Maniolas

MANILA, Philippines – Cosco Capital Inc., the investment vehicle of retail magnate Lucio Co., has acquired a new land for its planned chain of community malls in the country. In a disclosure to the local bourse, Cosco Capital said its subsidiary Ellimac Prime Holdings Inc. has purchased 3,192-square meter lot in Biñan, Laguna. The newly acquired location will serve as one of the sites for Cosco Capital’s planned chain of com- munity malls over the near term. “Cosco Capital intends to use the said premises for the establishment and development of a community mall at the center of Binan, Laguna,” the listed firm said. The firm on Tuesday reported that it secured through a lease agreement a 7,168-square meter land along Liwasang Kalayaan in Marikina Heights. The land will also serve as a site for a community mall. Cosco Capital is into supermarkets (Puregold Price Club Inc.), liquor importation (Premier Wine & Spirits Inc.), commercial real estate and oil storage and oil exploration activities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The firm earlier this year acquired the 35,000-square meter NE Pacific, the largest commercial mall in Nueva Ecija. In August, it bought out liquefied petroleum gas (LPG) supplier Liquigaz at a cost of about $80 million. The company’s earnings grew slightly in the first half of the year to P1.5 billion from P1.49 billion the previous year. Aside from being the operator of the country’s sec-ond largest grocery chain, Cosco Capital also claims to be the country’s Read More …

MANILA, Philippines – Discovery Primea, Discovery Leisure Group’s luxury business hotel in Ayala Avenue recently signed a partnership with the prestigious Preferred Hotel Group (PHG) as a member of their Summit Hotels & Resorts brand. Preferred Hotel Group is a global collection of more than 650 independent hotels and resorts in over 85 countries, comprising destination resorts, city center hotels, luxury residences, and unique hotel groups. The company provides independent hotel owners and operators a competitive advantage, with services including strategic group, corporate, and leisure sales, integrated marketing solutions, comprehensive revenue management, global connectivity through reservations services, progressive distribution technology, and individualized guest support. All guests of Discovery Primea are eligible to enrol in iPrefer, the world’s first guest loyalty program for independent hotels, which extends points redeemable for cash-value Reward Certificates, elite status, and special benefits such as complimentary Internet to members upon every stay at more than 500 participating Preferred Hotel Group locations worldwide. As Jun C. Parreno, Chief Operating Officer, The Discovery Leisure Company Inc. (TDLCI) enthuses, “Discovery Primea’s decision to partner with the Preferred Hotel Group is proving to be a most prudent business choice as it leverages our hotel, providing worldwide exposure to go head on head with hotel brands and properties elsewhere in the world, offering unequalled booking convenience, perks and prestige.” Discovery Primea is a 68-story building in Ayala and is home to 141 rooms and suites, together with 90 luxury serviced apartments. It prides itself in providing relevant luxuries to business and Read More …

MANILA, Philippines – Maybank Kim Eng has kept a “positive” outlook on the local bourse despite a five-percent decline since the last week of September. “(We) retain positive outlook despite recent bearish turn that has given rise to volatility and five percent decline in PSEi (Philippine Stock Exchange index) since late September,” Luz Lorenzo, economist at Maybank Kim Eng, said in a research note. Sentiment in the local market has been greatly affected by concerns over a slowing global economy. The PSEi closed at 7,355.29 last Sept. 24, its highest level this year. The index finished 7,057.53 yesterday, up 0.78 percent or 54.31 points from Friday’s closing. “However, the impact of these forces differs in different economies,” Lorenzo said. The Philippine economy grew by 6.4 percent in the second quarter, faster than the 5.6 percent recorded in the first three months of the year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 First-half economic expansion settled at six percent, below the government’s target of a 6.5 percent to 7.5 percent growth. “With first half GDP (gross domestic product) growth at six percent, the consensus… is second half will be better. We concur as recent issues holding back growth in first half are being resolved,” Lorenzo said. She cited inflation decelerating to 4.4 percent in September from 4.9 percent in the previous two months amid a decline in the price of oil and basic food commodities. At the same time, Lorenzo said the easing of the port congestion in Metro Read More …

MANILA, Philippines – Peakpower Energy Inc. (PEI) is set to commission by the end of the month its 20 megawatt bunker-fired power plant in Gen. Santos City. The facility will supply the peaking power demand of South Cotabato Electric Cooperative II (Socoteco II), its president Roel Castro said.  “The power plant will be ready to go online this month as committed, ensuring the stability of power supply in the city and the neighboring areas,” he said. He said electric power consumers, especially those in the business sector,  would no longer have to worry over power outages due to inadequate generation capacity during peak hours. Socoteco II, the local electric distributor, supplies electricity to the provinces of South Cotabato, Sarangani and Gen. Santos City, which are mostly agro-industrial and tourism economies. In all, the whole franchise area of Socoteco II requires a daily peak power demand of 120 MW. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Socoteco II president Elenito Senit welcomed the new facility, saying that it would benefit majority of its residential customers. “Around 93 percent of our residential customers will be benefited when the power plant begins commercial operations,” he said. For the past several summers, the whole franchise area of Socoteco II suffered daily rotational brownouts lasting up to eight hours due to insufficient power supply and affecting industries in the area. Gen. Santos City Chamber of Commerce and Industry Inc.  (GSCCCI), in a statement, said it welcomed the new power plant.

MANILA, Philippines – In an open bidding conducted by the Bureau of Fire Protection (BFP), the joint venture of LDLA Marketing and Wuhan Automobile Refitting Factory of China bested its competitors in the supply of fire trucks with a bid of P2.326 billion, P251 million lower than the bid submitted by the joint venture of Kolonwel Trading and Hubei Jiangnan Special Automobile Factory. A third bidder, Adlib International Sales, was disqualified for submitting insufficient documentation. Bids and Awards Committee (BAC) chairman  Rodrigo Abrazaldo said the BFP will now subject the bid proposal of LDLA-Wuhan to post qualification to determine its responsiveness to the eligibility and bid requirements. If determined to be post qualified, the BAC can officially declare the lowest calculated responsive bidder as the winner, said Abrazaldo. The approved budget for the contract is P2.589 billion and the cost of each fire truck of 244 units of 1,000-gallon capacity and 225 units of 500-gallon capacity should not exceed P6 million and P5 million, respectively. The lowest bid represents a total savings of over P263 million to the government. According to the BFP, the acquisition in bulk of 469 units of brand new fire trucks is in line with Interior Secretary Mar Roxas’ modernization program of acquiring quality fire-fighting equipment and providing every town in the Philippines with its own fire truck at the lowest possible cost.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1