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Sun Life Assets Mgm’t posts 206% sales growth

Economy

Aug 292013

Sun Life Assets Mgm’t posts 206% sales growth

MANILA, Philippines – The Sun Life Asset Management Co. Inc. (SLAMCI) reported yesterday its gross sales reached P26.2 billion at the end of July, marking a growth of 206 percent compared to the same period last year. Similarly posting an impressive figure are its assets under management, which reached P42.1 billion by the end of July – a 67.5-percent improvement from a year ago. Of the seven Sun Life Prosperity Funds, it was the Philippine Equity Fund that performed the strongest, marking a 19.89-percent increase in its year-on-year performance. Balanced Fund went up16.55 percent and Bond Fund saw an 11.88-percent growth. The other Prosperity Funds offered by Sun Life Asset Management are Dollar Abundance, Dollar Advantage, GS, and Money Market funds. “The numbers are encouraging because it shows how more Filipinos are warming up to the concept of investing in funds as a way of growing their money,” said SLAMCI president Valerie Pama. “We take pride in the fact that Sun Life’s expertise in managing investments plays a significant role in this development,” she added. Pama expressed optimism that SLAMCI’s strong performance will continue for the last quarter of the year, especially after achieving the largest Balanced Fund (mutual fund and unit investment trust fund) and largest Equity Fund (mutual fund industry) this July in terms of assets under management. SLAMCI is a member of the Sun Life Financial Group of Companies (Sun Life Financial), a leading international financial services organization providing a diverse range of wealth accumulation and protection Read More …

GM says almost driverless cars coming by 2020

Economy

Aug 292013

GM says almost driverless cars coming by 2020

MILFORD, Michigan (AP) — Sometime before the end of this decade, General Motors will put a car on the road that can almost drive itself. The automaker says the system, called “Super Cruise,” uses radar and cameras to steer the car and keep it between lane lines. Also, the radar keeps the car a safe distance from cars ahead of it, and it will brake to a complete stop if necessary. GM and other automakers such as Mercedes, BMW and Lexus already offer radar-guided cruise control systems that keep their cars a safe distance from other vehicles and even stop before a crash. They also have systems that warn the driver if they’re drifting out of their lane. But until recently, engineers haven’t been able to steer with computers, according to GM. “The steering control is the big additional piece,” said John Capp, GM’s director of electrical controls and active safety technology. On Wednesday, engineers showed off the system for reporters at the company’s testing grounds in Milford, Mich., north of Detroit. The system adds control of electric power steering to off-the-shelf technology that’s now available. Although they still have bugs to work out, a Cadillac SRX SUV equipped with the technology worked very well. Capp says a lot of development work still needs to be done about road conditions, reaction of sensors, visibility of lane lines and how the system will interact with the driver, who still would be in control and can easily override the computer system. He Read More …

Anglo Holdings to focus on oil exploration

Economy

Aug 292013

Anglo Holdings to focus on oil exploration

MANILA, Philippines – The Ramos family’s flagship investment firm Anglo Philippine Holdings Corp. will focus on upstream oil exploration following its divestment in an upscale property firm. Fresh funds from the P778-million sale of its shares in Shang Properties Inc. will finance higher investments in Philodrill Corp., the holding firm said in a regulatory filing. “The company’s overall thrust is to gain meaningful participation in all its investments in natural resources, property development and infrastructure,” Anglo Holdings said. “The company’s sale of its Shang Properties shares is in line with this thrust because the company intends to use the proceeds from the sale to acquire additional shares in Philodrill,” it added. Anglo Holdings currently owns 1.71 percent of Philodrill, which is expected to increase to roughly 10 percent with the additional investment. “From a minority interest in both Shang Properties and Philodrill, the company decided to consolidate its investment into a meaningful participation in Philodrill,” Anglo Holdings said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Anglo Holdings said it noted Philodrill’s higher dividend rate and better market liquidity. “A bigger participation in Philodrill equates to a bigger share in dividends which…will be better than having separate minority interests in two companies,” it added. The improved liquidity will also allow the holding firm to be flexible in realizing gains or minimizing losses. Early this week, Anglo Holdings sold its 214.145 million shares or 4.5-percent stake in the local property unit of Malaysia’s Kuok Group for P778.46 million. Upscale developer Read More …

