Maniolas

MANILA, Philippines – The Bangko Sentral ng Pilipinas has tightened its ban on the issuance of pre-approved credit cards to bank clients. “The prohibition on the issuance of pre-approved credit cards by all BSP supervised financial entities with credit card operations… is enhanced by stressing, under said regulations, that the provisions of this circular shall prevail notwithstanding any contrary stipulations in the contract,” the central bank said. The new amendments are carried under Circular No. 485, which greatly details the acts “tantamount” to issuing pre-approved credit cards by the banks, quasi-banks, and non-banking financial institutions, and their subsidiaries or affiliate companies.  These acts include sending credit cards to customers with no prior application or request that are required for application, and mailing unsolicited supplementary cards and other cards which are not a replacement of the consumer’s initial credit card. The BSP has also prohibited “unsolicited calls by credit card issuers requesting updated information from selected clients in order to be entitled to receive credit card as a reward for his/her continued patronage of the bank’s other financial products.” Unsolicited calls to clients telling them that they already have a credit card for having a “good standing” as a depositor are also not allowed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Banks were also forbidden from “sending of mails with credit card enclosed which will be deemed accepted upon the receipt of such card by a receiver, whether authorized or not.”  The central bank also stressed the ban against Read More …

MANILA, Philippines – The government wants to know the circumstances behind the recent purchase by business tycoon Antonio Cabangon-Chua – who served as ambassador to Laos during the time of former president Gloria Arroyo – of a majority stake in partly-sequestered RPN-9 network.  “RPN-9 is one of the agencies under the supervision of our office, pursuant to Executive Order 4, series of 2010,” Press Secretary Herminio Coloma Jr. of the Presidential Communications Operations Office wrote in an email to Palace reporters.  “This office, together with the PCGG, had requested the board of directors of RPN-9 and its corporate secretary to submit all the requisite documents regarding the sale of the shares by Solar (television network),” he added. The National Government, through the Presidential Commission on Good Government, is a stockholder of RPN-9, owning 20.80 percent of the total shares. It is thus a “minority” in the board, Coloma acknowledged. Radio Philippines Network-9 was bought by Solar Entertainment Corp. who owns 34.16 percent of the formerly sequestered TV network that started its operations during the time of then President Ferdinand Marcos. Another substantial shareholder is Far East Managers and Investors, Inc. (FEMII), the group of former ambassador and Marcos crony Roberto Benedicto who owns 32 percent of RPN-9. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The remaining shares comprising of 13.04 percent of total shares are owned by private individual stockholders. Last Thursday, The STAR reported that media mogul Cabangon-Chua – who owns Aliw Broadcasting Corp. that operates radio Read More …

MANILA, Philippines – The Department of Transportation and Communications (DOTC) is pursuing the complete government takeover of the owner of the facilities of the Metro Rail Transit line 3 (MRT-3) amid the opposition of the major shareholder of Metro Rail Transit Corp. (MRTC). Transportation Secretary Joseph Emilio Abaya said the government would push through with the proposed equity value buy out (EVBO) despite the opposition made by MRT Holdings Inc. (MRTH) that owns 100 percent of MRTC. “We have our own legal counsel, we will push and they will push. So lets see. We will execute (the EVBO) and I am sure they will go to court,” Abaya said. Abaya said the Board of Directors of both Land Bank of the Philippines and Development Bank of the Philippines have issued resolution to execute the buyout of the private shareholders of MRTC. He explained that the government is just awaiting for an opinion from the Office of the Solicitor General (OSG) on the executive of the complete government take over. According to Abaya, the acquisition of an 80 percent stake by Landbank and DBP was made during the term of former President Gloria Macapagal Arroyo. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “That is what we inherited wherein the sale of economic rights without the political rights is allowed. Now how did that happen? Again we merely inherited it,” Abaya said. The DOTC chief met with MRTC chairman Tomas de Leon Jr. the other day to discuss the buy Read More …

MANILA, Philippines – Alliance Global Group Inc. (AGI) of tycoon Andrew L. Tan plans to bolster its hotel business in the Philippines in the next six years, making it the largest in the country by 2020. Tan, chairman and chief executive officer of AGI, said during the Philippines Property Awards 2014 in Makati City that the group intends to bring its total number of hotel rooms all over the country to 12,000 by 2020. The conglomerate to date has 1,900 rooms under its portfolio through seven existing hotels. These are Richmonde Hotel Ortigas, Eastwood Richmonde Hotel, Marriott Hotel, Maxims Hotel and Remington Hotel in Newport City, and Fairways and Bluewater in Boracay Newcoast. “By the year 2020, we envision our group to be the largest hotel developer in the Philippines, with a total portfolio of around 12,000 hotel rooms. These hotel rooms will be offered under 12 different local and global hotel brands. The global brands include Marriott, Hilton, Sheraton, Westin, Okura and Maxims,” Tan said. Under its aggressive hotel business expansion plan, AGI will build more than 10,000 new hotel rooms in the next six years. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 AGI said all of the new hotel rooms will be built in Megaworld townships across the country. The group said the expansion will likely include 2,000 new rooms in Newport City; 2,800 rooms in Resorts World Bayshore City; 1,900 rooms in Boracay Newcoast; 2,700 rooms in The Mactan Newtown in Cebu; around 400 rooms Read More …

MANILA, Philippines – The Philippine Stock Exchange index (PSEi) rose to a fresh 14-month high yesterday, riding on the momentum of Tuesday’s string of good news. The main composite index broke through the 7,100-mark and was able to settle at 7,116.49 at noon break. The benchmark index, however, eased slightly and closed at 7,096.49, still 0.19 percent or 13.74 points higher than Tuesday’s 7,082.75. The broader all shares index also inched up 0.07 percent or 2.86 points to 4,200.49. “It was a continuation of yesterday’s (Tuesday) momentum, boosted by the Dow Jones rally last night,” said Papa Securities Inc. analyst Freya Natividad. Despite piercing through the 7,100-mark on certain periods of the day, Natividad said profit-taking pulled down the bellwether index to slightly below the 7,100-mark at its close. Abroad, Asian stocks remained stable yesterday after the upbeat US housing data lifted Wall Street shares. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Wall Street reportedly drew support from strong housing data on Tuesday, lifting Treasury yields and drove the dollar to a nine-month high against the euro. Mining and Oil firms took the deepest plunge at 0.64 percent or 111.48 points while services firms performed the highest leap at 1.06 percent or 23.10 points.