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Japanese e-vehicle maker ties up with Phl firm

Economy

Jun 132013

Japanese e-vehicle maker ties up with Phl firm

MANILA, Philippines – Japanese electric vehicle maker Terra Motors Corp. has forged a partnership with a local firm for the manufacture of electric vehicles in Laguna for the domestic market and for export, an official said. Terra Motors chief executive officer Toru Tokushige told reporters in a briefing yesterday that they have partnered with a local firm for the assembly of electric vehicles here. “We have invested $20 million for the production of electric vehicles here. Most of the investment will go to procurement of parts,” he said. He noted that the facility in Laguna has a production capacity of 10,000 units per year. The electric vehicles to be assembled in the site would be for the local market as well as for export. Tokushige said the firm plans to participate in the bidding for the Asian Development Bank (ADB) and Department of Energy’s (DOE) e-tricycle project next week. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The project involves the roll-out of 100,000 e-tricycles to local government units until 2016. Tokushige said the firm has already developed a sample e-tricycle unit based on the design provided by the ADB and DOE. If Terra Motors would be selected for the project, he said the e-tricycles would be manufactured here. He added other electric vehicles such as electric-bicycles would be produced here. “We already have orders from customers in Thailand and Indonesia,” he said. The firm, he added, plans to seek incentives from the Board of Investments for their manufacturing Read More …

Moody’s to evaluate Phl economy in Q3

Economy

Jun 132013

MANILA, Philippines – Moody’s Investors Service is due to evaluate the Philippines next quarter, but an upgrade to investment grade status is not hinged on that, officials said yesterday. “The schedule is still being fixed but most likely, it would take place in the third quarter,” Claro Fernandez, central bank investor relations chief, said in a phone interview. The New York-based debt watcher has refrained from raising the country’s credit rating to investment grade despite similar actions from rivals, Fitch Ratings and Standard & Poor’s (S&P) Ratings Services this year. Moody’s currently places the Philippines at Ba1, with a “stable” outlook, which indicates no possible rating movements in the near future since the last action was in October of last year. Fitch and S&P, meanwhile, rank the country at BBB-, the lowest investment grade, months after they had their diligence visits to the Philippines. Fitch made its visit in March and S&P in April. Christian de Guzman, vice-president for Sovereign Ratings Group at Moody’s, said in an e-mail that yearly visits are “surveillance activities and are not a pre-requisite for a rating change.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Fernandez agreed, saying the government is consistently in touch with the rating agencies, sending them reports on Philippine economic developments. “We have been in constant communication with them. We send them reports so that even if they do not come here, they know what is happening,” Fernandez pointed out. “An upgrade is not dependent on the visit. It Read More …

Vehicle sales up 23% to 72,988 units as of May

Economy

Jun 132013

Vehicle sales up 23% to 72,988 units as of May

MANILA, Philippines – Sales of car and truck assemblers went up by more than a fifth in the January to May period from last year due to strong demand for vehicles, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said. In a statement yesterday, the CAMPI said combined sales of the group and the Truck Manufacturers Association Inc. reached 72,988 units as of end-May, 23.3 percent higher than the 59,174 units in the comparable period last year. Passenger car sales rose 35.4 percent to 23,904 units in the five-month period from the 17,656 units last year. Sales of commercial vehicles also grew 18.2 percent to 49,084 units as of end-May, from 41,518 units in the previous year. Light commercial vehicle sales, which reached 30,680 units as of end-May, also posted a 28.9 percent increase from 23,807 units a year ago. “Improvement in the economy is always first manifested by an upward trend in light commercial vehicle sales. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This is because this type of vehicle could easily double as a family vehicle and a business transport service,” CAMPI president Rommel Gutierrez said. Higher sales of trucks and buses were also seen for the five-month period which jumped 58 percent to 778 units from 493 units in the previous year. By company, Toyota Motor Philippines Corp. remained the market leader with its 40.34 percent share.

