Maniolas

Data showed the net income of the central bank amounted to P10.95 billion from January to July, a complete reversal of the P3.55 billion losses booked in the first half of last year.  MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) recorded profits in the first seven months on the back of higher revenues, lower expenses as well as higher gains on its foreign exchange operations. Data showed the net income of the central bank amounted to P10.95 billion from January to July, a complete reversal of the P3.55 billion losses booked in the first half of last year. The central bank’s revenues jumped 45.02 percent to P45.02 billion from P34.97 billion as interest earnings rose 26 percent to P27.06 billion from P21.47 billion, while miscellaneous income coming from trading gains from domestic and foreign currency securities jumped 32.9 percent to P17.96 billion from P13.51 billion. Expenses slipped 2.7 percent to P40.57 billion in the first seven months from P41.69 billion in the same period last year. Interest expense on loans payable and other foreign currency deposits as well as cost of minting or printing of currencies declined 7.6 percent to P26.17 billion from P28.31 billion. Gains on foreign exchange fluctuations amounted to P6.5 billion from January to July as against losses amounting to P3.55 billion which was incurred in the same period last year. The BSP books gains or losses from fluctuations in foreign exchange rates on matured, sold, paid and/or exchanged or settled foreign exchange assets and Read More …

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 …

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 …

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 …