DISBURSED funds from official development assistance (ODA) programs tripled in the last quarter of 2014, leading an across-the-board rise in usage rates for such forms of funding, the economic planning agency said.
Mar 292015
Mar 292015
DAVAO CITY — Low-cost carrier AirAsia Philippines, Inc. is considering offering a Davao-Puerto Princesa-Kota Kinabalu service, expanding on previous plans for the Davao-Kota Kinabalu route.
Mar 292015
This article continues our series on the Base Erosion and Profit Shifting (BEPS) project, and the Action Plans that have so far been submitted, by the Organisation for Economic Co-operation and Development (OECD). We now look at Action Plan 15 on Developing a Multilateral Instrument to Modify Bilateral Tax Treaties.
Mar 292015
MANILA, Philippines – Petron, the country’s largest oil refiner and retailer, is aiming to boost its market share on the back of dwindling oil prices. Petron senior vice president and chief finance officer Emmanuel Erana told The STAR in an interview last week on the sidelines of Latham & Watkins annual investment conference that the oil firm sees its market share shooting up this year as declining oil prices in the world market are expected to take its toll on the small players. “The last nine months also tested the resiliency of new players. The continuous falling prices are very costly for them. It is something that they’re not built for. Because for them, they’re supposed to make money out of the basic business that ‘you’re in, you’re out’ fast. They have a two-week inventory period and for the last nine months that has been proving to be disastrous for them. So naturally, they’ll slide back,” Erana said. Data from the Department of Energy (DOE) showed that Petron’s overall market share in the first half of 2014 stood at 37 percent, the largest among all players. Together with other oil majors Chevron Philippines and Pilipinas Shell, the Big Three cornered 71.1 percent of the market. The independent players, meanwhile, which include smaller retailers such as Phoenix Petroleum, PTT Philippines Corp., Total Philippines and Seaoil Corp., among others, captured the remaining 28.9 percent of the market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “At the end of the day, Read More …
Mar 292015
MANILA, Philippines – The Bureau of Internal Revenue has laid down a uniform scale of compromise penalties to be applied for violation of tax laws and regulations. BIR commissioner Kim Henares said the uniform application of compromise penalties is in line with efforts to curb if not eradicate tax evasion. Compromise penalty refers to a certain amount of money which the taxpayer pays to compromise a tax violation and avoid criminal prosecution. Accordingly, a taxpayer may offer a compromise penalty lower than the prescribed amount but which may only be accepted upon approval by the BIR commissioner or the concerned deputy commissioner/assistant commissioner or regional director. In the same way, such schedule of compromise penalties shall not prevent these BIR officials from accepting a compromise amount higher than what is prescribed. Certain acts or violations commonly resorted to by taxpayers to evade payment of tax had been deleted from the coverage for falling under the definition of fraudulent means. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 These include misrepresentation, willful failure to submit annual alpha list of payees and employees in the prescribed format, willful falsification of any report or statement on any examination or audit, knowingly making false entry in the books of accounts, keeping of two or more sets of books of accounts, willful attempt to evade any tax obligations, deliberately using fake receipts, letters of authority, and unlawful divulgence of any confidential information regarding the business. Cases involving fraud would be referred to the concerned Read More …
Mar 272015
MANILA, Philippines – Net earnings of listed miner Nickel Asia Corp. rose 316 percent in 2014 on improved ore prices and higher shipment volume. In an exchange filing yesterday, the company said its net income reached P8.55 billion in 2014, up more then four-fold from P2.05 billion in 2013. Total revenues stood at P24.7 billion compared to P11.1 billion in 2013. Earnings before interest, tax, depreciation and amortization (EBITDA) rose 218 percent to P15.84 billion from P4.99 billion the previous year. The company said the strong performance in 2014 was due to the combined effects of higher ore prices and record shipments of ore. Shipment volumes in 2014 increased 28 percent to 17.9 million wet metric tons (WMT) from 14 million WMT in 2013. Sales of limonite ore amounted to 12.1 million WMT compared to 10.4 million WMT in 2013, while sales of saprolite ore was 5.8 million WMT as against 3.6 million WMT the prior year. The increase in volume was mainly the result of higher ore deliveries to the company’s Taganito HPAL plant, which went on its first full year of commercial operations in 2014. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Consequently, shipments of low-grade limonite ore to the plant from the company’s 65 percent-owned subsidiary, Taganito Mining Corp., increased from 0.87 million WMT in 2013 to 4 million WMT. Shipments of the same type of ore material from the company’s Rio Tuba operation to Coral Bay of 3.4 million WMT remain unchanged. Exports of Read More …
Mar 272015
