Maniolas

In a nine-page joint statement on their meeting on Nov. 17 and 18, the APEC ministers said open trade policies “are essential for sustained recovery and boosting growth for coming years.” File photo LIMA – Ministers of Asia Pacific Economic Cooperation (APEC) economies have vowed to promote free trade and small businesses in the face of growing skepticism over economic integration and renewed concerns over protectionist policies.  In a nine-page joint statement on their meeting on Nov. 17 and 18, the APEC ministers said open trade policies “are essential for sustained recovery and boosting growth for coming years.”  “Faced with rising skepticism over trade and stagnated trade growth, we reiterate our commitment to build an open economy in the Asia-Pacific featuring innovative development, interconnected growth and shared interests,” the APEC ministers said.   “We also believe that the benefits of trade and open markets need to be communicated to the wider public more effectively, emphasizing how trade promotes innovation, employment and higher living standards, and creates opportunities for our citizens that can support inclusive growth,” they added.  The ministers also promised to use policy tools namely monetary, fiscal and structural to strengthen global demand and address supply constraints. “We reaffirm our commitment to strengthen the multilateral trading system and recognize the important role of international trade to job creation, and sustained economic recovery, development and prosperity,” they said.  “We underline our confidence in the value and centrality of the rules-based, transparent, non-discriminatory, open, and inclusive multilateral trading system embodied in Read More …

MANILA, Philippines – Government infrastructure spending grew the fastest in six months in September, putting the year-to-date result on track toward government’s target for 2016, data from the Department of Budget and Management (DBM) showed. A total of P57.7 billion was disbursed for capital outlays, up 63 percent from P35.4 billion in the same period a year ago. The growth rate marked the fastest since March’s 65.1 percent For the first nine months, outlays stood at P439.7 billion, up 40.4 percent, representing 4.2 percent of GDP, slightly down from 4.3 percent as of June. “For the month of September, disbursements rallied behind strong infrastructure and other capital spending…,” DBM said in a statement on its website. “Disbursements for the first three quarters of 2016 (were also) boosted by the huge infrastructure and other capital expenditures,” it said. Capital outlays include actual infrastructure spending and fund transfers to local governments and state corporations for such purpose. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Data showed four agencies prompted the surge in September led by the Department of Public Works and Highways that paid for maintenance of existing roads. The Education and Health portfolios, meanwhile, constructed and upgraded school buildings and state hospitals. Military acquisition of the Department of National Defense also contributed, DBM said. Still, DBM said underspending was still obvious, although this was “expected,” given the transition and adjustment to the new administration. Procurement delays as well as late submission of documents by contractors also stopped agencies to Read More …

MANILA, Philippines – MMPC Auto Financial Services Corp. (MAFS), the auto-financing joint venture between Mitsubishi Motors Philippines Corp. (MMPC) and BDO Leasing and Finance Inc. (BDOLF), aims to cover all 49 Mitsubishi dealership outlets in the Philippines by the end of March next year. “We just started in Metro Manila. But we are gradually expanding our coverage area nationwide,” said MAFS president and CEO Mikihisa Takayama. Currently, MAFS has business in 16 Mitsubishi outlets in Metro Manila and surrounding areas. The company earlier projected it would finance a total of 20,000 car units by 2020 or about 20 percent of MMPC’s 100,000 car sales target for that year. Takayama said MAFS’ entry into the auto financing business would enhance Mitsubishi’s sales through its flexible loan products and fast application process. “We believe our operation can be very effective, he said, adding the application could be processed as fast as one day. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  Takayama said they could be more lenient on the downpayment charged to car consumers since MAFS is a non-bank financial company. “We are more flexible and free so we can consider lower downpayment from the usual 20 percent. But I can’t say how many percent yet because we are still in the start-up period,” he said. Dante Calma, first vice president for MMPC’s marketing division, noted the preference of consumers to purchase cars through loans, rather than cold cash. He said the ratio of consumers who favor financing options has Read More …

After the announcement of new appointments in management, PLDT Inc. will start the selection process for a new CEO to lead the digital pivot by second-half of next year to be able to name the new head no later than 2018. File photo MANILA, Philippines – After the announcement of new appointments in management, PLDT Inc. will start the selection process for a new CEO to lead the digital pivot by second-half of next year to be able to name the new head no later than 2018. As PLDT is hoping to see better performance in terms of core earnings by next year, the company is bent on lowering capital expenditures and having greater scrutiny on spending to ensure investments would generate revenues. “I would hope that we could find a CEO in the second-half and I could let go by either end-2017 or no later than early 2018,” PLDT chairman, president and CEO Manuel V. Pangilinan told reporters. Pangilinan who assumed the position of president and CEO of PLDT after the retirement of Napoleon Nazareno on Dec.31 of last year, said he hopes the search process could start in the second-half of next year with the new management team on board by January next year. Earlier this week, PLDT announced leadership changes and appointments as part of the company’s ongoing digital transformation pivot. Pangilinan said PLDT would need a new CEO who would have the fortitude to take the job in leading the company’s new digital thrust. Business ( Read More …

Pepsi-Cola Products Philippines Inc. (PCPPI) reported a net income of P700 million in the nine months to September, up five percent on the back of strong sales as the company introduced new products. File photo MANILA, Philippines – Pepsi-Cola Products Philippines Inc. (PCPPI) reported a net income of P700 million in the nine months to September, up five percent on the back of strong sales as the company introduced new products. In the third quarter alone, net income grew 23 percent to P200 million. Net of start-up losses of the snacks business, net income reached P800 million in the nine-month period and P200 million in the third quarter, equating to a growth of 14 percent and 42 percent versus year-ago, respectively.  Sales revenues reached P26.8 billion, representing a year-on-year growth of 13 percent. In the third quarter, sales revenues rose 14 percent to P8.7 billion. Revenue growth continued to outpace volume growth spurred by a strong focus on new product initiatives and revenue management, said PCPPI president Furqan Ahmed Syed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We are delighted by the fantastic results achieved in third quarter. This is another show of confidence by our consumers on our world-class product portfolio. Our consumers loved product innovations and campaigns such as Mountain Dew’s ‘Dewmocracy,’ Lipton’s ‘Positivitea’ and Tropicana’s ‘Straight to the Good Stuff,’ Syed said. Cost of goods sold went up 15 percent for the nine-month period and up 14 percent in the third quarter primarily due to Read More …