Maniolas

Ayala Land Inc. is preparing to issue another round of its pioneering Homestarter Bonds worth P3 billion and a third tranche of its fixed rate bond series worth P7 billion. STAR/File photo MANILA, Philippines – Ayala Land Inc. is preparing to issue another round of its pioneering Homestarter Bonds worth P3 billion and a third tranche of its fixed rate bond series worth P7 billion. In a disclosure to the Philippine Stock Exchange (PSE) yesterday, ALI said its board of directors approved the terms and conditions for the combined P10 billion new issuances yesterday. Both issuances would be under the company’s P50 billion debt securities program as approved by the SEC in March. The Homestarter Bonds, a concept pioneered by ALI, enables bondholders to build up full or partial downpayment to buy a residential unit in the future. The coupon rate may be 3.5 percent to four percent, same as in previous rounds of Homestarter Bonds, officials earlier said. ALI first launched the innovative instrument in 2006, making it the first property company to issue such types of bonds. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It has been issuing the bonds regularly, saying that it has been an effective savings instrument for many bondholders. In the past, eligible investors including the targeted retail investors could buy a minimum of P50,000 worth of the bonds and in multiples of P5,000 or P10,000 thereafter. ALI has an approved shelf registration for up to P50 billion. A shelf registration is Read More …

The National Center for Commuters Safety and Protection Inc. (NCCSPI), an umbrella organization of transport groups, asked the Philippine Ports Authority (PPA) to junk MNHPIs  petition due to lack of consultations with stakeholders. BY-NC/Sodaro K, file photo MANILA, Philippines – Another group has opposed the bid of port operator Manila North Harbour Port Inc. (MNHPI) to increase port tariff by 37.45 percent. The National Center for Commuters Safety and Protection Inc. (NCCSPI), an umbrella organization of transport groups, asked the Philippine Ports Authority (PPA) to junk MNHPIs  petition due to lack of consultations with stakeholders.  Elvira Medina, president of NCCSPI, questioned MNHPI’s move which he said was already monopolizing port operations. Medina warned that the proposed tariff adjustment would have severe impact not only on consumer goods but also on transportation costs as well.  “We oppose this. It will have a heavy impact on the public, not just on cost of freight and consumer goods but also on petroleum products, which eventually will jack up transportation costs,” he said.  “They cannot justify this increase. They are already acting like a monopoly, and now they get to dictate the price? The public will always be at the losing end,” she added.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Medina is urging the Duterte administration to give priority to the interest and welfare of the local traders and commuting public, before any tariff rate adjustment is even considered.  “This attitude of not giving consideration to the public, to ordinary Filipinos — that is the identity of Read More …

Finance Secretary Carlos Dominguez said the second quarter GDP growth was the highest for quarterly and semestral growth since 2014 and would enable the government to keep its growth targets on track for the rest of the year and in 2017. STAR/File photo MANILA, Philippines – Economic managers of the Duterte administration said yesterday the sustained economic growth evidenced by the seven percent expansion of the gross domestic product (GDP) in the second quarter would give the Philippines enough headway to survive external shocks. Finance Secretary Carlos Dominguez said the second quarter GDP growth was the highest for quarterly and semestral growth since 2014 and would enable the government to keep its growth targets on track for the rest of the year and in 2017. “Our strong macro-economic fundamentals will buffer the economy from external shocks,” Dominguez said. Headwinds are caused by volatile markets with the impending interest rate hike in the US, the decision of the United Kingdom to leave the European Union, and the slowdown in China. With the sustained growth momentum for the past 70 straight quarters, Dominguez pointed out the Duterte administration would build on previous efforts to effectively implement its 10-point socioeconomic agenda. “The numbers are good for the Duterte government to hit its growth targets of at least seven percent this year’s second semester and 6.5 to 7.5 percent in 2017,” he said. Dominguez acknowledged the good policies of both the Aquino and Arroyo administrations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …

The benchmark Philippine Stock Exchange index (PSEi) gained 6.62 points or 0.08 percent to settle at 7,952.81, while the broader All Shares index edged higher by 10.47 points or 0.22 percent to end at 4,707.58. STAR/File photo MANILA, Philippines – The stock market posted modest gains yesterday on the back of strong second quarter economic growth of seven percent. The benchmark Philippine Stock Exchange index (PSEi) gained 6.62 points or 0.08 percent to settle at 7,952.81, while the broader All Shares index edged higher by 10.47 points or 0.22 percent to end at 4,707.58. “The growth is within market expectations given average consensus forecast of 6.1 to 7.2 percent for the second quarter. This strong growth increases the probability of attaining the revised full-year 2016 DBCC-approved real growth projection of six to seven percent. With the first semester GDP growth of 6.9-percent, the economy will need to grow by at least 5.1 percent in the second half to attain at least the low-end of the growth target,” said Socioeconomic Planning Secretary Ernesto Pernia. He said among the major Asian emerging economies, the Philippines remains the fastest or second fastest-growing economy in the second quarter, followed by China, which grew 6.7 percent; Vietnam, 5.6 percent, Indonesia,  5.2 percent; Malaysia, four percent;  and Thailand  3.5 percent.  JP Morgan regional analyst Nur Rasid said the growth narrative of the Philippines is likely to remain positive.  “Domestic demand will likely remain robust due to investment growth which could further lower external balances,” Rasid said. Read More …

The Q2 growth is an upbeat start for the Duterte administration, Socioeconomic Planning Secretary Ernesto Pernia said. File photo MANILA, Philippines — The country’s gross domestic product (GDP) expanded by 7 percent during the second quarter of 2016, the Philippine Statistics Authority (PSA) announced Thursday. The Q2 growth is an upbeat start for the Duterte administration and is within market expectations, according to Socioeconomic Planning Secretary Ernesto Pernia. Pernia said the Philippines likely remains the fastest or at least second fastest growing economy in the second quarter of 2016 among the major emerging economies in Asia followed by China (6.7 percent), Vietnam (5.6 percent), Indonesia (5.2 percent) and Malaysia (4.0 percent). GDP is the sum total of all goods and services produced within an economy in a given period. RELATED: Phl GDP hits 6.9% in Q1 2016, fastest among major Asian economies The growth in Q2 was driven by the services sector which expanded by 8.4 percent compared to the 6.7 percent in the same period last year. “Among the three major economic sectors, services gave the highest contribution to the GDP growth in Q2 accounting for 4.8 percentage points,” the PSA said. This was followed by the industry sector which grew by 6.9 percent. The agriculture sector, however, was a poor performer declining by 2.1 percent. It pulled down the GDP growth with -0.2 percentage point. PSA said agriculture has been on the decline for five quarters already due to disasters, said Rosemarie Edillon, assistant director-general of the National Economic and Development Authority. “While it is normal Read More …