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Phl bourse tumbles on concerns over US economic stimulus

Economy

Nov 212013

Phl bourse tumbles on concerns over US economic stimulus

MANILA, Philippines (Xinhua) – The Philippine stock market further retreated below the 6,200-level today over concerns that the United States might soon taper its economic stimulus. The bellwether Philippine Stock Exchange index lost 0.53 percent or 32.45 points to 6,122.89, while the broader all-share index fell by 0.70 percent or 26.50 points to 3,737.18. Trading volume reached 853.18 million shares worth P8.54 billion ($196.06 million) with 123 stocks declining, 34 advancing and 41 were unchanged. Of the six counters, only the industrial and the holding firm sectors bucked the trend. “Weakness continue to prevail, following indications of tapering plans in the US,” brokerage 2TradeAsia.com said in its daily stock market comment. Investors are worried that the US Federal Reserves might soon go slow on its $85-billion a month asset purchase program following signs of recovery in the labor market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This caused major currencies to slide and the Dow Jones to close Wednesday’s session 66.21 points lower. 2TradeAsia.com advises investors to spot for good trading windows in second-tier shares that have breached “oversold zones.” Stocks in the 30-company index were mostly down. Among those sold out were Ayala Land, Inc., Alliance Global Group, Inc. and heavyweight Philippine Long Distance Telephone Co.

Rice import for 2014 will not reach 1.2 MMT: official

Economy

Nov 212013

Rice import for 2014 will not reach 1.2 MMT: official

MANILA, Philippines (Xinhua) – Despite the extensive damage caused by typhoon Haiyan, locally named “Yolanda,” to rice-growing areas in central Philippines, the Department of Agriculture (DA) said today that the country’s rice imports for 2014 would not reach 1.2 million metric tons (MMT). Agriculture Undersecretary Dante Delima said the United Nations Food and Agriculture Organization’s (FAO) estimate is “too much.” “The 1.2 MMT of rice which FAO has projected the Philippines will import next year is beyond what the country needs,” Delima said in a text message to Xinhua News Agency. However, he declined to provide the exact volume of rice that the country will import next year. The DA official issued the statement after FAO said in a report that Philippine rice imports would increase by 20 percent to 1.2 MMT in 2014 after 32 percent of rice crops were affected by typhoon Haiyan. FAO said this will cause Philippine rice output to drop to 18 MMT from its earlier projection of 18.9 MMT. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippine government imports rice to beef up the buffer stock of state food agency National Food Authority which provides the staple to areas affected by natural calamities. For 2013, Manila imported 205,700 metric tons from Vietnam under a government-to-government transaction. Based on the latest data from the National Disaster Risk Reduction and Management Council (NDRRMC), the typhoon destroyed P10.51 billion ($241.5 million) worth of crops and farm infrastructure in central Philippines.

Nuvoland Philippines, Inc: Creating lifespaces that shape lifestyles

Economy

Nov 202013

Nuvoland Philippines, Inc: Creating lifespaces that shape lifestyles

Nuvoland President & CEO Rally Martinez leads the company forward with the philosophy of innovation, quality, and customer satisfaction. MANILA, Philippines – Recognizing the changing trends and preferences that shape the lifestyle of Filipinos, upscale property developer Nuvoland Philippines Inc. has undertaken a brand update to reflect its commitment to create value for clients through real estate. Rally Martinez, Nuvoland president and chief executive officer, sat down with PhilSTAR.com to share the company’s vision and strategies to keep their clients happy. He said the new Nuvoland logo reflects the company’s passion for innovation and adherence to the gold standard in delivering high quality products and first-class customer service. “We have always been committed to observing and applying the gold standard, which represents the highest quality possible, to each and every Nuvoland product that we bring to the market,” Martinez said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Creating Lifespaces that Shape Lifestyles Fulfilling its tagline and brand promise of “Creating Lifespaces. Shaping Lifestyles. Fulfilling Lives,” Nuvoland is firming up even grander plans and projects both to grow its corporate profile and expand its product line. “We coined ‘lifespaces’ because, clearly, whether it’s residential, office, or retail, it’s a space where people spend a lot of time in, and thus, where they create and live their lives,” Martinez added. Aside from Infinity Tower in Bonifacio Global City in Taguig and Aspire Tower in Quezon City, Nuvoland is also constructing Dream Tower, the second residential building in its flagship mixed-use Read More …

