Maniolas

MANILA, Philippines – Retail giant Puregold Price Club launched Tindahan ni Aling Puring’s first KAINdustriya Convention last Oct. 14 at the World Trade Center in Pasay City in recognition of the contribution of local food businesses in driving the economy. In photo (from left) are RJ Ledesma, Mercato Centrale; Larry Conchangco, executive vice president for sales, Fly Ace Corporation; Angie Flaminiano, president and COO, Nutri-Asia Inc.; Shankar Viswanathan, general manager, Procter & Gamble Philippines; Vincent Co, merchandising director, Puregold; Susan Co, vice chairman, Puregold; Lucio Co, chairman, Puregold; Leonardo Dayao, president, Puregold; Antonio De Los Santos, national operations manager, Puregold; Colin Butler, managing director, Unilever Food Solutions; Raul Nazareno, president, Branded Business Cluster, San Miguel Purefoods Co.; John Martin Miller, chairman and CEO, Nestle Phils. Inc.; and Ashish Pisharodi, country manager, Mondelez Philippines Inc.

MANILA, Philippines – The Bangko Sentral ng Pilipinas represented by Deputy Governor Diwa C. Guinigundo (left) and the Department of Foreign Affairs led by Undersecretary Linglingay F. Lacanlale (second from right) signed a memorandum of understanding to help overseas Filipinos, who are hastily repatriated from  foreign countries due to significant security risks or armed conflict, exchange their foreign currency to Philippine pesos. Other signatories were BSP director of the international operations department Patria B. Angeles and DFA Assistant Secretary Domingo P. Nolasco. The MOU expedites the process of setting up currency exchange facilities (CEFs) that allows returning OFWs with foreign currencies that are not readily convertible to have them exchanged at the BSP head office, its regional offices and branches nationwide, and at authorized agent banks. So far, the seven CEFs that have been established have allowed repatriated Filipinos to exchange over P200 million worth of foreign currencies. The CEF for overseas workers from Libya is now activated and is available until Dec. 9, 2014.

MANILA, Philippines – The Philippine Stock Exchange (PSE) is not giving Alphaland Corp.’s delisting a second look despite the latter’s appeal. In a new circular, PSE president and chief executive officer Hans Sicat has ordered for Alphaland’s shares to be removed from the official registry of the exchange. Alphaland chief executive officer Roberto V. Ongpin earlier made an appeal to the PSE to reconsider its decision to delist the upscale property developer from the local bourse. Ongpin claimed that the PSE’s decision is not final and executory and is still subject to the appeal process. In early September, the PSE came out with a decision to kick out Alphaland from its roster of listed companies to serve as penalty for violating disclosure requirements. On top of the delisting punishment, Alphaland has also been banned to apply for relisting within five years after its delisting date. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Ongpin, however, has said that if the PSE does not reconsider its petition, Alphaland will appeal to the Securities and Exchange Commission and even move it up to the Supreme Court if necessary. Alphaland last week concluded a tender offer in which it was able to acquire 2.67 million shares from non-strategic shareholders. A tender offer has been required by the local stock market operator as part of the delisting order in consideration of the minority shareholders of Alphaland as well as “for the maintenance of a fair and orderly market.”

MANILA, Philippines – Central Azucarera de Tarlac Inc (CAT) has acquired shares in the company that owns Luisita Industrial Park in Tarlac. In a disclosure to the local bourse, CAT said it has purchased 349,900 shares of stocks in Luisita Realty Corp. for P135 million. Luisita Realty has recently been found compliant by the Department of Labor and Employment (DOLE) and was issued a Certificate of Compliance on General Labor Standards (GLS) and Occupational Safety and Health Standards (OSHS). The Luisita Industrial Park, which Luisita Realty owns, earlier this month became the first labor laws-compliant economic zone in the country. It currently has nine locator-firms that employ a total of 9,167 workers. CAT Resource & Asset Holdings Inc (CRAHI) recently became the new controlling shareholders of CAT after it purchased for P1.80 billion a total of 69.98 percent stake sold by previous controlling shareholders of the listed sugar company. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CRAHI intends to develop a 330-hectare industrial land of CAT and engage in the real estate business as an additional business. The new controlling shareholders of CAT also want the listed sugar firm to acquire additional industrial/residential land around its current industrial land.

MANILA, Philippines – Manila Mayor Joseph E. Estrada has expressed full support for the restoration and development of the historic Manila Army and Navy Club amidst the spat of controversies hounding the project.  “The restoration is a matter of extreme necessity. Otherwise, the historic landmark will continue to rot and decay. It is a good thing that some civic-spirited groups and businessmen have pledged support,” Estrada said. Estrada explained that once restored, the club would again be a historical landmark of the country and would provide opportunities for gainful business and employment. For nearly 30 years, the Army and Navy Club has been an accident waiting to happen. It had been in a state of neglect, its wear and tear allowed to worsen and deteriorate. Clamors for its restoration and development had fallen on deaf ears. According to official findings by AMH Philippines, Inc., a noted engineering firm, the building has generally very low residual strength for concrete and steel and would need retrofitting works. The main building is always flooded, while the extension building is in an advanced state of decay. The general structures are subject to high volume of seepage due to high pressure, undercurrent and its proximity to the Manila Bay.    Estrada said that Oceanville Hotel & Spa Corporation has offered support for the project. “We hope that instead of criticizing, some sectors should join the effort and restore the landmark to its old original glory,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …