philstar.com - Business

Sun Life sees income doubling in Asia Pacific

 Economy
Feb 202013
 
Sun Life sees income doubling in Asia Pacific

MANILA, Philippines – Canada-based insurance giant Sun Life Financial is optimistic it could double its income from its Asia Pacific operations to $250 million in 2015 from $129 million this year as it continues to expand in the region. In an interview on the sidelines of the 14th Asia Pacific Life Insurance Congress (APLIC), Sun Life Financial Asia president Kevin Strain said the earnings assumption would be supported by the projected double-digit growth in sales in the region over the next three years. Sun Life’s interests in Asia include the Philippines, Hong Kong, Indonesia, India and China. This year, Strain said they would expand operations in Malaysia and Vietnam. “We are now in seven countries in Asia. We added Vietnam and Malaysia. We are now in four ASEAN countries  – Philippines, Malaysia, Vietnam and Indonesia. We have great expectations. The ASEAN region has been growing so quickly, growing middle class, growing GDP. We think, there’s an incredible opportunity to get real growth in our business in Asia, in particular in our ASEAN business,” he said. Strain said among its businesses in ASEAN, the Philippines has the strongest potential for growth. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We are most proud of our business here in the Philippines. It is such a strong business. It has a great brand position. We have number one position in terms of insurance sales, number two for mutual funds, and a really great leadership platform to show to the rest of our Read More …

The Women Entrepreneur Icons and Filipina Entrepreneurs of 2013

 Economy
Feb 202013
 
The Women Entrepreneur Icons and Filipina Entrepreneurs of 2013

An international study on entrepreneurship revealed that 70 percent of SME business startups in the Philippines are started by women. This strong number is giving us the impression that women are more entrepreneurial. To sustain this, we at Go Negosyo continue to encourage our Filipinas to take the entrepreneurial route, and eventually create a nation of entrepreneurs that will finally end the evil spell of misery of poverty that has been with us for quite sometime. On March 1, Go Negosyo will mount the 15th Filipina Entrepreneurship Summit at the World Trade Center Manila. In keeping with tradition, Go Negosyo has selected a pool of women entrepreneurs and enablers to recognize their valuable contributions in their respective fields, as well as to promote their stories to inspire aspiring entrepreneurs that they can also make it in life. The two Go Negosyo Women Entrepreneur Icons and the 11 Filipina Entrepreneurs of 2013 came from diverse backgrounds such as education, retail, agriculture, fashion, and medicine, and this shows us that Filipinas can actually carry their multiple burdens and succeed in their chosen fields. Let me share the stories of the inspiring women awardees that we will be recognizing next week. One of Go Negosyo’s Women Entrepreneur Icons is Dr. Helena Z. Benitez of the Philippine Women University. She is probably the oldest active woman enabler in the country because despite being nearly 99 years old, she remains as PWU chairperson. Her life has been a constant source of inspiration for many women Read More …

SMDC income hits nearly P5 B in 2012

 Economy
Feb 202013
 
SMDC income hits nearly P5 B in 2012

MANILA, Philippines – Property firm SM Development Corp. (SMDC), which is studying a merger with mall operator SM Prime Holdings Inc., said its income hit nearly P5 billion last year on strong residential sales. In a disclosure, the firm said its consolidated net income jumped 17.5 percent to P4.9 billion, backed by a 16.4-percent uptick in income from real estate sales to P4.7 billion. SMDC’s profit growth topped the 12-15 percent target within the SM Group, which includes shopping malls, retailing, banking and hotels. Operations of SMDC became more profitable last year as return on equity improved to 13 percent from 12 percent a year ago. “The number of units sold during the year increased 7.6 percent to 12,614 units from 11,726 units in 2011,” SMDC said. Reservation sales surged a fifth to P31.7 billion from P26.3 billion a year earlier. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 SMDC said most of the units sold were from Shell Residences in the Mall of Asia complex, Green Residences along Taft Ave., Jazz Residences in Makati, Light Residences along EDSA, Sun Residences in Quezon City, Grass Residences, also in Quezon City, and Wind Residences in Tagaytay City. Total revenues from real estate sales picked up by one-third to P21.6 billion from P16.2 billion. SMDC expects to continue its robust sales this year given the property boom and its ongoing residential projects. As of end-2012, SMDC had 15 ongoing residential condominium projects all over Metro Manila, with the exception of Wind Read More …

Megaworld doubles budget for Mactan township proj

 Economy
Feb 202013
 
Megaworld doubles budget for Mactan township proj

MANILA, Philippines – Property giant Megaworld Corp. has doubled its investment commitment for its first township project in Cebu to P20 billion. The development is seen to be a major driver for the economic growth of Cebu given its job generation and business opportunities, the company’s top executive said. “In the next seven years, we are investing P20 billion in this township to build luxury residential condominiums, office towers, a world-class lifestyle mall, our very own Richmonde Hotel and soon, a sports and leisure facility,” said Megaworld chairman and CEO Andrew L. Tan. “We see the Mactan Newtown as a major driver of growth for Lapu-Lapu City and Cebu in general in terms of job opportunities, sports and recreation, retail shopping and of course, tourism,” Tan said. The 16-hectare Mactan Newtown development was formally inaugurated yesterday with President Aquino as guest of honor. In June last year, President Aquino signed Proclamation No. 407 declaring The Mactan Newtown as a mixed-use special economic zone for information technology, tourism and retirement under the Philippine Economic Zone Authority. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Megaworld launched two luxury residential condominiums in the township project last year: the 8 Newtown Boulevard and One Pacific Residence, both of which are already sold out. “A new residential cluster will be launched this year,” Megaworld said. Megaworld partnered with the Philippine Retirement Authority to allow foreigners who want to retire in the urban community project to get a special resident retiree’s visa. For its Read More …

Ricky’s new toy

 Economy
Feb 202013
 
Ricky’s new toy

Billionaire ICTSI chairman Enrique “Ricky” Razon Jr. or EQR to his employees will be taking delivery of a brand new twin-engine Eurocopter EC 155 in a couple of months for his personal use or perhaps also for the use of high rollers of the new Solaire Manila Resort and Casino set for a soft opening mid-march. The EC 155 is easily one of the most luxurious helicopters in its class, described as a “flying limousine” due to its sophisticated design like a fully intuitive glass cockpit with LCD displays, with the most minimal noise and vibration levels that make passengers feel like they’re traveling in a business jet instead of a chopper. That’s because the twin-engine helicopter is equipped with a five-blade main rotor and the trademark Eurocopter “Fenestron” tail rotor. The “limousine in the sky” has powerful engines with optimum performance at high altitudes, whether in hot or cold temperature. In fact, this “expensive toy for the big boys” is fitted with an “anti-icing system” that allows it to fly even in extremely cold climate conditions. The high-end EC 155 also features a very spacious cabin and a bigger baggage hold volume that allows for flexible configurations – making it perfect for transporting VIPs like the high flying, high-rolling gamers who will be coming in to play at Solaire Manila. The $1.2 billion resort and casino complex will feature state-of-the-art facilities and modern amenities that will rival what Macau and Las Vegas have to offer. Among the big names Read More …

Renewed fervor for Google lifts stock above $800

 Economy
Feb 192013
 
Renewed fervor for Google lifts stock above $800

bSAN FRANCISCO (AP) — Google’s stock price topped $800 for the first time Tuesday amid renewed confidence in the company’s ability to reap higher profits from its dominance of Internet search and prominence in the growing mobile market. The milestone comes more than five years after Google’s shares initially hit $700. Not long after breaking that barrier in October 2007, the economy collapsed into the worst recession since World War II and Google’s stock tumbled into a prolonged malaise that eventually led to a change in leadership. Besides enriching Google’s employees and other shareholders, the company’s resurgent stock is an implicit endorsement of co-founder Larry Page. He replaced his managerial mentor, Eric Schmidt, as CEO in April 2011. Google’s stock has risen by 36 percent since Page took over. By contrast, the benchmark Standard & Poor’s 500 index has climbed by 15 percent over the same stretch. Most of Google’s gains have occurred in the past seven months — a period that has overlapped with a sharp downturn in the stock price of rival Apple Inc. The iPhone maker’s market value has plunged by about $230 billion, or 35 percent, since late September. “All that Apple money had to go somewhere,” said BGC Financial analyst Colin Gillis. Standard & Poor’s Capital IQ analyst Scott Kessler concurred, reasoning that many investors who have abandoned Apple are gravitating to one of its biggest rivals. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Google makes and distributes its free Android software to Read More …

Luxembourg-BPO to make Phl its biggest operation

 Economy
Feb 192013
 
Luxembourg-BPO to make Phl its biggest operation

MANILA, Philippines – Luxembourg-based Transcom Worldwide S.A. is set to hire 5,000 new workers this year to maintain the Philippines as its largest operations in terms of workforce in its global business. Transcom Worldwide president and chief executive officer Johan Eriksson said in an interview with The STAR that the company is bullish about the business process outsourcing (BPO) industry in the Philippines after the country posted a strong growth last year. “We definitely see the Philippines as a growth area. Things are growing rapidly here and we see some more opportunities,” Eriksson stressed. Data from the National Statistical Coordination Board (NSCB) showed that the country’s gross domestic product (GDP) grew 6.6 percent last year, exceeding the target of five percent to six percent set by the Cabinet-level Development Budget Coordination Committee (DBCC). This made the Philippines the second fastest in terms of economic growth in the region after China. This year, the DBCC has set a GDP growth target of six percent to seven percent. The company through Transcom Worldwide Philippines Inc. is looking at raising its workforce by 50 percent to 15,000 by the end of this year from the current level of close to 10,000. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Eriksson said the Philippines is its largest in terms of the number of workforce, currently accounting for a third of its 30,000 global workforce. The company operates 70 contact centers in 28 countries including four sites in the Philippines. He pointed out that Read More …

DMCI hikes stake in London-based nickel miner

 Economy
Feb 192013
 
DMCI hikes stake in London-based nickel miner

MANILA, Philippines – The mining unit of Consunji-led DMCI Holdings Inc. has beefed up its stake in a London-based nickel miner for £24 million. In a disclosure to the stock exchange, DMCI Holdings said its wholly-owned subsidiary DMCI Mining Corp. jacked up its shares in Toledo Mining Corp. Plc to 37.7 percent from 17 percent. “The offer will comprise 50 pence in cash for each Toledo share, valuing the whole of Toledo’s existing issued share capital at approximately 24.9 million pounds,” DMCI said. The purchase price represents a premium of 66 percent from 30 pence, the weighted average price for the past three months. DMCI Mining bought the entire 20.7- percent share in Toledo held by investor Jason Cropper using its existing cash. “As a result, DMCI Mining confirms that it will make a mandatory cash offer to acquire the entire issued and to be issued share capital of Toledo not already owned by DMCI Group,” the company said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Our offer to the remaining Toledo shareholders represents an attractive opportunity to crystallise a significant premium to the prevailing market price in cash today,” said DMCI Mining president and CEO Isidro Consunji. Toledo has strategic shares in four large nickel deposits in Palawan through joint venture agreements and owned properties. Specifically, the London Stock Exchange-listed miner owns shares in the Berong and Ipilan nickel mines, and Long Point and Moorsom nickel properties. For its fiscal year that ending March 2012, Toledo posted Read More …

Sagittarius Mines finally gets ECC from DENR

 Economy
Feb 192013
 
Sagittarius Mines finally gets ECC from DENR

MANILA, Philippines – The Department of Environment and Natural Resources (DENR) has finally issued an Environmental Compliance Certificate for the $5.9-billion Tampakan copper-gold project of Sagittarius Mine Inc. in Mindanao. The Office of the President (OP) this month remanded to the DENR the petition filed by SMI for the provision of an ECC, directing the department to rule on the application “without any consideration of requirements other than those imposed under EIS (Environmental Impact Study) System itself.” The DENR has repeatedly rejected the company’s application for an ECC because of an existing ban in South Cotabato on the use of the open-pit mining method.   An ECC guarantees that a project will not harm the environment. “There is already an ECC issued but the granting is subject to certain conditions,” said Environment Secretary Ramon Paje in an interview yesterday. He said failure to comply with the conditions may result to cancellation of the ECC. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The conditions set by the DENR are as follows: SMI should obtain Free and Prior Informed Consent from occupants of ancestral domain, land access permits from the Department of Agrarian Reform, and endorsement from the local government units.  SMI must also have “continuing liability” for any environmental damage that occurs within its tenement. “Whether the incident is caused by force majeure or not, they will be liable,” said Paje. Paje said an environmental permit was issued to SMI upon the recommendation of the Environmental Management Bureau (EMB), an Read More …

PBB gains 15% in market debut Yao family eyes another IPO in softdrinks unit

 Economy
Feb 192013
 
PBB gains 15% in market debut Yao family eyes another IPO in softdrinks unit

MANILA, Philippines – Thrift lender Philippine Business Bank (PBB) listed its shares at the local stock exchange yesterday, the first listing for the year. Shares of PBB, which were sold at P31.50 apiece during the IPO, opened at P34.75 each, strengthening further to end the trading day at P36.35, an upside of 15.39 percent from the IPO price. “I guess the advantage that PBB has is we focus on small and medium enterprises (SME), the underserved market,” PBB president Rolando Avante told reporters. Juanchito Dispo, president of issue under writer First Metro Investment Corp. (FMIC), said the IPO, was more than four times oversubscribed amid robust demand from both institutional and retail investors. Avante said PBB expects a loan growth of 20-25 percent this year that can be used by SMEs for business expansion. PBB listed 343.33 million of its common shares at the Philippine Stock Exchange. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Underwriters FMIC and SB Capital Investment Corp. earlier trimmed the offer P31.50 per share from a maximum P41.94 earlier to give investors more leeway to earn from stock price appreciation. Fresh capital from the IPO will allow the bank to strengthen its foothold in the SME sector. PBB plans to put up 22 additional branches to reach a total 100 branches at the end of the year. As of end-September last year, PBB is the fifth largest thrift bank in the Philippines with P29.7 billion in assets last year. PBB, which ended last year Read More …

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