Market recovers, climbs 206.15 pts

Economy

Aug 292013

MANILA, Philippines – After a recent bloodbath, the Philippine stock market recovered strongly yesterday, on better-than-expected second quarter economic growth figures. The Philippine Stock Exchange index (PSEi) rallied 3.59 percent or 206.15 points to end at 5,944.21, bringing the main index back on the winning track for this year. It snapped a two-day decline that resulted in a 423.15-point drop for the main index en route to an eight-month low that erased year-to-date gains. PSEi closed at 5,812.73 on Dec. 28, 2012. “Sustained robust economic growth, an overnight decent rise in US equities and technically oversold market conditions lent a positive bias to Thursday’s trades,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. “Overseas concerns somewhat dissipated and we were greeted by good news about the economy so the market reacted favorably,” said Astro del Castillo, managing director of First Grade Finance Inc. Grace Cerdenia, an analyst at brokerage firm 2Trade-Asia.com, said the sizeable drop in the past few days and the strong economic growth helped the local market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippine economy expanded 7.5 percent in the second quarter, matching China’s growth and outpacing Indonesia’s 5.8 percent, Vetnam’s five percent, Malaysia’s 4.3 percent, Singapore’s 3.8 percent and Thailand’s 2.8 percent. Positive news abroad also boosted investor confidence yesterday. Wall Street also posted gains on easing worries over a potential US military strike in Syria while stocks of oil firms rallied. The Dow Jones industrial average rose 0.3 percent Read More …

Peso weakness won’t last long – BSP exec

Economy

Aug 262013

Peso weakness won’t last long – BSP exec

MANILA, Philippines – The peso’s continued weakness against the dollar is not expected to last for long as this has been driven by market reactions to recent developments, a Bangko Sentral ng Pilipinas (BSP) official said. “I’m not sure if that is going to be for the long haul because as I have always indicated… we have a balance of payments and current accounts surpluses that should drive the firmness of the peso moving forward,” BSP Deputy Governor Diwa C. Guinigundo told reporters late last week. The local currency closed at 44.26 to a dollar last Friday, its lowest level since Jan. 31, 2011. Analysts attributed the depreciation to last week’s US Federal Reserve minutes which signified support for tapering stimulus due to an improving US economy. Moreover, the peso tracked other regional currencies, which weakened because of disappointing economic indicators reported by some emerging markets. “What we’re seeing is market reaction… so this is something that is driven more by market sentiment than by fundamental factors,” Guinigundo said. “It’s bound to correct in due time and when that happens… it means that that should go back to fundamentals and the fundamentals means that peso should be firm because of the balance of payments and current accounts position,” he continued. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The country’s balance of payments surplus amounted to $3.677 billion in the seven months to July. The BoP, which shows a country’s transactions with the rest of the world, tallies investments, Read More …

MPTC on track to hitting 2013 traffic growth target

Economy

Aug 262013

MPTC on track to hitting 2013 traffic growth target

MANILA, Philippines – Metro Pacific Tollways Corp. (MPTC), the largest toll road management firm in the Philippines, said it is on track to hitting its full-year traffic growth target despite the recent harsh weather that disrupted operations. The tollway unit of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is also waiting for government approvals for new projects and higher toll rates, a company official said. “The good thing is, we were ahead for the first seven and a half months. We should still meet target in terms of traffic (growth),” MPTC chief financial officer Christopher Lizo said. “Traffic growth target was three percent for the entire (toll road) network,” he said. From January to July, MPTC recorded a 6.5-percent increase in traffic for its portfolio, which is composed of the 94-kilometer Subic-Clark-Tarlac Expressway (SCTEx), the 84-km North Luzon Expressway (NLEx) and the 14-km Manila-Cavite Expressway (Cavitex). However, Lizo said Typhoon Maring, the first major tropical storm this year, badly affected operations of MPTC. Maring and a southwest monsoon poured heavy rains in Luzon, resulting in flooding and the collapse of the Pasig-Potrero Bridge along SCTEx. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “To some extent when we do the budget, we incorporate the impact of extreme weather conditions,” Lizo said. To jack up revenues, MPTC is hoping to receive government approval for a 12-percent rate increase for NLEX. “In revenues, we are behind target but we’re still up against last year,” Lizo said. “We’re waiting for the tariff Read More …

