is represented in the stock market,” PSE President and Chief Executive Officer Hans B. Sicat said.
In terms of nationality, accounts held by local investors comprised 98.5 percent of total accounts while foreign accounts cornered 1.5 percent. Foreign accounts were however more active than their local counterparts in 2010. Of the total foreign accounts, 36.8 percent were active while only 23.9 percent of total local accounts were considered active. Both local and foreign accounts grew in 2010 by 4.6 percent and 13.6 percent, respectively.
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MANILA, Philippines — The Philippine Stock Exchange (PSE) said investor accounts grew 4.8 percent to 498,838 in 2010 from 476,194 accounts the previous year.
In a study conducted by the PSE, retail or individual accounts continued to grab the lion’s share at 95 percent or 474,002 of total accounts while institutional accounts or those held by corporations cornered 5 percent.
“We are pleased to note that the number of investors is nearing the 500,000 mark. We remain cognizant of the challenges facing the PSE as not even a percent of the population is represented in the stock market,” PSE President and Chief Executive Officer Hans B. Sicat said.
In terms of nationality, accounts held by local investors comprised 98.5 percent of total accounts while foreign accounts cornered 1.5 percent. Foreign accounts were however more active than their local counterparts in 2010. Of the total foreign accounts, 36.8 percent were active while only 23.9 percent of total local accounts were considered active. Both local and foreign accounts grew in 2010 by 4.6 percent and 13.6 percent, respectively.
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Sunday, May 29, 2011
Philippine economy grew 4.9 percent in Q1
Inquirer.net
MANILA – The Philippines said Monday its economy expanded by a lower-than-expected 4.9 percent in the three months to March, due to a drop in global trade and less spending on infrastructure.
“Underspending by the government and the slowdown in global trade constricted the economy to a lower growth… of 4.9 percent in the first quarter,” the agency’s secretary general Romulo Virola said in a statement.
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MANILA – The Philippines said Monday its economy expanded by a lower-than-expected 4.9 percent in the three months to March, due to a drop in global trade and less spending on infrastructure.
“Underspending by the government and the slowdown in global trade constricted the economy to a lower growth… of 4.9 percent in the first quarter,” the agency’s secretary general Romulo Virola said in a statement.
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P25-billion Aboitiz coal power plant in Davao bags tax perks
BusinessWorld
ABOITIZ-LED Therma South, Inc. has bagged tax breaks for its coal power plant straddling Davao City and Davao del Sur, the Board of Incentives (BoI) said in a statement yesterday.
The 300-megawatt, P25-billion power plant is slated to operate by January 2015 and employ 121 personnel, the state agency said in a statement.
Under the current Investment Priorities Plan, power generation projects are among the preferred business activities qualified for incentives such as income tax holidays and duty-free entry of imported equipment.
Therma South is a wholly owned subsidiary of Therma Power, Inc. and an affiliate of Aboitiz Power Corp.
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ABOITIZ-LED Therma South, Inc. has bagged tax breaks for its coal power plant straddling Davao City and Davao del Sur, the Board of Incentives (BoI) said in a statement yesterday.
The 300-megawatt, P25-billion power plant is slated to operate by January 2015 and employ 121 personnel, the state agency said in a statement.
Under the current Investment Priorities Plan, power generation projects are among the preferred business activities qualified for incentives such as income tax holidays and duty-free entry of imported equipment.
Therma South is a wholly owned subsidiary of Therma Power, Inc. and an affiliate of Aboitiz Power Corp.
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San Miguel acquires Keppel’s shipyard in Cebu
BusinessWorld
SAN MIGUEL Corp.’s shipping unit has acquired majority control over the Cebu shipyard of Keppel Philippines Holdings, Inc. for P596.2 million, a disclosure filed with the local bourse on Friday showed.
Keppel, in the disclosure, said it has agreed to sell a 72% stake in Keppel Cebu Shipyard Land, Inc. as commercial operations on the site have already ceased anyway.
"The sale was approved as [we] no longer has shipyard operations on the said land," Keppel said, noting that the sale involved 36.07 million shares.
The "deed of absolute sale of shares and irrevocable proxy" was executed on Friday by Goodsoil Marine -- the Keppel unit in charge of the Cebu subsidiary -- and San Miguel’s SMC Shipping and Lighterage Corp.
Goodsoil Marine reportedly received the full payment in cash on the same day.
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SAN MIGUEL Corp.’s shipping unit has acquired majority control over the Cebu shipyard of Keppel Philippines Holdings, Inc. for P596.2 million, a disclosure filed with the local bourse on Friday showed.
Keppel, in the disclosure, said it has agreed to sell a 72% stake in Keppel Cebu Shipyard Land, Inc. as commercial operations on the site have already ceased anyway.
"The sale was approved as [we] no longer has shipyard operations on the said land," Keppel said, noting that the sale involved 36.07 million shares.
The "deed of absolute sale of shares and irrevocable proxy" was executed on Friday by Goodsoil Marine -- the Keppel unit in charge of the Cebu subsidiary -- and San Miguel’s SMC Shipping and Lighterage Corp.
Goodsoil Marine reportedly received the full payment in cash on the same day.
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Philippines faces middle-income trap
Manila Bulletin
MANILA, Philippines — The Asian Development Bank (ADB) just published an extremely valuable document entitled Asia 2050: Realizing the Asian Century. From a first reading of this very well researched study, I came out with two major conclusions.
First, that Asia is not predestined to inherit the twenty first century. Asian leaders and societies can still make terrible mistakes in political and economic strategies and fall into what is called the "middle-income" trap, failing to capitalize on their great potentials for joining the advanced countries in the next forty years. Second, among the Asian countries in greatest danger of falling into the middle-income trap is the Philippines, having already done so in the last thirty years.
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MANILA, Philippines — The Asian Development Bank (ADB) just published an extremely valuable document entitled Asia 2050: Realizing the Asian Century. From a first reading of this very well researched study, I came out with two major conclusions.
First, that Asia is not predestined to inherit the twenty first century. Asian leaders and societies can still make terrible mistakes in political and economic strategies and fall into what is called the "middle-income" trap, failing to capitalize on their great potentials for joining the advanced countries in the next forty years. Second, among the Asian countries in greatest danger of falling into the middle-income trap is the Philippines, having already done so in the last thirty years.
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BDO forecasts 19% earnings growth
By LEE C. CHIPONGIAN
Manila Bulletin
MANILA, Philippines — Banco de Oro Unibank Inc. (BDO), the country's biggest in asset size, expects to raise its net income by 19 percent this year to P10.5 billion, boosted by continued growth in net interest income and lower funding costs.
BDO chair Teresita Sy-Coson said in a statement, "we had good growth momentum and we hope to continue with that in 2011 and again produce a credible performance despite the challenges we see both internally and from outside the Philippines."
BDO President Nestor V. Tan said the bank is also raising P3 billion to P5 billion lower Tier 2 capital in the next weeks, the first tranche of the P15-billion 10-year unsecured subordinated debt the bank is issuing to fund business expansion plans. "(We're) raising the funds to finance our growth (and) to have good medium term funding for our balanced sheet," said Tan.
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Manila Bulletin
MANILA, Philippines — Banco de Oro Unibank Inc. (BDO), the country's biggest in asset size, expects to raise its net income by 19 percent this year to P10.5 billion, boosted by continued growth in net interest income and lower funding costs.
BDO chair Teresita Sy-Coson said in a statement, "we had good growth momentum and we hope to continue with that in 2011 and again produce a credible performance despite the challenges we see both internally and from outside the Philippines."
BDO President Nestor V. Tan said the bank is also raising P3 billion to P5 billion lower Tier 2 capital in the next weeks, the first tranche of the P15-billion 10-year unsecured subordinated debt the bank is issuing to fund business expansion plans. "(We're) raising the funds to finance our growth (and) to have good medium term funding for our balanced sheet," said Tan.
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Filinvest to expand hotel portfolio, eyes 3 projects
BusinessWorld
FILINVEST DEVELOPMENT Corp. plans to pursue a larger presence in the hospitality industry by building a chain of budget hotels, an official said late last week.
“We have two [budget hotels] that [are] in the planning process,” Josephine G. Yap, Filinvest Development president and chief executive officer, told reporters at the sidelines of the firm’s annual stockholders’ meeting on Friday.
The two developments will be constructed by Filarchipelago Hospitality, Inc., a joint venture between Filinvest Development and Singapore-based Archipelago International Pte. Ltd., Ms. Yap said.
The firm’s first and only hotel is the Crimson Resort and Spa in Mactan, Cebu, opened in October 2010. The deluxe hotel complex is managed and operated by the joint venture.
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FILINVEST DEVELOPMENT Corp. plans to pursue a larger presence in the hospitality industry by building a chain of budget hotels, an official said late last week.
“We have two [budget hotels] that [are] in the planning process,” Josephine G. Yap, Filinvest Development president and chief executive officer, told reporters at the sidelines of the firm’s annual stockholders’ meeting on Friday.
The two developments will be constructed by Filarchipelago Hospitality, Inc., a joint venture between Filinvest Development and Singapore-based Archipelago International Pte. Ltd., Ms. Yap said.
