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Global HR solutions provider opens Phl office

Economy

Jan 162014

Global HR solutions provider opens Phl office

MANILA, Philippines – Global human resources (HR) solutions provider SilkRoad has established a new office in the Philippines as it seeks to grow its operations in the country and in Asia. In a statement, SilkRoad chief operating officer and co-founder Brian Platz said the company decided to set-up an office in the country as it sees an important market given the fast pace at which the economy is growing. “We believe the Philippines not only presents a unique opportunity for us to help local companies strengthen their talent acquisition and management programs and build their bottom line; our presence on the ground will also act as a strategic hub, helping us grow our operations all over Asia,” he said. In an increasingly competitive environment, he said companies have to take their business to new levels and differentiate themselves in the market. “SilkRoad helps companies manage their talent pool to keep things efficient,” he said. SilkRoad provides a full suite of HR software solutions to small and medium businesses that enable them to find, attract, develop and retain the best talent possible. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As a solutions provider, SilkRoad leverages the potential of the Philippines as a hub of talent in software development. The company’s clients can also use a range of technologies to determine influence among their employees. “By learning more about their most influential employees, organizations can better understand how they contribute to the company and leverage their influence to help drive Read More …

Net hot money inflow up 8% to $4.225 B in 2013

Economy

Jan 162014

Net hot money inflow up 8% to $4.225 B in 2013

MANILA, Philippines – The net inflow of foreign portfolio investments, also known as hot money, surged eight percent in 2013, exceeding the central bank’s projection on the back of the country’s sound macroeconomic fundamentals. Bangko Sentral ng Pilipinas data showed net hot money inflow went up to $4.225 billion last year from $3.911 billion in 2012. It was also way above the revised $3.2 billion assumption of the central bank for 2013. Foreign portfolio investments are also called hot money given the ease with which the funds enter and exit economies. The BSP attributed the increase in hot money inflow to the country’s sound macroeconomic fundamentals; sustained high growth in the first three quarters; (and) the investment grade ratings given to the Philippines. The central bank also said crisis in developing countries such as the United States and those in the euro zone also caused funds to be diverted to emerging economies such as the Philippines. Gross inflows jumped 54 percent to $28.404 billion in 2013 from $18.483 billion in 2012, while gross outflows climbed 66 percent to $24.180 billion from $14.571 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last year’s gross inflows were the highest recorded since 1999, surpassing the previous record high of $18.5 billion in 2012. “There was a steady stream of investment inflows of more than $2 billion a month except in the ghost month of August, believed to be unlucky for business, and in December due to the announcement of the forthcoming Read More …

Visit of Secretary John Kerry

Economy

Jan 162014

Last month, the US Secretary of State made a very brief visit to Manila. As announced by the embassy, the objective of the visit was to repair the damage to the credibility of America’s so-called “pivot to Asia” from President Obama’s canceled trip as well as Kerry’s canceled visit due to a typhoon. It was my expectation that he would comment on the recently announced Chinese Air Defense Zone as well as clarify his position on the Clinton “pivot to Asia” doctrine versus his “rebalancing to Asia”. Moreover, I expected he would also address an enhanced economic cooperation in the Philippines and the region. I was fortunate to have been invited to a small gathering of business executives and former government officials at the Diamond Hotel. After a one hour delay, the Secretary made brief remarks focusing on the resilience of the Filipino people, the confirmation of an additional $40 million for military assistance and verbal support for securing Category 1 from the Federal Aviation Authority. He did focus on the importance of the Trans Pacific Partnership (TPP) and encouraged the Philippines to join. President Aquino in September 2010 announced we are open to joining if it benefits the country. Such membership, however, would require Constitutional amendments to some of its economic provisions including on foreign equity restrictions. But for his own reasons, the President adamantly rejected proposals to amend the Constitution. Subsequent to our brief meeting, the Secretary and his party went to DFA for a meeting with Secretary Read More …

