philstar.com – Business – Page 207

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Forum Energy losses widen

Economy

Jul 302013

MANILA, Philippines – Forum Energy Plc., a British oil and gas exploration company with focus on the Philippines, said its net loss widened to $2.75 million in the first half of the year, from $1.67 million recorded in the same period in 2012. Forum Energy, which is 60.49-percent owned by corporate taipan Manuel V. Pangilinan’s Philex Petroleum Corp., reported higher revenues during the period at $2.24 million, up from $1.35 million a year ago. “This increased revenue reflected the fact that the Galoc field operated normally throughout the period whereas it did not operate for the first four months of 2012 whilst the facilities were being refurbished,” Forum Energy said. The temporary closure of the Galoc oil field in Palawan in the early part of 2012 resulted in a decrease in production to 5,410 barrels of oil per day from 6,637 bopd in 2011, data from the company showed. Forum Energy said it is still unable to commence drilling in its main project, Service Contract 72 in the Sampaguita oil field in the disputed Recto Bank in the West Philippine Sea. Forum Energy noted that it has been granted an extension to August 2015 to complete the second sub-phase obligations of drilling wells on SC 72. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Department of Energy has extended the company’s work program by two years to August 2015 from the original deadline of August 2013 to allow it to complete its obligations under the service contract. Forum Read More …

Nickel Asia income down

Economy

Jul 302013

MANILA, Philippines – Listed miner Nickel Asia Corp.’s net income declined 49 percent to P645 million in the first semester from P1.28 billion a year ago due to lower nickel prices. For the six-month period, the company sold 5.54 million wet metric tons (WMT) from its four operating mines, slightly up from 5.02 million WMT a year ago. The price of nickel at the London Metal Exchange applicable to 1.97 million WMT of ore shipped by the mining firm in the first half averaged at $7.54 per pound as against $8.60 per pound in the same period last year. The balance of the shipments in the first half of the year was sold on a negotiated price per WMT of ore which averaged $20.14 per WMT compared to $26.41 per WMT in the same period last year. The company’s operating costs fell by 10 percent to P2.65 billion in the first half of the year against P2.96 billion last year. Production cost per WMT fell to $11.39 in the first half of 2013 compared to $13.66 in 2012. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Notwithstanding global economic factors affecting prices of all commodities in general, we remain optimistic that our shipment volumes will continue to increase the second half of this year,” said Nickel Asia Corp. president and CEO Gerard Brimo.

Globe budgets P10.8M to boost signal in posh villages

Economy

Jul 272013

Globe budgets P10.8M to boost signal in posh villages

MANILA, Philippines – Globe Telecom Inc., is spending as much as $250,000, (P10.8 million) per village to improve its wireless signal in posh subdivisions. Emmanuel Estrada, head of Network Technologies Strategy of Globe, said the company is in talks with several exclusive villages in Metro Manila that reject the construction of cell sites in their subdivision premises. Estrada said Globe has introduced the use of cell sites disguised as palm trees to address aesthetic concerns over the use of towering cell sites that are necessary in effecting seamless connectivity in exclusive villages. The offer to build palm-like cellphone towers follows the introduction of the outdoor distributed antenna system (ODAS), a state of the art technology that makes use of specialized lamp posts built with radio signal transmission capability. “The use of tree-shaped cellphone towers is part of Globe Telecom’s efforts to improve wireless signal in exclusive villages in line with our network transformation initiative,” he stressed. He pointed out that Globe has utilized aesthetic tree solution in enhancing connectivity in Urdaneta Village in Makati City. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He explained that the use of palm-tree cellphone towers is most effective in camouflaging gigantic cell sites that are sometimes considered as eye sores by some residents in exclusive villages. “The disguised cell phone towers will be difficult to identify as such and they even work to beautify the area where these infrastructures are installed,” Estrada said. Certain residents in exclusive villages have been opposing the Read More …

Industry group pushes for lower power cost

Economy

Jul 272013

Industry group pushes for lower power cost

MANILA, Philippines – A group of local industry supporters have asked the government to address the high power cost in the Philippines, noting that it is the highest in Asia. “The cost of power, the highest in Asia, makes the Philippines uncompetitive, not only in manufacturing but also in all areas of the economy,” said the Philippine Employer-Labor Social Partnership, Inc. (PELSPI) in a position paper submitted to the National Economic and Development Authority (NEDA). The group, which includes University of the Philippines labor professor Rene Ofreneo, said the high cost of power in the Philippines is threatening the growth potential of the booming call center sector. “It is even threatening the viability of the booming call center/BPO sector. In the electronics industry and other manufacturing industries, power accounts for one third of the total cost of production compared to less than 10 percent for payrolls,” the group said. The group noted that the Electric Power Industry Reform Act of 2001 failed to lower power cost and improve power service. It urged the government to review the EPIRA and propose the necessary amendments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “A review and overhaul of the EPIRA program is urgent,” it said. The group expressed support to the government’s efforts to reengineer a revival of Philippine manufacturing. “With a stagnating industrial and agricultural base, the Philippines, the second most industrially-developed in Asia in the 1960s, has been left behind by our East and Southeast Asian neighbors,” it said. Read More …