The firm’s first and only hotel is the Crimson Resort and Spa in Mactan, Cebu, opened in October 2010. The deluxe hotel complex is managed and operated by the joint venture.
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Tuesday, May 24, 2011
AGI: 30 McDonald’s stores to open in 2011
UP TO 30 new McDonald’s branches are eyed to open in the country every year until 2016 as the expected growths of the economy and business process outsourcing industry are seen to continue to drive consumption, an official from the fastfood firm’s master franchise holder said.
Neil Jerome C. Morales
BusinessWorld
The expansion plan comes even as rising commodity costs are expected to keep profits from growing this year, the official said.
“This year, probably we will build 20-30 more restaurants. It may be the same number next year or slightly higher,” Kenneth S. Yang, president and chief executive of master franchise holder Golden Arches Development Corp.
Since the start of the year, the fastfood firm has already hiked prices by an average of 2%.
Rival Jollibee Foods Corp. for its part recorded an 8.8% decline in net income to P631 million in the first quarter.
Mr. Yang owns a 51% stake in Golden Arches, with the remaining 49% stake held by listed Alliance Global Group, Inc. of property tycoon Andrew L. Tan.
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Neil Jerome C. Morales
BusinessWorld
The expansion plan comes even as rising commodity costs are expected to keep profits from growing this year, the official said.
“This year, probably we will build 20-30 more restaurants. It may be the same number next year or slightly higher,” Kenneth S. Yang, president and chief executive of master franchise holder Golden Arches Development Corp.
Since the start of the year, the fastfood firm has already hiked prices by an average of 2%.
Rival Jollibee Foods Corp. for its part recorded an 8.8% decline in net income to P631 million in the first quarter.
Mr. Yang owns a 51% stake in Golden Arches, with the remaining 49% stake held by listed Alliance Global Group, Inc. of property tycoon Andrew L. Tan.
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Credit Suisse buys P860M worth of San Miguel shares
Doris C. Dumlao
Philippine Daily Inquirer
MANILA, Philippines—Credit Suisse (Hong Kong) Ltd. has acquired P860 million worth of San Miguel Corp. common shares earlier this month, thus completing its committed price stabilization program in the aftermath of a secondary share sale by the diversifying conglomerate.
In a disclosure to the Philippine Stock Exchange on Tuesday, SMC posted an advisory from Credit Suisse on the latter’s exercise of the over-allotment option and the completion of the price-stabilizing actions in relation to the recent equity deal.
From May 5 to 20, Credit Suisse acquired a total of 7.88 million shares at an average price of P109.18 each as part of its task as stabilizing manager for the offering.
The purchases helped SMC’s share price firm up in the aftermath of the secondary share sale priced at P110 a share.
On May 5 when secondary common shares placed out to new investors were crossed, SMC shares closed at P109.50, which was the same closing price when Credit Suisse completed its acquisition of 7.88 million shares on May 20.
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Philippine Daily Inquirer
MANILA, Philippines—Credit Suisse (Hong Kong) Ltd. has acquired P860 million worth of San Miguel Corp. common shares earlier this month, thus completing its committed price stabilization program in the aftermath of a secondary share sale by the diversifying conglomerate.
In a disclosure to the Philippine Stock Exchange on Tuesday, SMC posted an advisory from Credit Suisse on the latter’s exercise of the over-allotment option and the completion of the price-stabilizing actions in relation to the recent equity deal.
From May 5 to 20, Credit Suisse acquired a total of 7.88 million shares at an average price of P109.18 each as part of its task as stabilizing manager for the offering.
The purchases helped SMC’s share price firm up in the aftermath of the secondary share sale priced at P110 a share.
On May 5 when secondary common shares placed out to new investors were crossed, SMC shares closed at P109.50, which was the same closing price when Credit Suisse completed its acquisition of 7.88 million shares on May 20.
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SMC:Liberty pursues expansion of broadband network
Paolo G. Montecillo
Philippine Daily Inquirer
MANILA, Philippines—San Miguel Corp. (SMC)-led Liberty Telecom Holdings Inc. is ramping up spending this year to bolster its wireless broadband Internet network in Metro Manila in a bid to gain more market share.
At its annual shareholders’ meeting on Tuesday, the telecom sector’s newest entrant said it would continue laying down the foundation for its Internet services as it works on turning a profit in the next few years.
“We have 48,000 broadband subscribers now. We are targeting much more this year, hopefully double,” Liberty Telecom chairman Ramon S. Ang said.
The company, according to Ang, currently has 400 cell sites in Metro Manila and nearby areas. By the end of the year, he said another 200 would be installed to ensure full coverage in Metro Manila.
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Philippine Daily Inquirer
MANILA, Philippines—San Miguel Corp. (SMC)-led Liberty Telecom Holdings Inc. is ramping up spending this year to bolster its wireless broadband Internet network in Metro Manila in a bid to gain more market share.
At its annual shareholders’ meeting on Tuesday, the telecom sector’s newest entrant said it would continue laying down the foundation for its Internet services as it works on turning a profit in the next few years.
“We have 48,000 broadband subscribers now. We are targeting much more this year, hopefully double,” Liberty Telecom chairman Ramon S. Ang said.
The company, according to Ang, currently has 400 cell sites in Metro Manila and nearby areas. By the end of the year, he said another 200 would be installed to ensure full coverage in Metro Manila.
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Monday, May 23, 2011
MPI: BCDA says no notice of termination of SCTEx Contract
By Coco Alcuaz, ANC
MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) denied it is terminating Manila North Tollways Corp.’s (MNTC) contract to operate the Subic-Clark-Tarlac Expressway (SCTEx). He confirmed terms are being reviewed but said this does not violate the sanctity of contracts.
BCDA President Arnel Casanova was reacting to news reports that quoted Manuel Pangilinan, chairman of MNTC owner Metro Pacific Investments Corp., as saying that BCDA informed the tollroad operator by letter that its 25-year contract would be terminated. Metro Pacific said it is drafting a statement it may release as early as tonight.
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MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) denied it is terminating Manila North Tollways Corp.’s (MNTC) contract to operate the Subic-Clark-Tarlac Expressway (SCTEx). He confirmed terms are being reviewed but said this does not violate the sanctity of contracts.
BCDA President Arnel Casanova was reacting to news reports that quoted Manuel Pangilinan, chairman of MNTC owner Metro Pacific Investments Corp., as saying that BCDA informed the tollroad operator by letter that its 25-year contract would be terminated. Metro Pacific said it is drafting a statement it may release as early as tonight.
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Megawide Construction triples Q1 profits to P104.1 million
Neil Jerome C. Morales
BusinessWorld
MEGAWIDE CONSTRUCTION Corp., a major contractor of SM Development Corp., nearly tripled its profits in the first quarter as more residential projects were completed compared to last year.
Net income surged by 191.35% to P104.1 million in the three-month period versus P35.73 million in the same period last year.
“Megawide Construction continues to experience unprecedented growth registering gross revenues of P1.35 billion for the first quarter of 2011.
This is an increase of 100% compared to revenues booked for the same period in 2010 of P675.6 million,” the company said.
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BusinessWorld
MEGAWIDE CONSTRUCTION Corp., a major contractor of SM Development Corp., nearly tripled its profits in the first quarter as more residential projects were completed compared to last year.
Net income surged by 191.35% to P104.1 million in the three-month period versus P35.73 million in the same period last year.
“Megawide Construction continues to experience unprecedented growth registering gross revenues of P1.35 billion for the first quarter of 2011.
This is an increase of 100% compared to revenues booked for the same period in 2010 of P675.6 million,” the company said.
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EDC inks new $75-million 15-year loan with IFC
By MYRNA M. VELASCO
Manila Bulletin
MANILA, Philippines — To fund its capital outlay, Lopez-controlled Energy Development Corporation (EDC) signed a new $75-million loan facility for a tenor of 15 years with the International Finance Corporation.
“The proceeds of the loans will be used to fund EDC’s medium term capex (capital expenditures) program,” the company has specified in its disclosure to the Philippine Stock Exchange.
The publicly-listed firm has lined up several investments to grow its portfolio in power generation, including those harnessing wind and hydro technologies; which serve as extension of its core expertise in geothermal.
Officials of its parent firm First Gen have indicated that the group’s capital program will mainly focus on EDC’s pipelined investments.
The company is finally moving ahead this year with its proposed 84-megawatt Burgos wind power project in Ilocos Norte, plus additional prospects of the same technology utilization in other sites.
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Manila Bulletin
MANILA, Philippines — To fund its capital outlay, Lopez-controlled Energy Development Corporation (EDC) signed a new $75-million loan facility for a tenor of 15 years with the International Finance Corporation.
“The proceeds of the loans will be used to fund EDC’s medium term capex (capital expenditures) program,” the company has specified in its disclosure to the Philippine Stock Exchange.
The publicly-listed firm has lined up several investments to grow its portfolio in power generation, including those harnessing wind and hydro technologies; which serve as extension of its core expertise in geothermal.
Officials of its parent firm First Gen have indicated that the group’s capital program will mainly focus on EDC’s pipelined investments.
