Maniolas

MANILA, Philippines – Ethanol production in the country remains scarce, leaving oil firms no choice but to import overseas to comply with the government’s E10 requirement for gasoline, according to a study by a United Nations arm. An official from the Department of Energy (DOE) said even with additional ethanol plants, local production remains insufficient.  “Even with new ethanol plants onstream by next year, our local production remains insufficient. We need more investments,” said Mario Marasigan, OIC director of the Renewable Energy Management Bureau. In its latest study, the United Nations Conference on Trade Development (UNCTAD) said the country sources around 70 percent of its ethanol requirement abroad. In 2012, for instance, according to UNCTAD, the country produced only 85 million liters of ethanol. This represents 30 percent of total local demand.

MANILA, Philippines – Universal and commercial banks have been able to increase their capitalization in the second quarter despite the stricter requirements under the Basel 3, the Bangko Sentral ng Pilipinas reported yesterday. Big banks’ capital adequacy ratio settled at 15.94 percent on a solo basis as of end-June and at 16.66 percent on a consolidated basis. Both figures are higher than the end-March ratios of 15.45 percent on solo basis and 16.35 percent on consolidated basis. The latest numbers are also well-above the BSP’s required 10-percent CAR for big banks. These numbers are already computed against Basel 3, an updated set of reforms meant to strengthen the regulation, supervision and risk management of banks. The BSP has mandated big banks to implement new capital requirements during the start of the year, while other Basel 3 measures including leverage ratio, liquidity standards, and framework for domestic systemically important banks have yet to be carried out. “The strengthening of the industry’s capital base remains driven by Common Equity Tier (CET) 1 which represents the highest quality of bank capital,” the BSP said. The CET1 ratios of the big banks stood at 13.74 percent of risk-weighted assets on solo basis and 14.48 percent on consolidated basis. Their Tier 1 ratios, meanwhile, reached 13.96 percent on solo basis and 14.65 percent on consolidated basis. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 These levels surpass the BSP’s requirement for banks to maintain a minimum Tier 1 capital of 7.5 percent, a minimum Read More …

MANILA, Philippines – Infrastructure giant Metro Pacific Investments Corp. (MPIC) expects a 29- percent increase in its capital expenditures next year with the start of the P65-billion project to extend the Light Rail Transit line 1 (LRT-1) all the way to the province of Cavite. MPIC president Jose Maria K. Lim said in an interview with reporters that the budget for capital expenditures of the conglomerate could reach P45 billion next year from P35 billion this year. Lim said MPIC has earmarked P10 billion next year for the LRT-1 extension project. Without the budget for LRT-1, he pointed out that MPIC would spend P35 billion for its capital expenditures next year. This year, MPIC has earmarked P35 billion for its capital expenditures of which P18 billion would go to water or Maynilad, P11 billion for electricity through Manila Electric Co. (Meralco), P3 billion for toll roads via the Metro Pacific Tollways Corp. (MPTC), and P2 billion for the hospital group. “If we start LRT-1, that is another chunk.  It (capex) would be closer to P50 billion for MPIC Group next year, including the LRT-1 extension project,” he added.  According to him, the Light Rail Manila Consortium is looking at taking over the mass transit system as early as June next year instead of the original target of October next year under the concession agreement signed with the Department of Transportation and Communications (DOTC) as well as Light Rail Transit Authority (LRTA) last Oct. 2. Business ( Article MRec ), pagematch: Read More …

CREWE, England – Nine months in to 2014 and Bentley’s aim of having a record breaking year is firmly on track. Global deliveries increased by 19 percent, to 7,786 cars, up from 6,516 cars in the same period in 2013, Bentley’s four key regions, Americas, China, Europe including the UK, and Middle East all saw strong performance, with the Americas retaining its position as Bentley’s number one market, but with China posting strong growth to close the gap. New models drove this international success, with the Continental GT V8 S coupe and convertible and Flying Spur V8 entering the market. Commenting on the results, Bentley’s Member of the Board for Sales, Marketing and Aftersales, Kevin Rose, said: “We said at the start of the year that 2014 would be a record breaking year for Bentley and we are firmly on track to deliver on our promise. Certain markets are tough, as other luxury car brands can testify, but with our three model lines delivering a perfect blend of luxury and performance, alongside the international appeal that we have as a brand, it will ensure 2014 will go down as our best ever year.” Remaining in Bentley’s number one position, the Americas delivered 2,107 cars, 4 percent up on the first nine months of the 2013 performance of 2,022 cars. Bentley’s sales in China remained solid in a less than buoyant market—1,959 cars were delivered in the first nine months of 2014, against 1,264 cars in 2013. A strong German market Read More …