THE PROPOSED Senate measure exempting “raw cane sugar” from the 12% value-added tax (VAT) is expected to have a smooth time in plenary, with its principal author confident that there will be little to no opposition from other lawmakers once the bill is taken up during deliberations.
PLENARY DEBATE on a proposed law imposing excise tax on sugar-sweetened beverages is expected to start this month after a House panel approved the health and revenue measure.
SAN MIGUEL Corp. (SMC) Chairman Ramon S. Ang said the planned wireless joint venture with Telstra Corp. Ltd. will focus initially on mobile broadband and not prepaid, though he clarified no deal has been made and that he remains open to other potential investors.
“Building Inclusive Economies, Building a Better World” is the theme of the 2015 Asia-Pacific Economic Conference (APEC) which the Philippines is hosting. In line with this, the member countries have acknowledged the importance of transparency and the need to work together to avert cross-border tax evasion.
REFORMS consolidated under the present government have put the Philippines in good position to weather external volatilities, the International Monetary Fund (IMF) said.
HOTELS must embrace the age of mass personalization to survive, as the industry goes through a period of unprecedented change amid the rise of a digital economy that threatens traditional operating models and sales channels, an expert said yesterday.
DAVAO CITY — Proponents of the roll-on roll-off (RORO) ferry service between Mindanao and northern Sulawesi are now studying the option of using a Philippine-flagged vessel.
MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank) reported an increase of 25 percent in its unaudited consolidated net income to P13.3 billion in the first nine months of 2015. In a statement, the Ty-owned bank said net interest income rose to P36.3 billion, large enough to account for over 70 percent of total operating income. Total outstanding net loans and receivables grew 10 percent to P768.9 billion. Metrobank said it continued to prioritize expansion in the emerging commercial small and medium enterprises (SMEs) and retail customers which, combined, increased 19 percent year-on-year. “Both segments continue to post healthy growth, supporting the 10-percent increase in outstanding net loans and receivables,” it said. Checking account, savings account (CASA) increased 14 percent to P652.6 billion, while consolidated deposits settled at P1.2 trillion as of Sept. 30, 2015. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The bank maintained its net interest margin at 3.6 percent, one of the highest among local banks. Meanwhile, Metrobank reported P14.1 billion in non-interest income. This came from P7.4 billion in service charges, fees and commissions, which went up 11 percent from last year; P1.1 billion in net trading and foreign currency (FX) gains; and P5.7 billion in miscellaneous income. Operating expenses remained under control at P29.4 billion, relatively flat compared to the same period last year. Asset quality remains better than industry as non-performing loans (NPL) ratio registered at 1.2 percent. For the period, Metrobank set aside provisions for credit and impairment losses of Read More …
MANILA, Philippines – Century Pacific Food, Inc. reported a 22-percent jump in net income to P1.5 billion in the first nine months of the year. The company generated P17.2 billion in revenues during the nine-month period, higher than the P15.2 billion recorded a year ago as total sales increased by 13 percent. The branded business grew its revenues by 15 percent on the back of better sales volumes across its marine, meat, and milk categories. The non-branded tuna export business, on the other hand, posted slower sales growth of five percent owing to tough trading conditions in the OEM global export tuna business. Century Pacific CFO Oscar Pobre attributed the company’s strong performance to robust local demand, supported by effective sales and marketing programs. Operating income grew 19 percent to P2.1 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The operating margin for the branded business as a whole remained stable, while that of the non-branded business improved due to better sales mix,” Pobre said. The company earlier announced the acquisition of an integrated coconut producer of high value organic-certified and conventional coconut products such as coconut water, virgin coconut oil, desiccated coconut, and the like. Century Pacific is primarily engaged in the development, marketing, and distribution of processed fish, meat, and dairy products. Its brands include Century Tuna, Argentina Corned Beef, 555 Sardines, Angel, and Birch Tree, which have established market-leading positions locally. It also provides private label tuna products for export overseas.
MANILA, Philippines – Ayala-led semiconductor firm Integrated Micro-Electronics Inc. (IMI) reported a 30 percent drop in its net earnings in the third quarter, largely due to lower revenues. In a disclosure to the Philippine Stock Exchange, IMI said its net income declined to $6.82 million in the July to September period from P9.78 million a year ago. Revenues fell to $205 million from $219 million due to weaker operations in China. This brings the company’s total earnings to $22 million for the first nine months, slightly higher than the $21 million recorded the previous year. IMI president and CEO Arthur Tan said the company booked an increase in nine-month profit during the nine-month period despite the global economic slowdown because of operational efficiency improvements and expansion of some high-margin customer programs. “Despite the global economic slowdown and electronics industry downturn, we remained profitable in the first nine months of the year,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Revenues decreased by four percent to $621.5 million in the nine months ending September due to the downturn in the computing and telecommunications infrastructure segments and a weak Euro which affected sales value. IMI’s Europe and Mexico operations benefitted from their robust automotive business and recorded combined revenues of $204 million from January to September, one percent higher than the year earlier. Tan said revenues would have risen by 17 percent if not for the weakening euro. In the Philippines, IMI’s EMS or electronics manufacturing services registered $168.5 Read More …