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Vehicle assemblers’ sales up 19.3% in January

Economy

Feb 112015

Vehicle assemblers’ sales up 19.3% in January

MANILA, Philippines – Sales of the country’s group of local vehicle assemblers grew by nearly a fifth in January from a year ago supported by the positive performance of both the passenger car (PC) and commercial vehicle (CV) segments. According to the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI), its combined sales with the Truck Manufacturers Association Inc. (TMA) reached 18,662 units last month, the highest January sales performance ever achieved and up by 19.3 percent from the 15,647 units sold in the same month in 2014. “January has been traditionally a slow month following a hectic selling period in December, but this year’s January sales results is yet another milestone achieved by the automotive industry,” CAMPI president Rommel Gutierrez said. Driving the growth in sales last month was the PC segment which posted a 35.8-percent uptick in sales to reach 7,200 units this year from the previous year’s sales of 5,301 units. The CV segment also contributed to the higher sales in January, having sold 11,462 units this year, which climbed 10.8 percent from 10,346 units a year ago. By company performance, Japanese carmaker Toyota Motor Philippines Corp. improved its leadership as it captured 46.7 percent of total sales. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Another Japanese firm, Mitsubishi Motors Philippines Corp., placed second with its 17.4- percent market share, followed by Ford Motor Co. Philippines Inc. with its 8.8-percent share. Settling for the fourth and fifth spots were Isuzu Philippines Corp. and Honda Read More …

On a short break

Economy

Feb 112015

I am currently out of the country for a short trip. This column will resume on Feb. 19 to tackle issues and concerns that affect the country. Facebook and Twitter We are actively using two social networking websites to reach out more often and even interact with and engage our readers, friends and colleagues in the various areas of interest that I tackle in my column. Please like us at www.facebook.com and follow us at www.twitter.com/ReyGamboa. Should you wish to share any insights, write me at Link Edge, 25th Floor, 139 Corporate Center, Valero Street, Salcedo Village, 1227 Makati City. Or e-mail me at reydgamboa@yahoo.com. For a compilation of previous articles, visit www.BizlinksPhilippines.net.

Purisima named Finance Minister of the Year for fifth time

General

Feb 112015

Purisima named Finance Minister of the Year for fifth time

MANILA, Philippines – Finance Secretary Cesar V. Purisima has been recognized for the fifth time as Finance Minister of the Year by Hong Kong-based financial publishing firm FinanceAsia for his successful stewardship of the Philippine economy. FinanceAsia ranks the performance of the ministers of finance in Asia-Pacific’s 12 largest economies according to how they have helped their respective countries to deal with challenges and uncertainty amid the lingering crisis in global financial markets. Purisima was commended for steering the country toward more stable financial ground, resulting in the Philippines scoring investment grade status from major global credit-rating agencies. During his term, the Philippines logged 12 straight quarters of unprecedented growth above five percent, bringing the average quarterly GDP growth rate under the Aquino administration at 6.02 percent. “The award truly belongs to President Aquino and my colleagues in the Philippine Cabinet because the economic growth and fiscal reforms are truly a team effort, proving that ‘good governance is good economics.’ We have proven yet again that the Philippine miracle is not a one-hit wonder. We’re here to stay, and we are ready to play big in the world stage,” Purisima said. “In four years, the Philippines has achieved what we set out to do: we grew at a six percent average and cut the deficit to an all-time low. Stocks are up 125 percent since we took office and foreign direct investments rose 64 percent from January to October 2014 alone,” Purisima said. Business ( Article MRec ), pagematch: 1, Read More …

‘Powering’ the business sector

Economy

Feb 112015

Go Negosyo executive director Mon Lopez presents the books and DVDs to DTI Sec. Greg Domingo, Sen. Bam Aquino, re- gional director Wilhelm Malones and Iloilo MSMED chair Valerie Maravilla, to symbolically show the support being giv- en by Go Negosyo to the Negosyo centers, in terms of help- ing develop entrepreneurial mindset and competencies via seminars, trainings, mentorship network, product and market development. The other week, Unilever’s country chairman and CEO Rohit Jawa and I, together with my brother John, who is the managing director of our Selecta ice cream JV with Unilever, met Energy Secretary Jericho Petilla and his team to discuss the power situation. Selecta is the market leader in ice cream with close to 80- percent share, with several thousands of freezers deployed in many sari-sari stores that are adding more income to small entrepreneurs. It is in the peak summer months that they benefit the most from selling ice cream. We wanted to get an assessment on how bad the power situation really is and whether or not we would be having brownouts that could affect the businesses of many micro entrepreneurs as well as the operations of all those in business. Sec. Petilla had a very comprehensive and objective assessment of the situation. We believe he is on top of the situation and he is one of the best Energy secretaries that we ever had. In summary, he mentioned that while there is ample supply of power even during the summer months, there is still a Read More …

