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NGCP says it dutifully pays franchise taxes to gov’t

Economy

Apr 042014

NGCP says it dutifully pays franchise taxes to gov’t

MANILA, Philippines – The National Grid Corp. of the Philippines (NGCP), the country’s power grid operator, maintained that it is exempt from income tax but stressed that it dutifully pays its franchise taxes to the government. NGCP, a privately owned transmission company, said that its tax-exempt privilege is provided under Republic Act 9511, the law that granted NGCP a 50-year franchise to operate the grid. The grid operator made the clarification after the Department of Finance (DOF) published a Tax Watch print ad stating that only 39 of the top 100 corporations ranked by the Securities and Exchange Commission (SEC), the corporate regulator, landed on the Bureau of Internal Revenue’s (BIR) list of 500 top corporate/non-individual taxpayers. NGCP is in the SEC’s list of top 100 corporations, occupying the 25th spot, based on revenues. On the other hand, BIR’s list, which was based on income tax returns, did not include the grid operator. NGCP spokesperson Cynthia Perez-Alabanza said that the company pays franchise tax in lieu of income tax. “NGCP’s franchise granted through Republic Act 9511 mandates that it pay a franchise tax equivalent to three percent of all gross receipts, ‘in lieu of income tax and any and all taxes, duties, fees and charges of any kind, nature of description levied, established or collected by any local or national authority on its franchise, rights, privileges, receipts, revenues and profits, and on properties used in connection with its franchise,” she said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …

Belle earnings breach P3 B as casino revenues stream in

Economy

Apr 042014

Belle earnings breach P3 B as casino revenues stream in

MANILA, Philippines – Belle Corp., the gaming arm and upscale leisure developer of the SM Group, breached the P3-billion income mark last year as rental revenues from its new integrated casino project streamed in. In a regulatory filing, Belle said its consolidated net income surged more than six times to P3.63 billion last year from P555.66 million in 2012. “This was achieved due to significantly higher revenues and a day one gain on finance lease accounting of P2.34 million,” the company said. It also recorded a P772.2-million gain from the swap of 809 million Highlands Prime Inc. shares for 109 million SM Prime Holdings Inc. shares, the property firm said. Gross revenues grew more than five times to P2.62 billion from P494.43 million a year ago. Belle said it posted higher revenues “due to the receipt of revenues arising from the lease and operating agreements with Philippine subsidiaries of Melco Crown Entertainment Ltd. totaling P2.28 billion.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Belle is the builder of the $1.3-billion City of Dreams Manila complex in the Manila Bay reclamation area. Macau-based casino giant Melco Crown, for its part, leases the property and will operate the integrated casino. Gross revenues from sales of real estate and club shares for 2013 of P175.3 million was lower by 46 percent compared with P323.6 million a year ago. “Gross profit from sales of real estate and club shares for 2013 of P59.9 million was also lower than the gross profit of Read More …

PLDT chief sees better revenues

Economy

Apr 042014

MANILA, Philippines – Dominant carrier Philippine Long Distance Telephone Co. (PLDT) recorded higher revenues in the first quarter of the year amid the country’s growing domestic output as measured by the gross domestic product (GDP). PLDT chairman Manuel V. Pangilinan said the company’s revenues from January to March this year was better compared to the same period last year. “Better than last year. It should be better than last year,” Pangilinan replied when asked about the company’s revenues in the first quarter of the year. He added that the higher revenues would also translate to a better bottomline for PLDT in the first quarter of the year. PLDT’s consolidated revenues remained steady at around P40 billion in the first quarter of last year while its net income fell eight percent to P9.2 billion after it booked a P900-million reduction in its net foreign exchange and derivative gains due to stronger peso. PLDT is back on the growth track as the company finally booked a five-percent increase in core net income to P38.7 billion last year from P36.9 billion in 2012. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The PLDT Group’s service revenues increased three percent to P164.1 billion last year from P159.7 billion as its wireless revenues grew three percent to P116.7 billion while its fixed line business expanded by five percent to P61.9 billion. On the other hand, PLDT’s reported net income slipped two percent to P35.4 billion last year from P36.1 billion due to higher foreign Read More …

Inflation slips to 3.9% in March

Economy

Apr 042014

MANILA, Philippines – Consumer prices in March eased, the National Statistics Office said Friday. According to the NSO, inflation in March slipped to 3.9 percent, the slowest so far this year. In January inflation was 4.2 percent and 4.1 percent in February. “The downtrend was due to slower annual hikes posted in the indices of alcoholic beverages and tobacco; housing, water, electricity, gas and other fuels; recreation and culture; and restaurant and miscellaneous goods and services. Inflation during the same month in 2013 was 3.2 percent,” the NSO said. Excluding volatile food and energy items, the core inflation was slower at 2.8 percent in March from 3.0 percent in February.

