Economy – Page 100

Mitsubishi sees strong truck sales

Economy

Sep 182016

MANILA, Philippines – Mitsubishi Motors Philippines Corp. (MMPC) sees strong growth in the sales of trucks in view of the increased requirement for brand new, heavy-duty trucks in the country. Froilan Dytianquin, MMPC first vice president for marketing told reporters there is a growing demand for trucks in the Philippines due to government policy, as well as an increase in public and private spending for infrastructure. “Most of the companies are already shifting to brand new trucks, not used trucks from Japan, because I think right now the government would also like to implement that 15-year rule. There’s now a sudden growth on brand new trucks, not only on the light duty, but up to heavy duty trucks,” Dytianquin said on the sidelines of the 6th Philippine International Motor Show. “And of course the construction is booming so there’s a lot of infrastructure, not only privately, but also the government. There’s going to be a lot of requirement for trucks,” he added. According to the company official, MMPC’s truck sales, alone, have so far increased by 15 percent this year as compared to the same period last year. As for the whole industry, data from the Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association showed sales of heavy duty trucks and buses jumped 91 percent with 193 units sold in June 2016. Light trucks also surged 41.5 percent in sales, while the trucks and buses category increased 48.1 percent. Business ( Article MRec ), pagematch: 1, Read More …

Students, athletes, beauty pageant contestants: Lawmaker seeks to expand travel tax exemptions

Economy

Sep 182016

Students, athletes, beauty pageant contestants: Lawmaker seeks to expand travel tax exemptions

BAGUIO CITY, Philippines – Baguio Rep. Marques Go has filed a bill expanding the travel tax exemption to include students and the country’s representatives to beauty pageants, sports tournaments and academic conferences. “Filipino athletes, students and beauty pageant representatives bring pride to our country. Exemption from paying the travel tax is a small way of showing support to those who seek to bring home awards and recognition for the Philippines,” Go said in House Bill 3557. The neophyte congressman also asserted expanding the list of exemptions from the payment of the travel tax will not adversely affect the country’s travel tax collections which reached P3.852 billion in 2014. “As such, we have a big collection of travel tax for the past few years and these are divided between the TIEZA, National Parks Development Committee, the National Commission for Culture and the Arts and CHED. We can afford to expand the list of those exempted from paying travel tax, as long as they have certified documents to confirm their official participation in events abroad,” he added. The Philippines currently levies a travel tax of P2,700 for first class passengers, P1,620 for economy class passengers and reduced or privilege amounts depending on the classification. The current list of travel tax exemption includes 18 different classifications. HB 3557 seeks to add to the list four additional classifications for exemption. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “These amounts may be small for some but it is already a burden for those Read More …

Arthaland selling P3-B shares

Economy

Sep 172016

MANILA, Philippines – Listed boutique property developer Arthaland Corp. formally filed with the Securities and Exchange Commission its application for a preferred share offering amounting to as much as P3 billion. Proceeds would be used to finance the development of the Cebu Exchange (P53.6 million), Biñan Laguna project (P458.8 million), Makati Residential (P371.6 million) and South of Metro Manila project (P822.4 million). Preferred shares are cumulative, non-voting, non-participating, non-convertible and peso-denominated. The company filed a three-year shelf registration for 30 million preferred shares. It intends to sell the peso-denominated preferred shares with a par value of P1 for P100 a piece. Based on its filing, Arthaland intends to initially offer P1 billion worth of preferred shares with an oversubscription option of another P1 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The net proceeds will be used to partially finance the acquisition and development of the company’s real estate projects, repayment of loans and general corporate purposes. The Cebu Exchange project is a commercial development located within the Cebu IT Park in Barangay, Lahug, Cebu City. The land was acquired by Arthaland subsidiary Cebu Lavana Land Corp. last year. The company expects to launch the project in the third or the fourth quarter of the year. Construction is expected to start in the second quarter of 2017. For the Biñan Laguna Project, Arthaland unit Cazneau will develop an 8.2-hectare residential community project in the province. It will the first campus-type residential community project and will feature a mix Read More …

City & Land sets issuance of P300-M comm’l papers

Economy

Sep 172016

City & Land sets issuance of P300-M comm’l papers

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.

