Maniolas

MANILA, Philippines – The country’s balance of payments position swung to a surplus in January from a deficit a year ago due to the steady inflow of hot money during the period, the Bangko Sentral ng PIlipinas reported yesterday. Central bank data showed a BOP surplus of $136 million in January, a reversal of the $4.48-billion deficit recorded in the same month last year. The figure, however, is lower than the $864-million surplus recorded in December. “Foreign portfolio investments alone ended January with a net surplus. I would also say that the current account must have continued to be resilient particularly exports, tourism, BPO (business process outsourcing) revenues, and remittances,” BSP Deputy Governor Diwa C. Guinigundo said. The BOP is a summary of a country’s transactions with the rest of the world. Its components are trade, foreign direct and portfolio investments, and remittances from Filipinos overseas. Latest available data showed foreign portfolio investments or hot money amounted to a net inflow of $591.62 million in January amid offerings and share sales by two listed holding firms and a universal bank. According to Guinigundo, the January data “confirms our initial forecast of a $1-billion surplus for 2015.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The BOP ended in a deficit last year after being in surplus for nine consecutive years. A BOP deficit of $2.879 billion was recorded in 2014, a turnaround from the $5.085-billion surplus in 2013. The country’s BOP position last year has been largely affected by Read More …

MANILA, Philippines – Leading sugar producer Roxas Holdings Inc. (RHI) and Global Business Power Corp. (GBPC) are in the final stage of negotiations with respect to awarding the front-end engineering design (FEED) for their planned 40-megawatt biomass power project in Negros Occidental. RHI chairman Pedro E. Roxas said the co-generation facility, located within the premises of RHI’s Central Azucarera de la Carlota Inc., would be rolled out as soon  as the FEED contract is awarded. Roxas said RHI and GBPC hope to get the facility up and running and contributing to the national grid  by 2018. The power project would help address the looming power crisis in the country  given the expected doubling of global energy demand by 2050. RHI president president and CEO Renato Valencia said that the plant would help the company reduce its production costs and optimize its efficiency, thereby keeping the sugar firm competitive with Asean neighbors. The project is GBPC’s first venture in renewable energy. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 GBPC, the power generation arm of taipan George S.K. Ty’s GT Capital Holdings Inc., owns coal and diesel-fired power generation facilities that are capable of supplying base, intermediate, peak load and ancillary support. RHI plans to up a 30-megawatt cogeneration facility in Batangas and is exploring opportunities in other Southeast Asian countries as part of its aim to diversify its revenue stream in the next three to five years. “We are having a feasibility study done for another 30-megawatt (MW) cogeneration Read More …

MANILA, Philippines – Philippine Realty and Holdings Corp. (PhilRealty)  has sold four parcels of land in La Union for P202.1 million. Two parcels of land located in Barrio Carlatan, San Fernando and another two parcels in Barrio San Juan, in La Union were sold to Humboltbay Holdings Inc., Philrealty said in a disclosure to the Philippine Stock Exchange. Philrealty said the proceeds of the sale will boost the company’s liquidity. The properties will be paid in 20 percent donwpayment while the remaining  80 percent is payable in 24 equal monthly installments. The real estate developer noted that the president of Humboltbay,  Antonio Reyes-Cuerva, is the also president of Tektite Insurance Brokers Inc., a subsidiary of PhilRealty. PhilRealty exited court receivership last year following a 12-year court-assisted rehabilitation. The company aims to return to mainstream to reclaim its old glory. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Once a high-profile  real estate company, Philrealty is primarily known for its projects in the Ortigas Center, foremost of which is the Textite Towers, which used to house the Philippine Stock Exchange (PSE). Philrealty’s other notable projects include the Alexandra, a luxury mid-rise residential condominium in  Ortigas ;and La Isla, an exclusive high-end condominium with 28 units on a 20-storey building. The company filed for rehabilitation with the courts after being saddled with losses since the slump of the  real estate industry in 1997. To mark its grand comeback, PhilRealty earlier unveiled a P10 billion 10-year investment in Andrea North, an upscale Read More …

Many who watched the Senate hearing on the land deal between Alphaland Corp. and the Boy Scouts of the Philippines (BSP) were under the impression that certain senators already had “ready made” conclusions regardless of the explanations given by resource persons that included Alphaland chairman Roberto “Bobby” Ongpin and president Mario “Babes” Oreta. Former Makati vice mayor Ernesto Mercado had made allegations that Vice President Jojo Binay made money in the land deal – something that Alphaland vehemently denies, subsequently filing a P100 million libel complaint against Mercado. At the hearing, Ongpin explained that the joint venture agreement was above board and that the original P600 million investment of the BSP (in the form of land) is now valued at P3 billion contrary to the claims of Mercado – an erstwhile ally of Binay until things turned sour – that the deal was onerous or disadvantageous to the Boy Scouts. Many also admitted being confused by the technical jargon and the various numbers recited during the hearing – plus discussions on toilets and cabinets – prompting some to comment that Mercado et. al. should just file a case in court if they have documents to prove the allegations. Bobby Ongpin is used to controversial situations like the one currently being conducted by the Senate Blue Ribbon subcommittee, but it is different in the case of Babes Oreta, known by colleagues in the law profession and construction industry as decent and straight. As Oreta told the Senate hearing, he spent half Read More …

THE BIGGEST railway project of the government so far is expected to start commercial operations in 2020, after its public-private partnership (PPP) component on Monday secured final approval from the National Economic and Development Authority (NEDA) Board, a Cabinet official said on Tuesday.