Maniolas

MANILA, Philippines – The SM Group of Henry Sy is mapping out a plan to build a “future city,” on top of its existing empire of malls and banks in the country, with investments seen reaching over P100 billion for two reclamation projects in Parañaque and Pasay. Hans T. Sy, president of SM Prime Holdings Inc., said the conglomerate intends to integrate the Pasay and Parañaque reclamation projects which will have a combined area of 600 hectares. Sy said the SM Group is currently preparing a master plan for the projects, due within the next three to six months. “Preferably, we want the projects to be integrated so that the outcome will be beautiful. We’re trying to build a future city there. It has to be something different and more attractive,” he said. Through the master plan, Sy said the company would show what can be done in the areas and at the same time clear out environmental issues the project may raise. He said the SM Group has contracted New-York listed firm Aecom Technology Corp., one of the world’s largest engineering companies, for the project’s master planning. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We are working with them very closely and we give them the ideas we want to do. We now have to justify the whole design including putting into consideration all the environment and climate change issues. We believe all issues should be addressed,” Sy said. The conglomerate, however, would still have to await Read More …

MANILA, Philippines – GT Capital Holdings Inc. of banking tycoon George S.K. Ty is acquiring 40 percent of the shares held by its banking units Metropolitan Bank & Trust Co. and Philippine Savings Bank in a leasing and financing company catering to Toyota vehicles for P2.1 billion. In a disclosure to the Philippine Stock Exchange, GT Capital said it has signed a sale and purchase agreement with Metrobank and PSBank for the acquisition of their respective 15-percent and 25-percent stakes in Toyota Financial Services Philippines Corp. (TFSPC). GT Capital said the share purchase is part of the company’s strategy to invest “in market leading businesses that bring synergy to its current component companies.” As for Metrobank and PSBank, GT Capital said the transaction is in line with their capital planning initiatives under the new Basel III global banking standards. The P2.1-billion acquisition price was derived following an independent valuation exercise and subjected to third-party fairness opinion, the investment holding firm said. TFSPC is one of the country’s leading leasing and financing companies, exclusively catering to Toyota vehicles. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last March, GT Capital acquired another Toyota cars and parts distributor, buying 62.42 million common shares or 79.84 percent of Toyota Cubao Inc. for P311.5 million. Toyota Cubao, formed in 1989, is one of the pioneering and leading Toyota dealerships in the Philippines. GT Capital posted a net income of P4 billion in the first half of the year, down more than a third Read More …

The 10 Inspiring Young Cebuano Entrepreneurs and the award presenters: (front row, from left): Nico Ybanez and Carlo De Asis of Aframe Surf Company, Christian Paro-an of RC Goldline Salesshop, Mark Ynoc of Ynoc International Trading, Nico Nimor of Nick Automatic, Gabino Abejo Jr. of Abejo Waters Corporation, Erica Neal of Zoet Cakes and Pastries, Koh Onozawa and Franz Ignacio of Loudbasstard, Lorenz Florendo of Tatang’s Extra Crispy Boneless Lechon, Pearl Sarcauga of Dollface Cosmetics, Stephen Ferolino and Cham Lopez (on behalf of Anya Lim) of Anthill Fabric Gallery; (top row) Gabby Cui of PLDT SME Nation, RJ Ledesma, James Bernas of Smart Communications, Jay Aldeguer of The Islands Group, Justin Uy of Profoods International Corporation, Yati Abdullah of DHL, Mayor Michael Rama of Cebu City, author Joey Concepcion and Mon Lopez of Go Negosyo Despite the heavy traffic due to an unexpected downpour, over 300 Cebuano entrepreneurs, institution representatives, government officials and Go Negosyo partners joined us in our gathering on Aug. 28 in Laguna Garden Cafe, Cebu. This gathering welcomed Cebuano entreps to the big network of Go Negosyo entrepreneurs. We also awarded 10 Inspiring Young Cebuano Entrepreneurs who are serving as role models for future generations to follow. These young entrepreneurs maximized their creativity and properly incorporated innovation into their respective business. Aside from the awarding ceremony, we also had a productive dinner forum with Cebuano entrepreneurs Justin Uy, Jay Aldeguer, Kenneth Cobonpue, and Manny Osmeña. Along with Sen. Bam Aquino, Yati Abdullah and Josiah Go, I joined Read More …

DISAGGREGATED data show that the country may not actually be experiencing jobless economic growth, a report from the Philippine Institute for Development Studies (PIDS) said.

MANILA, Philippines – In reference to the article published on Aug. 27 regarding the Energy Regulatory Commission’s refund order on National Grid Corp. of the Philippines, please note that the ERC ordered the NGCP to refund its customers in Mindanao P12 million and not P12 billion as erroneously reported. Thus, NGCP can implement the refund order by paying P1.05 million, not P1.05 billion, a month. We apologize for the typo error.