EXPERTS from the Philippine Rice Research Institute (PhilRice) have evaluated a farming method developed in Indonesia as an effective way to maximize productivity amid the threat of climate change.
Aug 122016
Aug 122016
THE Department of Agrarian Reform (DAR), in partnership with the Japan International Cooperation Agency (JICA), has built a P40 million rubber processing plant in Cotabatop to support local producers.
Aug 122016
MANILA, Philippines – Universal Robina Corp. posted a net income of P12.2 billion in the nine months of fiscal year ending September 2016, reflecting a 26.4 percent growth on the back of foreign exchange gains. Net sales rose 4.2 percent to P5.37 billion, driven by the branded consumer foods business (CFB) in the Philippines and in Indonesia as well as Griffin’s. Sales of BCF excluding packaging increased 2.6 percent to P69.73 billion while BCF sales overseas were flat at P24.65 billion partly due to regulatory issues in Vietnam. “On a positive note, most countries managed to grow sales in local currency terms. Indonesia was up 24.9 percent driven by snacks and chocolates. Thailand increased 1.7 percent as consumer confidence has started to recover in the country,” URC said in a statement. Similarly, Malaysia grew 8.1 percent on double-digit growth in wafers and candies. Singapore was up 8.9 percent due to incremental sales from Griffin’s. New Zealand sales have also started to stabilize through improved pricing and margins, coupled with new product developments introduced into the market. Sales of the non-BCF Group, meanwhile, reached P14.8 billion, up 12.8 percent driven by renewables and feeds. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the commodity foods group, sales expanded 23.4 percent to P7.97 billion. On the other hand, the agro-industrial group’s sales grew at a slow pace of 2.6 percent due to the dismal performance of the farms division.
Aug 122016
MANILA, Philippines – Listed courier operator LBC Express Holdings Inc. (LBCH) reported a total comprehensive income of P662 million in the first semester, more than double the P264.4 million posted in the same period last year. In a briefing yesterday, LBC Express Inc. chief compliance, risk and investor relations officer Enrique Rey Jr. said the company hopes to increase this further to over P1 billion this year on continued demand from both corporate and retail segments. “Logistics segment — both on corporate and retail have grown healthily to 20 to 25 percent. On the corporate side, we serve the leading e-companies in the country. We serve telcos and other big brands and consumer products,” Rey said. As of the end of June this year, LBC had some 1,300 branches. In its report submitted to the Philippine Stock Exchange, LBCH reported that higher revenues from its logistics business from both retail and corporate sales boosted the company’s service revenues by 10.5 percent to P4.13 billion. Revenues from the logistics business grew at a faster rate of 16.1 percent to P3.53 billion due to growth in the volume and rate of air cargo services rendered, LBCH said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 LBCH managed to cut cost of services by 6.3 percent to P2.71 billion. In terms of branch expansion, LBCH added 24 new outlets in the Philippines and one branch in the Middle East, translating to higher volume from its cargo forwarding services. The listed company benefitted Read More …
Aug 122016
MANILA, Philippines – The Philippine Competition Commission (PCC) has called on the private sector to be its partner in improving the country’s investment climate. PCC chair Arsenio Balisacan is appealing to businessmen to treat the anti-trust body as their ally instead of a foe. “I hope the business community will see the PCC not as an additional burden or red tape, but as their partner in making our country more attractive to investments,” Balisacan said. The PCC is an independent quasi-judicial body tasked to regulate anti-competitive mergers and acquisitions, anti-competitive agreements, and abuses of market dominance. A former secretary of socioeconomic planning and director general of the National Economic and Development Authority, Balisacan said ensuring fair market competition is key to accelerating investments in the Philippines. “The PCC will continue to serve its mandate which we believe is a vital contribution not only for sustaining the Philippine economy’s robust growth, but also for making this growth more inclusive,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In performing its mandate under the law, Balisacan assured businesses could expect nothing less than an independent, credible and objective delegation of its duties. Since its official inception last February, the PCC said it has processed and decided over 60 mergers and acquisitions that covered a diverse range of industries, including healthcare, retail and telecommunications. The anti-trust authority is currently undertaking a comprehensive review of the P70-billion joint acquisition of PLDT and Globe Telecom of San Miguel Corp.’s telecommunication assets. Balisacan Read More …
Aug 122016