Napocor to install add’l 103MW capacity in off-grid areas by 2016

Economy

Jul 272013

Napocor to install add’l 103MW capacity in off-grid areas by 2016

MANILA, Philippines – State-owned National Power Corp. (Napocor) is aiming to install 103 megawatts (MW) additional power capacity in off-grid areas by 2016, its top official told The STAR. This is in line with Napocor’s missionary electrification mandate under the Electric Power Industry Reform Act of 2001, its president, Froilan Tampinco said. The target also includes putting up 518 circuit-kilometers of transmission lines, 45 megavolt-amperes substations – all in off-grid areas. “Napocor continues to pursue our mandate to provide electricity to off-grid areas, particularly in areas where private investors hesitate to come in due to lack of infrastructure and political and security concerns,” Tampinco said as he highlighted his accomplishments as head of the power company. Tampinco has tendered his resignation due to “personal reasons” and is set to leave the agency by Aug. 1. Upon assuming office in 2008, Tampinco said Napocor installed diesel power plants in Cuyo, Palawan (500 kw) and in Siasi, Sulu (1,000 kw) and Power Barge 109 in Tablas, Romblon (1,000 kw). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Napocor also upgraded three diesel power plants in Marinduque. “We installed transmission lines in Occidental Mindoro and Catanduanes and completed four substation projects in Palawan and Catanduanes,” Tampinco said. The following year, Napocor installed 12,718 kw of new capacities in 34 Small Power Utilities Group (SPUG) areas nationwide, from as far north as Cagayan down to Basilan and Sultan Kudarat in southern Philippines. “We were also able to construct 154 diesel-fired mini grids in Read More …

Steady growth in remittances eyed this year

Economy

Jul 272013

Steady growth in remittances eyed this year

MANILA, Philippines – First Metro Investment Corp. (FMIC) has retained its growth forecast for full year cash remittances at four to five percent on the back of strong global demand for Filipino workers in other countries. According to the latest issue of The Market Call, a joint monthly publication of FMIC and the University of Asia and the Pacific (UA&P), the level of remittances continued to be buoyant with dollar and peso values posting above year-to-date level growth rates. The announcement by the US Federal Reserve late May of a possible fourth round of quantitative easing – the practice of buying $85 billion in US Treasury and mortgage bonds a month – later this year spooked portfolio investors and forced many to reduce exposure in emerging markets and risky assets. This translated into the highest trading volatility for the peso for the year as it ranged from 41.91 to 43.89 or a 3.9 percent depreciation of the peso-dollar exchange rate to an average of 42.91 in June. This was a reversal of a 0.4 percent rise of the peso in May that brought it to its highest level since January 2012. FMIC-UAP expressed confidence that remittances would remain robust due to sustained strong demand for skilled and professional Filipino workers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Market Call cited data from the Philippine Overseas Employment Administration (POEA) that showed the number of Filipinos who got their overseas job orders approved from January to May this year remained Read More …

PLDT dividend policy gets mixed reviews from credit watchers

Economy

Jul 272013

PLDT dividend policy gets mixed reviews from credit watchers

MANILA, Philippines – The dividend policy of Philippine Long Distance Telephone Co. (PLDT) has earned praises anew from a Hong Kong-based financial publication but at the same time drew flak from New York-based credit rater Moody’s Investors Service. PLDT was recently cited with the Most Consistent Dividend Policy among publicly-listed Philippine companies in the 3rd Annual Southeast Asia Institutional Investor Corporate Awards by Hong Kong-based investor publications Alpha Southeast Asia Magazine. The award was based on the votes of independent investors and analysts surveyed by the regional publication. PLDT chairman Manuel V. Pangilinan said the company is honored and gratified that its efforts to deliver value to customers and shareholders have again been recognized. “Despite intense competition and the profound changes taking place in the telecoms industry in 2012, PLDT paid out 100 percent of its 2012 core earnings per share as dividends to shareholders, making it the sixth consecutive year of 100 percent payout,” Pangilinan said. This is the second year in a row that PLDT was cited by Alpha Southeast Asia Magazine for its dividend policy. The institutional investment magazine said PLDT was one of the largest dividend payers on a per share basis and the third largest dividend payer among companies in Southeast Asia in last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Earlier this year, PLDT also received recognition for its commitment to a consistent dividend policy from Hong Kong-based financial investment magazine FinanceAsia. Alpha Southeast Asia is a Hong Kong-based publication which Read More …