Restoration of power lines in Yolanda-hit areas to cost P2B

Economy

Nov 202013

Restoration of power lines in Yolanda-hit areas to cost P2B

MANILA, Philippines – Energy Secretary Carlos Jericho Petilla has estimated that around P2 billion would be spent for the restoration of toppled power transmission and distribution lines in the Yolanda-stricken areas. “(We have) estimated P1.1 billion for transmission alone. (Our) estimate for distribution is about P800 million, or roughly a total of P2 billion. But we have not yet completed the computation,” he said. Petilla said they are also exploring ways on how to raise the funds to finance the restoration efforts. He said they are trying to find out if the National Grid Corp. of the Philippines (NGCP), the private concessionaire managing the country’s power transmission highways, can shoulder the rebuilding of the transmission lines. “I think NGCP’s insurance is 70:30 which means 70 percent of the cost it needs to recoup will be shouldered by them and the 30 percent would have to be passed on. But my goal is zero passed on,” the energy chief said, noting that NGCP may not need to seek approval from ERC for costs related to force majeure. Petilla said he would also seek leagl opinion on tapping the Malampaya fund for the rehab efforts. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to the energy chief, state-run National Electrification Administration (NEA) has already set aside some P300 million to electric cooperatives affected by the super typhoon. “NEA has already shelled out P150 million to an electric cooperative in Leyte and there’s another P150 million released somewhere in Iloilo. Yes, Read More …

Banks’ real estate exposure rises

Economy

Nov 202013

MANILA, Philippines – Local banks’ exposure to the property sector continued to grow in end-June from the previous quarter, but the Bangko Sentral ng Pilipinas assured these remain manageable. Universal, commercial and thrift banks’ real estate exposure (REE) summed up to P900.1 billion as of June, up seven percent from end-March. “The increase in REE was mainly driven by real estate loans which accounted for 84.7 percent of their total exposure to the real estate sector,” the central bank said. Real estate loans went up seven percent to P762.5 billion in the second quarter from P715.5 bililon in the previous three months. At the same time, investments in the property market, which make up 15.3 percent of the total REE, also climbed during the period. Investments in real estate securities jumped eight percent to P137.7 billion in end-June from P127.1 billion in the first quarter. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The central bank stressed the total REE only made up 21.7 percent of the banking system’s total loan portfolio of P4.2 trillion in June. “In line with its financial stability objectives, the BSP is keeping an eye on measuring the whole landscape under the new coverage of banks’ exposure to the real estate industry,” the central bank said. “The BSP is keen on monitoring the credit conditions that support the heightened activity in property development to prevent potential impairment of intermediation.” The BSP last year introduced stricter regulations in monitoring banks’ exposure to the real estate Read More …

Globe okays cash dividend for preferred shares

Economy

Nov 202013

Globe okays cash dividend for preferred shares

MANILA, Philippines – Globe Telecom’s board has approved the declaration of cash dividend for holders of its preferred shares during its meeting held last Nov. 8. The amount of the cash dividend will be based on the average 30-day PDST-F (formerly MART1) as computed by the Philippine Dealing and Exchange Corp. plus two percent, Globe president and CEO Ernest Cu said. Record date is on Nov. 22, 2013 while payment date has been set on Dec. 8, 2013. The telecommunications provider reported its core net profit in the first nine months of the year rose nine percent to P9.5 billion, underpinned by robust revenues, which reached a total P67.3 billion, up 10 percent from P61.3 billion a year. Globe counts Philippine conglomerate Ayala Corp. and Singapore Telecom as its major shareholders.

ALI gains full ownership of El Nido

Economy

Nov 202013

MANILA, Philippines – Property giant Ayala Land Inc. (ALI) has gained full ownership of an upscale resort in El Nido in Palawan, three years since first buying a majority stake into the project. In a regulatory filing, ALI said subsidiary AyalaLand Hotels and Resorts Corp. signed an agreement to acquire Asian Conservatory Co.’s (ACC) 40-percent stake in El Nido Resorts. “This acquisition will effectively make the El Nido Resorts wholly-owned by ALI. This will solidify ALI’s presence in the resort and leisure development market and help boost the country’s tourism industry,” the property firm said. In 2010, ALI bought ACC’s 60-percent stake in El Nido Resorts for P2 billion, marking the property firm’s third foray into the resort and leisure industry. “The company intends to take El Nido Resorts to its next stage of sustainable development,” ALI said, adding that the transaction is expected to close before yearend. ACC, through its subsidiaries under the Ten Knots Group, owns and operates the world famous El Nido Resorts in Lagen and Miniloc Islands in Northern Palawan. The El Nido Resorts was a recipient of the Wild Asia Responsible Tourism Award in 2009 and was one of 15 Favorite Green Hotels recognized by Travel+Leisure magazine in 2007. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In 2007, ALI first ventured into the resort and leisure segment by starting the P4-billion development of the 320-hectare Anvaya Cove in Bataan. The hotel portfolio of AyalaLand Hotels and Resorts currently include Fairmont and Raffles Hotels, Read More …

SM Group to put up ‘lifestyle cities’ in China

Economy

Nov 202013

SM Group to put up ‘lifestyle cities’ in China

MANILA, Philippines – SM Prime Holdings Inc., the umbrella firm for the SM Group’s property businesses, is introducing its “lifestyle cities” concept in the world’s second largest economy, China. The company will put up residential towers adjacent to shopping malls in the medium term, its top official said. “With the consolidated group, we can really go to China for residential projects already. Before, it’s only malls,” SM Prime president Hans Sy told reporters on the sidelines of the Philippine Stock Exchange’s Bell Awards Tuesday. The conglomerate can now penetrate the Chinese property market as one company, Sy said. In May, mall and banking giant SM Investments Corp., the investment vehicle of the country’s richest man Henry Sy, announced the merger of its real estate businesses, creating the most valuable property firm in Southeast Asia. It merged upscale Tagaytay Highlands developer Highlands Prime Inc., condominium builder SM Development Corp. (SMDC), private firm SM Land Inc. and mall developer SM Prime. For its regional expansion, Sy said SM Prime will introduce in China the concept of lifestyle cities, which incorporate malls and residential condominiums. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We believe the Philippine formula works very well in China,” Sy said, adding that SM Prime is customer-oriented and understands its clients. SM Prime so far has 47 shopping centers in the country and five in China: Xiamen, Jinjiang, Chengdu, Suzhou and Chongqing. SM City Zibo will open next year. SMDC earlier identified China as a growth center but Read More …

Globe Telecom restores service in more Leyte, Samar towns

Economy

Nov 202013

Globe Telecom restores service in more Leyte, Samar towns

MANILA, Philippines – Globe Telecom expanded further its cellular service in Leyte and Samar provinces as the telecommunications company continues to prioritize restoration of cell sites in areas that are hardest hit by the typhoon. Globe said mobile services are now available in the towns of Isabel and Palo in Leyte; Lavezares, Rosario, San Jose, San Roque and Lope de Vega in Northern Samar; Hinunangan, Limasawa and Sogod in Southern Leyte; San Sebastian and Pagsanghan in Western Samar and Culasi and Laua-an in Antique, Dumarao in Capiz and Daanbantayan in Cebu “Optimization of cell sites by increasing transmission power has resulted in substantial expansion of its cellular coverage in typhoon-stricken areas,” noted Robert Tan, Globe Chief Technical adviser. The telecommunications provider said it also expects to restore cellular service in Borongan, Eastern Samar anytime soon. “A major cell site facility in Borongan is essentially intact and that would give us good umbrella coverage once transmission alignment is completed,” Tan said. Globe has also restored network coverage in Cebu, Bohol, Iloilo, Negros Occidental, Negros Oriental, Bohol, Iloilo, Aklan, Antique, Southern Leyte, Northern Samar, Western Samar, Guimaras and Siquijor. In Leyte, municipalities with cellular coverage are as follows: Bato, Hilongos, Hindang, Inopacan, Isabel, Kananga, Matag-ob, Matalom, Palompon, Palo, Santa Fe, Tabango and the cities of Baybay, Ormoc and Tacloban as well as the towns of Anahawan, Bontoc, Hinunangan, Hinundayan, Libagon, Lilo-an, Limasawa, Macrohon, Malitbog, Padre Burgos, Pintuyan, San Ricardo, Saint Bernard, San Francisco, San Juan, Silago, Sogod and in Tomas Oppus in Read More …

Thomson Reuters Manila wins Top Employer of the Year award

Economy

Nov 192013

Thomson Reuters Manila wins Top Employer of the Year award

Senior Site Officer and Head of Human Resources Peter Buenaseda (right) receiving the award from last year’s winner, Meralco, represented by Mon Segismundo, senior vice president for human resources and corporate services. MANILA, Philippines – Media and information firm Thomson Reuters Manila won the Top Employer of the Year honors at the 2013 Asia CEO Awards held last Nov. 14 at the Solaire Resort and Casino. As Top Employer, Thomson Reuters was recognized for its accomplishments that demonstrate its mixed Filipino/expatriate management and local talent performing at the highest global standards, with superior business results. Senior Site Officer and Head of Human Resources Peter Buenaseda received the award from last year’s winner, Meralco, represented by Mon Segismundo, senior vice president for human resources and corporate services. Asia CEO Awards is a grand alliance of Philippine and international communities meant to promote the Philippines as one of the world’s premier business destinations. The Asia CEO Awards honors the most accomplished management teams and individuals currently operating in Philippines and the region.

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