The company is finally moving ahead this year with its proposed 84-megawatt Burgos wind power project in Ilocos Norte, plus additional prospects of the same technology utilization in other sites.
Read here
Economic planning chief sees growth to have slowed in Q1
BusinessWorld
THE NATIONAL Economic and Development Authority (NEDA) expects slower first-quarter economic expansion, citing the absence of key "growth drivers," but insisted that the government remains optimistic the 7%-8% full-year target would be reached.
This was despite a decline in government spending for the first quarter, NEDA Director-General Cayetano W. Paderanga, Jr. said.
"As of the moment we looked at leading numbers...we are looking at an estimate of 4.8%-5.8% for the first quarter," Mr. Paderanga said in a forum yesterday, revising the 5.5%-6% estimate he made over the weekend.
Last year, first-quarter gross domestic product (GDP) grew by 7.8%.
Mr. Paderanga said the lower estimate for 2011 reflected a "normalization process."
"Due to the absence of election spending, a slower growth is really expected," Mr. Paderanga said.
Agriculture likely fueled growth in the fist quarter, but the "services sector went down to a more normal level, although it was a little lower because of the base effect in 2010," he added.
Read here.
THE NATIONAL Economic and Development Authority (NEDA) expects slower first-quarter economic expansion, citing the absence of key "growth drivers," but insisted that the government remains optimistic the 7%-8% full-year target would be reached.
This was despite a decline in government spending for the first quarter, NEDA Director-General Cayetano W. Paderanga, Jr. said.
"As of the moment we looked at leading numbers...we are looking at an estimate of 4.8%-5.8% for the first quarter," Mr. Paderanga said in a forum yesterday, revising the 5.5%-6% estimate he made over the weekend.
Last year, first-quarter gross domestic product (GDP) grew by 7.8%.
Mr. Paderanga said the lower estimate for 2011 reflected a "normalization process."
"Due to the absence of election spending, a slower growth is really expected," Mr. Paderanga said.
Agriculture likely fueled growth in the fist quarter, but the "services sector went down to a more normal level, although it was a little lower because of the base effect in 2010," he added.
Read here.
Friday, May 20, 2011
Jollibee acquires Chowking’s US licensee
By JAMES A. LOYOLA
Manila Bulletin
MANILA, Philippines — Jollibee Foods Corporation (JFC) through subsidiary Tokyo Teriyaki Corporation, is acquiring the assets of all 20 Chowking stores in the USA from the master licensee Fortune Food Service Company and its related companies for $16 million.
In a disclosure to the Philippine Stock Exchange, Jollibee, headed by Chairman-CEO Tony Tan Caktiong, said it has signed an agreement with the Fortune group which currently owns and operates all US Chowking stores of which 18 are in California and one each in Nevada and Washington.
Of the $16 million, $12 million will be paid on May 27, 2011 and $800,000 will be paid annually over the next five years. Tokyo Teriyaki will also take over operations of all Chowking stores in the USA by the end of business on May 27, 2011.
Jollibee said profit of the Chowking stores in the USA for 2010 is positive, and EBITDA for 2010 is about $68,000.
The total 2010 sales for Chowking stores in the USA amount to $19.2 million.
“With this acquisition, JFC will be poised to take a more active role in the further growth of the Chowking business in the USA,” the firm said.
Jollibee has recently borrowed a total of P3.9 billion from foreign banks to finance the group’s capital expenditures and acquisitions in the country and abroad.
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Manila Bulletin
MANILA, Philippines — Jollibee Foods Corporation (JFC) through subsidiary Tokyo Teriyaki Corporation, is acquiring the assets of all 20 Chowking stores in the USA from the master licensee Fortune Food Service Company and its related companies for $16 million.
In a disclosure to the Philippine Stock Exchange, Jollibee, headed by Chairman-CEO Tony Tan Caktiong, said it has signed an agreement with the Fortune group which currently owns and operates all US Chowking stores of which 18 are in California and one each in Nevada and Washington.
Of the $16 million, $12 million will be paid on May 27, 2011 and $800,000 will be paid annually over the next five years. Tokyo Teriyaki will also take over operations of all Chowking stores in the USA by the end of business on May 27, 2011.
Jollibee said profit of the Chowking stores in the USA for 2010 is positive, and EBITDA for 2010 is about $68,000.
The total 2010 sales for Chowking stores in the USA amount to $19.2 million.
“With this acquisition, JFC will be poised to take a more active role in the further growth of the Chowking business in the USA,” the firm said.
Jollibee has recently borrowed a total of P3.9 billion from foreign banks to finance the group’s capital expenditures and acquisitions in the country and abroad.
Read here
Thursday, May 19, 2011
DMCI profit up 61% in Q1
By: Doris C. Dumlao
Philippine Daily Inquirer
MANILA, Philippines—Consunji-led DMCI Holdings Inc. grew its first-quarter consolidated net profit by 61 percent year on year to P2.2 billion on the back of robust coal mining operations of subsidiary Semirara Mining Corp.
The contribution of mining to DMCI’s net income attributable to parent equity holders amounted to P936 million for the quarter, up by 194 percent from a year ago.
DMCI owns 56 percent of Semirara, whose coal mining business benefited from higher coal prices and improved operations.
Semirara reported an improvement in its first-quarter figures with net contribution of P739 million for coal mining and P262 million for power generation in 2011, compared to P312 million and P57 million respectively in 2010.
In a regulatory filing, DMCI reported that sustained improvement in the real estate, water and power segments also boosted its first-quarter bottom line, making up for the slack in the construction business.
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Philippine Daily Inquirer
MANILA, Philippines—Consunji-led DMCI Holdings Inc. grew its first-quarter consolidated net profit by 61 percent year on year to P2.2 billion on the back of robust coal mining operations of subsidiary Semirara Mining Corp.
The contribution of mining to DMCI’s net income attributable to parent equity holders amounted to P936 million for the quarter, up by 194 percent from a year ago.
DMCI owns 56 percent of Semirara, whose coal mining business benefited from higher coal prices and improved operations.
Semirara reported an improvement in its first-quarter figures with net contribution of P739 million for coal mining and P262 million for power generation in 2011, compared to P312 million and P57 million respectively in 2010.
In a regulatory filing, DMCI reported that sustained improvement in the real estate, water and power segments also boosted its first-quarter bottom line, making up for the slack in the construction business.
Read here
Jollibee Q1 earnings down 10%
abs-cbnNEWS.com
MANILA, Philippines - Rising raw material costs and consumer prices took their toll on Jollibee Food Corp.'s (JFC) first quarter profits, which fell nearly 10% from last year.
In a financial filing with the stock exchange, the fast food giant said its net income attributable to equity holders of parent fell 9.9% to P622 million in January to March 2011 from P690 million in the same period last year.
It said both system-wide sales, which is all sales by both company-owned and franchised stores, and revenues grew, but they failed to offset higher costs and expenses.
Revenues climbed 13.7% to P13.97 billion, while system-wide sales jumped 14.7% to P18.7 billion.
"The Jollibee group's net income as a percent of its revenues decreased by 1.1 percentage points to 4.5% in the first quarter of 2011 mainly on account of a 1.3 percentage points increase in the cost of sales as a percent of revenues," explained JFC chief finance officer Ysmael Baysa.
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MANILA, Philippines - Rising raw material costs and consumer prices took their toll on Jollibee Food Corp.'s (JFC) first quarter profits, which fell nearly 10% from last year.
In a financial filing with the stock exchange, the fast food giant said its net income attributable to equity holders of parent fell 9.9% to P622 million in January to March 2011 from P690 million in the same period last year.
It said both system-wide sales, which is all sales by both company-owned and franchised stores, and revenues grew, but they failed to offset higher costs and expenses.
Revenues climbed 13.7% to P13.97 billion, while system-wide sales jumped 14.7% to P18.7 billion.
"The Jollibee group's net income as a percent of its revenues decreased by 1.1 percentage points to 4.5% in the first quarter of 2011 mainly on account of a 1.3 percentage points increase in the cost of sales as a percent of revenues," explained JFC chief finance officer Ysmael Baysa.
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EEI income falls
Neil Jerome C. Morales
BusinessWorld
CONSTRUCTION FIRM EEI Corp. yesterday reported a 31% drop in profits for the first quarter from year-ago levels due to weaker service and merchandise sales, the company said in its financial report.
Its unaudited consolidated net income for January to March fell to P118.6 million from the P172.2 million recorded in the same period last year.
This is in contrast to an income growth last year, when profits of the firm rose by a tenth to P172.23 million in the first quarter due to more domestic construction contracts.
The recent decline comes even as consolidated revenues grew by 11% to 1.69 billion for the period.
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BusinessWorld
CONSTRUCTION FIRM EEI Corp. yesterday reported a 31% drop in profits for the first quarter from year-ago levels due to weaker service and merchandise sales, the company said in its financial report.
Its unaudited consolidated net income for January to March fell to P118.6 million from the P172.2 million recorded in the same period last year.
This is in contrast to an income growth last year, when profits of the firm rose by a tenth to P172.23 million in the first quarter due to more domestic construction contracts.