Philippine now treads ‘higher growth path’ — Pernia

Economy

Sep 172016

Philippine now treads ‘higher growth path’ — Pernia

MANILA, Philippines – With a growth trajectory that has been uninterrupted for 17 years and a robust economic growth average in the past six years, the Philippines has gotten out of the boom-and-bust cycle and is now traversing a “higher growth path,” said Socioeconomic Planning Secretary Ernesto Pernia. In a presentation during the general membership meeting of the Chamber of Thrift Banks on Thursday, Pernia said the average growth rate of 6.2 percent in the last six years has been the highest since the 1970s. “In earlier years, the Philippine economy was known to go through a boom-and-bust growth cycle. However, in recent years, the country has proven to get out of this cycle as we have been experiencing sustained high growth,” he said. In the second quarter of 2016, the country’s gross domestic product (GDP) accelerated to seven percent, faster than the previous quarter’s growth rate of 6.8 percent and 5.9 percent in the second quarter of 2015. With the first semester growth rate of 6.9 percent, the economy only needs to grow by 5.1 percent in the second semester to reach the lower end of the government’s growth target of 6.7 percent for 2016. Pernia said the low inflation in recent years fueled the expansion of the economy. In 2015, headline inflation rose by only 1.4 percent on the average. This was mainly due to the deceleration of non-food commodity prices such us housing, water, electricity and gas. Year-to-date headline inflation averaged 1.4 percent ending in July. Business Read More …

ERC thumbs down 11 power supply deals

Economy

Sep 172016

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 …

Asean bloc to promote asset class, corporate governance

Economy

Sep 172016

Asean bloc to promote asset class, corporate governance

MANILA, Philippines – Members of the ASEAN Capital Markets Forum (ACMF) including the Philippines have agreed to intensify efforts to promote ASEAN asset classes and promote corporate governance and other initiatives to support the ASEAN Economic Community (AEC). This was the result of the ACMF’s 25th meeting, hosted by the Indonesia Financial Services Authority (Otoritas Jasa Keuangan) in Jakarta early this month. During the meeting, the ACMF also agreed to introduce an annual ASEAN Capital Market Conference as a platform to discuss opportunities in ASEAN capital markets and to showcase ASEAN asset classes. The inaugural conference will be conducted in the first half of 2017. The members of ACMF also noted the progress of implementation of the ACMF Action Plan 2016 to 2020 that will support the objectives of the AEC. A key initiative in the Action Plan is to foster greater mobility of professionals within the region by establishing a working group on professional mobility to introduce rules to facilitate cross-border movement of capital market professionals on a phased basis. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The ACMF also acknowledged the progress of the holistic review of the ASEAN Corporate Governance Scorecard and assessment methodology, which is being spearheaded by the Philippines’ Securities and Exchange Commission (SEC). Overall, the members reiterated the importance of corporate governance as a key component of the ACMF’s efforts in promoting the investability of ASEAN public-listed companies. Ranjit Ajit Singh, chair of the ACMF, said discussions with international dialogue partners and industry Read More …

Property, telco firms back IT-BPM roadmap

Economy

Sep 172016

Property, telco firms back IT-BPM roadmap

MANILA, Philippines – Real estate developers and telecommunications companies have pledged their support for the development of the country’s information technology and business process management (IT-BPM) sector which will soon embark on a new six-year growth path. The Information Technology and Business Process Association of the Philippines (IBPAP) said the country’s biggest property and telecommunications players vowed to put up better quality buildings and infrastructure in their bid to create an ecosystem that will sustain more inclusive growth for the IT-BPM sector. These firms include Ayala Land, Double Dragon Properties, Federal Land, Filinvest, Globe Telecom, Leechiu Property Consultants, Megaworld, PLDT, Profriends, Robinsons Land, and SM Prime Holdings, the IBPAP said. “All these years, our roadmap partners have been our strong allies in building the industry through connectivity and building robust, world class 24/7 communities that IT-BPM companies need. They continue to play a crucial role as the 1.2 million strong industry charts its course over the next six years,” said Benedict Hernandez, IBPAP’s executive committee chairman. Hernandez said the property and telecommunications giants maintained their commitment to further support the growth of the sector by continuously aligning with IT-BPM companies’ needs and ICT demands as they continue to expand into areas outside Metro Manila, transforming previously untapped and undeveloped localities into bustling IT-BPM hubs. “Our collaboration and partnership will remain key to realizing the new roadmap ambitions, especially as we focus even more on countryside development,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 IBPAP and research Read More …

BDO leads financial institutions in survey of preferred employers

Economy

Sep 172016

BDO leads financial institutions in survey of preferred employers

MANILA, Philippines – BDO Unibank emerged as the most preferred employer among financial institutions in the latest survey conducted by online recruitment site Jobstreet.com. Jobstreet conducted a series of surveys and interviews from May to July 2016 among its more than 14,000 members — mostly fresh graduates and junior executives — on their preferred employer. Based on the result of the surveys on the 2016 Top 10 Companies, BDO was the fourth Most Preferred Employer, making the bank the only financial institution among the top 10 in the history of Jobstreet’s top companies. BDO is a full-service universal bank which provides a wide range of corporate, commercial and retail banking services. These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards and credit card services. Owned by the SM Group, it is the country’s largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of March 31, 2016.

PSE expects 2 more IPOs this year

Economy

Sep 172016

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 …

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