DAVAO CITY — The P967.9 billion allocated for the social services sector next year, representing the biggest slice at 37% of the proposed 2015 budget, is being eyed by the administration for direct disbursement at the local level, according to Budget Secretary Florencio B. Abad.
COMMERCIAL operations are expected to start next month for the bulk supply water project undertaken by the joint venture of Manila Water Consortium, Inc. and the Cebu provincial government, an official said over the weekend.
SMALL AND MEDIUM-sized enterprises (SMEs) vary in size and type across countries and industries; despite these differences, it is globally recognized that SMEs play a vital role in economic development. Based on a report presented by R. Aldaba in August 2014, “Gearing Up SMEs for Association of South East Asian Nations (ASEAN) Economic Community 2015 (AEC 2015),” ASEAN SMEs account for about 99% of all registered businesses, employ more than 60% of the work force, and contribute 16% to 35% in exports.
MANILA, Philippines – Ayala-led Manila Water Company Inc. has registered a six percent growth in net income in the first nine months of the year on increased billed volume particularly from its Vietnam and Laguna concession areas. The company posted a net income of P4.55 billion in the first three quarters of the year, up from net earnings of P4.29 billion recorded in the same period last year. The company’s revenue rose 27 percent to P12.21 billion from P11.54 billion in the previous year. It’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose three percent to P8.76 billion from P8.53 billion in the previous year. Billed volumes rose across all its units with the total billed volume rising 14 percent to 503.8 million cubic meters (mcm) from 440.3 mcm last year. This includes the service areas run by its local subsidiaries Boracay Island Water, Clark Water and Laguna Water and its Vietnam units Thu Duc Water and Kenh Dong Water. The billed volume for Laguna Water and Kenh Dong Water grew particularly fast in the first nine months of the year at rates of 183 percent and 523 percent respectively. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The number of water service connections in its main concession area, the Metro Manila East Zone rose two percent to 943, 624 connections from 921, 898 connections last year. The number of service connections of Laguna Water rose by a steep 47 percent, while those of Boracay Water by eight Read More …
MANILA, Philippines – The Securities and Exchange Commission (SEC) has approved P8.4 billion worth of fundraising activities of Megawide Construction Corp. and Cityland Development Corp. late last week. Megawide, one of the country’s top building contractors, intends to raise as much as P7 billion from a preferred share sale while property firm Cityland hopes to generate P1.4 billion from the issuance of short-term commercial papers. Megawide is offering 40 million non-voting perpetual preferred shares at P100 apiece, with an oversubscription option for up to an additional 30 million shares. BDO Capital, BPI Capital, First Metro Investment Corp. and SB Capital were tapped as joint underwriters for the offer. In its regulatory filing, Megawide said proceeds from the offering would be used to fund the company’s capital expenditures. Meanwhile, Cityland will be issuing P1.4 billion worth of short term commercial papers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The proceeds from the offering will be used to partially finance the construction at Grand Central Residences Tower 1 and PinesPeak Tower 1,” Cityland said. Cityland’s Grand Central Residences Tower 1 is a 40-story office, commercial and residential condominium located in Mandaluyong City. PinesPeak Tower 1, on the other hand, is a 27-story residential condominium also located in Mandaluyong. The projects have been 68 percent and 48.67 percent complete as of end-June, respectively.
MANILA, Philippines – Filipino-owned satellite service provider First United Broadcasting Corp. (FUBC) has tied up with Belgium-based Newtec to deliver broadband service in areas not reached by major players Philippine Long Distance Telephone Co. (PLDT) and Globe Telecom Inc. FUBC chief executive officer Philip Chien said in an interview with reporters that the company would initially pump in $5 million into the partnership to launch iGSat Satellite Broadband starting next month. He said the new iGSat broadband service would deliver high-speed satellite broadband across the Philippines, particularly in areas not reached by either PLDT or Globe. “This project will not be in competition with the present providers but will be a great support in areas where there is slow or no available bandwidth at all,” he said. For the corporate market, iGSat broadband would deliver reliable, high-speed, always-on Internet access without depending on availability of terrestrial networks. iGSat offers a range of solutions for the broadband user, comprising of satellite connections for the home, business, private network and maritime communications as well as for Internet service providers (ISPs). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “This latest technology will support the grassroots program of the government and private firms to cover the entire Philippine society for communication, information and education. The technology will be available anywhere, everywhere. It is limitless and beyond boundaries,” Chien added. Newtec chief executive officer Serge Van Herck said the iGSat broadband service is based on the company’s broadband hub utilizing thousands of Newtec’s Read More …
TWO power plants under construction have experienced delays of about two months due to congestion at the Port of Manila, though the setback will not affect the government’s target of having them in operation during the 2015 dry season, Energy Undersecretary Zenaida Y. Monsada said.
EXPECTATIONS of slowing economic growth this year are continuing to mount amid underspending by the government, with Australia and New Zealand Banking Group Ltd. (ANZ Bank) joining other financial institutions that have cut their projections for the Philippines.
PILIPINAS Shell Petroleum Corp. said it is awaiting clarity on the government’s energy mix policy before it moves forward with plans to build a liquefied natural gas (LNG) import terminal.
MANILA, Philippines – Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. wants to widen the minimum public float for universal banks to ensure increased transparency and accountability. Under the listing rules of the Philippine Stock Exchange, a company that goes public must sell an initial 10 percent of its initial outstanding capital. “I personally think that the 10 percent minimum public ownership requirement is on the low side. Public ownership of a financial institution must be expanded. This should help improve their operations,” Tetangco said. When asked by how much the minimum public float requirement should be increased, Tetangco said: “It is something that we need to study.” A check on the PSE website showed that UnionBank had the lowest public float among the listed banks at 19 percent, which is almost double the exchange’s 10 percent requirement. Security Bank had the largest public float at 73 percent. Public float or free float represents the shares of a corporation that are in the hands of public investors as opposed to locked-in stock held by company officers, controlling-interest investors, or government. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Universal banks are mandated by law to go public three years after acquiring their universal banking licenses. Being publicly-listed will make bank operations more transparent to the public as companies listed on the local bourse are required to submit regular disclosures which include financial statements and other transactions that have a material impact on its shareholders. Universal banks represent the largest Read More …