The recent decline comes even as consolidated revenues grew by 11% to 1.69 billion for the period.
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Japan slips back into recession
By Lisa Twaronite and Michael Kitchen
Los Angeles Times
Japan's economy shrank last quarter by almost double the margin economists had expected, as the March disaster pushed the country back into recession.
Gross domestic product contracted 0.9% during the January-March quarter, marking a 3.7% annualized drop, the Cabinet Office reported Thursday.
The result showed a far greater drop than a median forecast for a 0.5% quarter-over-quarter contraction.
On Monday, Prime Minister Naoto Kan said the second extra budget for this fiscal year aimed at disaster reconstruction might not be ready until August.
Thursday's data "could intensify pressure on the Kan government to bring forward the second stimulus package to accelerate reconstruction efforts," said Prakash Sakpal, an economist at ING Financial Markets Research.
A drop in domestic demand took 0.8 of a percentage point off growth last quarter. Business investment fell 0.9% and consumer spending declined 0.6%.
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Los Angeles Times
Japan's economy shrank last quarter by almost double the margin economists had expected, as the March disaster pushed the country back into recession.
Gross domestic product contracted 0.9% during the January-March quarter, marking a 3.7% annualized drop, the Cabinet Office reported Thursday.
The result showed a far greater drop than a median forecast for a 0.5% quarter-over-quarter contraction.
On Monday, Prime Minister Naoto Kan said the second extra budget for this fiscal year aimed at disaster reconstruction might not be ready until August.
Thursday's data "could intensify pressure on the Kan government to bring forward the second stimulus package to accelerate reconstruction efforts," said Prakash Sakpal, an economist at ING Financial Markets Research.
A drop in domestic demand took 0.8 of a percentage point off growth last quarter. Business investment fell 0.9% and consumer spending declined 0.6%.
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GMA Network expects stronger earnings
Manila Bulletin
MANILA, Philippines — Emboldened by its second quarter performance, GMA Network expects its earnings to bounce back above the P3 billion this year despite a drop in first quarter profits.
In an interview after the firm’s annual stockholders’ meeting, GMA chairman Felipe Gozon said he expects the firm to surpass last year’s P2.82 billion and ‘its going to be big. All I can say is it's going to be more than P3 billion.’
He explained that revenues were good in April ‘but May is really fantastic. We are over P1 billionin TV sales for Channel 7 only (as of May 17, 2011) and this is not an election year.’
Gozon said they have already increased advertising rates this year and the network continues to lead ratings based on the Nielsen Audience Measurement.
GMA reported that its net income for the first quarter of 2011 fell 37.5 percent to P534 million from the P855 million recorded during the same period last year when the firm benefited from political advocacies and advertisements.
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Aboitiz allots P100-billion capex for power projects next 3 years
By MYRNA M. VELASCO
Manila Bulletin
MANILA, Philippines — The power generation segment of the Aboitiz conglomerate will chalk up the P100 billion capital expenditures (capex) that it has lined up from 2011 to 2013.
Aboitiz Power Corporation president and chief executive officer Erramon I. Aboitiz indicated that the projects covered by the capital outlay are just the items already approved, such as the coal plants to be sited in Subic and Davao.
“The capex will be spread over three years,” he stressed, adding that there would still be a probability for it to be revised upwards if its Magat plant expansion will be given approval this year.
“The Magat expansion has not been approved yet,” he stressed, but if that will be pursued this year that will add about $150 million in the company’s budget for 90-MW capacity addition.
For year 2011, the budget allocation will be P43 billion, just for the jumpstart point of the coal plants and the smaller hydro facilities as cast in the company’s investment blueprint.
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Manila Bulletin
MANILA, Philippines — The power generation segment of the Aboitiz conglomerate will chalk up the P100 billion capital expenditures (capex) that it has lined up from 2011 to 2013.
Aboitiz Power Corporation president and chief executive officer Erramon I. Aboitiz indicated that the projects covered by the capital outlay are just the items already approved, such as the coal plants to be sited in Subic and Davao.
“The capex will be spread over three years,” he stressed, adding that there would still be a probability for it to be revised upwards if its Magat plant expansion will be given approval this year.
“The Magat expansion has not been approved yet,” he stressed, but if that will be pursued this year that will add about $150 million in the company’s budget for 90-MW capacity addition.
For year 2011, the budget allocation will be P43 billion, just for the jumpstart point of the coal plants and the smaller hydro facilities as cast in the company’s investment blueprint.
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Tuesday, May 17, 2011
Aboitiz company to invest P42B in power business
By Aileen Garcia-Yap
Cebu Daily News
Aboitiz Equity Ventures (AEV) will spend P42 billion this year to increase the capacity of its power-generation business.
Erramon Aboitiz, AEV president and chief executive officer, said after the AEV's annual stockholders meeting yesterday that of the P44 billion capital expenditure set for this year, P42 billion would be focused on the power-generation business while the P2 billion would be for AEV's other businesses in banking and food.
Aboitiz said the P44 billion capital expenditure this year was made possible after AEV, which is the holding company of the Aboitiz group of companies, achieved a record-high consolidated revenue increase of 113 percent in 2010 or close to P75 billion.
The AEV officials' decision to pour more investments into their power businesses was influenced by the excellent and still high growth potential for the business.
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Cebu Daily News
Aboitiz Equity Ventures (AEV) will spend P42 billion this year to increase the capacity of its power-generation business.
Erramon Aboitiz, AEV president and chief executive officer, said after the AEV's annual stockholders meeting yesterday that of the P44 billion capital expenditure set for this year, P42 billion would be focused on the power-generation business while the P2 billion would be for AEV's other businesses in banking and food.
Aboitiz said the P44 billion capital expenditure this year was made possible after AEV, which is the holding company of the Aboitiz group of companies, achieved a record-high consolidated revenue increase of 113 percent in 2010 or close to P75 billion.
The AEV officials' decision to pour more investments into their power businesses was influenced by the excellent and still high growth potential for the business.
Read here
Cement companies in midst of price war
Malaya Business Insight
Cement companies are in the midst of a price war.
Prices of cement have fallen to P185 to P190 per bag at retail, against P220 to P230 in the middle of last year.
A source said low demand due to slow construction activities in the public sector, particularly infrastructure, has led to the price war.
Heightened construction boom in the private sector, the source said, is keeping sales but not enough to boost sales.
The source said the Cement Manufacturers Association of the Philippines (CEMAP) requested an audience with the Department of Trade and Industry recently to inquire on the status of various infrastructure projects, particularly roads, which consume a lot of cement.
The source said CEMAP is also dealing with issues on quality, urging that testing be made mandatory especially on the components of cement.
Data from CEMAP shows cement sales dropping 6.7 percent in the first quarter after abnormally high sales in the same period in 2010.
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Cement companies are in the midst of a price war.
Prices of cement have fallen to P185 to P190 per bag at retail, against P220 to P230 in the middle of last year.
A source said low demand due to slow construction activities in the public sector, particularly infrastructure, has led to the price war.
Heightened construction boom in the private sector, the source said, is keeping sales but not enough to boost sales.
The source said the Cement Manufacturers Association of the Philippines (CEMAP) requested an audience with the Department of Trade and Industry recently to inquire on the status of various infrastructure projects, particularly roads, which consume a lot of cement.
The source said CEMAP is also dealing with issues on quality, urging that testing be made mandatory especially on the components of cement.
Data from CEMAP shows cement sales dropping 6.7 percent in the first quarter after abnormally high sales in the same period in 2010.
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Alliance Global net profit jumps to P6.19B
Malaya Business Insight
Alliance Global Group Inc. yesterday said profit for the first quarter reached P6.19 billion, 179 percent higher than the P2.22 billion in the same period last year.
Profit less minority interest reached P5.56 billion, more than triple the P1.65 billion a year ago.
Consolidated revenues reached P17.02 billion, 62 percent higher than the previous year’s P10.5 billion.
"Alliance Global is on a strong growth trajectory," said Dina Inting, Alliance Global chief finance officer.
The Andrew Tan-led company said growth was "on the back of strong operating results of food and beverage and real estate and income from acquisition of a new subsidiary."
Real estate unit Megaworld Corp. was a key driver of growth. It contributed about 33 percent to Alliance Global’s consolidated revenue of P17 billion.
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Alliance Global Group Inc. yesterday said profit for the first quarter reached P6.19 billion, 179 percent higher than the P2.22 billion in the same period last year.
Profit less minority interest reached P5.56 billion, more than triple the P1.65 billion a year ago.
Consolidated revenues reached P17.02 billion, 62 percent higher than the previous year’s P10.5 billion.
"Alliance Global is on a strong growth trajectory," said Dina Inting, Alliance Global chief finance officer.
The Andrew Tan-led company said growth was "on the back of strong operating results of food and beverage and real estate and income from acquisition of a new subsidiary."
Real estate unit Megaworld Corp. was a key driver of growth. It contributed about 33 percent to Alliance Global’s consolidated revenue of P17 billion.
