philstar.com – Business – Page 138

philstar.com - Business

Landbank income drops 44% to P2.9 B in Q1

Economy

May 292014

Landbank income drops 44% to P2.9 B in Q1

MANILA, Philippines – State-run Land Bank of the Philippines posted a net income of P2.9 billion in the first quarter of 2014, down 44 percent from P5.1 billion in the same period last year. Landbank president and CEO Gilda Pico said the drop was brought about by lower profits from investments as a result of an increase in interest rates from historically low levels in the first half of 2013. “Notwithstanding these low Q1 results, we are encouraged as income from loans remains strong. We are well-positioned for sustained growth this year as we continue to expand our deposits and increase revenue from traditional and non-traditional sources,” Pico said. Despite the drop in earnings during the three-month period, the bank’s deposits grew a hefty 28 percent to P733.8 billion from P574.7 billion in end-March 2013. Loans also increased 13.4 percent to P310.9 billion from P274.1 billion. Total assets increased 18 percent to P873.7 billion while capital stood at P67.6 billion. Pico said the lower income would not hinder Landbank from performing its main function as the biggest lender to the agricultural sector. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The bank’s priority sectors comprise, among others, small farmers and fisherfolks, microenterprises and SMEs, agri-aqua related projects of LGUs and GOCCs, socialized to medium cost housing, and utilities. At present, Landbank has 344 branches and 1,256 ATMs in 80 provinces. It also plays a significant role in major government programs such as the Conditional Cash Transfer, the Food Supply Read More …

Peso stays flat on Thursday

Economy

May 292014

MANILA, Philippines – The peso stayed flat against the dollar on Thursday, closing at 43.9 from the previous day’s 43.88. Total volume transacted at the Philippine Dealing System amounted to $968.5 million, lower than the $979.65 million posted on Wednesday. The peso opened Thursday at 43.899.

Peso moves sideways midday Thursday

Economy

May 282014

MANILA, Philippines – The peso moved flat against the dollar midday Thursday, settling at 43.924 from the previous day’s 43.88. Total volume transacted at the Philippine Dealing System amounted to $736.5 million in the morning, higher than the $556.7 million posted in the same period on Wednesday. The peso opened Thursday at 43.899.

Economy disappoints

Economy

May 282014

MANILA, Philippines – The Philippine economy grew by 5.7 percent in the first quarter of the year, lower than the 6.5 to 7.5-percent full-year target set by the government. During the first quarter last year, the Philippine economy expanded by 7.7 percent, the highest quarterly growth rate achieved in the Aquino administration. This is a developing story.

Isuzu posts 9.5% sales hike

Economy

May 282014

MANILA, Philippines – Sales of Isuzu Philippines Corp. (IPC) grew 9.5 percent in the January to April period compared to the previous year, given the strong demand for the D-Max pickup and trucks. According to IPC, it sold 4,154 vehicles in the first four months of the year, up from the 3,793 units sold during the same period in 2013. The higher sales for the four month period was supported by the performance of the D-Max pickup. As of end-April, the firm’s sales of the D-Max jumped 78.7 percent to 1,292 units from just 723 units in the comparable period last year. IPC’s trucks also helped drive sales higher for the period. For the January to April period, the company’s sales of medium-duty Category IV trucks reached a total of 219 units, an 11.2 percent increase from the 197 units sold during the same period last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Sales of the N-Series for the four month period, meanwhile, rose 37.2 percent year-on-year to 668 units. “The upward trend in the movement of Isuzu’s trucks confirms that entrepreneurs, companies with vehicle fleets and other businesses continuously patronize these models,” IPC president Nobuo Izumina said. “Clearly, Isuzu trucks’ reputed competence at serving a variety of purposes is recognized and is required by the market. Our efforts to directly reach out to our customers, like during the recent Truck Fest event held in Clark, Pampanga, where many of the guests were company owners, certainly Read More …

Century Properties breaks ground for The Spire

Economy

May 282014

Century Properties breaks ground for The Spire

MANILA, Philippines – Real estate developer Century Properties Group Inc. expects more than P8 billion in sales from its eighth and last upscale residential tower in its flagship mixed-development Century City in Makati. The listed property firm of the Antonio family broke ground yesterday for Century Spire, a 60-story upscale residential and office tower in collaboration with Studio Daniel Libeskind and Armani/Casa Interior Design Studio. “We’ve sold close to 67 percent of our units to date,” said Jose Roberto Antonio, Century Properties managing director and Century Spire project head. Antonio said Filipino and foreign buyers are taking advantage of the project’s prime location which is at the heart of modern Makati, stellar architecture, and modern design. Kristina Garcia, director for investor relations of Century Properties, said projected sales revenue from Century Spire is expected to reach P8.4 billion. Century Spire is a glass-clad high-rise tower that expands with an iconic crown. World renowned architect Daniel Libeskind created a design crescendo at the top of the tower by placing a glass-clad form between the two highest tower shafts. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “I am delighted to be part of a project destined to reshape Manila’s skyline and to make a bold and optimistic statement about the future of the Philippines,” said Libeskind, the master planner for the World Trade Center redevelopment in New York. “It is a privilege to work with a visionary like Daniel Libeskind. Together with Armani/Casa, he will set the bar even higher Read More …