Toyota aims to sell 90,000 cars this year

Economy

Jan 162014

Toyota aims to sell 90,000 cars this year

MANILA, Philippines – Toyota Motor Philippines Corp. (TMPC) is banking on the newly launched Corolla Altis and three other vehicle models to be introduced this year to achieve sales of more than 90,000 units, an official said. TMPC president Michinobu Sugata told reporters that aside from the new Altis launched on Wednesday, the company is planning to introduce three more vehicle models to support higher sales this year. “For Toyota, we expect to sell more than 90,000 units this year because of new model introductions such as the Altis and three more models,” he said. Last year, TMPC’s total sales hit an all-time high of 75,587 units, surpassing the company’s projected sales of 75,000 units for that year. Sugata said the company aims to sell 500 units per month of the newly launched Altis. “Our target market for this model is the relatively affluent younger generation,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The new Altis, which is available in seven variants and imported from Thailand, is priced between P836,000 to P1.216 million. Next month, Sugata said the company is set to introduce, another vehicle model here. But while the company is introducing new vehicle models, it has no immediate plans to manufacture new vehicle models to add to the Vios and Innova which are assembled at its plant in Santa Rosa in Laguna. “We are still studying what other models can be assembled here and we are waiting for the roadmap,” he said. “We want Read More …

PAL set to resume flights to Paris

Economy

Jan 162014

MANILA, Philippines – The Philippines has inked a new air agreement with France that would allow national flag carrier Philippine Airlines (PAL) to resume flights to Paris after 16 years, the Civil Aeronautics Board (CAB) reported yesterday. CAB executive director Carmelo Arcilla said in a text message that the Philippines managed to get half of the 14 flights per week it was seeking from France. “We agreed on seven flights per week between the Philippines and France. Seven is the limit that the French are willing to agree for now, although we were asking for at least 14,” Arcilla said. He pointed out that the seven flights per week was more than the maximum four flights per week enjoyed by PAL when the airline used to fly to Paris until 1998 “The maximum that PAL could use before was four when it previously operated to Paris (until 1998),” he added. Arcilla explained that both the Philippines and France agreed on a third country code sharing that would allow French airlines mainly Air France and KLM to fly to Manila via Amsterdam that could further boost tourism in the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “This means that Air France can operate from Paris to Manila via Amsterdam, using KLM as operating carrier. This means possible additional flights from Europe that will support travel and tourism,” he said. On the part of the Philippines, he pointed out that domestic airlines could partner with any Southeast or East Read More …

Philex names new resident manager for Padcal

Economy

Jan 162014

Philex names new resident manager for Padcal

MANILA, Philippines – Listed Philex Mining Corporation has appointed a new resident manager for its only operating mine in the country. In a regulatory filing, the company announced that industry veteran Manuel A. Agcaoili has been appointed as senior vice president and resident manager of the Padcal copper-gold mine in Benguet. He replaces Libby Ricafort who has retired. Agcaoili holds a Bachelor of Science degree in Metallurgical Engineering from the University of the Philippines, graduating in 1980, and has a Masters in Business Administration from the Ateneo de Manila Graduate School of Business as of 2002. He served as director and president of MBMI Resources Phils. Inc. and Senior Philippine representative of MBMI Resources, Inc. based in Vancouver. He was also a director and president of Narra Nickel Mining and Development Corporation, Tesoro Mining and Development Corporation, and McArthur Mining, Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Agcaoili also served as a director and president of Rapu-Rapu Processing Inc. and a director of Lafayette Philippines, Inc. He was previously connected with the Philippine Associated Smelting and Refining Corporation (PASAR). Philex Mining has been operating the Padcal mine for 55 years, producing copper concentrate. Philex is operating its copper-gold mine in Padcal, Benguet on a probationary capacity as it undertakes mine rehabilitation after the massive tailings spill that occurred in the mine in August 2012. In the first nine months of the year, the Padcal mine in Benguet was among the top five producing mines in the country, Read More …

