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North Harbor operator allots P200 M to upgrade facility

General

Dec 062014

North Harbor operator allots P200 M to upgrade facility

MANILA, Philippines – Harbour Centre Port Terminal Inc. (HCPTI), the operator of Manila North Harbor, is pumping in close to P200 million to improve the efficiency of the 79-hectare Harbour Centre port complex to serve as an alternative to the congested ports of Manila. HCPTI chairman and chief executive officer Reghis Romero II said the company is upgrading its facilities and equipment to become a viable alternative to ease the gridlock and the flow of goods in the Port of Manila. “With the expansion of its existing infrastructure, upgrading of its computer systems, acquisition of new equipment and maintaining its ISO certification, HCPTI is now ready to rise to a new and greater challenge – to ease congestion, modernize so that we can develop more room for growth,” Romero said. He pointed out that HCPTI is currently embarking on a dredging project to expand the capacity of its port to accommodate more ships and increase the volume of bulk cargoes needed by industries. To do that, he said HCPTI is fabricating a bulk conveyor system and expanding its storage containment facility to accommodate more cargo. According to him, the company also provided new cargo handling equipment to ensure better handling capacity: Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “For faster bulk handling, HCPTI has acquired 15 tonner forklifts and more will be delivered within the year. HCPTI is also introducing the latest technological innovations to help its customers track their cargoes as well as ensure smooth operations in Read More …

'Ruby' cancels 16 Cebu Pacific flights

Economy

Dec 052014

MANILA, Philippines – In light of Typhoon ‘Ruby,’ the following Cebu Pacific flights have been canceled, according to the Manila International Airport Authority: 5J 381, (MNL-CDO) 5J 382 (CDO-MNL) 5J 397 (MNL-CDO) 5J 398 (CDO-MNL) 5J 383 (MNL-CDO) 5J 384 (CDO-MNL) 5J 385 (MNL-CDO) 5J 386 (CDO-MNL) 5J 391 (MNL-CDO) 5J 392 (CDO-MNL) 5J 389 (MNL-CDO) 5J 390 (CDO-MNL) 5J 891 (MNL-Caticlan) 5J 892 (Caticlan-MNL) 5J 895 (MNL-Caticlan) 5J 898 (Caticlan-MNL)

Market tumbles on concerns over super typhoon

Economy

Dec 052014

Market tumbles on concerns over super typhoon

MANILA, Philippines – The local benchmark index fell for the second consecutive session yesterday as preparations for Super Typhoon Ruby’s landfall took the spotlight away from a slower November inflation data. The Philippine Stock Exchange index (PSEi) plunged 0.95 percent or 69.29 points to end at 7,230.56, while the broader all shares index likewise plummeted 0.88 percent or 37.90 points to finish at 4,250. “Sentiment took its cue from progression of preparedness and contingencies for the super typhoon’s anticipated entry,” said Jason T. Escartin, investment analyst at F. Yap Securities. Several flights and sea trips were already canceled yesterday due to the incoming threat of super typhoon Ruby (international name “Hagupit”). The entry of the super typhoon in the country overshadowed positive news provided by local data showing that the pace of price increases last month were slower compared to the previous month. November inflation eased to 3.7 percent from 4.3 percent in October. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Further weakness might be seen for now, unless fresh leads occur overseas,” Escartin said. Market overseas shared the local market’s sour mood, as most Asian shares were down while major indexes in Wall Street also ended in the negative territory. Locally, it was a bloodbath as all counters closed in the red led by services firms which lost 1.68 percent or 35.98 points.

Gov’t debt up to P5.71T

Economy

Dec 052014

MANILA, Philippines – The government’s outstanding debt slightly rose in October as the state continued to rely on borrowings to support its expenditure program. Data released by the Bureau of Treasury showed that the outstanding debt of the government stood at P5.71 trillion as of the end of October, up 1.2 percent or The latest figure, however, was lower than the P5.72 trillion registered in September due to the net redemption of government securities. A bigger portion or P3.75 trillion was accounted for by borrowings from the domestic market. This marked a 0.1 percent decline from that in the same period a year ago. The balance of P1.96 trillion came from borrowings from foreign sources. This was down year on year by 0.3 percent. The government borrows to help address the estimated budget deficit for any given year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Debt indicators highlight the steady improvement in the composition of government debt. The high concentration of debt denominated in local currency helps mitigate the impact of foreign exchange fluctuations on 67.5 percent of the whole portfolio,” the BTR said in a statement. The BTR added that the borrowing strategy of issuing mid-to-long-term bonds has maintained the average maturity of government debt at 10.08 years to help minimize refinancing risks. Guaranteed debt fell 7.8 percent or P37.7 billion, driven by declines in the level of domestic (P21.8 billion) and external (P15.9 billion) obligations. The government maintained a policy of tapping more debts from the Read More …

SSI Group profit balloons 49% to P674 M in 9 mos

Economy

Dec 052014

SSI Group profit balloons 49% to P674 M in 9 mos

MANILA, Philippines – Tantoco-led specialty retailer SSI Group Inc., a company which went public last month, improved its profits by almost half in the first nine months of the year on the back of continued expansion of its store network and brand portfolio. In a disclosure to the local bourse yesterday, SSI said its net income in the January to September period ballooned 49 percent year-on-year to P674 million. Revenues likewise jumped 16 percent to P10 billion, the country’s leading specialty store retailer said. “The group’s performance was driven by the continued expansion of its store network and brand portfolio, and sustained gross profit margin levels,” SSI said. Over the 12-month period ending September, SSI said it has added a total of 87 new stores or an additional of 23,000 square meters to its store network, representing a 24 percent increase in its retail footprint year-on-year. Gross profit margins likewise remained healthy, rising to 56 percent from 50 percent a year ago as the group continued to benefit from strong sell-through rates. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “SSI is entering the fourth quarter on strong footing as we continue to reap the benefits of our store expansion program and of initiatives implemented to enhance profitability,” SSI president Anton Huang said. SSI said it is currently in the process of expanding its store network as it seeks to capitalize on favorable market conditions, evolving consumption patterns and consumer tastes and the availability of prime retail space in Read More …