Banks opt to pay fines than lend to 'risky' small Pinoy businesses

Economy

Apr 042014

Banks opt to pay fines than lend to 'risky' small Pinoy businesses

MANILA, Philippines – Large and foreign banks in the country would rather pay fines than comply with the law mandating them to lend to small businesses. According to the inaugural edition of the Asian Development Bank’s Asia Small and Medium-sized Enterprise Finance Monitor, Philippine MSMEs continue to have poor access to credit, “which limits the ability of SMEs to survive and grow.” “According to the Bangko Sentral ng Pilipinas some large banks, particularly international banks, opted to pay a fine rather than set aside funds for lending to risky borrowers such as MSEs (micro and small enterprises),” the report said. The BSP imposes a P500,000 a year fine for zero compliance, while the penalty fees for undercompliance; 90 percent of the penalties collected will be remitted to the MSME Development Council Fund, while the remaining 10 percent is retained by the BSP for administrative expenses. Citing data from the Philippine government, the ADB said MSMEs in the country, make up 99.6 percent (816,759) of the total enterprises in the country in 2011. These MSMEs employed some 3.872 million, representing 61 percent of the total employment in the country. The ADB said that while the Magna Carta for Micro, Small and Medium Enterprises as amended by Republic Act (RA) 9501 mandates banks to allocate at least eight percent of their loan portfolio to MSEs and at least two percent to medium-sized enterprises, banks generally fail to comply with this requirement. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In particular, Read More …

Apple says Samsung knew iPhone would be big seller

Economy

Apr 032014

Apple says Samsung knew iPhone would be big seller

The Apple iPhone 4s, left, is displayed next to the Samsung Galaxy S III at a store in San Francisco.(AP Photo/Marcio Jose Sanchez) SAN JOSE, Calif. — Samsung knew Apple’s iPhone would be a big seller when it first went on the market, but the South Korean company didn’t have a product that could compete so it stole Apple’s technology, an attorney for Apple told jurors on Tuesday. “The evidence in this case will be Samsung copied the iPhone,” Apple lawyer Harold McElhinny said during his opening statement in the latest patent fight between the world’s largest cellphone manufacturers. Samsung, which accuses Apple of stealing its ideas, was expected to make its opening statement later in the day. The trial in federal court in San Jose marks the latest round in a long-running series of lawsuits between the two tech giants over mobile devices. If Apple prevails in the current case, the cost to Samsung could reach $2 billion. Apple’s costs, if it loses the litigation, were expected to be about $6 million. McElhinny asked jurors to remember where they were on Jan. 9, 2007, and showed a video of former Apple CEO Steve Jobs unveiling the iPhone in San Francisco. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said attorneys for Samsung would try to say Apple inventions were trivial and not valuable. “But that is not what the world was saying in 2007,” McElhinny said. It could be consumers who end up paying the ultimate price Read More …

Moody’s affirms BDO’s rating

Economy

Mar 292014

MANILA, Philippines – The financial strength of BDO Unibank Inc., the main banking unit of the SM Group, remains stable, international credit rating firm Moody’s Investors Service said. In a statement, Moody’s said it affirmed BDO’s Baa3/Prime-3 deposit rating with a positive outlook. “BDO’s bank financial strength rating (BFSR) is also affirmed at D+. The outlook remains stable,” it said. At the same time, Moody’s revised BDO’s baseline credit assessment (BCA) to baa3 from ba1 to reflect improvements in its stand-alone credit profile, justifying investment grade on a stand-alone basis. According to Moody’s, it affirmed the BDO deposit rating with a positive outlook to reflect its expectation of continued strength in the operating environment for the Philippine banking system, owing to robust growth of the Philippine economy and stabilizing external conditions, which is positively supporting the government’s own credit profile. The revision of BDO’s BCA to baa3 from ba1, on the other hand, took into consideration the banks’ consistently improving asset quality, as well as robust liquidity and capital profiles, which have become comparable to those of its closest peers in the Philippines and other baa3 banks in the region. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In line with our expectation of an improved operating environment, Philippine banks, particularly BDO — given its dominance in the domestic corporate and middle markets segments — will likely benefit from healthy credit growth, core profitability, as well as stable asset quality,” it stressed. Furthermore, Moody’s said it viewed the credit Read More …