Megawide eyes SEAsia markets for pre-fab exports

Economy

Aug 262013

Megawide eyes SEAsia markets for pre-fab exports

MANILA, Philippines – Megawide Construction Corp., one of the country’s top building contractors, is tapping the Southeast Asian market as it ventures into exports of pre-fabricated construction materials. Local infrastructure projects and exports will form part of the company’s plan to diversify its revenue stream in the long run, a company executive said. “We’re considering regional expansion, particularly supply of our pre-cast (materials),” Megawide chief financial officer Oliver Tan said. Megawide’s first shipment of pre-fabricated construction materials to a Southeast Asian residential project contractor will likely be conducted early next year, Tan said. “We’re still looking at the numbers but it looks promising,” Tan said, adding that Megawide will benefit from zero tariffs for construction materials. The listed firm’s P1-billion pre-cast production plant in Taytay, Rizal, the biggest one-stop facility for pre-cast concrete building systems in the country and one of the largest in the region produces materials like beams, columns, stairs and walls. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Our facility is state-of-the-art in Southeast Asia. We’re more advanced than our neighbors so we’re looking at the supply of pre-cast regionally,” Tan said. To date, the pre-fabrication facility’s utilization rate is just 30 percent. “We’re trying to market our pre-cast products to horizontal developments,” Tan said, adding that pre-fabricated items have been sold mostly to high rise developments in the past few years. For the next three years, the supply of pre-cast building materials is targeted to account for 20 percent of Megawide’s total revenues, Tan Read More …

DOT sets bid for Roxas Blvd transformation

Economy

Aug 262013

DOT sets bid for Roxas Blvd transformation

MANILA, Philippines – The government will bid out next month the Roxas Boulevard Park Redevelopment Project intended to transform parts of the area into a commercial strip, a top Department of Tourism (DOT) official said. “The Department of Public Works and Highways (DPWH) will hold the bidding process by September,” Tourism Secretary Ramon Jimenez Jr. said. He said the DPWH and the DOT are also in the process of finalizing the project cost. “Full budget is not yet finalized. We have yet to bid it out in September,” he said, noting the DPWH would release the cost of the project. Last week, the two agencies unveiled plans to redevelop Roxas Blvd. into a park complex by 2015. Based on the plan, the government wants to increase accessibility of Roxas Blvd. to pedestrians and bikers, as well as widen the “green” space in the area. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The Roxas Blvd. Park Redevelopment project is a convergence between National Government agencies, local government units and the private sector. This is not just a beautification project,” Jimenez said. The program, he said, would re-establish the importance of Manila as a capital city and enhance the value of property all over the district that it crosses. “This is a business plan aimed at restoring and enhancing Manila as a viable capital for tourism and business,” Jimenez added. The redevelopment would involve the improvement of the 7.6-kilometer Roxas Blvd. that stretches from Ermita in Manila to Parañaque City. Read More …

Gov’t to roll out P53-B foreign-assisted projects

Economy

Aug 252013

Gov’t to roll out P53-B foreign-assisted projects

MANILA, Philippines – The government plans to roll out P53.297 billion worth of foreign assisted projects (FAPs) next year, 36.47 percent higher than this year’s P39.04 billion. According to Department of Finance data, the Philippines is seen to receive P29.11 billion worth of donor financing in 2014, an increase of 11.75 percent from the expected P26.05 billion this year. Japan remains the largest source of financial aid with P14.31 billion, 36.5 percent more than this year’s P10.48 billion. Of the programmed FAPs, P23.87 billion would come from counterpart funds while P169.16 million will be in the form of grants. The Japanese government extends financial support through the Japan International Cooperation Agency, Japan Export-Import Bank, and Japan Bank for International Cooperation. The Asian Development Bank is the second largest donor for FAPs with P5.5 billion. It is one of the country’s biggest sources of dollar-denominated program loans. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Korea is extending P3.38 billion while the International Bank for Reconstruction and Development is providing P2.84 billion. France is contributing P2 billion while Italy is lending P424.5 million. Most of the FAPs are infrastructure-related which include the construction and rehabilitation of roads, bridges, expressways, airports and railways. The government has been scaling up infra spending to further pump-prime the local economy. Other projects cover flood control, water irrigation and food production. Other funds would go to the development of sub-specialty center for heart, lung and kidney diseases in Luzon and Visayas. The rest of the loans are distributed Read More …

Int’l show to feature innovative techs

Economy

Aug 252013

MANILA, Philippines – A numerous highly innovative machine, equipment and solutions are expected to showcase at country’s largest and focused metal working show. 5 Axis machine, 3D laser printing, laser cutting machines, robotics and other related products will invade the manufacturing industry in the Philippines Aug.28-31at World Trade Center Metro Manila. As the only largest professionally organized industrial machinery, equipment, accessory and subcontracting exhibition in the country and recognized worldwide for its being the only focused industry, PDMEX 2013 is the perfect stage for companies to showcase their newest innovations, as well as for everyone to share knowledge and discuss industry trends. PDMEX 2013 is an ideal venue for professionals, decision makers to introduce, meet, network, learn, form business partnerships and closing deals. PDMEX is back with much better and bigger scope that would cater to the metal working and its allied industries. A free entrance event and a free seminars to participate, what else can we ask for. For more information, contact MAI (Market Access & Innovations) Management Philippines at (63-2) 899-2642 or e-mail mai_mgt@compass.com.ph.

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