MANILA, Philippines – The Lucio Tan Group has offered to buy out the minority shareholders of the listed parent firm of Philippine Airlines Inc. (PAL) after buying back the interest of diversified conglomerate San Miguel Corp. (SMC) in the national flag carrier for $1.3 billion last month. In a paid advertisement, Tan’s Buona Sorte Holdings Inc. and Horizon Global Investments Ltd. launched a voluntary tender offer that would allow existing minority shareholders of both PAL and listed PAL Holdings Inc. to monetize their investment and divest their shareholdings. The offer was made to acquire the interest of minority shareholders with an end view of owning 100 percent of Trustmark Holdings Corp. The company owns 89.78 percent of the listed PAL Holdings that controls 98.27 percent of PAL. Buona Sorte and Horizon Global Investments recently acquired the 49-percent stake of SMC’s San Miguel Equity Investments Inc. (SMEII) in Trustmark Holdings Corp. Buona previously owned 51 percent of Trustmark Holdings before acquiring SMC’s nine-percent stake in Trustmark Holdings. Former PAL president Jaime Bautista, who is currently acting as the airline’s general manager, signed the voluntary tender offer for Horizon Global Investments and Stewart Lim for Buona Sorte Holdings. The Tan Group said it was undertaking the voluntary tender offer even if it was not mandated under the law to conduct such offer to minority shareholders of both PAL Holdings and PAL since there was no change in ownership control. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Our legal counsel advised Read More …
MANILA, Philippines – The Wing Lung Bank-International Institute for Business Development (IIBD), an 18 member consortium of global universities seeking to facilitate growth and development in international business education, is holding the finals of the HKBU International Business Case Competition next month in the Philippines. The competition highlights strategic challenges, the latest commercial issues, corporate dilemmas and growth prospects facing global business leaders. The comprehensive and strategic competition puts student teams to work in real work environments. They have to manage time-critical deadlines, incomplete information, as well as financial activities in formulating workable and action-oriented recommendations to a panel of professional judges consisting of academicians and business executives. On its ninth year, the 2014 contest finals will be jointly hosted by Hong Kong Baptist University (HKBU) and the Ateneo de Manila University. Six finalists from 20 universities in eight countries were chosen last Sept. 20 and invited to Ateneo de Manila University to compete for awards and the final round of the competition on Nov. 21. It will be held at the auditorium of the Ateneo Graduate School of Business, Rockwell Center, Makati. This year’s finalists are: Assumption University, Thailand; Ateneo de Manila University, The Philippines; Bowling Green State University, USA; Hong Kong Baptist University, Hong Kong; Petra Christian University, Indonesia; and The Hong Kong Polytechnic University, Hong Kong. Ateneo de Manila University’s performance over the past nine years has been admirable. The school brought home the bronze award in 2006 and 2008, the silver in 2010 and 2013, and Read More …
TACLOBAN CITY—The fast food chain McDonald’s reopened its branch in Tacloban City last Thursday, 11 months after typhoon Yolanda destroyed its building and equipment, taking some P50 million worth of property, last November. McDonald’s put up the new store in the same site where the branch used to stand, a few meters away from the coast. The new store has “the same size and same site as the previous one,” said McDonald’s Philippines president and chief executive officer Kenneth Yang. McDonald’s Tacloban is a 500-square-meter space with a seating capacity of 250. It is a franchise held by a local businesswoman, Caroline Andrade, and had been operating for 12 years until Yolanda halted its operations for close to a year. Just across the store, rival Jollibee is also in the process of renovating its store. Yang said it is the franchisee that shouldered the cost of the reconstruction and reopening, which he estimated at P50 million. McDonald’s Tacloban is currently run by 100 people, 60 to 70 percent of whom were employees of the branch as the time of the typhoon. Some of the previous employees are still in McDonald’s but were reassigned to Cebu’s branches, Yang said. Day care center Also last Thursday, the Ronald McDonald House Charities opened in Tacloban the McDo Bahay Bulilit, a day care center open to underprivileged children six years old and below. The P2-million facility will be managed by the Department of Social Welfare and Development. Restaurants, fast food chains, malls, and other Read More …
SOME 600 business leaders are expected to participate in the upcoming Brunei Darussalam, Indonesia, Philippines and Malaysia-East Asean Growth Area (BIMP-Eaga) and Indonesia, Malaysia Thailand-Growth Triangle (IMT-GT) Business Leaders Conference on October 23 at the SMX Convention Center. The business conference is one of the two major events during the 2nd BIMP-Eaga and IMT-GT Business Leaders’ Conference and Trade Fair on October 22 to 26. Mindanao Development Authority (Minda) Executive Director Undersecretary Janet M. Lopoz told reporters on Tuesday that some of the foreign delegates they are expecting will be coming from Malaysia, Indonesia, Thailand, Japan, Taiwan, Brunei, and China. The one-day conference will tackle issues that need to be addressed and opportunities that can be taken advantage in the sub-economic regions with the upcoming Asean Integration in 2015. With the theme of “Realizing the Opportunities on Asean Integration,” the conference will include key sessions on “Asean Economic Community 2015: Transforming Asean Economies,” “Connectivity: Expanding Growth Beyond Borders,” “Harnessing the full Potentials of Agribusiness in the Sub-regions,” and “The Future of Tourism in BIMP-Eaga and IMT-GT.” “The conference will promote an understanding and appreciation among stakeholders of the role and importance of sub-regional groupings in ensuring that the goals of the AEC are substantially, if not entirely, achieved in 2015,” said Romeo Montenegro, Minda director for investment promotions and public affairs, in an email. The organizers have invited President Benigno Aquino III but has yet to give his final confirmation. Other dignitaries who are expected to attend the event include: Read More …
MANILA, Philippines – The peso slipped against the dollar midday Friday, settling at 44.921 from the previous day’s 44.87. Total volume transacted at the Philippine Dealing System amounted to $326.4 million in the morning, lower than the $401.9 million posted the same period on Thursday. The peso opened Friday at 44.9.