Cojuangco is new Petron chairman

Economy

Feb 102015

MANILA, Philippines – San Miguel Corp (SMC) chairman Eduardo M. Cojuangco Jr. has assumed the chairmanship of the conglomerate’s oil refining subsidiary following the resignation of Ramon S. Ang. In a disclosure to the Philippine Stock Exchange, Petron said its board of directors elected yesterday Cojuangco as the new chairman. “This is to advise that, at the meeting of the board of directors of Petron Corp. held earlier (yesterday), the following were elected as officers of the company: Eduardo M. Cojuangco Jr. as chairman of both the board of directors and the compensation committee of the company following the resignations of Ramon S. Ang from such positions, and Atty. Virgilio S. Jacinto as a member of the compensation committee,” Petron said. Ang in turn, has been elected as president following the resignation of Lubin Nepomuceno. Ang will serve as president for the remaining portion of Nepomuceno’s term while Nepomuceno will serve as general manager of the company. Petron did not cite any reasons for the resignation of Ang and Nepomuceno as chairman and president, respectively. Petron reported a consolidated net income of P3.2 billion in the first nine months of 2014, down 26 percent from the previous year’s P4.4 billion, due to the sustained fall in crude prices. Consolidated revenues, however, remained strong. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The benchmark Dubai crude fell to an average $97 per barrel in September from an average $108 per barrel in June, resulting in nine rounds of price rollbacks Read More …

IFC energy expert bats for flexible LNG use

Economy

Feb 102015

IFC energy expert bats for flexible LNG use

MANILA, Philippines – The chief energy specialist of the International Finance Corp. (IFC), the private sector investiment arm of the World Bank, said the introduction of flexible liquefied natural gas (LNG) in the Philippines would help reduce cost of power. “The physical characteristics and fuel supply constraints of the Philippines power system make necessary the introduction of flexible LNG to reduce price variability at the shoulder and peak,” said Tonci Bakovic in a paper disseminated to the media during an energy regulatory conference organized by the Norwegian Embassy. He said LNG supply that allows for the flexibility of spot purchases of LNG to avoid gas take or pay is a must. “If gas with a large take or pay is re-introduced, we are back to square one and the sector will keep on having the physical must run problems that have nothing to do with the EPIRA (Electric Power Industry Reform Act),” Bakovic said. Furthermore, he said, authorities must “consider capacity payments to help with the financing of LNG import terminals. This, he said, is being done in other countries such as Colombia and Chile. “The securitization of capacity payments from the electricity sector, in both Colombia and Chile, has facilitated the construction of importing LNG terminals in both countries,” the IFC official said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For EPIRA, the landmark power reform law, Bakovic said there is no need to change this but noted that refinements can be made. “Don’t change the EPIRA. Read More …

MPIC raises $200M via equity placement

General

Feb 102015

MANILA, Philippines – Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) has generated about P8.9 billion in fresh funds through an overnight equity placement and plans to raise up to P10 billion more through borrowings to support infrastructure investments in the country and refinance obligations. The company, led by business titan Manuel V. Pangilinan, told the local bourse yesterday it raised $200 million following the placement of 1.81 billion in new MPIC shares priced at P4.90 each. The deal involved MPIC’s major shareholder, Metro Pacific Holdings Inc. (MPHI), lending a portion of its existing shares for sale to investors. In turn, it will subscribe in the same number and at the same price which the shares were sold. MPIC said the conduct of an equity fund raising through the placing and subscription transaction allowed the company to raise equity funds “in a most expeditious and efficient manner, with the least cost to MPIC, for use in its debt repayments, expansion and acquisition projects.” MPIC said the placement managed by UBS AG Hongkong was conducted overnight and garnered strong interest from institutional investors in Asia especially within the Philippines, as well as Europe and the US. Following the transaction, MPHI’s economic interest in MPIC was reduced to 52.13 percent from 55.8 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “With recent developments in our new investment in Vietnam, accelerating progress in the Philippines in our roads, specifically the SCTEX, together with rail and further PPP opportunities ahead of us we Read More …

