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Union Bank raises P3 B from LTNCD issuance

Economy

Oct 192013

Union Bank raises P3 B from LTNCD issuance

MANILA, Philippines – Union Bank of the Philippines has raised P3 billion through the issuance of long-term negotiable certificates of time deposits (LTNCDs), a company disclosure to the Philippine Stock Exchange said. The LTNCDs carry a coupon rate of 3.5 percent per annum, payable quarterly beginning January 2014. The maturity date of the long-term deposits is on April 17, 2019. HSBC was the sole lead arranger and selling agent for the offering while the selling agents included Multinational Investment Bancorporation and UBP. The net proceeds of the issuance will be used to improve the bank’s deposit maturity profile and support business expansion plans. “UBP continues to show commitment to its customers by providing wider choices of investment assets such as these LTNCDs, which offer higher yields as compared to other types of instruments due to lesser intermediation costs, while lengthening the bank’s maturity profile,” said UBP president and chief executive officer Victor B. Valdepenas. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 LTNCDs are negotiable certificates of time deposits and are tax exempt for qualified individuals if held for at least five years. The Philippine Deposit Insurance Corp. (PDIC) insures up to a maximum coverage per depositor, currently at P500,000. These are bank products with long tenors, from five to 10 years, are offered to investors looking for a higher interest rates compared to regular savings accounts or shorter-term deposits. The Aboitiz-led bank earlier said it is confident it will post income growth of more than 10 percent this Read More …

Eastern Petroleum unveils explosion-proof LPG tank

Economy

Oct 192013

Eastern Petroleum unveils explosion-proof LPG tank

MANILA, Philippines – Eastern Petroleum aims to capture a huge chunk of the 14 million-tank LPG (liquefied petroleum gas) market in the country as it made its entry into the business, its top official said in a recent interview. Eastern Petroleum chief executive officer Fernando Martinez said the company will tap 500 dealers for its Eastern Composite (EC) Gas cylinder by 2014. The oil company launched its LPG cylinder dubbed as EC Gas, an explosion-proof cylinder made from composite materials and which is up to 10 kilogram lighter compared to the average weight of LPG made from steel. The independent oil firm also launched its 500 New Millionaires program through its dealership network. “The 500 new millionaires will be made possible with the projected conversion of one million LPG steel tanks to EC Gas,” Martinez said. He said based on EC Gas’s business model presented during the recently concluded 12th Filipino Franchise Show at the World Trade Center, a dealership could translate to potential earnings of P1 million based on monthly sales of 2,500 cylinders of 11-kilogram LPG in its area. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Martinez said there are 14 million existing LPG tanks, half of which are either due for requalification, rehabilitation and repair or worse, for outright scrapping. He said franchise financing is also available in case the applicant is short on working capital and equity to finance the business. Martinez expressed confidence the company can deliver this goal starting 2014. This developed Read More …

PLDT unit extends services to government IP program

Economy

Oct 192013

PLDT unit extends services to government IP program

MANILA, Philippines – IP Converge Data Services Inc. (IPC), a wholly-owned subsidiary of e-PLDT is working closely with government agencies to help serve the general public more efficiently. IPC president Reynaldo Huergas said the company has been tapped by the Intellectual Property Office of the Philippines (IPOPHL) to put in place within its organization a system by which its employees can communicate and collaborate more efficiently among themselves and with their stakeholders. Huergas said IPC has deployed Google Apps for Business, providing IPOPHL with a suite of web-based, user-friendly applications by which the government organization could collaborate internally and with its partners, businesses and the general public in a more responsive and efficient manner. Aside from deployment of Google Apps, IPC also provided change management activities to IPOPHL. “In terms of public service, IPOPHL will derive great benefits from the cloud service and Google Apps as these will definitely reduce IPOPHL’s capital expense for information and communications technology requirements and increase productivity through real-time collaboration,” he stressed. He explained that IPOPHL’s MIS personnel could now focus more on the mission-critical systems and services offered to stakeholders and the public as IPC would handle the maintenance of the computing facility. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Ricardo Blancaflor, director general of IPOPHL, said the agency would become a more efficient intellectual property organization as it would benefit from the Google Apps for Business provided by IPC. “Communication within and outside of the IPOPHL circle will be more efficient, Read More …