DTI spends P2.46 M for 3 shared service facilities in Sorsogon

Economy

Jul 262013

DTI spends P2.46 M for 3 shared service facilities in Sorsogon

MANILA, Philippines – The Department of Trade and Industry (DTI) has spent P2.460 million for three shared service facilities (SSF) to help food processors in Sorsogon and coconut farmers in Laguna. The DTI said in a statement yesterday that it has launched two new projects under the SSF program in Sorsogon. These projects are the Sorsogon City Food Processing and Packaging Facility which was given to the Sorsogon State College, and the Prieto Diaz Deboned Danggit Processing Project provided to producers SEAMANCOR Eco-Developers. Sorsogon State College and SEAMANCOR Eco-Developers oversee the operation of the facilities housed in their respective properties. “A total of P1.5 million worth of equipment were given for free, which will benefit almost a hundred food manufacturers in the province and expected to generate 250 jobs,” the DTI said. DTI-Bicol regional director Jocelyn Blanco said a total of P49 million has been allocated for 43 SSFs in the region this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Apart from the two SSFs launched in Sorsogon, four more are to be rolled-out in the province this year, which are expected to benefit handicraft weavers as well as those engaged in the bamboo industry. The DTI has also awarded a new SSF to the Lingap sa Nayon ng Barangay Anglas Multi-Purpose Cooperative which groups coconut farmers in the province of Laguna. The SSF consist of a gas engine-powered decorticating machine, a baling machine, a gas engine-driven winnowing or peat screening machine, a 300-kilogram digital weigh scale, Read More …

EastWest Bank to issue another P5-B LTNCDs

Economy

Jul 262013

EastWest Bank to issue another P5-B LTNCDs

MANILA, Philippines – EastWest Banking Corp. will issue another P5 billion worth of long term negotiable certificates of time deposits (LTNCDs), the bank disclosed to the Philippine Stock Exchange yesterday. EastWest Bank said it is now in the process of seeking regulatory approval for the LTNCD issuance. The Gotianun-led bank issued last November P5 billion worth of LTNCD and is expected to complete the offering next month. As this developed, Philippine National Bank (PNB), the financial arm of the Lucio Tan Group, said it had completed the public offering of its P5 billion LTNCDs in record time. PNB was able to raise its intended volume in the morning of July 25, the same day it announced the start of the offer period, making it one of the fastest offerings in the Philippine capital market. With an oversubscribed book early in its offering, the 5.5-year deposit was priced at three percent, the lowest ever coupon for an LTNCD instrument. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The public offer period was supposed to run for three days, from July 25-29, but was closed the same morning as its launch due to strong demand. “We are overwhelmed by the confidence and support of our investors in PNB. This fundraising exercise will allow us to support our asset growth, and make us even more competitive in the banking industry.” PNB president and CEO Omar Mier, said in a statement. For his part, HSBC Philippines president and CEO Wick Veloso said: “Raising Read More …

Discovery World pushes through with P1-B IPO

Economy

Jul 262013

Discovery World pushes through with P1-B IPO

MANILA, Philippines – The company behind upscale resort hotel Discovery Shores Boracay is pushing through with its P1-billion initial public offering (IPO) late next month. In a memorandum, the Philippine Stock Exchange (PSE) said it “approved the application of Discovery World Corp. for the initial listing of 764 million common shares.” Discovery World plans to sell 306 million common shares at P3.28 apiece to generate P1.003 billion in fresh capital. The shares to be sold represent 40.05 percent of the issued and outstanding common shares of Discovery World. Offer period will run from Aug. 12 to 19, which will be followed by the listing in the PSE on Aug. 29. The new schedule is roughly a month behind the original plan as the market encountered volatility last month. Discovery World, the third company of the Tiu family to be listed in the PSE, tapped Abacus Capital & Investment Corp. as issue manager and underwriter. The Tiu family owns i-Remit Inc. and TKC Steel Corp. Early this month, Discovery World secured the Securities and Exchange Commission’s approval to raise fresh capital from the local stock market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The net proceeds from the offer will be used for investments in new businesses, debt retirement and working capital purposes,” Discovery World said. Specifically, P575 million will be spent to develop a resort hotel in Palawan, refurbish boats for its cruise business and buy more shares in culinary, hotel and restaurant, and business administration institution Enderun Read More …

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