Maniolas

MANILA, Philippines – A unit of International Container Terminal Services Inc. (ICTSI) of gaming and port mogul Enrique Razon has been affected by work stoppages and slowdowns in Portland, Oregon. A company statement said operations of ICTSI Oregon Inc. at the Port of Portland’s Terminal 6 has been hampered by work stoppages and slowdowns by members of the International Longshore and Warehouse Union (ILWU).  “The ILWU has escalated its efforts against ICTSI Oregon Inc. as of late, far beyond what other West Coast ports are experiencing,” the company said. ICTSI said ILWU engaged in approximately 36 work stoppages and slowdowns of various types and for varying durations during the Christmas holidays. It added that similar efforts, along with intentional labor shortages, have continued into the first month of 2015.  Last week, ILWU ordered a 12-hour work stoppage commencing at 7 a.m. and some members worked during the morning but walked off the job without notice at 1:15 p.m.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “Work stoppages like this cause serious hardship to truckers, shippers, and the general public,” ICTSI added. The port operator pointed out that productivity at Terminal 6 continued to fall well below acceptable historical levels.  ILWU labor was producing approximately 24.8 moves per hour prior to the labor dispute that started in June 2012. However, ILWU labor productivity fell 47 percent to 13.2 moves per hour in the last quarter of 2014.  “This level of production is far below industry as well as Terminal Read More …

MANILA, Philippines – The Korean International Cooperation Agency (KOICA) has turned over the P200 million rice processing complex (RPC) infrastructure grant in Iloilo to a farmers cooperative, the Department of Agriculture (DA) announced over the weekend. The KOICA-RPC management board has transferred the management and operation of the rice processing complex to the Pototan Farmers Multi-Purpose Cooperative (PFMPC). The rice processing complex situated in Brgy. Amamaros, Pototan was built in April 2012 to improve the efficiency of the post-production system of the farmers in the municipality. “This Iloilo RPC, owned by DA, Iloilo provincial government, and municipality of Pototan, has been producing quality milled rice, reducing post-harvest losses, improving rice distribution system, and maximizing the use of rice by-products,” said DA Region 6 executive director Larry P. Nacionales. To date, there are four KOICA-funded integrated rice processing centers nationwide. The other three are situated in Pangasinan, Bohol and Davao del Sur. The DA said members of the PFMPC have received training on management and operations to sustain the functions of the RPC. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The PFMPC, organized in 1969, has 4, 180 members to date. It engages in the trade of rice and farm inputs as well as farm service provision. It also operates a grocery store along with lumber and hardware enterprises. The cooperative has a total asset of   P49.02 million and has provided a P2 million equity for the operations of the KOICA-supported RPC.

MANILA, Philippines – Listed leisure estate company Belle Corp. is handing out P1.9 billion in cash dividends to its shareholders. The Henry Sy-led company told the local bourse that its board of directors approved the declaration of a special cash dividend worth P0.18 per share. Belle said the payment of the dividend would be on March 9 to shareholders of record as of Feb. 10, 2015. Belle’s principal assets include land and buildings located at the Pagcor Entertainment City in Paranaque City which are being leased on a long-term basis to Philippine entities controlled by Macau casino giant Melco Crown Entertainment Ltd. The property is the site of the City of Dreams Manila gaming and resort operations, which encompasses 6.2 hectares of land and more than 30 hectares in building gross floor area. Belle said it realized revenues of approximately P1.3 billion in 2013 from the lease to Melco Crown and more than P1.2 billion during the first nine months of last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Belle is also set to realize a share in earnings from City of Dreams’ gaming operations through its 78.7 percent-owned subsidiary, Premium Leisure Corp., which has an operating agreement with Melco Crown. City of Dreams Manila soft-opened in December last year and is scheduled for its grand launch today.

MANILA, Philippines – Philippine economic growth would likely accelerate this year from the strong 6.1 percent expansion in 2014, fueled by poll-related spending in the run-up to the 2016 national elections, the research arm of Metropolitan Bank and Trust Co. said.  “Research sees 2015 to be a better year especially with spending for the 2016 elections expected to be kick-started in the second half of 2015,” Metrobank Research said in its latest The Economic Weather Report. “The increase in government spending is seen to cause a rebound in investment spending and will also further boost consumption spending. The industry sector will still be a top performer this year amid the solid expansions in the manufacturing and construction sectors,” the bank added. Metrobank Research has forecast gross domestic product, a measure of economic output, to grow 6.4 percent this year, below the government’s seven to eight percent target.  “Risks to the domestic economy however remain amid the persistent port congestion issues, looming power supply crisis, uneven global economy, and impact of financial market volatilities,” Metrobank Research said. GDP growth surged to 6.9 percent in the last quarter of 2014 after a dismal 5.3-percent pace in the third quarter. This brought full-year economic growth at 6.1 percent, still short of the government’s 6.5 – 7.5 percent goal. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 However, Philippine economic growth last year remained the second fastest in Asia, after China’s 7.4 percent expansion. This also marked the third consecutive year the country Read More …

MANILA, Philippines (Xinhua) – Philippine shares closed 0.95 percent lower today. The benchmark Philippine Stock Exchange index increased by 72. 61 points to 7689.91. The all-share index went up by 38.12 points, or 0.86 percent, to 4465.28. Trading volume reached 2.19 billion shares worth P9.26 billion ($209.83 million). There were 95 gainers, 89 losers while 48 stocks closed flat.