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Villar eyes Starmall expansion

Economy

Apr 142014

ILOILO , Philippines – The Villar Group plans to expand its Starmalls from five to 22 in the next few years, former senator Manuel Villar Jr. told The STAR yesterday. Villar said he is focusing on handling the family business with the end of his term as senator. “As we continue to expand Camella Homes all over the country, we are also building more Starmalls nationwide,” said Villar, who went to Iloilo last weekend to lead the Light of Peace that aimed to get the Guinness World Record for having lighted the most number of candles for world peace. As a matter of procedure, Starmalls Inc – being a publicly listed company – has notified the Philippine Stocks Exchange (PSE) about the plans. Starmall continues to expand its mall chain, with four more new shopping centers slated for opening in the next few months. These branches are those in Taguig City, Imus and Molino in Cavite and Sta. Rosa in Laguna. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 There will also be re-development projects at existing Starmalls in EDSA-Shaw, Alabang in Muntinlupa, Las Piñas and San Jose del Monte in Bulacan. The Starmalls project is different from Vistamalls known as Evia which is home to a range of newly built residential estates and growing commercial hubs. Evia caters to the high-end, European inspired Portofino by Brittany, to mid-range Ponticelli by Crown Asia, and affordable Camella Cerritos, the opportunity of home ownership in a master-planned urban setting is open Read More …

DoubleDragon sees P5-B income in 6 yrs

Economy

Apr 142014

MANILA, Philippines – Newly-listed DoubleDragon Properties Corp. of Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods owner Tony Tan Caktiong is targeting to hit the P5-billion income mark in six years. The strong profit growth will be driven by the CityMall community malls, its top executive said yesterday. “With all the DoubleDragon projects in the pipeline executed, DoubleDragon aims to reach P1 billion net income level by 2016,” Sia said in an e-mail. He added that the company’s earnings will reach P4.8 billion by 2020. In 2013, DoubleDragon’s net income jumped 32 percent to P126.63 million from P92.48 million, almost entirely coming from residential sales. DoubleDragon aims to reach one million square meters (sqm) of total leasable space portfolio by 2020, of which 700,000 sqm is expected to come from the planned 100 CityMall community malls, mostly in the Visayas and Mindanao. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In a disclosure yesterday, the property company said it has firmed up the initial foray of its community malls unit into Mindanao. DoubleDragon said its subsidiary CityMall Commercial Centes Inc. (CMCCI) signed an investment and shareholders agreement with Galleria Zamboanga Inc. (GZI). The deal facilitates “the construction of two CityMall community malls in different prime locations in Zamboanga City” in the second quarter, DoubleDragon said. Under the agreement, CMCCI and GZI will form joint venture company Prime DDG Commercial Centers Inc. to serve as the corporate vehicle for the ownership of the CityMalls in Zamboanga City. GZI Read More …

AirAsia Zest, Robinsons tie up for cash payment system

Economy

Apr 142014

AirAsia Zest, Robinsons tie up for cash payment system

MANILA, Philippines – Low cost carrier AirAsia Zest, jointly owned by Philippines AirAsia and Zest Airways, has tied up with Robinsons Inc. AirAsia Zest commercial chief Gerard Peñaflor said the partnership would help the airline expand its cash payment system but tapping the 40 branches of Robinsons Department Stores all over the country. Peñaflor said the airline’s cash payment partner service provides the convenience of paying cash at any Robinsons Department Store for airline seats and other online purchases at www.airasia.com. “We are expanding our cash payment partner service to include Robinsons Department Store to provide optimum convenience for our guests and allow them access to our low fares and other exclusive online bargain deals without using their credit or debit cards,” he said. Cash payment partner service covers all AirAsia Zest flights to and from Manila to domestic and international destinations in Malaysia, China and Korea. Robinsons Department Store general manager Johnson Go said the partnership would benefit close to 120 million yearly shoppers of Robinsons who may opt to pay their airline tickets in the branches. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “AirAsia Zest supports our vision of providing Filipinos with affordable and world-class products and services, which makes them a great partner for us and will benefit our over 120 million annual store visitors. Both brands excel in offering the best value and utmost convenience for customers,” Go added. AirAsia Zest cash payment service involves three easy steps. First, passenger books a flight through Read More …

BPI Family maintains thrift bank leadership

Economy

Apr 142014

BPI Family maintains thrift bank leadership

MANILA, Philippines – BPI Family Savings Bank, the consumer lending arm of Ayala-led Bank of the Philippine Islands, has maintained its leadership position in the thrift bank industry in 2013, with total loans amounting to P147 billion. In its annual report, BPI Family said the loans level last year was 16 percent higher than a year ago. Its home loan portfolio grew19 percent, while homeland releases expanded 17 percent. In the first half of this year, strategic partnership with real estate organizations were forged, which made possible, among other things, linking to each other’s website to help complete the process of home acquisition. Potential homebuyers can, through a partner real estate firm’s website, use a home mortgage calculator powered by the bank. Last year, BPI Family Auto Loan’s Online Auto Financing System embedded in the websites of partner car manufacturers and dealers served to more conveniently assist potential car buyers choose the best and most suitable car financing package. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The system now offers a complete car-buying process, with its First-Car Plan offering special deals and discounted rates on starter models from partner-car makers. BPI Family’s loans for business format franchising also registered growth in 2013. Partnerships in the Ka-Negosyo Program have resulted in an eight percent increase in small and medium enterprise (SME) loan volume. In line with its Ka-Negosyo Franchising Program, the bank introduced the Ka-Negosyo Franchise Finder, an interactive directory of franchise businesses that visitors could search for updated Read More …

Toyota, GM recalls push US to near-record pace

Economy

Apr 102014

Toyota, GM recalls push US to near-record pace

DETROIT (AP) – Big US recalls by General Motors and Toyota have put the auto industry on a record pace as companies try to avoid bad publicity and punishment from an increasingly aggressive government. On Wednesday, Toyota announced it was recalling nearly 1.8 million vehicles in the US to fix a spate of problems, including air bags that might not inflate. It’s part of a worldwide recall of 6.4 million cars and trucks. So far this year, automakers have recalled about nine million vehicles in the US. If that pace continues, the nation would break the record of 30.8 million recalled vehicles set in 2004. Most of the recalls are from Toyota and General Motors, two automakers that are under government scrutiny and facing bad publicity and allegations that they concealed safety issues. Toyota’s latest recalls were announced before the company even developed specific repairs. They come two weeks after the Justice Department skewered the Japanese automaker for covering up problems that caused unintended acceleration in some cars starting in 2009. Toyota agreed to pay $1.2 billion to settle that case, but federal prosecutors can resurrect a wire fraud charge if the company fails to comply with the terms of the settlement. Toyota’s actions come as rival GM recalls 2.6 million small cars for defective ignition switches the company links to at least 13 deaths. Of those, 2.2 million are in the US. As that crisis unfolded, GM announced recalls of another 3.4 million US vehicles. Business ( Article MRec Read More …

Mfg growth eases in Feb

Economy

Apr 102014

MANILA, Philippines – Manufacturing output growth continued to ease in February compared to the previous month, the Philippine Statistics Authority (PSA) said. The PSA’s Monthly Integrated Survey of Selected Industries released yesterday showed manufacturing output as measured by Volume of Production Index (VoPI) grew 1.2 percent in February, slower than the revised five percent growth posted in January. “This can be attributed to the slowdown in production of furniture and fixtures (130.6 percent) and tobacco products (102.6 percent),” the PSA said. The Value of Production Index (VaPI) likewise expanded at a slower rate of 0.9 percent in February compared to the previous month’s revised 4.3 percent. The VaPI’s growth rate in February was brought about by increases posted by the following sectors: tobacco products (102.2 percent), furniture and fixtures (75.9 percent), machinery except electrical (61.3 percent), publishing and printing (53.1 percent), textiles (35.4 percent), fabricated metal products (30.5 percent), wood and wood products (21.6 percent), leather products (15.2 percent), paper and paper products (14.4 percent) and electrical machinery (12.9 percent). The Value of Net Sales Index (VaNSI) posted an annual increment of 15 percent in February, nearly unchanged from the previous month’s revised 15.3 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Fourteen major sectors contributed to the latest VaNSI performance led by chemical products which grew by 66.6 percent. The Volume of Net Sales Index (VoNSI) expanded at a slightly slower pace of 15.4 percent in February from the revised 16.1 percent in the previous month. The Read More …

BSP to remain vigilant against inflation risks

Economy

Apr 102014

BSP to remain vigilant against inflation risks

MANILA, Philippines – Despite the continued slowdown of inflation in March, the Bangko Sentral ng Pilipinas said it remains vigilant amid risks that could cause an uptick in the rise of commodity prices. “Clearly, while we see inflation falling within the target range this year and next, there are additional challenges to our operating environment this year relative to last year,” BSP Governor Amando M. Tetangco Jr. said in an e-mailed statement. Inflation eased for a second month to 3.9 percent in March on the back of lower price increases for housing, water, electricity, gas, and other fuels. This puts the three-month average to 4.1 percent, above the midpoint of the central bank’s three to five percent target range. “Inflation has slowed over the last two months. However, the upside risks to inflation that we have mentioned before still remain,” Tetangco said. “In particular, we note potential price pressures that could emanate from increases in power rates, higher food prices and potential volatility in oil prices are still present,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The uncertainty as to when supply-side pressures will dissipate also highlights the potential risk of second-round effects,” Tetangco noted. The BSP, mandated to keep prices stable, last month kept key policy rates stable amid inflation expectations seen falling within target. However, monetary authorities hiked banks’ reserve requirement (RR) ratio by one percent age point due to the sustained high domestic liquidity growth seen since July. “[W]e continue to be mindful Read More …

