Maniolas

MANILA, Philippines – Security Banking Corp.is planning to make its presence felt in more areas outside its Luzon stronghold. Alberto S. Villarosa, Security Bank president and chief executive officer, said locations for future branch expansion is eyed in the Visayas and Mindanao, particularly in areas like Cebu and Davao. “What we are now doing is looking at selective provincial areas where we are either not present in or we’re under-represented and that’s where we’re focusing on,” he said. Villarosa, however, said the planned expansion would not be “as extensive” as it was in recent years, when the company opened 50 branches in two years’ time. “We’re almost over in terms of the number of branches where we want to be,” he said. As of end-June this year, Security Bank has grown its combined network to 253 branches from 117 branches six years ago. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Villarosa said the bank would open three more new branches before the year ends. Security Bank’s move to put up more branches outside Luzon is part of the company’s plan to enhance its retail banking activities in the coming years. Villarosa said Security Bank remains bullish on expanding its presence in retail banking in the short term. “We expect that our retail bank in the next three to four years will be strong contributor of total business. We’re really looking at a model where a corporate bank, the commercial bank and the retail bank will be equal contributors Read More …

MANILA, Philippines (Xinhua) – The Philippine stock market further extended its losses today following strings of negative news overseas. The bellwether Philippine Stock Exchange index dived by 0.99 percent or 71.80 points to 7,196.26, while the broader all-share index fell by 1.009 percent or 43.33 points to 4,250.52. Trading volume reached 40.37 million shares worth P9.41 billion ($209.27 million) with 139 stocks declining, 41 advancing, and 47 were unchanged. All six counters were down. “Stock prices resumed it downward trek following Wednesday’s brief respite as investors took notice of the post-Fed stimulus scenario,” analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment. US stocks fell 238 points overnight. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Europe has started its trading day well in the red. Crude oil, both WTI and Brent, silver and copper prices dropped. Gold added $3.10 to $1,218 per ounce. The peso weakened to 44.966 pesos against a dollar. Markets across Asia were in the red with the benchmark MSCI Asia Pacific Index slipping for a fifth straight day. Meanwhile, protesters dug their heels in the streets of Hong Kong, providing little impetus for investors to enter the equities aggressively. Investors at the local bourse slumped right off the bat, leaving little room for the bulls to maneuver, he said. “Negativity was pervasive throughout the session with the PSEI dipping briefly below the 6,170 support before gradually picking up towards the close,” Calaycay said. Stocks in the 30-company index Read More …

MANILA, Philippines – The peso strengthened by 9 centavos on Thursday, closing at 44.81 from the previous day’s 44.9. Total volume transacted at the Philippine Dealing System amounted to $811.7 million, lower than the $875 million posted on Wednesday. The peso opened Thursday at 44.77.

MANILA, Philippines – The country’s international investment position worsened in end-June due to the increase in foreign direct and portfolio investments, the Bangko Sentral ng Pilipinas reported yesterday. Preliminary data showed the country’s net liability position at $48.2 billion in end-June, higher than the $44.5 billion recorded in end-March. The BSP said this was due to the a $7.7-billion rise in total external financial liabilities to $187.1 billion in end-June, which was more than the $3.9-billion increase in total external financial assets to $138.9 billion. The IIP summarizes a country’s stock of financial claims and financial liabilities with the rest of the world. It is a companion framework to the balance of payments (BOP) data, which is a record of the country’s transactions with the rest of the world. By sector, the BSP was the only one that recorded a net external asset position at $79.7 billion in end-June, up from $78.3 billion in end-March. Banks had a net liability position of $9.9 billion in end-June, while the general government also recorded a net liability position of $37.3 billion during the period. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Other sectors continued to hold the bulk of the resident’s total liabilities to foreigners as its net liability position settled at $80.7 billion in end-June. The central bank said these liabilities were made up mostly of foreign direct investments and portfolio investments. The higher net liability of other sectors in end-June versus the $76.1 billion recorded in end-March was Read More …

MANILA, Philippines – The Department of Agriculture (DA) believes the country could attain self-sufficiency in rice by 2015 because of steady growth in yield per hectare and increased production support for farmers. The country’s goal of attaining self-sufficiency in the country’s main staple in 2013 was blown away by a string of strong typhoons — Santi, Pablo and Yolanda — that visited major rice producing regions in the second quarter of the year. Interviewed on the sidelines of the Philippine Economic Briefing in Pasay City yesterday, Agriculture Secretary Proceso Alcala said adequate funding for the department’s programs for this year is sufficient to increase domestic production this year from last year. “We are double-checking this against the Food Staple Sufficiency Program (FSSP) that we have laid down.  And based on the funding we have for this year, it would be enough to surpass the 96-percent self-sufficiency we have right now,” he said. “So by 2015, we would be able to provide more inputs in areas where support is lacking,” he added. This year, the country aims to produce 19.07 million metric tons of palay from 4.83 million hectares of land with an average yield per hectare (ha) of 3.95 million metric tons (MT). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In 2015, the DA projects a harvest target of 20.09 million MT from 4.92 million ha with an average yield of 4.08 MT per ha. In 2016, the DA would rally Filipino farmers to produce 20.52 million MT Read More …