MANILA, Philippines – The Department of Budget and Management (DBM) has turned over P2.32 billion to the Department of Agrarian Reform (DAR) to fund support services for agrarian reform beneficiaries. The bulk of amount or P2.31 billion will go to agrarian reform beneficiaries while landowners and rural women will each receive P4.3 million. The P2.32 billion is the initial amount allotted for the Program Beneficiaries Development (PBD), DAR’s support service delivery component. The PBD’s goal is to support beneficiaries of the Comprehensive Agrarian Reform Program (CARP) in making their lands more productive, helping them create income-generating livelihood projects, and teaching them community governance. “Filipino farmers who’ve been granted land under the agrarian reform program will gain much from this fund release to DAR. Through the PBD, the beneficiaries can make their farms more productive and bring their produce quickly to the market, among others,” said Budget Secretary Florencio “Butch” Abad.
MANILA, Philippines – Foreign portfolio investments or hot money recorded a net outflow in September as funds return to the US, which is showing signs of economic recovery. Net hot money outflow amounted to $324.12 million in September, a reversal of the $682.73-million net inflow recorded in the same month last year. Foreign portfolio investments are also called hot money for the ease with which they enter and leave a country. Gross inflows in September went down 17 percent to $2.15 billion from $2.6 billion last year, while gross outflows climbed 29 percent to $2.47 billion from $1.92 billion. “Registered investments were lower … due to the effects of the tapering of the quantitative easing program of the United States,” the BSP said. Emerging markets have seen a surge in capital outflows since May last year, when the US Federal Reserve hinted it may start cutting back its monthly asset purchases. Speculation on the timing and volume of the tapering sent waves of volatility to global financial markets as investors rebalanced their portfolios. January marked the actual start of the Fed’s reduction in its asset purchases, which is now seen ending in October. But markets have remained volatile as investors brace for the rise in global interest rates following the end of the Fed’s stimulus. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The BSP said the bulk or 81.5 percent of the hot money inflows in September went into Philippine Stock Exchange-listed securities, mainly telecommunication firms, holding firms, Read More …
MANILA, Philippines – Former Treasurer Roberto Tan may take up his post again once he returns to the Philippines from his two-year stint at the World Bank, Finance Secretary Cesar V. Purisima said yesterday. Purisima said Tan will “most likely” replace current National Treasurer Rosalia de Leon as the latter may take on a job at the World Bank before the year ends. “We haven’t finalized the movements yet but this will be a good opportunity for Treasurer Lea to gain a new perspective as a director for the Philippines at the World Bank,” Purisima told reporters yesterday. “Obviously, we need an appointment… but it’s only a question of paperwork,” Purisima said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1
MANILA, Philippines – The government will seek duty-free exports of goods produced from the Bangsamoro area to Japan, Finance Secretary Cesar V. Purisima said yesterday. “We’re talking about giving the Philippines’ products from that region… (We want) preferential access to Japan so we can jumpstart investments in that area, the Bangsamoro,” Purisima told reporters yesterday. The move will help lift economic growth in Mindanao especially amid the pending passage of the Bangsamoro Law, eyed to mark the end of several decades of insurgency and boost investments in the resource-rich parts of the country. Details of this transaction will be finalized at the upcoming Philippine Development Forum (PDF) next month, Purisima said. “There are no final agreements yet so we have to wait for the PDF,” Purisima said. There have been a number of programs on peace and development in Mindanao implemented by the Japan International Cooperation Agency (JICA) including aid under the Japan-Bangsamoro Initiatives for Reconstruction and Development (J-BIRD), Purisima said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Japan has been one of our biggest supporters, especially in Mindanao,” Purisima said. Purisima has just returned from a road show in Tokyo last week, during which the government’s economic team presented over $12.28 billion worth of infrastructure projects to Japanese investors.
MANILA, Philippines – Globe Telecom bagged People’s Choice Stevie Awards for Telecommunications after getting the highest number of votes cast through online voting. “The award proves once again that Globe Telecom is a trusted global brand which our customers and stakeholders are proud of. This also shows we are on the track in pursuing a business strategy of providing innovative products and services most relevant to our customers,” Globe President & CEO Ernest Cu said. More than 23,000 votes were cast in this year’s People’s Choice Stevie Awards, organized by the International Business Awards, the world’s premier business awards competition. All organizations honored in the IBA’s Company of the Year categories were included in People’s Choice Stevie Awards for Favorite Companies voting, in which the general public voted for their choices. The Stevie Awards, derived from the Greek word “crowned”, will be celebrated and the winners presented on stage at the 11th Annual International Business Awards banquet at the Westin Vendôme Hotel in Paris, France on October 10. More than 3,300 nominations were submitted to this year’s IBA by organizations in over 60 nations and territories, for consideration in a wide variety of categories. Globe earlier bagged 11 Stevie citations in various categories. Stevie Awards are conferred in six programs: The International Business Awards, The American Business Awards, the Asia-Pacific Stevie Awards, the German Stevie Awards, the Stevie Awards for Women in Business, and the Stevie Awards for Sales & Customer Service. Honoring organizations of all types and sizes and Read More …