philstar.com - Business

Jan 302015
 
INFOGRAPHIC: What type of home buyer are you?

MANILA, Philippines – You might be one of the many Filipinos who are dreaming to have their own homes. But buying your own home for the first time can be daunting. You might find it difficult to look for resources to help you shop around. You might not even have any idea what kind of home suits your budget and needs.  You can start finding your new home by identifying your most important considerations in choosing a home. From there, you can find out what type of home buyer you are. You can then narrow down your options little by little from there on until you find the perfect home for you and your family.  The infographic below will help you get started.

Jan 292015
 
8990 Holdings passes 2014 profit target

MANILA, Philippines – 8990 Holdings Inc. said it expects profits to continue growing double digits this year after it outperformed its 2014 profit guidance. In a briefing yesterday, 8990 Holdings president and chief executive officer Januario Jesus Atencio said the company was able to surpass last year’s profit guidance of P3 billion as net income grew 52 percent year-on-year to P3.3 billion. Atencio said the housing developer likewise met its sales guidance for 2014, with gross sales increasing 48 percent to P7.9 billion and net margin improving to 43 percent from the previous year’s 40 percent. “These are still unaudited figures, but audited figures should not be far once it comes out,” he said. Atencio attributed last year’s strong performance to the country’s strong economy supported by the increase in OFW remittances and growth in the BPO sector. With last year’s impressive performance, Atencio said 8990 Holdings is now gearing up for an even more profitable year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The firm is targeting to further grow its net income between 15 percent to 21 percent this year to about P3.8 billion to P4 billion. Revenue growth, meanwhile, is eyed at 22 percent to 27 percent at P9.6 billion to P10 billion. This year, Atencio said the company is looking to bolster its presence in Luzon through more projects. “Luzon is the new area for us. We are already strong in the Visayas and Mindanao region and we are already stable there. I want Read More …

Jan 292015
 
Big Apple seeks to sustain rapid growth via franchising

MANILA, Philippines – Filipino-owned wellness brand Big Apple Express Spa is gearing up for more expansion this year through franchising following a successful launch in 2005. Now on its 10th year, the company aims to continue registering a growth rate of 500 percent ever year as it targets to open 10 new branches this year, Roselin Pagunsan, one of the company’s owners, said in an interview. She said the company has presence in growing business hubs such as Forbes Town Center, Bonifacio Global City and Eastwood City, among others. It has launched a wide array of new services catering mostly to businessmen and entrepreneurs, Pagunsan said. She said Big Apple has introduced its Balinese massage service, targeting mostly businessmen who may be stressed out from running their respective companies. “Big Apple’s Balinese massage is one of the best-selling service especially among yuppies who have a fast paced and hectic work life. The service concentrates on one’s back and adds to the relaxation of the senses and soothes tired muscles. A one-hour service would rejuvenate the busy businessman and will let them get back to work in no time,” Pagunsan said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The service is part of the company’s corporate social responsibilty program. As a CSR project which started in 2009, the company provides skills training to potential therapists. “We started with the training in 2009. We have a head trainor who does the skills training. A trainee has to undergo two parts Read More …

Jan 292015
 
Mitsubishi opens new facility in Sta Rosa

MMPC INAUGURATION: President Aquino yesterday attended the Mitsubishi Motors Philippines Corp.’s Santa Rosa Plant opening. With him are (from left):  Orlando F. Alvarez Jr., E.V.P. Overall Operations – MMPC; Juan Santos – MMPC Executive Advisory Council Member; Mayor Arlene Arcillas; Gov. Ramil Hernandez; PEZA director general Lilia de Lima; Cabinet Secretary Jose Almendras; Trade and Industry Secretary Gregory Domingo; Osamu Masuko, chairman of the Board and CEO Mitsubishi Motors Corp.; Ambassador Kazuhide Ishikawa; Hikosaburo Shibata, president and CEO MMPC; Yoji Sato, president Sojitz Corp.; Hiroshi Harunari, member of the Board and E.V.P. MMC; Yoshizumi Kurata, executive officer Sojitz Corp.; Junya Masuda, E.V.P. and managing director MMPC.   STA. ROSA, LAGUNA, Philippines – Japanese carmaker Mitsubishi Motors Corp. (MMC) has opened its local unit’s new plant in Sta. Rosa in Laguna as it looks to further expand operations in the Philippines which is expected to post the fastest automotive market growth in the region. While the firm plans to expand its operations, assembling a new vehicle model here would have to meet a 50,000-unit production volume and would depend on the release of the government’s automotive industry roadmap. Speaking at the inauguration of the new facility yesterday, Osamu Masuko, chairman and chief executive officer of MMC said the decision to move to a bigger plant in Laguna is in line with the plan to grow the firm’s business in the country and in Southeast Asia. “The Philippine market is expected to show the most growth among all the countries in the Read More …