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Vista Land declares special dividend
By JAMES A. LOYOLA
Manila Bulletin
MANILA, Philippines — Vista Land & Lifescapes, Inc., the country’s largest homebuilder, reported a 26 percent growth in net income for the first quarter to P873 million from the P694 million earned in the same period last year.
In a press briefing, Vista senior vice president for finance Ricardo Tan Jr. said revenues were P3.28 billion for the first quarter of this year compared to the P2.68 billion realized during the comparable period last year.
“We are pleased with our company’s performance for the first quarter and given the positive outlook, our Board of Directors has approved the declaration of a special cash dividend in the amount of 3.5 centavos per share,” said Tan adding that this amounts to P301 million.
The record date of the special dividend will be on June 1, 2011 and the payment date is on June 28, 2011.
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Manila Bulletin
MANILA, Philippines — Vista Land & Lifescapes, Inc., the country’s largest homebuilder, reported a 26 percent growth in net income for the first quarter to P873 million from the P694 million earned in the same period last year.
In a press briefing, Vista senior vice president for finance Ricardo Tan Jr. said revenues were P3.28 billion for the first quarter of this year compared to the P2.68 billion realized during the comparable period last year.
“We are pleased with our company’s performance for the first quarter and given the positive outlook, our Board of Directors has approved the declaration of a special cash dividend in the amount of 3.5 centavos per share,” said Tan adding that this amounts to P301 million.
The record date of the special dividend will be on June 1, 2011 and the payment date is on June 28, 2011.
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Alaska Milk forecasts profit decline, plans expansion abroad
Neil Jerome C. Morales
Business World
HIGHER COSTS and tempered consumption will likely pull down profits of Alaska Milk Corp. this year, its top executive yesterday said.
To cope, the dairy firm is planning to tap markets in the rest of Southeast Asia as the Philippines reportedly becomes saturated, the official said.
“Certainly, there will be a drop in earnings [for the entire year]. When you are seeing your costs double and we are very conservative on not pushing this to the consumers, as a company we will absorb a lot of that margin pressure,” Alaska Milk President and Chief Executive Wilfred Steven Uytengsu, Jr. told reporters after the company’s annual stockholders’ meeting in Makati.
Already, earnings of Alaska Milk have been more than halved to P283.82 million in the first quarter from P523.2 million in the previous year.
In the first three months of the year, sales of Alaska Milk plunged by a quarter to P2.21 billion from P2.99 billion a year ago, the company said in its financial report.
The board of Alaska Milk yesterday declared a five-centavo-per-share cash dividend for shareholders as of June 3. It will be paid on June 30.
The company will also distribute a 55-centavo cash dividend to shareholders from June to March next year.
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Business World
HIGHER COSTS and tempered consumption will likely pull down profits of Alaska Milk Corp. this year, its top executive yesterday said.
To cope, the dairy firm is planning to tap markets in the rest of Southeast Asia as the Philippines reportedly becomes saturated, the official said.
“Certainly, there will be a drop in earnings [for the entire year]. When you are seeing your costs double and we are very conservative on not pushing this to the consumers, as a company we will absorb a lot of that margin pressure,” Alaska Milk President and Chief Executive Wilfred Steven Uytengsu, Jr. told reporters after the company’s annual stockholders’ meeting in Makati.
Already, earnings of Alaska Milk have been more than halved to P283.82 million in the first quarter from P523.2 million in the previous year.
In the first three months of the year, sales of Alaska Milk plunged by a quarter to P2.21 billion from P2.99 billion a year ago, the company said in its financial report.
The board of Alaska Milk yesterday declared a five-centavo-per-share cash dividend for shareholders as of June 3. It will be paid on June 30.
The company will also distribute a 55-centavo cash dividend to shareholders from June to March next year.
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Sunday, May 15, 2011
Higher Quality of Life Among Families with OFWs — Research
Manila Bulletin
MANILA, Philippines — Filipino families with overseas Filipino worker (OFW) relatives are observed to have more leisure activities and own more gadgets compared to those without, according to a study conducted by market research consulting firm Synergy Business Consultancy.
OFW families are more inclined to eat out, socialize, travel, go to the mall, purchase gadgets, and do recreational activities, as well as allot a budget for charitable acts.
“Because they have higher purchase capacity, more of those with OFW families engage in certain leisure activities compared to those without. For example, 43 percent of respondents with OFW relatives go malling while only 32 percent of respondents without an OFW relative had this as one of their leisure activities.
The only similar behavior observed is media consumption,” shares Synergy managing director Germaine Reyes. The research noted that both groups like to watch TV, listen to the radio, and read newspapers.
Diversifying firms lured by power
BY EMILIA NARNI J. DAVID
Business World Online
IN 2001, the Electric Power Industry Reform Act (EPIRA) was enacted in a bid to improve operating efficiencies, cut down on power costs and limit losses for the cash-strapped government, then the dominant player.
With the state making it a policy to get out of the industry, the law also spurred another development: businesses diversifying into power generation.
Experts see this as a positive move -- one that will help address the country’s power shortages -- but also say it could be a risky foray for inexperienced businesses looking to take advantage of an earnings opportunity.
"There is a huge gap in that sector. While it is highly capital intensive ... [the market has a] stable return of equity," 2TradeAsia.com analyst Grace C. Cerdenia said.
A 300-megawatt (MW) supply shortfall has been projected for Luzon for 2011-2012, with another 11,900 MW to be needed up to 2030, the Energy department has said. For the Visayas, 2,150 MW of additional power is needed until 2030 and for Mindanao the requirement is a slightly higher 2,500 MW.
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Business World Online
IN 2001, the Electric Power Industry Reform Act (EPIRA) was enacted in a bid to improve operating efficiencies, cut down on power costs and limit losses for the cash-strapped government, then the dominant player.
With the state making it a policy to get out of the industry, the law also spurred another development: businesses diversifying into power generation.
Experts see this as a positive move -- one that will help address the country’s power shortages -- but also say it could be a risky foray for inexperienced businesses looking to take advantage of an earnings opportunity.
"There is a huge gap in that sector. While it is highly capital intensive ... [the market has a] stable return of equity," 2TradeAsia.com analyst Grace C. Cerdenia said.
A 300-megawatt (MW) supply shortfall has been projected for Luzon for 2011-2012, with another 11,900 MW to be needed up to 2030, the Energy department has said. For the Visayas, 2,150 MW of additional power is needed until 2030 and for Mindanao the requirement is a slightly higher 2,500 MW.
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Peso to hit 45.21:$1 in Q2
By Ronnel Domingo
Philippine Daily Inquirer
First Posted 21:01:00 05/15/2011
Filed Under: Foreign Exchange Markets, Forecasts
MANILA, Philippines—The peso is seen settling at 45.21 against the US dollar by the end of the second quarter as monetary authorities take steps to curb the local currency’s continuing “appreciation bias,” according to a joint research by First Metro Investment Corp. and the University of Asia and the Pacific.
“The peso will continue to have an appreciation bias in the second quarter due to robust exports, remittances [from overseas Filipinos], and a surge in portfolio capital inflows as global fund managers return to emerging markets,” the study said.
“However, the [Bangko Sentral ng Pilipinas] will restrain the appreciation by building up its international reserves further and avoid making foreign exchange losses,” it added.
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Philippine Daily Inquirer
First Posted 21:01:00 05/15/2011
Filed Under: Foreign Exchange Markets, Forecasts
MANILA, Philippines—The peso is seen settling at 45.21 against the US dollar by the end of the second quarter as monetary authorities take steps to curb the local currency’s continuing “appreciation bias,” according to a joint research by First Metro Investment Corp. and the University of Asia and the Pacific.
“The peso will continue to have an appreciation bias in the second quarter due to robust exports, remittances [from overseas Filipinos], and a surge in portfolio capital inflows as global fund managers return to emerging markets,” the study said.
“However, the [Bangko Sentral ng Pilipinas] will restrain the appreciation by building up its international reserves further and avoid making foreign exchange losses,” it added.
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San Miguel’s Ang: On with divestments
Malaya Business Insight
San Miguel Corp. is determined to divest almost half of its ownership in all subsidiaries as part of its diversification model.
Ramon S. Ang, San Miguel president, over the weekend said it will be more beneficial for the company to retain just a controlling stake and sell the rest.
"Traditional or non-traditional, the idea is to only own up to 51 percent. You own more than that, that is not important," said Ang at the sidelines of the stockholders meeting of San Miguel Purefoods Co. Inc. on Friday.
Ang said San Miguel would pursue the sale of 49 percent of Purefoods should the opportunity come.
The divestment could raise up to $500 million which could be used in expanding into new businesses.
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San Miguel Corp. is determined to divest almost half of its ownership in all subsidiaries as part of its diversification model.
Ramon S. Ang, San Miguel president, over the weekend said it will be more beneficial for the company to retain just a controlling stake and sell the rest.
"Traditional or non-traditional, the idea is to only own up to 51 percent. You own more than that, that is not important," said Ang at the sidelines of the stockholders meeting of San Miguel Purefoods Co. Inc. on Friday.
Ang said San Miguel would pursue the sale of 49 percent of Purefoods should the opportunity come.
The divestment could raise up to $500 million which could be used in expanding into new businesses.
