philstar.com – Business – Page 242

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Vehicle sales jump 29% in 1st qtr

Economy

Apr 102013

MANILA, Philippines – Combined sales of local car and truck assemblers reached 41,702 units in the first quarter, the highest posted for the period in history. The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said in a statement yesterday the first quarter sales of the group and the Truck Manufacturers Association Inc. (TMA) were up 29 percent from the 32,240 units sold in the same period last year. The CAMPI noted that traditionally, the first quarter always shows the lowest quarter sales for any given year. “That it has breached the 40,000 mark for the first time is a clear indication that the country is indeed on the path towards motorization,” CAMPI president Rommel Gutierrez said. Supporting the higher sales for the period was the strong demand for both passenger cars (PC) and commercial vehicles (CV). PC sales, which accounted for a 33.14 percent share in total sales reached 13,821 units posting a 46-percent increase from last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CV sales, which had a 67-percent share of total sales meanwhile, reached 27,881 units, 23 percent higher than in the same period last year. Within the CV category, sales of trucks and buses rose by 69 percent to 447 units compared to a year ago. Toyota Motor Philippines Corp. had the biggest contribution to the first quarter sales with its 41-percent share. This was followed by Mitsubishi Motors Philippines Corp. which had a 24-percent share, and Honda Cars Philippines Inc. with Read More …

Turning hanapbuhay into hanep-buhay

Economy

Apr 102013

For eight years now, Go Negosyo has been helping Filipinos succeed from poverty through entrepreneurship. We are happy because we are seeing significant progress throughout the years, but our journey of transforming the nation was not easy. Changing the Filipino’s mindset about negosyo an keeping an enterprising attitude has been a constant challenge, but along the way we have met people and institutions who also believe in the advocacy and are willing to help us out. What started as a simple meeting with Cynthia Villar more than four years ago led to a discovery that Go Negosyo and her Villar Foundation have a common purpose: to help uplift the lives of Filipinos. We thought that it is best for our organizations to work together on projects that would directly inspire and empower our countrymen. It resulted in a number of collaborations which eventually led to the OFW and Family Summit, a one-day activity that teaches OFWs and their family members to invest their hard-earned money in a business of their own. I can still remember our amazement at the turnout of the participants, as more than 7,000 people showed up and filled the World Trade Center during our first summit in 2011. Of course, this was a signal for both Cynthia and I to continue what we are doing, and right now we are working on mounting the third summit in November. Now that Cynthia is running in the coming elections, her main platform is to continue encouraging the nation to embrace Read More …

Exports down 15.6% to $3.741 B in February

Economy

Apr 102013

Exports down 15.6% to $3.741 B in February

MANILA, Philippines – Merchandise exports continued to decline in February amid weak performance of shipments of electronic products, machinery and transport equipment, special transactions and apparel, the National Statistics Office (NSO) said. Data released by the NSO yesterday showed the value of merchandise exports fell by 15.6 percent to $3.741 billion in February from $4.430 billion in February last year. Compared to the $4.011 billion in January, export earnings in February were down 6.7 percent. For the first two months of the year, the value of merchandise exports reached $7.752 billion, 9.4 percent lower from a year ago. Electronic products, the country’s top export, were valued at $1.483 billion in February, a 36.5-percent decrease from a year ago. Earnings from shipments of machinery and transport equipment which amounted to $131.50 million in February, slumped 63.6 percent from the same month last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Special transactions, which include replacements and goods returned to the country, which were exported were valued at $90.37 million, 38.4 percent lower year-on-year. The value or articles of apparel and clothing accessories shipped overseas dipped slightly to $144.70 million from $146.17 million a year ago. Japan was the top destination of Philippine merchandise exports in February, with its 18.9-percent share amounting to $705.93 million, down by 11.4 percent from a year ago. University of the Philippines economist Benjamin Diokno said in an email yesterday that given the latest exports data, economic managers will have to go back to the Read More …

Former Finance chief Jayme passes on

Economy

Apr 042013

MANILA, Philippines – The Department of Finance mourned the passing of former President Corazon Aquino’s Finance chief Vicente Jayme on Thursday, remembering his campaign for good governance “at a time when his country needed it most.” “When (Jayme) was appointed by President Aquino, Ting was a brilliant Finance Secretary whose legacy will be remembered as having steered the Philippines away from the brink of financial collapse,” Finance Secretary Cesar Purisima said in a message of condolences issued on Thursday. Jayme, who co-founded the National Citizens’ Movement for Free Elections (NAMFREL) and led the Asian Development Bank from 1990 to 1997, is also regarded for his prudence in enacting policies in a period of the country’s history when it was still rebuilding from the Martial Law days. “We want to let Ting Jayme’s family and friends know that the DOF family that he helped build condoles with them as well,” Purisima said.