Jan 262015
 
Imports decline in November

MANILA, Philippines – The country’s merchandise exports went down by 10.8 percent to $4.989 billion in November 2014 from the $5.593 billion posted a year ago, the Philippine Statistics Authority (PSA) reported on Tuesday. “The decline in total imports for this period was due to the negative performance of four out of the top ten major commodities for the month. These were: transport equipment; mineral fuels, lubricants and related materials; industrial machinery and equipment; and miscellaneous manufactured articles,” PSA noted. For the first eleven months of 2014, the country’s imports bill increased by 2.8 percent to $58.5 billion from $57 billion a year ago. With faster growth in exports at 10.2 percent, trade-in-goods deficit for the January to November period narrowed significantly to $1.5 billion from $5.2 billion in the same period in 2013, the National Economic and Development Authority (NEDA) noted. “The prevailing low oil price environment, which is expected to persist until 2015, may further increase the country’s total oil importation for the remaining part of 2014 and for the whole of 2015 given the country’s high dependence on imported oil. Imports of consumer goods will likewise remain positive for the remaining month of the year, mainly supported by the uptick in domestic consumption primarily of food,” NEDA Director General and Socioeconomic Planning Secretary Arsenio Balisacan said. He added that the global economy is fragile at present, with developed economies struggling with deflation, precarious fiscal positions and slowing consumer demand, among others. “The continuing low prices of oil Read More …

Jan 262015
 
Early shift to EMV chip technology seen

MANILA, Philippines – The shift to EMV (Europay, MasterCard, Visa) chip cards may happen earlier than 2017, the Bangko Sentral ng Pilipinas said, as more local banks move to protect their systems and consumers from fraud. EMV chip is the new global standard for chip-based credit and debit transactions that is considered more secure than magnetic stripe cards. “The migration to EMV may actually happen as a practical reality earlier than 2017 because of commercial reasons. Banks are motivated to have EMV chips because of all these skimming (incidents),” BSP Deputy Governor Nestor A. Espenilla Jr. told reporters. The central bank in November last year released the guidelines for the replacement of magnetic-stripe cards in favor of EMV-chip carrying ones in preparation for the required adoption of the new technology by 2017. “It’s because when there are problems with an ATM card, let’s say it has been skimmed, the banks shoulder the cost. So it’s costing them more money to maintain a weaker technology,” Espenilla said. “It makes more sense for them to adopt the EMV technology sooner than the regulatory timeline and that’s actually what we expect to happen,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 EMV-chip enabled cards carry unique codes for every transaction, making thieves unable to use stolen information for a separate business deal. Consumers will not necessarily be charged for new cards although Espenilla stressed that since this is a business decision for banks, it may vary from one lender to Read More …

Jan 262015
 
Etihad offers United States preclearance

MANILA, Philippines – Air travellers on all Etihad Airways flights to the United States can now experience the benefits of arriving in the US having precleared US Customs and Border Protection at Abu Dhabi Airport. US preclearance at Abu Dhabi is open for flight EY103 to New York JFK which conveniently connects with inbound services from Manila, Philippines. The new early​ morning US preclearance operation complements the mid-morning one which caters to Etihad Airways passengers on flights to Chicago, Dallas-Fort Worth, Los Angeles, New York JFK, and Washington DC, who all proceed through the facility. Peter Baumgartner, Etihad Airways’ chief commercial officer, said: “We’re delighted that all air travellers flying to the United States from Abu Dhabi will enjoy the benefits that US customs and immigration preclearance offers. “Since its opening in January last year, the US preclearance has been extremely popular with air travellers, particularly those from the Indian subcontinent and Middle East region. More than 325,000 people have passed through the facility, arriving in the United States as domestic passengers.” The preclearance process provides passengers with the unique opportunity to pass through all required checks including US customs, immigration and security conveniently while in Abu Dhabi before they board their flight to the US, enabling them to avoid queues on arrival. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Another key benefit of US preclearance is that baggage security screening meets United States TSA security standards, allowing air travellers who connect onto a US domestic flight to have their baggage checked through from Read More …