Tiger Airways hikes flights to Davao

Economy

Oct 192013

MANILA, Philippines – Tiger Airways Philippines is beefing up its flights to Davao starting December as part of efforts to expand its domestic routes via the Ninoy Aquino International Airport Terminal 4 (NAIA4). The airline launched a special one-way offering from Manila-Davao promo fare for as low as P499 with travel validity from Dec. 2 this year to March 29 next year. It would use the 144-seater Airbus 319 aircraft. Aside from Manila – Davao, other domestic destinations of TigerAir include Manila – Cebu; Manila – Bacolod; Manila – Iloilo; Manila – Kalibo; Manila – Puerto Princesa; and Manila – Tacloban. Its international destinations include Phuket in Thailand via NAIA4, Singapore via the Kalibo international airport in Aklan as well as Hong Kong, Bangkok, and Singapore via the Clark international airport in Pampanga. Aside from Manila-Phuket, its other international flights include: Clark – Hongkong; Clark – Bangkok; Clark – Singapore; and Kalibo – Singapore. Davao is the premier hub of Mindanao and is home to some of the country’s top beach and mountain resorts, most notably the Pearl Farm in the secluded island of Samal. Davao City has been recognized as one of the most liveable cities in Southeast Asia. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Tiger Airways Philippines president and chief executive officer Olive Ramos earlier announced that the budget airline intends to beef up its existing fleet of five aircraft to 25 within the next three to five years. Ramos said the airline would be Read More …

RFM gets SEC nod to amend articles of incorporation

Economy

Oct 192013

RFM gets SEC nod to amend articles of incorporation

MANILA, Philippines – Listed food and beverage firm RFM Corp. has removed current stockholders’ rights for a first crack during the company’s share sale. The amendment in the articles of incorporation is in line with RFM’s recent private share sale that raised more than P1.6 billion in new capital. In a disclosure, the company behind Selecta ice cream and White King Fiesta said it secured the approval of the Securities and Exchange Commission to amend its articles of incorporation. “The stockholders shall have no pre-emptive rights to all issuances or dispositions of any class of shares of the corporation, unless otherwise prescribed by the Board of Directors,” RFM said. Early this month, the food and beverage company sold 340 million shares at P4.77 apiece, allowing the firm to generate P1.62 billion from the private placement. The company hired Maybank ATR Kim Eng Securities Inc. to sell shares owned by Horizons Realty Inc., BJS Development Corp., Triple Eight Holdings Inc. and RPMC Resources Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under the firm’s fund-raising scheme, majority shareholders will sell 340 million common shares to new investors. The selling stockholders will then subscribe to 340 million new shares to be issued by RFM. RFM earlier said it received the written assent of most stockholders, allowing the management to remove the pre-emptive rights for the issuance or disposition of any class of shares. Proceeds from the top-up share sale prepares the listed firm for potential acquisition and expansion opportunities in Read More …

BOP posts $465-M surplus in Sept

Economy

Oct 182013

MANILA, Philippines – The country’s balance of payments (BOP) position reverted to a surplus in September amid the return of foreign portfolio and direct investments into the country, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. The country posted a surplus of $465 million in September, a turnaround from the $318-million deficit in August. The latest surplus, however, was 38 percent lower than last year’s $751-million surplus. “BOP position for September… (was) on account of continued inflow of foreign exchange from different sources particularly foreign portfolio and direct investments,” BSP Deputy Governor Diwa C. Guinigundo said in a text message. “Data for exports, remittances and BPO (business process outsourcing) receipts are still not available although initial indicators show their continued strength,” he added. “These inflows were supported by BSP investment income from abroad and NG (national government) deposits of FX (foreign exchange) with the BSP,” Guinigundo further said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The BoP position summarizes a country’s transactions with the rest of world. This includes exports, imports, foreign direct and portfolio investments, other investments, and even remittances from Filipinos abroad. A surplus means more funds went into the country, while a deficit means otherwise. In the nine months to September, the country’s BoP surplus declined 34 percent to $3.824 billion from $5.831 billion a year ago. The central bank expects a surplus of $4.4 billion in the country’s BOP for this year. Guinigundo earlier said this projection is under review in light of latest Read More …

FMIC unit first to offer ETFs

Economy

Oct 182013

MANILA, Philippines – The Securities and Exchange Commission (SEC) has allowed First Metro Philippine Equity ETF Inc. of the Metrobank Group to register and offer shares to the public, making it the first firm to offer the new investment vehicle called exchange-traded funds (ETF). Specifically, First Metro Philippine ETF, a subsidiary of Metrobank’s investment banking arm First Metro Investment Corp. (FMIC), can now offer its entire authorized capital stock of P3 billion consisting of 30 million common shares at a par value of P100 apiece. ETFs are securities and investment instruments that monitor a commodity of assets like an index fund but trades like a normal stock in an exchange. “First Metro Philippine ETF aims to provide returns that would reflect the performance of the Philippine equities market by investing in a basket of securities included in the Philippine Stock Exchange index (PSEi),” the company said. “The portfolio of the fund is to be rebalanced and reconstituted every six months in order to adjust to the current composition of the PSE,” it added. Under its business plan, the fund will at all times invest at least 80 percent of its assets in the highest 15 to 20 weighted securities of the PSEi. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The fund may invest the remainder of its assets in liquid investments, including cash, cash equivalents, money market instruments and shares of money market funds advised by First Metro Asset Management Inc. (FAMI),” the firm said. Shares of the Read More …