Cosco Capital reports 83% growth in net income

Economy

Apr 102014

Cosco Capital reports 83% growth in net income

MANILA, Philippines – Cosco Capital Inc., the investment vehicle of Lucio and Susan Co, posted a strong income and revenue growth last year driven by the grocery business. In a regulatory filing, Cosco Capital said its pro-forma net income hit P5.3 billion, up 83 percent from P2.9 billion a year ago, while pro-forma net income attributable to equityholders of the parent firm surged 120 percent to P3.3 billion from P1.5 billion. “For its first annual reporting, after being transformed in May 2013 into a consumer-focused holding company, Cosco Capital recorded pro-forma total revenues of P77.2 billion in 2013 from P60.7 billion in 2012 or a growth of 27 percent,” the company said. “Revenues of Cosco Capital were principally accounted for by Puregold Price Club Inc.,” the listed holding firm said. Cosco Capital said that for the last seven-month period 2013, the firm recorded a net income of P3.7 billion. Aside from Puregold, the company is also into liquor importation (Premier Wine & Spirits Inc.), commercial real estate, oil storage and oil exploration activities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cosco Capital claims to be the country’s leading importer of liquor with exclusive distribution rights for some of the world’s top brands like Cuervo, Jim Beam, Fundador, Absolut Vodka, Johnny Walker, Chivas Regal and Alfonso.

DOE issues power-saving tips

Economy

Apr 102014

MANILA, Philippines – As part of its campaign to promote energy security, the Department of Energy (DOE) is urging consumers to use fuels and electricity judiciously, especially during the summer months when demand will be high. Some simple household energy-saving tips are posted on the DOE website and www.wattmatters.org.ph. Equally important, the DOE is also encouraging consumers to buy products that carry an energy label. Yellow energy labels are mandatory on household air conditioners (except inverter type), household refrigerators (size range: 5-8 cubic feet), compact fluorescent lamps (self-ballasted), linear fluorescent lamps, circular fluorescent lamps and ballasts. To reduce electricity bills from air conditioning devices, look for a high Energy Efficiency Ratio (EER) when buying a new unit. EER refers to the cooling efficiency of the unit. For refrigerators and freezers, the yellow energy guide bears the Energy Efficiency Factor (EEF) of the unit. The higher the energy efficiency rating, the lower the energy consumption. For fluorescent lamps, the energy label indicates the light output in lumens, power consumption, lamp efficacy and average life. More lumens mean more light output. The higher the efficacy rating, the lower the energy consumption. The safety tests, on the other hand, are being administered by the Bureau of Product Standards of the Department of Trade and Industry. In addition, the DOE has established state-of-the-art laboratory facilities for performance testing of television sets, washing machines, refrigerators, and freezers through the assistance of the Asian Development Bank. Business ( Article MRec ), pagematch: 1, sectionmatch: 1

BOI approvals down 52% in 1st qtr

Economy

Apr 082014

MANILA, Philippines – Investment pledges approved by the Board of Investments (BOI) declined 52 percent in the first quarter from a year ago. In a statement, the BOI said it approved P46.77 billion worth of investments as of end-March, down from the P97.19 billion approved in the comparable period last year. BOI managing head Adrian Cristobal Jr. said last year’s figure was higher due to the big ticket power project of Redondo Peninsula Energy Inc. amounting to P62.86 billion approved in 2013. Cristobal said that domestic firms dominated the total investment commitments for the first quarter at 90 percent or P42.08 billion. The balance of 10 percent or P4.69 billion came from foreign sources. Topping the list of foreign country sources of investments is the United Kingdom with a 31-percent share amounting to P1.46 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Japan came in second with P874.78 million worth of investments (19-percent share), followed by the Netherlands which contributed P492.50 million (10-percent share). Thailand and Taiwan got the fourth and fifth spots, pouring in investments worth P237.28 million (five-percent share) and P16.08 million (0.34 percent share), respectively. The biggest projects approved for the quarter are those made by the following companies: Citicore Megawide Consortium, Inc (P8.5 billion), SM Development Corp. (P5.9 billion), Prime Meridian Powergen Corp. (P5.57 billion), Cebu Air Inc. (P3.9 billion) Agusan Power Corp. (P3.66 billion), and Bright Future Educational Facilities Inc. (P2.5 billion). By sector, real estate activities, specifically, the mass housing sub-sector recorded Read More …

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