Read here
Lopez group to boost power capacity
By Amy R. Remo
Philippine Daily Inquirer
Filed Under: Energy, Electricity Production & Distribution
MANILA, Philippines—The Lopez-led First Gen Corp., along with its subsidiaries and affiliates, will embark on an aggressive expansion of existing generating facilities to increase total capacity by almost 500 megawatts over the next four or five years.
Francis Giles Puno, president and COO of First Gen, disclosed that the company would pursue various expansion projects within the existing geothermal concession areas of Energy Development Corp., namely, the 20-MW Nasulo, 50-MW Mindanao 3, 40-MW Bacon-Manito3 and 40-MW Kayabon power projects.
Another subsidiary, First Gen Renewables Inc., applied for renewable energy service contracts with the Department of Energy for 14 wind sites and has been given priority over six sites. These are located in Luzon and Northern Mindanao.
According to Puno, First Gen is looking at a wind power portfolio of about 200 MW to be put up over the next four years. While Puno did not give investment figures, company officials expect to spend $2.5 million to produce a megawatt of wind power. This means that for a 200-MW portfolio, the company has to spend as much as $500 million or about P22.5 billion for wind power projects.
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Philippine Daily Inquirer
Filed Under: Energy, Electricity Production & Distribution
MANILA, Philippines—The Lopez-led First Gen Corp., along with its subsidiaries and affiliates, will embark on an aggressive expansion of existing generating facilities to increase total capacity by almost 500 megawatts over the next four or five years.
Francis Giles Puno, president and COO of First Gen, disclosed that the company would pursue various expansion projects within the existing geothermal concession areas of Energy Development Corp., namely, the 20-MW Nasulo, 50-MW Mindanao 3, 40-MW Bacon-Manito3 and 40-MW Kayabon power projects.
Another subsidiary, First Gen Renewables Inc., applied for renewable energy service contracts with the Department of Energy for 14 wind sites and has been given priority over six sites. These are located in Luzon and Northern Mindanao.
According to Puno, First Gen is looking at a wind power portfolio of about 200 MW to be put up over the next four years. While Puno did not give investment figures, company officials expect to spend $2.5 million to produce a megawatt of wind power. This means that for a 200-MW portfolio, the company has to spend as much as $500 million or about P22.5 billion for wind power projects.
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Sunday, May 8, 2011
Meralco plans joint venture with San Miguel, Aboitiz group
By Amy R. Remo
Philippine Daily Inquirer
MANILA, Philippines—Manila Electric Co., the country’s biggest power distributor, is keen on forming possible partnerships with power giants San Miguel Corp. and Aboitiz Power Corp. to help build its planned power portfolio of more than 1,500 megawatts.
Manuel V. Pangilinan, president and chief executive officer of Meralco, said the two companies were among the local and foreign groups that the distribution utility planned to tap for its power projects over the next four years.
Apart from the two power giants, Team Energy, a venture between Marubeni and Tokyo Electric and Power Co., and the Consunji-led DMCI Holdings Inc. were among those that have earlier approached Meralco for possible partnerships.
Discussions with DMCI were still ongoing, Pangilinan said.
Meralco expects to spend as much as $2.3 billion (about P103 billion) to complete its 1,500-MW power generation portfolio between now and 2016.
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Philippine Daily Inquirer
MANILA, Philippines—Manila Electric Co., the country’s biggest power distributor, is keen on forming possible partnerships with power giants San Miguel Corp. and Aboitiz Power Corp. to help build its planned power portfolio of more than 1,500 megawatts.
Manuel V. Pangilinan, president and chief executive officer of Meralco, said the two companies were among the local and foreign groups that the distribution utility planned to tap for its power projects over the next four years.
Apart from the two power giants, Team Energy, a venture between Marubeni and Tokyo Electric and Power Co., and the Consunji-led DMCI Holdings Inc. were among those that have earlier approached Meralco for possible partnerships.
Discussions with DMCI were still ongoing, Pangilinan said.
Meralco expects to spend as much as $2.3 billion (about P103 billion) to complete its 1,500-MW power generation portfolio between now and 2016.
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Saturday, May 7, 2011
Aboitiz Power net income drops by 31% to P5.1 B in first quarter
By MYRNA M. VELASCO
Manila Bulletin
MANILA, Philippines – An average 19-percent drop on its selling costs due to lower prices at the electricity spot market has triggered the 31-percent plunge in the first quarter consolidated net income of Aboitiz Power Corporation to P5.106 billion from last year’s P7.4 billion.
With non-recurring items booked into its balance sheet – for its Therma Marine Inc. subsidiary and on the revaluation of consolidated dollar-denominated loans and placements; the company also logged a 34-percent reduction on its year-on-year core net income to P4.7 billion from P7.0 billion.
It has been estimated that prices at the Wholesale Electricity Spot Market (WESM) had fallen off by 66-percent as compared to the spikes experienced last year when Luzon grid experienced extreme tightening in supply due to the El Niño phenomenon.
For its distribution segment, the company registered an income growth of 107-percent to P454 million from the previous year’s P219 million. This has been mainly attributed to the 9.0-percent demand expansion of its industrial accounts; while posting marginal consumption growths of 1.0-percent and 2.0-percent for the residential and commercial subscribers, respectively, as serviced by its various power distribution subsidiaries.
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Manila Bulletin
MANILA, Philippines – An average 19-percent drop on its selling costs due to lower prices at the electricity spot market has triggered the 31-percent plunge in the first quarter consolidated net income of Aboitiz Power Corporation to P5.106 billion from last year’s P7.4 billion.
With non-recurring items booked into its balance sheet – for its Therma Marine Inc. subsidiary and on the revaluation of consolidated dollar-denominated loans and placements; the company also logged a 34-percent reduction on its year-on-year core net income to P4.7 billion from P7.0 billion.
It has been estimated that prices at the Wholesale Electricity Spot Market (WESM) had fallen off by 66-percent as compared to the spikes experienced last year when Luzon grid experienced extreme tightening in supply due to the El Niño phenomenon.
For its distribution segment, the company registered an income growth of 107-percent to P454 million from the previous year’s P219 million. This has been mainly attributed to the 9.0-percent demand expansion of its industrial accounts; while posting marginal consumption growths of 1.0-percent and 2.0-percent for the residential and commercial subscribers, respectively, as serviced by its various power distribution subsidiaries.
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Thursday, May 5, 2011
SCC Related News: International Coal Prices Soar
China coal imports likely to decline as prices soar
China Daily
The high international price of coal will hit Chinese demand for imports, as consumers turn to cheaper, domestically produced coal.
Imports fell by 26 percent in the first quarter of 2011 on a year-on-year basis, the National Energy Administration (NEA) said on Friday.
China imported 32.4 million tonnes of coal in the first quarter of the year, 26.4 percent less than in the same period in 2010.
The international coal price had increased to $120 a tonne by March 31 from $90 a tonne in the same period last year, boosted by strong demand from reconstruction projects in Japan after the March 11 earthquake, and the diminished supply from Australia in the wake of widespread flooding late last year.
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China Daily
The high international price of coal will hit Chinese demand for imports, as consumers turn to cheaper, domestically produced coal.
Imports fell by 26 percent in the first quarter of 2011 on a year-on-year basis, the National Energy Administration (NEA) said on Friday.
China imported 32.4 million tonnes of coal in the first quarter of the year, 26.4 percent less than in the same period in 2010.
The international coal price had increased to $120 a tonne by March 31 from $90 a tonne in the same period last year, boosted by strong demand from reconstruction projects in Japan after the March 11 earthquake, and the diminished supply from Australia in the wake of widespread flooding late last year.
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History: Oriental Peninsula to net P92.7M in 2010, study says
Inquirer
MANILA, Philippines—Nickel miner Oriental Peninsula Resources Group Inc. (Ore) is seen ending the year with a modest net income after tax of P92.69 million, a turnaround from the loss of P44.15 million last year, as it prepares to ship ore to overseas buyers starting next month, according to investment house First Metro Investment Corp.
In a December 20 paper titled “World-Class Jewel Yet to Be Priced in,” FMIC senior analyst Cristina Ulang said Ore was expected to start ore shipments to overseas buyers by January, putting the company in a position to chalk up a net profit of P1.24 billion in 2011 and P1.56 billion in 2012.
The research also projected that Ore would be able to breach the P2-billion net profit mark by 2014.
“We think that the major attraction is that there exists nickel in the mine sites. There is the presence of commercially viable quantities of high-grade nickel,” Ulang explained in an interview.
She noted that the explored areas of Ore’s two mines—Toronto and Pulot, which are both in Palawan—represent only 13 percent of Ore’s 25-year contract with the government involving 2,176 hectares.
According to estimates by the mines and geosciences bureau of the Department of Environment and Natural Resources, Ore has a nickel resource of 54.55 million dry metric tons.
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MANILA, Philippines—Nickel miner Oriental Peninsula Resources Group Inc. (Ore) is seen ending the year with a modest net income after tax of P92.69 million, a turnaround from the loss of P44.15 million last year, as it prepares to ship ore to overseas buyers starting next month, according to investment house First Metro Investment Corp.