SM Prime allots P7 B for 2 new office buildings

General

Dec 052014

SM Prime allots P7 B for 2 new office buildings

MANILA, Philippines – SM Prime Holdings Inc., the integrated property development arm of tycoon Henry Sy, is earmarking P7 billion for the construction of two new office buildings early next year. The two projects will beef up the SM Group’s office portfolio by 160,000 square meters in gross floor area (GFA) upon completion by 2017, SM Prime senior vice president for commercial properties Dave Rafael said in an interview yesterday. Rafael said the company will invest P3.5 billion each for the two stand-alone towers, with each building composing of 25 to 30 floors and a GFA of 80,000 square meters. Although he did not disclose the exact location of each development, Rafael said one would be constructed in Quezon City along EDSA, while the other would rise in Ortigas. Rafael said the projects are seen to cater to the growing demand for office space, particularly of the business process outsourcing sector, in Metro Manila. “BPO market is still very strong. However, we need to be careful in choosing locations for our office buildings. There should already be guaranteed tenants for each planned location,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the two office projects that will break ground next year, Rafael said SM Prime is currently in talks with several potential tenants already although no deal has been reached to date. SM Prime launched yesterday its latest office building called SM Cyber West Avenue, a 15-story structure located in EDSA corner West Ave. in Quezon Read More …

Peso rallies on Tuesday

Economy

Dec 022014

MANILA, Philippines – The peso improved against the dollar on Tuesday, closing at 44.735 from the previous day’s 44.83. Total volume transacted at the Philippine Dealing System amounted to $644.9 million, higher than the $489.8 million posted on Monday. The peso opened Tuesday at 44.79.

Philippines bats for GSP+ inclusion as EU vote nears

Economy

Dec 022014

Philippines bats for GSP+ inclusion as EU vote nears

Embassy of the Philippines to Belgium and Mission of the Philippines to the European Union Ambassador Victoria Bataclan (right) and staff BRUSSELS, Belgium – The Philippines is hopeful to get on December 18 the European Union’s (EU) approval on its application to the Generalised System of Preferences (GSP) +, a trade regulation where a number of Philippine exports will benefit from duty-free treatment on EU market. The country is a current beneficiary of GSP where 23 percent of all Philippine exports are duty-free while some enjoy reduced tariff. Under the new GSP+ scheme, EU shall provide additional trade preferences where from the existing 23 percent, some products will enjoy tariff cuts down to 0 percent. “We have been lobbying for the country’s application in the EU Parliament and we need not more than 376 votes among the 751 Parliament members in order to be approved,” Mission of the Philippines to the European Union head, Ambassador Victoria Bataclan, said in an interview. Once granted, GSP+ is expected to generate 600 million euros for the Philippines in the next three years and shall largely benefit our export products from the fisheries and garment industries. The government and EU also estimates that GSP+ could expand exports to EU by 12 period and generate around 200,000 additional jobs. Additional 6,000 product lines are also expected to be generated, added Bataclan. Zafrullah Masahud, commercial counselor privy to the ongoing negotiation, said this trade agreement is one-way and is therefore not reciprocal. Once approved, the Philippines’s Read More …

Peso strengthens midday Tuesday

Economy

Dec 012014

MANILA, Philippines – The peso rallied against the dollar midday Tuesday, settling at 44.773 from the previous day’s 44.83. Total volume transacted at the Philippine Dealing System amounted to $401.9 million in the morning, higher than the $305.3 million posted the same period on Monday. The peso opened Tuesday at 44.79.

Del Monte Pacific forges jv with 2 foreign firms

General

Dec 012014

Del Monte Pacific forges jv with 2 foreign firms

MANILA, Philippines – Food processing giant Del Monte Pacific Ltd. (DMPL) is partnering with two foreign firms to put up a facility equipped with the technology to further prolong shelf life of fruits and vegetables. In a disclosure to the Philippine Stock Exchange, DMPL said it has entered into a joint venture with Spain-based Nice Fruit SL and Ferville Ltd to establish a facility in the Philippines that will utilize Nice Fruit’s patented technology. DMPL said the technology, called Nice Frozen Dry, will allow fruits, vegetables and produce “to be picked at its optimal ripeness and frozen for up to three years while preserving its nutrients, structure, original properties and organoleptic characteristics.” Nice Fruit will have the majority stake in the joint venture with 51 percent, while DMPL and Ferville will have 35 percent and 14 percent ownership, respectively. “It is envisaged that the joint venture will process, market and sell the Nice Fruit frozen products to various countries in the world,” DMPL said. Nice Fruit is a company that operates worldwide and is engaged in the production and distribution of fruits and vegetables. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 With the introduction of the Nice Frozen Dry technology, Nice Fruit intends to improve food consumption habits as well as food stock management. DMPL, meanwhile, completed the acquisition of US-based Del Monte Foods Inc. (DMFI) in February this year for nearly $1.7 billion, jumpstarting the transformation of the former into a global branded food and beverage firm. Read More …

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