SM property units to delist next month

Economy

Oct 182013

MANILA, Philippines – Two property units of mall and banking conglomerate SM Investments Corp. (SMIC) will exit the local bourse early next month. The delisting of SM Development Corp. (SMDC) and Highlands Prime Inc. (HPI) is in line with the consolidation of Henry Sy’s property companies. In a memorandum, the Philippine Stock Exchange (PSE) said its board of directors approved the voluntary delisting filed by HPI and SMDC. PSE also ordered the “delisting of the shares of the companies from the official registry of the PSE effective Nov. 5.” Early last month, upscale resort developer HPI and condominium builder SMDC filed a petition to exit the local stock exchange. Shares of both companies were suspended from trading as their public ownership level fell below the 10 percent minimum public float requirement. Privately held SM Land Inc. earlier completed the tender offer for shares of SMDC and HPI “as a part of its efforts to reorganize and consolidate the real estate holdings and interest of the companies that are controlled by the SM Group.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In May, SMIC announced the merger of its real estate businesses, creating the most valuable property firm in Southeast Asia. The P279-billion transaction involved several steps. First, private firm SM Land acquired HPI and SMDC in exchange for shares in shopping mall developer SM Prime Holdings Inc. (SMPH). SM Land will then merge with SMPH, which will be the surviving entity. The Securities and Exchange Commission last week Read More …

Mitsubishi ups sales goal on strong demand

Economy

Oct 182013

Mitsubishi ups sales goal on strong demand

MANILA, Philippines – Mitsubishi Motors Philippines Corp. (MMPC) has raised its sales target to more than 45,000 units this year as it expects strong demand for the Mirage subcompact hatchback and the new Mirage G4 sedan. MMPC president and chief executive officer Hikosaburo Shibata told reporters during the launch of the Mirage G4 on Thursday evening the company now expects its total sales to reach more than 45,000 units this year, higher than the previous goal of 40,000 units. “We are confident we will achieve historic record…because Mirage (subcompact hatchback) is very accepted and we have this G4,” he said. As of end-September, MMPC has sold 31,306 vehicles. Sales of the automaker hit an all-time high in 1996, when it sold 36,500 units. In 2012, MMPC sold 34,915 units. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Mirage subcompact hatchback launched by MMPC last year has allowed the firm to register higher sales. Shibata said MMPC is also upbeat the Mirage G4 would enable the company to see an increase in sales this year given the market’s good reception of the new vehicle model. He noted that MMPC has already received more than 1,000 pre-orders for the Mirage G4 since Sept. 2. The firm aims to sell 1,000 units of the Mirage G4 per month. The new vehicle model, which is imported from Thailand, is available in GLS and GLX variants and in both continuous variable transmission and five-speed manual transmission. Shibata said the new vehicle is targeted Read More …

Index continues climb for 3rd straight day

Economy

Oct 182013

Index continues climb for 3rd straight day

MANILA, Philippines – Strong local fundamentals and positive regional news carried the bellwether index past the 6,600 mark for the first time since August. The Philippine Stock Exchange index gained for the third straight day, rising 0.72 percent or 46.95 points to settle at 6,607.83 yesterday. It is the highest point for the main index since closing at 6,656.61 on Aug. 14. “It’s hard to find an excuse not to buy from the local market given local fundamentals and continued optimism in the global markets,” Astro del Castillo, managing director of First Grade Finance Inc., said in a phone interview. Freya B. Natividad, investment analyst at Papa Securities Corp., said the boost came from investors’ positive reactions to the US debt ceiling agreement. Asian markets were mixed after the world’s second-largest economy China reported a 7.8-percent growth in gross domestic product in the third quarter. It is the fastest quarterly uptick for China this year. Analysts said the growth brought positive signal to investors. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the local bourse, all counters, save for property firms that fell 0.16 percent or 4.03 points to 2,593.24, were in the green. The gainers were led by the service sector that added 0.99 percent or 19.73 points to 2,016.72. The value of shares traded slightly dropped to P8.04 billion from P8.24 billion on Thursday. Advancers outpaced decliners, 89 to 63, while 37 stocks did not change. Most active shares closed higher, led by index heavyweight PLDT Read More …

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