Maniolas

MANILA, Philippines – Laguna-based technology firnm Cirtek Holdings Philippines Corp. saw an eight percent rise in its first half profit to $3.5 million on the back of higher revenues. Revenues grew 15 percent to $32.5 million with the RF/microwave/millimeter wave business accounting for 37 percent of total. In the second quarter alone, Cirtek reported a 10 percent growth in net income to $2 million as revenues expanded by 23 percent to P17.5 million due to the strong performance of its broadband and antenna systems business under Cirtek ATS. Cirtek remains optimistic about its performance for the rest of the year as it sees the global millimeter wave technology market growing 45 percent annually, with a total addressable market of $12 billion by 2020. To take advantage of the expected growth in the millimeter wave market, Cirtek intends to continue to deliver high-end box build finished products, test-board fabrication, test solutions, and product support businesses required by its customers. The company is also developing proprietary wireless products and components for the wireless communication industry. It expects to begin selling these products in the fourth quarter of the year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cirtek likewise plans to continue to expand its high capacity, multi-port, multi-band antenna business with Quintel. Apart from this, Cirtek is evaluating acquisition opportunities that will either significantly scale up its manufacturing operation or give it access to high-end research and development capabilities. Cirtek Holdings Philippines Corp. (CHPC) is the holding company of Cirtek Read More …

Mining companies, whom President Rodrigo Duterte and his environment chief Gina Lopez castigated over irresponsible practices, say they welcome the government’s recent statements. Philstar.com/stock MANILA, Philippines — The mining industry has taken President Rodrigo Duterte’s recent warning as a challenge to continue keeping up with the standards of responsible mining in the country. “We continue to take the President’s statements as a challenge for us to step up our efforts and practices in adhering to the tenets of responsible mining,” the Chamber of Mines of the Philippines (COMP) said. On Monday, Duterte issued a stern warning to mining firms as he vowed to be tough on businesses that are destroying the environment and violating government standards. “If you refuse to obey, I will place you inside the mining pit and cover it. You want to try it, fine. Let’s do it. You say mining is a critical component of the Philippine economy, of course it is, it’s income. But you are also making a critical damage,” he said. Non-government organization Alyansa Tigil Mina (ATM) also welcomed Duterte’s announcement to forego the P40-billion mining investments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We believe the statistical data that mining is not a significant contributor to the country’s gross domestic product of less than one percent and 0.04 percent of the total jobs,” ATM national coordinator Jaybee Garganera told The STAR. “Mining directly threatens our agriculture, water and tourism economic activities, so it must be effectively regulated. If not, we Read More …

PLDT NETS P12.5 B IN FIRST HALF: PLDT Inc. reported yesterday a net income of P12.5 billion in the first half, down 33 percent from P18.7 billion in the same period last year. PLDT attributed the lower net earnings to the P5.4 billion impairment from its investments in German e-commerce investor Rocket Internet. In photo are PLDT chairman and chief executive officer Manuel V. Pangilinan and head of regulatory affairs Ray Espinosa. MIKE AMOROSO   MANILA, Philippines – PLDT Inc. is in talks with foreign investors for the sale of its remaining 8.74-percent stake in Manila Electric Co. (Meralco). “We are now in discussion with a number of interested buyers. The timetable for the disposal would not be this year… but would most likely be first half of 2017,” PLDT chairman and CEO Manuel V. Pangilinan said in a press briefing in Makati City yesterday. PLDT owns a 25-percent stake in Beacon Electric Asset Holdings Inc. after selling 25 percent to Metro Pacific Investment Corp. Beacon, in turn, owns 35 percent of Meralco. BEAHI is a joint venture company composed of PLDT Communications and Energy Ventures (PCEV) and Metro Pacific Investments Corp. (MPIC). Meralco’s two major stockholder groups are BEAHI and JG Summit Holdings Inc. The transaction would likely happen in the first half of 2017, Pangilinan said, adding that the purchase consideration is likely “in the north of P26 billion.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Buyer could form a consortium because it is a very Read More …

Photo shows Nestle Philippines officials (from left) Peter Douglas Winter, technical director; Ernie Mascenon, corporate affairs director; Jacques Reber, chairman and CEO; and Sherilla Bayona, business executive manager, beverages. JOEY MENDOZA      MANILA, Philippines – Filipinos’ continued patronage of its chocolate drinks, coupled with the country’s sustained economic growth have prompted Swiss consumer goods giant Nestle to invest P2 billion to build a new Milo beverage factory in the Philippines – only the fourth of its kind in the world. Nestle Philippines chairman and CEO Jacques Reber announced yesterday the group’s latest expansion project which would be on top of the P14 billion investments it had poured into the country over the last five years. The Milo malt plant, which is being constructed on a 5,400 square meter property in Lipa, Batangas, will be Nestle’s sixth factory in the Philippines. Nestle currently has three existing malt plants globally which are located in Singapore, Nigeria and Australia. Reber said the Philippines has been selected as the site of the new malt plant because of the huge domestic demand for Milo products and the group’s strong confidence in the continued growth of the country’s  economy. The Philippines is currently Nestle’s biggest market in Southeast Asia, second biggest in Asia next to China, and eighth largest worldwide. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “The Philippines is a key market for us at Nestle. For over a century, we have continually affirmed our confidence in, and commitment to the Philippines through our Read More …

Broken down, domestic debts fetched a higher rate of 5.42 percent than their external counterparts with 4.48 percent. File photo MANILA, Philippines — Legacy loans going back as early as the Asian financial crisis are hampering efforts to lower interest rates on government debts despite the previous administration’s six-year liability management program. On average, the National Government’s debt pile of P5.89 trillion fetched an interest rate of 5.09 percent as of May, data from the Bureau of the Treasury showed. This barely moved from 5.11 percent recorded in February and is much higher than the central bank’s benchmark interest rate of 3.5 percent. A key sticking point is the more than P500 billion in 20- and 25-year Treasury bonds whose rates still go as high as 18 percent issued as early as 1997 despite prevailing low yields, separate Treasury data showed. “Our legacy debt which is about 45 percent of our total domestic debt has a weighted average cost of around 8 percent,” National Treasurer Roberto Tan said in a text message.  That is causing the setback, he said, because these bonds are part of the P5.38 trillion in debts with fixed rates. They account for 91.37 percent of the total as of May. Only P500 million or 8.5 percent have floating interest, which means they are affected by market swings, while only P8 million is interest-free.  Broken down, domestic debts fetched a higher rate of 5.42 percent than their external counterparts with 4.48 percent. However, both were down year-on-year.  Higher Read More …