Maniolas

Local credit watchdog Philippine Rating Services Corp. has issued a double-A credit rating on DoubleDragon’s proposed bond issuance. File photo MANILA, Philippines – DoubleDragon Properties Corp. plans to raise as much as P15 billion from its maiden bond offering under a shelf registration program. This marks DoubleDragon’s first foray into the local bond market as part of its  goal to build  one million square meters of leasable space in the next five years. The first tranche of the offering is the issuance of P5 billion in retail bonds, with an oversubscription option of  an additional P5 billion, before the end of the year. The succeeding tranches are proposed to be issued under a shelf registration program, which allows its issuance within a period of three years. A joint venture between Mang Inasal founder Egar “Injap” Sia II and Jolibee founder Tony Tan Caktiong, DoubleDragon is a fast-growing property developer.  It has recently entered the hospitality industry via the acquisition of Hotel of Asia. Local credit watchdog Philippine Rating Services Corp. has issued a double-A credit rating on DoubleDragon’s proposed bond issuance. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. PRS Aa is the second highest rating category on PhilRatings’ existing credit rating scale. PhilRatings said the credit assessment reflected DoubleDragon’s clear and well-planned growth strategies,  its strong alliance with its Read More …

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) raised anew the volume of term deposits being auctioned every Wednesday amid strong demand from banks and trust entities. BSP Governor Amando Tetangco Jr. said the volume of the term deposit facility (TDF) consisting of seven- and 28-day term deposits has been adjusted upwards to P110 billion starting Oct. 5 from the current size of P90 billion. The size of the 28-day term deposits being auctioned every Wednesday would increase to P100 billion starting next month from the current P80 billion, while that of the seven-day term deposits was retained at P10 billion. “The increase in the 28-day auction is part of the auction refinement program. The adjustment has been for the longer tenor so far because that is where we find greater market appetite for now,” he added. The BSP chief said the central bank could also upsize the volume of the seven-day term deposits depending on market conditions.  “We can make similar upward adjustments to the shorter tenor should conditions warrant,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This was the fourth time the BSP has raised the volume of the TDF since it was launched last June 8 with an original volume of P30 billion as part of the shift to the interest rate corridor (IRC) system. The volume was increased to P50 billion in July, then to P70 billion last Aug. 3, and fourth to P90 billion last Aug. 31, and to P110 Read More …

Getting its fair share of news coverage these days is “endo,” a shortened term for “end of contract,” which is a contractual labor employment scheme that popularly arose from the infamous threat of labor employees of a department store chain in the early ‘60s to regularize sales staff. At that time too, as the freshly minted Martial Law regime was flexing its muscles, similar labor issues were sprouting in the new export processing zones, largely egged by a then militant labor movement. Labor groups were then asking for the regularization of workers that had been working for more than six months, and rightly so, since Philippine labor laws clearly spelled out that any newly hired worker who stays on the job for more than six months has to be regularized by its employer. The problem, in the view of the employer, was that regularization meant higher costs that would have killed the business – not immediately perhaps, but in the long term. Regularization was also viewed as a sure way of increasing the number of unionized workers, and strengthening unions and the overall labor movement, which would have also meant more costs and even uncertainties in future operations if the unions decided to be hostile and demand for unreasonable additional wages and benefits. Those who still remember the ‘60s and the ’70s will agree it was a time of chaos, when rising militancy in the labor sector was a state concern that would, if left unchecked, lead to a breakdown Read More …

Environment Undersecretary Leo Jasareno, head of the audit team, said 12 mining firms are on the verge of suspension, on top of the 10 companies that were already stopped. AP Photo/David Goldman MANILA, Philippines – Twenty-two mining companies are in possible trouble after the Department of Environment and Natural Resources (DENR) confirmed that more than half of the country’s 40 metallic mines are recommended for suspension following the end of the month-long audit on the industry. Environment Undersecretary Leo Jasareno, head of the audit team, said 12 mining firms are on the verge of suspension, on top of the 10 companies that were already stopped. “All reports have been submitted and 12 companies are recommended for suspension [by the audit team]. The other 18 are under final reviewed already,” Jasareno told reporters. “The violations include inadequate social development, mining practices and siltation among others. But most common is their environmental violations,” Jasareno said. He emphasized that of the 22 companies, majority are nickel miners and are located in Mindanao. Twenty-eight of the 40 metallic mines in the country are nickel miners which use the open pit method, thus more prone to risks, Jasareno said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The DENR is set to announce the final result of the mining audit on Monday after cancelling it twice due to document finalizations. Upon the release of the result, Environment Secretary Gina Lopez will forward the report to the regions to implement the decision of whether they Read More …

SMIC’s board of directors approved yesterday the P50 billion package under the three-year shelf registration facility of the Securities and Exchange Commission. File photo MANILA, Philippines – SM Investments Corp. (SMIC) has launched a new round of fixed rate bond offer worth P50 billion, with an initial tranche of up to P20 billion targeted to be issued this year. SMIC’s board of directors approved yesterday the P50 billion package under the three-year shelf registration facility of the Securities and Exchange Commission. Initial issuance under this program is expected later this year in the amount of P15 billion with an oversubscription option of up to P5 billion,” SMIC said in a disclosure to the Philippine Stock Exchange (PSE) yesterday. SMIC’s management has yet to negotiate and finalize the terms and conditions including pricing, tenor and any increase in issuance amount. SMIC chief finance officer Jose Sio said proceeds would be used to support the expansion of its subsidiaries. The tenor may be seven to 10 years given the ample liquidity in the market, Sio added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the first half of the year, SMIC reported a consolidated net income of P13.5 billion, an increase of 10 percent over the same period last year, with growth led by the property business. Excluding extraordinary items, recurring income grew 13 percent. Similarly, consolidated revenues grew six percent to P138.9 billion in the first half from the P130.9 billion generated in the same period last year. By Read More …