Metrobank hikes PSBank stake

 Economy
Jul 302016
 
Metrobank hikes PSBank stake

PSBank senior vice president and CFO Perfecto Ramon Dimayuga Jr. said its parent firm bought 16.093 million shares of PSBank at P100 per share last July 28. File photo MANILA, Philippines – Listed Metropolitan Bank & Trust Co. shelled out P1.61 billion to raise its stake in thrift bank arm Philippine Savings Bank to over 80 percent through a block sale last Wednesday.  PSBank senior vice president and CFO Perfecto Ramon Dimayuga Jr. said its parent firm bought 16.093 million shares of PSBank at P100 per share last July 28. The additional stake is equivalent to 6.69 percent of the thrift bank’s total outstanding capital stock.  This brought the number of shares owned by Metrobank in PSBank to 198.629 million or 82.67 percent from the previous 182.535 million or 75.98 percent.  The identity of the sellers was not included in the report submitted to the Philippine Stock Exchange.  Prior to the transaction, Metrobank owned 75.98 percent and another 7.7 percent through PCD Nominee Corp. together with Metrobank chairman Arthur Ty.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Other major shareholders include Danilo Dolor with 5.25 percent, Erlinda Dolor (3.16 percent), Maria Soledad de Leon (1.66 percent), Gian Carlo de Leon (1.14 percent), Leonardo Frederick de Leon (1.08 percent), Alvin Benjamin de Leon (1.01 percent), Kevin Anthony de Leon (one percent).  Metrobank recently announced it was raising P20 billion in fresh equity through the issuance of Long Term Negotiable Certificates of Time Deposits (LTNCD) to take advantage of the Read More …

GOCC holdovers step down today

 Economy
Jul 302016
 
GOCC holdovers step down today

This could create a vacuum in several GOCCs as some of the appointees of President Duterte did not go through vetting process of the Governance Commission on GOCCs as prescribed under RA 10149. KJ Rosales, file MANILA, Philippines – Hold-over officials of government-owned and controlled corporations (GOCCs) are stepping down from their posts effective today. This could create a vacuum in several GOCCs as some of the appointees of President Duterte did not go through vetting process of the Governance Commission on GOCCs as prescribed under RA 10149. The GCG source who declined to be identified because she is not authorized to speak on the matter, said the GCG has been “reminding” Malacanang about the requirement since it took over and even after memorandum circular 1 was issued.  Under the circular, officials from the previous administration may stay on hold-over capacity until July 31. Vetting and shortlisting requirements on GOCC appointments were listed under Section 16 of the GOCC Governance Act of 2011. It said presidential appointees to the director level, chief executives and board of trustees would need to come from a GCG shortlist. Section 16 of the law states that all board members, chief executive officers and the equivalent as well as all appointive directors will need to pass the “fit and proper” rule. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “To maintain the quality of management of the GOCCs, the GCG…shall… prescribe, pass upon and review the qualifications and disqualifications of individuals appointed as officers, Read More …

New DOE task force focusing on debt-ridden power coops

 Economy
Jul 282016
 
New DOE task force focusing on debt-ridden power coops

MANILA, Philippines – The Department of Energy (DOE) has formed a task force to resolve debt issues of ailing electric cooperatives (ECs), particularly of debt-ridden Albay Electric Cooperative (Aleco). DOE spokesperson Pete Ilagan said the task force is composed of the DOE, the National Electrification Administration (NEA) and the local government units (LGUs). He said the task force would determine whether government would step in through NEA, the government agency mandated to provide total electrification on an area coverage basis as it pursues the rural electrification program. “NEA’s step in powers is just there to help improve the situation to make the EC viable. It is government’s way of assisting a utility, which is performing a public service. So if the task force sees public service is undermined because of some financial problems or management problems, it will be given attention through financial aid or through strengthening the management capability,” Ilagan said. Among ECs, Aleco is one of the ailing ECs for failing to meet financial and operational parameters, even after a year San Miguel Corp. (SMC) took over its management in 2013. SMC renamed Aleco as Albay Power and Energy Corp. (APEC). Ilagan said Aleco’s financial and management aspects will be scrutinized by the task force. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We need to know the situation right now to determine how it got into that situation,” he said, noting the DOE had already ordered the task force to make a report. “We also have Read More …

Cebu Pacific on track to hit 20 M passengers

 Economy
Jul 282016
 
Cebu Pacific on track to hit 20 M passengers

MANILA, Philippines – Budget carrier Cebu Pacific is on track to achieve its 20 million passenger volume target for the year after carrying over 10 million passengers in the first semester. In a statement, Cebu Pacific said passengers flown from January to June were higher by nine percent year on year. On average, the airline’s flights were 87 percent full during the period. For June alone, the Cebu Pacific Air group served 1.6 million passengers, up eight percent from the 1.5 million passengers flown in the same month in 2015. Cebu Pacific attributed the higher passenger volume to popular domestic destinations in the Visayas and Mindanao such as Kalibo, Tacloban, Siargao and Tagbilaran. In terms of international short haul destinations, Cebu Pacific saw strong demand in China, Taiwan, Hong Kong, Singapore and Japan. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Long-haul passengers to and from destinations in the Middle East and Australia, likewise contributed to the higher passenger volume during the first half. “We are very proud to share with you that since Cebu Pacific’s inception in 1996, our passengers now number more than 130 million and counting. These promising figures encourage us to cater to the growing travel demand not just in Manila, but throughout our six strategic hubs nationwide,” said Paterno Mantaring, Cebu Pacific vice president for corporate affairs.  “We are optimistic that with the support of relevant airport and government authorities, we can continue offering our trademark lowest fares to even more Filipino travelers in Read More …

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