Century Properties expects P2.5-B sales from new tower

Economy

Feb 102015

Century Properties expects P2.5-B sales from new tower

MANILA, Philippines – Riding high on an office sector boom in the country, upscale real estate developer Century Properties Group Inc. has launched its latest commercial property offering in Makati expected to generate P2.5 billion in sales. Century Properties said its new office spaces at the Century Spire tower in Century City is part of its plan to expand its commercial assets given the country’s strong economy that fuels demand for office space, especially for the business process outsourcing (BPO) and IT sectors. “We are aggressively pursuing our business expansion plans this year, which includes strengthening our commercial portfolio on top of our current concept residential projects. Diversifying to other product offerings, such as for sale strata office space, is instrumental in sustaining the growth for the company,” said Century Properties chief operating officer Marco Antonio. The listed property firm owned by former ambassador Jose E.B. Antonio said Century Spire would be adding a minimum of 23,000 square meters of office space to the market upon its completion. Century Properties said the units would be sold to end users seeking a prime location for their business, as well as to those seeking to lease out their purchased units. Century Spire’s single unit office spaces ranges from 50 to 90 square meters and are priced from P185,000 to P205,000 per square meter. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Current rental rates for prime office in Makati, meanwhile, ranges from about P900 to P1,300 per square meter per month, Read More …

CNN Phls to air this mo

Economy

Feb 102015

MANILA, Philippines – 9TV of Radio Philippines Network channel 9 (RPN9) would be rebranded as CNN Philippines this month exactly four months after a new group led by Ambassador Antonio Cabangon-Chua took over the company and partnered with Time Warner Inc. Nine Media Corp. president Benjamin Ramos said the company’s 9TV would be rebranded as CNN Philippines within the month. “Yes the rebranding will take effect this month,” Ramos replied via text when asked if the rebranding would push through as scheduled this month. Last Aug. 23, Solar News Channel was renamed 9TV and Solar News organization became 9News marking the beginning of the channel’s thrust to reach wider audience and strengthen the presence on free TV RPN9. This after the group of Cabangon-Chua acquired the stake of businessman Wilson Tieng in Solar TV Network Inc. (STVN). STVN’s Solar Entertainment Corp. used to own 34 percent of RPN9 while the Benedicto family through Far Eastern Manages and Investors kept its 32 percent of RPN9 while the government has a 20- percent interest in the broadcast firm. Under the agreement between Cabangon Chua and Tieng’s Solar Group, STVN would have to forego the Solar name and change its corporate name before the end of last year. STVN would also stop using the Solar brand as well as logo. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cabangon-Chua’s media empire includes Business Mirror and tabloid Pilipino Mirror as well as DwIZ 882 AM and 97.9 Natural FM through Aliw Broadcasting Corp. Read More …

Israeli exec wants boost in Philippines-Israel tourism

Economy

Feb 092015

Israeli exec wants boost in Philippines-Israel tourism

The Cenacle, also known as the “Upper Room”, is a room in Jerusalem traditionally held to be the site of The Last Supper. Etienne Valois/CC BY-NC-ND MANILA, Philippines — A top Israeli diplomat is upbeat on areas for expansion in tourism between Israel and the Philippines, as he vows to return home to spread a good word about Manila. Mark Sofer, Israel’s chief diplomat for Asia-Pacific, said tourism is among the key topics brought up in his meeting with Foreign Affairs Secretary Albert del Rosario last week to “upgrade” bilateral ties between the Philippines and Israel. “Tourism in every way is one of the best industries there is … It brings people back as the ambassador of the other country,” Sofer told a small group of journalists during his one-day visit in Manila last week. “I can guarantee to you, I will come back from the Philippines … an ambassador of the Philippines in Israel,” he said, adding it is his first time in the country. RELATED: We treat OFWs better, senior Israeli exec says Sofer is confident that Israelis will want to visit the Philippines, while Filipinos will also easily consider to go on a pilgrimage to various parts of Israel. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We’re talking here of a Catholic country, of course,” Sofer said. “If [Filipinos] want to see where Jesus walked on the water, in Capernaum … where he bathed, [where he multiplied] the fish and the loaves, where he was Read More …

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