Investments – also called hot money for the ease they enter and exit economies – posted a net inflow of $1.067 billion in July, a reversal of last year’s $160.1 million net outflows. Philstar.com/File photo MANILA, Philippines – Foreign portfolio investments rose to their highest level in 17 months in July, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Investments – also called hot money for the ease they enter and exit economies – posted a net inflow of $1.067 billion in July, a reversal of last year’s $160.1 million net outflows. It also marked the highest level since the $1.19 billion net inflow recorded in February last year. A net inflow indicates more investments entered than left. Net outflow signifies otherwise. “This was mainly due to an initial public offering of an industrial company as well as renewed interest in peso government securities,” the central bank said in a statement. Broken down, total inflows rose more than a quarter to $2.269 billion, while outflows declined 11.4 percent to $1.203 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last month, cement firm Cemex Philippines debuted at the Philippine Stock Exchange by raising P25.13 billion, the biggest initial public offering since 2013. This coincided with the first month in power of President Duterte, during which the PSE index breached the 8,000-mark. According to the central bank, 81.7 percent of hot money flows that month went to PSE-listed securities, particularly to property and holding firms, construction, banks and food, beverage Read More …
Aug 122016
MANILA, Philippines – The country’s credit information system will go on live by the first quarter next year as banks are expected to complete the turnover of their data to the government. “Most of the big banks, we already have their current data. They are in various stages of compliance,” Credit Information Corp. (CIC) president Jaime Garchitorena told reporters. “I think they will be able to comply by the end of this year,” he added. Signed in 2008, RA 9510 mandated the creation of CIC to facilitate the collection of credit information from the public and corporations. The aim is to assist companies such as banks in surveillance of credit worthiness of their clients. So far, a total of 20 million personal records are already in the hands of CIC, ready to be shared to four existing credit bureaus now operating in the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 They are local-based CIBI Information Inc., South Africa’s Compuscan, US-based TransUnion Information Solutions Inc. and Crif Corp. Philippines. The bureaus are supposed to source data from CIC to generate credit scores and sell the same to lending companies for credit investigation purposes. CIC and the credit bureaus have signed recently a memorandum of support with Microfinance Data Sharing System (MIDAS) to share microfinance data and be put under CIC system. That will provide an additional 4.6 million individual records to the CIC, which currently covers banks, cooperatives and recently with telecommunication companies. “The information will help build Read More …
Aug 122016
MANILA, Philippines – The Insurance Commission (IC) is set to issue this month new guidelines which will govern the issuance of licenses to health maintenance organizations (HMOs) in the country. “We have drafted the proposed guidelines in the issuance of certificates of authority to HMOs and we are targeting to finalize and circularize the same by the end of this month,” Insurance commissioner Emmanuel Dooc said yesterday. The draft circular will lay out the documentary requirements to be submitted by new HMOs intending to operate in the country. These requirements include the company’s Articles of Incorporation or Cooperation, Certificate of Registration from the Securities and Exchange Commission or the Cooperative Development Authority, the list of officers and board of directors, waiver that verifies the existence of capital deposits of the company and pre-operational balance sheets, among others. The circular will also provide the requirements needed by existing companies to renew their Clearances to Operate (as provided by the Department of Health or DOH) and Certificates of Authority (issued by the IC). Such companies will be expected to submit a copy of its Clearance to Operate or Certificate of Authority, list of the current board of directors and financial reports, among others. It will be recalled that Executive Order (EO) 192, which was signed last year, transferred the jurisdiction of HMOs from the DOH to the IC. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Dooc assured that Clearances to Operate or Certificates of Authority valid until Dec. 31, 2016 Read More …
Aug 112016
PRESIDENT Rodrigo R. Duterte’s plan to boost infrastructure spending will sustain robust growth in the construction sector and stimulate the economy further, BMI Research said in a report, helping dispel any “uncertainty” seen during the change of government.
Aug 112016
BUREAU of Internal Revenue (BIR) Commissioner Caesar R. Dulay has ordered at least 66 revenue examiners to explain prolonged investigations on tax cases, with some stretching for nearly three years, well past the mandated six-month period.