Maniolas

The suspension is part of a DENR audit on mining in the Philippines. Danny Jovica, File GUIUAN, EASTERN SAMAR, Philippines — Miners and residents of Manicani mine of the Hinatuan Mining Corp. have called the ongoing audit of the Department of Environment and Natural Resources (DENR) “unfair and baseless” and appealed for the lifting of the suspension of its ore transport permit. “The audit is unfair. It did not pass through the right procedure. We were audited for three hours only. They have not given us any opportunity to talk to them. We want to express our side,” HMC community relations manager Francis Malones said. “Majority [of the residents] does not know what is happening. They [audit team] only checked our ECC (environment compliance certificate) and safety plan. The suspension was only coursed through our head office,” he added. “We were supposed to know the results right after the audit. But we were only informed days after that,” he added. The HMC is seeking further explanation from the DENR and the audit team and an appeal to lift the suspension. “Nickel Asia has volunteered to appeal for a re-audit and we are ready anytime,” HMC project manage Manolito Javar said. “We are waiting for the DENR to schedule the audit of the HMC stockpile removal operations on Manicani as soon as possible so that the loading can resume leading to the removal of an environmental hazard and the generation of much needed income for the residents,” NAC Corporate Communications vice Read More …

Money sent home by Filipinos abroad expanded 4.8 percent to $2.33 billion in June. File photo MANILA, Philippines – Money sent home by Filipinos abroad expanded 4.8 percent to $2.33 billion in June, bringing the first half tally closer to the Bangko Sentral ng Pilipinas (BSP)’s forecast for the year. The latest growth figure was the biggest since the 8.4 percent recorded in February. For the first semester, remittances hit $13.19 billion, up 3.2 percent year-on-year. BSP projects a growth rate of four percent this year. Last year, money from overseas Filipinos, a key economic driver that boosts consumer purchasing power, increased 4.6 percent. “The continued demand for skilled Filipino workers abroad supported the steady remittance inflows,” the central bank said in a statement. Citing data from the Philippine Overseas Employment and Administration, BSP said the number of deployed new workers abroad hit 316,716 in the first half, adding to more than 10 million Filipinos abroad. Broken down, land-based workers rose 0.9 percent, while their sea-based counterparts dropped 55.6 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In terms of remittances sent, land-based workers also accounted for the bulk at $10.4 billion as against sea-based employees with $2.8 billion as of June. Majority of remittances, accounting for 80 percent of the total, came from the US, Saudi Arabia, United Arab Emirates, Singapore, the UK, Japan, Qatar, Kuwait, Hong Kong and Germany. “The steady stream of remittances was (also) supported by the efficient network of bank and non-bank remittance Read More …

The benchmark Philippine Stock Exchange index (PSEi) inched up 4.31 points to settle at 7,960.17, while the broader All Shares index finished at 4,745.65, higher by 22.83 points or 0.48 percent. Most sectors ended in positive territory led by the property sector with a gain of 1.16 percent. AP/Bullit Marquez, file photo MANILA, Philippines – The local stock market closed relatively flat yesterday, consolidating after second quarter corporate earnings reports and ahead of the second quarter gross domestic product (GDP). The government is expected to release second quarter GDP on Aug. 18. 2TradeAsia.com said election spending may have boosted second quarter economic growth. “For the second quarter, the consensus is 6.6 percent. With the presidential election held in May, spending may have boosted, increasing the chances for the second quarter GDP growth to beat consensus and prior quarter’s,” it said. The benchmark Philippine Stock Exchange index (PSEi) inched up 4.31 points to settle at 7,960.17, while the broader All Shares index finished at 4,745.65, higher by 22.83 points or 0.48 percent. Most sectors ended in positive territory led by the property sector with a gain of 1.16 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Total value turnover reached P10.42 billion, with decliners ahead of advancers, 108 to 87. Meanwhile, forty nine stocks were left unchanged. Aside from GDP results, there are a few more companies that are expected to release their first half earnings next week. Since last week, companies have been reporting relatively better than expected first half Read More …

“We envision the store to be a place where people can re-enact scenes from their favorite shows, where they can come to regularly interact with our stars, and where they can find new ways to experience everything ABS-CBN has to offer,”  ABS-CBN president and CEO Carlo Katigbak said during the 23rd National Retailers Conference and Expo. MANILA, Philippines – Media and entertainment firm ABS-CBN Corp. will open an experience store that will allow individuals to be part of their favorite television programs as part of efforts to further grow its consumer business. “We envision the store to be a place where people can re-enact scenes from their favorite shows, where they can come to regularly interact with our stars, and where they can find new ways to experience everything ABS-CBN has to offer,”  ABS-CBN president and CEO Carlo Katigbak said during the 23rd National Retailers Conference and Expo. The experience store is meant to allow the company to connect to viewers amid rising digital consumption.  ABS-CBN’s consumer businesses account for P17 billion in annual revenues, or 45 percent of the company’s total revenues. The bulk or 55 percent comes from advertising. ABS-CBN’s consumer business is composed of subscription, ticketed experiences, and durable goods. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The subscription business, which includes cable and broadband provider SKY, The Filipino Channel, and ABS-CBNmobile, is the largest contributor to the company’s consumer sales. Accounting for the second biggest share in consumer sales is the ticketed experiences category Read More …

MANILA, Philippines – Chemical distribution firm SBS Philippines Corp. saw its net income surge to P910.7 million in the first half, buoyed by one-time gains from the disposal of its real estate investments. Net sales reached P517 million, up 12.8 percent year on year. Operating profit rose 18.9 percent to P113 million, driven by organic revenue growth, significant drop in finance charges on account of substantial debt pay downs, lowered operating expenses and higher income contributions from non-core assets. The strong sales performance was attributed to strong volume growth in cosmetics and pharmaceutical raw materials, feeds, and industrial chemical segments as SBS delivered on its strategy to increase market penetration and grow its business volumes through increased sales activities in these segments. Food ingredients continue to account for the bulk of the company’s sales at 35 percent, followed by industrial (32 percent), feeds (22 percent), and raw materials pharmaceuticals and cosmetics (11 percent). SBS president and CEO Gerry Tan said robust economic growth also contributed to the firm’s strong performance. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “The robust growth in the Philippine economy and the greater reliance of chemical manufacturers on third party distribution channels to access local customers continue to support our double-digit growth momentum for the year,” Tan said. Tan said the company was able to pare down net debt to P373.7 million in the first half as the excess cash was used to reduce debt consisting mainly of short-term liabilities. Necisto Sytengco, SBS chairman Read More …