Exports of coconut products up in 1st qtr

Economy

Jun 132013

Exports of coconut products up in 1st qtr

MANILA, Philippines – Exports of coconut products rose in the first quarter year-on-year in terms of volume and value following slightly higher nut production during the period and increased demand for coconut oil in key markets, government data showed. Data from the Philippine Coconut Authority (PCA) showed that the volume of coconut exports for the period rose 96.88 percent to 391, 231.76 metric tons (MT) from 198, 717.22 in the same period in 2012. The aggregate value of shipments rose 23.17 percent to $292.22 million in the first three months of the year against $237.25 million in the same period last year. Coconut oil remains as the top coconut export commodity of the country with total shipments valued at $202.63 million in the first quarter, up 36.48 percent from $148.47 million in 2012. In terms of volume, coconut oil shipments rose 108.98 percent to 222,299.96 MT in the first quarter of the year against 106,371.53 MT in 2012. Yvonne Agustin, the executive director of the United Coconut Association of the Philippines (UCAP), earlier said that the Philippines enjoyed increased demand from key export markets such as United States and Europe during the first three months of the year.

Bicol needs P320B in infra investments – Salceda

Economy

Jun 132013

Bicol needs P320B in infra investments - Salceda

MANILA, Philippines – The Bicol region needs P320 billion worth of infrastructure investments to contribute to the country’s economic boom, Albay Gov. Joey Salceda said on Thursday. “What drive our economy today are investments, particularly on the aspect of infrastructure but most of infrastructure investments are still concentrated in the urban areas, particularly Metro Manila,” Salceda said. Salceda said the investments should complement tourism development projects such as the P3.4-billion Southern Luzon International Airport currently being constructed in Daraga, Albay. In terms of tourism growth rate, Albay has posted a 49-percent growth in 2012. Salceda said large investments are expected to come in with the positive perception that the present administration receives from the private sector. “Investors clearly trust the presidency that projects the image of anti-corruption and this trust is manifested by bigger stakes they put in now, particularly in food manufacturing and tourism- today’s upscale industries,” he said, adding that the industry sectors improved by 31 percent this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said the reason for the growth in food manufacturing is import substitution or producing locally the products what we used to import. Local products directly compete with imported goods, Salceda said.

Key rates kept steady

Economy

Jun 132013

MANILA, Philippines – Policy rates were kept steady on Thursday by the Bangko Sentral ng Pilipinas (BSP) which said the economy remains in good footing despite the recent slump in the financial markets that highlighted funds leaving emerging markets. Key rates— which serve as banks’ benchmark on charging their loans— were maintained at 3.5 percent for overnight borrowing and 5.5 percent for overnight lending. Rates have been at that level since October last year. At the same time, the BSP’s policymaking Monetary Board also retained the rate on special deposit accounts (SDA)— fixed-term deposits of banks and trust departments— at two percent, halting a series of cuts this year that started in January, March and April. “The Monetary Board’s decision is based on its assessment that the inflation environment remains benign,” BSP Governor Amando Tetangco, Jr. told reporters in a briefing. “At the same time, domestic economic growth remains firm, driven by strong internal demand. Ample liquidity and strong bank lending should also continue to support economic activity,” he added. Inflation may settle at 3.1 percent this year, slower than the 3.2 percent projected by the central bank last April. For 2014, consumer prices may accelerate 3.6 percent, up from 3.4 percent originally. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The forecasts fell at the low-end of the BSP’s 3- to 5-percent target range for both years. BSP Deputy Governor Diwa Guinigundo, in the same briefing, said lower oil prices in the world market are expected this year Read More …

Market bloodbath as PSEi plunges 6.75%

Economy

Jun 132013

MANILA, Philippines – The Philippine Stock Exchange (PSE) ended in the red on Thursday as massive selling pulled the bellwether PSE index to 6,114.08, 442.57 points or 6.75 percent lower than its previous close. The broader all shares index similarly dipped by 5.63 percent or 228.84 points to 3,834.870 while all six subindices plunged. The property subindex suffered the most with a 7.3-percent or 190.88-point drop to 2,422.740. By midday, the main index plummeted by 4.75 percent or 311.52 points before hitting 6,245.13. Elsewhere in the region, major bourses suffered a similar bloodbath, with Nikkei, Kospi, Straits Times and Shanghai Composite plunging over uncertainty with the United States’ monetary policy.