Jan 262015
 
Del Monte adjusts timetable for $180-M stock rights

MANILA, Philippines – Food processing giant Del Monte Pacific Ltd. (DMPL) has revised the timetable of its planned stock rights offering that will be simultaneously conducted in the Philippines and Singapore. In a disclosure to the local bourse, DMPL said the schedule of its $180-million stock rights offering of ordinary shares has now been moved to a slightly later date next month. DMPL said the offer period would now run from Feb.10 to Feb. 26. The earlier plan was for the offer to start on Feb. 5 and end on Feb. 23. Likewise, listing of the shares in both the Philippine Stock Exchange and the Singapore Exchange Securities Trading Ltd. has been changed to March 9 from an earlier tentative date of March 4.  “Please be advised that the timetable we provided earlier was only indicative of the timing of the company’s receipt of the Singapore Exchange Securities Trading Ltd.’s (SGX-ST) approval in principle for the Singapore rights offer could only be estimated,” DMPL said.  “Based on our current assessment, we expect to obtain the SGX-ST’s approval in principle on Jan. 28,” the firm listed in Singapore and the Philippines added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 DMPL is looking at gross proceeds of up to $180 million from the stock rights offer of up to 641.90 million new ordinary shares held by its shareholders. One rights share will be offered for every 2.029 ordinary shares held by an existing investor. Proceeds of the proposed rights issue Read More …

Jan 262015
 
MPIC to study SCTEX O&M offers

MANILA, Philippines – Infrastructure giant Metro Pacific Investments Corp. (MPIC) is set to carefully evaluate the offers for operation and maintenance of the Subic-Clark-Tarlac expressway (SCTEX) under the Swiss challenge process being undertaken by the Bases Conversion and Development Authority (BCDA). MPIC chairman Manuel V. Pangilinan said in an interview that Manila North Tollways Corp. (MNTC) has the right to match any offer submitted by the interested groups to operate and maintain the 94-kilometer tollroad.  “We have the right to match. I think we will just have to wait for the number and look, consider, and assess it carefully,” Pangilinan said. Although SCTEX plays an important role in MPIC’s toll road business,he stressed the need to carefully study and evaluate the offers made in the price challenge.  “It is important but we don’t want to just pay for any price,” Pangilinan said. Diversified conglomerate San Miguel Corp. (SMC) and a group represented by the law firm of Aguirre, Abano, Pamfilo, Paras, Pineda, and Agustin have expressed interest in the toll road. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BCDA has given interested companies until Jan. 30 to submit their bids and is set to award the toll road to the winning bidder in March. Interested companies would have to match the P3.5-billion offer made by MNTC and at the same time share 50 percent of the gross toll revenues with the BCDA. The winning bidder for the concession valid until 2043 would continue the integration of SCTEX with Read More …

Jan 262015
 
7-Eleven hikes capex to P3 B this year

MANILA, Philippines – Philippine Seven Corp. (PSC), the exclusive local licensee of convenience store chain 7-Eleven, is hiking its spending this year by more than 50 percent to support its aggressive store expansion plans. PSC said it would be increasing its capital expenditures budget to P3 billion this year from about P2 billion in 2014. Last year’s capex was used for the opening of new 7-Eleven stores and remodeling of existing ones. For this year, the listed firm said the higher budget would support its accelerated store expansion strategy that entails the opening of 500 new stores. Jose Victor Paterno, PSC president and chief executive officer, said the long-term growth prospects for the convenience store industry in the country are favorable and the company could sustain its momentum to meet earnings and store expansion goals. “PSC has taken steps to protect and expand its leadership in light of increased competition, recognizing that rewards for market share are especially strong in the convenience store sector,” Paterno said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PSC ended last year with 1,282 7-Eleven stores across the country, 273 stores or 27 percent more compared to its store count a year earlier. PSC said it opened 286 new stores and closed down 13 stores last year. This year, the company is eyeing to ramp up its presence in major cities of Mindanao and other major cities in the Visayas such as Dumaguete, Capiz and Aklan. In the Visayas, the company said it Read More …