In a December 20 paper titled “World-Class Jewel Yet to Be Priced in,” FMIC senior analyst Cristina Ulang said Ore was expected to start ore shipments to overseas buyers by January, putting the company in a position to chalk up a net profit of P1.24 billion in 2011 and P1.56 billion in 2012.
The research also projected that Ore would be able to breach the P2-billion net profit mark by 2014.
“We think that the major attraction is that there exists nickel in the mine sites. There is the presence of commercially viable quantities of high-grade nickel,” Ulang explained in an interview.
She noted that the explored areas of Ore’s two mines—Toronto and Pulot, which are both in Palawan—represent only 13 percent of Ore’s 25-year contract with the government involving 2,176 hectares.
According to estimates by the mines and geosciences bureau of the Department of Environment and Natural Resources, Ore has a nickel resource of 54.55 million dry metric tons.
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SMC stock price plunges
Business World
By Neil Jerome C. Morales
STOCK PRICES of San Miguel Corp. (SMC) plunged by more than a quarter after a three-week trading halt was lifted yesterday, falling to levels roughly matching the P110 offer of the recently concluded share sale.
But values should recover soon as all of the conglomerate’s units -- which are likely to conduct similar share sales -- have posted strong performances for the first quarter, San Miguel President and Chief Operating Officer Ramon S. Ang said.
“The speculators will come out in the next few days. After this, it will fly. It will never go down to P110,” Mr. Ang said in a press briefing yesterday.
Share prices closed at P109.50 from the P153 seen in April 12 before trading was suspended to prevent speculation amid the then ongoing share and bond sale.
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By Neil Jerome C. Morales
STOCK PRICES of San Miguel Corp. (SMC) plunged by more than a quarter after a three-week trading halt was lifted yesterday, falling to levels roughly matching the P110 offer of the recently concluded share sale.
But values should recover soon as all of the conglomerate’s units -- which are likely to conduct similar share sales -- have posted strong performances for the first quarter, San Miguel President and Chief Operating Officer Ramon S. Ang said.
“The speculators will come out in the next few days. After this, it will fly. It will never go down to P110,” Mr. Ang said in a press briefing yesterday.
Share prices closed at P109.50 from the P153 seen in April 12 before trading was suspended to prevent speculation amid the then ongoing share and bond sale.
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Philex sees Padcal going strong till 2020
Malaya Business Insight
The Padcal gold and copper mine in Benguet, the 50-year-old project that made Philex Mining Corp. into the No.1 local mining company, may be good for another 10 years, three years more than its revised estimated lifetime.
Pushing the lifetime of the mine will, however, require P700 million in new investments, which Philex does not see any problem in meeting.
"The cash flow can handle that. We have a robust cash balance," said Philex president Jose Ernesto Villaluna Jr.
Philex posted a net income of P3.95 billion for last year, up from P2.74 billion in 2009. Operating revenue was P13.4 billion, up 48 percent.
"Seven years ago, Padcal’s mine life was only until 2011, but it was extended until 2014 in 2007. This was further extended to 2017," he said.
The latest estimate is 2020.
Read here.
The Padcal gold and copper mine in Benguet, the 50-year-old project that made Philex Mining Corp. into the No.1 local mining company, may be good for another 10 years, three years more than its revised estimated lifetime.
Pushing the lifetime of the mine will, however, require P700 million in new investments, which Philex does not see any problem in meeting.
"The cash flow can handle that. We have a robust cash balance," said Philex president Jose Ernesto Villaluna Jr.
Philex posted a net income of P3.95 billion for last year, up from P2.74 billion in 2009. Operating revenue was P13.4 billion, up 48 percent.
"Seven years ago, Padcal’s mine life was only until 2011, but it was extended until 2014 in 2007. This was further extended to 2017," he said.
The latest estimate is 2020.
Read here.
Inflation accelerates to 4.5% in April
Business World
By Judy Dannibelle Chua Co
ANNUAL INFLATION accelerated to 4.5% in April, following faster growth in all commodity groups except food, beverages and tobacco, the National Statistics Office (NSO) reported on Thursday.
The April inflation number, the highest in 12 months but within monetary authorities’ forecast of 3.7-4.7% for the month, was faster than March’s 4.3% but at par with last year’s 4.5%, the NSO said.
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By Judy Dannibelle Chua Co
ANNUAL INFLATION accelerated to 4.5% in April, following faster growth in all commodity groups except food, beverages and tobacco, the National Statistics Office (NSO) reported on Thursday.
The April inflation number, the highest in 12 months but within monetary authorities’ forecast of 3.7-4.7% for the month, was faster than March’s 4.3% but at par with last year’s 4.5%, the NSO said.
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(PERC, EDC, TA) Geothermal site proclaimed viable for power generation
Business World
A GEOTHERMAL site west of Mt. Makiling has been deemed commercially viable to produce power, an investor behind the project’s development yesterday said.
Further testing, however, is still needed to determine whether current output can be sustained.
“We are pleased to announce that two geothermal wells in the Maibarara Geothermal Power project already attained commercial wellhead pressures and stable chemistry suitable for steam supply to a power plant,” listed PetroEnergy Resources, Inc. said in a disclosure to the Philippine Stock Exchange.
PetroEnergy owns PetroGreen Energy Corp. which in turn has a 65% stake in Maibarara Geothermal, Inc., the consortium in charge of the geothermal project.
PetroEnergy added “the wells have an aggregate capacity of about 15 megawatts (MW).”
“We are pleased to announce that two geothermal wells in the Maibarara Geothermal Power project already attained commercial wellhead pressures and stable chemistry suitable for steam supply to a power plant,” listed PetroEnergy Resources, Inc. said in a disclosure to the Philippine Stock Exchange.
PetroEnergy owns PetroGreen Energy Corp. which in turn has a 65% stake in Maibarara Geothermal, Inc., the consortium in charge of the geothermal project.
PetroEnergy added “the wells have an aggregate capacity of about 15 megawatts (MW).”
Oil Firm (PNX) faces P5B smuggling rap - Inquirer.net
By Tetch Torres
MANILA, Philippines – The Bureau of Customs has filed a P5-billion smuggling case against an independent oil industry player in the country.
In its complaint lodged Thursday before the Department of Justice, the BoC alleged that Phoenix Petroleum Philippines violated the Tariff and Customs Code for non-payment of excise and value added taxes, non-submission of import documents such as invoices and bills of lading.
Named in the complaint is Dennis Ang Uy, President/Chief Executive Officer of Phoenix, Jorlan Capin Cabanes, a Davao-based customs broker and several John and Jane Doe/s.
As of posting time, INQUIRER.net is trying to reach Phoenix Petroleum for its reaction to the charges.
Investigation conducted by the BoC through its Run-After-The Smugglers (RATS) showed that between June 2010 and April this year, Phoenix made several importations with a combined dutiable value of P5.144 billion.
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MANILA, Philippines – The Bureau of Customs has filed a P5-billion smuggling case against an independent oil industry player in the country.
In its complaint lodged Thursday before the Department of Justice, the BoC alleged that Phoenix Petroleum Philippines violated the Tariff and Customs Code for non-payment of excise and value added taxes, non-submission of import documents such as invoices and bills of lading.
Named in the complaint is Dennis Ang Uy, President/Chief Executive Officer of Phoenix, Jorlan Capin Cabanes, a Davao-based customs broker and several John and Jane Doe/s.
As of posting time, INQUIRER.net is trying to reach Phoenix Petroleum for its reaction to the charges.
Investigation conducted by the BoC through its Run-After-The Smugglers (RATS) showed that between June 2010 and April this year, Phoenix made several importations with a combined dutiable value of P5.144 billion.
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Wednesday, May 4, 2011
Ayala’s IMI to acquire 3 overseas firms for €43M - Business World
AYALA-LED chipmaker Integrated Micro-Electronics, Inc. (IMI) has moved to exchange a 12% stake in the company along with cash for a Belgium-based technology firm’s three subsidiaries in Bulgaria, Mexico and the Czech Republic.
IMI’s payoff to EPIQ NV, valued at €43-million total, is said to broaden the Philippine company’s manufacturing base abroad as well as boost its engineering know-how when the transaction is completed “no later than the fourth quarter of 2011,” a statement released yesterday showed.
Before this, AYC Holdings, Ltd. held a 35% stake in IMI followed by Ayala Corp. with a 22% interest, according to data on the company’s Web site.
IMI said the acquisition was conducted through its subsidiary Coöperatief IMI Europe U.A.
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IMI’s payoff to EPIQ NV, valued at €43-million total, is said to broaden the Philippine company’s manufacturing base abroad as well as boost its engineering know-how when the transaction is completed “no later than the fourth quarter of 2011,” a statement released yesterday showed.
Before this, AYC Holdings, Ltd. held a 35% stake in IMI followed by Ayala Corp. with a 22% interest, according to data on the company’s Web site.
IMI said the acquisition was conducted through its subsidiary Coöperatief IMI Europe U.A.