Meralco seeks expansion in other areas

Economy

May 282014

MANILA, Philippines – Manila Electric Co. (Meralco), the country’s top power distributor, is looking to expand its business in new areas within and outside its franchise area, its top official said. “We are looking for opportunities in new areas. We’re looking in the north Pampanga all the way to La Union,” Meralco president Oscar Reyes said. He said the company is also eyeing the southern part of Luzon such as the Laguna area. “In the South we are looking (from) parts of Laguna where we’re not yet there to the Batangas (area),” Reyes said. Outside its franchise area, Meralco may also establish presence in the Visayas or Mindanao by acquiring a stake in existing distribution utilities or electric cooperatives (ECs). “As far as parts of Visayas and Mindanao, our objective is those areas where Meralco can be of value because we have the resources, we have the track record and we have the experience. Because if there are already utilities there, private distribution utilities or ECs doing a good job there, Meralco can contribute. In that way we can help improve the countryside, we help improve the communities because we observed that when we go to certain areas, other businesses follow,” Reyes said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Meralco has also signed an agreement with the Philippine Economic Zone Authority (PEZA) for a 25-year agreement covering the power distribution facilities in the Cavite Economic Zone (CEB). The agreement will allow Meralco to operate and maintain the Read More …

Puerto Princesa airport moving, at last!

Economy

May 252014

Puerto Princesa airport moving, at last!

At long last, the construction of the Puerto Prin-cesa International Airport is apparently about to move with the awarding of the project to a Korean contractor, Kumho. The airport project was the first of many big ticket airport projects to be approved by P-Noy after he assumed office. But it took DOTC quite a bit of time to get the project off and running. It was then DOTC Sec Mar Roxas who announced Malacañang’s approval of the project in late 2011. “P-Noy just OK’d our P4.5-billion Puerto Princesa airport project,” Roxas said in a “tweet” on social networking site Twitter.com. He said his target for the start of construction of the project is late 2012. “(I) feel big responsibility to deliver this. Tuloy-tuloy na ’to.” Tuloy tuloy turned out to be teka teka. The project was supposed to be a PPP project and some of our local conglomerates have expressed interest. But Mar had second thoughts about PPP and shifted his preference for ODA financing instead. I am glad the airport project is finally moving. But it will not be completed until first quarter of 2017, too late for P-Noy to inaugurate it and claim credit for it. Maybe that’s how life really is because P-Noy inaugurated and claimed credit for the Arroyo initiated but still to be really completed Laguindingan airport in Cagayan de Oro. Interestingly, Laguindingan was also funded by Korean ODA. It took seven years from the time when then President Arroyo broke ground in January 2006 to Read More …

BCDA sets bid for Clark Green City

General

May 252014

MANILA, Philippines – Major property developers will likely start laying the groundwork for the Philippines’ first smart and totally environment-friendly metropolis next year, a government official said. State-run Bases Conversion and Development Authority (BCDA) will start bidding out this year a 1,300-hectare portion of the 36,000-hectare Clark Green City project in Pampanga, a government official said. “We will parcelize the lot into six. We want different developers to come in,” BCDA president and chief executive officer Arnel Paciano Casanova said on the sidelines of the World Economic Forum (WEF) welcome reception. Major listed property firms, which approached the BCDA for the 1,300-hectare portion of the urban project, will likely start construction of mixed-use developments as early as 2015 as bidding is seen to be conducted this year, Casanova said. While the master development plan for the Clark Green City has already been approved by the National Economic and Development Authority, the state-run agency is still waiting for President Aquino’s go signal before the contract for the development could be offered for bidding. “It’s about time, we have a lot of opportunities and we are riding on the optimism of the market,” Casanova said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The country’s property sector is on a boom for the past few years on the back of strong end-user demand, large housing backlog, investor optimism and the increasing middle class capable of buying properties. BCDA said the Clark Green City project is a $5-billion development that will transform Read More …

AirAsia raises P97M for Yolanda victims

Economy

May 242014

MANILA, Philippines – Low-cost carrier giant AirAsia Group of Malaysia has raised close to P100 million for the reconstruction of 500 homes and livelihood opportunities for survivors of Super Typhoon Yolanda. The airline raised a total of P97 million from its ‘To Philippines with Love’ campaign (#toPHwithlove) in aid of reconstruction efforts in Yolanda affected areas. “We express our deepest gratitude to guests who contributed generously to this fund-raising effort which exceeded all our expectations. We started this campaign as an expression of ASEAN unity for survivors who lost so much and we are incredibly touched to find that the campaign received donations from people in 75 countries all over the world. AirAsia is proud to match this donation and ensure that every cent goes to rebuilding lives,” AirAsia Group chief executive officer Tony Fernandes said. The donations would be distributed to four development partners to fulfill the airline’s pledge to support rebuilding of homes and livelihoods for survivors in the hardest hit areas. The Philippine Red Cross would build 345 homes in Panay using funds amounting to P46 million raised from matching and partner funds managed by AirAsia Foundation. On the other hand, Habitat for Humanity Philippines would receive P37.4 million to construct 187 permanent housing units in Tacloban designed to withstand an intensity 8 earthquake and 250-kilometer per hour windspeed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Contributing partner companies include Credit Suisse, Tune Insurance, Queens Park Rangers Football Club, CIMB Group and EQ8. AirAsia was Read More …

Older Entries Newer Entries