More Americans quit jobs in sign of confidence

Economy

Jun 122013

More Americans quit jobs in sign of confidence

WASHINGTON (AP) — More Americans are quitting their jobs, suggesting many are growing more confident in the job market. The Labor Department said Tuesday that the number of people who quit their jobs in April jumped 7.2 percent to 2.25 million. That’s just below February’s level, which was the highest in 4 ½ years. Overall hiring also picked up in April, though not as dramatically. Employers filled 4.4 million jobs in April, a five- percent increase from March. Hiring fell in March and April’s level was below February’s. The report offered a reminder that the job market is far from healthy. The number of available jobs slipped fell three percent to a seasonally adjusted 3.75 million. Openings had reached a five-year high in February and remain nearly seven percent higher than a year ago. Still, the growth in hiring and quits provides more evidence of a dynamic job market that is making slow but steady strides. It follows Friday’s May employment report, which showed the economy added a net 175,000 net jobs last month. That’s roughly in line with the average monthly gain over the past two years. Most workers quit their jobs when they have a new position or feel confident that they can find one quickly. And when they do, it opens up more opportunities for other Americans, including the unemployed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Janet Yellen, vice chair of the Federal Reserve, has said the Fed is monitoring data on quits and Read More …

Petronas announces project to export LNG to Asia

Economy

Jun 122013

Petronas announces project to export LNG to Asia

KUALA LUMPUR, Malaysia (AP) – Malaysian national oil company Petronas has announced a multibillion dollar plan to extract, liquefy and export natural gas in western Canada to energy-hungry markets in Asia, officials said. Arif Mahmood, Petronas’ vice president of corporate planning, said between $9 billion and $11 billion would be invested to construct two LNG liquefaction plants. Target date for the project’s completion is late 2018. The site will be designed with the potential to add a third plant and LNG storage tank, the company said on its website. Another $5 billion will be invested in a pipeline 750 kilometers (466 miles) long, to be built and operated by TransCanada Corp., to supply gas to the plants, Arif confirmed in an e-mail to The Associated Press. The Pacific NorthWest LNG project, located on Lelu Island in the Port Edward district in British Columbia, will liquefy and export natural gas produced by Progress Energy Canada, which Petronas also owns. Separately, Progress Energy Canada said it plans to spend “several billion dollars on activities related to natural gas extraction.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This will bring the total project cost to around $20 billion, the company said by email through a representative. Petronas recently sold a 10-percent stake in the gas facility to Japan Petroleum Exploration Co. to secure its first long-term buyer, and is hunting for more buyers.

Bentley showroom opens in Manila

Economy

Jun 122013

MANILA, Philippines – British premium car maker Bentley recently opened its Manila showroom, marking its entry in the Philippine market. The first Bentley showroom in the country is under car distributor PGA Automobile Inc. The Bentley showroom is located at the PGA facility along EDSA (Epifanio de los Santos Avenue) in Greenhills. Bentley Manila is the British marque’s foray into its 52nd country. It is also its 183rd dealer worldwide. The car maker’s arrival in the country is seen timely as the Philippines is currently regarded as part of the world’s booming markets given its strong economic growth after posting more than six percent growth in 2012. In the first quarter, the economy expanded 7.8 percent, the fastest rate posted in the last three years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The country’s positive economic performance is considered to be favorable for Bentley to maintain its growth momentum. Bentley considers their entrance into the Philippine market in the same way their customers should perceive the cars they build, as an investment. “PGA Automobile formally embarks on a new adventure – a partnership with Bentley Motors and we are proud to bring you one of Britain’s oldest motor companies, well known as a manufacturer of exclusive automobiles founded 94 years ago and the world’s most admired luxury brand,” Bentley Manila managing director Amado Del Rosario said. For his part, British Ambassador Stephen Lillie said he is delighted that another exceptional British brand has arrived on Philippine shores. “Bentley’s Read More …

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