RFM acquires Royal pasta brand

Economy

Jan 162014

MANILA, Philippines – Food and beverage firm RFM Corp. has strengthened its foothold in the pasta segment with the acquisition of the pasta business of Anglo-Dutch consumer goods giant Unilever Group for more than P2 billion. The deal that combines the two largest pasta makers in the country will allow RFM to significantly boost its market share, officials said yesterday. In a regulatory filing, RFM, the maker of Selecta ice cream and Fiesta pasta, said it acquired the brand Royal and pasta business of the Unilever Group. “The transaction was valued at $47.8 million or over P2.1 billion, covering mainly the Royal trademarks, goodwill and inventories,” RFM said. RFM president and CEO Jose A. Concepcion III said the Royal brand, which has a premium price point, will strengthen the market leadership of RFM and complement the value-positioning of the Fiesta brand. “I estimate our market share to go beyond 50 percent with the acquisition,” said RFM chief operating officer Felicisimo M. Nacino Jr. As of end-2013, Fiesta pasta cornered 35 percent of the market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Fiesta and Royal brands are the market leaders in spaghetti, macaroni, and pasta-and-sauce bundles that provide more convenient easy-to-prepare pasta meals. Concepcion said the company plans to grow the pasta market by offering ready-to-cook and affordable pasta meals to Filipino consumers. Proceeds from RFM’s P1.62-billion private placement last October will fund the acquisition, with the balance to be sourced from internally generated cash. RFM said the Royal Read More …

Cigarette firm to assist tobacco farmers

Economy

Jan 162014

Cigarette firm to assist tobacco farmers

MANILA, Philippines – Cigarette manufacturer Mighty Corp. will embark this year on a three-pronged assistance program to benefit 65,000 tobacco farmers in Cagayan Valley and Ilocos Region. Mighty Corp. executive vice president Oscar Barrientos said the company allocated P10 million for the distribution of 35 irrigations pumps to some 35 farmers associations, 10 mini-tractors in tobacco-growing provinces, tools and farm implements. Barrientos said the agricultural assistance would serve as common-service production equipment to groups of organized tobacco farmers for tobacco farms that have no access to irrigation facilities and small tractors. The company will also provide some 20,000 long-sleeved farm shirts to ease the plight of tobacco farmers. Hand in hand with the agricultural production assistance, the company will launch a scholarship program, in tandem with National Tobacco Administration (NTA) in the two regions for children of tobacco farmers. At present, NTA has en existing scholarship grants to 400 scholars who are provided P5,800 financial assistance each. “Mighty Corp. will initially support NTA’s scholarship grants with 200 new college scholars this coming school year,” Barrientos said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The third component of the social responsibility program is Mighty Corp.’s institutional support for the annual search for outstanding tobacco farmers. The search being done by NTA covers three categories, one for Virginia tobacco growers, another for burley tobacco farmers and a third for native tobacco producers.

Chinabank pays P1.58 B for control of Plantersbank

Economy

Jan 162014

Chinabank pays P1.58 B for control of Plantersbank

MANILA, Philippines – China Banking Corp. (Chinabank), a banking unit of the SM Group, has completed the purchase of a controlling 84.77 percent stake in Planters Development Bank for P1.58 billion, a bank disclosure to the Philippine Stock Exchange (PSE) said. Under a share purchase agreement (SPA), Chinabank said it has paid P1.58 billion out of the total amount of P1.863 billion for the full acquisition of Plantersbank. The 84.77 percent capital stock are owned by the family of former Amb. Jesus Tambunting and the Dutch development bank FMO. The acquisition of the remaining 15.23 percent percent common stock for P283.7 million will be made through a tender offer, Chinabank said. Based on audited financial statements as of Dec. 31, 2012, Plantersbank equity net of PFRS-related adjustments stood at P919 million. At the ensuing special stockholders’ meeting, Tambunting and Carlos Borromeo were re-elected to the new Plantersbank board as chairman and president, respectively. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 With Plantersbank now part of the China Bank Group, China Bank is now the fifth largest private universal bank in the country with P410 billion in assets as of Sept. 30, 2013. It closed 2013 with 368 branches – 295 for the main bank and 73 for the savings bank. With the addition of Plantersbank’s 78 branches and two unopened licenses, the combined branch network now stands at 448 branches – well over the 400-branch network target of China Bank for 2014. The strategic partnership represents opportunities for Read More …

Nuvoland raises P250,000 for ‘Yolanda’ victims

General

Jan 132014

Nuvoland raises P250,000 for ‘Yolanda’ victims

Philippine STAR President & CEO Miguel Belmonte (2nd from left) receives the check donation from Nuvoland AVP-HR Maricon Arnedo, SVP & CFO Atty. Heherson Asiddao and Corporate Affairs Manager Maricar Perez. MANILA, Philippines – Nuvoland Philippines employees and management raised a Php250,000 donation for the victims of typhoon Yolanda. Part of Philippine STAR‘s Operation Damayan, the donation will be used to help fund school rebuilding projects in the Visayas region.

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