Maniolas

MANILA, Philippines – San Miguel Pure Foods Co. Inc. hopes to seal its purchase of Southeast Asian firms engaged in the meat processing business this year as it seeks to bolster its operations abroad. In an interview, Pure Foods president Francisco Alejo III said the company is currently in talks with companies in Indonesia and Vietnam for possible acquisitions. “We are actually looking at Vietnam and Indonesia where we already have businesses. We’re looking at processed meats because that is our core competency,” Alejo said. “Hopefully (we can finalize) within the year for Vietnam. For Indonesia, that maybe later,” he added. Alejo described the two foreign companies it is currently in discussions with as having “substantial market shares in their region.” “In Vietnam, processed meat is a relatively new category although they are a pork-eating country. So we feel that in the long term, there is a growth opportunity,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Alejo said Pure Foods has earmarked about P8 to P10 billion for its capital expenditures this year, a portion of which will be used for potential acquisitions. “Our focus is really on acquisition because that is one way of fast tracking the growth of San Miguel,” he said. “If you look at our balance sheet, we have a very strong balance sheet. We have a lot of room to raise funds through borrowings and we have enough cash today because we sold Meralco shares last year,” added Aida Postrado, chief Read More …

MANILA, Philippines – Upscale developer Century Properties Group Inc. is keen on acquiring more shares in the firm that owns the Pacific Star Building in Makati City, the company’s top official said. In an interview, Century Properties chairman Jose Antonio told The STAR that the company is interested in hiking further its 50 percent stake in the low-rise tower located at the corner of Sen. Gil J. Puyat and Makati Avenue. “Yes we are looking to increase our stake if it is for sale. We are looking at any available units,” Antonio said. He said the company is also keen on even extending its ownership to Pacific Star’s high-rise tower, the structure situated just beside the low-rise building, if it would be offered for sale. The listed property firm controlled by the Antonio family acquired last year a 50-percent stake in the company that owns the low-rise tower of Pacific Star Building in a move to diversify its revenue streams and expand its commercial portfolio. “Right now, we’re redeveloping the low-rise tower,” Antonio said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Pacific Star Building is a 20-year-old office building and a landmark in the Makati central business district. It consists of a 29-story structure and a six-story low-rise building.

MANILA, Philippines – The Bureau of Internal Revenue reiterated that interest earnings from long-term deposits or investments are exempted from income tax as long as these have a maturity period of not less than five years. The deposits or investments covered by this rule are time deposits or investments in the form of savings, common or individual trust funds, deposit substitutes and investment management accounts. The income tax exemption can only be enjoyed by depositors that are individual citizens or aliens engaged in trade or business in the Philippines. The long-term deposits or investments must be issued by banks only and not by other entities or individuals.  These must also be issued by banks in denominations of P10,000. Moreover, these deposits should not be terminated before end of the fifth year otherwise they shall be subjected to the graduated withholding tax rates based on the age of the deposit –  five percent (four years to less than five years), 12 percent (three years to less than four years) and 20 percent (less than three years). Except those specifically exempted by law, any other income such as gains from trading, foreign exchange gain shall not be covered by income tax exemption. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In order for interest income derived from investments in individual trust funds or investment management accounts to be exempt from income tax, the investment must be managed by the bank for the named individual at least five years without interruption. The Read More …

MANILA, Philippines – The Department of Transportation and Communications (DOTC) has tapped a group composed of Japanese companies to serve as consultant to enhance mass transit systems in Metro Manila including the P75-billion extension projects for the existing Light Rail Transit (LRT) systems. Transportation Secretary Joseph Emilio Abaya has approved the issuance of a Notice to Proceed to CMX Consortium except Japan Transport Consultants Inc. (JTC) for the implementation of the consulting services for the enhancement of the P65 billion LRT-1 Cavite extension and the P9.6 billion LRT-2 East Masinag extension projects being funded by the Japan International Cooperation Agency (JICA). The contract is worth P602.7 million as well as provision of P49.9 million for value added tax (VAT) and P8.31 million for withholding tax. The winning consultant is tasked to draw up the technical specifications, bidding assistance, construction supervision, and warranty supervision for the LRT-1 and LRT-2 extension projects. The mass transit system projects include the P65 billion extension of LRT-1 all the way to Bacoor in Cavite from Baclaran in Pasay City that has been awarded to the Light Rail Manila Consortium led by Metro Pacific Investments Corp. (MPIC) and Ayala Corp. as well as the P9.6 billion extension of LRT-2 from Santolan all the way to Masinag. In the notice dated Jan. 23 and sent to CMX Consortium authorized representative Hiroshi Shindo, Abaya said the group has 62 months to complete the project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The CMX Consortium is led Read More …