Maniolas

MANILA, Philippines – Interest rates of national government debt slipped to their lowest level in three months in July even as the peso weakened, data from the Bureau of the Treasury showed. The weighted average interest rate of government liabilities inched down to 5.06 percent in July from 5.07 percent in the first semester and 5.09 percent in May. It matched the level hit at the beginning of the year and was just a notch higher than April’s 5.05 percent, which was the lowest achieved so far for 2016. Earlier, Jonathan Ravelas, chief market strategist at BDO Unibank Inc. said the peso’s weakness and the impending increase in US interest rates should not be a cause for concern. “I don’t think it will have an impact on our debts. It’s not alarming since we have also decreased significantly our reliance to foreign funding,” Ravelas said in a phone interview. “The new administration will maintain the borrowing program, which is 80 percent (sourced) locally and 20 percent (abroad). There should not be any problem,” he said earlier. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Lower interest rates allow the government to shell out less money for debt settlements and funnel them to social and economic projects. Broken down, existing external debts actually enjoyed lower rates than their local counterparts, data showed. Foreign obligations maintained their average interest rate of 4.46 percent in the first seven months. Domestic debts fetched a higher 5.39 percent, down from 5.4 percent in the Read More …

MANILA, Philippines – The Philippine Stock Exchange (PSE) expects at least two initial public offerings (IPOs) for the rest of the year with the bigger of the two possibly happening “in the coming weeks.” PSE chief operating officer Roel Refran declined to identify the two companies but so far, those that are seeking approvals to do an IPO are oil giant Pilipinas Shell Petroleum Corp. and technology company AudioWav Media Inc. “We will have a deal hopefully in the next couple of weeks. Expect one big and hopefully another one,” Refran said. Shell is still seeking regulatory approval for a planned P29.7 billion IPO. The company will offer 330 million shares including an over allotment of up to 30 million for up to P90 per share. In its registration statement filed with the Securities and Exchange Commission (SEC), Shell is planning to do its IPO on November 10 but company insiders said the IPO may happen earlier or before its country chair for 13 years, Edgar Chua, retires in October. However, in a separate interview, BPI Capital chief operating officer Reginald Cariaso simply said they are working to get the IPO done but declined to comment on whether there would be a change in schedule. BPI and JP Morgan are the underwriters for Shell’s IPO. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “It’s been filed and we’re working to get it done,” Cariaso said. Commenting on the prevailing market conditions, he said: “I think market is still conducive Read More …

Sep. 20 marks a very important date for the only wholly Filipino-owned cigarette manufacturing company as it celebrates its 71st anniversary. Mighty Corp. is a fully integrated tobacco company, with its factories located inside a nine-hectare property in Malolos, Bulacan, Philippines. It is engaged in both tobacco processing, which includes fermentation of tobaccos for the cigar-blended cigarillos, and cigarette manufacturing.  The company has two cigarette manufacturing plants and one tobacco processing plant. It also has a complete threshing and redrying plant, which supplies the necessary requirements for the cigarette manufacturing operations of the company. The two cigarette manufacturing facilities answer for the two major product lines of Mighty. Here is a description of Mighty’s operations as told by one of their most loyal employees: “The company boasts of a complete cigarette product line, the cigar blended cigarillos and the American blended cigarettes. The cigar blended cigarillos are a blend of dark air cured tobaccos. Its distinctive aroma and flavor has made the products of Mighty bywords in the Philippine cigarette market. “Mighty produces the well-known products of La Campana Fabrica De Tabacos and Alhambra Industries. The two product lines of these two companies have a combined history of over a century, dating back to the Spanish colonial period. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “These cigarillos are known as Cortos and Regaliz Largos. The flavors of these cigarettes are a combined distinct Cigar Aroma and the smoothness of fully aged and fermented tobaccos. They are wrapped in Read More …

MANILA, Philippines – The Securities and Exchange Commission has approved the plan of City & Land Developer Inc. to issue P300 million worth of commercial papers. According to documents from the SEC, net proceeds from the offering would be used for project related costs (P74.5 million), payment of maturing loans (P23.5 million) and interest expense at (P1.2 million). Early this year, Cityland launched two new residential projects – the Grand Central Residences and Pines Peak Tower 1, which are both located in Mandaluyong City. Grand Central Residences, located along EDSA corner Sultan St., Bgy. Highway Hills, is a 40-story commercial, office and residential condominium while Pines Peak Tower 1, is a 27-story residential condominium is located along Union corner Pines Streets. Amenities include a swimming pool, gym, multi-purpose function room with movable playset, viewing deck and 24-hour association security. These condominium projects will be ideal for the fast-paced Filipino families who enjoy comfortable but affordable way of living. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Economically-designed residential units in Studio, one and two-bedroom types are now available in friendly and flexible payment scheme, City & Land said. Cityland Development was formerly known as Statehouse Land Development Corp. it has two subsidiaries, namely City & Land Developers Inc. and Cityplans. Among Cityland Development projects include Pines Peak Tower I, Grand Central Residences I, the Makati Executive Towers I, II and III, Corinthian Executive Regency, Manila Executive Regency and Rada Regency.

MANILA, Philippines – The Energy Regulatory Commission (ERC) has thumbed down 11 power supply deals deemed “legally defective.” The ERC dismissed each power supply agreement (PSA) applications of Biliran Electric Cooperative (BILECO) and La Union Electric Cooperative I (LUELCO) with GNPower Dinginin Coal Plant Ltd. Co. (GNPD), a joint venture among GNPower AC Energy Holdings Inc. of the Ayala Group and Sithe Global Power LLC. The power regulator also denied the PSA application of Cotabato Electric Cooperative (COTELCO) & Western Mindanao Power Corp. (WMPC) of the Alsons Group and of Camarines Sur IV Electric Cooperative Inc. (CASURECO IV) & Unified Leyte Geothermal Energy Inc. (ULGEI) of the Lopez Group. The applications of several electric cooperatives with San Miguel Corp. (SMC) related power plants were also denied. The ERC dismissed the PSAs of Cebu I Electric Cooperative  (CEBECO I) and Cebu II Electric Cooperative (CEBECO II) with Mariveles Power Generation Corp. (MPGC), a joint venture between SMC Global Power Holdings Inc. and Meralco Powergen Corp. that is building a 4×150-MW circulating fluidized bed coal-fired power generating facility in Mariveles, Bataan. Also thumbed down were the PSAs of Davao del Norte Electric Cooperative (DANECO), Siargao Electric Cooperative (SIARELCO), Misamis Oriental I Electric Cooperative (MORESCO I) and Zamboanga del Sur Electric Cooperative (ZAMSURECO I) with San Miguel Consolidated Power Corp. (SMCPC), which is developing a coal-fired power plant in Malita, Davao. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Lastly, the power regulator dismissed the PSA between Nueva Vizcaya Electric Cooperative Inc. Read More …