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Vista Land plans dollar bond offering - Philippine Daily Inquirer
By Paolo Montecillo
MANILA, Philippines—Villar-led Vista Land and Lifescapes Inc. plans another dollar bond sale to raise funds for its expansion to new areas in the country this year.
In a disclosure on Wednesday, the real-estate giant said it would issue additional US dollar notes. This would go on top of the $100 million in debt paper the company sold in September last year.
The new notes will have the same terms as those of the company’s previous offering. They will be consolidated with the previous offering to form a single series.
“The board further authorized the implementation of all necessary corporate and other actions to proceed with the offering and the issuance of the aforementioned notes. It authorized and empowered management to decide on the final issue size,” the company said.
Vista Land’s previous offering fetched a rate of 8.25 percent per year. The notes will mature in 2015.
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Tuesday, May 3, 2011
SMC raising $600M from bond sale - Philippine Daily Inquirer
By Paolo Montecillo
MANILA, Philippines—Diversifying conglomerate San Miguel Corp. (SMC) is raising $600 million through a bond sale this week, a transaction that will help bankroll the company’s infrastructure ventures.
The company on Tuesday released its final offering circular that showed that its dollar-denominated bonds, maturing in 2014, would pay an interest rate of 2 percent a year. The bonds will also be convertible to common shares coming from its treasury stock.
“The bonds will be direct, unconditional, unsubordinated and unsecured obligations of SMC,” the company said.
The bond sale will follow the company’s recently concluded share sale wherein the company raised $300 million.
In the last few years, SMC aggressively diversified outside of its traditional food and beverage interests and has built up a total capacity of 3,145 megawatts through SMC Global Power. It is now the biggest power producer in Luzon in terms of installed capacity.
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MANILA, Philippines—Diversifying conglomerate San Miguel Corp. (SMC) is raising $600 million through a bond sale this week, a transaction that will help bankroll the company’s infrastructure ventures.
The company on Tuesday released its final offering circular that showed that its dollar-denominated bonds, maturing in 2014, would pay an interest rate of 2 percent a year. The bonds will also be convertible to common shares coming from its treasury stock.
“The bonds will be direct, unconditional, unsubordinated and unsecured obligations of SMC,” the company said.
The bond sale will follow the company’s recently concluded share sale wherein the company raised $300 million.
In the last few years, SMC aggressively diversified outside of its traditional food and beverage interests and has built up a total capacity of 3,145 megawatts through SMC Global Power. It is now the biggest power producer in Luzon in terms of installed capacity.
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Lopez Holdings nets P13.17B - The Philippine Star
By Zinnia B. Dela Peña
MANILA, Philippines - Lopez Holdings Corp. (formerly Benpres Holdings Corp.) reported a net income of P13.17 billion last year, up 10.7 percent from P11.9 billion in 2009, on the record performance of ABS-CBN Broadcasting Corp. and gains from asset sales.
Multimedia conglomerate ABS-CBN had a banner year in 2010, with net earnings surging 87 percent to P3.179 billion and revenues expanding 30 percent to P32.185 billion.
In a financial report submitted to securities regulators, Lopez Holdings said equity in net earnings jumped by 164.8 percent to P11.12 billion as affiliate First Philippine Holdings Corp. posted a net income of P24.85 billion, out of which 44.3 percent is held by the Lopez conglomerate. FPHC registered consolidated revenues of P64.3 billion with sale of electricity accounting for 82 percent.
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MANILA, Philippines - Lopez Holdings Corp. (formerly Benpres Holdings Corp.) reported a net income of P13.17 billion last year, up 10.7 percent from P11.9 billion in 2009, on the record performance of ABS-CBN Broadcasting Corp. and gains from asset sales.
Multimedia conglomerate ABS-CBN had a banner year in 2010, with net earnings surging 87 percent to P3.179 billion and revenues expanding 30 percent to P32.185 billion.
In a financial report submitted to securities regulators, Lopez Holdings said equity in net earnings jumped by 164.8 percent to P11.12 billion as affiliate First Philippine Holdings Corp. posted a net income of P24.85 billion, out of which 44.3 percent is held by the Lopez conglomerate. FPHC registered consolidated revenues of P64.3 billion with sale of electricity accounting for 82 percent.
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Power business to boost Semirara profit - Philippine Daily Inquirer
By Riza T. Olchondra
MANILA, Philippines—Power would be the “main variable” for Semirara Mining Corp.’s performance this year, company vice chair Isidro A. Consunji told reporters.
Consunji said the country’s largest coal miner was projecting a profit of P4.8 billlion to P5.6 billion this year from its power generation and coal mining operations. If realized, that would translate to a 20 to 40 percent increase from the 2010 level.
Mining operations are already “predictable and maxed out,” he said. Semirara’s coal output was placed at 7 million tons, higher than its capacity of 6 million tons.
Semirara is expected to complete the rehabilitation of the Calaca coal-fired power plant in Batangas by the first quarter of next year.
The facility, which is being rehabilitated, has a capacity of 600 megawatts (MW).
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MANILA, Philippines—Power would be the “main variable” for Semirara Mining Corp.’s performance this year, company vice chair Isidro A. Consunji told reporters.
Consunji said the country’s largest coal miner was projecting a profit of P4.8 billlion to P5.6 billion this year from its power generation and coal mining operations. If realized, that would translate to a 20 to 40 percent increase from the 2010 level.
Mining operations are already “predictable and maxed out,” he said. Semirara’s coal output was placed at 7 million tons, higher than its capacity of 6 million tons.
Semirara is expected to complete the rehabilitation of the Calaca coal-fired power plant in Batangas by the first quarter of next year.
The facility, which is being rehabilitated, has a capacity of 600 megawatts (MW).
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SPC to vie for Naga deal - Philippine Daily Inquirer
By Amy R. Remo
MANILA, Philippines—Publicly listed SPC Power Corp. plans to bid for the management of the government’s contracted capacity in the 149-megawatt Naga power complex in Cebu, as it aims to further strengthen its involvement in power-related projects.
In a filing with the Philippine Stock Exchange, SPC Power said it intended to “devote special and aggressive focus to participate in the privatization” of the Naga facility.
“The power supply condition in the Visayas area is forecasted to remain critical in the future due to the booming economy and surging power demand. The Naga power complex should continue to greatly alleviate and bridge the forecasted supply shortage in the coming years,” SPC Power said.
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SM to build its largest mall in China - Philstar.com
By philstar.com
MANILA, Philippines (Xinhua) - The Philippines' largest mall operator plans to build its fifth mall in China, which the company said will be SM Prime Holdings, Inc.'s biggest shopping mall to date.
SM Prime told the Philippine Stock Exchange today that the new mall will be built in the industrial city of Tianjin in China.
The mall, expected to be the biggest that the company will build so far, will have a gross floor area of 530,000 square meters.
It is bigger than SM Prime's SM Mall of Asia's gross leasable area of 406,962 square meters. SM Mall of Asia is currently the third largest mall in Asia and the largest in the Philippines.
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MANILA, Philippines (Xinhua) - The Philippines' largest mall operator plans to build its fifth mall in China, which the company said will be SM Prime Holdings, Inc.'s biggest shopping mall to date.
SM Prime told the Philippine Stock Exchange today that the new mall will be built in the industrial city of Tianjin in China.
The mall, expected to be the biggest that the company will build so far, will have a gross floor area of 530,000 square meters.
It is bigger than SM Prime's SM Mall of Asia's gross leasable area of 406,962 square meters. SM Mall of Asia is currently the third largest mall in Asia and the largest in the Philippines.
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Financial literacy program for OFW families crucial - Business World
By Daniel Anne Nepomuceno-Rodriguez
A COMPREHENSIVE financial literacy program for families of overseas Filipino workers (OFWs) is needed as numerous money transfer agencies and informal channels hinder savings and investments in productive activities, experts said at a forum yesterday.
“Informal channels and money transfer agencies (MTAs) decrease overseas Filipinos’ savings and investment opportunities in the country,” said Golda Myra R. Roma, director for policy planning and research at the Commission on Filipinos Overseas (CFO) at the Multi-Stakeholdersí Forum on Channeling Collective Remittances for Development yesterday.
Ms. Roma presented the highlights of a focused group discussion initiated by the CFO last February, which had 17 individuals from banks, remittance companies, money transfer companies, local government units, families of OFWs, and members of the academe.
“Cash pick-up and other instant money remittance encourage consumption,” Ms. Roma pointed out.
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A COMPREHENSIVE financial literacy program for families of overseas Filipino workers (OFWs) is needed as numerous money transfer agencies and informal channels hinder savings and investments in productive activities, experts said at a forum yesterday.
“Informal channels and money transfer agencies (MTAs) decrease overseas Filipinos’ savings and investment opportunities in the country,” said Golda Myra R. Roma, director for policy planning and research at the Commission on Filipinos Overseas (CFO) at the Multi-Stakeholdersí Forum on Channeling Collective Remittances for Development yesterday.
Ms. Roma presented the highlights of a focused group discussion initiated by the CFO last February, which had 17 individuals from banks, remittance companies, money transfer companies, local government units, families of OFWs, and members of the academe.
“Cash pick-up and other instant money remittance encourage consumption,” Ms. Roma pointed out.
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