Office supplies trader faces tax evasion raps

Economy

Apr 042013

Office supplies trader faces tax evasion raps

MANILA, Philippines – The Bureau of Internal Revenue filed on Thursday criminal charges against a trader of office supplies for tax evasion and other violations of the tax code. BIR filed the complaint against Kristian Soriano at the Department of Justice “for willful attempt to evade or defeat tax, deliberate failure to supply correct and accurate information in his Income Tax Return (ITR) and Value Added Tax (VAT) Returns for taxable year 2010 and Perjury, in violation of Sections 254, 255 and Section 267 of the National Internal Revenue Code of 1997.” Soriano is the sole proprietor of Natriks Enterprise, which trades office supplies. Charged with Soriano is his certified public accountant Crisanto Laguardia, Jr. who certified his financial statements in 2010. Soriano reportedly under-declared his firm’s 2010 sales by P125.16 million or 13,381 percent, after being paid by the Philippine National Police a total of P133.66 million in a transaction made in 2010. Soriano, however, declared only P935,382.77 in his income tax return during the same year. “Under Section 248 (B) of the Tax Code, an under-declaration of taxable income by more than 30 percent is considered substantial underdeclaration and constitutes a prima facie case of fraud tantamount to tax evasion,” the tax bureau said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BIR added that Soriano was sued for a total tax liability amounting to P101.9 million for deficiency taxes in 2010. Laguardia, meanwhile, was charged for issuing unqualified opinion in his certification of Soriano’s 2010 financial Read More …

Fitch upgrades Napocor credit rating

Economy

Apr 032013

MANILA, Philippines – Fitch Ratings has upgraded the credit rating of National Power Corp. (Napocor), the state-owned power company. In a statement, Fitch said it has upgraded Napocor’s 2006 fixed-rate notes due 2016 to ‘BBB-’ from ‘BB+’. It also assigned a stable outlook on the debt. “The rating on the notes is credit-linked to that of the Philippines as the notes are irrecoverably and unconditionally guaranteed by the Republic of Philippines,” Fitch said. Furthermore, the global debt watcher said the rating action follows the upgrade of Philippines’ long-term foreign currency issuer default rating to ‘BBB-’ from ‘BB+’ with a stable outlook. An investment grade rating reduces the government’s borrowing cost and puts the country back in the radar screen of foreign investors and fund managers. The Philippine economy grew 6.6 percent in 2012, beating the government’s target of five to six percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In an interview yesterday, Bangko Sentral ng Pilipinas (BSP) Investor Relations Office executive director Claro Fernandez said the Fitch upgrade is a vote of confidence for the Philippines.

ABS-CBN, GMA both claim ratings leadership

Economy

Apr 032013

ABS-CBN, GMA both claim ratings leadership

MANILA, Philippines – Rivals ABS-CBN Corp. and GMA Network Inc. claimed anew ratings leadership for the month of March based on surveys commissioned separately by both broadcasting companies. ABS-CBN said in a statement that it topped all TV stations in March, excluding Holy Week, with an average audience share of 41 percent or 10 points ahead of GMA’s 31 percent based on data from Kantar Media. ABS-CBN said it continued to rule in the hotly contested primetime from 6 pm to 12 midnight with an average audience share of 47 percent, a staggering 17-point lead over GMA’s 30 percent. Aside from leading in primetime, the Lopez-controlled TV network also continued to beat other networks across all programming blocks. In the morning from 6 am to 12 noon, it recorded an average audience share of 36 percent compared to GMA’s 32 percent and was also five points ahead in the early afternoon from 12 noon to 3 pm with 38 percent versus GMA’s 33 percent and late afternoon from 3 pm to 6 pm with 35 percent compared to GMA’s 30 percent. ABS-CBN sustained its leadership in key territories such as Balance Luzon or areas in Luzon outside of Mega Manila where it surged ahead of GMA with an average audience share of 43 percent vs GMA’s 34 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ABS-CBN registered an audience share of 49 percent versus the 26 percent of GMA in the Visayas and 54 percent compared to GMA’s Read More …