Super memory seminar for HS, college students

Economy

Mar 292014

Super memory seminar for HS, college students

MANILA, Philippines – The best investment you can give your children is the gift of excellent memory for their lifetime of success and productivity. Maximize your children’s learning capacity by sending them to an amazing program that will boost their memory skills. The Center for Global Best Practices is launching a pioneering five-session seminar entitled “Super Memory & Accelerated Learning Program for High School & College.” For high school, the schedule is on Saturday, May 10 (whole day session) and Monday to Thursday, May 12 to 15 (half-day morning sessions) while for college, it’s on Friday, May 9 (whole day session) and Monday to Thursday, May 12 to 15 (half-day afternoon sessions). Both events will be held at The Bellevue Manila, Alabang, Muntinlupa City, Philippines. Special rates apply for those staying in the hotel. For details and a complete list of upcoming best practices seminars including “Super Memory Techniques on How to Memorize the Bible,” “Super Memory Program for Seniors” and “Super Memory Techniques for Executives & Professionals,” you may log on to www.cgbp.org or call (02) 842-7148 / 59 and 556-8968 / 69; Cebu lines (032) 512-3106 or 07 or Baguio line (074) 423-5148. Yes, your children can ace all exams, excel in school and top the class! In this super memory program, they will be taught on how to store, retain and retrieve information in a fast, effective, organized and stress-free manner. These proven and tested world-class systems will help your children get higher grades, raise academic skills Read More …

Nextstage unloads assets after failed listing deal

Economy

Mar 292014

Nextstage unloads assets after failed listing deal

MANILA, Philippines – Dormant firm Nextstage Inc. is unloading several assets following a scuttled backdoor listing deal with a popular coconut vodka manufacturer. In a disclosure, the company said its board approved the sale of corporate assets consisting of stocks in multi-application smart card operator Mondex Philippines Inc., outsourcing firm Technology Support Services Inc., software developer Infinit-E Asia Inc. and Mondex Protector Philippines Inc. Last month, VuQo Inc., the company behind the world’s first premium vodka distilled from coconut nectar, dropped its plan to merge with Nextstage. The company said the lengthy transaction would fail to satisfy the urgent funding needs of VuQo. Moving forward, the board discussed Nextstage’s reorganization plans. “The board of directors had a discussion on the direction of the corporation and manifested its continued commitment to implement the business plan,” Nextstage said. It aims “to maximize its structure as a holding company and focus on the ASEAN region and other Asian involvements, with a view of integration into the ASEAN Economic Community,” it added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Nextstage earlier announced that it is preparing for the company’s revitalization through acquisitions. Specifically, Nextstage plans to secure up to 100 percent of digital signage firm In-store Digital Display International Inc., a minimum of 40 percent of digital marketing firm Snapworx Digital Inc. and a minimum of 19 percent of mobile phone marketing company Mobext Inc.

Delta Air heeds DOTC call to transfer to NAIA3

Economy

Mar 272014

Delta Air heeds DOTC call to transfer to NAIA3

MANILA, Philippines – Delta Air Lines has heeded the call of the Department of Transportation and Communications (DOTC) to transfer its operations to the newer Ninoy Aquino International Airport terminal 3 (NAIA3) to pave the way for the P1.3-billion rehabilitation of NAIA1. Steven Crowdey, director, Philippines, Australia and Micronesia of Delta, said the relocation of its operations to the NAIA3 from NAIA1 effective Aug. 1 would be permanent. At NAIA3, customers would experience larger departure and arrival immigration halls, a smooth flow from the airport entrance to the departure gates, more seating areas and less security congestion. In addition, passengers could enjoy more shopping and dining choices and better natural lighting throughout the lobby and departure gate areas. Furthermore, Delta would install more self service check-in kiosks in the lobby, reducing the wait time for check-in which will result in a better customer experience at the airport. Terminal 3 features a two-tiered design with its ground level designed for arrivals and the second level for departures. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Each level has 600 square meters of curbside space allowing for more efficient drop offs and pickups. The center of the building contains passenger processing function. Retail shops and food courts line the departure and arrival levels while parking for over 1,200 cars is provided in front of the terminal. Terminal 3 also offers a 232 square meters contemporary lounge with modern furnishings. “This exciting news is another big step for Delta as it has Read More …

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