MANILA, Philippines – Listed technology firm Xurpas Inc. has made its entry into the Indonesian market with the acquisition of a 49 percent stake in IT firm PT Sembilan Digital Investama (SDI) for $250,000. Xurpas told the local bourse that it had signed a binding term sheet which gives it nearly half of the ownership as well as full management control of SDI. The firm said the acquisition would also give Xurpas access to and control of PT Ninelives Interactive, a mobile content and distribution company, which SDI owns. Ninelives is expected to give Xurpas access to a huge market for the company’s games and other services. “Indonesia is one of the most exciting mobile markets in the world with close to 300 million subscribers, making it the fourth largest mobile market in the world. Just like the Philippines, majority of users are still on prepaid but they are rapidly moving away from fixed connections in favor of smartphones and mobile data. The striking similarity between the Indonesian market and ours makes it an ideal location to establish another stronghold,” said Nix Nolledo, president and chief executive officer of Xurpas Inc. Ninelives is the third company Xurpas has acquired or invested in since its initial public offering in December last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The first was through a $740,800-acquisition of 21.78-percent stake in Singapore IT company Altitude Games Pte Ltd. Following Altitude was Storm Flex Systems Inc., of which Xurpas now owns a Read More …
Mar 272015
MANILA, Philippines – Diversified conglomerate San Miguel Corp. (SMC) yesterday said it booked a net recurring income of P27.9 billion last year, 244 percent higher than 2013, on the back of robust contribution across its traditional and new businesses. SMC said the growth excludes the one-time gain registered in 2013 from the sale of its Meralco shares, which brought the conglomerate’s net income at that time to P50.7 billion. Consolidated sales revenues, meanwhile, improved five percent year-on-year to P782 billion as majority of its businesses posted higher sales. SMC’s flagship beer business, San Miguel Brewery Inc. (SMB), saw its net income rise eight percent year-on-year to P13.5 billion in 2014, while sales revenue grew five percent to P79 billion “Domestically, SMB implemented new campaigns and relevant consumer and trade programs to boost equity and beer consumption. Meanwhile, Beer International operations introduced Cerveza Negra and San Mig Light in draught formats and further pushed exports to the overseas market,” SMC said. Liquor unit Ginebra San Miguel Inc., meanwhile, posted an operating income of P358 million, a turnaround from 2013’s loss of P793 million, on improved volume sales and lower costs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Food arm San Miguel Pure Foods Company Inc. likewise enjoyed brisk sales last year as revenues breached the P100 billion mark for the first time at P103 billion. For its packaging business, SMC said its packaging group’s operating income grew 11 percent year-on-year to P2.3 billion, even as revenues declined four percent Read More …
Mar 272015
MANILA, Philippines – STI Education Holdings Inc. of businessman Eusebio Tanco has refuted the Benitez family’s claim that it has succeeded in preventing the listed education firm from seizing another Philippine Women’s University (PWU) asset. “Please be advised that Judge Fernando T. Sagun Jr., executive judge of the Regional Trial Court of Quezon City, merely ordered the temporary suspension of the auction sales of the Quezon City properties owned by Unlad Resources Development Corp. until such time that the matter of exclusion of the QC properties subject of the auction sales have been properly determined by the rehabilitation court in connection with the petition for rehabilitation of PWU filed by petitioner Dr. Helena Z. Benitez,” STI Holdings said in a disclosure to the local bourse yesterday. STI Holdings said Unlad is neither a party nor the subject of any petition for rehabilitation. The company added that no orders likewise exist or have been issued by any court of competent jurisdiction restraining or enjoining the sale of the Quezon City properties owned and registered under the name of Unlad. “As such, STI and Attenborough, as direct creditors of Unlad, should not be prejudiced by the commencement order issued in favor of PWU by the rehabilitation court,” STI Holdings said. “In addition, the liability of Unlad, as surety, is primary and solidary. A surety can be pursued independently of the debtor and therefore, STI Holdings should therefore be able to foreclose on the QC properties of Unlad in spite of any stay Read More …
Mar 272015
MANILA, Philippines – Profits of Henry Sy-led Belle Corp. slipped by nearly a third last year due to lower non-recurring gains. In a regulatory filing, the listed company said consolidated net income decreased 30 percent to P2.56 billion last year from P3.64 billion in 2013. Belle said the decline was brought about by the P1.5 billion in higher net non-recurring gains booked in 2013. “Excluding non-recurring items, Belle’s consolidated net income would have increased by approximately P 464 million from P572 million in 2013 to P1.04 billion in 2014,” the firm said. Belle said it was able to achieve record operating revenues of P3.16 billion in 2014, 21 percent higher than the operating revenues in 2013 of P2.62 billion. With the increase in revenues, Belle said recurring operating earnings last year rose 62 percent to P1.4 billion from P857 million the previous year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The company’s operating growth in 2014 was attributable to higher revenue from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Limited (MCE), higher income from sales of real estate and increased income from its listed subsidiaries — Premium Leisure Corp. (PLC) and Pacific Online Systems Corp.,” Belle said. Belle’s principal assets include land and buildings located at Pagcor Entertainment City in Parañaque City which are being leased on a long-term basis to MCE. The firm’s property, which has a size of 6.2 hectares and more than 30 hectares in Read More …