Ongpin maintains passive stance in SMC

Economy

Apr 032013

MANILA, Philippines – Given his busy schedule developing upscale membership clubs, business tycoon Roberto V. Ongpin is maintaining a passive stance while holding on to his shares in diversified conglomerate San Miguel Corp. (SMC). The billionaire investor said he has big faith in the diversification strategies of the food-to-power conglomerate. “I will be holding on to that (SMC shares),” Ongpin said in an interview. “I am a great believer in SMC. I think (SMC president) Ramon Ang is one of the greatest managers,” he added. As of end-2012, Ongpin’s investment vehicle in SMC, Top Frontier Investments Holdings Inc., alongside Ang, businessman Iñigo U. Zobel and condiments king Jose Y. Campos, is the single largest shareholder in the conglomerate with a 39.16-percent stake. With Ang at the helm, Ongpin characterized his involvement in SMC as “passive.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 To date, Ongpin is focused on his high-end property firm Alphaland Corp. Alphaland’s projects under construction include the three-tower Alphaland Makati Place that will have a sports club, a mall and condominium units; the P4-billlion Balesin Island Club in Quezon province; and the P2-billion Alphaland Marina Club that will have 300 berths for boats of all sizes. Alphaland president Mario Oreta said Ongpin even holds office and manages the day-to-day operations in the 500-hectare Balesin Island, the property firm’s flagship project that will have 300 villas in seven themed villages. Alphaland still has a lot in its plate that will need the attention of Ongpin. Oreta Read More …

Monetary board cuts SDA rate in bid to spur economy

Economy

Mar 142013

MANILA, Philippines – Monetary officials slashed on Thursday the special deposit account (SDA) rate to 2.5 percent in a bid to push out idle funds to help fund economic activity and boost growth amid a low inflation environment. Policy rates were also kept steady at record-lows of 3.5 percent for overnight borrowing and 5.5 percent for overnight lending, the Bangko Sentral ng Pilipinas (BSP) said. The rate of the SDA— deposits of banks and trust departments with the BSP— was cut by 50 basis points from three percent. This was the second cut made for the year, following a similar reduction in January. “The Monetary Board’s decision to maintain the policy interest rates at their current levels is based on its assessment that the inflation environment over the policy horizon is likely to remain manageable,” BSP Governor Amando Tetangco, Jr. told reporters. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Inflation is seen to average 3.3 percent for 2013 and 2014, slightly faster than the January forecasts of three percent and 3.2 percent, respectively. Both are still within the low-end of the official 3-5 percent target range. “The revisions (to forecasts) were because of the higher actual outturn for the January inflation,” BSP Assistant Governor Ma. Cyd Tuaño-Amador said in a briefing. Inflation accelerated to 3.4 percent in February from 3 percent in January. This put the average so far to 3.2 percent. Amador said with prices under control, BSP could allow more liquidity to flow out of the Read More …

Allegations of corrupt practices lack merit – Okada

Economy

Mar 132013

Allegations of corrupt practices lack merit – Okada

MANILA, Philippines – Allegations of practices that corrupted Philippine officials lack merit, Universal Entertainment Corp. (UEC) of Japanese gambling tycoon Kazuo Okada said. In a report to the Nevada Gaming Control Board (NGCB), UEC said the allegations were “generated for an ulterior purpose and motive.” The Freeh Report has accused Okada of “apparent” violation of the Foreign Corrupt Practices Act (FCPA). Specifically, the report accused Okada of violating “Philippine Constitutional provisions and statutes that require 60 percent land ownership by Philippine nationals; the possibility of making another similar payments to a Korean government official; alleged admissions regarding gift-giving; supposed failures to comply with various requests of Wynn Resorts Ltd.; and the payment of expenses for former Pagcor chairman Efraim Genuino’s trip to the 2008 Beijing Olympics.” UEC, in its nine-page information report to NGCB, stated: “The report was not used to provide guidance to licensees, but to justify the involuntary redemption and purported cancellation of Aruze USA Inc.’s 24.549 million shares of Wynn Resorts stock at a $1 billion discount and in the form of a subordinated note.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The move restored Steve Wynn as the largest shareholder of Wynn Resorts. On the payment and gift giving allegations regarding Pagcor officials, UEC said two of its employees responsible for allowing unauthorized charges were reprimanded and are no longer with UEC. Okada and former business partner Wynn are in a bitter corporate feud, which started when the Japanese pachinko businessman questioned the $135-million Read More …

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