Maniolas

MANILA, Philippines – LT Group Inc. grew its net earnings in the first semester to P4.56 billion, 28 percent higher than the previous year. The banking business contributed 38 percent of LTG’s income or P1.73 billion while the tobacco business comprised 32 percent or P1.45 billion. PNB reported a net income of P4.42 billion, up eight percent year on year. Equity in net earnings from the 49.6 percent stake in PMFTC Inc., the partnership between Fortune Tobacco and Philip Morris, reached P1.4 billion, significantly higher than the P420 million recorded a year earlier. The conglomerate attributed this to the change in mix of PMFTC’s sales, with premium Marlboro accounting for a higher share of total volume. LTG said that while there is some improvement, illicit trade continues to affect the overall profitability of the tobacco business. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Asia Brewery Inc. (ABI) was also a significant contributor to total earnings, making up P720 million or 16 percent. Tanduay Distillers Inc. (TDI) added P444 million or 10 percent. ABI’s Cobra energy drink, Absolute and Summit bottled water, Tanduay Ice alcopop and Vitamilk soymilk continue to be market leaders, LTG said. “The exceptionally hot summer and some impact from election-related spending resulted in the growth in volumes of ABI’s products. In late May, the company signed a joint venture agreement with Heineken for the beer business,” LTG said. TDI reported a 148 percent jump in net profit to P444 million as revenues grew with the Read More …

“We envision the store to be a place where people can re-enact scenes from their favorite shows, where they can come to regularly interact with our stars, and where they can find new ways to experience everything ABS-CBN has to offer,”  ABS-CBN president and CEO Carlo Katigbak said during the 23rd National Retailers Conference and Expo. MANILA, Philippines – Media and entertainment firm ABS-CBN Corp. will open an experience store that will allow individuals to be part of their favorite television programs as part of efforts to further grow its consumer business. “We envision the store to be a place where people can re-enact scenes from their favorite shows, where they can come to regularly interact with our stars, and where they can find new ways to experience everything ABS-CBN has to offer,”  ABS-CBN president and CEO Carlo Katigbak said during the 23rd National Retailers Conference and Expo. The experience store is meant to allow the company to connect to viewers amid rising digital consumption.  ABS-CBN’s consumer businesses account for P17 billion in annual revenues, or 45 percent of the company’s total revenues. The bulk or 55 percent comes from advertising. ABS-CBN’s consumer business is composed of subscription, ticketed experiences, and durable goods. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The subscription business, which includes cable and broadband provider SKY, The Filipino Channel, and ABS-CBNmobile, is the largest contributor to the company’s consumer sales. Accounting for the second biggest share in consumer sales is the ticketed experiences category Read More …

MANILA, Philippines – Analysts expect weak exports to have tamed a still fast economic growth in the second quarter. In separate research notes, Moody’s Analytics and Singapore-based DBS Ltd. said growth, as measured by gross domestic product (GDP), could fall below the 6.9 percent recorded in the first three months of the year. Moody’s expect the Philippine economy to have grown 6.8 percent year on year while DBS sees Philippine GDP expanding by 6.1 percent for April to June this year.  Both Moody’s and DBS said the government remains on track to meet its six- to seven-percent target for the year, which was downscaled from the original projection after the Duterte administration took over. While still a “slight” slowdown, the unit of debt rater Moody’s Investors Service said the local economy effectively “shook off” global uncertainties as well as that brought about by the change in government last May. Private consumption and investment remained economic growth drivers during the period, Moody’s said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the external front, Moody’s said the picture is likely to be “mixed” with exports continuing its contracting trend overall due to weak demand, despite better numbers on service outbound shipments. According to the Philippine Statistics Authority, the value of merchandise exports dropped 7.5 percent to $26.83 billion in the first semester. “Service exports have been increasing well as a result of foreign firms outsourcing business services to the Philippines,” Moody’s said. DBS agreed on exports’ “poor” performance, but Read More …

“Son, we live in a world that has walls, and those walls have to be guarded by men with guns. I have a greater responsibility than you could possibly fathom. You weep for Santiago, and you curse the Marines. You have that luxury of not knowing what I know. That Santiago’s death, while tragic, probably saved lives. And my existence, while grotesque to you, saves lives. … I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom that I provide, and then questions the manner in which I provide it. I would rather you just said thank you, and went on your way, Otherwise, I suggest you pick up a weapon, and stand a post. Either way, I don’t give a damn what you think you are entitled to.” These are strong lines from a film (A Few Good Men) that summarize the fiction. These might as well have been the lines today by the most familiar figure in the land that summarize a policy in real life. I am not suggesting the hero-or-saint dilemma. It is rather comforting and disturbing. The benefits are real, but the pain is absolute. If we cheer, do we encourage it? Or if we clam up, do we encourage it by silence? It is inspiring, too refreshing to see clean-up drives in different localities, the marketplaces and towns, following the tone from the top. Finally, a leader that makes Read More …

Electricity rates will drop to P8.50 per kilowatthour in August, Meralco said. Meralco/Released MANILA, Philippines – Meralco announced that the residential rate for a typical household will go down this August by around P0.11 per kilowatthour (kWh), bringing it down to P8.50 per kWh. This translates to a reduction of around P22 in the electricity bill of a household with monthly consumption of 200 kWh. The reduction is due to the downward movement in the generation charge, which more than offset a higher transmission charge.  This month’s overall rate is lower by P0.62 per kWh compared to August 2015’s P9.12 per kWh. Meralco also responded to President Rodrigo Duterte’s call to provide electricity to marginalized households through an ongoing partnership with the Department of Energy and the National Housing Authority. To further help its customers manage their electricity consumption, Meralco’s prepaid electricity service will be available to residents of Makati, Mandaluyong and Pasig starting October 2016. With the support of the Energy Regulatory Commission, Meralco continues to deploy its prepaid service in more areas. For more information, watch this month’s Meralco Advisory: